Full text of Commercial and Financial Chronicle : August 23, 1930, Vol. 131, No. 3400

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

jinanrial

The
)1111nurri31
VOL. 131.

R

5

SATURDAY, AUGUST 23 1930.

financial Cixranicte
PUBLISHED WEEKLY

Terms of Subscription—Payable in Advance
12 Mos. 6 Mar.
Including Postage-$6.00
810.00
Within Continental United States except Alaska
6.75
11.50
Dominion of Canada
In
7.75
13.50
Other foreign countries, U. S. Possessions and territories
following publications are also issued. For the Bank and QuotaThe
tion Record and the Monthly Earnings Record the subscription price Is
$6.00 per year; for all the others is $5.00 per year each. Add 50 cents to
each for postage outside the United States and Canada.
MONTHLY PUBLICATIONS—
COMPENDIUMS—
BANK AND QUOTATION RECORD
PUBLIC UTILITY—(semi-annually)
RAILWAY & INDUSTRIAL--(fOW a year) I MONTHLY EARNINGS RECORD
STATE AND MuNictrAt—(semi-ann.)

Terms of Advertising
45 cents
Transient display matter per agate line
On request
Contract and Card rates
H. Gray, Western
CHICAGO OFFICE—In charge of Fred. Street. Telephone Representative.
State 0613.
208 South La Salle
LONDON OFFICE—Edwards & Smith, 1 Drapers' Gardens, London, E. C.

WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor, Jacob Seibert; Business Manager, William D. Riggs;
Treas.,William Dana Seibert;See., Herbert D.Seibert. Addresses of all. Office of Co.

Change of Address of Publication.
The Commercial & Financial Chronicle,
having long suffered from inadequate
facilities for handling its growing size
and growing subscription list, has moved
into new and larger quarters, and is now
located at
William Street, Corner Spruce,
New York City,
rio, 968, City Hall Station.
P. 0.

The Financial Situaiion.
There appears to be a growing disposition in the
industrial and mercantile world to take a more
hopeful view of the outlook for trade. Nothing
tangible to sustain the view that brighter prospects
loom immediately ahead is as yet in evidence, but
the belief is becoming quite common that a change
for the better is likely after the Labor Day holiday,
which usually marks the end of summer vacations.
Unquestionably the breaking of the long period of
drouth in the agricultural regions of the West and
South, with indications that the effects of the drouth
are not going to be as serious as at first supposed,
has done much to encourage brighter views.
And there appears to be a substantial basis for
thinking that early reports of the damage inflicted
by the drouth were exaggerated. All these early
estimates were based on fears of the further Flolongation of the drouth, but the drouth was substantially broken 10 days ago, more or less rain having fallen over virtually the whole of the drouth area
since then, making it possible to judge of the extent
of the probable loss and to note what fields stand a
chance of having been saved by the rains. These




PAT. OFFICE

NO. 3400.

rains, it is needless to say, have proved highly beneficial—and more so than had been deemed possible.
Anything approaching the nature of a general crop
disaster may now be regarded as outside the realm
of actual happenings. And that is certainly a consideration of high importance—a consideration, too,
furnishing occasion for great thankfulness. The
farmer is certainly badly enough off as it is without
being involved in additional burdens such as would
grow out of a crop disaster like that which at one
time appeared almost a certainty. It may safely be
affirmed that under the influence of needed rains a
crop disaster in any shape or form has been definitely averted. Pasturage has quickly revived, and
so have many other things on the farm, the cool
weather and complete absence of high temperatures
having been very helpful to that end.
The one crop which has suffered seriously, and,
as a consequence, will be greatly reduced in yield,
is corn. Even here, however, it is by no means certain that the crop will be seriously short, taking
the country as a whole, though limited areas are to
be'found where irreparable damage has been done.
In some cases not more than 20 to 30% of a full
crop will be harvested, the remainder of the crop
having been virtually burnt up by the extreme heat'
and almost complete absence of rainfall which was
encountered while the drouth lasted. Here the rains
which have since come have proved of no avail to
save the portion of the crop which was irrevocably destroyed. But instances of this kind are
rare, and apparently confined to limited local areas.
The corn crop in its entirety, as far as the drouth
regions are concerned, may accurately be described
as spotted, that is to say, havoc has been done only
in spots. Such spots are more or less numerous
in many parts of the drouth area, and yet are in
nearly all cases strictly localized and do not take
in any large areas or regions. It is in the case of
these bad spots that the relief measures which President Hoover is so liberally arranging will be
applied.
In the aggregate the country will produce a large
corn crop the present season, even if not a crop up
to the average of recent years. Moreover, whatever
real shortage may in the end be found to have developed will be made good by the bounteous nature
of the wheat harvest. This wheat crop, as is known,
is in excess of immediate requirements, but the surplus can be used for feeding purposes, and it is only
in the feed crops that any serious shortage has at
any time been threatened. We may add that some
wheat has already been ground up for that purpose.
Furthermore, it seems quite likely that the spring
wheat yield will prove larger than the estimate of
the Agricultural Department based on reports of
condition as of Aug. 1. That is so because in this

1140

FINANCIAL CHRONICLE

spring wheat territory the drouth did not inflict as
much damage as in other parts of the country, and
prospects have now greatly improved. The Canadian crop is likewise likely to run some 50,000,000
bushels to 100,000,000 bushels in excess of the short
crop of last year. So the wheat problem can by no
means be regarded as solved, unless, indeed, the
European demand should prove very much larger
than that of a year ago.
But, at all events, the United States will not
have a general crop disaster such as was threatened
at the beginning of August, to add to its many other
troubles, and it is for that reason that the trade
and business world is rejoicing and inclined to take
a more cheerful view as to the probabilities of an
early revival of trade. The action of the grain markets the present week, it is proper to say, bears out
what we have here said concerning the modification
of crop prospects for the better. The result of this
week's fluctuations in the grain market is to leave
both corn and wheat prices somewhat lower than a
week ago. Thus the September wheat option at
/
Chicago closed yesterday at 88%c. against 9114c.
on Friday of last week, and the September option
for corn closed yesterday at 98c. against 983
4c. on
Friday of last week.
The trade papers likewise speak more encouragingly regarding conditions in the steel industry.
Thus the "Iron Age," in its report the present week,
is moved to say that "a turning point in steel business is not yet definitely in sight, but there are
scattered indications of more liberal buying in September and a moderate improvement this week in
orders and operations." It is added that "steel
ingot output is at 53%, compared with 52% a week
ago, but rolling schedules in some districts, particularly of sheet mills, have gained more than raw
steel production." It appears, however, that there
has been some further cutting of steel prices, though
on the other hand the "second advance in as many
weeks of 25c. a ton in the average price of heavy
melting steel scrap" is noted, and stress laid on the
fact that improving prices for steel scrap in the past
have often proved the forerunner of improvement in
the steel trade generally.
The question of wages is becoming an uppermost
subject of discussion in view of the intense depression in trade and the very large number of workers
who, as a result of this depression, find themselves
out of employment. The general tendency of wages
is toward lower levels, though as yet only slightly
so. There is the usual number who counsel against
wage reductions on the theory that the consuming
power of the wage earners is thereby impaired, and
one business man the present week wee so far as
to urge wage increases as a remedy for the existing
trade depression. Paying high industrial wages, he
contends, would enable the country "to snap out of
the present slump." In commenting on this advice,
the "Wall Street Journal," in an editorial article
properly says that "the medicine would be agreeable
to the wage earners who received it, but there is
reason to fear that the task of providing it would so
overtax industry that it would result in a further
relapse." Commenting further, the article goes on
to say: "It must not be overlooked that wages are
paid out of earnings and profits, and from no other
source if business is to continue. Wages are no more
than an advance or discounted value of the worker's




[Vou 131.

share in production. A market must be found for
the goods or services, and at a price that will justify
the amount paid to wage account. Until there is
such a market to take up surplus production, wage
increases would aggravate rather than help the
situation."
What the "Iron Age" has to say on the subject
may also be quoted with approval. Discussing the
question of wage readjustments, the "Age" comments as follows:
"We are in for wage reductions. How sweeping
they will be is another story. The doctrine of the
consuming power of high wages is losing ground.
There is too much rehiring at reduced rates, following recent shutdowns, to prevent a spread of the
wage revising practice. What has occurred is
largely outside the metal-working fields, but the
prolongation of the depression provides the sentiment that fosters all sorts of cost cutting.
"Maladjustments were overlooked as long as demand continued strong. And it is maladjustment
that is at the root of the wage question. Industrial
activities notorious for their high labor costs prospered along with those of low labor costs. The fact
that the relatively few at high wages enjoyed disproportionately the fruits of all labor was lost in the
general acceptance of the miraculum of the bulging
pay envelope.
"A cause, and not an unimportant one, for the
lethargy in building construction is the labor cost.
More or less responsible contractors now are operating with union labor at lower than the published
scales chiefly in regions where the unions are not
dominant, and the well established contractors living up to their agreements believe they face lean
times, at least for themselves, until the building
trades conclude that wages must be definitely lowered. Meanwhile with building and general construction dull, a broad, sustained industrial revival
seems unlikely, so that conditions are ripe for a
fairly comprehensive wage revision."
The Federal Reserve statements this week show
only slight and relatively unimportant changes.
Brokers' loans record a further decrease of $27,000,000. This follows $59,000,000 decrease last
week and $14,000,000 decrease the previous week;
the week before there was an increase of $2,000,000,
but the week preceding a decrease of $17,000,000,
while the week before that there was an increase
of $40,000,000, but this last followed a contraction
of no less than $898,000,000 in the five weeks preceding. The changes during the current week under
the different categories of loaning are also quite
small, loans by the reporting member banks in New
York City for their own account having fallen from
$1,646,000,000 Aug. 13 to $1,607,000,000 Aug. 20,
while loans for account of out-of-town banks have
increased from $705,000,000 to $714,000,000, and
loans "for account of others" from $804,000,000 to
$807,000,000. The total under the three categories
combined declined during the week from $3,155,000,000 to $3,128,000,000.
The Reserve Banks themselves in their own statements also show relatively slight changes. Holdings of United States Government securities have
not been further increased, but rather are somewhat
smaller, being $601,940,000 the present week against
$606,337,000 last week. In the different items, however, of these Government security holdings the
changes are rather noteworthy; holdings of certificates of indebtedness and Treasury bills decreased
during the week from $255,112,000 to $221,580,000,

Am.23 1930.]

FINANCIAL CHRONICLE

while holdings of Treasury notes increased from
$291,617,000 to $304,678,000, and holdings of United
States bonds from $59,608,000 to $75,682,000. It is
worth noting that at $601,940,000 the holdings of
United States Government securities the present
week compare with only $148,607,000 a year ago on
Aug.21. The difference of $453,333,000 is a measure
of the extent to which Reserve credit has been voluntarily and arbitrarily put out. Though, however,
the holdings of Government securities have diminished $4,397,000 during the week, the holdings of
acceptances have increased from $154,328,000 to
$158,922,000, and the discount holdings (representing borrowing by the member banks) have increased
from $190,515,000 to $196,179,000. Altogether the
amount of Reserve credit outstanding as measured
by the total of bill and security holdings has increased $5,311,000 during the week, the amount this
week being $964,963,000 as against $959,652,000 last
week. The amount of Federal Reserve notes in circulation decreased during the week from $1,332,991,000 to $1,323,708,000, and gold reserves fell from
$2,945,300,000 to $2,938,997,000.
The stock market this week, after showing considerable strength the early part of the week, began
to weaken on Wednesday, and displayed a declining
tendency on Thursday, which also extended to some
of the dealings on Friday. The early strength was
in face of weakness in the amusement shares, more
particularly Fox Film A, Loew's and Paramount,
Warner Bros. Pictures, Radio-Keith, and General
Theatres Equipment. Radio stock also encountered
heavy selling, presumably because of the poor income
statement for the half-year, and Columbia Graphophone and International Nickel were also under selling pressure. Some other specialties were likewise
under selling pressure, without, however, interfering
with the strength of the general market. On Thursday the railroad stocks broke badly, several of them
tumbling to new low figures for the year—Canadian
Pacific, Baltimore & Ohio, and Southern Railway all
belonging in this class—while the copper stocks displayed special weakness, Kennecott Copper establishing a new low record for the year owing to uncertainty regarding the continuation of the present rate
of dividend distribution, while Gillette Safety Razor
suffered another bad drop, and Warner Bros. Pictures again developed weakness. The effect of all
this was to cause declines all through the list, and
this weakness, as already stated, extended into the
dealings on Friday, without, however, precipitating
any further general declines, the market becoming
ragged and irregular at the close. The call loan rate
/
1
2
on the Stock Exchange remained at 2 % until Wednesday, when there was a reduction to 2%.
The volume of trading has continued only moderately large. At the half-day session last Saturday
the dealings on the New York Stock Exchange were
974,970 shares; on Monday they were 1,413,610
shares; on Tuesday, 1,861,790 shares; on Wednesday, 1,817,580 shares; on Thursday, 1,712,810
shares, and on Friday, 1,335,680 shares. On the
New York Curb Exchange the dealings last Saturday were 251,700 shares; on Monday,350,800 shares;
on Tuesday, 400,400 shares; on Wednesday, 375,900
shares; on Thursday, 329,400 shares, and on Friday,
301,200 shares. No less than 93 stocks have recorded new low figures for the year during the week,
including the following:




1141

STOCKS MAKING NEW LOWS.
/ndua. and Mind!.(Conel.)—
Railroads—
Intenutional Shoe.'
Baltimore & Ohio.
Investors Equity.
Havana Electric Railway pref.
I
Kennecott Copper.
Gulf Mobile & Northern.
Libby-Owens Glass.
Illinois Central.
Maytag Co.
Minneapolis & St. Louis.
Miami Copper.
Seaboard Air Line.
Mohawk Carpet Mills.
Southern Railway.
National Bell Hess..i
National Teal'
Ind. &
Newport Co.class A.I
American Stores.
Parmelle Transportation.
Anaconda Copper Mining.
Patin° Mines & Enterprises.
Arnold Constable.
Phillips Jones.
Barker Bros.
Prairie Oil & Gas. I
Butte & Superior Mining.
Revere Copper & Brass. I
Chickasha Cotton Oil.
Royal Dutch Co.(N.Y.Shares).
Columbia Graphophone.
Seagrave Corp.
Consolidated Textile.
Shell Union Oil.
Crown Zellerbach.
Skelly Oil.
Debenham Securities.
Snider Packing. I
Gardner Motor.
South Porto Rico Sugar.
General Theatres Equipment.
Spencer Kellogg & Sons.
Foundation Co.
Gimbel Bros.4
U. S. Realty & Improvement.
Hartman Corp. class B.
Warner-Quinlan.
Webster Eisenlobr.
Intercontinental Rubber.
White Sewing Machine.
International Nickel of Canada.
Willys-Overland.
International Printing Ink.

As compared with Friday of last week, numerous
declines appear notwithstanding the strength of the
market in the early part of the week. Still there
are many substantial advances, even though there
are also many substantial declines among the stocks
that have been weak. Fox Film A closed yesterday
/
7
at 4314 against 42' 8 on Friday of last week; Gen/
/
1
2
eral Electric at 70% against 70 ; Warner Bros.
14;
/
Pictures at 251 2 againSt 27/ Elec. Power & Light
at671 4 against66;United Corp at 31% against 30½;
/
Brooklyn Union Gas at 122 bid against 123; American Water Works at 89% against 87½; North
American at 99 against 98%; Pacific Gas & Elec.
/
1
2
/
/
3
4
/
1
2
at 547s against 54 ; Standard Gas & Elec. at 101
/
against 9478; Consolidated Gas of N. Y. at 10538
/
against 105%; Columbia Gas & Elec. at 68 against
/
59%; International Harvester at 7878 against 76%;
/ against
1
2
J. I. Case Threshing Machine at 187
Roebuck & Co. at 61% against 62%;
176 ; Sears,
/
1
2
/
Montgomery Ward & Co.at 321 4 against 32%; Woolworth at 60% against 56%; Safeway Stores at 62
against 63%; Western Union Telegraph at 170
against 168; American Tel. & Tel. at 211% against
/
/
20978; Int. Tel. & Tel. at 4414 against 44; American
Can at 127% against 124%; United States Indus/
trial Alcohol at 631 8 against 63; Commercial Solvents at 251 8 against 24%; Corn Products at 91
/
/
3
4
against 89%; Shattuck & Co. at 36 against 35 ,and
/
1
2
Columbia Graphophone at 13% against 15 .
/
1
2
Allied Chemical & Dye closed yesterday at 262
against 256 on Friday of last week; Davison Chemical at 27 against 26%; E. I. du Pont de Nemours
/
at 11378 against 111%; National Cash Register at
/
4
/
1
2
45% against 43 ; International Nickel at 223
against 20%; A. M. Byers & Co. at 70 against 69%;
Simmons & Co. at 25 against 24; Timken Roller
/
1
2
Bearing at 67 against 67%; Mack Trucks at 56
against 55; Yellow Truck & Coach at 23 against 22;
/
Johns-Manville at 93 against 8838; Gillette Safety
Razor at 68% against 81%; National Dairy Products at 53% against 52; National Bellas Hess at
/
1
2
8 against 8 bid; Associated Dry Goods at 32%
/
1
2
bid against 32½; Texas Gulf Sulphur at 57%
3
/
against 57%, and Bolster Radio at 2 4 against 2%.
shares have displayed considerable
The steel
firmness. United States Steel closed yesterday at
167% against 164% on Friday of last week; Bethlehem Steel at 80% against 79%,and Republic Iron &
Steel at 33% against 34%. The motor stocks are
not greatly changed. General Motors closed yesterday at 45 against 44% ex-div. on Friday of last
week; Nash Motors at 33 against 33; Chrysler at

1142

FINANCIAL CHRONICLE

28% against 29; Auburn Auto at 108 against 115;
/
1
2
Packard Motors at 13% against 1314; Hudson Motor
/
Car at 31 against 30, and Hupp Motors at 13%
against 12%. The rubber stocks have moved slightly
lower. Goodyear Rubber & Tire closed yesterday at
6/
1
2
59 against , 2 on Friday of last week; B. F. Goodrich at 2258 against 22; United States Rubber at
/
201 8 against 20%, and the preferred at 38% bid
/
against 40.
The railroad stocks have been weak most of the
time on poor returns of earnings. Pennsylvania RR.
/
closed yesterday at 71% against 721 2 on Friday or.
last week; Erie RR. at 37 against 38; New York
/
1
2
/
1
2
/
Central at 15812 against 160 ; Baltimore 8z Ohio at
971 8 against 1011 ; New Haven at 103 against
/
/
1
2
4
102%; Union Pacific at 211 against 212; Southern
Pacific at 116 against 116%; Missouri-KansasTexas at"39 against 391 8; St. Louis-San Francisco
/
at 88% against 93; Southern Railway at 751A
against 81; Rock Island at 95 against 96, and Northern Pacific at 69 against 721 4
/
.
The oil shares have also been inclined to weakness. Standard Oil of N. J. closed yesterday at
6978 against 71 on Friday of last week; Standard
/
/
1
2
Oil of Cal. at 611 4 against 6214; Simms Petroleum
/
/
at 2018 against 201 8 bid; Skelly Oil at 2818 against
/
/
/
28%; Atlantic Refining at 35% against 3718; Texas
/
1
Corp. at 51% against 52%;Pan American B at 57,4
against 58; Richfield Oil at 15 against 16y Phil2;
/
1
2
lips Petroleum at 3 y against 32%; Standard Oil
18
/
of N. Y. at 31 against 313 and Pure Oil at 2018
%,
against 2114
/
.
The copper stocks, as a group, have displayed
special weakness most of the time. Anaconda Copper closed yesterday at 45 against 463 on Friday
4
of last week; Kennecott Copper at 34 against 36;
Calumet & Hecla at 13% against 14; Calumet &
Arizona at 54 against 541 2; Granby Consolidated
/
Copper at 22 bid against 22%; American Smelting &
Refining at 6614 against 66 , and U. S. Smelting &
/
/
1
2
Refining at 20% against 19%.
Stock exchange sessions of the important European financial markets were somewhat improved
this week when contrasted with the general unsettlement of previous dealings, but the recovery was not
impressive. Rallies on the London and Paris ex
changes were short lived for the most part and confined to special groups of stocks. In Berlin, where
the earlier declines were unusually sweeping, prices
were improved in almost all sessions of the current
week. Depression is unabated in the several markets and there is little incentive to anything but the
dullest of routine trading in stocks. Attention is
concentrated for the time being on the business situation and the mounting totals of unemployment. In
Great Britain the fortnightly report of the Ministry
of Labor showed 2,050,737 persons unemployed, an
increase of 882,669 in a year. Apprehensions were
expressed this week that the drain of doles for the
workless may necessitate heavier taxes, notwithstanding the intimations in Chancellor Snowden's
budget speech that such action probably would prove
unnecessary. Intensified efforts in France to end
the strike of textile and metallurgical workers in
the northern Departments were partially successful
this week and workers in the Lille district resumed
their tasks yesterday on a compromise agreement.
The difficulties continue, however, at Roubaix, Tourcoing and other industrial centers. In Berlin an-




For,. 181.

nouncement was made Thursday by the Ministry of
Posts that contracts for new buildings, equipment
and other improvements in the amount of $50,000,000 will be let immediately in order to give employment to 125,000 workers out of the total of 2,757,000
unemployed last reported by the trade unions of
Germany. Money rates, meanwhile, remain extraordinarily easy in all the larger markets.
Trading on the London Stock Exchange was
started Monday with a firmer tendency in most
sessions, but some selling of industrial issues again
appeared late in the day and the market lost some
of its brighter tone. International stocks set the
tone of the market, these issues rising in the early
dealings and relapsing toward the close. British
funds were the steadiest section of the market with
several issues making good progress on investment
buying. Foreign bonds were unsettled, owing to uncertainties in the Spanish, Australian and Brazilian
situations. Improved advices from New York Tuesday caused a better trend in the Anglo-American
section for a time, but the improvement did not
spread far. British industrials were weak, while the
gilt-edged list remained quiet with some traces of
uneasiness also apparent in this department. Prices
hardened generally on the London market Wednesday after an easy opening. The session was dull but
few selling orders appeared and progress was general. The gilt-edged list moved with the rest of the
market. Dealings were started in brighter fashion
Thursday, but statements that important oil companies were omitting dividends upset the industrial
list. International issues were irregular, but the
gilt-edged section held firm on a better tendency in
sterling exchange. The London market was cheerful
yesterday, and virtually all issues advanced moderately. British funds were especially firm.
Business on the Paris Bourse was resumed in dull
fashion Monday after a three-day closing occasioned
by religious holidays. Trading was insufficient to
keep the Bourse busy for more than a brief period
at the opening, reports said. Most stocks were heavy,
notwithstanding exceptionally easy mid-month settlements. Money for the settlements was only % of
1%, against 112% at the beginning of the month.
/
In a further dull market Tuesday, prices at Paris
again displayed considerable irregularity. A brief
flurry of strength at the opening quickly gave way
to apathy and receding quotations. The downward
tendency was reversed Wednesday, although business showed little improvement. One or two oil issues remained weak, but the rest of the market
proved resistant and a number of stocks gained
ground. The weakness in oil stocks became pronounced Thursday, but the rest of the French market was dull and virtually unchanged. No price
changes of importance occurred in a further dull
session yesterday.
The tendency on the Berlin Bourse was firm
throughout the opening session of the week, notwithstanding a moderate volume of trading. The
market was unusually thin, dispatches said, and
even very small buying orders sent prices up. Announcement by the Reichsbank that the customary
annual dividends will be distributed caused a sharp
rise in the shares, while shipping stocks also displayed strength. A slight reaction at the close
brought prices down somewhat from the best levels
of the day. Dealings were dolorous at the start
Tuesday, and issues dependent on foreign support

AUG. 23 1930.]

FINANCIAL CHRONICLE

dropped several points. The trend improved as the
session progressed, however, and about half of the
early losses were regained. The upward tendency
was resumed Wednesday and the general level improved steadily, with a number of issues gaining 3
to 4 points. One of the large Berlin banks bought
Reichsbank and Siemens & Halske shares, apparently in behalf of a foreign client, and the improvement in these issues stimulated the market as a
whole. Firmness at the opening Thursday was well
maintained throughout that session in Berlin, despite a further small turnover. A gain in investment
purchases by Swiss interests was a factor in the
betterment. A slightly easier tone developed on the
Berlin Bourse yesterday.

1143

rye and oats, on the other hand, are placed at 1,000,000 tons and 1,500,000 tons less, respectively,
than last year's crops. Italy will produce, according
to the estimate, only 6,071,000 metric tons of wheat
this year, compared with 7,082,000 tons last year.
Spain will have better than average crops, owing to
cool weather and copious rains, but the supply of
wheat will again be insufficient for the country's
needs. Austrian crops are reported nearly equal to
those ef 1929, with the exception of barley. Yugoslavia reports good prospects for the grain harvest,
but Hungary and Czechoslovakia both will have less
satisfactory yields as compared with 1929, owing to
a protracted drouth in that part of Europe.

Consideration of the London naval treaty of 1930
Crop reports from the principal European coun- was begun in Japan Monday by a special investigatries, where harvesting operations are now begin- tion committee of the Privy Council, and early action
ning, show that Russia and Rumania probably will is now expected by observers in Tokio. The treaty
be the only ones with surplus cereal crops for ex- will become effective immediately after Japanese
port while England, France, Italy, Germany and ratification is announced, as favorable action has alAustria will have subnormal aggregate yields of ready been taken by Great Britain and the United
wheat, rye, oats and barley. A summary of the re- States. Delay was occasioned in Japan chiefly by
ports, contained in a London report of last Satur- differences between the Hamaguchi Cabinet, which
day to the Associated Press, indicates that Western negotiated the agreement, and the Supreme Military
European agriculture suffered from excessive dry- Council. Several important members of the naval
ness and high temperatures in the early summer, general staff resigned in protest against the new
while in many parts of Europe this was succeeded instrument, but as popular opinion is overwhelmingby a protracted wet period and frequent electrical ly in favor of the treaty no genuine dqubt regarding
storms. Conditions throughout Rumania are satis- ultimate ratification by Japan has ever been raised.
factory to the farmers, it is said, and official esti- It was considered possible for a time, however, that
mates indicate a considerable surplus of wheat, rye the Hamaguchi Government would fall as a result
and maize over the country's needs. Regarding con- of the sharp differences engendered in the highest
ditions of Russian crops little is said in the dispatch, circles by the treaty. That reports of the favorable
but a Washington release of the Department of Agri- Japanese attitude have been correct was shown early
culture, based on a report from a commissioner at this week by the meeting of the investigation comBerlin, states that the Russian wheat harvest is mittee of the council of "Elder Statesmen" to which
above last year's, with yields varying greatly in Emperor Hirohito transmitted the treaty late in
different regions. Aggregate European production July. "Whatever tension existed in Japan regarding
of wheat in ten countries, the Department states, is the fate of the London naval treaty has almost com885,059,000 bushels, an increase of 2.5% over the pletely disappeared following the first brief meeting
production last year. The gain in Russian and Ru- of the special investigation committee," a dispatch
manian crops, together with an increase in the Ger- to the New York "Times" said. In addition, Baron
man wheat yield, owing to special endeavors, will ap- Buratomi, President of the committee, was reported
parently compensate for the losses in this crop else- to have said that the generally rumored antagonism
where in Europe.
of the Privy Council toward the Hamaguchi Cabinet
England will market smaller crops than usual, did not exist. The committee adopted a number of
the Associated Press dispatch states, chiefly in con- resolutions dealing with the issues raised between
sequence of a decrease of 200,000 acres in cultivation, the Cabinet and the Supreme Military Command
but the fine weather of late may make available offi- and adjourned after appointing several subcommitcial forecasts understatements. The official estimate tees to take up the separate problems.
of the 1930 wheat crop in England is 1,164,000 tons,
compared with 1,271,000 tons last year. The barley
A diplomatic incident involving Germany on the
yield is placed at 800,000 tons against the 1929 yield one hand and France and Poland on the other has
of 998,000 tons; the estimate for oats is 1,347,000 been occasioned by some strongly nationalistic uttons compared with 1,522,000 in 1929. The French terances of Dr. Gottfried Treviranus, Minister for
wheat crop has deteriorated of late and doubts are Occupied Areas in the Berlin Cabinet, delivered in
now entertained whether the yield will suffice for connection with the eleventh republican anniversary
the nation's estimated needs of 260,000,000 bushels. in the Reich. Owing to the high official position of
Last year France produced a surplus of 30,000,000 Dr. Treviranus, close attention was given the adbushels. Unofficial estimates of the 1930 French dress in Paris and Warsaw,and protests were finally
wheat crop range around 250,000,000 bushels, it is lodged with Berlin by both neighboring Governsaid. The German wheat crop will be somewhat in- ments. The German Minister, according to a report
creased, as compared with last year, by a 25% gain in the New York "Times" of last Sunday, stated the
in acreage, but weather damage is said to have kept "simple truth" to which every German clings with all
the increase down while the cost of production his might, that the severance of East Prussia from
mounted. Wheat production in the Reich is placed the main body of the Reich by the Polish Corridor
at 200,000 tons of summer wheat, compared with is an unsatisfactory and impossible state of affairs
197,000 Mgt year, and 1,890,000 tons of winter wheat, which must be changed before true peace and harcompared with 1,700,000 tons last year. Yields of mony can be achieved in Eastern Europe. Although




1144

FINANCIAL CHRONICLE

this sentiment has been frequently voiced in Germany, Dr. Treviranus apparently referred with more
force than discrimination to German's eastern frontier as an "unjust boundary under foreign sovereignty." He is reported to have remarked, moreover,
that the "German land which to-day is lost to us
will one day be recaptured." Dispatches from Paris,
where the address was reprinted in full, indicate
that Dr. Treviranus also insisted upon revision of
certain clauses of the peace treaties dealing with
these matters.
A storm of resentment was aroused in the Paris
press by publication of the speech, and some uneasiness was also occasigned in official quarters. Foreign Minister Aristide Briand is said to have sent
promptly for Dr. Leopold von Hoesch, German Ambassador to Paris, to whom he explained that such
utterances were not helpful to Franco-German rapprochement. It was remarked in a Paris dispatch
to the New York "Times" that M. Briand's comments were apparently taken in good grace, as Dr.
Treviranus quickly delivered a further address in
which he explained that when he spoke of treaty revision he was speaking speculatively and in no wise
of a warlike revision of Germany's eastern frontier.
Prominent in the Minister's utterances, it is said,
was the assertion that whatever Germany tried to do
along the lines of treaty revision would be undertaken only through channels of peace. French resentment was but little appeased by the further statements, and it was announced last Saturday that Dr.
von Hoesch would leave for Berlin early this week
to confer with Foreign Minister Dr. Julius Curtius.
"It is believed here," a Paris dispatch to the New
York "Herald Tribune" said,"that the Germans have
not realized the extent to which French opinion has
been aroused, and Dr. von Hoesch's journey to Berlin is seen as an attempt to impress upon his Goverment that every section of the French people
appears to be thoroughly alarmed and determined
to oppose any changes in the European alignment."
An even greater strain was imposed by the speech
on German-Polish relations, as these have never
been very stable. The Polish press reacted strongly
against the speech of Dr. Treviranus, some quarters
urging that only the dismissal of the German Minister might prove satisfactory. Semi-official statements of the Polish Telegraph Agency, published in
Berlin and transmitted to the New York "Herald
Tribune", indicated that Foreign Minister Auguste
Zaleski protested formally to Dr. Ulrich Rausch,
the German Ambassador in Warsaw. The statements of the German Minister were regarded in
Poland as "directed against the integrity of the
Polish State," it was pointed out, and M. Zaleski
said further that such utterances are likely to
create an atmosphere contrasting with the principles of peaceful co-operation. Informal discussion
of the incident was continued all this week in Paris,
with the impression gaining ground that Germany
contemplates raising the question of the Polish Corridor and other territorial aspects of the Treaty of
Versailles at the forthcoming session of the League
of Nations Assembly. A Paris report to the "Herald
Tribune", summarizing the incident, remarks that
"next to an attempt to unite Germany and Austria,
there is nothing to which France is so sensitive as an
attack on the territorial integrity of Poland, which
country is bound to France by strong sentimental
is and practical considerations, its existence con-




(VOL 131.

stituting a check to any schemes of territorial aggrandizement which may be harbored by either Russia or Germany. Poland on her side looks upon
France as a political foster-mother, and no doubt
is felt here that the protests voiced in Poland over
the utterances of the German Minister have the
full support of the French."
The financial problems of the Spanish Government, which have proved 'insoluble to the Cabinet
ministers of successive regimes, resulted this week
in the first ministerial changes in the recently constituted Berenguer Cabinet. Foremost among the
difficulties faced by the Finance Ministry of the
Madrid Government is that presented by the falling
international value of the peseta. Finance Minister
Manuel Arguelles addressed himself to the task of
bolstering the Spanish currency unit immediately
upon taking office, but the quotation of the peseta
in other markets slowly declined despite the measures taken. As against the nominal value of 19.3
cents, the peseta dropped late last week to a new low
level of slightly less than 11 cents. Spanish trade
has naturally been affected by the decline and Spanish credit has suffered even more than trade. Cabinet discussions on the matter were started by Premier Damaso Berenguer last Monday and these were
followed by consultations with economic experts
of the country. The situation resulted Tuesday in
the resignation of Finance Minister Arguelles and
the appointment to the office of Julio Wats, who
previously occupied the post of Minister of Economy.
Luis Rodriguez Viguera, who occupied the post of
Minister of Agriculture in a former regime, was appointed Minister of Economy to succeed Senor
Wais. Politically the changes were regarded as unimportant, as the new Ministers will enable the
Cabinet to maintain an unaltered political front.
Well informed observers in Paris, reports from that
center said, were not of the opinion that Premier
Berenguer will solve the peseta problem by changing
Ministers. Officials in the Spanish capital were
again quoted this week as attributing the fall in the
currency unit to speculation in the exchange. Government officials and the Bank of Spain pointed out
that the country's financial structure is sound and
does not justify such uncertainty as exists in peseta
exchange. Pertinent to any discussion of the problem is the embargo on gold exports, notwithstanding
the large stock of the metal in the vaults of the Bank
of Spain.
Formidable contingents of British and Indian infantry reinforced the garrisons of Peshawar and
other cities on the Northwest Frontier of India late
last week,and difficulties with the Afghan tribesmen
have moderated considerably in consequence. The
concern felt at Simla regarding the incursions of the
Afridis has been largely dispelled, but some uneasiness still exists both in the summer capital of India
and in London. No statements on this situation have
been made by the London Government and the outside world is therefore dependent on censored dispatches from the area. That the situation remains
grave is assumed in unofficial circles in London
from the very fact that heavy reinforcements were
inoved up and martial law declared throughout the
Peshawar district. The lull in the border warfare
is attributed in Associated Press dispatches from
Peshawar to the efforts of the Afridi leaders to

Ana. 23 1930.]

FINANCIAL CHRONICLE

secure aid from neighboring tribes. "There is a
fairly general expectation here," a London report
to the Associated Press said, "that a frontier war
on a large scale will develop as a result of efforts to
crush the Afridi and other marauding tribesmen."
Developments in connection with the Nationalist
campaign of civil disobedience to British rule have
been somewhat more favorable this week. Although
the boycott of British goods has been continued and
perhaps intensified, few demonstrations by the
Gandhists are currently reported and the headbreaking activities of the British and native police
with their "lathis" have been virtually suspended.
The conference of moderate Nationalist leaders with
Mahatma Gandhi, the Pandits Nehru and other
prominent figures in the Poona jail, where Mr.
Gandhi is confined, were terminated this week. These
conversations were started several weeks ago, with
the consent of Viceroy Lord Irwin, in an attempt
to moderate or suspend the Nationalist campaign
pending the all-India congress at London in October.
London reports early this week intimated that Mr.
Gandhi demanded in return for suspension of the
campaign not only full amnesty for political prisoners, but also assurances that the Labor Government
would sponsor Dominion status as its own policy
for India at the forthcoming congress. Such reports
were discredited, as it was shown that Mr. Gandhi's
alleged message to the Viceroy could not have been
delivered in time for the "disclosures." The letter
was actually delivered to Lord Irwin at Simla Thursday, by Sir Tej Bahadur Sapru and Mr. Jayakar,
who acted as mediators.
Recapture by the Nanking Nationalist Government
of the important city of Tsinan in Shantung Province has changed the situation in China to the great
advantage of the Nanking regime and dealt a corresponding blow to the coalition of Northern warlords. The struggle between the Nanking forces of
President Chiang Kai-shek and the Northern coalition for control of the north-central provinces of
Honan, Shantung and Chili has been in progress
most of this year, with authentic news scarce. The
Northerners took over Tsinan from a Nanking general several months ago, and the prospects of the
Nanking Government appeared dark thereafter, with
more excitable observers in Shanghai sending out
frequent predictions of its fall. That such predictions were at least somewhat premature is now
shown by the military success of the Kuomintang
and by reports, as yet unconfirmed, of further successes to the west on the Lunghai Railway front. In
the capture of Tf3inan, Nanking claims to have seized
30,000 rifles, 130 field guns and three airplanes.
The development is said to have caused consternation
among Northern political circles in Peiping (formerly Peking). The Nanking Government, sorely in
need of funds, took prompt advantage of its military
successes and issued a mandate authorizing the flotation of a $50,000,000 Chinese currency (gold $14,500,000) short-term domestic loan secured by the
customs surplus. The loan is said to be for the purpose of stabilizing the monetary system and encouraging financial rehabilitation.
Much uncertainty continues to prevail in foreign
circles regarding the future of China, notwithstanding this turn of events. At best, China is again in
the position of earlier years of the revolution, in
which a central authority is entirely lacking and




1145

the separate provinces or spheres are administered
by independent warlords for the benefit of their own
purses and ambitions. Nanking now controls much
of the Yangtze Valley, where most foreign interests
are located. The Northern part of the country is
dominated by the Peiping coalition, while Chang
Hsueh-liang stands aloof in Manchuria. In Kwangsi
Province,far to the South,further disturbances have
appeared. Withdrawal of all Nanking troops from
the Yangtze Valley for fighting on the Lunghai front
made -possible the growth of bandit hordes under
Communist leadership with the resultant looting
of the important city of Shangsha late in July. A
further development of this nature was reported
Wednesday at the Yangtze town of Wusueh, which
is only a short distance from the city of Kiukiang.
Foreigners have only minor interests in Wusueh, but
a Japanese gunboat was ordered to the town.
Special Cabinet meetings were held in Melbourne
this week, with representatives of the several Australian States in attendance, in order to consider
steps for adjustment of Australian finances. The
meetings were held at the home of Premier J. H.
Scullin, owing to a slight illness of the Premier.
Declining commodity prices have decreased the value
of Australian exports and made it difficult for the
Commonwealth to meet its financial requirements in
London. Sir Otto Niemeyer was sent to Australia
by the Bank of England at the invitation of the
Canberra Government in order to assist in a solution of the difficulties, and some of the measures
now adopted at Melbourne are said to be due to his
suggestions. A compromise arrangement, under
which the current budget will be given a three
months' trial, was decided upon Wednesday, according to a Melbourne dispatch to the New York
"Times." If the monetary returns are insufficient
to meet the financial needs of the country a special
session of the Federal Parliament will be summoned
to reduce the expenditure. Loan expenditures in the
future are to be restricted wholly to works of proved
productive character. Numerous measures of
economy were suggested by the conference and agreement was reached for a special grant of $5,000,000
to the State of South Australia. It was held, the
"Times" report said, that without such a loan the
solvency of that State would be gravely imperiled.
Sir Otto Niemeyer was said to feel satisfied that the
steps to be taken will assure the domestic and overseas financial stability of the Commonwealth.
The National Bank of Danzig has reduced its dis/
1
2
count rate from 4 %, the figure in effect since
June 25, to 4%. The Reserve Bank of Peru on
Aug.20 reduced from 9% to 8%. On the other hand,
on Aug. 21 the Central Bank of Chili raised its rate
from 6% to 7%. Other than this, there have been
no changes in the discount rates of any of the central
banks of Europe during the week. Rates remain
at 6% in Spain; at 51 2% in Austria, Hungary, and
/
Italy; at 4 % in Norway; at 4% in Germany,
/
1
2
Denmark, and Ireland; at 3 % in Sweden; at 3%
/
1
2
in England and Holland, and at 21 2 in France,
/%
Belgium, and Switzerland. In the London open
market discounts for short bills yesterday were
2 3/16% against 23 % on Friday of last week, and
4
at 2 3/16% also for long bills against 24% the
1
previous Friday. Money on call in London yesterday was 1y
2%. At Paris the open market rate con-

1146

FINANCIAL CHRONICLE

[VOL. 131.

/
tinues at 21 2%, but in Switzerland there has been reserve in foreign currency 6,199,000 marks and
/
bills of exchange and checks 170,457,000 marks,
a decline from 1 13/16% to 134%.
while deposits abroad and investments remain
unchanged. The Bank's gold now totals 2,619,020,000
The Bank of England statement for the week
ended Aug. 20 shows a gain of £1,260,203 in bullion, marks, compared with 2,150,264,000 marks, the
but, owing to a contraction in note circulation of same time a year ago. Silver and other coin, notes
£5,588,000, reserves increased £6,848,000. The on other German banks and advances record inBank's gold supply now aggregates £155,365,515 as creases of 13,538,000 marks, 4,753,000 marks and
compared with £154,105,312 last week and £138,- 21,635,000 marks, while the item of other assets
202,004 a year ago. Public deposits increased fell off 5,496,000 marks. Below we give a detailed
£8,789,000 while other deposits fell off £5,013,068. comparative statement back to 1928:
REICHSBANK'S COMPARATIVE STATEMENT.
Other deposits consist of bankers' accounts, and of
Changesfor
Week.
Aug. 15 1930. Aug. 15 1929. Aug. 15 1928.
other accounts, which decreased £4,587,436 and Assets—
Reichsmarks.
Reichsmarks. Reichsmark:. Reichsmarlcs.
Gold and bullion
5,000 2,619,020,000 2,150,264,000 2,240,915,000
£425,632, respectively. The ratio of reserves to Of which depos.abr'd_ Dec.
Unchanged
85.626,000
149,788,000 149,788,000
6,199,000
308,661,000 217,003,000
liabilities is now 46.06% as against 27.71% last Res've in for'n curr Dec. 170,457,000 98,223,000 2,197,422,000 2,004,318,000
Bills of exch.& checks.Dec.
1,535,830.000
other coin Inc.
year. A week ago the figure was 41.52%. Loans on Silver andoth.Ger. bks.Inc. 13,538,000 167,172,000 134,347,000 103,180,000
Notes on
23,693,000
4,753,000
19,142,000
19,417,000
Advances
Inc. 21,635,000
61,702,000
77,370,000 I 85,770,000
Government securities declined £4,975,000, while Investments
Unchanged
101,015,000
92,744,000
93,820,000
Dec. 5,496,000 679,409,000 545,683,000 572,286,000
those on other securities rose £1,939,638. The latter Other assets
Liabilities—
Notes in circulation_Dec.
includes "discounts and advances" which decreased 0th.daily. mat.oblig_Inc. 169,156,000 4,229,137,000 4,291,803,000 4,134,369,000
25,251,000 446,946,000 452,731,000 560,718,000
Inc.
1,664,000 222,231,000 343,438,000 236,492,000
£750,373 and "securities" which went up £2,690,011. Other liabilities
The discount rate remains unchanged at 3%. Below
Money rates in the New York market showed an
we furnish a comparison of the various items for
easier tendency this week, and the extremely low
five years:
levels already prevailing as the week opened were
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1926
1930
1927
1929
1928
shaded still further in later dealings. The only perAug. 25.
Aug. 24.
Aug. 20.
Aug. 21.
Aug. 23.
ceptible change in the market occurred in call money
140,271,005
a361,790,000 365,443,000 134,919,000 136,429,755
Circulation
rates. Daily funds were quoted on the New York
20,045,000 26,286.000 15,611,000 17,424,169 26,116,116
Public deposits
95,259,720 91,888,000 97,893,000 102,737,468 102,057,104 Stock Exchange at 2 % Monday and Tuesday. No
Other deposits
/
1
2
Bankers accounts_ 61,665,369 55,850,949
bank withdrawals were made, while funds in the un33,594,351 36,037,051
Other accounts_
Governm't securities 49,371,547 71,066,855 27,969,000 55,421,999 38,773,589 official "Street" market were freely available at 2%.
31.548,696 32,570.202 45,093,000 48,140,304 73,313,855
Other securities
3,832,387
The official rate dropped to 2% Wednesday, and
Disct. & advances 6.114,545
25,434,151 28.737,815
Securities
coin 53,574.000 32.757,000 59,653,000 34,812,468 34,284,509 funds in the outside market were again made availReserve notes &
155,365,515 138,202,004 174,823,209 151,492,223 154,805,514 able at a concession of 1 2%, or a rate of 1
Coin and bullion
/
1
2
%.
/
Proportion of reserve
26.75% These levels were maintained in the two last ses52.10%
28.97%
46.06%
27.71%
to liabilities
434%
434%
5%
3%
534%
Bank rate
sions of the week. Brokers' loans against stock and
a On Nov.291928 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 bond collateral declined $27,000,000 in the statenotes outstanding.
ment of the Federal Reserve Bank of New York
for the week ended Wednesday night, carrying the
The statement of the Bank of France for the week total to $3,128,000,000. Gold movements for the
ended Aug. 16 reveals a gain in gold holdings of same period, as reported by the bank, consisted en295,756,559 francs. The total of gold is thus raised tirely of
imports, shipments valued at $1,265,000
to 46,952,230,408 francs, which compares with 38,- being
received. There were no exports and no
476,161,987 francs last year and 30,269,449,483 francs changes in the
stock of gold held ear-marked for
the year before. Credit balances abroad and bills foreign account.
bought abroad decreased 9,000,000 francs and 25,000,000 francs, while creditor current accounts rose
Dealing in detail with the call loan rate on the
35,000,000 francs. Notes in circulation contracted Stock Exchange from day to day, all
loans on Mon292,000,000 francs, reducing the total of the item to day and Tuesday were at 212%,including
/
renewals.
72,678,400,955 francs, as against 64,691,256,725 On Wednesday, after renewals
had again been
francs the same time a year ago. A decrease is also effected at 21 2%, the rate for
/
new loans dropped
shown in French commercial bills discounted of 124,- to 2%. On Thursday
and Friday all loans were at
000,000 francs and in advances against securities of 2%,including
renewals. The market for time money
37,000,000 francs. Below _ we furnish a comparison has again been in the
doldrums this week, little or
of the various items for the past three years:
no activity being apparent at any time. Rates have
COMPARATIVE STATEMENT.
BANK OF FRANCE'S
renlained practically unchanged from last week,
Status as o
Changes
Aug.16 1930. Aug.171929. Aug. 18 1928.
for Week.
though at times prices fluctuated backward and forFrancs.
Francs.
Francs.
Francs.
Gold holdings_ __ _Inc. 295,756,559 46,952,230,408 38,476,161.987 30,269,449.483 ward, with the trend slightly upward. Quotations
Credit bals. abr'd_Dec. 9,000,000 7,055,125,242 7,264,293,083 13,567,864,069
French commercial
all week have been 2@21 4% for 30 days; 214@21 2%
/
/
/
bills discounted_Dec. 124,000,000 5,183,235.429 8,496.832,280 5,527,656,357
Bills bought abr'd_Dec. 25,000.000 18,741,338.119 18,522,532.307 16,916,797,986 for 60 days, 21 2@2
/ 34% for 90 days, 234@3% for
/
/
Adv.agst.securs_Dec. 37,000.000 2,751.209,979 2,440,409,970 2,005,112,396
Note cireulation_Dec. 292,000,000 72,678,400,955 64,691.256,725 60,552,323,585 four
months, and 3@314% for five and six months.
/
Cred.curr. accts--Inc. 35,000,000 17,327,521,198 19,476,463,404 15,166,578,417
Prime commercial paper in the open market has conThe Reichsbank in its return for the second week tinued fairly active throughout the week, though
of August showed a decrease in note circulation of transactions were hampered by a shortage of satis169,156,000 marks. Daily maturing obligations, on factory offerings. Extra choice names of four- to
the other hand, rose 25,251,000 marks, and other six-month maturity continue to be offered at 3%,
liabilities 1,664,000 marks. Total note circulation while names less well known are quoted at
/
2%.
now amounts to 4,229,137,000 marks, as against 314@w
4,134,369,000
4,291,803,000 marks last year and
The market for prime bank acceptances has been
marks two years ago. On the asset side of the
account gold and - bullion declined 5,000 marks, without noteworthy feature this week. Business has




1147

FINANCIAL CHRONICLE

AUG. 23 1930.]

been fairly active, and the demand largely in excess
of the supply of bills available. The 12 Reserve
Banks further increased their holdings of acceptances during the week from $154,328,000 to $158,922,000. Their holdings of acceptances for foreign
correspondents further declined from $480,094,000
to $478,315,000. The posted rates of the American
/
Acceptance Council continue at 2% bid and 178%
asked for bills running 30 days, and also for 60 and
/
1
4
90 days; 2 % bid and 2% asked for 120 days, and
4
2%70 bid and 21 % asked for 150 days and 180 days.
The Acceptance Council no longer gives the rates for
call loans secured by acceptances, the rates varying
widely. Open market rates for acceptances also
remain unchanged, as follows:

ceived £385,000 in sovereigns, exported £2,000,!and
released £600,000 in sovereigns. The sovereigns received were from South America, believed to be largely
from Brazil. On Monday the Bank received £87,874
in sovereigns from abroad and sold £3,421 in gold bars.
On Tuesday the Bank sold 0,993 in gold bars. Of
£140,000 gold available in the open market on Tuesday, £50,000 had been previously engaged,it is understood,for French account. The rest was taken for the
trade and India at a price of 84s. 11%cl. On Wednesday the Bank of England released £100,000 in sovereigns. On Thursday the Bank bought £11 in foreign gold coin, sold £15,734 in gold bars, and exported
£5,100 in sovereigns. On Friday the Bank received
£412,000 in sovereigns from abroad,sold £6,989 gold
bars and exported £6,000 in sovereigns.
SPOT DELIVERY.
-180 Days- -150 Days- -120 Days
At the Port of New York the gold movement for
Bid. Asked.
Bid. Asked.
Bid. Asked.
2%
2%
Prime eligible bills
23
2
23.(
23i
the week Aug. 14-20, incl., as reported by the Federal
---90 Days- -60Days- -30Days
-- Reserve Bank of New York, consisted of imports of
Bid. Asked.
Bid. Asked.
Bid. Asked.
Prime eligible bills
1%
2
2
2
114
$1,265,000, of which $1,000,000 came from Uruguay,
114
FOR DELIVERY WITHIN THIRTY DAYS.
$146,000 from Brazil,and $119,000 chiefly from other
Eligible member banks
2% bid
Eligible non-member bankS
2% bid Latin American countries. There were no gold exports and no change in gold earmarked for foreign
There have been no changes this week in the redis- account at the Federal Reserve Bank. In tabular
count rates of any of the Federal Reserve Banks. form the gold movement at the Port of New York
The following is the schedule of rates now in effect for the week Aug. 14-20 incl. as reported by the
for the various classes of paper at the different Federal Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK,AUG.14-AUG.20,INCLUSIVE.
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
San Francisco

Rate in
Effect on
Aug. 22.

Date
Established.

Previous
Rate.

3
234
334
334
354
334
354
354
4
II
4
334

July 3 1930
June 20 1930
July 3 1930
June 7 1930
July 18 1930
July 12 1930
June 21 1930
Aug. 7 1930
Apr. 161930
Aug. 15 1930
Apr. 8 1930
Aug. 8 1930

3
4
4
4
4
4
4
43e,
4
4 el
4

Imports.
$1,000,000 from Uruguay
146,000 from Brazil
119,000 chiefly from other Latin
American countries.

Exports.
None.

$1,265,000 total
Net Change in Gold Earmarked for Foreign Account.
None.

The Federal Reserve Bank of New York reported
the receipt during the week of $975,000 at San
Francisco from Japan and of $100,000 from China.
H
Canadian exchange continues firm, although on
several occasions Montreal funds were quoted at par
and on a few occasions at a fraction of a discount.
Sterling exchange is irregular and continues firm On Saturday Montreal funds were at 3-64 of 1%
although on balance fractionally easier than a week premium; on Monday at 1-64 of 1% premium; on
ago. The range this week has been from 4.86 13-16 Tuesday at par. At noon on Wednesday Montreal
to 4.87 for bankers' sight bills, compared with was quoted at 1-32 of 1% premium, but on Thursday
4.86 13-16 to 4.87 3-32 last week. The range for Canadian was stronger again and Montreal was at
cable transfers has been from 4.87 to 4.87 3-16, com- 4of 1% premium. On Friday at JA of 1% premium.
1
pared with 4.86 31-32 to 4.87 9-32 the week before.
Referring to day-to-day rates,sterling exchange on
The fractional ease is largely attributable to the ap- Saturday last was firm in a short dull market.
proach of autumn pressure, with the accumulation Bankers' sight was 4.86 15-16@4.87; cable transfers
of grain and cotton bills against London. For a
4.87 3-16. On Monday the market was firm.
while at least sterling is partly supported by tourist The range was 4.86 13-16®4.87 for bankers'
requirements and this influence will continue to work sight and 4.87 3-32@4.87 3-16 for cable transfers.
in favor of London until the middle of September. On Tuesday sterling continued to ease off. Bankers'
London dispatches state that gold withdrawals on the sight was 4.86 13-16@4.86 15-16; cable transfers
part of Paris are believed to be at an end. There is 4.87@4.87 3-32. On Wednesday sterling Was dull
no further talk in London of gold shipments from and irregular. The range was 4.86 13-16@4.86 15-16
New York to London. The drouth here has intro- for bankers' sight; 4.87@4.87 3-32 for cable transfers.
duced unusual influences into the exchange situation, On Thursday sterling was firm. The range was
but seasonal factors are expected shortly to operate 4.86 27-32@4.86 15-16 for bankers' sight and
again and London is inclined to believe that there will 4.87 3-32@4.87A for cable transfers. On
Friday
be a further easing off in sterling as against dollars. sterling was again firm, the range was 4.867 ®
A
However,it is thought that sterling quotations will be 4.87 for bankers' sight and 4.87 3-32@4.871
A for
maintained above the normal level of the autumn cable transfers. Closing quotations on
Friday were
season because the trend of international capital as 4.86 29-32 for demand and 4.87 3-32
for cable
between London and New York seems to be in favor transfers. Commercial sight bills
finished at 4.86%,
of London.
60-day bills at 4.84 13-16, 90-day bills at 4.837 ,
4
This week the Bank of England shows an increase documents for payment (60 days) at
4.84 13-16, and
in gold holdings of £1,260,203, the total standing at seven-day grain bills at 4.86.
Cotton and grain for
£155,365,515, which compares with £138,202,004 a payment closed at 4.86%.
year ago. On Saturday the Bank of England re-




1148

FINANCIAL CHRONICLE

[voL. 131.

Exchange on the Continental countries continues American short-term credits to the German market.
firm, although for the most part slightly easier than Easy conditions continue in the Berlin money market,
a week ago. French francs are not noticeably call money being available at 2%,90-day time money
changed from last week's levels, but it would seem at 3% to 4%, commercial bills at 37 %, and prime
4
that for the time being at least French bankers are bankers acceptances at 33%. All expectation of a
not included to take gold either from New York or lower Reichsbank rediscount rate has been abanLondon, although some of the open market gold arriv- doned. The attitude of the Bank's President is
ing in London had been previously engaged for French understood to be based on fear that a fresh reduction
account. It would seem that the gold flow to France would cause an outflow of foreign funds from Geris curtailed largely in compliance with the wish ex- may, although large business interests in Germany
pressed by the authority of the Bank of France that continue to advocate a lower official rediscount rate
the movement cease. For the past several months on the ground that it would tend to stimulate trade.
much criticism has been directed by London against Of interest as pointing to the easier money rates,
Paris with respect to the French gold imports. Last the National Bank of Danzig has cut its rediscount
week the authorities of the Bank of France, it is rate to 4% from 4/%. The latter rate has been
understood, made emphatic representations to the in effect since June 25. Business conditions in
French private bankers that further accessions of Danzig are regarded as always in close sympathy
gold were undesirable. The Bank pointed out that with those in Germany.
the present stock is sufficient for all possible practical
The London check rate on Paris closed at 123.83
requirements. Except through moral suasion, the on Friday of this week, against 123.85 on Friday of
Bank of France is apparently powerless to prevent last week. In New York sight bills on the French
the gold imports. The only means which the Bank centre finished at 3.933, against 3.93 3-16 on Friday
could use in order to avert a rise in franc exchange of last week; cable transfers at 3.93%, against
would be to take up for its own account the exchange 3.93 5-16; and commercial sight bills at 3.93 5-16,
bills offered in the Paris market, but the monetary against 3.92 15-16. Antwerp belgas finished at 13.963
law of June 25 1928 does not allow the Bank to pur- for checks and at 13.973 for cable transfers, against
chase foreign exchange. The Bank recognizes that 13.98 and 13.99. Final quotations for Berlin marks
the only remedy for the situation would be an increase were 23.88 for bankers' sight and 23.89 for cable
in loans to foreign countries, especially the admission transfers, in comparison with 23.88 and 23.89 the
of foreign securities to the Paris stock exchange. week earlier. Italian lire closed at 5.23 13-16 for
On account of the weakness of foreign security mar- bankers' sight bills and at 5.23 15-16 for cable transkets, however, it is not to be expected that the fers, against 5.23 13-16 and 5.23 15-16 on Friday of
Finance Minister will at the moment authorize such last week. Austrian schillings closed at 14.133,
admission. This week the Bank of France shows an against 14.13; exchange on Czechoslovakia at 2.963,
increase in gold holdings of 296,000,000 francs, against 2.96
on Bucharest at 0.59/, against
bringing the total to a record high of 46,952,000,000 0.593/; on Poland at 11.23, against 11.22; and on
2
francs, which compares with 38,476,000,000 francs a Finland at 2.51%, against 2.513 . Greek exchange
%
year ago, and with 28,935,000,000 francs reported in closed at 1.29/ for bankers' sight bills and at
the first statement following stabilization of the franc 1.29% for cable transfers, against 1.29/ and 1.29 8
.
in June 1928. An outstanding matter relating to
French exchange was press dispatches on Wednesday
Exchange on the countries neutral during the war
to the effect that France would soon enter the market continues firm, although on average slightly easier
as a large buyer of silver. Beginning Dec. 31 1932 than last week as the result of seasonal tendencies and
Bank of France five, ten and twenty-franc notes will other factors common to all the leading European
cease to be legal tender and will have been withdrawn units. Spanish pesetas have fluctuated widely
from circulation by that date. Their place will be during the week. On Saturday last pesetas broke
taken by ten and twenty-franc coins, 680-1000 fine 17 points to a record low of 10.55 for cable transfers.
up to the value of 3,000,000,000 francs. This is a The unit recovered later to around 10.81 in Tuesday's
complete reversal of French fiscal policy during the trading, and yesterday sold up to 10.98. The foreign
last three years, when France was selling silver, the exchange market is following with close attention
proceeds from the demonetization of silver coins. political developments in Spain which have resulted
According to reliable estimates these sales amounted in the appointment of Julio Wais as Finance Minister
to 10,000,000 ounces in 1929, 19,000,000 ounces in in place of Manuel Arguelles, whose resignation was
1928, and 8,000,000 ounces in 1927. These sales directly brought about by the acute situation in
were made at prices considerably above present levels, Spanish currency. As in the past, when changes
and if France finds it necessary to repurchase this have been made in the Spanish political set-up or
metal, the transaction will not only assist in the when steps toward stabilization have been announced,
stabilization of the silver market, but will yield a the market has adopted an attitude of "watchful
profit as well. It was stated yesterday, however, waiting" to determine whether definite action will
that the Bank would not be obliged to purchase really be taken. Since Tuesday a certain firm underadditional silver, having sufficient metal to meet all tone has been evident in the peseta. It is particularly interesting to note that Premier Berenguer laid
requirements.
German marks continue relatively firm. The much stress on the part the Spanish banks have been
slightly easier tone follows the general trend of playing in peseta speculation. This is the first
sterling and most of the European exchanges, and is official utterance giving cognizance to the fact that
partly the result of the approach of autumn import the large Spanish banks themselves have been the
settlements. Marks, like the other European ex- chief foes of stabilization. Certain institutions
changes, will continue to find support for the next have been heavy speculators in the exchange and
few weeks through tourist requirements. Another most of the selling drives launched against the unit
factor of mark firmness is the large offerings of have found their origin in Madrid, according to well-




AUG. 23 1930.]

1149

FINANCIAL CHRONICLE

informed quarters in the foreign exchange market. as a result of the drop in agricultural prices. AcTemporarily at least, the peseta has been freed from cording to a Buenos Aires dispatch, Argentina's exthis depressing factor. Apparently the Spanish ports show a decrease of 35.4%. The total for the
banks have withdrawn from the market pending in- first seven months of this year records a decline of
dications of just what action the Government will more than $208,000,000, compared with the first
take. The Bank of Spain's position is strong enough seven months of 1929, while the tonnage of exports
to make stabilization around present levels possible. for the same period this year shows a decline of 41%.
Contrary to the experience of so many European Chilean exchange is exceptionally firm and on Friday
countries, the Spanish problem is not one of inflated of last week the Chilean peso touched 12.15, as
currency. At the end of May the Bank of Spain's compared with the prevailing level during the past
note issue amounted to 4,391,000,000 pesetas, com- few months of 12.06.to 12.08. Parity of the peso is
pared with 4,272,000,000 a year ago, while gold 12.17. This display of strength is thought to be the
reserves totaled 2,471,000,000 pesetas, against 2,560,- result of the successful conclusion of the synthetic
000,000. Rumors persist to the effect that important nitrate conference which has intermittently been in
developments are under way with regard to the session in Paris and Berlin for several months. The
Spanish oil monopoly and with plans for linking the agreement reached a few days ago will prevent large
monopoly with a stabilization program. According synthetic producers from providing increasingly
to newspaper dispatches, three or four of the world's severe competition to the producers of the Chilean
largest oil operators are now in Madrid for the purpose product. Argentine paper pesos closed at 36 3-16
of carrying on such negotiations. Holland guilders for checks, as compared with 36 9-16 on Friday of
continue to display a relatively easy undertone, last week; and at 363 for cable transfers, against
largely as a result of transfers of Holland funds to 36/. Brazilian milreis finished at 9.60 for bankers'
more profitable centres of employment. According sight bills and at 9.63 for cable transfers, against
to Amsterdam dispatches, Holland presents at the 10.10 and 10.15. Chilean exchange closed at 12 3-16
moment most of the typical symptoms of depression, for checks and at 123 for cable transfers, against
including extreme abundance of idle money, which 123/i and 12 3-16; Peru at 32.75, against 35.
4
has brought quotations for one-month loans to 13 %,
Exchange on the Far Eastern countries have been
while securities are declining almost daily. Some
Dutch bankers predict that trade recovery within ruling slightly firmer so far as the silver currencies
three months is probable owing to depleted private are concerned. This is due largely to greater steadiindustrial stocks which are now not large enough to ness and a slight improvement in the prices of silver.
provide easily for any unexpected revival in demand. Rising silver values will do much to bolster the
The Scandinavian exchanges are firm for this season. the purchasing power of China and other Far Eastern
Norway and Denmark in particular are holding their countries where silver is important. To buy or sell
exchange on China is equivalent to buying or selling
recent gains in good fashion.
Bankers' sight on Amsterdam finished on Friday silver. Japanese yen continue relatively firm, although
at 40.26%, against 40.28 on Friday of last week; slightly off on balance from a week ago. As noted
cable transfers at 40.28, against 40.29; and com- above, $975,000,000,000 gold was received from
against 40.26
Swiss Japan at San Francisco during the week. According
mercial sight bills at 40.23
francs closed at 19.43 for bankers' sight bills and to New York bankers, further shipments of gold from
at 19.443 for cable transfers, in comparison with Japan have been engaged to the total of approxiCopenhagen checks finished at mately $4,000,000. Closing quotations for yen
19.44 and 19.45
CERTIFIED BY FEDERAL RESERVE
2
cable transfers at 26.823/, against FOREIGN EXCHANGE RATES UNDER TARIFF ACT OF 1922,
26.813 and
BANKS TO TREASURY
TO AUG. 22 1930, INCLUSIVE.
26.82. Checks on Sweden closed at
26.803/ and
AUG. 16 1930
26.873 and cable transfers at 26.883/2, against 26.87
Nom Bulling kale for Cable Transfers in New York,
Value In United Stales Money.
and 26.883/2; while checks on Norway finished at Country and Monetary
_ ....
Aug. 16. Aug. 18. Aug. 19. Aug. 20. Aug. 21. Aug. 22.
26.809 and cable transfers at 26.82, against 26.80
s
3
$
$
$
$
EUROPEand 26.81
Spanish pesetas closed at 10.97 for Allelic schilling
141168 .141181 .141173
.141167 .141195 .141148
.139813 .139809 .139769 .139736 .130721 ..139723
belga
bankers' sight bills and at 10.98 for cable transfers; Belgium, ler
007225 .007203 .007202 .007230 .007222 .007225
Bulgaria,
Czechoslovakia, krone .029663 .029662 .029661 .029664 .029668 .029667
which compares with 10.70 and 10.71.
268158 .268156 .268105 .268084 .268127 .268145
Denmark, krone
Exchange on the South American countries has
been dull and irregular, with Argentine pesos and
Brazilian milreis showing signs of weakness. Brazilian
milreis dropped sharply in Tuesday's trading and
Argentina also went off noticeably. At present prices
the Brazilian milreis is at the lowest level in recent
years. New York bankers attribute the weakness
in milreis to Brazil's financial position, and in some
official quarters it is stated that no appreciable
strengthening will be seen until Brazil is able to
float a long-term loan sufficiently large to repay the
short-term advances which will soon mature. The
fall in the rate places Brazil in a bad position as
far as gold is concerned, for it is doubted whether
the country can stand further heavy exports. Since
the first of the year Brazil has shipped approximately
$66,000,000 gold to the United States, in addition
to metal sent to London,and her gold reserves have
been seriously depleted. The Argentine peso suffers




England, pound
4.871420
sterling
.025166
Finland, markka
.039324
France, franc
Germany, reichsmark .238866
012974
Greece, drachma
.402918
Holland, guilder
.175223
Hungary, pengo
052388
Italy. lira
268109
Norway, krone
.112070
Poland. zloty
045040
Portugal, escudo
.005957
Rumania,leu
105497
8pain. Peseta
268793
Sweden, krona
Switzerland, franc- -- .194510
Yugoslavia, dinar____ .017741
ASIAChina-Cbetoo tad
.399791
.397031
Hankow teal
.385982
Shanghai tael
.403958
Tientsin tad
.321964
Hong Kong dollar
.
Mexican dollar _ _ - .279375
Tientsin or Peiyang
.280000
dollar
.276666
Yuan dollar
.360842
India, rupee
.493858
Japan, yen
Singapore (8.8.) dollar .559541
NORTH AMER.1.000502
Canada, dollar
.999343
Cuba. peso
472887
Mexico. Peso
Newfoundland, dollar .997750
SOUTH AMER.Argentina. peso (gold) 831480
101983
Brazil, °Ares
321308
Chile. POO
.834583
Uruguay. P890
965300
Colombia, pelto

4.870838 4.869928 4.870282
.025173 .025165 .025170
039329
.039324 .039329
238827 .238818
.238876
.012968 .012958 .012964
402830
.402886 .402848
.175301 .175271 .175319
.082388 .052381 .052377
.268112 .268083 .268054
.112075 .112010 .112102
.045029 .045045 .045079
.005957 .005950 005962
.106169 .107504 .106547
.268789 .268748 .268754
.194524 .194500 .194484
.017744 .017722 .1117739

4.870852 4.871056
.026173 .025174
.039332 .039332
.238851 .238874
012963 .012963
.402841 .402797
.175315
175300
052382 052384
.268084 .268109
.112068 .112052
.045015 044995
.005958 .005960
.106362 .106640
.268786 .268800
.104455 .194450
.017735 .017738

.408333
.406562
.394821
.412500
.328214
.285000

.410000
.406875
.395357
.414166
.328571
.286250

.409791
.406406
.397410
.414375
.329660
.387500

.414791
.410468
.399910
.418958
.331785
.290000

.412083
.408437
.396964
.416250
.330000
.287500

.286668
.283333
.360467
.493856
.559541

.287916
284583
.360310
.493818
.559541

.288333
.385000
.360.139
.493806
.559541

.292083
.288750
.360267
493831
.559375

.219583
.286250
.360339
.493808
.559376

1.000195 1.000045
.999375 .999343
.472812 .472750
.997460 .997375
.830514
.101155
.121303
833895
.965300

.822945
.099660
.121379
.828895
.965300

.999958 1.000602 1,001047
.999312 .999281.999281
.472462 .471862 .471562
.997343 .998093 .998343
824362
.097361
.121382
.828031
.965300

.823555 .823481
.096071 .096428
.121320
121424
.827414 .
827238
.965300 :985300

1150

FINANCIAL CHRONICLE

checks yesterday were 49.40@40.50, against 49.38(0)
49.50. Hongkong closed at 3398
(0)33 5-16, against
32%(0)32 9-16; Shanghai at 39%@40, against
383/@393/ Manila at 49%, against 493.'; Singapore
8
;
8
at 563'@
,569/s, against 5634(0),56%; Bombay at
364, against 363'; and Calcutta at 363, against
36g.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations
in the Clearing House institutions. The Federal
Reserve Bank of New York was creditor at the Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORE FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday.
Aug. 16.

Monday,
Aug. 18.

s

$

Tuesday, Wedneed'y. Thursday, PHday.
Aug. 19. Aug. 20. Aug. 21. Aug. 22.

$

$

s

3
125,000,000 102,000,000 120,000.000 105.000,000 120,080,000 122.000,000

Aggregate
for Week.
$
Cr. 703.000.000

Note.—The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank rom all parts of the country In the operation of
the Federal Reserve System's par collection scheme. These large credit balances.
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable In New York City are represented
In the daily balances. The large volume of checks on institutions located outside
of New York are not accounted for in arriving at these balances, as such checks
do not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.

The following table indicates the amount of bullion in the principal European banks:
Aug. 22 1929.

Aug. 211930.
Banks of
Gold.

Total.

Gold.

Silver.

Total.

£
£
£
£
138.202.004
155.365.515138.202,00
England _155,365.515
307.809.296
d
375,017,843 307,809.29
France a__ 375,61%843
(4)
994,6 108.507.800
Germany b 123.461.1001 c994.600 124,455,71 0107.513.2
98.926,0001 28,698.000 127.624.000 102,569.000 28,760.000 131.329.000
BMW
55.793.000
54,645.0001, ,
Italy
Netherrds. 32.513,000 2,100,000 34.653,000' 37.326.000 1,741,00 39,067,000
30.202.000
34,521,0001 28,932.000 1,270.0
Nat. Belg_ 34,521.00
25.060.000, 20,287.000 1,367.00 21,654.000
Switzerl'cl. 25,000.000
12.971.000
13,476,000 12.971.
Sweden_ __ 13.476,000
9,567.0001 9.585.000
420,00 10.005.000
Denmark
. 9,547,000
8353.000
8.142 000 8 153 0
Norway __ 8,142.000
Tot. wk.930.3343581 31.792.600 962.127.058829.140.50'34,552.6 863,693300
Prey. week 92g,589,953 32,036,600 960,020.553824.445,639 34.626,600859.072.239
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 37,489,000. c As of Oct. 7 1924.
d Silver Is now reported at only a trifling sum.

Some International Aspects of
Unemployment.
It has become increasingly evident as the summer
has gone on that unemployment, however serious it
may be in any particular country, is in fact a worldwide condition, and that the number of unemployed
seems to be, on the whole, increasing rather than
diminishing. Somewhere from 2,000,000 to 5,000,000
persons, according to the various methods of calculating or estimating the number, are out of work
in the United States. The number of registered unemployed in Great Britain has topped 2,000,000, and
Germany has about the same number. Canada, Australia and New Zealand report more workers than
work, and significant increases in the number of
the jobless appear in Italy, Poland, South America
and even Russia. For the most part the unemployment is confined to cities and manufacturing or
mining districts, the idle workers in rural or agricultural regions being considerably less numerous
relatively than in more populous communities, but
the depressed state of agriculture in most countries
has operated not only to close the farms as an outlet for some of the unemployed in towns, but has
actually added somewhat to the urban pressure by
drawing into urban communities farm workers who
seek in shops or mills the living that is denied them
in the fields.
Rather curiously, we do not know very much as
yet about the real causes of unemployment or the




[VOL. 131.

proper methods of dealing with it. In the United
States, for example, where the collection of statistics is near akin to a mania, there are no reliable
figures of the number of the unemployed. Last June,
Secretary Lamont estimated at about 2,000,000, or
2% of the population, the number of people out of
work. The figure was presently challenged by Dr.
Charles E. Persons, who resigned from the Census
Bureau because of his belief that the extent of unemployment was being minimized. The area from which
the census returns used in the estimate were taken
was stated to contain one-fourth of the country's entire population, or 29,264,430 persons, of whom 574,647'were reported to be without work. Four times
574,647, however,is 2,298,588,a considerable increase
over the official total of 2,000,000, while the total
population, instead of being four times 29,264,430,
or 117,957,720, turned out to be nearly 123,000,000,
a figure which raised the unemployment estimate to
about 2,500,000. Moreover, the census figures were
found to have been incorrectly added, the actual
figure being 604,747 instead of 574,647. Six New
Hampshire counties included in the test area were
credited with 639,849 inhabitants against only 465,293 for the whole State, while the final figure showed
only 291,869 persons in the six counties. Taking
account of all the errors discovered, Dr. Persons
found an unemployment total of 2,576,700, an increase of nearly 29% over the official estimate.
There have been other searching criticisms of the
various estimates or reports emanating from State
or federal sources.
A writer in a recent issue of the New York "Times"
has called attention to the lack of thorough study
thus far, not only of the causes of unemployment,
but also of the different classes of unemployed.
What is known as technological unemployment, the
displacement of workers by new machinery or laborsaving processes, doubtless accounts for a very large
proportion of the unemployed, but a good deal remains to be done in tracing the absorption of these
temporarily displaced workers by other occupations.
There is a normal volume of unemployment, due to
seasonal changes, temporary shut-downs, sickness,
change of occupation, and similar causes, which in
this country has been variously estimated at from
1,00.0,000 to 2,000,000. Economically, a distinction
is certainly to be drawn between persons who have
no job or small chance of finding one, and persons
who have had a job, whether a trade, a profession,
or a business occupation, which is temporarily closed
but to which they expect to return. Trade union
restrictions keep many non-union workers out of
work, high labor or other costs restrict building or
other undertakings, end sheer calamity, like this
season's drouth, throw many people out of work
through no fault of their own or of the economic
system. To cite "business depression" as the cause
of unemployment, as is naturally done under present world conditions, is only to raise another question of cause to which the widest variety of answers
would probably be returned.
Evidently, then, such huge programs of relief as
have been inaugurated in a number of countries must
be regarded as temporary measures, practical devices for alleviating a distressing situation, rather
than tried and tested contributions to the solution
of a great international problem. Humanity dictates
that people who are out of work, and whose resources
have been exhausted, shall not be allowed to starve,

Alm. 23 1930.]

FINANCIAL CHRONICLE

and where millions of unemployed are concerned
what is to be done must be done quickly and on a
great scale. The gravity of the present situation
may be gauged by the magnitude of the relief enterprises which governments have set on foot or have
under consideration. The cost of the roads, public
buildings, and other public works now projected
or actually in progress in the United States, all of
them speeded up by recognition of the urgency of
the crisis, runs into the billions, and while unskilled
or semi-skilled labor will on the whole be the principal beneficiary, a considerable range of skilled occupations will also benefit. Canada has just imposed drastic restrictions upon immigration as a
first step toward giving its own people a chance at
such employment as there is, and the whole question is being studied by the Bennett Government.
The Labor Government in Great Britain is reported
to have under consideration an ambitious plan of
stimulating emigration to the Dominions by lending
government credit to public utility corporations
which will develop areas at present unsettled, thereby giving employment on the land and in industries
which are to be established. One such corporation,
with a capital of 0,000,000 guaranteed jointly by
Great Britain and Australia, is in process of formation, with work for 5,000 men in prospect. The
Italian Government has in hand a huge plan of land
reclamation which, it is estimated, will give employment to some 80,000, and in addition has taken
drastic steps to check the flow of population from
the country districts to the cities.
Some of the other plans which are under discussion, and some which, having been set up some time
before the present crisis, are continuing to operate,
seem more questionable. The protective tariff movement which has suddenly emerged in Europe and
the British Empire, and which in the United Kingdom threatens an abandonment of the historic free
trade policy, has as one of its main motives a decrease of unemployment by giving to domestic producers a larger share of the domestic market, or insuring greater stability of employment by preferential duties on raw materials or manufactured
goods. How profits are to be increased or wages
made more certain by adding to the tariff barriers
which already exist it is difficult to see. The system of unemployment benefits, or doles, which has
had its largest illustration in England, seems there
to be approaching the end of its rope. The main
source of unemployment doles is, of course, taxation, and Margaret Bondfield, Minister of Labor in
the MacDonald Cabinet, stated recently in the House
of Commons, in submitting a proposal to raise the
borrowing power of the unemployment insurance
fund to 300,000,000, that if the number of unemployed remained at about 2,000,000 the fund would
be exhausted by the end of next January, but that
if it rose to 2,300,000 there would be no fund after
November. Any further increase of taxation, such
as would be necessary if the fund is to be further
enlarged, might very possibly lead to the overthrow
of the Labor Government, but neither the Liberals
nor the Conservatives have any remedy to suggest
other than the one which Labor is anxiously trying
to administer.
Neither public works nor doles, however, promise
sure way out of the great and pressing difficulty.
a
Huge appropriations for public works merely add
to the public debts which must later be paid out of




1151

taxation, thereby saddling industry of all kinds, and
wages and salaries as well, with recurrent burdens
at a time when industry itself is grievously pressed.
Unemployment benefits, whatever their merits in the
abstract, inevitably encourage idleness on the part
of many who prefer to subsist on the dole rather
than be steadily employed. Some slight alleviation
may be looked for from the economies in government expenditure which Mr. Hoover and the governments of Germany and France are exerting themselves to bring about, but economy in government is
not stimulated when a great city like New York
chooses a time of severe depression to boost the
salaries of officials already well paid. Here and
there a highly organized and generous industry like
the Procter & Gamble corporation or General Electric can take steps to assure its employees a minimum yearly employment, but it would be unsafe to
say that such a plan, however intelligently devised,
can be universally applied.
A unique situation has lately developed in France,
where the amount of unemployment has long been
negligible, and where foreign laborers to the number
of more than 1,000,000 have for some years been
brought in to supplement the domestic supply. A
workers' insurance plan, involving contributions by
both employees and employers, has lately been inaugurated, but at Lille, Roubiax, and other textile
centers of the north a formidable strike, estimated to
have numbered at its height more than 100,000 workers, has been in progress, the workers refusing to
pay their required contributions without an increase
of wages on the ground that the cost of living had
become inordinately high. The employers, in turn,
have urged that foreign competition forbade them
to increase wages. The government has replied with
threats of proceedings against speculators who are
alleged to have forced up the price of bread and
wine, and against employers who are alleged to have
taken advantage of the insurance scheme to boost
the prices of their products far in excess of the
amount of contribution required. A project intended
to guard against unemployment has thus found itself opposed by workers and employers, both of
whom would benefit by continuous operation of the
textile plants.
It is obvious that the industrial world, and in a
less acute form the agricultural world as well, is
facing an economic crisis whose causes apparently
go to the roots of present methods of production,
distribution, consumption and public expenditure,
and that the situation has been aggravated by the
orgy of personal extravagance and financial recklessness which has accompanied the recent period of
inflation and speculation. It is greatly to be hoped
that the unemployment commission which Mr. Hoover has appointed, and the commissions or other
governmental agencies which in other countries are
studying the problem, may have something to offer
besides palliatives, and that in the meantime the
stream of beneficence which is seeking to relieve
immediate and pressing distress may not cease to
flow.
"Total and Universal Disarmament."
The "Women's International League for Peace
and Freedom," headquarters in Geneva, Switzerland, is circulating petitions, through its 26 national
sections, for peace and disarmament. Printed in
English, German and French, the petition states it

1152

FINANCIAL CHRONICLE

(Von. 131.

Fear! of what? Fear that nations which have
is being circulated in many languages and many
countries, and it is to be presented to the next inter- outlawed war will not keep their promises! Fear
national disarmament conference. Miss Jane Ad. that nations, as nations, will be rent with passions,
dams heads the list of signers in this country, while and representing peoples will declare for war! Fear
in Great Britain the Countess of Oxford and As- that the military arm, stricken with panic over
quith, Mrs. Philip Snowden, John Galsworthy, Vis- threats and rumblings of war, will overpower the
countess Gladstone, Professor Gilbert Murray, civil. Fear that nations, professing amity and goodBertrand Russell and the Biship of Birmingham are will, will listen to hate and let go the besom of death
among the leading first signers. The petition reads, and destruction. Fear that nations are preparing
in part: "The revelations of scientific experts in really for war when they profess peace; and, therevarious countries have proved that modern methods fore, that others professing the same peace must
of warfare make national defense and protection of be prepared for wart Fear that war which has been
civilians an illusion, and that a future war would forsworn must come! The inconsistency of all this
result in extermination of a large proportion of the is too apparent. Conferences, appointed by governcivil population by fire, poison gas and infection- ments, governments that feel a responsibility for
spreading microbes." . . . "Do you know that, defense, seem unable to do 'anything. Is it not bein future, war would bring no benefit to anyone cause they are governments and not peoples? It is
because the first objects of attack would be not only the common opinion of mankind that the peoples
munition and food stores, but all industrial centers? are opposed to wars. Can there be no expression
This would mean complete industrial ruin." . . . that will instruct delegates to disarmament confer"In spite of the official renunciation of war, grave ences, though governments must, or do, appoint
danger to peace still threatens. Will the peoples them? There ought to be millions on millions of
allow their governments to prepare their destruc- names to these petitions. Will there be?
tion'? Let them unite and demand world disarmaSuppose a date could be set when another world
ment." . . .
war will begin. Would it have any effect on these
"The undersigned men and women, irrespective preparations for "preparedness"? Would we put
of party, are convinced: That competition in arma- away the thought as we do that of personal death?
ments is leading all countries to ruin without giving Would we dally till the lightning strikes? Does
security. That this policy renders future wars in- mankind want this terrible struggle to break out of
evitable, and that these will be wars of extermina- this dark cloud of secret fear? No. It is just that
tion. That governmental assurances of peaceful we cannot exorcise this fear and, believing in our
policy will be valueless so long as these measures own protestations of peace, believe also in those of
of disarmament are delayed that should be the first other peoples. We know that whole cities can and
result of the pact for the renunciation of war." will be destroyed. We know that disease will be
. . . "They, therefore, ask for total and universal planted to decimate the few left after the war is over.
disarmament, and request their government for- We know that the ground itself can be poisoned
mally to instruct its delegates to the next disarma- against every living thing. We know that civilizament conference to examine all proposals for dis- tion may perish and culture disappear. Yet we will
armament that have been or may be made, slid to not disarm ourselves. We will not make it impostake the necessary steps to achieve real disarma- sible to begin save by long preparation anent a
time when reason may resume its sway. We want
ment."
We cannot conjecture how many signers there our preparedness now. It is a mockery of all our
will be to these petitions, but if they are properly professions.
What a glorious day it will be when the nations
circulated a large majority of the people in every
country ought to sign, in keeping with their feelings establish "total and universal" disarmament! No
and opinions. The work is good and ought to be national armories ready at hand to strike down the
prosecuted vigorously. The peoples and not the gov- innocent when passion runs high. Governments that
ernments should rule in this heroic endeavor to ban- must go to the' people for permission to build anew
ish war by destroying first its implements. Once fleets and armies—a permission that will never
destroyed, and public opinion regnant, we should again be given. No more the flower of a nation's
have no more wars. Arguments set out in this docu- youth drafted for the shambles of unspeakable conment are indisputable. Will these women workers flict. No war-mothers sorrowing in their pride and
be able to impress them upon mankind? We do not 'asking why, why this sacrifice? No more men-ofknow, but we do know that a cloud of Fear hangs war on the high seas belching shell and flame, harryover the future. It is a cloud that lightens and dark- ing the ocean-calm and laying up taxes to break the
ens—presaging a tornado of wrath and destruction. backs of unborn generations. No more wars or
It is a fear that captures the powers of govern- rumors of wars t For if once all nations are unprements; that lives in idle, careless hearts of men pared they will remain so. It is true that fleets of
intent on their personal problems; that is smothered airplanes can be raised in a few years, and gases
by the thought that if war does come it will be a evolved in a few months. But when there are no
long time yet. Even thus, men argue that 10 years camps or ships in sight, they cannot be mobilized,
of present tendencies will bring it about. Ten years with public opinion against them. The weapon in
of sowing the seeds through commercial rivalries and hand does the killing, not the one to be secured in
conflicts. Ten years of increasing munitions and the future. Yes—it may indeed come to the issue
preparations. Ten years of the poisoning of the of "total and universal" disarmament, or another
mind, though the heart breathe good-will. We do world-war. Perhaps mankind must choose between
not know. But as things are to-day, when the spark these alternatives and should be choosing now.
strikes it will ignite a conflagration. There is no What harm can possibly come from total and unitime to be lost to securely fasten the peace of the versal disarmament on land and sea? What harm
is almost sure to come with all nations armed to
world!




AUG. 23 1930.]

FINANCIAL CHRONICLE

the teeth and jealous of a few tons of ships' superiority? When will the next conference meet? Five
years is a long time, with the world growing smaller
all the time, with terrible inventions for destruction
appearing every few months, with greed and repression and reprisal burning in every national mind
while the heart whispers peace, good-will. The
women of the world ought all to sign these petitions,
for they are the first and the last losers.
The Middle of the Road.
Prophets of perpetual prosperity are no longer
as thick as locusts in time of plague. Yet we are
all looking forward with longing eyes. What does
the future hold for the worker, business man, banker,
farmer, manufacturer? The answers are many and
the complications extraordinary. There are probabilities, possibilities, but definite predictions are not
easy. We look about us and are conscious of change.
Startling policies are put forth. Strange new principles are expounded. We have not lost courage,
but we are a little bewildered. One tremendous fact
we hold fast to as a guide and comforter. We have
practically, as a people, inexhaustible resources, and
untiring and invincible energies. A people so endowed need not fear. And our future is thus
assured.
If we work we will win. Calamities such as a
universal drouth may come, even seven lean years
may ensue, but Providence is our reliance, and the
earth is our partner. There is a reasonable plenty
for all of us. Yet we worry and hesitate and seek
for patent nostrums to cure our ills. What is the
matter? For one thing, our view is too extensive,
is clouded by the haze of distance, is colored by too
many roseate dreams. The momentum of life is too
rapid. Society is excited by its endeavors--for
pleasure, for progress, for prosperity. We are become dissatisfied because we cannot own all, be all,
that we see around us. We refuse to travel in the
"middle of the road," if by a rapid pace we can pass
others on the way. Toleration, moderation,
quietude, steadiness, and safety are much talked of,
but are becoming obsolete. We are intent on breaking all the records.
We have little time for looking backward. We do
have •five- and 10-year periods for statistical comparisons. But 25 and 50 years back are ancient
history. Our popular vocabulary is filled with
new
words—mechanization, mass
-production, stabilization, equalization, co-operation, co-ordination, stock
smashes, farm relief, chain stores, branch and group
banks, automobiles, aeroplanes, radios, mergers,
trusts, holding companies, governmental commissions, boards, committees, labor and law reforms,
social, political, economic changes.
Work a full day's effort for a fair day's pay; selling goods for a small, sure profit; planting and reaping on the tested fields of the farm; uniting two
enterprises to meet an enlarged demand; building
homes, roads, schools, as normal taxes will warrant;
having the dollars earned, one by one, as well
as
economizing by "saving the waste" and using
less;
making things last longer, helping each
other to
"raise a house" or gather a crop by voluntary
cooperation ; recalling the days and ways of the
"fathers" of those "mudsills" of civilization—all
these belong to almost forgotten yesterdays. We
have invented so many new articles, implements,




1153

machines, that our pride has made us scornful of
the old days. Who would go back, we ask, to the
slow plodding of "days that are gone forever"? No
wonder there is suffering, we think. Men must keep
up with the procession. Look how we are saving in
time, in work, in prodgction r These are the happy
days—only the dullard despairs and derides!
Well, we presume no one would care to go back to
the ox-team, spinning-wheel and blue jeans. But is
/
1
2
it necessary to cross the continent in 12 hours as a
man in a monoplane did the other day? If we would
not go back, why strain to go forward faster than
normal development would carry us? Why discount the future? Why try to enjoy all the ideas
and ideals in the present? Why mortgage the future
with enormous debts for future generations to pay
that each man may now possess and enjoy all that
any man now has? Is there a golden mean for individuals, States, society, business, education, invention, progress, and production? If so, why not aim
at that?
Forcing processes of life and trade are futile if
they ignore the past. No one would go back 50 years
save to revive and rejuvenate the principles which
made those days safe and solid. The very complications engendered by the rapid "advance" admonish
us that "speed" may destroy the equilibrium and
accomplishment we have made. Chain stores may
prove a rope of sand. Mergers may grow so big as
to fall by their own weight, scattering ruin in their
wake. Pleasure may dull by its own satiety. A perfect world would be very monotonous. Vast credit
may be vast benefit, but it may burst like a bubble.
Farms may grow so large as to dwarf men. Labor
may coerce capital until it destroys it.
Anticipation is often deceiving. We count the
chickens before they are hatched; we will not make
allowance for contingencies; we take no thought of
the morrow that it may prove the proverbial rainy
day; we plan our "Internal improvements" regardless of the tax-costs and the possibility of floods and
drouths that are unprecedented. In short, we are
traveling so fast that the engine is liable to jump the
track and bring us down to widespread poverty.
All these things in business and trade are duplicated in our reception of new ideas, issues and reforms. We grasp them before they are ripe. We
accept them before they are tested. Any new scheme
can get a hearing. We know that government should
stay out of business, but we are constantly putting
it in by the back door. We realize that multiplying
commissions is creating a pseudo-socialism, but we
are so eager to "get on" that we seize the government
to drive Ili. We think so much of personal success
that we imagine it can come equally to every man
by some hocus-pocus "cure" or "plan" untried heretofore. Trying to devour the world, we are gorging
ourselves with conceit and deceit. Moderation, surefootedness, normalcy, are no longer watchwords.
We are inordinately proud of our "progress." We
do not stop to consider that it may be made of moonshine. We make new labor-saving machines, force
them on the market by super-salesmanship, and then
mourn over unemployment. We point to mass-production as a great gain, and wonder why consumption does not keep the pace. Trying to reconcile production and consumption we force consumption as
if it were indefinitely extensible. We "protect" our
domestic manufactures by freeing them from foreign
competition, glutting the country with our own

1154

FINANCIAL CHRONICLE

goods, making foreign markets our only hope, and
refuse to buy where we must sell or suffer from overproduction.
Theorists try to reconcile production and consumption as if each was a rubber string to be
stretched at will—probably by "government." We
are so intense, so rapid, so daring, that we are willing to try any fool idea once. We will not give
things time to settle down. We are in constant
agitation. We muddy the waters, trying to clear
them. With a shout of glee we open the throttle
wide and rush into the unknown at unparalleled
speed. We practice "endurance" feats just to show
what we can do when the result is only a record for
someone else to beat. We confuse bigness with
strength; power with peace; movement with attainment; noise with accomplishment; doing with being;
and in the mighty maelstrom we wonder why everyone is not happy.
Ours is a merry life and a fast one. In matters of
industrial and financial control we hesitate at
nothing. Credit is a toy balloon with which to soar
into the empyrean. Our inventive genius is a parachute-jumper at a county fair—if the umbrella does
not open there are others who will jump, and innumerable other "attractions." We could wipe out a
goodly percentage of our new "tricks" and still live
more easily and moderately. No one wants to go
back—but why go forward so fast when we are not
certain where we are going? Why not distinguish
between credit and debt? Why not remember that
every credit is a debt? If supply and demand really
do in the end control prices (witness wheat scarcity
or plethora and the Farm Board purchases followed
by drouth), why not await the slow and certain
changes rather than rush things to our own discomfiture? If we need banks of larger scope, why not
enlarge them with new capital instead of swinging
two entities together or splitting shares? If
"change" is paramount because of development of
resources and extension of energies why make "confusion worse confounded" by trying every new financial device to see what it will do? Why try to make
possible the impossible? Agriculture and manufactures can never be made "equal" either by politics
or government. Why try it? Thought is power.
Why not take time to think? Work is worth. Why
not save something for the next generation to do?
Good-will is a precursor of peace. Why prepare in
fear for war?
We are far past the dead days of 50 years ago,
when men were satisfied to work rather than wonder and dream. We do not wish to bring back their
hardships and privations, but why introduce elements that create envy, suspicion, malice, deceit,
enmity, and doubt? The new things will come fast
enough if Nre are able to absorb them as they come.
"Progress" without contentment and happiness is
emptiness and vanity. The pull and push of millions engaging in initiative and enterprise, engaging
in individual endeavors free to every man, is a normal levelling process. There is no other as effective.
What we fail to see is that we are overdoing everything. We want shorter hours, fewer work days,
more certain employment for those who wish to
work, and can find no Incentive but the unemployed
and higher wages. All through our thinking on conditions, relations,"times," there are these anomalies.
We preach the virtues of leisure, culture, enjoyment of life for our workingmen, and try to coerce




[you 131

the employer, who is in the throes of world-competition, and we forget that in the brotherhood of man
the fellow on the other side of the seas, in old and
crowded countries, is entitled to the same consideration. With a roar and a whoop we race on, filled
with ambition, stuffed with ideas and ideals, glutted
with pride and power, and our only conscious destination is the new and untried. We have no time to
be satisfied. Goals of contentment are not ours.
We will not keep to the "middle of the road" because we want to pass everybody that's out. We
might succeed better if we could, somehow, slow
down!
"Freezing" Reserve Banks—Increasing Volume
of Bankers' Acceptances.
[Editorial in New York "Journal of Commerce," Aug. 20 1930.1

Some time ago this newspaper called attention to the increasing volume of bankers' acceptances drawn for the
purpose of carrying staple commodities in storage in foreign
countries, and noted that the use of credits of this kind was
particularly free in our trade relations with Germany. The
suggestion was then made that this growth coincided with
the falling off of Germany's new capital issues in this market, and the fairly obvious inference was drawn that there
was a connection between them.
The latest figures for bankers' acceptances show a growth
of nearly $45,000,000 for the month of July at a time when
business in this country was certainly at a lower ebb than
for a good many years past. There was obviously no
demand for credit in this form as a result of American commercial activity; and this fact is emphasized by the circumstance that ordinary direct commercial paper loans at banks
were steadily declining, whereas their loans on securities
were equally steadily increasing. The situation seems to
confirm the suggestion already referred to; indeed, the facts
are now so plain as not to admit of controversy.
The American Acceptance Council, in fact, admits the
essential point In the case, and says:
"While the total shows a large gain in American banks'
acceptance liability it does not indicate any increase in
acceptance business originating in this country. . . .
The increase in the volume of acceptances financing goods
stored abroad or shipped between foreign countries represents to a large extent a movement of financing away from
London banks, accounted for partly, on account of our lower
rates and partly due to a disinclination of British institutions to add to their bill total at the present time. . . .
Between June 30 and July 31 export credits increased only
$6,800,000, and domestic shipment credits $10,300,000, while
Import credits declined $16,100,000, warehouse credits nearly
$8,000,000 and dollars exchange credits $1,600,000."
Stated in plain language this merely amounted to saying
that while several of the most important types of commercial demand for acceptances originating in American business fell off during the month of July, there was a large
Increase in the total volume of acceptances employed by
foreigners in their own trade (but resting on credit provided
by American banks), and that much of this increase was
business which British banks would not take, while a considerable part of it was intended to finance storage. The
case is now complete and illustrates once more the abuses
to which our bankers' acceptance system with its non-liquid
paper, its artificial market and its long continued nursing
and coddling by Reserve Banks is subject.
Infiationa-y as our acceptance system has been for several
years past, it has not until very lately reached a stage at
which it was allowed to perform service that ought ordinarily to be furnished by bond issues or by long-term notes,
Issued on behalf of foreign countries. The use of the acceptance in this way for domestic.objects was reprehensible, but
the employment of our credit in this way to meet needs for
fixed capital originating abroad is even more to be complained of, especially in view of the enormously large outstanding total of acceptances which is now being kept alive
by our Reserve Bank policy.
The question is often asked exactly what ought to be
done about this matter, and this question is frequently
raised by persons who have neither the time nor inclination

Aua. 23 1930.]

FINANCIAL CHRONICLE

to go into the technicalities or history of the present situation, but who want to know what steps should be taken
in the way of progress. To them, it may be said, that the
Federal Reserve Act originally contained a provision on
acceptances drafted after consultation with the best foreign
authorities, which limited the use of this type of paper
entirely to bills drawn for the financing of foreign trade.
This provision was first misinterpreted by the Reserve
Board under severe pressure from certain special interests,
so as to allow the acceptance to be used for financing trade
between foreign countries—for example, between Germany
and Russia. Congress was induced to pass an amendment
permitting the use of the acceptance in domestic shipment
operations, and finally four years after the war was over
the Federal Reserve Board practically gave up all control
of the terms and conditions on which acceptances might
be drawn, passing the matter over to the local Reserve
Banks.
Our war amendments and our war experiments have
proved disastrous, so far as banking is concerned in every
particular, but in none more than in this acceptanoe matter.
Congress ought to put the acceptance back into its original
position as a means of financing actual commercial transactions of live charact r in trade between the 'United States
and the foreign countries with which it trades. The present
type of frozen acceptance ought to be completely taboo so
far as the Reserve Banks and their members are concerned,
being left to private houses and long-term dealers in paper,
who should be allowed to make and market such obligations when and where needed. They are never a suitable
holding for a central bank.

Prices and Gold Supply.
Editorial in New York "Times" Aug. 19 1930.

The fall in average prices, as computed by the Labor Department's statisticians in their report of Saturday, amounted
1%
to 33% last month and to 14y since the previous July,
when the highest average of 1929 was reached. From the
bureau's classified averages for July it appears that, while
the farm-product group scored the heaviest decline from a
year ago, 22%% non-agricultural and finished products each
fell 11%%, textiles 137 , metals as a group 8% and iron
%
and steel alone 7%. It was inevitable that this sudden
and rapid decline should revive the argument that the
world's gold supply is inadequate. It leads economists like
Professor Cassel to talk of the "relentless struggle for gold"
and the "change in the value of money."
They are perfectly able to prove that annual gold production is smaller than in the period from 1907 to 1915 incl.
Compared with the last-named year, when high record was
reached, the world's present yearly output is about $64,000,000 less, a reduction of nearly 14%. The Transvaal's
production in 1929 was the largest in its history and last
year's Canadian contribution showed an increase of $22,000,000 over 1915; but these gains were much more than offset
by reduction of $50,000,000 in the United States and of
$30,000,000 in Australasia, while Russia also failed to measure up to its former output. The post hoe argument of
Inadequate gold production as a cause for falling prices would
seem plausible on its face.
But the matter is not so simple. The influence of a gold
supply on prices nowadays is exerted primarily through its
function as basis for credit; that is to say, through its use
in banking reserves. In hand-to-hand circulation, gold can
have no greater direct influence than paper money maintained
at parity with gold. When explaining the prolonged rise of
prices between 1890 and 1904, economists of that day
pointed out that half of the gold held in the world's great
banks and treasuries had been accumulated during the
-year interval, a period of rapidly increasing gold produc14
yion. Yet in the past 14 years, banking gold reserves have
been enlarged even more rapidly than at that period, though
for a different reason. European countries, in which gold
was a principal medium of daily exchange before the war,
have abandoned that use of it. It has been drawn into banking reserves, being replaced in circulation by paper currency
for which the gold is made the basis. The result was lately
summed up by "The London Economist." Its calculation
was that, whereas annual addition to the world's stock
of gold since 1913 has been 2.4%, or less than the 3%
increase theoretically reckoned as sufficient, the gold held by
central banks and treasuries has risen 115.4% during the
period, or on the average 4.9% per annum.




1155

There are many reasoners who, while recognizing the
force of this consideration, still insist that "maldistribution"
of this increased gold reserve is the cause of trouble. A
great part of the gold in motion has been going to the United
States and France, which have more than they need already,
and has been leaving countries like England, which appear
to have too little. It might be answered that such seemingly
unreasonable movements have been witnessed at all times in
economic history and have always been occasioned by the
balance of payments in favor of a given market, or against it.
As a final recourse, we are told that France is "sterilizing"
its newly acquired gold; locking it up in bank and preventing
it from exerting its proper influence on credit.
Yet no one informs us what the French bank is doing to
achieve that purpose. It has reduced its official discount
rate lower than any other central banking institution except
our Federal Reserve, whose 2% rate is the same as that
of the Bank of France. It lends freely to all qualified
applicants. If England's unsatisfactory gold reserve is a
cause for falling prices, why do not the superfluous gold
reserves of New York and Paris tend to drive prices up?
The decline has been as great in France and America as in
England.

Concerning Inland Waterways—The Position
of the Railroads.
suc"Apparently, if inland waterways are to be made
cess," says the "Railway Age," in its issue of Aug. 16 1930,
"waterway enthusiasts will have to become as proficient in
controlling nature as they are in controlling Congress. 'Nature,' said Secretary of War Hurley, in a radio address on
July 21, `has provided our nation with far-reaching waterways.' Nature seems, temporarily at least, to have left
the waterway enthusiasts to rely upon their own resources
in providing water for the waterways of the Mississippi
Valley.
"This is the second consecutive year in which low water
in the Mississippi River system has seriously interfered
with navigation, and shippers have had to rely upon the
despised railroads. The water in the Mississippi River
recently has been so low between St. Louis and Cairo that
the Government-owned barge line operated by the Inland
Waterways Corp. has not been receiving grain and other
bulky commodities at St. Louis. Waterways, according to
their proponents, are intended to handle heavy, low-grade
commodities, but the barge line has been soliciting only
light merchandise or package freight.
"Major General T. Q. Ashburn, Chairman of the Inland
Waterways Corp., said a short time ago that the barge line
had refused more than one million bushels of grain for
export because low water in the Mississippi had made it
impossible to operate large barges in the customary way.
A newspaper dispatch published on Aug. 11 stated that
the Mississippi River was the lowest at Alton, Ill., within
25 years. The Illinois River, which is to be part of the
Lakes-to-the-Gulf deep waterway, was reported as the lowest
in many years.
"Waterway advocates claim that increased diversion of
water from Lake Michigan through the Chicago River and
drainage canal would help the situation on the Mississippi.
The diversion at present is 7,000 second feet. The maximum
capacity of the drainage canal is 10,000 second feet. By
Inquiry among experts the `Railway Age' has elicited the
information that an increase of the diversion from Lake
Michigan to the maximum capacity of the drainage canal
would, in a period of low water such as the present, raise
the level of the Mississippi River at St. Louis not more
than six-tenths of a foot. However, as the Negro said when
he was arraigned for killing a man for 50c., 'A little here
and a little there, it all helps'; and the waterway advocates
are at present unusually hard pressed for arguments.
"There is so little water in the Missouri River, on the
channel of which, under present plans of the Government,
there Is to be spent more money than was ever before contemplated, that if its channel were 10 times as deep as it
is it would be unable to float the lightest of freight-carrying craft.
"As regards the Ohio River, an Associated Press dispatch
from Portsmouth, Ohio, dated June 5 1930, said: 'Boat
traffic on the Ohio River between Pittsburgh and Cincinnati was abandoned temporarily to-day when water
dropped
so low as to make navigation impossible.'
That was less

1156

[VoL. 131.

FINANCIAL CHRONICLE

than nine months after the completion of the nine-foot
channel in the Ohio had been loudly celebrated.
"So this is inland water transportation! During winter
inland waterways in the northern part of the country are
closed by ice. During some summers large parts of them
are rendered unnavigable by low water. In the springs and
summers of other years they are rendered unnavigable by
floods. They are to be used to 'relieve' the railways of
traffic; but the railways have to be kept ready at all times
to handle the traffic of which the waterways are intended
to 'relieve' them. The waterways are to be used both to
reduce freight rates and increase taxes; but, of course, they
can reduce freight rates only when they can be kept open,
while the interest on the investment in them and their cost
of maintenance, which must be paid by the taxpayers, go
right on whether they can carry freight or not.
"When waterway enthusiasts are able to turn on and off
the water needed for navigation in the Mississippi Valley
as readily as they can get appropriations from Congress
they may be able to support some of the claims they make
as to the benefits that will be derived from the expenditure
of hundreds of millions of dollars upon waterways which
they say have been provided by nature, but which nature
seems to have forsaken."

Automobile Financing During June and the
Half Year.
The number of automobiles financed during June as reported to the Department of Commerce by 439 automobile-financing organizations, was 332,852 on which
$141,888,578 was advanced as compared with 344,220 on
which $145,346,014 was advanced in May and 384,520
on which $178,983,835 was advanced a year ago.
Wholesale financing during June was $64,915,231 as compared with $82,803,381 in May and $63,216,578 a year ago.
This summary will be subject to revision in subsequent
issues as reports are received from additional concerns.
Detailed statistics are given below, by months, new oars
and used cars shown separately. Some of the smaller firms
found it impossible to segregate their operations; their totals
are shown in the unclassified group.

AUTOMOBILE FINANCING.
Retail Financing.

Wholesale
Financing.

New Cars Financing.

Total.
1929.
Number
of Cars.

Volume
In Dollars.

Number
of Cars.

Volume
in Dollars.

78,288
103,079
165,898
204,949
212,239
203,632

48,677,337
61,736,873
96,639,213
116,811,926
125,096,943
121,842,467

839,229,143

967.085

570,804.759

180,205,492
162,894,966
138,717.971
126,247,679
94,932.292
80,088,696

211.296
183,921
158.021
132,187
97.734
74,095

125,005,223
111,664,809
94,240,101
80,745,596
58,596,676
48,846,672

155,830
189,183
302,672
378,790
398,561
384,520

73,166,768
90,489,411
141,076,601
171,031,720
183,580,808
178,283,835

354,935,992 1,809,356
388,747
347,144
298,286
276,292
211.805
170,399

January
February
March
April
May
June

35,889,941
47,919,535
61,097,083
74,714,226
72,098,629
83,216,578

Total(6 mos.)._ _
July
August
September
October
November
December
Total (year)
1930.
January
February
March
April
May
June
Total (6 mos.)

Volume
In Dollars.

3,502,029 1,622,316,239 1,825,339 1,089,903,836
78.319
72,997,775
52,363,467 164,638
95,190
84,756,722
61,163,496 197,608
76,573,760 285,418 120,872,894 137,365
84,228,709 341,842 144,891,375 169,994
*82,803,381 *344,220 *145,346.014 *168,614
64,915,231 332,852 141,888,578 157,870

45,026,703
52,749,661
76,292,271
93,404.850
*93,506.638
89,9391911

807.165

450,919,134

422,048,044 1,686,578

710,753,358

Retail Financing.
Used Cars Financed.

Unclassified.

1029.
Number
of Cars.

Volume
In Dollars.

Number
of Cars.

Volume
In Dollars.

68,859
76,480
121,194
154,843
187.567
164,023

January
February
March
April
May
June
Total (6 mos.)
July
August
September
October
November
December
Total (year)

20.734,372
24,595.774
37,815,473
47,248.843
50,830.658
50,205.848

8,483
9,624
15,580
18,998
18,755
16,865

3,755,059
4,156,764
6,621,915
7,870,951
7,653,207
6,935,520

752,966

231,430,968

88,305

36,993,416

162.451
149,413
127,429
135,158
103.950
89.969

43,077,845
45,652,348
39,310.095
41,783.894
32,340.123
28,574,295

15,000
13,810
12,836
8,947
10,121
6,335

6,122,424
5,577,809
5,167,775
3,718,189
3,995,493
2:667,729

1,521,336

468,169,568

155,354

64,242,835

80,723
95,340
141,611
182,823
*167,296
166,560

25,526,546
29,095,300
41,474,040
48,460,620
*48,487,788
48.688,483

5,596
7,089
6.442
9,025
*8,310
8.418

2.444,528
2,911,761
3,106,583
3,025,905
*3,297,588
3,261,084

814,353

241,732,777

44,860

18,047,447

1930.
January
February
March
April
May
June
Total (6 mos.)
* Revised.

Gross and Net Earnings of United States Railroads for the
Six Months Ended June 30.
The record of the earnings of United States railroads for the first half of 1930 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, with heavy losses in gross and
net earnings alike, as compared with the corresponding months of the previous year, thereby forming a
strong contrast with the showing for that year when
the country was blessed with a rising tide of trade
activity and prosperity, even though this fortuitous
state of things at that time did not yield such an
accession to traffic and gross revenue as might have
been supposed would be the case. Of course, in the
contrast referred to the railroads, as would be expected from the fact that they are the great transportation arteries of the country, simply reflected
-in industrial
the difference--the vast difference
conditions between the two years. Speaking generally, 1929 was a year of great and growing industrial activity, even though not all lines of trade,
nor all sections of the country shared in the activity
to its fullest extxent. On the other hand, the year
1930 was a period of very pronounced depression,
with trade on the decline and traffic and revenue
steadily shrinking.
With these facts in mind, the heavy losses shown
by our compilation for the half year come as no sur-




prise. With trade depression the dominating feature throughout, all lines of business felt the adverse
results, and the railroads, judging by the extent
of their losses, were perhaps the hardest hit of all.
The comparisons grew worse month by month, there
being an utter lack of improvement as the year progressed. And the remark applies to gross and net
earnings alike. The statement, likewise, is correct
whether we have reference to the amount of the falling off or to the ratio. In January gross earnings
fell behind $36,102,247 as compared with the corresponding month of last year, and in February the
loss was increased to $48,034,122; in March and
April the shrinkage was, respectively, $64,595,796
and $63,195,964; in May it rose to $75,131,912, and
in June to $87,581,847. In January the ratio of
falling off was 7.41%; in February, 10.11%; in
March and April, respectively, 12.51% and 12.32%;
in May, 13.95%, and in June, 16.36%. In the net
earnings the decrease in January was $23,005,176,
in February,$28,128,967, and in March,$38,202,064;
then after decreases of $34,815,878 in April and $35,711,276 in May, the falling off in June rose to $39,954,902. In ratio the reduction in net in January
was 19.55%; in February, 22.40%, and in March,
27.46%; a slight bettering came with a decrease in
April of 24.54%, and in May of 24.22%, but with a
rise again to 26.59% in June. The monthly comparisons of gross and net are shown in the table we
now insert:

FINANCIAL CHRONICLE

AUG. 23 1930.]

Na Earnings.

Gross Earnings.
Month.
1930.

1929.

Increase
or Decrease.

1930.

1929.

Increase
or Decrease.

$
Jan - _ 50,526,039486,628,28 —36,102,247 94,759,394 117,764,570 —23,005,176
Feb.. —_ 27,231,361 475,265,483 —48,034,122 97,448,899 125.577,866—28,128,967
,595,796 101,494,027 139,756.091 —38,202,064
March__ 452,024.463516,620,359
3,195,964 107,123,770 141,939,648 —34,815,878
Aprll- — 50.537,217513,733,181
6
75,131,912 111,387,758 147,099,034 _73 :954 272
3 711:90
9
5
May - -- 462,444,002 537,575,91
7,581.847110,244.607 150,199,509
44,171.625531.690,472
June Noie.—Percentage of increase or decrease n net for above months has been—
Jan., 19.55% dec.: Feb., 22.40% dec.; March, 27.46% dec.: Aprll, 24.54% dec.;
May 24.22% dec.; June, 26.59% dec.
Percentage of increase or decrease In gross for above months has been: Jan.,
7.41% dec.: Feb., 10.11% dec.; March, 12.51% dec.; April, 12.32% dec.; May,
13.95% dec.: June, 16.36 dec.
In January the length of road covered was 242,350 miles in 1930 against 242,175
miles In 1929; In Feb. 242,348 miles In 1930 against 242,113 miles in 1929; in March
242,325 miles in 1930 against 241,964 in 1929: 111 April 242,375 miles In 1930 against
242,181 in 1929: In May 242,156 miles In 1930 against 241,758 in 1929; In June
242,320 miles in 1930 against 241,349 in 1929.

For the six months, as a whole, the railroads have
suffered a diminution in their gross earnings of no
less than $367,671,294, the amount of the gross for
the six months of 1930 footing up only $2,645,656,762
as against $3,013,328,056 in the first six months of
1929, and though this was accompanied by a reduction in expenses of $165,620,705, or 7.83%, there still
remained a falling off in net earnings (before the
deduction of the taxes) in the sum of $202,050,589,
or 22.45%. In other' words, as against net in the
first six months of 1929 of $899,953,788, the net in
the first six months of 1930 was no more than $697,903,199, as the following comparative totals for the
two years will show:
1929.
1930.
inc. (-I-) or Dec.(—)
r..ran. 1 to June 30—
242,389
242,252
+137 0.08%
Mlles of road (171 roads)
3
oFed
2,645,656,762 3,013,328,056 —367,671,294 12.23%
Gross earnings
1947,753,563 2,113,374,268 —165,620,705 7.83%
Operating expenses
73.60%
70.11%
Ratio of earnings to expenses—
+343%
Net earnings

697,903,199

899,953,788 —202,050,589 22.45%

The most unfortunate feature in the unfavorable
exhibits month after month may be said to have been
the inability of the managers of the roads to curtail
expenses in proportion to the decline in revenue,
though the showing in that respect improved as the
year progressed, the ratio of decrease in expenses
having risen from 4.88% in January to 13.26% in
June. As a consequence, the decline in net proved
very heavy. In any great shrinkage in revenues the
ratio of loss in net under the best of circumstances
is certain to be larger than the ratio of decline in
the gross revenues, but where the cuts in expenses
are relatively small, or are held in abeyance, the
feature referred to becomes strongly emphasized.
For the half year the reduction in expenses has been
only 7.83% as compared with a shrinkage in the
gross of 12.23%. The failure to effect greater curtailment of expenses found a variety of explanations.
In the early months of the year, when, as already
indicated, the reduction in expenses was relatively
much smaller than in the later months, the general
feeling seemed to be that managers were acting out
of a desire to comply with the wishes of President
Hoover to prevent large-scale unemployment, and,
accordingly, refrained from active efforts to cut
expenses to the limit. On the other hand, not a few
executives insisted that they never were governed
by considerations of that kind, and, indeed, repudiate the suggestion that President Hoover contemplated the adoption of any such policy, their understanding of the President's desire being that he intended merely,to dissuade railroad managers from
abandoning or lessening new construction work previously planned, for no better reason than the
gloomy feeling engendered by the stock market crash
last autumn. However, whatever may have been
the policy or purpose of the managers in the earlier
part of the year, they had no alternative but to cut
expenses as the losses in revenues kept piling up




1157

month after month and reached prodigious proportions. Any other course, if persisted in, could lead
only to ultimate bankruptcy in the case of the great
majority of roads—barring only the very few systems so strongly entrenched in income that they have
reasonable assurance of being able to pass through
the crisis by a mere reduction or suspension of dividends payments, which last itself in the case of such
systems is a veritable catastrophe. Lower expenses,
accordingly, became an indispensable feature, however strong the desire to co-operate with the President in his desire to avoid unemployment. Measures
intended to bring about substantial cuts were hence
now put into effect. But, as already indicated,
under the best of circumstances very heavy losses in
net must be counted upon when a shrinkage in gross
revenues of the proportions of that sustained during
1930 occurs.
What gives additional emphasis to the extent of
the losses sustained the present year is the fact
that comparison is by no means with totals last
year, at least so far as the gross revenues are concerned, of unusual magnitude, notwithstanding 1929
was unquestionably a year of rising activity in trade.
The net revenues showed very substantial growth in
1929, but that was only because of the steadily developing economy of operations on the part of railroad managers. The gross earnings for the six
months then recorded an increase of $151,648,890, or
5.21%, the net earnings (before the deduction of the
taxes) an increase of $114,947,201, or 16.36%, over
those of the first six months of 1928. This prompted
us to say at the time that considering that the half
year had been a period of undoubtedly great activity
and prosperity in all the so-called key industries of
the country, a ratio of increase in the gross revenues
reaching no more than 5.21% must be regarded as
surprisingly small. And this conclusion found further confirmation when it appeared that even this
relatively small addition to the gross revenue represented nothing more, in effect, than a recovery of
the losses in gross revenues sustained in the two
years immediately preceding, though in the case of
the net earnings the showing was quite satisfactory,
only, however,for the reason already stated, namely,
growing efficiency of operations. In other words,
the 1929 gain of $151,648,890 in gross and $114,947,201 in net, followed $116,628,506 decrease in
gross and $13,059,449 decrease in net in 1928, and
this, in turn, followed $9,132,430 decrease in gross
and $16,035,003 decrease in net in 1927, as compared
with 1926. A much larger percentage of improvement in the gross in 1929 would obviously have been
more in accord with prevailing views as to the
benefits which should accrue to the roads from the
unexampled activity in leading lines of industry,
entirely independent of the further advantage resulting from the greater economy of operations. One
reason for the comparatively small way in which the
gross income of the carriers increased was no doubt
found in the circumstance that, except in the case
of a few large systems favored by a heavy through
travel, passenger traffic and passenger revenues of
the roads have been undergoing contraction, owing
to the intense competition of the automobile and the
supplanting of rail travel by motor vehicles either
privately owned or operated by bus lines. It might
be added, also, that notwithstanding that trade activity in 1929 was supposed to be on a larger scale
than ever before witnessed in the country's history,

1158

FINANCIAL CHRONICLE

[Vou 1111.

coal mining by no means got back to the propor- West and South have been laboring under dire distions reached in the year 1927. And coal is the tress on account of the low market value for their
largest single item of freight carried by the rail- chief money crops—wheat in the West and cotton in
roads. Furthermore, the South, an important sec- the South. The shipments of grain to market were
tion of the country, did not in 1929 share in the on a greatly diminished scale; on the one hand,
general prosperity of the rest of the United States, farmers were reluctant to part with their holdings
and the Western farming communities were by no at the low level of values prevailing, and, on the
means in a flourishing condition. In 1930 their lot other hand, they had to contend with a poor export
became one of dire distress.
demand. We give the details of the Western grain
Evidence that the country during 1930 has been movement further along in this article, and need
suffering from trade depression of a very pronounced only say here that for the 26 weeks ending June 28
character, with a lessened volume of business, is, the present year the receipts of wheat, corn, oats,
of course, not far to seek. Certain lines of trade barley, and rye at the Western primary markets
suffered less from the depression than others, but aggregated only 328,514,000 bushels against 361,the depression unquestionably extended to the whole 385,000 bushels in the corresponding period of 1929
range of industries, the extent of the reaction and and 414,524,000 bushels in the same period of 1928.
contraction alone varying. The automobile trade,
A composite picture of the railroad traffic moveit is almost needless to say, has been hardest hit ment as a whole is found in the figures giving the
of all. And the statistics clearly bear out the state- loadings of railroad revenue freight in cars. The
ment. Over a million fewer automobiles were manu- statistics in this case relate to the railroads of the
factured in the first six months of 1930 than in the entire country and include all the different items of
corresponding six months of 1929, the Department freight. For the 26 weeks of 1930 the aggregate numof Commerce reporting the production of motor ber of cars loaded was only 23,207,306 cars against
vehicles in the first half of 1930 at only 2,219,546, 25,616,953 cars in the corresponding weeks of 1929,
as against 3,224,443 in the first half of 1929; in the and 24,461,773 cars in the same period of 1928.
first half of 1928 the production was 2,201,521
As to weather conditions, which 'often are an imvehicles, and in the first six months of 1927, portant factor affecting traffic and revenues in the
2,068,974. This, along with general trade depres- early months of the year, the winter of 1930 appears
sion, naturally was reflected in a great falling off to have presented nothing out of the ordinary; while
in iron and steel production, just as in 1929 the there were numerous periods of extreme cold, there
large production of automobiles served to stimulate were also some unusual spells of warm weather, reiron and steel production to an unusual extent. The sulting in the melting of snow and ice, which latter
American Iron and Steel Institute estimates the led to the overflow of some of the streams in difproduction of steel ingots in the United States for ferent parts of the country. In 1929 weather conthe first six months of 1930 at only 23,793,199 tons, ditions were not much of a drawback in the northern
as against 29,036,274 tons in the first half of 1929, part of the eastern half of the country. In the westand 24,798,073 tons in the first six months of 1928. ern half, however, the winter was quite severe, exThe make of iron in the first six months of 1930 is treme cold accompanied in many instances by reput by the Institute at 18,055,348 tons, against 21,- peated heavy snowfalls, having seriously interfered
404,654 tons in the same period of 1929, and 18,- with railroad operations. The remark applies par520,921 tons in the corresponding six months of 1928. ticularly to Wisconsin,Iowa,Colorado, Utah,WyomIron ore shipments suffered a corresponding con- ing,'Montana, Idaho, and,indeed, all the way west
traction both in the movement from the ore regions to the State of Washington. Colorado seems to
to the head of the Great Lakes and in the shipments have suffered most in that year from accumulated
from the Lower Lake ports to the iron furnaces.
snow. Thus Associated Press dispatches from DenCoal production, of course, also has been heavily ver, Feb. 7 1929, said that railroad transportation
reduced, and that constitutes a very important item in the mountainous regions of southwestern Coloof freight with many roads. The United States rado was at a standstill, while section crews began a
Bureau of Mines reports the production of bitumi- two weeks' task of clearing tracks of the heaviest
nous coal for 'the six months of the present snowslides in many years. The towns of Silverton,
year as only 230,634,000 tons, as against 256,- a mining community,and Craig,on the Denver & Rio
576,000 tons in the corresponding period of 1929, Grande Western RR., were completely isolated, it
238,089,000 tons in the same period of 1928, and was stated. Nine snowslides had crashed down on
275,545,000 tons in 1927. The production of Penn- the tracks since Feb. 2, and one of these was said
sylvania anthracite was also smaller, the quantity to be from 40 to 75 feet deep and 800 feet wide. The
mined during the first six months of 1930 having Rio Grande Southern, operating on the Lizard's
been 33,792,000 tons against 36,869,000 tons in the Head Pass, it was also stated, was blocked by snowfirst half of 1929.
drifts, though there were no snowslides. It was also
We need hardly say that there was concurrently a reported that highways in Wyoming, Utah, and
greatly lessened activity in the building industry. Idaho were blocked by snowdrifts and that zero temThe compilation of the F. W. Dodge Corp., which peratures were general. Montana appears to have
deals with contracts for new buildings and engi- suffered in a similar way. On Feb. 9 1929 Associneering works in the 37 States east of the Rocky ated Press advices from Kansas City stated that
Mountains, makes the total of the awards for the railroad transportation in southwestern Colorado
six months of 1930 $3,005,541,700 as compared with had been further hindered by additional snow and
$3,667,983,000 in the first half of 1929. As it hap- that zero temperatures prevailed in that region and
pens, Western roads had to contend likewise with a in Kansas, Oklahoma, and the Texas Panhandle.
diminished grain and livestock movement, and Two more snowslides had crashed on the tracks of
Southern roads with a smaller cotton movement. the Denver & Rio Grande Western between Durango
It is well known that the agricultural regions of the and Silverton, Col., making a total of 11 in 13 miles.




Am.23 1930.]

FINANCIAL CHRONICLE

On Feb. 17 1929 press dispatches from Durango
stated that relief from a food shortage, which had
become serious, was in sight for the isolated town
of Silverton, Col., as large forces of workers continued to cut through mountains of snow, which
had blockaded the once famous mining camp since
Feb. 3. Avalanches of snow, which had buried the
Denver & Rio Grande Western tracks into the town
to a depth ranging from six to 80 feet were then
expected to be cleared away within three days to
enable a train to pull into the town with food and
commodities. All this, as stated, was in 1929. In
1930 there appears to have been no serious obstacles
or drawbacks.
As we have already pointed out, the grain traffic
over Western roads (speaking of them collectively)
was on a greatly reduced scale in 1930. And this
gains greater significance when it is remembered
that the shrinkage followed a heavily diminished
grain movement in 1929 as compared with 1928.
With the single exception of corn, the receipts of
which at the Western primary markets during the
first 26 weeks of 1930 ran considerably higher flap
a year ago-148,018,000 bushels as against 142,537,000 bushels-all the different cereals contributed to the falling off. As might be expected, the
falling off was particularly severe in the case of
wheat, the receipts at the Western primary markets
aggregating only 106,408,000 bushels in the 26 weeks
ending June 28 1930 as against 133,779,000 bushels
in the corresponding period of 1929. The receipts
of oats were 52,426,000 bushels as against 57,179,000
bushels; of barley, 16,622,000 against 21,690,000, and
of rye, 5,010,000 bushels against 6,200,000 bushels.
For the five grains
-wheat, corn, oats, barley, and
rye-combined, the receipts reached only 328,514,000
bushels in 1930 as against 361,385,000 bushels in
1929, and no less than 414,524,000 bushels in 1928.
The details of the Western grain movement, in our
usual form, are shown in the table we now present:
WESTERN FLOUR AND GRAIN RECEIPTS.
Wheat.
Jan. 1 to
Corn.
Flour.
Oats.
Barley.
(bush.)
(bush.)
June 28.
(bbls.)
(bush.)
(bush.)
Chicago
1930___ 5,677,000 3.888,000 42,235,000 12,469.000 2,305,000
1929_ -- 6,047.000 8,203,000 42,358,000 14,497.000 3.570,000
Milwaukee
1930.._.. 538,000
508.000 6,851,000 1,728,000 4.771.000
1929___ 1,008.000 1.155,000 6,304,000 2,356,000 4,042,000
St. Louts
1930___ 3,444,000 13,777,000 15,431,000 10,276,000
406,000
1929___ 3,304,000 15,479,000 19,797.000 12.046,000
591,000
Toledo-1930_
4,610,000
719,000 2,165.000
10,000
1929_
5,556,000
848,000 3,183,000
50,000
Detroit
1930_
739,000
261.000
322,000
21,000
1929_
794,000
370.000
603,000
76,000
Peoria1930-- 1.176,000
735,000 12,980,000 2,770,000
1,540,000
1929838.000 12,461,000 3,045,000 1,.031,00
8 9. °0
0 °0
Dultah17.326.000
1930_
686,000 1,344.000
886,000
17.883.000
1929_
723,000
892,000 3,898,000
Minneapolis
27.164.000 6,570,000 5,487,000 6,139,000
1930_
37,158,000 5,126,000 7,677,000 7,540,000
1929Kansas City
23,102,000 18,421,000 3,621,000
1930_
26,337,000 22,259.000 2,350,030
1929_
45,000
Omaha and Indianapolis
7.251.000 29,787,000 9,831,000
1930_
6,000
9.599.000 20,147,000 8,186,000
1929_
2,000
Sioux City
434,000 3,939,000
1,338,000
1930_
71,000
811,000 3,039,000
1929_
1,402,000
40,000
St. Joseph2,090.000 7,057,000
916,000
19302,835.000 6,288,000
1929_
720,000
Wichita
4,784,000 3.181,000
1030.._..
159,000
7,131.000 2,817,000
222,000
1929_
Totai1930___10,835,000 106,408,000 148,018,000 52,426,000
1929.__11,899,000 133.779,000 142,537,000 57.179.000

NII:ggg

Rye.
(bush.)
1,028,000
1,522,000
295,000
247,000
17.000
9.000
12,000
35,000
109,000
118,000
88,00
13 3
'000
1,436.000
1,707,000
2,124,000
2,473,000

4,000
2,000
1,000

5.040.000
6,200,000

The Western livestock movement, too, was apparently smaller than in 1929, and, as in the case of
the grain traffic, followed a marked falling off in
that year as compared with 1928. For the first six
months of 1930 the livestock receipts at Chicago comprised 99,502 carloads, as against 106,072 carloads
in 1929 and 119,146 carloads in 1928, although at




1159

Omaha they were 42,743 carloads as against 39,153
carloads in 1929 and 46,833 carloads in 1928, and at
Kansas City 51,006 carloads as compared with 50,206
carloads and 51,391 carloads, respectively, in 1929
and 1928.
As to the cotton movement in the South, this was
the smallest in many years, both as regards gross
shipments overland and the receipts at the Southern
outports. In the first six months of 1930 gross shipments of the staple overland were only 314,365 bales,
as against 475,570 bales in 1929, 379,522 bales in
1928,625,348 bales in 1927, and 598,596 bales in 1926.
The receipts at the Southern outports in the half
year of 1930 reached only 1,485,129 bales, as compared with 1,929,832 bales in the corresponding
period of 1929, 1,811,414 bales in 1928,3,815,138 bales
in 1927, 2,757,939 bales in 1926, and 2,903,655 bales
in 1925. Full details of the receipts at the outports
appear in the following table:
RECEIPTS OF COTTON AT SOUTHERN PORTS FROM JAN. 1 TO JULY 31
1930, 1929, 1928. 1927, 1926 AND 1925.
Ports.
Galveston
Texas City, &c
New Orleans
Mobile
Pensacola
Savannah
Charleston
Wilmington
Norfolk
Corpus Christi
Lake Charles
Beaumont
Brunswick
Total

1927.

1930.

1929.

1928.

278,799
371,991
458,453
95.859
4,717
116.435
78,608
15,195
45,618
13,696
4,969
789

574,222
555,019
531.687
90,404
1,048
76.818
33.275
22,391
44,968

387,746 921,851
435,908 1,002.201
542.108 935.427
80,363 110.697
2.878
1,658
176,035 405,479
77,963 212,726
84.803
53,734
54,875 139,076

1926.

1925.

740.597 923,578
638.872 816,791
728,087 613,103
62,146
46,372
2,874
4,224
303,948 182,091
129,488 126,407
35.195
49.063
115,382 143,026

1,024
350

1.485.129 1.929.832 1,811,414 3,815.138 2,757.939 2.903,655

With the losses in earnings so very heavy for the
roads as a whole, as noted above, it follows inevitably
that the separate roads and systems must have sustained correspondingly large losses, and that is what
we find. The list of these losses is exceedingly long,
and the amount of the losses in the case of the
separate roads and systems of corresponding magnitude. It will suffice to enumerate just a few of the
more striking of these losses to indicate their magnitude and their widespread and all-embracing character, no section of the country and no class or
group of roads being exempt. The New York Central
leads with $42,276,820 decrease in gross and $20,411,003 decrease in net. These figures cover the
operations of the New York Central and the lines
recently merged with it, namely, the Big Four, Michigan Central, Cincinnati Northern and Evansville,
Indianapolis & Terre Haute. If we'should also include the Pittsburgh & Lake Erie and the Indiana
Harbor Belt the result would be a decrease of $45,548,859 in gross and of $20,869,550 in net. The
Pennsylvania comes next with $40,018,540 decrease
in gross and $20,755;604 decrease in net; the Baltimore & Ohio has fallen behind $12,850,667 in gross
and $5,593,881 in net. In the Southwest the Atchison shows a loss of $16,842,421 in gross and of $15,992,838 in net, and the Southern Pacific of $21,161,210 in gross and $11,951,382 in net. The Union
Pacific reports a decrease of $12,293,859 in gross and
of $5,986,001 in net. In the Northwest the Milwaukee & St. Paul loses $11,020,951 in gross and
$6,165,369 in net, and the Great Northern $10,448,657 in gross and $7,112,019 in net. In the South
the Southern Railway has suffered a diminution of
its gross in amount of $10,221,491 and of its net of
$6,916,861, and the Louisville & Nashville $7,513,960
decrease in gross and $3,574,808 in net. And these
illustrations might be extended almost indefinitely.
In the following we show all changes for the separate
roads and systems for amounts in excess of $500,000,

whether increases or decreases, and in both gross
and net. The Bangor & Aroostook and the New Orleans Texas & Mexico are the only roads having a
gain in the amount named in either gross or net.
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE SIX MONTHS
ENDED JUNE 30.
Increase.
Decrease.
1,937,044
New On Texas de Meg (3)....
$879,378 Central RR of New Jersey-1,90 I .791
Bangor de Aroostook
742.499 Chic New Orleans & Tex Pee
Chicago & Eastern Illinois__
1.884,467
$1,621,877 Wheeling & Lake Erie
1,863.748
Total (4 roads)
1,817,494
Decrease. Deny & Rio Grande Western
New York Central
1,636,630
a42,276,820 Chicago & Alton
40,018,540 Nashv Chatt & St Louis__
1,520.605
Pennsylvania
Southern Pacific (2)
21,161,210 Inter de Great Northern_ __ _
1,435,838
Atch Top & Santa Fe (3)--- 16.842.421 Delaware & Hudson
1,366.681
1.350,113
Baltimore & Ohio
12,850,667 Central of Georgia
Union Pacific (4)
1,316.393
12.293,859 Chic Indianan de Louisville_
1,280,012
Chic Milw St Paul di Pao11,020.951 Colorado de Southern (2)-Illinois Central
1,270,417
10,454,952 Northern Pacific
Great Northern
10,448.657 Elgin Joliet de Eastern
1,184,516
Southern
10.221,491 Mobile de Ohio
1,181,119
Chic Burlington & Quincy__
8.580,012 Bessemer & Lake Erie
1,159.635
Erie (3)
8,389,580 Western Pacific
1.024.821
7,890,489 St Louis Southwestern
Chicago & North Western1,005.186
Louisville & Nashville
7,513,960 Chicago Great Western ___
18
975 972
°: 6
Chic Rock Isl Lines (2)
7,389,904 Terminal RR of St Louis-968.408
6,954,871 Buffalo Roch & Pittsburgh_
Atlantic Coast Line
960.606
NY New Haven & Hartford
6,537,550 Alabama Great Southern__
901,809
Del Lackawanna de Western
5,562,411 Florida East Coast
858,300
5,168,720 Minneapolis di St Louis__
Grand Trunk W
Western
797.456
Missouri-Kansas-Texas_ _ _ _
5,148,312 Virginian
793,639
Missouri Pacific
4,895,663 Union RR of Pennsylvania_
7633690
1;6 9
Seaboard Air Line
4,697,244 Indiana Harbor Belt
751.459
Wabash
4,692,226 Richm Fred & Potomac_-__
698,674
St Louis-San Francisco (3). _
4,490.023 Detroit Terminal
653.089
Lehigh Valley
4,349,987 Norfolk Southern
651,868
Norfolk & Western
4,149,597 Pittsburgh de West Virginia_
619,141
Chesapeake & Ohio
3,868.660 Ann Arbor
558626:612653
er
Pe Marquette
3,671.663 West Jersey & Seashore_ _Minn St Paul & S S Marie
3.822,803 Kansas City Southern
559,697
New York Chic & St Louis...
3,555,048 Long Island
544,233
Reading Co
3,329,598 Spokane Portl & Seattle...__
538.649
Texas & Pacific
3,174,774 Monongahela
510 050
537:38
9
Boston d: Maine
2,639,976 New Orl & North East
Pittsburgh & Lake Erie_ _ _
2,520.580 Belt Ry of Chicago
509,547
Duluth Missabe & Northern
2,438,539
Los Angeles & Salt Lake-._
$351514081
1,967,346
Total (86 roads)
a These figures cover the operations of the New York Central and merged
lines-Cleveland Cincinnati Chicago Se St. Louis, Michigan Central, Cincinnati
Northern and Evansville Indianapolis & Terre Haute. Including Pittsburgh &
Lake Erie and the Indiana Harbor Belt, the result is a decrease of $45,548.859.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE SIX MONTHS
ENDED JUNE 30.
Decrease.
Increase.
Yazoo dr Mississippi Valley_
2,342,863
$842,043 Reading
New Orl Texas & Mexico_ _ _
-Texas _ _
-Kansas
2,202.304
813,343 Missouri
2,044,219
Bangor & Aroostook
514.247 NY New Haven & Hartf1,885,201
Chic Rock Isl Lines (2)_ _
Total (4)
1,514.745
$2,169,553 St Louis-San Francisco (3)..
1,445,130
Decrease. Nash-Chatt & St Louis...
1,422,737
Pennsylvania
$20,755,604 Elgin Joliet & Eastern
New York Central
1,211,047
a20.411,003 Chicago & Alton
Atela Top & Santa Fe (3)--_ 15,992,838 1.1semer & Lake Erie
1.184.611
Southern Pacific (2)
1,090.306
11,951,382 Los Angeles & Salt Lake_-_
Great Northern
1,075,519
7.112,019 Chicago & Eastern Illinois.. _
1,013,779
Southern
6.916,861 Western Pacific
Chic Milw St P & Pacific__
965.533
6,185.369 Central RR of Ner Jersey051.853
Union Pacific (4)
5,986.001 Texas Pacific
916.385
Baltimore & Ohio
5,593,881 Wheeling & Lake Erie
914,340
Atlantic Coast Line
5,125.593 Florida East Coast
891.063
Illinois Central
4,198.301 Missouri Pacific
830,073
Chic Burlington & Quincy__
4,181,729 Internet & Great Northern_
806.793
Chicago & North A estern__
3.833,258 Delaware & Hudson
798.616
Erie
3.823,306 Boston & Maine
720,954
Louisville & Nashville
3,574,808 Rich Fred & Potomac
696.497
Grand Trunk Western
3,571,004 Chesapeake & Ohio
679,408
Delaware Lack & Western..
3.291,633 Virginian
671.952
Pere Marquette
3,019.990 Alabama Great Southern..-646.881
Seaboard Air Line
2,824.536 Terminal RR Assn of St L.._
635.806
Norfolk & Western
2.556.986 Chic Indianapolis & Louisv_
571,998
N Y Chicago & St Louis
2,534,932 Mobile & Ohio
571,034
Wabash
2,432,759 Union RR (of Pennsylvania)
520.9i 1
Minn St P & SS Mrole
2,427.218 Central of Georgia
Duluth Missabe de Northern
2,414,675
8183.381 874
Total (63 roads)
2,353,903
Lehigh Valley
a These figures cover the operations of the New York Central and merged lines
Cleveland Cincinnati Chicago & St. Louis, Michigan Central, Cincinnati Northern
and Evansville Indianapolis & Terre Haute. Including the Pittsburgh de Lake Erie
and the Indiana Harbor Belt, the result is a decrease of $20.869,550.

The reader. need hardly be told that when the
roads are arranged in groups, or geographical
divisions, according to their location, losses appear
in gross and net alike in the case of each one of
the districts into which the roads are divided,
namely, the Eastern District, the Southern District,
the Western District, as also in all the different
regions under each of the districts. 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 & Region
1930.
Mr Mos. End. June 30$
Eastern DistrictNew England Region (10 roads)__ 122,013,288
Great Lakes Region (31 roads)._ 532,465,882
Central Eastern Region (24 roads) 565.109,118
Total (65 roads)
Southern District
Southern Region (30 roads)
Pocahontas Region (4 roads)

Total all districts (171 roads)




Gross Earnings
1929.
Inc.(+) or Dec.(-)
$
s
131,847,081 -9.833.793 7.45
619,844.778 -87.378.896 14.11
635,025,032 -69,915,914 11.01

1,219,588,288 1,386,716,891 -167128,603 12.05
340.338,883
134,030,849

Total (34 roads)
Western District
Northwestern Region (17 roads)._
Central Western Region (25 roads)
Southwestern Region (30 roads)._
Total (72 roads)

[voL. 131.

FINANCIAL CHRONICLE

1160

391,811,378 -51.472,495 13.15
143,541,419 -9,510,570 6.63

474,369,732

535.352,797 -60.983,065 11.08

266,392,081
440.444,620
244,882,041

309,187,748 -42,795,667 13.85
507,189,385 -86,744,765 13.16
274,881.235 -30,019.194 10.92

951,698,742 1,091,258,368 -139559,626 12.84
2,645,656,762 3.013,328,056 -367671,294 12.23

Dist. & Region.
6 mos.end.June 30
-Mileage
1930.
Eastern Dist.- 1930.' 1929.
$
New England _ _ _ 7,346
7,278 122,013,288
Great Lakes
27,933 27,939 114,988,077
Central Eastern
24,234 24,152 131,981.646

Net Earning
1929.
Inc.(+) or Dec.
( )
$
$
%
131.847,081 -9.833.793 7.43
160.279,163 -45.291,086 28.27
169.450,653 -37,469,007 21.25

Total
69.513 59,369 368.983,011
Southern 01st.Southern
pocahit
40,108 40.114 71,130.670
5,991
5,981 48,479,381

461.576.897 -92.693,886 20.05

Total
Western Dist.
Northwestern......
Central Western.._
Southwestern

46,097 46,095 119,610,051

152,248,315 -32,638,264 21.43

48,990 48,982 48.255,256
52,724 52,629 104,069,847
35.065 35,177 56,985,034

71,854,097 -23,598,841 32.84
144.304,995 -40,235,148 27.95
69,969.484 -12,984,450 28.25

136,779 136,788 209,310,137

286.128,576 -76,818,439 26.85

Total

99,115.089 -27,984,419 28.23
53.133.226 -4,653,845 8.79

Total all clists_242,389 242,252 697,903,199 899,953,788 -202050,589 22.45
NOTE.
-We have changed our grouping of the roads to conform to the classification of the Inter-State Commerce Commission, and the following indicates the
confines of the different groups and regions:
EASTERN DISTRICT.
New England Region.
-This region comprises the New England States.
Great Lakes Region.-Thls region comprises the section on the Canadian boundary
between New England and the westerly shore of Lake Michigan to Chicago, and
north of a tine from Chicago via Pittsburgh to New York.
Central Eastern Regton.-This region comprises the section south of the Great
Lakes Region, east of a line from Chicago through Peoria to St. IAMB and the
Mississippi River to the mouth of the Ohio River. and north of the Ohio River to
Parkersburg, W. Va., and a line thence to the southwestern corner of Maryland
and by the Potomac River to its mouth.
SOUTHERN DISTRICT.
Southern Region.-This region comprises the section east of the Mississippi River
and south of the Ohio River to a point near Kenova, W. Va., and a line thence
following the eastern boundary of Kentucky and the southern boundary Of Virginia
to the Atlantic.
Pocahontas Region.
-This region comprises the section north of the southern
boundary of Virginia. east of Kentucky and the Ohio River north to Parkersburg;
W.Va..and south of a line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to its mouth.
WESTERN DISTRICT.
Northwestern Region.
-This region comprises the section adjoining Canada lying
west of the Great Lakes region, north of a line from Chicago to Omaha and thenee
to Portland and by the Columbia River to the Pacific.
Central Western Region.
-This region comprises the section south of the Northwestern region, west of a line from Chicago to Peoria and thence to St. Louie. 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.
-This region comprises the section lying between the Mississippi River south of St. Louis and a line from St. Louis to Kansas City and thenee
to El Paso and by the Rio Grande to the Gulf of Mexico.

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 JAN. 1 TO JUNE 30.
Eastern District.
Grss
Net
New England
1930.
1929.
1930.
1929. Inc. or Dec.
Region8
$
S
$
$
Bangor & Aroostook 4,983.921
4,241,422
2.156.430
1,642.183 4514,247
Bobton & Maine__ 35,030,019 37,669,995 8.679.203
9,477,819 -798,616
Canadian National SystemAtl & St Lawrence 1,040,905
1,131,922
-41.115 -157,978 +116,863
Central Vermont. 3,874,326
4,309,701
586,231
917,884 -331,653
Gr Trunk West
-See Great Lakes Region.
Dul Win & Pac-See Northwest Region.
Canadian Pacific Lines
C P Lines In Me__ 1,504,179
1,760,128
141,147
203,937
-62,700
C P Lines in Utah
931,600
1,046.558
-26,490
23,647
-50,137
Dui So Sh & Atl-See Northwestern Region.
Minn St P & SS M-See Northwestern Region
Spokane Internat-See Northwestern Region
Maine Central
9,852,171
9,833.259
2,487,131
2,388,140
+78,991
New Haven System
Z Y Ont & West
-See Great Lakes Region
N V N It & Hart_ 60,848,475 67,386,025 19,410.095 21,454,314 -2,044,219
N Y Connecting
1.474,574
902.404
1,303,129
893.807
+8,697
Rutland
2,844,563
3,003,497
345.140
600,170 -155,030
Total(10 roads)__122,013,288 131,847,081

34.620.176

37.343,923 -2,723,747

---Gross-Great Lakes
1930.
Region$
CtlaunffadiraenhNttPioltnUal-Syst%7m7-5,931
8,7136,637
99
1

1930.
$
1,134,183

Net
1929. Inc. or Dec.
$
$
1,623,453 -489,270

Atl & St Lawrence-See New England
Region
Central Vermont
-See New England Region
Dul Win & Par-See Northwestern Region
Gr Trunk Western 14.843.148 20,011,868
2,933.978 8,504,982 -3,671,004
Delaware de Hudson 18,645,923 20,012,604
3,922,822 -806.793
3.116.029
Del Lack & Western 34,915,803 40,478.214
7,959.406 11,251.039 -3,291,633
Detroit & Mackinac
535,123
797.278
DetroitZesh iLt__:.
&
rm ni
2 8 777
80 :966
80
7 4Z
-3 7
1, 79 8 6
35 :966
44
0
131 1 9
5 6 66
91. 3g
2
1 19 15 :5
-35,070
124,111
89,041
Erie SystemI he
Crilcago & Erie_ - 6,975.773
;
3.457,621 -827,491
7.739,492
2,830,130
- 3 97
,126, 8
4 5
62 -3 8 . 0
53
68
48,064,308 55,638.278
8,852.053 12,
NJ&Ny
-9,340
615:755004358:789
717,293
88.
79449
769,184
N Y Susq & West_ 2,320,991
2,526,514
Ind Heeror Be
Lake i rb mi, llt
a
2,180.845 -476,482
5,577,562 6,329,021
1,704,383
-25.478
71,852
451,609
543,562
46.374
Lehigh Valley
8,440,720 -2,353,903
30,733,735 35,083,722
6,086,817
Lehigh & Hud River 1,137,031
-67,263
352.619
1,252.506
285,358
Lehigh & New Engl.. 2,416,020
+58,257
497,446
2,331,307
555,703
Monongahela
1,791.633 -413,807
3,200,144
1,377.826
3,730,194
Montour
349,874
+52.303
-1,230,962
401,977
1,089,627
New Haven System
N It N II & Hartford-See New England Region
N N cenO at & nes_ 4,981,518
yY & tin i LiWest
859,421
-59,837
699,584
5,421,273
Pitts & L Erie
14,368,092
N y Central
248,697,298
N Y Chic & St Louis 24,297,216
Newburg & So Sh
722,292
Pere Marquette_
19,400,028
Pitts & Shawmut
637,343
Pittsburgh & W Va_ 1,961,918
Pitts Shawm & Nor
820,050
Toledo Terminal.
614,297
Ulster & Delaware
442,834
Wabash SystemAnn Qrbor
2,635,641
Wabash
32.358,256

2,778,025
+17,915
2,795.940
16,888,672
290,974,118 54.459.883 74,870.886-20,411,003
5,808.399 8.343,331 -2,534,932
27.852,264
+11,862
260,515
272,377
961,004
7,094,081 -3,019,990
4,074.091
23,071.691
829,470
166,164
44280 0
87 1 2
:°
1,292 946
1° :161
8
2,581.059
705.761
+013
4
-64, 54
225.117
905,904
160.203
272.700 -172,705
100.004
807.515
19,434
19.887
478,822
3.117,764
37,050,482

6,21111
,9

2
61n - ,112,12g
92
(

Total(31 roads)
..532,465,882 619,844,778 114,988,077 160,279,163-45.291,086

AUG. 23 1930.]

FINANCIAL CHRONICLE

Gross
Net
Central Eastern
1930.
1929.
1930.
1929.
Inc. or Dec.
Region.
2,004,851
516,508
Akr Cant dr Ygstwn 1,513.740
940.486 -423.978
Baltimore & Ohio-106,444,285 119,294.952 24,529,011 30,122,892 -5,593.881
2,192.730
220,171
B &0 Chic Term-- 1,956,228
406.861 -186.690
1.455.686
280,947
Staten 151R Tr--- 1,201,932
409.167 -128.220
4.030.965
979,753
Belt Ry of Chicago_ 3,521,418
1,151.521 -171.768
7,596.463
1,767.875
Bees & Lake Erie__ 6,438.828
2,952,486 -1,184.611
726,245
681,713
278,546
Bklyn ED
295.148
-16.602
892.610114.437
Buff & Susquehanna
100,202
+14.235
-See Pocohontas Region.
Chesapeake & Ohio
1,441 204
262,994
Chic dr III Midland_ 1.484,943
283,638 .-20.644
1,839,919
Chic Ind & Louisv__ 7.716.757 9,033,150
2,475,725 -635.806
1,260,973 2,336,492 -1,075,519
Chic & East Illinois_ 10,267,354 12.151.821
3,504,221
Elgin Joliet & East. 12.264,473 13,448.989
4,926,958 -1,422,737
1,328,500
253,739
Monongahela COM- 1,082,879
390,134 -136.395
913,150
1,245.944
381,897
511,582 -129,685
net Toledo & Iron. _
830,689
1,041,367
106,781
Conemaugh & Blk'h
170,668
-63.887
Pennsylvania System
18,787,458 19,331,691
5.258,690
5,758.414 -499.724
Long Island
Pennsylvania__ _ .290,730,866 330.749,406 69,806,317 90.561.921 -20755,604
776,952
1.138,011 -361.059
W Jersey dr Seash 3.981,594 4.548.259
Reading System
1,510,605 -253,360
Atlantic City.... 1,318.248
-65,676 -187.684
Central of NJ...26,137,705 28,074,749 6,053.648
7.019,181 --965,533
44.482,733 47,812,331
7,474,668 0,817,531 -2.342,863
Reading
4,448,255
5,209,945
848,989
Union
1,420.023 -571,034
9,033.493 3,057,116
Western Maryland- 9,015,918
2,750,049 +307,067
2,660,854
Wheeling & L Erie._ 8,997,342 10,861,090
3,577,239 -916.385
Total(24 roads)- _565,109,118 635,025,032 131,981,646 169,450,65337469.007
Total Eastern Dis5
trict (65 roads)-1219588,288 1386716,891 368,983,011 461, 78,897-92.593,886
auuthern District.
Gross
1930.
1929.
Southern
1930.
Region$
2,304,687 -224,818
AUBIrm & Coast-- 2,006,121
Atl Coast L System9,719,709
Atl Coast Line_ .._ 35,886.644 42,841,515
1.447.186
208,934
Atl & West Point_ 1,250.452
1.700,481
254,969
Charles & W Care 1,472.818
3,497,773
3,165,212
1,070.360
Clinchtield
2,631,322
299,812
2.377,062
Georgia
8,677.657
Louisv & Nash- 58,618.002 66.131,962
1,494,686
Nash Chan & St L 10,188.121 11,708.728
1,495,518
264,260
1.373.269
West Ry of Ala
870,301
122.186
833.922
Columbus & Greenv
8,578.989 2,800,383
7,718.689
Florida dr E Coast
791,284
16.421
740.946
Georgia & Florida
619,953
114,009
500.416
Gulf Mobile & No..
III Central System
2,352,711
Central of Goergia 11,193,865 12.543.978
1,631,609
279,500
Gulf & Ship Isl.._ 1.487.118
Illinois Central.-- 68,030.705 •76.485,657 13,628.086
'Yazoo & Miss Val 12,336.154 12.448.993 2,843.256
797.445
691,085
129,709
Mississippi Central.
1.589.860
420,405
New Orl & Gt North 1.477.933
3.597.332
4,249.200
777,816
Norfolk Southern
Seaboard Air Line.- 27.102.971 31.800,215 6,231,292
Southern Ry System
5.188,762
837,987
Ala & Gt Southern._ 4,286.863
2,255,903
C N 0dz Tex Pee.... 9.644.032 11,645.823
1.980.738
2.321.783
341,354
Georgia Sou &
8.680,879
1,426,256
Mobile & Ohio- 7.499.560
2.804.295
589,240
New On & N East 2,280,906
852.436
1,008.082
New On Terminal
306,241
550.263
626.933
190.060
North Alabama....
61.663.969 71.885.460 13,430.490,
Southern Ry
1,584.907
271,798
Tennessee Central- 1,525,479

Net
1929.
Inc. or Dec.
5
$
424 -225,242
14,845,302 -5,125,593
259,155
-50.221
426,414 -171,445
1,293,307 -222.947
448.857 -149.045
12.252,465 -3.574.808
2,939.816 -1.445,130
232,230
+32,030
141.734
-19,548
3,714.723 -914.340
56.119
-39698
196.915
-82.906
2,873.622 -520.911
243.796
+35.704
17,826,387 -4,198.301
2,001.213 +842.043
219.060
-89.351
469.698
-49.293
1,110,320 -332.504
9.055,828 -2.824.536
1,509,939 -671.952
2,218,084
+37,819
417.919
-76.5f
1,998.254 -571.998
954.002 -364.762
478.716 -172.475
268,340
-78.280
20.347,351 -6.916,861
315,099
-43.303

Total(30 roads)-340,338.883 391.811.378 71,130,670 99.115.089 -27984.419
----07083--Net
1930.
1929.
Pocahontas
1930.
1929.
Inc. or Dec
3
$
Region.
5
Owes dr Ohio System68,052,114 71.920,774 22,999,895 23.696,392
Ohio
Chesap dr
-896.497
Norfolk dr Western_ 51.163.864 55.313,461 19,887,996 22.444.982 -2.516 986
1.515,150
Rich Fred&Potomac 5.964.877 6,663.551
2,236.104 -720.914
8.849.994
9.643,633 4.076.340
Virginian
4,755.748 -679.403
Total(4 roads).-134,030.849 143.541.419 48,479.381 53.133,226 --4.653.845
Total Southern District(34 roads)_474,369.732 535,352,797 119,610.051 152,248.315--32,638,264
Western District.
Gross
Net
1930.
1929.
1929. Inc or Dec.
Northwestern
1930.
&OM
Canadian National SystemAtl & St Lawrence-See New England Region
Central Vermont
-See New England Region
72,522
Dul Win & Pao__.
983,667
1.273.586
228,203 -155,681
Grand Trunk West
-See Great Lakes Region
Canadian Pacific System
-See New England Region
Can Pac Lines in Me
Can Pac Lines in Vt-See New England Region
2.491.955
307.590
Dul So Sh & Atl__ 2,063.486
463.744 -156,154
2,702,258
MInnSt P&88M 18.784.133 22.408.936
5,129,478 -2,427.218
450.015
593,879
70,418
Spokane Inter'1._
155,359
-84.941
Chic & N W Sys
Chic de Northw- 64.201.034 72.091,523 11,888,271 15,721,529 -3.833.258
0. 12.097.365 12.404.093
1,915.220
Chic S P M &
1,985.143
-69.923
2,529.397
Chic Cr Western.- 11.083.241 12.059.213
2.186.806 +362.591
Chic MU SIP & Pao 69,861.173 80.882.124 11,939.000 18.104.369 -8.168.369
3.469.631
1.298,503
ChicRiver dr Ind..- 3.140.603
1,500.829 -204.326
Dul Missabe & Nor 7,845.886 10.284.425 2,283.792
4.698.467 -2.414.675
7.976,371 15,088,390 -7,112.019
Great Northern..._ 45,736.901 56.185,558
937.007
1.352.603
295,229
Lake Sup & Islip...
623.061 -327.832
539,018
Minn & St Louis- 6.006.933 6.804.389
888.708 -349.690
8.146.858
1,501,616
Northern Pacific- 6.876.441
1387,388
+14.248
4.387.103
1.128,048
Spokane Port dr Seat 3.850.554
1,528,728 -400.680
System
Union Pacific
Los Ang & Salt Lake-See Central Western Region
Oregon Short Line-See Central Western Region
St Joseph dr Gr NI-See Central Western Region
Union Pacific-See Central Western Region
1,569,962
1,870,270 -300.308
Ore-Wash Ry & N 11,575.503 13.397.012
957.060
898,139
240,041
Green Bay & West__
213.647
+26.394
.266.392.081 309.187.748 48.255,256 71. .
854 097+23,598.841
Total(17 roads).
-----GrOss---Net
1929.
1930.
1930.
Central Western
1929. Inc. or Dec.
5
Region$
$
Atchison SystemAtch Top & Sa Fe 88,163,204 103.133.980 18,033,557 31.797.560 -13764.003
Gulf Colo & Santa Fe-See Southwestern Region
Panhandle & Santa Fe--See Southwestern Region
195.135
287.385
23.827
Bingham & Garfield
113.738
-89.911
Burlington Route
Burl & Quin. 67,646.990 76.227.002 19,624.168 23,805.897 -4,181.729
Chin
310.424
333.724
-34.549
-61.652
Quin Oma & K C.
+27 143
5.347.810
1,097.312
1.485.959 -388.647
Et Worth & Den C 4.684.149
5.600.388
1,010.611
1.047.426
Colo & South__ 4,984.037
-36.815
Wichita Valley-See Southwestern Region
1.885.895
3,097.042 -124.147
Chicago & Alton__ 12.315.130 13,951.760
3.552.947
4,046.031 -493 084
Deny dr Rio Gr W__ 13.656.570 15.474.064
1,677.560
369,646
529.728 -160.082
Denver & Salt Lake_ 1,379.555
720.446
178.929
416,498
459.586 -280.657
Nevada Northern-




1161

-GrossNet
1929.
1930.
1930.
1929. Inc. or Dec.
$
$
$
$
$
Northwestern Pao_ 2.569,977 2,715.492
-18,271
90.883 -109,154
Peoria&Pekin Union
841,739
885,549
143.241
233,913
-90,672
Rock Isl System
Chic RI & Gulf__ 3,278,975
3,620,395
977,088
1,415,283 -438,195
Chic R. 1 & Pac__ 58,845,113 65,893,597 12.969.978 14.416.984 -1.447.006
Southern Pan Sys
Southern Pac____ 93,469,184 109.127,679 23,882.723 33,079,587 -9,196,864
Texas & New Orleans
-See Southwestern Region
Toledo Peoria & W.
1,087.125
148.377
963,596
342.617 -194,240
Union Pacific Sys
Ore Short Line__ 15,327,558 17,895.344
3.881.741
5,285.638 -1,383,897
Los Ang & Salt L. 11,533,225 13,500.571
2.620,589 3,710,985 -1,090.896
Ore Wash By & Nav-See Northwestern Region
St Jos & Gr 1sl.__ 1.625.126
1,799,643
466,372
529,463
-60,391
Union Pacific__ 45,943.656 53,673,703 11,775.594 16,014,299 -4,238.705
Utah
397.578 -207.295
756.865
1.020,247
190.283
Western Pacific
-81,169
932.610 -1,013,779
6.805.773 7.830.594
San Diego & Ariz.__
626,602
723,264
183.271
244.077
-60.806
Illinois Terminal... 3.628,998
3,913.248
1.112.292
1,225.848 -113,556
Okla City Atch&Top
476,541
748,815
75.395
83.955
-8,560
Total(25 roads)_440,444.620 507.189.385 104.069.847 144,304,995-40,235.148
Gross
Net
Southwestern
1929.
Inc. or Dec.
1930.
1929.
1930.
Region
Atchison SystemAtch Top dr Santa Fe
-See Central Western Region.
Gulf Colo & S Fe_ 11,482.222 12,720,883
1,014,999 2,060,810 -1,045,811
Pan'die C & S Fe_ 7.499.353 8.102,337
924,693 2,107,717 -1,183,024
Burlington Route
Chic Burl & Quincy-See Central Western Region.
Quincy dr Omaha & K C
-See Central Western Region.
Colorado & Southern-See Central Western Region.
Ft Worth & Den C
-See Central Western Region.
Witchlta Valley__
436.939
669.881
66.641
250,597 -183,956
Ft Smith & Western
99,393
107.394
9,199
14,946
-5,747
San Francisco Lines
Ft W & Rio Gr W
434,336
620,508
-66.353
33.314
-99,667
St L & San Fran__ 36,031,359 40,194.527 9.631,268 10,991.243 -1,359.975
St L & S F of Tex_
773.297
914,080
124.731
179.834
-55.103
Galveston Wharf...
719,575
996.053
170,589
359.382 -188,793
Kansas City Southern
K C Southern
8.544,613
9,104.310 2,573,609 2,825,313 -251.704
Texarkana de Ft S 1.275,460
1,557,407
493.941
768.187 -274.246
Kansas ()kia & Gulf 1.546.693
1,767.727
693,319
832.401 -139,082
Louisiana & Ark... 3,648.336
3,719.102
1,081.095
1,110.627
-29,532
469.400
La Ark & Texas....
492.383
-48.367
-17.278
-31.089
Midland Valley.... 1.460.651
1,676.588
571.602
662.203
-90.601
Mo & No Arkansas_
860.681
895.039
147.875
70.313
+77,562
924,036
Missouri Illinois.
1.098.915
237.186
378.405 -141,219
Mo-Kansas-Texas_ 21.560.996 26,709,308
5.562.006
7.764,310 -2,202.304
Missouri Pacific SystemBeaum S L & W_
1.764.121
1.821.210
462.951
474.986
-12.035
9.009.417
Inter Gt Northern 7,573,579
878.972
1,709,045 -830,073
Missouri Pacific_ 60,233.503 65,129.166 14,398.005 15,289.068 -891.063
1,374,251
N Orl Tex & Mex. 1.094.476
508.319
227.629 +280.690
4,767.593 2.166.042
SLBr&Mex
5.383,835
1.621.354 +544.688
969.078
1.095.891
S A Uvalde dr Gulf
295.851
325,271
-29.420
Texas Pacific.... 19,540.339 22,710,113 6.748.669 6.700.522 -951.853
St Louis Southwest. 11.923.407 12.928,593
2.715.853
2.624,970
+90.883
Southern Pacific. Lines
Southern Pacific-See Central Western Region.
5.686,076
Texas dr New Orl_ 30.734.531 36,237.246
8.440.594 -2,754.518
6,326,591
1,302.084
Tenn Ry Assn of StL 5,358.183
1,948.965 -646.881
695.144
573.317
69.647
Texas & Mexico
136.215
-66,568
861.408
936.267 -566.381
Burlington Rock Tel
-79,562 -486.819
484.924
498,311
130.913
158,103
Wichita Falls dr So
-27,190
Total (30 roads). _244.862.041 274.881,235 56.985,034 69.969,484-12984,460
Total Western District(72 roads)._ _951.898.742 1091258,368 209.310.137 286,128,576-76.818.432
Grand Total (171
2645656762 3013328,056 697.903,199 899,953,788-202050589
roads)

RESULTS FOR EARLIER YEARS.
As already indicated, the decrease of $367,671,294 In gross
and of $202,050,589 in net, In the first half of 1930, follows
$151,648,890 increase in gross and $114.947,201 increase in
net in the first half of 1929, but conies after no less than
$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 no less than $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

1162

FINANCIAL CHRONICLE

13L

Nei Earnings.
Gross Earnings,
1924 amounted to no less than $225,987,341; in the net It
Year.
Increase or
Year
Year
Year
Increase or
Year
was $54,000,364.
Preceding. Decrease.
Given.
Preceding.
Decrease.
Given.
But In noting the 1924 shrinkage in gross and net it is
$
s
$
s
$
$
Jan. to June 30.
Important not to overlook the fact that this followed pro- 1906. 1923,554,268 815,486,025 +108,068,243272,101,047 226,345,855 +45.755.192
61,423,946
digious gains in gross and net alike in the year preceding, 1907. 999,082,691 884,426,163 +114,656,528 280,697,496 94,738.97 +19,273,550
63,484,902
1908. 803,860,9651036,729,560 172,868,595 31,254,071
31(:)
1909. 1172,185,403 1051,853,19 +120,332,208371.591.341 94,951,102 +76,640,239
that is 1923, the addition to the gross that year having ben 1910. 1351,570.837 1172,481,315 +179,089,522408.380.48 371.562,668 +36,817,815
1911.
4.569,430 25,717,377
no less than $480,926,565 and to the net $117,564,651. More- 1912.1310,580,7651339,539,563 —28,958,798 378,852,053 375,407,648 —2,037,477
1365,355,859 1309,006,353 +56,349,506 373,370,171
1913. 1502,472,942 1366,304,199
00,242,544 373,442,875 +26,788,669
over, this improvement, at least in the net, came after large 1914.1401.010,2801486.043,706 +136,168,743 343,835.677 394,495,885 80,660,208
—85,033,426
1915. 1407,465,982
—39,998,560 394,683.548 347,068.207 +47.615.343
Increases in 1922 and the year before, too, the improvement 1916.1731,460,912 1447,464,542 +328,012,578 559,476,894 393,225,507 +166151381
1403,448,334
1917. 1946.395.6841741,329,277 +205,066,407 555,683,025 562,838,773 —7,155,747
however, in those two years following entirely as a result 1918.2071,337,977 1889,489,295 +181,848,682 265,705,922 540,911.505 —275205588
2339,750,126 2074,114,25 +265.635.870265.007.159 265,325,144
of savings in expenses, gross earnings in both 1922 and• 1919.2684,672,507 2326,657,150 +358,015,357 196,582,649 263,029,233 —316,985
1920.
7,446,584
+141808030
1921.
1921 having recorded losses. In 1922, as against $63,399,701 1922.2671,369,048 2738,845.138 —67,476,090 310,890,365 169,082,335 +218332024
2602,347,511 2665,747,212 —63,399,701 530,420.651312,088.627
decrease in gross, the saving in expenses was $281,731,725, 1923.3086,129,793 2605,203,228 +480.926.561649.131.585 531,566,524 +117564641
—54,000,364
1924.2865,947,474 3091,934,81
225,987,341 597,828,199 651,8 ,
affording, therefore, a gain in net earnings of $218,332,024. 1925.2887.608,6232864,612,167 +23,096,456 656,663,561 597,855,833 +58,807,728
1926.3022,413,801 2890,965,666 +131,448,135 727,905,072 56,848,197 +71.056,875
In 1921, in like manner, though there was $67,476,090 loss 1927.3011,796,048 3020.928,478 —9,132.430711,888,565 727,923,568 —16,036,003
44
in gross, this was turned into a gain of $141,808,030 in net 1928.2901,379,7283018,008,2 —116,628.508700,846.779713,908.228-13.059. 9
1929.3057,560,980,2905,91.2,090 +151,648.890817,500.221 702,553,020 + 114947,201
by a reduction of $209,284,120 in expenses. The 1921 re- 1930.2645,656,762 3013,328,056 387,671.294697,903,199 99,953,788 202050.589
As far as the winter weather has played a part in afduction in expenses would have been very much greater
than actually recorded except that the railroads were oper- fecting the traffic and earnings of the roads in the different
ating under much higher wage scales, the United States years, it has already been indicated that in 1930 there were
Labor Board having in July 1920 awarded an increase of no unusual conditions, but that in 1929, while in the north20%. On the other hand, the decrease of 12% made by ern part of the eastern half of the country weather conthe Labor Board, effective July 1 1921, was a factor in ditions were not much of a drawback, on the other hand
in the western half the winter was quite severe, e.tileme
lowering expenses in the first half of 1922.
It must be particularly remembered, however, that pre- cold accompanied in many instances by repeated heavy
vious to 1921 expenses had been mounting up in a fright- snowfalls having seriously interfered with railroad operaful way, until in 1920 a point was reached where even the tions. Particularly does this remark apply to Wisconsin
strongest and best managed properties were barely able and Iowa, Colorado, Utah, Wyoming, Montana, Idaho, and
to meet ordinary running expenses, not to mention taxes as a matter of fact along much the same parallels of latiand fixed charges. And it is these prodigiously inflated ex- tude all the way west to the State of Washington. In
pense accounts that furnished the basis for the savings and contradistinction to this, the winter of 1928 ranked as one
economies that were effected in 1921 and 1922 and in sub- of the mildest on record, complaints of obstruction to railsequent years since then. As compared with 1920, the roads road operations from snow or ice or extreme cold having
in both 1921 and 1922 also had the advantage of much more been entirely absent in all parts of the country in that
favorable weather conditions. In 1921 the winter was ex- year. In 1927, too, the winter was not severe in any part
ceptionally mild, and much the same was true of the winter of the country, if we except a limited area in the Rocky
of 1922, though this last is declared to have been a hard Mountain regions, where unusually heavy falls of snow were
one in certain special sections—in Wyoming and Montana, encountered during January, February and March. In fact,
for instance, and contiguous territory. In 1920, on the other it may 'be said tha,t in some of the Rocky Mountain States,
hand, not only was the winter unusually severe, but many particularly Colorado and Wyoming, repeated heavy snowother adverse influences and conditions existed at the time, storms occurred all through the winter of 1927, making
all combining to cut down the net, and in our review of the railroad operations difficult; even towards the middle of
earnings for this half year period we were prompted to say April an unusually severe spring blizzard was reported,
that it was not likely that we would ever be called upon to seriously interrupting traffic, the latter extending also into
record a poorer statement of net earnings of United States South Dakota. Barring this, however, the winter of 1927
railroads for any period of six months than that for the did not impose drawbacks of any great consequence anyfirst half of 1920. Rising costs of operation—induced by where. In 1926, likewise, the winter on the whole was not
wage increases, advancing prices for material, fuel, supplies much of a disturbing. influence. The situation in that
and everything else entering into the operating accounts respect was not so extremely good as it had been in 1925
of the railroads, and by heavy extra expenses arising out of •and yet was on the whole quite favorable. In January
special unfavorable circumstances of one kind or another weather conditions in 1926 did not interfere with railroad
—had been a feature of railroad affairs for many years, operations to any great extent over any large sections of
we then pointed out, but in 1920 the movement, unques- the country. On the other hand, in February the New Engtionably, might be said to have reached its climax and its land roads suffered, presumably by reason of heavy falls
apex, many of the roads failing to earn bare operating ex- of snow. The winter of 1926, taking the country as a whole,
penses. Altogether, the result of this array of *unfavor- was, as stated, quite mild, but in February there were some
able influences on earnings in the first half of 1920 wee big snowstorms in the East,with,however,nothing approachthat as against a gain in gross earnings of $358,015,357, our ing a blizzard. In other words, there were no big drifts to tie
compilations showed an addition to expenses of no less than up traffic and interfere seriously with the running of trains.
$425,461,941, leaving the net diminished in amount of $67,- In this city there was in 1926 no snowfall of any consequence
during the winter until February, but in this last mentioned
446,584.
It should be noted, furthermore, that the falling off in month there were two very heavy snowstorms, namely, one
net in 1920 was merely one of a long series of losses in net. on February 3-4, when 10.3 inches of snow fell, and another
In the first six months of 1919 the higher rates then in force on February 9-10, when the snowfall was 11.6 inches. For
(as compared with 1918) for the transportation of passen- the whole month of February the snowfall in this city in
gers and freight barely sufficed to meet the great rise in ex- 1926 aggregated 25.7 inches, being the heaviest on record
penses; our compilations then showed $265,635,870 addition for any February since 1899, when the fall was 27.5 inches,
to gross earnings with a coincident increase in expenses of and comparing with only 0.8 inch in February 1925 (when,
;265,952,855, leaving net slightly smaller, namely by $316,- however, the fall was extremely heavy in January), and
985. In the preceding two years the results were equally with 11.5 inches in February 1924 and 17.9 inches in Febbad, huge increases in expenses acting to cause heavy losses ruary 1923. The February snowstorms of 1926 seem to have
In the net. For instance, in 1918 the addition to expenses extended all over New England and through New York
(over 1917) reached the prodigious sum of $457,054,265, or State. New England roads virtually all reported for that
about 34%, with the result that a gain of $181,848,682 in month large losses in gross as well as in net, and no doubt
gross was turned into a loss of no less than $275,205,583 in the circumstance mentioned was in part responsible for
the net, or over 50%. Not only that, but in 1917 a gain of this, in addition to which, however, these roads must have
1205,066,407 in gross was concurrent with an addition of had their coal traffic reduced by the anthracite miners'
$212,222,155 to expenses, leaving a loss of $7,155,748 in net. strike.
In both 1925 and 1924 the railroads enjoyed quite remarkIn the following we furnish the half yearly comparisons
back to 1906:
able exemption from bad weather and from the often ex-




AUG. 23 1930.]

FINANCIAL CHRONICLE

treme 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., tut did
not arrive until 1:18 and 1:33 the following morning (Saturday), coming 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 he 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.

Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Aug. 22 1930.
With more seasonable temperatures the tone of the country's business has improved more or less and there has been
a slight increase in the buying of fall goods. Some industries are increasing their output a little. There is no marked
improvement anywhere. But the breaking of the drouth
in the corn belt offsets in a measure the continued drouth
and hot weather in the Southwestern cotton country. In
the Memphis region it is said there has been no rain of
consequence for 90 days and in parts of Texas and Oklahoma
drouth and very high temperatures have pre.vailed for many
weeks. Over much of Texas the cotton crop is suffering
from lack of rain, and also from temperatures of many weeks
past reaching at times 110 degrees or more. The corn crop
will be short but this will be compensated for by the higher
price. Corn is at a premium on September of 10 cents over
September wheat, and corn prices are gradually creeping
up on those of a year ago. The feeding demand for wheat,
oats and rye will be an important factor this season. This
is telling on the prices of provisions very noticeably. But
trade in the main is quiet; there can be no disguising that
fact. To put it mildly, business as a rule is simply of the
so-called filling-in type; that is, buying to supply immediate
wants alone. The retail trade still has to be stimulated by
special sales at correspondingly attractive prices. One
thing that strikes the attention, however, in examining commodity prices, is that there is some tendency here and there
towards a slowing down of the decline which has been going
on for a year past. And the beginning of autumn is close
at hand. It is natural to suppose that the new season will
bring with it some increase in the demand for seasonable
goods. The buying power of the big grain belts has increased. Trade in New York has recently improved slightly.
The increase is only slight, but that of itself is significant
by comparison with the summer decline in business. Cotton goods have declined with raw prices the lowest since
1921. But of late there has been a slight increase in the
business in print cloths, and now the tone in that branch of
business is steadier. The steel output in some cases has
gained somewhet, but the amount of business is nothing
great. The same is true of pig iron. The automobile
trade is not buying steel any more heavily than it has been
for a good while past. Live stock prices are at the highest
of the year, for the obvious reason that feed is higher.
There is a better outlook for the trade in machine tools.
Builders' hardware, however, is dull. A larger trade is
reported in paints and painters' supplies. Prices of chemicals are supposed to be near the bottom. This branch of
business has shared the depression of so many others. Lower
prices have been announced for some makes of automobiles
of medium cost. But the output of cheap cars is expected
to be smaller for a time. The tire production is reported
as about 80%. Copper sold freely at one time at slightly
under 11 cents. There is rather more activity in the hardwood lumber trade at the West. But things in this branch
of business are looking no better on the northern Pacific




1163

I

Coast or at the South. There has been talk of a slump in
the canning industry because of the drouth, yet it is noticed
that the output of tin plate is at the rate of 70%. Still,
it is highly probable that the home canning and preserving
has been reduced by the drouth and the smaller crops of
vegetables and fruits. That could hardly be avoided.
Beef steers advanced $1 to $2 from last week's low prices.
Hogs are at the highest price since August 1929. It is of
interest to notice that yellow corn is selling to arrive at
Chicago at $1 to $1.50 per bushel. It looks like higher
prices for meats.
Wheat declined 3 or 4e. as export trade as a rule was
quiet and there was a fear of selling by the Canadian pool if
not by the Farm Board. The Saskatchewan pool wants to
separate from the Canadian pool and market the Saskatchewan crop. It seems to be believed that the Canadian pool
is selling wheat on all bulges. Moreover for some reason
Chicago people fear that the Farm Board may turn loose its
holdings of 60,009,000 bushels. But what foundation there
is for such a rumor it is hard to say. Meanwhile Russia
keeps selling wheat freely to Western Europe. Nevertheless
the Gulf premiums on cash wheat in the United States have
2
been firm. Corn declined 2 to 23/c. owing to good rains
and liquidation in a market that acted overbought, but the
cash position was considered steady and September which
declined only 4e. net this week is expected to increase its
already liberal premium. Oats actually advanced despite
the decline in other grain as they were considered cheap as
feed and also are at too great a discount under corn. Rye
tc.
declined but only 1 to 1Y net for new crop is wanted if
old crop is dull. Rye it seems has new outlets as a substitute at a relatively low price. Provisions advanced as
the feeding proposition is a distinctly bullish factor. Packers
find it hard it seems to fill their orders; receipts of hogs at the
West have recently been much smaller than at the same
time last year.
Cotton has declined Yie. owing to dullness of trade and
persistent liquidation and other selling. There is a fear of
hedge selling striking a market lacking its old time speculative breadth. The consumption has been small and there
is a carryover of 6,000,000 bales to make amends for any
falling off in the crop. The last Government estimate of
the yield was 14,362,000 bales against 14,828,000 last year.
The ginning figures up to Aug. 16, which are to be given out
by the Census Bureau to-day are expected to be comparatively large. Manchester is a little more hopeful as the East
Indian boycott has been relaxed somewhat and silver has
advanced noticeably though lower to-day. Silk changed
little, September is 4 points higher. Sugar declined to
new
lows with refined down to 4.35c. and duty free raws to
3.16o.
the lowest for all time. A group of American and
Canadian
bankers will try to solve the problems of the sugar
but in the end the question will be found to be one industry,
of supply
and demand. Overproduction will have to be
stopped; that
seems undeniable. But how? Evidently by
concerted action of some kind. But that is easier said
than done.
Coffee dropped some 3i to %c. with Brazilian
exchange

1164

FINANCIAL CHRONICLE

For,. 131.

Richmond, Va., wired that the Arcadia Mills of Arcadia,
steadily declining until it has become one of the outstanding
problems of the world's business. Brazil and Europe have S. C., have changed their operating schedule to 30 hours of
also been selling. Cocoa declined 45 to 65 points. Rubber day work and 30 hours of night work each week. The new
declined about Mc. despite persistent talk of prospective schedule will give the workers five hours more each to
restriction of output and exports. Meanwhile the rubber work than has been the case for several months. Camden,
has to contend with good supplies and poor business. Hides S. C., wired that the Wateree Mill of the Kendall Mills,
declined early in the week then rallying and closing at a net here; the Addison Mills of this company at Edgefield, S. C.;
the Thrift Mill, Paw Creek, N. C.; the Mollohon Manudecline since last Friday of only 2 to 10 points.
with wheat, facturing Co. and the Oakland Cotton Mills, both of NewOn the 20th inst. the stock market advanced,
night operaa
corn and cotton. Stocks were up 1 to 8 points with some berry, S. C., have all begun curtailment at
continued to be easy. Some stocks tions. Employees who have been working until 6 and 7
reaction later. Money
o'clock a. m. will stop at 3:30 a. m. At Kannapolis, S. C.,
were lower. Copper issues fell with rumors of impending
at the Cannon Mills Co., which has been
dividend cuts. Kennecott dropped to 34A a new low for the curtailment
and Granby 2 with declines in force for several months, has been abandoned for the
4
1930. Anaconda dropped 13
departments of the local mills are now
also in Federal Mining, Gillette Razor stroVand Paramount. Present. More
some time past. Richmond, Va., wired
the 21st inst. stocks declined 3 to 5 points in some cases operating than for
On
that what is considered to be the forerunner of improved
Railroad shares were lower, t
with wheat and cotton lower.
the keener demand for automobile
4
Baltimore & Ohio falling 1/, Southern 4%, Santa Fe 53 , business conditions is
and Union Pacific each 2 and Southern supplies, according to officials of the Southern Weaving
New York Central
Pacific 1/. To-day stocks rallied after some irregularity. Co. of Greenville, S. C., dealing exclusively in automobile
The decrease in brokers' loans of $27,000,000 naturally had supplies manufactured from cotton.
Manchester, England, reported a somewhat better
no effect. Net advances in many stocks succeeded early
declines, among which were those in Kennecott and Ana- demand and that the boycott in India was less severe.
conda which fell to new lows. But the day with trading Silver has recently advanced 8% from the lows. Paris
only about 1,400,000 developed no really new facts of major cabled that without waiting for the termination of strike
interest. Baltimore & Ohio touched a new low. Francs negotiations many cotton and linen mills in the Lille district
fell a fraction and stopped gold shipments from New York are open, employeers emphasizing their inability to adjust
to Paris. The Board of Governors of the New York Stock wages and declaring that they are even unable to give a
Exchange at its weekly meeting voted to close the Exchange guarantee of continuous work. It is estimated that the strike
on Saturday, Aug. 30, preceding Labor Day. The Cotton, in this district will end in three weeks.
It is a sign of the times that the time between the Pacific
Coffee and Sugar and most other commodity exchanges will
Coast and Calcutta has just been reduced 6 days. Formerly
also close over Saturday, Aug. 30th.
Secretary Hyde told President Hoover on the 18th inst. 41 days it is now 35. To Rangoon from San Francisco is
that rains have brought needed relief in most of the drouth now 31, to Manila 20 and to Singapore 26.
The volume of wholesale financing of automobiles during
stricken territory and ended the need of hauling water in
sections. Accordingly the Federal Agencies turned the first six months of 1930 reached $422,048,044, an incertain
to means of providing immediate credit for communities crease of more than $67,000,000 over the corresponding
rendered almost destitute by crop failures. The most press- period of 1929 in the face of a 31% reduction in factory
ing needs are in those where livestock will have to be put on sales of cars, according to the Department of Commerce.
grain and stored feeds. Provision for such credit must be Retail financing of automobiles showed a decline of 8% in
initiated by local communities through the county and State the number of cars as compared with last year, but the total
organizations now being set up. Chairman Legge of the dollar volume of retail financing recorded a decrease of 15%.
Federal Farm Board was quoted as stating that any grain The relatively small reduction in the number of cars financed
distribution by the Board would pass through the credit was reflected in the figures for used cars which increased
establishments through which it operates and that all credit 8% in the number of financed and 4.4% in valuation. The
purchases must be underwritten by some responsible credit number of new cars financed in the six-month period deorganization. He added that such grain as might be provided dined 16% from the corresponding period of 1929 but the
would probably be bought in the open market and resold volume of this financing showed a decrease of 21%.
On the 16th inst. came a freak thunder storm here which
without disturbing the stock of the Grain Stabilization
somehow skipped New York below the Greenwich section
Corporation.
Chicago wired that Sears, Roebuck & Co. have rescinded but was very violent above that line to Washington Heights
increases in tire prices made in their fall and winter general and beyond. While the sun shone at the Battery upper
catalogue and will continue the prices quoted on their summer New York was drenched. Hail fell heavily. In nearby
sections farmers plowed in fields thick with it. Good rains
sales catalogue after the sale period ends on Aug. 31.
Mass., reported that there have been increased fell in the corn belt and some in the cotton country. The
Fall River,
inquiries in local cloth market, but at prices that could not 16th inst. was a bit muggy here and so was Sunday. It was
be met in many instances. Curtailment is believed to have 65 to 76 degrees. Boston over Sunday the 17th had 58 to
helped the situation and it is said that this will be continued 82; Chicago, 68 to 70; Cincinnati, 68 to 88; Cleveland, 64
throughout the balance of the month. The Pepperell to 72; Detroit, 60 to 76; Kansas City, 72 to 90; Milwaukee,
Manufacturing Co. announced a reduction in prices effective 66 to 72; St. Paul, 64 to 82; Montreal, 58 to 74; Omaha,68
for August, September and October delivery. The new list to 82; Philadelphia, 66 to 74; Portland, Me., 54 to 72;
prices of 40c and 500. on Pepperell and Lady Pepperell 10-4 Portland, Ore., 56 to 78; Phoenix, 74 to 104; San Francisco,
bleached respectively, should surely give the trade absolute 56 to 66; Seattle, 58 to 74; St. Louis, 72 to 88, and Winnipeg,
confidence in purchasing for their important fall require- 54 to 82. On the 18th inst. it was 64 to 79 degrees here the
ments and thoroughly clear up the hesitancy and uncertainty latter at 5 a. m. which was a surprise. Chicago had 64 to 72;
that the buyers have shown regarding wide sheetings, sheets Cincinnati, 60 to 78; Cleveland, 62 to 70; Minneapolis,
58 to 80. Many corn and cotton States had good rains. The
and pillow cases for the past 60 days.
Charlotte, N. C., wired that owing to the fact that con- lower Mississippi Valley had encouraging precipitations.
or
It was cool here on the 21st inst. with temperatures 63 to
ditions have improved to such an extent in the last two
plants of the Nebel Knitting Co., 72 degrees. It was more like real fall weather. Boston
three weeks that the two
Inc., have been enabled to resume full time day and night had 56 to 68, Chicago 64 to 72, Cincinnati 62 to 68, Cleveoperations and that orders now coming in are mostly for land 58 to 68, Detroit 58 to 68, Kansas City 64 to 78, Mil
quick delivery. Charlotte wired Aug. 20 that efforts of waukee 64 to 74, St. Paul 58 to 82, Montreal 56 to 76,
the management of the American Cotton Mills, Bessemer Omaha 62 to 72, Philadelphia 62 to 78, Portland, Me., 54
City, N. C., and striking operatives to reach a compromise to 68, Portland, Ore., 52 to 84, San Francisco 56 to 76,
over wages had failed. The mill offered them two and Seattle 54 to 74, St. Louis 64 to 82, Winnipeg 60 to 74.
one-half weeks' wages at the scale prevailing before the pro- Here to-day it was 64 to 72 degrees. Boston yesterday was
posed reduction but added that the reduction would then 58 to 68, Chicago 64 to 72, Cincinnati 58 to 68, Montreal
go into effect. The strikers refused. Both plants of the 60 to 72. The forecast was for cool cloudy weather here on
company are idle. Stanley, N. C., wired that the Lola Saturday and fair on Sunday.
Berlin cabled that this is the wettest August in Germany
Manufacturing Co. has discontinued night operations for
the first time this year. The dyeing department is also in 20 years. In southern Bavaria heavy halt storms and
operating on a curtailed schedule, the demand for dyed floods were reported. Australia on the 16th inst. reported
snow and hail causing rivers to overflow. Twenty-two
yarns having fallen off.




FINANCIAL CHRONICLE

Auo. 23 1930..]

persons,were drowned in Jugo slavia in the swollen Drove
River.
The Department of Commerce's Weekly Statement of
-Business Conditions in the United States
Decrease in Business Activity as Measured by
Volume of Checks.
According to the weekly statement of the Department of
Commerce, business activity during the week ended Aug. 16,
as seen from bank debits, outside of New York City, showed
decreases from both the preceding period and the week
ended, Aug. 17 1929.
,
Wholesale prices in general, although higher than the
previous week, showed a decline of 14% when compared
with the same period a year ago. Iron and steel prices showed
practically no change from the prices of the preceding week,
but were considerably lower than in 1929. The price of red
winter wheat at Kansas City for the week of Aug. 16 was
higher than the preceding week, but like all wholesale
prices, was lower than last year.
Bank loans and discounts of Federal Reserve member
banks fell off from the week before and were well below the
level of last year. Average prices for stocks declined from
both prior periods. Bond prices, on the other hand, registered gains over both the previous week and the corresponding period in 1929. Interest rates for call money were
higher than the preceding week, while time money rates
recorded a decline. Both rates were lower than those ruling
on Aug. 17 1929. Business failures during the past week were
fewer than the period ending Aug. 9 1930.
Steel mill operation, bituminous coal production, petroleum
output, and the number of building contracts awarded for
the week ended Aug.9 1930 were all lower than the preceding
period. The receipts of wheat, cattle and hogs for the
same week, however, showed increases when compared with
the same period.
Bank loans, and discounts and stock and bond prices
registered increases when compared with the period ending
Aug. 18, 1928 two years ago.

Increased employment in July was shown in six of the 13 industrial
groups: Canning and preserving showed a seasonal increase of more than
52% and summer resort hotels increased hotel employment 3.4%; increases
of from 0.2% to 1.2% in employment were shown in the operation of telephone and telegraph, electric railroad, and power, light and water companies, and in anthracite mining.
The remaining seven industrial groups reported fewer employees in
July than in June; metalliferous mining fell off 4.9%; manufacturing industries 4.6%; bittpninous mining and quarrying 0.4% each; crude petroleum
production 0.3%; wholesale trade 0.5%; and retail trdae 5.2%. Thefigures
of the several groups are not weighted according to the relative importance
of each group and therefore they represent only the employees in the establishments reporting.
Manufacturing Industries.
Changes in employment and payroll totals in manufacturing industries
in July as reported above are based upon returns made by 13,147 establishments in 54 of the principal manufacturing industries of the United
States. These establishments in July had 3,011,509 employees, whose
combined earnings in one week were $74,648,141.
The leather group alone of tile 12 groups of industries showed increased
employment and payroll totals in July, this being due to the seasonal increase in the boot and shoe industry. Among the remaining 11 groups, the
smallest decrease, 0.6%, was shown in both the food and chemical groups,
and the outstanding decrease, 7.3%, was shown in the textile group.
Six of the 54 separate industries reported increased employment in July
cane sugar refining, 6.7%; fertilizers, 4.5%; ice cream. 3.7%; boots and
shoes, 3.2%; flour, 2.3%; and book and yob printing, 1.1%.
The outstanding decreases in employment from June to July were 10.1%
to 13.9% and occurred in the stove, glass, millinery and lace, carpet,
agricultural implement, and women's clothing industries. The iron and
steel industry reported 4.4% fewer employees and a drop of 14.5% in
employees' earnings; foundries and machine shops reported decreases of
4.5% and 11.4% in the two items, respectively; and automobiles reported
decreases of 8.8% and 11% in the two items.
•
Rayon, radio, aircraft, jewelry, paint and varnish, and miscellaneous
rubber goods, data for which are not yet included in the Bureau's indexes,
showed decreased employment in July, with the exception of radio, which
reported an increase of 25.7% in employment.
Each of the nine geographic divisions showed decreased employment in
-from 3.1% to
July as compared with June. The smallest decreases
3.6%-having been in the Middle Atlantic, West North Central. South
greatest decreases.5.8%,wasreported
Atlantic, and Mountain divisions; the
by the East North Central division.
Per capita earnings in manufacturing industries in July 1930 were 5.5%
lower than in June 1930.
In July 1930 10,200 manufacturing establishments reported an average of
80% of a full normal force, working an average of 91% of full time.
INDEX NUMBERS OF EMPLOYMENT AND PAYROLL TOTALS IN
MANUFACTURING INDUSTRIES.
(Monthly Average 1926=100).
Employment.
Manufacturing industries.

WEEKLY BUSINESS INDICATORS.
(Weeks Ended Saturday. Average 1923-5=100.)

General index

Food and kindred products.
Slaughtering and meat peekingConfectionery
Aug. Aug. Aug. Jsay Aug. Aug. Aug. Aug.
Ice Cream
16. 9.
2. 26.
17, 10.
18. 11.
Flour
- -Baking
__ __ 68.4 71.0 76.3 122.4123.7 99099.0
Steel operations
Sugar refining, cane
__ __ 80.5 .82.0 82.9 97.9 99.5 91.9 92.4
Bituminous coal production
Petroleum produo'n (daily avge) __ __ 119.1 120.7 119.5 141.2 139.0 117.4 114.7 Textiles and their produced(
Cotton goods
__ 95.8 95.9 114.8 113.8 110.2 108.9
Freight oar loadings
Hosiery and knit good!
_ __ 69.6 73.2 74.9 __ .... 101.9 -_ __ -- -a Lumber production
Silk goods
Building contracts, 37 States
Woolen and worsted good!..-84.3 87.9 84.9 104.6 111.41 128.5 122.2
(daily average)
Carpets and rugs
_ 303.5 375.8 406.0 171.6 390.0 233.6 254.0
Wheat receipts
Dyeing and finishing textiles
52.7 26.9 7.7 7.3 *38.5 29.11 20.8 16.9
Cotton receipts
Clothing, men's
67.7 58.9 66.8 78.2 69.61 92.4 81.0
Cattle receipts
Mins and collars
Hog receipts61.8 59.2 85.2 65.3 68.61 55.5 58.4
Clothing, women's
64.3 62.0 60.5 62.8 96.1 93.8 81.4 81.4
Price No.2 wheat
Millinery and lace goods
43.8 46.3 47.1 47.1 66.9 66.5 70.2 71.0
Price cotton middling
79.7 79.9 79.9 80.0 88.2 88.41 '843 84.3 Iron and steel and their products
Price iron & steel composite
Iron and steel
__ __ 77.5 78.3 78.3 129.0 129.0 105.1 105.1
price
Copper, electrolytic
Cast-iron pipe
83.8 83.1 82.9 83.3 97.3 97.6 100.1 99.4
Fisher's index (1926=100)
Structural ironwork
Bank debits outside N.Y. City 102.9 116.6 100.8 110.7 133.9 144.31 117.4 112.7
Foundry dr machine-shop prods
135.3 135.6 134.8 135.6 136.4 125.9 126.4
134.9
Bank loans and discounts
Hardware
60.6 58.5 48.5 48.5 169 7 206.1 154.5 160.6
Interest rates, call money
Machine tools
108.4 111.1 115.0 125.3 90.4 106.9 99.3 115.5
Business failures
Steam fittings
206.8207.1 292.3 288.7 195.5 194.3
196.9 202.9
Stock prices
Stoves
107.6 107.5 107.2 106.9 103.2 103.5 106.9 108.9
Bond prime
75.2 80.0 80.0 80.0 202.9 202.9 148.6 142.9 Lumber and its Products
Interest rates, time money
Lumber,sawmills
105.8 107.2 107.7 107.4 96.3 cut.% so a so 7
Federal reserve ratio
Lumber, millwork
Furniture
a Relative to weekly average 1927-1929 for week shown • Revised.
Leather and its products
Leather
Boots and shoes
Paper and printing
Paper and pulp
Thirteen Industrial Groups Show Decrease of 2.6%
Paper boxesbook and Job,.
in Employment During July, According to U. S. Printing, newspapers
Printing,
Department of Labor
-Wages Decline 7.1%.
Chemicals and allied products
chemicals
Fertilizers
The Bureau of Labor Statistics of the U. S. Department
Petroleum refining
the changes in employment and payroll Stone, clay and glass productsof Labor reports
Cement
totals in July as compared with June, based on returns
Brick, tile and terra cotta
39,546 establishments in 13 major industrial groups, Pottery
made by
Glass
products, other than iron
having in July 4,806,458 employees whose combined earn- Metal steel
and
Stamped and enameled ware_
ings in one week were $121,582,968.
Brass, bronze and
The combined total of these 13 industrial groups shows a Tobacco products copper prods
Chewing and smoking tobacco
decrease of 2.6% in employment from June to July and a
and snuff
Cigars and cigarettes
decrease of 7.1% in employees' earnings. The Bureau under Velar:les for land transportation
Automobiles
date of Aug. 15 went on to say:
Carriages and wagons
Excluding nurnufacturing, the total of the remaining 12 industrial groups
Car building and repairing.
with a decrease of 1.8% in payroll
shows a gain in employment of 1%
electric railroad
Car building and repairing.
totals. Manufacturing industries alone, which have shown a considerable
Steam railroad
decrease in employment in July in each of the seven years preceding 1930, Miscellaneous
industries
reported a decrease of 4.6% in employment accompanied by a decrmme of
Agrhalltural implements
Electrical machinery, apparatus
9,8% in payroll totals. A large number of the leading manufacturing
and supplies
industries customarily take advantage of, and prolong, the 4th of July dosPianos and organs
inventories. This arrangement and the being to make repairs and take
Rubber boots and shore
Ai torn °bile tires
ginning of the regular vacation season together result in noticeably deShipbuilding
creased employment in July and in even more pronounced decreases in
payroll totals.




1930.

1929.

1928.

1165

July
1929.

J u4e
1930.

July
1930.

98.2

85.5

99.5
100.9
81.2
110.4
103.0
103.7
96.4
94 3
93.0
96.3
97.8
93.9
102.,
99.4
93.6
89.0
93.7
84.0
10c.,
96.6
80.4
104..,
108.4
91.6
133.2
72.8
8J.7
90.3
89.6
87.2
94.3
93.6
93.0
93.8
100.6
95.4
94.2
102.8
106.9
95.8
100.4
67.4
93.4
88.1
86.0
88.6
87.1
88.9

Payroll Totals
July
1929.

J..,
1930.

81.6

98.2

84.1

75.9

93.3
94.7
98.6
96.8
79.2
76.6
99.2 102.8
95.5
97.7
98.9
98.1
93.0
99 8
83.7
77.6
81.3
75.9
88.9
80.9
86.2
78.6
79.9
77.4
78.8
68.7
90.4
84.2
81.6
79.7
79.9
76.1
90.5
77.9
50.3
70.1
88.0
84.0
87.7
83.9
72.8
70.3
06.0
93.6
91.3
87.2
79.7
76.1
04.1
9:5.6
62 7
60.4
77.6
69.7
68.1
71.6
71.7
68.1
66.5
63.6
74.4
70.7
83.6
85.7
85.0
84.4
83.3
86.0
97.6
98.6
93.8
89.9
88.0
87.4
93.2 100.3
108.2 107.8
89.8
89.3
93.1
91.6
62.8
65.6
94.4
94.1
77.9
72.8
83.4
80.3
69.4
67 4
83.1
76.3
84.6
74.8

102.8
105.2
80.1
112.0
104.9
103 3
97 8
91.1
90.9
97.0
98.8
93.0
93.0
96.1
10.3
88.4
81.5
76.1
101.9
97.6
81.8
104.3
109.7
89.6
140.4
70.8
80.3
90.3
91.7
85.7
90.6
94.4
93.6
94.6
103.1
95.7
100.0
102.6
109.8
100.4
103.4
76.7
101.6
83.5
85.0
82.9
77.4
86.8

99.6
102.4
82.6
100.2
100.9
101 6
99 4
75.1
73.5
85.
79.9
77.0
56.6
80.0
69.3
67.7
75.5
70.0
85.2
87.0
72.6
95.9
87.5
68.3
98.2
58.4
70.3
70.0
73.1
67.0
65.6
71.4
83.9
67.8
103.6
94.1
92.1
104.3
113.0
95.5
94.9
70.7
100.3
74.7
87.1
64.1
71.4
84.1

97.6
100.7
73.7
102.4
99.5
99.8
103 6
67.3
64.8
70.8
67.7
72.7
50.6
72.8
70.2
65.2
85.6
55.3
74.5
74.4
67.6
88.5
77.5
61.3
84.0
53.0
55.9
62.1
64.7
59.5
58.7
76.0
82.2
74.2
99.4
84.0
90.4
102.6
109.8
91.8
89.6
71.0
97.4
64.5
77.2
57.5
62.1
68.3

July
1930.

97.4
90.4
100.8
92.5

80.8
79 4
81.4
91.2

78.4
77.3
78.9
90.2

100.1
88.9
104.6
92.9

78.7
76.0
79.7
89.3

68.9
64.9
70.5
86.7

83.0
93.7
101.7
120.5
81.0

87.9
91.6
82.7
90.9
59.5

86.6
90.7
77.0
82.9
56.8

85.8
93.8
98.4
107.2
85.1

88.5
89.4
83.1
86.8
67.0

84.8
86.9
70.3
70.4
63.7

92.8

87.6

76.5

93.6

91.3

86.3

85.7
116.3
122.2

75.2
95.9
91.5

71.1
90.9
79.4

89.7
115.7
121.9

78.8
97.2
81.3

69.1
87.9
63.8

126.2
61.6
96.5
111.8
107.5

102.3
45.5
74.5
86.1
117.3

97.9
42.7
72.4
80.1
112.7

127.0
16.3
99.8
106.3
109.8

107.4
38.8
70.3
83.1
119.0

96.5
35.2
65.3
75.8
113.3

OCAWW.NbP4OM ,
0W.. A.0.4b30
4

159.8 121.9 189.2
158.4 122.7 167.0
157.3 121.9 164.7
15/.3 125.6 162.9
157.3 120.9 162.0
157.3 113.1 157.9

.

loan 114 1 IIKK 9
.
•

Year and Lard Bogs Bread Flour Corn Rice Pota Sugar Tea CofMontle.
meal
toes
fee

Sept_
Oct.-.
Nov___.
1)30Feb
April.....
May.....
June
July....

160.7 154.5 178.7 112.6
160.7 154.5 176.7 112.6
160.7 154.5 176.7 112.6
160.7 154.5 178.7 112.6
160.7 151.5 170.7 111.5
160.7 148.5 176.7 111.5
160.7 151.5 176.7 111.6
160.7 157.6 176.7 112.6
160.7 180.6 178.7 111.5
158.9 157.6 176.7 111.5
158.9 157.6 170.7 111.5
158.9 154.5 180.0 110.3

158.9 154.5 180.0 110.3
157.1 154.5 170.7 110.3
157.1 151.5 176.7 109.2
157.1 148.5 178.7 110.3
157.1 145.5 176.7 1002
157.1 145.5 176.7 109.2
157.1 150417071009

,
C.0
NCANNe.c....

1913
1914
1915
1918
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1929Jan
Feb_--.March
Aprll
May - -.
June
July...

100.0 100.0 100.0 100.01
112.5 103.9 105.1 101.21
125.0 125.8 108.4 104.3
130.4 134.6 112.6 104.6
184.3211.2 192.2 119.0
175.0 203.0 228.7 148.3
178.6 218.2 213.3 173.6
205.4 245.5 216.7 200.0
176.8 175.8 150.0 109.2
155.4 154.5 130.0 100.2
155.4 142.4 136.7 109.2
157.1 148.5 156.7 116.1
187.9 184.8 180.0 127.6
167.9 181.8 170.0 133.3
166.1 166.7 173.3 123.0
162.5 163.6 178.7 114.9
160.7 154.5 178.7 111.5

0il9Cct.Cq.0O3n000.:!N.OWN
MeltIMM.Tettle1"0.9.0
sp.terci.,.
6m06mcimoicici4Oai..sivictioi wi.z.n.ioicaorinivi cbool
C,
INN,P

During the month from June 13 1930 to July 15 1930,26 articles on which
monthly prices were secured decreased as follows: Potatoes and cabbage,
21%; plate beef, 7%; chuck roast and oranges, 5%; round steak, hens,
flour and prunes, 4%; sirloin steak and rib roast. 3%; leg of lamb, cheese,
lard and onions, 2%;fresh milk, evaporated milk, macaroni, canned corn,
canned peas, raisins and bananas, 1%;and pork chops,sliced ham, tea and
Coffee, less than five-tenths of 1%. Three articles increased: Strictly fresh
eggs, 4%; butter, 1% and canned red salmon, less than five-tenths of 1%.
The following 13 articles showed no change in the month: Sliced bacon,
oleomargarine, vegetable lard substitute, bread, cornmeal, rolled oats
cornflakes, wheat cereal,rice, navy beans,pork and beans,canned tomatoes,
and sugar.
Changes in Retail Prices of Food by Cities.
During the month from June 15 1930 to July 15 1930, there was a decrease
in the average cost of food in 48 cities, as follows: Kansas City,7%;Omaha,
6%; Columbus, Minneapolis, St. Paul and Salt Lake City, 5%; Buffalo,
Louisville, Milwaukee, Peoria, Pittsburgh, Portland (Ore.), Rochester,
St. Louis and Springfield (Ill.),4%;Baltimore,Chicago,Cleveland. Denver,
Detroit, Indianapolis, Norfolk, Philadelphia, Richmond, Scranton and
Seattle, 3%; Bridgeport, Cincinnati, Fall River, Houston, Los Angeles.
Manchester, Memphis, Newark, New Orleans, New York, Providence,
San Francisco and Washington, 2%; Boston. Butte. Charleston (S. C.),
Little Reck, Mobile and New Haven. 1%, and Birmingham. Dallas and
Portland (Me.), less than five-tenths of 1%. In three cities, Atlanta,
Jacksonville and Savarmah, there were increases of less than five-tenths of
1%.
For the year period July 15 1929 to July 15 1930, all of the 51 cities
showed decreases: Detroit, 13%; Kansas City, Milwaukee, St. Louis and
Salt Lake City. 12%; Louisville, Pittsburgh, Portland (Me.), Portland
(Ore.) and St. Paul, 11%; Buffalo, Butte, Cleveland, Denver,Los Angeles,
Minneapolis, Norfolk, Philadelphia, Providence, Rochester, Springfield
(Ill.) and Washington, 10%; Atlanta, Baltimore, Bridgeport. Fall River,
Manchester, Memphis, New Orleans, New York and Omaha,9%; Boston,
Chicago, Columbus. Dallas, Houston, Indianapolis, Newark, New Haven,
Scranton and Seattle, 8%; Birmingham, Cincinnati, Little Rock. Mobile,
Peoria, Richmond and Savannah,7%;Jacksonville and San Francisco,6%:
and Charleston (S. C.), 4%.

160.7 150.7 173.8
160.7 152.7 172.9
160.7 152.5 172.9
159.6 145.7 172.4
159.6 142.3 171.9
159.6 140.5 171.9
160.7 139.4 171.5
160.7 140.6 171.0
160.7 143.1 171.9
161.8 145.4 171.5
161.8 139.7 171.0
161.8 134.7 170.8

LEM= NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OP FOSD IN THE UNITED STATES.

000D..CONt.WCA..00N.W
MMCOM4000NMNCINN
1 .. ..,....,..m.....NNN.. ......
NNN.NN

-in Month to July 15
Retail Food Prices Decline 2
Decrease of 9% in Year.
Retail food prices in the United States as reported to the
Bureau of Labor Statistics of the United States Department
of Labor showed a decrease of slightly more than 23.% on
July 15 1930, when compared with June 15 1930, and a
decrease of a little more than 9% since July 15 1929. The
Bureau's weighted index numbers, with average prices in
1913 as 100.0, were 158.5 for July 15 1929, 149.7 for June 15
1930 and 144.0 for July 15 1930. In making this known,
the Bureau, under date of Aug. 18, adds:

n Ina al -an a van a •ra •• nark •
•
.
•
.
.
.

.

OWVOMOORM..CINC,C0
QCO0i.40MC;Mt.:040C:00
PON.. ............ 0000
COOM.ls.MW.O.N ,
00

It is noted that citrus crop returns this year are eminently
satisfactory. Concerning this industry the bank reports
an average sized crop of 10,920,000 boxes of Valencia oranges
is expected this year and compared with the record-breaking
harvest of 17,500,000 boxes in 1929. Quality is much better
this year than last. This fact, combined with smaller supplies, caused f.o.b. prices to average $5.87 a box during
July against $2.35 a year ago and $5.87 in 1928.

100.0 100.0 100.0
100.5 94.4 103.6
99.2 93.4 105.0
102.2 103.0 118.7
125.4 127.2 150.4
156.2 150.7 162.4
174.2 177.0 192.8
187.8 183.0 188.2
164.0 135.0 163.9
147.2 125.1 148.9
155.1 144.7 187.0
155.1 135.0 159.7
157.3 143.1 166.1
167.3 138.6 165.5
158.4 145.2 170.1
159.6 147.5 174.2
160.7 143.9 171.9

4-4 C00 00000=,
00
04.C.
is..10*.C...4WW610=14.
,

Life Insurance business in the state continues to show marked improvement over even last year's record totals; June sales were 17% greater than
in June, 1929, bringing the first hall' of this year 11% ahead of a year ago,
The California total of life insurance sales in June was exceeded only in
New York,Pennsylvania and Illinois.

1913
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
1914
102.0 105.8 103.0 104.4 104.1 104.6 101.8 101.7
101.1 103.0 101.4 100.6 100.0 96.4 99.8 97.2
1915
1916
107.5 109.7 107.4 106.9 108.0 108 3 108.9 100.2
1917
124.0 129.8 125.5 130.6 129.8 151.7 151.9 142.2
1918
153.2 185.5 155.1 186.3 170.2 185.7 195.0 178.1
1919
164.2 174.4 184.1 168.8 166.9 201.4 205.2 198.5
1920
172.1 177.1 187.7 163.8 151.2 201.4 193.7 208.3
1921
152.8 154.3 147.0 132.5 118.2 166.2 158.2 181.4
1922
147.2 144.8 139.4 123.1 105.8 157.1 147.4 181.4
1923
153.9 150.2 143.4 126.3 106.6 144.8 144.8 169.1
1924
155.9 151.6 145.5 130.0 109.1 146.7 139.6 168.4
1925
159.8 155.6 149.5 135.0 114.1 174.3 173.0 195.5
1926
162.6 159.6 163.0 140.6 120.7 188.1 188.3 213.4
1927
167.7 186.4 158.1 148.1 127.3 175.2 174.8 204.5
1928
188.2 188.3 178.8 174.4 157.0 165.7 163.0 196.7
1920
196.9 199.1 185.4 186.0 172 7 175.7 161.1 204.1
1929Jan......- 190.6 191.0 180.8 181.3 170.2 153.8 159.3 200.0
Feb.__ 188.2 188.8 178.8 179.4 167.8 157.1 158.2 199.6
March-- 188.6 189.2 179.3 180.0 167.8 167.6 158.9 201.9
Aprll.- 192.9 194.6 183.8 184.4 170.2 176.7 180.4 203.3
May
198.4 201.3 187.9 190.0 174.4 179.5 160.7 204.8
June.-- 201.6 205.4 189.9 191.9 178.0 179.0 162.2 205.6
July- 206.7 210.8 192.9 195.8 177.7 188.1 184.1 209.7
Aug-- 200.3 210.8 191.9 104.4 176.0 192.4 165.6 211.2
Sept-. 202.8 206.7 189.4 191.9 175.2 193.8 164 4 209.7
Oct-- 98.0 109 6 188 9 187.5 173 6 185.2 161.9204.8
Nov ___ 194.1 196 4 183.3 183.8 171.1 170.5 159.3200.4
92.5 184.6 181.8 183.1 170.2 183.3 157.4 108.5
1930Jars
192,9 195.5 183.3 184.4 172.7 188.1 157.0 199.3
Feb---- 191.3 194.2 181.8 194.4 171.9 167.6 157.8 200.7
Mar____ 190.6 192.8 181.3 182.5 170.2 171.9 157.8 201.1
April__ 190.2 193.3 181.3 182.5 188.6 170.7 167.4200.4
May
190.2 192.8 179.8 179.4 164.5 171.9 158.7200.7
June-- 188.6 191.5 177.3 175.6 150.3 174.3 150.7200.7
TnIv
1095 104 A 191

...40.000DM

Commenting on this, Wells Fargo Bank & Union Trust
Company states: "Department store business compared
with a year ago shows a decline of 7.6% for July and of 3.7%
for the year to date, compared with national declines of 9%
and 5% respectively."
One of the bright spots in California business it is said is
to be found in life insurance sales. As to this the Business
Outlook says:

year and Men Rou'd Rib Clek Plate Port BeButMonth. stoat. steak roast, roast. beef. chops con. Ham. Hens Mia let, Cle,
ie

nb4aziaboi

Business in the first ten days of the month is reported equal to or better
than the corresponding period last year in many lines, notably women's
clothing, shoes, hardware, furniture, groceries and mail order sales; less
business than a year ago is reported by department stores, men's clothing
ind dry goods,"

INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATES (1913=100.0),

C0000.0N.P.M
, 14WW.PC.WWNP.WPOW0,
00.
0
WWWW19. -40.000NO Wol...0.12,0.00-4-4bZ.CWWW0
-

Trade Conditions in California as Viewed by Wells
Fargo Bank ec Union Trust Company of San Francisco.
Retail trade in California so far this year has fared better
than in the nation as a whole, according to the current issue
of the Business Outlook released Aug. 18 by the Wells
Fargo Bank & Union Trust Company of San Francisco. It
says:

As compared with the average cost in the year 1913,food on July 151930,
was 56% higher in Chicago; 53% in Cincinnati; 52% in Scranton; 51% in
Washington; 50% in Birmingham, 49% in Charleston (S. C.) and Richmond; 48% in Baltimore and Boston; 47% in Detroit and New York;46%
in Atlanta, Buffalo, Milwaukee, New Haven and Providence; 45% in
Indianapolis and St. Louis; 44% in Dallas, Manchester, Philadelphia and
San Francisco; 43% in Fall River, Minneapolis, New Orleans and Pittsburgh.41% in Cleveland,40% in Little Rock,39% in Louisville, Memphis,
Newark and Seattle; 37% in Jacksonville; 36% in Kansas City and Omaha;
31% in Los Angeles and Portland (Ore.), 30% in Denver, and 25% in Salt
Lake City: Prices were not obtained in Bridgeport, Butte, Columbus,
Houston, Mobile, Norfolk, Peoria, Portland (Me.), Rochester. St. Paul.
Savannah and Springfield (Ill.) in 1913, hence no comparison for the 17-year
period can be given for these cities.

4;bO36oCe 66...bbb6Dbi.,;abW;4 bb,b6b665L-164.66,4.M:4Wb

Commodity Prices Hold Gain of Previous Week According to National Fertilizer Association.
The various changes in prices of individual commodities
during the past week failed to disturb the wholesale price
Index of The National Fertilizer Association which advanced to 86.3 for the week of Aug. 9. The Association
reports that of the 14 groups in the index four declined, three
advanced and seven showed no change. Twenty-three
commodities advanced and a like number declined. A year
ago the index stood at 97.8 as compared with 86.3 for the
week of Aug. 16 1930.




[VoL, 131.

FINANCIAL CHRONICLE

00000WM

1166

Weighted
Food
Index

100.0 100.0 100.0
108.2 100.4 09.7
120.1 100.2 100.6
1411.4 100.4 100.3
169.3 108.9 101.4
176.4 119.1 102.4
205.5 128.0 145.3
352.7 134.7 157.7
145.5 128.1 121.8
132.7 125.2 121.1
183.6 127.8 126.5
167.3 131.4 145.3
130.9 138.8 172.8
125.5 141.0 171.1
132.7 142.5 162.1
129.1 142.3 165.1
120.0 142.6 164.8

100.0
102.4
101.3
113.7
140.4
168.3
185.9
203.4
153.3
141.6
146.2
145.9
167.4
160.6
155.4
154.3
158.7

121.8 142.5 168.1
120.0 142.6 166.1
118.2 142.8 168.9
116.4 142.6 160.9
110.4 142.6 168.1
116.4 142.6 165.8
116.4 142.3 165.8
120.0 142.5 185.4
121.8 142.6 165.1
121.8 142.6 164.8
121.8 142.3 162.1
120.0 142.8 155.4

154.6
154.4
153.0
151.8
153.3
154.8
158.5
160.2
180.8
160.5
159.7
158.0

120.0 143.4 147.0
118.2 143.2 143.3
116.4 142.6 140.8
114.5 142.5 138.9
114.5 142.5 137.2
110.9 143.2 136.2

155.4
153.0
150.1
151.2
150.1
147.9
144 0

1ln a 149 a ISO A

"Annalist" Weekly Index of Wholesale Commodity
Prices.
Because of sharp advances in live stock and meat prices,
the "Annalist" Weekly Index of Wholesale Commodity
prices has advanced this week to 122.9, against 121.6 the
preceding week and 148.9, the index on the corresponding
date last year. The "Annalist" continues:
The rise in the index is due to a rise in two of the eight groups comprising
the composite index. The farm products
group rose 3.1% because of advances in wheat, steers and hogs, and in spite of further declines in barley.
corn, oats, rye, cotton and potatoes; and the food products group rose less
than 1% because of advances in meats,
butter and eggs, offset In part by
declines of flour, fruits and cottonseed oil. The remaining six groups all
show additional price declines this week.
Although the continued steep decline of the index seems to have been
arrested by the narrow up-and-down fluctuations of the past three weeks.
the behavior of prices gives only moderate assurance that we may now
expect a broad bottom. Certainly, the figures do not encourage any hopes
of an immediate advance. On the contrary, the fact that a further sharP
decline this week Is arrested only by the rise in live stock prices and meats,
an exceedingly narrow group, while the wider field of commodities exhibits
new price weaknesses, gives rise to the expectation that the index may see
further declines once this week's support begins to weaken.

AUG. 23 1930.]

FINANCIAL CHRONICLE

1167

.THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
TheTprincipal factors in the month's decline were sharp decreases .in
PRICES (1913.--100).
the adjusted indexes of steel ingot production, pig iron production And
Aug. 19 1930. Aug. 12 1930. Aug. 20 1929.
automobile production. The adjusted index of cotton consumption Also
Rum products
114.6
111.1
147.6
Food products
128.0
registered a further heavy loss, which brought it down to the lowest figure
127.0
155.8
Textile products
112.9
114.0
145.5
since August 1924. The adjusted index of freight du loadings showed a
.•
Fuels
153.7
153.7
160.9
further fairly substantial decrease, and the adjusted Indexes a zinc
Metals
108.3
108.8
127.8
production and bituminous coal production were lower in July than in
138.4
Building materials
139.8
153.6
126.9
Chemicals
127.4
June. The adjusted index of electric power production, on the other
134.0
Miscellaneous
98.2
98.3
126.8
hand, which was an important factor in some of the declines on the comcommodities
122.9
All
121.6
148.9
bined index earlier in the year, was only slightly lower in July than in June.
Table I shows for the last three months the movements of the combined
Life Insurance Sales in U. S. Decline 2.2% in July. Index and the component series, each of which has been adjusted for
trend and variations
In making available, Aug. 20, the July figures of life seasonal variation, long-time the "Annalist" index in cyclical amplitudes
before being combined into
of business ,at:ilvitY.
insurance sales in the United States, the Life Insurance Sales The adjusted index of electric power production for July is preliminary,
being based on an estimated output of 7,800.000.000 kwh • Similarly.
Research Bureau at Hartford, Conn., says:
the adjusted index of automobile proddction is based on an estimated ouput
During the past months, almost all industries have experienced a general
of 275,000 cars and trucks in the United States and Canada. Table II
depression. Life insurance was one of the last to feel the general economic
gives the combined index by months back to the beginning of 1925.
tendency and up until May continued to gain. The figures for the first
TABLE I. THE ANNALIST INDEX OF BUSINESS ACTIVITIES BY
seven months of the year show that during that period the country paid
COMPONENT GROUPS.
for a volume of insurance 2.3% larger than in the same months last year.
Only three sections showed a decrease in insurance sold, these were the
Mountain and the East and West South Central States.
-- May.
hon.
July.
July figures. just compiled, indicate that the gradual falling off of sales
95.5
95.9
87.3
started in May continued through July. The volume paid for during Pig iron production
which
Steel ingot production
88.1
87.5
74.3
the past month was 2.2% smaller than a year ago. The only three sections Freight oar loadings
89.9
87.7
86.6
94:3
92.8
showing an increase for the month were the Middle Atlantic, the Pacific Electric power production
"92.6
81.2
82.4
78.6
and the South Atlantic States. The other sections shared the decrease and Bituminous coal production
Automobile production
95.7
88.0
*71.9
the depression in business prevalent throughout the country.
reflected
Cotton consumption
76.7
76.7
*73.2
The following table shows the status of life insurance sales for July and Wool consumption
TEl
80.0
Boot and shoe production
93.7
for the past seven months.
93.5
Zino production
75.7
- 78.3
79.6
BALES OF ORDINARY LIFE INSURANCE, 1930 COMPARED TO 1929.
Combined index
x88.3
x87.2
*83.9
First 7 Mos. July
First 7 Mos. July
Sales.
Sales.
Sales.
Sales.
TABLE II. THE COMBINED INDEX SINCE JANUARY 1925.
New England
East South Central_
94
100
99
91
Wen South Central__
Middle Atlantic
101
103
94
92
Mountain
East North Central
94
100
99
1927,
1928.
1920,
1929.
1930.
1025.
93
98
Pacific
West North Central__ 107
108
103
South Atlantic
101
103
97.0
102.3
104.1
January
100.2
93.8
1031.4
U. S. total
102%
98.9
103.2
104.9
103.6
92.7
102.9
98% February
98.0
104.7
103.0
107.0
89.6
102.6
These figures are compiled and issued every month by the Life Insurance March
April
103.4
99.0
103.7
107.5
103.6
93.3
Sales Research Bureau at Hartford, Conn. and represent the experience of May
104.0
x88.3
101.4
100.4
101.6
1D4
78 companies having in force 88% of the total legal reserve ordinary life June
103.2
1
102.8
x87.2
98.5
97.8
101.1
99.7
102.8
108.
July
100.7
*86.9
Insurance outstanding In the country.
101.9
100.7
101.3
105.0
106.8
August
107.1
101.1
100.8
101.3
105.8
September
102.1
105.0
97.5
103.6
103.6
October
Life Insurance in Canada Shows Decrease in Sales.
101.5
103.7
94.4
104-0
94.2
November
Tlastanthap
83.8
99.1
103.2
92.8
105.8
In July the sales of ordinary life insurance in

Canada
showed a marked decrease, according to the Life Insurance
Sales Research Bureau at Hartford, Conn., which states:

The volume of business sold totaled $47,829,000. When this volume Is
compared to the sales during July a year ago, it shows a loss of 15%. In
part this loss can be attributed to the unusually large amount paid for last
July. When 1930 conditions are compared to 1929 it must be remembered
that It Is using as a basis of comparison a particularly prosperous period.
At this time last year the insurance paid for during the seven months of
the year showed a gain of 10% over 1928. At the close of the seven-month
period this year, the volume sold is 4% below last year's figure.
This
means that for the year-to-date, sales of insurance, although below last
year, are larger than in the same period in 1928.
The July reports show that the general loss of 15% was generally distributed. Only 13% of the contributing companies reported an increase
for the month. New Brunswick and Prince Edward Island were the only
Provinces showing a gain in sales during July. The colony of Newfoundland
also showed a gain. The Province of Ontario, which pays for the largest
volume of insurance of any of the Provinces, suffered a decrease of 23% in
July. The Bureau bases its reports on Canadian business on the experience
of 15 companies having in force 84% of the total legal reserve ordinary life
insurance outstanding in the Dominion.
-month period which ended July 31
The Bureau also has sales for the 12
1930. These figures show that during the past year the volume of new
Insurance was 2% less than in the preceding year. Conditions in the city
show a general decrease in sales. Montreal and Ottawa alone showing an
increase for July.

Roger W. Babson Finds Business and Agriculture in
Midwest on Upgrade.
From Omaha Aug. 17, Associated Press advices said:
Roger W. Babson, economist, said today that mid-western agriculture
Is on the upgrade and that general business in this region should
show
marked improvement during this final quarter of 1930. Mr.
Babson said
this was his first public utterance on the business situation since
his bearish
forecast in November.
"But the corner has been turned in the Middle West," he said.
"Conditions are as bad out here as they will get. The farmer is flat
on his
back and there is no way to look except up."
There should be a steady improvement of business in the
Middle West
during the next ten or twenty months, according to My, Babson.
"Reports of the damage have been greatly exaggerated, perhaps
purposely so for the effect upon Europe," he declared. "EUrPoean countries
have been on a buying strike. They have been waiting to see how low
American crop prices would go. The drought reports have brought
them
to their senses. Cabled reports indicate that they are taking a different
attitude. They are beginning to worry and place orders."
The Middle Western farmer will be the first to feel the effect of better
times, Mr. Babson predicted.
..He was the first to go down in the recent
slump, and he will be the
first to come up."

'Subject to revision. x Revised.

High Wages Needed to End Depression, President is
Told-E.R. Johnson, Former Victor Co. Preaident,
Reports on Conditions in Europe-Feels Early
Recovery of Industry is Certain.
High industrial wages to enable the country "to BRAT) out
of the present slump" were recommended to President
Hoover on Aug. 19 by Eldridge R. Johnson, Mori:eat:mu,
N. J., former President of the Victor Co., as a cure forthe
present situation. The Washington correspondent pf the
New York "Journal of Commerce" in advices to this effect,
goes on to say:
He called at the White House, accompanied by Senator Baird (Rep.).
New Jersey, to give the President first hand information as to condition'
in Europe.
Following his conference with the President. Mr.Johnson gap the newspaper correspondents a prepared statement in which he explaineci that "It
was far easier to resume on a high wage basis than It is on a low wake basis,
because on a high wage basis everything begins where it left off right away.
whereas on a low wage basis it will take years to build up again to the old
standard."
He expressed full confidence in the recovery of this country, and as an
evidence that the corner is being turned he called attention to the fact that
his former company plans to enlarge its force by 5,000 men to a tete] of
17,500 before Sept. 15: that the Campbell Soup Co. expects to havt`raore
employes by that date than ever before, and that the Pennsylvania Railroad has entered into a contract for electric locomotive equipment running
into a number of millions of dollars. He added that these are only isolated
Instances of a general movement toward business and industrial recovery.
Discussing the European situation, Mr. Johnson, who recently returned
from France and Italy, said he had found the business depression general
throughout Europe. except in France and Holland.
Slump Reaction of War Room.
"This situation is not difficult to analyze in a general way," he said.
"It is the reaction from the war boom which always occurs about 10 years
after a war. But it is very much intensified by the character of conditions
In European Russia, Asiatic Russia, China and India. The confusion in
those countries has had the effect of reducing the exports of all European
Industrial manufacturing countries.
"One of the reasons why Holland and France are more prosperous than
the others is that they manufacture specialties. They do not go in for mass
production. They also are better developed on a firm agricultural basis.
"The situation in Europe is deep seated and will be slow of recovery, but
signs are not lacking that this recovery is beginning. However, in this
country we are not entirely dependent upon Europe because we have an
Internal consumption that is far in excess of the European home demand.
The reason is that the population of Europe is largely made up of peasants
who are so bound by tradition and custom that they really do not try to
Improve themselves. On the other hand America is made up of free individuals filled with personal ambition, whose requirements and demands know
no bounds. Therefore, I feel that up to a certain point the recovery of
American business will be comparatively rapid."

"Annalist" Index of Business Activity at Lowest Level
Since 1921. •
All of the components of the "Annalist" index of business
activity for which data are available declined in July,
carrying the combined index down below the lowest level
reached in the 1924 depression, to 83.9 (preliminary) as
Annalist Index of Factory Employment.
compared with 87.2 (revised) for June. The combined
The Annalist Index of Factory Employmentfor July shows
index is now at the lowest level since the 1921 depression, a further severe decline to 86.9 (preliminary), from _902
when it made a low of 81.6 in March. The "Annalist" (revised) for June. The July figure is the lowest recprded
adds:
since April 1922. Only one of The Annalist's group indices




1168

FINANCIAL CHRONICLE

advanced in July:on the basis of preliminary data the chemicals group rose from 105.3 to 105.4. Continuing, the
"Annalist" says:
The July figures added several to the groups of industries in which the
number of workers employed is now the lowest since the depression of
1921. The list now includes iron and steel, textiles, food products, transportation equipment, leather and its products, cement, clay and glass
and noirferrous metals. One group,lumber and its products,distinguished
Itself by declining below the lowest point reached in 1920-21, the July
preliminary index being 67.9, as compared with 70.4 in December 1920.
In absolute figures the period from the middle of June to the middle of
July was the worst month experienced by factory workers as a class since
the beginning of the present depression. From the meager data which
are available it may be calculated that the net loss in that period in the
number of wage earners employed in the nation's manufacturing establishments alone was around 350.000, as compared with a decline of 330,000
between the middle of October and the middle of November, when the
effect of the stock market collapse combined with seasonal influences to
bring about a wholesale reduction in the number of workers employed.
It may also be calculated that from the middle of June to the middle of
July the net loss in the total monthly wages received by factory workers
In this country was about $78,000,000. as compared with a net loss of
$71,000,000, between the middle of October and the middle of November.
The peak of factory employment and wage payments, with no allowances for seasonal variation, came in September 1929. Since then the
net decrease in the number of wage earners employed has probably been
around 1,630,000, and the net loss in the monthly income of factory workers as a group has been around $257,000,000.
It is small wonder, therefore, that retail trade is declining, especially
when we consider that these figures do not include the army of clerks
employed in executive and other offices, where the reduction in the number
employed has also been very substantial.
A noteworthy feature of the record of the last year, however,is that there
has been little decrease in the average wage payments per worker employed.
The September 1929 average was around $113 a month, and by June 1930
thelaverage was down only to $108 a month. There was a heavy decrease
in July, but that may be accounted for by the fact that many factories
were closed during parts of the month, although the number counted as
being employed was taken arbitrarily as around the 15th of the month.

Loading of Railroad Revenue Freight Still Small.
Loading of revenue freight for the week ended on August 9
totaled 904,157 cars, the Car Service Division of the American Railway Association announced on Aug. 19. This was a
decrease of 14,178 cars under the preceding week, and a
reduction of 187,996 cars below the same week in 1929. It
also was a decrease of 140,111 cars below the same week in
1928. Particulars are furnished as follows:
Miscellaneous freight loading for the week of Aug.9 totaled 349,780 cars,
78,942 cars under the same week in 1929 and 58,631 cars under the corresponding week in 1928.
Loading of merchandise less than carload lot freight amounted to 234,040
cars, a decrease of 25,213 cars below the corresponding week last year and
22,987 cars below the same week two years ago.
Coal loading amounted to 131,612 cars, a decrease of 26,855 cars below
the same week in 1929 and 29,617 cars below the same week in 1928.
Forest products loading amounted to 40,672 cars, 27,870 cars under
the corresponding week in 1929 and 25,340 cars under the same week two
years ago.
Ore loading amounted to 58,207 cars, a reduction of 20,746 cars below
the same week in 1929 and 2,350 cars below the same week in 1928.
Coke loading amounted to 8,261 cars, a decrease of 3,690 cars below the
corresponding week last year and 1,076 cars under the same week in 1928.
Grain and grain products loading for the week totaled 61,360 cars, a
decrease of 2,851 cars below the corresponding week in 1929 but 3,336 cars
above the same week in 1928. In the Western districts alone, grain and
grain products loading amounted to 45,173 cars, a decrease of 588 cars
below the same week in 1929.
Live stock loading totaled 20,225 cars, 1,829 cars under the same week
in 1929 and 3,455 cars under the corresponding week in 1928. In the Western
districts alone, live stock loading amounted to 14,835 cars, a decrease of
1,434 cars compared with the same week last year.
All districts reported reductions in the total loading of all commodities
compared not only with the same week in 1929, but also with the same week
in 1928.
Loading of revenue freight in 1930 compared with the two previous
Years follows:
1928
1929
1930
3,448,895
455
3,571.
Four weeks in January
3,349,424
3,590,742
3,766,136
your weeks in February
3,505,962
4,752.559
4,815,937
Five weeks in March
4,414,625
3,740,307
3,989,142
your weeks in April
3,619,293
4,939,828
5,182,402
Five weeks in May
4.598,555
3,989,442
4,291,881
Four weeks in June
3,719,447
3,944,041
4,160,078
Four weeks in July
3,555,731
1,048,821
1,105,920
Week ended Aug. 2nd
918,335
1,044,268
1,092,153
Week ended Aug. 9th
904,157
Total

28.585,529

31,975,104

30,498,903

Manufactured Gas Sales Show Gain for First Six
Months.
Mixed trends characterized the gas industry during the
first six months of the current year. Reports received by the
Statistical Department of the American Gas Association from
companies representing 90% of the manufactured gas industry indicate an increase of 2% in manufactured gas sales
and 1.4% in revenue in the first half year as compared with
the corresponding period of 1929, while reports from companies representing 70% of the natural gas utility industry
show a decline of 4.8% in natural gas sales and a drop of
4.2% in revenue for the same period. The further advices
from the Association state:




[voL. 181.

Deprested conditions in industry and general business have retarded the
,
rate of growth of the gee utility Industry. That is clearly shown by comparing the growth registered in previous years. For the year 1929 manufactured gas sales were 8% above 1928, while natural gas production showed
an unusually large increase of approximately 20%•
In both manufactured and natural gas divisions of the indatatry substantial declines were registered in industrial-commercial Bales. However,
manufactured gas companies offset the decllne in this class of business by
substantial increases in househeating sales.
The relatively "depression proof" characteristic of ther gas industry is
indicated by operating results during the first six months of the present
year. While manufactured gas sales showed an increase of 2% and natural
gas sales showed a decrease of less than 5%, bituminous coal production
decreased 9%, coke production dropped 10%. crude petroleum output
decreased 5%, pig iron production decreased 16%, steel ingot production
21%, automobile production 32% and freight car loadings 9%. Electric
Power Production showed practically the same gain as manufactured gas.
namely 1.7%.
During the first half year substantial progress was shown by gas companies
In New England, the West North Central States, and the South Central
and Mountain States. In New England,despite a drop of 7.7% in industrial
commercial sales total sales increased 4.6% due to an increase in domestic
sales and a 37.9% gain in househeating sates.
In Michigan, where gas sales are considerably affected by the rate of
activity in the automobile industry,sales for the first six months registered a
decline of 2.3% due to a decrease of 9.3% in industrial-commercial sales.
which offset a 21.9% increase in househeating sales.
Both manufactured and natural gas divisions of the industry showed very
slight improvement in June as compared with May. In May manufactured
gas sales were 1.0% below May 1929. while June sales were at practically
the same level as a year ago, showing a drop of only 0.1%. In May.
natural gas sales were down 11.0% and in June 10.7% as compared with
the corresponding month of 1929. It is interesting to note that production
of electric light and power during May and June as reported by the U. S.
Geological Survey shows a similar condition. In May electric power production was down 0.9% while in June the drop was only 0.3% as compared with June 1929.

Report of Association of British Chambers of Commerce on Unemployment.
It is learned from the New York "Journal of Commerce"
that an imp 3rtant report on the subject of unemployment,
its causes and remedies, for the present serious situation,
was issued recently by the Association of British Chambers
of Commerce, as follows:
The association views with grave concern the alarming increase from
week to week. It has sought the views of over 100 chambers of commerce
In all parts of the country, and the Council has now presented its conclusions to the Government. . . .
Much business has been lost to foreign manufacturers in the market at
home. Many industries have been working at a loss in the effort to maintain trade. As the reserves of companies become exhausted and their
financial position difficult, there is a danger that they may not be able to
continue in operation.
The main reasons for the loss of trade are:
(a) The unprotected state of our home market.
(b) The high cost of production which makes it impossible to meet
world competitive prices.
High tariffs in many countries have led to the establishment of new industries and to increased production in those already existing. This has led
to a restriction of imports, with a loss to Great Britain of the markets which
she formerly supplied, and there is also increased competition in neutral
markets and in our own home market.
Other causes of loss of trade given by chambers to the association are:
1. High national and local expenditure.
2. The injury done to trade by political and legislative interference,
including the frequent new regulations and laws which add to the cost of
production.
3. The high level of transport charges.
4. The extravagant administration of the Unemployment Insurance Act.
b. The lower shipping freights available at Continental ports.
6. The effect on cost of production of many of the trade unions' restrictions.
7. Inequalities in cable and postal rates.
It is believed that the retention of the home market would enable our
manufacturers to work more nearly to full capacity, and that this would
so decrease costs of production that the ability to compete for export trade
in many industries would be greatly increased.
The introduction of safeguarding by increasing production would reduce
the burden of rates and taxes, which add seriously to the overhead charges
in industry. So far as the goods now imported were replaced by home manufacturers, there would be a wider distribution of these charges and also
a saving in unemployment benefit, and so far as foreign manufactures continued to come in, there would be a contribution from the duties received
toward the payment of these charges:
The council recognizes that there is force in the argument that world trade
would be greater if there were freedom from tariff interference, but this
has proved an ideal impossible of present accomplishment. It believes that
in existing circumstances, when almost all nations have high protective
duties, and when Great Britain is the only large free market in the world.
safeguarding is essential.
The council does not overlook the fact that the bulk of world trade will go
to the nations which have the lowest cost of production, hence the necessity
of reducing British costs, which are higher than in competing European
counties.
Much attention has been directed to what is called "rationalization,"
which has no clear meaning, but which may be generally defined as a combination of units in an industry with the object of securing cheaper production and better efficiency. This,if carried out on well-considered lines, may
lead to an improvement in results, but a greater volume of work in each
factory at present underemployed will have the most immediate effect on
productive costs. Rationalization is not applicable to every industry, and
In itself is not sufficient to restore general prosperity.
The higher cost of production in British industry compared with that in
other countries is due to heavy taxation, national and local heavy charges
for social services, and the higher wages paid relatively to other European
countries.
The rates of wages paid in some trades in this country are higher than
are justified by present economic conditions. The chambers drew special
attention to the relatively higher wages paid in sheltered occupations such as
transport, public utility services and the distributing and retail trades.

AUG. 231930.]

FINANCIAL CHRONICLE

The council urges that the general position is so well known that immediate action to adjust the disparity between sheltered and unsheltered wages
should be taken.
The opinion is strongly held that expenditure on emergency schemes which
are non-productive will on balance do more harm than good by adding to the
burdens on industry and diverting capital from industrial development.
The council is therefore opposed to expenditure of this kind, except in very
exceptional circumstances.
Particular attention is drawn by chambers to the vital importance of
empire trade. The council urges that every effort should be made, in collaboration with the dominions and colonies, to extend interimperial trade
and to encourage the greatest possible exchange of commodities between the
different parts of the empire.
The council urges the need for (1) strict economy in expenditures
national and local: (2) reduction of transport and dock charges; (3) truce
from all new legislation imposing new regulations and laws which add to the
cost of production; (4) encouragement to young people willing to emigrate
within the empire by payment of bonus or otherwise, and (5) abolition of
such trade union restictions as increase the cost of production.

England's Unemployed-Financial London Looks for
a Further Increase.
A London cablegram Aug. 15 to the New York "Times"
said:
The number of unemployed working men in England, by this week's
report, remains over 2,0.00,000. This figure, although foreshadowed some
time ago, was reached much earlier than had been expected, and there are
many in the financial markets who believe it will go still higher.
The fresh instability lately displayed in commodity prices leads to belief
that, even now, bottom prices have not been touched in this influence on
trade reaction.

British Liberals Join Move to Aid Employment
-Lloyd
George and Aides Explain New Scheme To Pro-Trades Union Congress Agenda Has
vide Jobs
Proposals for 40-Hour Week and Paid Holidays.
From London advices Aug. 18 to the New York "Times"
we take the following:
Having sworn a bond of secrecy similar to that applying to Cabinet meetings, the Ministers of the MacDonald Government and the Liberal leaders
continued to-day their efforts to unravel the unemployment tangle.
Since the last meeting the unemployment figures have mounted to more
than 2,000,000 and to-day Davis Lloyd George, accompanied by the
Marquess of Lothian and Seedbohm Rowntree spent two hours in explaining to Vernon Hartshorn, the Lord Privy Seal, and to Herbert Morrison.
Minister of Transport, the details of the new Liberal party schemes for
providing jobs.
Stanley Badwin, leader of the Conservative party, has already declared
against joining the parleys on unemployment on the ground that the policy
of the Mac Donald Government is against protective tariffs, which the Conservatives hold offer the only means by which employment can be increased.
During the week-end the report that the MacDonald Government was
"toying" with a proposal to impose a 10% import duty on manufactured
goods was revived in a section of the Rothermere press, but as yet no
Minister has been drawn into making a pronouncement on what,for Labor,
would be a revolutionary scheme.

1169

which is deemed essential in the general price reduction of all manufaCtured
goods, as planned by the government.
This move is likely to result in a bitter fight because the labor unions.
Including the Christian workers' organization, is determined to repulse
such an attack. Other operators point out that nearly 9,000,000 tons of
coal are stored and that the monthly haul has been reduced from 10,900,000
to 8.000,000 tons.
By the end of July there were 40,000 fewer miners employed than at the
same time a year ago and a further reduction is expected this month. there
are now still 326,000 miners employed in the Ruhr Basin. Negotiations
between operators and miners are expected to begin next week.
.

German Disabled 800,000
-Number of War Veterans
Eligible for Relief Rises 13,800 in a Year.
More than 800,000 German war injured are still on the
books as eligible for Governmental relief, according to a
Berlin cablegram Aug. 15 to the New York "Times," which
further said:
The number wholly or partly incapacitated, whose inability to earn a
living is demonstrably due to wounds of the after effects of war has been
steadily rising (mill now it is 839,396, representing an increase of 118,05
since 1924 and 31,800 since a year ago.
It is believed no decrease in the number is likely to come before 1932
at the earliest. Nevertheless the government, in its recent emergency
finance measures promulgated after the Reichstag dissolved, considerably
limited the terms under which war cripples may apply for aid in the future,

Country's Foreign Trade in July-Imports and Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on Aug. 15 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 1930 was $269,000,000, as compared with $402,861,000
in July 1929. The imports of merchandise are provisionally
,
computed at $219,000,000 in July the present year, as
against $352,980,000 in July the previous year, leaving
favorable balance in the merchandise movement for the
month of July 1930 of $50,000,000. Last year in July there
was favorable trade balance on the merchandise movement
of $49,881,000. Imports for the seven months of 1930 have
been $1,954,878,000, as against $2,639,355,000 for the
corresponding seven months of 1929. The merchandise
exports for the seven months of 1930 have been $2,345,320,000, against $3,025,949,000, giving a favorable trade
balance of $390,422,000 in 1930, against a favorable trade
balance of $386,594,000 in 1929. Gold imports totaled
$21,888,000 in July, against $35,525,000 in the corresponding month of the previous year, and for the seven months
were $254,087,000, as against $217,031,000. Gold exports in
July were $42,529,000, against only $807,000 in July 1929.
For the seven months in 1930 the exports of the metal foot up
$52,191,000, against $7,857,000 in the seven months of 1929.
Silver imports for the seven months of 1930 have been
$27,223,000, as against $37,458,000 in 1929, and silver
exports $33,708,000, as against $48,150,000. Following is
the complete official report:

Revenue Need Stressed.
It was E. D. Simon, Liberal member of Parliament, who set the ball
rolling with the suggestion that a 19% duty on manufactured imports was
worth considering. Then, a week later, it was divulged that the same
proposal had been made in a memorandum which S. H. D. Henderson, head
of the advisory staff of the government's economic council, had submitted
to the Cabinet for discussion at the Imperial Conference, Mr. Henderson's
proposal includes a rebate for the dominions and the 10% duty is defined
as being for revenue purposes only.
How pressing this need for new revenue is may be seen from the statement
EXPORTS AND IMPORTS OF THE UNITED STATES.
Miss Margaret Bonfield, Minister of Labor, recently made in the House TOTAL VALUES OF
(Preliminary figures for 1930 corrected to July 13 1930.)
of Commons. When submitting a proposal to raise the borrowing powers
Merchandise.
of the unemployment insurance fund to $300,000,000 she said that if the
average number of unemployed remained at about 2,000,000, the borrow7 Months Ending July.
July.
ing powers would be exhausted at the end of next January, and that if the
Inerease(+)
average rose to 2,300,000 the borrowing powers would be exhausted by the
1929.
1930.
1929.
Decrease(-)
1930.
end of November.
1,000
1.000
1,000
1.000
1,000
It is said the government hopes the three-party committee examining the
Dollars.
Dollars.
Dollars.
Dollars. Dollars.
finances of the unemployment fund will have completed its work by
269,000 402,861 2,345,320 3,025,949 -680,629
Exports
autumn, when a bill to increase the borrowing powers will again have to Imports
219,000 352,980 1,954,878 2,639,355 -684,477
be introduced in Parliament.
386,594
390,442
49,881
50,000
journals suggest the government is contemplating a
Excess ofexports
Some conservative
Excess of imports_ _ _
reduction of the weekly dole to the unemployed by half a dollar.
EXPORTS AND IMPORTS OF MERCHANDISE, BY MONTHS.
To Urge Shorter Hours of Work.
The desire of the Brisith workers for shorter hours and holidays with Pay
1925.
1926.
1928.
1927.
1930.
1929.
received prominence in the final agenda for the Trades Union Congress,
1,000
1,000
1,000
1,000
1,000
1,000
which will meet at Nottingham on Sept. 1:
Dollars. Dollars. Dollars. Dollars. Dollars. Dollars.
ExportsSeven unions have tabled resolutions for a shorter working day and three
410,838 488,023 410,778 419,402 396,836 446,443
for pay during holidays. Some of these resolutions demand a reduction of January
348,835 441,751 371,448 372,438 352,905 370,678
hours to 44 or to 40 a week, or to six a day. Others are more explicit in February
369,601 489,851 420,617 408,973 374,406 453,653
March
relating their demand to rationalization.
331,731 425,264 363,928 415,374 387,974 398,255
April
320,162 385.013 422.557 393,140 356,699 370,945
The argument appears to be that improvements in mechanical methods May
295,153 393,186 388.661 356,966 388,033 323.348
and in industrial organization permit a greater output in a shorter time and June
269,000 402,861 378,984 341,809 368,317 339,660
that some of the gain ought to be realized as an increase of leisure. The July
380,564 379,006 374,751 384,449 379,823
August
-hour week without a reduction September
union of sheet metal workers suggests a 40
437,183 421,607 425.267 448.071 420,368
528.514 550,014 488,675 455,301 490,587
of wages would absorb a number of the unemployed and would afford greater October
442.254 544,912 460,940 480.300 447,804
November
opportunities for leisure and instruction.
426,551 475.845 407.641 465,369 468.308
December
The union of municipal workers proposes the working week should
3,025.949 2,756,973 2,708,102 2,575,170 2.702,980
five days of eight hours each because "modern methods of proconsist of
7 months ending July 2,345,320
5,240,995 5,128,356 4,865,375 4,808,660 4,909,849
duction have speeded up labor operations to such an extent that the nerve 12 months ending Dec
strain imposed on those involved is inimical to health and efficiency."
Imports
Workers Union has decided to press for January
The Transport and General
310,968 368.897 337.916 356,841 416,752 346,165
281,707 369,442 351,035 310.877 387,306 333,387
"adequate State pensions for persons aged 65 and over in order to provide February
300,460 383,818 380,437 378,331 442,899 385,379
March
avenues of employment for younger workers."
307,824 410,666 345,314 375,733 397,912 346,091
April
284.683 400,149 353.981 346,501 320,919 327.519
May
250,236 353,403 317,249 354,892 336.251 325.218
June
Wage Cut in Ruhr Planned-Mine Operators Cancel July
219,000 352,980 317,848 319,298 338,959 325,648
369.358 346.715 368,875 336,477 340.086
August
Schedule-Bitter Fight Expected.
351,304 319,618 342,154 343,202 349,954
September
391,063 355.358 355,738 376,868 374.074
Under date of Aug. 15 the New York "Times" reported October
338,472 326,565 344.269 373.881 376.431
November
309.809 339.408 331.234 359.462 398,040
December
the following cablegram from Essen:
The Federation of Mine Owners in the Ruhr Basin to-day cancelled the
7 months ending July 1,954,878 2,639,355 2,403,780 2,442,473 2,640,998 2,389,405
4,399,361 4,091,444 4.184,742 4,430,888 4.226,589
wage schedule with the aim of enforcing a wage reduction of about 10%, 12 months ending Dec.




FINANCIAL CHRONICLE

[vol.. 131.

GOLD AND SILVER.

Reductions in structural steel shapes and plates took place in New YorkChicago and Dallas. Prices of brick and Portland cement remained corn
.
paratively stable.
Increate(+)
1930.
1929.
The Labor Situation.
1929.
1930.
Decrease(-)
Unemployment in the building trades as reported by the American Fed1,000
1.000
1.000
1,000
1.000
eration of Labor was 27% in the month of July as compared with
Dollars. Dollars. Dollars,
Dollars.
24% In
Dollars.
Cold
July last year. No important changes In wage rates were reported during
Exports
42,529
807
the month although there were indications of an increase in labor efficiency
52.191
7.857
+44,334
ImPorts
21.888
35,525
254,087
217.031
+37.056
and possibly certain reductions from regular wage rates.
Exoess ofexports
25 CITIES REPORTING LARGEST VOLUME OF PERMITS FOR JULY 1930'
20,641
------Eieesa of imports_ _ ---34,iia
209:174
201,806
WITH COMPARISONS.
---8 ocrJuly 1930.
June 1930.
July 1929.
July 1928.
Exports
3,706
6,795
33,708
48.150
-14,442
New York (P. F.)
$52,318,451 $55,139,664 873.863,613 534.810,752
IntPorta
3,950
4,723
27,223
37,458
-10,235
Chicago
4,419,400
8,033,350
14.151,000
29,013.500
Los Angeles
5,485.138
5.841,626
8.298.411
7.942.133
Excess of exports
2,072
10,692
6,485
Milwaukee
3,065,261
4,984,689
4,940,479
2,718,309
Excess of imports__ _ 244
Detroit
8,625,963
5,103,077
10,913,415
11,869,933
Cincinnati
2,388,095
3,318,615
3.193.300
2.301.150
EXPORTS AND IMPORTS OF GOLD AND SILVER. BY MONTHS.
Philadelphia
8,967,155
2,806,915
13.398.985
17,900.580
Boston (P. F.)
1,520.343
2,756.897
3.976.902
6,934.287
Baltimore
Gold.
2,916,840
2,558,760
Myer.
3.595.320
3.068,160
Washington
1,613,055
2,356.670
5,127.815
4,443.965
Kansas City
1930. 1929. 1928. 1927. 1930. 1929. 1928. 1927.
829,450
2,331,350
2.033,100
821.450
Providence
1,000 1.000 1,000 1,000 1,000 1.000 1.000 1.000
767.640
2,030,140
1,430.200
847,945
Exports
Dollars. Dollars Dollars. Dollars. Dollars. Dollars. Dollars. Dollars, Houston
1,874.429
1,280.850
1,634.308
2,236.467
January
8.948 1.378 52.086 14,890 5,892 8.264 6,692 7,388 New Orleans
226.997
1,804,571
1.535.517
1,021,977
February
207 1.425 25.806 2,414 5,331 6,595 7,479 6,233 Worcester, Mass
855,741
1.628.240
1.460.697
323.573
March
290 1,635 97.536 5,625 5.818 7.814 7.405 6,077 Pasadena. Calif
1,591.514
1,261.834
515.964
686.866
April
110 1,594 96,469 2,592 4,647 5,752 6,587 6,824 Oklahoma City
1,572.491
1.588,340
2.558.175
1.185.675
May
82
467 83.689 2.510 4.978 7,485 6.712 6,026 Newark
1,382,246
1,445.741
2,996.392
2,439.995
Jane
26
550 99,932 1.840 3,336 5.445 7.456 5,444 St. Louis
1,408.999
2,107.486
2,631,867
6,781.731
July
42,529
807 74.190 1,803 3,706 6,795 6,160 6,650 Jersey City
177,829
1,387.557
1,005.881
867.621
Seattle
August.,,,
881 1,698 1.524
1,315,530
1,581.855
____ 8,522 9,246 5,590
1.382.220
2,545,870
September
1,205 3,810 24,444
1,314,702
804.975
____ 4,374 6,229 6,627 Dallas
877,892
416,940
Otobor
3,805
992 10,698
1,303.546
____ 7,314 7,252 5,945 St. Paul
815.311
665,257
3.437,580
November
30,289 22,916 55,266
1,251,550
805,800
1,223,150
913.600
8,678 7,674 5,634 Denver
December
__-- 72.547 1,636 77,849
1,164,400
982,979
2,472,425
2.746,049
--6,369 8.489 7,186 Buffalo
7mos.end.Julj 52,191 7.857 529,708 31,674 33.708 48,150 48,419 44,642
5112,042,445 5150,227,375 5181,437.881 $88,224,805
(p. F.) Indicates plans tiled.
12 mos.end.Dec
116,583 560,760 201,455
83,407 87,382 75,625
Imports
January
12,908 48,577 38,320 59,355 4,756
Construction Contracts in July Smaller.
6,305 5,151
February
60.198 26,913 14,686 22.309 3.923
4.658 3,849
March
Total construction contracts awarded during July 1930
55.768 26,470 2.683 16,382 4,831
5,134 4.308
April
65,835 24,687 5,319 14,503 3.570
4,888 3,815
23,550 24.098 1.968 34,212 3,486
4,247 5,083 in the 37 Eastern States amounted to $367,528,400, accordJune
13,938 30,762 20.001 14,611 2,707
6,221 4,790 ing to statistics compiled by the F. W. Dodge Corp. In
July
21,888 35.525 10,330 10.738
6,544 4,288
---August
19,271 2,445 7,877
6.496 4,856 July 1929 these construction contracts aggregated $652,---September
18,781 4,273 12,979
5,739 4,992
---October
21,321 14,331 2.056
7,319 5,069 436,100. For the seven months of 1930 the aggregate of
---November
7,123 29,591 2,082
___5,448 5.102 contracts awarded is $3,005,541,700,
as compared with
December
8,121 24,950 10.431
5,120 3.770
---7MOB.end.July 254,087 217,031 93,307 172,110 27,223 37,458 37.997 31.284 $3,683,982,900 in the corresponding period of 1929.
mos.end.Dec.
We give below tables showing the details of projects con291,649 168,897 207.535
63.940 68.117 55,074
7 Mos. Ending July.

^o,rme6-a&a.r.wm*m

July.




3 663 052 Q011

2,861,456,800
802,526.100

Ho
420,A.1g gu.! 84 .1. 80G8..- .. .14 N
,,
i aOnaona
A CCM
- RA 8 8
.m .. ...
gg t 1 Gg c
..„.
t;
.
,1 =2228 22 r.2 8 38R8R.. .. ..
.
., a
am; " o 4wa
i
" ya
NA
W. C
_
.
% k
A
8888g88
8888888
°
8 ,AAVMAA
•
...MN.P0t
t
I
m 0;c;,40
O t M DtZ07
. .iM
:
VA VNN
,.
M CN
OA
N
.
.
0 00MC4 N N.
CVrlo.c=,D1'
1 "01.- ,
0404m,
ioioi
,- ..MCAOA
1."4
amyaa
o ciaaao44
VMN.
M

gE
•

3.005.541.700

VN

i
%

2,041.936,700
963.605,000

88
.1“1..
r-m
V.
OW'
on

1,378,191,600
663,745,100

8888§8 I
cett•00 n, .
.
0
_aaanao
aaaa,..aa
o

. ,
,
VN
M.co

g2. r.
g
.-.-; .,io -a.
a., t..- a
v
8 88888H 88
a 00MMNM ,
a4
a vayr6oi.
0
.MA.ANN. .A
mia4cia,Ww aa
O,
w V.MV0. M5

47

888888§
,..,...-.

i .0FitiVi
oviOnnwa
1
owmaa

A

AVM.N
,

--

F.
n
n
a
a
o
w

§§8FP1
ac.OaYna
awoowna
NNM,NW.
ayraawno
maa000y
owmaa .

gg g
.a
aoa
am
,

N.
.

2g
aa
ma
40 22
• .....-.Ncl G2 82 2 2881'828
861>nV8a ..
4
a

15.378.671.400

1

00,tA%
A. m
,N
,
NN.
AWN

C]. a 4aa
a - -.

4,175,307.400
1,203,364.500

•
S
/

AM
W.
Mai

R MPH H 55 5

G82R8ii.5i 0. 2M 0 N, , .0 g9: 'i
8 4. .t
wwoo.owo :',iG" g.-2-gi4ip. ggi N. C7
.
aaa-a - a. a ..; 0Mm . 4a a. ,.:
aa.a. MM N N
,
V
N
,V

2,427,065,4001
1,031,184,100

Li t
It'V

FE
D
V

YO

%al.

ERF1 13 ?§
,6

N.NN.NA
WVW ,NN
,
.;

A4

.. .
II.

252.662.1001
114,666,300

di

382.266,1001
177,211,600

1930.

1.578,461.300
1,302,995,500

457,889,400
194,546,700

F. HIM§
06,z.s.
.
M .AWCVM.
t WONNOMW
ocin4Onn
N
o %cc,,- C-ow
co yo

365.736,8001
114.475,300

Contracts Awarded.'

1929.

'a

257.963,900
199,925,500

45?En'
mc,...
1,7,

0.0
,66t:.C.6..i
W.V. ,,

168,329,6001
84,332.500

Twenty-Five Leading Cities.
The first 25 cities in point of volume of projected building showed a collective gain of 27% over June but declined 25% from July 1929 and 38%
from July 1928. Nineteen of the cities, all except Detroit, Philadelphia,
Baltimore, St. Louis, Seattle and St. Paul, gained over June. Twelve
of the cities gained over July 1929
-namely, Milwaukee, Cincinnati,
Kansas City, Providence, Houston, New Orleans, Worcester, Pasadena,
Jersey City, Dallas, St. Paul and Denver. Twelve cities, Milwaukee,
Cincinnati. Kansas City, Providence, New Orleans, Worcester, Pasadena,
Oklahoma City, Jersey City, Dallas, St. Paul and Denver, gained over
July 1928.
Chicago took second place in the ranking, displacing Los Angeles. Milwas fourth. Detroit fifth, and Cincinnati sixth, followed by Philadelphia. Boston, Baltimore and Washington in the order named. Six
cities, not represented among the 25 leaders for June, appeared on the list
for July-Providence, New Orleans, Worcester, Pasadena, Dallas and
Denver.
Building Materials.
There were numerous revisions in prices of building materials during
July, mostly downward. Lumber prices were weak and demand was light
In most sections, reductions in Douglas fir ranging from $1.50 to 65.00 in
New York, Chicago and San Francisco.

55E5H8
.. . . ..
.

'

i

274,643,5001
107,622,600

It is worthy of note, however, that these reports bring assurance of increasingly sounder conditions in the field of improved real estate. The
slackened pace in building operations is effecting a reduction of surplus
sPara wherever it may happen to exist as the result of the more intensive
activities of prior years. The recently announced Federal census reports
showing an increase of about 17,000.000 in the population of the Continental United States, with heavy gains in substantially all our leading cities,
Is one of many indices which make clear the fact that the necessity for
building in America is constant. With a continued reduction in building
construction, therefore, fundamental conditions in the improved real estate
market must inevitably be gaining strength with every passing month.

templated in July and for the seven months of this year, as
compared with the corresponding periods a year ago. The
table also shows the details of the contracts awarded for
the same periods. These figures, it is stated, cover 91%
of the construction in the United States

Contemplated Projects.
1930.
1929.

S. W. Straus & Co. Building Survey for July Shows
Slight Increase Over June but Continued Falling
Off Compared with 1929.
Some improvement in the building situation throughout
the United States was noted during the month of July,
according to official reports of building permits issued in
589 leading cities and towns, as compiled by S. W. Straus
& Co. The volume of prospective construction planned
during July, the permit figures show, was $187,570,714,
conipared with $184,665,439 in June, a gain of a little less
than 2%. Normally there is a decline of not quite 13%
between the two months. However, building generally is
still far from normal, as is shown by a comparison of July
1930 with July 1929. July this year declined 36% from the
$292,912,550 volume of permits issued in the same month
last year. The report continues as follows:
Although building permits recorded only the slight increase of 1.6% in
July over the preceding month, figures based on the period from 1923 to
1929 indicate an expectancy of a seasonal decline of almost 13% between
those two months. Taking into consideration both the above mentioned
seasOnal factor and the long term trend, whicb in building permits has been
downward since about the middle of 1926 and precipitately so in the last
few years. the Straus index of building permits is found to ho 13.1% below
normal as compared with a June index of 21.8% below normal and a July
1929 index almost 3% above normal.

i

g'
m
Ui
t:
-.

A

.
'

R.4 rilli. 31
,
4 F11104 23.
1
r 4
.0
.g ,
us 22
g2 E.:.E11-81sml Z3
damu 7
4

3.

gg

2
8
-"
s
Es

AUG. 23 1930.]

FINANCIAL CHRONICLE

U. S. Department of Labor's Survey of Building Operations in Principal Cities of Country-Increase
of 4%.
There was an increase of 2.4% in the estimated cost of all
building operations covered by permits issued in July 1930
as compared with June, according to reports received by the
Bureau of Labor Statistics of the United States Department
of Labor from 288 identical cities having a population of
25,000 or over. Total indicated expenditures for building
operations during the month of July in these cities was
$164,067,963. Residential buildings decreased 2.2%, while
non-residential buildings increased 5.1%. The Bureau's
survey, issued Aug. 21, continues:
Dwelling places in new buildings were provided for 10,361 families by the
July permits. This is a reduction of8.2% from the 11,287 families provided
for during the month of June.
Permits were issued in a number of cities for large public and other
important buildings. Permit was issued for an office building in Boston,
Mass, to cost $1,200,000. Permits were issued in Brookline for two large
apartment buildings to cost $700,000. In Cambridge, Mass., three school
buildings were to be erected at a cost of over $700,000. In Lowell, Mass..
contract was issued for a post-office building to cost over $350,000. In
Worcester, Mass., a new post-office and Federal court building was to be
erected at a cost of $675.000. In Providence, R. I., a permit was issued for
a new public school building to cost $1,100,000. In Jersey City a permit
was issued for a public utility building to cost nearly $1,500,000. In
Newark permits were issued for two public school buildings to cost $1,000,000. In the Borough of Manhattan plans were filed for four office
buildings to cost over $15,500,000; for a hotel to cost $3,250,000: and for
six factory buildings to cost nearly $5,000,000. In Chicago permits were
Issued for factory buildings to cost nearly $3,000,000, and for a public
Utility building to cost $700,000. In Detroit permits were issued for school
buildings to cost $820,000. In Milwaukee an amusement building was to
be erected to cost over $900,000. Permit was issued for a new department
store building in Dubuque, Iowa, to cost $355,000. In Kansas City. MO.,
two public school buildings were to be erected at a cost of over $1,800,000.
In Atlanta, Ga., permit was issued for an office building which will cost on
completion nearly $500,000. Contract was let in Richmond, Va., for a
post-office and Federal court extension to cost $833,732. In New Orleans,
the United States Government issued a contract for a marine hospital to
cost $1,178,000. In Oklahoma City permits were issued for 19 oil derricks
to cost $1,900,000. In Pasadena, Calif., permit was issued for a hotel
building to cost nearly $600,000, and in Denver, Colo., contract was let
for a United States custom house to cost $900,000.
Detailed figures showing the estimated cost of building operations for each
city separately will be published in the September issue of the "Monthly
Labor Review."

1171

Manhattan. In the other cities listed the percentage range& rom 1.4 in
Binghamton and 2% in Oneida, to 3.4% in Herkimer.
The New York figures made public to-day were tabulated as follows:
No. of
Population
Persons
1930
fine..
(Prclimin%
3.4
art].)
played.
Place234,854
6,959.195
New York City
37,074
2.9
1,266,506
Bronx Borough
3.1
81,265
2.596.154
Brooklyn Borough
4.6
1.850.925
86,299
Manhattan Borough
25,142
2.3
1,079,357
Queens.Borough
3.2
157.253
5.074
Richmond Borough
3,151
2.5
127.358
Albany
1.4
1,093
76.601
Binghamton
3.4
351
10.433
Herkimer
688
3
23.122
Lockport
571
3
19.020
,.
North Tonawanda
2
213
10,559
Oneida
The announcement of the New York figures included the following
explanation:
"Preliminary figures on unemployment, from the returns of the 1930
census are announced to-clay from New York City, by boroughs and several
other places. These figures represent persons usually working at a gainful
occupation, who were reported on the unemployment schedule as without a
job, able to work and looking for a job.
"The canvass was started on April 2 and finished in Some districts before
the close of the month, but extended, in other districts, into May. The
inquiry related to the day preceding the call of the enumerator.
"The figures are subject to correction and will be supplemented later by
data for other classes of persons not at work at the time of the census,such
as those who had a job but were sick or temporarily laid off."

Expert Disputes Census, Putting Idle at 5,000,000
Persons Estimates "Jobless," Those Entirely Without Work, at 2,576,700.
Charging administration officials with juggling figures,
picking areas and using hair-splitting definitions to cover up
unemployment, Prof. Charles E. Persons, a well-known
college professor of Iowa, told the New York "World" on
Aug. 10 that the number of jobless persons in the United
States is nearer 3,000,000 than 2,000,000, the estimate
announced by the Department of Commerce in June. This,
he added, does not mean "unemployed" but persons without
jobs. The number of unemployed is very much larger; his
estimate is approximately 5,000,000. The "World" account
appeared in a Washington dispatch to that paper and continued as follows:

Professor Persons, who has taught at Wellesley, Princeton, Northwestern
University and other educational institutions, came here last year to help
enumerate the unemployed.
Quit Federal Post.
He was engaged in that work from November until April, when he quit
because of the system adopted for counting those who were out of work.
New Residential Buildings.
Instead of enumerating all of the unemployed, the Bureau of Census, he
which results in a much
Estimated
Families Provided for in said, decided to confine the count to the jobless,
Cost.
New Dwelling HOWLS.
smaller total.
Geographic Division.
"Using the system or method employed by the Census Bureau I can
June 1930. July 1930. June 1930, July 1930.
show that instead of the 2,000,000 announced by the Secretary of Corn-.
and women in this country in
$3,669,370 $3,825,885
643 merce there were 2.576,700 jobless men
585
New England
21,161.300 24,415.922
4,415
4,115 April, when the enumeration was made." said he. "The number of unMiddle Atlantic
12,427,530 7,438,287
1,648 employed is very much larger than that."
1,759
East North Central
2,024,405 2,988,648
568
565
West North Central
"I quit the service when I found that efforts were being made to reduce
3,491,135 2.683,855
541
711
South Atlantic
3.516.752 3,799,613
994 the number of unemployed to the number of jobless workers. The Bureau
1,172
South Central
7,286,851 7,222,958
1,952 estimate, 2,000,000, or mine, 2,576,700, were deduced from picked areas
2,080
Mountain and Pacific
there are no large industrial centers, and are not representative.'
$53,577,343 $52.375,148
10,361 where
11,287
Total
-2.2
-8.2
Announcement by Lamont.
Per cent of change
June 26 Secretary Lamont announced that the number of unemployed
Total Construction
New Non-Residential
will be in the "neighborhood of two million."
Buildings,
(Including AUeratfonS
Mr. Persons contends that Mr. Lamont had in mind the jobless and
Estimated
and Repairs).
not the unemployed.
Cost.
Estimated Cost.
Geographic Division.
"This statement of Mr. Lamont," he said, "caused a mild sensation,
June 1930. July 1930. June 1930. July 1930. but it was soon realized that the result did not properly denote the total
figure included only a part of those out of work. It
$7,440,889 $6,856,949 $13,858,686 $13,926,103 unemployed. The
New England
able to work and looking for
Middle Atlantic
32,001,829 39.020,900 62.453,338 72,244,188 only covered those having no jobs although
East North Central
18,085.022 15,741.018 34,432,354 29,358,413 employment. Workmen laid off or working part time-perhaps equally
West North Central
8,193,116 5.144,107 12,290,851 9,492,172 numerous
no part of the administration report. They have jobs
-made
South Atlantic
4,199,657 5,586,404 9.641,721 10.172,407
-that the jobs yeilded neither
South Central
4,793,808 7,444,780 9,591,875 12,676,553 but no employment. The inconvenient part
-did not
Mountain and Pacllic
7.260,486 6.365,960 17,878,465 16,198,127 work nor incomes at the time of the census enumerator's visit
-statistician to relieve us of conimpede the efforts of the administration's
Total
$81,974,807 $86,160,100 160,147,289 164,067,963
unemployment.
Per cent of change
+5.1
+2.4 cern over
A Technical Definition.
"Wage earners, whether entirely jobless or simply laid off indefinitely,
to be victims of despair, hardships and starvation. Social
234,854 Idle in City, Census Figures Reveal
-5 are inclined others of
sympathies are moved to
and to
Borough's Unemployment Percentage Averages leaders and of public philanthropic the bread lines lengthen.action
Thoughtful
appeals when
the issuing
-United States economists, bankers and business men of insight, capacity and human
3.4; Manhattan Leads With 4.6
Level Is 2.5%-Total Out of Work Reckoned at sympathies were prone to view the industrial situation developing in June
with anxiety.
About 3 Million or Less.
"But our administration statisticans preserved their attitude of detailed
said they. 'We can cut the
New York City, with 234,854 workers counted as jobless, calm. 'This is purely a matter of definition.'adopting a properly phrased
volume of unemployment squarely in half by
was shown by the Census Bureau on Aug. 13 to have a definition. We need only confine our report to the jobless. These for us
considerable higher percentage of unemployment than that shall be the full tale of the unemployed.'
not so
as easy,
prevailing in the Nation as a whole. Washington dispatches of"It would be quiteto count though obviouslyoff andconvenient in months
the number laid
report the full total,
political activity,
as it was to give wide currency to a partial result.
to the daily papers in reporting this went on to say:
"The Census Bureau's data were specific: 574,647 wage earners were
On the basis of a population of 6,959,195, this preliminary figure from
the unemployment census represented a percentage of 3.4 for the city. jobless in an area inhabited by 29,264,480 persons, 2% of the population
previously assembled front all parts of the country and covered. These are the data from which Secretary Lamont's total of
Preliminary figures
reflecting conditions affecting more than half of the National population 2,000,000 was derived. The assumption is that this report represents
have indicated a general unemployment level between 2 and 2.5%. That one-forth the total population. But four times 574.547 makes exactly
would place the total of persons usually gainfully occupied, able to work and 2,298,588. To anyone not schooled in the gentle art of administration
now looking for jobs throughout the United States between 2,500,000 and statistics this makes in the neighborhood of 2,300,000, not 2,000,000.
"And this is the tale of the jobless not of the total unemployed. We
3,000,000.
The unemployment figures for New York City, announced subject to must add 300,000 or 15% to the Government total and correct the designaour
correction along with counts for Albany, Binghamton, Herkimer, Lockport, tion from the unemployed to the jobless,
"The figures for a quarter of
are given as 29,
North Tonawanda and Oneida, showed a wide variation among the five
26
;
2.3% in Queens and 2.9 in the Bronx to 4.6% in Four times this makes 117,057.920.
boroughs, ranging from

ESTIMATED COST OF NEW RESIDENTIAL BUILDINGS, NEW NONRESIDENTIAL BUILDINGS, AND TOTAL BUILDING OPERATIONS
IN 288 CITIES OF THE UNITED STATES HAVING A POPULATION
OF 25,000 OR OVER BY GEOGRAPHIC DIVISIONS.




1172

FINANCIAL CHRONICLE

"Figures released by the census bureau Aug.8 show 122,700,000. Applying the 2% rule of the census bureau's report to the larger total gives neither
2,000,000 nor 2,300,000, but 2,454,000 jobless wage earners.
"This means the adding of 2.7% upon the 15% already added to the
administration's statisticians' report of unemployment.
Blunders in Report.
"There were blunders in the reports of the statisticians and they operated
to minimize the reported jobless. Press dispatches gave a total of 574,647
Jobless, but the census bureau report on unemployed, when correctly
footed up, shows 604,747 without jobs. This mistake reduced the total of
workless men and women by 30,000. The correction adds over 5% to the
total in the sample release."
Mr. Persons cites New Hampshire as an illustration of what the census
bureau did to reach its conclusions, lie pointed out that in the original
statements, the census bureau reached the amazingly low figure of ninetenths of 1% of unemployment for 6 of the 10 counties in this State of cotton
mills and granite quarries. These were credited with 5,906 jobless wage
earners and a population for the State of 639.849. This 639,849 was
correctly Incorporated in the 29.264,480 persons reported in the press
dispatches of June 26 and referred to as about one-quarter of the total
population of the United States. The total population of New Hampshire
turned out to be no more than 465,293. This,according to the 1929 population bulletin for New Hampshire just issued. Consequently amendments
were necessary.
Mr. Persons declared: "Even administration statisticians may not be
allowed to place 639,849 people in six counties of a State whose entire
population is 465.293, Upon revision it turned out there were but 291,869
persons in these six counties and the percentage of joblessness rose to two.
This correction had not been broadcast.

For.. 181.

Georgia, with 161 counties, had 131 in which less than one person 1n"100'
was unemployed.
In these two States and in Oklahoma, unemployment percentages were
highest in the larger cities. Tulsa County reported 11,991 unemployed in
her 187,405 population, or 6.4%•

Industrial Conditions in Illinois-Employment and
Wages Declined During July.
Employment in the reporting industries of Illinois declined
3.7% during the period June 15 to July 15. Factory employment decreased 6.0% while non-manufacturing industries registered an increase of 0.1%. Payrolls showed a
total decline of 7.2%-9.3% in manufacturing and 3.9%
in non-manufacturing industries. Man-hours of work,
based on figures from 65.9% of the total number of reporting establishments, showed a trend similar to that of payrolls, decreasing 9.8% in manufacturing, 3.2% in nonmanufacturing and 8.0% in all industries. Howard B.
Myers, Chief of the Bureau of Statistics and Research of the
Illinois Department of Labor, reports this under date of
Aug. 18, and adds:

The sharp slump in industrial operations registered in the period covered
by this report was to some extent a temporary situation, brought about by
the complete suspension of work in a number of large manufacturing plants
Far Short of One-Fourth.
for several weeks or for shorter periods. Vacations and shutdowns for
This reduces the total number of persons in the sample report by nearly inventory in
general have been prolonged and many employers took ad400,000. It falls below 28,000,000 and is far short of being a fourth of our vantage of the July
4 holiday to close for the week-end.
population.
Time schedules of work showed a still further reduction. Of a total of
"Even considering the errors, the total jobless in the New Hampshire 888 establishments
reporting on hours worked, all but four stated how
case are reported 30,000 short. The total for population covered was in many days
they were operating a week. Only two-thirds were on a schedule
the neighborhood of 400,000. Thus the jobless percentage rises to 2.1%. of more than
five days a week. The largest number of firms, 36.5% of the
One per cent in the United States means 1,220,000. Even 1-10th of 1% total, were on a
five-and-a-half day schedule; 22.3% operated six days a
amounts to 122,000.
week; 19.5% five days; 9.3% four and a half days: 4.6% less than four
"Our final correction of the published 2,000,000 of workless wage earners days; while 7.8%
operated seven days a week. Shortened time schedules
adds then another 122.000 jobless ones or 6.1% to the number reported on are especially
apparent in the figures for man-hours of work and payrolls.
June 26. The total figure, if no blunders had been made should be 2,576,700 which showed
much larger declines than did the figures for employment.
jobless wage earners. This is an Increase of 28.8% of jobless workers.
Operations in manufacturing industries usually slow down during the
"A supplementary statement released July 14 says later figures continued mid-summer
season, but the curtailment in July this year has surpassed
to reveal 2% of the country areas without work in April. Detailed data were that of any other
year on record, that is since 1923. In July 1924 empromised but they have not been forthcoming.
ployment dropped 4.5 and payrolls 7.2%; and another pronounced decline
occurred In 1927, when the decline amounted to 3.7% in employment
Rural Areas Included.
"The report of June 26 was calculated to give good administration results. and 6.8% in payrolls. This year the decreases were 6.0 and 9.3%,respecRural areas with percentages of jobless desirably low were generously tively.
For the main industrial classifications, the employment declines ranged
Included. Thirty-one per cent of Iowa's total population was covered, with
the proportion of joblessness shown at 9-10ths of 1%. Virginia reported from less than 1.0% in wholesale and retail trade and public utilities, to
1.3% workless out of 71% of its population. On the contrary the chief over 10.0% in metals, machinery and conveyances, in stone, clay and
industrial states were scantily represented. The proportion of workless in glass products, and in miscellaneous manufacturing. Paper and printing
Massachusetts runs to 2.85% and only 18.6% of its population was revealed was the only industrial group to register a gain in both employment and
In the report of June 26, New York had 2.85% Jobless also with 18.6% payroll figures.
Stone, clay and glass products concerns reduced employment 10.1%,
accounted for.
"The sole dependable conclusion available from our census of unem- payrolls 10.8% and man-hours of work 12.4%. The lime, cement and
plaster industry registered gains In all of those items, continuing to resist
ployment to date is that it indicates a total of 2,576,700 jobless wage earners
which may be in the neighborhood of half the gainful workers unemployed the general downward trend. The glass industry showed the largest deIn April. It is a reasonable estimate on the basis of the detailed data released cline, employment falling off 15.7, payrolls 18.4 and man-hours of work
17.8%. One reporting factory suspended operations entirely for an indefithat we had over 5,000,000 unemployed at that time.
nite period of time.
Curtainments in the metals, machinery and conveyances group were
Few in South Dakota Unemployed-Census Bureau unusually large, employment falling off 10.2%, payrolls 15.5% and manhours of work 16.9%. Of
this
concerns included
Reports Only Half of 1% of 690,755 Population gave information on number the 347worked,and 26.4% in thesegroup, 276
were operof days
of
Out of Work-Unemployment Conditions in Other ating on a five-day schedule and 23.9% were on a schedule of less than five
days a week. The largest decline in employment in this group was reported
States.
by watches and jewelry, where a loss of 39.1% was due largely to the closing
South Dakota set a new low in the unemployment census of a large watch-making establishment for vacation. The tools and cutlery
industry laid off 23.1% of its men; automobiles and accessories 22.9%;
thus far, with 0.5% of the population "without a job, able agricultural
locomotives 15.5%; electrical
implements 21.6%; cars
to work and looking for a job." An Associated Press dis- apparatus 13.1%. In other industriesandthis group the decreases ranged
of
published in the New from 1.0% for miscellaneous industries classified as "all other" to 8.4%
patch from Washington, Aug. 18,
for machinery. Only one industry, sheet metal work and hardware,
York "Tinaes," in reporting this, added:
showed an increase in employment, 2.0%, and the payrolls here registered
Alabama, lowest in unemployment percentage of States previously re- a decline of 2.8%.
ported, had 0.8%.
The wood products group reported a recession of4.7% in employment and
Of South Dakota's 69 counties, four reported no unemployed, five had 9.0% in payrolls, with
every industry sharing in the downward trend. Saw
less than 1-10th of 1% unemployment, 53 had less than 1% and only seven and planing mills laid
off 9.9% of their workers; furniture factories 3.9%;
had one in a hundred out of work.
musical instrument factories 4.8%; and miscellaneous wood products plants
The highest county of all in unemployment was Walworth, with 8,778 3.2%.
inhabitants, and 104 of them, or 1.2%, reporting "situation wanted."
In the furs and leather goods classification, the fur industry maintained
Unemployment summaries for four States, South Dakota, New Hamp- Its volume of employment
but all the others showed a decline, especially
shire, Nebraska and Virginia, were announced as follows:
the tanning industry, in which employment fell off 12.4%. The miscelSouth Dakota, population 690,755, unemployed. 3,600, or 0.5%.
laneous leather goods industry laid off a large proportion of its workers,
New Hampshire, population 465,293, unemployed, 8.493, or 1.8% •
7.0%. In the boots and shoe industry the employment decrease of 1.0%
Nebraska, population, 1,378,900, unemployed, 15,440, or 1.1%.
was considerably less than the payroll decrease, which was 8.4%•
Virginia, population, 2,419,471, unemployed, 30,355, or 1.3% •
Under chemicals, oils and paints, the mineral and vegetable oils showed a
slight gain of 0.7% in employment while all the other industries in this
Earlier Associated Press accounts from Washington
group showed losses, especially paints, dyes and colors, where employment
(Aug. 15) stated:
declined 11.8%.
A 12
-State sample of the national unemployment count thus far completed
Paper goods and printing, the only group to register a consistent gain
by the Census Bureau,showed two Southern States, Alabama and Georgia, during the month, showed an
increase of 6.0% in employment, 1.6% In
freest from that condition officially described as "without a job, able to payrolls and 4.6% in man-hours
of work. The gains were due entirely
work and looking for a job."
to the expansion in the job printing industry, where employment rose
By percentages, lowest to highest, unemployment in the widely scattered 12.4%, payrolls 7.5% and the
man-hours of work 11.5%. The other inStates ran: Alabama, 0.8; Georgia, 0.9; New Mexico, 1.3; Idaho, 1.4; dustries in the group registered
declines in all of these items.
Vermont, 1.5: Maine, 1.7; Arizona, 1.7; Oklahoma, 1.8; Indiana, 2.1;
Only one textile industry, knit goods, showed increased employment,
Colorado, 2.2; Montana,2.2,and Nevada,3.1.
but this was not accompanied by a corresponding rise in payrolls. The
Minor laurels for low score went to Liberty County, Mont., where not textile group as a whole
showed a decrease of 1.4% in employment and 14.8%
one of the 2.203 population complained of being jobless.
in payrolls.
No other county in the United States thus far has reported no unemployed.
In the clothing and millinery group employment fell off 3.9% and manIts nearest rival was Greene County, Ala., where but two of the 19,765 hours of work
4.1%, while payrolls showed a gain of 9.1%. The apparent
population were out of jabs and looking for work.
discrepancy in these figures was due to the fact that in the men's clothing
The partial returns, considered by States and by counties, and, occasion- industry an increased
volume of work was taken care of without a correally, by cities, showed unemployment to be capricious, visiting the country sponding increase in
employment. The expansion was reflected in the
as well as the city; the mountain and desert districts as well as the seaboard payrolls, which rose
17.2%, but could not register in the manhours of work
industrial centres.
as only two of the five
this group reported
Nevada, least populous State, has the highest unemployment percentage their weekly operatingmanufacturing firms included in
schedules.
(3.1) of all States thus far reporting.
Several food products industries registered seasonal increases, the manuAlabama boasted eight counties in which unemployment was less than facture of ice showing a
gain of8.7% in number of workers,ice cream 15.6%.
1-10th of 1%; 51 more counties in which unemployment was less than 1%. and fruit and vegetable canning
45.6%. In the latter industry pea-canning
and only eight counties in which more than one person in 100 was jobless. was at its height and was
practically completed during July. Smaller




AUG. 23 1930.]

FINANCIAL CHRONICLE

gains in employment were reported for flour, feed and cereals, for confec-packing industry laid off 3.9% of
tionery and for beverages. The meat
its workers and reduced payrolls 5.0%.
The non-manufacturing industries in spite of a total increase of 0.1%
in employment showed a curtailment of 3.9% in payrolls and 3.2% in
man-hours of work. The slight increase in employment was brought about
by the coal mines, in several of which men out on strike were returning to
work. Operations in the coal industry, however, were not on a large scale,
and both time schedules and payrolls showed a decrease.
Under wholesale and retail trade, department stores and wholesale houses
laid off a considerable number of their employees, while mail order houses
and milk distributing agencies increased employment. In the services
classification, hotels and laundries showed declines. Of the public utillties,
railway car repair shops laid off the largest number of workers, while telephone companies reported a slight increase in employment, 0.3%. but
lower payrolls. The utilities group as a whole showed a decline of 0.9%
in employment and 5.1% in payrolls.
Road construction and miscellaneous contracting showed a greater activity, adding a substantial number of workers: but the building construction
Industry laid off 10.3% of its men and caused an aggregate decline of 4.1%
for the group as a whole.

In his analysis of the industrial situation by cities Mr.
Myers says:
Most of the reporting cities shared in the decline that prevailed throughout the manufacturing industries of the State during July. In Chicago
3.7% of the factory workers lost their jobs, while in cities outside of Chicago
a total of 8.9% were laid off. Payrolls declined even more, 6.7% for
workers in Chicago and 13.4% for workers in the other cities.
Three of the 15 cities for which reports are compiled separately showed an
increase in the number of factory workers employed. Two of these,
Bloomington and Cicero, showed no corresponding increase in payrolls.
Danville is the only city in which employment reports indicated a definite
upward tendency, and the number of reporting firms in this city is too small
to furnish conclusive evidence of a general improvement.
Unemployment, as measured by the ratio of applicants for work at the
free employment offices of the State to the number of places available,
continued high in all of the reporting cities. The ratio for the State as a
whole was 261.8 as compared with 224.0 in June and 148.4 in July 1929.
.
The ratios were especially large for the metals and machinery, and the
building and construction industries.
The demand for farm labor showed an improvement during the month,
due to harvesting and threshing. The demand, however, has been light
in comparison with the supply of labor available.
-In this city employment decreased 3.0% while payrolls showed
Aurora.
a reduction of only 0.5%. The unemployment ratio increased slightly.
-foot pavement near the
Work on widening eight miles of hard road to a 40
city was started this month.
Bloomington.
-An increase of 8.1% in factory employment in this city
was due to activity in the canning industry, which was at its height for the
canning of peas. The curtailment of time schedules in other industries,
however, caused a drop of 4.6% in the total payroll figures. Unemployment was slightly lower than the preceding month but higher than a year
ago.
chkago.-The 3.7% reduction in factory employment reported for
July, while considerably below the average decline for the State, was
larger than any other experienced by Chicago during the present depression
period. With the exception of job printing, practically all of the industries
registered substantial declines. Unemployment showed a marked increase, the ratio of 400.9 exceeding that shown by any other city except
Cicero.
Cicero.
-A large manufacturing plant, closed during the last few months,
resumed operations in July, thereby causing an increase of 3.4%, the volume of employment reported. Part-time work, however, in other industries resulted in a substantial decrease in the total payrolls. The unemployment ratio in this city registered 434.4, compared with 317.1 in June
and 184.4 a year ago.
Danville.
-Nine factories, reporting an employment of 715 men and 123
women, showed an aggregate increase of 7.4% In employment and 4.4%
In payrolls. Reports from the free employment office of this city, however,
indicate that conditions have not shown any general improvement. Some
factories are closed down and others are working on reduced time schedules.
The unemployment ratio registered a slight increase over the preceding
month.
-Employment declined 7.1% and payrolls 12.0%, most of the
Decatur.
reporting firms coming under the classification of metal, machinery and
conveyances. The unemployment ratio decreased from 283.3 In June to
245.8 for July.
-One per cent of the workers in the reporting factories of
East St. Louis.
this city were laid off, while payrolls declined 5.1%. Unemployment registered a decrease of six points, from 148.7 to 142.7. The construction of a
bridge which will involve the expenditure of approximately $4,000,000 is
under consideration.
-Decreases of 0.7% in employment and 7.0% in payrolls were
Joliet.
reported for this city. Railroad shops have laid off 200 men and reduced
their working time to four days a week. A stove foundry has increased
employment and is operating on almost a normal basis. Perm help has
been hired at a wage of from $40 to $45 a month. The free employment
office placed 157 farm hands during the month. The unemployment ratio
declined slightly.
-This city experienced one of the largest declines reported,
Moline.
employment falling off 30.8% and payrolls 29.2%. Much of this was due
to the decline in the manufacture of farm implements, for which this is the
slack season. The railroad shops also contributed to the decline, having
closed down for a period of two weeks.
-Employment decreased 6.2% and payrolls 13.4%, the latter
Peoria.
item affected by a shortening of hours in several plants. The industries
affected were mainly those coming under the metal, machinery and conveyances classification. Many floaters were applying for work and the
unemployment ratio showed a considerable increase. Paving contracts
totaling 980,000 have been let and the work is to begin early in August.
-While the number of workers decreased 9.6%, payrolls showed
Quincy.
a drop of 34.8%, the difference being mainly due to the extensive curtailments that have been made in working hours. Agricultural implements,
Iron and steel, as well as other industries were affected. The unemployment ratio rose to 175.8 from 164.2 in June.
Rockford.
-In this city the volume of manufacturing employment has
shown a steady decrease since last August. The current decline, 6.9% in
number of workers and 18.4% in payrolls, was the largest reported during
this period. All plants are working part-time. The decrease in machinery
factories is especially marked, but practically all metal and woodworking
industries have been affected. Bids totaling $182,000 for paving and sewer




1173

work were to be let the first week of August, which would finish up all local
improvements planned this year. The unemployment ratio was slightly
higher than in June.
Rock Island.
-This city showed another marked decrease, 22.0%, in
employment and 33.0% in payrolls. The industries affected were mainly
agricultural implements, automobiles and accessories, and furniture and
cabinet work. The unemployment ratio showed little change, registering
258.7 against 258.0 the preceding month.
Springfield.
-The curtailment in this city was larger than in any other
from which the reports are compiled separately, employment showing a
drop of 51.1% and payrolls a loss of 53.3%. The reporting concerns included agricultural implement plants, electrical apparatus factories, and
a large watch-making establishment. At the free employment office
there were 130.1 applicants for every 100 available jobs, compared with a
ratio of 118.3 in June.
-The main industries in this territory reporting a
Sterling-Rock Falls.
decrease in operations were iron and steel, automobiles and accessories,
agricultural implements, and furniture and cabinet work. The reduction
totaled 11.0% in employment and 17.7% in payrolls.

The statistics supplied by Mr. Myers follow:
COURSE OF EMPLOYMENT AND EARNINGS IN ILLINOIS DURING
JULY 1930.
By Howard B. Myers, Chief of Bureau of Statistics and Research.
Employment.

/ndustrtes.

All Industries
All manufacturing Industries
Stone, clay, glass
Miscellaneous stone-mineral
Lime-cement-plaster
Brick-tile-pottery
Glass
MetaLs-machinery-conveyancesIron and steel
Sheet metal work-hardware..
Tools-cutlery
Cooking & heating apparatus_
Brass-copper-zinc and other.._
-locomotives
Cars
Autos-accessories
Machinery
Electrical apparatus
Agricultural implements
Instruments and appliances
Watches-Jewelry
All other
Wood products
Saw-planing mills
Furniture-cabinet work
Pianos-Musical instruments_ Miscellaneous wood products.
Furs and leather goods
Leather
Furs-fur goods
Boots and shoes
Miscellaneous leather goods
Chemicals-oils-paints
Drugs-chemicals
Paints-dyes-colors
Mineral and vegetable on
Miscellaneous chemicals
Printing and paper goods
Paper boxes-bags-tubes
Miscellaneous paper goods..
Jobprinting
Newspapers-periodicals
Edition book binding
Lithographing and engraving.
Textiles
Cotton-woolen goods
Knit goods
Thread and twine
Miscellaneous textiles
Clothing and millinery
Men's clothing
Men's shirts-furnishings
Overalls-work clothes
Men's hats-caps
Women's clothing
Women's underwear
Women's hats
Food-beverages-tobacco
Flour-feed-cereals
Fruit-vegetable canning
Miscellaneous groceries
Slaughtering-meat Packing
Dairy products
Bread-other bakery productsConfectionery
Beverages
Cigars-other tobaccos
Manufactured ice
Ice cream
Miscellaneous manufacturingNon-manufacturing industries
Trade-wholesale-retail
Department stores
Wholesale dry goods
Wholesale groceries
Mall order houses
Milk distributing
Metal jobbing
Services
Hotels-restaurants
Laundries
Public utilities
-power
Water-gas-light
Telephone
Street railways
Railway car repair
Coal mining
Building and contracting
Building construction
Road construction
Miscellaneous contracting-

Earnings (Payroll).

Average
Total
Index of
Weekly
Per Cent Employment Earnings
Per Cent Earnings
Change
(Average
from a 1925-27=100). of Chge. July 1930.
from
Month
FeAgo. July June July June
1930 1930. 1929. 1930. Males. males.
-3.7
-10.1
+2.1
-15.7
-10.2
-4.4
+2.0
-23.1
-2.8
-15.5
-22.9
-8.4
-13.1
-21.6
-5.9
-39.1
-1.0

87.3 90.7 101.5
85.7 912 103.4
78.6 87.4 .93.6
76.2 81.1 97.7
81.8 80.1 95.6
57.1 61.2 75.6
108.7 129.0 109.7
86.2 96 0 112.8
105.2 110.0 116.7
86.0 84.3 105.2
60.4 78.6 96.4
88.5 91.0 93.9
94.4 98.9 112.9
49.8 58.9 71.7
72.7 94.3 139.4
94.6 103.3 129.0
83.3 95.8 120.4
83.9 107.0 126.4
66.0 70.1 94.4
54.7 89.8 93.1

72
--di 63.5 7- :
6
57.7 64.0 79.9
-3.9 66.4 69.1 76.5
-4.8 41.3 43.4 52.1
-3.2 66.7 68.9 73.7
-2.4 88.6 90.8 106.2
-12.4 72.9 83.2 101.5
0.0 103.7 103.7 112.7
94.4 95.4 110.7
-7.0 89.2 42.1 57.7
-3.1 92.9 95.9 106.7
-3,1 73.5 75.9 93.1
-11.8 88.4 98.0 106.2
+0.7 96.0 95.3 98.3
-3.7 94.8 98.4 123.4
+6.0 107.3 101.2 100.7
83.7 85.1 95.2
87.0 90.7 100.7
+12.4 102.6 91.3 104.8
90.6 92.1 103.4
84.4 85.6 - 2.1
9
-3.8 86.4 89.6 99.2
+8.0 79.5 73.6 93.2
-10.5 73.6 82.2 08.2
-4.2 108.3 113.1 87.5
-3.9 75.8 78.9 88.0
+0.1 69.1 69.0 81.0
+6.4 58.5 55.0 65.7
+31.4 38.4 29.2 69.4
--5.9 85,2 90.5 96.0
--29.4 88.8 125.8 97.8
-4.2 145.7 152.1 79.7
-22.3 30.4 39.1 46.3
88.8 90.2 95.9
+1.7 90.7 89.2 88.6
+45.6 20.2 13.9 38.9
-1.7 87.2 88.7 90.0
-3.9 92.5 96.3 01.0
-8.1 107.2 114.2 13.9
-1.4 80.8 81.9 94.3
+1.4 95.7 94.4 93.5
+0.6 72.5 72.1 71.9
-4.1 89.2 93.0 94.5
+8.7 98.7 90.8 05.7
+15.6
-16.3 _
+0.1
6973
6do -- 85.2
-0.7 --4.7 92.8 97.4 107.1
-9.5 82.6 91.3 74.8
82.2 84.0 78.7
+1.6 63.0 62.0 84.4
+0.7
-0.4

1- Ti idaTi 111.2
6
-0.9 102.1 103.0 107.5
117.8 119.8 124.9
+0.3 114.4 114.1 118.0
-0.8 95.5 96.3 100.1
73.2 75.9 81.2
+18.0 64.1 54.3 69.3
-4.1 73.4 76.5 87.1
-10.3 63.6 59.6 71.4
+5.4 198.5 188.3 108.1
+30.5 122.3 93.7 133.6

-7.2 $29.78 $17.94
-9.3 28.78 16.02
-10.8 26.99 12.80
-10.8 27.99 16.58
+3.0 27.41 17.20
-4.1 27.83 12.213
- 18.4 25.90 12.74
-15.5 27.23 15.95
-13.3 27.21 13.93
- 2.8 25.71 15.72
-34.7 26.00 10.20
-9.6 27.62 13.16
-7.9 26.71 15.22
-17.0 28.11 17.09
-25.2 29.07 17.66
-14.3 26.63 12.95
-17.4 29.91 18.16
-26.7 22.95 13.37
-7.5 32.16 19.57
-33.6 31.15 15.14
+0.3 25.73 11.90
-9.0 24.04 13.12
-10.9 27.65 8.36
-4.9 24.06 15.09
-28.5 24.57 10.93
-6.0 21.32 11.50
-8.6 22.48 11.58
-9.3 30.90 17.29
38.25 26.88
-8.4 18.91 11.17
- 10.9 25.19 14.15
-3.6 28.86 13.83
-6.2 28.65 11.91
-20.2 26.45 15.73
+1.3 29.76 15.86
-1.1 27.48 13.21
+1.6 38.67 18.88
-7.3 26.87 14.30
-5.9 33.52 16.52
+7.5 40.51 17.27
-7.4 45.37 22.18
-7.7 33.00 16.90
-2.9 45.80 19.67
-14.8 24.02 10.04
-10.9 26.11 12.43
-13.8 18.07 7.70
-23.4 24.84 12.32
-17.0 24.09 11.99
+9.1 36.56 18.63
+17.2 37.09 24.97
+2.6 59.21 19.18
+39.7 25.83 13.11
-14.7 27.46 19.59
-32.2 33.96 10.52
- 13.1 25.39 10.54
-27.4 32.31 13.86
-3.8 29.94 17.59
-3.9 27.32 12.18
+63.6 20.36 14.43
-5.5 25.95 12.80
-5.0 28.90 20.02
-8.3 26.87 12.09
-3.7 35.41 16.13
-5.8 30.02 14.88
-1.5 36.21 16.93
-7.0 28.57 20.10
+9.0 40.50
+5.7 51.70 ffia
-10.6 31.30 12.31
-3.9 32.05 19.81
+0.8 37.35 19.06
-4.6 34 11 18.83
-9.0 29.20 13.82
-0.8 31.63 17.68
+21 25.53 19.27
+5.3 53.59 38 tut
-10.2 32.40 20.411
-22 22.30 15.51
-1.8 21.12 15.42
-4.6 32.38 15.61
-5.1 34.44
-2.8 28.45
-5.2 41.56 20.72
-3.9 35.54 18.65
-11.3 27.51 22.17
-1.4 16.17
-6.4 39.56
-13.6 39.00
+11.1 43.0
+24.9 38.99

Business Conditions as Viewed by Wisconsin Bankshares Corp.
-Sees Drouth as Increasing Business
Uncertainty.
The Wisconsin Bankshares Corp. sees recuperative influences at work despite the severe depression of the summer,

1174

FINANCIA_L CHRONICLE

but it notes that the drouth in the agricultural regions has
increased business uncertainty, and it states that "its effect
upon farm purchasing power cannot as yet be clearly forseen." In its Bankshares "Review," the Corporation says
In part:
It was almost a foregone conclusion that the midsummer months would
be extremely dull. In July, business activity subsided considerably more
than the seasonal allowance and approached the low point of last December
When the full force of depression was first felt.
Unfavorable as the developments of July may appear, their general
effect should be to hasten the eventual recovery of business. The poor
showing made by production and trade and the general lethargy of business
this summer mean that liquidation has been getting in its work. In many
lines production rates have been cut below consumption and inventories
Will before long be normal if not below. The buying power resulting from
low Inventories does not immediately manifest itself, but hesitates until
Signs of business recovery appear or prices begin to bo stabilized.
Business almost never starts recovery in the off-season months. Genuine
recovery usually comes on the heels of seasonal expansion. Last spring, a
sufficiently strong foundation for business revival did not exist, but by the
late fall the current depression will have lasted longer than the average and
the possibility of a return to normal conditions will be, therefore, considerably stronger.
The drouth which has afflicted the most productive agricultural regions
of the country has increased business uncertainty. Its effect upon farm
purchasing power cannot as yet be clearly foreseen. Farmers in the predominantly corn and hog-raising areas will certainly lose, as higher prices
will not compensate for the loss in the crop yield. On the other hand, there
Is an abundance of small grains, particularly wheat, and producers of these
'sops will receive higher prices owing to the shortage of corn. Total farm
Income will not be benefited by disaster to the crops, but it is possible that
the grain of the small grain producers may go far to offset the loss of the
corn and hog farmers. The drouth removes the problem of burdensome
surpluses for the time being, but probably at too great a cost. Finally, the
psychological effect of a shift from falling to rising farm prices is not
altogether a negligible factor.
The continued fall of commodity prices has had an enervating effect upon
business enterprises everywhere. The recent rate of decline has been
somewhat slower than in May and June. By comparison with a year ago,
prices are down 12 to 15% depending upon the index used and whether it is
made up more largely of raw materials or finished products. It would
appear that most basic commodities are in a buying range whether they
have reached bottom or not. It is as difficult to pick the bottom of a
commodity price decline as it is that of security prices. Quotations of a
number of commodities are below their post-war lows and well below their
costs of production. It seems reasonable to believe, therefore, that the
price decline has about run its course.
While the price level is declining, buyers restrict their purchases and let
their inventories run down so that they may take advantage of bottom
prices. This, of course, creates an accumulation in the hands of original
producen and forces prices lower. There are a few commodities, such as
rubber, coffee, sugar, tin and silk, supplies of which have been chronically
excessive for years largely owing to artificial support of prices by Governments or collusive agreements by producing groups. Aside from these
special cases, prices of most commodities would respond promptly to any
normal,consistent buying movement.
The statement that business recovery cannot take place until prices have
turned upward is not well-founded in experience. Business has usually
begun to revive In advance of an upturn in prices. When inventories get
low, more production is required and the need for raw materials, supplies
and equipment naturally brings a rise of prices.
While business has been severely depressed this summer, recuperative
Influences have been at work preparing the way for expansion when necessary readjustments have been completed. Increasingly easy money has
been followed by large issues of new capital and rising bond prices. Favorable money conditions have permitted resumption of foreign borrowing in
this country. Foreign exchange rates have recently become stronger which
makes possible redistribution of our surplus gold holdings and eventually
will facilitate foreign purchases of American products. In short, the
reversal from stringent money conditions last year to easy conditions to-day
Is highly favorable to normal exchange relations, both internally and
internationally.

tvoL. 131.

mending curtailment of production, and appointed a committee to confer with the Governor of the Straits Settlements,
according to a cable to the Rubber Exchange of New York.
The Planters' resolution referred to provided that the Government be asked to legislate for rubber restriction by
periodical stoppage of tapping or the reintroduction of the
Stevenson scheme in a modified form, such legislation being
provisional upon equivalent action by the Dutch East
Indies and Ceylon. The Planters further recommended that
the Government in conjunction with the Dutch East Indies
Government and Ceylon should not alienate land for rubber
growing for a period of years.
Rubber Exports from Malaya.
The rate of rubber exports from Malaya, chief producing
country, continues to increase and for the month of August
will amount to approximately 44,000 tons, according to
estimates cabled to members of the Rubber Exchange of
New York. Shipments for the first half of the month totaled
25,000 tons. Gross exports of crude rubber from the producing country it is stated amounted to 41,347 tons last
month, while those during June totaled 36,657 tons. Continued accumulations of the commodity at consuming centers
are in prospect unless world consumption expands materially
over the remainder of the year, according to local importers.
Sears, Roebuck 8c Co. Rescinds Order for Fall Advance In Tire Prices.
A press dispatch August 20 from Chicago stated:
An increase of about 2% in tire prices listed in the Fall and Winter
general catalogue of Sears, Roebuck & Co. has been rescinded, J. H.
Westrich, Manager of the mail order house's tire department announced
to-day.
Summer prices, which were to expire August 31, will be retained and
customers ordering tires from the catalogue after that date will be allowed
a refund of the difference.
Current tire prices, Mr. Westrich said, were made possible by cheap
rubber. No explanation was made of the withdrawal of the Fall and
Winter increase.

Goodyear Tire & Rubber Co. to Cut Production.
The following Akron advices are from the "Wall Street
Journal" of August 22:
Goodyear Tire & Rubber Co. will cut production during the first week in
September to a level of activity about 80% of present rate in plant No. 1.
which manufactures large size tires and to a rate in the No. 2 plant, which
turns out smaller sizes, of about 25% of present rate.
Combined rate scheduled for the company during the first part of September will be around 70% of present rate of operations. Company at present
is turning out approximately 44,000 tires daily, which output will be cut
to around 30,000 daily.

Ford Visions Plants on 10-Month Year—Motor-Car Industry Will Adopt Plan to Effect Steady Employment, He Predicts—Summer Given to Rest—He
Justifies Higher Canadian Tariff as Needed for
Growth of Young Industries.
A ten-months' working year in the automobile industry
was predicted by Henry Ford on Aug. 9 in a copyrighted
Nash Motors Co. To Resume Production at Kenosha interview
printed in the "Border States Star" of Windsor,
About Sept. 1.
Ont.:
Chicago advices to the "Wall Street Journal" of Aug. 21
"The problem challenging us now is how to control industry so that
workmen may have steady employment," he said. "What it will come
stated:
Nash Motors Co. will resume production at Kenosha around Sept. 1
with a force of 500 to 600 men, which will be added to gradually until
full production is attained.

Straits Settlement Association of Rubber Producers To
Study Rubber Restriction Plan Further.
Refusing to accept the report of its sub-committee suggesting immediate Government intervention to enforce curtailment of rubber production, the Straits Settlement Association of Rubber Producers has asked the Government to
appoint a commission to inquire into conditions, according
to a cable received at the Rubber Exchange of New York
on August 15.
Singapore Rubber Growers Approve Restriction Plan.
The Singapore Rubber Growers' Association has gone on
record as favoring the restriction in rubber production made
by the Anglo-Dutch Laiason Committee, according to a
cable received at the New York Rubber Exchange on Aug. 16.
Malayan

Approve Proposal to Restrict Production.
A meeting of Malayan rubber producers held at Kualalumpur on August 21, adopted the resolution passed by the
Asiatic Planters' Association of Malaya on July 20, recomRubber Producers




to in the motor car industry, it seems to me,is a ten-month industrial year.
"The summer months are not good months to be working in a factory.
People need change.
"Such an adjustment will make time, of course, because the workers
as well as the manufacturers, will have to adapt themselves to such a
schedule; but we have accomplished bigger things in the past. The eight
hour day, for instance, was a bigger adjustment to make, and so was the
five-day week.
"A ten-month Industrial year will be the next thing. At the present
time it averages about eleven months."
Discussing the Ford business relations with Russia, Mr. Ford said
there were no complaints to make against Russia or the Russians, but
on the contrary the Ford Motor Company was doing all it could to assist
the country in getting to work, asserting that a nation at work makes a
good neighbor for anybody,
"Other countries in the world," Mr. Ford continued, "are becoming
more and more able to provide many things for themselves which they
now buy from us. These countries like American goods, but on the other
hand they do like a share in the production, and that is as it should be.
America cannot hope permanently to provide for other countries, so it all
works out for the better economic balance of the world."
The Ford Motor Co. of Canada, which has been in operation for twentysix years, expects to stay, and will continue to give employment to just
as many as possible and to make as many good cars as possible, Mr. Ford
said.
"As for the difference in the costs of cars made in the United States
and cars made in Canada, it is all a question of quantity," he went on.
"It costs more to make a few things than it does to make many, and as
production goes up prices come down. because quantity decreases manufacturing costs. The price of the Ford car in Canada or anywhere else is
not based on tariff differences or anything except the cost of the manufacture."
On the subject of the present depression Mr. Ford expressed his belief that though the unemployment situation was sharp, it was only tern-

AUG. 23 1930.]

FINANCIAL CHRONICLE

1175 Southern Pine Reports.

porary, and that the cause was that too many people had their minds
centred on money and not enough on work.
As for the remedy, Mr. Ford declared that the headlines would not
make prosperity, and that work was the only thing which could do that.

The Southern Pine Association reported from New Orleans that for
142 mills reporting, shipments were 5% below production, and orders
8% below production and 3% below shipments. New business taken
during the week amounted to 43.659,000 feet (previous week 40.047.000
Sees Need for Canadian Tariff.
at 135 mills); shipments 45,003,000 feet. (previous week 42,735,000); and
Mr. Ford also discussed prospective higher tariff rates in Canada, declarproduction 47,218,000 feet, (previous week 45.040,000). The three-year
ing that he saw no objection to the raising of the schedules.
mills is 68,765,000 feet. Orders on band
"Though I am not a tariff advocate in the United States, the situation of average production of these 142
127 mills were 119,511,000 feet. The 132 identical
the two countries is quite different," he said. "The United States has at the end of the week at
mills reported a decrease in production of 27%. and in new business a
attained industrial maturity and should be able to stand on her own feet
as compared with the same week a year ago.
in competition with the world. but Canada is still in the formative stage decrease of 28%,
The Western Pine Manufacturers Association, of Portland, Ore., reindustrially, and if a higher tariff will foster industry there, who can object
ported production from 86 mills as 44,660.000 feet, shipments 33,569,000
to that?"
Sixty-four identical mills reported a decrease
Mr. Ford added that whether the tariff is or is not increased, he believed and new business 32,243,000.
decrease of 25% in new business, in comthat all managers and producers in the industry should do their best at of 19% in production, and a
all times, for though Canada is already a great country commercially, it parison with a year ago.
California White & Sugar Pine Manufacturers Association, of San
The
is not a tithe of what it will become,and he is much interested in its progress.
26,227,000 feet, shipments
Retaliatory tariffs in Europe will have little or no effect on foreign Francisco, reported production from 20 mills as
reported
because in the first place such tariffs bear most heavily on those 16,608,000 and orders 16.490.000. The same number of mills
Ford sales
countries which raise them, and in the second place Ford products are now production 15% less, and orders 18% less, than that reported for 1922.
Manufacturers Association, of Minneapolis, MM.,
The Northern Pine
manufactured in many European countries, Mr. Ford declared. The
worst feature would not be the effect on trade with the United States, but reported production from seven mills as 5.993.000 feet, shipments 3,377.000, and new business 2,712,000. The same number of mills reported a
trade between the European countries themselves, he said.
the injury to
decrease of 23% in production, and a 50% decrease in new business, in
comparison with a year ago.
The Northern Hemlock and Hardwood Manufacturers Association, of
June Tire Output 25.2% Below Same Month Last Year Oshkosh, Wis., reported production from 21 mills as 1,972,000 feet, ship-Six Month's Shipments 23.6% Under Same ments 2,041,000 and orders 1,264,000. Twenty identical mills reported a
decrease of 38% in production, and a decrease of 55% in orders, when comPeriod of 1929.
pared with the corresponding week of 1929.
According to statistics issued by the Rubber ManufacThe North Carolina Pine Association, of Norfolk, Va., reported proturers Association, Inc., production of pneumatic casings duction from 101 mills as 6,570,000 feet, shipments 7,080,000 and new
business 5,481,000. Forty-eight identical mills reported production 37%
for the first six months of 1930 exceeded shipments by less below, and new business 51% below that reported for the same period of
than 5% as compared with 9% for the same period a year last year.
The California Redwood Association, of San Francisco, reported proago and 7% in 1928. Production of pneumatic casings for
duction from 12 mills as 5,547.000 feet, shipments 5,057.000 and ordiers
the month of June is placed at 5,463,737, a decrease of 10.4% 4,664,000. The same number of mills reported production 24% less, and
orders 37% less, than that reported a year ago.
under June 1929 and 18.4% below June 1928.

Shipments of pneumatic casings for the month of June
amounted to 5,646,658 and represent an increase of 1.5%
over May but a decrease of 22.2% under June 1929 and 20.7%
under June 1928. Shipments of pneumatic casings for the
first six months of 1930 were 23.6% under the same period in
1929 and 13.2% under 1928.
Inventories of pneumatic casings on hand June 30 1930
amounted to 14,162,170 or 1.2% over May 1930 and 19.5%
below June, 1929.
Low Lumber Production Continues.
Maintaining a fair ratio with shipments and demand,
lumber production during the week ended Aug. 16, has for
the seventh consecutive week remained at a level approximately 30% below the cut during the same period a year ago,
it is indicated in reports to the National Lumber Manufacturers Association. Through this period production has
averaged about 6% above shipments, and 10% above
orders. For the week ended Aug. 16, reports from 890 leading hardwood and softwood mills showed orders 88% and
shipments 92% of a total production of 290,574,000 feet.
A week earlier, 870 mills reported a total production of
289,822,000 feet, with orders 87% and shipments 86%
thereof.
Lumber orders reported for the week ended Aug. 16 1930,
by 616 softwood mills totaled 231,330,000 feet, or 11%
below the production of the same mills. Shipments as
reported for the same week were 239,026,000 feet, or 9%
below production. Production was 261,352,000 feet.
Reports from 295 hardwood mills give new business as
23,652,000 feet, or 19% below production. Shipments as
reported for the same week were 27,311,000 feet, or 7%
below production. Production was 29,222,000 feet.
Unfilled Orders.
Reports from 498 softwood mills give unfilled orders of 751,914,000 feet,
on Aug. 16 1930, or the equivalent of 15 days' production. This is based
-day year
-and may be comupon production of latest calendar year-300
pared with unfilled orders of 502 softwood mills on Aug. 9 1930, of 758,284,000 feet, the equivalent of 15 days' production.
The 382 identical softwood mills report unfilled orders as 701,414,000
feet, on Aug. 16 1930, as compared with 1,045,339,000 feet for the same
week a year ago. Last week's production of 485 identical softwood mills
was 245,057,000 feet, and a year ago it was 348,138,000 feet; shipments
were respectively 223,383,000 feet and 324,387,000, and orders received
213,547,000 feet and 302,480,000. In the case of hardwoods, 218 identical
mills reported production last week and a year ago 24,642,000 feet and
46,049,000;shipments 22,446,000 feet and 40,454.000;and orders 19,411.000
feet and 38,917,000.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle that
new business for the 227 mills reporting for the week ended Aug. 16, totaled
124,817,000 feet. of which 59,900.000 feet was for domestic cargo delivery,
and 14,279,000 feet export. New business by rail amounted to 41,231.000
feet. Shipments totaled 126,291,000 feet, of which 51.014,000 feet moved
coastwise and intercoastal, and 23,083,000 feet export. Rail shipments
totaled 42,787.000 feet, and local deliveries 9,407,000 feet. Unshipped
orders totaled 391,140,000 feet, of which domestic cargo orders totaled
186,687.000 feet, foreign 109,182,000 feet and rail trade 95,280.000 feet.
Weekly capacity of these mills is 250,322,000 feet. For the 32 weeks ended
Aug. 9, 139 identical mills reported orders 5.9% below production, and
shipments were 0.7% below production. The same mills showed an increase in inventories of 4.0% on Aug. 9, as compared with Jan. 1.




Hardwood Reports.
The Hardwood Manufacturers Institute. of Memphis, Tenn., reported
production from 274 mills as 26,340,000 feet, shipments 24,778,000 and
new business 22,270,000. Reports from 198 identical mills showed a decrease of 47% in production, and a decrease of 46% in new business, in
comparison with 1929.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 21 mills as 2,882,000 feet, shipments 2,533.000 and orders 1,382.000. Twenty identical mills reported a
decrease of 38% in production, and a decrease of 77% in orders, when
compared with last year.
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDED AUG. 16 1930 AND FOR 33
WEEKS TO DATE.

Assodation.

Produolion
M Pt.

Shipmeets,
M Ft.

P. c
of
Prod

Southern Pine:
47,218
45,003 95
Week-142 mill reports
1,876,406 1,738,443 93
33 weeks-4,657 mill reports
West Coast Lumbermen's:
126,291 103
123,165
Week-227 mill reports
4,978,829 4,855,384 98
-7,I60 mill reports
33 weeks
Pine Manufacturers:
Western
44,660
33,569 75
Week-86 mill reports
33 weeks-3,009 mill reports-- -. 1,381,750 1,192,297 86
California White & Sugar Pine:
26,227
16,608 63
Week-20 mill reports
626,220
678,562 108
33 weeks-8'27 mill reports
Northern Pine Manufacturers:
5,993
3,377 56
Week
-7 mill reports
156,443
134,686 86
33 weeks
-256 mill reports
No.Hemlock&Hardwood (softwood):
1,972
2,041 103
Week-21 mill reports
74,211 69
108,286
33 weeks
-1,029 mill reports
North Carolina Pine
6,570
7,080 108
Week-I01 mill reports
296,245
289,218 98
33 weeks
-3,634 mill reports
California Redwood:
5,547
5,057 91
Week-12 mill reports
206,811 82
225,376
-475 mill reports
33 weeks
Softwood total*
Week--616 mill reports
33 weeks
-21,047 mill reports_
Hardwood Mfrs. Institute:
Week-274 mill reports
33 weeks
-8,497 mill reports
Northern Hemlock & Hardwood:
Week-21 mill reports
33 weeks
-1,029 mill reports
Hardwood total:
Week-295 mill reports
33 weeks
-9,626 mill reports
Grand total:
Week-840 mill reports
as mocualre-911 q.1.1 rnill remnrha

Orders
M Ft.

P. C.
of
Prod.
...--.

43,659
1,709,748

92
91

124,817
4,787,316

101
96

32,243
1,151,246

72
83

16,490
687,895

63
110

2,712
128,424

45
82

1.264
67.473

64
62

5,481
235,060

83
79

4,664
209,529

84
93

261,352
239,026
9,649,555 9,169,612

91
231,330
95 8,976,691
.

89
93

24,778
26,340
1,125,402 1,005,795

94
89

22,270
965,889

85
86

2,533
151,125

88
61

1.382
123,748

49
59

29,222
27,311
1,374,360 1,156,920

93
84

23,652
1,089,637

84
79

254,982
nee 229

88

2,882
248,958

290,574
11 02:1 QIn

266,337
in :12R Fug2

92
as

In

91

West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 227 mills show that a total of 120,341,419 feet
of lumber were produced, 122,064,590 feet ordered and
107,050,602 feet shipped during the week ended Aug. 9
1930. The Association's statement follows:
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
OPERATING CAPACITY 349 IDENTICAL MILLS.
(All mills reporting production for 1929 and 1930 to date.)
Actual production week ended Aug.9 1930
139,862,216 feet
Average weekly production. 32 weeks ended Aug.9 1930
174,969,949 feet
Average weekly production during 1929
208,358,979 feet
Average weekly production last three years
215,592.059 feet
Weekly operating capacity
301,912,559 feet
Weekly operating capacity is based on average hourly production for the twelve
last months preceding mill check and the normal number of operating hours per week.

1176

FINANCIAL CHRONICLE

WEEKLY REPORT OF PRODUCTION, ORDERS AND SHIPMENTS.
227 mills report for week ended Aug. 9 1930.
(All mills reporting production, orders and shipments.)
Production
120,341,419 feet (100%)
Orders
122,064,590 feet ( 1.43% over production)
Shipments
107,050,602 feet (11.04% over production)
WEEKLY COMPARISON (IN FEET) FOR 224 IDENTICAL MILLS
-1930.
(All mills whose reports of production, orders and shipments are complete
for the last four weeks.)
Week EndedAug.9.
Aug.2.
July 26.
July 19.
Production
119,994,780 124,837.351 129,865,164 122,237,980
Orders(100%)
121,789,406 141,058,650 129,425,573 143,741,378
Rail(33%)
39,639,719 42,962,960
42,866,760 45,255,704
Domestic cargo(41%)
50,426,904 58,961,622 51,209,651 52,201,564
Export (16%)
19,076,056 23,894,359 25,481,545 29,079.563
Local (10%)
12,646,727 15,239,709 10,067,617 17,204,547
Shipments(100%)
106,847,058 146,314,327 131,216,255 144,093,107
Rail (40%)
42,259,646 46,522.434 48,558,311 49,048,429
Domestic cargo(29%)
31,176,256 53,343,930 40,538,853 45,116,255
Export(19%)
20,764,429 31,208,254 32,051,474 32,723,876
Local (12%)
12,646,727 15,239,709 10,067,617 17,204,547
Unfilled orders(100%)
394,495,387 385,448,162 394,447,083 400,464,252
Rail(25%)
98,232,034 101,242,864 106,014,395 114,454,387
Domestic cargo(45%)
178,687,956 163.041,056 158,699,764 148,303,051
Export (30%)
117,575,397 121,164,242 129,732,924 137,706,814
182 IDENTICAL MILLS.
(All Mills whose reports of production, orders and shipments are complete for 1929
and 1930 to date.)
Average 32
Average 32
Weeks Ended
Week Ended
Week Ended
Aug.91930. Aug.9 1930. Aug.10 1929.
139,766,498
166.796,108
111,435,541
Production (feet)
114,352,424
130,836,690
170.758,295
Orders (feet)
Shipments (feet)
99,182,591
138,430,286
170.735,983
DOMESTIC CARGO DISTRIBUTION WEEK ENDED AUG.2 1930(129 mills).
•

Orders on
Hand Begin'g Week
Aug.2 1930

Orders
Received.

CancelBatons.

Shipments.

Unfilled
Orders
Week Ended
Ang.2 1930.

[vol.. 181.

Seven months shipments by Canadian mills were 1,471,711
tons against 1,529,811 tons in 1929; United States mill shipments were 777,992 tons against 821,689 tons in the like
period of 1929; combined shipments of United States and
Canadian mills were 2,249,703 tons against 2,351,500 tons
in the first seven months of 1929.
1930.
Aug. 1
July 1
June 1
May 1
Apr. 1
Mar. 1
Feb. 1
Jan. 1

Canada.
52,862
45,229
44,409
45,948
38,661
39,598
29,154
24.946

Dec. 129.
19
Nov. 1

28,891
30,064

NEWSPRINT STOCKS.
17.S.
-Can.
U. S.
1929(Cone.) Canada.
Total.
,
29,284 82,146
22,507 74,736 Sept. 1
29,785
27,924 72,333 A.1
28,993
24,546
70,494 July 1
24,199
24,004 62,665 June 1
23,893
20,552 60,150 May 1
25,741
18,778 47,932 Apr. 1
24,045
19,023 43,969 Mar. 1
25,536
3en .
Fb 1
a.
21,406
19,139
23,549 52,440
26,573 56,637

. U.S.-Can.

24,602
25,778

57,232
52 44
5:
5 5961
ug
48,801
49,671

3: 4
2751
0 2
35,642
38,003
34,469

52.843
4.579
61,178
59,409
53,608

,490
26'
2 :653
36 6
5 0

The Crops in the Dominion of Canada.
With the co-operation of agriculturists of the Dominion
Department of Agriculture and of the statisticians of the
Provincial Departments of Agriculture, the Dominion
Bureau of Statistics issued on Aug. 19 the tenth of a series
of 12 weekly telegraphic reports on the crop situation, as
follows:

GENERAL CONDITIONS IN CANADA.
The Maritime Provinces, Western Ontario, the Prairie Provinces and
Washington & Oregon
British Columbia all report crop damage due to dry and hot weather.
Feel.
Feet.
Feel.
Feet.
Feet.
(98 Mills)Quebec has encountered the opposite effect of weather and excess rainfall
California
515.586 18,749,640 61,925.799
61,521,983 19,669,042
Atlantic Coast
501,437 25,777,813 76,827,329 has been damaging to hay and to growing crops on low land, with general
73,445,863 29,660,716
708,300 4,078,280 prospects much better than in the other provinces. Harvesting is proMiscellaneous
344,503
244,212
4.217,865
ceeding under most favorable weather conditions on the prairies, but
792,811 45,235,753 142.831,408 heat, drouth and
Total Wash.& Oregon 139,185,711 49,674,261
rust have further reduced prospects in the past week.
Reporting domestic cargo
The Maritime Provinces.
-Many of the report from the Maritimes still
None 1,546,254 6,302,518
only (13 mllls)
6,076,338 1,772,434
complain of drouth damage. Heavy rains fell in Prince Edward Island
792,811 46,782,007 149,133,926 from the 4th to the 11th, after most of the haying was completed. The
Totals
145,262,049 51,446,695
harvest of small grains is well advanced and a good crop is assured. In
Brit. Col. (15 flls)219,440 3,368,000 1,889,000 Nova Scotia, drouth has been severe, greatly reducing proapects in the
3.611,440 1,865,000
California
229,430 2,666,923 7,934,496 Annapolis Valley and Western Nova Scotia. Pastures, late grain, and the
atlantic Coast
7,197,849 3,633,000
527,000 2,748,208 apple crop have suffered
34,719
1,293,000 2,016,927
Miscellaneous
seriously. No reports were received from New
483,589 6,561,923 12,571,704 Brunswick.
Total Brit. Columbia_ 12,102,289 7,514,927
Quebec.
-Quebec presents an opposite appearance to the Maritimes.
Reporting domestic cargo
1,335,426 crop prospects being generally good, and where damage has been done.
only (3 mills)
1,335,426
this has been caused by excess rainfall. The main crops are in fine con483,589 6,561,923 13,907.130
Totals
13,437,715 7,514,927
dition. Most of the hay is now harvested, although some was reduced
Tntal dnmexttin onron 1/12 RCM 7114. RR OA1 Ro2 1 27R 400 53.343.930 163.041.056
in quality by the bad weather. Pastures have benefited greatly.
Ontario.
-Western Ontario will have light crops due to the prolonged
drouth. The apple crop is particularly hard hit. In Northern Ontario,
-U. S. Production De- conditions are much better, although crops are somewhat uneven. of the
July Newsprint Output Lower
The Prairie
report
-The
- 11th has beenProvinces. hotweather in the West since our up to 101
clines 8,738 Tons from That of 1929 Month
successively
and cool. Hight temperatures,
degrees at Empress, were recorded on the first five days, but lower temShipments Off.
peratures have prevailed since. Precipitation is now much less important
July production of newsprint in Canada was at 71.3% as a factor in yield, but it has been extremely limited in areas where good
and 84.8% in July rains would have been a real benefit to late crops. Some effective showers
of rated capacity against 73.0% in June
1929; United States output during the month was 72.8% of fell in Manitoba, Northeastern Saskatchewan and Central and Northern
Alberta.
rated capacity against 79.9% in June and 76.5% in July
With splendid weather, the harvest of the prairie grain crop is proceeding
output was rapidly. Binding is well advanced, considerable combining has been
1929. Combined United States and Canadian
done, and threshing is just starting. There is a notable difference in the
71.8% of rated capacity against 75.2% in June and 81.9% maturity of the crops-wheat cutting will be practically completed in
in July 1929.
Southern Manitoba before it begins in Northern Alberta.
Manitoba, which had an even and very promising crop in the middle of
NORTH AMERICAN NEWSPRINT PRODUCTION.
July, now presents a varied appearance due ot the depredations of heat,
Total.
Medico.
arrndPd.
U.S.
Canada.
345,876 drouth and particularly rust. Durum and early bread wheats escaped
632
25,426
July
102.840
216,978
346,608 damage and will give heavy outturns. The late common wheats, and
683
23,891
June
108,398
213,634
381,665
582
25,149
May
118,093
237,681
363,077 particularly the good crops on fallow land, were severely Infected by rust
1,890
23,172
April
109,967
228,048
346,034 and lately the damage from heat and drouth has been equally serious.
1.642
23.579
March
113,328
207,485
324,294 Root and garden crops and pastures are greatly in need of rain.
1.648
21,098
February
112.394
189,154
356,147
1,728
23,263
January
124,851
206,305
Spottiness is also a feature of the Saskatchewan crops, with great variation
not only between districts but between adjoining fields. Wheat prospects
1929.
364,991 are fair to poor in the Southern and Central districts and fair to good in
1,277
21,123
112,583
December
230,008
389.578 the Northern and West Central districts. Eastern regions show an im1,652
22,151
113,729
November
252,046
399,491 provement
1,727
23,841
122,009
October
251,914
over the center, but rust developed seriously and will greatly
357,851
1,298
20,733
108,155
September
227,665
371,043 reduce the yield. Sawthes are causing considerable damage in Central
1,544
22,758
August
120,868
225,873
364,333 areas. Pastures are in only fair condition and a feed shortage threatens in
1,744
21,966
July
111,578
229,045
360,600 the South.
1,336
20.802
June
113,407
225,055
392,437
1,720
21,569
May
123.504
245,644
In Alberta, crops have been forced toward maturity by hot, dry weather.
362,837
1,424
20,950
April
118,679
221,784
354,427 Stem rust has made a late appearance, but as usual, will not be a serious
1,709
March
19,985
114,586
218,147
310,994 factor as in Manitoba and Saskatchewan because of the advanced state
1,367
February
18,783
103.644
187,200
358,543 of the crops. In
1,882
January
20,648
123,822
212,191
Southern and Central areas, the crop will be light but
Seven months output of newsprint by Canadian mills was heavier yields may be expected from the Northern and Foothill regions.
On the irrigated lands in Southern Alberta, sugar beets promise an ex1,500,341 tons compared with 1,540,341 in the same period cellent Yield•
of 1929 and 1,345,687 tons in the first seven months of 1928.
The weekly telegraphic report of the Dominion Rust Research,laboratory
Output of United States mills during the period amounted at Winnipeg reads as follows: Harvesting now general in Manitoba with
stem rust situation
rust of wehat has
to 789,131 tons, against 809,301 tons in the first seven spread into Westernunchanged since last report. Stem
Saskatchewan and Central and Southern Alberta, but
months of 1929 and 828,661 tons in the like period of 1928. the crop in these areas is approaching maturity and will probably escape
indications are that severe rust losses
Total output of United States and Canadian mills for the appreciable injury. At present,in
will be confined to common wheat
Manitoba and Eastern Saskatchewan.
first seven months of the year was 2,289,472 tons, against
British Columbia.-British Columbia crops have also suffered from lack
2,349,644 tons in the first seven months of 1929 and 2,174,348 of rainfall and further damage has been caused lately by the hot weather.
Early fruits and vegetables are now being marketed and the cutting of
tons in the like period of 1928.
spring grains is general. Rain is needed to restore the pastures and help
the late crops.
NEWSPRINT SHIPMENTS.
Can.-U.S.
Can.-U.S.
PRINCE EDWARD ISLAND,
1930.
Canada.
U. S.
1929(Conc.) Canada. U.S.Total.
Total.
Experimental Station, Charlottetown.'
-'Hay crop above average, well
July
209,511 103.018 312,529 October
252,591 122.040 374,631
June
212,670 106,883 319.553 September. 226,623 107,495 334,118 saved before two and one-half inches of rainfall. Aug. 4 to 11. Cereals
May
239,034 114,702 353,736 August
224,254 118,789 343,043 ripened rapidly, harvest half cut. Some blight reported, but potatoes
April
221,050 109,346 330,396
227,502 112,616 340,118 promise crop above average. Turnips and
corn growing rapidly, both
March
208,629 109.686 318,315 June
223,920 114,558 338,478
February _
178,691 110,714 289,405 May
247,449 124,840 372,289 above average. Fruit, medium crop. Pastures dry.
January
202.008 124,262 326,270 April
220,270 121,548 341,818
Supervisor of Illustration Stations, Charlottetown.
-First half of August
March
219.739 120,003 339,742 fine, with the exception of rain on the 4, 5 and 11. Grain more than half
1929.
February _ _ _180,395 108,375 294,770 cut, a good crop.
Corn growing well. Potatoes at a standstill. Some
December_ _ _234,100 117,131 351,231 January
120,263 329,283
209,020
November- - _253,219 116,725 369,944
blight present but a promise of a good crop. Pastures dry.




•

AUG. 23 1930.]

FINANCIAL CHRONICLE

NOVA SCOTIA.
Experimental Station, Kentville.—Decided rain shortgae this month in
valley district is checking growth of field crops and pastures are dried up.
Early seeded grain is harvested, with only medium yields. Apples not
sizing due to dry weather and ripening avout 10 days ahead of normal.
Early apples now moving.
QUEBEC.
Department of Agriculturre, Quebec.—General prospects of crops are good.
except in Northern Quebec where rains have caused general damage and
haying is not yet completed. Cereals, potatoes, tobacco, apples and
other fruits are looking as well as at the end of July. Truck gardens
are very good. Cereals in low and badly drained lands have suffered from
rains. Pastures excellent. In Quebec district, the first fortnight of August
had 26 showers, giving 3.37 inches of rain as compared to 17 showers and
4.23 inches for the same period of 1929.
Experimental Station, Farnham.—Hay crop finished, yield and quality
generally good. Cutting early oats. Corn improving but still poor.
Tobacco improved greatly, the cutting of best fields started August 13.
Vegetables, potatoes and fruits are in the average.
Supervisor of Illustration Stations, Ste. Anne de la Pocatiere.—Hay crop
above normal, one-third not yet harvested owing to bad weather. Grain
ripening, prospects good. Roots, potatoes and corn gorwing very well.
Pastures holding well.
Experimental Station, Cap Rouge.—Haying over on the farm, practically
over the district. Pastures good. Silage corn and grain somewhat delayed
by rains on wetland. Apples, medium. Garden crops very good. Summer
ploughing nearly done. Grain fodder cut. All crops are in need of heat.
Potatoes are very good in the district.

1177

Experimental Sub-Station, Beaverlodge.—Warm dry weather has hurried
crops rapidly at expense of filling but .18 inch rain last night and clouds
to-day tend to improve matters locally. Providing no frost follows, the
earliest wheat cannt be helped much, but late wheat and oats can yet be
benefited by rain. Some barley and winter grain and in some districts
spring wheat have been cut, but kernel of latter is soft and green. Many
had counted on cutting to-day.

BRITISH COLUMBIA.
Department of Agriculture, Vancouver.--Weather has cont'nued very warm
and dry since middle of July. Cutting of spring wheat and barley general.
oats just commencing. Second crop of alfalfa is being harvetted and give,
promise of a very fine crop. Tomatoes and cucumbers, as well as peaches,
plums and early apples, are moving in quantity. Root crops are suffering
owing to lack of moisture and pasturage conditions are none too good.
Experimental Station, Sidney—Grain has been harvested under ideal
conditions. Yields fair and quality good. Lack of moisture and high
temperature have adversely temperature have adversely affected potatoes
and roots, area larger than common but prospects poor. Cherry harvest
complete, crop good. Plums and apples are coming in at present and
finding a ready sale.
Experimental Station, Lake Windermere.—The weather continues hot
and dry but irrigation water is still holding up well. Fair second Crop of
alfalfa being cut. Sunflowers and potatoes looking well, Oats and wheat
ripening fast. Range and pasture land in poor condition.
Experimental Station, Summerland.—Smoke from forest fires reducing
intensity of sunlight. Supply irrigation water exhausted in most districts.
Fruit sizing well, quality excellent wherever soil moisture conditions favorable. Active movement of fruit and vegetables mixed cars.
Supervisor of Illustration Stations, Mission.—Dry and hot weather conONTARIO.
Experimental Station, Harrow.—Extreme drouth Southwestern Ontario tinues at coast and interior. Threshing of spring rainsg general. Prosstill unbroken. Tobacco crop drying badly, some sections light crop. pects for potato crop only fair. Live stock in good condition generally.
Harvest period just commencing for late tomatoes and sweet corn, ratlu r Pastures short. Rain needed.
light crop. Corn crop prospects fair despite dry weather. Indications
are that corn borer less than last year. Apple crop hard hit, resultirg North Carolina Supreme Court Upholds Convictions in
In much dropping.
Gastonia Strike-11 Leaders of Textile Union Lose
Experimental Station, Kapuskasing.—Hay practically all cut and suffered
considerable from rainy weather. Early grains commencing to turn, crop
Appeal as Judges Find No Error in Trials.
somewhat uneven. Potatoes and root growing fairly well. No damage
Seven convictions of murder and four of rioting, growing
from frost. Red clover, alsike clover and timothy seed filling fairly well.
from textile strike disturbances in North Carolina last year
Pastures are good.
Department of Agriculture, Ontario.—Farmers generally over the province were upheld by the North Carolina Supreme Court on
are well advanced with their harvesting operations, and yields of fall wheat Aug. 20, according to Associated Press advices from Raleigh,
and spring grains are exceptionally good. Weather conditions have been
Ideal for the storing of grain and for stook threshing. Crops such as pota- N. C., published in the New York "Herald-Tribune,"
toes, beans, corn and tobacco will have light yields due to the lack of rain- the account continued:
fall, and in some sections growers report that the bean blossoms are falling
The Court held there was no error in the trial of seven labor leaders and
off. The lack of rain will affect the yield of all fruits, especially apples,
Gastonia strikers found guilty of second degree murder of 0. F. Aderholt,
peaches and grapes. Pastures are severely burned and many dairymen
Gastonia Chief of Police, and that Alfred Hoffman, organizer for the
In Western Ontario have had to resort to feeding grain and ensilage. Grain
Textile Workers of America, and three Marion strikers had been
crops in some sections of Northern Onatrio are poor due to excessive mois- United
duly convicted of rioting. The defendants in both cases are now under bond.
ture. Eastern Ontario reports the best crops of hay, grain and corn they
Those convicted of slaying Aderholt were Fred Erwin Beal, of Lawrence,
have had in years. All grain crops were good in Western Ontario with the
Southern organizer for the National Textile Workers' Union and
yields high, but all hoed crops and pastures are now suffering severely for Mass.,
leader of the Gastonia strikes; Charles Miller, of New York, organizer for
want of moisture.
the Youth's Communist League; Joseph Harrison, Passaic, N. J.; George
MANITOBA.
Carter, Mizpah, N. J.; W. M. McGinnis, Louis McLaughlin and K. Y.
Department of Agriculture, Winnipeg.—Recent weather dry and hot. Hendricks, of Gastonia.
dry. About 60% grain crop cut. Threshing just starting.
Soil very
State Alleged Conspiracy to Kill.
Durum wheat yields heavy. Rust damage to Marquis varied but considerable. Early barley and oats good. Some oats very badly rusted.
The State contended the seven entered into a conspiracy to unlawfully
Pastures, potatoes, gardens and corn need rain.
resist Gastonia officers and to kill any officer coming to the union headExperimental Station, Morden.—Cutting will practically be completed quarters at Gastonia. Aderholt was fatally wounded when he went to the
this week. Some threshing already done. Early wheats yielding fairly headquarters the night of June 7 1929, after an unidentified person had
well. Marquis badly rusted. Oats and barley samples good. Corn telephoned police there was a disturbance there.
and roots fair, badly in need of rain. Pastures poor, burned up districts
Two officers with Aderholt were wounded. The shots which struck them
require rain badly.
were fired as the officers were leaving after arresting Harrison who, they
Experimental Farm, Brandon.—Splendid harvest weather. Cutting now said, had threatened them when they approached. Harrison was wounded
well advanced and threshing just commencing. Reports from some In the arm by the same volley which struck the officers.
combine crops show 25 bushels outturn of wheat. Can expect a great
The case was tried at Charlotte after removal from Gastonia upon the
variation in yield and quality of wheat crops, depending on rust and heat request of the defense. A mistrial was once declared at Charlotte when a
damage. Oat crop continues promising.
juror became insane.
Beal, Carter, Harrison and Miller were sentenced to from 17 to 20 years
SASKATCHEWAN.
in State prison. McGinnis and McLaughlin received sentences of 12 to 15
Department of Agriculture, Regina.—With dry and extremely hot weather years and Hendricks of five to seven years. Judge M. V. Barnhill presided
prevailing generally during the past two weeks, crops in many districts at
the trials. The bonds of the four total $27,000. All are understood here
have been forced to maturity and wheat cutting in all except the Western
to be in New York at present.
part of the province has proceeded rapidly. The hot dry spell was broken
Three Others Were Convicted.
somewhat by cool weather and some showers the latter part of last week
and harvesting operations have been suspended in some places. Taking
Convicted with Hoffman at Marion of rioting were Lawrence Hogan,
the province as a whole, possibly 40% of the wheat is cut. Wheat crop Dell Lewis and Wes Fowler. The charges grew from the stoning of a group of
prospects are for the most part poor to only fair in the Southern and Central officers by strikers. In a later riot, at Marion, six strikers were wounded
districts, while in the Northern and West Central sections they are from fatally by officers. Eight officers were tried and acquitted of charges of
fair to good. Coarse grains are also fairly good in the Northern and West murder.
Central parts of the province but in the Southern districts, they are generally
fair to very poor and rain would still be welcome in some places to bring on
States Seen as European Farm Aid
the later crops and help the feed situation. Rust has developed seriously Drouth in United
In the Eastern part of the province and in many cases the crops have been
3,500,000 Tons Less Wheat Forecast Overseas.
practically ruined. Sawfly has also done considerable damage, particularly
From the New York "Herald Tribune" we take
In the Central districts while the continued heat has caused a further reducUnited Press advices from Berlin, Aug. 15:
tion in the anticipated yield. Pastures are generally in only fair condition. following
Reduction of the United States corn crop due to the drouth and the
Experimental Station, Swift Current.—Binding 70% done. Combining
general. Due to drouth, considerable shrunken wheat. Yields will vary possibility of a greater reduction before harvest was viewed here to-day as
widely. Swift Current to Empress, crop fair to good. East and South tending to relieve the European agricultural depression.
Although it was estimated the United States wheat crop would be 1.8%
very poor. In latter districts, feed will be very scarce.
Supervisor of Illustration Stations, Swift Current.—Swift Current to Rose- higher than in 1929, and favorable prospects prevail in Canada, Argentina
town, stubble wheat light, fellows fair, binder cutting 60% done, com- and Russia, some 3,500,000 tons less wheat has been forecast for Europe
bining general. Rosetown north, crops improve materially. Biggar to in 1930 than in 1929. Forecasts also indicate less oats,rye and barley.
The heavy diminution of the United States corn crop was believed likely
Battleford and north, excellent crops, harvesting under way, condition
to be felt directly in Europe. Hungary's crop was reported poor. the
of coarse grains similar to wheat.
Station, Rosthem.—Cutting being done under ideal weather Rumanian crop had indications of being good, but the European crop as a
Experimental
conditions. Fifty per cent. wheat cut. Average yield of wheat 18 bpshels, whole probably will be 20% lower than last year.
Germany's agricultural difficulties have been partly the result of a disoats 40, barley 28. Slight sawfly damage.
parity of wheat and rye acreage. In 1929 Germany imported 2,000,000
ALBERTA.
tons of wheat and exported only 400,000 tons of her huge rye surplus.
Department of Agriculture, Edmonton—Wheat cutting general in Southern This year's autumn sowings will increase the wheat acreage by
14% and
and Central areas. In the North where crops are heavy and tending to decrease the rye acreage by 17%.
lateness, hot dry weather has hastened ripening. Cutting has commenced.
Hail continues to take toll. Light infection of stem rust is reported.
Rumania Encourages Grain Exports.
Oats and barley have suffered severely in dry areas but are satisfactory
in the West and North. Pastures drying rapidly. Sugar beet crop good.
Rumanian Government has set up a central office to
Supervisor of Illustration Stations, Lethbridge.—Harvesting general over
Southern Alberta. Not sufficient threshing yet done to form estimate of encourage exports of grain, according to advices received
general yield. Weather remains hot. Scattered threshing reports indicate by Department of Commerce at
Washington. The "Wall
summer fallow yields of from 15 to 30 bushesl. Sugar beet crop never
Street Journal" of Aug. 18 stated this, and added:
looked better.




the

1178

[VOL. 131.

FINANCIAL CHRONICLE

with 27,642,158 for June, 28,374,434 for May, 28,860,382
for April, 28,898,464 for March, 28,926,580 for February,
and 30,397,190 for July 1929. The aggregate number of
active spindle hours reported for the month was 5,297,Exports Expected from
Moscow to Ship Grain-Large
357,681. During July the normal time of operation was 26
Russian Ports Next Month.
days (allowance being made for the observance of IndependFrom the New York "Evening Post" we take the following ence Day) compared with 25 for June, 263- for May,25 2-3
(Associated Press) from Moscow, Aug. 20:
for April, 26 for March, and 23 2-3 for February. Based on
Large exports of Soviet wheat, rye and oats are expected early next activity of 8.88 hours per day the average number of spindles
to the present time only
month, it was made known to-day, although up
operated during July was 22,944,203 or at 67.4% capacity
small shipments of rye have been reported. The Government declined to
This percentage compares with
give out figures of exports and the time of shipments, on the ground that on a single shift basis.
to do so might affect the market.
76.3 for June, 83.6 for May, 96.3 for April, 92.8 for March,
The majority of rye crops already have been harvested in the Ukraine, 97.7 for
February, and 100.3 for July, 1929. The average
of which the Government has purchased about 25%. The amount is
reported much below the Government's expectations, although it is thought number of active spindle hours per spindle in place for the
month was 156. The total number of cotton spinning
that purchases of fall and spring rye will be greatly increased soon.
spindles in place, the number active, the number of active
spindle hours and the average hours per spindle in place, by
Census Report on Cotton Consumed in July.
Under date of Aug. 15 1930 the Census Bureau issued its States, are shown in the following statement.
report showing cotton consumed in the United States, cotton
Active Spindle Hours
on hand, active cotton spindles, and imports and exports of
Spinning Spindles.
for July.
.State.
cotton for the month of July 1930 and 1929. Cotton conIn Place
Average per
Active Dur378,835 bales of lint and 58,581 bales
sumed amounted to
July 31.
Spindle in Place.
ing July.
Total.
of linters, compared with 405,181 bales of lint and 58,501 United Statee
34,030.706 26,464,444 5,297,357,681
158
bales of linters in June 1930 and 547,165 bales of lint and Cotton growing States 19,124,496 17,267,072 3.886.152,124
203
It will be seen that New England States_ 13,482,582 8.189.136 1,263,331,408
94
79,798 bales of linters in July 1929.
All other States
104
1,423,628
147.874.149
1,008,236
there is a decrease under July 1929 in the total lint and
Alabama
205
1,861.784
382,058,237
1,697,676
linters combined of 189,547 bales, or 30.3%. The follow- Connecticut
115
125,098,921
870,426
1,090,224
Georgia
649,850,942
200
2,905,394
3,242,088
ing is the complete official statement:
Maine
112
Aim of this step is to insure direct co-operation between the Government and exporter in organizing the internal market with a view to more
profitable exports through co-ordinating the activity of various dealers.

JULY REPORT OF COTTON CONSUMED. ON HAND, IMPORTED
AND EXPORTED, AND ACTIVE COTTON SPINDLES.
Cotton in running balsa, counting round as half bales, except foreign, which Is in
-pound bales.
600
Cotton Consumed
Du togYear

United States

Cotton
Twelve In Con- in PuNfc Spindle,
Storage
Active
Months turning
During
stabtesh- & at Com
Ended
July.
presses.
July. July 31. merits.
(bales) (bales) (Number)
(bales) (bates)

f 1930 378.835 6.113,932 1,183,167 2,877,416 26,464,444
1 1929 547,165 7.091,065 1,052,128 984,880 30,397.190
1930 302.561 4,757,356
1929 409,141 5,392,265
1930 64,344 1,142,663
1929 116,977 1,447,451
1930 11,930 213,913
1929 21,047 251,349

Cotton-growing 8tates
New England States
All other States
Included Above
Egyptian cotton

792,138 2,515,260 17,267,072
691,083 743,671 18,004,436
332,394 105,819 8,189,136
79,808 11,123,854
305,878
58,635 256,337 1,008,238
55,167 161,381 1,268,900

1930 11,739
1929 20,343
1930 7,235
1929 8,096
740
1930
1929 1,778

206,061
232,392
96,450
80,474
12,181
13,455

96,606
89,819
38,615
29.998
5,328
8,546

48,051
39,341
24,664
23,030
2,816
658

(1930 58,581
1929 79,798

804,395
873,269

238,747
187,330

87,090
58,423

Other foreign cotton
Amer.-Egyptlan cotton
Not Included Above-Meets

Cotton on Hand
July 31.

1

Imports of Foreign Cotton (500-lb. Bales).

1929.

1930.
Egypt
Peru
China
Mexico
British Indla
All other

122
364
412
3,239
24
4,161

Total

12 Mos. End. July 31.

July

Country of Production.

14,275
1,987
503
4,599
21,369

1930.

1929.

215.181
10,427
44,033
39,324
58,449
1.693

296,286
17,353
34,857
52,009
54,424
2,875

378.107

457,804

Exports of Domestic Cotton Excluding Linters
-See Note for Linters).
(Running Bales

1930.
United Kingdom
France
Italy
Germany
Other Burette
Japan
All other
Total-

- --

12 Mos. End. July 31.

July.

Country to Mich Exported.

1929.

1930.

1929.

20,667
13,148
12,893
49,295
49,907
15,725
14,800

21.080 1,256,042 1,830,876
774,574
811,520
9,421
716,802
652.430
29,555
43,569 1,687.388 1,796.798
832,688 1.092,588
82,648
31,617 1,020,016 1,309,183
522.797
430,647
19,617

176,435

237,507 6,890,709 8,043,588

Note.-LInters exported, not included above ,were 7,512 bales during July In 1930
and 9,477 bales in 1929; 118.124 bales for the 12 months ended July 31 in 1930 and
188,211 bales in 1929. The distribution for July 1930 follows: United Kingdom, 401; Netherlands, 367: Belgium, 420: France, 986; Germany, 3,975; Italy,
250; Canada, 904; Cuba, 5; South Africa, 191; New Zealand, 13.
WORLD STATISTICS.
The estimated world's production of commercial cotton, exclusive of
linters, grown in 1029, as compiled from various sources is 26.125,000 bales,
counting American in running bales and foreign In bales of 478 pounds lint,
while the consumption of cotton (exclusive of linters in the United States)
for the year ending July 31 1929 was approximately 25,782,000 bales. The
total number of spinning cotton spindles, both active and Idle is about

Massachusetts
Mississippi
New Hampshire
New Jersey
New York
North Carolina
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other States

1,036,008
7,828,058
207.C88
1,302,352
370.712
695,628
6,229.382
2,108.676
5,676,388
613,220
282,240
688,326
798,532

584,290
4,669,640
127.720
762,718
340,034
367,414
5,452,872
1,185,486
5,379,598
563,704
239,680
659,094
658,718

115,626,252
682,633,934
27,023,881
131,471.571
48,164,964
50,505,211
1,167,, 13.040
194,182,615
1,28C,168,272
150,539,751
49,139,794
124,494,225
121,386.071

87
130
101
125
73
187
92
226
246
174
181
152

China Buys 14,000 Tons of Cuban Sugar at 1.04 Cents.
The following is from the New York "Evening Post" of
last night (Aug. 22):
The sub-committee of the New York committee of bankers and sugar interests has arranged sale to China of 14,000 tons of Cuban raw sugar for
September shipment at 1.04 cents a pound, f.o.b. Cuba. This in addition
to the sale of 6,500 reported yesterday to China at one cent a pound f.o.b.
Cuba. The price of one cent a pound represents a new low.
The committee of bankers and sugar interests will hold a meeting here
Tuesday. Dr. Viriato Gultierrez of the Cuban Senate and former Chairman
of the single seller, will attend the meeting of representatives of United
States cane and beet sugar Interests as well as representatives of Hawaiian.
Porto Rican and Philippine sugar Interests will attend the meeting.

-United and
Chains Act to End the Cigarette War
Atlantic 8c Pacific Raise Popular Brands to Two
Packs for 25 Cents.
With a view to ending the cigarette price war which has
been waged between retail grocery and tobacco chains for
more than a year, the United Cigar Stores Co. and the Great
Atlantic & Pacific Tea Co. have increased the price on four
popular brands from 12 cents a pack to two packs for 25
cents in various parts of the country, it was learned on Aug.
21 said the New York "Times" which continued:
While the increase is not nationwide, it is expected that the advance
will be extended to other parts of the country if sales remain satisfactory
In the areas where the higher prices are in effect.
The first move toward ending the price war was apparently taken quietly
by the Great Atlantic & Pacific about three weeks ago when it advanced
the price on the popular brands from 12 cents a pack to two for 25 cents
in the metropolitan area. At times the company has run sales in which
the best selling brands have been sold as low as two packs for 23 cents.
The United Cigar Stores Co. announced yesterday that It had advanced
the price of the popular brands in New England, the Middle West and
Northern Now York to 12% a pack, $1.19 a carton and 30 cents a tin of
50 cigarettes. The former prices were 12 cents a pack, $1.15 a carton and
27 cents a tin. The advance became effective on Monday. The Schulte
Retail Stores, Inc., advanced its prices on cartons yesterday to the same
levels, it was reported. The Schulte price on packs has been two for 25
cents for some time.
Under the old price of 12 cents for Camels, Chesterfields, Lucky Strikes
and Old Golds the companies realized a gross profit of 6% on their cigraette
sales, since the wholesale price was 11.28 cents a pack. At the new price
of 1234 cents the gross proft on the selling price would be 10.81%, or an
increase of more than 60% in the profit.
The retail tobacco companies have contended for some time that the
margin of profit on cigarettes was inadequate.

164.000,000.

Activity in the Cotton Spinning Industry for July 1930.
The Department of Commerce announced on Aug. 21
that according to preliminary figures compiled by the Bureau
of Census, 34,030,706 cotton spinning spindles were in place
In the United States on July 31 1930, of which 26,464,444
were operated at some time during the month, compared




New York Mercantile Exchange Denies Existence of
Illegal Practices in Egg Trade.
Racketeering practices, which have been the subject of
complaint in testimony taken in the State investigation
into food profitee.ing, are by no means general and have not
resulted in high prices to consumers, members of the New
York Mercantile Exchange declared in resolutions adopted

AUG. 23 1930.]

FINANCIAL CHRONICLE

1179

at a special meeting on Aug. 19. The New York "Journal Arkansas Employment Plan—Efforts to Assist Drouthof Commerce"in indicating this also said in part:
Stricken Farmers,
It was further declared that the eggs of the Utah Poultry Producers'
Little Rock, Ark., advices to the "Wall Street Journal"
Association, which is the centre of the alleged turmoil in the trade, because
of its arranging to sell directly to an association of Jewish grocers without of Aug. 18 state that for the purpose of relieving unemploythe intervention of jobbers, are a very minor part of the city's supply.
ment the State Highway Commission plans to increase
Eggs Plentiful, Prices Low.
projects completed with its own forces and to cancel 25%
,
"Whereas, it has comer to the attention of the members of the New York of contracts where it is shown that the builders
are not givMercantile Exchange," says the resolutions, which were adopted unanimously,"that certain testimony was introduced before Assistant Attorney- ing preference to Arkansas labor. This policy is an effort
General William Groat Aug. 18 to the effect that racketeering was Prac- to assist drouth-stricken farmers.
ticed in the egg business and that the consuming public was suffering by
reason of such acts, therefore be it
"Resolved, That this Exchange, composed of 450 merchants handling
dairy products, wishes to emphatically deny that such practices exist in
the general trade; further, that eggs are more plentiful than for many
years past and are offered to consumers at extremely low prices, and that
retail stores selling Utah eggs, which are a very small factor in the daily
supply, are not selling at lower prices than can be secured in other stores."
Proceedings in the investigation being conducted into food prices by
Mr. Groat before John Holley Clarke Jr., sitting as referee, were made
brief yesterday by the refusal of three witnesses to sign waivers of immunity.
The three were Joseph Kaplowitz, 147 Reade Street; Nathan Block, 300
Greenwich Street, and Charles Schonbrun, 27 Beaumont Street, Brooklyn.
They had been mentioned in earlier testimony as connected with alleged
joint efforts of egg Jobbers and truckmen to break down the Jewish grocers'
co-operative buying plan by refusing to deliver any eggs for the Utah
association.
The only witness examined in the egg hearing was Morris Weiner, truckman handling butter and eggs, with an office at 320 Greenwich Street. He
testified that he belonged to the Washington Market Truckmen's Association and paid $3 a week dues, but offered little information as to the activities of the association or as to the alleged effort to break down the selling
arrangement entered into by the Utah producers and the retailers.
When the three other witnesses declined to sign waivers of immunity,
one on advice of counsel, the other two on pleas that they wished to consult
counsel before making a final decision. Mr. Groat asked that the hearing
be adjourned until 11 o'clock Thursday. His request was granted. . .
.
After the close of yesterday's hearing on egg prices. Mr. Groat announced
that he was preparing to extend the scope of this inquiry to another commodity than eggs or milk. He declined to specify what product be had in
mind, but said it was an essential article of diet.

Flour Production for Latest Week and Since July 1.
General Mills, Inc., summarizes the following comparative
flour milling activities as totaled for all mills reporting in the
milling centres as indicated.
PRODUCTION OF FLOUR.
Production
Four Weeks Production
Ending Same Period
Aug. 9.
Year Ago,
Northwest
Southwest
Lake, Central and Southern
Pacific Coast
Grand total

Cumulative Cumulative
Since June Same Period
Since June Same Period
1929.
30 1930.

(Barrels.)
1,825,762
2,107,030
2,050,084
238,874

(Barrels.)
1,797,691
2,152.108
1,918.444
355,842

(Barrels.) (Barrels.)
2,574.927
2,572,016
3,030,531
3,042.465
2,720,686
2,915,618
508.293
369.715

8.221.730

6.224.085

8.899.814

8.832,439

Hog Prices Higher—Shortage in Eastern Markets Boosts
Chicago Price to August High.
Shortage of hogs in eastern markets with consequent
heavy buying from that section has boosted hog prices in the
Chicago market to highest levels since August 1929. Chicago
advices to the "Wall Street Journal" of Aug. 20 in noting
this said further:

With demand from shippers for eastern points steadily gaining, many
shipping orders are going unfilled. Price trends have been consistently
upward during the past three weeks and rate of increase was accelerated
Massachusetts Acts to Prevent Profiteering in Food— the last few days.
Hogs sold as high as $11.60 in the local market, thereby exceeding the
Directs Agents to Check on Prices.
previous high for the year by 10 cents, and reaching highest level since AugThe Secretary of the Massachusetts State Commission ust 1929, when the top was $12.25.
With this heavy outside buying forcing prices upward during a period of
on theNecessaries or Life, Bernard F. Scanlan, was directed low normal receipts, packers are practically unable to secure enough hogs
Aug. 14 by Governor Frank G. Allen to keep a close watch to meet demand and are being forced to pay unfavorably high prices in
on the prices of foodstuffs in the State with a view to pre- order to take care of fresh Pork requirements. Packers this year have abventing and, if necessary, prosecuting dealers guilty of sorbed the natural reserve of mature hogs more closely than ever before
through country bidding for supplies.
profiteering. Boston advices Aug. 15 to the "United
Higher prices for hogs will be reflected first in wholesale prices of fresh
pork. Already some cuts are up. Effect of higher hog and meat prices on
States Daily" reporting this added:
depends entirely on how consumer buying power holds
The Governor was led to take this action, it was announced in his behalf, earnings of packers
the next three months when present production will be marketed.
as a result of complaints made in other States, notably New York, to the up over
Provision circles feel that hogs at present levels are too high from the packeffect that the price of perishable foodstuffs has been raised because of the
ing viewpoint.
drouth conditions.
The Secretary to the Governor, John D. Wright, said that the action by
Governor Allen was designed to prevent the appearance of profiteering in
of U. S. Tariff, Canada Will Try Shipment of
Massachusetts. According to Mr. Scanlan, prices of vegetables, meat, Because
Cattle to British Market.
flour and other foods now are on a reasonable basis and he sees no reason
why any advance should be made.
From Winnipeg the "Wall Street Journal" of Aug. 20
Mr. Scanlan has instructed his agents to make a tour of the State to
the following:
check on prices, ascertain conditions in the food supply business and report reported
Because of the tariff increases on Canadian livestock shipped to the
to him any attempts at profiteering that may be made.
United States, cattle export to the British market may be resumed if an
experimental shipment now being organized by western men proves to be
Profitable. Before Chicago's market began to absorb western cattle the
Alaska Packers' Association Salmon Prices Higher Than exportable surplus from the west went to the United Kingdom; gradually
these exports were diverted to the United States market. Now the cattleLast Year.
the western province are trying to revive the overseas market.
In its issue of Aug. 18 the "Wall Street Journal" reported men of rates on the trial shipments will be $15 a head, somewhat lower
Ocean
the following from San Francisco:
than the rate enforced by the North Atlantic Conference when exports
Alaska Packers' Association, subsidiary of California Packing Corp., ceased.
announced opening prices on the pack of Alaska and Puget Sound salmon,
ranging from 40 to 45 cents higher per dozen cans than last year for Del
Baltimore & Ohio RR. to Lay Off Shopmen.
Monte brand Alaska Red, and from 45 cents to 65 cents lower for chums
Associated Press advices from Baltimore Aug. 18 stated:
and Pinks. Extreme shortage of Alaska Reds in Bristol Bay this year
Baltimore 5c Ohio shopmen on heavy repair work were notified to-day that
accounts for the price increase on this pack. Prices from 5 to 25 cents
higher are quoted for Puget Sound Sockeye and Alaska Red Sockeye.
they would be laid off beginning Thursday until Sept. 2. At the Mount
Clare shops here 2,800 were affected and about the same number in the
other shops of the system. The shopmen were laid off three weeks last
month.

President of National Wool Growers' Association Finds
Tariff Act of Benefit to Wool Industry.
Pittsburgh Traction Company Lays Off 200 Motormen
At the annual convention at Brady, Texas, of the Texas
and Conductors for Year.
Sheep and Goats Raisers' Association, a review of the benefits
A dispatch Aug. 17 from Pittsburgh to the New York
accomplished by the national co-operative wool-marketing "Times" says:
plan and the new Tariff Act was given by Frank HagenBetween 200 and 250 motormen and conductors of the Pittsburgh Railbarth, President of the National Wool Growers' Association, ways Company were laid off yesterday for a year, according to Thomas
Manager of the company.
it is learned from the "Wall Street Journal" of Aug. 19,from Fitzgerald, Vice-President and General conditions in the business will deAt the expiration of the 12 months
which we quote further as follows:
men will get back their jobs or be removed permanently
termine whether the
He said that the Fordney-McCumber Tariff Act of 1922 resulted in
throwing the door wide open to waste and shoddies wool imports. It
caused a quick increase of imports of this class of wool from an average of
431.000 pounds annually to 36,000,000. He said the recent increase of
tariff, cutting down imports on rags, has boosted the American wool
market approximately 1% cents a pound. liagenbarth also stated that
wool prices had been boosted from 4 to 5 cents through the services of the
National wool co-operative marketing plan this spring.
E. S. Mayer of San Angelo and other speakers deplored the small consumption of lamb meat by the people of the United States. They said
this country, with the exception of Germany, consumed less lamb products
than any other nation, and blamed the lack of National advertising for
this condition. It was pointed out that while $133,000,000 was spent
for advertising foods. only $5,000,000 was spent in advertising meats.




from the company's employ, Mr. Fitzgerald said.

Quincy (Mass.) Ship Plant Busy-3,500 Men Working
Day and Night in Fore River Yards.
From the Now York "Times" we quote the following from
Mass. Aug.
,
1f
:ll
.500me atwork 7u time by day and part time by night. the
QuWillitehy3

Fore River plant of the Bethlehem Shipbuilding Corp. appears to lead
in writing off one of the first pages of New England's period of business
depression.
Two giant liners for the Oceanic Steamship Co.as additions to the Matson
Line service from San Francisco to Australia, a pair of‘1.30 foot tankers

1180

FINANQIAL CHRONICLE

for the Sinclair Oil Co., a freight and passenger ship for the Coamo Steamship Co., operating in the West Indies, and a new City of Boston ferryboat,
are on the ways, providing a year's work. Recently a fleet of steel drawlers
and one of the city class cruisers were turned out.
While some officials indicate that the Jones Act authorizing financial
aid to shipping companies may be responsible for the sudden revival of
activity, others believe that the end of the depression has been reached.

Unemployed in Montreal Total Over 20,000.
Canadian Press advices from Montreal Aug. 19 stated:
Montreal at present has between 21,000 and 23,000 unemployed, with
another 10,000 to 15,000 working but two or three days a week, according
to reports from labor unions, it was announced by Alderman Alfred Mathieu
to-day.

Potters' Present Wage Agreement to Continue in Effect
Until Jan. 1.
The present wage agreement of the United Potters' Assn.
and the National Brotherhood of Operative Potters will
remain in effect until Jan. 1, it is learned from an Associated
Press dispatch from Atlantic City on Aug. 16, which likewise
said:
The decision was reached after a three-day conference was deadlocked,
with the employers demanding a decrease in wages and the employees an
increase. The present agreement was to have expired in October.

Petroleum and Its Products-Crude Oil Prices Advance
Show Improved Market Conditions-Oklahoma:to
Take Action Where Operators Refuse to Follow
Proration Schedule-Operators Agree to Further
Curtail Output.
For the first time since January 1929 prices of crude oil
in Pennsylvania during the past week showed an advance.
The Joseph Seep Purchasing Agency of the South Penn Oil
Co. raised the Pennsylvania grade 25 cents and the Bradford
class 35 cents a barrel. This action was followed by an
advance of 25 cents in the Bradford and Allegany fields by
the Tidewater Co. The overproduction evil has been in
attendance in the Pennsylvania field for some time and as a
result prices have displayed a steady downward trend for the
past 18 months. Within recent weeks, however, producers
have united in an effort to remedy this condition and the
price advance instituted can be construed as an indication
that their efforts are meeting with success.
Statistics issued earlier in the week showed that daily
averge production of crude oil in the Allegany district was
6,592 barrels while the Bradford district yielded 20,191
barrels daily, or a total of 26,683 barrels. In July, Allegany
production averaged 7,111 barrels daily, and in the Bradford
area 20,466 barrels, or a total of 27,577 barrels daily. Refineries in the Bradford and Allegany territories are currently
running 27,500 barrels of crude to stills daily and it is expected that this figure will be maintained until October.
Two other price revisions were made during the week but
both were of minor consequence. The Humble Oil & Refining Co. lowered its posted price for Pettus crude 25 cents
a barrel to $1.15 to meet the price posted by Houston Oil
Co. on July 11. No general reduction in the price of crude
is contemplated by the company, W. S. Farish, President
of Humble, declared. The new price affects less than 5,000
barrels of crude oil daily.
The price of crude oil in the Midland district, Michigan,
was lowered 15 cents to $1.30 a barrel by the Pure Oil Co.
The intention of some operators to continue production in
Oklahoma without obeying State conservation measures was
answered when Ray M. Collins, State Proration Umpire,
and Otto R. Bradford, South Oklahoma City Field Umpire,
filed with State Corporation Commission complaints charging 73 operators with violation of the conservation and
curtailment orders. The action was taken after attorneys
for the umpires and the oil companies desiring enforcement
of the State's proration program had conferred with the
Corporation Commissioners. Hearing on the citations has
been fixed for September 8.
Operators in the South Oklahoma City field have agreed
to curtail output in the field to 5% of the total allowable for
the period beginning Sept. 2. Under the Corporation Commission's order the field is allowed to produce 25% of capacity flow, but operators by agreement have been producing
only 8 1-3% of the capacity of the wells.
Prices of Typical Crudes per Barrel at Wells.
(AU gravities where A. P. I. degrees are not shown')
Bradford, Pa
$2.45 Smackover, Ark., 24 and over
Corning, Ohio
1.50 Smackover, Ark.. below 2
Cabell, W.Vs
1.35 Eldorado, Ark., 34
Illinois
1.45 Urania, La
Western Kentucky
1.53 Salt Creek, Wyo.,37
Midcontinent, Okla., 37
1.23 Sunburst, Mont
Corsicana. Texas. heavy
.80 Artesia. N. Mel
Hutchinson. Texas. 35
.87 Santa Fe Springs. Calif., 33
Luling, Texas
1.00 MIdway-Sunset, Calif., 22
OpIndictor), Texas, grade A
1.20 Huntington, Calif., 26
opindietop, Texas, below 25
1.05 Ventura. Calif., 30
Winkler. Texas
.65 Petrolia. Canada




5.90
.75
1.14
.90
1.23
1.65
1.08
1.75
1.05
1.34
1.13
1.90

[Vol,. 131.

REFINED PRODUCTS
-MARKET IMPROVES DUE TO FURTHER
PRODUCTION CUTS
-GASOLINE STOCKS OFF 14,000,000
BARRELS FROM YEAR'S HIGH-TANK CAR DEMAND STILL
DULL
-DOMESTIC OILS BETTER.

Conditions in the market here continue to improve but
large stocks still in the hands of dealers have kept the buying
on a restricted basis. Cheered by news of further cuts of
crude oil production and figures showing stocks of stored
gasoline of 14,000,000 barrels from the peak, reached
earlier this year, dealers have been doing a little more
futures business than in former weeks.
The wide spread of prices in the market continues to
prevail with the rumore that quoted prices would be shaded
on a firm bid. Shipments to distributors in the Metropolitan
district were in good volume on contracts.
Showing a further drop of 1,477,000 barrels last week,
stocks of stored gasoline at refineries now totals 41,252,000
barrels. This loss was shown in spite of increased operating
averages of the refineries, which were operating on a 72.6%
of capacity, compared with 69.1% in the previous week.
Little interest is shown in the export gasoline market,
with buyers waiting for an expected further drop in prices.
Buying in this division has been restricted the operators
asking lower prices before purchasing stocks. Price cutting
by independents is understood to have undermined the
market's stability and members of the export association are
stated to be planning to meet the independent price level.
Plans towards this effect, however, have been held up as
unanimous approval of the associations' members is required and a few contrary votes have been reported.
Tank car demand is still rather dull with an irregular
trend manifesting itself. This is probably caused by the
wide spread on quoted prices, also the possibility of further
competition of California products, due to very favorable
intercoastal shipping rates now prevailing. California gasoline is not offered below 8.50e. here, however. United
States Motor gasoline is scaled at from 83.c. to 10c. a gallon, in tank cars at the refineries, with offerings in other
directions down to 8c. a gallon in the harbor.
Stimulated by the unseasonable weather now prevailing
in the East, demand for the heating oils has grown. Future
buying seems to be rather slow, due to general unfavorable
industrial conditions here, but refiners seem to be waiting
until the present price levels are higher. Fuels generally
will have to wait until the present unsatisfactory prices are
increased.
Gasoline, U. S. Motor, Tank Car Lots. F.O.B. Refinery.
N.Y.
(Bayo'n)$.09(4.10
.083
N.Y.-SinclairRei.. .08,54 California
Stand. 011, N.
.09
Los Angeles, export- .0734
Beacon Oil
.09
Stand. Oil, N. V. 098
.08M Gulf Coast, export .08)4
Carson Pet
Tide Water011Co. .08'4
North Louisiana- - .0741
.09
Crew Levick
Richfield 011 Co__ .09A West Texas
.064 North Texas
063.1
.08
Warner-Quinl'neo -.0094 Oklahoma
Chicago
Pan-Am.Pet. Co- .0934 New Orleans
.0934
.0734 Pennsylvania
Shell Eastern Pet_ .10
Arkansas
.06%
Gasoline, Service Station, Tax Included.
Minneapolis
5.182
New York
3.19
$.183 Cincinnati
Atlanta
New Orleans
.._ .16
.195
.21
Denver
.188 Philadelphia
.21
Baltimore
.22
Detroit
Boston.
.18
San Francisco
.251
.20
Houston
Buffalo
.24
Spokane
.15
Jacksonville
.195
Chicago
.179 St. Louts
.15
Kansas City
.18
Kerosene, 4143 Water White, Tank Car Lots, F.O.B. Refinery.
N.Y.(Bayonne)5.07@.0734 Chicago
cosh New Orleans
5.0794
North Texas
.05;i Los Angeles, export_ .05A Tulsa
.0634
Fuel Oil, 18-22 Degrees, F.O.B. Refinery or Terminal.
New York (Bayonne) $1.15 Lo Angeles
5.85 Gulf Coast
3.78
Diesel
2.00 New Orleans
.95 Chicago
.55
Gas Oil, 32-34 Degrees, F.O.B. Refinery or Terminal.
--$.0554 I Chicago
N.Y.(Bayonne)
$ 03 I Tulsa
$.03

Oil Production Curtailment in Pennsylvania.
Press advices Aug. 20 from Franklin, Pa., stated:
Independent oil producers of Venango, Crawford, Clarion, Mercer and
Forest counties have agreed to curtail production 30% until Sept. 1, conforming with curtailment in the Bradford and Allegheny fields. It is
probable that the curtailment will be extended to Oct. 1.
An organization was effected and an executive committee comprising
S. Y. Ramange, Oil City; David B. McCalmont, Franklin; H. R. Panton,
Foxbury; J. II. Osborn, Titusville; W. J. Burndred, 011 City; Wilbur Scofield, I'leasantville, and H. J. Crawford, Emlenton, was named,from which
officers will be selected.

Crude Oil Production in United States Lower.
The American Petroleum Institute estimates that the daily
average gross crude oil production in the United States, for
the week ending Aug. 16 1930, was 2,463,550 barrels, as
compared with 2,480,350 barrels for the preceding week, a
decrease of 16,800 barrels. The daily average production
east of California was 1,843,250 barrels, as compared with
1,864,250 barrels, a decrease of 21,000 barrels. The following are estimates of daily average gross production, by
districts, for the weeks ended Aug. 16 1930, Aug. 9 1930
and Aug. 17 1929:

AUG. 23 1930.]

FINANCIAL CHRONICLE

1181

DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Kentucky Oil Curtailment Agreement.
Aug.16 '30. Aug.930. Aug.2'30. A ug.17'29.
Week Ended538,200
560,750
Oklahoma
554,650
724,000
To aid in crude oil curtailment throughout Pennsylvania
114,400
117,950
Kansas
118,450
127,300
100,550
97,650
Panhandle Texas
96.400
120,000 crude oil fields, operators in Owensboro, Bowling Green
74,900
72,900
North Texas
74,200
93,300
53,450
53.800
West Central Texas
55,400
57,750 and Scottsville, By., fields have agreed, according to press
287.200
290,700
West Texas
301,050
383.800 advices
Aug. 11, that all producing wells, drilling of which
40,000
39,400
East Central Texas
41,150
17,000
98,150
89,350
Southwest Texas
124,500
78,300 started after July 21, would have to provide their own storage
41,050
42,650
North Louisiana
41,650
38,650
55,450
Arkansas
55,500
55,050
67,150 and disposal method. No pipe line connections will be made
177,800
176,400
Coastal Texas
180,250
132,100
29.950
32,150
Coastal Louisiana
27,950
20,100 with the wells until such a time as there is a market for the
119.500
122,000
Eastern (not including Michigan)
124,500
105,300
10.000
10.050
10,800
Michigan
21,000 oil. Wells started before July 21 are not affected by this
45.850
48,350
Wyoming
47,700
57,050 ruling, but any increase over production on that date will
9,100
9,150
Montana
9,450
11,550
4,450
4,400
Colorado
4,850
6,850 be investigated by the operators' association before it is
43,100
43,450
New Mexico
43,000
2,550
820,300
616,100
California
608,700
881,800 run through pipe lines.
2.483,550

Total

2.480.350

2,515,300

2,941,550

The estimated daily average gross production for the Mid Continent
Field, including Oklahoma, Kansas, Panhandle, North, West Central,
West, East Central and Southwest Texas, North Louisiana and Arkansas,
for the week ended Aug. 16, was 1,403,500 barrels, as compared with
1,420,300 barrels for the preceding week, a decrease of 16,800 barrels.
The Mid Continent production, excluding Smackover (Arkansas) heavy
oil. was 1,366,200 barrels, as compared with 1,383,000 barrels, a decrease
of 16,800 barrels.
The production figures of certain pools in the various districts for the
Current week,compared with the previous week,in barrels of42 gals.,follow:
-Week Ended- Week Ended
Aug. 16. Aug.9. East Central Texas- Aug. 16. Aug.9.
Oklahoma
15,200 14,000 Van Zandt County
Bowlegs
25,400 24,900
15,350 15,350
Bristow-Slick
Southwest Texas
Burbank
15,600 15,600 Darst Creek
44,500 45,000
Carr MY
6,950 5,000 Luling
9,900 9.900
Earisboro
23,800 16,200 Salt Flat
16,500 17,300
North Louisiana
18,250 18,100
East Earisboro
9,850 12,850 Sarenta-Carterville
South Earisboro
3.850 3,800
Konawa
15,500 24,000 Zwolle
8,950 5,400
Arkansas
27.350 23,050
Little River
11,050 15350 Smackover, light
East Little River
5.100 5,100
4,200 3,050 Smackover, heavy
Maud
37,300 37,300
Coastal Texas
8,000 5,450
Mission
70.650 96,950 Barbers Hill
Oklahoma City
18,100 17,900
28,400 22,900 Racoon Bend
St. Louis
12,000 11,900
Searight
7,900 7,450 Refugio County
29,700 30,650
Seminole
15,850 14,480 Sugarland
11,800 11,850
Coastal Louisiana
2.450 2,400
East Seminole
East Hackberry
Kansas3.750 4,550
19,350 19.250 Old Hackberry
Sedgwiak County
1,200 1,200
7,800 11,850 Wyoming
Voshell
Salt Creek
Panhandle Texas
26,900 29,600
Montana69,300 66,950
Gray County
Hutchinson County_-- 21,000 20,500 Kevin-Sunburst
5.850 5,850
New Mexico
North Texas
16,600 16,050 Hobbs High
Archer County
33,900 34.250
22,000 21,000 Bal. Lea County
Wilbarger County
6.550 6,500
California
West Central Texas
17,700 18.050 Elwood-Goleta
Young County
50,000 48,900
Huntington Beach
West Texas
27,600 28,700
Crane 0.. Upton Counties. 39.200 39,400 Inglewood
17,400 17,400
11,350 10.200 Kettleman Hills
Ector County
12,550 13,000
23,600 23,550 Long Beach
Howard County
104,400 102,000
21.700 21,600 Midway-Sunset
Reagan County
64,000 63,000
75,000 79,100 Santa Fe Springs
Winkler County
108,000 109,800
102.550 103,000 Seal Beach
Yates
20,400 20,300
3,500 3,400 Ventura Avenue
Pecos County
Bal.
48.000 48,000

Oil Production Curbed in Texas and New Mexico.
A Fort Worth (Tex.) dispatch Aug. 20 published in the
New York "Evening Post" said:
Oil production its Crane and Upton Counties will be cut approximately
10,000 barrels from the present daily average of 33,000 barrels, according
to plans made at a meeting of proration committees here.
Crane County wells making less than 60 barrels a day and wells in the
Hurdle area producing less than 25 barrels, will be exempt. Wells producing
above the minimum will have production cut on a percentage basis.
Hobbs pool in Lea County, New Mexico, has had its production curb
tightened, pipe line companies announcing a reduction of 2,750 barrels
in the oil they will run for the last half of August. Total outlet is 32,500
barrels a day, and actual gauge of 42 wells shows a potential production
of 287,246 barrels a day. There now are 75 drilling wells, practically all in
proven territory.
•
Cut Is State-Wide.
This cut is part of the State-wide reduction in output under the new proration order adopted recently,'which is designed to reduce Texas production
to 750,000 barrels a day by Aug.27 from the current 820,000 barrels. Preparations for this cut are reflected in the number of locations reported from
West Texas last week.
Only 50 new operations were reported from the Panhandle, West Central
Texas and Permian Basin areas, compared with 82 from the same areas
for the previous'week. The Panhandle alone showed an increase, with
18 new locations and rigs, compared with 13 the week before. The new
proration order provides a penalty for unnecessary drilling started after
Aug. 27.

The same paper reported the following from Fort Worth
Aug. 21:
Crude oil output of Howard and Glasscock Counties during the last half
of August will be reduced 1,000 barrels to 11,103 a day, according to new
proration schedules. The allowable production of Ector County will be
cut 2,000 barrels to 10,000 a day. Winkler County's output of 80,000
barrels a day will remain unchanged.
Preparation of new production schedules for all sections of the State
is under way by local committees and new rates will be submitted to the
Texas Railroad Commission for approval on Aug. 25. Each oil producing
district is handling the proration problem through local groups, some of
which have already met and made recommendations. The State's production is to be reduced to 750,000 barrels a day by Aug. 27. In week
ended Aug. 16, output averaged 832,200 barrels a day.
New production in the Permian Basin area last week was 7,953 barrels a
day from eight wells, compared with 12,585 barrels from the same number
of wells in previous week. Thirteen old producers in the Big Lake Pool in
Reagan County were Plugged.
Abandonments predominated in West Central Texas. In Archer and
Young Counties, four producers out of 24 completions accounted for 70
barrels daily initial production, while in 14 other counties in the district
nine producers out of 24 completions had initial production of 725 barrels
daily against 2,700 barrels in previous meek.

Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute companies
aggregating 3,528,400 barrels, or 95.7% of the 3,686,400
barrel estimated daily potential refining capacity of the
plants operating in the United States during the week ended
Aug. 16 report that the crude runs to stills for the week show
that these companies operated to 72.6% of their total capacity. Figures published last week show that companies
aggregating 3,528,400 barrels, or 95.7% of the 3,686,400
From Austin (Tex.) the following was reported under
barrel estimated daily potential refining capacity of all plant date of Aug. 19:
Curtailment of oil production in the Elarst Creek field to a maximum of
operating in the United States during that week, but which
operated to only 69.1% of their total capacity, contributed 44,000 barrels a day was approved yesterday by the Texas Railroad Commission. The allowable production as allotted among producers totaled
to that report.
slightly in excess of 43,000 barrels. The order was made effective until
The report for the week ended Aug. 16 1930 follows. For further notice. The amount allotted was approximately twice the previous amount allowed the field by an order upset by an
the sake of comparison, to0.1 figures for the United States present allowable yield is equivalent to 26.78% of the injunction. The
field's estimated
for the previous week are also shown.
potential.
Incident to the above actions we quote from the New
-GASOLINE AND GAS AND FUEL OIL
CRUDE RUNS TO STILLS
ST'OCKS
WEEK ENDED AUGUST 16 1930.
York "Times" the following Austin dispatch Aug. 14:
(Figures In Barrels of 42 Gallons)
Per Cent
Potential
Capacity
ReportPig.

Crude
Ruse
to
Milis.

Per Cent
OPer.
of Total
Capacity
Report.

100.0
East Coast
91.8
Appalachian
Ind., Illinois, Kentucky 99.6
Okla., Kans., Missouri. 89.9
90.4
Texas
Louislana-Arkansas--- 96.8
93.6
Rocky Mountain
99,3
California

3,454.000
605,000
2,108.000
1,933,000
4,135,000
1,242,000
443,000
4,021,000

Total week Aug. 16
Daily average

95.7

Total week Aug. 9._
Daily average
Total Aug. 17 1929_

Gasokine
Stoats.

Gas
and
Fuel
Off
Mocks.

81.1
73.5
79.0
86.4
82.9
67.7
45.4
84.4

6,198,000
1,382,000
8.419,000
3.324,000
6.339,000
1,522.000
2,237.000
13,831,000

9,995,000
1.087,000
4,355,000
4,816,000
10,415,000
1,796,000
1,215,000
105.481.090

17,939,000
2,562,700

72.6

41,2.52,000

139,160,000

95.7

17.063,000
2,437,600

69.1

42,729,000

139,242,000

93.0

18,743,000

86.2

Texas Gulf Coast _ x_-- 100.0
TnIlletann. Gulf Coast.: 100.0

3,097,000
875.000

Dilffillf.

*33,929,000 *139,579.000

84.0
5,087,000
7,421.000
84.7
1 212 non
I no. nnn
revised. x Included above in the to els of their respective districts.
* Final
Natcs.-All crude to stills and stocks figures follow exactly the present Bureau
of Mines definitions. In California stocks of heavy crude and all grades of fuel oil
are included under the heading "Gas and Fuel 011 Stocks." Crude oil runs to
stills include both foreign and domestic crude.
The United States total figures for 1929 are not comparable with this year's totals
because of the differences in the percentage capacity reporting.




For the first time in the history of the oil industry in Texas, State-wide
control of production has been adopted. The Railroad Commission to-day
issued an order fixing the maximum daily production for Texas at 750,000
barrels, compared with the present daily average of approximately 830,000.
The order is effective Aug. 28.
On Aug. 25 a hearing of protests of operators against application of the
proposed curtailment to the Gulf Coast, Laredo and West Texas fields will
be held by the Commission, but no change in the figures is expected,
according to It. D. Parker, Oil and Gas Supervisor of the Commission.

Humble Oil & Refining Co. Posts Reduced Price at
Houston-No General Oil Cut Contemplated.
From Houston (Tex.) advices to the "Wall Street Journal"
of Aug. 22 said:
Humble Oil & Refining Co. has reduced its posted price for Pettus crude
25 cents a barrel to $1.15, meeting the price posted by Houston Oil Co. on
July 11. No general reduction in the price of crude is contemplated by
that company according to statement by W. S. Farish, President of Humble
Oil Refining Co. The new posted price affects less than 5,000 barrels of
crude oil daily.
Mr. Farish stated "on July 11 Houston Oil Co. posted a price of $1.15 for
Pettus crude. We will meet this price (Aug.21). Our former price has been
$1.40. This posting of our prices affects a relatively small amount of crude,
less than 5,000 barrels. We contemplate no general crude cut at present
time."

1182

[you 121.

FINANCIAL CHRONICLE

Oklahoma Corporation Commission Cites 59 Oil Companies
-Charges Violation of Oil Proration and
Curtailment Agreement.
The Oklahoma Corporation Commission, alleging violations of the oil proration and curtailment agreement, issued
73 citations on Aug. 21 against officials of 69 oil companies.
An Associated Press dispatch Aug. 21 from Oklahoma City
to the New York "Times" reports this and adds:
The company officials were ordered to appear before the commission
Sept.8 to show cause why they should not be fined for violations ofthe agreement.
The citations were issued at the request of Ray M.Collins, State proration
umpire.
Ed Hicks Jr., Secretary of the commission, said be believed the alleged
violations by production of more than the stated amount of petroleum
were not willful on the part of most of the operators.
C. C. Julian, former California operator, against whom action had been
threatened by the Attorney General's office because of his defiance of the
proration order in the Oklahoma City field, was not included among the
cited operators.
Julian will be cited, however, the Attorney General's office said later
In announcing abandonment of plans to seek a receivership for the Oil
and Royalty Co., headed by him. The receivership action was threatened
in an effort to force Julian to comply with proration orders, which he has
termed "the bunk."

the daily average of the previous month and is only 30,000
barrels higher than the daily production for June 1929.
The production of natural gasoline in the Oklahoma City
field again increased, but the output of the remainder of the
State, exclusive of the Seminole district, fell off materially.
Production in the other two major producing States, California and Texas, also showed a material decrease during
the month. Stocks of natural gasoline on hand at the plants
on June 30 1930 totaled 38,974,000 gallons, an increase over
the previous month of only 317,000 gallons. The Bureau
statement also shows:
PRODUCTION OF NATURAL GASOLINE (THOUSANDS OF GALLONS).
Production.
June
1930.
Appalachian
Illinois, Kentucky,ea
Oklahoma
Kansas
Texas
Louisiana
Arkansas
Rocky Mountain
California

May
1930.

6,000
6.700
800
1,000
52,900 154,000
2,700
3,000
38,600 42,100
5,600
6.000
2.800
2,800
4,600
4,600
65,300 69,700
179.300 2189,900

June
1929.

Stocks End ofE o.
f
Jan.
June
1930.

6,300 50,700
900
6,900
57,400 311,500
2,600 16,900
32,500 235,000
4,800 38.800
2,600 15,800
4,100 25,100
67,300 410,300

June
1930.

Maw
1930.

4,861 4,939
626
587
17,303 16,704
1,518 1,530
11,014 11,566
709
795
270
337
763
675
1,824 1,610

Total
178,500 1111,000 38,974 38,657
Oklahoma Oil Curtailment.
5,980
6,130
Daily average
5,950
6.140
4,269
4,521
Total (thousands of bbls.)
4,250 26,452
928920
According to a press dispatch from Tulsa, Okla., the Daily average
142
146
142
146
proration committee of the Mid-Continent Oil & Gas Associaa Revised.
tion voted on Aug. 20 to keep Oklahoma's output of crude oil
at 550,000 barrels a day during September. A general Output of Crude Petroleum Lower-Inventories Again
meeting of operators was called for Aug. 22 to approve this
Decline.
suggestion.
According to reports received by the Bureau of Mines,
Department of Commerce,the production of crude petroleum
Operators in Oklahoma City Agree to Reduce
in the United States during June 1930, amounted to 76,513,Production.
000 barrels, a daily average of 2,550,000 barrels. This
The following Oklahoma City advices are from the "Wall represents a &aline in daily average from May of 36,000
Street Journal" of last night (Aug. 22):
barrels and from June 1929, of 230,000 barrels. The major
Operators in the South Oklahoma City pool have agreed to reduce pro- portion of the decline in production took place in Oklahoma,
duction in the field to 5% of the total allowableflow for the period beginning
where every major producing area except the Seminole
Sept. 2. Under the Corporation Commission's order the field is allowed to
produce 25% of capacity flow, but operators by agreement have been district reported a decrease in daily output in June. Proproducing but 8 1-3% of Capacity of wells.
duction in California showed a decline of 13,000 barrels
Many new wells of large initial production have added to the potential
of the field which makes the proration now in effect seem more drastic. daily; the major portion of this occurred in the Santa Fe
Operators are looking for some improvement in the general situation with Springs field, Texas, the leading producing State, showed a
the production in the older fields of the state showing a natural decline.
small increase in output in June. Production in West Texas
Pipe lines serving the Oklahoma City field are handling at present about
fell off, but this was more than compensated for by gains
85,000 barrels of oil daily.
Members of the Oklahoma Corporation Commission have set Sept. 8 in the remainder of the State, or in such fields as Salt Flat
as the date for hearing complaints filed against oil companies and operators. and Chapman (Thrall.) Due
to developments in the Hobbs
According to these commissioners, indications are that some oil companies
in prorated areas of the State technically are not abiding by the rules rather field, production in the New Mexico field increased materially
than showing willful violation. The hearing is to determine maximum in June, when the State produced 733,000 barrels of petroleum
production of all wells and prescribe limits. Complaints filed are designed as compared with 86,000 barrels
for June 1929.
to strengthen the proration program by making rules more specific.
Stocks of crude petroleum, both in California and east of
California, again declined in June. East of California the
Prices Advances
-Curtailment and decrease amounted to over 1,000,000 barrels; in California,
Pennsylvania Oil
to over 2,000,000 barrels. These decreases undoubtedly
Rising Demand Factors in Increase.
reflected the successful efforts attending the attempt to
The following is from the New York "Sun" of last night curtail crude production to conform to refinery demands.
(Aug. 22):
Although stocks of fuel oil continued to accumulate,
The Joseph Seep Purchasing Agency of the South Penn Oil Co. to-day
heavy withdrawals from crude and gasoline storage resulted
advanced the price of Pennsylvania crude oil from 25 to 35 cents a barrel.
011 in the Bradford district was advanced the maximum of 35 cents a in a material decline in stocks of all oils in June. These
barrel to $2.50. Oil run through the National Transit Line outside the stocks fell off 3,384,000 barrels as contrasted
with an inBradford district was advanced 25 cents a barrel to $2.25. Oil run through
crease of 1,674,000 barrels in May.
the South West Penn Pipe Lines and that run through the Eureka Pipe
Runs to stills of crude petroleum during June totaled
Lines also was advanced 25 cents a barrel to $2.25 and $2.15, respectively.
The Tide Water Oil Co. also advanced prices. It posted an increase of 80,747,000 barrels.
This represents a decline of 6,000
Alleghany crude oil run in Bradford
25 cents a barrel on Bradford and
barrels in daily average from the previous month, all of
Transit Lines, making the new price $2.50 a barrel.
The advance to-day marks the first in the price of Pennsylvania crude which was in runs of foreign crude.
oil since Jan.4 last. At that time the maximum price for the best grades of
Daily average motor fuel production amounted to 1,251,Pennsylvania crude was $4.10 a barrel. In the subsequent series of reductions made as a result of increased recovery of oil by the water-flooding 000 barrels as compared with a daily output of 1,267,000
method and accumulation of stocks, the price was cut down to $2.15 a barrels in May. Daily average exports of gasoline rose to a
barrel for the top rrade. That was the lowest quotation for Pennsylvania
new high level of 238,000 barrels. The daily average inoil in 10 years.
These advances are a recognition of the action of the producers in curtail- dicated domestic demand for motor fuel amounted to
ing output this summer, it was said to-day, A 50% curtailment was put 1,197,000 barrels, an increase over the previous month
of
into effect in Bradford and Allegheny counties, while in adjacent districts
20,000 barrels and over June 1929, of 79,000 barrels, or
production was cut about 30% following the general slash in the price of
7%. Stocks of motor fuel as of June 30 1930, amounted to
crude oil.
Another factor in the restoration of prices is the Improved demand for 50,225,000 barrels, a decline from the previous month
of
Pennsylvania crude oil, it was stated, in the oil trade to-day.
Evidence of unsettlement in other crude oil markets is seen in news that 3,821,000 barrels. At the current rate of total demand, these
the Pure Oil Co. has reduced the price of oil in the Midland district, Michi- stocks represent 35 days' supply as compared with 40 days'
gan, following a cut in the Gulf Coast field by the Humble Oil & Refining supply on
hand a month ago and 32 days' supply on hand a
Co. of Texas yesterday. The cut in the Midland field was 15 cents a
year ago.
barrel, the new price being $1.30 a barrel.
The refinery data of this report were compiled from
schedules of 352 refineries, with an aggregate daily recorded
June Output of Natural Gasoline Slightly Higher than crude-oil capacity of 3,691,650 barrels, covering, as far as
a Year Ago-Inventories Continue to Increase.
the Bureau is able to determine, all operations during June
According to the United States Bureau.of Mines, the pro- 1930. These refineries operated at 73% of their recorded
duction of natural gasoline during the month of June 1930 capacity, given above, as compared with 352 refineries
amounted to 179,300,000 gallons. This represents a daily operating at 73% of their capacity in May. The Bureau
average of 5,980,000 gallons, which is 150,000 gallons below also shows:




AUG. 23 1930.]

FINANCIAL CHRONICLE

SUPPLY AND DEMAND OF ALL OILS.
(Including wax, coke, and asphalt in thousand of barrels of 42 U. S. gallons.)
Jan.June
1930.

80.176
2,586
4,521
254
84,951
2,740

83,403 465,128 488.115
2,780
2,570
2,697
4,250 26,452 24,900
257
1,473
1,526
87,910 493,053 514,541
2,930
2,724
2,943

5,767
4,027
90,811
3,027

4,984
3,603
93.538
3.017

6,591
31,130 43,852
2,426 21.587 11,073
96,927 .145.770 569,466
3,231
3,015
3,146

b3.384

1,674

94,195
3,140

91,864
2.963

91,408 537,298 522,930
3,047
2,998
2,889

2,508
14,257
77,430
2,581

2,203
9,410
80,251
2,589

2,615 12,094 11,495
12,383 70.648 65,689
76,410 454.556 445,746
2,547
2,511
2,463

120

151

Total.

Increase In stocks, all oils
Demand
Total demand
Daily average
Exports:
Crude petroleum
Refined products
Domestic demand
Daily average
Excess of daily average domesti
production over domestic deman
Stocks (EMS)Month)Crude petroleum
East of California b
California c
Total crude
Natural gasoline at plants
Refined products

377,822
146,321
524,143
928
165,845

Grand total stocks, all oils

5,519

383

8,472

213

46,536

380

378,919
148,472
527,391
920
165,989

379.089
136.901
515,990
1,356
143.653

377,822
146,321
524,143
928
165,845

4.041
4.657
4 RAU Or on., nr no,A
a Revised. b Decrease. c Excludes producer's stocks. d Includes
res dual fuel
oil and producers' stocks.
COMPARATIVE ANALYSES(THOUSANDS OF BARRELS OF 42
U.S.GALS.)
June 1930.
Total.

May 1930,
Total.

Daily
Aver,

Jan.June
1930.

Jan:
June
1929.

Crude Petroleum-Runs to stills-Domestic__ 75,494
2,517 78,029
2.517 447,581 410,569
5,253
173
Foreign
5.818
181 30,078 40,274
Total
80,747
2,692 83,647
2,698 477,657 480,843
5,767
192
Imports
4,984
161 31,130 43,852
2,508
Exports
84
2,203
71 12,094 11,495
Gasoline
Production a
37,537
1.251 39,293
1,267 223,317 208,735
1,670
Imports
56
1.768
57
8.158
3,515
7,126
Exports
238
4,953
160 34,165 28,996
50.225
Stocks b
____
54,046
- __
50,225 42,017
35,902
Domestic demand
1,197 36,497
1,i77 190,217 174,329
KeroseneProduction
4,026
134
4,317
139 28,417 27,911
51
2
Imports
120
105
1,796
Exports
60
826
27
9,160 10.318
Stocks
8,352
8,384
_-__
8,352
8,348
Domestic demand
2,323
77
3,181
103 18,064
18,354
Gas Oil & Distillate Fuels
Production
.6,953
6,953
232
7,276
235 39,580
--.17,149
Stocks
____
15,721
_. 17,149
__Residual Fuel Oils
Production
24,139
805 26,685
861 154,238
--Stocks c
21,153
20,943
____
21,153
Gas Oil and Fuel Oil
---Production
31,092
1,036 33,961
1,096 193,798 222,061
2.287
Imports
76
1,810
58 13,097
7,368
3,950
Exports
132
2,402
77 19,824 18,461
38,302
Stocks
38,664
_-_
38,302 37,332
Lubricants
2,920
Production
97
3,185
103 18,02' 17,222
Imports
---986
Exports
864
28
5,348
5,651
Stocks
9,742
____
9,578
_..„,
9,742
7,861
1.772
Domestic demand
59
2.394
77 11,217 12,062
Wax (Thousands of Lbs.).
Production
43,680
1,456 45,920
1,481 3
08,280 329.757
Imports
1,522
51
3,726
120 15,979 17.172
Exports
23,015
767 21,405
690 135,649 141,862
Stocks
249,748
____ 248,524
- _ _ 249,748 188,764
Domestic demand
20,983
699 21,570
696 130,271 126,641
Coke (Short Tons)Production
103,000
5,433 170.400
5.497 929,700 820,401
Stocks
890.700
--- _ d866100
...- 890.700 498,401
Asphalt (Short Tons)Production
336,900 11,230 336,500 10,855
1528,900 1548,702
Stocks
312,000
--_- 316,800
.
--- 312,000 247,101
Road Oil
Production
735
25
377
12
2,380 1
Stocks
540
398
510 1 4,881
---Miscellaneous
75(
Production
911
30
535
17
3,194
Stocks
480
____
525
benzol produc ion and natural gasoline used
a Includes
elsewhere than at refineries
east of California. b Includes motor fuel blends held at
natural gasoline plants.
C East of California. d Revised-Texas Gulf Coast.
PRODUCTION OF CRUDE PETROLEUM BY
FIELDS (THOUSANDS OF
BARRELS OF 42 U. S.
GALLONS).

55

June 1930.
Total,
Field
Appalachian:
.
Pennsylvania grade_ _ 2,139
810
.
Other (Intl. Kentucky)
Lima-N.E.Ind.
-Mich__ - _
407
Illinois-S. W. Indiana.-591
Mid-Continent:
N.Louisiana At Arkansas
2,890
W.Tcx.-S. E. New Meg
9,689
Other (Okla., Kansas.
No. Texas, &c.)
34,200
Gulf Coast-Grade A
2,636
Grade B
3,260
Rocky Mountain
1,870
California
18,021
76,513

Classification by Gravity (approx.)
Light crude
87,950
Heavy crude
8.563

May 1930.

Daily
Aver.

-

Total.

Dert/y
Aver.

Jan.June
1930.

Jan,June
1929.

Daily
Aver.

Total.

63
31
15
21

1,939
818
388
670

74
352

2.973
11,781

1,116
103
128
74

34,582
2,983
3,062
2,006

Jan.June
1930.

Jan.
June
1929.

11,964 1 15,912
4,929 J
2,492
2,439
3,917
4.046
17,539
65,285

22,824

1259.845

195,714
17,471 1 23,545
18,383 1
12,041 13,512
19
----

Total demand
Exports

59,304
1,758

1,977
59

61,182
1,449

1,974 349.674 342,123
7.529
7.490
47

Domestic demand
Foreign petroleum

57,546
6,052

1,918
202

59,730
5,890

1,927 342.184 334,594
190 31,750 43,897

az COO

9 190

An en

2 117 373.934 378.491

Total domestic demand
anct nf rnlifnrnla

2,448
858
484
624

79
28
15
20

13,605
4,981
2,791
3,541

11,255
4,572
2,047
3,547

96
323

2,839
10,140

92
328

17,301
60,753

19,569
88,572

1,140
88
109
62
601

35.714
2,728
3,276
2,021
19,044

1,152 197,238 198,327
88 16,383
11,049
105 18,518 14,867
65 11,614 12,325
614 118,403 141.985

2,550

80,176

2,586 485,128 488,115

71,460
8,716

2.305 411,298 439.466
2111
As awl AO nAn

Mau 31
1930.

June 30
1930.
East of California
-At refineries by location:
East coast
-Domestic
Foreign a
Appalachian
Indiana, Illinois, Kentucky. Michigan. die
_
Oklahoma, Kansas and Missouri
Texas
-Inland
Gulf coast
-Domestic
Foreign a
Arkansas and inland Louisiana
Louisiana Gulf coast
-Domestic
Foreign
Rocky Mountain

9,599.000 9,370,000
4,349.000 4,650,000
3,078,000 3,0711,000
3,181.000 3,185,000
5,653,000 5,760,000
4,835,000 2,428,000
7,256,000 10,846,000
221,000
264,000
1.019.000
993,000
5,012,000 4,232,000
895,000
836.000
1.634,000 1,827,000

June 30
1929.
8,202.000
5,442,000
2,591,000
2,945,000
6,216,000
2,578,000
3,802,000
687,000
1,402,000
3,975,000
1,649,000
2.028,000

46,772,000 47,490,000 47,517,000

Total
Al Refineries by °Main
Pennsylvania grade
Other Appalachian (incl. Kentucky)
Lima-Northeast Indiana-Michigan
Illinois-Southwest Indiana
North Louisiana and Arkansas
West Texas and Southeast New Mexico
Oklahoma. Kansas, North Texas, ,Ste
Gulf coast-Grade A
Grade 11
Rocky Mountain
California
Foreign a

2,881.000 2,913.000
898.000
809,000
219,000
100,000
128.000
131,000
4,765,000 4,602,000
4,854,000 4,732 000
18,615,000 17 988,000
4,314,000 4,657.000
3,181,000 3,742,000
1.631,000 1,825,000
26,000
36,000
5.465,000 5.700.000

is

Is
2,028,000
Is
7,778,000

46,772,000 47,490.000 47,517,000

Total
Elsewhere Than at Refineries by OrkinPenuvylvan la grade
Other Appalachian (Including Kentucky)
Lima-Northeast Indiana-Michigan
Illinois-Southwest Indiana
North Louisiana and Arkansas
West Texan and Southeast New Mexico
Oklahoma, Kansas, North Texas. &c
Gulf coast
-Grade A
Grade B
Rocky Mountain

5,938,000
1,030,000
1,085,000
10,124,000
21,728,000
48,7815.000
198.800,000
7,756.000
11.480,000
24,257,000

Total
Total east of California

331,050,000 331,429,000 331.572,000
377,822,000 378,919,000 379,089,000

Classification by Gravity (appeor.)East of California-Light
Heavy

338,176,000 340,207,000 333,102,000
39,646,000 38,712,000 45.987.000

Calliornia-Iight
Heavy (including fuel)

41,045,000 42,912,000 33,169,000
105.276,030 105,560.000 103,732,000

Producers' Stocks (tun Sac.. above; approx.)East of California

6,400,000

5,663.000 } 5,430,000
1,066.000
770,000
995,000
10,159,000 10,868 000
21,232,000 23.148,000
49,781,000 246470,000
198,755,000

7,sr6sloo

{20,643,000

11,495,000
24.421,000 124,243,000

6,100,000

6,700,000

a Includes importers' stocks. b Not available.
SHIPMENTS FROM CALIFORNIA TO EASTERN PORTS IN UNITED
STATES (a) (BARRELS OF 42 U. 8. GALLONS)
June
1930.

May
1930.

Jan -June
1930.

Jan.
-June
1929.
661

11rude oil
Refined products:
Gasoline
Kerosene
Gas oil
Diesel oll
Fuel oil
Lubricants
A.sphalt

2,549,000
1.432,000
9,812.000
10,314.000
81.000
180.000
65,000
333,000
1,721,000
1,426.000
64,000
208,000
22,000
4,000
3.000
20,000
66.000
1,000
37,000
99.000
78,000
1,000
2,000
11.000
16,000
-1,807,000
12,051,000
11,922,000
Total refined products 2,765,000
a Compiled by E.T.Knudsen of the Sim Francisco o Ice of the Bureau of Mines.
NUMBER OF WELLS COMPLETED, ALL FIELDS. (a)
June 1930.

71
27
13
20

2,265
285

Domestic Peirolcum by
Fields of Origin
Appalachian'
1,902
Pennsylvania grade._ __
Other (incl. Kentucky).
929
-Mich.__
Lima-N.E.Ind.
436
Illinois-S. W. Indiana-623
Mid-Continent:
N. Louisiana Se Ark_ _ . 2,231
_
W.Tex. E. New Mex. 10,562
-8.
Other (Okla., Kansas,
No. Texas. &c.)
33,468
Gulf Coast-Grade A
3,079
Grade B
3,836
Rocky Mountain
2,228
California

379,089
138,901
515,990
1,356
143.653

Bunker oil (Included above in d
mestic demand)

Daily
Aver.

Daily
Aver.

STOCKS OF CRUDE PETROLEUM (BARRELS OF 42 U. S. GALLONS.)

690,916 694.300 660,999 690,918 660,999
220
234
217
233
229

Days'supply

May 1930.

June 1930.

aZ 0 C,OMN.
,
v.MG00.
0

June
1929.a

NON0
CON.N

May
1930.

76.513
2.550
4,269
235
81.017
2,701

New Supply
Domestic production:
Crude petroleum
Daily average
Natural gasoline
Berm!
Total production
Daily average
Imports:
Crude petroleum
Refined products
Total new supply, all oils
Daily average




INDICATED DOMESTIC DEMAND FOR CRUDE PETROLEUM EAST OF
CALIFORNIA (THOUSANDS OF BARRELS OF 42 I.T. S. GALLONS).

Jan.
June
1929.

June
1930.

Total

1183

011
Gas
Dry

May 1930.

1,197
276
602

1,233
213
649

Jan.
-June '30. Jan -June .29.
6,700
1,273
3,392

7,016
1,255
3,717

2.075
2,095
11,365
Total
11,988
a From "011 dc Gas Journal" and California office of American Petroleum Institute.
RECORD OF WELLS FOR VARIOUS IMPORTANT FLUSH FIELDS,
JUNE 143-, 1-)
Completions.
Oil.

Gas.

Dry.

Total Initial Arer, Initial
Production Production Drilliny
(Barrels).
(Barrels). June 31.

11
2
} 66
Seminole
75.000
1,100
St. Louis, &c
46
14
-West Texas
15,900
300
8
__
1
Long Beach
11,500
1,400
Santa Fe Springs
5,300
500
•From "Oil & Gas Journal" and Call ornla office of American Petroleum

119
224
85
11
Institute.

1184

IMPORTS AND EXPORTS OF CRUDE PETROLEUM AND MAJOR REFINED PRODUCTS(a)(THOUSANDS OF BARRELS OF 42 U.S. GALS.)
June 1930.
May 1930.
Jan.--- June
Daily
Daily
1930.
Total. Avg& Total. ellifie.

Jan.June
1929.

Crude Petroleum
Imports

5.767

192

4.984

161 31,130 43,852

From Mexico
From Venezuela
From Colombia
From other countries
Exports-Domestic crude oil-.

1,190
3,322
1,144
111
2,508

40
111
38
3
84

817
2,724
1,002
441
2.203

27 3,979 5,917
88 18,668 29,862
32 7,164 6,362
14 1,319 1,711
71 12.094 11,495

To Canada
To other countries
Shipments
Foreign crude oll
Refined Products-.
Gollne-Imports
Exports

2,073
434

69
15

1,808
395

58
13

9.415
2,678
1
_

Crude 011
Domestic Foreign

Unfinished
Natural Total
Oils
Total. Rerun. Gasoline. Input.
14,665
2,688
0,869
9,747
18,616
6,131
2.020
18,011

75.494

5,253

80,747

13,193
3.272

U.S. total
Texas Gulf Coast
Louisiana Gulf Coast

4,946
___.
____
____
70
237
___
____

70
237

13,263
3.509

M.MNm000.
.reoN.W.Q.CIO
0,1MNV..V..

East Coast
9,719
Appalachian
2,688
Indiana, Illinois, Ky., &a_ 9,869
Okla., Kansas, Mo
9,747
Texas
18,546
Louisiana and Arkansas.... 4,894
Rocky Mountain
2.020
California
18.011

134
44
209
375
1,019
317
a126
a1,655

15,742
2,863
10,401
10,434
20,098
5,957
2,574
19,827

3,270

3,879

87,896

403
134

792
220

14,458
3,863

Gas 01,1 and Fuel Oils.
Gasoline.

U.S. total
Texas Gulf Coast _ _ _
Louisiana Gulf Coast_

Kero- Gas oil & Residual
Total.
seas. Distillate Fuel
Fuels.
Oils.

Was
(thouLubri- sands
cants.
of
Lbs.)b

4,984
1,187
5,624
5,555
8,326
2,337
1,238
7,828

600
355
414
735
896
411
110
505

1,433
195
852
281
1,451
659
90
1,992

5,005
323
1,579
1.897
5,511
1,249
498
8,077

6,438
518
2,431
2,178
6,962
1,908
588
10,069

810 15,960
435 8,120
401 3,360
271 3,640
636 4,200
62 7,280
48 1,120
257

37,079

4,026

6,953

24,139

31,092

2,920 43,680

5.869
1.712

631
336

1,159
460

3,423
737

4,582
1,197

612
48

3,920
7,280

Other Finished Products.
Coke.b Asp't b
(tons.) (tons.)
East Coast
Appalachian
Ind., III., Ky.. Ac..-Okla.,Kans.,Mo..-Texas
Louisiana gs Arkansas
Rocky Mountain___.
California
U.S. total

Road
Oil.

Miscellaneous.

Unfinished ShortProage.
Total. duds.

12,900 162,500
2,900 4,400
49,600 58.400
32,500 2,000
42,500 18,900
10,800 45,600
11,600
200
200 44,900

115
7
191
49
21
58
98
196

45
28
333
129
34
130
45
167

160
35
524
178
55
188
143
363

1,123
128
302
836
1,765
483
350
c123

610
137
119
491
1,122
236
33
434

163.000 336,900

735

911

1,646

5.110

3,182

824
Texas Gull Coast
23 1,623
34,500 18.900
2
21
100
Louisiana Gulf Coast. 10.800 36.000
68
123
123
---a Includes 111,000 barrels run through pipe lines. b Wax, coke, and asphalt
equivalent to 280.0 pounds per barrel and 5.1 and 5.5 barrels per ton, respectively.
c Includes 122,000 barrels net tops produced.
STOCKS HELD BY REFINING COMPANIES June 30 1930.
(Thousands of barrels of 42 U. S gallons.)
Gas 011 and Fuel 011.
Gasoline. Kerosene. Gas Oil & Residual
Fuel
Distillate
Otis.
Fuels.
East Coast
Appalachian
lad., Ill., Ky., ice
Oklahoma, Kansas, Missouri_ _
Texas
LOUISlana and Arkansas
Rocky Mountain
California
Total
Texas Gulf Coast
Louisiana Gulf Coast




4,743
3,574
1,664
418
717
366
2,614
1.440
738
3,091
2,290
858
7,870
2.383
1,398
1,294
597
934
1,123
170
267
5,978
2,127
---_-___
_
21,153
50,212
17,149
8,352
-4,716
1.264
4.920
1,976
605
1,989
418
891
7,814
1,803
8,249
6,170
6.898
2,396
2,823
15,059

Was (Thousands of Pounds).
Lubricants.
East Coast
Appalachian
Ind.. LU.. KY., &c
Oklahoma, Kansas, Missouri
Texas
Louisiana and Arkansas
Rocky Mountain
California
Total
Texas Gulf Coast
Louisiana Gulf Coast

9,366
2,122
7

1,670
56 1,768
57 8,158 3,515
7,126
238 4,953
160 34,165 28,996
--- - - -----To United Kingdom
45 10,459 8,409
2,469
82 1.386
To France
21
25 4,983 4,038
618
760
To Canada
493
419
16
13 1.816 2,190
To other countries
8.383
113 2,355
76 16,285 13,709
Shipments
163
6
1
33
622
650
Kerosene-Exports
1,796
826
60
27 9,160 10,318
- --- - To China
268
67
9
2 1,271 1,844
To United Kingdom
15
443
26
1 1,347 1,584
To other countries
1,071
36
723
24 6,375 6,757
Shipments
14
10
167
133
Gas oil and fuel oil
-Imports.- 2,287
76 1.810
58 13,097 7,368
Exports
3,950
132 2,402
77 19,824 18,461
----------To Chile
390
13
335
11 2,353 3,231
To Panama
166
6
152
5 1.457 1.407
To other countries
2,946
98 1.652
53 13,827 12,207
Shipments
448
15
263
8 2,187 1,616
Lubricants-Exports
986
33
864
28 5,348 5,651
To United Kingdom
161
5
228
911
7 1,096
To France
174
6
112
815
779
4
To other countries
644
22
17 3,426 3,873
518
Shipments
52
47
Wax (thousands of lbs.)-Imports 1,522
51 3,726
120 15,979 17,175
Exports
23,015
767 21.405
690 135,649 141,863
----------- - To United Kingdom
7,566
252 7,354
237 32,944 32,593
To Italy
2,403
80 2,403
78 18,851 12,989
To other countries
435 11,643
375 83,841 96,253
13,046
Shipments13
28
a From Bureau of Foreign & Domestic Commerce.
RUNS TO STILLS AND OUTPUT OF REFINERIES, JUNE 1930(THOUS.OF
BARRELS OF 42 U. S. GALLONS.)

East Coast
Appalachian
Ind., Ill., Ky., &a
Okla., Kans., Mo
Texas
Louisiana & Arkansas
Rocky Mountain_ _
California

[Vol,. 131.

FINANCIAL CHRONICLE

Total.
8,317
1,135
4,054
5,381
10,253
1,891
1,293
5,978
38,302
6.692
1,023

CrudeSc'k Refined.

3,289
1,364
781
656
2,140
126
159
1,227
9,742
2,050
118

Total

Coke
(Tons).

91,486
26,751
19,252
7,857
13.241
70,839
20,322

36,200
6,900
104,000
83,100
382,500
34,700
119,200
124,100

201,090
48,658 249,748
- -- _11,481
13,070
1,589
70,839
2,768
68,071

890,700

68.376
22,668
16,375
5,326
1,760
68,071
18,514

23,110
4,083
2,877
2,531
11,481
2,763
1,808

Other Finished Pr.

359,600
34,600

Unfinished Oils.

Asphalt Road M isNatural
(Tons). Oil. cell's Total. Cason'e Other. Total.
East Coast
Appalachian
Ind., Ill., Ky.. &c
Oklahoma, Kansas, Missouri
Texas
Loulsbzna and Arkansas
Rocky Mountain
California
Total

125,200 58
3,500
5
63,800 144
5,400 20
8,000
8
47,500 __
4,800 105
53,800 205

38
85
177
24
18
5
13
120

312,000 540

480 1,020

Texas Gulf Coast
7,900
Louisiana Gulf Coast
39.100
a Includes 2,866,000 barrels tops.

3
__

6
g

96
90
321
44
21
5
118
325

9
a

83 8.677 8,760
10 1,564 1,574
38 5,426 5,464
17 3,334 3,351
126 16,055 18,181
15 3,365 3,380
2 1,811 1,813
1,993 a8,550 10,543
2,284 48,782 51,066
112,14,240 14,352
2; 2 ROA 2.500

World's Production of Copper Declined in July.
According to figures compiled by the American Bureau of
Metal Statistics, and contained in the "Wall Street Journal"
of Aug. 18, the world output of copper in July totaled 145,797
short tons as compared with 174,507 tons in July 1929.
The daily average in July was 4,633 tons compared with
4,860 in June and 5,629 tons in July 1929, an average of
5,651 for the first seven months and a daily average for all
of 1929 of 5,853 tons. The output for the first seven months
was 1,028,429 tons, a monthly average of 146,918 tons,
compared with a monthly average of 178,034 tons for the full
year 1929.
The following table gives in short tons the world output
based upon smelter reports without segregation as to country
of origin of the ore. Under "Elsewhere" is included the
Bureau's estimated of unreported taonnage.
March.
United States
Mexico
Canada
Chile and Peru
Japan
Australia
Germany
Other Europe.:
Elsewhere.:
World total

April.

78,514
4,876
8,390
21,367
6,662
1,796
5,439
11,300
10,600

76,777
4,430
7,580
21,037
7,624
650
5,297
11,200
11,000

75,936
5,262
8,782
22,213
7,412
647
5,936
11,300
11,300

148,944

145,596

148,788

May.

June.

July.

69,155
5,371
11,005
23,043
7,895
2,487
4,1411
11,400J
11,300

67.638
4,968
11,820
23,328
7,365
498
16,000

145.556

12,000
147,615

Partly estimated.

Copper Producers Refuse to Cut 11c.
-Lead and Zinc
Quiet-Silver Higher-Tin at 30.
Pronounced midsummer dullness characterized the markets
for all the non-ferrous metals during the last week. Practically no copper could be sold for more than 103 cents, and
4
practically none could be bought for less than 11 cents, with
a few hundred tons at each level, reports"Metal and Mineral
Markets." Zinc was in quiet demand and showed little or
no net change for the week. Sales of lead increased slightly
at unchanged prices, but the market was inactive. Tin also
was quiet, at close to 30 cents all week. Last week's strength
in silver continued. The publication referred to adds:
The substantial tonnage of copper sold at 10% cents a week ago was not
followed by more offers of any great amount at that level. Large consumers
have been unable to buy copper in any quantity for less than
11 cents. As
requirements for some months ahead have been booked, no early improvement in demand can be expected so long as present conditions obtain.
Zinc has had a checkered career during the last
week. Buying by trading
interests and producers absorbed all that was
offered a week ago at 4.30
cents and at the end of the week 4.40 cents was
again being realized on some
small business, after other business as high as
4.40 cents. nigh-grade zinc
has also been dull: the price is unchanged at
one cent premium for eastern
deliveries, over the St. Louis price of Prime Western.
Last week's lead market was characterized by a slight increase in the
volume of total sales compared with the preceding week, and a continuance
of recent quotations, namely 5.35 cents St. Louis,
and 5.50 cents New York.
The last-named figure being the contract price
of the American Smelting &
Refining Co. Most of the sales of the week, however, were made by one
producer, and one large lot of metal was understood to Ito available in the
Middle West at 5.30 cents.
An improvement in the market next
month is predicted.
The general situation in the tin market continues unchanged. Only a
small amount of business was transacted, and little interest was noticeable
among dealers, particularly during the last few days.

Domestic Production of Lead in July Higher-Shipments Decline-Inventories Increase.
Domestic production of refined lead aggregated 51,538
short tons in July, against 50,721 tons in June and 59,155
tons in July 1929, according to the American Bureau of

AUG. 23 1930.]

FINANCIAL CHRONICLE

Metal Statistics. Domestic lead stocks at the end of July
amounted to 66,880 tons, as against 55,301 tons at the end
of June and 49,638 tons at the end of May. Lead shipments in July came to 48,816 tons, as compared with
50,127 tons in June and 51,871 tons in May.
The following table gives, in short tons, lead statistics
as compiled by the American Bureau of Metal Statistics,
covering production, stocks and domestic shipments of lead:
March.

April.

May.

June.

July.

:From domestic ore
Second and foreign

56,552
8.600

55,547
8,520

52,818
6,352

50,721
4,065

51,538
4,666

Total production
Stock at beginning of month-.

65,152
43,077

64,067
42,469

59.170
42,015

55,686
49,638

56,204
55,501

108,229
42,469

106,536
42,015

101,185
49,638

105,324
55,501

111,705
62,880

65.760
65.051

64,521
64.100

51,547
51.871

49,823
50 121

48,825
4S R16

Production-

Total supply
Stock at end of month
Shipments by difference_._
Shipments reported

Includes a small proportion of secondary that it Is impracticable to separate
statistically.

The following table gives, in short tons, domestic lead
shipments classified industrially by the American Bureau
for the last five months:
April.
Cable
Ammunition
Tin foil
Batteries
Brass-making
Sundries
Jobbers
y Unclassified
Total

May.

June.

July.

18,675
6,143
1,614
6,078
174
4,069
421
26,926

16,224
4,640
1,791
4,390
174
3,375
405
20.872

15,809
2,971
2,192
5,407
138
2,733
266
20,811

16,842
2,068
1,973
2,919
213
3,433
1,328
20,035

124,264
31,522
12,084
35,253
1.310
23,962
4,144
175,629

64.100

51.871

50.127

48 RIR

AM i sa

1st 7 Mos.

y Of the shipments reported as unclassified abou one-third goes into white lead
and about 30% into red lead and litharge, as averages, but it is impossible to make
a monthly segregation of the shipments according to these destinations. Other
importIt manufactures are sheet and pipe, which amount to about 6,000 tons per
month and solder babitt metal.

Signs of Improvement Appearing in Steel Business
Orders and Operations Slightly Up.
A turning point in steel business is not yet definitely in
sight, but there are scattered indications of more liberal buying in September and a moderate improvement this week in
orders and operations, says the "Iron Age" Aug. 21 in its
weekly summary of steel and iron conditions.
Steel ingot output is at 53%, compared with 52% a week
ago, but rolling schedules in some districts, particularly of
sheet mills, have gained more than raw steel production,
continues the "Age," which goes on to say:
At Chicago, sales of finished steel expanded 30% and contract specifications 20% over those of the preceding week, when business was checked by
anxiety over the crop situation.
In the development stage, but counted on to bring larger steel tonnage
next month,are rail bookings,new pipe line business, oil tank construction,
the well-sustained volume of inquiry for structural steel for buildings and
bridges and the country-wide highway program backed by Federal aid.
In pipe lines, a new project is a 260-mile gas line to be run from the
Kentucky fields to points in the Ohio River valley by a subsidiary of the
Central Public Service Corp. The oil industry also promises an increasing
amount of tank construction, for which inquiries, some of sizable tonnage,
are expected soon to appear.
A few farm machinery builders are stepping up production,as is evidenced
by heavier specifications for steel, though the improvement is due more
largely to export orders than to prospects for domestic business. The canning companies,it appears,will not be hard hit by the drouth, although some
packs of vegetable crops will be curtailed. Tin plate makers are not seriously
affected, the leading producer continuing operations at 70% of capacity.
Increased radio output is taking a little more steel.
Whatever gains occur in steel buying in the immediate future probably
will not be aided materially by the automobile industry. The leading maker
of low-priced cars is expected to reduce its operations from a four-day to a
three-day a week basis, while another large manufacturer is slowing down
production preparatory to the introduction of new models in October. Only
two or three companies in the medium-price field are maintaining good
schedules.
Steel companies that are dependent to a large extent on automobile
business have experienced no marked improvement in orders from that
source. At Cleveland, in fact, steel plant operations have declined 5 or 6
points in the week, whereas in other districts the rate of production has held
Its own or has gained slightly.
Building steel bookings of the week call for 40,000 tons of structural
shapes, while further additions to a largo pending list of new projects
totaled 37,000 tons. The New York district has accounted for the bulk
of recent awards, but large projects are originating elsewhere, as, for
example, a bridge at Evansville, Ind., requiring 8,000 tons, and subway
work in Philadelphia, amounting to 6,000 tons. At Pittsburgh, two large
bridges, an extensive railroad station project and a new post office are early
prospects.
The second advance in as many weeks of 25c. a ton in the average price
of heavy melting steel scrap at Pittsburgh was brought about by substantial
buying. A firmer tendency in the Chicago market was owing to a moderate
purchase. In both instances the scarcity of good grades was a factor.
Marked strength also has developed at St. Louis.
Pig iron shipments at Chicago have gained 35% over those of the corresponding period in July, while a Cleveland producer estimates a gain of
33%, an evidence of sharp depletion of inventories rather than a reflection
of increased melt. However, some consumers are using iron more freely,
radiator and sanitary ware manufacturers, for example.
Other indexes pointing to at least a moderate degree of improvement are
a 10% gain in sheet steel sales in July,reported by the independent makers;




1185

an increase of 8,000 tons in the computed bookings of fabricated structural
steel in that month over June; one of 2X% in orders for malleable castings.
while range boilers, used largely for residences, registered a gain in order
last month of 45%. On the other hand, the index of the National Machine
Tool Builders' Association for July dropped to the lowest point since March
1925, following the depression of 1924.
The development in steel prices amounts to an extension of the lower
levels to a wider circle of buyers. An outright reduction of $1 a ton has
been made on steel bars at Cleveland, while at Chicago 1.75c. a lb. now
applies on the general run of orders for plates, shapes and bars, and at
Birmingham prices on these products have declined $1, in line with the
basis of other districts. Galvanized sheets are off $1 a ton at Chicago.
and continue irregular elsewhere. On black sheets, 2.40c., Pittsburgh
basis, has been quoted in the Detroit and Cleveland districts.
The "Iron Age" composite prices are unchanged, that for finished steel
being 2.156c, a lb. and that for pig iron $16.88 a gross ton.
1 The following table shows the "Iron
.
Finished Steel.
Aug. 19 1930, 2.156e. a Lb.
One week ago
2 156o.
One month ago
2.171e.
One year ago
2.3980.
Based on steel bars, beams,tank plates,
wire, rails, black pipe and black sheets,
These products make 87% of the United
States output of finished steel.
High.
Low,
1930._2.362o, Jan. 7 2.156e, Aug. 12
1929_2.412c. Apr, 2 2.362o. Oct. 29
1928_2.391o. Dec. 11 2.314e. Jan, 3
1927_2.453o, Jan. 4 2.2930. Oct. 25
1926_2.453o. Jan. 5 2.403o. May 18
192&2.560o. Jan. 6 2.3980. Aug. 18

Age"composite prices:

Pig Iron.
Aug. 19 1930, 816.88 a Grose Ton.
One week ago
$16.98
One month ago
17.09
18.42
One year ago
Based on average of Maio Iron at Valley
furnace and foundry irons at Chicago,
Philadelphia. Buffalo. Valley and Bicmingham.
Low.
High.
1930-$18.21 Jan. 7 $16.88 Aug. 12
1929... 18.71 May 14 13.21 Dec. 17
1928... 18.59 Nov.27 17.04 July 24
1927... 19.71 Jan. 4 17.54 Nov. 1
1926... 21.54 Jan. 5 19.46 July 13
1925.- 22.50 Jan. 13 1816 July 7

Quickening of trade as it affects steel and iron markets is
slow to manifest itself, but signs of renewed activity are
appearing, albeit they are not marked nor important, says
"Steel," formerly "Iron Trade Review." In general,
improvement is lacking. Little more can be said than that
the market is marking time, ready to advance when conditions warrant, but remaining inactive for the present, says
the "Review," which further states:
Sentiment has improved In many directions as some uncertainties have
been removed and as time approaches for the usual larger buying of fall
months. Whether this betterment in the feelings of producers and consumers is based on tangible foundations or a psychological state remains to
be seen. Actual improvement is difficult to discern and only by cumulative
observation of factors can change in position be seen.
Rain having visited portions of the drouth areas in sufficient volume to
minimize losses to crops and contracted buying power, this inimical factor
will be of less consequence than was feared a fortnight ago. This is giving
heart to agricultural implement builders, sellers of farm supplies anci tin
platemakers, who had feared the worst in continued drouth.
Release of nearly $122,000,000 for Federal aid Inroad building, which will
carry an equal sum from the States, portends large expenditures, much of
which will be for steel and for road-building equipment.
Steel scrap, usually a reliable indicator of impending change in market
conditions, is stirring under the surface and giving signs of better conditions
In steel. Need for scrap on the part of steel makers is meeting scarcity and
some advances in price. Until more steel is passing through industrial
processes and yielding its discards these conditions will continue. Purchase
of 10,000 tons of heavy steel at Pittsburgh caused 50 cents advance.
Placing of structural steel continues the most active feature of the entire
Industry. Award of 12,000 tons for a bridge at Cleveland, 6,000 tons for
an apartment house and 5,000 tons for an office building at New York are
high lights of the present week. A total of 44,000 tons is the largest since
the week of July 17 when 56,000 tons were let, one of the high spots of the
Year.
While new buying of finished steel is lacking some releases of tonnage on
old contracts are helping mills. It indicates need for more material on the
part of consumers, though not sufficiently decided need to call for larger
purchases.
Expected buying for automotive use continues a will-of
-the-wisp and
fails to materialize, although an occasional release or purchase keeps hope
alive. Recent price reductions on the part of several automobile manufacturers indicate desire on their part to start the ball rolling. Sheets, awaiting
Improved demand for so long, have softened and strip prices have shown
signs of weakness, though not really tested.
A matter of inspiration to fabricators in the Pittsburgh district is the
likelihood of some 150 barges for river use being bought this fall. Refractory manufacturers find steelmakers are repairing their equipment during the dull period and larger demand for brick has brought August sales to
a higher level than preceding months, though below that of 1929.
Reduction of 97 cents per ton in Middlesbrough pig iron, to the lowest
point since the war, inaicates the general condition of British and European
markets. French steel makers have formed a comptoir to supervise sales of
finished steel products,in an effort to control the situation.
Operating rates are little changed from the previous week, a slight lowering at Youngstown and Cleveland affecting the general situation only a
few points. Chicago and Pittsburgh are at 55%, Cleveland 40 and Buffalo
59%.
The market composite of steel remains unchanged from last week at
833, no essential movement in price being registered.

Further reductione were made in the production of steel
ingots last week, the average for the industry being placed
at 5434%,compared with a shade under 56% in the preceding
week and 58% two weeks ago,says the "Wall Street Journal"
of July 19, which further says:
U. S. Steel Corp. is at approximately 62% of capacity, contrasted with

between 62% and 63% In the week before and a shade over
64% two
weeks ago.
Independent steel companies are at a fraction over 49%
against about
51% in the week before and 53% two weeks ago.
At this time last year the Steel corporation reported a
drop of 2% to
95%, while independents went ft% m 90% to about 86%% and
the average
was down 3% to a fraction over 90%.
In the corresponding period of 1928 the Steel corporation
was running at
80%. with independents around 73% and tne average was
a fraction over
76%.

FINANCIAL CHRONICLE
Employment in Anthracite Collieries in Pennsylvania
Increased Slightly During July, According to
Philadelphia Federal Reserve Bank-Falling Off
In Wages.
The number of workers in anthracite collieries in Pennsylvania increased almost 1% from June to July, while wage
payments fell off during this same period by about 3%,
according to indexes compiled by the Federal Reserve Bank
.of Philadelphia from reports received by the Anthracite
Bureau of Information covering mines employing nearly
95,000 workers whose weekly earnings amounted to about
$2,659,000. The Bank, under date of Aug. 18, further
reports as follows:
Although employment and Wage disbursements were lower this July
than in 1927 or 1928, the volume of employment was almost 8% greater
than in July 1929 and wage payments were larger than a year ago by 26%.
Based on a 1923-25 average, the employment index for July was 92.3
and the payroll index was 71.6.
EMPLOYMENT AND WAGE PAYMENTS IN PENNSYLVANIA.
Index numbers-1923-25 monthly average=100.
Employment.
January
February
March
April
May
June
July
August
September
October
November
December

1928.
115.8
110.6
114.9
116.3
114.0
102.3
100.7
110.9
112.7
135.9
117.7
109.4

1929.
109.8
109.4
101.3
104.1
107.2
95.4
85.6
93.6
105.5
109.8
107.6
110.8

Wage Payments.
1930.
105.6
107.8
83.3
84.8
94.5
91.5
92.3

1928.
91.9
85.4
83.1
116.8
97.6
60.6
82.5
97.2
112.5
134.7
110.1
92.9

1929.
112.6
107.0
79.5
77.4
85.4
71.0
56.8
88.9
83.4
116.6
87.6
110.3

1930.
92.1
103.7
67.1
63.9
84.2
74.1
71.6

Output of Bituminous Coal Continues Below Rate a
Year Ago-Anthracite Production Higher.
According to the United States Bureau of Mines, Department of Commerce, production of bituminous coal during
the week ended Aug. 9 1930, continued below the rate a
year ago, while anthracite output showed an increase over
the corresponding period of 1929. During the week under
review, there were produced a total of 7,850,000 net tons
of bituminous coal, 1,126,000 tons of Pennsylvania anthracite and 41,200 tons of beehive coke, as compared with 9,697,000 tons of bituminous coal, 1,104,000 tons of Pennsylvania anthracite and 126,500 tons of beehive coke in the
corresponding period last year and 7,991,000 tons of bituminous coal, 1,292,000 tons of Pennsylvania anthracite and
44,300 tons of beehive coke produced in the week ended
Aug. 2 1930.
For the calendar year to Aug. 9 1930, a total of 275,302,000 net tons of bituminous coal were produced, as against
309,733,000 net tons in the calendar year to Aug. 10 1929.
The Bureau's statement follows:

[you

131.

The total production of soft coal during the present calendar year to
Aug. 9(approximatelyworking days) amounts to 273,302.000 net tons.
Figures rorarreeagaingperials in other inClint Win aregiven below:
1129
309,733,000 netTOriii11927
319:797,000 arras"
"1928
285.985,000 net tons11926
324,382,000 net tons
kisPENNSYLVXNrrrgTHTeraITE.1
The total production of anthracite in the State of Pennsylvania during
tho week ended Aurg-Weetimated at 1,126;b00 net toisr Conipar="vitli
the output in the preceding week, this shows a decrease of 166,000 tons, or
12.8%. Production during the vreek- in 1929 corresponding with that of
Aug. 9 amounted to 1,104,000 tons.
Estimated Production of Pennsylvania Anthracite (Net Tons).
•
1930-Daily
Daily
Week EndedAvge.
Week.
Week.
Avge.
July 26
214,800
1.398,000
1,289,000
233,000
Aug. 2
215,000
1,292,000
1,290.000
215,300
Aug. 9
184,000
1.104.000
1,126,000
187,700
Estimated Weekly .- - of Coal by States.
.. Production
-- .
ffrAs already Indicated by the revised figures above the total production
of-mitt ceaffor
-theliountg as a Wfidirduring the week endeZrAng72
- -iii
estimated ar77691,000 net tonr CornFireeWitrigratpidlIthorpreceT
ng WeeliF thls shZ.Weifecrea7irollf3,000 tons, or 1.2%. The following table
- .
apportions the tonnage by States and gives comparable figures for other
recent years.
Estimated Weekly Production of Coal by States (Net Tons).
Week Ended
July 1923
Aug.2'30. July 26'30. Aug 3'29. Aug.4'28. Average.a
Alabama
250,000
389,000
230,000
329,000
309,000
Arkansas
31.000
25,000
31,000
36.000
25,000
Colorado
114.000
115,000
129,000
175,000
165,000
Illinois
848,000
769,000
912,000
828,000 1,268,000
Indiana
231,000
228,000
290.000
249,000
451,000
Iowa
87,000
47,000
41.000
57,000
53,000
Kansas
30,00
33,000
44,000
30,000
76,000
Kentucky
Eastern
735,000
853,000
936,000
695,000
757,000
Western
239,000
202,000
197,000
173.000
152,000
Maryland
47.000
42,000
43.000
46,000
35.000
17.000
Michigan
15,000
11,000
13,000
11,000
Missouri
58,000
66,000
52,000
59,000
60,000
41,000
Montana
49,000
38,000
45,000
' 37,000
52.000
46,000
New Mexico__
40,000
31.000
29,000
10,000
14,000
North Dakota_-..
12,000
12,000
13,000
Ohio
309,000
854,000
398.000
428,000
434,000
Oklahoma
53,000
62,000
49,000
38,000
27,000
Penna. (bitum.)_ 2,167,000 2,262,000 2,610,000 2,300,000 3,680,000
Tennessee
113,000
94,000
91.000
104,000
97.000
Texas
23,000
12,000
12,000
22,000
21,000
Utah
47,000
40,000
68,000
70,000
87,000
192,000
203,000
229,000
220,000
239,000
Virginia
Washington
27,000
31.000
33,000
37,000
37,000
West VirginiaSouthern_b_
1,777,000 1,826,000 1,962,000 1,850,000 1,519,000
Northern_c
526,000
866,000
556,000
686.000
743,000
99,000
74,000
90,000
101,000
115,000
Wyoming
1,000
1,000
2,000
Other States
5,000
4,000
Total bitum's- 7,991,000 8,084,000 9,349,000 8,899,000 11,208,000
Penn. anthracite. 1,292,000 1,398,000 1,290,000 1,143,000 1,950,000

Total all coal 9,283,000 9,482.000 10,639.000 10,042.000 13,158.000
.7"' a Average weekly rate for the entire month. b Includes operations on
the N & W
457,
M. c Resat kat') including
,
Panhandle.
BEEHIVE COKE.
The total_production of beehive coke for the country as a whole during
the week ended Aug. 9is estimated ar4T,100 net tons. Compared with the
BITUMINOUS COAL.
output in the precedin Ng_Insk, this shows a decrease of 3,100 tons, or 7%•
.
The total production ofsoft coal during the week ended Aug.9,including The following table apporticatihe tonnage by regions and gives comparable
lignite and coal coked at the mines, is estimated at 7,850,000 net tons, figures for 1929.
Compared with the output In the preceding week, this shows a decrease of
The total production of beehive coke from Jan._1:to_Aug. amounts to
141,000 tons, or 1.8%. Production during the week in 1929 corresponding 1,995.700 net rons7 Thisrsin coripailson With 3,902,500 tons during the
with that of Aug. 9 amounted to 9,697,000 tons.
corresponding period of 1929.
Estimated United States Production of Bituminous Coal (Net Tons).
Estimated Production of Beehive Coke (Net Tons).
1930-------1920
Week Ended
1930.
192G.
Cal. Year
Cal. Year
RegionAug. 9'30.b Aug. 2'30.c Aug. 10'29.
to Date. to Date.a
Penn., Ohio & W Va, 35,500
Week.
to Date.a
to Date.
Week EndedWeek.
39,200
115,100 1,758,700 3,518,700
9.607,000 290,687,000 Ga.. Tenn., & Va.,. 3,900
July 26
8,084,000 259,461.000
7,800
2,900
165,000
219,100
1,601,000
1,657,000 Colo., Utah & Wash- 1,800
1,478,000
Daily average
1.347,000
2,200
3,600
72,000
164,700
Aug. 2_b
9,349.000 300,036.000
7.991,000 267,452,000
United States total 41,200
1,558,000
1.474.000
1,654,000
1,332,000
44,300
126.500 1,995.700 3,902,500
Daily average
Aug. 9_c
9,697.000 309,733,000
7.850.000 275,302,000
Daily average
1,616,000
1.468.000
1,653,000 Daily average
6,877
7,383
1,308,000
21,083
10,559
20,648
a Minus one day's production first week in January to equalize number
a Minus one day's production first week in January to equalize number of
days in the two years. b Revised since last report. c Subject to revision. of days in the two years. b Subject to revision. c Revised.

Current Events and Discussions
The Week With the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstanding during the week ended Aug. 20 as reported
by the 12 Federal Reserve banks was $1,004,000,000, an
increase of $3,000,000 compared with the preceding week
and a decrease of $372,000,000 compared with the corresponding week of 1929. After noting these facts, the
Federal Reserve Board proceeds as follows:
On Aug. 20 total Reserve bank credit amounted to $986,000,000, an
increase of $4.000,000 for the week. This increase corresponds with
increases of $14,000,000 in member bank reserve balances and $5,000,000
in money in circulation, offset in part by an increase of $4,000,000 In
monetary gold stock and a decrease of $10,000,000 in unexpended capital
funds, &c.
Holdings of discounted bills increased $4,000,000 during the week at the
Federal Reserve Bank of Richmond and $5,000,000 at all Federal Reserve
banks. The System's holdings of bills bought in open market increased
$5,000,000. of U. 8. bonds $16,000,000, and of Treasury notes $13,000,000,
while holdings of Treasury certificates and bills declined $33,000,000.




Beginning with the statement of May 28 1930 the text
accompanying the weekly condition statement of the
Federal Reserve banks was changed to show the amount of
Reserve bank credit outstanding and certain other items
not included in the condition statement, such as monetary
gold stock and money in circulation. The Federal Reserve
Board's explanation of the changes, together with the
definition of the different items, was published in the May 31
1930 issue of the "Chronicle," on page 3797
The statement in full for the week ended Aug. 20, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages-namely,
pages 1223 and 1224.
Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended
Aug. 20 1930 were as follows:

1187

FINANCIAL CHRONICLE

Atm 23 1930.]

Increase (+) or Decrease (—)
.81ace
Aug. 20 1930. Aug. 131930. .A50. 21 1929.
196,000,000
159.000,000
602,000,000
29,000,000

+5,000,000
+5.000,000
—4,000.000
—2,000.000

—790,000,000
+27,000,000
+453,000,000
—13,000,000

986,000.000
4,493,000,000
1 788,000,000

+4,000,000
+4.000,000
+1,000,000

In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on Aug. 13:

—323,000,000
+139,000,000
+5,000,000

Bills discounted
Bills bought
United States securities
Other reserve bank credit

The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on Aug. 13 shows decreases for the week of
$71,000,000 in loans and investments, $19,000,000 in government deposits
and 913,000,000 in borrowings from Federal Reserve banks, and increases
deposits and $37,000,000 in time deposits.
+5.000.000 —304,000,000 of $41,000,000 in net demand
4 442,000,000
Money in circulation
Loans on securities, which at all reporting banks were $58,000,000 below
2 414,000,000 +14,000.000 +122,000.000
Member bank reserve balances
the previous week's total, declined $54,000,000 in the New York district
Unexpended capital funds, non-mem+1,000,000 $9,000,000 in the Cleveland district and $6,000,000 in the Chicago district
411,000,000 —10,000.000
ber deposits, &c
and increased $21,000,000 in the San Francisco district. "All other" loans
increased $20,000,000 in the New York district, $11,000,000 in the PhilaReturns of Member Banks for New York and Chicago delphia district and $9,000,000 at all reporting banks, and declined $11,000.000 in the Chicago district and $8,000,000 in the San Francisco district.
Federal Reserve Districts—Brokers' Loans.
Holdings of U. S. government securities declined $14,000,000 in the
Beginning with the returns for June 29 1927, the Federal New York district and $17,000.000 at all reporting banks. Holdings of
the New York district and increased
Reserve Board also commenced to give out the figures of other securities declined $24,000,000 in all reporting bulks showing a net
$11.000,000 in the Chicago district,
the member banks in the New York Federal Reserve District, reduction of $5,000,000.
The principal change in borrowings from Federal Reserve banks for the
as well as those in the Chicago Reserve District, on Thursthe figures for the Reserve banks week was a decline of $12,000,000 at the Federal Reserve 1.1i,nk of New York.

TOTAL RES. BANK CREDIT
Monetary gold stock
Treasury currency adjusted

days, simultaneously with
themselves, andfor the same week, instead of waiting until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in the different
cities included cannot be got ready.
Below is the statement for the New York member banks
mber banks thus issued in
and that for the Chicago m,
advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks. The grand aggregate of
these brokers' loans the present week shows a decrease of
$27,000,000, the total of these loans standing at $3,128,000,000. The loans "for own account" fell during the week
from $1,646,000,000 to $1,607,000,000, but the loans "for
account of out-of-town banks" increased from $705,000,000
to $714,000,000, and loans "for account of others" from
$804,000,000 to $807,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Aug. 20 1930. Aug. 13 1930. A21q. 21 1929.
Loans and investments—total

8 076,000,000 8,068,000,000 7,354.000,000

Loans—total

5,968,000,000 6.002,000,000 5,637,000,000
3,527,000,000 3,085,000,000 2.771,000,000
2 441,000,000 2,417,000,000 2,862,000,000

On securities
All other

2,108,000,000 2,066,000,000 1,717,000,000

Investments—total

1,0o0,000,000 1,055.000,000
1,018,000,000 1,002,000,000

U.S. Government securities
Other securities
Reserve with Federal Reserve Bank__
Cash in vault
Net demand deposits
Time deposits
Government deposits

782,000,000
44,000,000

787.000,000
4.,000,000

955,000.000
762,000,000
700,000,000
52,000,000

5,558,000,000 5,595,000,000 5,120,000,000
1,436,000.000 1,440,000.000 1,149,000.000
15.000.000
15,000.000
11,000,000
94,000,000
87,000,000
976.000,000 1,004,000,000

Due from banks
Due to banks

83.000,000
810,000,000
144 C00,000

Borrowings from Federal Reserve Bank.

Loans on secur. to brokers & dealers:
1 607,000,000 1,646,000,000 926,000,000
For own account
For account of out-of-town banks.:__ 714,000,000 705,000,000 1.787,000,000
For account of others
807,000,000 804,000,000 3,372,000,000
Total
On demand
On time

3 128,000,000 3,155,000,000 6.085,000,000
2,489,009,000 2,513,000,000 5,738,000.000
639,000,000 642,000,000 347,000,000

Chicago,
Loans and investments—total

2 034,000,000 2,023,000,000 1,931,000,000

Loans—total

1 551,000,000 1,565,000,000 1,559,000,000

On securities
All other

919,000,000
632,000,000

920,000,000
645,000,000

866.000,000
693,000,000

483,000,000

458,000,000

373,000,000

205,000,000
278,000,000

191,000,000
267,000,000

163,000.000
209,000,000

Reserve with Federal Reserve Bank __ _- 190,000.000
12,000,000
Cash in vault

191,000,000
14,000,000

175,000,000
15,000.000

Investments—total
U. S. Government securities
Other securities

Net demand deposits
Time deposits
Government deposits

1 292.000,000 1,285,000,000 1,237,000.000
652,000,000 651 000,000 572,000,000
2,000,000
2,000,000
3,000,000

Due from banks
Due to banks
Borrowings from Federal Reserve Bank_

147,000,000
358,000,000

155,000,000
371.000.000

125,000,000
307.000,000

1,000,000

2.000,000

33,000,000

• Revised-

Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
explained above, the statements for the New York and
As
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, in 101
cities, cannot be got ready.




A surany ry of the principal assets and liabilities of weekly reporting member banks, together with changes during the week and the year ending

Aug. 13 1930, follows:

increase (+) or Decrease (—)
Aug. 13 1930.

Loans sad

estments—to tal- - -23,092%00,000

Loans—total
On securities
All other

Since
Aug. 14 1929.
Aug.8 1930.
$
— 71,000.000 +042.000.000

16,857,000,000

—49,000,000

—86,000,000

8,376,000,000
8,481,000,000

—58.000.000
+9.000,000

+803.000,000
—889.000,000

—22,000,000 +728,000.000
6.235,000,000
——
— --- —
17.000,000 +126.000,000
U. S. Government securities_ - 2,860,000,000
—5,000,000 +601,000,000
3,375,000,000
Other securities

Investments—total

214,000,000

+37,000,000
+9.000,000

+115.000.000
—31.000,000

13,705.000.000
7,394,000,000
46,000,000

+41,090,000
+37,000.1190
—19,000,000

+514,000.000
+673.000.000

1,564,000,000
3,362,000,000

,i,030.000
- 20,00'1.090

+484,000,000
+728,000,000

38,000,000

— 13,000,000

—888,000,000

Reserve with Federal Rei've banks 1,789,000,000
Ca.411 in vault
Net demand deposits
'Dare eerostts
Covernir ent deposits
Duo from banks
Dim to banks
13crrowings from Fed. Res. banks_

+2,000,000

Summary of Conditions in World Markets, According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases
for publication Aug.23 the following summary of market conditions abroad, based on advices by cable and radio.
•
ARGENTINA
Prices for the week ended Aug. 16 were higher. the peso exchange steadier,
and business Improved slightly. Interest In aviation, and particularly in
military and naval aviation, has increased and it is expected that the Governof Public
ment will purchaee new equipment. The Argentine Department
Works, the automobilq and touring clubs are planning to send delegates to

the International Road Congress which will be held in Washington in
October.
AUSTRALIA
Rains have caused further improvement in the agricultural and pastoral
prospects. Retail trade in general, however, is below normal levels. A
meeting of the Loan Council is to be held next week for consideration of the
budget. Concern is expressed that increased taxation and duties would fail
a
to supply the amounts budgeted. Western Australia is considering partial
moratorium to relieve the position offarmers. The Federal Parliament has
recessed until February.
BELGIUM
The industrial crisis continues in Belgium but the complaints of most industries are possibly selmewha t exaggerated. At the end of June there were
12,200 totally unemployed cud 41,300 partially unemployed: this represents a slight increase over May and while it is reported that there was a
serious
further increase in July and August, unemployment is not yet a
that the
problem. The Stock Exchange remains dull, but banks report
inquiries, though few orders are actually
investing clientele is again making
being placed. Tax collections in June totalled 542,000,000 francs as compared with 758,000,000 in June 1929. Total collections for the first six
months amounted to 3,603,000,000 francs as against 4,081,000,000 during
the corresponding period of last year. The outlook for the balance of the
year indicates low tax returns and a possible actual shortage as against the
budget estimates. Money is plentiful and the call rate remains at 1%.
During the first seven months of this year there were 346 failures as against
262 in 1929, but they were mostly of minor importance and banks report
confidence in the well established firms.
BRAZIL
Business continues unfavorable in Sao Paulo. In Rio de Janeiro a few
lines are showing improvement but liquidation in many lines is still in process. Coffee shipments have been light and prices are slightly down,despite
the continued weakening of exchange, which touched 9.95 milreis to the
dollar on Aug. 15.
CANADA
Harvesting is general in the western wheat belt but crop estimates have
downward in the past week as a result of deficient rainfall and
been revised
high temperatures, which are expected to reduce both yield and quality in
Manitoba and eastern Saskatchewan. The Dominion Bureau of Statistics
crop report issued during the week estimates the yield of the first cutting

of fall wheat at 15,962,000 bushels from a harvested area of 645,000 acres;
last year's harvest of 20,504,000 bushels was from an area of 834,000 acres.
Total exports of wheat and wheat flour in the crop year ended July 31
amounted to the equivalent of 186.000.000 bushels. Stocks in Canada on
that date were estimated at 111,602,000 bushels, as compared with 104,383,000 bushels on the same date in 1929.
The general trend of business remains unchanged, with demand dull
and stocks low in most lines. Collections continue fair but improving in
Edmonton and Vancouver. Business in Halifax is good with port traffic

1188

FINANCIAL CHRONICLE

[VoL. 131.

considerably increased and a ten million dollar building program under way. imports aggregated
2,844,000 yen. Total gold exports since the removal of
The NOV3 Scotia apple crop is reported from 30 to 40% below normal. the embargo on
July 11 to date are reported at 226,283,000 yen. Imports
Trade at St. John, New Brunswick,is fair but industrial activity is slacken- for the same period
amounted to 5,080,000 yen.
ing, especially in cotton goods, sugar refining and brass products. Automobile sales are poor, except for low priced cars. No material gains in
MEXICO.
Business depression remains severe. Reduction of activities in the mining
consumption noted in the Province of Quebec but the employment situation
is somewhat better by reason of the large amount of road work undertaken industry continues and is increasing the number of unemployed. In the
by the provincial government. Demand for harvest implements and sup- textile industry unemployment is estimated at 35%. The cotton mills are
plies remains steady and an increase is expected in view of the excellent fruit, operating only one shift. The Rio Blacco mill which is the largest in Mexico
fodder, and root crops. Average business is reported in summer hardware, is reported to have stocks on hand valued at 11,000,000 pesos, which in
but the price tendency is downward in most lines and there is a general 11101V of the reduced purchasing power of the public,is indicative of the overdemand for longer payment terms. A new alignment in the steel products production in this industry. Petroleum production for June amounted to
usiness is forecast, with the formation in Montreal of a holding company 3,287,000 barrels and exports totaled 3,030,000 barrels. Production for the
ith subsidiaries throughout Canada. Price declines are noted in base first six months of 1930 amounted to 20,437,000 barrels as compared with
metals and in manufactures of copper, brass, aluminum and zinc.
20,950,000 barrels for the corresponding period of 1929, while exports for
Midsummer slackness continues in most sections of Ontario, and both the the same periods were 13,047,000 barrels in 1930 and 13,437,000 barrels in
wholesale and retail branches are quiet except for staple groceries and a few 1929.
highly seasonal lines, which appear to be moving at a nearly normal rate.
NETHERLAND EAST INDIES.
Industrial centers report but a very slight improvement in activity and
The bazaar market in general shows the usual quietness following the rice
unemployment is increasing among steel mill operatives. Transportation harvest. Business in sundry
lines, however, is improving as the result of
equipment companies are moderately busy and do not expect much change preparation for the Pasar
Gambir, the annual native fair held in Batavia
in the situation in the next six or eight weeks. The paper industry appears the latter part of
August and the first part of September.
to be still suffering from overproduction and dull demand, with competition
active, particularly in craft paper.
PANAMA.
The continued drought is working havoc with cattle and crops. As an
Prairie Province trade is also dull. The tourist traffic is increasing but
per capita expenditures are estimated at about 30% below last year. A economy measure three thousand road employees are to be discharged at
satisfactory increase is shown in sales of structural steel during the past the end of this month.
fortnight, but the present level is still nearly 40% below last year. British
POLAND.
Columbia foodstuffs business is fair. The new pack of canned fruits is
The condition of the principal accounts of the Bank
of Poland at the end
being offered at prices slightly under last year's. The salmon pack is large July,
according to the bank's balance sheet, was as follows:
but sales are slow. The Canadian National Steamships inaugurated a serThe amount of discounted paper increased by
29,328,000 zlotys, owing
vice between Vancouver, Victoria and Seattle on Aug. 12.
to a slight revival in trade activity and a consequent
larger supply of bills
discountable at the Bank in accordance with its regulations. Loans against
CHINA.
Favorable crop conditions continue in general throughout North China securities collateral, with a total of 74,358,000 show a small increase of
though excess ofrain and bad drainage is causing flood conditions customary 1,338,000 zlotys. The total of demand obligations, including notes in cirat this time of the year in the country 20 to 50 miles back of Tientsin. culation and deposits, were reduced by 70,400,000 zlotys. This was offset
Washouts have occurred at several points on the Peking-Mukden Railway, by a rise of over 100,000,000 zlotys in note circulation, with the result that
blocking through traffic. Business in general continues hampered by mili- all cover gainst demand obligations declined to 59.16 (from 60.7 a month
tary disturbances and reduced purchasing power of the masses. Chinese ago). Foreign trade for June resulted in a debit balance of 8,094,000 zlotys,
Maritime Customs returns for July indicate an increase In foreign imports of the first since July 1929,thus leaving an export balance of 88,431,000 zlotys
19% and a 16% increase of exports of Chinese products as compared with for the first half of the current year. State revenues for June exceeded exthe previous month. The slight improvement in trade was due to the com- penditures by a small margin of 581,000 zlotys.
paratively stable condition of exchange, which was favorable to imports,
SIAM.
and Increasing inquiries for export commodities. Trade in Manchuria reGeneral business conditions continue depressed, as the result of the admains stagnant, especially in mechanical lines of goods. Improvement verse
rice situation. Owing to disturbances in China, the most important
depends largely on stability in silver currency and better foreign demand for market
for Siamese rice is practically closed, and fairly heavy stocks of the
Manchurian products.
ome activity is shown in railway purchases of old crop are still held
in the interior, with little prospect of their being
locomotives and machine tools. An order has been placed for 10,000 spindles cleared
before the new crop is harvested toward the close of the year. An
by a cotton mill. An $800,000 order for telephones is pending. The auto- upward
tendency in rice prices continues, but prices of paddy (unhusked
motive market remains stagnant.
rice) are lower. The best quality white rice sold on Aug. 1 at 9.70 bahts per
Trans-Pacific freights into Hong Kong and other South China ports have
picul ($4.27.for 133-1-3 pounds) and paddy sold at 81.39 bahts ($35.80) per
registered a 40% decrease in volume so far this' year compared with the kvien
of 16 Welds. (Bahts equals $0.44). Discontinued operations of a
same period last year. The percentage of decrease in sales of various items large
number of rice mills are affecting adversely the sale of gasoline and
imported from the United States are as follows: automobiles, 30;tires, 20;
lubricating oil, which is further restricted by a new motor vehicle law.
flour, 40;lumber,20; canned goods, 50; and fresh fruits, 75. Railway con- The
automotive and machinery markets are quiet, with fair stocks on band.
struction in South China has shown some increase but this development is The
credit situation is only fair. Collections are reported difficult and are
greatly hampered and restricted on account of disturbances in the interior
considerably behind.
and the endless drain on provincial and railway revenues. No American
The Department's summary also includes the following
rail business is reported or anticipated for the remainder of this year.
Kerosene sales so far this year have been heavier than last, but a marked with regard to the Island possessions
of the United States:
falling off is anticipated for the balance of the year. Export trade so far
PHILIPPINE ISLANDS.
this year is smaller than last year. The decrease is attributed in a measure
to disturbed conditions in the interior which is making for high delivery
Although basic conditions remain unsatisfactory, there is less disturbance
costs at export centers. This, in conjunction with depressed conditions in and complaint on the surface. Business leaders are adjusting themselves
world markets, is making it difficult for buyers and sellers to get together to the situation and discouraging further difficulties by carefully restricting
in spite of the extremely favorable exchange rates now obtaining for export inventories and the movement of slow goods through price reductions.
trade. Falling off in import trade is attributed primarily to disturbed Credits remain greatly restricted and collections are difficult except In
conditions ruling the greater part of the year in the interior, which, inter- tobacco producing provinces where some improvement continues. Unrelated with the drop and instability of exchange has tended to greatly re- employment, while not serious, is at the highest point in recent years.
strict orders and deliveries. Prospect of any substantial expansion in trade Freight carried by the Manila Railroad during the week ended Aug. 2
during the remainder of the year is improbable. It is believed the decrease totaled 13,200 metric tons compared to 14,700 for the corresponding week
last year.
in trade is being shared proportionately by all countries.
INDIA.
The Indian Jute Mills Association has agreed to continue curtailed pro- Gold Withdrawals from London
Cease—But Switzerduction for one week a month through next March. It is hoped thereby to
land Takes Gold and London Expects Renewal
reduce stocks and pave the way for more healthy trading on a profitable
of French Demand.
basis. Customs revenue in July amounted to 38,300,000 rupees. Increases
occurred in import revenues from sugar, petroleum products, and cotton
From London Aug. 16 the New York "Times" reported
piece goods, while income from duties on iron and steel, tobacco, motor
vehicles, liquors, cutlery, hardware, rayons, matches, cotton yarns, paper the following:
products, tires, and railway equipment was less.
Notwithstanding reduction in charges for gold refining at
London,French
exchange has risen sufficiently to offset the change,and gold
exports to Paris
INDO-CHINA.
have ceased, so far as the Bank of England is concerned.
Even French
Economic conditions continue unfavorable in Indo-China with no imme- purchases of gold in the open market have
shrunk to small proportions. It
diate prospects for improvement. Unsold stocks of unmilled rice at Cholon is true, this change has coincided with
substantial exports of gold from
(port of Saigon) are estimated at over 100,000 metric tons. Prices of rice New York to Paris, but whether this
is due to a deliberate program for
declined steadily in July until the last week when the market was strength- shifting the burden from London to New
York, or is merely caused by
ened for a few days as the result of small demand from China and Europe, natural influences, the market finds it
difficult to determine.
the latter stimulated by a low freight rate of 11 shillings ($2.67) per ton.
Naturally, London welcomes the respite from gold exports, but
its past
On July 31 white rice was quoted at 12.20 piastres per 100 kilograms ($4.76 experience causes it to doubt whether the flow
of gold to France from Lonfor 220 pounds). The price, however, was nominal as only a few transac- don is really coming to
an end. Switzerland has taken the place of France
tions were made. Exports of rice from Saigon for the first 7 months of the as the principal buyer of gold in the London
bullion market. The National
current year totaled 767,200 metric tons, compared with 846,000 for the Swiss Bank is known, however, to
disapprove gold withdrawals from
the
corresponding period in 1929. The principal countries of destination this Bank of England and the present demand
is, therefore, not expected to
year were Hong Kong, taking 225,270 tons; China, 185.000; Fronce and touch the central gold reserve.
Colonies, 147,800; and Java, 79,700 tons. A Government rice bureau is
There is no further talk here of gold shipmentsfrom New York
to London.
being formed in Saigon for the purpose of improving the grade of rice and The American drouth has introduced abnormal
influences into the exchange
regulating the industry.
situation, but seasonal factors are expected shortly to
operate again, and
some decline in the New York sterling rate will cause no
JAPAN.
surprise. Still, its
maintenance above the normal level of the season during the
Autumn is conTrade and industry in Japan remain quiet with few signs of a business sidered proper, because the
trend of international capital as between
revival in the near future. Some improvement is shown in raw silk prices, and Now York
London
continues to favor London.
but sales remain low. The summer cocoon crop is of poor quality and prices
are weak. Production in important industries is heavily restricted and output is reaching new low levels. Cotton yarn production during July was
the lowest since 1924. The Department of Finance is more lenient in its French Bank Wishes to Stop Gold Inflow, but
Lacks
attitude towards the floating of municipal and prefectural bond issues where
Power.
funds are used for relief of unemployment. From July
1 to August 9,issues
The following from Paris under date of Aug. 14
to the value of 20.161.000 yen were floated, and present applications for
is from
permits covering construction and improvement of roads and waterways the New York "Times:"
total 80,000,000 yen. As a result of the strict retrenchment policy of the
The Bank of France continues, as it has done for a long
time
Government, it is expected Government expenditures will be reduced 60,- phasize its
wish to check gold imports. It points out that the past, to em300,000 yen from this year's working budget. The outflow of gold from is sufficient
for the requirements of the situation, but that present stock
the arresting of
Japan is gradually drying up. July exports totaled 209,000 yen, while the
movement does not depend on the bank's own choice.
The only means




AUG. 23 1931]

FINANCIAL CHRONICLE

which the Bank of France could use in order to avoid a rise in franc exchange
would be to take up for its own account the exchange bills offered in the
Paris market; but the monetary law of June 25, 1928, does not allow the
bank to purchase foreign exchange.
The Bank recognizes that the only remedy for the situation would be
Increase in loans to foreign countries, especially admission of foreign securities to the Paris Stock Exchange. On account of the weakness of foreign security markets, however, it is not to be expected that the finance
minister win at the moment authorize such admissions. That will be possible only when it is felt that the bottom of the world-wide decline in values
has been touched.

Gain to France Seen in Low Gold Rrices—German
View That Scaling-Down of Franc Has Kept Up
Paris Exchange.
Berlin advices Aug. 15 to the New York "Times" state:
The cheapness of money here has led to renewed demand for exchange to
use in payments abroad. As a result of this demand,sterling at Berlin has
been somewhat firmer. Banking writers, commenting on the strength of
the French franc, which continues abnormally high despite the large French
gold imports, declare that the fundamental explanation is the high internal
purchasing power of the franc which is really a consequence of the scaling
down at the time of stabilization.
They make the further comment that although the "stabilization era"
Is long past, nearly all European countries which scaled down the valuation
of their currency still have lower gold prices than countries like Germany
and England, which retain their pre-war currency standard.

1189

Minister of the Interior, Joseph Wirth, declared the "Young Plan cannot
be fulfilled if the present world economic crisis continues."

German Tax Measure—Emergency Decree Designed to
Raise Revenue to Aid Tax Budget.
In its Aug. 18 issue the "Wall Street Journal" published
the following Washington advices:
The German President has signed a new emergency tax decree, effective
immediately and designed to raise revenue sufficient to meet the 760,000,000
mark deficit of the current year ending April 1 1931.a radiogram from Berlin
to Commerce Department advises.
The deficit was largely caused by emergency payments for unemployment
relief and accordingly Ls-partially met by an increase in payments from
workers' unemployment insurance of 1% of their wages, namely, 3 5% to
4.5%. It is estimated that this increase will yield 269,000,000 marks.
A governmental assistance tax of 2.5% applied to salaries of officials and
members of boards of directors and a 5% increase in income tax on persons
with an income over 8,000 marks per annum and on unmarried persons
are expected to yield 274,000,000 marks. These taxes are partly in effect
from Sept. 1. In addition, 48,000,000 marks are expected from the tobacco
tax and 35,000,000 marks from cutting down last year's budget, leaving
134,000,000 marks to be cut from this year's budget.
The Government has announced its intention to distribute this reduction
of expenditures among all ministries and has appointed a Commissioner of
Economy to scrutinize departmental expenditures.

Bavarian Cabinet Resigns Following Defeat of Bill
Gold Discount Bank of Berlin Begins Career as Export
for Tax on Cattle.
Financing Institution—Undertakes 45,000,000-Mark
Associated Press advices from Munich, Bavaria, Aug. 20
Turkish Railway Order.
said:
The Bavarian Cabinet resigned to-day after the defeat in the Landtag
From the New York "Journal of Commerce" we take the
of a bill which proposed to levy a special tax on slaughtered livestock.
following Berlin cablegram, Aug. 21:
livestock tax proposed amounted to 1% per pound.
The Gold Discount Bank announces the inauguration of its new career
as a bank for financing German export trade with the financing of a Turkish
trade contract. It will finance deliveries of German railway materials
to Turkey in connection with large orders obtained by the Germans from
the Turkish Government, which is pushing a railway expansion program
in Asia Minor.
The proposal to turn the Gold Discount Bank,formerly a special agency
of the Reichsbank, into an independent export financing institution has
been bitterly fought by the commercial banking interests in Germany.
Shares of the Discount Bank constituted part of the special distribution
to Reichsbank shareholders in connection with the changes in the profits
division of the latter. The announcement of the Tirkish financing arrangements indicates that the opposition from the banking interests has not
swerved the Reichsbank management and the Government from their
original purpose in this connection.
The Gold Discount Bank, under the arrangement made, will advance
two-thirds of the invoice value of the railway materials, which aggregate
45,000,000 marks, for a period of several years. A low rate of interest
will be charged on the transaction. The Gold Discount Bank will take
over the notes which the Turkish Government will make out, and the
Agrarbank and the equipment manufacturing firms will endorse. The
latter are in turn protected against loss by a 6% guarantee from the Reich.

The
The Cabinet, constituted July 1 1925. was composed of Dr. Held,
Premier and Minister of Foreign Affairs; Dr. Goidenberger, Minister of
Education; Professor Fehr, Agriculture and Labor; Dr. Stutezel, Interior;
Dr. Schmelzle, Finance, and Herr Gurtner, Justice.
Cattle-raising is one of the chief occupations of Bavaria, the census of
1928 showing 3,824,972 head. The tax proposed would have placed a
duty on every head killed.
The Social-Democrats opposed the cattle tax because under its terms
even the man of small means, owning only one head of•cattle, would be
compelled to pay tax.
They rallied enough support to defeat the Government by 62 to 58.
The Government of Premier Heinrich Held was a bourgeois coalition
Which had been conspicuous chiefly for its conclusion of a concordat with
the Vatican.

From the Munich cablegram Aug. 20 to the New York
"Times" we take the following:

Premier Held had been trying to effect a tax on cattle slaughtering
in the face of heavy opposition by the Social-Democrats and the Peasants'
League. When weeks of fruitless bickering in the Diet indicated the
Impossibility of reaching an agreement, Premier Held invoked an article
in the Bavarian Constitution which parallels the famous Article 48 of the
Reich's Constitution,and he promulgated the slaughter tax as an emergency
$50,000,000 Contracts Awarded by German Ministry- measure.
calculated to raise about $2,000,000 yearly toward coverThe
-Orders Expected to Provide Work for 125,000— ing thetax was of $5,000,000, the rest to be made up by administrative
deficit
Firms to Cut Prices 10%.
economy. But the Ministry fell on a motion made by the Social-Democrats
Socialists were supported by a motley and normally
In order to relieve the unemployment situation the Ger- to lift the decree. The composed of Fascists, Communists and Peasants'
unsympathetic group,
man Federal Ministry of Posts on Aug. 21 approved con- League representatives.
According to Bavarian law, the retiring Cabinet remains in office until
tracts for new buildings, equipment and other improvements
formed. It is likely that the fallen Government will be
a
aggregate total of $50,000,000. This is learned from onnew one is some time, since it is improbable the Social-Democrats,
with an
the job for
a Berlin message to the New York "Times" which likewise Communists, National Socialists and Peasants' League will be able to
form a Cabinet, and the Bavarian People's Party—Catholic and the backsaid:
bone of the Diet, as well as being the Party to which Dr. Held belongs—
The orders will chiefly be placed with the low voltage electrical and already has declared it will not rule with the Socialists.
building operators and their execution will give employment to 125,000
The Peasants' League, which until recently had one portfolio and supworkers.
the Government. is violently opposed to any new taxes, especially
The official approval of today's awards follows the voluntary 10% reduc- Ported agriculture. That Party suggests a reduction in civil servant ,
s
any on
tion on the previous price levels by all.the contracting partie and marks
s
salaries, but this is Impossible without the consent of the Reich, which
the first important step in the general movement for the lowering of price
is not considered likely to favor such a move.
and wage scales in keeping with the government's program for
The Social-Democrats urge a reduction in the sums paid over by the
improving
the economic conditions.
State to the Catholic Church. This, however, is fixed by the concordat
Commercial firms and labor unions receiving contracts from the
Ministhe Vatican and cannot be altered.
try of Posts and other governmental departments will in future be required with
The Socialists were commissioned late this evening to form a new Governto make their bids conform with the government's economic scheme and
ment within ten days. If they fail, new elections will be the only solution.
price and wage reductions of 10% will be specified as the
starting point.
The building unions agreed to wage reductions in connection with the
contracts awarded today. All industrial cartels and other organizations
Danzig Port and Waterways Board Report—Annual
which refuse to conform to the new conditions will be barred from bidding
Interest and Sinking Fund Requirements on
for government contracts in future.
Out of the $50,000,000 contracts awarded today the low voltage elecBonds.
trical industry will receive orders for telephone, telegraph and radio equipDanzig Port and Waterways Board reports for the year
ment amounting to $35.000,000. The balance will be distributed among
building equipment concerns.
ended March 31 1930, gross operating revenues totaling

German States' Debts Rise—Total, with Those of
Hanseatic and Other Cities, $4,041,000,000--Views
on Fulfillment of Young Plan.
A message as follows from Berlin, Aug. 15, is taken from
the New York "Times.":

12,810,412 gulden ($2,511,753). This, it is stated, compares
with 11,434,345 gulden for the preceding year. The maximum annual interest and sinking fund requirements on the
outstanding $4,500,000 25 year 6M% secured external
sinking fund gold bonds of the Board, which constitute a
lien on such gross revenues, amount to $387,340.

Debts contracted by the Reich Federal States, the Hanseatic cities of
Hamburg, Bremen and Lubeck, and 44 large German cities by the end of
the fiscal year on March 31 1930 amounted to $4,041,000,000 according
to statistics published here to-day.
The indebtedness of the Federal States and the Hanseatic cities increased more rapidly during tho last quarter of the fiscal year than during
any of the preceding quarters. The situation reversed with the 44 cities,
which contracted during the last quarter debts totaling $35,457,000, as
against $55,857,000 during the third quarter. The total debt of the cities
on March 31 was $1,095,000,000, or $64.75 per capita. The total increase
in the debt of the Federal States and Hanseatic cities was $150,000,000.
In the course of a campaign speech the former Chancellor and present

Bonds of City of Christiania (Oslo), Norway, Drawn
for Redemption.
Kuhn, Loeb & Co., as fiscal agents, are notifying holders
of City of Christiania, now Oslo, (Norway) municipal
external loan of 1924 30-year 6% sinking fund gold
bonds, due Sept. 1 1954, to the effect that $40,000
principal amount of the bonds have been drawn by lot for
redemption on Sept. 1 at par. Bonds so drawn will be paid




1190

FINANCIAL CHRONICLE

upon presentation and surrender, with subsequent coupons
attached, at the offices of Kuhn, Loeb & Co., 52 William
Street, on and after Sept. 1, after which date interest on
the drawn bonds will cease.
Bonds of Hungarian-Italian Bank, Ltd., Retired
Through Sinking Fund.
Hallgarten & Co. announce that $9,500 principal amount
of Hungarian-Italian Bank, Ltd. (Magyar-Olasz Bank
Reszvenytarsasag) 73- % 35 year sinking fund mortgage
gold bonds, series AC, dated Oct. 1 1928, due Oct. 1 1963,
have been tendered to the sinking fund for retirement,leaving
$2,663,500 par value of bonds outstanding.

[WT.. 131.

Credit.
The City of Bergen has a well deserved reputation for faithfulness to its
obligations, there being no record of a default ever having occurred. It
has, consequently, always enjoyed high credit and immediately prior to
the World War the total funded debt consisted of loans issued between
1886 and 1913 bearing interest rates of 3;6% and 4%•
Finances.
The total funded debt of the City of Bergen, after giving effect to this
financing, will amount to 79,000,000 kroner ($21,172,000). The major
part of this indebtedness was created for the acquisition and development of
revenue producing assets such as electric power plants, housing projects,
harbor improvements and water works. The city has no unfunded indebtedness. As of June 30 1929, the estimated value of the property owned by
the city was 169,000,000 kroner ($45,292,000) or more than twice the city's
funded debt, after giving effect to this financing. Net earnings from
properties owned by the city and other income excepting taxes, amounted
to over 9,000,000 kroner ($2,412,000) during the fiscal year ended June 30
1930. equivalent to more than 1 )4' times the interest charges on the city's
funded debt presently to be outstanding.
Total taxable property values in the city, including both real and personal
property, are estimated at 433,000,000 kroner ($116,044,000). The total
income of the city's population for the year ended June 30 1930,is estimated
at 128,000,000 kroner ($34,304,000), while the taxable income for that
year is estimated at 86,000,000 kroner ($23,048,000).

Increase in American Investments in Venezuela Since
1914—Second Largest Oil Producing Country—
Review by Dominick & Dominick.
American investments in Venezuela,now the second largest
oil producing country, have increased from $3,000,000 in Spain Denies Oil Deal—Refutes Story of $100,000,000
1914 to nearly $200,000,000 at present, according to the reStandard Loan for Concession.
view issued Aug. 16 by Dominick & Dominick. During
Under date of Aug. 19 an Associated Press dispatch from
the same period the country has achieved political and financial stability and has recently authorized the payment in Madrid published in the New York "Evening Post" stated:
The ministry of Finance to-day issued a formal denial that the Standard
full of its external debt. The review says:
Oil Company of New Jersey had offered the Spanish Government a loan of'
The currency is on a gold basis and since the war the monetary unit,
the bolivar (.193 cents) has been subject to less fluctuation than any other
Latin American currency. The budget is not only balanced, but for several
years has shown a substantial surplus.
The development of Venezuela's rich oil deposits has contributed materially to the achievement of financial stability. Exports of oil have resulted
in tripling the value of total exports since 1923, while in the same period,
Government revenues have increased fourfold, a large proportion of the
increase representing royalties and taxes obtained from the oil industry.
In addition to contributing directly to the national revenue,the oil industry
has given employment at good wages to thousands of native Venezuelans
and has in this way materially raised the standard of living.
There are now 108 oil companies registered in Venezuela, 14 of which
are at present producing oil. The bulk of present output, however, is
being produced by three companies, two of which are American and one
controlled by British and Dutch interests. These three companies, in
1929, produced 90,000,000 barrels as comp..red with a total production
n excess of 137,000,000 barrels.
A curtailment program put into effect at the beginning ofthe year,similar
to the conservation program now being carried out in the United States,
has resulted in a material decrease in prcduction. Output for the first
six months of 1930 (partly estimated) was 64,500,000 barrels as compared
with 68,000,000 barrels in the first half of 1929. Exports of crude oil to the
United States during the first five months of 1930 declined, as a result of
this program, to 15,346,000 barrels as compared with 25,676,000 barrels
in the corresponding period of 1929.
Coffee is next in importance to petroleum as an export, the annual shipments of this commodity averaging about $20,000,000, while exports of
cocoa, averaging about $5,000,000 annually, are third in importance.
Present conditions are unfavorable, due to low prices for coffee, cocoa
and hides, a poor harvest in 1929 and the reduced activity in the oil fields,
but the situation is regarded as a temporary one which will right itself as
world economic conditions improve.

City of Bergen (Norway) Offers $2,680,000 5% Bonds to
Retire 8% Issue.
A refunding operation which will relieve the City of Bergen,
Norway of an 8% obligation contracted in 1920 was carried
out on Aug. 21 through an offering of $2,680,000 30-year
5% external sinking fund gold bonds by A. Iselin & Co.
and Halsey, Stuart & Co., Inc. Subscriptions, it is stated,
have been received in excess of the amount of this offering.
The bonds, dated Sept. 1 1930 and due Sept. 1 1960, were
priced at 96M and accrued interest, yielding 5.23%. Out
of the proceeds of this issue the City of Bergen will retire
on Nov. 1, at 110 and accrued interest, the outstanding
portion of a 25
-year 8% issue of which $4,000,000 were
originally marketed here. The new issue will be redeemable
at par and accrued interest on 30 days' notice in part on any
interest date on or after March 1 1931 for sinking fund
purposes, and as a whole on any interest date on or after
Sept. 1 1935. Regarding the sinking fund it is stated.
Annual sinking fund payments commencing 1931 will be sufficient to
retire entire loan at or before maturity; not less than one-thirtieth part of
entire issue being retired by operation of sinking fund in each year through
purchase at or below 100% and interest, or through redemption by call at
100% and interest.

approximately $100,000,000 if the Government would dissolve the oil
monopoly. The statement read:
The Spanish Ministry of Finance is able to give the assurance that it has
received no offer from the Standard 011 Company to place one billion gold
pesetas at the Government's disposition if it dissolves the oil monopoly.

We also quote the following London message Aug. 18
to the New York "Times":
Walter C. Teagle,President of the Standard Oil Company of New Jersey,
denied in London to-day that he or any other representative of his company
was negotiating to obtain a Spanish oil monopoly.
"The story is made out of whole cloth," he said,"and the first I heard of
it was the other day on the Continent, from where I have just come.
This is not a mere
Twenty-six Broadway has never heard of it either.
diplomatic denial, but a real one."

Canada Curbs Immigration from Continental Europe
to Aid Unemployment—To Admit Farmers Only.
The following Associated Press account from Ottawa,
Aug. 16, is from the New York "Evening Post":
Immigration from Continental Europe to Canada is prohibited to-day
as Canada's first move toward solving the unemployment situation.
Announcement of the ban was made by W. A. Gordon, Minister of
Immigration and Colonization, who said that the only exception to the
order would be experienced farmers of suitable type.
He said the new policy would not interfere with tree movernent from
Great Britain or the United States of tourists or those engaged in business
or commerce, but that the Government would neither solicit nor encourage
such movement at the present time.
Minister Gordon's announcement said:
"This policy is rendered necessary by reason of the unemployment in
Canada. The purpose is to prevent persons from coming to this country
who will not be able to find work upon arrival and to protect the people
of Canada from the burden of such unemployment. We regard the present
situation as temporary, but we propose to apply an effective remedy until
unemployment conditions have improved."
Unemployment relief was the present Conservative Government's chief
campaign pledge before the recent elections which put it in power.

Opening of Government Liquor Stores in Halifax—
Nova Scotia Starts Control of Sales.
Canadian Press advices from Halifax, Nova Scotia, on
Aug. 16 said:
The opening of three Government liquor stores in Halifax and one in
Dartmouth will start the system of Government control in Nova Scotia
on Monday. The opening of 19 stores in other parts of the Province,
either singly or in small groups, will follow soon. This number will probably be increased within a short time.

Deaths in Italian Earthquake Placed at 1,475 by Fascist
Party.
Associated Press accounts from Rome, Italy, on Aug. 18
said:
An order sheet of the Fascist Party said to-day that the total deaths in
the earthquake of July 23 numbered only 1,475, in contrast to the previous
official total of 2,142.
The statement said that the reason for the reduction was that many persons had been found who previously had not answered roll call in the stricken
towns because they had fled to the hills or to relatives in other villages.
It also said that a complete list of the dead, with names and places of
residence, soon would be Issued, and condemned reports published abroad
at the time of the earthquake that the deaths ranged from 5,000 to 15,000,
with millions homeless. It denied that the Government had hidden the
truth for purposes of promoting the tourist business.

The bonds will be in coupon form in denominations of
$1,000 and $500. Principal and interest (March 1 and
Sept. 1) will be payable in time of war as well as in time of
peace irrespective of the nationality of the holder, at the
An item regarding the earthquake and the destruction
office of A. Iselin Si Co., New York, fiscal agents for the caused thereby appeared in our issue of Aug.9, page 870.
loan, in United States gold coin of the present standard of
weight and fineness without deduction for any Norwegian Mexican Debt Pact Approved by Cabinet Vote—President Rubio Announces Financial Program Formed
Government or municipal or other Norwegian taxes, present
to Provide for Payments.
or future. Information supplied by Vilhelm Lie, Finance
From its Mexico City correspondent Aug. 16 the New
Burgomaster of Bergen and R. J. Lorentzen, President of
York "Herald Tribune" reports the following (copyright):
the City Council, says in part.:




AUG. 23 1930.]

FINANCIAL CHRONICLE

1191

At a meeting yesterday held in Cuautla. State of Morelos, the Mexican
Mexican Board Named to Draft Labor Code.
Cabinet unanimously approved the agreement recently reached in New
According to Mexico City advices Aug. 20 to the New
York between Senor Luis Montes de Oca. Minister of Finance, and Thomas
W.Lamont,of the International Bankers' Committee,on the basis of which York "Times," a new draft of the labor code which ConMexico resumes the payment of interest on both direct foreign debt and the
debt of the National Railways of Mexico. The announcement was made in gress tabled last year amid a flood of protests from industrial
an official statement issued by President Ortiz Rubio.
interests will be prepared by a special technical commission
Following the full report of Senor de Oca on the New York conferences appointed jointly by the Secretaries of Industry and tho
at which the agreement was reached, President Ortiz Rubio and the
members of his cabinet discussed the new agreement jointly with next Interior. The revised project will be presented to Congress,
year's budget. It was announced that the 1930 financial program of the which convenes on Sept. 1, says the cablegram, which adds:
Government would not include increased taxation. Nevertheless, the
The Chamber of Deputies is expected to consider the labor code immedicabinet recommended that special provisions be made for the payment of ately after consideration of the Lamont-Montes de Oca debt agreement,
the internal and external debt, for construction of highways, for education, hoping to send the measure back to the Senate, which last year approved
public buildings and irrigation works, for improving both Pacific and the code as a whole.
Atlantic ports and for extending financial assistance in accordance with
In November the Deputies are expected to discuss a proposal for prothe agrarian laws.
portional representation in Congress and in December will take up the
Rigid economy will characterize President Ortiz Rubio's handling of the budget.
country's economic problems. Appropriations for the war ministry, which
A well-organized campaign against the labor code last year was instruhave figured prominently in the budget estimates, are included among the mental in causing the pigeon-holing of the measure by Congress upon advarious appropriations scheduled for reduction.
objectors were the Ford Motor Co.,
-De Oca agreement, Senor Ortiz Rubio declared journment on Dec. 31. Among the
Referring to the Lamont
which threatened to withdraw from Mexico if the clause providing for comthat "this contract deserves the full approval of Congress. We should
pulsory labor contracts was passed, and other American and British comobserve strictly this contract, which should figure foremost when conpanies.
sideration is given to budget apportionments."
President Ortiz Rubio has not made any statement on his stand, but he
Special significance is attached to this statement in banking and financial
has said he favors some code alleviating the condition of laborers. Whether
circles, because it is the first issued by the President regarding the agreethis code meets his approval is not known.
ment with the International Bankers' Committee, and because it follows
In industrial circles optimism is expressed that the new commission will
recent insistent reports that Senor Oritz Rubio had been considering sup-De Oca pact with another one,said to be recommended eliminate the articles objectionable to industry.
planting the Lamont
Representing the Ministry of Industry. Commerce and Labor on the
by Ambassador Dwight W. Morrow, which, it was understood, would be
commission are Enrique Romero Courted°, chief of the Bureau of Legisladrafted along the lines of the Young plan.
tion; Aquiles Cruz, subdirector of the Department of Labor and Cayetano
The President's statement pointed out that the public seemed to have
forgotten that the payment of these obligations "could in no way be disre- Perez Ruiz, President of the Federal Court of Conciliation and Arbitration.
Gonzales,
garded nor postponed any longer," adding that this rendered reductions in Representing the Ministry of the Interior is Octavio 'Mendoza
Under-Secretary of the Interior Department.
approprirtions in all the departments of the administration obligatory.

The agreement was referred to in these columns July 26,
Brazil Acts to End Decline of Milreis—President Holds
page 567. and Aug. 2, page 716.
Conference as Exchange Rate Hits Low of 10.50
to the Dollar.
Budget for Mexico Equals Last Year's—Estimates for
1931 Set at 280,000,000 Pesos, Including Foreign
From the New York "Times" we take the following Sao
Debt Payment.
Paulo cablegram, Aug. 21.:
exchange value of the Brazilian milreis is causing the
The
Mexico in 1931 must keep within the expenditures of deepestdrop in the commercial and official circles throughout the country.
concern in
280,000,000 pesos (about $140,000,000), according to budget Yesterday's quotation of 10.50 to the dollar was the lowest point reached
Washington Luis to
estimates which will be submitted to Congress for approval. for about seven years and caused President the President of thecall a conBanco do
ference with the Secretary of Finance and
We quote from a Mexico City cablegram Aug. 21 to the Brazil. The outcome of the conference is not known, but it is reported the
"Times," which also had the following to say:
find means for preventing further declines.
President is endeavoring to
New York
The estimates include the amount payable to the Lamont Bankers'
Group under the recently closed agreement with Minister of y ins ace Montes
de Oca. The year's figures will not differ materially- from those of the
present year•
Detail estimates, as compared with the last budget, are as follows:
Ministry of War, 65,000,000 pesos, as against 79,000,000 for the last
budget.
Government factories, 11.000,000 pesos, against 13,500,000.
Ministry of Finance. 30.000,000 pesos, against 26,000,000.
Department of Communications,toe same as last time,44,000,000 pesos.
Department of Agriculture. 18.000.000 peace, against 23,000,000.
Education, the same as in the last budget. 32,000.003 pesos.
Judicial Department. 3,500,000 pesos, v ga islet 6,500,000.
Foreign Affairs, the same as in the last budget, 6,000,000 pesos.
Public Health, 7,000.000, against nearly 9,000.000 pesos.
Department of Statistics. 1,500,000, against 3,700.000 pesos.
Other minor departments range about as in the previous year.
Next year, according to the Montes de Oca agreement with Thomas W.
Lamont, $12,000.000 will be paid to the International bankers. Previous
appropriations for the public debt were: 1928, 33,000.000 pesos; 1929,
34,000,000 pesos and 1930 26,500.000 pesos.
Attention is drawn to the fact that Senor Montes de Oca is elaborating
a comprehensive plan for not only the foreign debt but also the internal
debt of Mexico, which will involve payments of 40,000,000 pesos.
The reduction of the estimates for the Ministry of War in the new
budget, which will go to Congress at the end of this month, is reported to
be due to economies effected by General Joaquin Amaro which will not affect
military stability or endanger National safety.
The new estimates are generally regarded as satisfactory, especially
as indicative of a comprehensive scheme for National economic rehabilitation. In particular, praise is found for the reductions in the army estimates.
Mexico's crops, according to experts, particularly corn and beans,
appear likely to set a 30-year record this year. Rain has been constant,
but not excessive, throughout the Republic, and some sources predict a
surplus for export in 1931.
A bad point in the local financial situation is that the premium on gold
over silver currency continues to run high To-day 100 pesos gold is
worth 106.20 in silver. That is hurting trade.

Protest Against Mexican Debt Agreement—Bondholders Say They Must Sanction Agreement to Make
It Legal.
The following is from the New York "Times" of Aug. 16:
The Mexican Preferred Debts International Protective Association,
Inc., has issued a formal statement cemmenting on the text of the agreement reached by the Mexican Government officials and the International
Committee of Bankers on Mexico. It says that any alteration of the guaranty of Mexican bonds may be made legally only if the bondholders unanimously agree to it.
The statement adds that "such concessions as the creditors of the Mexican Government may be disposed to make for the benefit of the Mexican
nation should be availed of only for the purpose of helping to fulfill her
obligations in the future."

Mexico's New Mining Code Signed by President Rubio.
From Mexico City the "Wall Street Journal" of Aug. 21
reported the following:
Mexico's new mining code, which replaces the "law of mineral industries"
formulated in 1926, has been signed by President Ortiz Rubio. who was
granted special executive powers to do so, and it will go into effect Oct. 1.




Banking circles are pessimistic and are not willing to comment upon the
situation or to predict the future. The present conditions are due to a
number of factors and chiefly to the fact that the President will leave
office next month. Toe financial policy of his successor, Dr. Julio Prestes,
is not yet known, as the only statement Dr. Prestes has yet made was to
the effect that the milreis must find its level in the international exchange
markets. This was taken to indicate that Dr. Prestes would probably
abandon President Washington Luis's strongly enforced stabilization
program, which has long kept the milreis at a high level.
Though yesterday and the day before brought low levels it is understood
that many of the largest exchange dealers are now out of the market. This
caused a marked improvement in the milreis to-day and it is not unlikely
the improvement will hold unless there is a concerted bull movement.
The Government will take every step possible to prevent any illegal
speculation. This,coupled with the fact that the Federal and State Governments are the largest dealers in foreign exchanges, may put a stop to the
decline in the value of the milreis.

Australians Agree on Financial Reforms—Federal and
State Authorities Adopt Five-Point Program—
-Term
Further Foreign Loans Barred Until Short
Indebtedness is Dealt With.
An emergency conference of Australia's Federal authorities and State Premiers reached a general agreement on
Aug. 21 regarding the principles to be adopted to solve the
country's present financial problems. The Associated Press
advices from Melbourne, Australia, as given in the New
York "Times" continue:
The course laid down by this agreement includes the correction through
satisfactory financing of the Commonwealth's overseas position and drastic
reduction of expenditure. Budgets are to be balanced, and the agreement
precludes increase of taxation.
An advisory council will be appointed by the Premiers to suggest elimination of duplicating services in the governments. The State of South
Australia, whose financial plight is the most acute of any part of the
Commonwealth, will receive special assistance to the extent of £1,000,000
85.000.000.
Federal Costs Must Be Cut.
Federal expenditure, It was insisted, must be reduced by about $150,000,000. A concrete step to reduce expenditure has been taken by the
Federal Loan Council, which has decided to reduce the grand total of
Australia's loan program for the current year from £24,000,000 to L15.000,000.
Federal expenditure, it was insisted, must be reduced by about 3150,000,000. The financial committee appointed by the Premiers a few days
ago will continue to function as an advisory body. It is composed of
Joseph A. Lyons, Federal Postmaster General; Premier Hogan of Victoria;
Lionel Hill, Premier of South Australia and Bertram S B. Stevens, Treasurer of the State of Victoria and financial expert.
J. IT. Scullin, the Prime Minister, presided at the conference, although
he was not feeling well. Sir Otto Niemeyer, Bank of England
expert.
called In for consultation by the Federal Government, was present.
The resolutions adopted by the conference were, first, that the State
Governments must balance their current budgets and maintain balanced
budgets in the future; second, the Federal Loan Council shall not raise
further overseas loans until the existing short-term indebtedness is completely dealt with; third, approval shall not no given to expenditure for
unproductive public works: fourtn, in order to secure regular interest on
the public debt from revenue, all interest payments shall he made to a

1192

FINANCIAL CHRONICLE

special account in the Commonwealth Bank; fifth, the Federal and State
Treasurers shall publish monthly* in Australia and overseas a uniform
summary of budget and revenue expenditure, the position of all shortterm debts and a statement of loan amounts.
Australia "Off Equilibrium."
Sir Otto declared Australia was off its budget equilibrium, off the exchange equilibrium and was faced with considerable internal and external
Unfunded and maturing debts. The credit of the country he stated,
was at a lower ebb than that of any of the other Dominions, not excepting
India.
The only minor alleviation was to be found in the fact that, apart from
36,000,000 pounds sterling of unfunded debt(about $175,000,000) there
are no external obligations maturing in the year 1930-31 and the Commonwealth was thus given a two-year period in which to put its house in order.
Australia's standard of costs, compared with the rest of the world,
was increasing rapidly. Wool prices. said Sir Otto, might remain at
approximately their present level, but it was exceedingly difficult to see
how wheat prices would not drop.
The Bank of England expert found no signs that Australian production
was responding to what was a well-marked international phenomenon,
namely, the increase of productivity per head. The standard of living in
the country had reached a point beyond the country's economic capacity.
Sir Otto considered the resolutions adopted by the conference both
wise and necessary. He pointed out that Australia could not remain
perpetually under a regime of emergency tariffs and rationed exchange.
Australian standards had been pushed too high and costs must come
down. But the Commonwealtn's difficulties, concluded Sir Otto, had
only to be faced resolutely and without illusion in order to be solved.
Premier Scullin today left by train for Perth, West Australia, where he
will embark for London to attend the Imperial Conference.

Delivery of $3,865,000 to Bank of Colombia—National
City Bank Acts Under Agreement With Olaya To
Aid the Government
The following Bogota account Aug. 14 appeared in the
New York "Times":

[Vou 131.

loan from the National City Bank, for the purchase of rolling stock for the
Chiriqui Railroad and for the building of a Palace of Justice to house
the Supreme and Superior courts.
The security for the loan and the time are not mentioned. Offers have
been asked from the National City Bank, the Chase National Bank, the
Royal Bank of Canada and the National Bank of the Republic.

Panama Survey by Commission Headed by G.F. Roberts
of National City Bank of New York—Publicity
Recommended to Eliminate Governmental Waste.
A Balboa cablegram, Aug. 20, to the New York "Times"
states that publication of the report of the Commission
headed by George F. Roberts, Vice-President of the National
City Bank, which undertook a survey of the financial
condition of Panama more than a year ago, was begun in
"The Panama American" on Aug. 19, although the Government had refused to release the report until it was presented
to the opening session of the National Assembly, which
meets on Sept. 1. The cablegram went on to say:
The part printed yesterday recommends publicity for the income and
expenditures of Government departments as a remedy for waste and
inefficiency, and suggests that members of the National Assembly should
receive a yearly salary. It asserts that the provision for pay of $250 a
month while the Assembly is in session, with an initial payment of $400
for expenses, always results in an extra session in order to collect additional
expense money.
The fact that an individual employee may hold more than one post
in the Government, drawing more than one salary, and the renting of
buildings for Government offices at exorbitant prices are criticized.
When the report was called to the attention of President Arosemena today, he authorized a statement to the Panama American to the effect that
the Government expected to teallze the greatest possible good from the
survey, adding that the heads of departments were now preparing laws to
put the recommendations into effect and to remove all defects pointed out

The National City Bank to-morrow will deliver 4,000,000 pesos ($3,865,200) to the Bank of the Republic for the purpose of covering the
Colombian Government's debt to the Bank of the Republic. which had
reached the legal limit of its loans, according to an announcement in the
"Tempo," and which was confirmed by the Minister of Finance to-day.
This is being done under an agreement made in New York by President
Olaya, the terms of which have not been disclosed.
The transaction enables the Bank of the Republic to extend to the
Government a further credit of 4,000,000 pesos, which will relieve the
present stringency of the Government. This loan is in addition to a previous arrangement under which the National City Bank agreed to honor
at 50% of their face value outstanding Government pay warrants totaling
$3,000,000.

President Hoover's Measures to Relieve Drouth Situation—Appointment of National Drouth Committee
Composed of Governor Young of Federal Reserve
Board, Chairman Legge of Federal Farm Board
and Others—Credit Facilities Through Intermediate Credit Banks Proposed.
In accordance with his announcement of a week ago (published in our issue of Aug. 16, page 1039), President Hoover
on Aug. 19 made known the appointment of a committee
comprising representatives of the Department of Agriculture,
Colombia Plans Economy—Bill Would Grant Broad
Powers of Reorganization to Cut Expenses—Pro- the Federal Farm Board, the Federal Farm Loan Board, the
Red Cross, the American Railway Association and the Public
posed Conversion of Loans.
Health Service through which will be co-ordinated National
Bogota (Colombia) Associated Press advices, Aug. 20, activities
and National support to the State and County
to the New York "Times" said:
committees in the plans of the administration for relief to
Minister of Finance Perez has presented to the House a bill authorizing
the Government to contract, with the approval of the National Loan the farmers in the sections of the country suffering by reason
Board, short time loans and subsequently to convert them into long term of the drouth. In announcing the appointment of this
sinking fund loans at the instance of the joint Congressional budget com- Committee,
President Hoover said:
mittee. The bill also authorizes the Government to reorganize the executive

In accordance with the conclusions of my conference with the Governors.
and judicial branches of the administration, to raise or reduce salaries and
to combine or eliminate offices, all for the purpose of reducing expenditures I have appointed Secretary Hyde to undertake co-ordination between
Federal and State activities as Chairman of the National Drouth Committee.
for public administration.
' The minister defended the bill against opposition based on the alleged The members of this Committee are: Chairman Legge of the Federal Farm
Board; Chairman Bestor of the Federal Farm Lean Board; Governor Young
Improper delegating of the prerogatives of Congress. It passed first its
reading and was referred to the finance committee, which, according to the of the Federal Reserve Board; Chairman Payne of the Red Cross; Chairman
newspaper "El Espectador" to-day limited its operation to the end of 1930. Aishton of the American Railway Association; 'Under Secretary of the
Treasury Mills and Henry M. Robinson, Chairman of the First National
but the loan authority runs to the end of 1931. The committee is said also
Bank of Los Angeles.
to have fixed the maximum of the loan at $1,940,000. The salaries of the
These members from the different National organizations will appoint
President and Cabinet members are not subject to reduction. All pensions
are limited to a stated maximum percentage of the salary previously received alternates or additional members from those agencies from time to time
to undertake the special problems before the Committee. Mr. Robinson
by the pensioner.
has consented to serve on the Committee for purposes of co-ordinating
Federal with State and private credit activities. The headquarters of the
Colombia Plans Tax on Foreign Tobacco—Bill for National Drouth Relief Committee are being set up in the Department of
Agriculture.
Consumption Levy Introduced as Protection for of The Governors of the various
States are moving rapidly in the creation
Home Product.
of their organizations. The Governors of Illinois and Virginia have reFor the protection of the Colombian tobacco industry, ported their committees, comprising men of high leadership in their States.
The State committees are:
a Bill has been introduced in Congress authorizing the States
Illinois—Melvin A. Traylor, banker, Chicago; E.
N. Hurley, menuto levy consumption taxes on foreign tobacco, manufactured facturer, Chicago; Earl C. Smith, President Illinois Agricultural Associaand leaf. A Bogota cablegram, Aug. 20, to the New York tion, Pittsfield; Victor A. Olander, Secretary-Treasurer, Illinois Federation
of Labor, Chicago; L. A. Downs, President Illinois Central RR.,
Chicago:
"Times" reporting this also said:
Harvey J. Sconce, farmer, Men: Julius
MariIn this form the tariff would be collected direct from the consumer coutah; John M. Krebs, farmer, banker Poste!, miller and farmer,
and representative of Red CrossInstead of on importations.
Carmi,and Stuart E.Pierson, director, Department of Agriculture, Spring.
Discussing Monday in the lower house the current price of gasoline, oil field.
royalties and other questions relating to the concession of the Tropical Oil
Virginia.—Ex-Governor Harry Flood Byrd, Chairman; Frederick W.
Co., the Minister of•Industry, Francisco Jose Chaux, defined the Govern- Scott, banker;
R. H. Angell, representative Red Cross; A. C. Needles and
ment policy. He said that once contracts are made the nation must faith- John R. Hutcheson.
fully and promptly comply with then as a postulate of good administration
These committees are already actively creating their County organiand national credit prestige. In the event of differences, friendly means of zations.
settlement and compromise must be found or resort must be had to the
Continuing reports confirm the severity of the situation and the incourts, he said.
evitability of distress over the winter in the acutely affected Counties,
The Government, he said, wishes to give past, present and future inves- which now
apparently number something over 300. The rains of the
tors here the firmest assurance that Colombia will strictly comply with its last few days have
stemmed the spread of the drouth and greatly improved
contracts and will not seek ways to avoid obligations, nor will she tolerate the situation
outside of the acutely affected area. In those areas the
non-compliance by other parties to contracts.
destruction of crops has proceeded to a point that is beyond any great
degree of recovery, although pasturage should improve. It must be borne
Panama Seeks Loan—Government Invites Banks to in mind that from a relief point of view the burden of the problem in the
acute area will show very much more vividly over the winter than at the
Make Offers for $1,000,000 Transaction.
present moment.
The following Balboa cablegram, Aug. 21, appeared in ofI have received from all sections of the drouth area high appreciation
the railways for their prompt and constructive action. It is a notable
the New York "Times":
act of courageous co-operation and has been undertaken in the face of
The Government of Panama is in the market for a $1,000,000 loan and seriously reduced income due to the depression. It emphasizes the public
has sent circulars to the local banks inviting offers, according to El Tiempo Interest of maintaining the strength and financial stability of our railways
to-night. It is reported the loan will be used to pay the balance on the that they shall be able to co-operate in times of National difficulty.




AUG. 23
-19301

FINANCIAL CHRONICLE

In order that there may be no failure to cover any case of distress pending
the time when the States have completed their detailed organization, the
Red Cross has given instructions to all their County agencies to take care
of the situation.

Regarding a conference on Aug. 20 between the President
and the newly appointed Committee the New York "Times"
in a Washington dispatch on that date said:
A plan for financing the rehabilitation of damage wrought by the longcontinued drouth whereby loans will be made to individual farmers and
cattlemen by emergency credit organizations in their own communities
while the actual cash will be furnished by the Farm Loan Board's Intermediate Credit Banks, was virtually adopted to-day by President Hoover's
National Drouth Committee.
The plan was settled upon at a meeting of the Committee with President
Hoover at the White House after an appraisal of the Drouth situation
showed that financial assistance for buying feed and seed and moving
cattle to feeding places was the most pressing need. It will be perfected
Tuesday when the financier members ofthe various State drouth committees
named by the Governors in the most acutely affected areas come to
Washington for a conference with the President and Henry M. Robinson
of Los Angeles, head of the Credit Section of the National Agency.
It was the opinion of Secretary Hyde, Chairman of the National Drouth
Committee, that through this plan about $20,000,000 could be made available to the farmers and stock growers who were hardest hit.
Secretary Hyde said that the Department of Agriculture has a balance
of about $800,000 out of a $6,000,000 seed loan voted for certain States
by the last Congress which could be made available for Virginia, Ohio,
Indiana, Missouri and Montana. Under the Act this money can be applied
to the purchase of seed for crops that will mature this year, so Secretary
Hyde recommended that it be used in buying seed for fall pastures.
Live Stock Movements Financed,
The Federal Farm Board, through its own loan agencies, has started
financing live stock movements from the most severely stricken sections
of Montana to feeding pens in nearby States, an announcement to-day
said. A consignment of 50,000 sheep moved out at one time, it was said,
and others are to follow. President Hoover announced last week that
between 2,000,000 and 3,000,000 sheep and 500,000 head of cattle had to
be cared for by emergency measures in Montana.
The finance plan agreed upon to-day is virtually the same as that which
was followed in Arkansas, Mississippi and Louisiana after the flood disaster of 1927. It provides for local credit organizations in each stricken
community which shall be tied up with the Intermediate Credit Banks of
the Federal Farm Loan Board.
These local credit organizations, formed only for the emergency, are to
have stipulated capital stocks. The responsibility for making decisions
on the individual loans will fall upon them, and they can endorse the loans
immediately to the intermediate credit banks and get the cash. The loans
will be made at the regular Government interest rate, now around 4%,
and the local emergency credit groups will be allowed to add 2% as a sort
of "cushion" for possible defaults.
Plan Calls for Debentures.
It was explained that under the "hookup" the local Credit Corporations
could make loans up to approximately 10 times the amount of their capital
stock, and the Intermediate Credit banks in turn could issue tax-free
debentures on the paper it thus received and pass the burden on to the
money market. The President informed the Committee that the plan
worked with signal success in rehabilitating the flood disaster, with a net
loss to the local corporations of only about 3%.
All members a the President's Drouth Committee, with the exception
of Mr. Robinson, who is on his way from Los Angeles, attended the meeting
this afternoon. Other members are Secretary Hyde, Chairman Legge of
the Federal Farm Board, Chairman Beater of the Federal Farm Loan
Board, Governor Roy A. Young of the Federal Reserve Board, John Barton
Payne, Chairman of the American Red Cross; Richard H. Aishton, Chairman of the American Railway Association and Ogden L. Mills, Under
Secretary of the Treasury. James L. Feiser, Vice Chairman of the Red
Cross, who headed the Red Cross activities in the Mississippi flood, also
attended the meeting.
The American Railway Association informed President Hoover and
Secretary Hyde that the emergency freight rate of one-half the regular
tariff on movements of live stock and feed is already in effect in the Eastern
and Southern Divisions and will go on in the Western Division Friday.
Secretary Hyde to-day certified to the Railway Association a list of 80
more counties in which drouth damage is of such an extent as to require
reduced tariffs. Two Counties in Maryland were included.
640 Counties Now Listed
I
With the additions to-day, 640 Counties in 19 States have been listed
as acutely affected by the drouth. The counties to-day in addition to
those in Maryland, were in Alabama, Mississippi and Texas.
Notice was received at the White House from Governors Caulfield of
Missouri, Sampson of Kentucky, Leslie of Indiana and Haramill of Iowa
that they had perfected the committees for handling the nine-point plan
of relief in their States as agreed upon at the White House Conference last
week.
The weekly weather and crop bulletin issued to-day by the Weather
Bureau, said that moderate to heavy showers had brought material relief
to many localities hit by the drouth and had been effective in reviving
pasture lands and improving late trucks and gardens, and more especially
in replenishing water supplies. The most substantial of these rains were
in Kentucky, parts of West Virginia, Eastern and Southwestern Iowa,
much of South Dakota, Nebraska, Kansas, Missouri, North Central
Tennessee, Arkansas, Oklahoma, Mississippi and Alabama. Some of the
areas still need relief the bulletin said.

From the Washington account Aug. 20 to the New York
"Journal of Commerce" we take the following regarding the
conference:
Governor Roy M. Young of the Federal Reserve Board assured the
group that his organization would be inclined to take as broad a view as
possible in the matters presented to it but, he explained, there were marked
limitations on the extent to which it could act in approving the loaning of
funds. He said he wanted to counteract the impression existing in some
circles that the Federal Reserve Board was cold to the proposition of financing the farmers in distress. That is not the case, he asserted, the Board
being restricted by the law creating it.
*
Apparently the suffering in the drouth areas also has been rather exaggerated for, while the American Red Cross, according to Chairman J.
Barton Payne. anticipates having to enter the field within the next month
or six weeks on quite an extensive program, the demands for aid up to
this time have been very limited in their scope.




1193

Payne Denies $40,000,000 Fund.
It dispensed about $17,000,000 or $18,000,000 during the Mississippi
flood disaster, but no estimate could be made as to how much will be needed
in the present situation, which covers a vastly larger area. The emergency
found of $5,000,000 will be expended before new subscriptions will be sought
from the public. Reports that the organization was prepared immediately
to expend $40,000,000 to $50,000,000 were denied by Judge Payne, who said
his orgnization had no such fund.
The Department of Agriculture is possessed of a fund of some $800,000
as a part of a larger sum provided by Congress for feed and seed loans to
farmers in Ohio, Indiana, Virginia, Missouri and Montana. It is not
available to the other drouth-stricken States, however. From it will be
made additional loans in the present emergency.
It was asserted by Secretary Hyde that reports to the Department of
Agriculture do not show that the movement of cattle has reached any
alarming proportions. If there is any selling of cattle on distress markets
it is between farmers, he said. The machinery of the Federal Farm Board
has already been set in motion to facillate the movement of live stock
from the drouth areas to those sections where there is a surplus of feed,
C. B. Denman, live stock member of the Board, stated. This movement
is to be accomplished through the extension of $4,000,000 in credit to the
National Live Stock Marketing Association, which is empowered to reach
out through its member co-operatives to make loans to farmers in distress.
Mr. Denman explained that through the medium of the Intermediate
Credit Banks this fund could be expanded to a maximum of $40,000,000
in the making of loans in the manner explained.

President Hoover's Measures to Relieve Drouth Situation—Secretary Hyde Apportions $121,875,000
Among States for Road Improvement to Provide
Emergency Employment.
In accordance with instructions from President Hoover,
Secretary of Agriculture Hyde announced on Aug. 16 that
$121,875,000 of Federal highway funds had been apportioned among the various States and Hawaii in furtherance
of the measures advanced by the President for the relief of
farmers who had suffered through the prolonged drouth.
At his conference with State Governors on Aug. 15, the
President requested Secretary Hyde to allocate at this time
to the various States as much as possible of the Federal
funds for road building, making the same available by
Sept. 1 instead of on Jan. 1 next, as had been proposed.
The immediate apportionment of the funds is designed,
according to Secretary Hyde, to "provide emergency employment for a considerable number of men who might
otherwise be destitute as a result of crop failures." Secretary Hyde's announcement of Aug. 16 follows:
Secretary of Agriculture Hyde Aug. 16 authorized the apportionment of
the Federal funds for highway improvement in the fiscal year ending June
30 1932. This will make it possible for the States to anticipate the Federal funds which will be paid to them next July and will enable them to
expand and advance their highway programs at once and so provide emergency employment for a considerable number of men who might otherwise
be destitute as the result of crop failures.
Congress has appropriated $125,000,000 for the fiscal year which 'will
begin July 1 1931. After deduction of the 23' % allowed for administrative expense, Secretary Hyde was able to allot $121,875,000 to the several States and to Hawaii. Because drouth conditions are confined to
only part of the States, and a balance of previous allotments remains unobligated to the credit of several of the States, the Secretary will use his
discretion as to the approval of projects and will expedite the approval of
projects complying with the following conditions:
1. That the State has obligated and has under construction all or practically all of the Federal-aid funds previously allotted.
2. That State funds be required for each project in an amount sufficient
to meet the Federal-aid funds on the legally established basis. This would
not exclude the voluntary contribution of additional county or local funds
but would require the State itself to provide a minimum amount equal to
the Federal pro rate required, basically 50% Federal funds,
3. That the State Highway Department submit with each project statement a reasonable showing that the project if expedited would assist in
providing employment in the drouth areas or would directly contribute
to the relief of unemployment in a substantial way. The authority for
exercise of administrative discretion in the approval of projects is found in
various sections of the Federal highway legislation.
Although the emergency road work is expected to be done in only those
States that are suffering from unemployment and from the drouth, the
apportionment for all the States had been made and is as follows:
1,121,880 Oklahoma -----2.922,569
52,815,434 Maine
Alabama
Arizona
1,051,714 Oregon
1,768,023Maryland
1,997,589
2,174,786 Massachusetts—
Arkansas
ienns c
hu c v
O
l s
California
3,652.393
4,181,212 Michigan
' .1
lati 5 ,4
aro
a
.. E :
.F
Colorado
2 315 948 Minnesota
Connecticut792.359 Mississippi
2,209.509 South Dakota__ 2,054,077
Delaware
3,967,287 Tennessee
609,375 Missouri
2,687,123
Florida
1,543,232 Montana
2.580,405 Texas
7.820,239
Georgia
3,316,029 Nebraska
2 644 726 Utah
: :
1,416,493
Hawall
609.375 Nevada
Vermont
609,375
Idaho
1,554.594 New Hampshire 1, 5:
29 174 Virginia n____ U7
4
14,01
Illinois
5,150,396 New Jersey
Indiana
3,172,253 New Mexico—. 1,984,363 West Virginia_
1,324:680
Iowa
3,330,593 New York
8,002,475 Wisconsin
3,075,234
Kans4444
3,397.874 North Carolina_ 2,871,722 Wyoming
1,568,607
Kentucky
2,356.367 North Dakota— 2,001,841
Louisiana
1,745.445 Ohio
4,584.440 Total
$121,875,009

With reference to a statement by Secretary Hyde
on
Aug. 15, indicating his intention to make immediate
allotment of the Federal funds, the "United States
Daily" of
Aug. 16 had the following to say:
Allotments usually are made in December for the
following year, according to the Chief of the Bureau of Public Roads,
Thomas H.MacDonald.
Mr. Hyde said that this (allotment Sept. 1) would
permit the Statee to
begin work on road projects as soon as their plans
can be formulated after
the allotment has been made. Unobligated
funds remaining from
this
year's appropriation amount to $65,000,000, he
said. Approval of contracts for this work by the Department of
Agriculture is required, and Mr
Hyde said preference will be shown in
expediting
States in which the drouth and unemployment approval of contracts for
situations are worst.

1194

FINANCIAL CHRONICLE

Mr. Hyde listed the 14 States in which he said the greatest damage was
done by the drouth as follows:
West Virginia, with 65% of the 10
-year average crop production; Montana, 66.2%; Kentucky, 66.7; Arkansas, 69.8; Virginia, 70.5; Missouri, 77;
Oklahoma and Ohio, 78; North Dakota, 80.1; Tennessee, 83.7; South
Dakota, 84; Wyoming, 84.3; Indiana. 35.5; Illinois, 86.6.
The announcement by Secretary Hyde followed conferences he had held
earlier in the day with the Governors of three States and Mr.MacDonald.
Governors Leslie of Indiana, Caulfield of Missouri and Cooper of Ohio
took part in the conference.
Governor Leslie stated orally after the conference that Indiana has used
all its available funds for road construction in an effort to combat unemployment during the spring and summer. The Finance Committee of the
State, however, he said, consisting of the State Treasurer, Auditor and
Governor, has authority to borrow funds.
Indiana still has $2,000,000 of Federal-aid road funds available to it
when this amount is matched by the same amount of State funds, Mr.
Leslie said. He proposed that $1,000.000 of funds in the Federal Reserve
System which are drawing 2% interest for the Government be loaned to
the State at 2%, to be used to match half the amount of Federal funds
available as aid in road building.
Governor Leslie said it is also necessary to have the approval of engineers of the Bureau of Public Roads for a program of preliminary work on
roads designated for the Federal-aid system. He did not favor immediate
contracts for general road improvements, but suggested that preliminary
work such as grading and hauling be done now to provide employment
for farmers. Later, the surfacing could be undertaken, he said. Approval
of such preliminary work has been given at *various times in other States,
he added.
Plan Is Approved.
The southern part of Indiana was injured worst by drouth, Mr. Leslie
said, and since this is rather rough and hilly land, there would be a considerable amount of preliminary work to be done there in preparing for the
letting of surfacing contracts.
Secretary Hyde stated orally after the conference that he approved of
the ideas expressed by Governor Leslie. The work, he said, would come
technically under the classification of maintenance.
Governor Caulfield proposed that the date for allocation of Federal funds
be advanced so the States may know how much they will receive and can
plan and begin their road building earlier. He said funds are available in
Missouri to match the Federal appropriations.
Secretary Hyde said the Department would do everything possible within
the law to aid in the program ofroad construction as drouth relief.
-aid road funds
Mr. MacDonald stated orally that allocations of Federal
are usually made in December for the following year. However, he added,
the Secretary of Agriculture has authority to change the date for the allocations at his discretion.

[you 131.

chitoches, Quachita, Red River, Richland, Sabine, Saint Helena, Tang],
pahoa, Tensas, Union, Washington, Webster, West Carroll, Winn.
Missouri.—Audrain,Barry,BoMnger, Boone,Butler. Callaway,Camden,
Cape Girardeau, Carter, Chariton, Christian, Cooper, Crawford, Dallas,
Dent, Douglas, Dunklln, Franklin, Gasconade, Greene, Howard, Howell,
Iron, Laclede, Lincoln, McDonald, Madison, Merles, Miller, Mississippi,
Monroe, Montgomery, New Madrid, Newton, Oregon, Osage, Ozark,
Pemiscot, Perry, Pettis, Phelps, Pike, Pulaski, Rails, Randolph, Reynolds,
Ripley, St. Charles, St. Genevieve, St. Francois, Scott, Shannon, Shelby,
Stoddard, Stone, Taney, Texas, Warren, Washington, Wayne, Webster.
Wright.
,
Monlana.—Big Horn, Blaine, Carbon, Cascade, Chouteau, Fergus,
Gallatin, Garfield, Golden Valley, Hill, Judith Basin, Liberty, Madison,
Musselshell, Park, Petroleum, Phillips, Powder River, Rosebud, Stillwater,
Sweetgrass. Treasure, Valley, Wheatland, Yellowstone.
Ohio.—Columbiana,Medlna, Stark, Wayne.
Oklahoma.—Atoka, Choctaw, Coal, Johnston. Latimer, LaFlore, Mc
Curtain, McIntosh, Pittsburg, Pushmataha, Sequoyah.
Virginia.—Carellne (not Carolina as given in the list last weak), Charlotte.
Wyoming.—Campbell, Johnson, Sheridan, Weston.

Drouth Situation Eased by Rains—Secretary of Agriculture Hyde Studies Conditions in Virginia—
Chairman Legge of Federal Farm Board Places
Shortgage of Grains at 400,000,000 Bushels.
Heavy rains throughout the worst of the drouth area in
the country and promise of more caused Secretary of Agriculture Hyde to declare on Aug. 18 that the emergency
which caused Federal intervention was ending. The Washington accounts to the New York "World" Aug. 18 from
which this is taken, further said:
He indicated the problem was now more local than national.
"The dry spell is broken," he said, "and the main thing now is rehabilitation, which falls first and largely on the states and the local communities."
Secretary Hyde's conclusion that the drouth in the country is ended
was based on weather reports from the most badly affected areas, indicating that precipitation over the last three days had placed out of danger
a good share of crops heretofore believed to be lost.
According to reports from Washington to the New York
"Times," Virginia loomed up in the foreground of the
drouth picture on Aug. 21 when Secretary Hyde started
on a personal inspection tour of the Shenandoah Valley to

ascertain the plight of the agriculturists in that region.
This dispatch continued:
A Virginia group, headed by Former Governor Harry F. Byrd, will
come here tomorrow to discuss with Alexander Legge, Chairman of the
Federal Farm Board, the creation of a co-operative live stock corporation
Additional counties in various States affected by the drouth
to cover Virginia and West Virginia, and to participate in the financial
were designated this week by Secretary of Agriculture Hyde aid available from the National Live Stock Marketing Association.
Mr. Hyde's journey was undertaken after a personal solicitation from
as among those where reduced freight rates are to apply on
ex-Representative C. Bascom Slemp, Secretary to Calvin Coolidge when
live stock and on hay, feed and water shipments.
he was President. He described conditions in Virginia as serious. Mr.
The counties previously named were given in our issue of Slemp wants to check the wholesale selling of cattle and to supply feed to
cattle raising areas.
Aug. 16, page 1040. Under date of Aug. 19 an announceSome Democrats hinted that there was a political tinge in Mr. Hyde's
ment by Secretary Hyde said:
inspection trip. They declared that the administration was anxious to
Secretary Hyde to-day authorized the county agricultural extension retain the Seventh Virginia Congressional District in the Republican
agents in the designated drouth counties to approve applications for reduced column. The district was formerly represented by Mr. Slemp and is
railroad rates on the designated commodities when the benefit of such now represented by J. A. Garber, who is said to face a hard fight from a
reduced rates accrues to the farmer-consumer of hay, feed and water Democratic opponent. Administration officials said, however, that Mr.
and the farmer-shipper of livestock in the drouth-stricken area. The Hyde's visit had no political significance.
director of extension in each State is authorized to nominate, a person to
$1.000,000 Will Be Used.
represent the department for this work in counties without county extension
Mr. Legge stated that the national live stock organization had expressed
agents.
The Department's representative will Investigate each application to a willingness to deal with a comparative association set up for the benefit
ascertain whether or not the conditions are such that the reduced rates of Virginia and West Virginia. The live stock organization is the recipient
apply. His certificate must be filed with the local railroad agent previous of a $4,000,000 loan from the Farm Board, and expects to put up $1,000,to the movement of the commodity from the point of origin. The final 000 of its own.
Mr. Legge quoted figures to show that there was a shortgage of 400,decision as to the application of the reduced railroad rates in eacii case
Is made by the railroads. The reduced rates apply only when an emergency 000.000 bushels in all feed grains. He urged the use of mixed feed to avoid
caused by the continued drouth makes the shipment necessary. The rise in prices.
A warning against possible profiteering in feed was given to-night in a
rates are not applicable on livestock shipped to market or the movement
radio address by Dr. C. W. Warburton, director of extension work of the
of hay and feed in the normal channels of trade.
Persons desiring to obtain a permit authorizing the movement of the Department of Agriculture.
"We have been talking of orderly selling for years," he said. "We need
designated commodities must first obtain approval certificates from the
Agricultural extension agent of the county or other representatives named to follow that principle rigidly and avoid dumping of live stock on the
by the State extension director to represent the United States Department market in this present situation. All reports so far indicate that we are
avoiding dumping of live stock. But we need also to practice orderly buyof Agriculture.
The local railroad agent, upon receipt of a certificate, will transmit it to of feed supplies, for a sudden rush now can put prices to an unwarranted
the transportation officer of his railroad requesting permit for such move- point. There is no more need for panic buying of feeds than there is for
ment. Permits will state the time limit in which the shipments are to panic selling of live stock."
Mr. Slemp's request that Secretary Hyde go to Virginia was made after
move.
a call the former Congressman paid to the White House. Representatives
While Secretary Hyde's announcement of this week fur- Riley Wilson and J. H. Sinclair of North Dakota also saw Mr. Hoover and
nished a complete list of the counties which are to benefit discussed the drouth situation.
The Farm Board to-day loaned $175,000 to the Pure Milk Association
by the reduced rates, we are giving below only those which
of Cincinnati to help farmer members of that co-operative to purchase
are in addition to those indicated in these columns a week dairy feed.

Additional Counties Needing Drouth Relief Named by
Secretary of Agriculture Hyde—Reduced Freight
Rates to Apply in Designated Territory.

ago:
Arkansas.—Arkansas, Ashley, Baxter, Benton. Boone, Bradley, Calhoun, Carroll, Chicot, Clark, Clebourne, Cleveland, Columbia, Conway,
Craighead. Crittenden, Cross, Dallas, Desha, Drew, Faulkner, Franklin,
Fulton, Garland, Grant, Greene, Hempstead, Hot Spring, Howard,
Independence, Izard, Jackson, Jefferson, Johnson, Lafayette, Lawrence,
Lee, Lincoln, Little River, Logan, Lonoke, Madison, Marion, Miller,
Mississippi, Monroe, Montgomery, Nevada. Newton, Ouachita, Perry,
Phillips, Pike, Poinsett, Polk, Pope, Prairie, Pulaski, Randolph, St.
Francis, Saline, Scott, Searcy, Sebastian, Sevier, Sharp. Stone, Union,
Van Buren, White, Woodruff and Yell.
Illinois.—Alexander, Clay. Crawford, Edwards, Fayette, Franklin,
Gallatin, Hamilton, Hardin, Jackson, Jefferson, Jersey.Jonnson, Lawrence,
]dadthon, Marion, Massac, Monroe, Perry, Pope. Pulaski, Randolph,
Richland, St. Clair, Saline. Union, Wabash. Washington, Wayne. White

Measures Adopted by Governor Roosevelt of New York
in Behalf of Farmers Affected by Drouth.
Governor Roosevelt has directed that the waters of the
State Barge Canal be made available to farmers whose
stock and crops are suffering from the drouth. The following

statement on the subject, according to Albany advices
Aug. 20 in the "United States Daily," was issued from the
executive offices:
Farmers along the New York State barge canal whose livestock and crops
are suffering from the drouth were afforded means of relief to-day when
Governor Franklin D. Roosevelt instructed the Superintendent of Public
Works to permit usage of canal waters during the emergency.
As a result of a conference between Governor Roosevelt and Col. FredLouisiana.—Avoyelles, Dienville, Bossier, Caddo, Caldwell, Catahoula,
Claiborne, Concordia, East Baton Rouge, East Carroll, East Feliciano. erick Stuart Greene. Superintendent of Public Works, the five district
Franklin, Grant, Jackson, La Salle, Lincoln, Madison, Morehouse, Nat- engineers on the canals have been notified to issue permits to farmers either




AUG. 23 1930.]

FINANCIAL CHRONICLE

to pump or syphon the waters in quantities sufficient to water stock or to
save crops from burning.

1195

hay and grain purchased in northern Indiana, and giving work to burned
out farmers on the State roads. The latter plan would call for expenditure
of *2,000.000, $1,000,000 each from Federal and the State funds. Indiana
must borrow the $1,000,000 and ways and means are to be discussed, it
was announced.

Protests to President Hoover for Failure To Include
Maryland in Drouth Relief Program.
According to Associated Press accounts from Baltimore Drouth Relief Committee Named in Oklahoma—Governor Calls Conference to Plan Aid in Stricken
Aug. 17 President Hoover has met with criticism of one of
Areas.
his stanchest supporters in Congress, Senator Phillips Lee
Goldsborough, who has protested his failure to include
Appointment of a State-wide committee of citizens to
Maryland in the conference of Governors seeking alleviation make plans and supervise relief work for drouth-stricken
areas in Oklahoma was announced Aug. 18 by Governor
of drouth distress. The, dispatch continued:
The Maryland Senator embodied his protest in a telegram to the Presi- W. J. Holloway. He called upon the members to meet in
Governor Ritchie voiced a similar protest and the White
dent. Last Friday
the Governor's office at the State Capitol Aug. 19. In its
House immediately replied with a statement that Maryland had not applied for aid and that the program of relief as drawn at the conference was advices in the matter from Oklahoma City Aug. 18, the
left open for entry of any State needing relief.
"United States Daily" further reported as follows:
before the
of Governors, of

conference
The White House was advised,
At the sante time Governor Holloway wired President Hoover of the
the serious agricultural condition in Maryland by Dr. R.--ymond A. Pearserious condition in a number of counties of the State and notified him of
son. President of the University of Maryland, the Governor said in a statecommittee. R. H. Baxter, district manager of the
ment yesterday. He declared that "if the President was going to consider the appointment of the
Mo., was invited to attend the meeting
means of relieving the plight of farmers elsewhere, Maryland farmers were American Red Cross at St. Louis,
of the committee.
entitled to be considered also."
wire to the President read as follows:
The Governor's
The Goldsborough telegram, dispatched Friday, said: "Permit me to
"I am in hearty accord with the steps you have taken to aid the drouthsuggest that Maryland be included in the scope of whatever corrective stricken areas of the country. Oklahoma is having the same difficulties
farm measures that may be taken and be accorded repre- and many counties In our State are in serious condition.
or ameliorative
"As result of long drouth we desire that Oklahoma be included in the
representation through the Governor of the State at any further or more
program of the Federal Government for relief in this emergency. We
extended conferences that may be held."
have to-day formulated plans to co-operate with the Federal Government
and have appointed a State-wide committee to take charge of drouth relief
work. We are proceeding upon the plans as announced at White House
Alabama Appeals to President Hoover for Inculsion conference held last Thursday. We will greatly appreciate any suggestions or co-operation you may give us."
in Relief Drouth Plans.

An Associated Press dispatch from Montgomery, Ala.,
Aug. 19 said:
Governor Bibb Graves to-day wired President Hoover asking that five
counties in North and Northwest Alabama be included in the drouth relief
program.
He called attention to the abnormal drouth in Alabama and declared
conditions warranted their inclusion in the plans.

Proclamation of Governor Dern of Utah Calling for
Contributions for Relief in Utah.
From a Salt Lake City dispatch Aug. 20 to the "United
States Daily" it is learned that a proclamation has been
issued by Governor George H. Dern calling upon the people
of Utah to contribute $35,000 for the relief of residents
of Davis County. A large amount of property was devasstated by floods in Davis, Salt Lake and Utah counties,
the Governor said, and the Red Cross has been called upon

Telegraphs to Red Cross.
His telegram to Mr. Baxter follows:
"We have to-day had an extensive conference dealing with the drouth
situation in Oklahoma and have appointed a State-wide committee to deal
with the situation. This committee will have its first meeting at the Governor's office next Tuesday morning at 9 o'clock. We most cordially
invite you to be present or, if you cannot come personally, to send your
representatives. We are proceeding upon the plane announced at White
House conference last Thursday. I am convinced we are going to need
some emergency relief in Oklahoma and we are very anxious to have the
co-operation and assistance of the Red Cross."
The action was taken after Governor Holloway conferred with representatives of the State Chamber of Commerce, a number of citizens and
representatives of the Oklahoma delegation in Congress.

Resolution Approves Committee.
A resolution was adopted in that meeting with the approval of the Governor. It stated in part:
Be it resolved, That,in compliance with the Federal plan, the Governor of
the State of Oklahoma at once appoint a State drouth relief committee and
that he wire President Hoover and representatives of the Department of
Agriculture at Washington that Oklahoma desires to be included in such
measures of relief as are made available to the farmers of the country;
and that the citizens of this State will co-operate in the execution of such
relief; that all members of the Oklahoma delegation be advised and requested to co-operate in planning and carrying out the proper relief measures; that the State drouth relief committee, acting in co-operation with
to administer relief.
the Government, cause to be appointed, in line with the Federal plan,
a sub-committee for each county; that arrangements be at once made for a
survey of the conditions in the various counties of the State, said survey
of the A. & M.College,
Losses to Farmers in Yazoo County, Miss., Through to be conducted through the extension departmentof Commerce, the local
the State Board of Agriculture, State Chamber
chambers of commerce and the farm agents of each county.
Drouth.
Be it further resolved. That we strongly urge the farmers of the State to
at present panic prices
Under date of Aug. 19 Associated Press accounts from refrain from marketingshould remain upon theirdairy cattle, beef cattle,
farms and contribute to
hogs and poultry that
Yazoo City, Miss., said:
the support of their families until the crops of 1931 can be harvested.
Be it further resolved. That we strongly urge upon the farmers in the
E. L. Jones, County Farm Agent, said to-day that a water famine in drouth-stricken sections the importance and necessity of remaining upon
the hill sections of Yazoo County was causing alarm and farmers were their farms and in their home counties, to the end that bona-flde farmers
that deserve relief and will be entitled to receive same may obtain it by
deserting their fields to provide water for their families and live stock.
remaining on their farms and in the counties where they are known.
Ile predicted a heavy loss in live stock unless more water was made
available.
Mr. Jones said 3,000 families probably would suffer during the Winter
because of the loss to crops. Yazoo County, he said, was the greatest President Hoover Indicates Co-operation with Drouth
sufferer of any in the Mississippi delta and immediate Federal aid was
Relief Committee Named in Oklahoma—Reply of
needed to relieve the situation.

Governor Holloway.
Under date of Aug. 18 an Associated Press dispatch from
Feeds and Livestock Cut in South.
Freight Rates on
Oklahoma City said:
Associated Press advices from Atlanta, Ga., Aug. 19
State officials believe Oklahoma is to share in Federal drouth relief
stated:
plans following the receipt to-day by Governor Holloway of a telegram

The Southern Freight Association announced reduced rates to-day on signed by President Hoover. The telegram said:
stock feeds and live stock for drouth-stricken States in the South.
"I am mailing you a copy of the recommendations of the Governors'
J. E. Tilford, Chairman of the association, said that he had not received conference of last Tuesday, setting out the form of organizations which
full details of the emergency rates, but that they would be 50% of standard we believe will be most effective. I shall be glad to co-operate witn you
tariffs.
in every way."
They will apply on feedstuffs moving into the drouth area, and to live
Oklahoma was not represented at the Governors' conference at the
moving out of drouth-stricken localities, he said.
stock
White House.
Mr. Tllford said that parts of Virginia. Kentucky and Tennessee were
The following telegram was received by President Hoover
to benefit.

.oklahon.Cit
from Governor W. J. Holloway, of Oklahoma:

Drouth Relief Commission Named by Gov. Leslie of
Indiana.
Governor Harry G. Leslie of Indiana appointed a commission of five men at a drouth conference in his office
Aug. 18, with full powers to take any steps deemed necessary to aid farmers in the dry areas of southern Indiana.
According to the "United States Daily," members of the
commission and the organizations which they represent are
as follows:
Dean J. H. Skinner of(he Purdue University Agricultural School Extension Division; President William H. Settle of the Indiana Farm Bureau
Federation; Director William Fortune of the Indiana Red Cross; Chairman
Albert J. Wedeking of the Indiana State Highway Commission, and President Elmer Stout of the Indiana State Bankers' Association.

The "Daily" also said:

••••••INO.N.M.

A tentative plan of relief worked out by Dean Skinner includes the finding of facts regarding farmers' needs through a house-to-house canvass of
the stricken districts by Farm Bureau representatives under direction of
the county agricultural agents; supplying these needs with stock foods,




y. Okla,,
Aug. 19 1930.
"The President, Washington, D. C.:
"As the Governor of Oklahoma I wish to express my full approval of
the steps you are taking to aid the drouth stricken areas of the country.
I thank you for your telegram ofto-day advising that Oklahoma will receive
your full co-operation and assistance in your plans. Today we perfected
the organization of a state-wide drouth committee which I appointed last
e
es w by yavein press repohe. The cozahLicai
g•s tediil h ou perfected trts full orga niza a
.
llow n w t coun
d aturday heIn a
ie da yg
tfe7as sus
committee will co-operate 100% with Federal government in bringing
about necessary assistance to those States which need it. At our meeting
to-day I stated to the state-wide committee that while I fully appreciated
the wise and timely steps being taken by the Federal government I thought
it was a mistake for Oklahoma to expect the Federal government to do
anything for Oklahoma which Oklahoma could do for herself.
"Our state is rich in resources and our citizens expect to do everything
possible themselves to relieve the situation. I think it unjust and unwise
for any State to expect the Federal government to furnish all the
aid necessary in this crisis. While we are anxious for any and all benefits that the
Federal government may furnish Oklahoma, yet you may expect
Oklahoma
to do her full part in solving her own problems.
"Governor W. J. Holloway."

1196

FINANCIAL CHRONICLE

[VoL. 131.

"Conditions in Missouri have not been exaggerated; in fact, they are
deplorable," said Representative Cannon, following his Conference with
President Hoover.
He told the President, he stated, that he strongly endorsed his program
for relief, especially that part of it providing for the immediate allocation
of as much of the $125,000,000 Federal authorization for such road expansion
Harry Volz, Louisville, Chairman,seed and grain;
aid as each of the States may be entitled to, which under the law they must
C. Frank Dunn, Frankfort, Secretary of Kentucky Progress Commission; match dollar for dollar with State funds.
Newton Bright, Frankfort, Commissioner of Agriculture;
"This action," said Representative cannon, "will be of great practical
Thomas Cooper,Lexington, Agricultural College, University of Kentucky; benefit to the people of Missouri. There is great need of such help.", Our
farmers have been fighting a losing game for the last 10 years and they are
A. B. Sawyer, St. Matthews;
in no condition to meet the present emergency.
Nicholas Dosker, Louisville;
W. W. Morrow, Louisville, Secretary Board of Trade;
President Hoover has taken hold of the emergency with a firm hand and
appears to have adopted every measure that could be formulated to meet
Marion Rust, Columbus, American Red Cross;
Allison R. Smith, Louisville, Vice-President Louisville & Nashville RR.; the situation.
"I suggested to the President that our people are strongly urging his
Dr. A. T. McCormack, Louisville, Secretary State Board of Health;
plan of releasing Federal funds for road-building. What we need is cash.
D.C. Stimpson, Owensboro;
It will give our farmers a chance to use their equipment, including their
Curtis Park, Richmond;
teams, in road construction and put the farmer population to work." kd
Joe McCarroll, Hopkinsville;
W. A. Thompson, Paris;
In addition to the State drouth relief committee, Governor
Charles Land, Lexington.

Drouth Relief Committee Named in Kentucky.
Frankfort (Ky.) advices Aug. 20 to the "United States
Daily"report that Governor Flem D.Sampson has appointed
the following drouth-relief committee for Kentucky:

Caulfield of Missouri stated on Aug. 18 a similar committee
Drouth Committee Named by Governor Horton of is planned for each of the 114 counties in the State. The
advices in the."United States Daily" regarding this said:
Tennessee.
The
Governor Henry H. Horton of Tennessee on Aug. 21 mittee,county committees, working under supervision of the State comGovernor Caulfield said, will decide what persons shall receive
appointed the following drouth committee in line with recom- loans. The Governor stated that it was the intention of President Hoover,
the Secretary of Agriculture, Arthur M. Hyde and other Federal officials
mendations adopted at President H000er's drouth conference.
• that these loans to needy farmers be not only on real estate but also in

Dr. W.J. Fitts, Commissioner of Agriculture;
personal collateral, and that they be made through the co-operative farmers'
Dr. H. A. Morgan, President of the University of Tennessee;
associations and credit corporations under the Federal Intermediate Credit
J. F. Porter of Columbia, President of the Tennessee Farm Bureau Bank plans.
Federation;
J. B. Hill, President of the Nashville Chattanooga & St. Louis Ry.;
Nebraska Drouth Relief Committee.
Joel B. Fort Jr., managing director of the Nashville branch of the Federal Reserve Bank;
From Lincoln, Neb., Aug. 20 the "United States Daily"
W. Bailey, of Clarksville, President of the Tennessee Bankers' Assoc.;
C.
reported the following:
•
Dr. E. L. Bishop, Commissioner of Health;
William A. Burnett of Nashville, President of the Union Stock Yards;
The principal duty of Nebraska's drouth-relief committee, appointed by
C. E. Brehm, Assistant Director of the agricultural extension service of Governor A. J. Weaver Aug. 20, will be to distribute surplus grain and feed
the University of Tennessee;
to sections outside the State where such supplies are needed and to arrange
D. M. Clements, Superintendent of Vocational Agriculture of the State for shipping cattle into Nebraska, where feed is plentiful, it was announced
Department of Agriculture;
at the office of the Governor.
Kelley D. Phillips, President of the Tennessee Jersey Cattle Club.
Governor Weaver announced the appointment of the following committee
co-operate with Federal agencies:
The drouth committee, Dr. Fitts said orally, will set up toH. J. McLaughlin, Secretary of the State Department of Agriculture,
county organizations.
Chairman;
Val Kuska of Omaha, agricultural agent of the Burlington Railroad;
The foregoing is from the "United States Daily."
R. W. McGinnis of Lincoln, commercial agent of the North Western
Railroad;
Drouth in Arkansas Found Worst in United States.
R.E. Smith,of Omaha, agricultural agent of the Union Pacific Railroad;
H.G. Kenney,of Omaha,President of the Farmers' Union;
According to a Washington dispatch Aug. 21 to the New
C. B. Steward of Lincoln, Secretary of the Nebraska Farm Bureau
York "Evening Post," a special map of the drouth area, Federation;
Robert Graham of Alliance,President of the Nebraska Livestock Growers'
prepared for President Hoover, shows Arkansas as the worstAssociation;
hit State. Only one county in the entire State was not
Walter Dearth of Omaha, President of the Omaha Livestock Exchange.
"If other committeemen are needed or local committees are necessary,"
seriously affected. It is added:
Virginia and Kentucky were about equally affected. The Kentucky the Governor stated orally, "they will be appointed."
The chairman of the committee, it was announced, has asked the western
drouth area comprises about two-thirds of the State, while only about
railroads to grant the same emergency rates granted by eastern lines—
20 counties out of 199 in Virginia are not seriously affected.
half rate on livestock to pasture and feed to drouth stricken districts.

Arkansas Relief Plans.
Relief Measures of Virginia Drouth Committee—ConAn Associated Press dispatch from Little Rock, Ark.,
ference of Members With Chairman Legge of
Aug. 19 stated:
Federal Farm Board—Wheat Holdings Urged for
Families in need of food in some sections of Arkansas becasue of the
Livestock Feed.
drouth were being given aid from local sources to-day as Governor Parnel
Alexander Legge, Chairman of the Federal Farm Board,
made plans for bringing widespread relief through State agencies.
Dr. C. W. Garrison, State Health Officer, has received reports that conferred in
Washington, on Aug. 18, with members of the
100 families were in need of food in Van Buren County alone. Other counVirginia State Drouth Relief Committee, headed by former
ties have reported many persons destitute of food and medicial supplies.
Governor H. F. Byrd, and also in considering the livestock
Kansas Perfects State Organization for Drouth problem and other aspects of the drouth emergency. A
Washington dispatch to the New York "Herald Tribune,"
Relief.
Secretary of Agriculture Hyde announced on Aug. 19 Aug. 18, from which we quote, went on to say:
Mr. Byrd and the Virginia Committee urged that the wheat
that official notice had been received of the perfecting of
in the hands
of the Stabilization Corp.
the State organization in Kansas for the relief of farmers feed for livestock. The under the Farm Board be made available for
Virginians estimated this
affected by the drouth. The Washington advices to the Mr. Legge, however, said it was from 60,000,000 toat 75,000,000 bushels.
65,000,000.
Mr. Legge is disposed to help the Virginia situation as far as
New York "Times" state:
possible,

but he made it plain that the wheat bought by
the Government will not be
The set-up of that Committe, as Mr. Hyde was advised by Governor
dumped on the market. Any wheat which is provided
for feed by the Farm
Clyde M. Reed, is as follows:
Board or its agencies will be bought on the
open market, and prices will
Chairman, M. A. Limbocker of Emporia; Banking Committee, B. W.
not be cut. However, Mr. Legge said,
advantageous credit arrangements
Garvin of Erie and Otto H. Wuelfekuhler of Leavenworth; Meat Animals
Committee, C. W. Floyd of Sudan, Arnold Burns of Peabody and Will J. for sale of wheat as feed might be made.
Mr. Byrd estimated the damage in
Miller of Topeka; Dairy Feed and Grain Committee. Ralph Snyder of
Virginia at $100,000,000. The
Manhattan, Cal A. Ward of Salina and John Vesecky of Kansas City, Mo.; Virginia Committee conferred with Secretary Hyde and later talked at
length with the Farm Board Chairman.
Railroad Committee, F. A. Lehman, General Superintendent of the Santa
Secretary Hyde advised the
creation of a credit corporation, saying that the
Fe RR.; Red Cross Committee. W. H. Martin of Parsons.
tenant farmer would be
the biggest problem in Virginia.
The Virginia Committee, which included, in addition
to Governor Byrd,
Missouri Drouth Relief Committee.
Frederick W. Scott, Richmond banker, and John
R. Hutcheson, director of
agricultural extension at Virginia Polytechnic Institute, issued a statement
Members of the Missouri Drouth Relief Committee, as in which it said:
given in Jefferson City advices Aug. 19 to the "United
"As preliminary steps toward a broad and comprehensive program of
relief on account of drouth conditions, the Virginia Committee suggests
States Daily,"follow:
the following immediate measures for aid to Virginia:
L. W.Baldwin, St. Louis, President of the Missouri Pacific RR.;
"First, to make available for feed for livestock the 75,000,000 bushels
John G. Lorwiale, St. Louis, President of the Mercantile Commerce
of wheat now in the hands of the Farm Board, to arrange the most ecoBank & Trust Co;
nomical distribution of this feed to farmers who are in need of it and to
F. B. Mumford, Columbia, Dean of the Missouri College of Agriculture;
sell at reasonable prices, and, if necessary, on credit, when approved by
Sherman Houston, Malta Bend, farmer;
Walter S. McLucas, Kansas City, Chairman of the Board of the Com- the local committee. This will accomplish the two-fold purpose of providing
feed for livestock and the removal of this wheat from the wheat market
merce Trust Co;
should increase the price of wheat now in the hands of the fawners.
Russell Dearmont, Cape Girardeau, lawyer and State Senator;
"Second, to immediately inaugurate a plan to ship other feed such as
Arnold G. Stifel, St. Louis, broker.
hay, straw,
In its Washington advices Aug. 19 the "United States at wholesale cottonseed meal, &c., to the areas in distress, to be purchased
prices and carefully supervised to prevent profiteering, using
Daily" said:
existing agencies, if possible. We advise that only such dealers who agree




Aug. 23 1930.]

FINANCIAL CHRONICLE

the
to sell it at reasonable margins be allowed to receive hay and feed at
one-half emergency freight rate, as, otherwise, the freight rate reduction
may be absorbed by undue profits of the dealers.
"Third, to immediately give assurance to owners of livestock that credit
and
and feed will be made available to prevent the forced sale of beef
dairy cattle, hogs and sheep.
"Fourth, to provide necessary supplies such as seed, fertilizer, feed, &c.,
who needs such
to be sold at low rates of interest to the individual farmer
The
supplies so that he can continue his business for the next year.
to be protected by the crop liens
loans to be temporary and the Government
or livestock liens.
"Fifth, the question of unemployment and of the relief made necessary
to be
by the temporary suspension of payments due to the farm loan banks
carefully considered and plans adopted for such relief."
More Counties On Aid List.
Additional counties in Virginia and Ohio have been designated by Secrerate on feed and livestock
tary Hyde as in need of the emergency freight
authorized by the Inter-State Commerce Commission. The counties include
Charlotte, in Virginia; Columbiana, Medina, Stark, and Wayne, in Ohio.
Secretary Hyde also has forwarded to the American Railway Association
in
a list of counties in Illinois, Missouri, and Arkansas, which, information
of emergency relief.
the Department of Agriculture indicates, are in need
The Secretary has been informed by the Railway Association that the
railroads have not yet made the rate reduction applicable in those three
States, but want to have the lists on hand when •they are ready to make
the reduction order effective in those areas. The Department is informed
that the reduced rates are now in effect for Kentucky and Tennessee. Lists
of drouth-stricken counties in these States were certified on Aug. 14.
Both Secretary Hyde and Mr. Legge emphasized anew their intention to
do all possible to facilitate the movement of cattle and sheep out of central
Montana. Mr. Legge pointed out that the railroads would make arrangements for feeding this stock in transit as it was moved eastward toward
the markets.

1197

Mrs. Donald Clark, of Huntington; F. D. Drumheller, of Charleston.
banker; E. S. Humphrey, of Belleville, President of the West Virginia Farm
Bureau, and Tom B. Foulk, of Wheeling, attorney.
Governor Conley stated that he had asked Mr. Gore to call a meeting of
the committee at once.

Railroads Reduce Rates to Aid Farmers—Half-rates
Announced on Movement of Agricultural Products
in the Drouth Sections.
Arrangements for immediate half-rates upon freight movement of agricultural commodities or livestock in the drouthstricken regions north of the Ohio River and east of the Mississippi were announced at the White House Aug. 12. The
announcement followed a conference between President
Hoover and railroad officers, including Col. Alfred P. Thom,
general counsel for the Association of Railway Executives.
It was then stated orally at the White House in behalf of the
President that arrangements for putting reduced rates into
effect on agricultural commodities or livestock in other sections of the drouth area would probably be completed by Aug.
13.
Under this arrangement, it was said, the Department of
Agriculture will certify to the railroads the counties in each
State where the drouth is sufficiently serious to warrant redueed rates on agricultural commodities or livestock. Any
farmer dealer in these counties desiring to move feed or livestock will report such intention to his county agent, and the
According to the "United States Daily," Virginia's drouth- latter will then approve the application to the local agent of
relief Commission, appointed by Governor John Garland the railroad.
Pollard in accordance with the plan approved at the PresiThe arrangement has been worked out,it was said, to avoid
dent's conference of Governors, consists of the following:
any freight rate reduction where speculation is involved.
war-time fuel adminisHarry F. Byrd, of Berryville, former Governor,
In announcing that he had deferred his vacation trip to
W. Scott, of Richmond,
Parks, at least for a month
trator, and horticulturist, Chairman; Frederic
the Norfolk & Western Glacier and Yosemite National
of
banker; Arthur C. Needles, of Roanoke, President
Blacksburg, director of the extension or two, President Hoover spoke of his desire to be of service
Railway; John R. Hutcheson, of
Virginia Polytechnic Instiby remaining in or near the capital.
division of the State Department of Agriculture,
representing the American Red
tute, and Robert H. Angell, of Roanoke,
"In view of the drouth situation," said the President,"and
Cross.
the thought that I can probably be of some service, I do not
propose to go West this summer. I find that I can spend
Additional Road Work Ordered by Gov. Emmerson of three nights a week out of Washington, and feel that I can
Illinois—Committee Appointed to Assist in Drouth be of more service here."
Relief.
Following a conference early in the day with the President,
In addition to the appointment of a committee to aid in Col. Thom said he called on the President to ask him to have
drouth-relief work, Governor Louis L. Emmerson has or- the Department of Agriculture designate county agents to
dered the immediate construction of nearly $4,000,000 worth deal with the drouth situation in the local areas. The situof roads in areas where the construction had previously been ation would be handled, Mr. Thom said, probably by the
scheduled for 1931, and bids for the work are to be received local county agents co-operating with the railroad traffic
Sept. 10, it was announced at the Governor's office. The agents in local areas and by representatives of the Car
on,
account of this, from Springfield, Ill., Aug. 18, in the Service Division of the American Railway Associati
Mr.Thom was accompanied to the White House by Robert
States Daily," likewise said:
"United
of the Traffic Executives Association,
At a conference held in the capitol building between Governor Emmerson, N. Collier, Chairman
was decided to place the situamembers of his cabinet and State officials it
and W.J. Gormley, in charge of the Car Service Division of
up of bankers, business men and
tion in the hands of a committee made
Association. Mr. Collier said he
the State generally. This committee the American Railway
farmers who will survey the needs of
a subcommittee to care for the understood that there would be a uniform reduction of 50%
near future probable will appoint
In the
was stated.
Eastern Territory on hay, water, feed and livestock.
needs of the various local counties, it
doors. At its conclusion it was in
The conference was held behind closed
Offers from a number of railroads to help in relieving the
topic of discussion centered around the make-up
announced that the principal
drouth situation in Indiana by giving concessions in freight
of the principal relief committee.
A. Traylor, of Chicago,
of the main committee are: Melvin
Members
on hay for livestock were turned over to President
r and former head of the rates
banker; E. N. Hurley, of Chicago, manufacture
by Representative Ludlow (Dem.) of
President of the Illinois Central Rail- Hoover on Aug. 11
Federal Shipping Board; L. A. Downs,
Secretary of the American Federation of Labor; Indianapolis, Ind.
road; Victor A. Olander,
Poste], of Mascoutah, miller and
Noting that the Indiana situation had been merged into
Harvey J. Sconce, of Sidel, farmer; Julius
and Stuart E. Pierson, State
farmer; John M. Crete, of Carmi, banker,
the general plan of relief for all States, Mr. Ludlow informed
Director of Agriculture.
in a memorandum of his efforts to obtain the
In telegrams sent to the members of the Committee, Governor Esnmerson the President
replies he received.
pointed out that President Hoover has earnestly requested speedy formula- concessions, and of the favorable
major emergency which confronts
tion of the committee in view of the
Farm bureaus in 45 Indiana counties have designated
urged members to accept the appointment and
the State. The Governor
agents to act in receiving and distributing the hay among the
send acceptances at once.
it was announced, of what plans
There was no discussion at the session,
farmers, so that they may receive the full benefit of the reconditions in Illinois.
will be drawn up to alleviite the
Mr. Ludlow stated.
was taken up with a view of obtaining duced rates,
The entire time of the conference
His memorandum to the President follows in full text:
of opinion of the parley as to the most suitable men for
consensus
the
membership on the committee.

West Virginia Plans to Assist Farmers—Governor
Selects Group to Aid in Directing Drouth Relief.
The appointment of a committee of seven to co-operate
with Governor W. G. Conley in directing drouth relief in
West Virginia under the plan outlined by President Hoover
at the Governors' conference last week was announced orally
by Governor Conley, Aug. 18. Indicating this in a Charleston, S. C., dispatch, the "United States Daily" continued:
The Governor also announced that plans were under way to give unemployed farmers work on the State road system, and directed the State Road
Commission to put the plan into effect.
As Chairman of the Committee Governor Conley named Howard H. Gore,
tomer Secretary of Agriculture in the
of Clarksburg, former Governor and
The other members are John J. Cornwell,
Cabinet of President Coolidge.
now general counsel of the Baltimore &
of Romney, former Governor and
, banker and business man;
Ohio RR.; David B. Crawford, of Parkersburg




the magnitude of the problem confrontMy dear Mr.President: Realizing
for the drouth-stricken sections and
ing you in connection with relief
beg to submit herewith a number of
desiring to be helpful, if possible. I
on this subject. In
telegrams I have received from railroad executives
suggestions which I think merit your
these messages are some practical
attention.
farmers of Indiana before I knew there
I became active in behalf of the
for all of the drouth area. On Thursday
would be a general plan of relief
afternoon, Aug. 7. I received the following telegram from W. H. Settle.
President of the Indiana Farm Bureau:
seven
"Drouth conditions in parts of Indiana have become alarming.
to secure hay. Our man wires
counties this morning have requested help
is $16. Can you help us secure special
$14 price in Kansas; freight rate
temporary freight concessions. We are giving this buying service gratis
cannot buy at delivered price."
but our farmers
I took the matter up at once and found both the Inter-State Commerce
Commission and the railroad executives sympathetic and responsive.
Acting Chairman Meyer, of the Inter-State Commerce Commission, was
very helpful. I wired the Presidents of the Baltimore & Ohio, Pennsylvania and Missouri Pacific ERs. on Thursday night. All responded
favorably the next day. 0. S. Lewis, General Traffic Manager of the
Baltimore Ss Ohio and the Pennsylvania would be willing to halve their
freight rates on hay from the Mississippi River to Indiana points.

1198

FINANCIAL CHRONICLE

Wires From Rail Executives.
On the next day (Friday) at the suggestion of Mr. Settle I wired to 11
more rail executives asking them to consider a reduction in freight rates on
hay billed over their lines to Indiana. As the Indiana situation is now
merged into the general plan of relief I attach for your information the
telegrams I have received from railroad presidents:
W. G. Bierd, President of Chicago & Alton: "Your telegram regarding
drouth conditions in Indiana received. Conditions in Southern Illinois
and Missouri in Chicago & Alton territory are equally alarming. Railroads in this territory, including Alton, have expressed their willingness to
co-operate with President Hoover and his comihlttee in relief work, and
Alton will do its full share. One committee should handle the entire relief
work,so that feed will be shipped into the drouth territoryfrom the nearest
points. It would be unwise to ship feed from Illinois to Indiana and later
ship into Illinois from some other district."
C. Haile, President of Missouri, Kansas & Texas RR.: "Have advised
President Hoover through Chairman Higgins, Western Association of
Railway Executives would co-operate in relief of drouth sufferers. My
understanding is there is no surplus forage or hay in territory served by
our line. Will co-operate with delivering line to extent of our ability to
do so in arranging such reduced rates as may be necessary to help out in
the Indiana territory."

(VOL. 131.

Action Taken in Ohio Toward Formation of Credit
Corporation for Extension of Credit to Rural
Communities Affected by Drouth.
The formation of a credit corporation to make available
in Ohio the funds of the Intermediate Credit Bank of Louisville, Ky.,-for the extension of credit to rural communities
affected by the drouth, was approved at Columbus, Ohio, on
Aug. 19, by a committee of the Ohio Bankers Association in
conference with Gov. Cooper. Associated Press advices
from Columbus, published in the Cleveland "PlainDealer,"
in indicating this, added:

The corporation would have an initial
capital stock of $250,000, which the
delegation explained, would permit use of Federal funds ranging
from
$1,250,000 to $2,500,000. The capital would act
as a base for use of the
Federal funds.
Details of the corporation, which will be located
in a central section,
will be worked out by the council of
administration of the Bankers' Association.
It was understood that the bankers of
Other Offers to Aid.
Ohio would be the stockholders of
the credit corporation, which under
the law could loan in Federal funds
J. M. Rum,President of'Frisco Lines:"We of course will be glad to co- from five to
10 times its capital.
operate and we so advised President Hoover several days ago. However,
The Intermediate Credit Bank is
operated under the Federal Farm
the territory we serve is in greater need than any other territory in the West Board and
has not before had any connection in Ohio.
and there will be no feed raised in our territory that can, or should be transAdoption of the resolution for forming the bank
was made on a recomported to other parts of the country, as present supply will not take care mendation
of Gov. Cooper who returned last week
-end from Washington,
of local conditions."
where he had conferred with President
Hoover on the drouth situation in
Gorman,President, Chicago, Rock Island & Pacific:"We are willing this
J. E.
State.
to join other companies in granting reduced emergency frieght rates on
It was understood that the bankers discussed
ways and means of aiding
hay billed to Indiana points for feeding livestock on account of drouth."
the agricultural sections made barren
by the drouth and decided that the
H. H.Holcomb, Vice-President, Chicago, Burlington & Quincy: "Terri- credit
corporation would provide the most adequate remedy at this
tory we serve directly with our own rails also affected and any relief meatime.
Under the corporation, it was reported, the
rural sections could obtain
sures proposed in diriction suggested will have full consideration."
more liberal credit than is available
from local banks.
W. B. Storey, President, Atchison, Topeka St Santa Fe: "Understand
Members of the administration council of the Bankers' Association
officials of Government are giving consideration to entire situation and that will
who
have charge of details of the corporation are: Robert Q. Baker,
Coshocconference of Governors is to be held. Seems to us the matter is so im- ton;
Allen
portant it must be handled as unit so that we hesitate to say now what may Thayer, 13. Whitney, Upper Sandusky; E. K. Barnes, Fremont; W. E.
Norwood; K. L. Webster, Salem; Edward A. Salter. Cincinnati,
be warranted for unit for any one State."
President of the Ohio Bankers Association; George H. Dunn, Akron;
C E. Johnston, President, Kansas City Southern: "Drouth so general Oscar
throughout several agricultural States I believe relief situation should be ware; D. Miller, Massillon; C. C. Will, Circleville; A. S. Conklin, DelaC. 0. Bloomfield, Shelby, and II. 0. Jones, Lima.
handled on some uniform basis and with that end in view I suggest Indiana
conditions be presented to American Railway Association through President
Advisory Committee Voted.
R. H. Aishton, Transportation Building, Washington, for handling with
The conference followed a meeting of the general farm
drouth committee
similarly afflicted territory. The Kanst,s City Southern By.is willing of the Ohio Chamber of
other
Commerce which voted to become an advisory
to join other companies upon such basis as may be mutually agreeable to committee to a State-wide
organization to be appointed by Gov, Cooper
carriers and approved by Inter-State Commerce Commission."
to aid the drouth areas.
Proposals approved by the conferees, included speeding up
of highway
B. & 0. to Co-operate.
projects so that farmers may obtain employment
to tide them over until
time for new crops.
Daniel Willard, President of Baltimore & Ohio: "Baltimore & Ohio Co.
The conference adopted a resolution urging
will give prompt and sympathetic consideration to your request and will
that freight rate reductions
recently authorized by the Federal government be
wire you later concerning conclusion reached."
extended to give more
C. R. Gray, President, Union Pacific System: "Wire eighth received. adequate relief to Ohio's stricken sections. This motion resulted from a
Appreciate very much this situation, and we wish to be helpful. Would statement by H.0. Ramsower of the Agriculture Extension Department of
suggest, however, that you initiate your request with trunk lines within Ohio State University, that the reductions did not provide sufficient relief,
stricken territory, who will contact such connecting carriers as are neces- since there was no provision for cuts from the Plains States from which
hay and other products are sent to Ohio
sary."
to feed hungry live stock.
L. C. Palmer, President of the Ohio Farm
I may add that at the suggestion of Mr. Lewis, General Traffic Manager
Bureau Federation, said that
lower rates in the drouth areas effective
of the Baltimore & Ohio, the Indiana Farm Bureau has designated one
to Oct. 31 should be extended
agent in each of 45 Indiana counties to receive the hay and distribute it beyond that date because the farmers will not know their needs until then.
directly to the farmers,in order that the farmers may receive the full benefit
of the reduced freight rates. In most instances this agent is the county
Time Asked to Pay Farm Loan Interest—Extensions
farm bureau co-operative association.
-S. C. Commission.
Reduction in Rates Authorized by I.
The Inter-State Commerce Commission authorized the railroads under
Section 22 of the Inter-State Commerce Act, to reduce the freight rates on
livestock, feeds, water, and upon all other articles of traffic as may be
found necessary, to and from the drouth-stricken areas, without the preliminary steps usually required of making applications under Section 6 of
the Act to file such tariffs on less than 30 days' notice.
The reduced rates were authorized by the Commission "en toto" with
the provision that such authority shall expire Oct. 31 1930.
The Commission's action followed soon after the receipt of a telegram
from the Illinois Central Ell., in the form of a Sixth Section application,
seeking to reduce by 50% the present freight rates on range cattle between
Reeves, Tenn., and Baton Rouge, La., by reason of the drouth in the
vicinity of Reeves. The Illinois Central application was taken under
immediate consideration by the Commission in executive conference.
The Illinois Central application to file an emergency tariff cutting the
range cattle rate to 173. cents per 100 pounds between Reeves and Baton
/
s
Rouge, was the first to be filed with the Commission since the drouth
condition made such a step necessary.

Sought as Drouth Relief Measure in Texas.
Extension of time for payment of interest on Federal
farm loans as a means of aiding in drouth relief is suggested
in telegrams and letters received by Senator Connally
(Dem.), of Texas, from the drouth-stricken northwest
section of Texas. The "United States Daily" of Aug. 19,
in making this known,said:

James Whatley, County Judge, of Paducah, Cottle County, Tex.,
in a
letter to the Senator, said that drouth conditions in that section
are the
"worst ever known," and that unless some kind of Federal relief is
immediately forthcoming, "at least 50% of the farmers of the
section will not be
able to start a crop next year."
Fred Rennels, County Agent of Crowell, Tex., in a
telegram to the
Senator, said:
Any assistance you may be able to render in getting
Federal farm loan
Interest payments extended or handled through the
or other agency for period of five months will be of President's relief plan
great benefit to farmers
who are in distress due to extreme drouth.
C. P. Sandifer, President of the Crowell Farm
Loan Association, also
Schedules Deal Principally With Rates on Livestock.
telegraphed the Senator that"extreme drouth has
broughtfarmers distress,"
The emergency tariffs will provide, in the main, for reduced rates on and asked him to use his influence "to get Federal farm loan bank interest
livestock from drouth-stricken areas to sections containing good Pasturage, payments extended."
Similar requests have been received from a
and for the transportation under lower rates of feedstuffs for cattle into
number of other sources
throughout the section, it was stated in Senator
the drouth regions.
ConnallY's behalfThe full text of the Commission's order, authorizing the emergency
rate reductions, follows:
Marketing Arrangement Between Dairy and Creamery
"It appearing, that a prolonged period of severe drouth exists generally
Associations Brings Butter Marketed in Pacific
throughout the United States, and that immediate measures of relief
are necessary in many sections to avoid loss of livestock and to prevent
Coast States Under Centralized Co-operative Congeneral suffering, and therefore a special case exists;
trol, According to Federal Farm Board.
"That some of the carriers subject to the Inter-State Commerce Act
have expressed their desire to publish reduced freight rates for the transThe Federal Farm Board made public on Aug. 22 the
conditions;
Portation of livestock, feeds and water to relieve these drouth
"It is therefore ordered: That all carriers subject to the Inter-State following telegram:
Commerce Act are hereby authorized under Section 22 (1) of the InterPortland, Oregon, Aug. 20 1930.
State Commerce Act to publish and charge reduced rates on livestock, Wm. F. Schilling,
feeds, and water, and upon such other articles of traffic as may be found
Federal Farm Board,
necessary in tho premises, to and from stricken areas, and between points
Washington, D. C.
in such areas, by filing schedules, referring to this order, containing such
Wo wish to convey to you and the other members of the Federal
Farm
reduced rates, without notice, and without observing the provisions of Board the fact that the Challenge Cream and Butter
Association, the
Section 4(1) or Section 6 of said Act, and the provisions of Tariff Cir- United Dairymen's Association and the Inter-State Associated
Creamcular 20. incons!stent with the quick and economical publication, establish- eries, representing 33,000 producers with annual sales exceeding $35,000,ment, and maintenance of the emergency rates herelnabove provided;
000, have to-day, Aug.20,reached an accord in the matter of co-operatively
"It Is further ordered, That such reduced rates be, and they are hereby, marketing their products on the Pacific Coast. We believe a great step
authorized, and that the authority granted herein shall expire with Oct. 31 has been taken in furtherance of the co-operative movement on a sound and
1930."
logical basis. We wish to express to you and the other members of the




AUG. 23 1930.]

FINANCIAL CHRONICLE

1199

J. W. Gilman of Utah;
J. D. McGrath of California;
C. R. Oviatt of Michigan;
W. N. Woods representing Ohio and Indiana;
J. W. Miller of Wisconsin;
Sam Kennedy, Jr., of Iowa;
T. E. arable of Kansas;
Louis Anderson of Minnesota, and
W. D. Bucholz of South Dakota.
telegram, Mr. Schilling said:
Commenting on the
These directors, in turn, elcted the following officers: Ralph Clark,
With the completion of this marketing arrangement between these large Eaton, Colorado, President; Frank Thomas, Mitchell, Nebr., First Viceorganizations, practically all of the best quality President; J. W. Miller, Somers, Wisc., Second Vice-President; J. D.
co-operative producing
butter manufactured in the West Coast States is brought under centralized Pancake, Greeley, Colorado, Secretary; J. II, Stockwell, Bayard, Feb.,
co-operative control. The officials in charge of these co-operatives are Treasurer.
The Executive Committee is: A. L. Litel, Sterling, Colorado; Chefs.
all highly successful men of much experience in marketing.
Kearney, Morrill, Neb.; NV. J. Nolton, Torrington, Wyoming; Frank
Thomas, Mitchell, Neb., and the President Ralph Clark. Officers will be
National Grain Corporation Bought 17,121,000 Bushels maintained at Greeley, Colorado, and Scotts Bluff, Nebraska.
of Grain in July.
The public generally perhaps does not realize that the production of
sugar beets in this country represents over 800,000 acres of land used
Associated Press advices from Chicago Aug. 11 stated:
for that purpose and hundreds of thousands of people are engaged In
The Farmers National Grain Corporation bought 17,121,718 bushels growing beets or processing them. The industry has had its ups and
of grain last month, the first month of the new crop season, Corporation downs and substantial changes have taken place in the regions in which
officials said today. Purchases included wheat, corn, oats and barley.
sugar beets were originally grown. For instance, in the last 20 years
Of the total receipts of wheat at Kansas City last month, 32% was greatest progress has been made in the Irrigated regions of Colorado,
by stockholders of the Corporation.
handled
Nebraska, Wyoming and some other Western States. Beet sugar has
The Corporation said its branches at St. Paul, Minneapolis, Duluth grown in popularity among users, but the price at the present time is so
and Groat Falls were ready to handle all the wheat its members were ruinously low that the industry is suffering.
prepared to market in that territory.
In view of the fact that less than one-fifth of the sugar consumed in
the United States is grown here, there is abundant opportunity for expanding
beets
conditions without
Carl Williams of Federal Farm Board Urges Cotton production of sugar In thisunder proper marketing one commodity the
respect sugar beets is
creating a surplus.
Growers to Hold Crop for Higher Prices.
production of which may well be encouraged.
The purpose of the new organization is to enoourage better methods
Carl Williams of the Federal Farm Board has urged cotton
distribution. It will work closely with the manufacturer
growers to hold their crop for higher prices. Despite the of production andboth the producer and the processor shall receive a fair
that
to the
prices charted by the Department income end their efforts. The organization will work also with the
downward trend in August
from
of Agriculture, Mr. Williams said "there is hope for increased producers of cane sugar so as to eliminate in as far as possible the cross
transportation costs that represent no saving either
prices. United Press advices from Washington yesterday hauls and unnecessary consumer.
to the producer or the
(Aug. 22) are authority for the foregoing, and as given in
co-operatives that took membership in the National Beet
The older
last night's (Aug. 22) "Wall Street Journal" these advices Growers' Association have made excellent progress and there is every reason
to believe that the recognition of this commodity by the Federal Farm
continue:
Board will be fruitful in carrying out the purposes of the Agricultural
"No farmer should sell cotton on the present price basis if he doesn't
Marketing Act.
have to. It would be a moral crime for a creditor unnecessarily to force
sale at present price levels.
An item regarding the proposed organization appeared in
"I wouldn't sell and I wouldn't advise farmers to sell. I hope no banker
our issue of July 26, page 577.
these.
will force farmers to sell at such prices as
Looks for Gains in Co-operative Handling.
Williams expects co-operative organizations to handle about 15% of
Canadian Banks Arrange to Carry 1929 Unsold Wheat
the cotton crop this year. Last year co-operatives handled about 10%.
of Dominion Farmers. Statement by Premier
Reports from the Corpus Christi area of Texas where ginning is well
under way, showed co-operatives were handling from 10% to 12% of the
Bracken of Manitoba.
compared with 3% In 1929. Williams said this could not be made the
crop
That the Canadian banks had promised to carry the unbasis for calculating the proportion of co-operative cotton throughout the
United States.
sold balance of the 1929 wheat crop and that the arrangeCotton co-operatives, Williams said, are prepared this year to handle all
ments were satisfactory, was the statement issued by Prethey can obtain.
the cotton
The Agriculture Department's summary of world cotton prospects said: mier John Bracken of Manitoba, following a conference at
"Cotton prices both in America and abroad moved irregularly during
Toronto between eight managers of leading banks and the
July and early August though the trend was somewhat downward.
"From July 1 to Aug. 9 there was a net decline of about Ri of a cent In Premiers of Manitoba, Alberta, and Saskatchewan. Wheat
spot prices of American middling 34-inch and about the same in futures.
were also present at the conference. The
Indian cotton declined somewhat more than American, and Egyptian pool officials
declined less than American.
Canadian Press, in reporting this, added:
Raw Cotton Consumption at 1924 Level.
Premier Bracken, when asked whether the governments of the prairie
"Textile activity during June and July, both In the United States and provinces would renew the guarantees for the pool to the banks, which
abroad, continued to reflect the low level of business. The consumption expired Aug. 1, said: "There has been no request made for guarantees
of raw cotton in the United States during July, 378.835 bales, was 26,346 an the new crop, and it is not anticipated that a new guarantee will be
bales below June and lower than for any month since August 1924. Exports required."
"The guarantees were to cover the whole crop, and the only difficulty
of piece goods and yarns from Great Britain during July were above June
though still relatively low.
rose through a small portion of it not having been delivered at the end
"The disturbed conditions in China and India continue as an unfavorable of the crop year, July 31. It is concerning that portion that we have
factor in the economic conditions in the cotton textile industry in these been having conferences with the banks. The banks and the pools are
countries and in Japan and Great Britain.
carrying on with respect to the balance of the 1929 crop exactly as they
"Production of raw cotton in the United States for the season 1930-31 did prior to July 31," Mr. Bracken explained.
below last year and 116,000
Is estimated at 14.362,000 bales, 466,000 bales
In answer to the question, "Has the pool lost much money on the 1929
bales below 1928-29.
crop?" he replied: "That question cannot be answered until the balance
"Soviet Russia reports its planted acreage to be 70% above last year of the crop is sold. lithe price goes much lower there will probably be a
though possible labor shortage is causing some alarm. The acreage In loss. But if the price goes higher probably there will be no loss."
Egypt for the season 1930-31 is 13% over last year."
A bigger crop than last year, but one smaller than 1928, was predicted
The 1929 cotton being transferred from the cotton co-operatives to the for the West by Premier Bracken. "The estimates run from 325,000,000
Stabilization Corp., will not be dumped on the market to compete
Cotton
to 400,000,000 bushels. It is too early yet to make an accurate forecast,"
with the 1930 crop, Chairman Alexander Legge of the Federal Farm Board he said, "but the total will probably be nearer the smaller figure."
told Representative John E. Rankin (Dam., Miss.). The total is around
The price to be paid by the pool was described by the Premier as entirely
1,250,000 bales.
within the jurisdiction of the pool and the banks from which the pool
borrows. The initial figure during the past few weeks, he noted, had been
Organization of National Beet Growers' Association. 70c. for No. 1 Northern, with lower grades less.
Other members of the conference stated there were no signs of any
Delegate representatives from 17 States in which sugar changes in the tariff barriers keeping out Canadian grain from Italy,
beets are grown met in Denver, Saturday, Aug. 2, and Germany and other continental countries. Neither were any developments
representatives and Great Britain for the sale of
organized the National Beet Growers' Association. With reported between pool
Canadian wheat.

Federal Farm Board our sincere appreciation for your Important part in
helping to bring this forward step about.
(Signed) CHALLENGE CREAM & BUTTER ASSOCIATION.
C. W. Hibbert.
UNITED DAIRYMEN'S ASSOCIATION,
By W. J. Knutson.
INTERSTATE ASSOCIATED CREAMERIES,
By Thos. L. Ohleen.

regard to the new organization and its purpose, S. R. McKelWriting from Ottawa, Aug. 11, the staff correspondent
vie, of the Federal Farm Board, in an address broadcast
of the Toronto "Globe" reported that substantial progress
over Station WRC, Washington, D. C., on Aug. 8, said:
made at a meeting to-day in the office of Hon.
As • in other cases in which agricultural commodity co-operatives have had been
organized nationally, the meeting was held under the auspices of the Richard B. Bennett,'Minister of Finance, with respect to the
Federal Farm Board. The new association will be incorporated under financing of this year's wheat crop. Those present, in
the laws of the State of Delaware and meets the requirements of the
Agricultural Marketing Act as a bargaining association owned and con- addition to Premier Bennett, were: Premiers Bracken of
trolled by growers. Directors from 16 districts were elected, as follows:
Manitoba, Anderson of Saskatchewan, and Brownlee of AlRalph Clark, A. L. Litel, J. II. Rodiger, B. F. Falsegraf, and John
berta, as well as seven representatives of Canadian banks,
all of Colorado;
Burritt,
namely, Beaudry Leman, General Manager of La Banque
Charles Keamey and Frank Thomas from Nebraska;
W. J. Nolton of Wyoming;
Nationale and President of the Canadian Rankers' AssociaMartin Martinson of Washington;
tion; A. E. Phipps, General Manager of the Imperial Bank
F. J. Cox of Montana;
of Canada and Past President of the Canadian Bankers'
Alma Lindheld from Idaho;




1200

FINANCIAL CHRONICLE

Association; J. A. McLeod, General Manager of the Bank
of Nova Scotia; S. H. Logan, General Manager of the
Canadian Rank of Commerce; Jackson Dodds, General Manager of the Bank of Montreal; M. W. Wilson, Assistant General Manager of the Royal Bank of Canada, and H. B. Henwood, General Manager of the Bank of Toronto. The
Toronto "Globe" correspondent continued as follows:
In a statement to the press afterward, Premier Bennett said that the
banks had displayed a disposition to lend adequate facilities for the
financing of the crop now rapidly approaching maturity. The Western
Premiers were not asking for a guaranteed price for the wheat crop, but
simply sought the assistance of the banks in the orderly marketing of the
harvest. This would be arranged.
Premier John Bracken of Manitoba said that farmers wanted as much
ready cash as they could get for their wheat in order that they could carry
on with individual financing for farm operations. The banks were willing
to finance the crop movement in keeping with market conditions and
security of the banks' position. The meeting had nothing to do with the
carry-over from last year to do financing of which already had been
provided for.
The general expectation of those present was that there will be no
difficulty in providing all the capital that is necessary for legitimate
enterprises.
One of the first results of the conferences was disclosed to-day when it
was announced instructions had been issued to all Canadian Trade Commissioners to concentrate on the sale of Canadian wheat and flour in the
countries in which they work.

Revision of Stock Exchange Code in London—Trading
and Listing Rules Tightened Up To Curb Abuses
and Guard Investors.
From the New York "Herald Tribune" we take the following, dated London, Aug. 17, and copyrighted:
The last week has been another depressing period for the Stock Exchange
with prices, in most sections, tending downward, and the business turnover at low ebb Brokers have had ample time on their hands to discuss
the report of the special sub-committee of the Exchange. which was appointed at the beginning of the year to consider the re-drafting of rules
dealing with new issues and official quotations.
This report, which has been adopted by the General Purposes Committee of the Exchange, has been well received both inside and outside the
market circles and appears likely to prove of real value in preventing
abuses of Stock Exchange facilities.
The work and findings of the special sub-committee, prompted in the
first place by scandals connected with the Hatry case, and secondly by
the "bubble company" boom of 1928 and 1929, fall into two main sections.
The Hatry frauds were due to the abuse of temporary documents—partly
paid scrip and the like.
The Committee has decided that a revolutionary change in this direction
is inadvisable. but considers that the laying down of limits for currency
of such documents should do much to prevent their misuse. More farreaching, perhaps, is the proposal that the share and loan department
of the Exchange should gradually take over the duty of the certification
of transfers.
Extra Safeguard Added.
As further safeguard, companies will be required in the future to notify
soon as a transfer of his name is certified. Losses susstockholders as
tained by investors through the Hatry frauds, large as they were, were
dwarfed by those resulting from the flotation of "bubble companies,"
the promoters of which, in most cases, kept strictly within the law.
A very large number of such companies were formed during the boom
period, frequently with the object of exploiting incompletely tested inventions. Encouraged, too, by systems of profits, incautious investors
flocked to buy their shares, which in many cases ran up to tremendous
premiums. The aftermath of this speculation is now being experienced.
these companies reporting large losses instead of profits, while their shares
are standing at nominal prices.
New regulations which were proposed in regard to permission to deal in
stocks were designed to prevent, as far as possible, repetition of these
occurrences in the next boom. In particular, attempts are to be made
to tighten up the rules by which companies will introduce stocks on the
Exchange without having made public any offer by means of a prospectus.

[VoL. 131.

Several authorities estimated the short position last week at 5,000,000
shares, which would be several times the size of the short interest during
most of the panic of last fall, when an investigation by the New York
Stock Exchange disclosed that short commitments on the worst days of
the break did not exceed one-seventh of 1% of the total stock outstanding.
There are 1,269,861,000 shares listed on the Stock Exchange. A short
Interest of 5,000,000 shares would therefore be approximately two-fifths
of 1% of the number of listed shares.
The chief indication of the existence of an unusually large short interest
at the present time, brokers says, is the number of standard issues which
are lending flat on the Stock Exchange. At the close of the market on
Thursday, out of a group of 340 active issues on which loan rates are
furnished daily to Stock Exchange members by the loan group, 183 issues
were lending flat, and two issues were lending at a premium. The entire
group of railroad issues, representing a market value of more than
$9,000,000,000, was lending flat, with the exception of two issues,
Wheeling & Lake Erie common and preferred, which were lending at
premiums of one-thirty-second and one-sixteenth of a point, respectively.
Borrowers of the latter issue were compelled to pay a daily premium of
$6.25 for each 100 shares.
Strength Seen In Situation.
With the possible exception of May and June, there has never been a
time when the short interest has been so large, brokers declare. During
the slump last fall it was the absence of an adequate short interest, following several years of rising security prices, which caused acute weakness
and the absence of a cushion of bids under the market, bankers explain.
The large short interest existing at present is therefore regarded as a factor
of potential strength.
Among the active issues which have been lending flat recently have been
Case Threshing, International Harvester, Vanadium Steel, Gillette Safety
Razor, Allied Chemical, Air Reduction, and standard rails, such as Santa
Fe, Pennsylvania, New York Central, and New Haven. While it is not
unusual for inactive stocks such as Crucible Steel and United States Steel
preferred to lend flat even in bull markets, the spectacle of standard
industrial issues lending flat is extremely uncommon, brokers say. In
addition to the stocks which are lending flat, there is a large demand for
many other standard blares, such as United States Steel common, American
Can, Warner Brothers, Bethlehem Steel, Johns-Manville, and Westinghouse
Electric, which have been lending at 1%, or 11
/
2
% less than recent call
money rates.
Shows Stooks Hard to Borrow.
It is customary for standard industrial issues to lend at or slightly lower
than the call money rate, and for standard rail stocks to lend from % of 1%
to 1% less than the rate for industrial issues. When the lending rate on a
stock is considerably less than the call rate, it is an indication, brokers say,
that the stock is hard to borrow, and possibly that there is an unwieldy
short interest.
The reasons for the fact that railroad stocks are lending flat at the
present time are three in number, brokers assert. The first is the large
short interest which has been built up in rail stocks this year, as a result
of the decline in the earnings of these issues, it is said. The second
reason advanced is the withdrawal of rail issues from Wall Street through
investment buying. The third is the desire of brokers to "sweeten" their
loan envelopes with railroad stocks, thus diversifying the collateral upon
which they obtain loam These three factors have been responsible for an
increase in the borrowing demand for rail issues and a decrease in
the supply.
Private Borrowing Extensive.
While the lending rates fixed by the loan group on the floor of the Stock
Exchange are an indication of the size of the short interest, only a part
of the bear contingent borrows its short commitments through the loan
group. Many of the large bear operators, it is said, prefer to borrow stock
privately, thus keeping their market position secret. These bear operators,
for example, sell United States Steel—or any other issue—only through
commission houses which are known to have a long position in the stock
sufficiently large to enable the seller to borrow the shares without going
to the loan group or to another broker.
Many of the largest bear operators have maintained their short position
for several months, disregarding temporary rallies. The success which
these men have had on the short side has stimulated many smaller traders
to follow their example, brokers say. The nervousness of these amateur
bears is held to have been largely responsible for the squeeze which
developed on the Stock Exchange in Friday's [Aug. 15] late trading, when
several active issues advanced at the rate of a point a minute.

Full Data Is Required.
In the future, such companies will be required to publish the fullest Resolutions of New York Stock Exchange Commending
information, for which all directors will be held responsible. Only minor
the Services of the Late John G. Milburn, Its
alterations are proposed for companies making public issues, as the Committee consider that the safeguards included in the new companies Act
Counsel.
should be adequate.
Tribute to the memory of John G. Milburn, Senior Counsel
At the same time, a memorandum of policy has been drawn up and
It is hoped that this will enable the Stock Exchange Committee to check of the New York Stock Exchange for 26 years, whose death
the speculative concerns. It will also be able to withdraw permission occurred
suddenly in London on Aug. 11, is paid in the
to deal more easily—for instance, where a company falls to publish an
annual report within a prescribed period or where there is a serious default following resolutions adopted by the Governing Committee
by the underwriters. No dealings whatever will be allowed until the of the Exchange on Aug. 19:
company has undertaken to inform the Stock Exchange immediately of
The past 25 years have witnessed a growth in the activities of the New
every change in the directorate.
York Stock Exchange which exceeds anything recorded in its previous
No one expects that the new rules will prevent incautious speculators history. This rapid development
has brought the grave responsibility
from losing money or eliminate the unwarranted booming of unproved upon the Exchange of fitting itself properly to perform its increasing duties
securities. It is believed, however, that they will check some of the worst as a great world market. John G. Milburn, as its counsel from 1904 until
of the present abuses and will make the way of over-optimistic or un- his recent death, was a quarter of a century a constant adviser through
the
scrupulous promoters harder, while putting no hindrance in the way of many vicissitudes and critical problems which these eventful years brought
worthy concerns.
about.
Not only did he guide the Exchange wisely and successfully by his advice
Short Selling on New York Stock Exchange Possibly as a great lawyer, but owing to his high ideals of life and of ethical conduct
he continually pointed the way towards a standard of business integrity
a Record—Position Placed at 5,000,000 Shares, which
was bound to win public confidence and esteem.
Much Larger Than During Slump Last Fall—Stock
Together with the great qualities of mind and of feeling which brought
him the admiration of all who came in contact with him, his genial nature,
Loan Rates Cited.
and kindly sympathetic attitude, won him love and friendship as well as
Short selling of stoclis by amateur bears, coupled with universal respect.
successive raids on security values by bear pools, has reBe it therefore,
Resolved: That in the death of John G. Milburn the Governing Comsulted in the accumulation In the last few weeks of possibly
mittee feel that the New York Stock Exchange has suffered a grave and
the largest short interest in the history of the New York momentous loss; a loss at once of a wise counsellor at law, a high-minded
Stock Exchange, according to brokers in Wall Street. Not- adviser in problems of business policy and a faithful genial friend .whose
,
memory will continue to live among future members of
ing this in its issue of Aug. 17, the New York "Times" said: the days of his activities will have passed into history. the Exchange whim




AUG. 23 1930.]

FINANCIAL CHRONICLE

F7 Be it further

Resolved: That two copies of these resolutions, properly engrossed, be
sent, one to Mr. Milburn's family and one to the firm of Carter, Ledyard &
Milburn.

Mr. Milburn, who was born near Sunderland, England,
Dec. 13 1951, came to the United States at the age of 19
years. He studied law at Batavia, N. Y., and later received
the LL.D. degree from Princeton and Albert Universities.
He was admitted to the bar in 1874 and practiced law in
Buffalo for a number of years before coming to New York
City in 1904. From the New York "World" of Aug. 12
we take the following:
While practicing in Buffalo he gained a nation-wide reputation as a
lawyer, was recognized as leader of the bar in Western New York and served
as President of the State Bar Association. lle was President of the PanAmerican Congress at one time, and also head of the Pan-American Exposition in Buffalo in 1901. He was on the platform on Sept. 6 1901, when
President McKinley was shot and fatally wounded by Leon Czolgosz, and
directed that the President be taken to the Milburn home, where he died
eight days later.
In his practice in New York City Mr. Milburn took part in many famous
lawsuits. He had been attorney for the New York Stock Exchange for a
number of years, taking part in the bearings of the Pujo Wall Street investigating committee of Congress in 1915. He also was attorney for the
old Standard Oil Co., defending its trust suits which finally brought about
its dissolution. In this litigation he was opposed by former Secretary
of State Frank B. Kellogg, then a United States attorney. He also took
part in the suit brought by the Government, again with Mr. Kellogg, to
dissolve the Union Pacific Railroad System as a combination in restraint
of trade. He also represented the American Sugar Refining Co. in the suit
for $30,000,000 brought against it by the Pennsylvania Sugar Refining Co.
of Philadelphia. . . . He was a member of the Board of Commissioners
of statutory Consolidation, which consolidated all General Statutes of the
State of New York from 1777.

1201

New York Curb Exchange Drops Two Issues—First
National Copper and New Quincy Mining Taken
from List.
The New York Curb Exchange announced on Aug. 16
that the stocks of the First National Copper Co. and of
the New Quincy Mining Co. had been removed from trading
privileges. We quote from the New York "Times" which
added:
It is understood that the former issue was dropped from the list because
the company discontinued its transfer office here. Trading in New Quincy
Mining stock was discontinued because its directors voted recently to assess
stockholders, and only non-assessable securities are dealt in on the Curb.

Stutz Corner Recalled with New Low Quotation on
Curb Exchange.
The following is from the New York "Times" of Aug. 19:
Stutz Motors dropped to a new low for all time yesterday when it closed
at 15i on the New York Curb Exchange. This low quotation recalled
and others
to Wall Street the famous Stutz corner of 1920 when Allan Ryan
one of
ran this stock from a low of 70 to an all-time high record of 724 in
the stock
the most sensational operations in market history. The price of
.
has declined steadily since that time, and its high for the current year is 4%

Nominees for Officers of Boston Stock Exchange—
Annual Election Sept. 29.
The nominating committee reports the following nominees
for officers of the Exchange and positions to be filled at the
annual election to be held on Monday, Sept. 29:
For President, James Dean.
For Vice-President, Charles A. Collins.
For Treasurer, George A. Rich.
For Governing Committee, terms expire 1932, William F. Bartholomew.
G.
Jere A. Downs, William H. Claflin, Jr., Hatherly Foster, Jr., Percy
nomiCrocker, Stephen Paine; term expires 1931, Frederic M. Lee. For
Louis P. Mott, James J.
nating committee, 1930-31, Elmer H. Bright,
Minot, Jr., John Parkinson, Kennard Winsor.
George A. Rich is Secretary of the Exchange.

New York Stock Exchange on Brokers' Loan Statistics
as Compiled by Exchange and by Federal Reserve
System.
In the August Bulletin of the New York Stock Exchange
an interesting explanation is presented as to the differing
from New York Coffee &
methods of compilation of figures of brokers' loans by the Newton H. Sobin Expelled
Sugar Exchange.
Exchange and the Federal Reserve System. We give the
At a special meeting of the Board of Managers of the New
explanation herewith:
York Coffee & Sugar Exchange Inc., on Aug. 14, Newton
Statistics of "Brokers' Loans."
from membership in the Exchange.
Owing to the frequent misunderstanding of published statistics relating H. Sobin was expelled
to the so-called "brokers' loans," it has seemed desirable to publish this A notice issued by the Exchange on Aug. 15 said:
them.

of Mr.
brief statement here concerning
Members of this Exchange are hereby notified of the inability
Brokers' loan statistics are compiled and published from two separate
meet his mercantile obligations. All contracts with
different sources—the Federal Reserve Bank of New York and Newton IT. Sobin to
.
and quite
him must therefore be closed as provided in Section 62 of the By-Laws
the New York Stock Exchange. Federal Reserve statistics are compiled
Mr. Sobin's membership will be at auction from the roseach week as of Wednesday,and are drawn from the lending banks and trust
companies of New York which are members of the Federal Reserve System. trum of the Exchange on Aug. 25.
The New York Stock Exchange statistics are compiled as of the close of
business each month, and are drawn from the borrowing stock brokers
on New York Cotton
and security dealers who are members of the Stock Exchange. Thus,these Trading in Wool Top Futures
two sets of figures are only occasionally compiled as of just the same date
Exchange to Start About Nov. 1.
and do not cover just the same field. Loans by Reserve member instituThe members of the New York Cotton Exchange voted
tions for themselves and their customers to stock brokers or security dealers
not members of the Exchange would be included in the Reserve, butnotit; on Aug. 18 to proceed with the plan to inaugurate trading
firms placed
the Exchange statistics. Conversely, loans to Exchange
wool top futures. A standard contract for wool tops
through agencies other than members of the Reserve would be reported in
trading rules will be preStock Exchange, but not in the Reserve figures. Loans made by or will be formulated, by-laws and
in the
through non-Reserve institutions to non-Exchange members would not be pared immediately, and it is expected that trading in wool
included in either compilation.
begin Nov. 1. The announcement issued
The Reserve statistics are available each week back to Oct. 5 1917; in top futures will
the Federal Reserve Bulletin for November,1926 will be found a compilation by the Exchange says:
a
oftheseriesfrom Oct.5 1917 through Jan.27 1926. These-earlierfigures are
The trading in wool top futures will be conducted through corporation
slightly less inclusive than the present series which started in January, to be organized by the New York Cotton Exchange, under the title of Wool
discrepancy is not large. Subsequent figures will be found Associates of the New York Cotton Exchange. This corporation will have
1926, but the
Class A memberin current Federal Reserve Bulletins.
two classes of membership, namely,class A and class B.
The Stock Exchange figures are available from October 1 1918 through ships will be held by members of the New York Cotton Exchange. Class B
of them was discontinued, and from
A memberships
Dec. 1 1922 when the compilation
memberships will be limited to 150 in addition to class
Feb. 1 1926 to date. Back figures from Oct. 1 1918 to Dec. 1 1922 will be and will be held by persons other than members of the New York Cotton
found in the Annual Report of the President of the New York Stock Ex- Exchange. Class 13 members will not be entitled to trade on the floor
change for 1926-1927, Pp. 69-70, and figures subsequent to Feb. 1 1926 of the Exchange nor to clear trades in wool top futures, but members of
on trades
in the similar Reports of the President for 1928-1929 and 1929-1930.
both classes will be entitled to membership rates of commissions
The Federal Reserve figures are subdivided in three classes according to In wool top futures.
source of the funds:(1)loans for the account of New York City member
two small futures markets for wool
the
At the present time there are only
banks; (2) loans made by them for the account of out-of-town banks, and tops, located at Antwerp and Roubaix-Tourcolng. It is anticipated
(3) loans made by them for the account of "other lenders," including in- that the wool top exchange now being organized will become one of the
dividuals,firms and companies of this country, and also foreign individuals, principal commodity exchanges, and will be utilized for hedging purposes
firms and banks. All these loans are made through the Reserve member by producers of raw wool, dealers in raw wool, and worsted and woolen
banks in New York which in the first case act as principals and in the second manufacturers. The sale of a substantial number of seats in the new wool
and third cases as agents.
top exchange has already been assured.
The New York Stock Exchange figures are subdivided into two classes
The unit of trading will probably be 5,000 pounds of wool tops, the basic
obtained from New York banks and trust companies;and (2)loans grade being 64's, with premiums and discounts for higher and lower qualities.
(1)loans
private bankers,brokers,foreign bank agencies and others in New York It is possible that two contracts will be established, the second having 50's as
from
City. In order to avoid duplication in these figures, members of the Ex- the basic grade. The trading will be conducted on the floor of the Cotton
change report net loans. The second class above comprises loans not in- Exchange in this city, but deliveries will be made in Boston and possibly
cluded at all in the Federal Reserve figures, and thus in addition thereto: Philadelphia.
The first class above is largely, but not completely, identical with the total
.
Philip B. Weld, President of the Cotton Exchange, had
figures reported by the Reserve Bank. The slight differences are due not
only to the different dates of compilation, but also to the fact that Reserve the following to say on Aug. 19 with regard to this extension
members sometimes lend to stock brokers and security dealers not members of the activities of the Exchange:
of the Exchange, and also Stock Exchange firms sometimes borrow from
The Cotton Exchange has decided to furnish facilities for trading in wool
New York banks and trust companies not members ofthe Reserve.
a careful study of the production, marketing and conBoth sets of statistics are confined to the New York market. The Re- top futures after
of wool throughout the world. The Exchange has studied the
serve figures relate only to loans made by New York banks and trust com- sumption
through special committees which have held conferences in Boston
panies, and the Stock Exchange figures are confined to loans effected in problem
and New York with representative leaders of the wool industries. Much
New York whose collateral is kept in New York.
loans on secur- interest has been shown, not only by domestic dealers and manufacturers
Federal Reserve statistics of brokers'loans do not include
these latter loans constitute and brokerage houses, but also by firms engaged in the wool trade in
ities made by banks directly to their customers;
loans. In the Federal Reserve Europe and elsewhere abroad. Applications for mendlership have already
a substantial additional amount of security
banks, total security been received from foreign firms.
weekly reports concerning the condition of member
brokers, • The value of the world wool crop is approximately the same as the value
reported therein include without distinction both the loans to
loans
of the world cotton crop, but while there are numerous cotton exchanges
of the banks.
and the loans on securities made direct to other customers




1202

FINANCIAL CHRONICLE

affording facilities for hedging and trading, there are only two small wool
top exchanges. An exchange for trading in wool tops will enable producers
of raw wool, dealers in raw wool, and worsted and woolen manufacturers
to hedge their holdings and commitments both in wool and tops, because
of the price relationship between them.
The new wool top futures exchange will be organized along broad lines,
tea as to provide an effective, free and open market to the wool industry
throughout the world. While the United States is one of the most important wool producing countries in the world, it produces less than onehalf of the wool consumed in this country, and imports all of the balance.
The new wool tops market will provide facilities for hedging import wools,
produced in such important areas as South America, Australia, Africa and
Europe, as well as domestic wools.
It is anticipated that interest in and use of the new wool top exchange
by the wool trade of the world will develop much more rapidly than is usual
with new exchanges, because of the world-wide facilities that members
of the Cotton Exchange can afford to the wool industry. These facilities
have been built up during 60 years of successful operation and service to
the cotton trade. It is confidently expected that all of the important
Interests in the wool industry in this country who have not already signified
their intention to join will do so as soon as the new market is organized.
The formulation of the contract and the preparation of the by-laws and
trading rules will be handled by a committee composed of men who have
expert knowledge of raw wool, wool tops and worsted and woolen manufactures, located in Boston and Philadelphia, with the assistance of technicians from.
the Cotton Exchange. Julius B. Baer, who prepared the bylaws and rules of the Rubber, Silk, Metal and Hide Exchanges has been
,retained by the Cotton Exchange to advise in the preparation of the by-laws
and rules for the new wool top exchange.

The plans for wool trading on the Cotton Exchange were
referred to in these columns April 26, page 2878 and July
19, page 358.
Board of Managers of New York Cotton Exchange
Prescribe Maximum Limit of Interest on Future
Contracts.
Under date of Aug. 15 the New York Cotton Exchange
issued the following notice to members:
Dear Sirs:
In conformity with a provision of Section 114 of the By-laws, the Board
of Managers yesterday unanimously adopted the following resolution:
"Resolved that the Board of Managers prescribe as the maximum limit
.
of interest on future contracts for delivery in any one month by any member,
firm or corporation and his or its affiliations:
150,000 bales in August 1930;
250,000 bales in September 1930;
1,000,000 bales in October 1930 and in all months up to and including
July 1931."
The provision of Section 114 referred to, is as follows:
• "The maximum interest in futures contracts that may be held in any one
month shall be prescribed at any time by the Board of Managers at its
discretion but meetings to consider this limitation shall be held each month
from July to December, inclusive, within five days after the publication
by the Department of Agriculture of acreage or condition reports during
said months."
Very truly yours,
FRED. F. KUHLMANN.
Secretary.

[Tor.. 131.

The New York "Evening Post" in its issue of Wednesday,
Aug. 20, stated that Federal Judge Frank J. Coleman on
that day granted a motion made by Samuel H. Kaufman,
Attorney for the Irving Trust Co., receivers, directing all
creditors with claims for securities which they had purchased from the bankrupt brokerage firm, and which had
not been delivered, to file these claims by Sept. 5.
The paper mentioned furthermore stated that Mr. Kaufman refused to discuss a reported settlement of the claims
against the concern made by Frank Bailey, Brooklyn,
capitalist.
Our last reference to the affairs of Woody & Co., which
failed June 19 last, appeared in our Aug. 2 issue, page 724.
Knickerbocker National Corp., Bankshares National
Corp., and Frank C. Thomas Enjoined—Bureau of
Securities Details Deals Preceding Bankruptcy
Petition Against One Concern.
The Knickerbocker National Corp. of 43 Exchange
Place, Frank C. Thomas of Larchmont,its former President,
and the Bankshares National Corp. of 43 Exchange Place,
were enjoined on Aug.9 by Supreme Court Justice Charles J.
Dodd of Brooklyn from further sales of stock. The Knickerbocker Corp. has branches in Boston, St. Louis, Syracuse,
Rochester, Buffalo and New Rochelle. The injunction was
granted on a motion of Matthew A. Tiffany, Deputy
Attorney-General, of the State Bureau of Securities, who
alleged the practices, transactions and course of business
engaged in by the defendants were fraudulent and in violation
of law. The New York "Times," in the account of the
proceeding in its issue of Aug. 10, continued as follows:

Mr Tiffany said his investigation disclosed that on Sept. 15 1929 Miss
Hilden Wilkinson of 410 West Onondaga St., Syracuse, bought 5,000
units of Empire American Securities Corp.from the Knickerbocker National
Corp. for approximately $200,000.
The securities had not been paid for in full, Mr. Tiffany alleged. and
Thomas obtained a loan of $80,000 on the stock through the Knickerbocker National Corp. from the Chatham Phenix National Bank & Trust
Co. at 149 Broadway.
According to Mr. Tiffany, Miss Wilkinson later exchanged 4,000 units
of the Empire American Securities Corp. for 8,000 shares of British Type
Investors stock, and approximately 4,400 shares of this stock were sold
last February by Miss Wilkinson through the Knickerbocker National
Corp. Mr. Tiffany said that Miss Wilkinson owed no debit balance for
any securities bought through the Knickerbocker National Corp., and to
her were owed 3,600 shares of British Type Investors stock, together
with other securities she had bought through and from the Knickerbocker
National Corp.
Mr. Tiffany said that Miss Wilkinson has made repeated demands for
delivery of the stock, but she has not been able to get any of the securities.
Mr. Tiffany said also that in April George Rodems of 38 Warring Ave.,
Buffalo, bought 25 shares of British Type Investors stock from the Knickerbocker National Corp. through its Buffalo office, and that no delivery was
made until about June 6. Mr. Tiffany added that Thomas made a contract last December with William Harris of Newark. President of the
Bankshares Corp. of the United States, 40 Journal Square, Jersey City,
and Aaron Sapiro of Scarsdale, N. Y., Chairman of the board of directors
of the same corporation, to purchase from Harris and Sapiro not less than
15,000 nor more than 20,000 of the class B voting stock of the Bankshares
Corp. of the United States at $15 a share.

New York Mining Exchange to Open Trading Floor
Sept. 10—Membership of Board of Governors.
The recently organized New York Mining Exchange announced on Aug. 22 that quarters have been secured at
80 Wall St.for a trading floor which will be opened for trading
on Sept. 10. Heber C. Hicks is President of the Exchange.
The purpose of the Exchange, as outlined by Mr. Hicks, is
to provide a legitimate and open market for the trading of
Contract Is Assigned Twice.
mining and oil securities which will be able to pass the to The contract, according to Mr. Tiffany, was assigned by Thomas to
the Bankshares National Corp., and was assigned later by the corscrutiny and investigation of the Exchange and its associated poration to the Knickerbocker National Corp.. neither of which had
agencies, to protect the public from fraudulent flotations, sufficient funds to purchase the stock. To make payment to Harris
to establish public confidence with respect to dealings in and Sapiro, Mr. Tiffany said, large sums were advanced as a loan by the
Bankshares
the Bankshares National Corp.,
such securities, to maintain high standards of commercial and most ofCorp. of the United States topaid by the Bankshares National
the money so advanced was
honor among the members and to collect and distribute Corp. to Harris on account of the purchase of the stock.
To obtain additional funds for the purchase of stock from Harris and
among its members reliable information and statistical data Sapiro, Mr.Tiffany
alleged,the board of directors
National
concerning all investment or speculative issues listed on the Corp. of the United States adopted a resolutionofthe Bankshares purchase
authorizing the
Exchange. The Board of Governors of the Exchange con- of 3,500 units of the Knickerbocker National Corp. at $21 a unit. The
Knickerbocker National Corp. also
sists of Heber C. Hicks, President, formerly Chairman of the units of its stock to the Bankshares tried to procure funds by selling 3,500
Corp. of Maryland, Mr. Tiffany said.
On April 15 1930 petitions in bankruptcy were filed against the BankCommittee on Stock Exchange Investigation of the National
Association of Securities Commissioners; George A. Washing- shares Corp. of the United States, RO that the class B stock of the corporation purchased
ton, Attorney; Harry S. Thayer, mining engineer; E. L. said, is now of little by the Knickerbocker National corp., Mr. Tiffany
value.
White, mining engineer of the Guaranty Co. of New York
and William B. Randall, President of Security Transfer and
Registrar Co. Members of the Exchange include brokers of A. H. Bramson Co., Midland Associates, E. J. Brady
& Co., Albert H. Bramson, Eugene J. Brady, and
exchanges in N. Y. City, San Francisco, Salt Lake City,
Emily Schwartz All Enjoined on Motion of the
Toronto, Montreal and elsewhere.
New York State Bureau of Securities.
Three companies and three individuals were enjoined
Woody & Co. Failure Hearing Postponed Until Aug. 26 from further
stock sales on Aug. 11 by Supreme Court
—Order Granted by Federal Court to File Claims.
Justice Dodd in Brooklyn on a motion by Deputy AttorneyThe bankruptcy hearing on the affairs of Woody & Co., General Staples of the State Bureau
of Securities, according
the failed brokerage firm of which Harold Russell Ryder was to the New York "World"
of Aug. 12. Defendants were
a partner and the moving spirit was put off on Aug. 21 A. H. Bramson
Co., Inc.; Midland Associates, Inc., and
until 2 p.m. next Tuesday, Aug. 26, on agreement of the E. J. Brady & Co., all
of 140 Cedar St., and Albert H.
attorneys for the parties concerned, according to yesterday's Bramson of 3145
E. 4th St., Brooklyn; Eugene J. Brady of
New York "Times." The hearing will be before Referee 21 Longmeadow
Road, Yonkers, and Emily Schwartz
Henry K. Davis in Mr. Davis's office, 140 Nassau Street, Secretary and
Treasurer of the first two companies. Ben C.
it was stated.
Rebman was appointed receiver for the firms under a bond•




AUG. 231930.]

FINANCIAL CHRONICLE

1203

Mr. Mills would not go into details at the White House, but hurried back
to the Treasury.
Mr. Mill's statement came somewhat as a surprise, in view of word at the
Treasury yesterday that slight hope was held for continuing the 1% cut
on the partial pay- made by Congress on 1929 incomes as an emergency measure last winter.
Co. and the New Jersey Insurance Co. at $25 a share
and
Officials there had come to feel that way after a preliminary survey of
ment plan. He virtually controlled the market. Mr. Staples said,
after manipulating the market downward sent out calls for more margin, 1930 returns.
were
Unless Congress acts, the higher tar would prevail in the next tax returns,
which was not forthcoming. The result was that the customers
of
since the 1% reduction was made applicable for only the one year.
sold out at $4 a share, Bramson making a profit about $30.000.
Later in the day Secretary Mellon said he had "a very real hope" that the
Subsequently, Bramson persuaded Brady, a former official of the
Mr. emergency tax reduction may be continued next year. He issued the followChatham Phenix National Bank, to go in with him, according to
conferences at the White House and
Staples, and they organized E. J. Brady & Co. Bramson also organized ing formal statement after a round of
Staples said, the Treasury:
the Midland Associates, Inc., an investment trust, Mr.
"The stories appearing in the morning papers relating to the revenue prosinstalling Brady as President.
pects for the current fiscal year overemphasized the unfavorable factors.
It Is altogether too early to make any definite statement. The final estimates need not be prepared until just prior to the meeting of the Congress
the department will be in a much netter position
Federal Reserve System is Seeking to Fix Bank Sus- In December,at which time situation.
to determine the budgetary
pension Causes—Questionnaire on Each Failure
"The revenue during the fiscal year 1931 will be reduced as compared
of the fiscal year 1930. but it should not be fogotten that we
with
in Last Decade Sent State, National Authorities— closedthatlatter year with a substantial surplus while no one should definitely
the
1 tax reduction granted at the
Would Determine Exact Cause of Difficulties— promise at this time that the during the calendar year 1931, Ilast session of
can say that
Congress can be maintained
at
Purpose to Discover Relation to Branch and Chain after a careful review of such figures as are avaiable to this time I have
the Congress in
a very real hope to make such a recommendation
Banking as Basis for Policy.
December."
There was nothing to reveal what had caused a change of view at the
.An analysis of the causes of the numerous bank failures of
among the factors which are expected
Treasury, but it was pointed
recent years as a background for the development of a new to alleviate the Government'sout that situation If any emergency arises will
financial
on branch banking has been instituted by be receipt of$186,000,000 in foreign debt payments this year.
national policy

of $50,000. About $40,000 recovered by the Bureau of
Securities will be turned over to him. The "World" added:
Mr. Staples said Bramson sold 1.980 shares of the Greater Eastern

the Federal Reserve Committee on Branch, Group and Chain
Banking says the New York "Journal of Commerce" in its
issue of Aug. 9. This body, representing the entire Reserve
system, is making a study, it is pointed out, of the branch
banking question in order to give the Reserve authorities
material upon which they can base an official attitude on
the subject in connection with proposals to legislate on
it at the coming Congressional session. The "Journal of
Commerce" account continues as follows:

The Reserve committee studying the subject has sent out a questionnaire
through the twelve Federal Reserve banks, which has been passed on to
State banking departments all over the country. This questionnaire seeks
to determine the general facts surrounding individual State banking failures
from Jan. 1 1921. to the present date. It also seeks to determine the
causes of each failure. Similar data for national banks are being secured
from the Comptroller of the Currency.
Broad Field Covered.
The survey being made through this questionnaire covers not only State
and National banks, but also trust companies, stock and mutual savings
banks and private bankers. It also seeks to determine to what extent the
banks that have failed have been members of chains and groups.
After providing space for the listing of condition figures, payments to
claimants and similar data about each failed institution, the questionnaire
asks the State banking departments and the Comptroller of the Currency
to list for each case the Imputed cause of the failure. The causes of
failure listed, which these authorities are asked to check, are as follows:
Decline in real estate values.
Losses due to unforseen agricultural or industrial disasters such asfloods
drouth, boll weevil, &c.
Insufficient diversification.
Incompetent management, I. e., poor credit judgment, laxity in collections, lack of enterprise, &c.
Defalcation.
Heavy withdrawals of deposits.
Failure of affiliated institution.
Failure of correspondent.
Failure of large debtor.
Miscellaneous causes.
The questionnaire further asks for specifications as to which type of industry or agriculture was represented in the slow, doubtful or worthless
paper held by the failed bank. It also asks that the approximate date of the
beginning of the difficulty which ultimately caused the suspension be
specified.
Committee Represents System.
The committee which is making the present inquiry is composed of L. 11.
Rounds. Deputy Governor of the Federal Reserve Bank of New York; Ira
Clerk. Deputy Governor of the Federal Reserve Bank of San Francisco
M.J. Fleming, Deputy Governor of the Federal Reserve Bank of Cleveland:
E. A. Goldenweiser, director of the division of analysis and statistics of
the Federal Reserve Board, and E. L. Smead, Chief of the division of bank
operation of the Federal Reserve Board. J. H. Riddle, formerly associated with S. Parker Gilbert when the latter was Agent Generalfor Reparations in Berlin, is Secretary.
The epidemic of bank failures which has affected some 5,000 institutions
during the Past decade is regarded by the Reserve authorities as having a
vital relation to the branch banking question. The development of branch
and chain banking is regarded by many observers as both a result of and
a solution for toe weak bank problem, but the Reserve group is seeking
to make a full analysis of the causes of the bank failures which have taken
place and the circumstances accompanying them before reaching a definite
conclusion thereon.

Federal Government Costs Rise $17,000,000 for Month.
Expenditures of all Government establishments except
Agriculture and Labor departments showed increases for
July, the first month of the 1931 fiscal year, the Treasury
announced on Aug. 18. The Washington correspondent of
the New York "Journal of Commerce" in reporting this added
General expenditures amounted to $198,994,000, an increase of $17.000,000, white total ordinary expenditures were $259,278,000, a gain of
$14,000,000. Interest of $12,255,000 was $6.000,000 lower in July, while
internal revenue refunds,$6,351,000, were $6,000,000 less.
There were substantial increases in expenditures of the Treasury,the War
Department and the Veterans' Bureau. Treasury costa were $16,976.000
and the Veterans' Bureau $30,339,000, both gains of about $2,000,000.
The War Department expended $47.747,000, an increase of $7,000,000.
The Agricultural Department costa were $16,720,000, a reduction about
$300.000.
Expenditures by the Federal Farm Board for July were given as $10,476.000.

Forthcoming Treasury Issue.
Intimations of the Treasury Department's September
financing are furnished in the following circular issued by
the Federal Reserve Bank of New York:

FEDERAL RESERVE BANK OF NEW YORK.
Fiscal Agent of the United States.
Circular No. 993, August 19, 1930
NEW TREASURY ISSUE.
Preliminary Notice of Offering and Methods of Filing Subscriptions.
To all Member Banks, State Banks, Trust Companies and
Savings Banks in the Second Federal Reserve District and Others Concerned:
From advices received from the Treasury Department of the United
States, this bank is enabled to transmit to banking institutions in this district the following Information:
1. That a Treasury offering may be expected shortly.
2. That the subscription books may be closed by the Treasury without
advance notice, and therefore,
.3. That each subscribing bank, upon receipt of information as to the
terms of the Treasury offering (either in the press, through the mails or by
telegram) should promptly file with the Federal Reserve Bank any subas no guarantee
scriptions for itself and its customers. This is important,
can be given as to the period the subscription books may remain open, and
before receipt of official subscription blanks, may
subscribing banks, oven
file their subscriptions by telegram or by mail with the Federal Reserve
Bank. Any subscriptions so filed by telegram or mall in advance of receipt
by subscribing bank of subscription blanks furnished for the particular
Issue should be confirmed immediately by mail, and on the blank provided,
when such blank shall have been received.
4. That if the terms of the offering when announced provide for both cash
subscriptions and subscriptions for which payment may be tendered in
other securities, the subscribing bank should prepare its subscriptions in
such manner as to indicate the method by which it proposes to make payment and the respective par amounts of securities, if any, to be tendered
In payment.
Classification of Subscriptions, Etc.
Bank Customers' Subscriptions: With regard to issues, subscriptions to
which the Treasury determines for the purpose of allotment shall be considered as on a cash basis irrespective of whether or not payment is to be
made in cash or in securities, the following classification will be required of
subscriptions made for account of customers, stating the number of subscriptions in each class.
any one
Treasury Department Statement Says Reports of Un- Class A—Subscriptions for $1,000 or less for but not subscriber;
1,000,
10.000;
favorable Factors of Government Revenues are Class B—Subscriptions for over $ 10,000, but not exceeding $ 50,000;
exceeding $
C—Subscriptions for over $
Overemphasized—Possible Continuance of Tax Cut. Class D—Subscriptions for over $ 50,000, but not exceeding $ 100.000;
Class
500,000;
exceeding
100.000,
for
According to a statment issued yesterday.(Aug. 22) by Class E—Subscriptions for over $ 500,000, but not exceeding $
but not
$
$1.000,000;
Mellon reports appearing in the Class F—Subscriptions for over $1,000,000.
Secretary of the Treasury
over
Class G—Subscriptions
Where the maturing securities are not by the instructions accompanying
daily papers yesterday morning regarding the Government's
preference they shall be treated as cash
the offering
revenue prospects "overemphasized the unfavorable factors." scriptions togiven a for in securities should be included in theand such subbe paid
classification.
This report indicated that declining revenues were likely to
Subscriptions: A subscription for a bank's own account should not
Bank
the discontinuance of the 1% reduction in Federal be included in the above classification of subscriptions for account of cusresult in
tomers but should be clearly indicated as for the bank's own account and
taxes. The Associated Press accounts from Washington In addition to subscriptions for customers.
published in the evening papers last night said:
Subscriptions Not Classified: Where under the terms of an offering or
agrees to allot
Ogden Mills, Under-Secretary of the Treasury, said after a call on Presi- under instructions accompanying an offering, the Treasury
for any of its securities maturing on the date of the
dent Hoover Lo-day there was a "possibility and even a probability" that the new securities in full
emergency I% tax cut on normal Incomes this year might be continued next new issue or on any later date, subscriptions to be paid for in such securities should not be classified.
year.




1204

FINANCIAL CHRONICLE

[VOL. 131.

ApypticaHon Forms to be Furnished.
When the terms of the offering are announced, notice thereof, together
with subscription blanks, will be mailed promptly by this bank to banking
institutions in this district. Should notice and subscription blanks for
any reason be delayed in reaching such institutions this bank will nevertheless receive subscriptions either by letter or telegraph. It is suggested that
subscriptions be promptly transmitted to this bank.
Ifit be found necessary to telegraph subscriptions they should be confirmed
Immediately either by letter or on subscription blank.setting forth the classifications indicated above and method of payment, and clearly stating that
the confirmation is not an original subscription so that duplication may be
avoided.
Subscriptions, cannot be received until the terms of the offering are publicly announced by the Secretary of the Treasury.
GEORGE L. HARRISON,
Governor.

•

$11,000,000 to $9,000.000.1 Ore reserves for this property, as of Dec. 31
4
1927, were given at 4,789.438 tons assaying $9.89 per ton. The McIntyre
ore reserves, as of December 1928, were given at 1,546,754 tons assaying
$8.45 gold per ton. The Dome seems to be nearing its end. The Wright
Hargraves and Kirkland Lake gold mines do not publish figures on ore
reserves.
Russia.
Russia, contributing about 1,000,000 ounces or,5% of the world total.
holds fourth place as a gold producer.
It has recently become the fashion among people interested in the future
outlook of gold production, to credit Russia with vast potentialties. The
U. S. Department of Commerce, Bureau of Mines, Economic paper
No. 6,
published in 1929, summarizing on page 62 the outlook for future gold
production, speaks of Russia's "vast unexplored and undeveloped precious
metal resources." The last issue of "Mineral Industries" (1928), a standard
handbook, quotes on page 242 Boris P. Torgashoff in the "China Weekly
Review," March 9 1929, stating that the Russian Far East contained
Gold Production and its Future by H. A. Kursell of untapped gold reserves exceeding 6,000,000 kgr. (193,200,000 ounces) and
Northern Manchuria, 3,500,000 kgr. (112,700,000 ounces). Such statm
American Smelting & Refining Co.—Decreased ments
have no foundation in fact and probably would not be made if those
Production Expected by 1935.
responsible for them were better acquainted with the original language and
with the mineral nature of the country
In a treatise on "Gold Production and its Future," preof which they speak.
Russia has been, and
pared by H. A. Kursell, Resident Engineer in New York excellence." Less than to some extent it still is, the placer country "par
10% of its production has come from lode mines.
City of the American Smelting & Refining Co., the author all of which are small. The placers, on the whole, were likewise small,
summarizes the data he has furnished, with the statement shallow, but fairly highgrade, i.e. preeminently suited for mining operations
on a small scale. Individuals
that based thereon, "it would appear that world gold pro- without capital, chiefly as or small groups of individuals working entirely
lessees or tributors, produced even in 1912 62%
of the total Russian gold output (1.880,100
duction will remain stable at around 20,000,000 ounces
ounces)•
The maim part (77%) of Russian production came from Eastern Siberia.
during the next few years until not later than 1935, when a The
largest gold mine in Siberia, believed to have been the largest and
slow decrease will probably begin, bringing world production richest placer mine in the
world, is the Lena Golfdields. The rich deer)
down to about 15,000,000 ounces by 1940." Mr. Kursell channels for which Bodalbo was famous ($16 to $20 per cubic yard) hays
mostly been exhausted. Ore reserves
in conclusion says:
in 1928 were estimated at 110.000,000 cubic yards of dredging ground,
valued at 36.6 cents per cubic
Notwithstanding the fact that more than half of the world's gold produc- yard.
Incidentally It may be mentioned that C. W. Furington, in 1916,
tion has been coined in recent years, it is generally estimated that not more estimated the
available dredging ground at 324,172,800 cubic yartle•
than about half of the world's annual production is available for currency Allowing for
undeveloped and unprospected areas, the expected optimum
and banking purposes, since gold disappears through hoarding and through for this district
might be 500,000.000 cubic yards containing perhaps
consumption in the arts.
10,000,000 ounces gold.
No reduction of consumption for industrial purposes is to be anticipated.
There are some dredging possibilities, though on a small scale, on the
In fact, changes in fashions for jewelry, expanding needs for the arts, &c., Zeya river and
other tributaries of the Amur, in the Yenissel basin, and
are likely to increase this demand. And as this demand will be supplied in the Maritime
Province; but the vast majority of placer ground in the
first, it follows that any reduction in world production will reduce, not Urals, the
Tomsk and Semipalatinsk districts, and in the Far East, conproportionately, but equally, the new gold available for banking and tained only shallow
and small deposits, most of which have been exhausted.
currency purposes. It seems logical to expect that between 1935 and 1940
It seems likely that Russia's gold production will remain around 1.the available gold supply for the latter purpose will not exceed 5,000.000 000,000 ounces per
annum for a considerable time to come, but no expectato 6.000,000 ounces per annum, i.e., about half of what it is at Present.
tions of a large increase, sufficient
to influence world production, are
We quote in part from the report as follows, omitting the warranted.
It may be added here that
Russia has been much more thoroughly
diagrams given therein.
prospected and its mineral resources are very much better known than is
Gold production from 1493, that is, since the discovery of America, to generally
accepted.
to 1930 has amounted to approximately 1,042,850,000 ounces, of which
Other Countries.
about 555,350.000 ounces or slightly more than one-half, have been proA study of the gold mines and
prospects in the other gold producing
duced during the 20th century. Of the total amount produced, roughly
countries, i.e., Mexico, Central and South America. Australia, New
500,000,000 ounces or about 48%. are represented by monetary stocks, the Guinea,
Rhodesia, West Africa, British India, Japan (including Korea),
balance of 542,850,000 ounces having been absorbed by industry, lost, or
and China, reveals that no appreciable
increase in world production can
disappeared by hoarding.
be expected.
Diagram No. 1, from U. S. Department of Commerce Ecomic Paper
With exception of the Transvaal (10,414,066
ounces in 1929), Canada
No 6, 1929,shows the average annual world production of gold by decades,
(1.914,920 ounces in 1929), and Japan (507,000 ounces
in 1927). geld
from 1801 to 1930.
production in most countries has been steadily
declining.
Diagram No. 2 shows the distribution of gold production by continents.
Production declined—
Diagram No.3,the polltical control of gold production. In 1929, the United
States controlled 10.8% of the world output and the British Empire.71.4%. In Rhodesia
from 652,791 ounces in 1922 to 560.813 ounces in 1929
from 419,510 ounces in 1914 to
A further change in favor of the latter seems likely.
ounces in 1929
Western Australia...from 553,833 ounces in 1921 to 175.100 ounces in 1929
377.164
Table 1—World Production ofGold, by Years,From 1880 to 1930(Fine Ounces.) India
from 541,086 ounces in 1916 to 363,271 ounces in 1929
Year Producen Year Produce?: Year Product n Year Product n Mexico
from 1,205.000 ounces in 1910 to 725.175 ounces in 1927
1880 ---5.349.158 1893 -- 7.543.737 1906 —19,533,892 1919 —17.667,308
This is not meant to say, however, that no new large and profitable
1881___&,084,313 1894.. 8,657,113 1907_.20.039,853 1920__16,335.420
1882...A,885.626 1895_ 9,518,192 1908 —21.483,983 1921 -.16,003,616 gold mines will be found in these countries. The contrary is quite possible.
1883 --.4,746,390 1896 - _ 9.716,749 1909__22.093.602 j922....15,467,223 A certain revival of gold mining Is expected in Australia: lode and placer
1884 _ _ _5,014,923 1897 —11.396,952 1910 __22.146.716 1923 —17.802.109 mining seems promising
in New Guinea; production in South America is
1885 __5,102.4l4 1898 --13,920,747 1911 —22,466.812 1924 —19.033.459
1886 _- _4,944,835 1899 --15,073.419 1912 --22.670,332 1925__19,025,942 likely to increase within the next few years, though it is generally held
1887_.._5,255.917 1900 --12,420.942 1913__22.306,558 1926....19,349.118 that exploration in the Andes has progressed to a point which suggests the
1888 —.5,508,562 1901 —12,692,227 1914 —21,319,747 1927 __19.397,757 probability that no large gold mines are to be found there.
1889_6,048,352 1902_..14,494.382 1915 --22,718,154 1928..l9,674.638
Nevertheless, it may not be amiss to point out that the opening up of
1890 ---5,814,182 1903 --15,934,268 1916 —22,035.302 1929__20,191,478
a few new large mines, be they even another Lena Goldfields
1891 --6,300,233 1904 —16,902,209 1917 —20,297.144
(500.000
ounces per annum), a second Hollinger (450,000 ounces
1892 —7,060.290 1905.18.488,085 1918 —18,568,278
per annum) or
World production in 1928 was 19.674,638 ounces. 14,298,880 ounces Homestake (300,000 ounces per annum), would not appreciably alter the
were coined in that year, and 4,642,592 ounces were absorbed by industry picture of the future outlook for world gold production which is controlled
by the output of the Rand.
in the main consuming countries for which reports are available.
The following figures show ore reserves and grade
The Transvaal output In 1929 amounted to 10,414,066 ounces, or about
of leading gold lode
mines outside the Rand:
51% of the total world production, the record for this field.
Hollinger (Dec. 311927)
5,789,438 tons $9.89
Transvaal or Rand.
McIntyre (December 1928)
1,546,754 tons
8.45
The Rand gold deposits were discovered in 1885, and by 1899 gold pro- Morro Velho (January 1920)
1,171,537 tons 14.58
Ashant1 Goldfields Corp. West Africa (Sept.
19 9
2)
duction had risen to 3,637.713 ounces. It declined to 348.761 ounces in
30
1900, owing to the Boer war. Its further development is shown by the Cam &
590.200 tons 25.20
Motor, Rhodesia (June 30 1929)
1,260,500 tons 12.70
following figures:
Mysore Gold (India) 1928
569,617 tons 10.2?
Chosen,
Chen, Korea (June 1929)
Table 2.
7.57
tons
Year—
Production.
Production.
I Veer—
1905
8.158,228 ounces
4.909,541 ounces 1020
1910
9,597,573 ounces
7,527,108 ounces 1925
1915
10,414,066 ounces Bankers Acceptances Gain $44,864,084 in July—First
9,093,902 ounces 1929
United States.
The United States, with 10.8% in 1929. ranks as second gold producer
of the world. Its production has steadily declined since 1915, when it
reached its peak with 4,823,672 ounces to 2,128,027 ounces in 1929.
Of the 25 largest producers listed in 1927, 6 had practically suspended
operations at the beginning of 1930. The Homestake in South Dakota
remains the premier gold mine in the United States of America, milling
about 1,600,000 tons per annum and recovering $3.65 to $3.75 gold per ton.
The reserves of the property are estimated at around 16.500.000 tons.
The fact that no new large gold mines (Fairbanks excluded), have been
developed in Alaska in the last decade, has caused general disappointment.
It seems likely that the United
States will maintain its production around
2,000,000 ounce. Per annum for
some time to come. No appreciable
income is expected.
Canada.
Canada, whose production has increased
from 773,178 ounces in 1914 to
1,914,920 ounces in 1929. is likely to
wrest second place as a world producer
from the United States in the
near future. It may possibly attain a pro.
duction of 2,500,000 to 3.000,000 ounces
per annum.
However, the output of the largest Canadian goldfield, Porcupine,
is
declining. The production of the
Hollinger Mine declined in 1929 from




Increase for 1930—Total Now $1,349,695,306.
The volume of bankers dollar acceptances began the normal
seasonal increase during July, according to the survey of the
American Acceptance Council as of July 31. A gain of
$44,864,084 over the amount outstanding on June 30 is
shown in the report of the Council released Aug. 18, bringing
the total amount to $1,349,695,306 which is $222,996,501
more than was outstanding on July 31 1929. Robert H.
Bean, Executive Secretary of the American Acceptance
Council in presenting the survey also says:
While the total shows a large gain in American
banks acceptance liability
It does not indicate any increase in acceptance business
originating in this
country and to this extent is less encouraging
than was expected, as it was
anticipated that new cotton and wheat bills
would come into the market in
substantial volume by this time.
The present increase is wholly due to the gain of over $53,000,000
in the
volume of acceptances financing goods stored abroad
or shipped between
foreign countries. This is to a large extent movement
a
of financing away

FINANCIAL CHRONICLE

AUG. 23 1930.]

from London banks, accounted for partly on account of our lower rates and
partly to a disinclination of British institutions to add to their bill total
at the present time.
The total of dollar acceptances used to finance these foreign transactions
now amount to $495,041,888, the greatest amount ever used for such
purposes. On July 31 1929 this total stood at $279,918,228 and on the same
date in 1928 only $164,000,000.
Between June 30 and July 31. export credits increased only $6,800.000,
and domestic shipment credits $10,300,000, while import credits declined
$16,100,000, warehouse credits nearly $8,000,000 and dollar exchange
credits $1,600,000.
Compared with June 30 figures it will be seen that the combined import.
export, domestic shipment and warehouse credits total declined $6,800,000.
while in the month of July 1929, these four major classifications recorded an
Increase of little over $5,000,000 out of an increase in the total volume of

1205

factor last year in the development of management trusts. The security
affiliate of one of the larger Chicago metropolitan banks and one of the more
conservative Chicago bond houses have recently sponsored the distribution
of such a trust, and it is rumored that several important and well known
eastern institutions are about to enter the field. Such sponsorship may well
bring about a popularity for fixed trust shares that may eventually rival
the great rise in management trusts which took place last year.

R. B. Scandrett of Fidelity Investment Association
Sees Thrift Increasing While Wealth Accumulates.
Thrift is definitely increasing in the United States measured by all signs of economic progress and a reservoir of
wealth is being accumulated which will eventually find its
$13,000,000.
It is natural in view of the nature of the business showing the most way into high-grade investment securities, it is pointed outimportant improvement, to find most of the current increase in the business
by Richard B. Scandrett Jr., Chairman of the Board of the
of New York banks. Out of a gain of $44,000,000, New York banks and
devoted
bankers report $31,300,000 increase, Chicago $9,500,000, San Francisco Fidelity Investment Association, an organization
$2,600,000, and Cleveland $2,200,000.
to the building of incomes through investment in bonds.
The dollar acceptance credit business continues to be handled by an
forgotten in the orgy of
amazingly small number of banks. Of the present total of $1,349,000,000 The lessons of thrift were largely
in bills, the 40 largest acceptors created $1,169,800,000, while all but $20,- spending which followed the post war prosperity, it is
000,000 were created by 100 banks and bankers.
pointed out by Mr. Scandrett, and the country was on the
Since June 24 bill rates have remained unchanged at 2%—i % for 30.
a na-day bills, 23-i %-2% for 120 days bills and since July 9, 2X %- point of becoming a nation of speculators rather than
60 and 90
-day bills.
2X% for 150 and 180
tion of investors prior to the drastic declines in the stock
These are not only the lowest rates since 1924, but this is also the longest
of the sobering influence of the decline,
period of unchanged quotations for the present year, and there does not market. As a result
loan
appear to be any immediate cause for any advance in the current low cost of savings bank deposits, life insurance, building and
acceptance financing.
and all other forms of systematic saving have
associations
The survey for the month, made available by Mr. Bean shown material increases, while many retail stores which
follows:
appeal to the desire of the consumer for lower prices have
TOTAL OF BANKERS' DOLLAR ACCEPTANCES OUTSTANDING FOR shown small increases in sales for the first half year. Mr.
ENTIRE COUNTRY BY FEDERAL RESERVE DISTRICTS.
Scandrett says:
July 311930.

Federal Reserve District.

$134,411,750
987,550.019
20.687,126
23,770,021
8,069,339
11,721,262
86,373.400
1,802.603
3,082,647
200,000
3,250.244
68,770.895

I
I

I

$136.119.164
956.295,597
20.291,598
21,501,092
8,411,193
12,221,739
76,888,411
988,915
3,537,025

$111,417,377
855,462,075
15.046.496
12,724,851
6.807,916
11,273,836
62,831,101
1,114,245
2,757.606
9,442
2,410,332
4,132,288
66,166,156
43,121,572
-- —
----$1,349,695,306 $1,304,831,222 $1,126,698,805

.....

,,,,,,
, ,,,,,
j j

111

oo
c

June 30 1930. July 31 1929.

44,864,084

222.996,501

CLASSIFIED ACCORDING TO NATURE OF CREDIT.
July 311930.
Imports
Exports

DOMatIO shipments

Domestic warehouse credits
Dollar exchange
Based on goods stored(nor shipped
between foreign countries

$259,987,262
379,666,187
29,414,788
137,098,167
48,487,014

June 30 1930. July 31 1929.
----$276,086,768
$316,199,571
372,815,953
368.230,469
19,114,937
14,629,876
144,929,103
98,914,521
50.120,200
48,806,140

495,041,888

441,764,261

279,918,228

AVERAGE MARKET QUOTATIONS ON PRIME BANKERS'ACCEPTANCES
JULY 16 TO AUGUST 16.

Days—
80
60
on

Dealers'
Dealers'
Buying Rate. Selling Rate.
2.000
2.000
2000

1.875
1.875
L875

Days—
120
150
180

The year 1930 will go down in our economic history as a year in which
progress,
those organizations which appealed to the desire for thrift made
advance.
while those falling distinctly in the luxury class were halted in their
thrift since
Our nation has fallen far behind France in the accumulation of
the war and the reckless spending of paper profits which characterized 1929
present conditions.
would have been as unhealthful as a continuance of
but in getting fair
Thrift does not consist merely in the saving of money
offering excellent
value for every expenditure and in this respect 1930 is
future years.
instruction which will serve the consuming public well in

LW

Banks Utilizing Air Service to Reduce Interest—
Savings on Checks Sent to New York for Payment
and Collection Cited by Post Office Department—
One Company Reported as Having Saved $17,000
in a Month.
An annual saving of hundreds of thousands of dollars is
effected by banks sending checks for collection and payment
to New York City by air mail, according to an oral statement Aug. 15 in behalf of the Post Office Department.
We quote from the "United States Daily" of Aug. 16 from
which the following is also taken:

Dealers'
Dealers'
Buying Rate. Selling Rate,
2.125
2.375
2.375

2.000
2.125
9 195

Sales of Fixed Trust Shares at End of 1930 Estimated
at Over $375,000,000 by John Newey of Standard
American Corporation.
Nineteen-thirty promises to be a Fixed Trust year, as
1929 was a Management Trust year, in the opinion of
John Newey, Executive Vice-President of the Standard
American Corp. He estimated that by the end of this year
fixed trust shares sold the public would be in excess of $375,000,000. Mr. Newey said:
During the early part of 1930, when it was difficult to sell any kind of
stock there began to develop a very noticeable public acceptance for fixed
to appear on every hand and most of
trust shares. Now fixed shares began
It is estimated that the amount of fixed
them seemed to do very well.
during the past eighteen months is in excess of $275,000,000,
trust sold
is not unlikely that this figure will be increased
and by the end of the year it
by at least another $100,000,000.
of 1930 the fixed trust has largely supplanted the
During the first half
management type of trust in public interest. However, there appears to
the value of these shares distributed will equal the
be little prospect that
phenomenal record of management trusts last year when more than
$2,000,000,000 was absorbed by the public.
Although the classification of "investment trusts" has been loosely
and fixed type of trust—they are in
used to cover both the management
something
reality entirely different in principle, and the fixed trust is
entirely new in financial annals. The development of the holding corporayears has accustomed the public to think of corporation during the past few
tions not only as business enterprises, but also as investing institutions,
whose
and the development of Management trusts—which are corporations
business is investing—was a natural and logical step. The fixed trust,
plan of investment—supervised by a trust comhowever, is essentially a
pany—rather than a business enterprise.
to select a certain list of securities
In brief, the fixed trust plan is simply
the public to buy shares in a
—usually all common stocks—and to invite
securities.
trust deposit composed of these
development of the fixed trust idea, the strength
With the increasing
bankers is now coming to become more
and conservatism of the sponsoring
sponsorship became an important
and more of a sales factor, just as such




may
When carried by air mail, it was explained, such collection items
reach New York hours sooner than by any other method of transportation,
amounting to hundreds of thousands
and as a result, accumulating interest
of dollars is saved.
Checks arriving in New York later than 9 a. m. may not be deposited
When
until the corresponding hour of the following morning, it was stated.
before 9 o'clock in
by use of air mail, they arrive in time for deposition
that day is saved.
the morning, interest for
Total Estimated.
to New
It has been estimated that a total of $9,000,000 in checks go
to official
York City for clearance during a period of one year, according
it may be readily seen that interest for 24
records of the Department, and
hours on such an amount totals thousands of times more than the expense
of transporting the checks by air mail.
Chicago banks cleared 97% of their letters forwarded to New York on
the overnight air mail and express service between the two cities, during
the month of August, 1929, records reveal, stating that "this is a valuable
demonstration of the importance of the air mail service, in addition to
saving thousands of dollars for Chicago, southwest and west coast cities."
By using air mail for transportation of checks, an Illinois trust company
in one month saved $17,000 in interest, it was stated. The bank's check
clearances averaged $1,000,000 or more each month.
Savings Are Cited.
• An official of a Chicago bank estimated that it saved from $3,000 to
$2,500 a month in interest on its clearances sent to New York by air mail.
it was pointed out, while a St. Louis bank divides its checks into packages,
one containing items of $500 or more;another,items between $100 and $500;
and a third of those checks of less than $100.
A letter from an official of a Kansas bank states that 90% of their letters
arrive by air on schedule, and that for a given period, this bank saved one
day's interest on $25,435,000 of clearance. This saving at 2% amounted to
$1,393 from which the additional air mail postage of $249.43 was deducted,
leaving a net saving to the bank of $1,144.27.
Typical instances can be shown of how a Chicago bank sends its clearances,
checks amounting to 81,000,000 or 82,000,000 or more, by an overnight
plane from Chicago to New York, according to the statement. The plane
leaves Chicago at 8 p. m., reaching the New York field at 3.42 a. m. the
next morning. Arriving for deposition before 9 a. m., these clearances
would be credited at once to the account of the sending bank, it was explained, so the Chicago bank would immediately have use of such sums
placed to its credit. Thus,it was stated, the air mail, by providing delivery
early the first morning after mailing, effects a saving of one day's interest.
computed at 2%, on all such clearances.
Service Expanded.
Bankers were among the first users of the air mail, which they found especially adapted to transfer of check clearances, the statement adds. Cotton
brokers, insurance companies, oil companies and financial firms have used
the air mail increasingly as the service has expanded.

1206

FINANCIAL CHRONICLE

[VoL. 131.

Oregon Statute on Operation of Trust Business Construed by State Attorney General—Capital
of
$200,000 Required of State Bank for That Purpo
se
In City of More Than 100,000 Population.
An Oregon State bank which is located within
the corporate limits of a city with a population in excess
of 100,000,
must have a capital stock of $200,000 in order
to qualify
to do trust business, even though It is "quite remote
from
and outside the central business district" of the
city, in the
opinion of Assistant Attorney-General Lester T.
Parker.
He so advised the Supervisor of Banking, H. C.
Johnson,
in a letter dated Aug. 14. Announcement to this
effect is
contained in the "United States Daily," which
also has the
following to say, in advices from Salem, Ore., Aug.
19:

The proceedings involved a section
of the Commission's so-called "general rate structure investigation,"
which was instituted upon its own motion in compliance with the
Hoch-Smith "farm roller' resolution in Congress, intended to eliminate
discriminations against the products of agriculture in the important matter of freight
rates.
The present all-rail rates on cotton
within and from Southeastern territory, were loft practically unchang
ed by the commission, which found that
the existing rates are not
unreasonable or unduly predudicial, as claimed
by numerous complaints of shippers
in that section of the country.
The rates applying on shipmen
ts within the Mississippi Valley, and from
the Valley States to other
sections, were reduced to some extent so as' to
put them on a level with those
applicable in the Southeast. Inter-territorial
rates are made by the applicat
ion of a basic scale, designed to reflect the
proper level for the lowest
rated territory through which the shipmen
t
moves, to the total haul, with
differentials to be added thereto for the
portions of the haul which are in
higher rated territories.
Action Followed Complaints.
The proceeding had its
inception
operative cotton growers' associati in eleven complaints filed by the Co-ons of the States of Arkansas, Alabama,
Banks located in outlying sections of cities of
the size mentioned are North Carolina, Georgia, Louisiana, Missouri, Oklaraom Tennesse
a,
e, Texas,
permitted by law to have a less capital than those
in the business district, Arizona and South Carolina, which are the constitu
ent members of
If they engage in a general banking business,
but the special permissive central organization known as the American Cotton Growers Exchang a
'
e.
proviso does not apply to those banks that engage
The complaints alleged that
in trust business, Mr.
all the rates on cotton moving all-rail, or
Parker holds.
partly by rail and partly by
water, from all shipping points within the
The letter written by Mr. Parker follows in full
respective States, to all territori
text:
es where these Is any substantial consumPDear Sir: We have your letter of Aug. 13 1930, which
tion of cotton and to the
ports, are unreasonable, and the prayer is for a flat
reads as follows:
"A State bank with $100,000 capital stock, organize
reduction of not less than 20%.
d in 1913 to do a
This 20% flat reduction sought
general baking business, has been operating under
its original articles in
was later abandoned by the complainants in the form of amended
one of our large cities with a population in
excess of 100,000 and in a
complaints.
location quite remote from and outside the central
"Thus," said the Commission's
business district of such
report, "there is here presented a general
attack upon the level of the
city as defined by the supervisor of banking
cotton rates from all points of origin to all
under Section 3226, Rem.
ultimate destinations to which
Comp. Stat. It now desires to amend its articles in
cotton moves in substantial volume, and to
order to qualify to the
ports, and a general attack upon
do trust business, but does not wish to increase its capital
the relation of cotton rates to those on
stock.
other commodities."
"Can the Supervisor of Banking grant to it a certifica
te of authority to
A summary of its report
do trust business if the above amendment is made to
in the case, with explanation of its various find
its articles, without ings, was
made public by the commission with its
increasing its capital to $200,0007"
report, as follows:
Less Capital Required Outside Business District.
Summary of Report.
"Distance scales of any quantity
Section 19, Chapter 72, Laws of 1929, provides that
rates are also prescribed for general
no bank shall application within
the Southwest and from the Southwest to Southern and
incorporate for or commence business in a city of more than 100,000
popula- official territories.
tion unless it has a paid-in capital of at least $150,000.
These scales are approximately 10% higher than
It is, however, those prescribed
within and from the Mississippi Valley and the plan of inprovided in this Section that the Supervisor of Banking may
make an terterritorial application
is the same as that described for the Mississippi
order defining the central business district of a city and banks
may locate Valley.
outside such district with a minimum capital of *50,000.
"No differentials are
prescribed for application in Texas and Oklahoma
This section also provides that no trust company shall incorpora
te or differential territory. Continua
tion of present grouping on basis ofthe avercommence business in a city of over 100,000 population with a less
capital age scale rates is permitted, except that
groups and group rates are prethan $200,000, nor until it has a paid-up capital of at least $200,000
. scribed from the Southeast to Houston, Galvesto
With reference to trust companies, there is no prevision for less
n and Texas City, which
capital three ports are grouped at the same rates
for distances in excess of 200
for such companies located without the central business district.
The miles from Houston.
general rule of statutory construction is that where the enacting clause
"Compression-in
is
general and a proviso is afterwards introduced, that proviso is strictly stances. Compres -transit rates include the full compression charge in allinsed rates are made 18c. (the amount ofthe compression
construed. Sackman v. Thomas, 24 Wash. 660. Applying this rule,
charge) less than the c. I. t.
it is
rates, and uncompressed rates grade up from
our opinion that the proviso contained in Section 19, Chapter 72, Laws
lic under the c. I. t. rates at
of
five miles and less to 12c. over the c. I. t. rates
1929, applies only to banks and not to trust companies.
for all distances in excess of
160 miles.
Section 3281, subsection (2), Item. Comp. Stat., provides that any
"Under the present adjustment
bank
the c. I. t. rates from Texas to the ports
or trust company which shall amend its articles of incorporation must,
in grade up as the distance from the ports Increases, to 81c. at 210 miles, and
such event, comply with all the requirements of this Act. In an opinion the 81c, rate is blanketed
over a large part of the remainder of the State.
from this office to you under date of July 10 1928 (Ope. Atty.-Gen. 1927-28, The two principal groups in
Oklahoma to the Texas'ports, one comprising
page 829), you were advised that this provision was mandatory and that a large part of the eastern portion
of the State and the other a large Part
of the western portion of the
It was necessary that when a bank or trust company amends its articles
State, take present Lake rates of $1.02 and
of
incorporation for any purpcse it is necessary that it comply with the law $1075,respectively.
"The prescribed scale of c. I. t. rates
existing at The time the amendment was made with regard to capital.
reached 81c. at 300 to 325 miles,91c.
Rem. Comp. Stat., Section 3221, defines the terms "trust company" and at 475 to 500 miles and 97c. at 500 to 600 miles.
"trust business" as follows:
Changes in Texas Rates.
'The term 'trust company' where used in this Act, unless a different
"The Test.srates will be reduced
meaning appears from the context, means any corporation, organized under
for the shorter hauls and increased for the
longer hauls. For a distance
'the laws of this State, engaged in trust business.
of 210 miles to the Forts where the 81e, blanket rate now begins, the scale
rate will be 71c. From El Paso to Gal"The term 'trust business' shall include the business of doing any or all
veston the scale will produce
c. I. t. rate of approximately $1.12, ss comof the things specified in subdivisions 2, 3, 4, 5, 6, 7, 8, 9, 10 and 11 of
pared with the present rate of
24.5c. The nearest point in Oklahoma to
Section 3231."
Houston is approximately 340 miles, so that the
rates frcm Oklahoma to
Rem. Comp. Stat., Section 3231, specifies the powers of a trust company. Texas
ports will range from 84c. to Si. as compared with the
present rates
from the two principal groups in that State
Increased Capital Required to Conduct Trust Business.
of $1.02 and $1075. It is exIn our opinion, it is clear that where a bank is granted the privilege of pected that the new rates will produce a reduction in the carriers' revenues
,
doing a "trust business" it neoassarily, by virtue of doing such trust but it is impossible to say how much.
"All the rates prescribed are made in the light of
business, becomes also a "trust company" as that term is defined by Rem.
a continuation of the
present compress charges and the present concentr
Comp. Stat., Section 3221, supra.
ation and transit arrangements.
Since a bank, when it seeks to amend its articles of incorporation, must
"It was found that a relation of rates from
Oklahoma on the one hand,
comply with the laws relating to capital existing at the time such amendand Arkansas and Texas on the other hand to
the Texas ports less favorable
ment is sought to be made, it follows that a bank seeking to amend its
to Oklahoma would be produced If the rates
prescribed as reasonable
articles to provide for the doing of a trust business must also increase its were
applied from all three States,and will be unduly
capital to at least the minimum amount provided for for trust companie
prejukicial under Secs. tion 3 of
which, in a city of over 100,000 population, is $200,000. This is necessary Arkansa the Inter-State Commerce Act to Oklahoma, as compared with
s and Texas interstate, and unduly preferent
ial of intrastate traffic
regardless of where within the corporate limits of such city the bank
is under Section 13 as compared with Texas intrastate rates.
located.
The conclusion we have reached above is substantiated by the decision
Mississippi Rate Adjustment.
"The
of the Supreme Court in the case
of State ex eel Osborne v. Nichols, 38 bile and adjustment from the Mississippi Valley was found to prejudice MoWash. 309, wherein the Court held that where
prefer New Orleans, and the rates to these two ports
an existing corporation be related
are required to
sought to amend its articles
as the scale would relate them provided that
to include the word "trust" in its corporate mitted
equalization is perwhen the distance is not in excess of 25%.
name, such corporation must comply
with the laws with reference to
"It was also found that from Southern territcr
capital.
y it will be unduly prejudicial for carriers serving both New Orleans
and Mobile to accord the former
substantially more favorable transit arrange
ments than they do the latter.
Freight Rate Basis on Cotton Revised After Inter-State Rates to Mobile and
other Gulf ports from the Southwest are required to
be
Commerce Commission Probe---Entire Structure related as the scales would relate them and Mobile Is required to be
accorded
transit arrangements on Southwestern
cotton equally as favorable as those
Affected by Order—New Scale Effective Jan. 10— accorded
New Orleans by carriers serving both ports.
Upward and Downward Changes Announced—
"Consideration of all rail-and-water cotton rates was
deferred for the presSoutheastern Level Practically Unaltered—Low- ent time.
"Rates from certain points in West Texas.
New Mexico, and Arizona to
ered in Mississippi.
Los Angeles in carloads were prescribed
on the basis
The entire cotton freight rate structure of the country is tity, Southwestern cotton scale, and the relation of the flat, and quanwhich the application of
the scale would produce is required to be
revised in an order by the Inter-Stat Comme
maintained between the rates
rce Commission from such points to Los Angeles and
e
from the same points to
announced on Aug. 20, which involves a general levelin
g out Tex., both interstate under Section 3 and intrastate in Texas Galveston.
of rates in various
under Section 13."

sections of the cotton producing territory
with both increases and reductions from the presen
t rate
level. The Washington accoun
t of the Commission's order,
as given in the New York "Journ
al of Commerce" continues:

The new rates, based upon a
mileage scale, will go into effect at midnight
on Jan. 10 1931.




Railroad Fuel Costs, June 1930
and 1929.
In the table below appear the quanti
ty and average cost
of coal used by Class 1 railroads in
locomotives in yard
switching and transportation train service
during the months

FINANCIAL CHRONICLE

Atm. 23 1930.]

1207

of the
I may say
In
of June 1930 and 1929, which were compiled by the National quite conclusion,those objectsthat the objects conductcontract appear to me
of a banking business
attained in the
similar to
Coal Association from the reports of those railroads to the and for that reason I am of the opinion that the matter is not one for
your approval but should be submitted to the Banking Commission.
Inter-State Commerce Commission:
Average Cost
per Net Ton.
1929.

1930.
Incl.
Net Tons Direct
Freight
Used.
Charges.

Excl.
Direct
Freight
Charges

Average Cost
per Net Ton.

Incl.
Excl.
Net Tons Direct Direct
Used.
Freight Freight
Charges. Charges.
—-4,195,289 $2.47
$1.91 •
1,852,808 2.00
1.89
2,483,954 2.62
2.49 '7
----8,532,051 82.41
$2.03 -

Competition in Banking Needed According to GovShafer of North Dakota—Possibility of Abolish.
ment of Banking System of State Cited.

Competition in banking is needed, in the opinion of the
Governor of North Dakota, George F. Shafer, both as
between the National and State banking systems and be7,394.709 $2.35
$1.97
United States
tween large and small banking Institutions. This is learned
The averages shown, both those including direct freight from the "United States Daily," which, in advices from
charges and those excluding such charges, include the cost Bismarck, N. D., Aug. 18, said:
He spoke to that effect in an address before the 1930 convention of the
of labor, supplies, &c., incidental to handling the coal.

3,621,545 $2.40
Eastern District
Southern District---_ 1,630,942 1.98
2,142,222 2.55
Western District

81.84
1.67
2.41

North Dakota Bankers' Association.
"There are those who fear," he said, "and possibly not without some
ground for their fears, that there is no hope for the State banking system
in North Dakota whatever; that it will gradually be merged into the
National system, and that in another 10 years we will not have any State
banking corporations operating in the State of North Dakota."

California Credit Unions Not Permitted to Engage in
Banking Business—Opinion of State AttorneyGeneral.
Advantages apd Disadvantages.
From Sacramento (Cal.), under date of Aug. 15, the
Governor Shafer stated that while there might be disadvantages to the
"United States Daily" reports the following:
operation of both systems, there were also advantages, "and especially so
Credit unions in California cannot receive moneys on deposit subject to from the standpoint of satisfying the people" and giving to the business
withdrawal, or otherwise engage in the banking business as such, according men and farmers "a choice of institutions with which they shall do their
to a recent opinion of Attorney-General U. S. Webb. The Universal Studio trading."
Credit Union wished to enter into contracts with employees of the Universal
"There is another form of competition," continued the Governor, "that
Pictures Corp., authorizing _wage deductions to be credited to their between small institutions and large institutions, which I think has a sort
accounts with the credit union. Deposits were to be withdrawable on of calming effect upon the public and tends thereby to create confidence,
demand, and interest paid. The proposition should be submitted to the and anything that allays fear, whether justifiable or unjustifiable it does
State Banking Commission, Mr. Webb told the Commissioner of Corpora- not make any difference, a fear that rises in the hearts of people even
tions, F. G. Athearn.
though it is utterly groundless, if it is to them a real fear it dominates
Mr. Webb's opinion follows in full text:
their motives and determines to a large extent their attitude, and if there
Dear Sir: I have before me your communication of the 14th instant are a sufficient number of people involved in a spirit of fear and distrust
wherein you state that the above named company, holding a permit from their sentiment can become so strong it will influence the entire public
the Commissioner of Corporations to sell shares of its capital stock, has opinion of the State, is worthy of serious consideration; and so I say
requested your approval of a new fund to be put into effect as a part of anything which in banking tends to allay fear and suspicion tends to create
their plan of business and method of operation. With your communication confidence, and confidence is the fundamental thing, I think, in successful
you enclose a copy of their letter to you and a copy of the contract which banking, and particularly important when we realize that confidence is
they propose to execute involving such fund. You refer to the Industrial at a low ebb and when it stands in the way of the reconstruction and the
Loan Act, particularly Section 8 thereof, stating that the company is rebuilding of a banking system.
organized under that Act, and you ask to be advised whether a corporation
"So, I say there should not only be a healthy, though limited, competition
organized under the Industrial Loan Act is empowered to execute such between the State banking system and the National banking system, but
contracts and create such a fund, or whether said activity is contrary to there should be also a limited degree of competition between small instituthe banking laws of this State.
tions and large institutions. We have not grown big enough in the United
States yet, and probably we never will in the next 100 years; I mean the
Credit of Salary to Savings Account.
average citizen is not big enough and his mental horizon and experience in
A reference to the communications enclosed by you would indicate that business, commercial and financial affairs is not broad enough to make
the particular company is not organized under the Industrial Loan Act but him entirely free of the spirit of prejudice and distrust and fear which
under the Credit Union Law of 1927. However, in my opinion, the same can chill the hearts of people.
conclusion would be reached regardless of which Act this company is
Small Institutions Favored.
organized under. •
substantial
The proposed contract purports to be signed by an employee of the
"So that I think there should be as a part of our system a
Universal Pictures Corp. and authorizes that corporation to deduct from number of small banking institutions as well as large banking institutions.
another opportunity for the depositor
his wages a certain sum each week commencing at a particular date and That would have a tendency to create
and the large institution.
to pay such amount to the Universal Studio Credit Union and have the and the borrower to choose between the small
small institution, others to a large one, but
same credited on the books of the latter to the savings account of such Some will naturally tend to a
healthy
employee. The contract further states that the deposits are accepted by the tendency is, if there are not too many of them, to create a
balance in the economic and psychological life of the community.
the Credit Union upon the terms and agreement that:
than our State banks
"Our National Banks tend to greater size, I think,
1. Such deposits in such savings account may be withdrawn on demand
smaller unit, and here
do. State banks as a rule tend to the smaller size,
and
field in the State of North Dakota
2. That interest at the rate of 4% per annum shall be paid from date again, in my judgment, is a distinct
close to the people,
for a State banking system to operate and function
of deposit to date of withdrawal.
that ccmpetitive service
The contract also states that deposits may be made only by employees many of them as separate units, giving the people
so absolutely necessary,
of the Universal Pictures Corp. who are stockholders of the Universal as well as their choice of institutions to deal with
developStudio Credit Union, and, therefore, if depositor's employment with the in my judgment, to a satisfied state of mind as well as a healthy
the State of North Dakota."
corporation shall be terminated all of his privileges of deposit with the ment of confidence and satisfaction in
Credit Union will simultaneously terminate.
The object and purpose of the Industrial Loan Act are well indicated
In the definition of the term "Industrial Loan Company" found in Section 1 Investment Situation in California—Deposits in
of that Act. It is there stated that such term means any corporation which
Savings Banks at Peak.
in the regular course of its business loans money and issues its own °hoses
In action under the provisions of that Act. Following out the purposes
editorially, the investment situation in
Reviewing,
of the Act, as thereinafter expressed, it would seem evident that it is
Wood, California State Superintendent
intended solely as an Act designed to facilitate the lending and borrowing California, Will C.
money. It is not intended that corporations under that Act shall other- of Banks, has the following to say in the August "Bulletin"
of
wise indulge in any respect in the banking business or, in fact, in any
of the Department
business other than such as may be immediately connected with the /ending
Our financial position in California is exceptionally strong—and this
of money or the issuance of its choses in action for the payment of money
previous periods of depression. The savings banks
the allowance of interest thereon. La fact, it is stated has not been true in
with or without
have never had so large a volume of deposits as they have
Section 4 of that Act that nothing therein contained shall be construed of California
in
in spite of business deat present and they are showing healthy growth
to authorize corporations organized under that Act to receive deposits or to pression. Individual savings deposits in State banks alone have increased
Issue certificates of deposit.
1930. Figures compiled from the last called
over $27,000,000 since Jan. 1
I cannot find in that Act any provision which would sanction the pur- reports made by State banks on June 30 1930,show that the total assets of
pose of such a contract as is here discussed if entered into by a corporation State banks alone increased $34,000,000 between March 27 and June 30
organized under that Act.
1930. In the same period gross deposits in State banks, including comStatus of Credit Union Defined in Opinion.
mercial and savings accounts, increased $42,000,000. The increase is not
by any means. In the unit banks located outside the two
The Act of Mar. 31 1927 (Stets. 1927, page 51), commonly known as confined to cities areas, that is, in the rural sections of the State, the
metropolitan
the Credit Union Act, defines in Section 1 thereof a credit union as a great
individual deposits for the period was over $5,000,000, indicorporation organized for the two-fold purpose of promoting thrift among increase in thousands of the farmers of the State are making and saving
that
Its members and creating a source of credit for them at legitimate rates cating even in a period of depression. If we should add the figures from the
money
of interest for provident purposes. Here again the object of such a corpocountry branches of our large branch banking systems, and of the National
ration is primarily to facilitate the borrowing by and lending to members
banks in rural sections, the increase in bank deposits in interior banks
thereof. To that end it is enumerated as one of the powers of such corpobetween March 27 and June 30 would probably exceed 1612,000,000. In
ration that it may receive money and accumulate funds to be loaned and Los Angeles the figures for the commercial departments of State banks
to loan the same to members and to execute certificates for the money compiled from the called reports indicate a perceptible increase in comreceived which shall specify the date, amount, rate of interest, and when mercial activity, with an increase of $2,500,000 in commercial deposits.
the principal and interest are payable. Here again I find nothing in this
The report for building and loan associations shows that never before
Act which contemplates that such corporation shall, in any way, engage in the history of the State have these institutions had as great a volume of
In the banking business or, in fact, receive moneys on deposit and subject funds invested in them as at present. The total assets of building and loan
to withdrawal. While it is frue the corporation is authorized to receive associations increased $35,000,000 between Jan. 1 and Juno 30 1930. The
money, such receipts are for fees and dues and are for the purpose of percentage of increase for the first quarter was 5% and for the quarter just
accumulating to be loaned to members. Nothing in that Act, in my ended 2%. The associations show 100% improvement in liquidity during
opinion, would justify extending to this corporation the power to do those the past year and 19% increase in funds invested in building and loan
things contemplated by the contract here discussed.
certificates and shares.




1208

FINANCIAL CHRONICLE

Life insurance, representing another type of investment, showed an
increase in sales In May 1930 of 1% over May 1929, and an increase of
10% over Jan. 1 1930. Never in the history of the State has so large a
volume of life insurance been outstanding. The real estate division in its
report to the Department of Investment states frankly that movement of
real estate was unsatisfactory during the Fall and Winter of 1929 and the
earlier months of 1930. However, the real estate Commissioner reports that
during the last three months there has been steadily increasing movement
In agricultural lands and in metropolitan business properties. Home
buying and home building are both considerably below normal, but when
the upward movement in business gets well under way, it is probable that
with building costs lower than they have been for years, and with subdivision
Properties conservatively priced, many people who hesitate about buying
or building a home at this time because of uncertainty of employment, will
put some of their funds into a home which, properly priced, is, after all, a
prime investment, and one to be encouraged.
Contrary to the generally accepted view that corporate financing has
seriously declined during the first six months of 1930 as compared with
the first six months of 1929, a review of the securities authorized to be
Issued in California by the Division of Corporations for the first six months
of 1930 indicates that there has been a recovery not only from the slump
that occurred in the last six months of 1929, but that the securities issued
.during the first six months of 1930 have approximated within 9.2% the
securities issued for the first six months of 1929, and the month of June for
1930 exceeded the month of June for 1929. Indications are that the last
six months of 1930 will be as good or better than the last six months of 1929,
and the year of 1930 will close with a volume equal to that of 1929.

[VOL. 131.

State development must be studied first. Tnere Is nothing
in the Statute.
however, which would prevent the Commission from making
a study of
private development.
Of the members of the Commission, Congressmen Davenport
and Fuller
are Republicans, while the remaining three are
Democrats or independent
Democrats.

The National Association of Owners of Railroad and
Public Utility Securities Answers Senator Couzens
on Amending the Railroad Transportation Act—
Basis for Establishing Railroad Rates.
The broad question of what constitutes a fair basis of value
in establishing railroad rates is discussed by the National
Association of Owners of Railroad and Public Utility Securities. Senator James Couzens, Chairman of the Senate Committee on Interstate Commerce and an active proponent of
measures affecting the railroads, received a detailed statement from the National Association of Owners of Railroad
and Public Utility Securities regarding the basis of rail
valuations. The Senator had requested the views of this
organization, representing a large national group of investors
in rail securities, before the epending measure of Senator
Howell comes up again. Unqualified disapproval was expressed for the investors by Milton W. Harrison, head of
their organization. He said, in the course of his reply, that
the Howell bill and similar legislation prepared the way
inevitably for Government ov use hip, or something so
closely resembling it that there was little practical difference.
Mr. Harrison said, in part:

Governor Roosevelt of New York Selects Experts to
Study St. Lawrence Power—Commission to be
Headed by Professor Haig of Columbia—To Inspect
Site on Aug. 30.
Governor Roosevelt on Aug. 13 announced the personnel
of the Special Commission which will investigate the feasibility of developing the St. Lawrence River as a State-owned
In a letter dated June 7 1930
invite a statement of views in regard
source of hydroelectric energy. The Commission consist of to S. 4005 Senate Bill, relating YOU the establishment by the Inter-State
to
two Republicans and three Democrats, and will be headed Commerce Commission of rate bases for railroads engaged in interstate
commerce, and to
by Prof. Robert M.Haig of the School of Business of Colum- such railroad abovethe disposition of net railway operating income by any
6% of its rate base. You also request consideration
bia University Besides Professor Haig the membership of the Commission's letter to you discussing S. 4005 and proposing a substitute for so much thereof as relates to the use of recaptural earnings.
of the St. Lawrence Commission will consist of Julius Henry
It is apparent that the pending bill is an attempt
to salvage and rehabiliCohen, Counsel to the Port Authority of New York and tate economic theories concerning railroad
valuation almost universally
New Jersey; Thomas H. Conway of Plattsburg, former condemned by those whose primary responsibility is the preservation of
the welfare and the
Lieutenant-Governor of New York; Samuel L. Fuller, is an undertaking rights of the railroads. It is evident that the measure
to avoid the effect of the St. Louis &
banker and member of the firm of Kissel, Kinnicutt & Co. to re-establish economic theories therein discountenanc °Talton Case, and
ed by the Supreme
of N. Y. City and Frederick M. Davenport, member of Court of the United States because they run counter to the constitutional
law of the land. It is equally plain
but that for the inclusion of an adroit
Congress and Professor of Law and Politics at Hamilton provision which
might
protect it
attack as confiscatory, but
College, Clinton, N. Y. In announcing the appointment which could afford nopossibly protectionfromthe railroads,
actual
to
the proposed
measure, if enacted, and any legislation
Governor Roosevelt said: "Several members of the Comembodying its principles, would
be held unconstitutional.
mission have already given considerable study to the whole
Section 15a of the Inter-State Commerce Act provides
that
problem of power development on the St. Lawrence and the extent each railroad shall impound in a reserve fund one-halfto a specified
of the excess
of its net railway operating income over 6%
Commission will meet at an early date. In the meantime a
of the value of its commoncarrier property, and shall pay the remaining
large amount of material has been gathered and will be 6% to the Inter-State Commerce Commission one-half of the excess over
for a
turned over to the Commission." The New York "Journal tingent fund. The value of the railway property is general railroad conto be determined by
the I.
-s. C. Commission which is directed to use the results
of Commerce" in reporting the foregoing in its issue of investigation
of its
under Section 19a, the general provision for valuation,
so far
Aug. 14 went on to say:
as they are available, and to "give due consideration to all
the elements of
Cohen Drafted Law.
Congressman Davenport is a former member of the New York State
Senate and established a reputation in that body in his advocacy of tax
reform. The Hon. Julius Henry Cohen had much to do with the drafting
of the Bill which was enacted by the Legislature to create the Commission.
The law, signed on March 29 last, authorizing the Commission carries an
appropriation of $200,000 and was passed to take the water power development question out of the political campaign. It was hailed by the Governor
as a solution of the question. At the time of the passage of the Act, appointment of the Commission was held up due to the illness of Majority
Leader John Knight of the Senate. with whom the Governor wished to consult before naming the members of the board.
The law provides that the Governor of the State shall appoint five commissioners to study and report plans for the development and a form of
contract for the sale of hydroelectric power to be generated at water power
sites on the St. Lawrence River owned or controlled by the people of the
State. Such report shall be made to the Governor and the Legislature not
later than Jan. 15 1931. The Commissioners are to receive no salary,
but are to be paid reasonable expenses and an allowance of $25 per day.

value recognized by the law of the land for rate-making
purposes."

What the High Court Held.
The Supreme Court set aside the Commission's finding in
the O'Fallon
Case concerning value on the ground that as to the great body of the
railway
property, namely, that part which had been installed prior
to June 30 1914,
the Commission had failed to give consideration to the higher
price level',
prevailing during the recapture years.
In another particular the Commission's letters suggest a
possible way of
avoiding a finding of confiscation of property. It is suggested
that the
percentage rate of return might be made to vary from time to time
to compensate for changing price levels. It is said that with increasing
prices and
a depreciating dollar the rate of return could be corresondingl
y increased,
and that with falling prices and an appreciating dollar
the reverse course
could be pursued.
This would be a highly artificial and undependable
departure from the
natural procedure. It is a proposition involving an
abandonment of long
established customs of arriving at a fair return on any property,
public or
private. It would be lacking in the commonly accepted
and understood.
and easily applied, standards of value and fair return.
A rate base reflecting cost of reproduction at current prices
is the most
Perpetual Body.
The law provides that if a development by a State authority is recom- practical way to give reflection to the changing dollar needs of the carrier.
In times of high prices the carrier would be entitled to higher tariff
mended in a plan which is approved by the Legislature, it shall be a corrates:
porate municipal instrumentality of the State, a body corporate and polit- In times of low prices, it must be satisfied with lower tariff rates. A rate
base changing with the value of the dollar makes provision for this,
ically perpetual in duration and having a seal to be known as the Trustees of
without
the water power resources of the St. Lawrence River. The law also sets up the necessity of resorting to the artificial method of increasing or reducing
the percentage rate of return on a rate base which would
a skeleton outline for the organization of such a body corporate.
not vary to reflect
The law creating the Commission is made supra, superseding the present changing costs.
The suggestion in the Commission's letter an indirect
is
and unintentional
provisions of the conservation law and every other law relating to toe connervation department or the functions powers or duties assigned to the divi- concession of the fundamental soundness of the contentions of those who
Insist that the rate base should primarily
sion of water power and control so that the Commissioners shall be clothed
reflect current reproduction costs.
Throughout the pending measure there are provisions which, whether
with all necessary power and authority accomplish its purposes.
The Governor said he had asked Professor Haig to serve as Chairman. designedly or not, would work toward government ownership of the railroad
The Commission is expected to organize within a week, the Governor said. properties with which they deal.
Under the existing statute one-half of the excess
Accompanied by the Governor,the Commission on Aug.30,31 and Sept. 1
of a carrier's net operating
income over 6% is converted into
will make a personal inspection
a general railroad contingent fund adof the Long Saulte Rapids In the St. Law- ministered by the I.
-S. C. Commission. This fund may be used by making
rence River.
loans to carriers to meet expenditures
for capital account or to refund maturHaig Chairman.
ing securities originally Issued for
capital account, or by purchasing transThe Governor said he felt
he was particularly fortunate In obtaining portation equipment and
facilities and lea.sing the same to carriers. This
Professor Haig as a member of the Commission. Professor Haig was born
provision has been subjected to legitimate
in Columbus in 1887. He has
criticism because of the creation
been identified with Columbia University of a constantly mounting fund.
since 1912 and has bad wide experience
investigator. He was special
But subdivision (6) of S. 4005
as an
contains a provision Possessing even •
investigator for the Treasury Department
in 1917 and was once advisor to greater threat against the continuation of
the American system of private
the Tax Board of British Columbia.
He served as Secretary of the Joint ownership of railroad properties. That
subdivision provides that the
Commission on Taxation and Entrenchmen
t of the State for several years one-half of the excess above 6% which
the present law contemplates should
and four years ago was sent to France
by Columbia University to study be recaptured by the Government,
shall be held by the carrier as trustee
French finances. He was advisor to the
California Tax Commission in 1928. for the United States, and shall be expended with
the approval of the ComThe law creating the Commission specified
that the Governor's plan for mission in providing designated extensions of line or other additions to
or




s

AUG. 23 1930.]

FINANCIAL CHRONICLE

1209

furtherance thereof declares it to be its policy not to be a party directly
betterments of the railroad property of the particular carrier or system.
or indirectly as a buyer or seller in any so-called 'investment guaranteed'
unUnder the existing law the carrier retains one-half of the excess of its net
transaction which appears to violate the terms of any known syndicate
railway operating income over 6%, and after accumulating the amount so
or selling group agreement, irrespective of whether or not the unof the value of its property may use such moneys for any derwriting
realized up to 5%
selling group."
of the dersigned member is a member of such syndicate or
lawful Purpose. S. 4005, subdivision (6), directs that the one-half
Would End Practice.
excess earnings which are not recaptured by the Government, shall, after a
sum equal to 5% of the rate base has been accumulated, be used to liquidate
A statement on the subject prepared by Mr. Wllbur's committee described
fixed obligations, either in conformity with the terms thereof or by the pur- the situation as follows:
of trading in
chase of the carrier's securities in the open market.
"It is the conclusion of this subcommittee that the practice
to a point
syndicate issues on an 'investment guaranteed' basis has grown
Government Ownership Looms as Prosperous Roads Gain.
and retail distribution
where it threatens the orderly conduct of syndicate
These two provisions for the use of earnings exceeding the established
through ignorance or lack of scruple a very
securities, and that whether
percentage would automatically and artificially stimulate the growth of the of
guaranteed'
large number of dealers are using the facilities of an 'investment
contracts, a
prosperous carriers. They would thus grow, and as they grew their excess
trading market which has its basis in the disregard of signed
earnings would become greater, since their fixed charges would be progresand should cease."
practice which has been condemned by this association
sively reduced and since but 4% is to be paid upon the so-called public
the "invest.
It has been pointed out that houses which refuse to adopt
from
investment of the one-half of the excess earnings retained by the carrier as
guaranteed" practice are sometimes penalized by competition
the United States. Greatness would thus feed upon itself, ment
trustee for
in security dishouses which do, at times when difficulties are encountered
success would beget further success. Government ownership would loom
houses to refuse to
tribution. On the other hand, an agreement among
as the inevitable consequence.
to stamp out
pledge themselves to refuse to buy on this basis is expected
With the progressive increase and use of the so-called excess earnings
within a short time.
by the present law to be used by the carrier in any lawful way,but the practice
permitted
which the pending bill would require to be used to liquidate funded debt,
there would be a corresponding reduction of the equitable interest of private Transamerica Corporation to Form Eight Subsidiary
investors in the property and increase of the equitable ownership of the
Companies Controlled by Corporation—Assets to
Government.
Furthermore, the so-called public investment account is to be continually
Be Divided Among Units in Different Fields—
enriched by the payment of interest at 4% on the so-called public investElisha Walker Now on Pacific Coast Conferring
ment. Thus the account would receive increment not only from the periodwith Western Officials.
ical additions of excess earnings received directly from the carriers but also
from the addition of the annual amounts gained from this provision for 4%
Elisha Walker, Chairman of Transamerica Corp., is now
interest.
M. Giannini and
The bill would work a vital change in the relationship between the Gov- in San Francisco for conferences with L.
ernment and the railroads created by the recapture provisions. Under the other Transamerica officials. Upon his arrival in San
existing provision, the Government becomes a lender to, a creditor of,
Francisco Mr. Walker said:
railroads. S. 4005 proposes that the Government shall now become an
increasing
The number of Transamerica's shareholders, which has been
investor in railroads and their properties on a constantly mounting scale.
total higher than ever heretofore
This association is opposed to further enroachments upon private owner- month by month, has now reached a
and unification of our corporate mechanism
ship and private initiative in regulated industry. It believes that steps attained. The simplification
toward Government ownership of railroads as indicated in 8. 4005 will tend is presently receiving attention.
Subsequently, San Francisco advices on Thursday night
to destroy private initiative and thus react seriously in disturbing economic
conditions and retarding prosperity in this country. Furthermore, such to the New York "Times" reported that, according to an
legislation will not only tend to confuse our economic life, but will have the
Chairman Walker, immediate steps will
effect of impairing property values and destroying pro tanto the value of announcement by
railroad securities.
be taken for the formation of eight subsidiary companies,
Within late years much has been written and much has been said concernamong which the assets of the Transamerica Corp. will be
ing the relative merits of different rate bases for use in the computation of a
devoted to the public service. It is not divided. We quote in part from the dispatch as follows:
fair return upon railroad property
Transamerica will emerge
thought that the present occasion calls for a review of the arguments adAfter completion of its reorganization plans,
vanced in support of the one basis or another, or of any undertaking to ad- as a super-holding company with 100% control of the eight subsidiaries,
in that controversy. It is
separate fields.
vance new arguments in support of any position
each one controlling the assets of the corporation in
the banking field,
the view of this association that the issue has been foreclosed by the Supremo
According to present plans, companies to operate in
United States so far as concerns the question whether it is securities field, general investment of stock exchange securities, foreign
Court of the
necessary that current reproduction costs shall be considered. It is our holdings and investments, permanent commercial and industrial investof insurance companies
view that any further discussion of that issue is vain.
ments, stocks of Joint Stock Land banks, stocks
It is the carefully considered judgment of this Association that S. 4005, and stocks of mortgage companies. Other subsidiaries may later be formed
legislation incorporating similar principles, are inimical to the to handle other Interests.
and any
to the new
interest of the railroads of this country and their security owners, and thereSegregation of the various assets of Transamerica according
bank holding
fore inimical to the interests of the shippers and to the national welfare.
set-up will be the first task of the management. Into the
in Bank of Italy, National
investments
Senator Couzens, in his earlier letter, requesting the company, for example, will go N. A., Bancamerica-Blair Corp., Bank
Bank Italy Co., Bank of America
Association's viewpoint, wrote in part as follows:
California, Corporation of America and sundry other bank
of America of
This Committee has had under consideration S. 4005, a bill to amend the stocks.
said, will come from the
The advantages of the change, Mr. Walker
Inter-State Commerce Act as amended, introduced by Senator Howell.'
operations will bounder
The bill seeks to amend Section 15a of the Inter-State Commerce Act by fact that each division of the corporation's far-flung
determine exactly what each
substituting a new section.
separate management, making it possible to
In view of the approaching adjournment of the present session of Congress. subsidiary is accomplishing.
it is apparent that it would be impossible to hold hearings, at least of sufficient length for all parties to be heard, so the Committee has instructed me
to write you and others inviting comments. The importance of a revision Federal Reserve Board Says Banking Situation in July
therefore inviting you to give
of Section 15a suggests this action. We are
Experienced Continuance of "Pronounced Ease."
of the Commission, and redetailed consideration to the bill and the letter
furnished with a written statement of your
quest that this Committee be
In advance of the issuance of its August "Bulletin," the
for the purpose of having
views on or before Aug. 15 1930. We desire this
available its review
for consideration, and for Federal Reserve Board on Aug. 6 made
the replies submitted to the 1-8. C. Commission
to the convening of Congress of the money market during •the past month, in which it
study by the members of this Committee prior
-S. 0.
in December next. We hope that by the time we convene the I.
situation during July was characthe replies, and be states that "the banking
Commission will have had an opportunity of studying
terized by a continuance of pronounced ease, under the perprepared to promptly submit their views to the Committee.

sisting influence of the same conditioning circumstances as
to the
Move Made to End "Investment Guaranteed" Sales In other recent months." The Board, according
New
Association Wants Security "United States Daily," continued:
—Investment Bankers'
for currency over
While there was a temporary increase in the demand
Houses to Cease Buying on That Basis—Sees
happens at this season, the
the Fourth of July holiday, such as always
to Orderly Distribution of Issues.
Danger
was of even larger proporsubsequent return of currency from circulation
called out between
A determined effort to end the "Investment guaranteed" tions. About $170,000,000 additional currency was in
July, but by the
the first Saturday
market for new securities is planned by investment bankers, the last Wednesday in June and
marks the low point of the year—
last Wednesday in July—which usually
it is learned here, said the New York "Journal of Commerce" the same amount had come back along with about $30,000,000 more. This
came at about the same time
of Aug. 20, which went on to say:
net inflow of $30,000,000 from circulation
The membership of the Investment Bankers' Association of America
or not the houses are
is being polled with a view to determining whether
willing to agree to refuse to purchase as well as sell securities on this basis.
The poll is being conducted under the direction of Rollin A. Wilbur of
Mitchell, Herrick St Co., who is Chairman of the association's subcommittee
by bankers hero as the most deteron distribution. This move is regarded
the "investment guaranteed"
mined and far-reaching yet conducted against
practice.
See Agreements Violated.
"Investment guaranteed" refers to the sale of new security issues below
the public offering .price, in violation of syndicate agreements, to buyers
who promise to retain them for a period of time. They are sold on this
basis in order to prevent their coming back on the market and being repurchased by the syndicate managers at the full offering price, to be turned
back to the selling house. However, in practice it has been found that
sales on an "investment guaranteed" basis interfere with the orderly marketing of securities, and tend to develop in investors the habit of seeking
such concessions, to the detriment of the market for now issues generally.
Members of the association who favor the current drive to stamp out the
"investment guaranteed" practice are being asked to sign and return to the
association the following statement:
"The undersigned member of the Investment Bankers' Association of
American pledges its hearty support of the views of the association, and in




of gold to foreign countries,
as, and fully compensated for, a net outflow
on conditions in
so that the loss of gold was without immediate influence
which went to France and Canada,
the money market. The gold exports,
which was in turn a reflection
reflected strength in the foreign exchanges,
the prevailing conditions, as
of ease in our own money market. Under
movements, the reserve position of
regards money in circulation and gold
Their reserve balances almost always
the member banks continued easy.
and varied in July by more than
fluctuate considerably from day to day,
points, but the daily average
$90,000,000 between the lowest and highest
above the corresponding figure for
$30,000,000
for the month was about
1928, and November 1929, was at a
June, and, excepting for January
borrowings at the Reserve Banks, on the
new high level. Member bank
2200,000,900, or one
-twelfth of their
other hand, now amounting to about
during July and toward the end of
aggregate reserve balances, declined
as has been reached at any time in
the month were at as low a level
as measured by the total
recent years. Member bank credit outstanding,
member banks in leading cities, increased by
loans and investments of
$100,000,000 from the end of June to the end of July to the highest
for a brief period last autumn. A
level that has ever prevailed except
further decline in loans on securities which brought these back to the
May level and a renewed decline in "all other" loans were accompanied by a further increase of about $200,000,000 in the banks' bold-

1210

FINANCIAL CHRONICLE

[VoL. 131.

ings of investments which at $6,290,000,000
on July 80 were at the despite relatively
heavy flotations of new issues, while interest rates
highest level on record, about $75,000,000
above the previous high point on open market
charged
loans declined to unusually low levels. Rates on
reached in the early summer of 1928.
bank loans
to customers also declined, but still
Preliminary figures have recently become available,
yielded a return to the bank that was
through the co-opera- well above that to
be obtained on loans in the open market. Under
tion of the Federal Reserve Banks and the courtesy
these
of the Comptroller of circumstances
those member
the Currency, showing for a comparatively recent date-June
30-a class'. investment at a time when banks having additional funds available for
fication of member bank loans and investments that is
the demand for loans from their customers was
both more inclusive inactive naturally
and snore detailed than that made available in the
chose to employ the greater part of them in purchasing
current reports of securities, both in
view of the low return on short-term loans in the open
member banks in leading cities. These figures, which are
summarized in market and also in
view of the rapid decline in rates which accompanied
the accompanying table, show that a growth of $580,000,000
in member efforts to place
additional funds in this category of loans.
bank credit during the quarter reflected a growth of nearly
$850,000,000
The nature of these developments
in their combined holdings of investments in securities and loans
becomes more evident when comparison
on securi- is made, as in the
ties-offset by a decrease of about $270,000,000 in "all
other" loans. in the composition accompanying table, between changes for the quarter
of member bank credit at city banks where an increasing
The different classes of loans secured by stocks and bonds
are shown in volume of funds
was available for investment and at country banks where
the second table, from which it appears that the growth of $345,000,0
00 seasonal influences
In security loans reflected a small decrease in loans to banks,
operated toward a contraction of loans and investments.
absence of The table shows
that the demand for loans from customers taken as a whole
change in loam to brokers in New York City, and increases of $120,000,0
00 showed little change
and $245,000,000, respectively, in security loans to brokers
and dealers employ the greater at either type of bank and that city banks chose to
In securities outside New York City and to other customers
part of the increased funds which came into their
borrowing possession in
purchases of investments which increased by $435,000,000
on stocks and bonds.
rather than in short-term open-market
loans which increased for this type
AL MEMBER BANKS.
of bank by $190,000,000. Country banks,
June 30 1930*, A; March 27 1930, B; change for quarter, C.
on the other hand, increased
their holdings of investments by only
$65,000,000 and met the full
A
B
c
Loans and investments-total____535,633,000.000 535.056,000,000
+5577,000,000 seasonal contraction in their open-market portfolio by withdrawing loans
Loans on securities
. , .
+346,000.000 to the extent of $180,000,000 from the short-term open markets.
All other loans.
14,518,000,000 14.785,000,000 -267.000,000
Investments
-total
10.435,000,000 9.937,000,000 +498,000.000 CLASSIFICATION OF MEMBER
BANK LOANS AND INVESTMENTS
United States securities
4,059,000,000 4,085.000.000 -26,000,000
(EXCLUSIVE OF LOANS TO BANKS).
Other securities
6,376,000,000 5,852,000,000 +524,000,000
Loans on securities-total
10,680,000,000 10,334.000.000 +346,000.000 Preliminary figures; amount June 30 1930, city banks*, A; country banks, B:
To banks
change from March 27 1930, city banks*, C; country banks,
230,000.000
260,000,000 -30,000,000
D.
To brokers and dealers in securiLoans and investA
ties in New York City
ments-total _A22,044,000,000 313,060,000,000 +5696,000,
2,357,000,000 2,344.000,000 +13,000,000
To brokers and dealers in securi000 -5118,000,000
Loans to custom's 13,355,000,000
8,203,000.000 +67,000,000
-3,000,000
ties elsewhere
823,000,000
706.000.000 +117,000,000 Open market loans 2,792.000.000
317,000.000 +193,000,000 -179,000,000
To others
7,270,000,000 7,024,000,000 +248,000,000 Investments
5.897,000.000 4.539,000,000 +436,000,000 +64,000,000
*Figures for June 30 are preliminary and subject to revision.
• Central Reserve and Reserve city banks.
During this same period, as shown by the figures
of the New York Stock
From about the end of July to some time in September
Exchange, there was a decrease of more than $900,000,0
or October the
00 in brokers' principal factor in the banking situation
is usually the autumn increase
borrowings at New York City, from all classes of lenders,
and the absence in the demand for currency, which has approximated
in recent years about
of any change for the period in member bank loans of this
description $150,000,000. In order to meet this demand, the absence
in
of gold imports,
makes it clear that the whole of this decrease was
due to the withdrawal an equivalent amount of reserve bank credit
in some form is seasonally
from the stock market, at a time when rates obtainable
there were becom- drawn into use. At the present time, with member
banks indebted to the
ing progressively less remunerative, of street loans
placed by non-banking Reserve Banks in smaller
amount than at this season of any other year
lenders and by non-member banks.
since 1924 and having in their portfolios, as shown by June reports,
By combining statistics from the member bank call
a
report and the substantial volume of acceptances, they enter this autumn
the period of
monthly reports of the New York Stock Exchange, it is possible to
arrive seasonal increase in currency demand in an exceptionally easy position.
at a more comprehensive figure than has heretofore been available
for
aggregate loans secured by stocks and bonds. This aggregate, here designated as total reported security loans, includes those specifically reported
on call dates by all member banks and in addition thereto a part
W. E. Willard & Co. Enjoined
of the
brokers' borrowings at New York City reported by the Stock Exchange
An order temporarily enjoining W.E. Willard & Co., Inc.,
-the part arrived at after subtracting the call date figures of member
bank an
loans to brokers in New York. It includes no security loans
investment trust concern, with head office at 25 East 42nd
for nonmember banks or non-banking lenders except those made at New
York to Street, this city, was issued on Thursday of this week (Aug.
members of the Stock Exchange. The compilation is available for
quarterly 21) by Justice Leander B. Faber of Brooklyn, according
intervals from October 1928 to June 1930, and is given in the
table, which to the New
shows separately the security loans of the member banks,
York "Herald Tribune" of Aug. 22. The order
by class of loan,
and of other lenders on securities. Examination of the table shows
that the calls for an examination next Thursday (Aug. 28) looking
total of reported security loans was at its peak last October and that since towards
the appointment of a receiver. In the order William
then it has decreased by about $4,025,000,000, of which about $600,000,0
00
was in the second quarter of this year. On June 30, however, the member Edgar Willard, head of the company, was named personally,
banks had outstanding a larger volume of loans on securities than on any as was the First Rlinois Co. of Delaware, which it was conpreceding call date and about $365,000,000 more than on Oct. 4 1929.
tended is controlled by the directors of the Willard company
TOTAL REPORTED SECURITIES LOANS (In Millions of Dollars).
and W.P.Heiss,President of the FirstIllinois Co. The Willard
Table shows call date and total of all loans, col. A;loans by member banks, total, Ft:
concern,it was stated, maintained 15 offices and did business
to banks*, C; to holders In New York City.
others. F; loans by other lenders (z) shown In D; to brokers elsewhere, E; to in all parts of
col. G.
the United States. The paper mentioned
A
1928-Oct. 3
12,420 8,819
274 1,899
850 5.796 3,610 furthermore said in part as follows:
Dec 31
14,062 10.172
269 2,556
District Attorneys in three counties in the State, including New York,
975 6,373 3,890
1929
-Mar.27
14,613 9,693
274 1.879 1,014 6,526 4.920 started investigations yesterday
June 29.
(Aug. 21) into the affairs of William Edgar
15,144 10,094
921 6,813 5,050 Willard,
335 2,025
Oct. 4
of Bronxville, and the W. E. Willard & Co. investment
16,974 10.314
820 1.885
939 7,170 6.660
Dec. 31
12,835 10.505
3.57 1,660
803 7.885 2,330 trust.
1930
-Mar,27
12,644 10,334
260 2,344
706 7,024 2,310
During 1929 it traded in $1,282,855 worth of securities, but representaJune 30y
12,050 10,680
230 2,357
823 7,270 1.370 tives of the State Attorney General's office
were able to locate a total
•Security loans to banks estimated for 1928 and 1929 at half of total loans
balance of only $45 yesterday in 12 banks where it had accounts, according
to
banks. x Total borrowings at New York as reported for end of month by
members to Deputy Attorney General Richard Sherman. Willard has not been
of Stock Exchange minus loans to brokers
York as reported for call dates located and the local offices of the company at 25 West
by all member banks; resulting figures, in New December
Forty-third Street
and June. reflect in
Dart differences in these dates. y Figuresexcept in 30 1930 preliminary and subject were raided Tuesday (Aug. 19) by the State, Mr. Sherman said.
for June
to revision.
After questioning forty witnesses yesterday, including former employees
and customers of the company, he referred to the different
The call date classification of bank loans now distinguished between
District Attor(1) neys three
those which reflect, in combination with investment holdings,
the member tions be specific complaints from investors and asked that the investigastarted. Assistant District Attorney Thomas Aurelio here will
banks' open market policy, and (2) those which reflect the banks' direct
examine the books of the company this morning (Aug. 22)
dealings with their own customers. During the second quarter, as
on a complaint
appears by Mrs. Mary
Doody, of 508 West 132d Street. If the evidence warrants
from the table, it was in the open market portfolio that about
$500,000,000 It lie will seek an
of the increase in member bank
indictment from the Grand Jury immediately, it was
credit occurred, while loans to customers, announced.
though altering somewhat in
composition during the quarter, increased
The Albany office of W.E. Willard
but $65,000,0000. The
increase in the open market holdings of the banks, sentatives of the Attorney General's & Co. was raided yesterday by repreoffice. Steps are being taken to close
furthermore, was neither in any of
the classes of open market loans nor in all of the company's offices in the State and the authoritie
holdings of United States
s in other States
Government securities but altogether in other are being notified, Mr. Sherman said.
. . .
securities. The detailed figures
Mrs. Ethel Willard, wife of W.E. Willard, was among the witnesses quesof these holdings are not yet available
for June; in March they consisted
of bonds to the extent of about 80%, tioned. She said she had last heard from her husband a week ago from
stocks to the extent of about 12%,
and miscellaneous securities, largely Washington, where the company had an office.
of short term, to the extent
Other witnesses questioned included Mr. Jones,(R. Owen Jones, Presiof about 8%.
dent of the company)
MEMBER BANK LOANS AND INVESTM
ENTS (Exclusive of Loans to Banks). and Stephen Stafford, Lionel Albrech. District Sales Manager in Newburgh
June 1930,* A; March 27 1930, B; change for quarter, C.
a bookkeeper and Assistant Secretary of the company.
According to Mr. Sherman,some of the employees of the company claimed
A
Loans and Investments-total____835
that they had received worthless checks in payment for services.
102.000,000 $34,529,000.000 +2573,000.000
Loans to customers-total
+64,000,00
9
Secured by stocks and bonds_ _ _ 21;55 ,000,000 21,495.000.000 +363.000,0 0
W. E. Willard is Chairman of the Board and H. Owen
8.093.000.000 7,730.000,000
00
Secured by real estate
-43.000.00
3,127,000,0
3,170,000.0
Otherwise secured and unsecured 10,339,000, 00 10.595,000. 00 -256,000.0 0 Jones,President of the Willard concern.
000
000
00
Open market loans and Investments-total
13,543,000,000 13.034.000.000 +509.000,000
Open market loans-total
Dollar acceptances purchased 3,108,000,000 3,097,000.000 +11,000,000 ITEMS ABOUT BANKS,
-6.000.000
TRUST COMPANIES, &c.
175,000.000
Foreign acceptances purchased 169,000,000
-8.000,000
71,000.000
79.000.000
Commercial paper purchased_
At a meeting of the Governing Committee of the New York
511.000,000
499.000.000 +12,000,000
Street loans
2,357,000.000 2,344.000.000 +13,000.000
Inveatments-total
10,435,000,000 9,937.000.000 +498,000,000 Stock Exchange on Aug. 20, the petition of the members
United States securities
4,059,000,000 4,085,000,000 -26.000,000 that the Exchange be closed on
Other securities
Saturday, Aug. 30, was
6,376,000,000 5,852,000,000 +524.000,000
granted. There will thus be a three-day suspension of busi* Figures for June 30 are
and dealers in securities at preliminary and subject to revision. z Loam to brokers ness on the
New York City.
Exchange over the week-end with the Labor
These changes are in accord with
developments during the quarter in the Day holiday, .Monday Sept. 1., The New York Curb
general money market, where bond
prices showed a tendency to advance Exchange will likewise observe
the triple holiday, as will




AUG. 23 1930.]

FINANCIAL CHRONICLE

also the various other Exchanges, including the New York
Cotton Exchange, the New York Hide Exchange, the
New York Rubber Exchange, the Securities Market on the
New York Produce Exchange, &e. In the case of the Rubber Exchange members who have rubber to deliver are asked
to keep their offices open.

1211

Baxter, who has also resigned as President and a director of
the First State Bank of Scotch Plains, N. J., plans to devote
his entire time to business interests in the South. Previous
to joining the First National Bank of Plainfield in 1924, he
was connected with the Guaranty Trust Co. of New York,
the dispatch stated.

Concerning the affairs of the closed Port Newark National
At the meeting of the Board of Trustees of the New York
receivership, the New York
Aug. 20 John C. Orr, 2d, was appointed an Bank, Newark, N. J., now in
Trust Co. on
"Times" of Aug. 17 printed the following:
Assistant Trust Officer.
of the Port Newark National
Sale of the building, furniture and fixtures

8, following a

Bank, 176 South Street, Newark, which was closed Aug.
The County Trust Co. of this city, moved into its new receivership suit, will take place Sept. 22, it was announced in Newark
by Federal
home at Eighth Ave., corner of 14th St. on Aug. 18. The yesterday (Aug. 16). An order authorizing the sale was signed (Aug. 15).
Judge Runyon at his home in Plainfield, N. J., Friday night
company had heretofore been located at 8th Ave. and 15th on application of Arthur T. Vanderbilt, counsel for Theodore Ackerson,
St. The ceremonies attendant to its occupancy of its new equity receiver for the bank.
fixThe land and building are valued at $133,096 and the furniture and
-story structure were marked by the sealing of the corner20
receiver. Creditors have been notified that claims
$36,734
stone by former Governor Alfred E. Smith, who is the tures atthe bank by thebe filed not later than Sept. 13.
must
against
Chairman of the Board of the Trust company. At he same
Items with reference to the closing of the Port Newark
Kelly assumed his new office as President
time One R.
National Bank appeared in our issues of Aug.9 and Aug. 16,
of the institution, to which he was elected on July 29, as pages 887 and 1050, respectively.
was noted in our issue of Aug. 2, page 734. Mr. Kelly
succeeds the late James J. Riordan. Other officers of the
Announcement was made on Aug. 17 that 51 to 55% of
bank are:
the outstanding stock of the Citizens' National Bank of WashJohn . Broderick, Vice-President and Treasurer.
ington, Pa., (said to be the largest financial institution in
Stuart B. Plante, Vice-President.
Washington Co.) would be -taken over by the Mellbank
and Trust Officer.
Vincent B. Miner, Vice-President
Vice-President and Secretary.
Corp. of Pittsburgh, Pa., the holding concern of the Mellon
Clinton E. Fowler,
John J. Spillane, Assistant Secretary and Assistant Treasurer,
banking interests, according to advices from Washington
James J. Riordan. Assistant Secretary.
on Aug. 18, appearing in the New York "Evening World"
Trust Officer.
Walter E. Robedee, Assistant
of the same date. Continuing the dispatch said:
the following:
The directors include
is to be effective Nov. 1, with a price of $400 per share having
Vincent Astor
John J. Broderick
Peter .1. Carey
John J. Cavanagh
Howard S. Cullman
William H. English
William J. Fitzgerald
James P. Geagan
Edward J. Kelly
One R. Kelly

William F. Kenny
George LeBoutillier
Ralph W. Long
Michael J. Meehan
Daniel J. Mooney
John J. Pulleyn
John J. Raskob
Parry D. Saylor
Alfred E. Smith

The change
of June 30 its
been fixed in the offer made by Mellbank. In the statement
of $10,065,594.
total resources were shown as $14,371,180 and deposits
profits of $2,205,Paid-in capital is $1,000,000 with surplus and undivided
book value
586. Trust department investments total 54,040.849. Present
of the stock is $325. The bank was organized Aug. 4 1885.

Max 0. Whiting, a Vice-P- resident of the Harris, Forbes
Trust Co. of Boston, since its organization last year, has been
appointed President of the institution to succeed John R.
Macomber, according to the Boston "Transcript" of Aug.
15. Mr. Whiting has been associated with Harris, Forbes
& Co. for many years, his first position having been with the
old firm of N. W. Harris & Co. He is a former Governor
of the Investment Bankers' Association of America.

George Davidson, a well known financier of Western
Pennsylvania, died at his home in Beaver Heights, Beaver,
Pa., on Aug. 15 after a brief illness. At the time of his death
he was President of the First National Bank of Beaver Falls
and of the Old National Bank of New Brighton, Pa., and
a director of the Bank of Pittsburgh, N. A. Among other
interests he was a director of the Union Drawn Steel Co.,
now a part of the Republic Steel Corp., and President of the
Union Hotel Co., owners of the General Brodhead Hotel of
Beaver Falls. Mr. Davidson was born at Connellsville,
Pa., 71 years ago.

The affiliation of the Wor- cester Bank & Trust Co., of
Worcester, Mass., and the Worcester County National
Bank of Worcester and Fitchburg, including the latters
group of five banks in Worcester County, has now been
consummated. The five banks include the North Brookfield
National Bank, Special National Bank, Second National
Bank of Barre, Clinton Trust Co., and the First National
Bank of Webster. Each of the seven banks will retain its
corporate identity its name and individual organization.
Total resources of the combined group aggregate $85,000,000
with combined capital and surplus in excess of $11,500,000.
Combined deposits of the institutions amount to $70,000,000.
John E.White is Chairman of the combined group and Walter
Tufts President.
Items with reference to the proposed union of these banks
appeared in our issues of March 22, Jun3 28 and July 12,
pages 1962, 4550 and 221, respectively.
The First National Bank of Argyle, N. Y.,(whose President, Howard Snyder, committed suicide by shooting himself in the bank's vault on Aug. 11 shortly after bank examiners arrived at the institution to inspect the books)
was closed on Aug. 15 pending the outcome of an examination
of its affairs, according to Associated Press advices from
Glens Falls, N. Y., on that date. The dispatch said in part:
and was declared to be for the proThe action was taken by the directors
to guard against a possible "run."
tection of depositors and
H. V. Mix, directors, said to-day (Aug. 15) that the
E. D. Burch and
no shortage or other irregularities and
examination thus far has disclosed
bank could continue to do business. No reason
that, in their opinion, the
been disclosed.
for Snyder's suicide has

United Press advices from Argyle the next day, Aug. 16,
stated that A.M.Douglas a Federal bank examiner,had been
appointed temporary receiver of the closed bank by the
Comptroller's office in Washington.

The Union National Bank of New Kensington, Pa.,
capitalized at $100,000, was placed in voluntary liquidation
on Aug. 7. The institution was absorbed by the Logan
Trust Co. of New Kensington.
The Brownsville Trust Co., Brownsville, Pa., was placed
in the hands of the State Banking Department by its directors
on Aug. 19, according to Associated Press advices from
Brownsville on that date, printed in the Philadelphia
"Ledger," which continuing said:'

the protection of depositonoaft
The voluntary action was taken for
-day Period.
withdrawals had continued over a 10
30, the bank reported deposits of $516,In its last statement issued June
of $25,000 and undivided profits of
639. a capital of 5125.000, surplus
$49,585.

Organization of the American State Trust Co., effective
at once, was announced last week by the American State
Bank of Detroit. The new unit, officials stated, is formed as
a result of a realization of the need of a department to handle
the trust affairs of the more than 100,000 customers of the
American State Bank. Officers of the new company, whose
services include trust, corporation, investment and property
management departments, are as follows: Robert M. Allan
(President of the American State Bank), President; Gordon
Fearnley, Vice-President; Oliver D. Marcks, Vice-President
and Trust Officer; Walter A.Porter,Secretary and Treasurer;
Wilbur J. Danaher and Victor H. Wehmeier, Assistant Secretaries, and William F. Crooke, Assistant Treasurer. The
Detroit "Free Press" of Aug. 15, from which the preceding
information is obtained, added the following:
been active of late in acquiring a group of
The American State bank has
-mile radius of Detroit. Among these are the Citizens
banks within a 25
National of Royzl Oak, Peoples State Bank
Savings of Mt. Clemens, First
Savings bank of Lincoln Park and
and Trust company of Pontiac, State
State Bank of Wyandotte.
State Savings of Meivindale. American
The main bank in Detroit has total resources of over $50,000,000 and
capital, surplus and undivided profits in excess of $6,000,000. It operates
city limits.
28 branches within the Detroit

The resignation of George R. Baxter as Vice-President
and Cashier of the First National Bank of Plainfield, N. J.,
The closing on Aug. 18 of the Mid-City State Bank of
to take effect Oct. 1, has been announced by George L. Gary,Ind., together with its branch,the Fifth Avenue Bank,
on, according to Plainfield
Babcock, President of the instituti
reported in Associated Press advices from that city on
advices printed in the Newark "News" of Aug. 15. Mr. was




1212

FINANCIAL CHRONICLE

Aug. 18, printed in the New York "Herald Tribu
ne"
next day. The institution was capitalized at $100, of the
000
the branch at $25,000. The dispatch went on to say: and

The action was taken voluntarily by director
s to liquidate. They announced no loss was expected. Thomas
D. Barr, Deputy State Bank
Commissioner, said general hard times and
"too much paper" caused the
closings.

The above mentioned dispatch also stated that the American State Bank of Gary had closed the previous
week,
following the suicide of its President.
Later Gary advices by the Associated Press (Aug. 19),
appearing in the New York "Sun" of the same date, report
ed
that still another bank, this time the Gary Labor Bank,
had closed on Aug. 19, making the fourth within a week
and
the third within a day. The dispatch said in part:

[Vol.. 131.

Trust & Savings Bank, Garfield
Boulevard & State Street, which were
closed recently, it was announced
to-day (Aug. 16) by State Auditor Oscar
Nelson.
"No receiver has been appoint
ed for the Binga State Bank, 3452 South
State St.," said Mr. Nelson,
"because reorganization plans are under
way.
"There is a good prospect of these
plans working out, in which case the
bank will be reopened."

From the Chicago "Journal of Commerce"
of Aug. 18
it is learned that on Aug. 16 the Laram
ie State Bank of
Chicago was closed and taken over by
State Bank
for investigation, following a "run" preeip Examiners
iated by the
return of indictments against Carl
A. Mueller, former
President of the institution, and three
other officers and
employees, for the alleged embezzleme
nt of $223,316 from
The Gary Labor Bank, organized in 1925, announ
ced it would remain the bank and its affilia
ted, the Laramie Valut & Securities
closed to-day (Aug. 19) to protect its resourc
es. A small "run" upon the Co. The
bank yesterday, blamed upon uneasin
Examiners believe the bank to be in good coness due to the closing of the Mid-City
State Bank and its branch,the Fifth Avenue Bank,
led the directors to take dition, it was said. Besides Mr. Mueller, those
indicted
this action, they explained.
were given as Alfred E. Brucker,
The Gary Labor Bank has total resources of $670,00
former Cashier; Julius
0. State Senator J. P.
J. Nejdl of Whiting, is President.
Matthews, former Assistant Cashier, and
Miss Annie E.
That the American State Bank of Gary, Ind., which (as Watkins, former Secretary and bookkeeper
.
mentioned above) closed its doors on Aug. 12, following the
The Northwestern National Bank
suicide of its President, has been purchased by a newlyof Litchfield, Minn.,
organized institution under the title of the First Indiana a newly organized institution with capita
l $75,000, surplus
$25,000, deposits 92,500, and total
State Bank, was reported in the Indianapolis "News" of
resources $1,006,180,
will succeed the First National Bank
Aug. 19. We quote below from the "News":
of Litchf
The State Charter Board Tuesday (Aug.
affiliated with the Northwest Bancorporati ield and will be
19) granted a charter to the
on of Minneapolis,
First Indiana State Bank, of Gary,
of which Michael E. Kozackik is to according to a dispatch
from Minneapolis on August 15, to
be President. Hozackik, aged thirty-four,
who is President of two East the "Wall
Chicago (Ind.) banks, is said to be one
Street Journal," which continuing said in part:
of the youngest bank presidents
in the State. In
Addition of

obtaining a charter for the new bank, he is taking over
the American State Bank. of Gary, which
was closed last week. It was
understood that $1,000,000 was involved
in the deal.

the Northwestern National Bank of Litchfie
ld will bring the
number of banks or trust compan
ies affiliated with Northwest Bancorporation in Minnesota to 52.

The closing for reorganization of the Bartonville State
Bank, Bartonville (a suburb of Peoria), Ill., on Aug. 14 and
the arrest of its President Joseph H. Strickelmaier the following day for alleged embezzlement, was reported in the following Associated Press dispatch from Peoria, Ill., on Aug.
15, appearing in the St. Louis "Globe-Democrat" of the next
day:

On Aug. 13 the Comptroller of the Currency
issued a charter for the Northwestern National Bank of Litchf
ield, Minn.,
with capital of $75,000. F. M.March is President
of the new
bank and W.C. Hinterman, Cashier.
We are advised that the State Bank of Hastin
gs,
became a member on August 18 of the Northwest Banco Neb.,
rpora
tion group. This increases the number of group membe banks in Nebraska to six and the total number of financ r
ial
institutions in Nebraska that are in the group to 9. Other
Northwest Bancorporation affiliates in the State
are the
First National Bank, Fairbury, Continental Natio
nal
Lincoln, United States National Bank, Omaha, Stock Bank,
yards
National Bank, South Omaha and the South Omah
a Savings
Bank. Three finance or securities companies,
the Continental Co. of Lincoln, United States National
Co., Omaha,
and the Cattle Feeders Loan Co., Omaha, also
are in the
group. The official communication goes on to
say in part:
The State

Joseph H. Strickelmaier, Preside
nt of the Bartonville State Bank, was
held in the County Jail to-day
(Aug. 15) charged with embezzlement of
$35,000 from the bank, closed yesterd
ay by the State Auditor. Bond of
$70,000 was fixed for his release.
The Peoria "Journal" said Stricke
lmaler is understood to have told
county officers the shortage
would be reduced to about $20,000 when the
audit is completed. The bank
Preeident, a civic and social leader and
Secretary of the Peoria County
Bankers Federation, was arrested last night
(Aug. 14) on a warrant signed by Minor Barton
,Vice-President of the bank.
The bank is believed to be sound
and is expected to open after a reorganization. The bulk of its deposit
s are small accounts of workingmen enaPloyed at the Keystone Steel and
Wire Co. at Bartonville, a suburb of
Peoria.
Strickelmaier was Cashier of the
bank many years before his election to
the Presidency last winter.

Bank of Hastings was organized in 1919
and is capitalized at
$100,000 with

surplus of
Stockholders of the National Bank of the Republic, and resources $1,921,883.$28,500. Deposits at last report were $1,800,000
H. G. Pratt is President of the State Bank of Hasting
Chicago, at a special meeting on Sept. 20 will vote on a
s, 0. A. Riley and
It.
proposed increase in the bank's capital from 537,500 shares andR. Vance, Vice-Presidents, Ivan C. Riley, Cashier and Chas. E. Deets
H. E. Nelson, Assistant Cashiers.
of the par value of $20 a share ($10,750,000
*5*
) to 550,000 shares
Affiliation of the Hastings Bank brings the
(11,000,000), according to the Chicago "Journal of Comtotal number of banks and
trust companies in Northwest Bancorporation
merce" of August 21. the new stock (12,500 shares of the number of
group to 113 and the total
affiliates including finance companies to 125.
Combin
par value of $20 a share) will be offere
d to shareholders of sources of Northwest Bancorporation group members exceed $483,00ed re0,000.
record Sept. 20 at the price of $40 a share, on the basis of one
Effective April 29 1930, the First National Bank
new share for each 43 shares held. From the proceeds
of the
of Blue
Hill, Neb., with capital of $50,000, was placed
sales ($500,000), $250,000 will
in voluntary
be added to the bank's liquid
ation. The institution was taken over by
capital and the remaining $250,000 used to increase the
the Commersurplus account of the National Republic Co., it was stated. cial Bank of Blue Hill.
The Millard State Bank of Chicago was closed on Aug.
Merger of the State Bank of Vliets,
15
Kan., with the
for readjustment by the StatefAudito
r's office at the request Citizens' National Bank of Frankfort, Kan., was announced
of its directors, according
to the Chicago "Journal of Com- by the State Bank Commissioner on Aug. 18, according to
merce" of the next day. "Froz
en" assets, according to the Topeka "Capital" of the next day. The absorbed inmembers of the Auditor's staff,
was the reason for the action. stitution was capitalized at $10,000 with surplus of $8,500.
A. E. Kimlin, acting on
behalf °tithe Auditor, made the In a recent report, the Citizens' National Bank showed
following announcement:
combined capital, surplus and undivided profit
s of $81,000.
"The bank is not in
particularly bad shape. We expect there will be an Officers of the enlarged bank, the Commission
attempt at reorganization
er was re. The Board of Directors met Thursday night ported as saying
, will be as follows: W. T. Kemper,
(Aug. 14) and requested
permission of the:State Auditor to close for the
President; F. W. Kemper, J. W. Loble
time being."
y and J'. M. Rhodes,
Vice-Presidents, and C. E. Peter, Cashier.
The paper mentioned furthermore
said:

The bank has a capitali
zation of $100,000 and a surplus fund of $15,000.
Time deposits and savings
approximate $683,000 and demand deposits
about $130,000. Total
resources were given as $1,068,710. Officers of
the bank are: Randol
ph A. Cepek, President; Edward J. Kvidera, James
Friedl, Vice-Presidents; J.
P.1Tavlicek4Cashier, Anton Bins, Asst. Cashier.

Effective June 10,the National Bank of Commerce,
Ogden,
Utah, capitalized at $350,000, wont into volunt
ary liquidation. It was absorbed by the Commercial Securi
ty Bank
of the same city.

The following appeared in
the
16 with reference to the affairs Chicago "Post" of August
A dispatch by the Associated Press from Locke
of the Binga State Bank, the
sburg,
Roosevelt State Bank, and
the Citizens' Trust & Savings Ark., on Aug 19, printed in the Indianapolis "News" of
Bank, all of Chicago, which
the same date, reported that the Bank of Lockesburg
closed recentlY:
and
The Chicago Trust Co.,
Monroe and ClarldiSts., has been appointed the Bank of Wickes nearby, were closed on that date. The
e•Iceiver for the Roosevelt State
Bank,1400 East 47th St., and the Citizens' closing of the Locke
sburg institution leaves that place




AUG. 23 1930.]

FINANCIAL CHRONICLE

without a bank, as the only other bank, the Planters' Bank,
failed the previous week. The Bank of Lockesburg was
capitalized at $31,275 with deposits as of June 30 of $79,927,
while the Bank of Wickes was capitalized at $10,000 and
had deposits of $71,000, it was stated.
Directors of the Exchange National Bank of Tampa,Fla.,
on Aug. 14 unanimously approved a proposed increase of
$250,000 in the bank's capital and of $125,000 in the surplus
account to provide greater facilities for taking care of increased business in the Tampa territory, according to Associated Press adviees from Tampa on that date, appearing
in the Atlanta "Constitution" of Aug. 15. The increase
will give the bank a capital structure of $2,000,000. While
the stockholders will meet Sept. 16 to vote on the proposition,
their approval is assured since 90% of the stock is owned by
the directors. The dispatch went on to say:

1213

the institution on August 15: E. H. Geary, former VicePresident of the First National Bank of Portland, Ore.,
appointed Vice-President; Oscar L. Cox, Vice-President at
head office, made a member of the general finance committee; A. S. Kay, Assistant Vice-President and Comptroller,
named a member of the personnel committee and W. E.
Benz heretofore Vice-President, Credit Department of the
Bank of Italy in Los Angeles, and P. L. Hudson, an ex'
aminer for the bank, transferred to the•head office in San
Francisco. Mr. Bentz, it was said, will take charge of the
loan examining division of the Credit Depariment at the
head office. He joined the Bank of Italy in 1921 with the
acquisition of the First National Bank of Bakersfield, of
which institution he had been successively Assistant Cashier,
Cashier, and President.
The San Franci

sco "Chronicle" of Aug. 10 stated that,
Action by the board at this time was taken in financial circles
as an indica- according to reports
received from Honolulu the previous
tion of the upward business trend hereabouts, and evidence that
this view
Is widely held by bankers out of Florida was found in the stateme
nt that the day,a proposed merger of the Bank of Hawaii,Ltd.,Honolulu,
major part of the new capital had been spoken for by
nationally known and the Bank of Maui, Hawaii, has been unanimously
financiers, including Charles A. Stone, New York,
apChairman of the Board
proved by the respective directors of the institutions. We
of Stone and Webster. Inc., and a director of the Exchang
e National;
John Gribbel, Philadelphia, President of the Tampa Gas
Co. and partner quote further from the San Francisco paper as follows:
in the Curtis Publishing Co., also a bank director; Edwin S.
It is understood that the basis of the merger of the Maui instituti
Webster, Boston, President of Stone & Webster, Inc., and Peter 0.
on will
Knight, President be an even exchange of shares. The Bank of Hawaii, Ltd.,
has increased
of the Tampa Electric Co.
its capital from $1,500,000 to $1,650,000 for the purpose.
James A. Griffin, President of the Exchange National
, said directors
The deal, which involves combined deposits in excess of $36,000,000
had Increased the capital for no other reason than to
and
provide additional total assets of more than $43,500,000, the dispatch says,
needs the approval
bank resources they are sure they will need, with the betterme
nt of business of at least 75% of the outstanding stock. The date of the merger
conditions, inevitable In Tampa.
has not
yet been decided upon.
Change in the name of the First National Bank of Daytona Beach, Fla., to the First Atlantic National Bank of
Daytona Beach was authorized at a meeting of the stockholders of the institution on Aug. 15, as reported in Dayton
a
Beach advices on that day to the "Florida Times-Union
,"
which went on to say:
The change in name will be put into effect in a few days,
after approval
of the Comptroller of the Currency has been received, Richard
E. Niven,
Sr., President, said.
Controlling interest in this bank was purchased last
spring by
of controlling interest in the Atlantic National Bank of Jacksonv holders
ille, and
the change in name will give formal recognition to the new
ownership.

The Hutto National Bank, Hutto, Tex., was placed
in
voluntary liquidation on July 30 1930. The
institution,
which was capitalizaed at $25,000, has been succee
ded by
the First National Bank in Hutto.
A charter was issued on Aug. 14 by the Comptroller
of the
Currency for the First National Bank of Plainv
iew, Tex.,
capitalized at $100,000. E. M. Carter is
President and
J. G. Daugherty, Cashier of the new bank.
Further referring to the affairs of the California
Savings
& Commercial Bank of San Diego, Cal., the recent
closing
of which, together with the arrest and subsequent
release
of its President, I. Isaac Irwin, was noted in our
Aug.2and Aug.9,pages736 and 889,respectively, issues of
a dispatch
from San Francisco on Aug. 12, printed in the
Los Angeles
"Times" of the next day, stated that effecti
ve that day
(Aug. 12) the institution was placed in
liquidation by Will
C. Wood, State Superintendent of Banks,
and that as soon
as possible advertisements would be
published calling on
creditors to file their claims with the
special Deputy Superintendent of Banks,who would be in
charge of the liquidation.
A. W. Anderson, Vice-President
of the First National
office of the Security-First National
Bank of Los Angeles,
has resigned, to accept a Vice-Presidency
in the Continental
Illinois Bank & Trust Co. of Chicago,
accord
Angeles "Times" of August 16. Mr. Anders ing to the Los
on's resignation,
which was accepted with regret by the
directors of the
Security-First National Bank, becomes effecti
ve Sept. 1, and
will assume his new duties shortly thereafter.
Mr. Anderson
joined the Security-First National nine years
ago,
the institution from the local brokerage house of entering
Thompson Co. With reference to Mr. Anders Andersonon's business
career, the "Times" had the following to say:
He has been with Security-First National for nine
years, entering that
Institution from the local brokerage house of the
Anderson-Thompson Co.
He served previously as a State bank examiner
in
President of the Tradesmen's State Bank of Oklahom Oklahoma, as Vice
a C*y, and as VicePresident of the Stockyards National Bank, and
Secretary-Cashier of the
Federal Reserve Bank of Kansas City, Mo. Last
Fall he was elected
Chairman of the executive committee of
the National Bank Division of
the American Bankers' Association.

According to the Los Angeles "Times" of August
16, the
following promotions in the officers of the Bank
of Italy
National Trust & Savings Association (head
office San
Francisco) were announced by the executive
committee of




The San Francisco "Chronicle" of Aug. 6 stated that Hugo
A. Steinmeyer has been elected Junior Vice-President and
Assistant Trust Officer of the Bank of America of California, San Francisco, according to announcement by Will F.
Morrish, Vice-President. Mr. Steinmeyer is a native of
Oakland and a graduate of the University of California, and
the Hastings Law School,and has had several years of
trust experience with his present organization. Previous to
his affiliation with the Bank of America, it was said, he
was connected with the California Fruit Exchange, and
more recently was with the firm of Erskine & Keys.
THE CURB EXCHANGE.
Narrow price movements, with the trend of prices downward and small volume of business were the characteristics
of Curb Exchange trading this week. Some of the inactive
issues made good gains. Among utilities, Amer.& Foreign
Power warrants after early loss from 45% to 43 sold up
to
49% and closed to-day at 49. Amer. Gas & Elec, commo
n
eased off from 129% to 1263 ,advanced to 132 and ends the
%
week at 130. Central Public Service, class A, improved
from 25% to 273 and finished to-day at 273 . Duke Power
%
A
dropped from 162% to 157. Electrio Bond & Share commo
n
rose from 76% to 82% and reacted finally to 80. Internat.
Superpower improved from 33% to 36%. Northern States
Power common fell from 146% to 143. Pennsylvania Water
& Power sold down from 76 to 71, recovering finally to 733
%.
Oils show few changes of interest. Vacuum Oil droppe
d
from 82% to 79% and closed to-day at 79g. Ohio Oil
sold
up from 31 to 32g reacting finally to 313 . Among
%
industrial and miscellaneous issues Aluminum common gained
over 10 points to 230% on few transactions. Deere & Co.
common rose from 75 to 827s, reacted to 78 and
finished
to-day at 79%. S. R. Dresser Mfg. common gained
over
three points to 46% and sold finally at 44%. Mead,
3
Johnson
& Co. sold up some eight points to 90 with final transac
tions
to-day at 89%.
A complete record of Curb Exchange transactions
for the
week will be found on page 1243.
DAILY TRANSACTIONS AT THE NEW YORK CURB
EXCHANGE.
Week Ended
Aug. 22.
Saturday
Monday
Tuesday _
Wednesday
Thursday
Friday
Total

Stocks
(Number of
Shares).
251.700
350,800
400,400
375,900
329,400
301,200
2,009,400

Bonds (Par Value).
Foreign
Domestic. Government.
Total.
39,900 51,281,000
$72,000 81,353,000
44,800 1,606,000
173,000 1,779,000
5,700 1.847,000
228,000 2,075,000
1,000 2,107,000
149,000 2.256,000
800 1,981,000
213,000 2,194,000
1,300 2,305,000
101,000 2,406,000
93.100 511,127,000
$036,000 $12,063,000

Rights.

THE WEEK ON THE NEW YORK
STOCK EXCHANGE.
The New York stock market has
been unsettled the presen
t
week and while there have been
occasional periods during
which the price trend has been
sharply upward, the genera
l
tendency has been on the whole
toward lower levels. Short
but brisk rallies have occurred from
time to time, partiou-

1214

larly on Tuesday, Wednesday and Friday, and brief periods
of realizing have been apparent from day to day, but these
sporadic bursts of selling have had little or no effect on the
general trend of the market. Specialties as a group have
been weak and so have most of the other groups. The
weekly statement of the Federal Reserve Bank issued on
Thursday after the close of business showed a decrease of
$27,000,000 in brokers' loans. Call money renewed at
234% on Monday, dropped to 2% on Wednesday afternoon, and remained unchanged at that figure during the
balance of the week.
Prices were somewhat irregular during the brief period
of trading on Saturday, and while the market was slightly
lower at the start, considerable improvement was apparent
at the beginning of the second hour, though the trend was
again downward at the close. In the early transactions
Radio Corp. was conspicuous because of the heavy offerings,
and dropped back about two points though the price improved as support appeared. There were, however, a number of active market favorites that ended the day with
moderate gains, the list including among others, such active
stocks as Western Union Telegraph which advanced 2
points to 170. International Business Machine which improved 63 points to 17334, Allied Chemical & Dye which
gained 234 points to close at 25334, Brooklyn Union Gas
which moved ahead 2 points to 125, Otis Elevator which
was 8 points higher at 80, and Motor Products which reached
50 with a gain of 9 points.
On Monday the market drifted lower and while selling
orders were not particularly large, the buying side was even
smaller and the list sagged most of the day. Amusement
shares were under pressure, the drive centering on such
stocks as Radio Corp.,Fox Film and Columbia Graphophine,
turnover.
all of which slipped downward on a fair sized
stocks were heavy from time to time, Auburn Auto,
Other
for instance, and Unites States Realty, though these issues
regained most of the lost ground before the close. The
strong stocks were Atchison 334 points to 21534, Rock
Island 1 point to 95, New York Central 2% points to 1615%,
New Haven 2 points to 105% and St. Paul 134 points to
14%.
• The stock market reflected somewhat more vigorous
activity on the side of the advance on Tuesday, many of the
shares,
more active speculative favorites among the railroad
utilities showing substantial
industrial stocks, and public
leading
gains during the forepart of the day. Among the
noteworthy progress on the upside were such
issues making
stocks as Allied Chemical & Dye, American Tobacco, Eastman Kodak,New York Central, North American,and Worthington Pump. Westinghouse Electric, United States Steel,
were
American Can, Johns-Manville and Consolidated Gas
higher. Numerous popular stocks made further headway
also
being
on Wednesday, the trend during most of the day
that
decidedly upward. There were, however, a few issues
further downward. The list
ignored the trend and slipped
included the copper issues, notably Anaconda, Kennecott,
Among
Granby Mining, Auto Strop, and Gillettee Razor.
%
States Steel 15 points
the outstanding gains were United
to 1675%, American Power & Light 3 points to 82, Auburn
Auto 434 points to 109%, J. I. Case Threshing Machine
Co. 734 points to 18634, Columbian Carbon 334 points to
13434, Diamond Match 20 points to 245, American Tel.
& Tel. 2 points to 21134, Worthington Pump Machinery Co.
234 points to 11934, Cocoa Cola 334 points to 1765% and
Warren Bros. 434 points to 51.
Prices showed considerable irregularity on Thursday and
further declines ranging from 2 to 5 or more points were
registered all along the line. The reaction was maintained
throughout the major portion of the day, the recessions becoming more pronounced as the day advanced. The weak
spots were Allied Chemical & Dye, Vanadium Steel, Eastman Kodak and Gillette Safety Razor. Railroad shares also
were.more or less under pressure and numerous market
favorites slipped donwward to lower levels. Prominent in
this group were Canadian Pacific, Santa Fe, Southern Railway, New York Central, Southern Pacific, Baltimore &
Ohio, Union Pacific and Wabash. Atchison, New Haven,
Rock Island and St. Paul were also down. The market
continued irregular during the greater part of the day on
Friday, but showed improvement toward the close when
some of the more active of the market leaders suddenly
started upward and closed the day with gains ranging from
2 to 3 points.. In the early trading, coppers and railroad
stocks moved into new low for the year. Numerous other




Fou 131.

FINANCIAL CHRONICLE

weak spots were apparent throughout the list though the
strong and weak stocks were about evenly balanced at the
close. Tobacco stocks were especially strong responding to
unusually favorable reports on cigarette and cigar production. American Tobacco B, old stock was up about 3 points
and advances of a point or more occurred in Liggett &
Meyers, R. J. Reynolds and Lorillard. United States Steel
sold up to 18834, General Electric advanced 2 points and
gains of 1 to 3 points were recorded by American Can,
Worthington Pump,Air Reduction,Standard Gas & Electric,
Johns-Manville, Vanadium Steel and Diamond Match.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ended
Aug. 22.
Saturday
Monday
Tuesday
Wedne=day
Thursday
Friday
Total

Stocks,
Number of
Shares.

State,
Municipal &
Poen Bonds.

Railroad,
cbc.,
Bonds.

Total
Bond
Sales.

United
States
Bonds.

53,255,000
5,383.000
4,740.000
4,256,200
5,279,000
4,913,000

5708,000
1.568.500
1.893,000
1,939,000
1,468.000
1,543,000

535,000 53.991,000
585,000 7,516,500
110.000 6,743,000
70,000 6,265,200
124,000 6.871,000
104,000 6,560,000

9,116.440 527.826,200

$9,110,500

$1.008,000 237.953.700

974.970
1.413,610
1,861,750
1,817,580
1,712,810
1,335,680

Sales at
New York Stock
Exchange.

Jan. I to Aug. 22.

Week Ended Aug. 22.
1930.

-No. of shares_
Stocks
9.116.440
Bonds.
Government bonds _ _
. 51.008,000
State & foreign bonds_
9,119,500
Railroad & misc. bonds 27,826,200

1929.

1930.

1929.
23,788,280

563,310,560

704,498,980

$2.104,000
11,944,000
45,253.000

$73,963,100
431,471,400
1,271,281,400

582.908,500
404.147.150
1,319,340,000

537.953.700 359.301.000 31.776,715.900 51,806,395.620
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.

Total bonds

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

Baltimore.

Philadelphia.

Boston.
Week Ended
Aug. 22. 1930.

Shares. Bond Sales

Shares. Bond Sales. Shares. 1BondSale,.

*11,188
.14,281

a32,130
a33.907
a47,570
a43,918
a32.656
8,862

*21.658
*21,722
*29,950
9,450

$1,000
9.000
26,000
7,000
3.000

54,800
8,500
5,000
1,000
4.000

568
1,057
909
915
708

$5,600
6,000
11,000
19,000
12,900
13,000

4.5651 $88.500
$23,300
Total
546,000 169.025
108,249
565.900
6.202
$23,000
Prev. week revised 137,689
559.500 342,454
• In addition, sales of rights were: Saturday, 85; Monday. 55; Tuesday. 146
Wednesday, 596: Thursday, 350a In addition, sales of rights were: Saturday, 1.900: Monday, 2,100; Tuesday,
3,400: Wednesday, 1.300, Thursday, 4,100. Sales of warrant* were: Saturday,
1.000; Tuesday, 500; Wednesday, 100.

COURSE OF BANK CLEARINGS.
Bank clearings this week will again show a decrease as compared with a year ago. Preliminary figures compiled by us,
based upon telegraphic advices from the chief cities of the
country, indicate that for the week ended to-day (Saturday,
Aug.23) bank exchanges for all the cities of the United States
from which it is possible to obtain weekly returns will be
33.9% below those for the corresponding week last year.
Our preliminary total stands at $8,257,782,208, against
$12,490,082,095 for the same week in 1929. At this centre
there is a loss for the five days ended Friday of 39.4%. Our
comparative summary for the week follows:
Clearings--Returns bg Telegraph.
Week Ending Aug. 23.
New York
Chicago
Philadelphia
Boston
Kansas City
St.Louis
San Francisco
Loa Angeles
Pittsburgh
Detroit
Cleveland
Bellmore
New Orleans

1930.

1929.

Per
Cent.

$4,148,000,000 $6,884,000,000
382,767,754
576,640.100
449,000,000
373,000,000
324,000.000
394.000.000
121,755.683
100,059,090
110,000,000
90,200.000
180,751,000
148,412.000
No longer will re port clearing.
158,786,448
128,106,462
203,550,553
138.142.898
121,707,767
96,795,280
74,468.853
66.336,194
46,658,322
40,528.861

-39.4
-43.6
-16.9
-17.8
-17.8
-18.0
-17.9
-19.3
-32.1
-20.6
-10.9
-13.1

Thirteen cities, five days
Other cities, five days

56,036,348,529
845.136,645

59,281,318.731
988,388,845

-35.0
-14.5

Total all cities, five days
All cities,one day

56,881,485,174 510,269,707,576
2,220,374,519
1,370,297,034

-32.9
-38.0

Total all cities for week

$8,257,782,208 $12.490.082.095

-33.9

Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below we are able to give final and complete
results for the week previous-the week ended Aug. 16. For
that week there is a decrease of 28.0%, the aggregate of
clearings for the whole country being $9,006,462,446, against
$12,497,976,662 in the same week of 1929. Outside of this
city there is a decrease of 16.3%, while the bank clearings at
this centre record a loss of 33.6%. We group the cities now

AUG. 231930.]

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, the totals show a loss of
33.3%, in the Boston Reserve District of 16.5% and in the
Philadelphia Reserve District of 13.8%. In the Cleveland
Reserve District the totals are smaller by 12.0%,in the Richmond Reserve District by 4.4% and in the Atlanta Reserve
District by 17.7%. In the Chicago Reserve District the
decrease is 21.3%, in the St. Louis Reserve District 5.9%
and in the Minneapolis Reserve District 20.4%. The Kansas
City Reserve District shows a shrinkage of 11.3%, the Dallas
Reserve District of 32.1% and the San Francisco Reserve
District of 15.1%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week End. Aug. 10 1930.
Federal Reserve DIsts
III Boston--12 cities
2nd New York _12 "
8r0 Philadel 'la _10 "
6th Cleveland__ 8
593 Richmond _ 6 "
6th Atlanta__ _ _12 "
7411 Chicago --.20
5111 St. Louis__ 8 "
9th Minneapolis 7 "
lOth KansasCity 10 "
Ilth Dallas
12th San Fran 16 "
Total
126 cities
Outside N. Y. City
Canada

31 cities

1930.

1929.

Dec.

1928.

1927.

447,150,862
535.532,531 -18.5
423.195,745
421,349,249
5,730,691,642 8,599,713,358 -33.3 5,641,334,737
5.940.931756
486,167,274
562,851.579 -13.8
470,084,800
502,891753
379.157,017
431,083,379 -17.0
372,4213,891
330,261,050
153,506,377
159,549,748 -4.4
185,232,160
166.769,363
135.346,030
164.405,925 -17.7
151,986,594
164.100,053
801,565,011 1.019,537,048 -21.3
930,776,438
874,172.617
177,697,678
188,884,569 -6.9
189,981,480
188.271.039
111,714,155
140,418,363 -20.4
116,941,868
108.1103.141
192.388,411
217,014,494 -11.3
226,551,150
183.511.860
52,503,206
77.268,223 -32.1
64,818.128
63,606,650
340,574,779
401,549,457 -15.1
372.391,012
323,556.948
9,006,462,440 12,497,976,662 -28.0 9,145,722,775
8,788,843.651
3,414,660,655 4,079,157,
-16.3 3,644,427,490 3,447.393,173
332,004,844
446.800414 -25.f
384,069,846
345.684,053

We now add our detailed statement, showing
last week's
figures for each city separately, for the four years:
Week Ended Aug. 23.

Clearings at
1930.
First Federal Reserve Dist
Maine-Bangor.
865,037
Portland
3226.950
-Boston._ 413,281,296
Mass.
891.311
Fall River.._ _
541.243
Lowell
945,655
New Bedford_
Springfield_ _
3.998,752
Worcester
3,042,776
Conn.- Hartford
11,772,207
New Haven.
6,384,675
R.1.-Providen
11, 05,700
N.H.-Manches'r
597.260
Total(12686169)

447,150,862

1929.

Inc. or
Dec.

$
ict-Boston 622,209 -39.2
4,038,018 -7.7
477,936,152 13.5
1,170,193 -25.0
1,103.405 -51.0
1,003,260 -5.8
5,498.382 27.3
3,059.483 -0.6
17,608.312 -33.1
8,769,706 29.2
13,919,3 20.6
808.111 26.1
535,532,521 16.5

1928,

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
11.495.7
495,150

1927.

639.199
3.339.326
376.000,000
1,462,563
947,385
888,760
4.098,036
2.966,988
13,245.166
6.950,982
10,237.800
567,844

423,195,7
421,349,249
York
+224
4.875.506
5,222.202
-20.5
1,297,791
857,227
-37.2 45.339
44.548.043
-24.4
1,040,328
821,663
-1.7
1,152,556
1,067,435
33.6 5,501,295.285 5215292,44
8
-30.6
10,070.614
10,101,168
-25.4
4,874.523
4281.182
-22.7
3,598,041
3,467.882
+6.0
521.972
489.845
-14.7
29.606.287
24.164.740
-11.6
34.162.286
33.305,106
Total(12 cities) 5,730.691,642 8,599,713,356 -33.3
5,641,334,737 5,940,931,758
Third Federal Reserve Dist rict-Philad elphia
Pa.
-Altoona____
1,244.392
1,508.437 -17.5
1.535.199
1,794,468
Bethlehem_ _ _
4,745,310
4,742,519 +0.1
4,344.4.50
Chester
4234.991
.800,000
97.4.204 -17.8
970.156
1.107,460
Lancaster
1.538448
1.827,846 -16.8
1,833,185
1,886,120
458,000.000 536,000,000 -14.6 444,000.000
Reading
476.000.000
3,070,230
2.663.808 +15.3
2,931,076
Scranton
3,208,948
6,224,015
5,847,895 +6.4
4.732.600
Wilkes-Barre. _
4,855,141
3,571.620
3,538.725 +0.9
3,044,662
York
3.128,055
2,159,155
1,919,737 +12.5
1,030,381
-Trenton__
N.J.
1,247,578
3,814,000
8,829.408 -1A
5,063.091
5,629.992
'Total(10 cities) 455,167.274 562.851,579 -13.8
470,084,8
502,892,753
Fourth Feder al Reserve D Istrict-aev eland
Ohio-Akron...
5,120,000
6.607.000 -22.5
6,118.000
Canton
4.246,226
5,519.000
4.558.622 -6.8
3.542,319
Cincinnati
56.324.929
3,146.226
67.287,27 16.3
62,589,1
Cleveland
129,662,818 143.415.276 -9.6
64,181,854
Columbus
15.503,000
15.095.700 +2.7 119,845,260 107.555.169
13,329,1
Mansfield
1,820,850
14,739.000
2,343,18
22.3
1,736,520
Youngstown__ _
5.807,572
1,735.973
5.453,155 +6.5
4,637,218
Pa.
-Pittsburgh. 160.671,622 186,320.171 4,948,690
13.8 160,621,337
134.435,138
Total(Betties), 379,157,017 431,083,379 12.0 372,428.891
336.261.050
Fifth Federal Reserve Dist rict-Richm ondW.Va.-Hunt'g'n
1,066.791
1,088,607 -2.0
1,044,425
3,506,429
Va.-Norfolk _ _
1.121,608
3,547,857 +7.8
3,753,844
4,852,519
Richmond __-41,772,506
41,444,000 +0.8
44,940.000
1,422.119
-Charleston
S.C.
49,344,000
1.813,473 -21.8
2,180,894
Md.-Baltimore_
81,455.319
1,667,500
88,568,852 -8.0
91,892,103
22,983,213
D.C.-Wash'ton
90.279,426
23,086.959 -0.4
21,800,894
19.504,310
Total(6 cities). 152,506,377 159,549,748 -4.4
185,232,160 166,769,363 1
Sixth Federal Reserve Dist act
-A tient
Tenn.
-Knoxville
*1,600,000
2,625,674 39.1
2,643,223
Nashville
2,598,115
21,207.101
21,394.444 -0.0
20,182,691
Ga.-Atlanta.
4,24111,722
21,418,314
52,266,017 -18.5
45,754,965
Augusta
44,727,714
1,356.521
1,661,532 18.4
1,327,387
Macon
1,843,017
1,312,685
1,364,578
3.8
1,859,057
Fla.-Jacks'nville
10,464.783
2,081.091
12.542,817 -16.4
11,952,524
p Miami
15.060,141
1,562,000
2.591.000 39.7
1,712,000
Ala.-Birming'm.
14,925,984
2,857.000
21,627.437 31.0
21,389,120
Mobile
21,169.664
1,553,187
1,921,888 -19.2
1,806,536
-Jackson_ _
Miss.
1,844,321
1,619.459
1,835.290 -0.5
1,773,601
1.544.000
P. Vicksburg
200.462
252,347 -20.6
267.569
La.-NewOrleans
36.767.264
246,990 .
44.322.901 17.1
41,814,921
49,934,548
Total(12 cities) 135,340,030 161,405,925 -17.7
151.986,594 164,100,053
Second Feder al Reserve D Istrict-New
-Albany..
N. Y.
6.914.780
5.691.
Binghamton.-1,219,030
1,253,092
Buffalo
44,331.789 71204.118
Elmira
732.652
968,919
Jamestown.1.179,000
1,200,8
New York_
5,591,801,785 8,418,619,628
Rochester
10,159,034
14 621,993
Syracuse
4,649,885
6,235.123
-Stamford
Conn.
3,371,547
4,304,576
-Montclair
N. J.
633,753
597,998
Newark..
30,002,027
36.235.567
Northern N.J.
34,448,460
38,979,714




1215
iVeek Ended Aug. 23.

Clearings at5930.

Inc. or
1 Dec.

1929.

1928.

1927.

$
$
$
%
Seventh Feder al Reserve D !strict
-Chic ago
Mich.
-Adrian._
160,701
251.392-36.1
229.371
208.225
Ann Arbor_ _ _815.621
818,984 -0.4
957.888
757,714
Detroit
137.692,642 222,763,676 -38.2 206,206,473 169.481,801
Grand Rapids_
4,572,925
7,852.582 -37.8
7.322,632
6229,799
Lansing
3,198.629
4417,939 -29.2
2.927.834
2.272,288
Ind.
-Ft. Wayne
3,418.498
4,132,682 -17.3
2,663.238
2,456.231
Indlanapolls
23,134,000
22,750.000 +1.7
20,184,000
19,375.000
South Bend_
2,327,269
2,744,154 -15.2
2,639.500
2.513200
Terre Haute_ _ _
4,243,249
4.881.861 -14.2
5,377.026
4.432.481
Wis.-Milwaukee
30.461.034
32,531,579 -26.6
37.564,920
37.917.749
Iowa-Cod,Rap_
3,041,708
3,294,439 -7.7
2,575,615
2,650,476
Dee Moines_ _ _
7,120,905
9,334,374 -23.7
9,003,000
8,054,969
Sioux City_ _
5.714,141
6209,537 -16.1
6.464,341
4228,758
Waterloo
1,265,697
1,441,331 -12.2
1.207.312
947.595
Ill-Bloomington
2,010,476
1,828.712 +10.0
1.454,609
1,304,876
Chicago
561,961,470 681,440,971 -17.5 612.812,834 599,792,296
Decatur
1,200.263
1,170,866 +2.3
1,189,246
1,359445
Peoria
4.325.414
5.550.045 -22.1
4.157.
3,991,518
Rockford
2.650,878
3.705.593 -29.6
2.961.007
2.715.889
Springfield _ _ _ _
2,288,591
2,247,57
2.216,329 +3.
2,102.106
2
Total(20 cities) 801,565,011 1,019,537.048 -21.3 980,776.4
874.172.617
Eighth Federa (Reserve Dis trict-St. 1..o
Ind.
-Evansville
4.274,136
4,999,435
Mo.-St.Louis.. 105,800,000 1/9,300,00
Ky.-Louisville 39,150,040
32.881,037
Owensboro _ _ _ _
331,737
28.5,61
Tenn.- Memphis
15,826.785
16,626,74
Ark-Little Rock
11,006.512
12.956,080
III.- Jacksonville
197,331
370,297
Quincy
1,111,135
1,465,357

uls-14-5
-11.2
+19.0
+16.1

5.232.40
126,700.000
30.438.018
268.61
14,389.!1!
11.256.293
324.780
1.371.400

5.039,914
123.500.000
30,162,932
268.115
15.551.804
12,067.889
385.407
1.315.198

189,981,480

188,271.039

5,617,703
72,205,41
27,991,
1.726.012
1,350,133
644,405
3,466.It I

5.565.460
71.863.942
24,775.891
1.608.838
1,161.354
469,826
3,188,000

Total(7cities)- 111.714.155 140,418.3
-20. 116.941
Tenth Federal Reserve Dia trier-Kano as CityNeb.-Fremont..
276,195
337,479 -18.2
286.015
Hastings
684,786
,
4-18.1
513,971
Lincoln
3,428,098
3,276,437 +4.6
3,867.769
Omaha
43,600,467
47,369,17
-7.9
45,750.862
Kan.
-Topeka_ _ _
3,368,618
3,216,331 +4.7
3,348.396
Wichita
7,504,120
8,564,51 -12.4
8,823,011
Mo.-Kan. City_ 125,132,853 143,442,849 -12.7 154,185,014
St. Joseph....
5.544,546
7,221.565 -23.2
7.146,975
1.323.960
C010.-001. s934
1.321.102 +0.6
1,356.259
aa
Denver
a
1,624.869
Pueblo
1,;69,922 -8.2
1,272,87

108.633,141

--16.2
--46.8
-24.2

Total(8 cities).

177,697,676 188,884,569 -5.9
Ninth Federal Reserve Dis trict-Minn capolls
Minn.
-Duluth_ _
5,419,581
6.507,534 -16.7
Minneapolis_ _ _
78.598,292 102,454,319 -23.4
St. Paul
21,270.769
24,129.945 -11
N. Dak.-Fargo
1.937.055
1,923.28
+1.6
S. 03.
-Aberdeen.
1,039.105
1,181,357 -12.0
607.141
Mont.-13111Ings-615,91
-1.4
Helena
2,844,212
3,606,000 -21.1

192,388,411

Total(10 cities)

217,014,494 -11.3 226,551.1

Eleventh Fede rat Reserve Distviet-Da Use
Texas-Austin...
1,274,4
1,382.555
+18.4
36,645,044
Dallas
52,756,977 -41.5
Fort Worth...
7,695,281
12,657,054 -39.2
Galveston
3,279,000
5,490,000 -40.3
-Shreveport_
3,501,326
La.
5.087.708 -31.2
Total(5 cities)_s

52,503,206

77.286,223 -32.1

owl

258,320
469.841
4.078.416
40,134.949
2461.036
7,858,781
120,101.369
5,649.305
1,208.388
a
1,201,455
183.511.860

1.734.
41,974,772
12.175,7691
4,718.289
4215.000

1,375,620
41.928.284
10.153.093
5.870.000
4.479.673

64.818,128

63.606.650

Twelfth Feder al Reserve D istrict-San Fvenci
Wash.
--Seattle-, 38,726,501
53.684.845 -27.9
45.001.927
11.052.000
Spokane
13,303.
-16.9
12,719.000
Yakima
1,480,057 -36.9
934.240
1,534,137
Ore.
33.871.246
-Portland
40.740.158 -16.9
35,567,371
15.689.802
Utah-B. L. City
19,894.807 -21.2
16,892.984
2,086,969
Cal.-Freeno_
3,641,073 -43.7
8,377,74
8.730,733 -24.7
Long Beach
7.743.
Los Angeles.- No longer vrill reportclearin gs.
14.344.145
19,301,407 -25.7
Oakland
17,963.527
5.401,857
Pasadena
4,971,605 +8.7
5,000.074
6,633,133
Sacramento...'
7.363,754 -9.9
7.439222
5,465,660
San Dingo.
5,649,830 -3.3
4.970,647
Francisco_ 190.069,000 212.385.000 -10.5 205.134,000
San
San Jose
3.754.188 -5.8
3.585.093
3,016,867
2.014,748
Santa Barbara_
1.870.574+7.7
1208.877
2.107.173
Santa 81onlea.
2,245.426 -6.1
2,018.826
2,065,300
Stoekton
2,533,000 -18.6
2,501

42,345,440
12,038.000
1,191,003
35,133,770
15,281.163
3,962,816
5.386.987
15,756,922
5.113.357
6.251,623
4,433.129
177,495,000
2,445,705
1,206,302
2.070.419
2,445200

Total(16 cities) 340.574,779 401,549.457 -15.1 372,391,012 333,556,946
Grand total (126
9,006,462,440 12497.976,662 -28.0 9,145.722,775 8,788,843,65
cities)
1
Outside N. Y

3314.660,655 4,079.157,034 -16.3 3,644,427,490 3.447,393.17
3
Week Ended Aug. 21.

Clear n s at
1930.
Canada$
107.637.388
Montreal
101.066.338
Toronto
41,392,359
Winnipeg
18,783,572
Vancouver
6,861.479
Ottawa
6,057.775
Quebec
3,315,834
Halifax
5.582,377
HamIlton
6,124,141
Calgary
2,629,065
St. John
2,808.256
Victoria
8.969.728
London
5,220,527
Edmonton
4,494,374
Regina
Brandon
561,907
520.666
Lethbridge
2.071.042
Saskatoon
Moose Jaw
997,076
Brantford
963.123
Fort William
791,264
New Westminster
827.693
Medicine Hat...
248.828
Peterborough_ __
.
897,010
Sherbrooke
789,731
11.14.4,cner
1,113.977
Wind.-i
3,643.478
Prince Albert....
419.616
Moncton
912.905
Kingston
822.691
Chatham
836,936
Sarnia
553,69
Total(31 cities)

332,004,844

1929.
5
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
696,96
813,269
2,860,46
1,555,38
1,360,88
1,036,82
1,001,90
492.17
931,256
1.000,255
1,327.354
4,679,844
447,338
948.937
878,228
657.151
*800.000

Imes
Dec.

1928.

1927.

%
-25.9
-24.3
-36.1
-18.7
-26.
-12.4
+1.4
-15.13
-48.5
-7.7
-0.2
+9.4
-22.0
-23.5
-19.4
-36 i
-27.6
-35.9
-29.2
-23.7
-17.4
-49.4
-3.7
-21.1
-16.1
-22.1
-6.2
-3.8
-17.4
+27.4
-30.8

$
121.283,634
119.318.695
49,287.422
20,069.370
6,630,890
5,857,415
3.437,727
5,859,229
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
1,080,251
798,279
477.034
845.604
876,436
990.932
4.855.948
507.998
903.251
894,055
969.575
752,427

5
105.807.854
114,215.943
45,019.208
17.951.957
6.340.004
5.714.379
2.752,817
5,041,200
6,545,547
2.314,947
2,130.721
2,686,353
4.921.163
5.372,413
590.496
583.482
2,423.168
1,223,215
1,182.764
852,062
873.443
298.219
789,584
849,274
1,082,764
4,653,492
414.229
872.042
776,024
767.681
633,608

446,800,614 -25.7

384,069,645

345,684,053

•No longer reports weekly clearings. •Rs
iraated

1246

[vol. 131.

FINANCIAL CHRONICLE

PRICES ON BERLIN STOCK EXCHANGE.
THE ENGLISH GOLD AND SILVER MARKETS.
Closing quotations of representative stocks on the Berlin
We reprint the following from the weekly circular of
the past
Samuel Montagu & Co. of London, written under date of Stock Exchange as received by calbe each day of
week have been as follows:
August 6 1930:
Aug. Aug. Aug. Aug. Aug. Aug.

GOLD.
The Bank of England gold reserve against notes amounted to £152,279,242 on the 30th ult. (as compared with £154,118,505 on the previous
Wednesday) and represents an increase of £6,319.158 since Jan. 1 last.
The consignment of gold from South Africa which arrived this week amounted
to £908.935, but owing to a portion having been acquired on French
in
account prior to arrival of the shipment here, the amount available
the open market to-day was reduced to £685,000. There was further,
secured for France
£37,000 of West African gold on offer. £528,000 was
and £123.000 for an undisclosed Continental destination the small balance
was divided between India (£45.000) and the home and Continental
during the
trade (526,000). Movements of gold at the Bank of England
week show a net influx of £301,846. Receipts amounted to £585,246,
sovof which £250,000 was in sovereigns from Australia and £100,000 in
£250,000
ereigns "released," while withdrawals totalled £283,400, about
were the
of this amount being in bar gold for France. The following
from mid-day on
United Kingdom imports and exports of gold registered
the 28th ult, to mid-day on the 2d inst.;
Exports.
Imports.
£2,200.635
£281,000 France
Ansi:rails
73.782
1,083,881 Finland
British South Africa
25,299
55,250 Germany
Straits Settlements
442,400
Switzerland
13.239
New Zealand
54,967
10,798 British India
Other countries
3,472
Other countries

22.
21.
20.
18. 19.
16.
Per Cent of Pa
109 108
108
108
107
Aug. Deutsche Credit(Ades)(8)
142 143 144 144 143
Berlin. Handels Ges.(12)
129 129 130
129 129
Commerz-und-Privat-Bank (11)
182 182 181
180
181
Darmstadter U. Nationaibank (12)
124
124 123 123 124
Deutsche Bank U. Disconto Ges.(10)
124
124
Dresdner Bank (10)
124 123 124
249 248
251
246 246
Reicturbank (12)
83
86
86
84
86
Algermeene Kunstzlkle Unle (Aku) (0).._..
140 139
141
137
137
AUg.Elektr. Ges.(A.E.G.)(8)
204%
Ford Motor Co., Berlin (10)
205% 205 205% 206
108
109
109
107
105
Gelsenkirchen Bergwerk (8)
137 136 143 143 141
Gesfuerel (10)
92
93
93
93
Holt- 93
Hamburg-American Lines (lining)(7)
130
130 130
129
day 129
Hamburg Electric Co.(10)
-- 46
46
48
49
Heyden Chemical (5)
103 102 100
101
99
Harpener Bergbau (6)
125 123
123 122 124
Hotelbetrieb (12)
151
152
152
152 151
I.G. Farben Indus.(Dye Trust) (14)
132 133
130
Hall Chemie (7)
130 130
98
101
100
98
96
Karstadt (12)
85
84
84
85
84
Mannesmann Tubes (7)
92
92
93
93
93
North German Lloyd (8)
78
78
78
77
78
Phoenix Bergbau (6%)
183 185 182
181
180
Polyphonwerke (20)
170 170 170 170 170
Rhein. Westf. Elektr.(R.W.E.)(10)
£2,800,555 Sachsenwerk Licht u. Kraft(7%)
88' 89
88
87
88
£1,444,168
195 193 190
192 191
Siemens & Halske (14)
SILVER.
83
84
85
81
80
Stoehr & Co. Kammgarn Sphinerel(5)
movement, Leonhard Tietz (10)
132 134 132
The week has been quiet and prices have shown very little
78
78
79
78
78
to operate Ver. Stalhwerke (United Steel Works) (6)...
variations having kept within Hd. China has been inclined
Indian bazaars
both ways and America has been a moderate seller, while the
Orders have,
have been content to cover a few outstanding bear sales.
price, as a consequence
-PER CABLE.
ENGLISH FINANCIAL MARKETS
in many cases, been at limits Just either side of the
the moment the market
of which the market has been rather narrow. For
The daily closing quotations for securities, &c., at London,
present level. The following
has a fairly steady appearance at about the
silver registered from as reported by cable, have been as follows the past week:
were the United Kingdom imports and exports of
Frt.,
Thurs..
Wed.
Tues.,
mid-day on the 28th ult. to mid-day on the 2d inst.;
Mon.,
Sat.,
Exports.
Imports.
Aug. 16. Aug. 18. Aug. 19. Aug. 20. Aug. 21. Aug. 22.
(incl. Hong Kong).- £32,000
£88,425 China
China
99,113 Silver. p. oz-d- 16%8. 16 13-16d. 16 13-168. 16 11-168. 16 14-168 16 11-168.
India
United States of America- 34,675 Britishcountries
85s.
858.
858.
15,296 Gold,P.fine 021. 85884s.11%d. 85s,
29,942 Other
Mexico
55%
• 553j
553-16
55%
55%
Comas,2%%_
7.698
Other countries
104
103%
104
103%
103%
£146,409 British
£160,740
99%
99%
99%
99%
99%
British 4Yi% _ _
INDIAN CURRENCY RETURNS.
French Rentes
22. Juk 15.
July 31. July
88.30
88.40
88.60
88.60
88.60
On Paris)-fr.
In Lacs of Rupees..
16552 French War L'n
16666
16826
Notes in circulation
11413
11526
11686
101.65
101.70
101.2
101.65
101.70
coin and bullion in India
(in ParLs)-fr
Sliver
Silver coin and bullion out of India
3228
3228
3228
The price of silver in New York on the same days has been:
Gold coin and bullion in India
Gold
Gold coin and bullion out of India
1838 Sliver in N.Y.,per oz.(cts.):
1839
1839
Securities (Indian Government)
36
36%
73
73
36
363(
36x
73
Foreign
---Securities (British Government)
of about 102,400,000
The stocks in Shanghai on the 2d inst. consisted
Saigon dollars and 3,800
ounces in sycee, 147.000.000 dollars, 5,700.000
ounces ha sycee,147,000,000
silver bars,as compared with about 102,400,000
silver bars on the 26th ult.
dollars, 6,900.000 Saigon dollars and 3,200
Statistics for the month of July last are appended;
Bar Gold per
Auction Sales.
-Among other securities, the following,
BarSilver per Oz.Std.
Oz. Fine.
2 Mos.
Cash.
not actually dealt in at the Stock Exchange, were sold at auction
85s. 1%d.
5-16d.
16
16 7-16d.
Highest price
85s. )101.
15 7-16d.
15 9-16d.
and Buffalo on WednesLowest price
858. 0.86d. in New York, Boston, Philadelphia
15.819d.
15.928d.
Average price
day of this week:
Quotations during the week;
Bar Gold per
Bar.Silver per Oz.Std.
By Adrian H. Muller & Son New York:
Oz. Fine.
2 Mos.
Cash.
per
8 per Sh .3Sh.
Shares. Stocks.
. 85s. Yid.
15
188
July 31
15 15-164. 84s. 1134d. 50 Allen Wales Corp.,corn., no par $25 lot 884 Equitable ells. & Sur. Co_ _54,500 lot
188.
Aug. 1
30
,d. 50 Allen Wales Corp.,corn., no par $25 lot 800 Hudson Trading Co., corn
11.
15 13-164. 84s.
15%d.
Per Cent.
Aug 2
Bonds.
84s. 11%d. 10 Tinker Nat. Bk., East Setauket,
15%d.
15 15-16d.
Aug. 5
N. Y,; 10 Chelsea Exch. Bk.; 16
84s. 11%d.
819,000 K. C. Rys. Co., rec. for
15%d.
15 15-16d.
Aug. 6
28 mtge. A bds. with Jan. 1 1920,
Bank of Suffolk Co., Stony
84s. 11.92d.
15.887d.
15.9508.
Average
541 lot
coupons attached
Brook. N. Y
55.950 lot
delivery are each
The silver quotations to-day for cash and two months'
1,000 're-Bullion Smelt. & Devel.
5 notes $1,041.66 each, made by
Regal Doll Mfg. Co., Inc., due
Co.. corn, Par 35: 500 Per1-16d. below those fixed a week ago.
the 1st day of Aug., Sept., Oct.,
manent fly, Tie Corp., corn,
,
Nov. & Dec., 1930, dr endorsed
par $5
817 lot
by Voorhees Rub, Mfg, Co 82,500109
1 Bankers Loan & Inv. Co., cl. A;
PRICES ON PARIS BOURSE.
$10,000 Idaho Irrig. Co., Ltd., 6%
200 Lucky Jim Zinc Mines, Ltd..
par 81: 3,500 Castle Creek Min.
ad). m. as. Jan. 1 1928, Jan. 1
on the Paris Bourse
$31 tot
1915, coupon on
Quotations of representative stocks
Co., Par $1
821 lot

CommercialmaPi,XiscellatteratsRCM

as received by cable each day of the past week have been
as follows:
Aug.18. Aug.19. Aug.20. Aug.21. Aug.22.

Aug.16.
1930. 1930.
Francs. Francs.
Bonds-88.55
French Rentes 3% Perpetual-__
101.70
French Rentes 4% 1917
101.05
French Rentes 5% 1915-16
Banks
21,850
Banque de France
2,600
Banque de Paris et des Pays Etas_
3,015
Lyonnais
Credit
1,401
Union dal Mines
Canal
16,650
Canal Maritime de Suez
Railroad2,365
Chemin de fer du Nord
Mines
1,392
HoltMines des Courrieres
1,133
day
Mines des Lens
Soo. Mlnlere et Metallurgique de
890
Penarroya
Public Clunks
3,070
Cie. General d'Electricite
2,950
Soo. Lyonnalse des Eaux
Cie. Francalse des Precedes
819
Thomson-Houston
1,195
Union d'Electricite
Industrials2,070
Trefileries & Laminoirs du Havre
680
Societe Andre Citroen
274
Ste. Francaise Ford
920
Coty, S. A
2,765
Peehtney
1,644
l'ALr Liquids
930
Etablissements Kuhlmann
165
Galerles Lafayette
Ott
3,900
Royal Dutch




1930.
Francs.
88.65
101.65
101.10

1930.
Francs.
88.60
101.65
101.10

1930.
Francs.
88.45
101.65
100.05

1930.
Francs
88.30
101.70
101.10

21,875 21,805 21,760 21,760
2,595 2,580 2,570 2.580
3,000 2.990 2,995 2,985
1,399
1,396
1,396 1,396
16,650 16,595 16.560 16,625
2,565

2,355

2.350

2,335

1,390
1,143

1,394
1,155

1,397
1,143

1,390
1,134

890

885

810

774

3,080
2,945

3.090
2,950

3,090
2,945

3.055
2,915

813
1,198

815
1,195

815
1,195

805
1,182

2,070
690
270
920
2,750
1,635
935
165

2,080
685
272
925
2,760
1,632
932
164

2,065 2,040
674 ' 665
270
271
925
925
2,760 2,735
1,610
1,631
926
935
164
164
•

3,810

3,775

3,720

3,725

By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ Per Sh.
Cos, as follows: 7 at
35: 10 at 35:5 at 35: Sat 35; Sat
35: Sat 35; Sat 36%.
50 Sharp Mtg. Co., corn
Sc
5 Naumkeag Steam Cotton Co., 87
20 Orswell Mills, corn,; 75 pref----55 lot
50 Hobbs Mfg. Co., pret
10%
10 Johnson Educator Disc. Co..
pref., class A
7,/
Assoc. Textile

$ per Shs
Shares. Stocks.
500
123 The Sampson Co
11%
46 All. Gas dc Elec. Corp., Cl. A
Per Cent.
Bonds,
81,000 Trustees of Ritz-Arlington
83
Trust as. due Sept. 1946
$5,000 United Gas & Elec. Co.
(New Albany) 58 Nov. 1938.....100%
$1,000 Northern Tex, Elec. Co. 58,
42
due Jan. 1940

By R. L. Day & Co., Boston:
Shares. Stocks.
8 Per Sh,
10 Federal Nat. Bank, par 520.___ 98
1 Merchants National Bank
516
50 Federal Nat. Bank, par 520
98
13 All. Nat.Bank, par $25
92%
2 Warren Nat. Bank, Peabody__ 19534
8 Medford Trust Co., par $20
65
25 Naumkeag Steam Cotton Co..
.84-84%
10 Farr Alpaca Co
69%
40 N.Y.Pow,dr Lt. Corp.7% pfd_111
10 Amer. Founders Tr., 7% PM,
series It, par $50
47%
10 Mass. Bond'g & Ins.Co.,par $25 106
2 Western Maas. Co
62
9 Boston Wharf Co
99
10 Robert Gar Co., class A
8
15 Old Colony Invest. Trust, corn... 11
Bonds,
Per Cent.
$1,000 Brazos River Gas Co. 78,
Oct. 1931 with warrants_ _98% & int.

Per Ccent.
Bonds.
$5.000 Sumnilt House Apt. Bldg.,
50% & int.
6s, July 1935
$5,000 Willoughby Bldg.. 6lin.
41% & int.
Mar.1941
51,000 Ponce de Leon Apts., 78,
Jan. 1938 coup. Jan. '29 &
10% flat
sub on
$4.000 Ponce de Leon Apts., 78,
15% flat
Jan. 1938 res. deposit
51.000 New Ramps. Pow. Co.. as,
101% & int.
Dec. 1943
$1,000 Jewett Repertory Theatre
535 lot
6a. Dec. 15 1939
81.000 Prudence Co.. Inc. 5%s,
95% & Int.
May 1961
yti mu Bangor & Aroostook fly., Ilf,
101% dr int
53s,May 1932
$1.000 Maine Cent. RR., (Is,
1035 & let.
4
Dec. 1935

By A. J. Wright & Co., Buffalo:

$ per:Sh.
Shares. Stocks.
Shares. Stocks.
i Der Sh.
12 Buffalo Steel Car Co., Inc., *.-,
5 Labor Temple Association of
51.50 lot
Par
Buffalo & Vicinity, Inc., par $5_ 10c.
1,000 Castle Trethewey Mines, par
140.
81

AUG. 23 19301

FINANCIP\L CHRONICLE

By Barnes & Lofland, Philadelphia:
Shares. Storks.
$ Per Sh.
125)4
20 Phila. Nat. Bank, par $20
65 Nat. Bk. of Germantown & Tr.
Co., par $10
80
25 Corn Exch. Nat. Bk. & T.Co.,
121
par $20
5 Jenkintown Bk.& Tr.Co.,par $10 12934
90 Real Est. Ld. Title & Tr. Co.,
par $10
40)
60 Pa. Co. for Ins. on Lives, &c.,
95
par $10
11
50 Aldine Trust Co., par $10

Shares. Stocks.
$ per Sh.
17 Integrity Trust Co., par $10-105
50 Franklin Trust Co., par $10...... 52
127 Param't Rub. Cons., Inc. pf__311 lot
144 Param't Rub.Cons., Inc. corn.,
no par
$1 lot
72 Parasol Inter.Rub. Co.,no par_$.3 lot
93 Shamokin & Trevorton Bus
Line Co
$5 lot
Bonds.
Per Cent.
$450 Temple Univ. Samaritan Hoop
6s 1944
95

-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED WITH TITLES
REQUESTED.
Capital.
Aug. 13-Wurtsboro National Park, Wurtsboro, N. Y
$25,000
Correspondent, George B. WLcson, Wurtsboro, N. Y.
National Bank of Forest City, N. C
-The City
Aug. 13
50,000
Correspondent, G. B. Harrill, Forest City. N. C.
CHARTERS ISSUED.
-The Northwestern National Bank of Litchfield, Minn
Aug. 13
75,000
President F. M. March Cashier W.0. Hinterman.
-First National Bank in Phillips,'Wig
Aug. 13
25,000
President, Henry Niebauer Cashier. Joe Kolar.
-The First National Bank in New Hobbs, N. M
Aug. 14
25,000
President, J. F. Matchett Cashier, J. A. Johnson.
-First National Bank in Plainview, Tex
Aug. 14
100,000
President, E. M. Carter Cashier, J. G. Daugherty.
Aug. 15
-The First National Bank of Washington Court
House, Ohio
100,000
President, Avery 0.Clinger; Cashier,R.Owen Harrison.
VOLUNTARY LIQUIDATIONS.
Aug. 11
-The Commercial National Bank of Fort Dodge,Iowa
100.000
Effective Aug. 5 1930. Liquidating agent, C. A. Garlock. Fort Dodge, Iowa.
Fort Dodge National Bank, Fort
Absorbed by the
Dodge Iowa, No. 2763.
-The National Bank of Commerce of Ogden, Utah
Aug. 12
250,000
Effective June 10 1930. Liquidating agent, Commercial Security Bank of Ogden, Utah.
Absorbed by Commercial Security Bank of Ogden,Utah,
-The First National Bank of Fontanelle, Iowa
Aug. 15
25,000
Effective Aug. 12 1930. Liquidating agent, State
Savings Bank of Fontanelle, Iowa.
Absorbed by the State Savings Bank, Fontanelle, Iowa.
-The Union National Bank of New Kensington, Pa_
Aug. 15
100,000
Effective Aug. 7 1930. Liquidating committee; E. B.
Rowe. B. H. Thompson and S. C. 13ednar, care of
the liquidating bank.
Absorbed by the Logan Trust Co. of New Kensington.
-The First National Bank of Blue Hill, Neb
Aug. 16
50,000
Effective April. 29 1930. Liquidating agent, 0. F.
Gund, Blue Hill, Neb.
Absorbed by Commercial Bank, Blue Hill, Neb.
-The Hutto National Bank, Hutto. Tex
Aug. 16
25,000
Effective July 30 1930. Liquidating agents; A. W.
Swenson and Eric E. Brown, Hutto, Tex.
Succeeded by First National Bank in Hutto, Tex., No.
13475.

DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.

Per
TVhen
Cent. Payable.

Books Closed.
Days Inclustte.

Railroads (Steam).
Alabama & Vicksburg
3
Oct. 1 Holders of rec. Sept. Sc
*$2.50 Sept. 10'Holders of rec. Aug. 30
Atlantic Coast Line Co.(guar.)
Bangor & Aroostook common (guar.)...
88e. Oct. 1 Holders of rec. Aug. 30
Preferred (guar.)
134 Oct. 1 Holders of rec. Aug. 30
Chesapeake Corp. common (guar.)
•750. Oct. 1 *Holders of rec. Sept. 6
Chestnut Hill RR.(guar.)
75c. Sept. 4 Aug. 21 to Sept. 3
Consolidated RRs. of Cuba pref. (quar.) 134 Oct. 1 Holders of rec. Sept. 10a
Cuba RR.common (guar.)
$1.20 Sept.29 Holders of rec. Sept.29a
Delaware & Bound Brook (guar.)
2
Aug. 20 Holders of rec. Aug. 19a
Phila. Germantown & Norr.(quar.).
$1.50 Sept. 4 Aug. 21. to Sept. 3
Southern Pacific CO. (guar.)
134 Oct. 1 Holders of rec. Aug. 250
Vicksburg Shreve. & Pat, common
234 Oct. 1 Holders of rec. Sept. Sc
Preferred
234 Oct. I Holders of rec. Sept. Sc
Public Utilities.
Alabama Water Service $6 pref. (MI.)
- $1.50 Sept. 1 Holders of rec. Aug. 20
Amer. Public Utilities, pr. pref. (quar.)- •134' Oct. 1
'Holders of rec. Sept. 15
Participating preferred (guar.)
*131 Oct. 1 'Holders of rec. Sept. 15
Amer. Telep. & Teieg. (guar.)
23.4 Oct. 15 Holders of rec. Sept. 20
Associated Telep. Utilities corn.(quar.)_ /2
Oct. 15 Holders of rec. Sept. 30
$7 prior preferred (guar.)
$1.75 Sept.15 Holders of rec. Aug. 30
$6 prior preferred (guar.)
$1.50 Sept.15 Holders of rec. Aug. 30
$6 convertible preferred (guar.)
$1.50 Oct. 1 Holders of ree. Sept. 15
Heston Elevated Res., corn. (quar.)
•134 Oct. 1 'Holders of rec. Sept. 10
Second preferred (guar.)
*334 Oct. 1 *Holders of rec. Sept. 10
Canadian West. Nat. Gas L. H.& Pr.
Preferred (quar.)
*I% Sept. 1 'Holders of rec. Aug. 15
Extra
"25c. Sept. 1 *Holders of rec. Aug. 15
Dayton Power dr Light, pref. (mthly.)_. "50e. Sept. I *Holders of rec. Aug. 20
Grand Rapids RR., Pref.-Dividend omi tted.
Illinois Power Co.,6% pref. (quar.)_
134 Oct. I Holders of rec. Sept. 15
7% preferred (guar.)
134 Oct. 1 Holder, of rec. Sept. 15
Indiana Hydro-Elec. Pow., pref. (guar.) 134 Sept.15 Holders of rec. Aug. 30
234 Sept.15 Holders of rec. Sept. 1
Laclede Gas Light, corn. (guar.)
Louisville Gas .4 Elec., tom. A & B (qu.) 4334c Sept.25 Holders of rec. Aug. 30
Midland United Co.,corn.(guar.)
/134 Sept.24 Holders of rec. Aug. 30
Convertible prof., series A (guar.).
- 1175e. Sept.24 Holders of rec. Aug. 30
Midland Utilities Co.
•134 Oct. 6'Holders of rec. Sept. 22
7% prior lien (guar.)
'134 Oct. 6 *Holders of rec. Sept. 22
117 prior lien (guar.)
*154 Oct. 6 *Holders of rec. Sept. 22
7% preferred A (guar.)
•134 Oct. 6 *Holders of rec. Sept. 22
6% Preferred A (guar.)
Nassau & Suffolk Lighting, pref.(guar.) 134 Oct. 1 Holders of rec. Sept. 16
25c. Sept. 30 Holders of tee. Sept. 15
New England Pub. Serv., corn. (gu.).._.
Common (payable in common stk.) _ /1st Sept. 30 Holders of roe. Sept. 15
$7 prior lien pref. (guar.)
$1.75 Sept. 15 Holders of tee. Aug. 30
$6 prior lien pref. (guar.)
$1.50 Sept.15 Holders of rec. Aug. 30
2
New England Telep. & Teleg.(guar.) _
Sept.30 Holders of rec. Sept. 10
New York Steam Co., 86 pref.(guar.).- "$1.50 Oct. 1 'Holders of rec. Sept. 15
'31.75 Oct. 1 'Holders of rec. Sept. 15
$7 preferred (guar.)
North American V. ater Works & Elec.Preferred and class A-I)ivs. omitted.
Oregon Water Service, IS pref. (guar.) •$1.50 Sept. 1 'Holders of rec. Aug. 15
q60c. Oct. 1 Holders of rec. Sept. 8
Peoples Light & Power, corn. A (guar.)
South. Cities MIL, 86 pr. pfd. ((uar.)- - $1.50 Sept. 2 Holders of rec. Aug. 26
Sept. 15 Holders of ree. Aug. 30
Standard Gas & Electric, $4 pref.(guar.) 81
Standard Utilities. Inc., corn
12144 Sept. 1 Holders of rec. Aug. 20
Taeony-Palmyra Bridge
•75e. Sept.30 Holders of rec. Sept.15
Common and class A (No. I)




Name of Company.

1217
Per
When
Cent. Payable.

Books Closed,
Days Inclusive.

Public Utilities (Concluded).
United Gas & Elec. Corp., Prof.(qu.)__ - *134 Oct.
Utilities Power & Light, corn.(quar.)._ *u25e. Oct.
*1150e Oct.
Class A (guar.)
*u25e. Oct.
Claes B (guar.)
*id% Oct.
Preferred (guar.)
Washington Sty. & Elec., corn.(guar.).- •fli Sept.
"134 Sept.
Preferred (guar.)

1 *Holders of rec. Sept. 15
1 "Holders of rec. Sept. 5
1 *Holders of rec. Sept. 5
1 *Holders of rec. Sept. 5
1 'Holders of roe. Sept. 5
1 'Holders of rec. Aug. 16
I *Holders of rec. Aug. 16

Banks.
Chase National (guar.)
Chase Securities Corp.(guar)

}$1

Oct.

I Holders of rec. Sept. 10a

Trust Companies.
Chelsea Bank & Trust (guar.)
Irving ((uar.)

6214e. Oct.
40c. Oct.

1 Holders of rec. Sept. 12a
1 Holders of rec. Sept. 2

Miscellaneous.
Abitibi Power & Paper,6% pref.(guar.) 134 Oct. 20 Holders of tee. Oct. 10
134 Oct. 1 Holders of rec. Sept. 20
7% Preferred (guar.)
*40e. Sept.30 *Holders of rec. Sept.15
Adams Express common (guar.)
Preferred (guar.)
'134 Sept.30'Holders of rec. Sept.15
"373(c Oct. 10'Holders of rec. Sept. 22
Addressograph Internat. (guar.)
75c. Sept. 1 Holders of rec. Aug. 200
Allen Industries pref. (guar.)
Allied Products Corp., class A (quar.).. •8734e Oct. 1 *Holders of rec. Sept. 15
Amalgamated Laundries pref.(mthly.).* 58 1-50 Sept. 1 'Holders of rec. Aug. 15
Amer.13rIt. & Continental lot pref.(qu.) *$1.50 Sept. 1 *Holders of rec. Aug. 15
*50e. Oct. 1 'Holders of roc. Sept. 12
Amer. Chicle common (guar.)
"25e. Oct. 1 'Holders of ree. Sept. 12
Common (extra)
15c Sept.20 Holders of rec. Sept. Sc
American (The) Corp. corn.(No. 11...
Sept.30 *Holders of rec. Sept. 12
American Locomotive, torn. (guar.)...- 'Si
•134 Sept. 30 "Holders of rec. Sept. 12
Preferred (guar.)
Amer.& Scottish Investors pref.-Divid end passed.
Amer. Shipbuilding common (quar.)-. "$1.25 Nov. 1 *Holders of rec. Oct. 15
Preferred (quar.)
•134 Nov. 1 "Holders of rec. Oct. 15
American Stores (gear.)
*50e. Oct. 1 *Holders of rec. Sept. 15
American Surety (guar.)
51.50 Sept.30 Holders of rec. Sept. 134
Amer.0th.& General Corp. class A (illiL) 3234e Sept. 2 Holders of rec. Aug. 21
. C1888 B (guar.)
10e. Sept. 2 Holders of rec. Aug. 21
75e. Sept. 2 Holders of rec. Aug. 21
Preferred (guar.)
American Writing Paper, pref. (guar.)._ •$1 Sept. 30'Holders of rec. Sept.20
Anchor Post Fence (qu.) (In stock)- - - - "e234 Oct. 1 'Holders of rec. Sept. 15
Arnold Print Works panic. pref. (OIL)._ •8734e Sept. 2 *Holders of rec. Aug. 20
Sept.15 Holders of rec. Sept. 5
$2
Autocar Co. pref. (guar.)
$1.51) Sept. 2 Holders of rec. Aug. 11
Baldwin-Duckworth Chain (guar.)
Bankers' National Investing Corp.
25e. Aug. 25 Holders of rec. Aug. 16
Common A and B (guar.)
Corn. A & B (1-100 share corn. stock). (f) Aug. 25 Holders of rec. Aug. 16
300. Sept. 1 Holders of rec. Aug. 20
Bentley Chain Stores. corn.(guar.)
$I Sept. 1 Holders of ree. Aug. 20
Preferred (guar.)•
Boston WoVen Hose dr Rubb. corn.(g11.) $1.50 Sept.15 Holders of roe. Aug. 30
British-American Tobacco
Ordinary registered ohs. (interim)._ (r) Sept. 30 Hold. of coup. NO. 136
90 Oct. 1 Holders of rec. Sept. 1
British Type Inventors (bi-monthly) *25c. Sept. 30 Holders of rte. Sept. 10
Budd Wheel,corn.(guar.)
•134 Sept. 30 Holders of rec. Sept. 10
Preferred (guar.)
"75c. Sept. 30 *Holders of rec. Sept.10
Preferred (extra)
'134 Oct. 1 *Holders of rec. Sept.15
Burns Bros. pref. (anon)
Oct. 1 Holders of roe. Sept. 15
Canada Permanent Mtge.Corp.(guar.). 3
75e. Oct. 1 Holders of teL Sept. 13
Canadian General Electric common (qu.)
8736c Oct. 1 Holders of rec. Beet. 13
Preferred (guar.)
-D1 viden ds omit ted.
Chelsea Exchange Corp.,class A dc B
Sept.30 *Holders of rec. Sept. 10
Chesebrough Mfg. Consol.(go.)
*50e. Sept.30'Holders of rec. Sept.10
Extra
•25e. Oct. 1 Holders of rec. Sept. 19
Chicago Yellow Cab(monthly)
•25c. Nov. 1 Holders of rec. Oct. 20
Monthly
•25e. Dec. 1 Holders of rec. Nov. 20
Monthly
City Savings Bank (Budapest)
'$1.40 Aug. 29 *Holders of rec. Aug. 22
American shares
Clark Equipment Co. common (guar.)._ *75c. Sept.15 'Holders of rec. Aug. 29
*30e. Oct. 1 *Holders of rec. Sept. 11
Container Corp., class A (guar.)
*$1.75 Oct. 1 'Holders of rec. Sept. 11
Preferred (guar.)
"60c. Sept. 2 *Holders of rec. Aug. 25
Cook Paint & Varnish (guar.)
*31 Sept. 2'Holders of ree. Aug. 25
Preferred (guar.)
50e. Sept. 1 Holders of rec. Aug. 20
Corno Mills (guar.)
Corporation Securities Co. of Chicago
Sept.20 Holders of rec. Aug. 21
Corn.(13,4% or 3-200 sh. corn. stock).
134 Sept. 30 Holders of rec. Sept. 15a
Crucible Steel of Amer., Pref. (quar.)_.
"134 Sept. 2 *Holders of rec. Aug. 11
Dartmouth Mfg. common (guar.)
*134 Sept. 2'Holders of rec. Aug. al
Preferred (guar.)
"70c. Sept. 2 *Holders of rec. Aug. 28
Debenham Securities, Amer. shares
•20e. Sept. 15 'Holders of rec. Aug. 30
Detroit Motorbus common (guar.)
*8734e Sept. 1 *Holders of ree. Aug. 21
Dresser (S. R.) Mfg. class A (guar.)._
*50e. Sept. 1 'Holders of rec. Aug. 21
Class B (guar.)
Sept. 15 Holders of rec. Aug. 28
Du Pont(E. I.) de Nem.& Co. com.(gu) $1
134 Oct. 25 Holders of rec. Oct. 10
Debenture stock (guar.)
"25e. Oct. 15 'Holders of ree. Oct. 1
Economy Grocery Stores (guar.)
The. Oct. 1 Holders of rec. Sept.15
Equitable Office Bldg., corn.(qu.)
134 Oct. 1 Holders of ree. Sept.15
Preferred (guar.)- 50c. Sept. 1 Holders of rec. Aug. 16
Equity Investors Corp. common
750. Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
Famous Players Can. Corp., Corn.(q11.)- "50e. Sept.27 *Holders of rec. Sept.12
134 Oct. 1 Holders of rec. Sept. 1
Feltman & Curme Shoe Sts, pref.(au.)- Food Machinery Corp. Pref.(mthly.) -- •50e. Aug. 15 'Holders of rec. Aug. 10
"65e. Sept. 15 'Holders of rec. Sept.10
Foote-Burt Co. common (guar.)
81.131 Aug. 21 'Holders of rec. Aug. 14
French Line American shares
'It. Aug. 15 *Holders of rec. Aug. 1
Fulton Petroleum (monthly)
*34 Aug. 15 *Holders of rec. Aug. I
dividend (monthly)
Stock
-cc
Galland Mercantile Laundry (guar.). _ '873 Sept. 1 *Holders of rec. Aug. 15
$1.25 Sept. 15 Holders of rec. Sept. 5
Gamewell Co., corn,(guar.)
$1.50 Sept.15 Holders of rec. Sept. 5
Preferred (guar.)
General American Investors, pref.(qu.). .$1.50 Oct. 1 *Holders of rec. Sept. 19
•40e. Oct. 25 *Holders of rec. Sept. 19
General Electric (guar.)
*15e. Oct. 25'Holders of rec. Sent. 19
Special stock
3714c Oct. I Holders of rec. Sept.15
Gypsum Line & Alabastine (guar.)
*15c. Sept.113 *Holders of roe. Sept. 1
Hall(C. M.) Lamp,common (guar.).
•31.50 Sept. 2 *Holden of rec. Aug. 20
Hambieton Corp.. prof
"250. Sept.15 *Holders of rec. Aug. 15
Hecht Mining (guar.)
Sc. Sept. I Holders of roe. Aug. 26
Hollinger Consol. Gold Mines(mthly.)
75c. Oct. 1 Holders of rec. Sept. 11
Hudson Motor Car ((mar.)
•434 Sept.15 *Holders of tee. Sept. 1
Illinois Pipe Line
•3
Imperial Chem. Industries(interim)._
18e. Aug. 30 Holders of rec. Aug. 25,
Imperial Royalties, pref. A (mthly.)-1340 Aug. 30 Holders of roe. Aug. 25
Old preferred (monthly)
"62 e Oct. 15 *Holders of rec. Sept. 20
Internet!. Harveoter, corn.(guar.)
The. Oct. 1 Holders of rec. Sept. 15a
International Salt, new corn.(No.1)_
*150. Aug. 15 *Holders of roe. Aug. 13
Iron Cap Copper, pref. (guar.)
•75e. Sept. 2'Holders of rec. Aug. 15
Irving 011, Ltd., prof.(guar.)
Kaufmann Dept. Stores. pref. (guar.)._
134 Oct. 1 Holders of tee. 5ept.10
elm Sept. 1 *Holders of roe. Aug. 15
Kentucky Rock Asphalt, pref. tquar.)
Kimberly Clark Corp.. corn.(guar ).--- •62340 Oct. 1 'Holders of rec. Sept. 12
Preferred (guar.)
•134 Oct. 1 *Holders of rec. Sept.12
Knapp Monarch Co.
-Dividend deferred
Kepler Co. (guar.)
*$1.10 Sept. 1 *Holders of rec. Aug. 23
Lake Shore Mines, Ltd.(guar.)
30e. Sept.16 Holders of rec. Sept. 2
Bonus
30e Sept.16 Holders of rec.
Legere(P. T.) Co., Ltd., pref.(guar.)._ *134 Sept. 2 "Holders of rec. Sept. 2
Aug. 15
Le Blond-Schacht Truck, pref.(guar.)._ *81.75 Sept. 2'Holders of
rec. Aug.
Liggett & Myers Tob. pre.(guar.)
134 Oct. 1 Holders of tee. Sept.24
10
Lily-Tulip Cup Corp. corn. iquar.)
'3714c Sept.15 'Holders of rec. Sept. 2
Preferred (guar.)
. 134 Sept.30 'Holders of roe.
1
.
Lord & Taylor common (guar.)
234 Oct. 1 Holders of res. Sept. 2
Sept. 17
Majestic Royalty Corp. (monthly)
•134 Sept. 1 *Holders of rec.
Aug. 25
Mallinson(H.B.)Co. pref.(guar.)
134 Oct. 1
ManischewItz (B.) Co.corn.(guar.)._ "45e. Sept. 1 *Holders of tee. Sept.20
Holders of tee. Aug. 20a
Common (pay. In common stock)
•11
Sept. 1 "Holders of rec. Aug. 20
Marine Midland Co.(guar.)
•30e. Sept. 30 'Holders of rec. Sept. 4
May Hosiery Mills pref.(guar.)
$1
Sept. 1 Holders of tee. Aug. 22
MeCahan(W.j.)Sug.Refg.& Molasses
Preferred (guar.)
134 Sept. 2 Holders of rec Aug. 234
.
.
McKesson dr Robbins, common (guar.)_ *25e. Sept.15
*Holders of rec. Sept. 5
Preferred (guar.)
"8734c Sept.15 *Holders of roe. Sept. 5

1218
Name of Cempany.

FINANCIAL CHRONICLE
Per
When
Cent. Payable.

Books Closed.
Days Inclustre.

Name of Company.

[Vol.. 131.
Per
When
Cm:. Pavel*.

Books Closed.
Days Inclusive.

Miscellaneous (Concluded).
Public Utilities (Continual).
Mergenthaler Linotype (guar.)
$1.50 Sept.80 Holders of roe. Sept. 3a Amer.Power & Light.corn.(guar.)
,
25c. Sept. 2 Holders of zee. Aug. 169
Mesta MUCII hire. Cout.(QUM%)
Amer. Telegraph dr Cable (guar.)
*50c. Oct. 1 "Borders of rec. Sept.15
13$ Sept. 2 Holders of roe. Aug. 219
*3 Oct. 20 *Holders of rec. Sept.30
Mexican Petroleum,corn.(guar.)
Amer. Water Works & Elec., pref.(gu.) 31.50(001. 1 Holders of tee. Sept. 11.
Associated Gas & Elec.. IPS prof.(guar.) - $1
Preferred (guar.)
*2 Oct. 20 "Holders of rec. Sept. 30
Sept. 2 Holders ot tee. JMY 31
$6,50 preferred (quit.)
Motor Finance(guar.)
"25c. Aug. 30 *Holders of see. Aug. 23
31.625 Sept. 2 Holders of rec. Jury 31
National Bond & Share Corp
$5 preferred (guar.)
250. Sept.15 Holders of rec. Sept. 2
$1.25 Seri,. 16 holden of roe. Aug. 15
Neptune Meter class A & B (guar.)
Associated 'relep. & Term. el. A (extra). '81
50c. Sept.15 Holders of rec. Sept. 1
Nov. 1 'Holders of rec. Oct. 17
Newport Co. common (guar.)
Atlas Utilities Prof. A (quit.)
*50c. Sept. 2 *Holders of rec. Aug. 25
75e. Sept. 2 Holders of rec. Aug. 20
Class A (guar.)
750. Sept. 2 Holders of rec. Aug. 25a Bangor Hydro-El. Co.8% pref.(qu.)... 4.1 yi Oct. I 'Holders of rec. Sept. 10
7% preferred
4
,1% Oct. 1 *Holders otter. Sept.10
New York Transit (guar.)
(guar.)
400. Oct. 15 Holders of rec. Sept. 19
New York United Hotels pref.-Dividen d pass ed.
Birmingham Water Works, Prof. (guar.)
ti Sept.15 'Holders of rec. Sept. 1
North Amer. Consol. Oil (monthly).
Brattltan Trac., Light & Pow.. ord (qtr.)
- •10c. Sept. 2'Holders of rec. Aug. 20
50e Sept. 2 Holders of roe. July 31
Brooklyn Edison Co. (guar.)
North Central Texas Oil pref.(guar.)... 13$ Oct. 1 Holders of tee. Sept. 10
2 Sept. 2 Holders of rec. Aug. 150
Brooklyn-Manhattan Trsnsit. pf. A (qu.) 31.50 Oct. 15 Holders of rec. Oct. la
Oxford Paper pref. (guar.)
•
31.50 Sept. I *Holders of rec. Aug. 15
Preferred, series A (guar.)
Parafflue Co.., Inc. (guar.)
Sept.27 Holders of rec. Sept.17
$1
$1.50 Jy 15'31 Holders of rec. Dec. 31.
Preferred. series A (guar.)
Parker Trading class A & B (guar.)
*30e.Sept. 2"Holders of rec. Aug. 15
31.50 ApI5'31 Hold.of rec. Apr. 11931.
Penn Bankshares & Sec. pref. (quar.)--- "8234c Sept. 1 "Holders of rec. Aug. 15
Brooklyn Union Gas Co.(guar.)
$1.25 Oct. 1 Holders of rec. Sept. 26
Butler Water, 1st pref.(guar.)
Peoples Drug Stores, Inc., corn.(qu.)...
"25c. Oct. 1 *Holders of rec. Sept. 8
*111 Sept.15 *Holders of rec. Sept. 1
Canada Northern Power common (citt.)_
Preferred (guar.)
4,13$ Sept.15 "Holders of rec. Sept. 2
15es Oct. 25 Holders of tee. Sept.80
Pet Milk Co., corn.((ivar.)
Preferred (guar.)
3733c. Oct. 1 Holders of rec. Sept. 10
134 Oct. 15 Holders of roe. Sept.80
Canadian Hydro Elec., pref.(guar.)...- 134 Sept. 1 Holders of ree. Aug. 1
Preferred (quer.)
1 y, Oct. 1 Holders of rec. Sept. 10
Cent. Ark.Public Sete., pref.(guar.)._
Petroleum & Tract. Corp. class A (guar.) 3134c Sept. 2 Holders of rec. Aug. 25
154 Sept. 2 Holders of rec. Aug. 159
Pfandier Co. pref. (guar.)
Central Gas& Elec.. $834 pref.(qua?.)-- 81.625 Sept. 1 Holders of rec. Aug. 18
*134 Sept. 1 *Holders of me. Aug. 23
Central III. Pub. Service, pref.(qua?.)..
Phelps Dodge Corp. (guar.)
75c. Oct. 1 Holders of rec. Sept. 5
5001.15 *Holders of rec. Sept.30
Central Indiana Power, Prof. (gnat.)... 134 Sept. 2 Holders of rec. Aug. 20
Photo Engraving & Electra ((Mar.)
*We.Sept. 1 *Holders of rec. Aug. 15
Central Miss. Val. El. Prop.. Pr. (go.). *114 Sept. 2 *Holders of rec. Aug. 15
Pickwick Corp. pref. ((ivar.)
*17tic Aug. 30'Holders of rec. Aug. 15
Central Public Serv. Corp..el. A(MO-- n4331c Sept. 15 Holders of rec. Aug. 26
Pincbin Johnson & Co.ord.(Interim)..- "10
Prairie Oil & Gas(guar.)
50c. Sept.30 'Holders of rec. Aug. alla
$7 preferred (guar.)
81.75 Oct. 1 Holders of rec. Sept.11
Prentice-Hall. Inc.,common (guar.)
$e preferred (quiz.)
-- 570c. Sept. 2 *Holders of rec. Aug. 20
81.50 Oct. 1 Holders of tee. 8%4.11
Preferred (guar)
"75c. Sept. 2 *Holders of two. Aug. 20
$4 preferred (guar.)
$1 Oct. 1 Holders of ree. Sept.11
Pressed Steel Car pref.(guar.).
Central States Elec. Corp.. coin.(go.)...
131 Sept.30 Holders of rec. Sept. 2
10e Oet. 1 Holders of rec. Sept. &
Railroad Shares Corp.(guar.)
12340 Sept.15 Holders of rec. Aug. 25a
Common(payable% com.stock)
1234 Oct. 1 Holders of roe. Sept. 5
7% pref.(issue of 1912)(quiz)
Rainier Pulp & Paper class A (quer.)---- *500. Sept. 1 *Holders of rec. Aug. 10
134 Oct. 1 Holders of rec. Sept. &
Class B-Dividend omitted.
6% preferred (guar.)
134 Oct. 1 Holders of too. Sept. 5
Raybestos-Manhattan, Inc. (qua?.)
Cony. pref.(series of 1928, (guar.).-- (m) Oct. 1 Holders of rec. Sept. 5
-- *65c. Sept.15 *Holders of rec. Aug. 30
Reliance Mfg.(Ohio),common (qua?.).. 4
Cony. pref.(series of 1929)(qua,.)... (as) Oct. 1 Holders of rec. Sept. 5
11 Oct. 1 *Holders of rec. Sept. 18
Chicago Rap. Trail.. pr. p1.
Ben Motor Car (guar.)
*20c. Oct. 1 "Holders of rec. Sept. 10
•656. Sept. 1 *Holders of ree. Aug. 19
Research Investment Corp. common
Prior preferred B (monthly)
75c. Sept. 1 Holders of rec. AUK. 16
•60e. Sept. I *Holders of tee. Aug. 19
Chic.So. Shore & So Bend, pi. A(QUI -Preferred (guar.)
750. Oct. 1 Holders of roe. Sept.15
154 Sept. 2 Holders of rec. Aug. 15
Revere Copper & Brass class A (guar.)._ "81
Cleveland Elea. mum.,pref.(quar.)---- 13$ Sept. 1 Holders of roe. Aug. 15
Oct. 1 'Holders of rec. Sept. 10
Commonwealth de South. Corp.com.(qn)
Preferred (guar.)
*31.75 Nov. 1 *Holders of rec. Oct. 10
15c. Sept. 1 Holders of rec. Aug. 45
$8 preferred (guar.)
Russeks Fifth Ave.Inc. guar.)
400. Sept. 2 Holders of rec. Aug. 25
31.50 Oct. 1 Holders of rec. Sept. 80
Cornmonweatth Utilities. $6.50 Pe (qu.) 51.625 Aug. 30 "Holders of rec. Aug. 20
Ruud Mfg. common (guar.)
"65c. Nov. 1 *Holders of rec. Oct. 15
Community Water Berv. let pref.(qu.). $1.75 Sept.
Scott Paper common (guar.)
"25c. Sept.30 *Holders of rec. Sept.le
Holders of roe. Aug.29
Seaboard Utilities Shares Corp.(guar.)-- 12, Oct.
Connecticut Light & Power, COM.(qu.). .4% Sept.
*Holders of roe. Sept. 2
4(
*Holders of rec. Aug. 16
% preferred (guar.)
Selected Industries allot. Mts.75% pd.. 1.0354 Oct. 1 Holders of rec. Sept. 15
*Holders of rec. Aug. 15
.3
*114 Sept.
514% preferred (guar.)
Shell Union Oil com.-Dividend omitted.
*13i Sept. 'Holders of rec. Aug. 15
Connecticut Power, corn.(MIRO
Preferred (guar.)
*82 Sec Sept. *Holders of rec. Aug. 15.
1% Oct. 1 Holders of rec. Sept. 10
Consol. Gas. El. L.& P..13alt.,com.(111.) *900. Oct.
Simons(H.) Jr Sons common (quar.)__. 8234c Sept. 1 Holders of rec. Aug. 20
"Holders of reo. Sept. 15
5% preferred series A (guar.)
Preferred (guar.)
*Holders of rec. Sept. 15
I% Sept. 1 Holders of rec. Aug 20
4
.134 Oct.
0% preferred series D (guar.)
Southwest Pa. flee Linea (guar.)
*Holders of rec. Sept. 15
81
*13$ Oct.
Oct. 1 Holders of rec. Sept. 15
534% preferred series E (quit.)
Specialized Shares Corp., pf. A & 13 (qu.) "75c. Sept. 1 *Holders of rec. Aug. 20
.
'Holders of rec. Sept.15
Oct.
Consolidated Gas of N. Y., corn.(quer.) $1
Standard Dredging common (guar.)_ _
•15c. Sept 2'Holders of rec. Aug. 15
Sept.1 Holders of rec Aug. 15.
Common (1-80th share corn. stoek)..
Sept. 2 *Holders of roe. Aug. 15 Consol. Gas Utirities clam A (guar.)--- 55e. Sept. Holders of roe Aug. 15
Starrett Corp.. 8.0 par pref.(guar.).
- *75e. Oct. 1 *Holders of rec. Sept. 15 Consumers Power. $5 Pref.(quit.)
*Holders of rec. Sept. 15
4
11.25 Oct.
8% preferred (guar.)
810 par preferred (guar.)
*15e. Sept. 1 *Holders of rec. Aug. 20
*Holders of rec. Sept.15
4
.134 Oct.
Stone& Webster, Inc.(guar.)
5.8% Preferred (quiz.)
51 Oct. 11 Holders of rec. Sept.17
*Holders of rec. Sept. 15.
*1.65 Oct.
•le$ Oct.
Thatcher Mfg..corn.(guar.)
7% Preferred (guar.)
*40c. Oct. 1 *Holders of rec. Sept.20
*Holders of rec. Sept. lb
8% preferred (monthly)
U. S. Freight (guar.)
*Holders of rec. Aug. 15
*750.Sept.10'Holders of rec. Aug. 2
410e.Sept
9
6% preferred (monthly)
Vanadium Alloy Steel (guar.)
*Holders of rec. Sept. 16
*50e. Oct.
Sept.30"Holders of rec. Sept. 20
*$1
5.6% preferred (monthly)
Vesta Battery Corp.. pref.-Dividend om ttted
*Holders of rec. Aug. 15
415e. Sept.
Ward Baking Corp., pref.(guar.)
8.0% Preferred (monthly)
*Holders of tee. Sept. 18
*550. Oct.
134 Oct. 1 Holders of rec. Sept. 17
Eastern Shore Pub.Sere..$634 15.(q114* $1.825 Sept. *Holden, of ree. Aug. 15
Warner-Quinlan Co.
-no action taken
26 preferred (quar.)
Welch Grape Juice Co., corn.(quar.)___
25c. Aug. 30 Holders of rec. Aug. 15
*$1.50 Sept. *Holders of tee. Aug. 15
East Kootenay Power pref.(qum.)
Common (extra)
25e. Aug. 30 Holders of rec. Aug. 15
134 Sept.1 Holders of tee. Aug. 30
Empire & Bay State Telephone (gust.). .1
Preferred (guar.)
*Holders of rec. Aug. 21
134 Aug. 30 Holders of rec. Aug. 15
Sept.
Emp.Gas & Fuel S% pf.(mthly.)
Western Canada Flour Mills, corn.(qu.) *35c. Sept.15 *fielders of tee. Aug. 31
* 682-3o Sept. *Holders of roe. Aug. 15
•88 1-3e Sept.
7% preferred (monthly)
•114 Sept.15 "Holders of sec. Aug. 31
Preferred (guar.)
*Holders of tee. Aug. 15
•54 1-do Sept.
(3)$% preferred (monthly)
Whitaker Battery Supply, pref.-divide nd pas sed
*Holders of too. Aug. 15
6% preferred (monthly)
Wood Newspaper Mach., pr. pref. (qu.) '$1.75 Sept. 1 *Holders of rec. Aug. 20
*Holders of reo. Aug. 15
*50e. Sept.
Engineers Public Service, corn. (guar.).
80e, Oct.
Holders of rec. Sept. his
$5.10 preferred (Var.)
51.375 Oct.
Holders of rec. Sept. 175
85 preferred (guar.)
Holders of rec. Sept. 176
31.25
Below we give the dividends announced in previous weeks Federal Light & Tract., corn.(quiz.)-.. 8714o. Oct.
Holders of reek Sept.13411
Oct.
Common (payable In common stock). /I Oct.
and not yet paid. This list does not include dividends anHolders of tee, Sept.13a
Preferred (guar.)
31.50 Aug. 30 Holders of rec. Aug. 155
nounced this week, these being given in the preceding table. Federal Water Service, Corn. A (qu.)... 1800. Sept. Holders of rec. Aug. la
Common 13 (quit.)
100. Sept.
Holders of rec. Aug. 31
Florida Power. 7% pref. A eluari
*Holders of tee. Aug. 15
*134 Sept.
Books Closed.
When
Per
7% pref. ($50 par) (guar.)
*Holders of reo. Aug. 15
*8734e Sept.
Name of Company.
Days Inclusive.
Cent. Payable.
Gary Rya., pref. A (guar.)
$1.80 Sept.
Holders of rec. Aug. 20
Gas & Elec.Securities. COM.(monthly)
Holders of rec. Aug. 16
50e. Sept.
Railroads (Steam).
Common(payable in corn. stock)._ - /51 Sept.
Holders of rec. Aug. 15
Topeka & Santa Fe common (qu.). 234 Sept. 2 Holders of rec. July 25a
Aids.
Common (monthly)
*Holders of rec. Sept. 15
4100, Oct.
*434 Sept. 2 *Holders of rec. Aug. 20
Atlanta sr Charlotte Air Line
Preferred (monthly)
Holders of rec. Aug. 15
58 I-3c Sept.
Baltimore & Ohio, common (guar.)
13$ Sept. 2 Holders of tee. July I96
Preferred (monthly)
*Holders of rec. Sept.15
•58 1-3e Oct.
Sept. 2 Holders of rec. July 19a Gas Securities Co..corn.(monthly)
I
Preferred (quit.)
*Holders of rec. Sept. 15
*50c. Oct.
Boston & Maine. common (guar)
Common (payable in corn. stock)--- 4113$ Oct.
Oct. 1 Holders of rec. Sept. 136
1
'Holders of rec. Sept. 15
Prior preference (guar.)
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 13
*Holders of rec. Sept.15
.500. Oct.
e% preferred (guar.)
General Gas & Elec.,corn. A & (qu.).. 5734e. Oct.
154 Oct. 1 Holders of rec. Sept. 13
Holders of rec. Aug. 2941.
First preferred, class A (guar.)
134 Oct. 1 Holders of rec. Sept. 13
$3 preferred (guar.)
Oct.
Holders of roe. Aug. 290
$2
$7 preferred (quiz.)
13
First preferred, class B (guar.)
Oct. I Holders of rec. Sept.
2
$1.75 Oct.
Holders of tee. Aug. 290
First preferred, class C (guar.)
Cony. pref. series A (guar.)
111 Oct. 1 Holders of rec. Sept. 13
$1.50 Sept. 1
Holders of rec. Aug. 15o
First preferred, class D (guar.)
214 Oct. l Holders of rec. Sept. 13
$1.50 Sept.1 Holders of roe. Aug. 15
$6 preferred A & B (qu.)
Havana Electric By., pref. (gust.)....
First preferred,(lass E(qum.)
134 Sept.
114 Oct. 1 Holders of rec. Sept. 13
Holders of rec. Aug. 180
Houston Gulf Gas. Prof. A & B
Boston & Providence (qum.)
*134 Sept. 'Holders of rec. Aug. 15 ,
211 Oct. 1 Holders of rec. Sept. 20
Canadian Pacific, corn.(guar.)
254 Oct. 1 Holders of rec. Sept. 26 IllInois Water Service, pref. (guar.)._
13$ Sept.d Holders of rec. Aug. 20
Indianapolis Water Co., pref. A (qua?.). 134 Oct.
Preference
Oct. 1 Holders of rec. Sept. 2
2
Holders of tea. Sept. 12o
Chic. R.I.& Pao.,corn.(quiz.)
111 Sept.30 Holders of ree. Sept. 50 Indiana Service Corp., 7% pref.(guar.) 154 Sept.
Holders of rec. Aug. 16
6% preferred (gust.)
Chic. New Orleans & Tex. Sac.. pref.(gu) •134 Sept. 2 *Holders of rec. Aug. 15
134 Sept.
Holders of tea. Aug. 16
Cleve.& Pittsburgh,guaranteed(guar.). 87340 Sept. 2 Holders of rot. Aug. 9a Intereoutinenta Power,corn. A (guar.)._
500. Sept.
Holders of sec. Aug. 1
Preferred (guar.)
Special guaranteed ((Biwa
134 Sept.
500 Sept. 2 Holders of reo. Aug. 90
Holders of rec. Aug. 15
Cuba RR., preferred
Feb2'31 Hold. of sea. Jan.113'31a International By.(Buffalo) pref
3
*334 Sept.
*Holders of rec. Aug. 20
Delaware & Hudson Co.(guar.)
.75c. Sept. *Holders of rec. Aug. 15
234 Sept. 20 Holders of roe. Au*. 28a Internat. Securities Corp., el. A (guar.) 4
Erie RR.. let and 2nd preferred
Class B (guar.)
Dec. 31 Holders of roe. Dee. Ige
•1234c Sept.
2
*Holders of rec. Aug. 15
5% preferred (guar.)
Gulf Mobile Jr Northern, prof.(quar.)-- 134 Oct. 1 Holders of tee. Sept. ISa
*13$ Sept.
*Holders of rec. Aug. 113
Hartford & Connecticut Western
•1% Sept. *Holders of rec. AMC. 15
% Preferred (qual.)
Aug. 30 *Holders of rec. Aug. 20
'1
Illinois Central oommon(Qum.)
7% Preferred (quark)
111 Sept. 2 Holders of tea. Aug. 8a
*134 Sept.
*Holders° f rec. Aug. 15
Preferred
Sept. 2 Holders of rec. Aug. 80 Ironwood & Bessemer Ry.& L.. pf.(qu.) 4
3
.134 Sept. *Holders of rec. Aug. 15
Maine Central common (guar.)
Keystone Telex). of Phila..$4 pt.(qu.)... ell Sept. 'Holders of rec. Aug. 29
131' Oct. 1 Holders of tee. Sept. 15
Preferred (guar.)
Key %Vest Electric Co., prof. (quiz.)... *13( Sept. 'Holders of roe. Aug. 15
154 Sept. 2 Holders of reo. Aug. 15
Mo.-Kansa.s-TeXELS, Common (guar _
Sept.30 Holders of rec. Sept. 5a Lake Superior Dist. Pow.,6% PI.(qua?.)
$1
Sept. "Holders of rec. Aug. 1
Preferred A (guar.)
7% preferred (guar.)
*114 Sept.
5131 Sept.20 Holders of rec. Sept. 56
*Holders of rec. Aug. 15
Preferred A (Qua?.)
131 Dec. 31 Holders of tee. Dec. 64 Lexington Water Co, pref.(guar.)
131 Sept.
Holders of ma. Aug. 20
Missouri Pacifl., pref. (gnat.)
Holders of rec. Sept. 150 Lone Star Gas,corn.(in corn.stk.)
134' Oct. 1
Hold,of reo. Feb.21981
(Y)
New Orleans. Texas & Mexico (qua?.)... 111 Sept. 2 Holders of rec. Aug. 15a Middlesex Water (guar.)
"S1
Sept. 2 *Holders of rec. Aug. 20
N.Y.Chia.& St. Louis,corn.& pfd.
'43540 Sept.15 *Holders of reo. Sept. a
(qu) 13$ Oct. 1 Holders of reek Aug. 15a Middle Western Telep.. oom. A (qU.)
N.Y. N.H.& Hartford. corn. (guar.).
Si,
Common A (guar.)
- 13$ Oct. 1 Holders of roe. Sept.
•43he Dee. 15 *Holders of tea. Dee. 5
Preferred (guar.)
131 Oct. 1 Holders of roe. Sept 56 Minneapolis Gee Light.6% pref.(qua?.) 4,134 Sept. 2 *Holders of ree. Aug. 20
Norfolk ,k Western common (guar.) - 234 Sept. 19 Holders of red. Aug. 304
7% preferred (guar.)
•1% Sept. 2 *Holders of roe. Aug. 20
.
North Pennsylvania(lm%)
Aug. 28 Holders of rec. Aug. 18a Monongahela West Penn Publlo Service
$1
Peunroad Corp.(No I)
7% preferred (guar.)
200 Sept.15 Holders Of tee. Aug. 8a
4334o. Oct. 1 Holders of rec. Sept. 15
Pennsylvania RR.(guar.)
ol. A (extra)... *25o Nov. 15 *Holders of rect. Oet. 15
Aug. 30 Holders of tee. Aug. la Municipal Teleph.
$1
Youngst.& Ashtabula, pref.(qu) 154 Sept. 2 Holders of rec. Aug. 20
Mutual Tel.(Hawaii)(monthly?
'Sc, Aug. 31 *Holders of tee. Aug. 19
Reading Co.. lit preferred (guar.)
500. Sept.11 Holders of rec. Aug. 21a National Power & Light, corn, (quiz,)
25c. Sept. 2 Holders of roe. Aug. 9a
Second preferred (guar.)
50e. Oct. 9 Holders of rec. Sept. 18a National Public Service, corn. A (guar.)
400. Sept. 15 Holders of rec. Aug. 27
St.Lords
-San Francisco.corn.(guar.)
Common B (guar.)
- 2
40e. Sept. 1 Holders of roe. Aug. 15
Oct. 1 Holders of tee. Sept. 2a
Preferred (guar.)
$3.50 cony. preferred (guar.)
154 Noy. I HOMO'S of roe. Oct. is
87340. Sept. 1 Holders of too. Aug. 15
St. Louie Southwestern. pref. guar.)
$3 cony. preferred
750. Sept. 1 Holders of tea. Aug. 15
134 Sept.30 Holders of reo. Sept.13a
(quer.)
Texas & Pacific, cum. dr pref. (guar.)._
134 Sept.80 Holders of rec. Sept. 156 Nebraska Power Co.. 7% pref. (guar.) 134 Sept. 2 Holders of rec. Aug. 15
Union Pacific common (guar.)
8% preferred (guar.)
234 Oct. 1 Holders of rec. Sept. 2a
14 Sept. 2 Holders of rec. Aug. 15
Preferred
2
Oct. 1 Holders of rec. Sept. 2a Newark Telephone (guar.)
Sept.10 *Holders of tea. Aug. 99
United N. J. RR.. & Canal Co..(qu.)..
•$1
Quarterly
Dee. 10 *Holders of ree. Noy.30
*23$ Oct. 1 "Holders of tee. BM 20
Quarterly. _
'
.334 JluiI'31 *HoMers of ree. Dec.20 30 New England Gas &Elec.. pref.(qu.)--- 31.375 Oct. 1 Holders of tea. Aug. 29
Wabash Hy.. pref. A (guar.)
134 Aug. 25 Holders of roe. July 255 New Rochelle Water Co., pref.(quit.).. 134 Sept. 2 Holders of tee. Mtg. 20
North American Co ,corn. (guar.)
8235 Oct. 1 Holders of roe. Sept. 54
Public Utilities.
Preferred (guar.)
75e. Oct. 1 Holders of rec. Sept. 54
Alabama Power. $7 Prof. (guar.)
North American Edison Co., pref. (qu.) 81.50 Sept. 2 Holders of mu. Aug. 15a
$1.75 Oct. 1 Holders of rec. Sept.15
85 Preferred (guar.)
No. American Lt. & Pow.,93 pref.(411.) $1.50 Oct. 1 Holders of tee. Sept.20
81.50 Oct. 1 Holders of rec. Sept. 15
$5 preferred (guar.)
81.25 Nov. 1 Holders of rec. Oct. 15
North Amer. Utility Securities Corp.
Amer. Electric Power $7 pref.(guar.)
$1.75 8093.1 Holders of tee. Aug. 29
First preferred (guar.)
$1.50 Sept.15 Holders of reo. Sept. 2
$8 preferred (gum.)
•$1
Northern Liberties Gas
Sept. 8 "Holders of rye. Aug. 4
Holders of ree. Aug. 20




•

AUG. 23 1930.]
Name of Company.

FINANCIAL CHRONICLE
Per
When
Cent. Payable.

Boots Clam
Days Inclusive.

Public Utilities (Conatidedi•
Northern Ontario Power, corn.(guar.)
50e. Oct. 25 Holders of tee. Sept.30
Preferred (guar.)
134 Oct. 25 Holders of roe. Sept.30
1% Sept. 2 Holders of rec. Aug. 20
Northern States Pow.(Wisc.) pref.(qua
•1 34 Sept. 2 "Holders of rec. Aug. 19
Northwestern Pub. Serv.,7% pref.(qu.)
Nova Seotia Light dt Power, Pref.(PE/- elm Sept. 2 *Holders of rec. Aug. 16
•134 Sept 2 *Holders of tee. Aug.
Ohio Power,8% pref. (qual.)
Ohio Pub.Serv., let ern. A (mthly.)..' 58 1-3o Sept. 2 *Holders of roe. Aug 15
•41 2-3c Sept. 2 *Holders of rec.
5% preferred (monthly)
Aug. 13
•
50o. Sept. 2 *Holders of rec. Aug. 15
6% preferred (monthly)
Ohio Telephone Service. pref.(errata
Sept.30 *Holders of roe. Sept. 23
Preferred (guar.)
Dee. 31 *Holders of rec. Dec. 24
Oklahoma Gas dr Elec. pref.(quaraSept. 16 *Holders of rec. Aug. 30
Otter Tall Power, corn. (guar.)
Sept. 1 *Holders of rec. Aug. 15
Oct. I *Holders of roe. Sept. IiiC
Peninsular Telephone, corn. Miura_
Common (guar )Jan 1'31 *Hold of roe Dee. 15 '31)
Pennsylvania Gas & El. Corp.. A(qua_
Sept. I "Holders of rec. Aug. 20
Oet. I *Holders of roe. Sept. 20
$7 preferred (guar.)
7% preferred (guar.)
'134 Got. I "Holders of reo. Sept.2
0
Pennsylvania Ilium. Corp. of Scranton
12Sic Sept. 2 Holders of rec. Aug. 20
Class A (No. 1)
Pennsylvania Power, $6 pref. (quar.)_. $1.50 Sept. 2 Holders of roe. Aug. 20
55c Sept. 2 Holders of roe Aug. '2(3
$6.60 preferred (monthly)
$1.75 Sept. 2 Holders of rec. Aug. 20
Penn. State Water Corp.. $7 pref.(qua
Philadelphia Co., 5% preferred
31.25 Sept. i Holders of roe. Aug. 20a
Philadelphia Elec.Power, pref.(guar.)
50c Oct. I Holders of rec. Sept. 100
Phila. Suburban. Water Co., pref.(qtr.) 134 Sent. I Holders of rec. Aug. 126
$4
Porto Rico Telephone. prof
Oct. 1 Called for red. Oct. 1
Power Corp.of Canada, 1st pref.(guar.) 1% Oct. 15 Holders of roe. Sept. 30
Second preferred (guar.)
750. Oct. 15 Holders of roe. Sept.
30
Public Electric Light, pref. (guar.)
' Sept. 2 *Holders of rec. Aug. 23
134
Public Sere. of Colo.,7% pref.(mthly.)* IS 1-3( Sept. 2 *Holders of rec. Aug. 15
6% preferred (monthly)
*50c. Sept. 2 *Holders of roe. Aug. 15
Public Sere. Corp.of N.J.,corn.(qua-135c Sept.30 Holders of rec. Sept. 20
8% preferred (guar.)
2
Sept.30 Holders of res. Sept. 2a
7% preferred (guar.)
1% Slept. 80 Holders of rec. Sept. 2a
65 preferred (guar.)
$1.2S Sept 30 Holders of ter. Sept. 2a
8% preferred (monthly)
60c. Aug. 30 Holders of rec. Aug.
la
8% preferred (monthly)
50e Sept.31 Holders of rep. Sept. 20
2 Oct. 1 Sept. 21 to Oct. 1
PublIc Serv. Co. of Oklahoma, com.(qua
1% Oct. 1 Sept. 21 to Oct. 1
7% prior lien (guar.)
8% prior lien (guar.)
114 Oct. 1 Sept. 21 to Oct. 1
Pub. Sen. Elec. & GSA 7% Pre• (guar.) 134 Sept.30 Holders of roe.
Sept. 26
8% preferred (quar.)
134 Sept. 30 Holders of roe. Sept. 2a
Rochester Gas & Elec.,
pref B (qU)- 1% Sept. 2 Holders of tee. July 31
134 Sept. 2 Holders of rec. July 31
6% preferred series C (guar.)
134 Sept. 2 Holders of roe. July 31
6% preferred series D (guar.)
Seaboard Public Service, $6 pf.(quar.)-- $1.50 Sept. 1 Holders of rec. Aug. 15
Southern Calif. Edison, pref. A (quar.).. 4354c Sept. 15 Holders of roe. Aug 20
37Sic Sept.15 Holders of rec. Aug. 20
Preferred B (guar.)
Southern Calif. Gas,$64 Pref.(611. --* $1.825 Aug. 30 'Holders of rec. July 31
)
134 Oct. 15 Holders of rec. Sept. 20
Southern Canada Power, pref.(quara_ _
50c Aug. 25 Holders of rec. July
Southern Colorado Power. corn. A (qI.)
31
Preferred (guar.)
lit Sept. 15 Holders of rec. Aug.
30
Southern Natural GRA $7 Pref.(guar.) _ $1.75 Sept. l Holders of rec. Aug. 20
50e. Sept. 2 Holders of rec. Aug. 12
Standard Pow.& Lt., el. A & B (guar.).
Stand. Pub. Serv.. cl. A (qua (in A stk.) e2
Sept. 1 Holders of rec. Aug. 15
Tennessee Elec. Power 5% 1st pf.(qua134 Oct. I Holders of rec. Sept.
1% Oct. 1 Holders of tee. Sept. 15
il% first preferred (quer.)
15
134 Oct. 1 Holders of rec. Sept. 15
7% first preferred (guar.)
1.8() Oct. I Holders of rec. Sept. 15
7.2% first preferred (guar.)
6% first preferred (monthly)
50e Sept. I Holders of rec. Aug. 15
50e Oct. 1 Holders of roe.
6% first preferred (monthly)
600 Sept. I Holders of roc Sept. 15
7.2% that preferred (monthly)
7.2% first preferred (monthly)
60e Oct. 1 Holders of rec. Aug 15
*$1.50 Sept. I "Holders of rec. Sept. 15
Tide Water Power.$6 Pref.(guar.)
41 2-3e Sept., 2 *Holders of rec. Aug. 15
Toledo Edison,5% pref.(monthly)
Aug. 15
6% pref. (monthly)
•500 Sept. 2 "Holders of roe. Aug. 15
7% pref.(monthly)
•58 1-30 Sept. 2 "Holders of reo.
Tri-State Tel. & Tel. 8% Pref. (quer.)-- •15c Dec. I *Holden of roe. Aug. 15
Nov. 15
Union Natural Gas of Canada (guar.). •k35e Sept. 10 *Holders of rec. July
15
Extra
•k5e Sept. 11 *Holders of no July 15
United Corporation, corn. (No. 1)
50e Oct. 1 Holders of tee. Aug. 25a
Preference (qar.)
760 Oct. I Holders of tee.
United Gas Corp.$7 prof.(qua (No. 1)_ $1.75 Sept. 2 Holders of rec. Sept. 5a
Aug. 18
United Gas improvement eons.(guar.) 30e Sept 30 Holders of ree. Aug. 30a
.
1;5 preferred (guar.)
$1.25 Sept. 30 Holder, of rec. Aug. 30a
Virginia Elec. & Power.6% Prof. (quar.)
1 ix Sept. 20 Holders of rec. Aug.
Washington Water Power, $8 pref.(qui *$1.50 Sept.15 "Holders of roe. Aug. 30a
23
$1.625 Sept 15 'Holders of roe.
$634 preferred (guar.)
Western Continental UDE. el. A (guar.) 32 I-2c Sept. I *Holders of rec. Aug. 23
Aug. 10
Western Mass. Cos.(guar.)
6894e. Sept.30 Holders of rec. Sept.18
Western Power Corp.. pref.(guar.)
134 Oct. 15 Holders of rec. Sept.30
154 Sept. 2 Holders of roe. Aug. 15
West Ohio Gas, pref. A (guar.)
West Penn Elec. Co., class A (guar.).
- $1.75 Sept. BO Holders of tee. Sept. 170
Wheeling Electric, pref. ((Mara
'134 Sept. 2 "Holders of roe. Aug. 9
Williamsport Water Co.,$6 pref.(quar.) $1.50 Sept. 2 Holders of tee. Aug. 20
Wilmington Gas Co.. preferred
3
Sept. 1 Holders of tee. Aug. 12a
Wisconsin Public Serv., 7% pref.(Qua - I% Sept.20 Holders of rec. Aug.
30
165 Sept.20 Holden of
834% preferred (guar.)
rec. Aug.
114 Sept.20 Holden of rec. Aug. 30
6% Preferred (guar.)
30
Trust Companies.
Continental Bank & Trust (guar.)
•30c. Sept. 15 *Holders of rec. Sept.
5
Fire Insurance.
North River Insurance (wl's%)
50e Sept 15 Holders of tee, Sept
United States Fire Ins. (quar.)
60e. Nov. 1 Holders of roe. Oct.
22
lisliseetIoneous.
Agnew Surpass Shoe Ste.. pref.(qu.)-__
134 Oct.
Holders of roe.
Ainsworth Mfg., corn. (guar.)
•82310 Sept. "Holden of rec. Sept.15
Aug. 20
Allegheny Steel, corn.(monthly)
15c Sept. 1
Holders of roe. Aug. 30a
Preferred (guar.)
'194 Sept.
*Holden of tee. Aug. 15
Preferred (guar.)
•13i Dee.
*Holders of tee. Nov. 15
Alliance Beatty. pref. (guar.)
1% Sept.
Holders of roe. Aug. 20
Preferred (quar.)
134 Dec.
Holders
Aluminum Industries, corn. (quar.)_.... .37Soc Sept. 1 *Holders of ree. Nov.20
of rec. Aug. 30
Aluminum Ltd.8% pref.(qua (No.1)-- ▪ Si Sept.
*Holders of rec. Aug. 15
Aluminum Mfrs.. Inc., corn. (guar.)._
•500. Sept. 3 "Holders of rec.
Sept. 15
Commie.((Iuar)
*50c Dee.
"Holden of rec. Dee. 10
Preferred (guar.)
4,1% Sept.
*Holders of ten.
Preferred (qua?.)
"1% Dee. 3 *Holders of tee. Sept. 1$
Dee. 18
American Slant Note,corn.(guar.)
50e, Oct.
Holders of rec. Sept. 100
Preferred (guar.)
75e. Oct.
Holders of
Amer.Capital Corp.,$5.50 pr. pfd.(qu)• $1.375 Sept. "Holders of rec. Sept. 10a
rec. Aug. 15
Amer. Cash Credit, corn. A (quar,)_.
15c. Aug. 2 Holden of
rec. Aug.
Common A (extra)
12c. Aug. 2 Holders of rec. Aug. 9
9
(quar.)
Common B
1334c. Aug. 2 Holders of rec.
Amer. Colortype Co., corn. (quar.). •130o Sept.30 *Holders of tee. Aug. 9
Sept. 12
Preferred (guar.)
134 Sept.
Holders of tee. Aug. 14
American Dock Co.(guar.)
*Holders of rec.
Amer. Fork &(Toe, old corn.(ad). div.) _ $2.12 July 3 Holders of rec. Aug. 21
July 31
Amer.& General Securities,$3 prof.(qu) 75e. Sept.
Holders of roe. Aug. 15
American Home Products (monthly)._
35c. Sept.
Holders of rec. Aug. 140
American International Corp.
Common (payable in common stoek).
Amer. Inveitment Trust pref. (guar.)._
134 Sept.
Holders of tee. Aug. 15
Preferred (guar.)
134 Dee.
Holders of roe.
Amer. Laundry Machinery. Orire•(guar.) •111 Sept. 'Holders of rec. Nov. 15
Aug. 20
American Manufacturing, corn. ((Mara.
I
Oct.
Befit. 18 to Set*. 30
Common (guar.)
I
Dee. 3 Dee. 10 to
Dee. 30
Preferred (qua?.)
114 Oct.
Sept. 16 to
Preferred (quar.)
1% Deo. 3 Dee. 18 to Sept. ISO
Dee. Si)
American Metal, ono.(quar.)
3734e Sept.
Holders of roe. Aug. 21a
Preferred (guar.)
2 Holders of rec. Aug. 216
Sept.134
Amer. Multlgraph (quar.)
13234e Sept.
Holders of rec. Aug. 15
American National Co.(No. 1)(guar.)
•20e Oct. 1
American News, Inc., (bi-monthly)
50e. Sept. 15 Holders of ree. Sept. 56
Amer. Radiator & Standard Sanitary
Corp., common (guar.)
3734c Sept. 30 Holders of too. Sept.
Ila
Preferred (guar.)
134 Sept. 1 Holders of rec. Aug. 15
6




n

Oct.

MIMI of Company.

1219
Per
Cent

When
Payable

Books Closet*,
Days Inclusive.

scetrt ln v,,,t.o
ecott heoo x ( .
e
C
Amer.
W Orn
o (quar.).._ *30o. Sept. 1 *Holders of roe.Aug. 15
Amer. Smelting & Refining. pref.(qua I% Sept. 2 Holders of toe. Aug. 130
Seeped preferred (quar.)(No. 1)
(I) Sept. 2 Holders of roe. Aug. 15
American Sugar Relining, corn. (Qua?.).. 134 Oct. 2 Holden of rec. Sept. 56
1% Oct. 2 Holden of roe. Sept. Se
Preferred (guar.)
Amer. Tobacco, corn.& corn. B (quar)
$2 Sept. 2 Holders of roe. Aug. 96
Common & common B (extra)
$4 Sept. 2 Holders of tee. Aug. 9a
25e. Oct. 2 Holders of rec. Sept. 13
Arnoakeag Mfg.. common (guar.)
Angle Steel Stool (guar.)
•20e. Oct. 15 *Holden of rec. Oct. 5
Anticosti(The) Corp., preference (guar.) 1% Sept. 1 Holders of rec. Aug. 15
Armour & Co. of Delaware. prof. (guar.) 1% Oct. 1 Holders of roc. Sept. 10s
1% Oct. 1 Holders of rec. Sept. 100
Armour & Co.(Illinois), prof.(Miura
I
Sept. 1 Holders of roe. Aug. 15
Artloom Corp., pref. (quar.)
Associated Apparel Industries
$1
Oct. 1 Holders of tee. Sept. 10a
Common (guar.)
Aesoelated Dry Goods. first pref.(qUa-- 1% Sept. 1 Holders of roe. Aug. 96
1% Sept. 1 Holders of ree. Aug. 90
Second preferred ((Mara
Atlantic. Gulf & W.I .58. Lines, coin- 21 Aug. 30 Holders of rec. Aug. 116
1% Sept. 30 Holders of roe. Sept. 105
Preferred (ear.)
1% Dec. 31 Holders of reg. Dee. 11
Preferred (num.)
Atlantic Refining, corn.(guar.)
250. Sept. 15 Holders of roe. Aug. 21a
25e. Sept. 15 Holders of tee. Aug. 21a
Common (extra)
Atlantic Securities Corp.. prof.(quara
75e. Sept. 1 Holders of rec. Aug. 15
Sept. 10 Holders of tee. Aug. 296
Atlas Powder, COWL (alar.)
$1
Atlas Stores Corp., corn.(guar.)
25e. Sept. 2 Holders of recs. Aug. 15a
Corn.(payable In corn. stock)
1154 Sept. 2 Holders of roe. Aug. 154
Corn. (payable In corn. stock)
flSi Dec. 1 Holders of tee. Nov. 1.7a
Corn. (payable in corn. stock)
/1% Mar 23 1 Hold. of tee. Feb.I8'31a
Auto Gear Works pref. (guar.)
*41 Sic Sept. "Holders of rec. Aug. 20
"75e. Sept.27 *Holders of tee Sept 15
Balaban & Kars, eons.(qua?.)
Preferred (guar.)
sil% Sept 27 *Holders of roe. Sept. 15
Bemberger(L)& Co., pref.(qual.)
134 Sept. 2 Holders of rec. Aug. 15a
Barker Bros., corn.(quar.)
50c. Oct. I Holders of roc. Sept. 136
Preferred (quar.)
lit Oct. 1 Holders of tee. Sept. 134
Bastian Blessing Co., corn.(guar.)
'750. Sept. 1 *Holders of roe. Aug. 15
Bawl!
(N.) Grain Co., pref. (quar.)- --- 1% Sept. 2 Holders of rec. Aug. 15
Beacon Participations, partly. pfd.(qua •25c. Sept. 2 *Holders of rec. Aug. 15
Beaton & Caldwell Mtg.(monthly)
.
25e. Sept. 2 *Holders of rec. Aug. 30
Monthly
25c. Oct. 1 *Holders of rec. Sept.30
.
Beech-Nut Packing (guar.)
75e. Sept.30 Holders of roe. Sept. 126
116 Sept. 15 Holders of rec. Aug. 30
Belding-Cortieelli, Ltd., pref. (quar.)-Bendlx Aviation (guar.)
500. Oct. 1 Holden of rec. Sept.100
'Sc.Sept. 2 *Holders of rec. Aug. 20
Beneficial Loan Society (guar.)
Berkshire Fine Spin. Associates pf.(qua I% Sept. 2 Holders of too. Aug. 16
50c. Sept. 15 Holders of rec. Aug. 25a
Best & Co. common (guar.)
21.50 Nov. 15 Holders of roe. Oct. 176
Bethlehem Steel. common (guar.)
Preferred (guar.)
134 Oct. 1 Holders of roe. Sept. 56
Bigelow-Sanford Carp.& Rug. pf. Ms./- • Si Nov. I *Holders of tee. Oct. 17
3734c Sept. 2 Holders of tee. Aug. 8
Blew-Knox Co. Over.)
•3734e Nov. 15 "Holders of roe. Nov. 10
Sloth Bros., common (guar.)
'134 Sept. 30 *Holders of tee. Sept.25
• Preferred (guar.)
Preferred (guar.)
'134 Dee 31 "Holders of roe. Doe. 20
Blue Ridge Corp., pref.(quar.)
(If) Sept. 1 Holders of roe. Aug. 5
*8734c Sept. 1 *Holders of rec. Aug. 15
Blum's, Inc., Prof. (qua?.)
Oct. 30 Holden of rec. Oct. 15a
$1
Bon Ami Co., class A (guar.)
50c. Oct. 1 Holders of rec. Sept.24
Clam B (guar.)
750. Sept. 2 Holders of roe. Aug. 156
Borden Co. (quar.).
*250. Sept. 1 *Holden of rec. Aug. 16
Bower Roller Bearing
•50e. Sept. 2 "Holders of tee. Aug. 18
Brach (E. J.) Pt Sons (guar.)
134 Sept. I Holders of tee. Aug. 180
Brill Corp., pref. Mara
We. Aug. 31 Holders of rec. Aug. 15
Bro l, Fenre ar.Vire, class A (quara
ciec B qudr S
)
,,
15c. Aug. 31 Holders of rec. Aug. 15
750, Sept. 1 Holders of roe. Aug. 20a
Brown Shoe, corn.(Oar.)
$1 Sept. 15 Holders of rec. Ana. 22
Buckeye Pipe line (guar.)
250. Oce. 1 Holders of reo. Aug. 28
Bucyrus-Erie Co.,corn.(qua?.)
154 Oct. 1 Holders of reo. Aug. 28a
Preferred (guar.)
02540 Oct. 1 Holders of tee. Aug. 28a
.Convertlble pref. (guar.)
750. Sept. 2 Holden of rec. Aug. 20a
Bugoferred ch,oo.) Mar.)
va Watis qusrm.
8734c Sept. 2 Holders of tee. Aug. 20
•2
Oct. 1 *Holders of roe. Sept. 15
'larger Bros.. pref.(WM%)
25e. Sept. 5 Holders of reo. Aug. 9a
Burroughs Adding Mach.(guar.)
nil Nov. 1 "Holders of ree. Oct. 15
Beers(A. M.) Co.. pref.(quer.)
142
Sept. 1 *Holders of rec. Aug. 15
IS;ron Jackson Pump,stock dividend
Sept.15 Holders of rec. Aug. 30a
$1
California Packing (guar.)
Campbell, Wyant & Cannon Fdy.(quar) 50e. Sept. 1 Holders of rec. Aug. 15a
'3734e Sept. 1 "Holders of rec. Aug. 15
Canada Bread, Ltd., common
154 Sept. 1 Holders of rec. Aug. 15
Canada Internat. Invest. Tr., pref.(qua
134 Sept. 15 Holders of rec. Aug. 31
Canada Iron Foundries, cons.(guar.)
3
Sept. 15 Holders of rec. Aug. 31
Preferred
194 Sept. 1 Holders of rec. Aug. 150
Canada Paving & Supply, 1st pref.(qua
400. Sept. I Holders of rec. Aug. 15
Canada Vinegars. Ltd.(guar.)
Sept. 15 Itolders of rec. Aug. 31
Canada Wire & Cable, class A (guar.).- $1
43e. Aug. 30 Holders of rec. Aug. 15
Canadian Car & Foundry,ordinary(qua
43540 Oct. 10 Holders of tee. Sept. 25
Preferred (quar.)
*$2
Oct. 1 *Holders of tee. Sept. 20
Canadian OIL pref.(quar.)
75e. Oct. 1 Holders of rec. Sept. 154
Capital Administr., pref.(guar.)
*60c. Aug. 20 *Holders of rec. Ana. 15
Carman & Co.. class A (quar.)
*el
Jan 2'31 *Holders of rec. Dee. 20
Carnation Co.(extra in stock)
Oct. 1 *Holders of rec. Sept. 12
Case
I.) Co., corn. Mar.)
•134 Oct. 1 'Holders of roe. Sept. 12
Preferred (guar.)
75e Aug. 31 Holders of roe. Aug. 15a
Caterpillar Trader(guar.)
25e Aug. 31 Holders of rec. Aug. 15a
Extra
$1.75 Sept. 2 Holders of tee. Aug. 11
Celluloid Corp.,$7 pref.(guar.)
$1.75 Sept. 2 Holders of rec. Aug. 11
First pref. panic.stock (guar.)
15e Nov. 15 Holders of roe. Nov. 5
Centrifugal Pipe Corp.(guar I
Century Ribbon Mnis.Inc., prof.(guar.) 134 Sept. 2 Holden of roe. Aug. 20a
35c. Sept. 2 Holders of rec. Aug. 23a
(monthly)
Checker Cab
75c. Sept. I Holders of rec. Aug. 15
Chicago (The) Corp. $3 prof. (guar.).•30e Oet. I *Holders of tee. Sept.30
Gkicsgo flexible Shaft. oom.(quer.)
75c. Sept. 1 Holders of rec. Aug. 20
Chicago Investors Corp. 53 pref.(WO-25e. Sept. 2 Holders of roe. Aug. 20a
Chloago Yellow Cab (monthly)
600. Sept. 10 Holders of rec. Aug. 226
(guar.)
Childs Company,eon.
lit Sept.10 Holders of rec. Aug. 22a
Preferred(guar.)
82 Sic Sept.30 Holders of rec. Sept.10a
Chile Copper Co.(qua?.)
The, Sept.30 Holders of ree. Sept. 26
Chrysler Corp., corn.(guar.)
ancinnati Ball Crank. panto. Pfd.(au.) •58c. Sept. 30 *Holders of tee. Sept.15
234o Sept. 1 Holders of rec. Aug. 156
Cities Service common (monthly)
214c Oct. 1 Holders of rec. Sept. 150
Common (monthly)
Common (payable in corn. stock).... fji Sept. 1 Holders of tee. Aug. 15a
pi Oct. 1 Holders of rec. Sept. 15a
Common (payable in corn. stock)._
- 50e. Sept. 1 Holders of tee. Aug. 15a
Preference and pref. BB (monthly)
50c. Oct. 1 Holders of rec. Sept. 150
Preference and pref. BB (monthly)._.
Sc. Sept. 1 Holders of tee. Aug. 15a
Preference B (monthly)
5c. Oct. 1 Holders of rec. Sept. 150
Preference B (monthly)
(0) Sept. 2 Holders of rey. Aug. 15a
Bankers shares
•1.4 Sept. 2 "Holders of rec. Aug. 15
City lee Co.(Kansa.s City). Prof.(qu.)
900 Aug. 31 Holders of rec. Aug. 156
City Ice & Fuel, corn.(qua?.)
stocks
1154 Aug. 31 Holders of re0. Aug. 15a
in
p
(rred
fe ayabguar
134 Sept. 1 Holders of tee. Aug. I5a
634% preferred
750. Sept. 1 Holders of reo. Aug. 15
Cleveland Quarries (guar.)
•250. Sept. 1 *Holders of tee. Aug. 15
Extra
•25c Oct. 15
Coca Cola Bottling See (quota
$1.50 Oct. 1 Holders of reo. Sept. 124
Coca Cola Co.,COM.(guar.)
Colgate-Palmolive-Peet Co.,oom.(qua _ 6234c. Oct. 15 Holders of rec. Sept.20a
Preferred (guar.)
154 Oct. 1 Holders of tee Sept.10a
134 Sept. 2 Holders of rec. Aug. 20a
Collins & Aikrnan Corp., pref.(guar.)
Fuel &r1Son. corn. (alter.)....
(
g
50c. Aug. 25 Holden of rec. Aug. Ila
Colorado Puel ua
2 Aug. 25 Holders of rec. Aug.
lba
Pictures-Common (payable In common stock). /214 Oa. 2 Holders of ree. Sept.
Preferred (quar.)
750. Sept. 2 Holders of rec. Aug. 3a
Columbus Auto Parts, pref. (guar.)._
150c. Sept. 1 Holders of reo. Aug. 19a
18
Commercial Discount (I.. A)(in stook)
•5•1 Sept.30 *Holders of roe,
Community State Corp.. elms A (qua?.) '1254e Sept. 30 "Holders of rec. Sept.20
:123.4c 17 13 "Holders of roe. Sept 26
12 e 3 1 31
Class A (guar.)
.
Dec 26
"Hold. of tee. Mu.26'31
n((ar. )
u (uer:ar)
it g .
q
'12 Sie Sept. 30 *Holders of rec. Sept.
28
Class
•12540 Dee. $ *Holders of roe, Dee. se
Compressed Industrial Gasses (guar.)
"50c. Sept. 15 'Holders of rec. Aug.
30
Congoleum-Nairn, Inc.. Prof.(quar.).._
*Holders of roe. Aug. 15
Congress Clear (quar.)
$1
* 15.4 Sept 3 Holders of rec. Sept.615a
ESe t..

Mfg.

1220
Name of Company.

Per
When
Cern. Payable.

Books Glom!
Days Incineiss.

Miscellaneous (Continued).
Consolidated Cigar Corp.. corn.(guar ). $1.25 Oct. 1 Holders of reo. Sept.lba
Preferred (guar.)
134 Sept. I Holders of rec. Aug. I8a
Consoi. Investment of Can., pf. (guar.) "$1.25 Sept. 1 *Holders of reo. Aug. 15
"1754c Sept. I *Holders of rec. Aug. 21
Consolidated Paper, corn.(guar.)
Consumers Co.. prior pref.(quart
'134 Oct. 1 'Holders of rec. Sept.15
Continental Chicago Corp., pref.(gu.)
75e. Sept. 1 Holders of rec. Aug. 15
Continental Securities, pref.(quar.)
lid Sept. 2 Holders of rea. Aug. 15
Crane Co., corn, and pref.(guar.)
435(c. Sept.15 Holders of rec. Aug. 30
Preferred (guar.)
1.34 .ept. 15 Holders of rec. Aug. 30
Crown Cork & Seal, corn,(qu.)(No. 1).
13013. Septd18 Holders of rec. Sept. 2
Oct. 14 Holders of rec. Sept. 29
Common (payable In common stock)_ PO
Preferred (guar.)
•680. Sept.15 Holders of reo. Aug. 30
'67540 Oct. 1 Holders of rec. Sept.15
Preferred (guar.)
Crown Willamette Paper, 1st pref.(qu.) $1.75 Oct. 1 Holders of rec. Sept. 13
Second preferred (guar.)
$1.50 Oct. 1 Holders of rec. Sept. 13
Crown Zellezbach Con.
31.50 Sept.. 1 Holders of reo. Aug. 18
Preferred A &B and Pref.(guar.)
•
•2
Sept. 2'Holders of reo. Aug. 15
Crown Overall Mfg., pref.(quar.)
Sept.30 noble's of rec. Slept. 20
2
Crum & Forster. pref.(guar.)
*25c. Aug. 30 *Holders of reo. Aug. 20
Crum & Forster Ins. Shares, A (quar.)
"250. Aug. 30 *Holders of rec. Aug. 20
Class 13 (guar.)
lid Aug. 30 Holders Of reo. Aug. 20
Preferred (guar.)
Preferred (quar.)
154 Nov.29 Holders of reo. Nov.19
Sept.15 Holders of ree. Aug. 30
$I
Cumberland Pipe Line (guar.)
'194 Sept.15 *Holders of reo. Sept. 1
Cuneo Press, preferred (quar.)
50o. Sept. 2 Holders of reo. Aug. 20a
Publishhag, corn.(monthly)
Curtis
•500. Oct. 2 "Holders of rec. Sept. 20
Common (monthly)
154 Oct. 1 Holders of rec. Sept. 20a
Preferred (guar.)
Sept. 1 "Holders of rec. Aug. 15
Cushman's Bons, Inc.,corn.(guar.)
51.75 Sept. I Holders of rec. Aug. 15
$7 preferred (guar.)
$2 Sept. 1 Holders of reo. Aug. 150
$8 preferred (guar.)
560. Sept.15 Holders of rec. Aug. 30
David & Frere, Ltd.. class A (quar.)„
*50c. Sept. 15 *Holders of rec. Sept. 5
Decker (Alfred) & Cohn, Inc. (guar.)
*134 Sept. 2 "Holders of rec. Aug. 20
Preferred (guar.)
300. Oct. 1 Holders of rec. Sept.15a
Deere& Co., new corn.(guar.)
New corn.(payable in corn.stook)- - - 1154 Oct. 15 Holders of reo. Sept. 15
lid Oct. 1 Holders of rec. Sept. lb
Old $100 par common (guar.)
35c. Sept. 1 Holders of reo. Aug. 150
Preferred (guar.)
Denver Union Stook Yards.corn.(4111.).- •81 Oct. 1 "Holders of reo. Sept. 20
*El Jan 1'31 "Hold, of rec. Dee. 20'30
Common (guar.)
•$1
Ap.1 31 *Hold. of reo. Mar. 20'3l
Common (guar.)
'194 Sept. 1 *Holders of rec. Aug. 20
Preferred (guar.)
Preferred (guar.)
•
194 Dec. 1 *Holders of rec. Nov. 20
'3513. Sept. 2 *Holders of rec. Aug. 15
Dexter Company (guar.)
Sept.15 Holders of rec. Aug. 30a
Diamond Match (guar.)
$2
•750. Sept. 2'Holders of reo. Aug. 15
Dictaphone CorP.,corn.(guar.)
Sept. 2 *Holders of rec. Aug. 15
Preferred (guar.)
•2
Dominion Textile, common (guar.).
"11.25 Oct. 1 *Holders of reo. Sept. 15
Preferred (guar.)
•15.4 Oct. 15 *Holders of rec. Sept. 30
$1 Sept. 2 Holders of rec. Aug. 150
Drug, Inc. (guar.)
Eastern Utilities Investing Corp.
$1.50 Sept. 2 Holders of reo. July 31
$6 preferred (guar.)
$1.75 Sept. 2 Holders of reo. July 31
$7 preferred (guar.)
$1.25 Oct. I Holders of reo. Aug. 30
$5 prior preferred (guar.)
*51.25 Oct. 1 *Holders of rec. Aug. 31
Eastman Kodak, common (quar.)
.75c. Oct. 1 *Holders of rec. Aug. 31
Common (extra)
s11.4 Oct. 1 *Holders of rec. Aug. 31
Preferred (guar.)
Edison Bros. Stores. Inc., pref.(guar.).- 134 Sept.15 Holders of reo. Aug. 131
El Dorado Oil Works (guar.)
'3734c Sept.15 'Holders of reo. Sept. 1
Elec. Shareholdings, corn. (quar.)
250 Sept. 1 Holders of rec. Aug. 6
11 Sept. 1 Holders of no. Aug. 5
Common (payable In corn. stock)__ _
Pref. (guar.)
(z) Sept. 1 Holders of rec. Aug. 5
Electric Storage Batt. COM. de pf.(au.)
51.25 Oct. 1 Holders of rec. Sept. 90
Ely & Walker Dry Goods, corn.(guar.).
500. Sept. 1 Holders of rec. Aug. 21
Empire Corporation, pref. (quar.)
"75c. Sept. 2 *Holders of rec. Aug. 20
•154 Sept. 2 "Holders of reo. Aug. 15
Empire 38th St. Corp.. pref.(guar.).
250. Sept.15 Holders of reo. Sept. 2'
Employers Group Associates (quar.)..
Emporium Capwell Corp., corn. (guar.)
250. Sept. 24 Holders of rec. Aug. 30a
Fairbanks. Morse & Co.common (guar.)
750. Sept.30 Holders of reo. Sept.12s
Preferred (guar.)
134 Sept. 1 Holders of rec. Aug. 12a
Sept. 16
Faultless Rubber, corn. (guar.)
6254e Oct. 1
Federal Compress & Warehouse (qu.)_..
"40c. Sept. 2 *Holders of rec. Aug. 23
Federal Min. & Smelt., pref. (quar.)..
'194 Sept.15 *Holders of reo. Aug. 25
Federal Screw Works (qua?.)
75c. Oct. 1 Holders of rec. Sept. 15
Sept.15 *Holders of rem Sept. 6
Federal Terra Cotta
"2
Federated Capital Corp., COLO. (quar.)_
200. Aug 31 Holders of rec. Aug. 15
Common (Payable in common stock)_ _ fl
Aug. 31 Holders of rec. Aug. lb
6% preferred (guar.)
37340. Aug. 31 Holders of rec. Aug. 15
Fifth Ave. Bus Securities (quar.)
16c. Sept.29 Holders of rec. Sept.15a
Fifty-five Park Ave., Inc.. prof
Sept. 2 Aug. 16 to Sept. 2
3
Fifty-nine East 54th St., Inc., prof
Sept. 2 Aug. 16 to Sept. 2
3
Finance Service Co.(Ball.)(A & B)(qu.)
20c. Sept. 1 Holders of rec. Aug. 15
Preferred (qua?.)
1M Sept. 1 Holders of rec. Aug. 15
Firestone Tire & Rubber, pref. A (guar.) I M Sept.15 Holders of rec. Aug. 15a
First Security Corp.(guar.)
"S2 001. 1 "Holders of reo. Sept. 20
Fitz Simons&Connell Dredge&Dock(qu.) "500. Sept. 1 *Holders of rec. Aug. 21
Stock dividend
'e294 Sept. 1 *Holders of rec. Aug. 21
Florsheim Shoe Co., class A (guar.).
75 c
34
-*37 c. Sept.2 Holders of rec. Aug. 18a
Class B (guar.)
Sept. 2"Holders of rec. Aug. 18
Aug. 10
5
Preferred (guar.)
114 Oct. 1 Holders of rec. Sept.3 a
Follansbee Bros., corn. ((Mar.)
.50c. Sept.lb Holders of rec.
Preferred (qua?.)
Sept.15 'Holders of rec. Aug. 30
'134
Formica Insulation (guar.)
•500. Oct. I *Holders of reo. Sept. 15
Quarterly
"500. Jan1'31 "Holders of no. Poe. 15
Frank (A. B.) Co., pref. (guar.)
'194 Oct. 1 'Holders of reo. Sept 16
Fuller (George A.) Co., prior Pt.(qu.)
$1.50 Oct. 1 Holders of rec. Sept. 100
Partic. second pref. (guar.)
$1.50 Oct. 1 Holders of rec. Sept. 10a
Garlock Packing, corn.(guar.)
300. Oct. 1 Holders of rec. Sept. 15
General Amer. Tank Car,stook dividend el
Oct. 1 Holders of reo. Sept. 135
Stook dividend (guar.)
Jan 1'31 Holders of rec. Dec. 134
el
General Asphalt, corn. (guar.)
Sept.15 Holders of rec. Sept. 20
$1
General Bronze, corn. (guar.)
250. Sept. 1 Holders of rec. Aug. 20a
General Cigar Co., pref. (quar.)
194 Sept. 2 Holders of reo. Aug. 21a
General Empire Corp.(No. 1)
250. Sept. 1 Holders of rem Aug. lb
General Motors, corn. (guar.)
75c. Sept. 12 Holders of reo. Aug. I6a
$5 preferred (guar.)
$1.25 Nov. 1 Holders of rem Oct. fle
General Refractories, corn .(quar.)
Aug. 25 Holders of rec. Aug. ha
31
Common (extra)
250, Aug. 25 Holders of rec. Aug. Ila
Gibson Art, common (guar.)
"650 Sept. 1 "Holders of reo. Aug. 21)
Common (qua?.)
*65c Dec. 1 "Holders of rec. Nov. 20
Common (qua?.)
•550. Aprl'31 'Hold. of rec. Mar. 20 '31
Gillette Safety Rasor (guar.)
$1.25 Sept. 2 Holders of reo. Aug. 1
Globe
-Democrat Publishing, pref. (au.) 134 Sept. 1 Holders of rec. Aug. 20
Godman (H. C.) Co.. pref. (guar.)
154 Sept. 10 Holders of rec. Sept. 1
Gold Dust Corp., Prof. (guar.)
$1.50 Sept.30 Holders of reo. Sept.17a
Golden Cycle (quar.)
"40c. Sept.10 *Holders of rec. Aug. 31
Goodrich (B. F.) Co.. Prof.(guar.)
134 Oct. 1 Holders of reo. Sept.10a
Goodyear Tire & Rubber, corn. (guar.). $1.25 Nov. 1 Holders of rec. Oct. la
First preferred (guar.)
51.75 Oct. I Holders of rec. Sept. la
Gorham Manufacturing, corn. (quar,).._
500. Sept. 1 Holders of rec. Aug. 15
21
Grind Rapids Stores Equip. pt.(qu.)
'17340 Nov. 1 "Holders of reo. Oct.
Grand Rapids Varnish (guar.)
•25e. Oct. I *Holders of rec. Sept. 20
Grand Union Co., cony. pref. (quar.)..
75e. Sept. 1 Holders of rec. Aug. lila
Great Northern Paper (guar.)
"750. Sept. 2 Holders of rec. Aug. 20
Great Atlantic & Pacific Tea
Non-voting common (guar.)
*31.25 Sept. 1 *Holders of rec. Aug. 11
First preferred (quar.)
•14 Sent, I *Holders of rec. Aug. 11
Greenfield Tap & Die Corp.6% p1.(qu.) 154 Oct. 1 Holders of rec. Sept. 15
8% Preferred (guar.)
2
Oct. 1 Holders of rec. Sept. 15
Gruen Watch, common (guar.)
•50c. Sept. I Holden of rec. Aug. 20
Common (quar.)
.
•50c. Doe. I 'Holders of rec. Nov. 20
Common (guar.)
•50e. Marl 81 "Hold,of rec. Feb.20 31
Preferred (quer.)
Nov. 1 *Holders of rec. Oct. 20
Preferred (guar.)
'194 Feb 1 31 "Hold, of rec. Jan. 20 31
Gulf 011 Corp.(guar.)
•17340 Oct. 1 "Holders of rec. lien 20
Quarterly
'37140 Janl $1 *Hold, of roe. Dee. 20 '36
Gulf States Steel, let prof.(guar.)
1 Holders of reel. Sept. 15a
Oct.194
Find preferred (guar.)
134 Jang'111 Holden of tea. Dec. 150
Hale Bros. Stores. Inc., corn. (quar,).... •25c. Sept. 1 *Holders of recs. Aug. 15
Hamilton United Theatres. pref. (gu.)._ '131 Sept. 30 *Holders of rec. Aug. 30
Hancock 0110! Calif., Cl. A & B (guar.) •250. Sept. 1 *Holders of rec. Aug. 15




[Vol.. 131.

FINANCIAL CHRONICLE
Name of Company.

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Continued).
Hamilton Watch, new corn. (monthly)
15c. Sept. 1 Holders of no. Aug. Ila
New common (mthly.)
I5o. Sept.30 Holders of rec. Sept.100
Old $25 par stock (monthly)
300. Sept. 1 Holders of rec. Aug. lla
Preferred (quar.)
134 Sept. 1 Holders of roe. Aug. lla
*1St. Sept. 1 *Holders of rec. Aug. 2
Hanes(P. H.) Knitting, corn.(guar.)
0
Class B (guar.)
*15c. Sept. 1 'Holders of rec. Aug. 20
Preferred (guar.)
*1% Oct. 1 *Holders of rec. Sept.20
Hanna(M.A.) Co., new $7 pref.(qu.)
51.7.5 Sept.20 Holders of rec. Sept. 5a
Old 7% preferred (guar.)
lid Sept.20 Holders of rec. Sept. 5
Harbison-Walk. Refract., corn. (guar.)_
50c. Sept. 1 Holders of rec. Aug. 22a
Preferred (guar.)
194 Oct. 20 Holders of rec. Oct. 104
Hart-Carter Co., pref. (guar.)
*50c. Sept. I *FIolders of rec. Aug. 15
Hartman Corp., class A (guar.)
500. Sept. 1 Holders of rec. Aug. 1Sa
Hart, Schaffner & Marx (guar.)
*2
Aug. 30 *Holders of roe. Aug. 15
Hathaway Bakeries, pref. (guar.)
51.75 Sept. 2 Holders of rec. Aug. 15
Class A (guar.)
75c. Sept. 2 Holders of rec. Aug. 15
0
Hawaiian Pineapple (guar.)
50c. Aug. 30 Holders of rec. Aug. 15
Hazeltine Corp. (guar.)
*50c. Aug. 30 *Holders of rec. Aug. 15
Helena Rubliastine, pref. (quar.)
*75c. Sept. 2 *Holders of rec. July 31
Hibbard,Spencer,Barlett &Co.
(mthly.)
35c. Aug. 29 Holders of rec. Aug. 22
Monthly
350. Sept.26 Holders of reo. Sept. 19
Higbee & Co., first preferred (guar.)._ _ •134 Nov. 1 *Holders of reo. Oct. 19
Second preferred (guar.)
2
Sept. 1 Aug. 22 to Sept. 1
Second preferred (quart
•2
Des. 1 'Holders of reo. Nov. 21
Hires (Charles E.) Co.,corn. A (quar.)
50c. Sept. 2 Holders of rec. Aug. lba
Common A (guar.)
500. Doe. I Holders of reo. Nov..15
Class B and management stock
$1
Sept. 2 Holders of rec. Aug. 15
Hobart Manufacturing, corn. (quar.)...... '62540 Sept. 1 "Holders of rec. Aug. 20
Holland Furnace, corn. (guar.)
6 340 Oct. I Holders of reo. Sept. 15c1
2
Holophane Co., common
Oct. 1 *Holders of rec. Sept. 1
Preferred
*$1.03 Oct. 1 'Holders of rec. Sept. 1
Holt(Henry) & Co., Inc., panic. A(qu.) *45o Sept. 2 *Holders of reo. Aug. 11
Homestake Mining (monthly)
50c Aug. 25 Holders of reo. Aug. 200
Hooven & Allison Co.. pref. (quar.)........ '131 Sept. 1 *Holders of reo. Aug. 15
[torn & Hardart(N.Y.), prof.(guar.)
- 134 Sept. 1 Holders of reo. Aug. 12a
Illinois Brick (gnarl
•60o Ont. 15 'Holders of reo Oct. 3
Imperial 011, Ltd., hearer shares
1294o Sept. 2 Holder of coup. No. 26
Registered shares
12540 Sept. 2 Aug. 16 to Aug. 31
Imperial Tobacco of Gt. Brit. & Ireland
Am,dep. rots, for ord. shs
Me7
Sept. 8 *Holders of reo. Aug. 15
Industrial Finance Corp
Common (Payable in common stock)_ _ 1254 Nov. 1 Holders of reo. Apr. 19
Common (Payable In common stock)_ _ 124 Febl'31 Hold. of reo. Apr. 18'30
Industrial & Power Securities ((IL)
"25c. Sept. 2 *Holders of rec. Aug. I
Ingersoll-Rand Co., corn.(guar.)
Sept. 2 Holders of rec. Aug. 54
$I
Inland Steel (guar.)
Sept. I Holders of roe. Aug. lba
$1
Instill Utility Invest., corn. (In stock).. '1134 Oct. 15 'Holders of reo. Oct. 1
$6 pref. 2(1 ser.(guar.)
•$1.50 Sept. 2'Holders of reo. Aug. 15
In.suranshares Ctfs., Inc.(quar.)
150. Sept.15 Holders of rec. Aug.d300
Internat. Agricultural Corp.. pref. (qu.) 134 Sept. 2 Holders of reo. Aug. 154
Internatl Arbitrage Corp. corn. (guar.)2 Sept. 1 Holders of rec. Aug. 20
Internat. Business Machines (quar.)...
lid Oct. 10 Holders of rec. Sept.220
International Harvester Co., pref.(gu.)..
lfd Sept. 2 Holders of reo. Aug. ba
Internatl. Match Corp., corn.(guar.) - SI Oct. 15 Holders of rec. Sept.25a
Participating pref.(guar.)
$1
Oct. 15 Holders of rec. Sept.25a
International Milling, 7% pref. (guar.). '154 Sept. 1 Holders of roe. Aug. 20
6% preferred (gum.)
"lid Sept. 1 Holders of rec. Aug. 20
25c. Sept. 30 Holders of rec. Sept. 2.
Internatl. Nickel, common (guar.)
Internat. Safety Razor, el. A (quar.)
60c. Sept. 2 Holders of rec. Aug. 154
Class B (quar.)
50c. Sept. 2 Holders of rec. Aug. 154
Internat. Securities, con. A (quar.)..,.....
75x. Sept. 2 Holders of reo. Aug. 15
Common B (guar.)
1294o. Sept. 2 Holders of rec. Aug. 15
1% preferred (guar.)
154 Sept. 2 Holders of reo. Aug. 15
yd% preferred (guar.)
154 Mot. 2 Holders of reo. Aug. 15
8% preferred (guar.)
194 Sept. 2 Holders of rec. Aug. 15
60c.. Sept. I Holders of rec. Aug. 15
International Moo. pref. (monthly)
preferred (monthly)
*50e. Oct. 1 Holders of rec. Sept. 15
Preferred (monthly)
"500. Nov. 1 •Holders of rec. Oct. 15
Preferred (monthly)
*50c. Dec. 1 Holders of rec. Nov. 15
International Sliver, corn. (guar.)
81.50 Sept. 1 Holders of rec. Aug. 15a
Intertype Corp., let pref.(guar.)
2
Oct. 1 Holders of rec. Sept. 25
Investment Trust of N. Y
3434o Aug. 31 Holders of rec. July 31
Iron Fireman Mfg., corn.(qua?.)
"25c. Sept. 1 Holders of rec. Aug. 15
Jackson (Byron) Co.(guar.)
.25c. Sept. 1 •Holders of rec. Aug. 15
Jaeger Machine (quar.)
62540 Sept. 1 Holders of rec. Aug. 15
Johns
-Manville Corp., corn. (quar.)_.._
75c. Oct. 15 Holders of rec. Sept. 240
Preferred (guar.)
154 Oct. 1 Holders of rec. Sept.10a
Johnson-Stephens-Shinkle Shoe (guar.). 6294e Sept. 1 Holders of rec. Aug. 15
4 13i Sept. 1 "Holders of rec. Aug. 13
,
Jones & Laughlin Steel,corn.(quar.)
Preferred (guar.)
14 Oct. 1 Holders of rec. Sept.120
Kalaniasoo Veg. Parchment (quar,)..... •15$3. Sept.30 "Holders of reo. Sept.20
Quarterly
•150 flea. 31 'Holders of reo. flee. 22
Kendall Co., panic. pref. A (qua?.)
$1.50 Sept. 1 Holders of rec. Aug. 100
Keystone Cold Storage
•$1.25 Oct. I 'Holders of reo. Sept.20
Kidder Participation (No. 2) pre!
•12.2.5 Sept. 2 *Holders of roe. Aug. 15
No. 2. pref.(extra)
•260. Oct. 1
Kinney (G. R.) Co.. corn.(guar.)
250. Oct. 1 Holders of rec. Sept. 15a
Preferred (guar.)
Sept. 2 Holders of rec. Aug. 15a
2
•1,4 Sept. 10'Holders of reo. Aug. 30
Kirby Lumber (guar.)
•154 Dec. 10'Holders of rec. Nov. 29
Quarterly
Klein (D. Emil) Co.. com.(guar.)
"250. Oct. 1 'Holders of rec. Sept. 20
Kleinert (I. B.) Rubber, coin. (guar.)- 40c. Sept. 2 Holders of rec. Aug. 19
Knox Hat,Inc., COM. A (guar.)
Sept. 15 Holders of reo. Aug. 15
Si
Non-voting common (guar.)
$1
Sept.15 Holders of reo. Aug. 15
Knudsen Creamery, class A (guar.).- "3754c Aug. 30 *Holders of rec. July 31
Kobacher Stores, pref.(guar.)
'1% Sept. 1 "Holders of rec. Aug. 15
Kroger Grocery & Baking,corn.(guar.).
250. Sept. 1 Holders of rec. Aug. lla
Stock dividend
61
Sept. 1 Holders of rec. Aug. Ila
Kuppenbelmer (B.)& Co., pref.(quar.)134 Sept. 2 Holders of rec. Aug. 22is
Lackawanna Securities Co
•$3 Sept. 2 *Holders of reo. Aug. lb
Lake of the Woods Milling, corn.(qu.)_. 80c. Sept. 1 Holders of rec. Aug. 18
Preferred (guar.)
134 Sept. I Holders of rec. Aug. 18
feu:die Machine, common (guar.)
0750 Nov.15 "Holders of rec. Nov. 6
Lanston Monotype (quar.)
4
134 Aug. 30 Holders of reo. Anil. 20
Extra
25e Aug. 30 Holders of rec. Aug. 20a
Lawyers Title& Guaranty (guar.)
3
Oct. 1 Holders of reo. Sept.204
Leath & Co., common (guar.)
025e Sept. BO Holders of reo. Sept.20
Lefeourt Realty Corp..corn,(guar.)
40c Aug. 15 Holders of rec. Aug. 5
Lehigh Coal & Navigation (guar.)
850 Aug. 80 Holders of reo. JULY 3111
Lehigh Portland Cement, pref.(guar.).154 Oct. 1 Holden of reo. SePt. 134
Lebn & Fink Producte Co.(guar.)
750 Sept. 1 Holders of reo. Aug. 160
Leonard Custom Tailors(guar.)
•43940 Sept. 1 *Holders of rec. Aug. 15
Leming's, Inc. (guar.)
0
35 Sept.30 Holders of roe. Sept.11
Libby-Owens
-Ford Glass (guar.)
.41
25e. Sept. 31 Holders of rec. Aug.15a
1
Liberty Share Corp., stook dividend.
Doe.
Liggett & Myers Tob..com.& com. (111) 91 Sept. 1 Holders of rec. Aug. lba
13
Lindsay (C. W.) de Co., Ltd., coin.(qu.)
250. Sept. 1 Holders of rec. Aug. 16
Preferred (guar.)
194 Sept., 1 Holders of rec. Aug. 15
Lindsay Light, corn. (guar.)
•15e. Aug. 23 *Holders of rec. Aug. 9
Common (extra)
'Sc. Aug. 23 *Holders of rec. Aug. 9
0
.5
Lindsay-Noon Pub.,$2 pref.(guar.)
Sept. 1 "Holders of rec. Aug. 20
Link-Bolt Co., corn.(guar.)
*2/io. Sept. 1 Holders of reo. Aug.5a
8 g.
0
Loblaw Groceterlas, Ltd., A & B
Sept. 2 *Holders of rec. Aug. 12
London Canadian Investments Pf.(q11.)134 Sept. 1 Holders of rec. Aug. 15
Loose-Wiles Biscuit, lot prof. (quar.)_,
194 Oct. I Holders of reo. Sept. 180
Lord de Taylor, 1st pref. (quar.)
154 Sept. 2 Holders of rec. Aug. 180
Ludlow Mfg. Associates (guar.)
$2.50 Sept. 2 Holders of roe. Aug. 9
Lunkenheimer Co.,coin,(guar.)
"37340 Sept.15 'Holders of rec. Sept. 5
•154 Oct. 1 *Holders of roe. Sept.20
Preferred (guar.)
Preferred (guar.)
.
'154 Jan 1 31
Magnin (I.) & Co., pref (qua?.)
*134 Nov. 15 "Holders of reo. Nov. 6
Mangel Stores Corp., pref.(guar.)
134 Sept. 1 Holders of rec. Aug. 200
Manhattan Shirt, corn. (guar.)
250. Sept, 2 Holders of reo. Aug. lbir
Mapes Conn!. Mfg.(guar.)
75o. Oct. 1 Holders of rec. Sept. 15
Marshall Field & Co., corn.(guar.)
0
625443 Sept. 1 Holders of rec. Aug. 15
Material Service Corp.(guar.)
"50e. Sept. 1 *Holders of rec. Aug. 15
May Department Storm. own.(quiz.)....
50e Sept. 2 Holders of roc. Aug. 150
Common (payable in eommon stook). 1154 Sept. 2 Holders of rec. Aug. 154
CODIMOD (Payable in common stook). .1134 Dee. 1 Holders of reo. Nov. lba
Mayflower Associates (guar.)
*50c Sept. 15 *Holders of rec. Sept. 3
Stock dividend
Sept. 15 *Holders of rec. Sept. 3
*el

AUG. 23 1930.]
Name of Company.

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Continued).
*134 Nov.15
Matson Navigation (guar.)
150. Sept.15 Holders of rec. Aug. 15
McColl-Frontenac Oil, corn.(quar.)____
500. Sept. 2 Holders of rec. Aug. 200
McCrory Storm, corn. & corn. B (qu.)..
25e. Sept. 2 Holders of rec. Aug. Is
McIntyre Porcupine Mines, Ltd. (qU.)50c. Sept. 1 Holders of rec. Aug. 18
Medart(Fred) Mfg.(guar.)
50c. Oct. 1 Holders of rec. Aug. 300
Mengel Co., common (quar.)
Preferred (quar.)
134 Sept. 1 Holders of rec. Aug. 150
3
Aug. 30 Holders of roe. July 28
Merrimack Manufacturing, Met
Merritt, Chapman & Scott, corn.(guar.) .40c. Sept. 1 "Holders of rec. Aug. 15
*134 Sept. 1 'Holders of rm. Aug. 15
Preferred A (guar.)
*25c Sept. 2 *Holders of rec. Aug. 20
Meteor Motor Car(guar.)
Metro-Goldwyn Pictures. pref.(guar.).- 4734c Sept.15 Holders of rec. Aug. 1106
Metropolitan Loan,pref
Sept. 1 *Holders of rec. Aug. 20
*34
Metropolitan Paving Brick. corn.(guar.) 50o. Sept. 1 Aug. 16 to AWL 3
1
15.4 Oct. 1 Sept.18 to Sept.80
Preferred (qua?.)
Michigan Steel. Stock dividend
el
Oct. 2() Holders of tea.Sept. 300
19
Miller (I.) & Sons, Inc., corn. (quar.)
50c. Oct. 1 Holders of rec. Sept.
Preferred (quar.)
134 Sept. 2 Holders of rec. Aug. 20
Mississippi Vall.Util. Invest..$7 pf.(qu.) $1.75 Sept. 2 Holders of rm. Aug. 15
Mohawk Mining
750. Aug. 30 Holders of rec. July 31
Monsanto Chemical Works
313.4c. Oct. 1 Holders of rec. Sept. 10
Stock dividend
e134 Oct. 1 Holders of rec. Sept.10
Montreal Loan & Mortgage (guar.).750. Sept.15 Holders of rec. Aug. 31
Moody's Investors' Service
75c. Nov. 15 Holders of reo. Nov. 1
Participating preference (qua?.)
Moreland Oil, class A (guar.)
"25c. Aug. BO *Holders of rec. Aug. 15
•150. Sept.30'Holders of rec. Sept.15
Class B (guar.)
Class B (extra)
*5c. Sept. 30 "Holders of rm. Sept. 15
Morison Electrical Supply, coin. (quar.)
250. Aug. 31 Holders of rec. Aug. 15
Common (payable In common stook). f134 Aug. 31 Holders of rec. Aug. 15
Morrell (John) & Co. corn. (guar.)._
$1.10 Sept. 15 Holders of rec. Aug. 23z
750. Sept.10 Holders of reo. Aug. 200
Motor Wheel Corp., corn.(quer.)
lAnnicripal Tel. & Utilities, corn. A (on.) •25e. Nov. 15 *Holders of tee. Oct. 16
75e. Sept. 1 Holders of rec. Aug. 130
Munsingwear. Inc.. corn. (guar.)
Murphy (G. C.) Co., common (guar.) -40c. Rept. 2 Holders of rm. Aug. 22
.
Muskegon Motor Specialties, corn.(qu.) 250. Sept. 1 Holders of rec. Aug. 20
Class A (guar.)
50e Sept. 1 Holders of reo. Aug. 20
Muskogee Co., pref. (oust.) (No. 1)-- *134 Sept. 2'Holders of res. Aug. 22
Myers(F. E.)& Bros. Co., corn.(qua?.) 500 Sept.30 Holders of rec. Sept. 150
I% Sept.30 Holders of roe. Sept.15
Preferred (quar.)
"134 Sept. 1 'Holders of rec. Aug. 9
National Baking. Net. (guar.)
National Bearing Metals (quer.)
750. Sept. 1 Holders of rec. Aug. 15
National Belkts Hess, Inc., pref.(IU.)
134 Sept. 2 Holders of tee. Aug. 21
70c. Oct. 15 Holders of rec Sept. 1ga
National Biscuit, common (guar.)
134 Aug. 80 Holders of rm. Aug. 150
Preferred (guar.)
500. Sept. 1 Holders of rec. Aug. 15
National Container Corp.. pref.(guar.)_
50c. Oct. 1 Holders of rec. Sept. 3a
National Dairy Products, corn.(quar.)
Oct. 1 Holders of roe. Sept. 34
Corn.(payable In corn. stook)(guar.). /1
*13.4 Oct. 1 *Holders of rec. Sept. 3
Preferred A & 13 (quar.)
0134 Sept. 2"Holders of rec. Aug. 15.
Nat'l Dept. Storm, 2nd pref.(Quar.) • .
National Family Stores, corn.(quar.)
•123.4 Sept. 1 *Holders of rec. Aug. 20
*50o. Sept. 1 'Holders of rec. Aug. 20
Preferred (guar.)
134 Sept.30 Holders of ree. Sept.120
National Lead, corn. (guar.)
134 Sept.15 Holders of rec. Aug. 290
Preferred A (quar.)
13.4 Nov. 1 Holders of rec. Oct. 170
Preferred 11 (guar.)
Nat.Short Term Securities.
13
Deo, 15 Holders of rec. Nov. 38
Common A (payable in stock)
50c. Oct. 1 Holders of rec. Sept.17
National Steel Car (guar.)
500. Oct. 1 Holders of rec. Sept. 2
National Sugar Refg. (oust.)
*25c. Sept. 15'Holders of rec. Aug. 30
National Transit (guar.)
3234c Sept. 2 Holders of rec. Aug. 16
Nehl Corporation, corn.(guar.)
First preferred (qua?.)
$1.313.4 Oct. 1 Holders of reo. Sept. 15
40e. Oct. 1 Holders of rec. Sept. 150
Nelener Bros.. Inn., 0001131013
400 Jan1'31 Holders of reo. Dee. 150
Common (guar.)
Newberry (J. J.) Co., corn. (guar.)._
•2734c Oct. 1 *Holders of rm. Sept. 16
Preferred (guar.)
"134 Sept. 1 "Holders of rm. Aug. 10
*50c. Sept.27 *Holders of rec. Sept. 15
New York Transportation (quar.)
Niles-Bement-Pond, common (qua?.).,_. *50e. Sept.30 *Holders of tee. Sept.2
0
Common (gum.)
*500. Dec. 31 *Holden of tea. Deo. 20
Noblitt-Sperks Industries (in stook).-- "el 14 Oat. 1 *Holden of roe. Sept. 20
Northern Warren Corp., cony. Pf.(BL) "750. Aug. 30 *Holders of reo. Aug. 15
North Central Texas 011 (guar.)
150. Sept. 2 Holders of rec. Aug. II
Northern Disc., prof. A (monthli)
•66 2-3c Sept. 1
• 662-3 Oct. I *Holders of tee. Aug. 15
Preferred A (monthly)
*Holders of tee. Sept.15
Preferred A (monthly)
•662-30 Nov. 1 *Holders of rec. Oct. 15
•662
Preferred A (monthly)
-So Deo. 1 *Holders of ree. Nov. 15
O'Connor, Moffat & Co., class A (oil.). *3734c Sept. 2 'Holders of rec. Aug. 15
Ogglesby Paper. preferred (guar.)
111.501Nov. 1 *Holders of res. Oct. 20
Ogilvie Flour Mills, pref.(guar.)
iSept. 2 Holders of rec. Aug. 20
Ohio Oil, new no par stk.(qu.)(No. 1) "500. Sept.15 "Holders of rm. Aug. 26
*134 Sept.15 'Holders of rec. Aug. 16
Preferred(guar.)
'2 Oct. 1 *Holders of rec. Sept. 15
Omnibus Corp., pref.(guar.)
3
125 East 63d St., Inc., pref
Sept. 2 Aug. 16 to Sept. 2
"3734c Aug. 25 *Holders of rec. Aug. 15
Orange-Crush Co. (guar.)
Oshkosh Overall, pref.(guar.)
*50c. Sept. 2'Holders of rec. Aug, 22
Ott, Elevator, pref. (guar.)
134 Oct. 15 Holders of tee. Sept.3
04
134J an15'31 Hold, of tee. Dec.31'306
Preferred ((Mar.)
114 Oct. 1 Holders of reit. Sept.15
Glass, pref.(quar.)
Pacific Amer. Fisheries (guar.)
"500. Sept. 1 'Holders of rec. Aug. 15
250.Sept. 12 Holders of rm. Aug. 15a
Packard Motor Car, cam.(guar.)
Paramount Publix Corp., coin. (guar.). $1 Sept. 27 Holders of rec. Sept. 5a
Parmelee Transportation (monthly).
Sc. Sept.10 Holders of rec. Aug. 290
Patterson-Sargent Co.(guar.)
500. Sept. 1 Aug. 16 to Aug. 31
Pender (D.) Grocery Co., class A (guar.) 8733c. Sept. 1 Holders of rec. Aug. 20
Penick & Ford, Ltd.. OM.(guar.)
250. Sept.16 Holders of rec. Sept 30
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 12a
Penn Federal Corp.(guar.)
*634c. Aug. 30 "Holders of rec. Aug. 20
Pennsylvania Investing. class A (quar.)_ 6214c Sept. I Holders of rec. July 31a
Phoenix Hosiery Co., 1st & 2d pf. (FPO 134 Sept. 1 Holders of roe. Aug. I80
Pierce-Arrow Motor Car. pref. (quar.)
14 Sept. 1 Holders of rec. Aug. ga
Pillsbury Flour Mills (aunt.)
500. Sept. 1 Holders of rec. Aug. 150
Pines Winterfront Co.(guar.)
2513. Sept. 1 Holders of rec. Aug. 15
Stock dividend
02
Sept. 1 Holders of rm. Aug. 15
Pittsburgh Steal prat (guar.)
134 Sept. 1 Holders of tee. Aug. lis
Poor & Co., class A and B (guar.)
50e. Sept. 1 Holders of rec. Aug. 15a
Porto Rico-Amer. Tobacco, Cl. A (qu.)_ 8734c Oct. 10 Holders of rec. Sept. 206
Powdrell de Alexander, pref. (guar.)._
134 Oct. 1 Holders of rec. Sept.15
Prairie Pipe Line (guar.)
756. Sept.30 Holders of rec. Aug. 30a
Extra
50c. Sept.30 Holders of rec. Aug. 300
Prince & Whitely Trading, corn
25c. Sept. 2 Holders of rec. Aug. 20
Preferred (quar.)
75c. Sept. 2 Holders of rec. Aug. 20
Procter & Gamble Co., Prof. (guar.)._ 134 Sept.15 Holders of rec. Aug. 25a
25e. Sept. 15 Holders of rec. Aug. 15e5
Public Investing (guar.)
10c. Sept.15 Holders of rec. Aug. 150
Extra
3734c Sept. 1 Holders of rec. Aug. So.
Pure 011, common (guar.)
$1
Sept. 1 Holders of rec. Aug. 15a
Purity Bakeries, corn. (guar.)
*51
Oct. 15 *Holders of rec. Oct. 1
Quaker Oats, corn. (quar.)
"134 Nov.29 *Holders of rec. Nov. 1
Preferred (Oum.)
"134 Aug. 30 *Holders of rec. Aug. 1
Preferred (quar.)
87!-'e. Oct. I Holders of rec. Sept. gs
Rrnilo Corp. of Amer. pf. A (quar.)
$1.25 Oct. 1 Holders of rec. Sept. 2a
Preferred B (quar.)
Railway & 1Jtll. Invest.. 7% pf. A (qu.) 8734c Sept. 2 Holders of rec. Aug. 15
75c. Sept. 2 Holders of rec. Aug. 15
6% preferred (guar.)
$1.52 Aug. 29 Molders of rec. Aug. 22a
Rand Minos, American shares
750. Sept. I Holders of rec. Aug. 20
Reliance lnternatl. Corp. pref.(oil.)_
"751. OM. 15 *Holders of res. Oct. I
Republic supply (Quay.)
50c. Sept. 1 Holders of rec. Aug. 15a
. Reynolds Metals (guar.)
50c. Sept 1 Holders of rec. Aug is
Richfield 011 of Calif.,corn.(oiler.)
(quar.)
*60c. Nov. 1 *Holders of rec. Oct. 15
Rich Ice Cream Co., corn.
134 Sept. 1 Holders of rec. Aug. 15
Rolland Paper, Ltd., pref. (qua?.)
Rosy Theatres Corp., class A (qua?.) "8734c Aug. 30'Holders of rec. Aug. 15
500 Sept. 20 dePS. 10 to Sept. 21
St. Joseph Lead Co.(oust.)
25e. Sept. 20 Sept. 10 to Sept. 21
Extra
50e. Dee. 20 Dec. 10 to Dee. 21
Quarterly
250. Dec. 20 Dec. 10 to Des. 31
Extra
St. Louis Screw & Bolt, tom.(guar.)._ 3734c Sept. 1 Holders of rec. Aug. 25
50c. Sept. 1 Holder of rec. Aug. I60
Savage Arms, corn. (guar.)
"134 Nov. 15 "Holders of rec. Nov. 1
Second preferred (guar.)
0134 Oct. 1 'Holders of rec. Sept. 15
Schlesinger (B. F.) & Sons. pref. (guar.) .
•134 Jan 1'31 "Holders of rec. Dec. 15
Preferred (quer.)
el
Noy. 1 Holders of res. Oct. 16e
-Roebuck Stock cilv.(Var.)
Sears




1221

FINANCIAL CHRONICLE
Name of Company.

Per
When
Cent. Payable.

nooks Closed.
Days Inclusive.

Miscellaneous (Continued).
Second Inv. Corp.,Prov., cony. pf.(gu.) "37%c Sept. 2'Holders of rec. Aug. 15
*75c. Sept. 2 "Holders of rec. Aug. 15
Prior preferred (guar.)
Second National Invest.. Pref.(guar.).- $1.26 Oos. 1 Holders of rec. Sept. 100
550c. Sept. 15 *Holders of rec. Aug. 25
Common (extra)
Secord (Laura) Candy Shops (quar.)... "750. Sept. 1 *Holders of rec. Aug. 15
Selected Industries, prior stock (guar.) $1.375 Oct. 1 Holders of reo. Sept.15
She/knee (W. S.) Pens, common (guar.)- *31 Sept.15 *Holders of res. Aug. 25
4
Sherwin-Williams Co., pref. (quar.).... 1 1 Sept. I Holders of rec. Aug. 16
50c. Aug. 30 Holders of rm. Aug. 15
Shippers Car Line Corp., class A (quar.)
134 Aug. 30 Holders of rec. Aug. 15
Preferred (guar.)
400. Sept.15 Holders of roe. Aug. 290
Simms Petroleum (guar.)
Simmons Bordman Pub., pref. (guar.)._ *75c. Sept. 2 *Holders of rec. Aug. 22
Simon (Franklin) & Co., Inc.. pf.(qu.). 134 Sept. 2 Holders of rec. Aug. 180
50c. Oct. 15 Holders of rec. Sept. 15a
Sinclair Consul. Oil, corn, (guar.)
500. Sept.15 Holders of reo. Aug. 15a
Skelly Oil, common (qua?.)
134 Sept. 2 Holders of rec. Aug. 21
Smith (Howard) Paper Mills, pref. (qu.)
50c. Oct. 15 Holders of rec. Sept.300
Spalding (A. 0.) & Bros., corn.(guar )
134 Sept. 2 Holders of rec. Aug. 160
First preferred (quar.)
2
Sept. 2 Holders of rec. Aug. 160
Second preferred (guar.)
Strong, Chalfant & Co., pref. (guar.).- $1.50 Oct. 1 Holders of roe. Sept. 15
Sparks-Wfthington Co., corn.(quar.)... 25c. Sept. 30 Holders of rec. Sept.13a
134 Sept.15 Holders of rec. Sept. 4
Preferred (guar.)
Spear & Co., pref. & 2d pref.(quar.)_._ 134 Sept. 1 Holders of rec. Aug. 150
6234c Sept.15 Holders of rec. Aug. 15a
Standard Oil (Calif.) (quar.)
•6234c Sept.15'Holders of rec. Aug. 15
Standard 011 (Indiana) (guar.)
50c Sept.15 Holders of rec. Aug. 230
Standard 011 (Kansas) (guar.)
6234c Sept.20 Aug. 24 to Sept.20
Standard Oil (Nebraska)(guar.)
25c. Sept.20 Aug. 24 to Sept.20
Extra
- 250. Sept.15 Holders of roe. Aug. 16a
Standard Oil(N.J.) $25 par (guar.).
25c. Sept.15 Holders of reo. Aug. 166
$25 par (extra)
Sept.15 Holders of reo. Aug. 160
1
$100 par stock (qua?,)
Sept.15 Holders of rec. Aug. 180
1
$100 per stock (extra)
450. Sept.15 Holders of tee. Aug. 16a
Standard 011 of N.Y.(guar.)
Standard 011 (Ohio), pref. (guar.)
134 Sept. 2 Holders of rec. Aug. 8
Stearns(Prod 's) Co..cotn.(monthlY) * 16 2-3c Aug. 30'Holders of rec. Aug. 20
.
Sterling Securities, 53 cony. 1st pref.(qu) 75c. Sept. 1 Holders of rec. Aug. 15a
30e. Sept. 1 Holders of rec. Aug. 15.
6% preferred (guar.)
Eitlx, Baer & Puller. common (quar.). 37%c Sept. 1 Holders of reO. Aug. 16
Common (guar.)
*37340 Dee. 1 *Holders of rec. Nov.15
Strawbridge & Clothier, pref. A (guar.)_ •116 Sept. 1 *Holders of rec. Aug. 15
Stromberg-Carlson Telep. Mfg.((Man). "250. Sept. 2'Holders of rec. Aug. 16
*1234c Sept. 2'Holders of rec. Aug. 16
Extra
.154 Sept. 2 *Holders of rec. Aug. 18
Preferred (guar.)
750. Sept. 2 Holders of tee. Aug. 90
Studebaker Corp., corn.(guar.)
134 Sept. 2 Holders of tea. Aug. 90
Preferred (guar.)
25e. Sept. 15 Holders of rec. Aug. 254
Sun Oil Co., common (guar.)
13-4 Sept. 1 Holders of rec. Aug. Ila
Preferred (quar.)
$1.75 Oct. 1 Holders of rec. Sept. 18
Sunshine Biscuit. 1st pref.(qua?.)
02734c Sept. 1 *Holders of rec. Aug. 23
Superior Portland Cement A (monthly). .
"4334e Sept. 3 *Holders of rec. Aug. 15
Swan & Finch. prof.(guar.)
•20.. Sept. 1 *Holders of res. Aug. 20
Telephone Corporation (monthly)
•20.. Oct. 1 *Holders of reo. Sept. 20
Monthly
•20e. Nov. I *Holders of rea. Oct. 20
Monthly
.250. Dec. 1 *Holders of roe. Nov. 20
Monthly
Tennessee Copper & Chemical (qua?.).. 25e. Sept.15 Holders of rec. Aug. 300
Tennessee Products Cont.. corn. (fluor.) "250. Oct. 10 *Holders of rec. Sept. 30
•25o.is 10'31 *Holders of reo. Dee. 31
Common (qua?.)
•250. 4-10-31 *Holders of rec. Mar.31
Common (quar.)
$1 Sept.15 Holders of reo. Aug. 306
Texas Gulf Sulphur(Qum.)
*134 Sept. 1 'Holders of rec. Aug. 20
Thompson Products. pref.(guar.)
- 8734c Oct. 1 Holders of rec. Sept. Ila
Thompson-Starrett CO.pref.(guar.).
13-4 Sept. 1 Holders of tee. Aug. 300
Timken-Detroit Axle, pref.(guar.)
75e. Sept. 5 Holders of rec. Aug. 20a
Timken Roller Bearing. cam.(quar.)
Traung Label & Lithograph, al. A (gu.). "3730 Sept.15 *Holders of roe. Sept. 1
•3734c Dec. 15 *Holders of tee. Dec. 1
Class A (qua?.)
Oct. 1 'Holders of rec. Sept.25
Traylor Eng. & Mfg., pref. (quar.).-- "2
8 1-3c Sept. 1 Holders of rec. Aug. 15
Tristato Royalty, corn.(monthly)
be. Sept. 1 Holders of rec. Aug. 15
Preferred A (monthly)
134 Sept. 2 Holders of rec. Aug. 22
Truscon Steel, pref. (guar.)
40c. Oct. 15 Holders of rec. Oct. 1
Ulen & Co., corn. (guar.)
Underw-Elliott-Fisher Co., corn.(qu.)_ $1.25 Sept.30 Holders of rec. Sept.120
134 Sept.30 Holders of rec. Sept.120
Preferred (guar.)
17340. Sept. 2 Holders of reo. Aug. 20
Unexcelled Mfg.(guar.)($10 par)
*50c. Sept. 3 *Holders of rec. Aug. 15
Union Mills common (guar.)
*134 Sept. 2 'Holders of rec. Aug. 15
Preferred (guar.)
•6234c Nov. 15 *Holders of roe. Nov. 1
Pnion Storage Co (guar.)
40c. Sept. 2 Holders of rec. Aug. 160
Union Tank Dar (qua?.)
Ur lted Amer. Utilities class A lot series
Sept. 1 Holders of rec. Aug. 9
3234c. cash or 1-50Ih sh. class A stock.
400. Sept. 1 Holders of MO. Aug. 182
United Biscuit, corn. (guar.)
15c. Sept. 2 Holders of rec. Aug. 20
United Carr Fastener (guar.)
United Chemicals. Inc. Sa pref. (qua?.) *75c. Sept. 1 "Holders of rec. Aug. 15
*75c. Sept. 2'Holders of rec. Aug. 15
Participating preferred (qua?.)
- 1% Oct. 1 Holders of rec. Sept.136
United Dyewood Corp., Prof.(guar.)
400. Sept.24 Holders of tee. Sept.10
United Elastic Corp
Oct. 1 Holders of rec. Sept. 2a
United Fruit (guar.)
40e. Sept. 2 Holders of rec. Aug. 5
United National Corp.(Seattle) part. pfd
50s. Nov. 1 Holders of tee. 001. 1311
Piece Dye Worm. coin. (guar.)._
United
1% OM. I Holders of reo. Sept. 20a
Preferred (guar.)
1% Janr31 Holders of tee. Dec. 205
Preferred (qua?.)_
*62550 Sept. 2 *Holders of rec. Aug. 22
United Realties. pref.(quar.)
'62'.4t Sept. 2 *Holders of rec. Aug. 22
Prior preferred (guar.)
623-40 Sept. 5 Holders of tee. Aug. 256
United Stores Corp.. pf.(on.)(No. 1)
United Wall Paper Factories. pf.(qu.) *$1.75 Sept. 2 *Holder.* of rec. Aug. 21
$1.25 Sept. 1 Holders of rec. Aug. 20a
U.S. Dairy Products, coin. A (oust.)
$1.75 Sept. 1 Holders of rec. Aug. 206
First preferred (guar.)
$2
Sept. 1 Holders of rec. Aug. 200
Second preferred (guar.)
*4 Sept. 2 *Holders of rec. Aug. 15
U.S. Envelope,common
"3% Sept. 2 *Holders of rec. Aug. 15
Preferred
50o. Sept. 2 Holders of ree. Aug. 210
U.S.Hoffman Machinery (guar.)
*40o. Sept. 30 *Holders of rec. Sept.15
U.S. Gypsum,cam.(guar.)
Preferred (oust.)
*154 Sept.30 "Holders of rec. Sept.15
214 Oct. 20 Holders of roe. Sept. 201
Fl. S. Pipe & Foundry, corn. (qua?.)..
214 Ja20'31 Holders of rec. Dee. 310
Common (qua?.)
30e. Oct. 20 Holders of roe. Seta. 36I1
Firet preferred (guar.)
30e..5,20 31 Holders of roe. Deo. 31a
Fires preferred (guar.)
*S1
Oct. 1 *Holders of rec. Sept. 20
U. S. Playing Card (guar.)
U. S. Print. & Lithographing. corn.(ou.) *50c. Oct. 1 *Holders of rec. Sept. 20
*75c. Oct. 1 'Holders of rec. Sept.20
Preferred (guar.)
$1.25 Sept.15 Holders of rec. Aug. 15a
U. S. Realty & Improvement
1% Sept.29 Holders of rec. Aug. 300
United States Steel Corp. corn.(guar.)._
1% Aug. 30 Holders of rec. Aug. 46
Preferred (quar.)
$1
Sept.20 Holders of rec. Aug. 30
Vacuum 011 (guar.)
*1% Sept.10 *Holders of rec. Sept. 1
Vapor Car Heating pref.(quar.)
*1% Di.. 10 *Holden of roe. Dee. 1
Preferred (guar 1
Aug. 25'Holders of rec. Aug. 15
Victor Welding Equip., cl. A & B (guar.) "37
Sept. 1 Holders of rec. Aug. 15a
Virginia-Carollna Chem., pr. pref. (qu.)
1
Oct. 20 Holders of rec. Oct. 4a
Rulcan Dettnning. Common (quar.)
1% Oct. 20 Holders of rec. Oct. 4a
Preferred (guar.)
Wagner Electric (Auer.)
37340 Sept. 1 Holders of rec. Aug. 15
Watalua Agricultural Co. (quar.)
"60c Aug. 31 *Holden of rec. Aug. 20
*50c Sept. 2 *Holders of rec. Aug. 15
Waitt & Bond. class A (qua?.)
Walker (11.1 Gooderham & Worts(quar.) 25e. Sept. 15 Holders of rec. Aug. 22
Waltham Watch pref (guar.)
114 Oct 1 Holders of rec. Sept. 20
Walworth Co., coin.(guar.)
500 Sept.15 Holders of rec. Sept. 50
Preferred (quar.)
"75c. Sept.30'Holders of rec. Sept.20
Warner Bros. Pictures. prof.(Quar.)---55c. Sept. I Holders of rec. Aug. 180
Wayne Pump, pref. (guar.)
'87340 Sept. 1 *Holders of rec. Aug. 20
Weenon 011 & Snowdrift. pref.(quar.)- $1
Sept. 1 Holders of reo. Aug 150
Western Auto Supply, corn. A & B (qu.)
75c. Sept. 1 Holders of rec. Aug. 20
Western Dairy Products. class A (guar.) $1
Sept. I Holders of rec. Aug. lba
Preferred A (guar.)
•
$1.50 Sept. 2 *Holders of roe. Aug. 12
Western Newspaper Union. pref.(guar.) $1.75 Sept. 1 *Holders of rec. July 25
West Maryland Dairy Prod., pr. pf.(gu.) "87340 Sept. 1 "Holders of rec. Aug.
20
West Michigan Steel, corn.(guar.)
"25c. Sept.15 'Holders of rec.
I
Preferred (guar.)
s$1.7r Sept. 2 *Holders of rec. Sept.15
Aug.
Woos Va. Pulp & Paper. pref. (quar.)...._ 1 34 Nov. 15 *Holders of roe.
'
Nov. 5
Westmoreland, Ino.(guar.)
300. Oct. I Holders of tee. Sept.
Weston Electrical Instrument, corn.(qu) 25c. Oct. 1 Holders of rec. Sept. 150
190
Class A (guar.)
50e. Oct. 1 Holders of rec. Sept. 190
Product r ci. m.(qu.).
Westvaco Chlorine
50c Sept. 1 Holders of rec. Aug. 15a

1222

When
Per
Cent. Payable.

Name of Company.
Miscellaneous (Concluded).
Whettaworth. Inc. (guar.)
Preferred (quar.)
Wheeling Steel common (quar.)
White (J. G.)& Co. pref. (quar.)
White (J. G.) Eng. Corp. pref. (oiler.)
White Motor Co.(quar.)
White Motor Securities. prof. (quar.)
White Rock Mineral Springs, com.(411.)
First preferred (quar.)
Second preferred
Whiting Corp. (quar.)
Wilcox-Rich Corp. class A (quar.)
Class A (quar.)
Wilson-Jones Co.(quar.)
Windsor Hotel, Ltd. (guar.)
WInsted Hosiery (quar.)
Extra
Wolverine Petroleum Corp. (special) Wolverine Tube, pref. (quar.)
Woolworth (F. W.) Co., corn. (quar.)_ _
Wrigley(Wm.)Jr. Co.(monthly)
Monthly
Monthly
Monthly
WurlItser (Rudolph) corn. (monthly)
Common (monthly)
Common (monthly)
Common (monthly)
Preferred (quar.)
Pre:erred (guar.)
Preferred (anon
Preferred (guar.)

Books Closed.
Days Inclusive.

*25c. Oct. 1 *Holders of rec. Sept. 20
*2
Sept. 1 *Holders of rec. Aug. 153
Sept. I *Holders of rec. Aug. 12
•1
135 Sept. 2 Holders of rec. Aug. 15
114 Sept. 1 Holders of rec. Aug. 15
50c. Sept.30 Holders of ree. Sept.120
$1.75 Sept. 30 Holders of rec. Sept. 12
Oct. 1 Holders of rec. Sept. 15a
51
Oct. 1 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 15
55
•20e. Aug. 15 *Holders of rec. Aug. 5
62K e Sept. 30 Holders of rec. Sept.200
6235c Dec. 31 Holders of rec. Dec. 20a
*75c. Sept. 2 *Holders of rec. Aug. 25
1K Sept. 1 Holders of rec. Aug. 15
*2
Nov. 1 *Holders of roe. Oct. 15
*500. Nov. 1 *Holders of rec. Oct. 15
Aug. 30 Holders of rec. Aug. 15
$3
*1 N Sept. 1 *Holders of rec. Aug. 15
600. Sept. I Holders of rec. Aug. 9a
50e. Sept. 1 Holders of roe. Aug. 20
25e. Oct. 1 Holders of rec. Sept. 20
250. Nov. 1 Holders of tee. Oct. 20
500. Dec. 1 Holders of Teo. Nov. 20
*500. Sept.25 *Holders of roe. Sept. 24
1,500 Oct. 25 *Holders of roe. Oct. 24
*500. Nov.25 *Fielders of rec. Nov. 24
•50c. Dec. 25 *Holders of roc. Dec. 24
•15( Oct. 1 *Holders of rec. Sept. 20
•15i Jan 1'31 *Holders of rec. Dee. 20
•154 Aorl'31 *Hold. of rec. Mar 20'31
Jul 131 *Hold.of roe. June 20'31
*1

•From unofficial sourced. t The New York Stock Exchange has ruled that
stock will not be quoted ex-dividend on this date and not until further notice.
t The New York Curb Exchange Association has ruled that stock will not be quoted
ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
S General Gas & Electric 734e. dividend on common stock Is payable In class A
common stock unless stockholder gives written notice by Sept. 20 of his election
to take cash.
d Correction. •Payable in stook.
Payable in common stock. ç Payable in scrip. h On account of accumulated
dividends. 1 Payable in preferred stock.
Peoples Light & Power may apply dividend to purchase of class A common
stock at rate of one-fifteith share for each share held.
Union Natural Gas dividend Payable in cash, or, at option of holder. 1 50th
Share of stock.
Of the Federal Water Service dividend, 50c. will be paid in Class A stock at
rate of $27 per share unless stockholder notifies company on or before Aug. 11 of
his desire to take the entire dividend in cash.
as Central States Electric Corp. cony. pref. dividend payable in common stock
ari follows: Series of 1928, 3-32 share or, at option of holder, $1.50 cash: series or
1929, 3-164 share or. at option of holder. $1.50 cash.
a Central Public Service class A dividend will be paid in class A stock at the
Defoe of $17.50 per share unless stockholder notifies company by Sept. 10 of his
desire to take cash.
o Cities Service Bankers Shares dividend is 33.085 cts.
p Midland United Co. pref. dividend payable in cash or one-fortieth share comm on
stock. Company to be notified 15 business days before Sept. 24.
r British American Tobacco dividend Is 10 pence per share All transfers received
In London on or before Sept.3 will be in time for payment of dividend to transferees.
North American Co. dividend is payable in common stock at rate of one-fortieth
share for each share held.
Amer. Smelting & Refining second Prof. stock dividend Is 51.5657.
u Unless holders notify company of their desire to take cash, Utilities Power dr
Light dividends will be paid as follows: class A stock, 1-40th share class A stock
class B stock. 1-40th share common stock;common stock, 1-40th share common stock.
w Less deduction for expenses of depositary.
y Lone Star Gas dividend Is one share for each seven held.
s Electric Shareholdings Corp. $6 pref. dividend is 1-20th share common stock
unless company is notified by Aug. 15 of the stockholder's desire to take cash, $1.50.
if Blue Ridge Corp. and Shenandoah Corp. dividends will be paid 1-32d share
eommon stock unless holders notify corporation on or before July 15 of their desire
to take cash-75e. per share.

Weekly Return of New York City Clearing House.
Beginning with Mar. 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of a
report. The new returns show nothing but the deposits,
along with the capital and surplus. We give it below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, AUGUST 16.

Clearing House
Members,
Bank of NY & Trust Co
Bank of Manhattan Tr Co
Bank of Amer Nat Assn
National City Bank____
Chem Bank & Trust Co_
Guaranty Trust Co
Chat Then II I & Tr Co
, I
Cent Hanover Bk&Tr Co
Corn Each Bank Tr Co_
First National Bank__,...
Irving Trust Co
Continental I3k & Tr Co
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co
Marine MicilandTrust Co
Lawyers Trust Co
New York Trust Co
Comm'l Nat 13k & Tr Co
Harriman N Ilk & Tr Co
Clearing Non-Members
City Bk Farmers Tr Co_
Meehan 'Tr Co. Bayonne
Totals

[You 131.

FINANCIAL CHRONICLE

*Capital.
2
6,000,000
22,250.000
36,775,300
110.000.000
15,000,000
90,000,000
16,200,000
21.000,000
e15,000,000
10,000.000
50,000,000
6,000,000
148,000,000
600,000
25.000,000
10,000,000
10,000,000
3,000,000
12,500.000
7,000,000
2,000,000
10.000,000
500,000

*Surplus and Net Demand
Deposits
Undivided
Average.
Profits.

Time
Deposits
Average.

2
$
60,767,000
14,698,800
211,088,000
43,499.200
168,100,000
40,453,800
132.973,100 a1,034,545,000
234,153,000
22,632,300
206.385.500 5914,239,000
160,283.000
19,703,300
345,198.000
84,136,100
170.076.000
e34.314,400
248,942,000
108,599,600
368,801,000
84,814,300
9,966,000
11.354,200
211,318,000 c1,290,265,000
25.123,000
3,706,800
86,321,400 4426,638,000
35,734.000
24 599,200
47,408.000
11:4 0,600
0
21,536.000
4,766.900
159.810,000
35.688.400
50,736,000
9,452,800
30,402.000
2,725,000

$
14,619,000
44,174.000
62,824,000
209,369,000
35.071,000
105.937.000
40.374.000
62,625.000
38,802,000
34.381.000
60,633,000
437,000
201.883.000
1,862.000
82,179,000
1,323,000
5,219.000
2,128,000
39,641,000
7,605,000
7,160,000

3,988,000
3,501,000

5.394,000

13,777,900
899,400

826720 Inn i ens 901 nnn sea, eno non 1 1163 540 no0

*As per official reports: National, June 30 1930; State. June 30 1930; trust
companies. June 30 1930. e As of July 10 1930.
Includes deposits in foreign branches: a $320,805,000; b $164,319,000; c $139,
794,000; d $59,628,000.




The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending Aug. 16:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED THURSDAY, AUG. 16 1930.
NATIONAL AND STATE BANKS-Average Figures.
Loans
Disc. and
Invest,

OtherCash Res. Dep., Dep. Otter
Including N. Y. and Ranks and
Gross
GM. Bk.Notes, Elsewhere. Trust Co.. Deposits(

Manhattan2
Bank of U. S____ 211,478,000
Bryant Park Bk. 2,588,900
Grace National_ 20,592,972
Port Morris
3,166,700
Public) National_ 152.377.000
Brooklyn
Brooklyn Nat'l_. 9,911,000
Peoples National 7.200,000

$
2
5
$
$
17,000 3,313,000 28,627,000 2,119,000 203,950,000
45,900 138,000
387,400
2,128.000
2,000
54,239 1,906,913 1,132,582 18,519,991
12,600
63,300
253,300
99,900 2,820,600
30.000 1,609,000 8,675,000 27,944.000 161,303,000
21.500
5,000

105,000
110,000

592,200
520,000

500,600
138,000

6,931,600
7,000,000

-Average Figures.
TRUST COMPANIES

Loans,
Dist. and
Invest.
ManhattanAmerican
Bk. of Europe & Tr_
Bronx County
Chelsea
Empire
Federation
Fulton
Manufacturers
United States
Brooklyn
Brooklyn
Kings County
Bayonne, N.J.
Mechanics

cash.

Res. Dep.; Dep. Other
N. Y. and Banks and
Elsewhere. Trust Co.,

Gross
Deposits.

$
$
$
763,400
49.602.900 8,678,000
726,600
361,400
14,779,500
651,950 1,953.952
24,161,524
20,129,000 1,119,000 2,090,000
75,101,000 *4,271,200 6,924,000
107.398 1,250,570
17,207,363
343,300
19,394,700 *2,161,600
357,363,000 2,665,000 43,846,000
76,504,290 3,933,333 8,694.437

$
2
20,500 47.480,600
14,486,200
24,243,997
18.762,000
3,103,700 73,705.600
142,842 16,922,592
16.676,600
2,830,000 329,167,000
60.092,134

2,178,700 34,140,500
2,017,999 2,866,773

1,167,100 136,865,500
27,803.241

135,075.500
29,508,103
9 nqr. n33

244 1126

630 126

322.255

8.895.417

* Includes amount with Federal Reserve Bank as follows: Empire, $2,742,500:
Fulton. 52,053,800,

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.
Aug. 13
1930.

Changes from
Previous Week.

Aug. 6
1930.

July 30
1930.

2
$
$
$
Capital
94,700,000 Unchanged
95,825,000
94,700,000
Surplus and profits
100,487,000 -1,557,000 102,044,000 103,059,000
Loans, dise'ts dr invest'ts_ 1,064,089,000 -14,363,000 1,078,452.000 1,091,099,000
Individual deposits
621,341.000 -26,425,000 647,766,000 647,140,000
Due to banks
155,985,000 -1,612,000 157,597,000 152,923,000
Time deposits
283,823,000
+1,771,000 282.052,000 282,796,000
United States deposits
4,801,000 -2,739,000
7,540,000
9,688,000
Exchangea for Clg. House
20,141,000 -5,039,000
25,180,000
19,445,000
Due from other banks
88,109,000 -2,993,000
91,102,000
95,853,000
Res've in legal depositles
81,253,000 -2,602,000
83,855,000
83,621,000
Cash in bank
6,534,000
+57,000
6,477,000
6,733,000
Res've in excess in F.R.Bk
-281,000
1,949,000
2,230,000
1,986,000

Philadelphia Banks.
-The Philadelphia Clearing House
return for the week ending Aug.16, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in vaults."
Beginning with the return for the week ending May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserves and whether reserves held are above or below
requirements. This will account for the queries at the end
of the table.

Two Ciphers (00)
omitted.

Week Ended Aug. 16 1930.
Members of
Trust
F.R.System Companies.

$
Capital
60,071,0
Surplus and profits_ _ 215,919,0
Loans, discts. & invest. 1,148,119,0
Exch. for Clear. House
30,281,0
Due from banks
126,310,0
Bank deposits
202,807,0
Individual deposits
628,732.0
Time deposits
275,877,0
Total deposits
1,107,416,0
Rea, with legal depoe_
77,355,0
Res. with F. R Bank_
Cash la vault*
8,865,0
Total res. h cash held_
86,220,0
Reserve required
Excess reserve and cash
In vault

Aug.9
1930.

Aug. 2
1930.

Total.

$
68,871,0
68,871,0
63,871,0
8,800,0
21,085,0 237,004,0 237,004,0 237,004,0
92,946.0 1,241,065,0 1,235,063.0 1,225,366,0
34,874,0
38,058,0
261,0
30.542,0
24,0 126,334,0 128,769,0 138,100,0
5,400,0 203,207.0 209,463.0 204,062,0
35,434,0 664,166,0 667.777,0 678,890,0
306,270.0
71.227,0 1,173,643,0 1.182,310,0 1,185,647,0
75,763,0
77,355,0
77,578,0
7,896,0
6,720.0
6,697,0
6,697,0
11,032,0
10,552,0
1,960.0
10,825,0
94.691,0
94,850.0
8,657,0
94,877.0
?,

•Cash In vault not counted as reserve for Federal Reserve members.

AUG. 23 1930.]

FINANCIAL CHRONICLE

1223

Weekly Return of the Federal Reserve Board.

The following is the return issued by the Federal Reserve Board Thursday afternoon, Aug.21,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's Comment upon the returns for the
latest week appears on page 1186, 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. 20 1930.
.405.20 1930, Aug. 13 1930. Aug. 6 1930. July 30 1930. July 23 1930 July 16 1930. July 9 1930.1 July 2 1930 !Aug. 21 1929.
RESOURCES.
3
3
$
$
$
5
il
3
8
1,537,714,000 1.546,714,000 1,551.714,000 1,553,214,000 1,558,214,000 1,572,914,000 1,597.514,000 1,568.000.0141 1,561.563 000
Ookl with Federal Reserve agents
.
Gold redemption fund with U. B. Treas.
35.819.000
36,352.000
36.816,000
36.814.000
36,714.000
36.814,000
67,745,000
36,675.000
36,675.000
Gold held exclusively sent.?. R. notes 1,573.533.000 1,583,066.000 1,588,530.000 1,590,028,000 1,595,028.000 1,609,628,000 1,634,189,000 1,604.089.000 1,629,308,000
Gold settlement fund with F. R.Board
558,821,000 551,212,000 555,602,000 589,700.000 601,767.000 583,052,000 569,123,000 610,593,000 716,863,000
Gold and gold certificates held by banks_ 806,643,000 811,022,000 817.046,000, 825,254,000 827,432,000 838,065,000 814,819,000 778.127,000 608,017,000
—
i
Total gold reserves
2.938,957,000 2.945,300,090 2,961,178,000,3.004.932.000 3,024.227,000 3.030,745,000 3,018.131.000 2,993,409.000 2,954,188,000
'
Reserves other than gold
168,060,000, 169.702,000 165.631.000, 173,206,000 160,834,000 166,190,000 159,035,000 157,835,000 188.626,000
Total reserves
Non-reserve cash
Bills discounted:
, Secured by U. S. Govt. obligations_
Other bills discounted

1

3,107,057,000 3.115,002,000 3,126,809,000 3,178,188,000 3,194,061,000 3,197.235,000 3,177,766,000 3,151.244,000 3.142,814,000
67.042.0001 66,856,000
63,436.000
58,782,000
68,210,000
67,335,000
68.547,000
55,002,000
67,962,000
63,876,000, 62,209,000
65,599,000
59,629,000 *70,357,000
66,878,000
90,952.000 105,234,000 448,120.000
132,303.0001 128,306,000 140,324.000 130,425,000 130,941,000 136,673,000 145,363,000 155.170.000 538,253,000

1

Total bills discounted
Bills bought In open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U.S. Government securltles
Other securities (see note)
Foreign loans on gold

196,179,000 190,515,000
158,922,0001 154,328.000

__

205,923,000
133,571,000

197.101,000
130,762,000

190,570.000
150,523,000

2074130,000
168,667,000

236,315,000
148.945,000

260.413,000
157,485,000

986 378,000
,
132,137,000

75,682,0001 59,608,000
304,678,000, 291.617.000
221,580.000' 255,112,000
—
601,940.000 606.337,000
7.922,000
8,472,000

49,650,000
278,307.000
248.267.000

49,714,000
276.897,000
249,757.000

42,750,009
260.835,000
272,554,000

42,900.000
243,696,000
290,522,000

48,708.000
233,534,000
310,338,000

47,531,000
236,519,000
311,903.000

576,224.000
7,272,000

576,368,000
7,323,000

576.130,000
7,323,000

577,118.000
7,301,000

590,580,000
7,301,000

595,053,000
7,301.000

42,693.000
90.943.000
14,971.000
---148.607,000
15,950,000

959.652,000

922,990.000

911,554,000

924.555,000

000,116,000

,
933,141,000 1.021,152.000'1,283 072,000

703,000
579,632,000
19,039,000
59,585.000
15,617,000

705,000
503,728.000
19.064.000
59.584,000
14,442,000

706,000
510,430.000
18,912.000
59,584,000
14,037.000

705.000
553,000,000
22.175.000
59.572,000
13,146.000

705,000
670.370.000
22,189.000
59,561,000
12,590.000

704.000
596,535,000
20,017,000
59,561,000
12,257,000

—
"Total bills and securities (see note)___
964,903.000
Gold held abroad
702.000
Due from foreign banks (see note)
Uncollected item
548.404,000
Federal Reserve notes of other banks
18,527,000
Bank premises
59.606.000
16,548,000
All other resources

C.,

Total resources
LIABILITIES.
F.R.notes in actual circulation
Deposits:
Member banks—reserve account
Government
Foreign banixs (see note)
Other deposits
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities

4,732,849,000 4
.816,686,000 4,710,758.000
1,323,708,000 1,332,991,000

724.000
706.0001
863.567.000' 680,191.000
32,318,000
19.950,000
59,561,000, 58.813 000
.
12,083,000, 10,484,000

000
4.761.621.000 4
.
.335
.649 000 4,991.299.000 4.917.043,000 4,983.265,000I5.267,203,

1
1

853 000
1,338.774.000 1.335,141,000 1,356,180.000 1,382,349,000 1,406,600,000 1,432.252.000 1,822, ,

2,413,559,000 2 309 610.0002.363,852.000 2,415,285,000 2.432,086,000 2,460,457,000 2,417,306,000 2,406,376.000 2.292,032,
. .
000
30,093,0100
29,503.000
18,882,000
16,029.000
31,519.000
30.105.000
26,146,000
24,899,000, 18,468,000
5,563 000
8,149,000
6,247,000
5,755,000
5,760,000
5,866,000
7.142,000
6.434,000
6.457,000
19,852,000
26,450,000
32,924,000
27,834.000
22.280.000
28,036,000
21.006.000
38,063,000; 19,531,
000
2,469,067,000 2.463,778,000 2,423,400,000
2,484,612,000 2.516,257.000 2.431,113,000 2,473,805,000 2.337,173,000
1 535,320,0110 558.011,000
487,054.000, .405,807000 532.022.000 631,545,000 508.542.000 615,924.000 654,1138,00u
169,783,000 169.769,000
169,716.000 169,882,000 169,484,000 169,554,000 169.626,000 166,217,000
270,930,000 276,930,000 169.080.000 278,936.000 276.936.000 276,930,000 276,930,000 278.936,000 254,398,000
276.936.000:
15,029,000
15.201,000
14,728,000
15,117,000
15,198,000
31,724,000
14,722,000
14,908.000' 15,150,000
—

Total liabilities
4,782.849,000 4,816.686,000 4.710,75s.00014,761.621.000
.649 000 4.991,299.000 4,917.943,000 4,983.265.000 5,267,203,000
.
4
.835
Ratio of gold reserves to deposits and
77.4%
F. R. note liabilities combined
77.5%
77.6%
77.2%
78.7%
78.7%
78.9%
71.0%
76.7%
Ratio of total reserves to deposits and
F. R. note liabilities combined
81.9%
82.0%
81.7%
83.1%
83.2%
82.0%
8/ 5%
75.5%
80.7%
liability on bills purchased
Contingent
for foreign corro...pondents
478,315,000 480.094,000
483,454.000 478.027.000 481,315,000 478,082.000 477,930,000 481,269,000 442,668,000
,
. Dt;trtbuffen by Mcatiriti s—
$
$
g
$
5
$
$
$
5
1-15 day Ws bought in open market..
41,413,000
57,564,000
86,909,000
73,456,000
90,397.000
65,459,000
60,828.000
92,947,000 • 90,337,000
1-15 days bills discou. ted
108,988,000 10 ,502.000
3
09,648,000 111,996,000 137,309,000 159,844,000 726,899,000
115.967,000 105.806,000
1-15 days U. S certif. of Indebtedness_
45,000
38,527,090
29,757,000
29,577,000
5,600,000
31,186,000
1-15 days municipal warrants
51,000
16 30 days bills bought In open market
33,015.000
32,849.000
40,109,000
30,306,000
31,137.000
19,938.000
31,189,000
17,497,000
13,008,000
16-30 days bills dLscounted
17,726,000
17.785.000
20,542.000
17,947,000
20,196.000
18.141,000
19,021,000
53,432,100
19.839,000
16-30 days U. S. certif. of indebtedness_
54,172,000
48,027,000
31,527,000
8,316,000
16-30 days municipal warrants
51,000
51.000
81-80 days bills bought In open market_
76,634.000
58.391,000
23,831,000
28,720,000
21,029,000
32,488,000
28,692,000
43,651.000
14,694,000
discounted
37,089,000
81 60 devs bills
3
3,054.000
29.521,000
29.033,000
32,150.000
23,111,000
32,429,000 177,011,000
34.083,000
81-60 days U. S. certif. of indebtedness
63,435,000
43,027,000
94.576,000
43,080,000
82.265,000
43,145,000
78.765,000
31-60 days municipal warrants
51,000
51,000
300,000
7,425,000
61-90 days bills bought In open market
5,240,000
15,590.000
3,715,000
6,836.000
16,368,000 '15,592,000
3,912.000
11,770,000
24,259,000
61 90 days bills discounted
2
6.860.000
26,343,000
28,739,000
26,328.000
24,102,000
26,593,000
30,414,000
80,070,000
Indebtedness_
6,214.000
61-90 days U. S. certif. of
117,402,000 119,657,000 119,692,000
61-90 days municipal warrants
Over 90 days bills bought in open market
435,000
284.000
2,223,000
2,449,000
2.167.000
128,000
1,140,000
745,000
2,288,000
7,517,000
Over 90 days bills discounted
9,314,000
18,628,000
19,832,000
15,203,000
10,259.000
14,629,000
24,199,000
8,966,000
Over 90 days certif. of indebtedness.... 161,149,000 153,150,000
139,925,000 135,965.000 129,951,000 125,093,000 117.844,000 117,878,000
555,000
Over 90 days municipal warrants
22,000
22,000
22.000
22,000
22.000
F.R.notes received from Comptroller
3,749,414,000
F.R.notes held by F.R.Agent
1,423,031,000
Issued to Federal Reserve Banks
1,710,691,000 1.696.121,000 1
.097,223,000 1.704.744,000 1,719.617,000 1,742,958,000 1,750,561.000 1,744,679,090 2.326,383,000
—
How Secured—
By gold and gold certificates
402,908,000 402,903,000
402,903,000 402,908,000 402,908,000 402,908,000 402.908,000 402,908,000 435,853,000
Gold redemption fund
Gold fund—Federal Reserve Beard_
1,134,806,000 1,143.806.000
1,170,006.000 1.194,278.000 1,165,106,000 1,125.700,000
By eligible Paper
333,948,000 322,231,000 L148,806,000 1.150,308,000 1,155.306.000 341,543,000
346,764.000 375.000.000 1,062,853,000
315,999.000 310,785,000 317,917.000
Total
_
1.870.662,000 1.863 Ql% non I on, vt o ntn. t on. Ann Ann 1 C7a ill non 1.014.437.000 1.944.278.000 1.0143.014
non 2.1.54 Al& one
NOTE—Beginning with the statement of Oct. 7 1925, two
new Items were ad( ed In order to show separately the amount of balances held abroad and
amounts due
to foreign correspondents. In addition, the caption. "All other
earning assets," previously made up of Foreign Intermediate Credit Bank debentures, was changed
"Other securities." and the caption, "Total earning assets" to -Total hills and
to
securities." The latter Item was adopted as a more accurate description of the total of
the discounts, acceptances and Fieeurales 110(1111red under the provision
Reserve Act, which. It was stated, are the only items Included
of Sections 13 and 14 of the Federal
• Revised figures,
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES
OF EACH OF THE 12 FEDERAI. RESERVE BANKS AT CLOSE OF BUSINESS AUG.
20 1930.
TWO Ciphers (00) amine&
Total,
Federal Reserve Rank of—
Boston. New York, Phila.
Cleveland. Richmond Atlanta. Chicago. ,Si. Louis. Minneap Kan.City, Dallas. San Frau.
RESOURCES.
$
$
3
S
$
$
$
3
$
3
5
$
$
Hold with Federal Reserve Agents 1,537,714,0 164,917,0 258,594,0 140,000,0
200,550,0 60.000,0 100,200,0 194.600,0 65,045,0 43,845,0 75.000,0 20,800,0 214,763,0
35.819,0
Gold retrn fund with U.S. Tress.
870,0
14.583,0 2,245,0 1.861,0 1,471,0 2.147,0 1,329,0 1,713.0
856,0 1,521,0 1.047,0 6,171.0
—
——
Gold held excl agst.F.R. notes 1,573,533,0 165,787.0 273,182,0
195.329,0
Gold settle't fund with F.R.130erd 558.821,0 17,527,0 171,370,0 142,245,0 202,411,0 61,471,0 102.347,0 122,190,0 68,758,0 44,701,0 76,521,0 21,847.0 220,934X
WA and gold cthi.hold by banks- 806.643,0 29,083,0 500,064,0 47.345,0 71,635,0 9.009,0 5,552,0 116,263,0 17,918,0 12,931,0 27,930.0 15,537,0 39,877.0
9,601,0 4,774,0 7,757,0 9,875,0
32,336,0 55,788,0 9,652.0 5,710,0
25,740,0
2,938,997,0 212.397,0 944,616,0
Total gold reserves
221,926,0 329.834,0 80,132,0 113,609,0 433.782,0 94.277,0 62,406,0 112,208,0
168.060,0 13,026,0
Reserve other than gold
47.259,0 286,551,0
45,736,0 9,789,0 8,034,0 9.630,0 15.176,0 23,225,0 13.376,0 4,711,0 6,068,0
6,424,0 12,815,0
"Total reserves
3.107.057,0 225,423,0 990.352,0
231,715,0 337,918,0 89,762,0 128.785,0 457,007.0 107,773,0 67,117,0 113,276,0
Ron-reserve cash
67,012,0 5,794.0
53,683,0 299,366,0
17,348,0 4.217,0 4,483,0 4,270.0 4,951,0 10,100,0 4,325,0
1,675,0 2,031,0 2,906.0
Bills discounted:
4,942,0
Sec. by U.S. Govt• obligations
63.876,0 7,227.0
16,774,0 9,136.0 7.993,0 5.585,0
843,0 7,163,0 3.067,0
497,0
• Other bills discounted
132.303,0 5,598,0
15,260.0 7.468,0 5.803,0 17,936,0 29,183,0 8,346,0 13,803.0 3.923.0 1,714,0 1.606,0 2,271.0
7,249.0 12,379,0 5.357,(
k
Total bills discounted
196,179,0 12,823,0
32,034,0 16,604,0 13.796,0 23,521,0 30,026,0 15,509,0 16,870,0 4,420,0 —
Bills bought in open market
158,922,0 18,349.0
8,963,0
37.203,0
103,0 15,150,0 8,867,0 9,417,0 21,704,0 8,355,0 6,098,0 9,629,0 13,985,0 7,628,0
U. B. Government securities'
6,574,0 16,873,0
Bonds
75.682.0 3,863.0
15,445,0
Treasury notes
304,078.0 20,563,0 109,291,0 3,345,0 3,653.0 2,495.0 1,093,0 24,531,0 1,761,0 5,944,0 1,494,0 9,495,(
2,550,0
24,587,0 32,087,0 7.820,0 7.821,0 28,522,0 15,905.0 11,360,0
Certificates and bills
221,580,0 21,751,0
14,004,0 11.059.0 21,679,(
63,010.0 24,320.0 22,131,0 6,668.0 3,937,0 23.165,0 6.233,0
ro•
8.675.0 13.238,0 8,672,0 14.780,1
Total II. S. Clov't securities
601,940,0 46.177,0 187.746,0 52,252.0
57,856.0 16.933,0 12 856,0 81,213,0 23,899,0 25,979,0 28,736,0
29,229,0 39.009X




1224

[Vol,. 131.

FINANCIAL CHRONICLE

RESOURCES (Conclucled)Two ciphers (00) omitted.

Total.

Boston.

$
7,922,0

Other securities
Foreign loans on gold
Total bills and securities
Due from foreign banks
Uncollected items
F. R. notes of other banks
Bank premises
All other resources

New York.
$
5,900,0

$
1,000,0

Cleveland. Richmond Atlanta. Chicago

Phila.
$
1,000,0

$

$

$

St. Louis. Minneap. Kan.City. Dallas. San Fran.
$

$

$
22,0

$

$

$

262,883,0 69,959,0 86,802,0 49,371,0 52,299,0 118,431,0 49.124,0 37,119,0 47,328,0 49,788,0 63,510.0
30,0
228,0
69,0
71,0
25,0
49,0
95,0
25,0
21,0
21,0
16.0
142,269,0 49,094,0 58,285,0 39,151,0 15,462.0 72,160,0 23,317,0 10,730,0 30,592,0 19,739,0 29,377,0
466,0 1,060,0 1,755,0
4,552,0
976,0 2,641,0 1,303,0
352,0 2,058,0
941,0 2,192.0
15,664,0 2,614,0 7,059,0 3,213,0 2,659,0 8,295,0 3,811,0 2,018,0 3,972,0 1,876,0 4,846,0
533,0 3,158,0
231.0 1,085,0
8.666,0
30-1,0
674,0
532.0
516,0
505.0
241,0

964,963.0 78,349,0
52,0
702.0
548,401,0 58,228,0
18,527,0
231,0
59,606,0 3.579,0
16,548,0
103,0

Total resources
4,782,849,0 371,759,0 1,441,962,0 359,365,0 496,763,0 188.085.0 208,315,0 669,403,0 190,090,0 120,132,0 204,653,0 128,870,0 404,452,0
LIABILITIES.
F. R. note, in actual circulation_ 1,323,708,0 133,140,0 157,237,0 124,169,0 185,629,0 61,980,0 113,335,0 172,299.0 66,678,0 48,890,0 69,296,0 33,27 ,0 157,779,0
6
,
Deposits:
Member bank-reserve ascii 2,413,559,0 145,992,0 988,078.0 143,110,0 205,587,0 64,236,0 60,161,0 356,477,0 76,902,0 48,910,0 88,747,0 58,795.0 176,564,0
3.038,0 1,297.0 2.141,0 4,474,0
Government
810,0 7,628,0 3,318,0
30,093,0 1,002.0
849.0 2,622,0 1,086,0 1,828,0
543,0
228,0
1,921,0
526,0
195,0
375,0
402,0
163,0
5,563,0
727,0
Foreign bank
195,0
163,0
123,0
87,0
Other deposits
8,394,0
49,0 1,388,0
71,0
272,0
572,0
26,0 7,357,0
19,852,0
202,0
147,0 1.287,0
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities

2,469,067,0 147,467.0 1.001.431,0 144,982.0 209.659,0 69,025,0 61,438,0 365,404,0 80,617.0 50,031,0 92.819.0 60,070,0 186,124,0
528,326,0 57.534,0 132,704,0 45,016,0 55,216,0 37,984,0 15,206.0 69,354,0 25,285,0 10,119,0 28,860,0 21,518,0 29,530,0
65,579,0 16,783,0 15,948,0 5,812,0 5,365,0 20,115,0 5,267,0 3,064,0 4,316,0 4,358,0 11,370,0
169,783,0 11,806,0
80,001,0 26,965,0 29.141,0 12,496.0 10,857,0 40,094.0 10,877,0 7,143.0 9,162,0 8,935,0 19,514,0
276,936,0 21.751,0
788,0 2,114,0 2,137,0 1,366,0
5,010,0
450,0 1,170,0
15.029,0
61,0
135,0
713,0
885,0
200,0

Total liabilities
4,782,849.0 371.759,0 1,441,962,0 358,365,0 08,753,0 188,085,0 208,315,0 669,403,0 190,090,0 120.132,0 204,653,0 128,870,0 404,452,0
Memoranda.
68.5
80.3
85.5
86.1
85.5
81.9
Reserve ratio (per cent)
73.7
87.0
85.0
57.5
73.1
67.8
73.0
Contingent liability on bills purchased for foreign correspondits 478.315,0 35.548,0 155,976,0 46.597,0 48,038,0 20,176.0 17,294.0 64,372,0 17,294,0 11,049,0 14.412,0 14,412.0 33,147,0
FEDERAL RESERVE NOTE STATEMENT.
Total.

Federal Reserve Agent at-

Boston.

New York.

Two Ciphers (00) omitted5
5
Federal Reserve notes:
Issued to F.R. bk. by F.R.Agt_ 1,716,691,0 171,049,0
Held by Federal Reserve bank_ 392,983,0 37,909,0
In actual circulation
1,323,708,0 133,140,0
Collateral held by Agt. as security
for notes Issued to bank:
Gold and gold certificates
402,908,0 35,300,0
Gold fund-F.it. Board
1,134,806,0 129.617,0
Eligible payer
338,948,0 31,093,0
Total collateral

Phila.

Cleveland. Richmond Atlanta. Chicago, St. Louis. Minneap. Kan.City. Dallas. San Fran.

$
I
$
IS
$
$
$
$
$
267,296,0 148,670,0 224,676,0 81,227,0 138,724,0 200,058,0 81,940,0 53,807,0 80,170,0 39.504,0 229,570,0
110,059.0 24,501,0 39.047.0 19.247,0 25,389,0 27,759,0 15,262,0 4,917,0 10,874,0 6,228,0 71,791,0
157,237,0 124,169.0 185,629,0 61,980,0 113,335,0 172,299,0 66,678,0 48,890,0 69,296,0 33,276,0 157,779,0
$

$

229,968,0 39,900.0 15,550,0 5,000,0 7,100,0
14,300,0 35,000,0
8.945,0 11,845,0
28,626,0 100,100,0 185,000.0 55.000.0 93,100,0 194,000,0 56,100.0 32.000.0 75.000,0 6,500,0 179.763,0
56,794,0 15.485.0 27.556,0 32.007,0 39.348,0 37,041.0 25,149,0 11,042,0 18,537,0 20.508,0 24,388,0
315,388,0 155,485,0 228.108,0 92,007,0 139,548,0 231,041,0 90,194,0 54,887,0 93,537,0 41,308,0 239,151,0

1,876,662,0 196,010,0

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 1187,immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with en
dorsement, and include all real estate mortgages and mortgage loans hold by the bank. Previously acceptances of other banks and bills sold with
endorsement wore included with loans, and some of the banks included mortgages in investments. Loans secured by U.S. Government obligations are
no longer shown separately, only the total of loans on securities being given. Furthermore, borrowing at the Federal Reserve Is not any more subdivided to show the amount secured by U. S. obligations and these secured by commercial paper, only a lump total being given. The number of reporting banks is now omitted: in its place the number of cities included (then 101) was for a time given, but beginning Oct. 9 1929 even this has been omitted.
The figures have also been revised to exclude a bank in the San Francisco district with loans and investments of 5135.000,000 on Jan. 2 which recently
merged with a non-member bank. The figures are now given in round millions instead of In thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS AUG. 13 1930 (In millions of dollars).
-Federal Reserve DistrictBoston. New York Phila. Cleveland. Richmond Atlanta, Chicago. St. Louis. Minneap. Kan.Cily. Dallas. San Fran.
Total.
$
23,092

Loans and investments
-total--

5
9,330

5
1,276

$
2,275

$
649

On securities
All other
_

U.S. Government securities
Other securities

373
6,235
- -----

673

355

651

437

3
1,961

449
519
2,617
--- -242
151
1,282
277
298
1,335

234

430

329

1,342

78
155

133
297

99
230

452
890

$

037
1,499
467
6,896
1,138
16,857
-500
737
177
4,021
503
8,376
438
761
290
2,875
634
8,481

Loamo-total

Iniestmente-total

$
1,511

S
3,391

584

S

5

5

$

2,434

338

777

183

135

773

154

121

220

108

612

79
260

371
405

81
102

61
74

352
422

30
125

67
54

91
129

62
47

329
289

3,375
1,789
214

Borrowings from 1r R slant _ _

83
12

141
29

41
11

38
9

273
34

44
6

24
5

57
11

32
7

104
18

878
518
4

6,181
2,004
17

654
332
4

1,147
1,016
4

352
253
3

313
242
4

1,933
1,319
2

378
238
1

221
131

506
189
1

274
151
3

769
1,001
4

66
130

156
1,092

101
223

137
345

83
108

76
96

259
528

65
128

81
83

222
252

90
90

227
288

se

Duo from banks
Due to banks

852
58

1.564
3,362

Net demand deposits
Time deposits
Government deposits

100
15

13,705
7,394
46

Reserve with F. R. Bank
Cash In vault

222

1,187
1,247

2

12

1

2

2

3

1

44

8

'

Condition of the Federal Reserve Bank of New York.
Tho following shows the condition of the Federal Reserve Bank of New York at the close of business Aug. 20 1930,
In eortip:irison with the previous week and the corresponding date last year:
Resources-Gold with Federal Reserve Agent
Gold redemp.fund with U.S.Treasury_

Aug.20 1030. Aug. 131930. Aug. 21 1929.
258.594,000
14.588,000

258,594,000
14,707.000

285,474,000
20,107.000

Gold held exclusively agst. F. it. notes
Gold settlement fund with F. FL Board_
Gold and gold certificates held by bank_

273.182,000
171.370,000
500.064,000

273.301,000
161,866,000
500,619,000

305,581.900
220.504,000
361,136,000

Total gold reserves
Reserves other than gold

944,816,000
45,736,000

935,786,000
47,191,000

887,221,000
72,106,000

Total reserves
990,352,000
Non-reserve cash
17,348,000
Bills discounted
Secured by U. S. Govt. obligations...
16,774,000
Other bills discounted
15.260,000

982,977,000
17,301.000

959,327,000
16,755,000

16,758,000
15.589.000

123.852,000
109,295,005

32.034,000
37,203,000

32,347,000
49,859,000

235,147,000
65,665,000

15,445,000
109,291,000
63.010,000

12.523,000
110,025,000
69,640,000

7,495,000
23,907,000
6,030,000

187,7 16,000
,
5,900,000

192,188,000
6,450,000

37,482,000
12,050,000

Total bills discounted
Bills bought In open market
U. B. Government securities
Bonds
Treasury notes
Certnicatee and bills
Total U.S. GOVISMIDellt securitiesOther securities (see note)
Foreign loans on gold

Resources (Concluded)
Gold held abroad
Due from foreign banks (See Note)
Uncollected Items
Federal Reserve notes of other banks__ _
Bank premises
Ali other resources
Total resources
Lta slIfifesFedi Reserve notes In actual circulation_
Deposits
-Member bank, reserve acct.Government
Foreign bank (See Note)
Other deposits
Total deposits
Deferred avallablllty items
Capital paid In
Surplus
All other liabilities
Total ilabillties

Aug.201930. Aug. 13 1930. Aug. 31 192
'
9
$
228.000
142,269,000
4,552,000
15,664,000
8,666.000

229
156,250,000
5.987,000
15,664.000
7,647.000

217,000
189,790,000
17,175,000
16,087,000
901,000

1,441,962,000 1,466,899,000 1,548,596,000
151,665.000
995,673,000
5,024,000
4,507,000
13,644,000

310,831,000
905,362,000
1,220,000
3,103,000
6,981,000

1.001,431,000 1,018,848,000
132,704,000 145.691,000
65.577.000
65,579,000
80,001,000
80,001,000
5,117,000
5,010,000

916,666,000
177,183,000
63,727,000
71,282.000
8,907,000

157,237,000
988,078,000
3,038,000
1,021,000
8,394,000

1,441,982,000 1,466,899,000 1,548,596,000

Ratio of total reserves to deposit and
Fedi Res ve note liabilities combined.
78.2%
85.5%
84.0%
Contingent liability on bills purchased
Total bills and securities (See Note)._
for foreign correspondence
155,976,000 157.755.000 134,425,000
262.883,000 280,811.000 348,344.000
NOTE.-Beglaning 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 earning assets," previously made up of Federal Intermediate Credit Bank debentures, was changed to
"Other securities." and the caption "fetal earning assets" to "Total bills and securities." The latter term was adopted as a more accurate description of the total of the
discount acceptances and securities acqu;red under the provisions of Sections 13 and 14 of the Federal Reserve Act, which, It was stated, are the only items included therein.




AUG. 23 1930.]

FINANCIAL CHRONICLE

Vankers'

New York City Banks and Trust Companies.

azetfr.

AU prices dollars Per Mare.)

Wall Street, Friday Night, Aug. 22 1930.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week on page 1213.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
Sales
STOCKS
Week Ended Aug. 22. for
Week.

Range for Week.
Lowest.

Range Since Jan. 1.

Highest.

Lowest.

Highest.

Par. Shares. $ per share. $ per share. $ per share.$ per sake.
Railroads
Canadian Pac New_25 18,800 4234 Aug 21 4334 Aug 16 4034 Aug 5214 May
20 105 Aug 20 10534 Aug 20 98
Louis pf_100
&
Jan 106'4 July
C C C St
100 69 Aug 22 69 Aug 22 6534 Apr 69
May
Chic Ind & Louis pi 100
0
20 7834 Aug 20 7851 Aug 20 7434 Feb 7834 Aug
Cleve & Pittsburgh-10
100
111 50 Aug 19 50 Aug 19 50
Mar
Cuba RR pref
Aug 70
20 50 Aug 20 5034 Aug 22 4634 July 6834 Apr
Manhat El GUM_ - -100
100 254 Aug 18 254 Aug 18 234 Aug 6
Market St Ry 2d pi 100
Feb
10 125 Aug 18125 Aug 18 116
Apr
New On Tex & Mex 100
June 129
10 12 Aug 21 12 Aug 211 10
Pac Coast 2d pref-100
July 1914 Mar
100 9834 Aug 21 9834 Aug 21 87 June 135% Mar
South RyM &0etfs100
Indus. & Miscell.100 32 Aug 16 32 Aug 16 2034 Jun 3434 June
Addressograph Intl-- -•
100
111 9554 Aug 18 9534 Aug 18 7534 Jan 101
Am Chain pref
Mar
130 9834 Aug 22 99 Aug 19 95
Am & For Pow pref(6) *
Jan 101
May
Am Mach & Metals---* 1,000 6 Aug 22 8 Aug 16 6
Aug 1434 July
•
20 5634 Aug 22 5634 Aug 22 4834 July 8034 Mar
Am News Co
900 100 Aug 1610134 Aug 21 100
Am S & R 2d pref-100
Aug 10334 Aug
50 20 Aug 20 21 Aug 20 16
Am Tel & Cable_ __ -100
June 2754 Feb
Am Tob Co New wi_25 2,100 119 Aug 18 126 Aug 22 118
Aug
Aug 126
B New wi_ --25 35,400 123 Aug 1812034 Aug 22 117
Class
Aug 12934 Aug
500
54 Aug 19
% Aug 19
A P W Paper rts
% Aug
34 Aug
Arch Daniels Mid pi 100
4010934 Aug 2010934 Aug 2010334 Mar 110
Apr
100 91 Aug 21 91 Aug 21 85
Asso Dry Gds 1st p1100
Feb 9534 Apr
* 5,500 2834 Aug 16 3034 Aug 19 2554 June 37
Atlas Stores
May
50 23 Aug 22 23 Aug 22 19
Austin Nichols pr A--•
July 30
May
300 5334 Aug 18 56 Aug 19 4934 June 7034 Jan
Beech-Nut Packing..20
*
100 3234 Aug 21 3234 Aug 21 21
Blaw-Knox Co
June 5134 Apr
809 1234 Aug 22 1334 Aug 22 1234 Aug 20
Am..*
Celanese Corp.of
July
700 5534 Aug 18 57 Aug 22 50 June 6434 May
*
Colgate-Palm-Peet
1111
600 102 Aug 2010234 Aug 20 97
Preferred
Mar 10234 Aug
pennon GIL i 1,70p 14 Aug 16 14 Aug
16 1255 June 2034 Apr
Colonial
90 127 Aug 18135 Aug 19,124 June 135
Colorado Fuel&Ir pi iiio
Aug
50 2434 Aug 18 2434 Aug 18 2235 Jan 2551 Apr
Comm Creel pref (7)-25
50 90 Aug 18 90 Aug 18 7754 Jan 94
1st pref ex-warr___ _100
Apr
Commonw & South Pf• 2,200 101 Aug 161013.4 Aug 21 99
Feb 10454 June
20 81 Aug 22 82 Aug 19 7654 Jan 9334 May
Cons01 Cigar Pf (7)-100
10 93 Aug 16 93 Aug 16 93 June 9834 Apr
Crown Williamet 1st pf*
% Aug 20
500
54 Aug 20
Cuban Dom Sugar- - -*
34 Jun
234 Jan
10 128 Aug 18 128 Aug 18 1203.4 May 130
Eastman Kodak pf _100
Aug
100 5 Aug 22 5 Aug 22 434 July 14
Elk Horn Coal pref50
Jan
100115 Aug 20 115 Aug 20 115
Federal Min & Smelt100
Aug 185
Mar
100
200 100 Aug 2010034 Aug 20 9634 Jun .10034 Mar
Preferred
Fourth Nat Investors-* 2,100 3034 Aug 16 32 Aug 18 2834 June 50
Apr
20 8534 Aug 21 8531 Aug 21 8534 Aug 99
Franklin Simon pf_ -100
Mar
60 8034 Aug 22 84 Aug 19 79
General Cable pref _100
Apr
220 115 Aug 21 116 Aug 2011234 Aug10934 Jan
General Cigar pref-100
Jan 120
Gen Realty & Ut11----* 1,600 1034 Aug 18 1154 Aug 16 1034 Aug 1934 Apr
• 5,200 7934 Aug 19 8134 Aug 20 7
Preferred
Apr
934 Aug 100
100 9934 Aug 16 9935 Aug 16 98 Jun 101
Steel castings PL*
Gen
Mar
*
40010854 Aug 1910934 Aug 21 100
Gold Dust pref
Jan 10954 Aug
Hercules Powd pi_ _100
4011834 Aug 18 119 Aug 21 117
Jan
June
400 1134 Aug 18 1134 Aug 22 934 Jun - 12354
Insuranshares Co ctfs-•
1334 July
1,600 12 Aug 19 1234 Aug 16 11
Internet Carriers LtdJun
Mar
100 59 Aug 20 59 Aug 20 5034 July 1934 July
let Comb Eng pf ctfs-6934
Iii Aug 18
Internet Nickel rta____ 261,500
114 Aug
su Aug 22
Aug
500 26 Aug 16 27 Aug 18 2534 Aug 47he May
Int Printing Ink ctfs Kansas City Pow er Lt
*
11 115 Aug 21 115 Aug 211108
1st pref ser B
Jan 115
Mar
20 45 Aug 22 45 Aug 22 45
Kresge Dent Sts pf _100
May 62
Jan
Laclede Gas pre1-100
5010034 Aug 1810034 Aug 181 98
Jan 10034 Apr
• 4,500 6834 Aug 19 72 Aug 22 6634 June
Lehman Corp
9734 Apr
10014054 Aug 2214034 Aug 22 138
Ligg & Myers Co pi_100
Jan 14234 may
2012234 Aug 1812234 Aug 18111834 Jan 126
Loose
-W 13is 1st p1_100
Mar
50 95 Aug 19 95 Aug 191 93
MacAnd &Forbes p1100
Feb 100
Max
*
200 ., Aug 18 5 Aug 18 434 Jun 1
Maracaibo 011
034 Mar
Marine Midland--10 3,700 30 Aug 16 3134 Aug 19 2934 Aug 3234 Aug
Marshall Field de Co_ _c 1,100 3734 Aug 21 3834 Aug 16 3514 July 4
834 Apr
Mid St Prod let pf _100 1,000 92 Aug10 9534 Aug 221 84 Jun.110
Feb
100 148 Aug 22 148 Aug 22114234 Jan 14954
Nat Biscuit pref.-100
July
i 1,811 53 Aug 16 5554 Aug 20 53
National Steel
Jun 6234 July
22010634 Aug 1810834 Aug 22 10654 Aug 116
Nat Supply Pref-1 11
July
*
200 4534 Aug 19 46 Aug 19 3534 June 54
Neisner Bros
Apr
* 1,100 1834 Aug 20 19 Aug 21 1734 Jun 32
N Y Investors
AM
Nor Amer Aviation • 37,500 8 Aug 18 10 Aug 22, 734 Jun 1434 Ap
Ohio Oil
7,70' 3134 Aug 22 32 Aug 21 1 3154 Aug 32
Aug
100 83 Aug 21 83 Aug 21 7334 Mar 85 June
Omnibus Corn Pref_100
Collins & Co-*
200 3634 Aug 20 37 Aug 21 36 June 56
Oppenh
Apr
•
Outlet Co
60 60 Aug 18 60 Aug 181 53
Jan 72
Park & Tilford
•
300 12 Aug 18 1254 Aug 221 1034 Aug 35% may
AM
Penn Coal & Coke___50 1,100 6 Aug 18 7 Aug 18 6
Aug
Petroleum Corp of Am * 8,900 1834 Aug 22 1954 Aug 161 1834 Aug 1234 Mar
2734 June
200 35 Aug 22 35 Aug 221 35
Peoples Drug Stores-•
Aug 6034 Apr
Pierce-Arrow Co p1-1 11
200 70 Aug 19 70 Aug 191 6834 Jun 82
Ape
6'' 4 Aug 16 6 Aug 191 4
Pitts Term Coal---101
Aug 1534 Jan
100
10 3034 Aug 18 3
Preferred
034 Aug 18 3
034 Aug 45
Jar
Prod & Refiners Corp
51
11 30 Aug 22 30 Aug 22 30
Preferred
Jun 40
Mar
Pub Ser of N J pi(5)--• 2,800 9534 Aug 16 96 Aug 21 9134 June
9754 June
100
X Aug 18
Punta Alegre Sug 00150
X Aug 18
34 Aug
300 55 Aug 19 55 Aug 19 5434 Aug 134 June
Revere Cop EcBraiss A •
72
Jar
100
60 88 Aug 20 90 Aug 22 88
Preferred
Aug 104
Mar
* 2,000 23 Aug 19 2434 Aug 20 23
Reynolds Metals
June 3434 Apr
Trad £2
470 40 Aug 21 42 Aug 19 40
Shell'Trans &
Aug 4834 Apr
100
300 83 Aug 20 8734 Aug 20 83
Skelly 011 pref
Aug 9934 June
380 5034 Aug 19 5034 Aug 19 45
Sloss-Sh St & In pref 100
June 82
Mar
100 1834 Aug 19 1834 Aug 19 18
Southern Dairies ci A_*
Mar
*
30 534 Aug 19 534 Aug 19 534 Aug 27
Spear &Co
AugI 1054 Feb
31,10134 Aug 19 102 Aug 19 96
E prei (6)_.•
Stand G &
34
Aug
*
30011114 Aug 20113 Aug 2111034 July 102
Preferred (7)
May 11354 June
Stand0of Kansas-25 1,811 3
034 Aug 16 3234 Aug 20 29 Jun 49
Apr
41 105 Aug 19 105 Aug19 103
So Por Ric Sug preLli r
Aug 121
Jar
400 41 Aug 19 43 Aug
Superheater Co(The)_.
• 3,511 11 Aug 20 1254 Aug 22 38 JunO 4534 July
Thermold Co
16 11
July 2634 May
201 27 Aug 22 27 Aug 22 2434
Third Nat Invts
Aug
July
Thompson Products-* 1,111 20 Aug 22 2214 Aug 16 20 Jun 32
3934 Api
Thampson-Starrett_ -* 1,511 934 Aug 20 1054 Aug 19 9
June 1834 Mar
*
300 4054 Aug 19 403-4 Aug 19(
Preferred
40
Jail 4934 Mar
100 534ug 22 554 A
'Fob Prod Div ars A_10
Aug 22 234 Apr 634
Jar
Transamerica Corp_2. 79,100 2054 Aug 16 22 Aug 19 19
Aug 25% July
10 20 Aug 21 20 Aug 21 20
United Business Pub_.*
Aug 30
Jar
United Dyewood___101 2,231 5 Aug 16 734 Aug 19 454
July 11
Yet
Preferred
111
40 41 Aug 22 45 Aug 16 41
Aug 58 Juno
United Piece Dye Wks
III
Preferred
12010234 Aug 18 103 Aug 18 97
Jan 114
Ma,
U 8 Distributing pf_10i
100 6634 Aug 16 6634 Aug 16 6
Jar
634 Aug 95
Ulen & Co
%
400 217 Aug 18 2234 Aug 20 21
Aug 23
_ „1.1 I
Van Renate
301 4534 Aug 22 4534 Aug 22 4534 Aug 64% Am
Jar
Warner BrosprefPictrts_ 141,3
% Aug 21 134 Aug 19
% Aug 134 Aur,
Webster Eisenlohr pflio
20 55 Aug 21 55 Aug 21 5134 Jan 70
May
Wrigley CO
* 5.100 75 Aug 16 77% Aug 19 6734 Ap
81
July
Youngstown 8 &T BStamped
200130 Aug 18 130 Aug 181130
Jun o.130 Juno
0 par value.




1

I

1

I

1225

Banks.
New YorkPar Bid Ask
90
Amerloa
25 88
American lJnion•
100 90 103
Broadway Nat Bk & Tr_160 90 100
45
Bryant Park*
20 38
Chase
20 138 140
Chat Phenix Nat Bk as Tr 20 10612 10712
Commercial Nat Bk &Tr 100 385 395
Filth Avenue*
100 2875 3175
First
100 4825 4875
Grace
100 600
Harriman Nat Bk & Tr_100 1490 1530
Industrial
100 150 170
Lefoourt Nat Bk & 7'r
100 70 80
Liberty Nat Bk & Tr
100 89 99
National City
20 132 133
Penn Exchange•
100 92 101
38
Port Morris*
10 28
Public Nat Bk & 'Tr
25 100 102
Seward Nat Bank & Tr_100 83 88
Sterling Nat Bk dr 'Tr_ _ _25 40 45
Strauss Nat Bk & 'Fr,. .i00 235 250
United States*
25 3812 3912
Yorkville
100 130 150
Yorktown*
_ 130
100
Brooklyn
Brooklyn
50 90 96
Peoples
100 400 500

Trust Companies,
New York (Concl.)- Par
Bank of N Y & Trust_100
Bankers
10
Bronx Co Tema
20
Cent Hanover Bk & Tr__ _20
Chelsea Bank & Trust-25
Chemical Bank & Trust_10
Continental Bk & Tr_10
Corn E'en Bk & 'Trust
20
100
County
Empire
_20
Fulton
100
Guaranty
100
Hibernia
100
International
20
Internal Mad Bk & Tr
25
Irving
10
Lawyers
100
Manhattan
20
Manufacturers
25
Mutual (Westchester)--100
N Y Trust
25
Plaza
101,
100
Times Square
Title Guar & Trust
20
United States
100
100
Westchester

Trust Coinpanies.
New York-Par
American
100
Amer Express
220 235
Banca Commerciale Ital _100 317 825

Brooklyn
Brooklyn
Globe Bank & Trust
Kings Co
Midwood

DUI Ask
615 625
13812 18912
58 63
321 325
29
32
6212 63%
2614 27
155 15812
248 258
so 81
75
550
614 617
165 175
82 85
30 85
5814 48•4
1- 5 116612
6 12
80
85
350 428
245 248
90 100
I 17
20
146 150
900 3975
00d

100 693 700
100 165 180
100 2800 8000
100 185 180

•State banks. I New stock. a Hi
-dividend. o Ex-stock dlr. g Ex-rights.

New York City Realty and Surety Companies.
(AU prices dollars per slurs.)
ParlBid lAsk
Par
20 96
99 'Lawyers Title & Guar_1001
Bond & Mtge Oust.
Home Title Insuran a ___25 52 58 Lawyers Westchest M&T100
Lawyers Mortgage
20 47
4812 IWestchester Title it Tr____

Bid
285
200
140

lAsZ,
275
250
160

Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.

Bata.

Bid.

Asked.

mammy.

Ins.
Bate.

Bid.

Idted.

Bept.15 1930-- 834% 1001u 1004n Sept. 15 1980-32 834% 100wea 100"ss
Dec. 15 1930.__ 84% 100111,2 100116 Mar. 15 1930-82 334% 100nn 100ass
June 15 1931_ 214% 100ne 100",, Dec. 15 193042 334% 100un 100112,

United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds an
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Aug. 16 Aug. 18 Aug. 19 Aug.20 AMP.21 Aug.=
First Liberty LoanHigh 100".. 100".. 100142 100",,__-,
---334% bonds of i923-47__ Low- 100nas 100011 1000ss 100"ss
0
---C1036 100 ,1 100s, 1000ss 100"ss
(First 3
4
8
3
_
1
Total saint in $1,000 units-____ mayy,
__
____
---Converted 4% bonds oi High
1932-47 (First (s)
_ _ __
__ __
____
____
Total sales in 51.000 units__
Converted 43e% bonds{HIgh 1O2,, 102',, 102',, 102$22 102',,
102'ss 102'st
1932-47 wird 4155) Low- 102121 1021n
Close 10241 1021,1 102ass 102'ss 102'st
8
2
9
20
7
Total sales in 51,000 unitsSecond converted 4X% High
---_
--- ---------bonds 011932-47(Ann LowSecond 4345)
_
_ _
_
_
-Total sales In $1,000 units---1i,
- -3in 102tin 102.in 102
--{Hie; 102wel 102
Fourth Liberty Loan
Low- 102"as 102"ss 102nst 102nss 102ns
4X % bonds of 1933-38
:
Close 102wn 102"n 102toir 10211 102wis
(Fourth 454s)
14
165
32
15
43
Total sales in 81.000 swill-HIV; 112"ss 112ns: 112"ss 112"as
---Treasury
Low_ 11210n 11210,2 112nts 1121"st
--d;,e, 1947-52
0
0ss 112 42 112nas
Close 112"st 112
---1
6
3
6
____
Total sales in 51,000 units- ,
--- 108 12 108'ss 108
{'Hifily
107
011
0n 107
8 108'ss 107
-- 108'
Low0st
45. 1044-1954
Gloss
___ 108tss 108tss 107
082 107"n
30
60
325
---1
Total sales in $1.000 units---- .
-; --- 106
-EMI
Low-----106
334,. 1946-1956
--__
---- 106
---Close
------Total sale, in $1,000 units-____
H- --- 10Irie
- wn igli 101-_
--.Low_ 101wn
334s. 1943-1947
---- 10111e
---Close 1012.ss
1
Total sales la 51.000 wafts- _
--.-._ leiii---- 1011in
Milt
---- 1011132
---Low---- 101,6u
5345 1940-1943
____
____ Nis%
__-- 101",.
Close
2
---Total sake is 81.000 units--

{

101
100"st
101
27

102',,
102',.st ,
102
102',,
6
____
_
102 82
7
1
102"22
102mat
11
112nits
11201$
112nst
1
108
108
108
E
.
------

.
_-

-The above table includes only sales of coupot
Note.
bonds. Transactions in registered bonds were:
3 let 4545
16 4th 434a

10117.2 to 101wr
102nss to 1.02143,

actual rates for sterling exchange were 4.86%@
To
0)4.87% for cables. Commercial on banks,
8
. 6
643ht 4 8 hecks . nd 4.87 3-32(
4 7 !br c so4 a65i
.8
sixty days,4.84%(0)4.84 13-16; ninety days.4.83%CI
and documents for payment, 4.843.4©4.84 13-16. Cotton fa4.834
o
.86
PaYmeLt, 4.86, aad.girain for patesent,Paris
To- y,s (rridny s aaual ra ym f r 4 .
bankers' francs were 3.03x
for short. Amsterdam bankers' guilders were 40.2534 C440.2£
@)3.93 5-16
for short.
for Paris on London. 123.83 week's range, 123.86 francs big:
and 123.80 francs low.
The week's range for exchange rates follows:
Checks,
Sterling ActualHigh for the week
4.87 3-16
6
4.8 l 16
4 6
.7
8
Low for the week
4.87
Paris Bankers' Francs
High for the week
3.93 7-1(
Low for the week
34
Germany Bankers' Marks
High for the week
2
3
33.19899%4
2.9
3 93
38
.
week
Low for the
23.8534
23.88
Amsterdam Bankers' Guilders
High for the week
40.29i!
Low for the week
4 2
40 59X
°..2
40.28

Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
For sales during the week of stocks not recorded here. see preceding page.

111011 AND LOW SALE PRICES
-PER SHARE. NOT PER CENT
Saiurday
Aug. 16.

Monday
Aug. 18.

Tuesday
Aug. 19.

IVednesday
Aug. 20.

7'hursday
Aug. 21.

Friday
Aug. 22.

S Per share $ per share $ per share $ per share $ per share 3 per share
21218 214
210 21412 210% 21114
21314 217
216 216
211 213
10612 10612 .10612 1063 10612 1063 106% 10834 10634 1063 10612 10612
4
4
•144 148 •144 145 "144 147 .146 147 .146 147 .146 147
9614 98
1011.4 1013
8 983 1013 100% 10112 100 10118 9714 100
8
4
.82
8412 .8212 8412 .8212 8412 *8212 8412 .
8212 841e *8212 8412
*7112 7312 *73
7212 7212
7312 7212 7212 .7234 7312 .728 73
.
.112 11212 *112 11212 .112 11212 4 112 11212 11212 11212 •11212 113
85
84 "79
*79
"80
85
85 1 .79
85 .79
.79
85
13
1314 .13
1314 .13
.13
131r
1312. .13
14 .13
13
*6018 6112 *5912 6012 .5912 00121 .5912 6012 *5912 60, .5912 6012
2
8
3
843 647
657
4
6414 8518
8 6318 6418 64% 65 4 *6412 657 .65
.90
91
005 *90
8
*90
.90
9012 •90
91
90% 90% 90%
9
914 9% .914 10
918
9
*912 1014
9
9
9
171 17534 174 175 4 173 175
17014 174
1723 178
8
3
17014 172%
46
4614 457 4634 4614 4612 4812 4718 46
8
45% 461E
465
1 2 312
3g 33
33
*312 33
3% 3%
4
33
4
3
3
4
312 35
8
33
31¼ .312 37
a
33
4 33
4
314 3% *314 312 .3% 3%
.____ 20 .____ 18 .___ 18 •__ _ 18 .____ 18 •____ 18
.28
32
*28
35 .25
35 .25
35
35 .25
35
.25
97 1018 1014 1014 10
97 10
10,
4
1018 10
93
4 934
36
362 3712 3618 373
3614 3614 367
8 35
367 *3518 37
8
133 14
4
1314 13
1314 137
143
13
1314 1312 1314 1334
2014 22
2112 217
8 2014 21
2012 21
*203, 21
2018 20%
73 .70
•70
73
73 .70
69
71 71
*70
71
70
*135 141 •135 141 .135 141 *135
134 141
161 135 135
94
94 .9312 9512! 95
9612 *9512 97121 95
9512 9314 95
10612 10612 *106 10814 *106 10814.106 108141.108 10814 .107 10814
10012 100% •100 101 C.100 101 .100 101 *100 101 •100 101
737 *68
*66
737 .68
8
733 .68
73%
737 .68
737 .68
75 1 *73
*75
77
75
7712 *73
7712
77, *75
2
7712 •75
.65
69 .65
79 .65
69 .65
69
69
•65
69
"05
•53
5412 .53
5334 538 5334 '53
54
54
53
54
*53
16412 16412 "161 163
16218 165
183 163 .160 163 •16012 162
112 113
*11312 114 .113 114
114 114 .11312 114
113 11312
.55
58
57
57
57
57
.55
58
"55
58
.55
5714
38
38
*38
3814 38% 3812 3814 38,
3812 38
4 3712 3814
573 *55
4
*55
573 *55
573 *55
4
4
573 .55
573
4 5518 5518
57 '55
57
*55
.55
57
*55
57
*55
57 '55
57
7
79
78
•78
79
78 k .75
783 783, 78% 78% *77
8
78
4
.283 3012 *283 32
4
*9314 98
*9314 98
•1% 3
'118 3
*4812 49
48
48

2812 29
.9314 98
•158 3
48
48

.2818 29
.93% 98
'3
4
•48

.2818 29
.9314 98
.212 4

2818 28%
•9314 98
.23
4 4

46 - 3- 48
473 -ii
47
4
4
47 - 8 47
iif47 ;ii- 471,
*11512 116
11512 116
11514 11512 11312 115
111 114
109 110
*7112 72
713 714 *7212 73
4
73
74
73 '73
74
•73
2614 zo" "34 .25
.
2612 2612 2
2612
2612 .2514 26% .25
634 .25
•1618 20 .1618 20 .16% 20
4,18
20 .18
20
20 •18
2
*66
693 *65, 8912 69
65
62
6218 •62
69 .6218 65
•623 65
3231 63
4.63
65 .63
64
64
65
.66 6712 .66
6712 .66
6712 "60
6712 .60
8712 6712 6712
.01
65 .58
65 '58
65
85 .58
65 .5712 65
.58
120 120
120 120 .118 120
120 120
119 119 .11812 119
.2812 2912 273 273
4
2814 28 1 .
28
2812
3
2812 28
2834 •28
"17 8 19 .173 20
3
8
20
*173 23
8
20 •173* 23 .173 23
8
*12 1% *112 13
*3
4
vs
4
%
3
4
5
8
%
is
3
4
•12
15 .1412 18
*1412 1812 •15
1514 1514
1812 .
15
17
*5018 51
51
51
.5012 51
*5012 51
.501. 51
*5012 51
3813 40
3912 40
3914
383 40
4
40
4014 39
401 1 39
96 96 .95
96
98
9634 9512 9512 9434 95
95
95
.6112 63
641
63
643
4
63 .62
6412 6112 .63
64 2 .63
,
121 121
12014 120% *12012 121 "120 1203
11912 11912 "120 122
4
•85
8612
8612 .85
8612 "85
8812 .85
8612 •85
8612 .85
.92
95
95
95 .92
95 .92
95 .92
.93.2 95 •92
78
*7
8
1
78
*7
8 1
.78
118
7
8
78
34
78
4
160 164
160% 16112 15712 16112 1563 159
15912 16234 159% 162
10012 101
*102 108 .102 105 .101 105 •101 105 *101 104
10712 10712 107 10712
'107 10912.10712 10912.10712 10912 108 108
183 183 •183 195
•179 180
177 180 I 185 185 ,..183 193
1031z 10434 10314 10512 104 10512 105 105 1 1043 104% 102 10312
11912 1193 "119% 120
*11934 120 .1193 120
4
120 120
4
120 120
8% 8%
.87
9
8% 8%
9
9
"812 9
.8% 9
.112 2%
23
*212 27
4 *11
23
4 .112 23
*112 27
8 .2
114
4
; . 1 11 •_;oR. 1 114 •____
114 %jai 1p 4. ii
114 ____
•-- _ . 8 10%
103
.22012 224
224 22612 *22012 Hi- *22012 226
226 226 0.221 227
*8814
.881 4
8814 8814 .87 __ __I .87 ---"65- "f6*69% 72
70
II 70
6918 69
0914 70
14 70 4 703
3

----

*8
9
;3- -- -- --- -;i- -I --8- -- -;i- -- -1
6
;i1
4/
-9
4
72
7212 72
8
,
4
7234 713 7212 72% 7234 713 72 2 71% 713
*8
15
.8
18
*8
15
15
.8
.9
.8
15
15
.13214
.130 -_- 13012 13112.131
____ .131 -- 13114 131 14
9712 9712
.9612 98
98
98
03
98
98
98
98
98
"117
98 .9712 98
*9721 98 .971s 98
•9712 OS
*07-2 98
8012 90
*8012 90 '8012 90 .8012 90 .8012 90 .
'
1
8012 90 .
110 110 '108 1083 107 109
10712 108
4
1073 1073 108 103
4
4
48
.47 48 .47
48 *47
48% .47
48 .47
4813 '47
3
.47
48
*47 47 .47
•47
4812 4818 48,8
477
47% 48
43
•40
50
.40
*40
52 .41
43
5218 "40
43 .40
90
00 .8012 92 .90
88% 88%
92 .89
92
883 89
4
94
•9212 94
91
94
94
94 4 94
,
94 .94
9414 .04
69
*65
66
69
66
65
65 .65
68 .66
6912 .65
8
4
*905 933 *90% 933 *905 933 .9034 933 .
9334 .905 933
4
4
8
4 903*
51
43
5
5
514
5
5
5
5
412 5
5
15
•___ 15
__ 15 *
15 •____15
iii- 11712 116 1163 11618 1163 11618 116 8 11512 1163 115 118
12
4
7
4
76
7
81
81% .7912 80
80
75
80
8012 75
817
80
4
*9 1 913 .90% 913
0
4
4 913 913
913 913 •903 93
4
4
913 913
4
..115 123 •113 123 .113 123 .111 120 •115 123 .115 123
*812 9
•
Foe 9
,
94 92
,
.81
9
foz 811
8
9
"1114 13
*1114 13
.1118 13
11
1178 *12
1212 .1118 13
.6314 6312 *8314 6312 .631 8312 *6314 6312 *8314 83
% .6314 6312
213 213
21314 21434 2143 21512 214 214
210 211
212 213
4
.86% 87
86, 861
2
4
8612 8612 "8634 87
"8834 87
*863 87
31
3134 .30
32
33
3012 31
30% 322 .31
3112 '29
.69
73 .68
73
*68
73 .67
75 '6711 75 .6712 75
1
2212 22 .2134 22
21% 21%
2214 2
22
4
334 223 2318 22
*1912 26
*1912 26 .1912 26
26
"21
26
*20
26 .20
•1818 1912 .
1834 1912 '1812 191 .1812 1914 *1811 19% •1812 1914
4
,38% 3912
'40
4312 •38
3912 '38
391 .3834 39
39
39

Sales
for
she
Week.

STOCKS
NEW YORK STOCK
EXCHANGE.

PER SIIARd
Rage Since Jan. 1.
n
On basis of 100-share 1,48

Lowest.
Highest.
Shares
Rallroade
Par $ per share $ per share
3.700 Ateh Topeka & Santa Fe....100 194 June 25 24212 Mar 20
900 Preferred
100 10234 Jan 3 108 Jung 24
Atlantic Coast Llue RR
100 145 July 7 1751t Mar 18
24,200 Baltimore & Ohio
100 9614 Aug 22 12234 Mar 31
Preferred
100 7814 Feb 10 8458July 25
400 Bangor de Aroostook
50 63 Jan 3 841 Mar 29
30 Preferred
100 109 Feb 28 11614June 4
Boeton de Maine
100 79 June 24 112 Feb 8
200 Brooklyn & Queens Tr _No par 10 Jan 11 157
8May 22
Preferred
No par 53 may 3 6612may 29
1.600 Bklyn-Manh Tran v t e.No par 583
8June 18 78% Mar 18
200 Preferred v t c
No par 484471:
16 94788. lly 29
3 47 A g 5
fa
800 Brunswick Term & Ily See_100
552July 10 332 Apr 23
12,500 Canadian Pacific
100 1653 Aug 14 2283 Feb 10
4
4
7.800 Chesapeake & Ohio new
_25
Aug
1,800 Chicago & Alton
100
3 Aug 8 10 Apr 2
1,100 Preferred
100
218 Aug 8 108 Apr 11
8
Chic & East Illinois RR
100 1414 Jan 7 28 Mar 26
Preferred
100 32 Aug 8 527 Mar 28
k
2,000 Chicago Great Western_ 100
812June 24 173* Mar 31
3.600 Preferred
100 27 June 24 523
8May 16
5,100 Chicago Milw St Paul & Pee__
1212June 25 263 Feb 7
8
3.100 Preferred now
1912 Aug 11 46% Feb 10
800 Chicago & North Weatern_100 66 June 25 897 Feb 8
4
100 Preferred
100 13014June 25 140 4June 3
3
2.000 Chicago Rock Iel & Pacific_1001 90 Aug 12 12518 Feb 14
200 7% preferred
100 105 Juno 16 11038 Mar 20
100 6% preferred
100 z98 Juno 6 108 Feb 7
Colorado & Southern
100 65 June 18 95 Feb 13
130 First preferred
100 683 Jan 3 80 June 19
4
Second preferred
73 Apr 23
100 60 July 11
300 Congo' RR of Cuba pref
100 40 Jan 2 62 Apr 10
400 Delaware & Hudson
100 148 June 25 181 Feb 8
1,200 Delaware Lack & Weetern_100 11014June 18 153 Feb 8
300 Deny.& Rio Or West prof..100 45 June 27 80 Mar 28
4,500 Erie
100 3518June 18 63 4 Feb 14
3
100 First preferred
100 5312June 25 67% Feb 19
Second preferred
100 60 June 25 6212 Feb 19
1,100 Great Northern preferred 100 71%June 25 102 Mar 29
Pref certificates
100 07 June 25 0914 Feb 21
600 Gulf Mobile & Northern
100 2818 Aug 22 434 Feb 17
Preferred
100 90 June 21 98% Mar 10
Havana Electric Ry___NO Par
818 Jan 17
38May 10
7
70 Preferred
100 48 Aug 18 72 Jan 2
Hocking Valley
100 450 Jan 25 525 Mar 29
- 1.500 Hudson & Manhattan
3
100 41 June 25 53 8 Mar 25
4
4.700 Illinois Central
100 109 Aug 22 1363 Apr 22
150 RR Soo Stock certificates- 70 Jan 2 77 May 13
500 jnterboro Rapid Tran vs 0.100 203 Jan 3 3912 Mar 18
8
lot Rye of Cent America_100 197
8July 14 32% Jan 16
110 Preferred
100 613 Jan 2 73%MaY 7
4
4
600 Kansas City Southern
100 583,June 25 853 Mar 29
100 65 June 2o 70 Apr 16
200 Preferred_
Lehigh Valley
60 575sJuno 25 84% Mar 31
400 Louisville & Nashville
100 116 Aug 8.. 13812 Ayr 4
1e
1758A21196
lIg 81
..8 Mar 18
000 Manhat Elev modified guar 100 24 J tn 240231 11
Feb22ATa 13
100 Market St RY prior pref_1(10
100
700 Minneapolis & St. Louls
Pr 5
100 Minn St Paul & 55 Marle_100 15 Aug 13 35 Feb 7
10 Leased line,
100 50 July 31 5912 Fob 21
7,900 Mo-Kan-Texas RR_.__No par 327
0une 25 663 Apr 14
8
1,000 Preferred
100 023 Aug 13 1083 Mar 27
4
8
200 Missouri Pacific
100 57 June 25 9812Mar 6
300 Preferred
100 115%Juno 26 14512Mar 6
Morris & Essex
50 813 Jan 29 86%July 26
4
Nash Chatt & St LOUld_ -100 95 July 31 132 Mar 25
1,500 Nat Rys of Mexico 28 pref..100
112July 29
3 Feb 25
4
8.700 New Yolk Central
4June 25 192% Feb 14
100 1503
500 NY Chic & St Louie Co.
94 June 25 144 Feb 10
Preferred
500
1
100 105 July 3 110 4May 14
60 N Y de Harlem
4
50 1743 Aug 13 324 Feb 3
5,400 N Y N H & Hartford
,
100 971,June 24 1281 Mar 29
1.100 Preferred
116 June 18 13512Mar 21
400 N Y Ontario & Western__100
813June 18 1714 Mar 31
N Y Railways met____No par
112June 24
418 Jan 16
N Y State Ity8
212 Feb 6
100
1 June 4
Norfolk Southern
100
93 Aug 12 3312 Feb 14
4
900 Norfolk etz Western
100 21314.1une 26 255 Fob 18
100 Preferred
100 83 Feb
8814May 29
1,800 Northern Pacific
100 663
4June 25 97 Feb 21
Certificates
100 6312June 25 96% Feb 21
100 Pacific Coa•it
100
63
4Ju1y 22 197 Apr 9
8
15,200 Pennsylvania
50 697sJuue 25 8658 Mar 31
Peoria & Eamtern
100 10 July 18 2412 Mar 31
400 Pere Marquette
100 1291* Aug 9 16412 Apr 10
70 Prior preferred
100 942 Jan 31 101 May 17
4
Preferred
100 05 Jan 7 99 Apr 15
FIttaburgh & West Va
100 90 June 16 1213 Feb11
4
Reading
1,900
50 100 Juno 25 14112 Feb 6
First preferred
so 4418 Mar 11 53 Feb 21
500 Second Preferred
50 4714 Aug 12 67 Feb 6
Rutland RR prof
100 42 June 19 673 Mar 5
4
800 St Louls-San Franehico----100 8512July 7 11874 Mar 27
1st prof paid
500
-100 92 Jan 2 101 Apr 2
4May 16
200'St. Louts Bouthwesteru__-100 6218June 25 781
100 85 May 7 943
Preferred
4July 24
4% Aug 20 1212 Fob 15
100
4,000 Seaboard Air Line
100 18 june 21 28 Feb 7
I Preferred
100 108 June 25 127 Feb 10
3,400,Soutbern Pacific Co
100 75 Aug 21 1363 Jan 13
4
11,500 Southern RallwAY
100 90 Aug 12 101 Mar 20
4001 Preferred
100 110 June 28 145 Apr 24
Texas dr Pacific
100
812Jime 18 1512 Mar 20
1,400 ThIrd Avenue
1,600 Twin City Rapid Tranalt_100 10 July 10 3112 Jan 29
100 6314Juno 20 79 Feb 3
Preferred
100 200 June 25 2424 Mar 29
1,900 Union Pacific
4
100 8214 Jan 17 87 Aug 14
200 Preferred
100 28 Aug s 573 Apr 1
1,500 Wabash
8
100 66 Aug 13 8914 Apr 8
Preferred A
100 183
8June 18 30 Mar 29
2,500 Western Maryland
Second preferred
100 19 June 2' 38 Mar 28
Western Mettle
100 17 1,2,20 19 302 Mar 12'?
100 38 Aug 12 5312 Mar 19
100 Preferred

Industrial & Miscellaneous
No par 22 Jan 18 4218 Apr 9
800 Abitibi Pow & Pap
100 5478 Jan 17 Maly Au,' a
200 Pref*rr.1
y Ex-rights. a Ex-dividend and ex rights.
• Bid and asked Prices; no sales on this day. c 60% 8tock dividend Pala.

*23
*75

24
77

.23
.75

24121
77 1

22
14 23
75
75




2318 2312 23
•
75
77
.7.5

2312
76

22
75

22
75

PER SHARE
sage for Precious
Ro
Year 1920.
hottest.

IMAM.

per share $ pest share
19518 Mar 29834 Aug
8
99 May 1047 Dec
161 Nov 201112 July
10514 Nov 1451 Sept
,
75 June 81 Deo
Oct 9032 Sept
55
y10314 Oct 115 Sept
85 Apr 145 J101
15 Dec
7 Nov
44 Nov 65 &DI
8
Oct 817 Feb
40
_ei62;58, Feb
.7.611: NovN
412 Oct 4418 Jan
8
185 Dec 2897 Feb

1% Nov
35 May
51 Dee
2718 Nov
93 8 Nov
7
46 Nov
105 Nov
7538 Oct
173 Nov
1
Oct
160 Nov
110 Nov
ZOO May
165 Oct
7
1) Jan
.141.8 Jan
8 Nov
lle Dec
1
Oct
1412 Dec
191
Jan
82 Nov
7518 Nov
75 Nov
47 Dec
7212 Mar
17 Dec
140 Nov
94 /Zov
90 Nov
90 Nov
101'z May
4112 Apr
43% May
,
497 Oct
101 Nov
67 Nov
50 Nov
Oct
84
ins Dec
18% June
105 Nov
1041 Nov
93 Juru
115 Nov
612 Nov
20% Dec
75 1)ec
200 Nov
80 Nov
40 Nov
82 Nov
10 Oct
1434 Nov
16
Oct
37% Nov

Feb
2634 Feb
43 Feb
887 Feb
8
23% Feb
635 Jan
8
447 Aug
8
08349024
10812 Aug
115 Feb,
1431 Beta
Oct
109
10314 Nov
135 July
80 Inn
7211 Mar
70% Jan
226 July
160% Sept
773 Feb
4
9312 Sept
6014 July
83 8 Jull
7
12814 July
122 Juib
14
50 Fen
103 Jab
1112 Arc
733* Duo
Oct
600
58% Jan
153 July
12
8018 Feb
553 Feb
4
8509%
Jan
108% Jetty
70% Jan
10214 Feb
154% Sept
3 12 J n
5 2 Jo
7
3
an
3 4 Jar,
3
6112 Sept
86
Jar
6153 July
4
107
12 AM
10138 July
149
Col
8634 Jan
240 Aug
35 Jan
8
25812 Aug
1923* Aug
110 Doe
370
Jan
1321e Oa
1343 Aug
4
32 Feb
9 8 Feb
7
1414 Mart
48% Feb
290 Sept
8714 May
118 8 July
7
11434 July
43 Feb
110 Aug
35 July
260 Aug
101 Mar
Jan
97
1485 Jab
147% Sept
50 Seri
60 4 Sept
3
7414 Sept
5
133 Aug
0012 Feb
15 4 Feb
1
94
Apr
213 Mkt
4
413 Oct
8
15712 Sept
16212 Sept
100 Dee
181 Mae
31) Ftt
5814 jab
100
Jan
297% Aug
8512 Sept
8134 Jan
7
104, Jan
54 ten
53 Feb
12
417 Mal
2
873* 1013

34% Der
AO Nov

57a Aug
8658 Jo.

3% Nov
15 Dec
363 Dee
7 Nov
1712 Nov
16 Nov
2812 Nov
75 Nov
134 Apr
101 Nov
100 Nov
947 Nov
8
8614 Dec
6512 Oct
64 Apr
45 Nov
14112 Oct
12014 June
Oct
49
4112 Nov
5512 Nov
52 Nov
8514 Nov
8512 Nov
18 Nov
70 Nov
818 Dec
55 Feb
370 Nov
34'n May
118 Nov
70 Nov
15 Oct
Dct
65,4 Nov
21
60
63
65
110
24,2
14

Oct
Nov
Nov
Oct
N1
.
0

New York Stock Record-Continued-Page 2

1227

Fog sales during the week of stocks not recorded here, see second page preceding
111011 AND LOW SALE PRICES
-PER SNARE, NOT PER CENT
Saturday
Aug. 16.

Monday
Aug. 18.

Tuesday
Aug. 19.

Wednesday i Thursday
Aug. 20.
Aug. 21.

Friday
Aug. 22.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SNARE
Range Sense Jan. 1.
On basis of 100-skare iota
LOW6111.

Highest.

PER SNARE
Range for Previotu
Year 1929.
Lowest.
IlighestJ

Per share $ per share 5 per share 3 Per share S per share $ per share Shares Industrial &Misc.(Con.) Par 5 per share 5 per diara
$ per share 3 Per share
*42
493g *401g 493 *4018 493 *4018 495* *401 493 *4018 4953
Abraham & Strausa____No par 42 June 25 elf3 Apr 21
43 Dec 15911 .an
*103 109 *108 109 .103 109 *108 109 *10814 109 *108 109
Preferred
100 104 Jan 11 110 Feb 11 10012 Nov 1121e Gel
254 258 243 2514 2514 25 8 253 26
4
5
4
253 26
4
253 2614 7,600 Adams Express
4
No par 21%June 18 373 Mar 31
8
20 Nov
34 Nor
91
*90
90
90 .90
91
.90
91
9013 9012 908 91
1401 Preferred
100 8514 Feb 4 92 Mar 27
84 Nov 98
Jan
*2512 2714 *2612 2714 .26
2718 •27
2714 2714 2714 *2612 27
100 Adams Millin
No par 23 Jan 23 32 Mar 31
19 Nov
357 Jan
2
•10
1112 11
11
11
*10
*10
11
*10
11
*10
100 Advance Rumeiy
11
100
8 June 17 2314 Jan 24
7 Oct 1047 May
2
4
26
4
228 228 213 213 *22
*223 26
4
23
23 *23 25
400 Preferred
100 15%June 24 4114 Jan 29
15 Oct 119 May
5
*5
'
8
58
34
5
s
8
58
5
8
•
hi
3
4
52
5* 1,900 Ahurnada Lead
I
12 Jan 4
15 Mar 28
8
Dec
4's Feb
11614 119
11718 1193 11512 1187 116 1187 22,200 Air Reduction. Inc
11312 11612 113 117
4
8
8June 2
77 Nov 223% Oct
No par 10314 July 10 1583
4 163 17
8 1614 1612 1612 163
16% 167
*1612 1712 171s 1718
900 Air-Way Elea ApplianceNo par 16 June 23 36 Mar 24
1813 Dec 487 Ma,
2
114
114
Ds
118
114 114
118 118 *118
114
118
118
800 Ajax Rubber. Inc
1 June 18
1 Dec
No par
2 Jan 9
1
1114 Jan
47
53
514 58
553 518
5
4 5
4
514 514
*5
538 4,500 Alaska Juneau Gold M1n___10
412June 18
414 Nov
104 Jan
912 Jan 7
10
1014 1012 1138 11
4
914 93
4
932 03
11
103 103
4
.j 1,9001A P W Parer Co
813 Aug 13 1512 Feb 17
No par
5 Oct 25 Jan
8
193 204 19% 2013 195 2113 2013 207
4
2012 213
3 20
2014 18,800'Alleghany Corti
17 Nov
No par 18 June 18 3514 Mar 31
5612 Sept
95
*94
*91
95
95
95
*9414 95 .9414 9112 913 943
4
400 Prof A with $30 warr___100 87 June 23 10712 Feb 11
4
90 Nov 118% July
91
*90
*90
91
91
*90
*90
91
*90
91
*90
91
Pref A with 940 warr____100 89 June 30 998 Apr 11
4
*847 86 .84% 86
*848 36
*817 86
8
*848 86
86
86
100, Pref A without warr____100 817
8July 9 Ma Feb 24
259 264
25113 256
255 255
260 262
25712 264
254 26212 4,300:Allied Chemical & Dye_No par 232 June 25 343 Ayr 17 197 Nov 354', AIlS
4
4
*125 126 1*1253 126 *1253 126
126 126 *12434 126 *125 126
1001 Preferred
100 121 Jan
1204 Apr I 11811 Nov 125 Apr
3 517 51
533
4 5112 527
53
53
5112! 533 55
5312 5413 11,930 41118-Chalmera Mfg __ __No par 4.814June 25 08 Mar 11
3518 Nov
7512 Sept
*2412 25
8
*2413 247 *2212 25
*2112 251 2112 25
*
*2412 25
Alpha Portland Cementala par 21 June 28 4214 Mar 27
23 Nov
23 Nov
21% 25
*2418 25
2134 254 244 2514 243 25
25
25
4
2,209 Amerada Corp
1712 Oct 4252 Jan
Yo par
18 Jan 18 3112June 3
612 77
812 718
638 7
6
634, 6
6
4 Oct 235 Jan
6
452June 18
2
8
63
103 Mar 31
8 9.600 Amer Agricultural Chem_100
37
385
8 35
33
3634, 35
3953 364 387
36
33
35
11,100 Preferred
18 Nov
,
733 Jac
100 23 June 28 3953 A111 16
4
*7612 8312 *78
8312 8313 8313 8318 53181 *7713 83 :77
6218 L312
300 Amor Bank Note
Got
85 Nov 157
10 68 June 18 973 Mar 27
8
63
*(3218 83
63 *62
*62
63 63
0218 8213
60 Preferred
57 July 65 4 June
60 01 Feb 3 883 Jan 31
3
4
•47
*518 7
*513 7
*47
8 7
8 7
*47
7
.48 7
American Beet Sugar_No Par
54 Dec 2013 Jan
5 Aug 7 12 Jan 18
*34
37
37
*34
8,
343* 343 *3114 37 I *3414 3512 3114 3438
800 Amer Bosch Magnoto__No par 27 June 25 54% Feb 14
27 Nov 7813 Sept
4212 4212 *4212 4312 *4258 4312 43% 4313, .431 4113 43
4312 1,000 Am Brake Shoe & F____No par 4i July 10 543 Mar 20
4012 Nov 62 Feb
2
12112 12112 *121 12112 121 12118'921 12138 •121 12153
121 121
190 Preferred
100 118 July 17 128 Feb 13 113 Nov 12612 Mar
1614 17
1818 1614 16
18581 167 18141 174 13% 17% 18
8
13,500 Amer Brown Boverl El_No par
44 Oct 304 June
4
83g Jan 18 213 Apr 25
*7013 7212 *71
7312 723 723
4
41 73
73
*71
74
*71
74
30 Preferred
493 Jan 104 June
100 8013 Jan 3 803
4
4May 28
122 12614 122 12512 12412 1271 12512 12812 1243 12314 1253 1283 203,500
4
3
4
American Can
25 10814June 25 15612 Apr 16
86 Nov 18112 Aug
*14612
*14612
__ *1444 _.__.'14114__
-1•14414 _ - *14414 14612
Preferred
100 14014 Jan 27 147 June 2 1334 Nov 145 Dec
44
4434 *4418 15
44
45 I 4412 41% 43
43
-4214 4214 1,200 American Car & Fdy__No par 42 June 23 8212 Feb 6
75 Nov 10812 Jan
*95
97
*967 99
*90 10012 *95
8
93
96
98
*95 1003g
100 Preferred
100 95 June 18 118 Jan 4 11013 Oct 120
Jan
5212 *473 5114 *5012 54 I *5013 53
*47
4
50
5013 5014 5914
300 American Chain
No par 39 June 25 69% Apr 10
*411s 448 4318 431s
4434,• *1313 44
3
*433 41
4
4312 4312
300 American Chicle
No par 36 8 Jan 2 5114 Apr 3 Sept
5
27 Nov
1212 1218 12381 123 123
*12
4
1212 *12
125 13
8
114 123
8 3,900 Am Comml Alcohol
9145une 30 33 Jan 16
No par
20
Oct 55 May
•17
19
1812' •15
19
*15
*15
16
*15
19
*15
19
Amer EncaustIo Tiling-No Par 15 June 24 307 Mar 31
2
1814 Nov 473 Feb
4
3414 3514 *3412 35
35
3412 35 1 35
34
3413 3413 3112! 1,500 Amer European Serias__No par 334June 19 5912 Mar 31
23 Nov 9812 Sept
3
4 6912 7112 120,700 Amer & For'n Power __No par 5814June 15
6514 6812 657 68
6714 70
69
717
69
71
1013 Apr 16
4
60 Oct 1994 Sept
109 109 *107 110 *10712 109 *108 109 *10812 109 *103 109
100 Preferred
No par 16614June 19 11113 Ayr 29 10112 Nov 10812 Fib
*913 92
4
•9313 96
*9312 96
*9312 26
*9312 96
957 9578
100 26 preferred
4June 11
No Par 9212June 23 1003
8612 Oct 103 Feb
1.112 1412 1478 1478 15
14
•144 145* 14
15
15
15
1,300 Am Hawalian 8800
10 14 July 21 33% Mar 19
1712 Dec 42 Apr
1
5
*3
*3
312 *3
4
5
*3
*3
5
312 312
312 Dec 10
100 American Hide & Leather_100
7 Apr 10
Jan
318 JulY 30
*18
20
20
*18
19
*1718 18
177 18
3
19
.18
1718June 213 31% April
20
300 Preferred
2314 Nov 5214 Ana
100
*597 GO% 603 61
8
4
60
*60
*60
6012 60
6114 *603 61
4
3
400 Amer Home Products-No par 55 June 26 69 4 Mar 20
40 Nov 35 8 Jan
5
32
3312 3312 3218 3214 32
33
*3212 34
3218 *3131 32
1,900 American Ice
31 Juue 18 41% Mar 27
29 Oct 5313 Aug
333
4 33
33
4 4
8 323
313 327
4
323 33
4
333
4 323 3314 15,700 Amer Internal Corp
4
r
No par 283
4June 21 55% Apr 2
2913 Nov 981 Sept
4
113 112 .138 18
8 112
112 112 *13
13
8 13
13 Aug 8
8
112 112
213 Oct
600 Amer La France & Foamite_10
4 Apr 2
8% Jan
20
*15
20 •15
20
•15
1514 1514 *15
2212 *15
10 Preferred
2212
2713 Nov 70 Feb
100 15 Aug 13 35 Feb 14
4012 4013 4018 4018 40
42
42
*40
40
42
*40
4014 1,100 American Locomotive_No Pa
90 Nov 131 July
39 Aug 13 105 Jan 8
3
9012 9013 *9034 91
904 904 *9013 92
904 91
9214 9214
500 Preferred
100 90 July 15 11812 Mar 1 11114 Nov 120 Des
4018 40% 4012 407
4 403 407
8 40
4018 403
407
8 40
413
*
6,500 Amer Mach & Fdy new_Are pa
3514 Aug 8 427 July1
8
3 297 30
*29
3112 3014 304 295 295
x30
30
30
28% Aug 15 5112 Feb 7
3012 3,600 Amer Metal Co Ltd-No Pa
Nov 8113 Feb
108 108 *107 108 *107 108 *10512 108
*107 108
108 103
200 Preferred (6%)
10 108 July 25 118 Feb 18 108 Nov 135 Feb
*75
75
78
75
*75
78
78
*75
*75
78
75
75
30 Amer Nat Use pref._.-No Pa
85 Jan 23 95 Mar 27
58 Nov 9814 Jan
I. Feb 7
No par
273 Mar 31
American Plano
177 Jan
% Dee
2
7
-. 3 - 1 -iiTs "hi -7 6" Ifi "iof2 ii" -iO- iii4 -iii2 83
14.4 iV372 Aug 13 11938 Apr 1
NO pa
8114 Nov 17514 Sept
6,300 Ara Power & Light
8
10113 10112 10112 10112 101 10113 1013 10212 10153 1017 10214 1023* 2,000 Preferred
99 June 25 107 Mar 24
Nora
9214 Oct 105 Feb
*8114 82
*8112 817
8 818 82
82
82
82 8282No
8214 2,300 Preferred A
va
75 Jan 8 85 Mar 20
70 May 80 7eb
3
851s 8518 8534 85 4 85
85
85
85
*854 85121 8512 8553 1,100 Pref A stamped
80 Jan 0 8838 Mar 21
727 Nov 8412 Feb
No Pa
2
4
2412 2518 213 2513 2478 2514 247 2514 25
2412 25
233gJune 25 30 4 Ape 7
253* 22.000 Am Red & Stand San'ry No Pa
3
"88
Oct
Ws FRP
1914 19
19
19
19% •18
1918 *17
19
19 .17
1514June 17 37 Mar 25
19
800. American Republice--No Pa
1212 Nov 64% Ja
3 541 56121 55
533 537
4
54% 55
5613 54
5612 55
55% 5,8001Amer Roiling hilli
26 48 July 2 100% Feb 17
60 Nov 1445 Seri
8
4 8312 6312 63 63
6312 6312 *8212 633
62
63
6153 6214 1.400!American Safety Rasor_No par 5212June 18 673 Apr 26
44 Nov 74 4 Jan
3
2341 '
*812 9
3£3
9
9
*8
*8
*812 9
9
*813 9
714July 12 26% Feb 18
No par
Amer Seating v t ei
17 Deo 41% Mar
2
218 3
2
4
15
8 13
28
17
3 17
3
8
17
8 2
Feb 25
par
118
3 salay
3
12,000 Amer Ship & Comm_ No
7 Feb
3 Oct
3
*4912 50
*4912 50
495* 4938 4934 493 *4912 50
*4912 50
4
8May 22 5412June 5
487
40 Amer Shipbuilding new_No pa
654 64% 6512 66
6758! 663 63
65
4
78 6514 02 66
3
6614 12,800.Am Smelting & Refining No pa
53 June 24 7912 Apr 2
02 Nov fi64
1*13612 13912 *13612 1394 139 139 *137 1383 138 138 *13612 139
4
100 13312 Feb 8 141 Apr 8 1231g Nov 138
200 Preferred
Jan
41
41
41
41
*40
4014 4014 *40
*41
413
4 41
41
7
38
25 38 June 18 43 2 Jan 27
300 American Snuff
Oct 49 July
*101 105 *10514 108 ,*10514 108 *101 108 *101 108 *101 108
10 1021 j iy
: o
3 ta
98 Nov 112
Prete:red
Jan
*712 814 *712 813! *734 814 *712 81
*712 812
75
8 8
1221: AV?'2
7
1
200 Amer Solvents & ChemNo pa
18381 *18
1812 *17
1834 18
•17
1853 *18
183
4 18
1
17 4 Aug 15 3314 Mar 5
3
100 Preferred
Ye pa
_
3812
3612 3612! *364 367
8 36% 385
8
8 367 3812 438
3612 37
363 Oct 797 Feb
3513June 25 524 Mar 20
1,700 Amer Steel Foundries-No Pa
2
*112 11312 11212 113 1'112 11312 112 112
112 112 *112 11312
100 11012 Jan 7 116 Feb 25 III) June 114 Ma
100 Preferred
,
*4213 44
42
42
42
42
*4212 44
44
•42
4213 4212
42 Aug 18 5512 Apr 16
400 American Stores
No Pa
40
Oct 85 Am'
8
5414 *52
*5112 5.114 *525 5414 *5358 5.514 5313 5312 *52
541,
2
56 Nov 94 4 Jan
100 47 June 25 897 Mar 26
100 Amer Sugar Refining
5
10314 1033* *V ,
*10314 107 *10313 107 .•10318 107
10 10314June 28 110 Apr 24
I? 10314 *10011 1033
29 Nov 111 Feb
300 Preferred
113 *1 11 4 11 14
4 11
113
4 11
*11
1153
2 *1034 113
4
9 4June 18 2133 Feb 10
3
18 Nov 60 Jan
900 Am Sumatra Tob
No Pa
8
4
207 2093 20512 2037 2075 21112 209 21212 209 213
20912 213
10 20012June 23 27114 Apr 17 19314 Jan 31014 Sept
57,500 Amer TeleD & Toter
16 June 18 2252 Apr 17
Rights
iiii" •Zii" iig. 25181- 7 - - American(expire Aug 1)
iii" *251 iii- iii" ife::12- i 12 2ino
Tobacco corn____60 197 Jan 8 26414May 23 1E15- We; 23211 Oct
25 4
i
4
249 2513 249 252
24713 248
3
247 2477 24812 252
Eel 197 Jan 8 26912May 23 160
14,600 Common class /1
Oct 235
Oct
*124 12412 *12312 12412 12412 12412 *124 125 *12312 125 *124 125
100 120 Feb 3 12412May 22 1141 Nov 12114 Jan
4
500 Preferred
*116 125 *118 125 1 119 11914 123 124
125 125 *122 130
500 American Type FoUnders_ _100 113 JU110 19 141% Apr 1 115 Nov 181 Sep
•11118 113 *11118 113 1•11118 113 *11118 113 *11113 113 •11118 113
4July 241 103 Nov 112 A
100 100 Feb 5 1143
Preferred
86
87% 8612 877
87
903
8 89
915* *874 89
89
7818June 23 12472 Apr 23
903 27,000 Am Wat Wke & El__--No Par
8
50 Nov 199 SeD
8
•104 1047 *104 1047 !
8 •104 106 *10414 1044 *10414 106 *104 10G
9912 Jan 4 lows Apr 15
let preferred
07 Jan 104
Jan
11
*10
*10
11
*10
1012 11
11
11
11
*11
57 Oct27 2 Jan
12
712 Jan 2 2014 Feb 17
100
1,300 American Woolen
7
*2514 2712 *26
273 *26
4
273
4 2614 2614 2718 2718 *2514 2718
19 4 Jan 2 itlel Feb 18
3
1512 Nov 583 Jan
100
200 Preferred
8
*514 514
*5 4 6
512 512 *514 6
.514 6
,
9 May 29
4 Nov
5 Jan 20
5% 53
s
200 Am Writing Paper ctfa_No par
1812 July
*3712 39 2 *3712 3913 *3712 3912 3712 371 *3713 3312 *3714 3812
,
29% Jan 17 443 Feb 27
4
28 Nov 48 Mar
100
100 Preferred certificate_
9
012 *95 10
*9
*9
8
914
10
*812 10
812 912
612June 19 17 2 Feb 3
7
pre Zrred
7 Nov 494 Mar
600 Amerfeino. Lead & Smell-25
*62
67
67
67
*62
*62
67
*58
*59
67
*59
4 9
50 June 19 7972 Jan 20
6
25
493 Nov11114
4
45% 46% 4512 4658 4618 43
455 4714 458 463
8
4414 4518 67,100 Anaconda Copper Min
4414 Aug 22 81% Apr 2
50
6714 Dec140 Mar
Mar
2913 *28
*28
2912 *2812 294 •28
291 .2812 2913 *28 3 2912
2612June 18 5314 Feb 0
,
413 Dec 893 Sept
Anaconda Wire & Cable No Dar
4
4013 4012 4018 41
*4012 4114 41312 4012 4013 4012
*4012 4112
8June 18 513 Apr 21
347
4
No Par
25
p hoe Cap
800 Anerefr rred
Oct80
Oct
4
4
4
3
•107 1083 *107 1083 *1073 1043 *10714 103 4 *1073 1083 *10734 10834
4
4
4
par 102 July 14 11513jmpr 14
No
7 A ie 5
8
96 Nov 15412 Oct
20
20
*2034 23
*1953 22
203 203
8
3 204 2012 19% 19%
18 June 18 374 Apr 2
30
700 Andes Copper aileing_No par
Oct 683 Mar
8
2014 2018 2014 20
20
4
193 20
20
20
2018 21
1918June 23 2914 Apr 5
2113 3,000 Archer, Dan'13, Micild..Ne par
1812 Nov
4912 Mar
7412 7412 7312 7313 7314 734 *7412 76
*7412 75
*73% 76
7314 Aug 20 82
400 Armour & Co (Del) Pref-_100
75 Oct 95
47
Jan
5
*47
8 5
5
5
48 5
47
8 5
5
5
43
2June 19
81s Mar 28
2,400 Armour of Illinois class A__ _25
54 Oct 1818 Jan
3
3
3
27
8 3
3
3
*27
3
8 3
433 Mar 28
2
2% 27
2 5 Jan 20
1
8 1,700 Chem B
23 Nov
4
1014 Jan
60
*58
*577 60
8
*57
GO
*57
60
•57
59
57
55 May 5 65 Juno 4
100
57
57 Nov 88
100 Preferred
5
54 514
618
57
8 57
8 6
Jan
8 *53
55
8 6
5 Aug 18 1334 Apr 21
• 3 6
53
1,100 Arnold Constable Corp-No Par
814 Dec 407 Jan
2
*11
14
14
*11
14
*11
*11
14
•11
14
*11
10 Juno 25 201s Apr 28
14
Artioom Corp
1653 Nov
30 Feb
35
*34
3514 *34
35
*34
34
354
•34
35
34
3112June 18 4018 Mar 10
35
400 Associated Apparel Ind No Par
34 Nov 633 June
4
4 333 333
3112 3112 333
8 33
31% *31
•31
333 *327 33
4
3
28 Jan 4 3012 ADC 15
No par
1.700 Assoc Dry Goods
25 Nov 703 Jan
4
*42
48
45 *41
*42
48
42
48
*42
42
*41
51 June 2
25 3212 Feb 27
45
3413 Per
30 Aasoctated Oil
47 Apr
/
1
4
*53
54
56
*52
57
*52
*53
55
57
*52
*5312 57
49
5sJune 26 805* Jan 30
.
3218 Feb 809 Oct
AG0& W 188 Line _ No par
*5412 58
*54
57
*5412 57
*5413 57
•54% 50
*54
100 50 June 27 8514 Feb 28
57
Preferred
45% Fe
6278 Sept
3
8 36
37 x357 3814 3514 36
3634 3718 363 3753 363 373
8
25 3018June 18 5138 Apr 7
10.500 Atlantic Refining
30
Oct 77 9 July
7
7212 *7012 7212 70
*79
7212 *6913 7212 *6913 7212 *70
No par 62 June 17 10438 afar 21
200 Atha Powder
67 Nov 140 Sept
70 2
,
4
3102 1023 *102 103 *102 10212 *102 10313 *102 10313
*100 102 '
100 101 Jan 20 106 Mar 22
Preferred
90 Nor 10812 JAB
*34 5
*33
4 5
*33
4 5
*33
4 5
*314 5
*33
4 5
4 Aug 7
No par
812 Mar 5
Atlas Tack
5 Nov
177 July
8
105 111
104 113
10512 110
1118 11512 109 114
107 1093 27,900 Auburn Automoblic
Vo par 91 June 23 283 4 Ape 1 120
4
3
Oct 519 Sec/
*312 4
4
*31
*312 33
.312 4
4 *3% 33
4 *312 33
53,July10
Yo par
7 May 14
4
Austin. Nichol*
29
*23
*23 ____ *23
2912
•23
*23
29
40
*23
Preferred non-voting_ ___109 24 Jan 2 35% Apr 23
40
18 Nov 7; Jan
/
1
60
*53
56
*53
*53
60
*53
60
*53
60
555 5558
8
5253June 14 80 Jan 13
100 Austrian Credit Anstalt
4912 Nov 65
Jan
2
218 278
253 *214 2 4
*23
4 278
3
214 214
2 Aug 8 10% Mar 3
We par
23
4 23
4 2,500 Autosalos Corp
4 Dec 3512 Au,'
*618 12
6
6
0
6
10
*6
*1112 12
6 Aug 18 25 Mar 4
50
*618 12
30t) Preferred
13 Dec 457 Aug
3
4
3
4 737 75
743 743
6712 723
75
75
4 60
675
8 6212 66
11,400 Autostr Sat Razor A ___No par 37 Jan 2 813
4July 31
34 Nov
50 Jan
512 543
53
51
5
53
3
51
51
53
8 57
No par
Vs Jan 20
9% Apr 15
512 5531 5,100 Aviation Corp
4% Dee 20 Aug
4 29
3014 29
297
8 2812 293
8 283 293
28% 287
4
8 2813 2933 43,300 Baldwin Loco Wke _ -No par
193
2.1une 17 38 Feb 18
15
Oct 695 Aug
8
110 110
110 110
8
1097 110 *1087 110
10813 1083 107 1083
8
4
100 10412June 25 116 Jan 21 10912 Nov
8
810 Preferred
125 Apr
106% 106% *10712 108 '*10712 108 *10713 108
8
*1063 108
10712 107121
30 Bamberger (L) & Co pref_ _100 1083 Aug 15 11012 Feb 4
9313 Nov 11013 Feb
4 1213 1212 *1212 1313 •1213 1313
*123 1312 *1234 1312 1212 123
4
No par
1213 Aug 19 20 4 Mar 5
Brothers
3
80 Barker
10 Der 33 4 Jan
3
*8913 75 '
36913 75
*8912 75
*6913 75 .
*8912 75
100 72 June 25 91 Mar 31
6912 75
Preferred
70 Nov 97 Jan
.8 434 *25
8 43
4 *253 43
4 •25
4 •25
•25s 43
8 43
4 *Vs 43
No par
Barnett Leather
253 Feb 18
4
74 Apr 11
212 Dec 2914 Jan
3
8 2212 235
4
223 23
8
2338 238 223 2312 223 237
225* 2253 9,700 Berneciall Corp elms A
25 2013 Feb 15 34 Mar 23
20
Oct '04 May
1

*a-i

iiii-

• Illd and asked prices; no sales on this day. S Ex-d Wend: y Ex-rights&




New York Stock Record-Continued--Page 3

1228

Far sales daring the week of stocks not recorded here, see third page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Aug. 16.

Monday
Aug. 18.

Tuesday
Aug. 19.

Wednesday
Aug. 20.

Thursday
Aug. 21.

Friday
Aug. 22.

sales
for
the
Week.

STOCKSPER SHARE
Range Bitted Jan. 1.
-share 1 eta.
On basis of 100

NEW YORK STOCK
EXCHANGE.

3 per share $ Per share Shares Indus. a Memel. (Con.) Par
200 Bayuk Cigars, Inc
No par
4
493 4934
*493 50
4
10 F1ret preferred
100
9818 9818
*9818 99
Beacon Oil
No par
7534 7812 7812 7812 1,700 Beatrice Creamery
50
--------------7814 82
100 Preferred
100
10512 10512 *10512 109 *10512 109 *10512 109 *10512 109 *10512 110
300 Belding Hem'way Co__No par
*312 413 *37
8 412 *334 5
33
4 33
4
4
4
414
*4
Belgian Nat Rye part pref__
82
*80
82
8114 *8014 8114 *8014 8114 *80
*80
82
*80
10,000 Bendix Aviation
No par
4 3014 32
4
g 303 313
4
30 4 3114 31
3
317
3 3112 3214 313 317
No par
453 464 8,800 Best & Co
3
453 47
3
4
4352 4438 4313 4414 433 463
4
3 353 47
100
4
8
4
8 7914 8114 797 803 32,100 Bethlehem Steel Corp
4
3 793 813
78
7912 783 803
773 797
4
500 Beth Steel Corp pf(7%)-100
8
*12512 12612 12513 1255 126 126
12512 126
*125 126
12614 12614
Bloomingdale Bros---No par
2313 *15
2313 *15
2312
2313 *15
2312 *15
*10
2312 *15
Preferred
100
*9014 99
*9014 90
*9014 99
*9014 99
*9014 99
*9014 99
Blumenthal & Co pref
100
*80
83
*80
83
83
*80
*77
83
*80
83
*80
83
3.800 Bohn Aluminum & Br__No par
4
3014 2912 2912 *283 29
317
2 29
31
3118 31
*3118 32
Bon Ami class A
No par
.7014 72
*7014 72
*7014 72
*7014 72
*7014 72
*7014 72
Booth Fisheries
No par
8 314 *23
8 314
*258 314 *214 258 *238 314 *238 314 *23
lst preferred
100
*16
22
*16
22
22
*16
22
*16
22
*16
*16
22
25
8
4 763 7712 7612 773
8 1,710 Borden Co
8
76% 7614 77% 767 773
7518 7.57
8 75
10
300 Borg-Warner Corp
*2814 2812
29
287 28 8 29
8
7
2812 2812 *2812 29
*2812 29
Botany Cons Mills class A 50
17
8 *114
3 *114
17
8
138 *114 17
*114 212 *114 212 *114
8
20
2013 1913 2014 197 2013 203 2112 2014 2112 2012 218 57,900 Briggs Manufacturing_No par
•
100 Briggs A Strstton
2313 2312
*2614 2473 *2312 26
*22
26
*22
26
*22
26
British Emplr* Steel
100
2d preferred
100
____
No par
5,3001Brockway Mot Tr
17
17
158 17
1412 1514 1512 17
14
1538 1538 14
Preferred 7%
100
67
*65
*65
67
*65
70
70
*65
*65
70
*65
70
No par
1,200 Bklyn Union Gail
124 124 *122 124
12014 12014 122 12212 12414 125
124 124
Brown Shoe Co
No par
4
4012 *3814 4012 *3814 39% *383 3912
*39
4013 *39
40
*39
4 1,400 Bruns-Balke-Collender-No Par
1612 1612 1614 1614 *1614 163
*16
1614 1614 17
16
16
10
1,800 Bucyrus-Erie Co
2214 233
8 2218 23
2212 2212 2233 23
2234 223 *2112 23
4
10
500 Preferred
.3514 36
36
8
357 357 *3514 357 *35
8
8
358 358 358 36
100
50 Preferred (7)
11512 11612
116 116
4
11612 11612 *11612 118 *1133 116
11612 11612
No par
812 812 1,900 Budd (E 0) Mfg
812 812
812 812
83
3 83
3
812 812
88 8
5
52
No par
1012 1012 1,700 Budd Wheel
8 1053 10 8 103 103 *1012 11
8
3
5
101g 105
10
10
No par
2833 283
8 2714 2714 2718 2718 X 2718 2713 2712 2713 2718 2718 4,600 Bulova Watch
No par
2438 2414 243
2414 24
8 2412 2614 21,000 Bullard Co
4 2318 245
2334 247
3 24
300 Burns Bros new el AeomNo par
*9212 96
*9212 96
96
97
*9212 96
*9212 96
*90
06
New class B oom....-No par
4
4
8
*18
187 *163 173 *163 27
8
*163 19
4
*163 20
4
*163 2014
4
100
10 Preferred
*93
04
*93
94
*9212 94
94 94
*9212 94
*9212 94
3312 6,900 Burroughs Add Mach_No par
32
3314 33% 3313 327 3312 3212 343
8
3414 33
4 33
No par
300 Busb Terminal
35
35 . *3312 35
*34
35
35
35
*333 35
*3312 35
100
101 Debenture
*10312 1053 10512 1051214 104 1053
4
4
4*10412 1054 *10412 1053
'
41*101 1053
100
30 Bush Term Bldgs pref
117 117 *11612 118 *11612 118 *11612 118 *11612 118
*11612 117
15
8 158 1,500)3utte & Superior IMInIng___10
8
134 17
173 172
153 15
134 13
8
15
8 13
4
4
5
300'Butte Copper & Zoo
8 238
238
238 *23
238 23*
*212 238 *238 238 *212 238
100
1,100 Butteriok Co
*15
16
1514 1514 1514 1514 *1514 16
*15
16
*15
16
No par
31,600 Byers & Co(AM)
687
2 683 707
55
53 693
4 65
*
8 683 708
4
* 677 7012 6918 70
100
10 Preferred
*10812 - *10812 _ _ 10812 10812 *10812 _
*10812--- *10812
300 California Paektng___No par
34
62 4 625 6i4
- 8623 *62
62% *62
(ti% 6238 6212 6218 *62 25
California Petroleum
35
*28
35
*28
*28
*28
35
*28
35
*28
35
35
10
11
1,000 Callahan Zino-Lead
*1
1
1
1
1
118
*1
1
1
118 118
2,900 Calumet & Arizona 14ining_20
54
54
55
5512 54
*54
54
54
5512 55
5312 64
25
* 2,900 Calumet & Hecla
1338 135
1418 138 1418 1338 14
1334 14
*1338 14
14
400 Campbell W & C Fdry _No par
*1712 18
18
*18
187
*18
19
8 18
1712 1712 *1712 18
800 Canada Dry Ginger Ale No par
6412
8 64
638 637
*6314 64
*6314 64
6314 63 8 *6314 64
7
No par
*2014 2114 2,600 Cannon Mills
21
2213 2212 2018 2214 2112 2112 2114 2114 21
100 capital Adminte el A_No par
4
4
4
1518 153 *153 163 *1512 163
*1512 17
17
1714 *15
•15
50
300 Preferred A
*3512 3712
35
3312 3318 3338 335* 35
*33
331 *33
331
Thresh Machine otfs_100
8
171 17712 17114 177
17512 1844 180 1867 18214 19034 18414 18918 144,700 Case
110 Preferred certifleates____100
8
1257 1257
8
126 126
124 124 *123 126
*123 126 *123 126
5514 5514 8,900 Caterpillar Tractor____No par
4
5412 55
5418 544 54
553
2 5512 5612 543 56
Cavannagh-Dobbs Ino_No par
*812 9
*512 9
*518 9
*512 9
*512 9
*512 9
100
10 Preferred
55 *_ 55 *__ __ 55
54
54 *
*52
55 *____ 54
No par
1.800 Celotex Corp
137
4
1314 133
4 134 133 *13
133 1312 134 133
8
4
4 133 14
500 Central Aguirre Asso No par
24
24
24
24
*233 24
4
2414 24 24
*237 2412 *24
8
Central Alloy Steel____No par
-Preferred
100
------- ---- ---- -___ __- ____ ___
100 Century Ribbon Afills_No par
43
4
44
,
*44 5
*1
4
2
*412 5
6
*V
Preferred
100
4
*603 68
*603 68
4
4
*6212 694 *603 68
*6212 68
*6212 68
2,200 ,7erro de Pasco Copper_No par
4512 4418 45
463
4 45
46
*46
48
*46
48
*4612 60
700 Certain-Teed Producte_No par
612 612
8
8 63
63
614 612
618 612 *612 7
.63
8 7
No par
500 City Ice & Fuel
*4012 41
40
4013 4012 40
41.
4112 4112 41
42
*41
100
150 Preferred
8212
824 82
*80
84
*83
*83
84 *8314 84
•____ 84
No pa
2218 x2214 2212 2,400 Checker Cab
223 234 2218 2212 2214 2214 2218 2214 22
4
No par
600 Chesapeake Corp
4
4
633 633
64
6412 6414 64% 64
*64
65
*64
65
*64
4.100 Chicago Pnaumat Tool_No par
15
134 134 1414 1438 144 1638 15
1414 135* 14
14
No par
500 Preferred
4114 4414 *4218 44
41
*38
*36
41
42
*35
42
*40
Chicago Yellow Cab- No par
2512
2512 *25
2512 *25
*2514 2512 *25
*2514 251
*2514 26
10
4001C1,ickasha Cotton Oil
17
17
18
*17
*174 18
*1712 18
18
18
18
18
No par
300 Childs Co
5012 *4912 502
5012 5012 5012 4912 4912 .50
*49
61
*49
25
Chile Copper
631
*35
*35 100
*35 100
*35
__ *35
*35
Chrysler Corp
No par
8
2718 1814 2712 2812 2712 2814 273 2814 37,100 City Stores New
28
273 1838 2718 4
No par
63
8 611 1.800
4
63
4 63
4
4 63
63
4
614 6121
63
8 .612 63
No par
100 Clark Equipment
36
*29
36
*29
36
*29
36
*29
36
*29
30
30
Cluett Peabody & Co No par
*3314 36
*3314 36
*3314 36
*3314 36
*3314 36
*3314 36
Preferred
100
8
*993 10012 *997 10012 *997 10012 *997 10012
8
*9938 10012 *997 100
No par
1773
4 1,800 Coca Cola Co
8
*175, 17514 1734 17318 17312 1753 175 1764 1764 17814 *176
No par
800 Class A
*5118 52
5113 5118 5114 5114 *511g 52
51
*51
514 51
No par
2112 2,200 Collins & Aikman
21
2112 22
22
2214 21
*21
22
4
203 2112 *20
300 Preferred non-votLug____100
*8014 87
*8014 87
*8014 87
86
85
*8212 86
*8212 86
100
484 *4738 4912 4,000 Colorado Fuel & Iron
494 48
4912 48
47
47 48
4838 48
10,500 Columbian Carbon v t cNo par
13414 136
4
128 13412 12838 13112 1293 13434 131 13512 132 138
No par
56,100 Colum Gas & Elea
8 5814 60
571 6018 5814 597
564 60
5712 5914 55 4 577
3
100
1,100 Preferred
8
1093 1093 *10914 10912 10914 10912 10914 1093 109 109 *109 10912 81,600 Columbia Graphophone
8
8
4
8
4 1312 1412 135 1414 1314 133
1434 153
4 1218 1412 1253 133
25% 4,800 Commercial Credit__-No par
*25
26
25
2514 26
26
23
284 25
26
*25
60
300 Class A
367
8
3618 *36
*364 3712 *3514 3712 *3514 3712 36
36
*25
25
110 Preferred B
25
*24
25
2
2412 2412 2412 2412 247 2473 2412 247 *24
10 1s3 preferred (69i%)„....100
90
*88
90
*88
90
*88
893 893 *88
4
4
No Par
7
3338 3412 2,300 Corn Invest Trust
4
351 *3434 3518 35
35% 343 34
35
35
*34
No par
300 Cony pref
84
*82
*8212 81
*82
84
84
8112 811 *8112 84
*82
200 Warrants
100
412 5
6
*5
6
*4
*4
6
*4
6
*4
6
No par
243 2514 53,200 Comm Solvents
3
4
24
2514 243 2512 2418 2514
245* 2338 2412 24
4
132
8 mg 1312 1314 1312 1314 133 58.700 ommonwealth&Sou'rnNo par
13
1314 127 1318 13
8
Condo Nast Publica---No par
*3812 391 *3811 3918 *3812 3513 *3512 3912 *3812 3913 *3812 3912
8
4 117 1214 4,500 Congoleum-Nairn Ine_No par
113 113
4
1112 1112 1112 1112 12
1114 1114 11
No par
2714 1,100 CO/Un'Od8 Cigar
27
25
25
28
*25
25
254 *25
*25
28
28
Comley Tin Foil stpd-No par
12
*14
%
514
12
*14
*14
*14
5
8
*14
%
12
900 Consolidated Cigar_ No par
38
*37
3614 37
*3712 39
*36
*36
38
38
38
37
100
100 Prior preferred
70
70
70
70
70
70
70
*70
71
70
7018 70
1812 1,000;Como! Film Indus___-No par
18121 1814 1814 *18
18
1812 18
174 174 *17
18
5,200'Consol Film Ind pref_No par
2014 2014
20
20
20
1912 193
20
4 1912 1938 *1938 20
89,200 Consolidated Gas(N Y)No Par
8
1033 1063 1035 1053 105 1067 1053 1074 1044 10612 10412 10638 1,200 Preferred
4
3
4
8
4
No par
10212 10212 103 10314 103 10314 10318 10318 *10318 10314 10318 10314 2,200,Consolidatod Textile-No par
78
78
*7
8
5
7
8
7
8
*14
7
8
4
7
8 1
3
4
FP
1.400 Container Corp A vot No par
144 *1414 15
1412
4
. *1414 1538 1438 1438 1412 1412 *143 15
No par
2,400 Class B voting
*414 5
412 412 *414 5
P. *412 5't,
*412 434
412 5
900 Continental Baking el ANo par
24
24
24
L*23
24
4 2414 2414 24
*223 233
4
4 2413 233
No par
2 312 *312 258 3,700 Chas II
, 3,
,
3 2 38
388 388
312 312
338 35*
100
600 Preferred
7212 73
73
*71
*70
701
70
71
70
7012 7012 71
552 11,500 Continental Can Ino_No par
634 66
5414 55% 55
64
557
53 8 5412 5313 64
900 Cont'l Diamond Fibre_No par
1612 163
4 1618 1612 163 163 *1614 17
1638 164 1612 168*
8
8,
500,0ontinental Ina
10
334 3 3 2,20010ontinental Motors__ _No par
56
34 56 8 *55'2 57 8 57'2 57'2 *6511 65 4 *5555 56
3
,
4 34 5612 577
38 3
,
,
33
34 3 4.
3
34 3
3
,
No par
1912 19% 20,300 Continental Oil
197 2012 20
8
2052 21
2053 1972 20% 1912 20
s 2053 2118 35,900,Contineotal Shares____No par
4 1914 2114 2014 2214 207 213
8
8 2014 213
1838 203
10,500 Corn Producta 14efining____25
91
8812 89% 90%' 9012 9114 8958 91
90
8814 8938 87
100
101 Preferred
1463 1463 *14612 149 *14612 149 *14612 149 *14612 149
4
4
*14612 149
No par
11,600 Cot)' Inc
16% 17
183 19 I 18% 19 1 185 187
4
1918
19
8 1712 1814
*
Na par
500 Cream of Wheat
8
8
3
*305 3118 3113 3118
8
3014 303 *303 325 *3012 3118 *305 34
3
100
100 Crex Carps%
*1512 1912
16
1912 *16
1913 *16
1912 *16
*16
195
8 16
200 Crosley Radio Corp___No par
1212 138
*1212 14
14 I *1212 14 1 *1212 14
*12
12 14 I *12
$ Per share $ per share 3 per share $ per share
493 4934 So
4
*4934 50
*493 60
4
50
*9818 99
*9812 99
*9818 99
*9818 99

* 131d and asked prices; no &alas on this day. z Ex-dividend. y




- -. .. - _.... _....,-...

Lowell.

Highest.

PER SHAKE
Range for Previous
Year 1929.
Highest.
Lowest.

$ per Mare $ per share 13 per 'hors
,
55 Nov 113 4 Jan
68 Feb 4
i
95 Oct 1068 Jan
101 July 24
8
1212 Dec 327 July
20 8 Apr 9
5
Oct
69 Dec 131
92 Apr 14
107 June 10 100 Dee 10612 Aug
412 Dec 1734 Apr
63 Jan 17
8
75 Nov 84% Jan
8512 Mar 19
8
25 Nov 1043 July
5738 Apr 7
26 Nov 12312 Sept
5614 Apr 25
3
7814 Nov 140 4 Aug
11014 Apr 1
8May 128 Sept
134 Mar 22 1163
223 Dec 6178 Apr
4
297 Apr 24
Jan
103 Mar 8 100 Oct 111
Jan
7018 Dee 118
90 Apr 7
4
37 Nov 1363 Man
69 Apr 7
70 Oct 8911 Jan
78 Apr 5
4
3 Dee 113 Jan
5 Mar 26
3
18 Dec 63 4 Jay
3314 Jan 3
53 Oct 10012 July
903eMay 29
8
26 Nov 1433 MaY
233
8June 27 5018 Mar 27
212 Dee 1512 Feb
5 Mar 27
27 July 14
8
818 Nov 6318 Jan
1318 Mar 6 2538July 23
11
174 Dec 43 Jul,
21 June 19 3512 Apr 4
67 Jan
8
14 Dec
4 Apr 8
13
8June 28
1312 Jan
3% Nov
814 Apr 10
3 July 8
7
14 Nov 73 Jan
26 2214May 19
1212June
7114 Dec 145 Jan
65 Aug 15 85 Apr 24
99 Nov 24812 Aug
115 June 25 1781 Mar 3
4
Oct 5112 Sept
36
3712Juno 30 42 Feb 18
1614 Nov 5514 Jan
3
1318 Jan 15 30 8 Mar 31
14 Oct 4234 Jan
g
191,,June 18 317 Mar 24
2612 Oct 50 Feb
3318 Jan 7 43 Mar 25
4
107 4 Jan 3 11612 Aug 16 1073 Dec 117 Apr
3
7
8% Dec 22 4 Oat
8
738Juue 18 183 Apr 15
7 4 Deo 1212 Dec
3
818 Jan 2 145 Feb 6
2114 Nov 34 Dee
264 Jan 17 43 Mar 31
*
25 Nov 645 July
2018 Aug 12 74 Apr 2
88 Nov 127 Jan
90 June 18 11018 Apr 2
223 June 39 Jan
8
18 35 Apr 2
1514June
88 Nov 105% Jan
8914June 17 100 Feb 19
3
29 Oct 329 4 Mau
2914June 25 51% Mar 1
3114 Nov 8918 Fen
2918June 18 4812 Mar 6
Nov 11012 Mel
9118
99 June 30 110 Mar 15
Feb
3
10918 Feb 10 118 Apr 7 105 4 Nov 11812
43 Dec12 8 Jan
3
514 Jan 6
8
15 Aug 20
12
2 Oct9 Jan
414 Feb 20
218Jun e 30
Jan
1712 Dec 41
8
1314June 18 293 Feb 24
8
50 Nov 1927 JO
8
6018 Aug 9 1123 Apr 26
Jan
10812 Aug 4 114 Jan 25 105 Apr12114
6312 Oct84% Aug
6014 July 17 7712 Mar 8
25 June 3412 Aug
28 Jan 22 35 July 10
1 Oct4 Jan
218 Feb II
1 Jan 2
4
7312 Nov 1363 Aug
4
485June 18 897 Jan 9
8
25 Oct617 Mar
13 June 19 335* Jan 7
19 Dec 4912 Aug
17 June 18 30 Afar 25
45 Oct 9834 July
1
56 June 18 753 Mar 10
4
27 Dec 483 Sept
20 June 18 3414 Mar 18
17 Nov 8518 Oct
4
13 June 19 283 Apr 4
29 Nov 394 Oat
31 Jan 2 42 Mar 19
4
160 Aug 13 3623 Apr 23 130 Nov 467 Sept
115 Jan 16 132 Mar 25 113 Nov 12312 Die
$04 Dec 61 Dec
4
53 Aug 15 793 Apr 28
614 Dec 4218 Feb
5 June 161 134 Jan 11
88 Dec 10512 Mar
75 Jan 18
50 Aug
31 Oct79 Feb
311
9 July 3 60 Mar 10
21
Oct485* Jan
23% Feb 19 3018 M93 31
4
2618 Nov 593 Oct
305* Jan 2 38 Apr!.
3
,
10514 Feb 7 110 8 Apr 10 105 4 Apr11212 Jan
3 Oct2018 Jan
814 Mar 27
34 Feb 4
5014 Dec 82 Jan
3
51 Feb 27 697 July 16
4318June 18 6618 Jan 6
6214 Nov 120 Mar
104 Dec 32 July
g
518June 24 1157 Feb 6
4
3912 Dec 623 Jan
38 July 3 49 Feb 6
96 Sept10514 Jan
82 Aug 22 9884 Feb 11
18
Oct825* Sept
677 Mar 27
8
8
193 Aug 1
4218 Nov 112 July
5112June28 8212 Mar 29
1*
217 Oct47 Sept
8
1114June 19 37 Mar 31
47 Nov 61 Sept
4114 Aug 21 5578 Mat 14
217 Oct38 Jan
8
163 Feb 1 32 Mar 20
4
25 Dec 60 Jar
17 Aug 22 3212 Apr 19
8
4412 Nov 757 Sept
48 Aug 13 6734June 6
53 Nov 12712 Mar
49 Aug 12 65 Feb 6
26 Nov 135 Jan
24 June 23 43 Apr 11
714 Oct27 Feb
5 8July 11 1314 Apr 25
7
25 Nov 614 Oct
29 Aug 13 4412 Apr 21
3412 Dec 72% Jan
30 Feb 1 60 Apr 5
90 Dec 119 Jan
12
9114 Jan 2 105 Apr 8
,
13314 Jan 8 191 8June 4 101 Nov 15412 Aug
3
44 4 Oct 50 Feb
4812 Jan 8 53 Mar 21
10 Nov 7214 Mar
3
1438 Jan 2 35 4 Feb 13
65 Dec 10312 Feb
73 Jan 3 92 May 24
273 Nov 784 Mat
4
364 Jan 2 77 Apr 8
108 June 23 199 Mar 11 105 Nov 344 Oct
55 Aug 13 87 Apr 10
9912 Nov 109 Jul;
104% Jan 31 110 Apr 11 - - 8
1618 Nov 884 Jan
1218 Aug 18 373 Apr 28
18 Nov 625* Jan
3
235* Jan 2 40 4 Apr 1
28 Nov 514 Bent
317 Jan 2 4438 Apr 1
8
203 Nov 28 June
8
22 Jan 6 28 Apr 29
3
70 Oct 105 4 Jan
7614 Jan 18 95 Mar 29
Oat
2818 Nov 79
2812June 25 55 Mar 0
80 June 18 87 Mar 28
lig% Seim
Dec 9 4 June 18 2314 Mar 5
2018 Oct 83 Oct
2014June 16 38 Apr 11
401 24% Oct
10 3
123
8June 18 2014 Apr 7
35 Nov 03 Jan
x3812.1une 20 57 Mar 27
4
Oct 353 Jan
11
4
1018June 18 192 Mar 24
43 Nov 9238 Feb
*
238 Aug 13 567 Mar 11
112 Vet
14 July 25
14 Nov
1 Mar 24
40 Oct 9614 Jan
8
36 June 27 593 Mar 17
63 Nov 96 Jan
67 Jan 22 80 Mar 25
10 Oct 25% Sept
8June 18 275* Mar 11
153
4
154 Oct 303 Apr
18 Jan 8 2814 Jan 10
8018 Nov 18314 Sept
8
965* Jan 2 1367 Apr 26
9212 Nov 100% Dec
8May 37
9911 Jan 28 1037
63 Jan
8
38 Dec
2 Jan 27
3 Aug 18
4
12 May 2313 Jan
1138J00e 19 2218 Feb 24
1111 Jan
318 Nov
812 Feb 20
4June 18
33
2514 Oct 90 July
1812June 18 5212 Feb 17
438 Oct 1514 July
7 Feb 17
338June 19
7012 Nov 100 June
6614June 25 944 Feb 17
4012 Oct 92 Sept
50 Aug 13 718* Mar al
3
12
20 4 Nov 33 Dec
1538 Aug 14 37% Apr 21
4618 Nov 11914 Sept
50 June 25 771 Mar 31
618 Dee 283 Jan
8
8% Feb 19
312 Aug 13
18 Nov 871 Aug
2Juno 18 8012 Apr 24
183
28% Dec 45% Dee
1618 Aug 13 40% Apr 1
70 Nov 12638 Oct
8
8318 Aug 13 1118 Apr 23
140 Feb 10 148 Aug 8 137 Nov 1445*
18 Doc 8214 Jan
1512June 18 33 Feb 3
24 Nov 31 Nos
8
2512 Jan 13 351 Mar 29
15 Dec 574 Aid
Jan 22 2918Mar 5
9
15 Dec 125 Fet
1014 Jan 17 22 Jan 2

$ per share
48 4July 23
,
97 Mar 3
13 Feb 18
67 Jan 18
12
10114 Mar 20
212 Aug 5
4Juna 26
793
275
8June 25
8118 Jan 8
75 Aug 13
1224 Jan 13
1712June 23
99 May 12
74 Feb 7
2814June 25
70 Mar 7
2 June 21
18 June 23
6018 Jan 8

New York Stock Record-Continued-Page 4

1229

For sales during the week of stocks not recorded here. see fourth page preceding
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
Aug. 16.

Monday
Aug. 18.

Tuesday
Aug. 19.

1Ve4nesday
Aug. 20.

Thursday
Aug. 21.

Friday
Aug. 22.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE.

PER SHARE
Range Since Jan. 1.
On basis of 100
-Mare tote
Lowest.

Per Mare
S per share $ per share $ per share $ Per share $ per shareiS per share Shares undue. & Miscel. (Con.) Par
*49
50
49
493
4 49
49
1,200 Crown Cork & Seal--No Dar 38 June 18
.433 4912 *4812 4914 491 1 50
8
*1338 13
12
600 Crown Zellerbach
No par 12 Aug 21
127
8; 12
1218
*1278 13
13
1312 13
*13
7512 *73
800 Crucible Steel of AmerIca_100 7013June 18
7512 *73
75121 *73
75
*7214 7413 7212 7212 74
20 Preferred
100 104 June 28
108 10912 *107 112 *107 112 *109 115 '*109 115
*108 115
13
14
10
1212 123 1234 3,900 Cuba Co
9 Jan 2
No par
4
143
4 1312 14
143 143
4
4 14
238 238 *218 3
2 June 21
600 Cuba Cane Producta
No par
*214 3
212 212
23
4 218 *212 3
Cuba Cane Sugar
ki Jan 2
No Par
2 Jan 7
Preferred
100
41, -11412July 31
412 413
412 45
3 *412 5
2,800 Cuban-American Sugar ..10
412 412
*412 a
8
35
35
347 35
8
35
*35
39
270 Preferred
100 347 Aug 21
38
35
38
•
_ 39
4014 40
40
40
40
40
40
50 3818June 25
40
40
800 Cudahy Packing
40
40
40
111 112
300 Curtis Publishing Co___No par 10514June 23
114 114 *112 114 111112 11112 *107 111
*107 112
4
4
500 Preferred
No par 1147 Jan 29
4
11914 119, 119 11912 11912 119121*1183 11912 *1133 11913
4
*1183 120
4
7
7121
7
7 313
No par
67
7
7 12
612 Jan 31
8 714 26,400 Curtiss-Wright
6s 72
65
8 67
8
778 Aug 13
83
4 9.3
83
4 9
83
4 954 23,600 Class A
87
8 9
53
9
9
100
83
8 83
4
7
587 58
8
59
59
53
59
*58
59
*53
1,100 Cutler-Hammer Mfg__ _Ns par 55 June 25
60
58
58
8 26
2614 2612 2714 267 2714 3,200 Davison Chemical
2618 285
8
4
26
No Par 243 Aug 14
273 *263 27
s
*18
20
*18
*18
20
20
18
*18
20
53 18 Aug 22
18
200 Debenham Securities
*18
20
,.,0 20 June 18
233
4 2312 2312 *2312 2334
233 *22
4
233 *22
4
400 Deere & Co pref new
22
233 *22
8
218 218
218 220
218 218
218 218
100 195 8 Jan 3
215 215 *217 219
5
1,700 Detroit Edison
/
4July 9
Devoe & Reynolds A__No par 211
*2212 2813 *2212 2612 *2212 2612 *2212 2613 *2314 2612 *2314 2612
99
99
100 100 *100 101
100 *_ _ 100
100 99 Aug 20
• _ 100 •
80 1st preferred
231 215 240 245
241 2473
100 139 Jan 13
*223 233 *223 235 *228 235
4 3,500 Diamond Match
4
71, 758
712 758 *73
*73
8 73
4 *71. 73
8 73
No par
4
65 Jan 3
4
712 758 1,000 Dome MIne8, Ltd
*1812 1912 *1812 19
*1812 19I2 *1812 1012 *1812 1913
19
18 June 23
No pat
19
600 Dorninlon Stores
793
4 7713 7912 78
4
76
No par 67 June 25
753 777
4
8 783 77
78s 30,000 Drug Ins
787
8 78
20
20
20
20
197 107
8
193 2
4 018
19
1512June 18
197
8
1939 1958 2,300 Dunhill Internattonal No par
*1413 15
*1334 15
*1412 15
*133 15
4
*1412 15
*14
15
Dupan Silk
No par 1412June 17
*10239 ____ *10212
*103 ___- 10353 10314 *10239
*1023 __
8
100 Duquesne Light 13t pref___100 100 Jan 7
*4412 46
1412 *14
1412
16
*1413 15
*14
15
15
14 June 25
200 Eastern Rol.ing :MIL _Ns par
1518
206 2117 20314 21414 20714 212
8
8
205 2095 206 209
210 2107 15,600 Eastman Kodak Co
/
1
4
No par 175 Jan 9
8
8
227
8 2314 2314 2212 2312 223 2314 23
2314 2314 22
23
1,900 Eaton Axle & Spring
No par I918June 25
3
8
8
11014 1127 10314 1117 111 1127 112 1143 11118 11414 11218 1137 26,200 E I du Pont de Nam
8
4July 8
20 953
8
4
*119 11914 *11914 1193 11914 11912 *1183 120 *1183 120
*119
4
100 11412 Feb 4
4
200 6% non-vol deb
*514 512 *514 512 *514 512 *514 512 *514 512 *514 512
5 June 23
No par
Eltingon Schild
38
33 *38
40
*33
40
*38
40
40 40
*38
100 38 June 25
40
600 Preferred 855%
4 873 693
4
69
713
4 66N 693
4 6818 6912 6818 6912 6714 6812 12,930 Electric Autolite
No par 5518June 28
*108 110 *108 110 *103 110 *108 110 *109 110 *109 110
100 10014 Jan 0
Preferred
43
4 44
3
41
8 439
418 414
412 3
*4
44
,
314 Aug 2
43
8 418 1,900 Electric Boat
Na par
6612 633
4 663 63
8 65
8
6314 683
8 6353 657
677
8 6614 69
88,400 Electric Power & Li.. No par 4914 Jan 2
1097 1097 *109 110
8
4
4
*109 1093 1093 1093 *109 110 *109 110
No par 10.5 June 18
4
500 Preferred
4
4 985 99
8
,
*985 995
8
9814 988 9812 9812 9814 93 4 983 933
/
1
4
No par 97 Aug 14
1,300 Preferred (6)
64
6312 6312 64
*63
*6312 65
65
65
*6312 66
*64
200'Elee Storage liattery_No par 6112June 23
*218 4
*218 4
*218 4
*218 4
' *218 4
214July 1
•
2N
4
Elk Horn Coal Corp__ No par
•213 4
*212 4
*212 4
214 Aug 12
*212 4
*212 4
*212 4
Emerson-Brant class A-No par
*49
50
*49
8 4912 518 *4912 50
497
.50 44 June 18
4812 4812 *49
1,300'Endtcott-Johnson Corp....
50
111 111 •111 112 *111 112
*111 11112 *111 112 *111 112
100 10712 Jan 7
200 Preferred
4958 *48
4934 493 *48
4
*46
55
*46
50
*46
50
50
100 Engineers Public Serv-No Par 3014 Jan 2
98 98
*97 102
*07 102
*97 105
/
1
4
9818 9813 *9514 105
No Par 94 Jan 8
200 Preferred $5
/
4
4 9912 9912 *10012 1011 10012 10012
4
*10012 101 *10012 1013 *10012 1013
No Par 9412 Jan 2
200 Preferred (5(4)
*4614 4658 *46
46
/
1
*4614 463 *4618 4614 4512 4512 46
4
4638
200 Equitable Office Bldg No par 394 Jan 3
912 Aug 15
*912 11
11
*912 11
*912
*912 11
10
*912 11
10
100 Eureka Vacuum Clean_No par
*712 9
9
*8
0
*8
9
8
*8
8
612June 19
814
5
131.1
200 Evans Auto Loading
2412 2412
*22 2212 *22 2212 22 23 *23 25 *23 25
130 Exchange Buffet Corp_No par 22 Jan 2
*212 312 *212 312 *235 31z *238 312 *238 212 *238 312
14July 31
/
1
25
Fairbanks Co
8
5
8
8
8
8
8
7 June 18
*1212 137 *1212 137 *1212 1373 *123 13 8 *128 135 *123 133
100
Preferred
38
38
*38
38
*36
No par 3414June 25
378 38
373 373 *3613 40
4
4
3813
600 Fairbanks Morse
109 109 *109 110
109 109 *109 110 *109 110
100 102 Jan 7
*109 110
3)) Preferred
12
*1114 12
12
*1114 12
*1114 12
*1114 13
*1114 14
440 Fashion Park Assoo___No par 10 June 25
65 65
*6258 65
65
*6254 70
65
*623 70
8
4
*625 65
/
1
4
15 59 Feb 6
2.600 Federal Light dr Tree
*9312 95
*9312 95
*9414 95
*9312 95
*9414 95
*9312 95
No Par 91 Jan 13
Preferred
83
2
8
8
8
8
8
8
712June 19
*8
83
8 *8
*712 84
600.Federal Motor Truck No Par
8 33 8 34
7
34
*34
*3312 3412 333 333
*331
35
35
*34
300'Fecl'l Water Service A_No par 30 June 18
*2512 30
*2512 20
*2512 30
*2112 30
*2512 30
*2512 30
Federated Dept Stores_No par 2512Juno 16
65
*627 6712 *63
5
64
64
*633 66
8
64
*6212 68
65
400 Fidel Phen Fire Ins N Y___10 50 June 18
*73
4 9
*73
4
*73
4 9
*73
4 9
*73
4 9
7 Feb 11
No par
*73
4 9
Fifth Ave Bus
3212
3212 *____ 3212 *____ 3212 *--- - 3213
3212
No par 31 June 10
Filene's Sons
*9713 102
9712 9712 *9712 102
.
*9712 102
*971, 102
*9712 102
100 92 Mar 15
40 Preferred
21
*2034
203 21
4
21
21
21
21
4
*21
2118
*203 21
1,000 Firestone Tire & Rubber_10 19a July 7
*7214 73
7212 7212 7212 723
8 72
*7213 73
8June 18
4 727 727
100 697
7212 1,100 Preferred
56N 563
55,2 57
8 5514 5512 55
55
55
5512 5512 557s 1,100 First National Storee__No per 40 June 23
178 2
178 2
2
2
13
4 17
2
2
112 Aug 1
17
134
No par
8,700 Flsk Rubber
8 612
55
6
6
6
*538 612 *52
*53
4 6
558'Aug 19
100
80 let preferred
*638 9
7
7
*67
8 9
*678 9
*67
8 9
6I2June 18
67
8 67
100
8
110 let pref convertible
43
*42
45
43
*42
43 *42
44
*42
423
4 42
4234
300 Florshelm Shoe class A_No Par 40 June 25
*98 10014 *98 10014 *98 10014 *98 10014 *98 10014
99
99
/
1
100 954 Apr 12
100 Preferred 6%
*21
23
*21
23
*21
*2212 23
23
*21
23
*21
No par 22 Aug 13
23
Follansbee Bros
8518 8712 853 867
4
4
85
863
4 8314 86
8 843 863
4 8518 883 29,700 Foster-Wheeler
No par 6012 Jan 3
4
*10
1212 *1012 12
*1014 1112 *1012 111z *1012 12
10
10
No par 10 Aug 22
300 Ioundation Co
4 4018 4212 41
/
1
4314 42
42
4314 36N 423
4339 424 437 229,300 Fox Film class A
1618 Jan 3
8
No par
8
4212 42
4253 415 423
413 413
4
4 4118 41% 41
4112 4214 6,300 Freeport Texas Co__--No Dar 37 June 17
4 893 893 *8912 90
4
4 8912 893
4
4
*8814 893
*8912 90
4 893 893
100 Fuller Co prlor pref____No par 85 Feb 14
*614 7
612 612 *63
*614 7
67
8 67
8
mamas 23
*814 7
8 7
300 GabrleiCo.(Tbe)ClassANo par
*69
70
*69
70
70
*69
70
*69
70
*69
70
70
No Par 67 June 30
100 Gamerreli Co
24 2 4
8 212
239 238
212 212 *23
218 Aug 22
218
,
8 212 *23
218
5
600 Gardner Motor
8 *712 73
4
712 712
*7N 77
8
73
4 73
4 *712 77
7 July 8
200 Gen Amer Investore___No Par
*712 71
/
4
*903 9512 *903 9512 *9039 9512 937 937 *91
8
8
9512 "9038 9512
8
8
100 8812June 25
100 Preferred
827 833
8
4 82
85
863
8 855 8512 10,800 Gen Amer Tank Car__No par 7814 July 8
8412 84 4 867s 8518 86
,
42
4112 4218 4112 4112 413 4212 42
40N 4118 40
8
41
100 3858June 25
3,200 General Asphalt
•
110
110 *____ 110
__ 104 •____ 104 *_-__ 104
NO par 105 Mar 4
Gen Baking pref
1518 1518 15
1478 15
15
3153 16
8
16
175
8 18
1414 Aug 13
187
8 4,600 General Bronze
No par
4
143 143 *143 1473 1478 147
4
15
8 15
4
147 147
1478 1478
No par 1312July 7
700 General Cable
*3512 46
3614 397
*38
3912 40
4012 *3612 4012 1,500 Class A
8 3712 39
No par 32 June 27
4318 4238 4318 43
43
43
43
43
43
43
43
54June 25
No par 40
4512 3,400 General Cigar Ine
697
8 6914 7118 693 711.1 683 7073 683 7078 177,000 General Electric
8 68
8
68's 703
8
4
No par 6018 Jan 2
4
4 1134 117
4
s 113 118 113 117
113 1134 113 113
4
4
8 113 117
4
/
1
10 114 Jan 2
s 2,300 Special
5212 5312 533 55
3
5414 5512 5412 5534 545k 5538
8
523 53
/
4
No par 4f11 Jan 17
30,600 Gen Foods
8
83
4 87
83
8 87
8
8 8 38
,
7
87
8 87
8
83
4 83
4
8 June 17
83
4 878 4,700 Gen'l Gas 43 Eloo A
No par
7914 7731 773
78
4 78
8014 8014 7814 7814 *77
*73
8014
No par 37714 Aug 15
500 Cony prof ser A
*115 120 *116 120 *116 120 *118 120 *116 120 *116 120
No par 118 Mar 19
Preferred A (8)
106
106 *- -__ 105 *____ 105 *___. 105
106 •
Preferred A (7%) No par 100 July 8
*4414 4512 445 443
4512 461s 4512 495
46
46
*4514 4618 1,800 General Mills
No par 4018June 25
*90
91
*90
91
00
90
91
*897 9314 *9014 91
*90
8
100 89 June 3
500 Preferred
4313 4414 4312 443
4 44
433 443
8
8 4314 443
45
/
1
4
4418 45e 255,800 General Motors Corp__ ...-10 37 Jan 16
97' 973
9714 9712 9714 9712 9718 9712 9714 073
9518 9714 5,300 $5 preferred
No par 92Wune 23
7 2 25
1
*25
28
*26
28
*2512 27
28
*2512 23
*26
251 2512
100 Gen Outdoor Adv A_ No par 2474July 8
*1112 12
*1112 12
*1113 12
*1112 12
*1112 12
318July 10
1113 1112
No par
100 Common
34
347 355
8
3414 3512 35
343 343
4
4 34
/
1
3512 35
No Par 804June 18
35
3,400 Gen Public Service
78
77
78
77
7712 *76
7538 755 *76
7712 *76
No par 7314 Aug 9
7713
400 Gen Ry Signal
4
7312 747
4
4 733 75
8 73
7514 733 733
74
74
70
No par 6514June 18
73
General Refractoriee
5,800
303
4 2912 301z 30
30 8 30
,
293 307
4
8 27
31
No par 27 Aug 18
3014 3114 29,100 Clen Theatres Equip
8 745 7814 6618 741
783 807
4
7834 80
8014 81
663 693 89,200 3111ette Safety Rasor__No par 58 July 8
4
4
1014 10
1014 1018 1014 *1018 11
*1012 1118 1018
10 Aug 19
*1014 11
No Par
2,500 imbel Bros
*63N 71
*68118 71
72
*63
70
70
*6853 71
8
*685 72
8
100 607 Jan 30
100 Preferred
15
15
8
147 151
8
4
1514 1514 143 1514 147 15
/
1
4
No par 14 Aug 13
1514 1514 5,600 Glidden Co
*92
95
9214 94
*93
*94
*94
95
95
95
100 91 July 15
*93
95
Prior preferred
20
8N
85
853 8N
814 812
,
84 8 2
,
814 314
7N Aug 9
734
812 2,500 Gobel(Adolf)
No par
393 407
8 4014 4118 4014 407
39
3912 38N 393
8 40
4 8 14,800 Gold Dust Corp v t c No par 3412June 18
07
233
4 2238 23
*2214 2212 22
2212 2212 2334 23
No par 21 Aug 13
2218 2258 8,300 Goodrich Co (B F)
8212 8212 *8012 86
81
86
*8212 85
*80
86
100 78 June 30
*80
86
100 Preferred
6114 63
62s 62
6314 6118 6314 5812 61
60
60
61
sJune 27
8,700 Goodyear T & Rub___ _No par 547
95
*94
95
*93
95
95
*91
95
95
95
No par 90 Jan 3
let preferred
93
943
4
2 1053 1012 1012 1012 1014 1012 1013 1012 1.000 Gotham 3111 Hos
1014 1014 1012 101
812June 18
No par
1,900
75 *---- 75 *__
75
75
75
75
100 68 Aug 13
Preferred
*7
*7
8
*7
8,4 *7
8
8
8
6 June 19
No par
*7
8
Gould Coupler A
618 614
6
6 14
53
4 614
55
8June 19
53
4 814
*573 0
53
4 614 4,400 Graham-Paige Motors_No Dar
*6'8 81s *6
*6
618
6,
4
512June 24
618 *6
No par
Certlfteates
*2212 2314 *223 23
8
'6
22
2218 2 18 221
6
2314 2314 2118 23
*2
6
6
' 2,500 Granby Cons M Sm & Pr_100 18 June 23
:
*3639 38
39
3614 33
*38
38
39
38
*34
33
.
38
1,100 Grand Silver Stores_ _ _No par 30 June 25
_
ICO 33N Feb 6
Grand Stores
*153 153
8
; IS's 153 ;i5 8 153
15
4
71.
4 15
10 Juno 17
153 -1- -5
8 5;
No par
15; 1,200 Grand Union Co
-3
*4112 42
34118 42
4118 4118 *4114 423
*4013 42
4June 18
4 42
vo
No par 343
42
900 Preferred
3112 315 *3112 33
8
*3158 32
3113 3138 *3112 33 I *3112 33
3112 Aug 15
400 Granite City Steel

*

•Bid and asked prices: no sales on this day a




Ea-dividend. 18 Ex-dividend ax-ri;ets,

Highest.

PER SHARE
Range for Prestos.
Year 1929.
Lowest.

Highest.

5 per share 5 per skare $ per Wu.
3718 Nov
79 Aug
595 Apr 7
8
17
Oct 25 4 Jan
5
1812 Feb 19
93 Mar 25
/
1
4
71 Nov 12134 Aug
117 Mar 13 103 Nov 11634 Feb
5 Nov 2412 Jan
1912May 29
7 Mar 3
84 Aug
5 -17.7
12
118 Feb 2
IN Dee
1853 Jan
4 Mar 3
678 Dee 17 Jan
9 Feb 4
56 Dec 95 Jan
655 Feb 11
8
38 Nov 67 t Jan
48 Jan 2
7
12618May 29 100 Nov 132
Oct
4
1211 Mar 19 11218 Nov 1213 May
/
4
6 8 Dec 3018 Aug
3
147 Apr 7
8
1314 Dec 377 Aug
193 Apr 2
4
3
9012 Mar 31
14 Oct 69'a Jan
435 Mar 31 -21
8
20 Dec 467 Jan
3
30 Apr 14
2412May 24
2553 Apr 23 151 Nor385
4
Aug
24 Nov 647 Feb
42 Mar 4
/
1
4
s
11416fay 13 102 Dec 11513 Jan
/
4
/
1
4
2473 Aug 22 117 Nov 181 Jan
4
6 Nov
111 Aug
/
4
93 Jan 18
3
12
Oct 5414 July
3053 Apr 5
69 Nov 12818 Feb
87 Mar 10
/
1
4
25 Oct 92
4312 Apr 7
Jan
10 Nov 287 Jan
1813 Apr 4
3
4912 Jan 100 Mar
/
1
4
10312May 26
19
Oct 3911 Sept
2512 Jan 31
25514 Apr 25 150 Nov 26434 Oct
18 Nov 764 Feb
/
1
3714 Feb 20
80
Oct 231 Sept
14514 Ayr 10
4
121 May 15 10712 Nov 1103 Aug
4 Dec 39
/ Jan
1
4
107 Feb 6
3
39 Dec 113
62 Feb 5
Jan
50 Oct 174 July
1147 Mar 29
8
11034 Jan 7 1025 Nov 115 Apr
4
3 Oct 184 Mar
14
/
1
9$4 Mar 31
2918 Nov 8653 Sept
103 Apr 23
98 Nov 10914 Feb
112 Apr 25
1007 Aug 1
8
64 Nov 10412 Oct
7914 Feb 10
512 mar 24
3 June 1013 Oct
/
1
4
3 Oct 2213 Feb
/
1
4
75 Jan 24
8
4914 Nov 83 Jan
595 Jan 22
8
/
1
4
113 Apr 23 10814 Sept 1241 Feb
/
4
31
Oct 79 Aug
6713 Apr 7
/
1
4
10718May 26
80 Nov 123 Aug
/
1
4
1047 Apr 21
8
84
/ Oct 109
1
4
Oct
3114 Jan
505
4June 4
41 May
43 Mar 5
/
1
4
3612 Dec 54 Feb
15 Nov 735 Mar
30 Feb 18
54
4
2214 Jan 2713 July
263 Mar 3
s
973 Jan 6
3 Nov
/
1
4
13 Des
/
1
4
394 Jan 20
/
1
11 Apr 35
Jan
5012May 17
29
/ Oct 547 Sept
1
4
8
1111231ay 16 10112 Dec 110
/ Jan
1
4
22 Dec 724 Mar
2714 Feb 27
/
1
9014 Mar 18
6013 Nov 109 June
98 Apr 22
/
1
4
90 Nov 104 Feb
124 Feb 26
/
1
5
Oct 22 Feb
/
1
4
43 Mar 19
28 Nov 581 Sept
4
38 Apr 16
2513 Dec 33 Dec
8954 Mar 31
4712 Nov 123 Sept
1012 Apr 6
6
5
Oct 13 4 Mar
40 Jan 22
/
1
4
30 Dec 9813 Feb
99 Aug 4
84 Dec 107 Jan
3318 Jan 7
2413 Dec 37 Dee
877 Mar 24
8
835 Dec 89 Dee
8
/
1
4
611 Jan 30
/
4
4413 Nov 90 Sept
512 Apr 2
24 Dec 2018 Jan
/
1
21 Apr 2
8 Dec 7212 Jan
2154 Apr 11
8 Dec 824 Jan
/
1
527 Mar 21
s
39 Nov
54
Jan
100 Feb 3
9018 Oct 1021,8 Jan
507 Mar 25
3
3218 Nov 8254 Aug
10412June 4
33 Nov 95 Sept
28 Apr 14
/
1
4
1234 Nov 69st Apr
571 Apr 25
/
4
1918 Dec 105 8 Sent
5
2354 Nov 547 Jan
55 Apr 11
/
1
4
3
9512 Mar 6
8212 Nov h0712May
114 Apr 9
/
1
5 Oct 33 Feb
/
1
4
80 Mar 28
6513 Nov 8312 July
3 Dec 25 Jan
73 Feb 18
s
1811 Feb 18
105 Apr 25
Nov
1117 Apr 4
.
5* Oct123
4214 Nov 9454 Aug
711 Apr 7
/
4
125 Jan 15 121 Nov 140 Feb
24 Nov 69 June
3813 Feb 15
/
1
4
23 Nov 61 Feb
3412 Mar 7
63 Dec 12012 Feb
/
1
4
748 Feb 5
4
42
61 Mar 7
Oct 74 Feb
95N Apr 10 16818 Nov 403 Aug
11
117 Apr 5
8
Jan
111 Feb
/
4
6114May 1
35
Oct 773 July
7
183 Apr 10
8
10812 Apr 16
3
122 Apr 2 iff1- July 135 Feb
111 Apr 9
99
Oct 11612 Jan
59 Apr 12
/
1
4
50
Oct 8918 Jan
95 Mar 22
8784 Dec 100
Jan
5414 Apr 10
3312 Oct 915 Mar
4
973 Aug 7
4
4118 Apr 14 -id- Oct 112
Jan
21h Apr 3
527 Apr 7 s
id- Nov 98 Aug
1067 Mar 28
1
70
Oct 1261312613 Aug
90 Mar 28
54
Oct 88 Aug
/
1
4
5114 Apr 10
10618 Jan 10
80 Nov 143 Ott
2078 Apr 14
1013 Nov 48
/ Jan
1
4
8213 Apr 25
56 Dec 94 Oct
38 Mar 20
26
Oct 84 July
/
1
4
10518 Mar 27
95 Nov 1081 Apr
/
4
19 Feb 7
918 Nov 86 Feb
477 Apr 28
8
3113 Oct 82
Jan
5813 Mar 25
3814 Dec 105 4 Jan
3
10412 Mar 28
9513 Dec 11518 Feb
967 Mar 31
8
60 Oct 15412 Mar
1021 Apr 30
/
4
87 Nov 1047 Fob
g
287 Mar 8
3
14 Nov 60 Apr
8218 Apr 4
68 Dee 10114 Jan
1553 Apr 23
4
Oct 14 May
13 Apr 1
53
7 8 Oct 54
3
Jan
103 Apr 1
4
7 Nov 49
/ yea
1
4
597 Apr 2
8
4614 Nov 102 Mar
/
1
4
52 Apr 2
3212 Dec 417 Dec
1
4513 Mar 1
33 Dec 9612 Mar
201 Feb 18
/
4
018 Nov
32
/ Jan
1
4
44 Aug 4
30
Oct 545s Jan
6053 Apr 3
32 Nov 63 8 Sept
3

y 3 additional ehareS for Oat% share held,

1230

New York Stock Record-Continued-Page 5
Poe sales daring tho week of stocks not recorded here, see fifth page preceding

-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
Monday
Aug. 15. I Aug. 18.

TuesdayWednesday
1
Aug. 19.
Aug. 20.

Thursday
Aug. 21.

Friday
Aug. 22.

Sales
for
the
Wee*.

STOCKS
NEW YORK STOCK
EXCHANGE.

$ Per share IS per share $ per share s per share $ per share $ per share Shares Indus. & Miscel.(Con.) Par
No par
4
4 311 318 1.800 Grant(W T)
31
311 3112 3112 31
/
4
/ 313 313
1
4
/
4
3112 3112 31
2118 2114 4,300 03 Nor Iron Ore Prop No par
/ 21
1
4
193 197
4
8 19
/ 197
1
4
8 20
2014 2012 2012 20
8
/ 1712 2,000 Great Western Suger_No Par
1
4
/ 17
1
4
/ 1714 1714 173 1712 17
1
4
1714 1714 17
1718 17
' 40 Preferred
.100
*112 115
112 112
112 11214 *112 115 *112 115 *112 115
30,000 Grigslay-Grunow
8 133 1418 133 14
4
4
No par
13
13 14
133 143
4
131 1414 13
4
/ 14
1
4
300 Guantanamo Seger_ __ _No Par
33
3
8
*72
3
8
*12
8
3
4
3
8
3
4
++s
3
4
*5
"8
Self States steel
37
100
*36
37
*35
37
*35
*354 37 .36
/
1
37
*3518 37
10 Preferred..
100
*96 100
*96 100
*96 100
99
99
*96 100
*96 100
390 Hackensack Water
25
341 345
/
4
4 3414 3414
35
35
35
35
34
/ 35
1
4
*343 35
4
60 Preferred A
26
2812 29
*281 30
/
4
*28
2812 2812 2812 *2812 30
*284 30
/
1
No par
8.400 Hahn Dept Storm
161 163
/
4
4 154 16
/
1
/
4
/ 164 161 1613 1618 17
1
4
/
1
1512 1612 15
300 Preferred
*8012 81
100
*8012 8212 *8012 8213
•8012 82
/ 8012 8012 *8012 82
1
4
10
200 Ball Printing
2212 2212 *202 2284 *21
*21
2234 22
22
223
4
22
*21
Hamilton Watch prof
100
*10412 ____ *10412 ____ *10412 -- - *10412
*10412 ____ *1044
/
1
470 Hanna prof new....
_No par
92
90
90
92 .90
91
91
90
891 8912 *90
/
4
90
800 Harbison-Walk Refrao No par
56
.50
55
50 50
*50
50 .50
*50
53
50 50
73
8
/ 8
1
4
/
1
4
8
8 18
8
8
/ *73
1
4
4 812 7 4 8 2 *73
,
4 812 1,300 Hartman Coro °Moo Ls _hA/..0,,
Cl
pot
100 Clam A
*1712 1812 *17
7
8
/
4
1812 "167 1812 *15 3 1812 *167 1812 171 17
8
/
1
4
Ha mitten Pineapple
20
*49
51
*4912 51
51
*4913 51 1 *49
51
*49
51 . *49
No par
2,300 Hayee Bolt Corp
68 67
7
8 363
4 7
63
4 54
3
61
4 6
/
1
4
618 7
618 612
Heitne(0 W)
25
87
*81
87
87 *81
87 1 *81
•18
87
*81
87 *81
No par
100 Hercules Motors
25
24
/ 2118 *25
1
4
26
*22
24
*24
25
*24
*25
25
/
1
4
54 par
1.000 Hershey Chocolate
0414 941 *93
9512 95
921 921
9'
945 95
8
9512 951
No par
209 l'referred
'100 1003 100 100
4
100 10014
100 10014 101 101
100 10012 5
100
700 Prior preferred
12
/ 10712 10712 *107 1073 10712 10712 10712 10712
1
4
4,
*10712 107
/ 10712 107
1
4
No par
200 Hoe (R) & Co
/ *12
1
4
15
*1212 1412 *1212 1412 *1213 1413 •12
1212 12
1412
No par
3212 *3214 331n 32
321 321 321 1,000 Holland Furnace
/
4
*32
34 i *3213 33
/ 32
1
4
/
4
/
4
.
100 Hollander & Sone (A) _No par
*512 64' *512 64 *51 614 *512 614' 414 6 4 *5'2 612
/
4
Homestake Mining
100
*7518 78 I *75l 78 *747 754 *7518 77
78
8
.
7512 78
*7518 775
4
::,0 r
N0
"
1,800 Houdfillie-Hersbey elf)‘ Par
10 1
93 10
4
*95 10 1
8
10
10
10
914 93
4
913 913
300 Household Finance part PI-50
6414 64
*543 65
4
/ *6414 65
1
4
*6414 65
*541 55
/
4
6414 5414
_ ......,Heasehold Prod Inc.... NO Par
4
77- 795
2 7612 7814 773 8018 784 8112 7712 81.
:r
8
/
1
/ 78
1
4
80 - 7:200 Houston 011uf Tel tern etre 100
28 28
28
28I 28
28
28
2812 281 283
/
4
4 283 233
4
4 1.000,Howe Sound
14,600.Hudeon Motor
-No Par
2914 3018 2812 30
29 3014 30
301
4 291 31
/
4
304 31
10
Car--13
1318 123 135
4
8 13
13
12
/ 1318 131 134 1318 134 5,000 Hupp Motor Car Corp
1
4
/
4
/
1
/
1
20
/ 211 20 4 2112 203 211 211 217
1
4
/
4
3
4
/
4
/
4
8 211 215
8
8 201 2112 9,400 Independent Oil & Chis_No par
/
4
No par
5
5
478 4 . *4
/
1
4
/ 5
1
4
4
/ 478
1
4
41 4
/
4
/
1
4
412 412 1,700 Indian Motel:wile
100
10 Preferred
*23
38
*23
38 1 •23
38 I *23
38 I *23
38
23
23
10
11147 1114 1153 1118 113
1118 Ilk 11
4 1112 113
4, 1114 11121 11,230 Indian Refining
10
No par
85 853
4 83 83! *80
"
tgica
14
IIL15Ial Rayon
901 *8018 I0
/
4
--1

PER SHARE
Range Since Jan. 1.
Os basis of 100
-share lots.
Lowest.

Highest.

$ per share $ per share
29 June 18 43 Jan 9
18 June 23 253 Mar 25
8
17 Aug 13 3412 Jan 16
11052May 27 120 Mar 14
1214July 8 28 June 2
4 Feb 4
'2 Mar 7
35 Aug 12 80 Feb 19
984 Jag 17 109 Aim 30
/
1
26 Jan 4 38 July 29
26 Jan 6 29 Apr 17
12 Jan 2 2314 Apr 17
/
1
4
711 Jan 3 884 Apr 17
/
4
/
1
21 AMP 17 311 Mer 26
/
4
99 Jan 7 105 July 8
86 Jae 16 98 Am 14
50 June 27 7214 Apr 21
8 Aug 18 20 Feb 6
1718 Aug 22 2314May 24
62 July 26 51 Feb 13
558.1une 181 17 4 Apr 4
3
7712.1une 19 22 Feb le
/
1
4
2012June 231 31 Apr 11
2 109 May 28
831 Jan 2 1083
,
4Junc 3
,
1041 Feb 21 10812July 21
12 June 21 351 Feb 27
/
4
2614 Jan 14 411 Mar 28
/
4
6 June 18 125 Jan 29
8
72 July 12 80 Feb 1
Ms Aug 13 29 Feb 5
49 Mar 6 65 Aug 13
521 Jan 251 6112 telar 1.1
,
5214 Jan 17; 1167 Apr 25
8
251816ne 1/
27 411 Feb 7
/
4
25 8June 25/ 6272 Jan it
5
1214 Aug 13, 265 Apr 11
8
19 June 251 82 Apr 7
/
1
4
412June 18 17 Mar 4
22 June 18 8712Mar 8
4June 18; 283 Mar 22
8
83
818June 181 273 Mar 22
4
73 June30: 124 Jan 10
No par /544 Jan 8 239 Apr 24
800 Ingersoll Rand
•193 199
197 200 *191 199 *195 200 1.196 200 I 198 1981
/
4
No par 68 June 25 98 Mar 11
700 Inland Steel
74 8 75
5
*77
81
*7612 83
*7514 7512 7514 76
*74 8 76
5
/
1
4
*13
/ 1412 14
1
4
8 3,000 I...Titration 01218 Copper._ 20 121:June 18 30 Feb 7
8 135 1412 13
8
153
8 144 153
/
1
8 1414 141
/ 135
1
4
8
173 Mar 10
10 July 11
1012 1013 1112 1112 1112 1hz*1118 115
*10 8 11
3
4 103 1114 1,300 Ineuranahares Corp._ No par
4
712 Apr 1
2 8 Aug 20
7
400 intercont'l Rubber__ __No par
*212 4
*27
8 3
278 2 8! *27
3
3
7
8 3
*212 3
8
8.1une 23 287 Apr 2
No 1oo /63
par
200 Interlake Iron
*1712 18
/ 1813 17
1
4
175 17
8
/ 17
1
4
/ *17
1
4
/ *1712 181n *1712 18
1
4
512 51/4
4,7 Jan 2 812 Apr 7
612 212
6
/ 67
1
4
2
No par
1,600 Internet Agricul
6
6
6
6
5
/ 6 1
1
4
62
14June 23 6714 Apr 9
000 Prior preferred
*57
5958 59
591 59
/
4
5918 55
59
55 4 55 4 *56
3
3
/ 595a
1
4
1,700 lot Business Machines.No Par Mkt Jan 18 19712May 28
177 181
173' 17312 17214 17214 *17412 176
17614 178 1+172 180
8
4
400 International Cement_ No Par 655 Mu 6 753 Apr 2
*6512 663
4
6713 *653 66
4 5612 57
4
6614 6514 *6512 563
*66
57
g
583 57
51
g
5l
6 Jan 2 1412 Mar 26
4 6,700 inter Comb Eng Corp_No par
6
4 53
5
*55
.3 5
/
1
4
53
54 5
8
/
1
4
100 80 Jan 2 78 Apr 1
59
500 Preferred
*55
59
60
59
6112 614 *59
/
1
65
*6312 65
60
21,300 Internet Harvester_ -No par 72 Aug 13 1154, Apr 15
70
3
/ 7518 7653 7514 773
1
4
75 4 76
80
7714 8014 78
8 76
/
1
100 1404 Feb 10 14413 Mar 14
1.500 Preferred
*142 143
142 142
143 14314 14314 144 *143 14412 143 143
/
1
373
4 363 364 9,000 lot Hydro-El Sys el A_No par 3118June 18 64 Apr 11
4
3312 34
3512 3514 363
4 3512
33
12 3418 34
4 76
7614 2,000 International Match pref..-35 6512 Jan 3 92 Apr 24
77
78
8
78 78
763 763
4
4 757 7614 7612 763
•2082 2112 700 lot Mercantile Marine et12_100 19 June 18 83 Apr 17
4
2112 2112 *213 22
22
2112 22
20
/ 214 *21
1
4
8
/
1
2052 20
/
1
/ 204 2058 2014 21
1
4
203 214 2112 2214 2152 227 229,100 Int Nickel of Canada_No par 2018 Aug 18 448 Apr 4
4
International Paper__ _No par 58 Jan 6 05 Mar 21
100 70 July 15 86 Apr 29
Preferred (7%)
*71
75
'71
75 ;1.- 73 ;/1- W - *71 15-I '70' , 78
7
8
1,800 Inter Pap & Pow el A__No par 145 Aug 14 Si', Mar 22
18
*1712 18
*1614 18
5
17
17
183 18 8 18
8
18
19
el, Aug 14 22 4 Apr 14
No par
8
300. Clam 13
11
*11
1212
10
10
*11
15
15 1 11
*1118 1412 *11
No par
612 Aug 14 18 Apr14
/
4
8
8
8
8
8
/
1
4
818 81 '7'23,900 Clam C
83
8
814 812
300
Preferred
100 70 July 7 86 Mar 26
7114
4
7018
*7013 73 7
72
73 *71
7312 .70 4 73 1 *703 74
3
/
1
1,400 lot Printing Ink Corp_No par 28 Aug 19 584 Apr 6
31
/
1
29
/ 324 3212 31
1
4
29
31
31
3014 31
28
29
Preferred
10
100 88 July 3 101 Apr 12
93
923 923
*91
4
4
*93
94 *88
93
/ 94 *8814 94
1
4
*92
3
/
4
395 401 48,200 International Salt new_. 100 86 July 8 45 4June 20
8
39
/ 405
1
4
41
/ 40
1
4
38 4 40
3
39
40
39
/ 40
1
4
/
1
4
300 International Shoe_ ___No par 83 Aug 20 62 Jan 15
/ 6412 5312 6312 5314 53 *5318 5412 5312 5312
1
4
/
1
4
*5314 5412 *53
100 69 July 8 119 Feb 1
200 International Silver
70
75
75
7
7
70
75
*64
/ 78
1
4
70
71
*65
70
7
70
Preferred
100 100 Feb 26 11214 Feb 17
*10314 107 *10314 107 *10314 107 *10314 107 *10314 107 *10314 107
/
1
/
1
4
a
4533 4433 447 33,900 Internal Teter,& Tel** _No par 404June 23 77 Apr 24
44
457
2 44
43
448
8 4273 437g 4238 45
255
8 6,900 Interstate Dept Storie_No par 18 June 17 417 Feb 4
258
25
2384 23 3 2312 24 g 2414 25e 25
,
233 2334
4
7
8
120 Preferred ex-warrants_ 100 60 Aug 16 777 Aug 20
76
74
*/4
7414 777
8 74
60
60
6614 65
65
60
8par 23 Jan 2 32 Apr 9
No
Intertyce Corn
287 *24
g
287
*24
2878 *24
28
/ *24
1
4
287 *24
2
28 8 *24
7
1312 Aug 22 29 Feb 19
No par
1312 1384 1,200 investors Equity
4
14
1412 *138 14
13
14
14
/ 133
1
4
4 133 14
4
1 3112July 8 43 Mar 19
200 Island Creek Coal
33
3412 33
3412 *33
33
*3212 344 *3213 3412 413
/
1
33
/
4
No par 43 Jan 20 661 Apr 30
3,700 Jewel Tea Inc
503
8 49 49
50
495 51
8
45
/ 47
1
4
/ 47 4 49 4 49
1
4
3
5
/ 50
1
4
No par 70 July 10 1483 Feb 5
2
9012 9313 48,300 John8-Manville
3
923
4 9012 93 4 8914 93
893
4 8614 90 I 89
87
100 11814 Feb 24, 123 Mar 21
__
Preferred
____
__ *122
. 122
_*122
*122 ____ *122 ____ *122
/
1
4
,
4 122 4:512114 11214 *12114 12214 ____ 10 Jones & Laugh Steel pref-100 1181 Jan 61 123 April
---3
4
*12114 1223 *12114 1223 *12114 121 1223
- /
1
4
4
!
157June 281
No par
512 Apr 9
200 Jordan Motor Car
/
4
81 *15
8 11 *112 134
13
4 17
4
/
1
/
1
*14 14 *14 IN *112 13
/
1
838 Aug 7 1318 Jan 16
8
8 93
8 97
8 *03
Karate& (Rudolph)
81 *93
8 *914 97
93
2 *918 95
/ *9
1
4
*/ 9
8
1
4
Kaufmann Dept Stores_312.501 1612June 25 2012 Mar 7
*164 17 . •1714 17131 *1714 1712 *1714 1712
/
1
/
1
4
*1612 1712 *1612 17
/
4
1.600 Kayaer (J) Co v t e____No part 2314 Aug 13 411 Jan 2
2312 238
4
58. 5233 24
4
*237 24
8
238 233 *2314 23
2313 24
,Heitn-Albee-Orpheuni .No par 21 Jan 8 45 Apr 2.3
4
49 4,*-- 493 ---- 491
3
100 85 Jan 7 150 Apr24
4001 Preferred 7%
116 116
'113 117
113 115 15
112 112
*106 112 *106 112
3 June 18
tils AN 10
/
1
4
318 3 / *314 3
/ 2,90 KellY-SPringfield Tire_ IV° par
1
4
0
/ 3Q
1
4
3
/ 3
1
4
/
1
4
3
3
/ 314
1
4
3
/ 312
1
4
100 2018 Jan 3 62 Jan 24
100 8% preferred
:
22
2112 211n 211 2112, *2112 2212
/
1
*2014 2112 214 2112. 22
(I% preferred
100 29 Jan 2 55 Jan 25
/
4
.*____ 341
344
/
1
8
/
1
4
/
1
4
*2518 35 *____ 34 *--_ 34 *„.... 347 *--1,600 KelseyllayeaWheel___ No par 2218 Jan 3 3912 Apr 11
4
/ *283 29
1
4.
2934 293
2918 29
4
30
*30
3012 293 30
30
/
1
4
No par
7 Jan 2 26 Apr 26
1s
12,600 Kelvinator Corp
/
1
/
1
/
1
5
/ 1518 151/4 154 15 8, 144 154 1412 15
1
4
8
1514 145 15
15
Kendall Co pref
No par 72 June 27 89 Mar 21
74 •__ __ 74 *-- 74 *____ 74
*70
75
*74
77
474
/
1
4
No par 33 Aug 22 6234 Feb 7
4 335 3433 81,000 Kennecott Conner
8
/
1
344 3618 334 343
/
1
/ 37
1
4
s 35
3
35 8 3618 35 8 363
5
Kimberley-Clark
No par 4814June 21 59 Mar 31
51
*49
51
*49
5013 *4913 51
5012 *49
5012 *49
4
49
No par 20 Jan 29 4012June 4
200 Kinney Co
24
4
2212 228 *22
*223 28
4
*2212 26
*2212 26
*2212 26
100 79 Aug 20 97 Apr 17
70 Preferred
80
79
85
*80
79
79
79
85
85 7
79
7912 7912 7
812 Ain 14
IN Jan 18
K raf c R lo
-No par
/ 1,800 Koister hete Corp
1
4
4 2
23
2
/ 3
1
4
2
/ 28
1
4
7
28 2
7
/
1
4
7
24 3
3
27
s 28
/
4
______
No par 381 jan 6 5518June 2
---- ---- ---- ---- ---- -- _-_- --- _-__ ___- --_. -10
0 98 Feb 6 111 June 5
Preferred
4
10 26142une 17 863 Jan 2
'21 4
21- -9iii - 3- iiiii) Kresge (S S) Co
11;
- i- -2
i- -i(1F8 18 2 -iii2 Ilia; -ifirs Ii. -iti- -3No par 50 June 24 70 Jan 24
100 Kress Co
*5212 58
*5212 58
521 5218 *52
/
4
55
57
*52
28 4 Jan 2 8538 Apr 10
3
2612 263 40,300 Ereuger & Toll
4
7
4
/
1
27
14 2712 27
2714 2618 264 2612 26 s 263 27
/
4
241 9,700 Kroger Grocery & Bkil-NO Par 21 June 18 481t, Jan 23
/ 24
1
4
4
235 24
/ 233
1
4
4 2312 24
3
2312 2312 22 4 2414 23
8
28N 284 285 2838 1,500 [ago 011 & Trammell...No :tar 214 Jan 11 2911July 17
*283 29
4
4
29
29
2884 2834 *283 29
:J0ne 18 113 Am 1
No par 761
4 9118 9112 2,900 Lambert Co
913
91
92
4 91
90
8814 901 9018 913
/
4
90
4
/
1
4June 17 11 Mar 25
100 Lee Rubber & Tire__ _No par
*43
4 5
*43
4 5
*4 4 5
3
4 5
44 4
8
/ *43
1
4
*4 4 5
3
Lebigh Portland Cement---60 30 July 7 42 Apr 1
32
030
32
*30
32
32
*30
*30
*30
32
33
431
340 Preferred 77
.100 104 Aug 4 10812May 24
105 105 *105 107 *105 107
104 104 *10414 105
104 104
Panne 18 1712 Mar 17
103
4 1,000 Lebigh Valley Coal--No par
8
/
1
/
1
/ 1012 1012 104 1013 104 107 .10
1
4
104 1018 104 10
/
1
,
500 Preferred
ao 2218June 38 871 Mar 19
26 1 *2514 29
25 ; 26
25
27
2518 25131 •25
30
*25
.
600 Lehn & Fink
No par 2214June 25. 36 Apr 14
*2718 29 1
29
4
273 •27
27
•27
27
/ 27
1
4
27
28
28
/
1
600 Libby-Owens Glints_ No par 184 Aug 16 3112 Mar 29
4 1812 1812 *1812 19
19
1812 1812 *1813 1113
1814 1814 *1812
3
9612 9714, 1,100 Liggett & Myers Tobeee0-25 85 June 18 113 4 Apr 1
97
961 *96
95
3
911 96
92
92
95
*92
/
1
4
25 85 June 25 114 Apr 1
81
/
1
4 974 987 25,800 Series B
963. 9512 98 ; 9712 983
7
93
9333 9312 93 8 94
200 Lima L000mot Works...No par 20 June 18 4914 Feb 15
2512
*24
25
25
25q
26 I *24
26
*24
2513 26
*24
8
83732 40 1
No par 37 June 25 453 Feb 21
100 Unk Belt Co
/ 40
1
2
8
37
/ 3713 *373 40 1 *37
1
4
*373 40
8
*373 40
a
E 84:v1
858
3 917 5ul y
2 f
No vat 72 J: 5 8718j ar
41 1,100 liquid Carbonic
4
4
4 673 675
57
/ "663 673
1
4
68 1 67
66
/ 664 667 66
1
4
/
1
8
/ 67
1
4
4May 14
711 7331 54,000 Loew's Ineorporated_No par 4218 Jan 2 953
/
4
/
4
/
1
/ 701 724
1
4
/ 6711 69
1
41
6412 6612 623 65
4
65 8 67
3
8June 3
5
par 85 8 Jan 17 1123
200 Preferred
*103 105 *10278 105
103 103 i 104 104 1.103 105 *103 105
31
600 Preferred ex-warrants/NI:
8
/ 963
1
4
/
4
9612 *954 96 1 *951 9572 95
/
1
/
4
*951 9513 *9518 951 96
/
4
61 Feb 19
/
4
No par
3 June 18
312 333
35
8 414 4.900 Loft Incorporated _
*3
/ 3
1
4
/
1
4
/ 312
1
4
3
313 3
/
1
4,
/
1
4
/ 3
1
4
3
8
600 1.cee Sell Lumber A _No par
718 Aug 4 1584 Mar 22
*71
*773 8
7/ 8
71
4
*718 8
*7713 8
•
713 8
25 50 Jan 4 7014 Apr 2
/
1
4
/
4
59
573 591 13,700 Lange-Wiles biscuit
56
5612 583
4 577 5812 57I2 593
81 5812 60
Lo it tard
pu
700LorllesiraeTraraedou
25
4
8 8
85
22 4 23
8
221 22 8 2274 2333; 22 8 2318, 2253 2318 22,8 2 /42 51;80 0
3
7
18 1. b 2 12 AP; 3
-1.4
No par " en 38 28's M 28
8 8 87
7
8
8 4 8 4 *83
3
812 812
8
8h 8 4'
3
4 9 I
100 8018June 18 8912 Feb 6
4
*803 88
` 8 88 *808 88 *80 4 88
080 4
*804 88
4
*80 4 88
3
3
3712 3,500 Louisville Cl & El A ____No par 33 June 23 5114 Apr 25
3618 3618 36
3712 363 383
4
8, 3712 38 I 368 3712 37
r./ufe Stsel
8
No par 22 June 25 447 Mar 12
3.900 Ludre mne
23
24
24
23 8 24
7
*23
233
/ 24
1
4
2414 25 4' 24k 24
3
No por, 787
8July 8 OWN Mar 18
*65
85
85
*65
*65
85
85 *65
85 1 *65
85 1 *65
4
200 MacAndrewe & Forbee No par 2414June 19 393 Apr 3
8
*2914 29 4 *294 293
3
4 2913 2913' *2914 29 4 *2914 29N *2914 29 4
3
No par 4614June 18 8812 Mar 27
9 800 51act.Trueke Inc
1:403 1 o .. ,
65
553
4 5514 5514 55
*54
56 I 557 55
8
/ *544 56
1
4
.7
100 Tm,,9, 1;01,
124 12578
8
- 119 ' 11912 •119 12184 1204 12514 124 1265 1241,127

ziliii, ii-i .iiii"

-rIg1193
• Bid and aured prices: no sales on this day. y Ex-dim-el




PER SHARE
Range for Preston*
Year 1929.
Lowest.

Plioles,

per share $ per share
3212 Dec 14433 v,-1)
19 Oct 3914 10b
44
28 Nov
Je,
105 Nov 181)13 Eel
1414 Nov 70 Sep*
1 Nov
5
/ Jas
1
4
42 Nov 79 nIte
9954 Dec WA
Fe!
12
35 Am.
23 Nov
26
Jo
,
30 Aug'
12
Oct 5653 Jan
7131 Dt'c 115
Jr
27 Do, 297 Dec
1
5
911 Nov 105 8 Jet'
54
Jan - 8
877.
, „„
13 Oct417
14 Oct 81 Sept
/
1
4
65 Dee 7241 Am
5 Nov 68 2 Mal
/
1
4
8
84 Nov 1181 Jae
/
4
2112 Dee 33 Oa
/
1
4
45 Nov 1437, Or.
60 Nov 143 O.:
/
1
4
/
1
4
104
Jan 1061 O/
4
125 Dec 33 Atle
4
21 Nov 51 M
1311 May 244 Ask
/
1
65 Nov 93 Aug
13 Nov
52 4 Molt
8
45 Aug 5214 Rent
40
Oct 791, J4i,
28
Oct 1119
APr
34 4 Nee 8212 Mar
3
38 Nov 93 Mar
/
1
4
Jae
18 Nov 82
174 Oct 394 MO
/
1
/
1
/
4
3 Oct 821 Jan
13
25 Nov 9541 Feb
1318 Oct 53 Ana
1111 Oct 5114 Aua
68 Nov 136
/
1
4
Jar
Jan 223 3
,
120
t
71 Dec 113 5,,,
/
1
Oct 664 'A er
22
12 Dec le No'
1414 U.
2 Nov

1 Oct
40 Nov
109 Nov
48 Nov
4 Dec
/
1
4
13 Dec
/
1
4
65 Nov
137 Aug
23 Nov
47 No
184 Nov
/
1
25 Nov
57 Dec
77 Nov
20 Nov
12 Nov
9 Nov
77 Nov
40 Nov
/
1
914 Nov

i77 Jan
88
/ Jet.
1
4
255 (let
102 4 Feb
8
10311 Feb
121
Feb
142 An
145
Jen
59 SePt
12
10212 Jar.
394 Oct
/
1
72
/ Jan
1
4
112
Oct
9412 Jan
4414 Oct
33 Oct
7
,
201, Oet
95 Oce
68
/ Oat
1
4
10(1 Mat

54 Oct
95 Nov
10314 Oct
63 Nov'
254 Oct
/
1
74 Dec
17 Nov
12 Nov
/
1
4
39 Oct
39 Nov
90 Nov
118 Nov
117 June
112 Oct
10 Nov
,
7
1714 Dec
30 Nov
1512 Nov
70 Nov
3 Dec
16 Dec
26 Dec
18 8 Nov
5
5 Oct
75 Nov
49 8 Nov
3
45 May
/
1
4
211 Nov
/
4
80 Oet
812 Dee
27 Nov
95 Apr
24 Nov
53 Nov
14
221 Nov
/
4
3814 Nov
1612 Nov
804 Nov
/
1
5 Oct
30 Nov
100 Nov
10 Oct
31 Dec
28 Nov
17
Oct
801 Nov
4
80 Nov
30 Nov
ar% Nov
40 Oct
32
Oct
Oct
80
808 Nov
4
318 Dec
12 Dec
3918 Nov
1414 Oct
7 Oct
80 Nov
Oct
28
22 Nov
76 Nov
3614 Oct
M1 Nov
/
4

WI;Sept
15912 Aug
119
Jae
14914 SePt
12
93 Jan
97 May
387 July
2
T2is Aug
69 Mar
162 Feb
14
242 Feb
/
1
4
123 May
126
Oct
1612 Jan
13 Nov
/
1
4
37 Feb
/
1
4
581 July
/
4
45
Jan
138
Jan
238 Jan
7
944 Jae
/
1
100 Feb
51/ 4 May
8
1914 Pen
96 Feb
1047 Met
2
57 Oer
/
1
4
4412 July
19984 Mar
785 Jan
8
7614 Oct
10578 ()et
5712 Mal
114 .1149
465 Mm
8
122 Jan
12
383 Jun,
,
15714 Mar
25 Jan
66 Fe)
1101 May
/
4
Oct
32

11
1,

44 4 Jul,
8
681 Feb
,
43 Ang
106
Oct
108.4 Ott
57 4 Jo
1
61
Pet.
113 Jan
/
1
4
8412 Feb
110 Jan
/
1
4
95 Mar
1112 Apr
321 Jan
:
87 e Sept
7
3112 May
18
Jan
10014 Fen
72 Sept
/
1
4
1084 July
/
1
18 Jun,
45
Jun
1143 Feb
4
91(X1.

New York Stock Record-Continued-Page 6

1231

.

Per hales daring the week of *rocks nor recorded here. see sixth page preceding
Sate+
-PER SHARE, .1"07' PER CENT
111011 AND LOW SALE PRICES
for
144
TrIday
Wednesday 1Thursday
Tuesday
Saturday 1 Hottdag
Aug. 22. , Week.
Aug. 21.
Aug. 20.
Aug. 19.
Aug. 18.
Atm. 16. I

STOOKS
NEW YORK STOCK
EXCHANGE.

PER SHARE
Range Since Jan. 1.
On haste of 100
-share Soto
Htolkn.
1.,11440.

PER 811ARP
Jawsfor Previous
Year 1929.

Lmeera.
Eig0e.
-----ver eta!
per share 2 Per share
3 per share Share+ Indus. & Miscel (een.) Par $ per seare
114 Nov
24 I r
1054May 8 153
2June
800 Madison So Garden.._No par
1312
*12
4212 tiler
85 Nov
4June 19 5258 Jau 7
No par 285
3012 3012 2,5001Martma Copper.
6 Nov 39%
812May 5 13 July 3
2,000 Maintain (H R) & Co-No par
7
7
tiouly 8
3 Dec 26
Jan
8 Jan 29
100
g
Manati Suar
.214 4
19% Dec
5012 Jar,
100 1144July 14 60 Jan 28
*15
100 Preferred
24
14
Oct 38% Mar
12 July 9 15 Jan 14
*10
100 Mandel Brea
14
19% Nov 37; Ja
No par
Manb Elect Supply-No Par 8 June 25 5512May 1
1914 Dec 35 2 Jar.
5
5
25 1118June 25 24 8 Jan 10
e
i1214 Ii" We Iii ;We Ii- ;lire li" ;ige -11" ----1,200 Manhattan Shirt
30 Oct 80% May
3014June 26 55 Feb 1.%
No pa
Marlin-Rockwell
36 .35
*35
35
36
8 35
357
*33
34
34
33 33
19 No* 104 Mal
858June 28 80% Apr 9
pa
400 Marmon Motor Car-No
10% *1012 1112 *1012 1112
1112 10
1112 101s 10% *10
*10
Jar
18
212 Nov
6 May 19
3 Jan 6
Martin-Parry Corp____No pa
*3% 312 *318 313 *314 312 *314 312 0314 312 *314 312
20 Oct 218 Pe:
4
400 Muthieson Alkali WorlorNo par 32522tme 25 5152 Mar 20
373 *3614 3714
*3712 3813, *37
4 3812 3812 37 37
3834 383
Jail 125 1st.
100 116 Jan 24 13014 Aug 22 120
60 Preferred
1304 1304
*12312 130 *125 130 *125 130 .125 1301 I 130 130
Jar
4512 Dec
s
25 4012July 3 615 Jan 3i
4112 43 , 424 4214 4112 4258 2,400 May Dept Stores
4112 42
42
42
43
43
15% 0.3 2911 Ain
10 Aug 18 23 Mar 26
.1013 1112 1012 1012. 1012 1012 1,100 Maytag Co
1012 *9% 11
10
*104 11
2814 Dee 1914 July
21'plane 28 40% Apr 7
parimpa
Preferred
8
*225 26 1 •2252 26
5
8
*225 25
*2212 2412 *22 8 26
8
*223 26
.
0(11 Jet.
7511 Nov
7413 Aug 18 8412 Mar 26
No
100 Prior preferred
7412 7412 *7412 83
7412 7412 *741 7718 *7412 75 *7413 75
8014 Dix
par 37 July 17 50 Apr 1
McCall Corp
*38
40
•38
40
40
*38
*38
40
40
40 .38
*38
r
1
74 Dec 118 4
-N
McCrory Stores clam ANo Par 60 May 19 74 Jan 2
a
*5412 55
55
*5412 55
45412
'54'. 55 *5412 55 .5412 55 *55
70 De, i15I F n
.
6212 255% 5612 *57
No par 5812 Aug 20 70 Jan 16
67
*57
100 Class B
*57
67
60
*57
'
*57 1 0
4-cb
86% Nov 12
I Preferred
100 8912May 7. 97 Mar 24
94
*81
94
94
*81
*80
*81
94
94
94 *80
*80
44 Fr.
30 Oct
3012June 23; 44 Apr 7
34 .
7 *33
34 *33
33
*33
200 McGraw-1E111i Pubiloa's No pa
34
34
*33
34
332 33
1218 Nov 23% Ja
8
'McIntyre Porcupine Mines--5 1454 Jan 21 19,2 Apr 23
*1712 177 .17% 177 *1712 1758
*1712 18
*1212 18 *1712 18
82 Jar,
54 Nov
8912June 4
1
78 80% 7918 8014 78% 79% 791 8018 11,300 McKeesport Tin Plate_No par 61 Jan 8
7918 77% 77
78
2118 Oct 511 Mc
1412 Aug 13. 3758 Apr 12
178
18 1 18% 18% 17
5
18 4 18141 17
4,700 McKesson & Robblna_No pa
g
1812 1812 163 18
87 Jo'±
40 Oei
2
7 *3712 37 *37 4 38 *37 4 40 I 375 3734 *37% 40
4
50 35 June 241 49h Apr 8
200 Preferred
3
3
37% 37
1812 Dee 693 Aug
1412 *14
14 1 .14
8
No par 12 June 30. 2014 Jan 7
600 McLellan Stores
1412
*1414 1412 1412 1412 135 1414 14
Jae
2612 Dee 72
No par 2614 Feb 81 42 Apr 16
Melville Shoe
43512 38 •3512 38 I *3512 3718 *3513 37% *3512 3758 *351 3712
8
9 Oct , 347 Jot.
June 181 233 Mar 10
No pa
13
10
4
13 I *1112
•1158 13
Mengel Co(The)
4
13 1 *113 13 1 *12
*12
*117 13
9% Oet 69% .Pin
DP. Jan)'' 37 Apr 7
2118 2218 2114 2154 43,800 Mexienn Seaboard 011_No pa
4
2214 215 2254 211 221
2214, 21
21
7
20 Oct 541 Ma,
:
7 15 1 15
5 147 Aug 20 33 Feb 6
15
1518 1518 15 4 14
15
2,700 Miami Copper
3
1512, 15
*15
15
44 Der 122% Ju14
No par 53 Jan 6 77 May 13
57 1 59 5912 .
53
1,100 Michigan Steel
8
58
55% 55% 567 57 1 57
57
*51
394. Jan
2212 Nov
4 2314 237
No par 7218June 18 33 Apr 7
23% 233
4
3
4 4,600 MId-Cont Petrol
24% 2418 23 4 24% 233 2414 231 233
4
35, July
%Noy
212 Mar 17
ts Mar 4
1
1
1 1
1
1 1
1
1
1 I
1
1
1,200 Middle States Oil Core Infs._
1 1
1
No par 2thJune 25 53 Feb 29
33
81 3212 3312 32
32 327
32
32%, 32
4
*323 3312 3,900 Midland Steel Prod
32
37 Jan 23
4
3% Dee -247 ii141
5% Apr 2
Miller Rubber
No par
69 Nov 123.4 sew
4
e'
78 4 Mar 19
57
*4812 - 100 Minn-Honeywell itegu_No par 50 July 1
5474
'
2 6
;481- -(11 ;Li" 581* 55 55 ;We W 48
10 Oct 4asi, July
8
8
137 •1214 1312
1318 1212 13% 13
p 3,8001M1nn-Moithe Pow impl No par 1058 Aug 12 287 Apr 17
li
e
123 1318 13
65 Nov 102 July
75
75 1 *65
No par 70 Aug 9 9214May 28
I Preferred
70 1 1085
70 .85
75 1 *65
*65
,
80 4 Mar
35 Nov
8
5
163 16% 1614 17 1 1618 16141 1614 1612 167 17% 174 1714 2.400 Mohawk Carpet Mills_No par 1618 Aug 19 40 Jan 27
4
.
54
47 Nov 801 Oc
46
4614: 4512 48% 45
15.800 Monsanto Chem Wks No par 35 June 25 63 Apr 21
47
4
3
45 4 443 4512 45
43
4252 Der 587 J-n
8
7
32% 33 I 313 327
4
8 3218 323 32,900 Mont Ward &Co 111Core Norm 2958 Aug 13 49 8 Jan 2
4
3258 3114 3314
3112 33 1 31
1% Oct
o Ott
354 Jan 22 1612 Apr 2
*Ws 6
5
'
200 Moon Motor Car new_No par
*518 6 1 *512 512 .518 5%1 4514 5121
42 Oct 8158 III
No par 61 Aug 15 72 Feb 6
53
53
53
*53
53
53
700 Morrell CD & Co
55
0152
52
52
4
.515 52
fils Mar
112 Oct
2 Jan 2
118June 17
112 11
118 1%
113 114
1,500 Mother Lode Coalition_No par
112 1181
114 114
118
118
3% Oct 31; Ain
818July 12 115s Apr 10
*312 4
4
4
4
4
1,400,Moto Meter Gauge ttEallo pa
312 3% *312 4
352 , 3%
36 Nov 200 Mai
841:June 21 81 Apr 7
4812 4812 47
5
4, 47 4 48
473
48
*17
49
2,100;Motor Products Corp No Pa
48
21 Nov
55% Aua
8
No par 21 June 17 84 Mar 10
*21
2234, 2258 2238 x217 217 *2118 22
22
200 Motor Wheel
2258 O22
22
*
Oct 817 Jan
4,
10
5
8 June 18 20 4 Feb 14
No pa
4
4
113 *1012 1113 *1012 1112 1112 1113 *103 118
201Mullins Mfg Co
12 *11
12
55 Dec 10214 Jan
54 .50
No par 40 July 2 64% Jan 31
54 1 *50
54
*50
54
Preferred
*50
54
50
54 •
*50
38 Nov 61; May
36 Aug 13 6312 Feb 10
*39
40
40
I *38
Novo
40 .36
*384 39 4
Munsingweer Ina
*37
5
40
*37
2
147 Nov 111074 Juno
1512 1514 1513 15
No par 1212June 12 254 Apr 11
16
15
1413 14% •15
3,000 Murray Body
15
1412 15
12
80 Oct 67 Oct
40
*38
40
3814 3814 385 3858
*38
8
40
300 Myerr F & E Bros--.No pa? 3552 Jan 2 4912 Mar 25
*38
40
38
•
40 Or 11.87, Jan
8June 24 5812 Jan 6
801
No pa
33
3314 33
3358 3212 33h 3212 33
2,800 Nash Alotors Co
33
2 33
33% 333
5
14 8 Nov 4172 July
1312 1314 131
13
*1212 13
8
4
135 1354 1,100 National Acme stamped-.10 1058Juue 24 2614 Feb 14
41212 12% 125 13
10 Dec 484 May
5
20
*17
*18
101512 20
20
No Par 11 Jan 13 39 8 Apr 14
41512 19
*1512 20
200 Nat Air Transport
197 20
918 Dec 71 Mar
8 Aug 18 20 Apr 7
No per
8
858
8
52
812 812 4,200 Nat Belles Flees
3
84
8% 8
4
812 83
9
914
4
5
25 177 Jan 2 325 4 Mar 21 140 Nov 2365 Oct
National Biscuit
78 Dec
N) 71 Jan 2 93 May 29 6514 D
-iiii IA "iiii2 WI; -8058 114 1- :566 New
6
Ilia "iiii "sir -We iiiii 4478 471k
59 Nov 14544 Mar
41 Aug 9 8812 Feb 3
45
4512 4712 4518 4612 15,700 Nat Cash Register A w INo pa
431 4312 431 433
4 44
36 Oct 8612 Aug
7
4514 Jan 20 82 June 2
53
5212 5352 5258 5314 21,000 Nat Dairy Prod
No pa
7
3
52 8 532
5112 52 8 53
5134 528
20 Dec 378 Mal
1312 Aug 15 2412 Feb 27
1412 1312 133
1312 1458 *14
4 13% 13% 1312 131
1312 158 3,100 Nat Department Storee No Pa
89 Dec 06 June
100 4314 Aug 16 90 Jan 27
12 834 8314 *8314 85 .8314 8312 8314 831
200 181 preferred
8314 834 831283
15 Oct 58. June
24123une 25 3912 Feb 6
32341 321 3258 30
5
29 4 32 8 31
3
Distill Prod etfs_No pa
317 10,300 Nat
2758 2952,
12
25 Dec 6214 Jan
22 I 020
22
-100 17142une 14 33% Mar 1
24 I *20
22
24
24 I *20
*20
24
100 Nat Enam & Stamping_.
*22
12 18912 Feb 71 129% Nov 210 Oct
100 1243 Aug
5
.12514 130 1*12514 129 4 •126 129 *12512 130
National Lead
*125 130 1.125 130 0
100 111818 Jan 3 143 May 12 138 Nov 1411% Feb
14212 143 .143 1431 •148 14312
Preferred A
143 *14212 143 *14212 143
1014212
5
100 116 Jan 17 11912Juty 1 115 Oct 1234 Apr
8
7
7
•118 11978,0
.118 119 *118 1197 *118 119 8 •118 11978 *118 1197
110 Preferred B
23 Na.rv 7154 Aug
4
Novae 32 Jan 2 685 Apr 24
4614 4458 46
3
445 45% 70,800 National Pr & IA
5
8
45 8 4314 44 4 4312 4512 45
44
113 Dee 17 Jan
4% Jan 1
154 Jan 7
8 2
4 2
*13
_RN:
4 *113 2 1 *15
4 13
13
4 2
•I5
100 National Radiator
I% Dec 41 Jan
pail
3 June 25 11 Jan 1
.212 514 102% 514 *21
8 51
Preferred
02% 514 *27
.
5%
9812 Nov 144 Jan
5
7
50 100 sJune 27 124 4 Apr 7
3
5
104 4 104 *104 105 *104 1052514
4
103% 1033 *104 105
:2184
*104 105
100 National Supply
7014 Dec 165 Feb
50 20% Jan 7 98;Mar 22
69 , 7014 70% 7014 701 .71
73
69
70
*68
69
*67
500 National Surety
31% Nov 91% Mar
22% 2258 2112 2254 2112 215
No par V% Aug 20 41% Feb 4
23
%
12
2358 2312 3,300 National Tea Co
4
235 2414 23
2314 Nov 827 Mar
2
13%
15 32% Jan 7
1458 4918 41493184 45
14
1418 1458 14
4 1418 141
1412 145
10
54% 11,800 Nevada Consul Copeer_No par 4912 Aug 19 85 Mar 25
.
43 Mar 103 Sept
Aug
60
*49% 55
4912 513
50
50
50
1.400 Newport Co class A
50
35 Dec 113 July
34
36
No par 28 June 17 5.9 Apr 14
*35
34
35
34
34
34
34
34
700 Newton Steel
34
*33
3512 Oct 49% Mar
103812 40
No Dor 37% Aug 4 47 Feb 19
*3812 40
*3812 40
*3812 40
NY Air Brake
03812 40
*3812 40 '
33 Nov 585 Feb
8
100 28 June 26 48 Apr 25
33
33
*28
35
35
33
38% 1,100 New York Dock
*28
33
•28
33
*28
5
82 4 July 90 Apr
100 80 Feb 8 8412 Apr 24
8418 .8112 8418 *8112 8412 *8112 8418 *81% 8412
Preferred
*8112 8212 *812
9312 Nov 103
Jan
--No Par 100 Jan 2 105 Aug 12
57
9
0512
n,
,
4
N Y Steam prof(6).
4
1023 10234'103'4 1033 .10314 104 *10314 104 •10314 104 :218 1590693371448
No par 110 Feb 5 11612 Mar 13 107 Nov 115 Aug
__ *115
_ 115 -- 115
1st preferred (7)
_
*115 __ *115 ____ .115
8612 Nov 186% Sept
8
12July 8 1327 Apr 11
7
6 9814 ion 9714 100
10
981
North American Co--No par 87
964
9512 97
9613
41,700
48 Nov 5414 Jan
50 51 Jan 13 57 June 4
5654
4
565 *55
57 •55
*55
Preferred
57
O55
5658 *55
98 Nov 103% Jae
May 22
4
1045 1043 *10412 105
8
8
*10414 105
10414 1041 104 104 *104 105
500 No Amer Edison pred__No par 1003 Jan 23 105 4June 11
4112 Dec 6414 Jam
40 Aug 8 555
44
5
43 4 43 4 *4312 4413 0
5
4' 44
4318 44
423
. 8 44
4
600 North German Lloyd
433 433
OPE Dec 50 Mat
42 Jan 2 5018 Mar 14
47
*46
47
1546
47
46
46 1 46
*45
46
.45
20 Northwestern Telegraph-47
4 afar 28
4
5 Oct
4
61 Yet
a
7 Jan 9
*1
11
*1
158 *I
11
112 .1
114 114 *1
100 Norwalk Tire & Rubber--I0
158
2 Dec
8 Feb
814June 16
2 Feb 3
----No Par
6
*3
6
*3
5
*3
61'3
5
*3
6
*3
Nunnally Co (The)
7
78 Dec 32
5
Jag
Jan it 24 8Jul7 22
1
98
25
2212 23
2212 23
24
23
8
235 2312 23
23
22% 23
8.900 Oil Well Supply
8844 Dec 10612 Jan
100 88 Mar 10 103 Aug 12
10512 10814 105 10512 10518 10512 *1051 106
10512 10512 106 106
610 Preferred
8
8
Oct 8412 Apr
7
1
Ehulp_-__No par 13 4 Jan 2 347 Apr 17
2
1758 1718 17114, 165 18% 17
1714
18
18
4
173 17
1734 8.600 Oliver Farm
241g Aug 22 4618 Apr 17
17 Oct 89% Apr
'2612 2812 26% 287
0
287 *2712 2978 *2612 27
*27
4
245 2814
600 Cony participating-NO Par
12
64 Dec 119', May
5
No par 20 Jan 2 90 4May 13
78 .75
75
78'z78': 78
78175
80
79
*73
78
700 Preferred A
2% Oct 107 Feb
8
e
85 Mar 31
4
par
5 Jan 3
2
No
8 *413 4
3
*412 43
452 45
*4% 5
4 *412 45
4 *412 454
200 Omnibus Corp
7k
6012 Oct 954 Us
4
4804 83
*8014 87 •83
*8014 85 1 *8014 85
85
rpheurn Circuit, inc prof 100 68 Jan 6 99 Apr 24
.83
85
7
No par 55 June 18 SG% Mar 13
new
65% 68121 6812 6612 68% 70
65
5
4 0
643
3,5001011* Elevator
64
8312 63
,
Jan
8
100 1181 Jan 23 128 June 12 Hifi "(Ye' 125
127
127
*12612 127 *12612 127 *12612 127
'
20 Preferred
-- 2214 Nov 65 Oct
7
No par 2415 Aug 14 38 8 Mar 81
012434 28
26 1278
*245 26
28 1 *2412 - g 24% 2412
8
2&7*245 26
200lots Steel
8944 Nov 108 Far
100 89 July 2 99 Apr 29
•____ 9212 *---- 92% *--_- 921 *__-- 92% •___ 92 •_-_- 92
Prior preferred
89% se:4
2
7 Feb 7
43 Nov
47 I *46% 463 *46
4612 4612 46% 461 .46
*4612 48
4
100 Owens-Illinois Gleae Co....36 4514June 23 60 8 Mar 31
4613
42 Nov 985 Sept
4
26 521* Jan 2 747
34
5 si 5414 5458 5414 547
5412 5 7
5412 541
% 5 3 553
% 54
53
4.200 Pacific' Gas & Elea
2
5818 Nov 14612 SRO
75% 77
-No par 7158 Aug 12 1077 Mar 28
5
75
75 4 77% 7414 77
75
7578 77 3 5,200 Pacific Ltg Corp
7414 751
17% Nov 87 Apr
100 2014July 8 30 Feb 8
2212 21% 22 *22
3
22 4 *2012 2258 *21
2212 *22
Pacific Mille
*21
-0
2212
I Jan i:i 114 Jan 22
Is Oct
No par
1% Jan
------ Pacific Oil
100 130 June 18 178 Feb 19 131 Nov 220 July
5
-- ;
*iii- fli- ii5i2 13 1 iii12 fii" iiiie iii" iiiie fitili iii- iii360 Pacific Telep & Teleg
100 11612 Jan 6 145 Feb 21 1163 Jan 188 0014
8
130 *12818 130 *12818 130 .01287 130 •12618 130 •126% 130
Preferred
01261e
13 Nov
1348 138
2 13
3'212 Sept
.No par 1212June 17 2384 Mar 18
'g 1312 13
1358 l3
8 131s 1358 13% 133 24,300 Packard Motor Car..
133
4
1
/
4564 60% *5812 6012, .5712 80
40 Feb 69 .4.ng
8
*5812 58
*5218 5712 *5612 57%
Pan-Amer Pelt & Trans-50 515 Feb 21 6414May 14
4012 Feb 89'4 AP/
50 5012 Jan 25 6712May 14
, 5812 5812 5818 *5718 58
57% 5712 5714 5214
*57% 59 •1571
700 Class 13
1512 Dec 21 D. c
6 Aug 22 26% Mar 10
4 73
78
4 *758 7 4
5
2 7%
73
734 752
6
734 7%
712 2.800 Parmelee Transporta'n_No par
5 Per share 1 $ per share
12
1218 1212, 12
°±3118 33 I 3112 3112
712
7
712 712
*214 4
*214 4
4I 15 4 15 4
j53
3
5
*12
14
12 *12
12

6 oer share
1314
*11
3112 3218
212 8
*214 4
24
1014
14
*12

8 per share 1
•1118 13 1
31
318
*71:1 8
*214 4
24
*15
14
*12

$ per share
•1118 125
301 31
714
.7
*214 4
24
*15
14
.12

*4r4

20 31%

5
3 Nov
4% Feb14 12 4May 14
1814 .11.!
6
614
*6
6
6
8
*512 6
3
54 54
400 Panhandle Prod & ref-No pa?
3
*512 8
47% Feb 76
100 4718 Jan 14 80 May 14
60
0145
045
60
60 .
*45
*45
60
60
45
*45
*
60
80 Oct 7012 Oct
14
No par 6858 Jan 2 72 Mar 31
2
58
4
7
5954 58
59% 55,200 Paramount Publix
5358 55 2 543 Ms 583 593
54% 57
3 Dec 137 Fet
158June 17
434 Apr 7
1
2
2
2
2
.1% 2
2
2
*178 2
1,400 Park Utah CM
2
2
28, Jan 3
9 Apr 25
2% Dec 147 Jae
4
4
No oar
2 4
37
378 4
4
4
4
418
4
418 3,100 Pathe Exchange
4% Dec 30
5 Jan 2 1958 Apr 25
Nova?
4544 528 47 2 814 *8
Jar,
83
8, 818 812
8
8% 814
Chas A
858
800
7
5
247 Oct 47 Ma:
Enterpr---_20 16 Aug 22 32 Feb 5
4 17
17111 1758 *17% 175
174 16
1712 1712 *172 178
17% 3.500 Patlno Mines &
18
5 Oct 2212 Jan
4 Aug 12 14 Feb 8
50
5
5
*454 5
5
514
4
% 55
4
5% 514
5% 514 1,000 Peerless Motor Car
22 Nov 607 Sept
5
2
No par 28% Jan 7 55 0 Apr 10
4 40
403
40
40
40
41
4058 4014 40
41
*3914 40
3,700 Penick & Ford
66 Nov 1051., Oct
54
No par 48 June 18 SO Jan 3
5214 524 52
52
5114 5114 1052
54
52
700 Penney (J C)
5112 5113
83 Oct 97 Dec
100 93 Jan 7 10058 Apr 26
8
8
*997 1017 *100 10178 *100 101
100 100
100 100
10100 102
200 Preferred
par
6% JAC, 4 12 Mar 8
12
3 Nov 27
er% 712
612 634
4
4 63
63
614 64
613 61
g 65
65
8 1,200 twin-Dixie Cement--No
12
2014 Nov 94
100 8014 Jan 2 55 Mar 13
48 •45
*42
48 .45
ran
48
48
Preferred
*40
48
0140
*45
45
Jan 404 Aug
25912 260 *257 235 *260 268
People's0L &0(Chic). 100 280 Jan 17 325 May 27 208
•248 260 *252 260
*250 260
200
No par 1718July 17 2212 Aug 11
21
21
21
18% Dec 45 Jan
21
12
21
*19
21
2112 21
1019
*21
400 Pet Milk
21
25 2912June 18 4434 Apr 7
g
31 Nov 797 May
3214 3112 32
32
-Dodge Core
32
4 32
305 3112 4,000 Phelps
313
30
8
314 313
Philadelphia Co (Pittsb)___50 200 June 18 248 Ant 15 1575 Apr 285
Oet
*190 210 *190 210 *200 220 *200 210 •200 210 *200 210
ao 5018 Jan 15 55 Mar 31 4712 Nov 54 Mar
54
54
454
55
*5412 55
5458 55
*5412 55
.5412 55
300 6% Preferred
113 Jan 17 25 8May 23
7
s
918 Nov 84
Jas
4 153 1638 1 534 16
154 1518 1534 151 165
4
14,800 Phila & Read 0& I__-_No par
1534 15
15
8% Jan 9 1518 Mar 11
10
Co., Lid
8 1013 1013 11
4
1112 11
1112 2.800 Phillip Morris &
Mi Oct 231 Feb
1018 1018 1012 105
*1018 11
1712 Aug 21 2778 go 18
1912 Nov 78 Mc!'
18 1 *17% 18
18
18
1712 1713 *17
17%
400 Phillips Jones Corp----No par
1812 1812 18
5
100 59 4 Aug 21 75 Feb 11
65 Nov 98 MtY
4
*593 65
*593 70
593 593 *593 70
4
4
*593 70
4
10 Phillips Jonee prof
4
3
*59 4 70
• Bid and asked prices; 310 sales on this day. 0 Ex-dlyldand and ex-rights.




Ex-dlvidend. r El-r18nte•

1232

New York Stock Record-Continued--Page 7
got sales during the week of stocks not recorded here, see seventh page preceding

11101! AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Aug. 16.

Monday
Aug. 18.

$ per share
32
3212
•12
14
*1912 23
1
1
•28
31
5% 5%
*3112 33
.4018 403
8
36
36
*75
83
18
183
4
21
21
*2214 2278
*21
24
9
93
4
35
3518
4514 46
*63
8 7
*55
58
71
725
*74 712

3 per share
3134 3214
*1014 14
*1912 23
1
14
*2812 298
514
514
314 3112
403 403
8
8
*3612 50
*75
83
188 1812
*21
2112
2214 2214
23
23
95
8 93*
35
3514
46
463
*63
8 7
*55
58
72
72
*714 712

Tuesday
Wednesday
Aug. 19. I Aug. 20.

Thursday
Aug. 21.

Friday
Aug. 22.

$ per share' $ per share 3 per share $ per share
313* 33 1 3112 3224 3112 323
8 3112 3214
*1014 14
*1014 14
*1014 14
*1014 14
1912 1912 *1912 20
*1912 23
*1912 23
1
14 14
11*
11
118
14
11
*2812 2912 *2812 29
2814 2814 2714 2714
57
518 514
3
514 5 2
5
514 514
3214 3214 3212
3112 3112, *314 3214 832
*40
40141 *4018 403
4 4018 4018 *4014 41
*375* 443 *374 40
.1
*37
50 I *3714 42
83
8418 *81
*80
8412 85
84
87
*18
183 *18
183 *18
4
183 *18
4
4
183
4
2114 *21
2112 *21
2112 *21
*21
2112
227 23
24
8
2314 *23
23
23
23
*21
2434 *2212 2412 *2212 2412
*21
25
93
95
912 912
912 912
9
9
3412 34
34
34
3412 348 344 347
4614 4712 47
473
4 464 47
47
4712
64 63
4
63
4 7
7
74 *7
74
58
*55
55
*544 58
575 *544 58
713 723
4
723 733
7314 734
4
743
73
712 712
712 712
74 712
712 8

Sales
for
the
Week

STOCKS
NEW YORK STOCK
EXCHANGE.

PER SEA SR
Range Since Jan. 1.
Os Oasts of 100-share gots.
Lowest.
Hichast.

PER SHARI
tease for Prestos*
Year 1929.
Lowest.
Highest.

Shares Indus.& Mace11.(Con.) Par 5 per share 3 per Share
$ per :hare 5 per shin
20,200 Phillips Petroleum___No par
2918 Feb 17 443 Apr 30
2414 Nov
4
47 Jan
Phoenix Hosiery
5 1034 Mar 4 204 Apr 30
105 Oct 375 Jan
100 Pierce-Arrow Class A__No par
19 June 25 33 Apr 3
18 Nov
377 Jan
8
3,000 Pierce 011 Corporation
25
1 Jan 4
212 Mar 17
1
Oct
33s 7. 1.i'i
'
200 Preferred
100 204 Jan 10 52 May 1
20
Oct 511- '
8,300 Pierce Potrero:1
No par
214 Jan 3
74 Apr 24
12 Oct174
800 Pillsbury Flour MilLs
No par 27 June 25 37% Apr 11
30
Oct 6378 J.
200 Pirelli Co of Italy
393
4June 25 50% Feb 27
4314 Oct 68 Au)
100 Plttsburgh Coal of Pa.. __100 3514 Aug 13 7812 Jan 7
54 Nov 83% Jan
400 Preferred
100 83 Aug 19 110 Jan 7
8312 June 110
Oct
400 Pittsb Screw & Bolt_ __No par 175 Jan 22 227 Feb 18
2
17 Dec 27 Aug
12
100 Pittston Co
No par 2018 Feb 28 227 Apr 8
8
800 Poor St Co class B
No par 203
4July 9 343 Mar 18 20 Nov
437 ; Aug
100 Portoltican-AmTob el ANo par 21 Aug 12 303
8July 3
1,200 Class B
8 Aug 12 2714 Mar 10
No par
1 Noe - ; Jan
503
4,000 PraIrie Oil& Gas
25 34 Aug 21 54 Apr 1
4012 Oct 655* Jaz.
5,200 Prairie Pipe & Line
25 44 Aug 12 6012 Feb 7
45 Oct 65 Aug
1,100 Pressed Steel Car
612June 18 16% Feb 18
No par
1,,
618 Nov 25% ,
200 Preferred
100 50 June 24 MI Feb 141
50 Dec 81 '•
4,1001Procter & Gamble
8
No par 525 Jan 3 7878June 2
43 Nov
98 ..1),,,
1,100 Producers & Refiner!) Corp_50 612 Feb 17 11% Mar 17
4 Oct 26% Jan
Brush No
48 Jan
55
35 Oct 8234 Jan
oi ii 65 If% 911- 1234 613 9314 9058 - - on 01 84,600 Pro-phy-lac-ticof N J No par 8112 Jan 2 12334 Feb 27 54 Nov 1378 Sept
8
4
pub Ser Corp
9278
-78
2
par
Apr 11
1123 11212 1124 11218 11212 11252 11214 1124 1124 1125 112 11212 2,400 6% preferred
8
8
100 10612 Jan 3 1125* Aug 13
98 Nov 1084 Feb
*1263 12812'12718 128% •12718 1283 12812 12812 1283 1283 *1283 130
4
8
4
4
4
200 7% preferred
100 121 Jan 10 131 June 3 105 Nov 124% Jan
*15312 1537 *15312 1537 1537 1537 154 154 *152 156
s
8
152 152
g
300 8% preferred
100 143 Jan 2 138 June 7 13912 Nov 151 Sept
*10912 11078 •110 1107 11018 11018 *1103 1103 *1103 1103 1103 11034
8
3
2
4
4
4
200 Pub Serv Eleo & Gas pref_100 10714 Feb 5 112 May 21 10212 Nov 1095 Jan
8
69
68
69
4 69
69 I *6812 69
693
*68
685* 69
69
1,700 Pullman, Inc,
No par 62 June 25 8934 Jan 3
73 Nov 9914 Bent
112 112
112 112
.134
14 15
134
8 *112 152
112 112
600 Punta Alegre Sugar
114June 26
812 Jan 17
50
6 Dec 2112 July
203 21
4
20 4 214 2012 207
2
2014 2012 2018 2014 2018 2018 10,820 Pure 011 (The)
20 Nov 303 Mar
25 1912June 25 2714 Apr 7
*11212 113
11212 11213+11212 115
113 113 I*11212 113 *11212 113
110 8% Preferred
100 11013May 6 1144 Apr 8 108 Nov 116 len
61
6233 803 61
4
6114 613
63
8
4 615 6238 6212 63
64
4,800 Purity Bakeries
52 June 21 88% Feb 15
Oct 1485* Aug
55
3818 40% 365 394 3818 403
8
2 3918 40 8 393 4118 3913 405* 702,400 Radio Corp of Arner___No par 3212June 23 695* Apr 24
3
8
28
Oct 1143 Sept
4
543 543
4
544 5412 544 5412 544 5412 5422 55
5412 55
2.300 Pre !erred
50 Nov 57
SO 53 Feb 4 57 Apr 21
Jan
714 74
7512 76
7412 7512 74
754 74
74
5,100 Preferred B
7414 74
No par 68 Jan 24 85 Apr 2
62 Nov 8212 Aist
2814 3014 2812 2912 287 307
3212 34
8 30% 327
8
3352 343 484,000 Radio Kelth-Ore el A_No par
12 Oct 467 Jan
19 Jan 2 50 Apr 24
8
30 3012 2 4 30 2 30
3012 307 .30
93
31
,
3012 3012 31
3,2001Raybmtos Manhattan_No par 28 June 18 58% Apr 17
28 Nov 5811 Sept
*3812 3914 3914 3914 3914 3914 3912 3912 39
3912 35)
394 2,000 Real Silk Hoslery
10 3458June 19 647 Mar 26
2
3614 Nov 843 Mar
8
90*89
'89
90
*89
90
*89
90
90
*89
90
*89
Preferred
8614 Dec 10212 Feb
100 88 Jan 13 100 Mar 29
*2
2 4 *2
3
23
8 *2
212 *2
23* *2
2%
23* *2
Rels(Robt) de Co
57 Feb 3
2
3 52 Dec
2 July 9
No par
1614 Feb
•15
36
*15
36
•15
36
36
•15
*15
30
*15
30
First preferred
40 Dec 10812 Feb
100 2712May 28 37 Jan 28
25% 2614 25 8 264 2618 265* 2612 2712 2612 2712 2612 27
3
9,000 Remington-Rand
3
23 June 25 464 Apr 145 20 2 Nov 5734 Oct
No par
*953 96
*952 96
8
98
*96
*9618 98
98
06
98
96
200 First preferred
81 Nov 964 001
2
100 92 Jan 3 1007 Mar 28
*100 105 *100 105 *100 105 *100 105 *100 105 *100 105
Second preferred
93 Mar 101 Apr
100 96 Jan 4 104 July 15
9% 04
8 *94 93
914 93
6,200 Reo Motor Car
8
914 912
912 95*
912 95
101g Oct 317 Jan
2
2
818June 17 147 Mar 24
10
3212 3414 33
8 334 3378 15,100 Republic Steel Corp_-_ No par 32 Aug 15 7912 Apr
337 347
8
3412 333 313* 3352 342
16-82
8512 8112 84% 8318 8318 8312 837
*8112 8312 3,400 Preferred cony 6%
8312 84
100 80 Aug 15 9512May 5
•15
18
16
*15
15
15 •____ 15
16 •__ __ 157
16
200 Revere Copper & Brass No par
8
3112 Nov
Dec 15 Aug 19 30 Jan 3 25 33* 334 •34 312
33
8 33
700 Reynolds Spring
s .33
33
8
8 33
33* 38
8 312
1214 Jae
74 Jan 29
35* Nov
No par
3 June 18
4912 495
8 49 2 497
2
493 5018 493 50
50
4
/ 5n 5013 514 15,100 Reynolds(R J) Top class B_10 4514June 18 588 Mar 11
1
4
4
39 Nov 66
Jan
724 75
*7012 73
73 73 *7012 73 *7012 73 *7012 73
40 Class A
70 AM' 8913 Oct
10 70 Juno 3 80 Jan 2
*40
417 *40
8
*40
41
413 *4014 4112 *4018 415* *40
4112
Rhine Westphalia Elea Pow_
Jan
2
427 Dec 64
39 June 26 455 Jan 21
2
161g 1612 1578 1612 16
161
157 163
8 1512 153
4 1512 157 17,100 Richfield 011 of Calirernia_2
8
142
4,juno 17 2814 Mar 14
225* Dec 4052 Jan
1612 173* 157 1613 1614 167
8
167
1634 16
8 16
163
8 16
8 6,300 Rio Grande 011
No par
1512 Aug 9 253 Apr 7
15 Oct 4212 Max
4
.38
393 *38
4
4
393
393 *38
393 .38
4
3934 *38
4
Ritter Dental Mfg
394 *38
No par 38 Aug 12 59% Feb 5
40 Nov 70 June
*2912 30
7
293 293
297 31
30
30% 1,700 Apatite Insurance co
4
303 30 4 297 30
3
28 Nov 96 Mar
10 2714June 18 48% Mar 3
5012 51
494 50 8 48
3
473 483 33,700 Royal Dutch Co (N Y shares)
483
4
498 4658 484 48
64 Sept
434 Oct
465* Aug 20 5612 Apr 7
2
.40
405* *394 4014 3912 40
40
40
40
4018 4012 4012 1,700 St. Joseph Lead
94 Jan
3812 Nov
10 3314June 18 5714 Feb 8
6331 64% 62
6212 63
637
6212 6414 6014 62
7,500 Safeway Stores
593 62
No par 574 Aug 13 1223 Jan 23
9012 Nov 1954 Jan
*90
94
90 90
*90
95
*90
94
*90
94
*90
95
70 Preferred (6)
85 Oct 101 Sept
100 87 Aug 9 9972 Feb 7
.103 104 *103 104
103 103 *103 104 *103 104
120 Preferred (7)
103 103
8 Mar 26 100 Oct 10912 Dee
July
.18
1812 *1812 203 *19
4
20
400 Savage Arms Corp____No 00 103 June 31 1097 Apr 2
19
2012 *1812 20
20
19
8
2012 Nov 517 Jan
ar 16
18 313
4
5 4 612
3
54 57
*57
614
614 64
612 718 2,600 Schulte Retail Storee_No I.
614 634
12
312 Dec 4) Jan
414 Jan 2 1312 Jan 23
*50
3 *5012 593 *513 592
593
50
50
59
*50
130 Preferred
593 60
4
4
30 Dec 11812 Jan
100 35 Jan 2 75 Jan 21
*8'
9
*8
9
*8
.8
9
9
100 Seagrave Corp
*8
9
74 74
77 Aug 22 1414 Mar 11
No par
10 Dec 2214 API
613 63
4
6112 627 29,900 Senn, Roebuck &
8114 6414 61
6234 6188 63% 6212 64
8
Jan
Co_No par 56 Aug 12 1005* Jan 31
80 Nov 181
83 10
10
10
*912 94 *912 97
*9
9
9
97
8 1,300 Second Nat InvQitore...No par
9 Dec 1512 NOT
7 June 25 23 Feb 17
.6512 69
67 67
67 67
*6312 69
*6312 69
*6312 69
200 Preferred
No par 5812 Jan 3 823 Mar 18
45 Nov 6314 Nor
4
13
17
4 14
13
4 18
*12
4 17
14 134
13
112 14 1,700 Seneca Copper
No par
2 Nov
13
8June 26
1012 Mar
312 Jan 20
63
8 612
64 63
/
1
612 612
61s 612
632 65
61 614 5,300 Serve! Inc
/
4
53 Aug 13 1312 Apr 25
No par
8
7 Nov 218 Aug
/
1
4
354 3512 *35
2 36
3512 3412 3612 36
363
3,100 Shattuck (1 0)
3638 3514 36
No par
2512 Oct 194 Aug
23 62 Apr 21
•17
18
*17
18
18 .17
*17
18
*17
18
18
•17
Sharon Steel Hoop____No par 3112Juna 7 32%
5
20 Nov
163*July
53 July
Feb 13
*1614 18 4 *164 19
3
*1614 19
*1614 1812 *1614 18
*1614 18
Sharp dr Dohrne
No par
16% Nov 22 NOT
161 Aug 8 27% Mar 10
/
4
*5612 6014 *57
6014 *58
6014 *58
6014 *59
6014 •59
6014
Preferred
50 Nov 65% Aug
No par 54 Jan 2 633 Mar 10
157 165
8 147 l57u 1518 154 143 163
4
4 147 158 148 15
51,800 Shell Union Oil
Oct 318 Apr
19
No par
143 Aug 20 2512 Apr 7
4
99 , 98
98
9814 98
984 98
934 97
9518 954 2,000 Preferred
97
- -- 7-- ---- -100 95 June 19 10614 Apr 21
15 4 15% 1514 16
3
14
1614 153 173* 164 18
4
1718 184 6.800 Shubert Theatre Ceep_Na par
8% Jae 2 35 Apr 25
- 8 Dec 7412 Jan
2312 243* 23
2312 24
233
2312 263
4 2414 25% 245a 25
12,800 Simmons Co
5912 Nov 188 Sept
No par 21 July 8 947 Jan 2
20
2014 2018 2018 2018 2018 *2018 203* 2012 2018 2018 2018 1,100 Simms Petroleum
15 Nov 404 Aug
10 18 Juno 18 37 Mar 24
233 24 , 234 237
8
8 233 237
2
4 223 23 8 2212 227 36,800 Sinclair Cons 011 Corp_No par 20 June 23 32 Apr 7
3
8
,
233
4
21 Nov 45 Jan
11018 11018 *11012 11012 1101g 11018 11034 110 8 *1104 11014 11014 1104
3
400 Preferred
Jan
Oct 111
/
4
100 108 June 10 1121 Apr 24 103
2812 287
8 284 284 2818 2814 2818 287
8 2818 2818 2818 2814 2,800 Skelly Oil Co
Oct 4613 May
28
25 2818 Aug 19 42 Apr 9
*35
8 4
312 31* .412 512 *4
512 *44 512 *412 512
1 0 Snider Packing
161 Feb
/
4
318 Nov
8 Jan 9
312 Aug 18
No par
20 , •18
18
18
20
18 .16
153 153
18
*16
18
200 Preferred
14 Nov 6413 July
No par 15 June 25 385 Feb 24
11114 111141 111 111 '111 113 *112 113
112 112 *112 113
700 Solvay Am Inv Trust Pref_100 9512 Jan 6 12112 Apr 3
85 Nov 111 Sept
1514 1518 1514 1512 1512 15
1518 1518 1518 155* 15
1518 2,100 So Porto Rico Sug
8
225 Dec 45 May
3
No par 15 Aug 19 30 8 Jan 16
4
5512 567
8 5518 56
•593 57
5514 56
5512 543 55
55
4
6,000 Southern Calif Edison
454 Nov 934 Sept
8June 25 73 Apr 14
25 525
*61
614 *64 614
13
612 *512 6
3001Southern Dairlee el
6
*512 73
6
4
212 Nov
9 Mar 3
1534 Jar
13.._No Pa
3 Jan 4
12
41
41
424 *41
398 391 *41
4212 *4118 4212 *4118 42121
200 Spalding Bros
30 Nov 634 Mar
No par
33 Jan 8 45 Mar 17
P111 11312.11014 11312 .11014 11310.112 11314 *112 11314 *112 11314
Spalding Bros 1st prof_ _100 108 Jan 13 11312 Aug 14
107 Nov 117 Feb
3212 3218 324 *3214 32
*32
*3214 33 .3214 323 832
4
323
4
500 SPang Chalfant &Co je057 par
-0
197 Jan 2 3724June 14
k
16
Oct 5214 Jan
94
*94
94
9514 *94
9412 94
*9312 9412 *9312 9412
94
100 Preferred
Oct
89 Mar 98
100 92 Jan 20 96 Jan 2
2012 2112 207 21
8
21
213
4 213* 224 215 227
8 2218 2214 8,900 Sparks Withington___No par
8
1318 Jan Is 8018 Apr 10
1318 Nov 73 Ault
*17
18
18
*17
18
*17
17
*17
17
*17
Jou Spencer Kellogg & Sons No par
18
18
20 Nov 45 Aug
17 Aug 20 25 Apr 15
*16
1612 *16
1613 *16
Spicer Mfg co
1612 1613 17
17
*1614 1712 *16
No par
2018 Dec 66% Mat
143
4June 25 3612 Feb 4
40
*38
40
*38
*38
40
*38
38
40
100 Preferred A
38
40
*38
No par
38 Nov 557 Mar
37l4 July 8 4512 Mar 31
15
15
1414 1414 1,500 Spiegel-May-Stern
15
*14
15
15
14
147 15
8
14
Co_No par
34 Dec 11772 Feb
1012July 8 52 Feb 3
18
8 18
183g 1818 1834 1818 193
183
1852 1914 45,700 Standard Brands
8 187 193
8
Oct 44 4 Sept
8
20
No par
17 June 18 294 Feb 8
0119 12014 *119 1204 12014 12014 119 119 *119 121 *119 121
200 Preferred
No par lly July 7 121 June 2 11414 Nov 11834 Sent
*412 5
4 6
54 54
614 *53
6
6
5
6
612 2,900 Stand Comm Tobacco_Ne par
3 Dec 435* Jar)
12
74 Feb 11
312June 17
973
94
8 95
99% 0814 1014 995 10178 9714 101
8
973 10212 67,000 Standard Gas & El Co_No par 5412.rune 25 12912 Apr 15
7312 Nov 34332 Sent
•655s 66
66
66
68
/
4
66
66
8614 6618 6614 661 6614 2.400 Preferred
5812 Nov 67 Feb
50 613
2June 19 67 May 26
*6
612
612 64
64 614 *64 7
6
614
*6
7
400 Staid Investing Corp_No par
4 Dec 48 Sept
B June 23 1512 Mar 27
10318 1034 •1034 101
10318 10414 10414 10414 104 104 *10312 10414
700 Staadard Oil Export prof _100 98 Feb 8 10414June 7
--- ---_.-6212 623
4 6112 623
8 62
615* 8,300 Standard 011 or CaL _No par 5512 Feb 20 75 Apr 25 4
6212 613 6212 6114 6218 61
117
5112 Oct - 2 may
7012 72
70 2 713
8 70
3
5 7214 7018 724 69% 7134 693 7014 174,700 Standard 011 of New-4
Jersey_25 58 Feb 20 847 Apr 30
48 Feb 83 Sept
8
3134 313* 31
315* 31
3112 307 3113 304 31
8
30% 313 17.600 Standard 011 of New York 25 30 June 23 468 Apr 28
315 Nov 4818 Sept
1
Stand Plate Glass Co.
---- ---- ---- ---- -_-- _-__ --_- ____ _-_- ---- ---6s Jan
13 Nay
4
-No par
3 Feb 19
%June 23
---- ---- ---- ---. ---- -------- ---- ---- ---Preferred
312 Dec 31
Jan
212June 12 1012 Mar 10
100
Stanley Coot America_No par 25 Jan 9 7312 Apr 23
*30
*25
55
55 .2' 55
55
*30
55
*30
55
*30
20 Nov 45 Ma/
30.8tarrett Co (The L ))_No par 2712June 231 V% Apr 23
337
*33
8 33
344 *34
35
*32
34
7
3
345* *3518 35 2 *32
3012 Oct 47 a Ott
97 10121 10
10
1018
113
10
2,600 Sterling Securities el A-No par
1018 1014
10 4
97 10
3
8
8 Noy 38 Sept
/
1
4
958July 8 2012 Mar 11
*103 12 •1012 12
*103 12
4
4
*10% 12 1 •1034 12
Preferred
812 Nov 157 July
*103 12
4
*
4
20 11 June 30 143 Mar 3
*38
39% 39 4 40
3
3914 39141 39
307 397
39
8 395
8
1,500 Convertible preferred_
80 36 Jane 23 48 Mar 1
Oct 551k Sept
81
'i 2.500 Stewart
*2412 243
4 244 243
4 2412 2434' 242 24 4 2418 2412 2418 2412
-Warn Sp Corp_ _710 1914June 25 47 Apr
30 Oct 77 Msy
8
3
747 753
8
764 17,000 Stone & Webster
64 Nov 20112 Ault
7412 78 I 75
75
74
76
773
4 7412 77
8
No par 7012June 18 1133 Apr
2914 2912 29
29
2834 29
381 Nov 08
/
4
2834 2914 2938 293* 2914 293
8 3,600 Studeb'r Corp (Tbe) No par 2514June 18 4714 Feb
Jan
.11934 12112 *120 12112 .120 1217 *120 1217 *120 121% 120 120
10 Preferred
115 Nov 126 June
8
100 116 Jan 21 125 Marl
38
*1
8
38
*3
2
12
.3
8
12
12
.2
12
8
*3
42
8
100 Submarine Boat
38 Oct
412 Mar
14 Mar 11
Jan 4
No par
2
2
*57
400 Sun 011
5912 573 573 *5712 594 *574 593 *58
55 Dec 862* Oat
5
5 '4 58
0
No par 50 June 18 70 Apr
58
10612 10618 106 1013
300 Preferred
Jan 10512 Jan
100
107 107
1063 1063 *106 1063 10634 10634
4
4
100 10218 Jan 13 108 Aug
23
23
23
23
54 Nov 24 Aug
8May 1
4
93
2% 5,100 Superior 011
25* 23
25
8 2%
25g
234 23
2 July 30
No par
16
*14
*1412 16
15 Nov 7332 Apr
400 Superior Steel
1434 143 *1412 1614 1458 1434 1412 1412
2
4
100 121 2June 18 293 Mar 2
*103 11
*103 11
4
' Sweets Co of AmerIca
•103 12
512 Nov 2214 Apr
2
4
4
*103 12
*103 113 *103 12
4
812 Jan 24 157 Mar 2
50
3
3
*3
100 Symington
5
24 Dec
*3
4
*3
4
7 Apr 2
4
9 May
*3
*3
4
No par
23 Jan 3
4
.9
10
*8
10
614 Nov
*813 912 *812 911
714June 25 1732 Apr 2
*Vs 9,
9
9
2
195* May
No par
100 Class A
•175 1814 *173 1814 *18
8
4
19
1472 Dec 2513 Mar
200 Telautograph Corp
*18
19 .18
1812 1714 1714
No par 155s Jan 25 2614 Apr
*11Is Ws 1114 1114 1118 1118 1114 1118 1114 1114 *1118 113
Tenn Copp & Chem_No par 107
012 Nov 107 Apr
900
8
8
5June 25 17 Apr 1
524 527
8 524 5212 5214 5212 52'8 521J 5112 5214 5114 51% 9,400 Texas Corporation
504 Nov 517 Sept
2
25 5018June 18 6012May
5818 57
56% 563
4 56'* 58
4212 Nov 8514 AM
2
563* 578 57 . 5712 574 574 9,900 Texas Gulf Sulphur_ No par 4818June 25 673 Mar 2
*812 9
82
8 85
12 Nov 23 8 Met
8
812 812
Texan Pacific Coal .14812 81
.
4
812 858
83
V
9
814June 18 1412 Mar 1
7
011_10
2034 217
8 205 215
8
8 2012 2134 2034 2158 20% 213
8
2
018 Oct 3412 Jai
8 207 2114 22,700 Texas Poe Land Trust
1 15% Jan 2 323 Mar 3
•Bid and asked Prieto: no sales on this day. s Ex-dIvIdend. p Ex-righte.




1233

New York Stock Record-Concluded-Page 8
Fos wales during the week of stocks not recorded here, see eighth page preceding
I Sales
for
Friday
the
IVeeh
Aug. 22.

STOCKS
NEW YORK STOCK
EXCHANGE

-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
Aug. 16.

Monday
Aug. 13.

Tuesday
Aug. 19.

Wednesday
Aug. 20.

Thursday
Aug. 21.

PER SHARE
Range Since Jan. 1.
-share las
On basis of 100
Lowest.

Highest.

PER SHARE
Bangs for Previous
Year 1929.
Lowest.

Highest

Per share
per share $ per share
$ Per shire $ Per share $ per share $ per share $ per share $ per share Shares Iodize. & Miscall. (Con.) Par $ per share
1812 Mar 35 Sept
8
1758June 28 863 Apr 4
600 Thatcher Mfg
No Par
8
22
8
2112 217 *2114 2212 2112 2112 *2218 2212 *213 2212 22
/
1
35 Mar 494 Sept
4212 *42
100 Preferred
No Par 40 June 18 48 Mar 31
4214 4214 4214 *42
43
*42
44
*42
44
*42
2
25 Dec 517 Jan
12
*2412 25
100 The FairNo Par 2412July 25 33 Jan 18
*241 25
/
4
*24
/ 25
1
4
243 243 *2412 25
*244 25
/
1
4
4
Preferred 77
100 102 Jan 21 110 Feb 13 102 Nov 11014 Oct
*105 107 *105 107 *105 107 *105 107 *105 107 *105 107
30 Oct 62 Jan
25 36 June 18 4712 Mar 12
Thompson (J R) Co
37
/
1
4 1,000
373
4 374 373
4
4
,
,
373
4 37 8 37 8 373 373
4 37
37 4 373
3
/
1
4
10 Nov 23 June
/
1
1412 141 1412 1412 9,700 Tidewater Assoc 011___No par 104 Feb 15 1714 Apr 7
/
4
14% 15
1412 1412 1412 1412 1412 15
/
1
4
7418 Nov 90 Aug
2
100 78 Feb 13 893 Mar 25
1,700 Preferred
8412 8112 86
85
85
*8412 85
84
84
84
85
*84
14 Nov 40 June
Jan 31 31 Apr 23
Tide Water 011
*24
*24
100 1912
*24
27
*24
27
27
27
27
*24
27
*24
/
1
4
8518 Nov 97 Jan
7
100 83 July 15 94 2 Apr 16
*91
93
903 903 *91
4
4
93
600 Preferred
90
91
9212 *9212 94
91
/
1
4
1112 Oct 34 Sept
10 1214June 25 2114 Apr 11
*127 13
8
13
127 13
8
1,000 Timken Detroit Axle
13
13
13
13
*13
1312 13
5812 Nov 160 Jag
26612 6712 6612 6612 667 6712 3,200 Timken Roller Bearing_No par 5518 JUly 8 8914 April
66
/ 67
1
4
/ 68 68
1
4
6612 68
1
Oct 2218 Mar
314 314
612 Jan 23
318 328 *314 3 2
214 Jan 3
800 Tobacco Products Corp
20
*322 312
312 *314 312
,
/
1
4
514 Nov 22 Mar
20
*1112 12
7 Jan 2 13'4 July9
/
1
4
12
12
1,900 Clam A
2
113 1214 123 1212 1112 1112 *1112 12
4
1814 17% 181s 1772 18
1818 18
1814 Mar 10 24 Apr 24
18
23,400 Transcont'l Oil Co___ No Par
173 174 173 18
4
15 8 Dec "WasApr
1
8
11%June 19 283 Jan 31
133 133 *1312 1412 *1312 1412 *1312 1412
4
4
100 Transue & Williemsfit'l No Par
4
1458 *133 14
*14
9
/
1
4June 18 2014 Apr 10
4 1212 1212 8,400 Tr -Continental Corp __No par
113 128 1212 12% 1212 1212 1212 123
4
1112 12
94
91
933 94
4
100 8914 Apr 10 94% Aug 15
93% 9418 *9414 95 .,. 1,400 6% preferred
94
94
91
94
30 Dec WY' July
32 '31% 32
*313 32
4
32
*313 32 4
4
100 Trim Products Coro --No Par 3012June 20 4134Mar 1
3 32
4 32
*313
*31
7
13 Dec 81 2 Jan
/
1
4
4
14 4 *1212 143 '1212 14% *1212 15
3
No par 12 Aug 15 22 Mar 18
100 Truax Truer Coal
1212 1212 1212 *12
*12
mg No
/
1
4
61 Jan
3
2712 2712 *28
8
25 June 25 87 8 Mar 25
2312
I
100 Truscon Steel
8
2812 *28
29 *263 29 *263 29
28
•
/
1
82 Nov 1814 Oct
9312 *9112 9212 *9112 0312
9212 4,92
91
92
900 Under Elliott Fisher Co No par 83 June 18 138 Mar 21
92
90
90
*125
*125
*125
*12
100 121 Feb 4 12518 Apr 29 120 Dec 125 Jan
5------ Preferred
*125 y6- *125
7 Nov 43 Jan
8June 24 1718May 8
15
15
*1418 1112 15
93
*14 8 15
,
15
300 Union Bag & Paper Corp..,.100
*1418 15
*1418
59 Nov 140 Sent
8
7312 7512 731 757 64,500 Union Carbide & Carb-No Par 6018June 23 1063 Mar 81
7312 75
,
7118 73 4 7318 75
/
4
70
/ 73
1
4
4318 Nov 57 Sept
41
41
25 37 June 18 50 Apr 7
8 2,800 Union Oil California
4
014 40% 4014 4014. 4014 4012 391 397
/
4
*401/4 41
*263 2712 2712 283 *2712 28
4
8
4June 18 3812 Apr 10
2712 2712
No par 251
4
400 Union Tank Car
4
*263 2714 *263 30
31 Nov 162 May
5912 5734 6014 5834 6012 297,000 United Aircraft dr Tran_No par 4312 Jan 31 99 Apr 8
58% 57
5712 57
/
1
523 554 5318
4
44 Nov 10912 Map
/
1
4
643 643 *6312 6412 643 6478 1,000 Preferred
62% 66
4
3
4
68
*133
50 56 Jan 31 77 4 Apr 7
*6213 68
*441 45 42 12 145
Oct
33 Dec 60
12
4May 28
45
8
4 4318 4418 *14
44
2
42
No par 38 Jan 7 583
44
447
8 427 433
2,600 United Biscuit
Oct
12 142 May 28 11412 June 136
•122 131 *121% 142 *125 142
Preferred
4
125 131 *1213 133
100 117 July
•
/
1
4012 Nov 1114 Sent
513
8 4314 5112 49
483
8 4878 49% 48
473 483
8
s 48
503* 17,700 United Carbon
Na pr 4018June 18 84 Apr 24
No
512 Aug 8
614 614
6
812June 5
6
6
614 614 *5614 660,4 2,300 United Cigar Stores-/
1
4
par
53
4 5
7
Jan
*5014 601g *5014 60,8 *5014 6018 *57
6018
60
Preferred
*53
100 26 Jan 2 88 June 5 11Tai Dec 104
/
1
4
19 Nov 75 May
32% 3118 3218 311 32 180.700 United Corn
31% 31
/
4
30
30
8June 18 52 Apr 28
29
No par 283
/ 30% 29
1
4
2
4212 Nov 497 July
8' 50 4 50% 503 5012 5,800 Preferred
5012 5018 505
5312 Apr 23
8
,
50 4 5014
,
8
No par 463 Jan 8
5014 5014 50
*712 72
2
6 Dec 8112 Feb
2
8 •712 814 *712 814
7 8 77
7
712 814 •
7 July 8 197 Feb Hi
No par
712 74
/
1
300 United Electric Coal
99
Oct 16812 Jan
8
8' 8514 8612 853 86
4
4 863 863
87
863 863
4
87
1,400 United Fruit
No par 83 June 18 105 Jan 13
87
87
3512 3518 36% 353 3614 3512 3618 29,800 United Gas & Improve_No par 8114June 18 493
2
22 Oct 593 JulY
8May 1
8
343
4
,
3414 347
8 34 4 347
9014 Oct 9814 Dec
4
4
/
1
97 Jan 13 103 Aug 12
8
,
8
,
010212 1025 102 4 102 4 102% 102% 1023 1023 *10212 1027 *1024 1027
8
900 Preferred
*5
•5
263 Jan
8
7 Nov
*5
7
*5
7
7
7
*5
5 June 11 14 Mar 14
534
United Paperboard
*5
7
/
1
4
1514 Nov 48 Aug
/
1
4
2412 2514 248 251 *233 253* *2214 2534 3,800 United Piece Dye Wks_No par 22 June 18 82 Apr 7
No
•243 253
,1
4 24% 251
93 107
Oct
3 Dec 14
12
2June 7
8 1018 103 1012 11
1012
No par
4 Jan 2 147
/
1
4
9
/ 1018
1
4
5,400 United Stores el A
914 91
9
/ 94
1
4
3
141 Dec 4012 Get
/
4
3
48
43
48
48
1512 Jan 2 50 4July 18
49
*473 4812
4
48 '48
8001
4718 48
47
k
2518 Nov 857 May
2278 23
13 39 Mar 15
28
*2212 28
*2414
/
1
4
24
23 *22
200 Universal Leaf Tobacco No Par 19 Aug
*22
*22
28
28 Dec 93 Jan
45
47
4514 *45
47
*45
47
47
47
160 Universal Pictures let pfd _100 30 Jan 8 76 May 9
47
47 *45
2 Dee 2214 Jan
/
1
4
9 Apr 10
4% 414 *414 434
218 Jan 9
414 3,000 Universal Pipe & Rad--No Par
438 4 8
3
414
43
4 5
418
12
7
Oct 55 2 Mar
3212 3158 3212 31 2 3214 6,500 U S Pipe Fdy
/
1
32%
/
1
321
20 184 Jan 2 384 Apr 10
,
/ 3114 31
1
4
31
3118 30
Jan
15 Oct 19
19
8
*19
4
153 Jan 7 21 May 27
*183 1914 19
19
No par
19
4
1914
300 let preferred
*183 193 *183 19
4
20 June
181 Nov
4
/
4June
par
1812 Jan 8 211
No
2d preferred
9 Oct 23 Sept
8
934May 28 203 Jan 17
2
No par
U S Distrib Corp
41 If- zio" I61- ;lei" T212' 2 101; *10 1018
;do"
10 Apr
2 Jan
45 Apr 14
8
13 Aug 7
4
2
212 *2
212 *2
100
•2
*134 212
300 U S Express
864 Nov 13412 Sept
/
1
42
42
*41
43 I 42
43
8 41
No par 4018June 16 103 Apr 7
1414
2
303 303
*42
45
800 U S Freight
1718 Nov 72 Aug
/
1
4
/
1
4
4 1614 161e 1512 16
155 1618 3,000 U S & Foreign Seour_No par 15 Aug 15 32 Mar 30
154 163
8
153 1614 153 153
4
7
82 Nov 62 4 Aug
93
9212' *92
/
1
4
91
*92
*92
9212 91
No par 85 Jan 8 101 Mar 21
9212
100 Preferred
/
1
*904 921 *91
17 Dec 497 J8/3
2
/
1
4
/
1
4
*1312 171 *1312 1712 *133 1712 *133 1712 31312 1712 *1312 1712
4
US Hoff Mach Corp__ _No par 17 Aug 11 304 Mar 12
/
1
4
95 Nov 243 Oct
6512 6412 6512 *6312 6512 6318 64
6318 64
63
2,500 U S Industrial Alcohol---100 59 Aug 14 189/8 Jan 2
63 63
5 Nov 3512 Jan
31
838 88 *852 9
*852 9
*85 10
8
7 Jan 2 1512 Apr 21
/
1
4
No par
8% 8%
818
500 U S Leather
1414 Dec 817 Jan
2
*1514 1614 16
15
1512 16
*1514 1614 *153 1614
No par 15 Feb 26 26 Apr 21
8
*154 16
/
1
300 Clam A
811 Dec 107 Feb
/
4
/
4
85
383
86 *_-- - 85 1*__ 85 '
*83
86
100 771 Mar 17 94 June 23
87
85
400 Prior preferred
87
5012 Nov 11912 Feb
4212 4418 437 413
45% 4112 4514 11,400 S Realty de Impt„--NO Par 41 Aug 18 7512 Mar 25
8
44
4518
41
45
/ 471
1
4
15 Oct 85 Max
8, 2033 21
205
8 2018 213
10 1814 Aug 12 35 Apr 10
20'4 204 2018 207
203 *20
8 3,700 United States Rubber
20
/
1
404 Nov 924 Jan
/
1
7
,
100 38 Aug 11 83 2 Apr 4
8 383* 4012 38 2 3812 3914 3912 *383 40
/ 397 *3812 40,
1
4
2,503 let preferred
38
29
/ Oct 727 Mar
1
4
8
86 Jan 6
/
1
4
20
21
20
2012 20
203
4 20
1912 195
20% 4,700 US Smelthog Ref & Min--50 1712July 1
•1912 20
48 Nov 58
Jan
12
48
4818 *46
46
50 42 July 17 53 Jan 7
46
*4512 481 *4512 4812 *4612 4812 *46
103 Preferred
4
1
8June 25 198 4 Apr 7 150 Nov 2613 Sept
2
4
4
4
4
8
163 1661 1627 1653 1643 1673 1663* 16814 1653 16814 1663 16812 250,000 United States Steel Corp..-100 1513
7 1467* 14614 14652 146 146
14612 Aug 20 137 Nov 14414 Mar
Jan
146 146
8
8
100 141
8
145% 1455 1457 1457 145
2,100 Preferred
/
1
55 Nov 714 Nov
/
1
4
68 Feb 10
3012.1une 1
*6312 64% *6312 65
*6318 65
65
*6318 65
*6318 65
*63
No Val
US Tobacco
'
/
1
4
2418 Nov 58 Aug
4
30 June 23 453 Apr 10
3314 32
313 3214 32
8
8 3112 32
3114 3112 317
324 13,600 Utilities Pow & Lt A-_No pa
/
1
31
3 Nov
1312 Jan
7 Mar 12
/
1
4
212 Aug
212
212 *212 2% *212 25
2% 212
252 25
8
212 25
8
No Pa
8
900 Vadseo Bales
/
1
4
3712 Nov 118 Feb
143 Apr 26
/
1
4
8612 903
497 Jan
8
8 85% 91% 865 903 595,500 Vanadium Corp
8
4 8712 913
4 8912 923
No Pa
4 857 883
8
4
33 Oct 109 Mar
4778May 1
37 Jan I
/
1
4
No pa
Vick Chemical
3
3 Oct 24 4 Jan
18
87 Apr 1
2
47
41
4 June 21
us "II; 2,700 Virginia-Caro Chem NO Pa
4 8 f5i --4E8 -.11; *414 413 *412 43 -15 Oct 6512 Jan
34 Apr 1
/
1
4
25
25
25
*24
*24
25
25
*2412 26
100 22 July 1
26
23
/ 26
1
4
1,400 8% preferred
89 Nov 9712 Feb
/
1
4
•773 80
4
*773 80
4
100 75 June 19 82 Apr 9
*773 80
4
80
*773 80
4
7714 7714 *77
100 7% Preferred
105
3 / 034
103 103 *10312 104 *103% 104 ,3 145
1
4
4
/
1
103 103 *1023 103
340 Virginia El & Pow p116) No par 101 July 1 10314 Aug 22
39 Wee 48
45 July 28
Jan
*35
45
45
*35
*35
45
45
*35
45
*35
Virg Iron Coal & Coke pf__100 38 May
38 Nov 14n Aug
74
75
73
74
100 60 June 1 168 Mar 24
711 72
/
4
75% 7714 7414 7714 7318 77
780 Vulcan DetInning
81 Nov uo Apr
*9414 97
*9414 97 *2414 27
100 85 Jan 2 100 Mar 24
*9414 97
*941 97
/
4
Preferred
•9414 97
40
8
Jan 142 Sept
100 68 Jan 22 1497 Mar 24
Class A
20 Nov
31% Apr 11
38 Oct
/
1
4
163: 267o 27 :6,4 -2683 3:600 Waldorf SystemSyca m
1
2414 Jan
No pa
ste
8 28's 2614
263 163i 252 257
*
7 80 0
:5 2277
24 8
3
22 Nov 497 Oct
2
3
2014 Aug 9 42 4 Apr 2
4
2618 277
No pa
8 253 27
2312 2312 2312 2518 2514 277
20 Dec 84 4 Jan
3
2112 Jan 7 54 Mar 24
*23
26
26
26 .23
*23
25
Ward Bakeries class A-No Pa
*23
23% *23
112 Oct 2114 Jan
8
/
1
4
71
4 Jan 2 163 Apr 1
No 1 w
par
712
712 712 *7
73
4 *714 712
200 Prefer edC
*712 73
4
50 Nov 87 Jan
12
*59
60
58 Jan 2 7713 Apr 3
*5114 60712
60
60
*59
60 '
359
lail
*59
*59
60
/
1
4
/
1
4
30 Nov 84 Aug
4
24
8 277 2718 243 2614 4813 487 338,300 Warner Bros Pictures_No par 2418 Aug 22 80 Mar 28
k 257 273
2
4
2618 267
8 253 267
25 8
25 Oct 59
/
1
4
/ Jan
1
4
4
/
1
No par 864 Jan 2 7014 Mar 28
47
/ 47
1
4
48
48
*47
/ 473 48
1
4
*
45
4818 *47
15 Oct 42 2 Jan
11
111 11
/
4
7
11
11
No Par 11 Aug 20 27 Apr 12
4
12
12
12
1218 113 12
1114 28,4701 Warnerr ed
Prefe @uinlan
49% 5214 50
No Par 4012June 25 6312 Apr 11
4512 46%
4512 457 *4512 457
8 53
5134 9.000 Warren Bros new
2
53
*53
55
53
*53
No par 50 July 10 5412July 30
50
*---- 50
*4712 50 I *4812 50
80' Cony pref
iS1s Mar
*2712 32
Jan
*2712 33
32
*28
30 •28
30
*27
31
*28
Warren Fdy & Pipe___No par 2312 Jan 2 4312May 19
4 Oct 1133311318 Feb
412 Aug 18
912 Mar 81
*412 47a *412 41/4
4
/ 42
1
4
25
43
8 43
8
412 434 *412 434
400 Webster Elsenlohr
20 Oct 48 Mar
2
25 25
2378 24
*2412 25
*2412 2454 243* 2478 25
25
Wesson Oil Snowdrift No Par 2212 Jan 23 297 Mar 27
700
4918 Nov 721 May
/
4
/
4
56
56
56
*55
/
1
4
53
*5412 56
*56
*55
5818 *55
58
No par 50 Jan 15 591 Apr 7
100 Preferred
/ Oct
1
4
8
170 17112'167 172
167 171
170 170
• 170 170
170 170
1,0013 Western Union TelegraPb-100 15034June 25 2193 Feb 19 180 Nov 272
3612 Oct 673 Aug
4
8June 25 52 Feb 27
*3712 38
38
38
38
*3712 38
3712 3712
37% 38
38
Air Brake_No par 303
900 Westingh'se
8
Oct 2923 Aug
/ 14312 14638 142. 146
1
4
14238 145
8
1403 1447 14012 14312 141 145
*
/ 88,100 Westinghouse El & Mfg-___50 12414June 23 20112 Apr 15 1110
1
4
4
139 141 *139 14412 139 139 *139 14412
13912 140
139 139
50 126 June 18 1971 Apr 15 103 Nov 284 Aug
120 151 preferred
1918 Nov 643 Sept
8
7
2
33
/ *3314 34
1
4
3218 3218 3212 33 8 3212 3312 *33
4
34
34
1,300 Weston Elee Instruml-No Par 293 Jan 18 487 Mar 31
3212 Aug 3812 Apr
*3312 36
*3312 36 '3334 36
*3312 36
*3312 36
No par 33 June 23 38 Jan 28
Clam A
*3312 36
104 105 *103 10612 *103
911 Nov 110 Feb
*10112 10312 103 104 *103 106
Penn Elm class A _No Par 98 Jan 3 110 Apr 16
40 West
10612
97 Nov 11114 Jan
1097 1097 •10914 10912 10914 10914 1091 110 *10914 10912
8
/
4
100 10512June 25 11112 Aug 1
*10914 110
60 Preferred
102 102
8812 Nov 102
102 102
101, 10212 103 103
2
100 9712 Jan 2 104 July 31
Jay
102 102
103 103
160 Preferred (6)
111612 117 *11612 117
*1157 116
8
116 116 *11612 117 *11612 117 1'
pref....-l00 11312 Jan 8 11812June 17 110 Nov 117 Mar
West Penn Power
8
10912 10912 1095 1093 1095 110 *10912 110
8
100 1043 Jan 28 110 Apr 2 102 Sept 11012 Jau
8
10912 10912'10912 110
160 8% preferred
39 I *3712 393 *3712 393
3934 *39
393
4 39
3612 Nov 60 Sept
/
1
4June 25 50 Mar 10
*39
3934 *39
4
4
100 West Dairy Prod el A__No par 38
1012 1012 1012 1012 103 1012 1,200 Class B
7 Nov 40 Sept
9 Aug 13 2418 Apr 11
No par
*1012 1012 101 101 *104 101
30 Oct 9418 May
3912 4014, *39
41
4312 *4014 4412 .4014 45
*39
*39
4012
400 Westvaco Chlorine ProdNo par 80 June 24 5912 Feb 17
10
4 *8
7 July 9 21 Jan 7
4' *812 103
19
*8
Oct 75 Sent
10
*9
Stores-No Par
103
4 *812 103
*8
Wextark Radio
10
25 Oet 38 Feb
White Eagle 011 de Haig No par 24 Jan 17 2912 Mar 17
31 2
311 -5iT2 33
27 Nov
/
1
4
-5if2 - 1- ;igs 1334
No par 2718June 25, 43 Apr 4
53 Mar
12
WI; 400 White Motor
7
277 Nov
2
/
4
146
55 4 Sent
47
5
*4422 4614 4534 4534 47 47 47 47 1 '
47
4818 1,700 White Rook 1.11r1 Spring 40_60 301 Jan 211 54 2 Mar 20
434 5
1
2
418 Aug 20 187 Mar 4
/ 4%
1
4
4
5
Oct 48 Jan
414 1%
5
414 4% 2,100 White Sewing Machine_No par
/ 518
1
4
5
*12
16
2
*12
27 Dec 577 Jan
*12
16
16
*12
2
No par 14 July 11 397 Apr 8
16
15
•12
15
Preferred
•12
•I6
16
12 Nov
/
1
4
1112 Feb 26 21 Apr 25
161 *16
8 16
29 Fat
/
1
4
/
4
163
1618 *1614 181
163 *16
8
•
16
/
4
100 Wilcox 0l1& Gas
27
28 •
19
29
28
Oct 6114 Ma)
*27
30
No par 27 Jan 3 8414 Jan 29
*28
29
29
•27
29
29
200 Wilcox-Rich class A
2612 •18
3
3612 *18
12
/ Oct 62 May
1
4
1918May 5 27 4 Mar 81
2612 *18
2612 *18
2612
No par
*18
21
•18
Class p
3
5% 5%
8
53 Aug 20 117 Feb 6
4
5
4
53
5 Oct 35
/
1
4
53
4 67
4
Jan
51 53
/
4
4 *53
8 51 5,700 Willys-Overland (The)
5 4 53
53
4
/
4
*6614 70
85 Dec 103
8
*664 7018 6614 6614
4661s 72 '
,
Jam
/
1
100 62 June 18 85 Apr 3
366
7018 *663 70
100 Preferred
8 312
818June 25
7 4 Mar 27
1
314 3
/
1
4
31
3 Dee
1312 Jan
No par
312 312 •33
312 312
*3
/ 312
1
4
800 Wilson & Co Inc
•813 812 *84 812
812 812
63 Nov
8
712 Jan 13 13 Mar 27
No par
27
/
1
*814 912 *814 9
Jan
200 Class A
*42
45
*42
/
4
45
35 Nov
/
1
4
*52
4
0
46
100 42 Jan 13 541 Mar 31
4534 *42
640512 '42
*42
79
Jar
45
8June 23 72 Jan 2
/
1
4
583 6033 5912 6012
5214 Nov 112 Sept
10 513
4
4
60 2 22,400 Woolworth (F W)Co
45
8:42
3
4
557 5714 563 587
P
43 Mar 137 Sept
101 6714 Jan 17 189 Apr 29
/
4
1023 10334 12112 126
18 4 22
110 1141 11012 1131 114 11812 116 122
/
1
4
39.400 Worthington P & M
*95
*9514 100
*9514 100
75 Nov 10012 Sept
100 88 Jan 17 107 Apr 25
*9514 100
*95% 103
100 Preferred A
*89 - - " 90
88 88
9
6
100 78 Jan 3 93 Mar 29
*8712 88
66 Apr 9012 Sept
90
*8712 90
59
0
91
400 Preferred B
5212 *20
5212 '
5212 *20
/
1
4
120
5212 *20
5212 *20
30 Nov 299 Feb
*20
531,
Wright Aeronautical-No Par 85 Jan 23 5912 Mar 5
2
39
25 38 Aug 13 77 Mar 1
39
61 Feb
/
1
4
*384 3912 3818 3812 387 387 *3812 39
/
1
*39
88 Aug
3912
400 Yale & Towne
4
/
1
4
23
22
2212 2314 "8718 5
21% 2233 215* 2238 22
*8218 83,8 62,400 Yellow Truck & Coach ol B_10 123 Jan 16 32 Apr 23
27
2
8
/
1
4
7 Nov 6114 Apr
*35
885
8
885 *87
8
88
/ *87
1
4
100 72 Jan 27 105 Apr 2
884 *87
/
1
80 Mar 96 May
8852
23318
/
1
4
Preferred
*87
/
1
4
3512 353
35
par 3214June 19 47 Mar 7
35
4
/ *3412 35
1
4
3312 Oct 59% Aug
•
3412 35
300 Young Spring & Wtre__A'o
8
Youngstown Sheet & T_No par 108 Jan 11 152 Apr 7
91 Nov 175 Sept
00 135'8
35
*100 1197 *100 120 *100 118 *100 118 *100 11918 4
20
74
3
714 714
Vs Jan 17 161
7
71 714
Corp___ No Par
73
4
4June 2
/
4
8
Oh Dee 52 Jury
74 1,9001Zenitb Rad.o
/
1
7
/ 734 *73
1
4
/
1
4
7

-

-HT8

I
•1210 and asked prime; no sales on this day. x Ex-dividend. y Ex-rights.




1234

New York Stock Exchange-Bond Record, Friday. Weekly and Yearly

Jan. t 1909 the gschangs method of e oted bonds was eJtanged and prices are now "and interest"--ascepl for income and defaulted bowls
BONDS
N. Y. STOCK EXCHANGE. .5
Week Ended Aug. 22.
:44

Price
Friday
Aug. 22.

Week's
Range or
Last Sale.

orta

Range
Since
Jan. 1.

BONDS
N. Y. STOCK EXCHANGE.
Week Ended Avg.22.

6:

Price
Friday
Aug. 22.

Week's
Range or
Last Sale.

1:4

Range
Since
Jan. 1.

U.S G
merle.
High No. Low
Low
High
Bid
A e Low
High No, Low
High
First Liberty Loan
Czechoslovakia (Rep of) 813_1951 AU 11012 1103 11014
4
11012 14 1094 111
3N% of 1932-47
E
43 081141014e
1001in 101
Sinking fund lits ser B1952 AD 11014 Sale 110% 11012
1 108% 11112
Cony 4% of 1932-47
ii)
1 9811,2 101
100135 100143
Danish Cons Municip 8s A.1946 F
110 Sale 110
110
5 10812 111
Cony 4)4% of 1932-47
J
102145 102e: 108 10011.3 1021044
f 88 Series II
1107
1946 I A 11014 Sale 110
10 ,8c1003$
1. 81 2 112
3
8
26 cony 4)4% of 193247
'P
991145 Feb'30
9821
.4993131 Denmark 29
1051e Sale 10512 106
-year extl 6s
30
1942 1
Fourth Liberty Loan
External g 510
A 10112 Sale 101
10112 34
1955
9912 101%
434% of 1933-38
A 0 1021115 Sale 1021141 10211,. 290 1821•814 431844
External g 4143__Apr 15 1062 40 94 Sale 93 4
94
3
52
9012 94
Treasury 44is
1947-1952 A 0 1121141 Sale 11211 11211
:4
.4 17 10911
.41131132 Deutsche Bk Am part ctf 88_1932 51 $ 100 4 Sale 100% 100
3
97 101
% 37
Treasury 4s
1944-1954
108
Sale 0711w 10811142 426 105148109'32 Dominican Rep Cost Ad 5348'42 MS 98
99
7
9812
98 4
3
9312 101
Treasury 334s
50 103 1061143
106
..106% 106
1946-1956 Al e 10521
let ser .530 01 1926
9414
11
98
1940 3.0 0412 06
'Treasury 330
1943-1947 .1 Et 10121,410111e 1012133 101214.
7 9914: 102
2d series sinking fund 5344 1940 3.0 9412 96
12
95
34
90
Treasury 3145 June 15 1940-1943 .3 D 1011148101113: 101113: 101114,
3 981145102
Dresden (City) external 78_1945 11 N 99% Sale 99% 10014
8
State and City Securities.
Dutch East Indies esti 6s_.1947 1 1 102% Sale 02% 102 8
8 101334 10 z
7
99°889 8 ;
99966
3
NYC 334% Corp st_ _Nov 1954 MN
8538 Oct'29
40-year external 623
1021e Sale 02%
10314 19 10112 19312
1962 M
334% Corporate at_ _May 1954 lel N
8814 Aug'29
30-year external 5145_1953 MS 102
10213 10212
1 1015 104
8
45 registered
1956 M N
94 Feb'30
94
94
30
-year external 534s.... 1953 5155 102% 104 10218 July'30 _
101% 103'
4% corporate stock
1957 51 N
9758 June'30
97 8 97% El Salvador (Republic) 8s_ _1948
5
10914 110 199% 110
9 193% 110
414 corporate stock
1957 M N
104 Mar'30
10214 104
Estonia (Republic of) 78_ _1967
77
7714
J 701z 77
88
75
414% corporate stock_1957 MN
105 Mat'30
103 105
Finland (Republic) ext1 6s 1945 • S 94 Sale 921e
9
913 97 4
4
3
4% corporate stock
1953 M N
9414 No729
External sinking fund 78_1950 41
100 Sale 997
8 10014 3.5
95% 10114
4% corporate stock
1959 M N
98 June'30
External sinking fund 610 1956 • S 98 Sale 97%
3
98
9112 981e
414% corporate stock__1931 A 0
100 July'30
External sinking fund 510 1958 54 8614 87% 8614
8612 1
8413 92
41e% corporate stock
1960 111
973 June'30
4
Finnish Mun Loan 810 A-1954 to 96 4 Sale 963
3
4
6
96 4
8
92% 99
e1e % corporate stock- _1964 11.
99 Mar'29
External 634s series B._1954 3.0 98 4 98
3
9712
1
9712
9512
41e% corporate atock-_ _1966 A 0
101 Mar'29
Fran kford (City of)s f6 Ne _1953 Si
93
92
93
2
92
91'2
41e% corporate stock __ 1972 A 0
9913 Oct'29
French Republic ext 710„_1941 it) 124% Sale 1248 12518 194 191:
1
26
5
97 190
86152 29
12
414% corporate 8tock:1971
0
1004 Sept'29
External 78 of 1924
1194 163 11218
1942 10 119% Sale 119
414% corporate stock_ __ _1953 Al S
10112 107 Aug'30
-9i4 16/- German Government Interna414% corporate stock
1965
D
106% 106 June'30
106 106
tional
-35 yr 510 of 1930-1965 ii) 8713 Sale 8714
87% 478
434% corporate stock July 1967 /
1011 June'30
4
---- German Republic extl 75_ 1949 k
106 Sale 105 8 10614 89 105 109 8
5
7
New York State Canal 4s_ _1960
10114 Mar'29
---- ---- Gras (Municipality) 88
3
4
1954 MN 10112 Sale 10112 1013
94 1013
.,,
43 Canal
Mar 1958
10114 June'29
____
Gt Brit & Irel(UK of) 5348_1937 FA 105% Sale 1041
4 10514 52 10212 105 4
3
Canal impt 4s
1961 J
101 June'30
99 101
104 Apr'30 _
Registered
104 104
410
1964 J J
109
Jan'30
109 109
8812 03812 Aug'30
e4% fund loan £ opt 1960_1990 N N e87
_ e82% 91)
e5% War Loan £ opt 1929.1947 4 13 8100 101
101
101
1 E9714 101
Foreign Gov.. & Munie:pa,
3.
Greater Prague (City) 710_1952 mi N 10412 Sale 10312 10412
7
Agrie Mtge Banks f 6s
1947 F A 6714 68 4 72 Aug'30 _ _
6312 86
3
Greek Government sf see 7s 1964 ION 10114 Sale 1002
5 192'.1 1071z'
4 1014
9 14
3
97
Sinking fund 6s A_ _Apr 15 1948 A 0 6618 717 6614
3
68
8312 8012
5
3
1
883
Sinking fund sec 65
4 37
884
81
1968 e A 85 8 Sate 85 8
Akershus (Dept) ext 53___A963 1.1 N 95 4 Sale 95
1
96
87
59
Haiti (Republic) 5 f Os
98
9414 20
1952 e 14 9312 951s 94%
9212 10014
Antloeula (Dept) col 78 A 1945
J 76 Sale 76
71
784 24
9412 17
813 Hamburg (State) 88
4
1946 , 4) 9412 Sale 94
External s f 75 ser B
1945
7614 Sale 76%
8
70% 8712 Heidelberg(Germany)extl 730'50 , 4 1015 10212 10112 10212
8 100 108122
7812 16
9112 c94
External s f 78 ser C
1945 3 J 77 Sale 77
933
77
4 11
70
4
8712 HelsIngfors(City) ext 630-198 V 0 9312 Sale 9234
4
923 01
External s f 7s ser D
0
1945 J J 76 Sale 78
9214 28
70
88
Hungarian Munie Loan 710 1945 j J 92 Sale 92
77% 21
External s f 7s 1st ser
1957 A 0 71 Sale 71
4
883 89 8814 8834 11 86 61834
71
6912 8712
External 8178
9)'4 94
5
Sept 1 1946 J .1
External sec s f 78 2d ser_1957 A 0 7212 Sale
3
94
97
95
9412 11
7212
67
89
73
Hungarian Land M lest 710'61 MN
44
98
0
,012 10 ;2
91
External sec s f 75 3d ser_1957 A 0 72 Sale 7018
5
95% 19
72
es
67
88
Sinking fund 7348 ser 13_1961 MN 95 3 Sale 94
Antwerp (City) external 58.1958 1 0 9912 Sale 9878
101
2
9214 9912 Hungary (Kingd of) a f 7345 1944 F A 10014 10012 10014
9912 44
093 1043
s
4
Argentine Govt Pub Wks68_1960 A 0 99
100 8
7
5
9914 9 4
9513 100
Irish Free State extis s f 55_1060 MN 10014 Sale 10014
993
83
8 12
96 100'sArgentine Nation (Govt of)
987 185
8
Italy (Kingdom of) extl 75_ _1951 J 0 98 Sale 08
94'., 101
Sink fund 83 of June 1923-1959 J
9614 9612 9514
9514 11
93 8 Sale 98 4
7
95 100
3
9918 66
Italian Crod Consortium 7s A1937 111 8
9832
03
9231 9814
Ext1 BIOs of Oct 1925.1959A 0 983 99
9612 Sale 95%
961e
0
4
9512 99%
3
9914
External see sf75 ser B__1947 N B
8
Sink fund 65 series A..1957 51 S 9912 Sale 98 4
95e: 17
997
9914
8 31
941
ec100
Italian Public Utility extl 75 1952 J J 95 Sale 95
92
98%
External 6s series B_Dec 1958.3 D 99 Sale 985
9712 974 97%
98
55
8
95 100
993
3 20
Japanese Govt £ loan 4s___1931 1 J
9131 98%.
Eat!81 Os of May 192&A960 MN 99
99 8 983
95 3 10018
1
5
4
0914 68
30
-year a 1 610
1954 F A 10518 Sale 10478 10514 126 10112 105%External 5 f 6s (state Ry).1960 M S 9914 Sale 983
925
8 95
4
95 c100
9914 46
Extl sinking fund 5145_ -1965 M N 9213 Sale 9214
8912 925
8
Extl 6s Sanitary Works_ 1961 F A
05
99
9918 98%
99 4 Jugoslavia (State Mtge Bank)
3
99%
25
Extl 65 pub wks(May '27).1961 MN 9858 Sale 9853
Sale 84%
86
29
943 1003
4
Secured s f g 78
8
99
% 24
1957 A
Public Works extl 510_1962 F A 9514 Sale 95
" Sale 98
9;8
8
99
5
7
89 c97
95
Leipzig (Germany) et 78-1947 IF 0A
54
9774 10114
7' 85
48
Argentine Treasury 58
96
96
_1945 5.1 S 9012 Sale 9012
9112
8.5
93
Lower Austria (Prey) 710_1950 J
6
9312 100
Australia 30-yr. 5s_ _July 15 1955 1 J 881 Sale 8714
N 10514 8ule 10514 1053
98 Sale
4 27 10212 106%
84% 9414 Lyons (City of) 15
8812 38
-year 68_1934
External 55 of 1927_ _Sept 1957 M
84
8712 8812 87
8318 72
9414
External g 414s of 1928_ _1958 /A N
105% Sale 105%
1055
30 102% 100%
80
793 8012 79%
77'8 85 4 Marseilles (City of) 15-yr 68 1934
3
19
Austrian (Govt) 5 f 78
.6
19
1943 1 D 10412 Sale 10412 10514 35 10214 108
Medellin (Colombia) 6 Ns--.1Kel.,
65
80
International s 1 78
Aug'30
1957 J J 9212 Sale 9212
93
9218 951 Mexican Irrigat Asstog 410 494.3 JIM 2 -8117-118
103 15%
3
---Bavaria (Free Statel 6
,
9512 9e15 951
_194 F A
963
8 13
91
981: Mexico(US)extl 5s of 1899 E.'45 Q J -ii- §-0-- 281647'2
26
26
-if 19
s
Belgium 20-yr s f 88
10
4
1941 F A 4087 sale 10878
10914 17 1073 11112
4
Assenting Is 01 1899
15
1946 -- 18 Sale 18
25
-year external 1310
5 1612 2012
18
1949 M
10912 Sale 10912 110
3
Assenting 55 large
38 105 4c11012
18
12 8 141e 1318
1
External s f Os
13%
6
1955 9 J 10412 Sale 104
1041
Assenting 4s 01 1904
Si 10118 19412
1014 15
15
External 39
18
17 Aug'30 - -year s t 78_1955 1 D 1147 Sale 1147
11514 99 19914 115 8
8
8
5
Amenting 4s of 1910 large
: ____
Stabinzation loan 75
1534
153
3
1
1956 M N 110 Sale 109
12 11014 91 107 11014
Assenting 43 of 1910 amall
1014 1714
932 6
Bergen (Norway)8 1 88
1938 21
23 Aug'30
1945 84 N 1103 1107 11014 11014
_
8
5
8=1
T 188.31'13 assent(large)'33 /--i
7
1 110 11212
18
25
15
-year sinking fund Os__ _1949 A 0 10013 10114 10253 Aug'30
22 Aug'3
_
99 102%
2
5
85
1213 9 14
Berlin (Germany) s f 610-1950 A 0 95 Sale 95
901
57
9615 17
921 c9912 Milan (City. Italy) ext1 63413'52 ;co "iii2 iii; 3913
:
ale 8812
External sink fund 53.---1958 .1 113 9014 s
9014 17
85
943 Minna Ceram (State) Brazil4
Bogota (City) extl at Pa__ _1945 A 0 95
97
944 c973
4
92% 9912
7
External 5 1 6145
8312.
1958 111 8
82
6
08
5
Bolivia (Republic of) extl 5-1942 U N
70
24
8812 Sale 88
8812 29
8118 100
Extl see 610 series A_ __ _1959 al S 6912 Sale 0918
89
External securities 75
6912 69
69%
5
1958 1 J 691e 7112 70
70 4 28
3
65
853 Montevideo (City of) 7s
4
1952 1 13 10114 Sale 10114
External a f 78
1013
4 11
1969M S 68 Sale an
694 22
62% 84
External 8 f 65 series A_ _1959 It N
9 34 1113
98
0 96
%
Bordeaux City of) 15-yr 68_1934 M N 10514 Sale 10514
9414
9312
8. 103 1074
106
68 10214 100
53 Netherlands Os (flat prices)-1972 US 9312 95
Brazil (U S of)external 88_1941 .1
___ 1073
1073
4
4
1
100 Sale 100
10014 66
94 10212 Neve So W l les 5tate) extl 5s 1957 F A 107
E22e maa s ( e
tS
80
90
Externals I 034s If 1936-1957 A 0 7612 Sale 7612
8312 Bale 8312
8453 211
7912 125
72% 881s
Extl s I 654s of 1927
7914 54
84
29
1957 A 0 7634 Sale 7612
7214 08812 Norwaear 9-year sl t126sA_7_1 3 F A° 8312 Bale 8312
2 -yy 2 2242 oe6 . 458 A
0
9
2n
1
10412 Sale 10412 105
78(Central Railway)
38
1952 1 0 89 Sale 87%
8912 51
80
9312
1944
1045 Sale 10414
8
105
710 (coffee seur) £ (flat) 1952 A 0 101 1031 10218 10212
30 10
: 30
95 1051
2
-year external Os
1189200 3 11049910
13
'
at/ F It 102 Sale 102
1
A
Bremen (State of) mitt 78-1935 M $ 1025 Sale 1025
103
42
8
8 10314 22
98% 104
40
-year a 1 534;
Brisbane (City) sf 544
2
0214 10 1
1017
3 10114 8
1957 141 S 813 8314 82%
4
4
90
80
83
External s f 53_ __ _Mar 15 1965 al r 10214 Sale 10014
9 1 10114
98'
83
963 j g 1007 Sale
8
Sinking fund gold 55
1958 F A 8114 8212 818
82
4
8018 883
4
Municipal Bank extl at 5s 1967.3 0 083
Budapest(City) esti s f8s 1962 9 D 76% 78
0912 49
4 997 8912
7734
78
16
73
8512
Municipal Bank
1 D
973,1 100
99
Buenos Aires(City)63452 B 1055.3 .1 993 Sale 98%
55
8
993
0 96% 10012 Nuremberg (City)extl 81 5s 1970 13 A 99% Sale 08891122 100
extl 6s-1952
92%
82
Externals tOsser C-2.....1900 A 0 95
9712 9614
9614
91
9812 Oslo (City) 30-years f 6s
1955 MN 10812 883 102
1(81 10314
8218 103
External sf 6s ser C-3 _ _1960 A 0 9512 9612 95 Aug'30
90
Sinking fund 51es
98 4
3
100,s 1021,
9s
8
Buenos Aim (Prow) exti Os. 1901 1
4
86 Sale 843
1/1
86
72
Panama( :9 est_1 5 Ns _ 5 , . . 100 Sate 100
8018 91
a f R 222 A . a y 1_ _19 . wt 1,, 10218 Me 12
s 5 )
43 1 :? 95
53
m . 1 89 F A
Bulgaria (Kingdom) sf 78_1967.1 J
%
1°821
1101
81
81 July'30
76 4 853
3
18252
4
8011 9512
Stabil'n s f 710 Nov 15 '68.
05
8
8114 81
81
8114
8012 9014 Pernambuco (State of) extl 75
'47 611
7112 90
Caldas Dept of
(Colombia)7145'46
7913 15
8618 87
8553
8612
81
9312 Peru (Rep of) external 7s 1959 M -16
$ 72
81 :10112
9
, 84
's
81
Canada (Dominion of) 5s- _1931 A 0 101 10114 1007
5
923
5 24
8 1011e 55
991 1002
4
Nat Loan exti 8 f Os 131 ser 1960 J 0 95 S9,11: 972
58
72% 55
1952 M N 105 4 Sale ,10514
3
105 4 33 10214 106
3
Nat Loan extl et 68 2d ser 1961 A 0 70% Sale 7014
8414
69
70 Sale 70
414s
71% 42
1936 F A 101 Sale 10013 1013
8 29
973 1021 Poland (Rep of) golds Os_ _1940 A 0
4
3
88 •
81
/
1
4
7
79
4
Calsbad (City) sf88
76
75%
1954.3 J 105 10834 10512 10612
6
3 103 109%
Stabilization loan at 7/4_1947 A 0 7512 76
Cauca Val (Dept) Colom 710'46 A 0 89
84% Sale 83%
89
92 89
1
8312 95
External sink fund g 8E4_1950 1 .1
9413 Sale 94
Central Agile Bank (Germany)
94553 13
8
92
5
Porto Alegre (City of) 88_1961 1 0
Farm Loan af 78 Sept. 15 1950,M S 93 Sale 93
92
92% 93
9:
93
9212 931
24
Extl guar sink fund 710_1966
64
900 9
s21
9
9
113.
Farm Loan 81 Os July 15 1960.3 J 8212 Sale 8213
1
80f
,
833
8 35
7214 901 Queensland (State)=Us 173 1941 1 J
4
A 0 18
Farm Loan s f 65 Oct 15 1960I A 0 823 Sale 8212
0
9 Sale 184
5 1141e 09
10512 14 1023 110
4
7714 90
8312 94
25-year external 65
Farm Loan 6s ser A Apr 15 19381A 0 9014 Sale 90
• A
100141
6
8412 94
903
3 45
Rio Grande do Sul extl 81 85 1947 AF 0 10014 Sale 9914
946
1
90 11314
95's
Chile (Rep)-extl 5 f 7s_
Sale 90
13
91
90
19421M
10154 31
9911 10314
1014 Sale 101
External sinking fund 68_1908 1 1-1
External sinking fund 6s..1960'
14
;
63 421 127
7701 2
6
90 4 Sale 90 4
3
9453
3
88
9114 32
External s f 75 of l925....1966 MN
934
74
... 67965142
External s I 13s
9912 Sale 90%
1961 F A
9114 27
88 c9412
67634
Externals 175 munlc loan 1967 1
5
13 7414 763. 7312
Ry ref exti s f 68
1961.3 J 905s Sale 9012
Rio de Janeiro 25
91
16
88
94
7
9112 185114
-years f 88_1946 A 0
0 2
9
8
Exti sinking fund Os
9712
1961 M S 9014 Sale 9014
94
88
9112 40
External a f 6348
67
8
5
1953 F A
73
9112 15238
Sale 104%
le 90
Exti sinking fund 68
76
1962,M S 91 Sale 9012
9114
88
9
94% Rome (City) extl 610
1952 A 0
90%
Extl sinking fund 6s
9013 87
1963 1111 N 90% Sale 90
8814 914 Rotterdam (City) extl 6s
94
5
83 0 5
0
7
1964 al 11 10458 Sale
2 182 18 4
,
99679234
'2
104 4
Chile Mtge Bk 610 June 30 1957.3 D 98 Sale 95%
5
96
99
92
Roumania (Monopolies) 731-1959
Y
89
8214
: 86 Sale 8214
el 1 61:s of 1926-June 30 1961 J D 993 Sale 9812
94 1003 Saarbrueeken (City) 6.1. 993
4
4 43
4
801% 907g
- -1953 1 .
Aug'30 --172897
J
8 Guar s f6s
Apr 30 1961 A
Sao Paulo (City) s 1 8s_Mar 1952 111 N
9014 29
8612 94
9013 9112 8812
95 107
Guar s f 13s
1982 M N
8712 91
8012 Sale 89
19
891
External 5 1 610 of 1927_1957 :AN_ 993 Sal
84
69
1
078041 12
'
70% Sale 94
4H
7012
9
Chilean Cons Munic 78
9213 c98
17
c98
1960 M
9412 Sale 94%
San Paulo (State) extl at 85_1936
94 10214
1 1
Chinese (Hukuang RY) 5s.1951i D 21
30
22 22 Aug'30
21
External sec a f 83
101
10
9314! 18
2
9
8 Salu 98
5 Bale 9'
3
Christiania (Oslo) 30-yr 5 f 1313 '54 FA S 10013 10314 101 Aug'30
100 102%
External s 1 73 Water L'n.1956 F 'l
753 93
09 4 8112
1 9 9 tel it
5
874 16
Cologne(City)Germany 610 1950 SI e 93 Sale 92
9018 c983
26
94
4
External a f 68
87 8 28
,
7514 14
Colombia (Republic) 6s
6634 c83
1961 J J 76 Sale 75
Secured 8 f 78
72
2
0214 2 4
903
9 18
64
5
84 03
2
9
7
Externals f Os of 1928-1961 A 0 7814 Sale 75
7614 26
68
817 Santa Fe (Prey Arg Rep) 75 1942 It $
8
Sale
Colombia Mtg Bank 6)48 of 1947 A 0 73% Sale 731;
6511 8414 Saxon State Mtge feet 7s.-I44i i
73%
8
171
93 100
977 13"eee °3g 8.I
9113 38 a ! 9812
12
:
: j
I9;
9 J
1
8
Sinking fund 78 of 1926 1946 M
86
85
71
85 Sale 83
12
Sinking fund g 6 Ns_ _D ec
86
97
9212 15
Sale
Sinking fund 713 of 1927_1947 F A 80
86
Seine, Dept of(France)extl 75'42 1 J
85
70
3
85 84%
108% 40 1065 10912
81
Copenhagen (City) Os
4
100
Serbs Croats & Slovenes 8s '62 al N 199897173'i
19521 D 993 Sale 09
953 100
41
4
ue 19 Z
996
7%3
25
-year g 4145
931
1953 M N 931 Sale 9238
8813 9312
42
External sec 75 ger B
86 4 45
98371 2
1962 M N
8
873 8
75 4 9
7
Cordoba (City) extl a f 75_1957 F A
1
84%
14
7614 93 Silesia (Fr(w of) extl 78.. 1958 1 1) 13 4 Le 19
4
843 Sale 84
r
u 7
1
72% 22
68
79
82
External s f 7sNov 15 1937 MN 92
923, 9.2 Aug'30 ____
1
82
983 Silesian Landowners Assn 65 1947 F A
8
79l2
Sale
10012 16 1702 10778
9
0
2
84
Cordoba (Prey) Argentina 781942 J
9512 9613 96%
965
8
92 100
1
(City of) vitt 63-1936 MN 106 Sale 101
1Soisn
1 12
105184
Costa Rica (Repub) extl 75_1951 51 N 87 Sale 867
8712 17
8
8314 91
Styria (Prey) external 7s_..1946
l
19051 Sale 9112
4 ale
9212 12
9314
88
Cuba (Republic) 58 of 1904_1944 51 S 9878 101 10014
98 101
10014
Sweden external loan 510_ 1954 M ell
3
Sale
10554 10 103 4 1074
,
External 5.5 of 1914 ser A_1949 Et A 1017s ____ 10118 Aug'30
96% 102
Swiss Confed'n 20-yr a f 88..1940 1 1, 107% Sale
,
10 107714 89231 2
108
91
7847 48C10 :
External loan 410 ser C.1949 F A 97
13 97 Switzerland Govt extl 5143-1946 NI Oi 10512 Sale 10 % 105
90
2
97
9714 97
A s 78
13 10212 1154
4
Sinking fund 510 Jan 15 1953 1
99 102
102 Sale 100% 102
31
Tokyo City 5s loan of 1912_1952
78
Public wks 5145 June 30 1945 I D 9324 Sale 93
1
93
93
86
External 8 f 510 guar....1961 A oi 9112 Sale 9118
9413
7214 28
9
5
5,
Cundlnamarca (Dept)Colombia
Tolima (Dept of) exti 7+3_1947 M NI 80 Sale 764
80
18H 6712 87
External s f 630
1959 31 N 6914 Sale 68%
84
65
23
Trondhjem (City) 1st 510.1957 NI N 98
70
98% 98
98
4
9312 91342
8 Cash sale. s On the basis of S5 to the e sterling.




9

-'

3
.0

New York Bond Record -Continued-rage Z
tt •
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Aug. 22.

Pet e
Pridam
40g. 22.

Week's
Range or
Last Sale.

4•
g

Range
Since
Jan. 1.

BONDS
N. Y. STOCK EXCHANGE.
Week Ended Aug. 22.

1235
Pr! e
Friday
Aug. 22.

Week's
Range or
Last Sale.

Range
Since
Jan. 1.

High
High No. Low
Ask Low
Bid
If194
Ask Low
High No. rAne
Bid
1 112 11512
1
Chic Ind & Loulsv-Ref(3s_ -1947 3, 113 8 Sale 11342 11342
Foreign Govt. &Municipals.
4
104 July'30 _- 1013 /0412
1947
Refunding gold 55
4
4
923 973
1
9713
924
92
Upper Austria (Pray) 7s___ A945 I D 977 9812 9712
6
4
923
l947
Refunding 48 series C_ _1947• J 9213 _ _ _ 9234
8114 91
11
91
9214 90
External of 6 Hs_June 15 1957 ID 91
.
4 212 105 _ .
1966 MN 104 1043 102(3 l0523 99 105
1st & gen 58 series A
4
3
3 1043 10914
Uruguay (Republic) extl 88_1946 • A 10618 107 106 4 10712
C104'2 10918
9
10812
J 10812 Sale 10814
1st & gen 6s set 11___May 19136
71
9312 9912
97
1960 MN 96(45510 9618
External s 1 13s
92
89
9312 -- 92
9814 Chic Ind & Sou 50-yr 48__ _1956 J
94
94 4 72
3
N 904 Sale 9412
May 1 1964
Extl s f 13s
3
93 4 10114
1004 Aug'30
Chic L S & East jet 43551969 • D
88 -98
4
9512
Venetian Prov Mtge Bank 78'52 A 0 9514 9512 9514
8
841s 877
8614 60
Ch M & St P gen 48 A_May 1989 3, 8614 Sale 85
82 c95
64
86
3
_1952 MN 86 Bale 85 4
Vienna (City of) extl 8 f 65_
4
813 85
8.5 Mar'30
_
Q J
Registered
7312
7014 833
4
8
7112 Sale 7114
Warsaw (City) external 7s_1958 F A
7212 79
73%
73% 10
751Gen g 335s ser B.__ _May 1989 3 J 74 - 4
9814
95
973
4 32
D 973 Sale 97
4
Yokohama (City) exti 63-_1961
92% 97
6
95%
3
Gen 4 His series C _ _M ay 1989 33 95 4 Sale 94%
Railroad
92% 9612
79
96
4
Gen 4Hs serles E _ _ _May 1989 3 3 95 4 Sale 9.5
3
100 4 10312
0 10412 -- 10312 May'30
Ala Gt Sou 1st cons A 5s____1943
9712 100
5 38
997
92
Gen 4Xsseries F _ _ _ _May 1989 J J 99% Sale 9912
9412
_ 94% Aug'30
1943 ID 9412
B
lot cons 4s ser
64
964
84% 127
833g 88 4 Chic Milw St P Jo Pac 58_--1975 F A 8412 Sale 84
3
4
4
Alb & Sum lot guar 3Hs-1946 * 0 883 -.- 883 Aug'30
4912 784
5112 119
40 5014 Sale 5014
Cony adj 53
Jan 1 2000
87
85
_ 87 July'30
4
Alleg & West let g go 48....._1998 4 0 873
774 81
_
N 803 82 804 Aug'30
92% 9812 ChM & No West gen g 3358_1987
s
1942 M P 971
_ _ _ 9612 Aug'30
Alleg Val gen guar g 48
77
75
77 June'30 _ _ _
41 F
76
Registered
8918
83
48212 83 83
3
_July 1995 Q
Ann Arbor 1st g
35
1377 9318
9318 10
1987 MN 9318 Sale 934
9134 98
General 48
98
162
3
-Gen g 45_1995 A0 97 4 Sale 9714
Atch Top de S Fe
884 93
9112 July'30
Stpd 4s non-p Fed Inc tax '87 MN
90
9814
9514 Aug'30
t o
_
Registered
100 108
Gen 4Nis stpd Fed Inc tax_1987 MN 107 10712 10712 Aug'30
8718 514
94
93%
3
2
Adjustment gold 4a_ _July 1995 Nov 93 4
5 107 112
11012 11012
Gen 58 stpd Fed Inc tax_ _1987 MN 110 877 94
94
3
July 1995 MN 94 Sale 92 4
66
Stamped
105 10812
MN 105 -- 10512 July'30
8538 904
Registered
MN 9018 913 9
4 018 Aug'30
Registered
4
100% 1021
4
9312 15
Sinking fund deb 58
9212
9312
87
1933 MN 1023
-- 102 Aug'30
D 9238
1955
Cony gold 43 of 1909
99
99
MN 9912 -- 99 Feb'30
94
88
Registered
1955 3D 93% 943 93 Aug'30
4
Cony 45 of 1905
3
8 107 4 110
MS 10912 Sale 10912 • 10912
15
-year secured g 6348_1936
8914 9214
D 9112 _ _ 9214 Aug'30
Cony g 48 Issue of 1910 _-.1960
4
4 1043 10816
108 1094 10712 10812
let ref g Is
May 2037
1948 D 12712 Sale 12612 129
89 12012 14112
Cony deb 4358
95 100
88
10
93
let & ref 4358
May 2037 i0 100 Bale 9942 100
3 92
93
1965
943 93
4
Rocky Mtn Div Mt 48
4
9712 10514
1003 156
4
5tH 100% Sale 100
Cony 434s series A
904 9613
1949
961
-Con Short L let 43_1958 J J 9612 Sale 9614
Trans
12
97 10314
Cal-Ariz 1st Az ref 435s A.1962 MS 10314 Sale 10214 10314 53
12
93
88
93 1
34
934 Sale 93
Chic R I& P Railway gen 48 1988 J
10214 104
1015 Apr'30
Atl Knoxy & Nor 1st g 5s 1946 J O 104%
8512 91
91
91
10
▪ 3 91
94
95
9712
Registered
9812 July'30
Atl & Charl A L lat 4Hs A _ _1944 Ii 9718 19
9512 9912
991 148
Refunding gold 48
10012 10412
1934 *0 ms Sale 98%
104 Sale 1034 104
-year 58 series B_ _ _ _1944
lot 30
6
95
95
95 Jan'30
*0
87
87
87
Registered
Jan'30
1951
92
89
Atlantic City 1st cons 4s
2
924 98
97% 144
14
Secured 434s series A__1952 M S 97 Sale 97
90
973
967
3
Atl Coast Line let cons 48July'52 MS 96% Sale 95%
52
9512 10184
99
106
Cony g 4358
2/3 9212
9
1960 MN 984 Sale 9812
9212 May'30
MS
Registered
10312 10412
____ 104 July'30
9134 1031z Ch St L & N 0 5s_June 15 1951 • D 104
1964 3D jai- Sale 1013
General unified 4358
8 1031
7
102 102
102 Mar'30
•D
8812 93,
Registered
93
6
8
L & N coil gold 43._ _ _Oct 1952 MN 327 33i. 93
14
J o 8612 - _ - 81 July'29
Gold 335s
604
58
7312
601
June 15 1951
1948 .1
63
58
AU & Dan 1st g 4s
8
8814 92
9012 Mar'30
Memphis Div lot g 45____1951 J o 8812 8
523 6212
3
52 4
523
524 58
1948 /
2d 4s
5
8
997 10012
10034 Aug'30
8218 874 Ch St L & P let cons g 58-193 * 0 10012
1949 *0
4
873 87 Aug'30
2
Atl & Tad let guar 48
s
8
1003 1003
40 1003 ____ 10034 Aug'30
2
99 101
101 July'30
Registered
Austir & N W let gu g 5s--1941 ii ioiTs
9518 101
9512 96 Aug'30
Chic T H & So East lot 5s..1960 J0 85
9414
83
83
83 Aug'30
Inc gu 58
9112 97
9534
Dec 1 1960 ii S SO
97
4
963 Sale
Bait & Ohio 1st g 4s._ _ July 1948 t
_90
97 10314
8
934 Aug'30
90
9514 Chic Un Sta'n 1st gu 4358 A_1963 J J 10218 10212 1024 1027
July 1948 cI
Registered
3
103 1054
.- 1054 Aug'30
e
_
let 5s series B
9822 10114
1963 1 1 1053
10114 - Li
1933 04
jail's Sale 101
-year cony 4358
20
1014 105
105
JO 104 105 105
1944
9812 10014
10014 Aug'30
Guaranteed g M
3A I
Registered
8
s
4 34 101 c10512
1st guar 635s series C_ _ _ _1963 3, 11513 115% 11512 1157
3 114 1167
Refund & gen 56 series A _1995 I D 104'i Sale_ 1044 1042
8
8
_ 1003 102%
102 1023 Chic & West Ind gen 6s.Dec 1932 QM 1017 ---- 10234 July'30
10234 Aug'30
4
3
Registered
8513 92%
9218 24
s
33 9218 Sale 917
1952
Consol 50
8
-year 48
July 1948 ( 106s 107 106% 1063
let gold 56
7 10118 10712
12
4 12 103 105
1051
S 105 Sale 105
1st ref 535s series A
1962
4
11014 35 10812c111
1995 ;
4
1093 Bale 1093
Ref & gen 61 series C
8
997 102
91
964 Choc Okla & Gulf cons 5s....1952 MN 10112 - - 10118 Aug'30
9614
9714 9614
96
7
P LE & WVa Sysref 48_1941 41
9512 9612
9612 June'30
100
8
3 963
'
1950: 5 104% Sale 10478 10618 19 10012 1064 Cin H & D 2d gold 434s_ _ _1937
Elouthw Div lst 53
9514 97%
8
977
C lOt L & c lstg 4s-Aug 2 1936 Q F 9778 Sale 97%
84
89
89
4
881 Sale 88%
21
Tol& Cht Div lat ref 43 A.1959 J
94
944
95 Feb'30
Registered
Aug 2 1938 (-)
104% 42 10114 1013
8
104 Sale 104
Ref Az gen 5.3 series D__ _ _2000 M
42 944
88
_ 9418 July'30
9812 1013 Cm Leb & Nor let con gu 4s_1942 MN 0412
101% 551
4
1913C F A 100% Sale 10018
Cony 43.58
101% 105
4 1033
1041 1033
4
53._1943 J
4
1033
5
Bargor dr. Aroostook 1st
.1
9214
1951 .1 .1 92 Sale 92
Con ref 4s
8 84 93 Clearfield M Mah lot gu 58_ _1943 J o -02 13 4 100 July'28 2 "SiFI 9334
4
933
1 93%
Cleve Cin Ch & St L gen 43_1993
62
62
62 Apr'30
6214
Battle Crk Stur tet gu 33_1989 1
9914 10034
4
1003
10014 Sale 10014
6
1931 3
20
-year deb 4358
9512 9714
1938 J
9714 -___ 9714 Aug'30
Beech Creek lot gu g 4s
105 108
108 Apr'30
D 10818
1993
General 5s series B
100 100
Jan'30
19361
10018
-- 100
2d guar g 58
103 10642
1941 J J 10312 1054 10514 Aug'30
Ref & impt 63 ser C
84 July'30
84
78
ext 1st g 3358-1951 A 17-1
Beech Crk
2 100 10514
1963 3, 101% 105 104% 104%
Ref & impt 5s ser D
Belvidere Del cors gu 335s_1943 1 J 87
9312 101
101
185
Ref &(mot 435s ser E_ _ _1977 3' 100% Sale 100%
96
1944 1 I) 96 Sale 58
8912 96
Big Sandy let 48 guar
97
92
97 Aug'30
1939 J
10112 188
96 101%
Cairo DIY let gold 40
41_1967 M S 10114 Sale 100%
Boston Az Maine 1st 53 A
8412 89
89 July'30
J J 9012 __
Cin W& 11 Div let g 4
1055M N 10012 Sale 99 4 10012 88
3
98% 10012
8-1991
lst m 53 series 2
8412 94)
N 891s 90 Aug'30
St I. Div 1st coil tr g 48_ 1990
87
81
8512 863 8612 Aug'30
4
Boston & N Y Air Line let 45 1955 F A
93
94
Spr & Col Div let g 4s_ __ _1940 MS 9318 _ _- 93 , Apr'30
3
512% 963
3
96 4
4
8
Bruns & West 1st 21.1 g 4
8-193 I J 964 9712 96 4
1
93
93 Jan'30
90
3
SW Val Div let g 4s_ _1940 ) 92 4
993 103
4
4
4
8.-1937 MS 1013 10212 1013 July'30
Ruff Rod)Sr Pitts gen g 5
103 104%
_- 104 June'30
4
945
CCC&I gen cons g 68- _ _1934 '.8 1033
90
1957 MN
95
94% Sale 94
Consol 430
18
99% 10114
_ _- 10114 Aug'30
991z 10112 Clev Lor & W con let g 53-1933 40 101
4
BurIC R & Nor Mit & eon 53_1934 A 0 10112 1013 10112 Aug'30
9912
98
Cleve & Mahon Val g 58.--1938 3" 1001s -- 9912 Apr'30
99% ____ 100 Mar'30
100 100
_1935 MN
10212 10612 Cl & Mar let gu g 43.58
A 0 105 8 _ _ 1053
106
4
7
Canada Sou cons gu 58 A-1962
7
5
100 4 Mar'28
A0 99%
9318 997 Cleve & P gen gu 434e ser 11_1942
9978 zo
8
8
Canadian Nat 4358_Sept 15 1954 M S 997 Sale 98%
87 Mar'29
s
1942 * 0 877
Series 11 3358
9214 99
99
1957.8 .1 99 Sale 9812
-year gold 4 Hs
84
30
1942 ii 99% -___ 954 Noy'29
Series A 4358
8
9214 987
9918 71
1968 3 0 9912 Sale 984
Gold 435s
8614 June'30
Ws WI;
1948 MN 884
9914 105
Series C 3Hs
Guaranteed g 58-__July 1960 J J 105 Sale 104% 105
22
8618 8618
8618 May'30
14
1950 ISA 87
Series D 3Hs
105
Guaranteed g 53.-Oct 1909 A 0 105 Sale 104%
49 10114 105
9718 103%
102
4
3
Cleve Sher Lino lot gu 4358_1961 *0 10112 1023 102
1970 F A 105 Sale 104 4 105
3
Guarar teed g 53
11 10312 105
42
4
2 10612 110
Cleve Union Term let 5358_1972 * 0 10912 1093 10912 1094
Canadian North deb of 7e_1940D 11112 112 11112 112
3 10934 112
1064 20 10212 1061g
1973 * 0 10618 Sale 10818
1st f 58 series 33
4
19463 .1 117 8 118 1173
8 1173
3
4 113 118
-year s f deb 635s
25
96 102
69
1st f guar 43.58 ser C-.1977 * 0 101% Sale 10112 102
1134 11314
11314 Jan'30
Registered
9818 1014
3
100 4 10114 20
10-yr gold 435s_Feb 15 1935 F A 10134
941 9212 Aug'30
93
83
834 9012 Coal River Ry 1st gu 4E-1945 II) 92
9012 253
Canadian Pac Ry 4% deb stock .1 .8 904 Sale 89%
97 10314
4 10118 24
4
96% 10012 Colo & South ref & ext 4348.1935 MN 1003 1011 1003
10014
1946 M
3
99 4 1001 100
Col tr 4345
9514 9912
991 224
9914 Sale 9834
1980 MN
Gent m 4358 ser A
4
10454 13 1003 105
1944 J J 10414 Sale 104
58 equip tr temp ctfs
8318 94
1948 AO 9212 931 91 July'30
8
Dec I 19543 D 10312 Sale 10312 1034 15 10112 1037 Col& 11 V 1st ext g 48
Coll tr g 53
88 88
1955 P A 871s -- 88 June'30
Col & Vol lot ext 48
Carbondale & Shaw 1st g 48-1932 M S 9814
- 9818 May'29
8612 Feb'30
8812 8612
Rly 1st 43_1943 0 8814 _ _ _
74
8514 Conn & Passum
Caro Cent 1st cons g 43-.19413 .1 3 80
85 85 Aug'30
.1 72
70
72
76
7 711s
73
9913 10212 Consol Ry non-cony 4s_ _ _1954 3
102 Aug'30
11 102
Caro Clinch &01st 30-yr 53_1938
70
76
73
71
7112 Aug'30
1955 J&
Non-cony deb 48
106 11012
3
1st & coo g 6s ser A Dec 15'52 .1 0 107 4 fee 1073
4 107 4
1
3
r
731.s 7318
* 0 70
7318 June'30
1955
Non-cony deb 42
3
85 4 853
4
Cart & Ad 1st gu g 4s
19813 D 90
3
86 4 June'30
_
7034
75
68
703
'3 70
78
4
Non-cony deben lure 48_1958
83
4
863
Cert Branch U P let g 48- - _1948 1 13 85% 87
86 Aug'30
52% 28
5218
75
54
50
1942• D 53
Cuba Nor fly let 5358
101% 105
Cet tral of Ga 1st g 53_ _Nov 1945 V A 105% --- 105 June'30
66
84
50
66 Salo 50
26
1952 J
-year 58 g
Cuba RR 1st 50
Cor sol gold 58
8
1007 104
.1945 M N 10218 10412 102 Aug'30 _
Si) Aug'30
80
9915
19341 Jo ____ 78
1st ref 7358 series A
100 100
M
Registered
100 Feb'30
70
7212 70
8 70 92
Mt lien & ref 63 ser 11_ _ 1936 CO 60
Ref & gen 5Hs series 13_ _ _1959 A 0 105 Sale 1044 105
11 108 10531
983 1027
Ref & ger 53 series C
8
8
1959 A 0 10114 1013 10114
101% 31
4
9912 1004
Day St Mich lot cons 430-1931• .1 1004 _- 10018 July'30
Chatt Div pur money g 43_1951 3 D
844 89
8818 July'30
9114 9512
N
9512 136
9538 Salo 9434
8
100 1013 Del & Hudson let & ref 4s.1943
Mac & Nor Div 1st g 34-1946 3 J 1034 - -- 10134 June'30
91318 107
5
4
1935 40 101% 1033 10034 101
30
-year cony 58
Mid Ga & Atl Div pur m 6s'47 3 .7 10212 16312 10214 July'30
98 10214
10514 12 1007 10512
.3
1937 MN 10514 Sale 105
15
-year 5353
1946 1 .1 103%- 10212 May'30
Mobile Div 1st g 58
100 103
____ 9614 Aug'29
Cent New Eng 1st gu 48.-1961 .1 J 86 I/ 86
8118 8614 D RR & Bridge 1st gu g 48._1938 P A 100
8614 17
9612 14
9234 97
Den & R G Ist con.s g 48- _1936 31 9612 Sale 9612
Ohio reorg 1st 4358_1930 it S
__
994 100
central
9954June'30
9934 13
9918
95% 9934
'3 9913 100
1936
Consol gold 4358
9513 102
97% 100
9714 Aug'30
ent RR & Bkg of Ga coil 58 1937 M N 1004
4 21
943
88% 9918
93 Sale 923
113 115 112
11312 23 1073 11312 Den & R G West gen 5s_Aug 1955 MN
4
Central of N J gen gold 58.__1987 J
914 35
8713 95
Ref & lmpt 58 ser B_Apr 1978 MN 9112 Sale 90%
1987 Q J 11112 116 111
11112
Registered
2 107 11112
25 July'30
I 26 .
2.q
2314 30
J 9614
1935
1987
_ 9514 July'30
8414 9514 Des M & Ft D lat gu 4s
General 48
25
8
247 25 June'30
31
9114 95%
3
95 8
Certificates of deposit
5
Pac lot ref gu g 43--_ _1949 F o. 95% Sale 9512
Cent
96
4- 97 May'30
97
981
F A _
Des Plaines Val 1st gen 430_1947 rn
90 Mar'30
90
90
Registered
66 6314 June'30
63
7412
1955 • ID 50 9438
9314
3
903 c983 Det& Mac 1st lien g 48
4
2
Through Short List gu 43 1954 A 0 9314 _ _
597 60 May'30
60
61
1995 3D 50
1960 F A 10518 Sale 105
10518 23 100 4 105%
Gold 4s
3
Guaranteed g 58
3
95 4 1004
Detroit River Tunnel 430._1961 MN 100%- - 10012 Aug'30
104
101 10412
10318 4 1 1031g Aug'30
Dul Missabe & Nor gen 5a_1941 J
Charleston Az Sav'h 1st 78.._19313 I J 11112 -.- 108 Dec'29
-- 10212 Aug'30
10014 103
102 16i3- Dul & Iron Range let Ea__ _ _1937 * 0 10212
- 4
Chea & Ohlo 1st con g 5s___ _1939 MN 10413 10512 10512 10512
79
72
78(4 Sale 7814
3
84 4
3
_ _1939 M
10318
Dul Sou Shore & AU g 53_1937 1
1014 104
Registered
- 104 July'30
_ 9412 Aug'30
9212 941.
1992 M S 10318 /tale 102% 10414 24
9714 10414 East fly Minn Nor Div 1st 4s'48 * 0 338
4358
General gold
100 10618
101
102 101
S
East T Va & Ga Div 1st 5s_1956 MN 10618 11012 106 Aug'30
96 101
5
Registered
102 103%
.
1993 A 0 10014 Sale 10014
100% 73
94 10078 Elgin Joliet & East 1st g 5s. _1941 MN 10312 10512 10314 July'30
Ref & impt 435s
4
1014 10314
100% 105
1965 * 0 10214 1033 103 Aug'30
-1995 .1
10012 Sale 100%
93% 10078 El Paso & S W 1st 58
Ref & Impt 435s set B.
4
967 102
- 102 July'30
Craig Valley 1st 5s .May1940.8 J 10012
9113 May'30
92
8612 9512 Erie 1st consol gold 7s ext .1930 MS ____ 10012 10014 Aug'30
10014 10184
Potts Creek Branch lat 48_1946 J 1 90 '3 87
8711 883
4
4
863
84 c89
4
9412 923 Aug'30
let cons g 48 prior
1996
4
854 923
R & A Dly lat con g 43.-1989 3 I 93
J 8212 8412 8
014 May'30
90 Aug'30
92
8312 90
1996
824 81
Registered
1989 3 J
2d consul gold 4s
824 51
97 1011s
8
1007 July'30
1st eonsol gen lien g 4s.._ _ _1996 3 J 8212 Sale 82
84
5._194l M g
79
Warm Spring V 1st g
_ 79 May'30
98 10112
8 1004 82
Registered
1996 .1 3
7618 79
Cheap Corp cony 5s_May 15 '47 M N 10012 Sale 1003
101
6514 72%
7214
Penn coil trust gold 48_ _ _19.51  A ioi 103 101
4 101 101
3
Chic Ac Alton RR ref g 3s-1949 k 0 7214 7234 7214
2
837 9912
86%
6012 Aug'30
-year cony 48 series A_ _1953 * 0 8815 Sale 8618
50
4
82% 87
Ctf dep stpd Apr 1930 lot......... 7114 75
88%
59
Series B
1953 AC 8618 Sale 84%
3
79 4
3
79 4
794 80
3
79 4 10
3
82% 86%
Railway first lien 335s. _ -1950
6112 78
Gen cony 4$ series D
1953 A 0
8
8512 853 Aug'30
78 Aug'30
4
793
8
8012 853
of deposit
Certificates
Ref & impt 58
1967 MN 93 Sale 9214
89
90%
851s
5
8
905 Sale
90%
93
.52
Chic Burl & Q-111Dly 3Hs.1949 J
0
9 34 98
Ref & impt 58 of 1930_ _ _ _1975 40 9214 Sale 92
8418 90
155
9212 163
90
J I 90 Sale 8914
Registered
4
954
90
11212 11318 1134
8
0218 987
Erie & Jersey lot s f 6s_.1955 J
15
97
96%
11318
1949.8 J 9812 97
9 11044 11414
Illinois Dialsion 48
89 c97
Genesee River 1st s f 53_1957 3 1 11214 Sale 11214
7
In%
97
1958 al S 97 Sale 9512
4 109 114
General 48
Erie & Pitts gu g 335s sex 13_1940 J
96 102
9134
48
93 Aug'30
1977 F A 102 Salo 10112 102
86% 93
1st & ref 4%s ser B
_ 857 Oct'29
91%
Series C 3358
1940 ..i
1971 F A 1084 109 108% 10812 23 10412 109
8
lst & ref 08 series A
3
1954 M
Est RR extl s f 78
1 109 .0105
1037
8
10542 dice 105%
1053
- - 103%
4 94
Chicago & East III 1st fls_ -1934 A 0
Si) 84
3
Fla Cent & Pen 1st cons g 5s '43
70
9
7012 7112
tiN 103%- - 6912
8% Aug'30
9
97
C &E III Ry (new co) con 53_1951
9912
573 9
102 105
D
Florida East Coast 18t 4353_1959
3
N 108 4 10712 10412 Aug'30
1982
8714 July'30
7912 00
Chic & Erie 1st gold 58
73
1st & ref 58 series A
1974 as 'It 45 Sale 45
64
73
107
4514 27
61
413
Chicago Great West 1st 48.-1951 M g 7212 Sale 724.
c Cain Oslo.




1236

New

BONDS
N. Y. STOCK EXCFIANGE. ta
st
Week Ended Aug. 22.

Price
Friday
Aug. 22.
Bid
20

York Bond Record—Continued—Page 3
Wuk's
Range or
Last Sale.

.;g
46
:

Range
Since
Jan. 1.

BONDS
N. Y. STOCK EXCHANGE.
Week Ended Aug.22.

Price
Friday
Aug. 22.

Week's
Range or
Last Sale.

•

Range
Since
Jan. 1.

Ask Low
High !No. Low
High
Bid
Ask Low
High
Low
Hig7.
2312 20
20
20
35
Mich Cent Det & Bay City 5s_ - _ _ MS 100 8 ...- 10018 July'30
1
3
100 101
9418 9712
9712 June'30
Registered
(1M
100
Jan'30
100 100
10512 107
107-- 107 Aug'30
Mich Air Line 4s
1940 J J -664 lics 97 Aug'30
9418 97
10218 105
104
10412 Au'g30
Jack Lens & Sag 3558-- —1951 His 8312
_
79 May'26
99 10114
10012 101 10114
10114
4
1st gold 334s
1952 MN 8712
8712 Aug'30
"iiTs 88
1003 loi3 10012 July'30
8
4
2
993 10(15
Ref & impt 4345 ser C..
8
197 ii 10214 Sale 8712 Aug'30
90
49
0912 1023
8
943 100
Mid of N J 1st ext 55
9914 190 100
100
4
5
8
10238
*0 10214 Sale 1017
037 063
8
,
84 June'30
814 85
MS & Nor 1st ext 4349(1880)1934 J D 93
04
937
8
9314
964 981,
Cons ext 434s (1884) 1934 • D 9812 9912 9818
9812
963 997.
4
9912 100
99 10214 Mil Spar & N W lst gu 4s
99
9912 11
1947 MS 9812 9912 9912 Aug'30
931,
90
7012 7414 73 Mar'30
6512 73
Milw & State Line 1st 3%9..1911 J J
9314 97
9312
9312
1013
2
4
_ 983 Feb'24
Minn & St Louis 1st cons 5s_1934 if N 8518
-- 90 Apr'28
-511
10012 102 10014 10012
- 2
6
5 -96T2 19 1Temp air; of deposit. 1934
8 30
30 July'30
N 275 2514 4114
In% 1113 11114
4
112
3 10912 11214
2514 Sale 254
let & refunding gold 48...1949 M
2514
0
16
107 10712 1063
4 10718 41 104 1074
Ref & ext 50-yr Is ser A._1962 Q k
0
9 8 9 Aug'30
5
1112 1518
954 98
9718 99
98 Aug'30
15 Sale 15
Certificates of deposit
15
1218 15
11218 Sale 11112 11218 117 1093 113
4
M SIP & SS 3.1 con g 4s int gu '38 1 .1 _
15
13 June'30
8738 911:
11012 11034
1103 July'30
4
1st eons 5s
1938 I .1 8814 sale 8814
8914 24
8
023 98
9418 10014
9918 Sale 9918
10014
1st cons 5s guns to 1st—J.938 I J
9214 923 Aug'30
8
9412 9912
11012 Sale 11014
4
95 2 9714 9531
1101z
7
10-year coil trust 6 Ms— -1931 01
9 1073 112
957
8 20
99 10112
1053 10714 10612 10714
4
1005 Sale 10012 1007
8
7 1034 1084
let & ref 6s series A
8 15
1948
92 100
9938 100
95
994
987
9958
8
7
25-year 5349
954 Aug'30
hIS ____ 94
91
81
9912 Sale 99
95
_
935
8312 8312
8
995 143
8
1st Chicago Term of 4s
8312
1
1941
49
92
91
8014 85
65:72
80 80
80 June'30
_ 91 July'30
Mississippi Central 1st 55-1949 2
05
99
2418 273 244 Aug'30
23
4
9612 - -12 95 July'30
323 Mo-Ill RR 1st Os ser A
119
4
loot) J
75
793
4
953 - -- 945 Aug'30
4
913 9458 Mo Kan & Tex 1st gold 4s 1990
4
8
77
793 77 Aug'30
4
59
8512 90
D
104 105
98 10512 Mo-K-T RR or lien Os ser A.1962 I j 90 Sale 897
997
8 100
8
34
90
,
9912 104 4
10018 Sale 993
8
4 10014 20 .96 101
8
4 1043
40
-year 4s series B
4 50
1982
.1 1037 1043 1033
8512 92
104 10512 105 May'30
103 1054
Prior lien 4
92
16
ser D
1992
78
j 9112 Sale 9018
9212 9934
10014 Sale 10014
9614 101
101
7
Cum adjust 5s ser A Jan 1967 .40 99 Sale 99
993
4 50 100 10812
- 9712
93
9712
10112 102
&
F
10014 gale 9034 Apr'30 8 9778 10014 Mo Pac 1st49 ref 58 ser A.._1965 hi A ioir2 102 10158 10158 10 994 10214
10014
4
General
S 7934 104
7414 814
1007 10514 101 Aug'30
8
993 102
Sale 704
4
1st & ref 5s series F
793 149
4
11997775 51
97 102
1003 Sale 1003
8
953 10034
4
8 1003
2
8
1st & ref g 5s ser G
10158 112
1978 MN 10114 Sale 10014
063 102
4
10114 Sale 10118
100
9912 10112
9912 June'30
Cony gold 530
1013
8 13 10614 1133
1949
N 108 Sale
4
1005 1 01 1005 Aug'30
8 - -12
993 101
4
8
1073
8
108
Mo Pac 3d 75 ext at4% July 1938
62
94
91
N 937
10012 Sale 10012 10114 46
8 943 933 Aug'30
93 10114 Mob & Bir prior lien g 5s__ A945
4
4
100 100
33 967
8212 Sale 8114
5
100 Mar'30
8212 136
7614 8138
Small
05
9612
8
1st 1M gold 4s
1945 ii 965 ____ 9612 June'30
91
88
Illinois Central 1st gold 4s 1951 1_ _3 975 ---- 92
91
8
97
87
02
87
1
Small
87
80
1st gold 334s
1951
SI
863 Mobile & Ohio gen gold 45_145
8
845 June'30
87
8
87
1
938
925 96
8
Registered
823 823
9412 ---- 9518
4
4
823 June'30
4
9512
5
Montgomery Div 1st g 5s_1947 F A
96, 103
8
Extended 1st gold 334s___1951 i 5
10212 Sale 10212 10212
83
85
85 July'30
2
*0
Ref & irnpt 430
1977 01
944 98
1st gold Is sterling
1951
- 96
68
73
96 Aug'30
73 Mar'30
•S
Moh & Mal 1st gu gold 4s_ 1991 M
8614 9014
Collateral trust gold 4s
1952 * 0 -55; - 1- 93 Aug'30
113 2
894 9412 Mont C 1st gu Os
89 ---- 9018 Aug'30
105 1067
1907
8
Registered
J 10814
93 8712 Mar'30
8712 871,,
1067 July'30
8
MN 87
1st guar gold Os
95 1003
4
1st refunding 45
J 10254 ---- 95 June'30
1955 MN 94 Bale 94
90
95
-0414 11
Morris & Essex 1st gu 3%s8258
77
Purchased lines 330
3
3109007 JO 824 83 - 8214
1952 J J 88 Sale 87
82
89
825
8
88
7
Constr M Is ser A w I_ _ _ _1955
10314 10812
Collateral trust gold 4s
N 10812 109 1084
1953 MN 0012 91
8
873 92
33
10812
903
8
90 4 26
3
Constr H 436s ser B w i_.1955 3,1 N
9638 102
Registered
1017 Sale 1014
8
8712 9014
102
87
MN 874 -- 90 Aug'30
Refunding 58
1955 MN 10612 1073 10612 1065
- 4
8 10 10418 1074 Nash Chan dr St L 4s ser A.1978
94
90
' 9418 95 94
15
A
-year secured 634s g-1936 ii 100 110 11014 Aug'30
10712 11014 N Fla & S 1st gu g
94
100 10212
1937
5s
40
-year 434s
Aug 1 1966 ' A 10112 Sale 101
97 1024 Nat Ry of Mex pr lien 4345_1957 P A 1023 ---- 102 July'30
8
10112 51
11
J ---Cairo Bridge gold 4s
1950 JO 915
8812 9114
8
9114 July'30
18 July'28
July 1914 coupon on
J ---- -- 723 July'28
Litchfield Div 1st gold 35_1951
775
8
747 77
8
77 July'30
4
Assent cash war rct No.3 on
Loulav Div & Term g 33431953 .1 J 8712
8212 83
_- 8712
83 Aug'30
8
8712
1
712 8
Guar 70-year s I 4s
.1
1977 A-13
Omaha Div 1st gold 39_1951
7412 785
78 1312 78
8
8718 Aug'29
78
2
A
Assent cash war ea No. 1 o7
71
92
3 7n
St Louis Div & Term g 3s_1951 J
7514 7712 Nat RR Mex
78
853 7712 June'30
4
818 912 812 July'30
or lien 4345 Oct'26
Gold 3345
1951
823 88
87
8
8712 873 July'30
4
3512 July'28
Assent cash war rct No 3o0
11 4
-12- - 301n
Springfield Div 1st g 3345 1951 I,
87
72 Sept'31.1
137 14 Aug'30
;
1 3
1st consul Is
1910 40 13
Western Lines 1st e 4s
-89" 9/oi
1951 FA
9038 July'30
22 Apr'28
Assent cash
:51- -15
4
;
Registered
9212 9212 Naugatuck RR war ret No. 3 on
9212 Apr'30
7
812 7
FA
1st g 4s_
1954 MN -ga- - _
8514 894
Ill Cent and Chic St L & N 0—
8512
8912 12
New England RR eons 551945
964 101
Joint 1st ref 53 series A___1963 J
10514 106 1055
19112 105 101
8 1055s 16 10214 10712
Aug'
30
Consol guar 45
8614 93
1945
1st dr ref 430 series C____1963 JO 9912 Sale 9912
.1 92
05 100
9212 9212
9912 11
93
20
J Junc It R guar 1st
90
85
Ind Bloom & West 1st ext 4s 1940 * 0 9114
A
8914 8914 N O&NE 1st ref & inapt 4s.__1986
885 ____ 90 July'30
8
- 8914 June'30
43.45 452
927 97
8
Ind III dr Iowa 1st g 49
1950 I
9414 90
9512 937 Aug'30
945
8
8 _
937 New Orleans Term let 4s
8
97 Aug'30
874 9113
1953
Ind & Louisville 1st Bit 4s
1956
874 93 88 July'30
84
9112 83
9212 905 July'30
8
J
NO Texas & Mex n-c Inc be 1935
953 997
4
3
Ind Union fly gen 5s ser A 1065
0 997 100
103
8
1 100 103
997
8
997
8 -1
J 10212 -- 103
lot 5s series 13
027 994
8
Gen dr ref 5s series B
0 9912 Sale 98
1965 J
10212 -- -- 1004 Feb'30 --i
100 101
9912 28
1st 5s series C
96 10014
11995564
lot & Grt Nor 1st Ss ser A _ _1952 J 2 1034 Sale 103
A 975 993 9918
997 106
8
104
8
4
I
4
9914
lot 430 series D
J 874
4
1956
893 04
Adjustment Os ser A July 1952
A
Sale 8714
7212 9212
023 Sale 923
4
88
17
4
1
923
4
1st 530 series A
10512
1st Us series 13
0 10312 Sale 10314
1956 J
9394 4 93
3
91
97
9312
2
10312 13 101
N C ridge gen guar 4%s_ _1954
19
973
45
4
05
1st g 59 series C
1956 .1 1 9412 96
90 100
96
977 __
9618
8
974 June'30
5
NYB&IMB Istcong Os.. 1935
98 4 100
,
0 100
list Rys Cent Amer 1st 5s 1972 MN ____ 647 713
8
72
4
- 100 May'30
2
715 8118
4
Y Cent RI), cons deb 63._1935
105 107%
1st coil tr 8% Dotes
1941 MN _
_ 87
10612 fOi 1063
87
9.112
July'30 _
87
4 10718 12
881, 0612
Consol Is series A
1999
A
let lien & ref 6)45
1947 FA
92
Oo
947 9512 95
9214
8
90
9212
0812
9512 36
5
Ref & imp 430 series A 2013
97 103
Iowa Central 1st gold 55
1938 3D ____ 22
103 Sale 10012 103
2012 Aug'30
2012 35
24
Ref & impt 53 series C
2013
105 109
Certificates of deposit
25
10812 Sale 10812 109
2012 Aug'30
2012 3112
35
Refunding gold 4s
1951 115
5
65
8 7 July'30
658 10
-11
,
n04 8412
NYCent&IIudflIvOt334ol9O7
James Frank dr Clear 1st 49_1959 JD 94
8412 Sale 84
943 94 Aug'30
8
8412 32
874 94
Registered
75
81
Kau A & G 1st gu g 59
8
1938
_ 10114 Apr'28
8012 Aug'30 _
.4 1023
Debenture gold 9s
97 100 8
,
Kan &M lst gu g 4s
1990 *0 87 1;6" 87 July'30
Hie El;ie 100
1003
8 31
-O51- V54
4
30-year debenture 4s
93
199471 .I N3 953
119392 .7 3
97
M
K C Ft S & M Ry ref g 4s
1936 40 975 Sale 9712
8
4
97
_ 97
1
9412 98
98
11
Lakegistere coll gold 3348.1998
n e Shorea
75 4 82
,
Kan City Sou 1st gold 39-1950 AO 7958 Sale 7912
82
82 Sale 8118
15
7412 8014
8014 54
7518 8514
1948 r A
F
Apr 1950 .1 J 10212 Sale 102
Ref & impt 5s
SO
83
_
1023
99 10234
4 33
MIehgC teredoll gold 3%9_1998 F A 8212 Sale 80 Aug'30
Re ise nt e
7612 8212
109s F
Kansas City Term 1st 4s___1960• J 935 Sale 93
8212
8
8212
3
94
8818 94
34
8012
78
793 84
Kentucky Central gold 49-1987
8
94
9212
7813 Apr'30
9212
8712 9212 N Y Chic & St L
1
' 91
3
94
1st g 4s-- — 1937 A 0 100 __-- 077 Aug'30
9914
Kentucky & Ind Term 4349_1061 • J 8518 88
8
8512 Mar'30
8514 8512
Registered
1937 A 0
93 4 9314
,
Stamped
1961 3' 044 Sale 9414
934 Mar'30 __ •
88
2
9414
9414
25-year debenture 4s
1931 Si N look, Sale 1003
97 10012
Plain
1961
8 1993
2 10
_ 89 Apr'30
89
80
J 96
2d 69 series ABC
1931 MN 10112 Sale 10112 1013
,
Lake Erie & West 1st g 53-1937 3' 10218 10212 1024
4 35 100 103 4
1023
100 10214
4
6% gold notes
1932 A 0 10258 Sale 1025
4
,
2d gold 5s
1941 2J 1012.,..... 10212 1023
8 1027
8 21 1013 103 8
09 103
4
Refunding 5
series A-1974 A 0 10714 sale 10714
,
Lake Sh & Mich So g 330-1997 3D 8414 8412 8414
4
10712
8 105 2 1073
7914 5414
8414 10
Refunding 5349 series B.1075 Jl 10714 10712
98ms
,
Registered
1074
14)97 3D 8118 -- 783 July'30
10712 12 10512 107 4
4
773 783
4
4
Ref 430 series C
93 8 9914
,
-year gold 48
25
1931 MN 10012 Sale 10012 1003 -‘56
4
9914 210
987
4
8c1014 NY Connect 1st gu 454s A..1903 F A 98 Sale 973
1053
06, 10114
1003 Sale 1003
4
4
Registered
., 10114 10
10014 June'30
9912 10014
MN
1st guar 5s series B
Leh Val Harbor Term gu 53_1954 FA 10314 10512 105 June'30
10514
10514 13 100 10514
103 1063 NY & Erie 1st ext gold 49 19337 FA 10434
4
40 MN
3
9218
Leh Val NY 1st gu g 4349_1940
89
9418
9418 July'30
103
963 103
1
4
' 101 ---- 103
3
3d ext gold 4345
N 100
Lehigh Val (Pa) eons g 49_2003
100 June'30 _ _ 100 100
258
8
863 93
N 93 Sale 9114
93
4111 ext gold Os
40 100
,
Registered
100 100 8
100 July'30 _
83 Aug'30
86
88
MN
General cons 430
2003 pd N 102 Sale10034 10214 24
9612 10214 N Y dr Greenw L gu g bs____1948
MN
9612
95
Lehigh Val RR gen 55 series_2003 MN 1103
9612 June'30 _ _
8
100
- - 100
1 106 110
N Y dr Harlem gold 33.49_2000 MN 9118
,
80 2 82
8218
Leh V Term Ry 1st gu g 59
82 June'30 _
1014 10312 N Y Lack & W let & ref gu 5s'73
-1941 A 0 103 10414 1023 Aug'30
4
MN
Leb & N Y 1st guar gold 4s 1945 M S 943 Sale 94
9718 Oct'29
4
943
884 943
4 15
4
1st & ref gu 430 ser B____1973 MN
-tigia 1915;
1
Lox & East 151 50-yr 5s go..1985 A 0 10914 11012 1087 Aug'30
9912 Apr'30
1044 109
8
NY LEA W 1st 79 ext____1930 MS 10112
Little Miami gen 49 series 4_1962 MN 8912 -__ 90 July'30
100
1005 Dec'20
8
8712 907 N Y & Jersey 1st 5s
8
1932 P A 1003 101 1003
- -1-66T: 101 4
Long Dock eousol g Gs
8 1004
4
1935 A 0 1053 1063 10512 1053
4 - 8
8 1033 107
8
4
NY & Long Branch 4s
1941 if
864 885s
Long Isld Jet con g 5s July 1931
8
885 Aug'30
8
9914 101
30
NY &NE Bost Term 45..1939 * 0 887
Q j 10012 ---- 10012 Aug'
9114
1st consol gold 4s_ ___July 1931 q j 994 --- 985 Mar'30
7512 July'28
983 085 N Y N II & II n-c deb 4s_ _
8
8
8
1947 MS 89
-OOT2 89
General gold 45
00 89 July'30
1938 j D 943 4 96
9514 Aug'30
8812 6512
Non-cony debenture 3145_1947 M
78
834
Gold 4s
8
s
9658 Dee'29
8
973 99
Non-cony debenture 330_1954 *0 825 837 82 July'30
735 80
8
Unified gold 4s
79
8118 80
12
1
80
9112
"
91 July'30
iiT2 91
Non-cony debenture 4s
1955 ii 853 8714 853
8112 87
4
Debenture gold Is
3
86
9914 10012
1034 j D 10 0
4
008
72
1
1004 Aug'30
1003
00
Non-cony debenture 45_1956 MN
79
3614
8514 883 853
-year p m deb Is
20
85%
4
8
1937 wi N
Sale
3
5
9712 10118
Cony debenture 334s....1956 1
7412 80
80
I 79
10
80 4 7912
,
Guar ref gold 4s
1949 24
9, Sale 92
94
13
87
94
Cony debenture Os
1948• J c1243 Sale 12212 c1243
8
8 42 1204 135
Nor Sla B 1st can gu 5s Oct '32 Q J 1003 _-_-1005 July'30
991, 1004
_
4
8
Registered
120 131
3
120 June'30
Louisiana & Ark let Is ser A 1969
e84
132
81
87
'3 c84 Sale 82
Collateral trust Gs
4
1940 *0 ionT2
4
2 1043 1088
10614
106
Louis & Jeff 13dge Co gd g 49 1915 MS 9312 __„_ 9312 Aug'30
8912 9312
Debenture 4s
77
8134
1957 MN 8018 81
6
7912
Louisville & Nashville 53_1937 MN 1025 _--- 10312 Aug'30
81
8
101 10312
1st & ref 434s ser of 1927_1967 JO 95 4 Sale 9612 • 9614 183
90
0614
,
Unified gold 4s
1940 J J 9712 Sale 963
9414 9712
4
9712 50
Harlem It & Pt Ches let 4s1954 MN 90 8
873 91
8
00 Aug'30
, Registered
----9412 Mar'31
924 9112 N Y 0& W ref 1st g 4s_June
'
3
4518 8514
49
1992 MS 49 - - 4818
13
51E
Collateral trust gold 55___1931 MN 15
4
8
993 101
1003 Aug'30
General 4s
42
54
2
42
1955
D 42 Sale 42
1st refund 5345 series A___2003 * 0 106 16(118 ma
2 10312 108
- 106
N Y Providence dr Boston 4s 1042 AO
9012 0012
9012 June'30
1st & ref 5s series B
2003 AO 106 Sale106
994 10612 N Y & Putnam 1st con gu 4s
8
10614
8512 92 8
7
92 8 18
8
1933 5.0 924
7
- 927
lst dr ref 4)4s series C._ 2003 A
101 10114 101
95 1017 NY Susq & West let ref 55_1937
1017
8
8 67
80
80 Aug'30
J J 805 8 82
8612
When Issued
943 96
--- 96 Mar'30
4
*0
2d gold 434s
75
1937
' 7212-- - 75 Mar'30 _
75
A
Padwah & Hem Div 413_1946 FA 934 9512 935 Aug'30
8
9118 934
General gold bs
_
1940 P A 7012 73- 71 Aug'30
71
79
St Louis Div 29 gold 3s__1980
6718 70
684
68 Aug'30
68
Terminal 1st gold 55
0914 July'30
1943 MN 9914 100
9418 993
Mob & Montg 1st g 4%5 __1945 MB 9912
4
_ 973 July'30
4
973 973 N Y W'ehes & B lot ser I 430'46
s
S
4
8918 Sale 89
8912 78
86
0212
South Ry joint Manton 48_1952
915 8 6i 915 Aug'30
8
89
9312 Nord Ry ext'l sink fund 634; 1950 AO 1055 Sale 1055
8
108
8
15 10212 10614
Atl Knoxv & do Div 49_1955 J
8
8
9114 9512 Norfolk South 1st & ref A 58_1061
4
N 945 957 943 Aug'30
53
' 53 Sale 50
50
Louisv Cbs & Let Div g 430'31
79
7
A
983 10014 Norfolk & South 1st gold
8
2
MN 10018 Sale 10018
1004
97
9714 07
3
55_1941 MN 97
Mahon Coal RR 1st 5s..
89
99
1934
4
994 100, Norfolk & West gen gold 69_1931 MN 1014 ---- 1013 Aug'30
8
'3 1013 10212 10018 Apr'30
8
1003 10212
4
Manila RR (South Lines) 45.1939
751. 753 7512
2
4
4
734 7612
7534
N
Improvement & ext 69_1934 FA 10438
1043 June'30
8
10314 1043
1st ex t 48
8
1959
66
70
70 Aug'30
60
New River 1st gold 6s _ _ 1932 * 0 1024 ---- 10214 June'30
_ 10214 1025
Manitoba SW Coloniza'n 53 1934 MN 10018 72
8
9812 100
100 July'30
D
N & W Ry 1st eons g 4s 1996 40 97 Sale 9612
9712 25
9012 0712
Man GII&NW 1st 330_1911
874 90 87 May'30
87
89
Registered
925 July'30 _
8
8
1996 A0 905
90
924
Mex Internal 1st 4s asstd_ _ _1977 3'
MS
412
6 July'30
6
e Cash sale. b Due February.
Fonda Johns dr Glov 1st 4 As 1952 MN
For St U 13 Co 1st g 4%9_1041 J 2
Ft W & Den C 1st g 5339-1981 J O
Frem Elk dr Mo Val 181 65..1933 AO
GH&SAM&P 1st 5s__1931 MN
2d extens 5s guar
1931 J J
Galv Hous dr fiend 1st 5s
1033 * 0
Ga dr Ala fly 1st cons 5s Oct 1945
J
Ga Caro & Nor 1st. gu g 55'29—
Extended at 6% to July 1_1934 ii
Georgia Midland 1st 3s
1946 * 0
Gouv & Oswego 1st 55
1942 3D
Or R & I ext 1st gu g 430_1941 33
Grand Trunk of Can deb 79_1940 40
15-year s f 6s
1936 H
Grays Point Term 1st 53
1947 J O
Great Nor gen 78 series A
1936
Registered
J O
1st & ref 4 Ms series A____1961 J J
General 5
seriu; ____1952
J
General bs series C
1973
J
General 434s series D
1976
J
General 4345 series E
1977 J
Green Bay & West deb etre A__ Feb
Debentures etfs B
Feb
Greenbrier Ry 1st gu 45.-1940 MN
Gulf Mob & Nor 1st 534s_1990 AO
1st NI 5s series C
1950 A0
Gulf & S I 1st ref & ter 59_3_1052• 3
Hocking Val let eons g 4%9.1999 J
Registered
1999 J 3
Housatonic Ry cons g 5s
1937 MN
HATC 1st g 5s int guar
1937 ii
Houston Belt & Term 1st 55_1937 2J
Houston E dr W Tex 1st g 59_1933 MN
1st guar bs redeemable.. 1933 MN
Dud &.Manhat 1st 55 ser A _1957 FA
Adjustment income 5s Feb 1957 40




IM 4

1237

York Bond Record-continued-Page 4
1.1 •
BONDS
N. Y. STOCK EXCHANGE.
.,44.
Week Ended Aug. 22.

Price
Friday
Aug. 22.

Week's
Range or
Last Sale.

g ..
3
4.4%

Range
Since
Jan. 1.

.4j
-.
BONDS
14
N. Y. STOCK EXCHANGE. ' t.
.1e,
45
Week Ended Aug. 22.

Price
Friday
Aug. 22.

Week's
Range or
Last Sale.

4. _.
gS
.
os t53

Range
Since
Jan. 1.

Ask Low
Rig
High No (ow
Bid
seaboard Air Line tat g 48_1950 A 0 51
80
66 June'30 __._
60 8 7018
3
5512
5
62
71
1950 A 0 5512 Sale 5512
Gold 48 stamped
6014
39
22
39
39
Oct 1949 F A ____ 39
Adjustment 68
1959 A 0 4612 487 4612
4612 15
40
8
601 2
Refunding 42
____
5112 67
45
79
let & cons 62 series A__ _1945 M S 5018 Sale 50
____
78
/ 89
1
4
8
Atl & Birm 30-yr 18t g 48_41933 M e --- 7212 787 Aug'30 ____
___
40
72
4312 23
Seaboard All Fla lat gu 643A-1935 F A 4214 Sale 4214
107
72
3
42
43
1935 F A ____ 47
43
Series Ii
b
9812
94
____ 98 July'30 ____
Seaboard & Roan 1st 58 extd 1931 J J 94
49
3
1936 F A 10214 ____ 102 July'30 __ 100 4 102
8 & N Ala cons go g ba
1
5
_ _1963 A 0 10812 ____ 10814 June'30 ____ 105 8 10814
Gen cons guar 50-yr
64
95
5
8912 95
46
6.2..So Pac coll 48(Cent Pac coII) 1949 1 D 9412 Sale 9412
245
94 8 10218
3
101
I
let 43a (Oregon Lines) A-1977 M 6 ion Sale 100
10214
3 100 10212
/
1
4
1934 3 D 10214 102 10214
20-year cony be
7
93 4 1001
3
/
1
4
/ 10014 468
1
4
19681W 13 99 Sale 99
Gold 434e
____
248
964 101
/
1
101
19691W N 100 Bale 100
Gold 434s with war
5
89
9414
9414 16
5
1950 A 0 94 Bale 93 8
San Fran Term 1st 42
87
87
A 0
87 Feb'30 ____
/
1
4
7812
Registered
1
77
83
Og & L Clam 1st gu g 443_1948 J J 7812 _-__ 78
/
4
/
1
4
9218 9218 So Pac of Cal 1st eon gu g 58-1937 MN 1021 ---- 103 July'30 _-__ 100 103
18t 42- _1943 M 5 9312 ____ 92 Mar'30 __
Ohio Connecting RY
96
98
Jan'30 ____
10112 Aug'30 ____ 100 102
So Pac Coast 1st gu g 4a__1937 3 3 9512 -__ 96
8
1936 1 D 1013
Ohio River RR 1st g bs
91
97
59553 J
112
96 Sale 95 8
/
1
4
5
97
- -18
So Pac RR 1st ref 42
99 102
General gold 581937 A 0 10218 103 102 Aug'30
94
91
1 3
_ 94 July'30 _-__
/
1
4
944
Registered
/
1
3
Nay con g 4s-1946 3 D 9458 9512 94
91
Oregon RR &
94
/
1
4
9212 100
____ 9212 May'30 --106
Stamped (Federal tax)_1955 1 3
1 10418 106
Ore Short Line 1st cons g 58.1946 3 J 106 108 106
Guam stpd cons 55_ _1946 J J 106 107 10512 Aug'30 ____ 10378 106
56 108 112
/
1
4
/ 111
1
4
94
Southern Ry 1st cons g 52_1994 J J 11012 Sale 110
18
8812
933
2
933
4
3
1
Oregon-Wash 1st & ref 4s....1981 . 3 93 4 94
8
4
J 3____ _ _ _ _ 10512 June'30 ___ 10512 1081
5812
Resist. red
Pacific Coast Co 1st g 58_1948 1 D 585 603 5812
3
55
6212
8812 93
893 178
8
9214 9534 Devel & gen 42 series A__ _1956 A 0 89 Sale 8812
Pao RR of Me let ext 9 431....1938 F A 9614 ____ 9534 July'30 ____
8 11414 120
11514
1938 J J 100 __ _ 100 July'30 _
1956 A 0 11514 Sale 115
Devel & gen 68
97 10012
/
1
4
2d extended gold 58
51 120 1261 2
124
__ 99 July'30 ____
Develop & gen 63s
Paducah & Ills let at g 410_1966 3 J 10018
1956 A 0 122 Sale 122
9914
98
4
2 10414 59 102 10412
Paris-Lyons-Med RR extl 68 1958 F A 104 11414 1037
1996 3 1 106 10712 1073 July'30 _-__ 10612 108
Mem Div Zst g 543
/ 9218
1
4
87
/ 106
1
4
925 92 July'30 -___
8
Sinking fund external 743-1958 M S 10558 106 105
St Louie Div 1st g 42.-1951 3 J 92
16 10314 107
95 1001 2
/
4
2 -__ 10012 July'30 ____
East Tenn reorg lien g 53-1938 M 8 1003
1034 31
Paris-Orleans RR ext 5)48.19681 S 1031 Sale 103
W
99 4 10514
3
9018 9512
1023 1007
4
9514 51
3 1004
9514 9514
3
Pauline Ry let & ref s f 78_1942 M e 10078
Mob & Ohio coil tr 42..„-1938 M 9 94 4
/
1
1
95 103
61
72
2
6412
/
1
4
6412
Pennsylvania RR cone 2 43-1243 MN 96 ___- 96543 Aug' 0 ---3
4
923 9712 Spokane Internet 1st g 58.....1955 J 3 6114 64
8212 881 2
97 Aug'30 -_
Consol gold 42
3
19481W N 97
925 9718 Staten Island Ry 1st 4;48-1943 1 D 85 4 _--- 85 Feb'30 _-__
8
9812 97
14
48 sterl etpd dollar-May 1 1948 M N 97% 9714
5
9214 9714 Sunbury & Lewiston 1st 42_1936 3 3 9414 -__ 95 Apr'28 --_- ---- --0914
95
Registered,_
5
9314 May'30 ____
96
9212 9312 Tenn Cent 1st 61; A or B..1947 A 0 96 Bale 95
/
1
4
983 Kg
97 10 4
4
01
1960 F A 104 Sale 10312 104
Como' sink fund 440
Term Assn of St L istg 4%2_1939 A 0 99 1004 10014 Aug'30. -_
30
3
/ 103
1
4
2 c99 4 1041
/
1
General 4428 series A
151 cons gold be
1044
14
9712 103
8
1944 F A 1045 -.. 1043a
1965 1 D 103 Sale 102
1988 J D 1103 Sale 110
4
8714 92'
/ 1103
1
4
927
28
8
4 15 106 111
General 58 series B
1953 1 3 927 Bale 92
Gen refund a 1 g 48
7
4 103 8 106'
10614
15
-year secured 6342
3
1936 9 A 110 Sale 10912 11014 113 108 -110 8 Texarkana & Ft SI let 5348A 1950 F A 105 Bale 105
F A ____ ____ 1083 May'30 _-__ 10814 1083 Tex & N 0 corn gold 5s
8
8
. 985 101
1943 J J 100.101 July'30Registered
8
/
1
- 23
/
4
2000 1 D 11112 11-8 11112 11212 23 10612 112 2
40
-year secured gold 5.5-1964 M N 1044 Bale 1041 105
10512 Texas & Pac let gold 52
19 10214
1970 A 0 9812 Bale 9814
983 518
_
4
/
1
4
Deb g 4%44
2d Ipc5s(Mar'28cp on)Dec2000 Mar --------95 Mar'29 ----------944 98
/
1
P8 14 44
2
4 30
4
1977 A 0 1023 Sale 10238 1023
Pa Co gu 3%s coil tr A reg 1937 M S 95 ____ 91 May'30 --__
Gen & ref bs series II
90
91
9112 8914 July'30 _-__
98 104 2
/
1
4
91
2
104
8
87
8912
1979 A 0 1027 10314 103
Guar 334s coil trust ser B-1941 F A
Gen & ref 58 series C
9938 101.4
1931 1 .1 1004 Sale 10012 1003
9
8
/
1
Guar 344e trust Ws C
1942 3 0 89 -,7..7- 831 8 .28 --.
/ eFt
4
-._-La Div 13 L 1st g 5s
89
89
i
244
841 /9 Tex Pac-Mo Pac Ter 5%s 1964 M S 10714 10712 10714
4
10714 22 104 1074
Guar 342s trust Mfg D
1944 1. D 89
8
3 98 103
____ 1003
4 101
1003
8 13
9878 1003 Tol at Ohio Cent let gu 58-1935 3 J 101
Guar 15 -year gelds 48-1931 A 0 10014 1005 10014
8
-25
98 1001
3
4
___ 10018 July'30 --__
1935 A 0 101
8914 9178
Guar 42 ser E trust ctfs
Western Div let g 52
1952 MN 9214 93 4 913 July'30 --__
1083 MN 10114 Bale 1003
100
3 97% 100 2
4 1014 51
/
1
1935 3 J 100 Bale 100
97 10178
Secured gold 4448
Gen gold 58
4 101
Pa Ohio & Det 1st & ref 4448A17 A 0 10018 10114 100
Toledo Peoria & West 1st 48_1917 J 1 ______ 91 Bept'28 --__ --__ ___
9412 101
15
3
90 8 93 2
88
2
9312 July'30 --__
88
6
Peoria &Eastern 1st cons 42_1940 A 0 881/4 89
84
8914 TOI St L & W 50-yr g 48.-1960 A 0 933
35
25
98 100
12
26
26
1931 3 J 100 _-_- 100 Aug'30 --_
1
26
37
Income 42
April 1990 Apr
/ Tol WV & 0 gu 4348 A
1
4
9818 99 4
1
9914 Mar'30 -_
8
_1933 3 J 993
Peoria & Pekin Un 1st 5342_1974
let guar 4%8 series B
A. 103_8 __ _ 103 Aug'30 _-__ 101 10412
4 105
/
1
9142 M 9 934 -- __ 9212 Mar'30 _-9238 92 2
25 1023 106
let guar 48 series C
Pere Marquette 1st ser A ba-1956 4 4 lus1/4 Sale 1043
4
Dm J 1 923 Sale 923
4
88
90 2
9014 July'30 --4
923
4
90
94
Toronto Ham at Buff 1st g 42 1946 1 D 9112 95
let 42 series B
2
/
1
4
4 10112 26
1st g 4%8 series C
95 10112
/
1
4
1980 Al- S 100 101 1003
79
90 a
90 July'30 ____
96
/
1
1928 3 D 75
9312 9618 Ulster & Del 1st cons g 58
Phila Balt & Wash lst g 443 _1943 m N 964 _ 9618 Aug'30 --__
1074 F A 109 Bale 109
70
874
70 June'30 ____
109
6 1063 1094
General Ss series It
4
Stpd as to Dec'28 & J'ne'29int ---- 6618 79
/
1
7014 70
___ 7014 June'30 ____
Philippine Sty 181 30-yr s f 42'37
1st cony 5s etfs ofdep, 75
1032 .1 J 26
28
26 Aug'30 _
55
40
55
40 Aug'30 -___
1952 .i -0 37 24
32
let refunding g 48
Creek reit 1st 64(
PIne
9338 99
123
4
8
14
99
Pitta & W Va 151 4345 ser A-1958. ° 1023 -- 103 Aug'30 ____ 102 103
Union Pac let RR & Id gr 48-1947 3 3 985 Sale 97
1
j9593 D 9513 ___ 94 Aug'30 _
.1 1 9514 ___ 9.513 July'30 -__
9114 96
151 M 4348 series B
92
Registered
97
1000 A 0 95 Bale 95
/
1
4
887 94 4
8
9538
94 4 21
3
2
92
lot Ilen & ref 42--June 2008 M 13 94 Sale 94
96
lat M 4348 series C
9512 42
96 101
/
4
1014 83
/
1
1940 A, 0 9512 Sale 95
1967 3 3 10114 1011 101
92
9512
PC C & St L gu 4448 A
Gold 4%8
/
1
/
4
/
1
Series B 442e guar
let lien at ref Ss-June 2008 M S 1104 Sale 1094 Aug'30 -- _ _ 10612 110
9714 10018
1942 A 0 10014 ____ 1001 10018 20
4
/
4
8714 92 2
9212 139
1968 1 D 9214 Bale 911
Series C 434s guar
/
4
9612 100
1942 A 0 1001 ---- 993 Aug'30
40
-year gold 48
93
/ 96
1
4
_
Series D 45 guar
UN J RR & Can gen 48._1944 M 8 9514 ____ 9514 July'30 _-__
1945 88 .. 100 ---- 9712 Dee'29 __
M 14
4
___ 96 Nov'29 --__ ---- 1933 3 3 100
Series E 3458 guar gold-1949 _44. A 9814 _- 973 July'30 __
6414 - - Utah & Nor 1st ext 48
973
4
3
93 94
Series F 42 guar gold
r
1953 t _A 97 4 ____ 95 June'30 ____
Vandalia cons g 42 series A-1955 F A 95 .._ _ _ 9412 June'30 --__
931 95
/
4
1967 MN 9414 _ __ 8212 May'28 --__ --- 4
Series G 42 guar
1957 t..." 9814 ---- 963 May'29 _
Cons s 1 48 series B
81
8 Aug'30 ____
712 7 10
Series H cons guar 48
9634 97
1960 m ^ 9814 ---- 97 Aug'30 __
Vera Cruz & P assent 434s1934 ,....-.
/ ____ 9458 Feb'30 __
1
4
1963 F A 98
9818 101
1931 m 8 10018 ____ 100 Apr'30 -..
Series Icons guar 480
9458 94
/ Virginia Slid bs series F
1
4
10012 Aug'30 -__ 100 101 2
/
1
1936 Si N 1004
Series J cons guar 4348_1964 F A 10112 ---- 101 July'30 ---_
97 101
General bs
95 101 2
98
7
/
1
4
3
987
8
9912 10114 Va & Southw'n 1st gu 52
General M 58 aeries A.- 1970 M N 10112 ____ 10114 Aug'30 ____
2003 1 J 9712 -_- 98
J D 1103 _-_ Ill
8518 Aug'30 --__
11112 10 10614 11112
8314 92 it
1958 A 0 8618 88
Registered
1st cons 50
-year 68
3
27 10218 108
14
108
Gen mtge gtutr be sex B_-1975 J D ----- ----107 4 Mar'30 ____ 1073 1073 Virginia Ry 1st 58 series A_1962 M N 108 Bale 107
4
4
/ 1033
1
4
111%
4 28 101 104
PIM Mai & Y 113t 211 641-1932 A 0 11112 Bale 11114
9 10618 11112 Wabash RR 1st gold 5s_.,_1939 MN 10352 Sale 103
1034 J J 102
___ 10212 July'30 -26
9912 103
4 103
1939 F A 103 Bale 1023
2d guar 68
10112 10212
2d gold 5s
J J 102 ___ 10412 May'30 ____ 10412 10412
4
10454 10 1013 105
Pitts Sh & L E let g 52
Ref & gen 815149 ser A---1975 M 8 . -- 105 10414
1940
1943 A 0 102 ___ 10114 May'30 ____ 1005 10114
8
let consol gold bs
Debenture B 62 registered.1939"---- - 98% May'29 _-__ -,--1013 ___ 1003 Aug'29 ____ ____
4
4
888 85 May'30 --__
84 88
1954 1 3
__
1st lien 50-yr g term 4s_
Pitta Va & Char 1st 4s
1943
3
3
923 - 4 923
4
Pitta Y & Ash 1st 48 ser A-1948- 31 94 ___ 92 4 Mar'30 _ -Det & Chic ext lst 5.2_ _1941 . i 101% 10312 102 July'30 --__ 100 103
93 4
8
92
9314
9112 95
1st gen bs series B
Des Moines Div let g 45..1939 3 4 93 . - 93
1962 J 13 9634 -95 July'30 - --_
1074 F A 1045 __ 105 June'30 -__ 10214 105
8
8114 3634
3
1941 A 0 8678 ___ 85 4 July'30 .-__
Omaha Div 1st g 334s
1st gen be series C
8814 90
8
1941 14 6 925 -- 9012 July'30 -_.
Tol & Chic Div g 48
.
Providence Secur deb 42
4
/
1
4
1957L
1908_ --- ---- ---- ---- --__
,
973 102
8
8
/
1
75 -8
0
Wabash Ry ref & gen 58 B 1976 A 0 101 Bale 1004 10114 19
Providence Term 1st 4s_
1956 '.;,; - ' -5 ---- 785 Aug'30 ____
o7
3
85
88
88 4 95 2
3
/
1
4
941
868
4
Ref & gen 4%8 series C..-1978 F., A 9412 Sale 93
Reading Co Jersey Con co114.2 '51 9314 86 4 June'30 ____
74
7212 80Li
831 8014 Aug'30 --__
`,..
90
Gen & ref 44fis series A.-_1997 A 0 9414 9512 9512 Aug'30 -- 951 Warren let ref gu g 33.48--2000 4 _A
Sale 10114
1021 14
87 Mar'30 --__
83 90
/
1
4
1948 4 m 8512 ___
/
4
Gen & ref 414s ser B
9714 10218 Wash Cent 1st gold 45
19114 Sale 101
Rensselaer & Saratoga 65.. 1997 J
8,44 88
/
1
8834 July'30 __._ _
1941 J
10134
1014 169
/
1
1945 F A f9334 _ _ _
99 8 10134 Wash Term lot gu 3%8
5
6.1 N 10842 __ 10018 Mar'21 __
/
1
4
83
/ 90
1
4
Rich & Meek let g 42
1945 F A_ ...„.. „____ 84 June'30 .,,:.
1st 40-year guar 4s
---- ---1948
1952 A u 87 Sale 8614
87
Elam Term Ry 1st gu 52-1952 M N f T.-- 17-97-8 7818 May'28 ---__
118
80
87
___ W Maryland let g 42
103
-- 10214 Aug'30 --_- 101 I0214
101
118
94 8 101
3
Rio Grande June let gu 58 1939 1
1st & ref 5%9 series A_---1977 J. 3 101 Sale 100
9712 July'30 ____
102
2
98 10234
Rio Grande Sou 151 gold 48.-1949 , 0 97 100
94
9712 West N Y & Pa 1st g 5s----1937
' 102 103 102
3
3
712 8
7 May'28 ____ _ --- ---944 934
/
1
93%
2
8812 9414
1943 A 0 93
Guar 48 (Jan 1922 coupon) '40;
Gen gold 48
4
4
9512 993
Rio Grande West 1st gold 48_1939;
/
1
4
993
4 38
___ Western Pac lst ser A 58...-1946 1111 8 993 Sale 98
---- ---- 712 Apr'28__ ____
04
943 94
4
94
97 Feb'30 --__
191 8
97
97
2
1st con & coil trust 42 A _ _1949 '11
91 - /
97
1
4
Registered
8914 18
4
85 4 923
94 92
3
/
1
4
923
4 18
R I Ark & Louis let 434s._1934 l C.
2361 3 3 9234 - 3
8112 8914 West Shore 1st 45 guar
a 2 8914 Sale 8814
8
/
1
4
10012 15
9012
9012
3
85 8 91
5
Rut
2361 J 3 9012 91
-Canada 1st gu g 48-1949 7; 10 Sale 1003
Registered
95 10012
/
1
4
8
893 7514 June'30 -- -89
9914 95 Aug'30. -87 8 95
5
Wheel & L E ref 4He ser A-1968 01 0 95
Rutland 1st COP g 4%IL-1941
"
75
78
1 J 92 Sale 914
/
1
92
/
1
3
98 4 101
3
22
1966 M 9 1004 10314 100 4 June'30 ---86
Refunding bs series B
92
--- 88 July'30 ---/
1
4
1949 M 5 89
8712 St 3
St Jos & Grand Isl 1st 42_1947.
RR 1st consol 42
j j
„
4
64
64 July'30 ..___
6214 71
89
St Lawr & Adir 1st g 58-1996
Wilk & East 1st gu g 5s___ _1942 J D 574 ' ---- 8754 July'30 ---el
85
J 1 281s
96 4 Nov'29
3
1938 1 D 10212 _ _ 102 May'30 ____ 102 10:
Will & S F 1st gold 58
2d gold 6s
1996 A
00 ____ 10112 Feb'30 _-_ 101 10112 Winston-Salem S B 1st 48
14
9212
St L & Cairo guar g 42
1960 J 1 8612 - - 8614 APr'30 ---8614 01
1931
____ 10012 10012
2
747 7412
8
7412
I
7212 8:14. .
St L Jr Mt & S gen con g 52_1931 A 0 100
98 4 10012 Wis Cent 50-yr 1st gen 48_1949 1 41 73
3
/
1
10114 15 100 102
3
85
/ 91 tt
1
4
1931 A 0 1014 Sale 101
Stamped guar 65
Sup & Del div & term 1st 4s'36 M Si 85 4 8614 8614 Aug'30 --__
1014 Dee'29 ____ ___ _
/
1
8
4
/
1
4
Wor & Conn East 1st 4%s_ _1943 3 J 853 937 90 June'30 ---90 4 91
3
1933 pa N -;',7 - --Riv &0 Div 1st g 48
8
0234 ii7
/
4
997
8 45
4
St L M Bridge Ter gu g 62_1930 A 0 '''" Bale 991
997g 1003 993
8
4
INDUSTRIALS.
9978 10018
St L-San Fran pr lien 45 A-1950
913
92
4
36
864 44
/
1
8712 92
8214 8£
/ Abitibi Pow &Pap lst 52-1953 3 D 86 Sale 853
1
4
1978 ed s 03 4 Sale 9158 July'30-Con M 41.42 series A
93
188
8813 9534 Abraham & Straus deb 5348_1943
1950 3 j 1023 Sale 9212
Prior lien 58 series B
4 10314 10212 10312 13 100 210414
A 0 9912 100 100
100
7
97 10: 12
With warrants
Bt Louis & San Fr Sty gen 62_1931 j j 1013 10112
2
/
1
98
98
8
984
2 10018 102
2
96 101 12
Adriatic Elec Co ext1 78---1952 A 0
1931 1 1 10118 Bale 1014 1013
Get eral gold bs
1011
8914 88 Aug'30 __-10138
8 100 10112 Adams Express coil tr g 48_ -.1948 M S 89
82
91
Bt L Peor & N W let gu 58_ _1948 j j 1051s -- -- 103 a
/ July'30
1
4
60
60 July'30 __-4518 81
10214 104
Max Rubber 1st 15-yr s f 88.1936 J 0 55
1931 M 2 993 9912
Bt Louis Sou 1st gu g 4
8
8
99 J
July'30 ---__
7
9
_ _
7 Aug'30 ____
9418 99
514 1
Alaska Gold M deb 68 A_ _ _ _1925 NI 8
St L S W let g 48 bond ctts_1989 m N 8918 Bale 881/4 June'308918
514
514 May'30 _--1926 m _e
11
85
5
/
1
4
8912
2d g 42 Inc bond Ws Nov 1989 j j 1: Cony deb 6s series B
77 44 79
/
1
4
_4
____
9312
r._
Albany Petor Wrap Pap 68- _1948 A u 9312 9418 9312
1
76
85
/ 82
1
4
91
1932 j D 9934 Bale 8014
Consol gold 48
A
9912 Sale 9912 100
993
100
22
9714 110
28
97 10.
Allegheny Corp col tr 5s___ _1944
let terminal & unifying 58_1952 3 .1 101 Bale 10012 101
1949 1 D 984 9818 987
9914
90
11
8
96 101
97 10 12
Coll & cony 52
St Paul & IS C Sh List 4348_1941 F A 98 100
/
1
4
985
8
985
4
1950 A 0 9514 Sale 054
953
4 79
Coll & cony 52
7
9418 983
4
92
91 Is
Bt Paul & Duluth 1st 58-1931 F A 10034 _1007 Aug'30 ___ 10018 4007 Allis-Chalmers Mfg deb 58-1937 M Si 1011 102 102
8
/
4
8
10218 13
99 4 10:
3
1968.j D 95l2
1st consol gold 48
9512
/
1
4
4
97
9112 9512 Alpine-Montan Steel let 7s_1955 M IS 96 Sale 963
7
91 104
St Paul E Gr Trk let 44.45_ _1947 .4 3 9012 ____ 991 Aug'30 --_/ Aug'30 __
4
4
4
10414
99
/ 991 Am Agile Chem lot ref a f 7%8'41 F A 1033 Sale 1023
1
4
/
4
8 10212 10 12
St Paul Minn & Man con 42_1933 .1 1 99
_ _ 9812 July'30 ..._
6312 Bale 6312
96
99
Amer Beet Sug cony deb 62 1935 F A
6312
1
6318 8' 5
let consol g 62
8
1933 .1 J 1044 10814 104
/
1
/
4
'30 ____ 103 105
/ American Chain deb s f(is-1933 A 0 10134 1021 102
1
4
102
2
97 11)
Os reduced to gold 4%s_1933 3 1 10012 10114 10118 A ug
10178 11
97 104
/
1
4
°'
Am Cot Oil debenture 5s_. 1931 Al N 10052 101 10012 Aug'30 - -__
99 10
Registered
1 J 99 100
98 Feb'30 ......
1942 _A 0 994 Sale 99
98
98
Am Cynamid deb be
9
914
7
9442 10 12
Montext 1st gold 48
1937 1 1
3 964
/
1
__ 963
8
92
9814 Am & Foreign Pow deb 52._2030 m 8 893 Sale 883
4
4
893 280
4
Pacific ext guar 42(sterling)'403 1 92 1214 97 Aug'30
8612 8 3
1952 3 D 86
30 ____
J1119' ---893 97
877 84
4
8
Amer Ices 1 deb bs
84
913
84
2
St Paul Un Dep 1st & ref 58_1972 .1 .1 107
MN 106 Bale 106
/ . _ 10714
1
4
_
10712 29 1047 10734 Amer 20 Chem cony 5442_1949
8
1063
55 100 10 12
SA&ArPasslatgug 4s_ _1943 J 3 94 4 3 95
94 8 94
7
/
1
4
3
905 947 Am Internat Corp cony 5%2_1949 1 _ _ 9514 Bale 9514
8
8
.J
9814 32
93 10
Santa Fe Pres & Phen let 58.1942 M S 10212 --__ 101 July'30
9912 10114 Am Mach & Fdy 8 1 68
1939 A u 10414 --__ 104 Aug'30 -_
_--103 10
/
1
4
Bay Fla & West 1st 268
1934 A 0 10414 ____ 10414
1934 & 0 96 Sale 964
10414
1 103 10414 Amer Metal 5842
/
1
4
/
1
963
62
lfit gold bs
964 9 3
/ 94
1
1934 A 0 10138 ___ 993 Jan'30 -4
99
/ 993 Am Nat Gas 6448(with war)1942 A 0 7712 Sale 7614
1
4
4
70
77'l 26
921/4
Scioto V & N E 1st gu 24s-1989 M N 9512 Sale 95
9512 23
8814 95
/ Am Sm & It 1st 30-yr 52 ser A'47 A 0 10314 Sale 1027
1
4
8
104
78
521* 10
c Cash sale. 8 Due May. k Due August
8 Due June,
Btd

Norfolk & West (Cottelsded)DWI let lien & ger g 48_1944 J J
1941 J D
Pocah C & C joint 42
North Cent gen & ref be A.._1974 M S
Gen & ref 440 ser A stPd-1974 M 8
North Ohio let guar g 52__.1945 A 0
North Pacific prior lien 42_1997 Q J
Q 1
Registered
Gen lien ry & Id g 3s_Jan 2047 Q F
Jan 2047 Q F
Registered
Ref & impt 43s series A_.2047 J J
/
1
4
Ref & impt( series 13- _2047 .1 J
Ref & Impt 52 series C----2047 J 1
Ref & impt bs series D-__2047 J .1
Nor Pao Term Co 1st g 68-1933 1 J
Nor Ry of Calif guar g 58_1938 A 0




Ask Low

High No. Low

9614 9712 9614
9614
94% 9512 95 Aug'30
8__ 100 July'30
1057
-- 12
10014 102 100 July'30
95 ____ 943 Aug'30
8
944 Sale 933
3
43
4
9 4
933 933
4
4
92
933
4
70 Sale 6814
70
67
67 Sale 67
8
1017 Bale 101
102
11334 Bale 11334 11414
2
10618
1063 107 10618
1064 107 10612 10612
/
1
103
/ ____ 10512 Jan'30
1
4
1034 ---- 10414
/
1
10414

1

High

913 9712
4
92
/ 9518
1
4
100 10412
98 100
93 98
4
8812 943
865 933
8
4
63
/ 7014
1
4
67
62
9512 102
11112 11512
103 10614
/
1
4
10312 10612
10512 10512
101 10414

T

.1, 3

)3
%,

o 1

iyi e

----

_ _

si

1238

New York Bond Record --Continued Page 5

31....
BONDS
Pates
'
''''
N.Y. STOCK EXCHANGE. it
Friday
Week Ended Aug. 22.
-.3... Avg. 22.
Amer Sugar Ref 5-yr Os__ _ -1937 J J
Am Telep &Teleg cony 4s___1936 M S
30
-year cony 4448
1933 M 91
20
-year coil tr be
19463 D
Registered
.7 D
35-yr. s 1 deb 5s
1960 J .1
20
-year a I 5345
1943 MN
Cony deb 454s
1939 J J
35-yr deb 58
1965 F A
Am Type Found deb 6s_ _ _ _1940 A 0
Am Wat Wks & El col tr 5/3_ _1934 A 0
Deb g 6s series A
1975 M N
Am Writ Pap 1st g 6s
1947 1 J
Arglo-Chllean s 1 deb 7s_ _ _1945 ).1 14
Antilia (Comp Azue) 740-1939 1 J
Ark & Mem Bridge &Ter 5s_1964 M S
Armour & Co 1st 484e
1939 1 1)
Armour & Cool Del 544s_ _ A943 1 J
Associated 0116% gold notes 1935 M 5
Atlanta Gas L 1st 53
1947 1 I)
Atlantic Fruit 78 Ws dep_ _ _1934 1 0
Stamped ette of deposit
J 0
AU Gulf & WI SS L col tr 531959 1 J
Atlantic Refg deb Is
1937' J
Baldw Loco Works let 58_ _ _1940 1111 N
Baragua (Comp As) 7 Ms_ _ _1937 4 /
13atavian Pete gen deb 4458_1942 1 J
Belding-Hemingway 68
. 1936 / .1
Bell Telep of Pa 5s series 13_ _1948 1 „I
1st & ref 543 series C
1960 A 0
Berlin City Elec Co deb 640 1951 2 D
Deb sink fund 6448
1959 S A
Berlin Elec Elk Undg 6 Ms1956 A 0
Beth Steel let & ref 55 guar A '42 al N
30-yr p in Ar imp 515s_ _ _ _1936 1 .1
Bing & Bing deb 644e
1950 al f
Botany Core Mills 640_ _ _ _1934 A 0
Bowman-Bilt Hotels 78
1934 el 1,
B'way & 7th Av 1st cons 5s,.1943 1 D
Brooklyn City RR let 5s_ _ _ _1941 1 .1
Bklyn Edison Inc gen Is A-1949 I J
Bklyn-Man R T sec as
1968 1 .1
Bklyn Qu Co & Sub con gtd 58'41 91 N
let Is stamped
1941 1 1
Brooklyn R Tr lot cony 648.2002 1 1
3-yr 7% secured notes_ _ _1921 J 1
Bklyn Un El 1st g 4-53
1950 F A
Stamped gust 4-5s
1059 9' A
B klyn Un Gas lot cans g 5s_1945 MN
1st lien & ref Os series A-1947 M N
Cony deb g 543s
1936 1 .1
Cony deb Is
1950 1 D
Buff & Susq Iron 1st 57 5s- _1932 1 1)
Bush Terminal 1st 4s
1952 A 0
Cou901 5s
1955 1 J
Bush Term Bides 58 211 tax-ex '60 A (
By-Prod Coke let 5448 A__ ..1945 5 N
1
Cal G &E Corp unif &ref 58_1937 91 N
Cal Petroleum cony deb s I 581939 F A
Cony deb 5 f g 534s
1938 91 N
Camaguey Sug 1st s f g 7s--1942 A 0
Canada SS L 1st & gen 6s
1941 1 0
Cent Dist Tel 1st 30-yr 5s_ _ _1943 1 0
Cent Foundry 1st s f 63 May 1931 r. A
Cent Hud G & E 5s_ _ _Jan 1957 94 S
Central Steel 1st g 8 f Ss_
1941 94 N
Certain-teed Prod 534s A.1948 /41 S
Cespedes Sugar Co Ist s f 7448'39 M S
Chic City & Conn Rys 5s Jan1927 A 0
Cl,G L & Coke let gug 5s_ _1937 1 .1
Chicago Rye 1st Is stpd ret 15%
princlpal ard Aug 1930
_ 4 A
lot..- A 0
/943
Childs Co deb Is
Chile Copper Co Co deb 5s_ _1947 1 J
CMG drE lot m 48 A
1968 A 0
Clearfield Bit Coal 1st 4s_ _ _ /940 4 J
Colon Oil cony deb 65
1938 F A
Colo F & I Co gen s f 56
1943 1 .1
Col Indus 1st & colt 55 gu _ _ _ 193.1 F A
Columbia G & E deb 5s May 1952 'A N
Debentures 58_ __Am. 15 1952 A 0
Columbus Gas 1st gold 55_ _1932 1 1
Columbus Ry P & List 434s 1957 1 .1
Commercial Credits f 6s_ _ _ _1934 MIS
1935 1 .1
Col tr s 153.4s notes
Coming Invest Tr deb 6s_ _ _ _1948 All S
Corry deb 534s
1949 F A
Computing-Tab-Bee s 1 65..1941 1 1
Conn Ry & L 1st & ref g 4443 1951 / J
Stamped guar 4449
1951
Consol Agrictil Loan 614s_ _ _1985 .3 11)
Consolidated Hydro-Elee Works
of Upper Wuertemberg 7s_1955 1 J
Coos Coal of Mid lst&ref 5s_1950 4 0
Consul Gas(NY)deb 5.34s_ _1945 F A
Consumers Gas of Chic go Is 1936 4 o.
Consumers Power jot 53
195263 ('4
Container Corp 1st 65
1946 1 D
15-yr deb 5s with ware. _1043 J I)
Copenhager Telco 5s Feb15 1954 F A
-Corn Prod Refg 1st 25-yr s 15s'34 P.I N
Crown Cork & Seals f 6s_ ....1947 3 D
Crown Willamette Pap 65_1951 / J
Crown Zellerbach deb 6s ww 1940 111 S
Cuba Cane Sugar cony 7s 1930 1 J
Cony deben stamped 8%1930 1 J
Cuban Am Sugar 1st coll 343.1931 M 8
Cuban Cane Prod deb 6s_ _1950 1 J
Cuban Dorn Sug 1st 734s...._1944 94 N
Stpd with perch war attched_ __
Curnb T.0 T 1st & gen Is..,J937 1 1
- Cuyamel Fruit lots 165 A _ _1940 A 0
Denver Cons Tramw let 5s_ _1933 A 0
Den Gas & E L 1st & ref e I gts'51 M N
Stamped as to Paltax_ _1951 48 84
Dery Corp (21(l) 1st 51 7s._1942 NI S
&cord stamped
Detroit Edison let coil tr 58_1933 1 J
let & ref Is series A_July 1940 51 S
Gen & ref Is series A_ __ _1949 4
1st & ref 6s series 13_ _July 1940 M S
Gen Ar ref Is series B
1955 1 D
Series C
1962 9' A
Det priced let co. g 434s
1932 . j
1
Dodge Bros deb 58
1940 Al N
Doll) (Jacob) Pack lot 6s
1942 M N
Dominion Iron & Steel 53_1939 M S
Donner Steel 1st ref 73
1942 3 1
Duke-Price Pow let 688er-4_1966 M N
Duquesne Light 1s0 444s A_ _1967 A
East Cuba Sug 15-yr s f g 7 34s'37 M 5
Ed El III Bkin 1st con g 45_ _1939 1 .1
Ed Elec(N Y )1st cons g 56.1095.0 1
Edith Rockefeller McCormick_
Trust coll tr 6% notes_ _ _1943 1 1
Elec Pow Corp(Germany)640 50 Al •
.
1st 81 6440
1953-A ()
o Cash sale.




Week's
_.
.
Range or
Last Sale.
rg j.,'

Range
Sin-e
Jan. 1.

Ask Low
High No LOW
High
Sale 104
4 1017 105 8
10414
5
99
4
9714
9453 10012
97%
103 103 Aug'30 ---99% 105
! 106 4 46 103 1063
Sale 1051
4
3
103 10312
_ 10312 May'30
lO63 252 10013 10612
10618 Sale 106
s
10814 Sale 10814
1083 104 1043 1083
4
4
4
16112 133 13714 1931.
161 Sale 160
10612 Sale 1061s
106 4 145 10013(1073i
3
4
106
1052 106 105
8 103 107
102 Sale 1013
102
4
34
9912 103
10614 Sale 10614
107
12 104 10812
78 Sale 78
84
78
69
15
9612 Sale 0612
26
97
8312 9812
2512 24 Aug'30 ____
24
55
21
10218 _
10312 July'30
9814 10312
9214 Sale 9214
93
873 93
8
72
827
4
82 Sale 82
91
8012 863
10353 Sale 10312 1035
8
9 102 103%
105 10712 10318 June'30 _._ _ 10134 10318
____ 1253 May'28 ____
____ ____
1
____ 1253 May'29 ____ __
_ _
1
7314 Sale
72i - ., 80
15
4
10212 Sale 10212
10212 20 100 103
10719 Sale 107
10713 12 105 10712
73 Sale 7314
7314
5
73% 91
955 Sale 9518
8
9533 110
92
955
8
79
85
79
80
81
6
07
10612 Sale 10534
10612 14 10'2 1073
11014 Sale 109
8
11053 65 1035 11053
897 Sale 8918
8
90 4 13
4
88 c973
3
8934 Sale 8834
8934
84% 96
8
9112 Sale 9114
96
9112 20
86
10214 104 104
10 10112c105
104
1023 Sale 1017
4
s
103% 15
99 4 104
3
88
90
88
88
91
2
86
.
343 351 343
4
4
35
341s 47
3
102 103 102
102
6 100 105
10
1314 1012 Aug'30 ___
4412
9
797
5
7912 87
80
80
106 ---- 106
8
1063
3 10 10312 1063
995 Sale 9844
8
993 293
4
9412 101
70
73 68
11
77
70
68
74
89
8312 Dee'29 ______ ____
85
____ 9212 June'29 ____ ____ ____
105
_ __ 10614 Nov'29 ___ ---- ---90 Sale 89 4
90
82
3
27
90
_
834 89%
4
.
833 Mar'30 _ _ _
10653 ____ 104 Aug'30 ____ 1027 107
1167 ____ 1167 Aug'30 ____ 114 117
8
s
____ ____ 306 May'30 ___ 306 306
10438 Sale 104
104% 100 1023 10133
98
Jan'30 ____
96
96
90% - 9
3 91 Aug'30 __
8714 9218
1005 10212 9958 100
94 102
8
3
99 103
1025
3_ 1025
8 103
10
-.
1 1021., 10214
1 10014 10418
10212 10

Rid
104
9714
101
10512

1
103
103_ 103
10014 30
993 10 -14 100
4 -0
10214 Sale 10214
7
10214
36 Aug'30 ____
37
33
____ 85
88 Aug'30 __
4__ 1043
2
1043
1043
,
4
8014 - 0
9
8014 Aug'30 ____
8
1045 _ 104% Aug'30 ____
____
107 1 7 125 May'30
-118
. 26
471
4512
48
46
60 June'30 ____
__ 60
_-_
__
6312 Mar'30____
60
1021- 103 1035
4
1
1035
8
8

10038 103
94 10012
9812 10212
60
34
873 97
4
10218 105
7914 8112
10214 104%
121 125
3712 61
7514
60
5312 5312
100 10512

817
3 10
79% 8012 8012
9718 Sale 97
973
8 87
9214 132
9213 Sale 913
8
907 sale 891::
9112 51
6712 74
72 Aug'30 ____
49
66
66 Sale 6234
09 Sale 9834
6
99
97 Sale 97
9714 32
7
8 102 3 2'3
10234 Sale 1025
102%1027 10212 1023
4
2
.
9834 10112 9838 Aug'30 _ _ _
96% 42
96% Sale 95 4
3
100% ____ 100
2
100
98 Sale 9714
18
98
130
100
100 Sale 9914
9514 123
947 Sale 9412
8
4
1055 Sale 105 8 105
5
44
g
9812 July'30 ____
9S18 100
983 Aug'30 _
4
8314
3
8314 Sale 82

85
69
8853 9112
9314
94
8618 9214
74
63
5912 8914
95 10018
9212 93
8
985 1027
3
983 10353
4
983
8
95
9678
00
9334 10012
85 100
86 10014
83
9712
10312 10613
9512 10(1
9312 99
7613 90

12
BONDS
,_ c
N. Y. STOCK EXCHANGE. ,
-1.
.
Week Ended Aug. 22.
,t,i.,

Price
Friday
Aug. 22.

It'eek's.,..`" _.
Range or
az
Last Sale. 4

Range
Since
Jan. 1.

Bid
Ask Low
High No. Low
High
Elk Horn Coal 1st & ref 614s 1931 3 1:1 797 Sale 797
8
2
80
797 98
8
Deb 7% notes (with warr) 1931.1 0 51
70
52 Aug'30 ____
75
52
EQUIt Gas Light 1st cor 5s_ _1932 M 5 1003 ____ 101 Aug'30 ____
993 101
4
4
Ernesto Breda Co 1st in 7s_ _1954
With stk purch warrants
7612 Sale 7612
F A
84
75
16
77
Federal Light & Tr lot 5s_ _ _1942 M 5 98 Sale 97
98
91
10
98
let lions f 5s stamped__ _1942 M S 97
14
9714 9714
9714
92
9814
1st lien 65 stamped
1942 M 8 102 Sale 102
103
5
13 100 8 105
30-year deb 65 series 13_ _ _ _1954 J I) 9414 96
9218 10018
96
1
96
Federated Metals s f is
1939 .1 D 9812 99
98 Aug'30 ____
97 102
Flat deb 7s (with warr)_ _ _ _1946 J J 95
98
9413 Aug'30 _
943 107
4
Without stock purch warrants_ ____
89
9212 91
1
91
873 947
4
8
6312
59is 89
Fisk Rubber lots 085
1941 NI 5 63 Sale 6013
Framerican Ind Dev 20-yr 7448'42 1 J 10812 Sale 10814
10812 69 10312 109
Francisco Sugar lets 1 7448_ _1942 MN
80
80 Sale 80
7
80
97
French Nat Mall SS Lines 781949.1 0 1033 10414 1033
4
4 10412 25 1023 10412
4
Gannett Co deb 6s
85
2
1943 le A 84
84
82
84
927
8
Gas & El of Berg Co cons 6581949 1 D 1027 __ __ 10212 June'30 __
8
997s 102
12
Gelsenkirchen Mining 6s_ ,....1934 M S 9534 Sale 9514
4 76
953
95% 96 4
3
Genl Amer Investors deb 55_1952 0 A 8512 8634 87 Aug'30 ____
8012 92
Gen Baking dabs I 5;45_ _1940 A 0 9714 Sale 97
9714 24
96
9714
Geo Cable 1st s I 54413 A.. _1947 J 1 9612 Sale 9612
973
4 21
9612 103%
Gen Electric deb g 3148_ _ _ _1942 F A
9518 ____ 9514 Aug'30 ____
94
96
Gen Elec (Germany)78 Jan 15'45 / .1 104 Sale 10334 104
0914 105
3
S f deb 644s with warr_1940 3 0
_ 106 107 July'30 ____ 107 124
Without warryts attach'd_1940 J 0 9914 993 99
993
4
6
95 101
4
20
-years 1 deb 65
1948 MN
9514 Sale 9514
9218 97%
9633 29
Gen Mot Accept deb Os_ _1937 F A 104 Sale 10318 104
65 10012 1043o
Gent Petrol 1st ef 5s
10212 16
1940 F A 10214 Sale 10214
997 102
12
Gen Pub Serv deb
9312 103
. _ _1939 J 1 100 Sale 984 100
22
Gen'l Steel Cast 514s withwar'49 J 1 103 Sale 10212 103
5S4s74 100 2 10614
,
Gen Theatres Equip deb 68_1940 A 0 93 Sale 923
4
259
94
9234 100 4
,
Good Hope Steel & I sec is._1940 A 0 95 Sale 95
9212 103
4
9518
Goodrich (13 F)Co 1st 684s. _1947 .1 J 1063 Sale 1063
8 86 105 1077
4
4 1067
3
Goodyear Tire & Rub let 55_1957 Al N 935 Sale 93
90
8
95
933
4 88
Gotham Silk Hosiery deb 6s19363 D 8912 9012 8913
8953 15
87
9712
Gould Coupler 1st s f 6s_ _ 1940 F A
8
7218
7218 Sale 7218
6137 84%
8
Gt Cons El Power (Japan) 781944 F A 10112 Sale 10118
97% 1002
10112 11
1st & gen 9 t 6145
1950 J J 94 Sale 94
9412 25
9014 9S
Gulf States Steel deb 544s. _1942 J I) 9514 Sale 9514
9712 18
95% 1008
Hackers/telt Water lot
_1952 1 3 9012 92
917 Aug'30 ---- I 85
3
917
Heroin Mlnirg 68 with 4s..8th
war for corn stock or Am she '49 1 .1 8912 Sale 8912
11
94
86
90
Hansa 13S Lines6s with warr_1939 A 0 8312 85
8314 92
2
8412
833
4
Hartford St Ry 1st 4s
1930 M 6
0612 Aug'29 -----------..
Havana Klee el:
111301 g 5s-,
-1952 F A -77, u
66
,_12
..°
5.
Deb 5;53 series of 1926_1951 NI 5 9512- 8
4412 la
44l2 Sale 43 Aug'30.3° --:7-.
43
6612
Hoe(R)& Co 1st6)4s ser A.1934 A 0 79 Sale 79
14
80
75
90
Holland-Amer Line 5s (flat)_1947 M N ____ 77
77
77 Aug'30 __
9213
Houston 011 sink tend 530..1940 M N
97
39
9714
97
97 9713 97
If udson Coal 1st 81 59 ser A-1962 J D 647 Sale 6312
6514 55
5312 73
8
Hudson Co Gas 1st g 55._ _ _1940 91 N 10513 ____ 105 Aug'30 ___ 10118 105
Humble Oil& Refinivg 540_1932 / 1 1025 Sale 10214
8
1023
4 56 101 1023
4
Deb gold 543
1937 A 0 103 Sale 102
103
993 103
4
23
Illinois Bell Telephone 55_1950 1 0 10512 Sale 10512 1053
., 19 103 106 3
,
Illinois Steel deb 4445
1940 A 1) 1065 1607 10012 101
8
157 102
8
10
Reeder Steel Corp Mtge Os.. 1948 1. A
867
867 Sale 36
8 25
8
82
92
Indiana Limestone 1st 5: 65_1941 M N
76 Sale 76
767
3
8512
7
68
Ind Nat Gas & 011 Is
1936 MI N 100
____ 10012 June'30 ____ 100 101
Inland Steel 1st 440
1978 A 4) 97 Sale 9612
9712 88
91
9712
Inspiration Con Copper 68431931 tit a 101 10134 101 Aug'30 ____ 100% 10112
Interboro Metrop 4 Ms_ _ _1956 A 0
913 20
912
.
1
934
913 9
12
Interboro Rap Tran let 55..1960 .1 1 6612 Sale 6614
663
4 70
61
74 2
,
Stamped
1 1 6614 Sale 60
6612 127
61
7412
Registered
4
673 Jan'30 ____
60 4 673
3
4
10
-year Os
19:32 A 0 50 Sale 48
7
50
447 6614
10
-year cory 7% notes_ 1932 5, 5 8414 Sale 87%
1
83
22
84
9 4
43
Int Agric Corp lot 20-yr 5s_ _1932 MN 977 Sale 975
8
975
8
2
9312 9753
Stamped extended to 1942... MN 77
795 78 Aug'30._ _ _
7214 7912
Int Cement cony deb 55_ _ _ _1948 111 N 10134 Sale 10114
10134 39
91 10358
Internet Hydro El deb Os-1944 A 0 100 Sale 9912 10012 104
98 104
Internet Match a f deb 5s 1947 M N 10012 Sale 100
10012 107
97 100 2
,
Inter Mercan Marine s f 6s_1941 A 0 101 Sale 101
101
18
96 4 101%
3
Internet'Paper 5s scr A & B _1947 1 J 8414 86
84
9212
81
9
8.5
Ref s f 6s series A
1955M S 87 Sale 87
85
12
94
87
Int Telep & Teleg deb g 414e 1952 ./ J 91 Sale 90%
9112 73
3 9
89
4
Cony deb 414s
19393 J 11018 Sale 10914
11012 71 105 1293
4
Deb 55
9614 9918
1955 P A 98 Sale 9734
9814 130
,._

Kansas City Pow .0 Lt 58_1952 M 5
1st gold 434s series B._ _1957 1 .1
.
Kansas Gas & Electric 6s._ _1952 M 5
lot AI 41.;
IteS0 1 D
Karstadt (
Rudolph) lis_ _ _1943 M N
Keith (SF) Corp 1st 6s_ _ _ .1946 M S
Kendall Co 5 Ms with warr_ _1948 M S
Keystone Telep Co 1st 58_ _1935 J .1
Kings County El & P g 5s _ _ _1937 A 0
Purchase money (Is
1997 A 0
Kings County Elm'1st g 4s.,,1949 5' A
Stamped guar 4s
1949 r A
Kings County Lighting 5s_1954 J .1
First & ref 03.4s.1 J
1954
94
89 0538 Kinney ((llt) & Co 744%notes'36 J /0
2
94
03
93
4612 4714 4612
4612
1
42
Kresge Found'n coil tr 6s_ _1936 1 D
63
Kreuger & foil 55 with war_ _1959 Al S
143 105 108
10718 Sale 1061, 10712
10212 ___ 10214 Aug'30 __
9812 10212 Lackawanna Steel 1st 55 A_ _1950 M S
Lael Gas 01St L ref&ext 55_1934 A ()
igi 10214 106
10514
105 gale 105
('01 .0 ref 5148 series C...1953 F A
4
3 89% 953
93
93 Sale 9212
87
74
73
Coll & ref 534s ser D _
5
7212 7312 73
1960 P A
Lautaro Nitrate Co cony 65.1954
913 99
4
21
99
4
_ _ 973
9712 10312
3
98%- Without warrants
10318 10412 10318 103%
.1 ./
4
94 1013 Lehigh C & Nay e 1 434s A.1954 .1 3
1
10012
4
10053 1003 10012
Lehigh Valley Coal 1st g Is._1933 .1 I
9912 103
6
10212 Sale 10212 103
let 40-yr gu int red to 4% _1933 1 ./
OS
97
57
98
978 Sale 97
4
3512 41Is
151 & ref s f Is
--------41 Mar'30 ____
1934 F A
lot & ref s f Is
3618 4312
3
__ _ 247 41 Mar'30 _ _ _
1944 F A
1st & ref s 1 Is
9212 10014
9312 25
9312 Sale 93
1954 F A
lot .0 ref 5 1 55
3858
1(3
1714 Aug'30 __ _
1714 1712
1964 F A
1st & ref s f 5
47
20
1
20
____ 193 20
4
9174 F A
40% Liggett & Myers Tobacco 7e_1944 A 0
20
10
21
3814 20
22
58
10014c105
5
103%
103 Sale 103
1951 F A
10412 23 10214 10412 Loew's Inc deb Os with warr.1941 A 14
104 10414 104
Without stocks purch warrants A 0
--------76 Dec'29 ____ ____ ____ Lombard Elee 1st 75 with war'523 1)
9812 103%
Without warrants
10012 102 101 Aug'30 ____
.11 D
9812 104
Lorillard (I') Co 7s
10114 10
10012 102 101
1944 A 0
5
Oct'29 ------------5
____ 3612 61
1951 11. A
10
Deb 5345
47
10 July'30
30
10
1937 3 J
4
10334 60 10014 1033 Louisville Gas & El (Ey) 59.1952 M N
)
10313 1031 103
Lower Austria Hydro El Pow-..
2 101 105
1044 10514 10434 105
4
1st s f6 s
9 1013 10618
10618
106 10712 106
1944 9 A
17 /05 10812 McCrory Storm Corp deb 5)48'41 .1 0
107
10634 Sale 1064
2 102 10612 McKesson & Robbins deb 544s'50 AI N
10614
10618 -- --108Is
1074 Manta( Sugar 1st 51 7448_ _ _1942 A 0
107
3 1023,
107 Sale 107
8
997 Manhat Ity(NY)cons g 48_1990 A 0
983 99
96
4
1
983
994
4
20 45
987
8
91
943
, 64
9412 Sale 94
2013 1 D
61
75
Manila Elec By & Lt s f 5s..1053 M 5
6212 Aug'30 ____
63
61
Mfrs Tr Co ars of partle In
90101 Apr'30 ____ 10012 101
2e10412
A I Namm & Son 1st 68_1943 I D
10318 3- - - 10318 Aug'30 ____ 1011
103 s
16 10318 10612 Marlon Steam Shovel s 1 68_1947 A 0
106
10512 10534 10512
10212 33 9614 103 Market St Ry 75 ser A _April 1940 0 .1
10212 sale 10214
Merldionale Elec lot 75......1957 A 0
87
52
2
53
54% 52
52
,
943 9734 Metr Ed 151 .0 ref Is ser C 1953 1 .1
8
9712 9814 975 Aug'30 ____
1515 434e ser D
1105 ____ ilia July'30 _-_- 109 111
8
1968 M S
Metr MIII Mach 7s with war_1956 F A
13 100-34 1024 Mlag Mill Mach 75 with war_1956)D
1023
102 10212 102
Without warrants
8934 9712
3
9414
93 Sale 93
I D
1
871s 91. Midvale St.00 cor v at 5s_ _1936 Al S
1
80
8514 93
40

5
10512
8
10513 1057 1053
1
101
10012 1087g 101
9512 96 106
106
23
9512 35
9512 Sale 9518
21
75
74
743 73%
4
8012 84
80 Aug'30 ____
3
7412 78
7412
7
5
____ 8618 July'30 ____
88
8
2
103's.. 1034 1033
3
130
- 4
12912 1303 130
4
81
8013 82
81
____ ____ 8014 191aY'30 ---8
1047 _ 10453 July'30 ___.
11718 1- - 11712 11712
1712
1
8
10012 1013 1003 Aug'30 ____
4
10312 104 10318 1031,
7
971, 143
97 Sale 963
1033, 10312 1033 Aug'30 _ _
8
1
4
10212 1023 10212 10212
103% Sale 10313 10314 37
1031z Sale 10312 10334 13

99 10234
1003
4c10514
102 104

82 Sale 813
4
83
9858
9853 __- 985
8
10013 ____ 10012 10012
_
98.. 9712 May'30
973 98
4
9812 July'30
78%
77
81
78
66
____ 66
66
____ 66
70 May'30
65
70
70 June'30
122
122 Sale 122
10512 Sale 10512 10613
116
116 Sale 114
98
9834 Sale 98
34
95
95
95
9412 95 94 Aug'30
1103
8
11034 Sale 10934
90
90 Sale 39
9614
96 Sale 9513
4
104 1043 10312 10414

58
5
3
__
_
5
1
____
___
11
31
6
15
1
____
17
73
121
20

74
8711
941s 9854
9734 10111
9512 1003
1
8112 100
80
83
74
66
7614
70
75
70
11712 1231,
3
993 106 4
4
10112 130
913, 101
93 9911
99
93
10-178 110
51
787 901.
8
961,
84
100 105

87
98
Sale
Sale
Sale
3
487
4
973

1
85 2
,
8512
9713 Aug'30 _.._
9112 45
9013
42
41
3
49
4
4834
47 Aug'30 ____
90 July'30 ____

91
80
96121001:
6013 03
37
86
44
60
45
54
ggi,
90

9812 Sale
63
50
9214 93
99
97
105 10514
101 Sale
80 2 83
,
____ 86
77 Sale
10214 Sale

1
9812
9812
50
53
1
2
92
9212 10
97 Aug'30 ____
10412 Aug'30 ____
100
10114 17
81
1
81
8012
8012
1
77
77
21
102
1025
8 40

9612 100
50
883
89% 973
943 102
1111 105
973 1001
4
6512 831
8012 97
77
90
993 1023
4

5512
4
973
9012
42
49
40
9114

103 1057
3
9512 101
104 10611
9118 9512
6912 8373
74
91
4
7412 923
75
90
10014 104 4
,
125 130
7512 82
7512 84
10012 105
11412 11912
1003 10714
8
102% 105
92 10034

100 um!

1239

New York Bond Record- Concluded--Page 6
r •
"..
BONDS
t
4 8.
N. Y. STOCK EXCHANGE. - -S.
:4::
Week Ended Aug. 22.

Price
Friday
Aug. 22.

Week's
Range or
Last Sale.

"_,
Ia
re.

Range
Mare
Jan. 1.

4
r".4
Price
'
BONDS
1'..-.Friday
N. Y. STOCK EXCHANGE. s ,Week Ended Aug. 22..1.'„:.: Aug. 22.

Range
Range or
Laid Sale.

a
z .
r.....

Range

R.

Jan. 1.

High
nigh No. Low
.4s1 Late
Bid
High
High No. Low
Bid
.1st Low
89
80
8 27
805
80 Sale 80
Rhine-Ruhr Witt Ser 6s.„ _1953 .1 .1
9714 101
4
10018
Milw El Ry&Ltref & ext 4144'31 1 1 10018 10012 100/8
14
98
80
39
89
Richfield Oil of Calif 65-1944 M N 88 Sale 83
103
4
997
General& ret Is series A__1951 J D 10318 ___ 10114 July'30 ____
12 97
88
9
14
944
944 Sale 9412
1955 F A'
10214 54
964 10214 Rims Steel 1st at 7s
1961 .1 I) 10214 Sale 10178
1st & ref Is series 13
4
10712 18 1053 1084
9712 11912 Rochester Gas & El 7s ser B_1946 M 8 10718 Sale 107
1st 3, ref 58 ser 13 temp_ _1961 1 D --------9912 Jan'30 --__
8 10412 108
107
C_ _ _1948 M 5 107 Sale 107
Gen mtge 530 series
16 100 10412
104
Montana Power 1st 5a A.....1943 J J 104 Sale 10318
97 100
8
Gen mtge 430 series D _ _ _1977 M S 993 10212 100 Aug'30 --__
9818 10312
10312 21
1962 1 0 10312 Sale 10314
Deb Is series A
85
85
85 Alay'30 ____
92
Koch & Pitts C & 1 pm 58._1946 MN 85
Montecatini Alin & Agric8712 92
315
0 0114 Sale 9118 . 93
2 101 10812 Royal Dutch 4s with warr_ _1945 A
103
Deb 7s with warrants_ _ _1937 J J 10118 102 102
95 102
2
9934
4
4
J .1 993 10112 993
Without warrants
1
94
9831
9712
95 101
St Jos Ry Lt H dr Pr 1st 58_1937 AI N 9712 9812 9712
4
10018
8
Montreal Tram 1st & ref 53_1941 J J 100 1007 100
64
52
8
54
9114 96
St L Rock Mt & P Is 3LT/10_1955 2 i 54 Sale 52
2
8
945
Gen & ref St Os series A _ _1955 A 0 9412 9514 944
3
80 c92
87
87
8
9178 917 St Paul City Cable cons 08_1937 J .1 8412 00
8
1955 A 0 9412 9614 917 Jan'30 ____
Gen & ref sr 58 ser B
10712 10 102 108
J .1 10712 Sale 107
844 99 4 San Antonio Pub Serv 1st 63_1952
8
,
Gen & ref 8f 4 y48 ser c __ _1955 A 0 863 8712 8614 Aug'30 ___
8
928 10014
9712 31
97 Sale 9612
.
5
9112
9112 9414 Saxon Pub Wks (Germany) 78 45 F A
Gen & ref 8f 58 ser D
1955 A 0 9412 9512 9112
6 c99
3
8
4 2
013
1951 MN 9112 Sale 9112
Gen ref guar 630
8514
80
9
85
Morris & Co 101 s f 430 _ .._ _1939 .1 J 85 Sale 834
77
45
3
69
.1 69 Sale 69
10462
73 7314 Schulco Co guar 630
73 June'30 ____
Mortgage-Bond Co 48 sec 3.1966 A 0 734 00
824
45
85 60 Aug'30 -- _
Guar s f 630 series 13_ _ _1946 A 0 80
9612 9812
4
98
98
99
1933 J .1 98
10-25 year Is series 3
95 100
2
9678
9618
9612 96
530_.1948 MN
Sharon Steel Hoop s t
89 100
9812 Aug'30 --__
1934 J O 9814 100
Murray Body 1st 630
9212 c9714
67
97
8
8
9978 1045 Shell Pipe Line at deb 5s _ _ _1952 M N 9612 Sale 9612
8
Mutual Fuel Gas isr gu g 58_1947 MN 1027 ____ 1045 Aug'30 _
9312 9914
974 96
96 Sale 96
8
954 985 Shell Union 0118 1 deb 5,3_ _ _1947 MN
Mut Un Tel gtd 68 ext at 5% 1941 M N 10218 __-- 984 Jan'30 -.__
9614 10212
9978 288
1949 A 0 98 Sale 98
Deb 5s with warr
Namm (AX)& Son_ _See Mfrs Tr
8518 94
1
8514
8
495 57
1
4 50
503
50
Shinyetsu El Pow 1st 6 30._1952 J 0 8514 8612 8514
Nassau Elec guar gold 4s_ _ _1951 1 J 50
5
41
6912
51
8
507 Sale 50
4
10214 10312 10212 Aug'30 ____ 10012 1023 Shubert Theatre 6s_Jure 15 1942
1942 J 0
Nat Acme lots? 6s
8 100 10414
10112
1935 i J 97 101 100
05 c10112 Siemens & Halske s f 7s
8
993 381
8
993 Sale 99
Nat Dairy Prod deb 530_ _1918 F A
10112 37 100 108
1951 M S 101 Sale 10012
2112 40
2112 Sale 2112
12
22
Deb 8 t 630
1947 F A
Nat Radiator deb 630
8
96s 10314
7
Sierra & San Fran Power 53.1949 F A 10212 Sale 10238 10318
8012 9018
1
89
4
9814 99
9812 12
Silesia Elec Corp s f 630...1046 F A 89 Sale 89
Newberry (2 J) Co 534% notes'40 A 0 9814 983 9814
86 c97
2
4
873
105
1 102 105
Silesian-Am Exp coil tr 78 1941 F A 8712 8812 8714
Newark Consol Gas eons 58_1998 J 0 105 Sale 105
4
4
3
104 4 73 1002 1043
_ 1073
17 103121108
4 108
New L'ngi Tel & Tel Sc A__ _1952 a 13 10712
shaelair Cons Oil 15-yr 7s_.1937 M 8 10412 Sale 10412
8
993 1004
8 19
1027
__9818 1027
1961 M N 1112 Sale 102
8
let lien roil 65 series D-- _1930 M S 100 10018 100 Aug'30 _ _. _
1st g 430 series 13
8
092 10418
8 31
1037
9012 90
9012 17
1938 J 1) 10312 Sale 10314
93
83
D
On Pub Serv 1st 55 A_ _1053 9 0 90
New
1st lien 63.45 series
8
947 1023
4
10214 139
8
8 13
903
83 - 934 Sinclair Crude 011530 ser /1_1938 3 J 102 Sale 102/8
First & ref 5s series 13_ _ _195.5 J 11 905 Sale 90
9412 102
63
8
102
4
8014 853 Sinclair Pipe Line s f 55
1942 A 0 1013 10214 10118
NY Dock 50-year 18t g 9s_ _1951 I, A 8314 847 8212 Aug'30 _ __ _
4
8 58
967
91
994
1939 M 8 9678 Sale 96
1938 A (8 7318 7512 73 Aug'30 _
70
Serial 5% notes
86
Skelly 011 deb 530
18 10112 104
4
1023
8
8
1144 20 11112 11434 Smith (A 0) Corp 1st 630_1933 MN 1025 103 10258
NY Edison 1st &ref 634s A_ 1941 A 0 11414 1143 11418
9378 99
72
99
106
1st lien & ref Is series B 1944 A 0 10514 Sale 105
4
1942 M 8 99 Sale 9838
8 1023 106
Solvay Am Invest 5s
4 103 107
9
7 10434c11012 srairh ppm me° sugar 7s.
NY Gas El Lt Fl & Pr g 5s-1948 J 0 r1104 Sale 10712 c11012
.l941 J D 10312 Sale 10312 1033
10514 48 1014 1053*
8
8
98 Sale 97
98
9234 98
3
Purchase money gold 9s_ _1949 F A
South Bell Tel & Tel 1st 5 f 55 '41 .0 .1 1047 Sale 1047
10612 23 102 10612
8
99 101
NY L E & W Coal & RR 530'92 M N 10014 ____ 101 mae30 _ _ _ _
.
s'west Bell Tel 1st de ref 5s_ _1954 F A 1063 Sale 10578
3 10112 1053
4
10412
9818 99
NY L E & W Dock & Imp 55'43 J .1 10014 ---- 99 July'30
Southern Colo Power 68 A..1947 J .1 10412 10518 10312 July'3 ____
8
993 1003
4
4
994 _ _ 993
4318 Mar'30.
4318 4318 spring Val Water let g 58-9143 PA N
NY Rys 1st R E & ref 48...1942 i j 4318 54
8
997 10012
4318 _ _- 5614 Mar'29 ____
1st 58_ _ ...1930 M N 10014 1003a 10014 Aug'30 __-_
____
standard mining
Certificates of deposit
47
- 8 1 Aug'29 ____ ____ ____
1945 AI 8 10418 10412 10014 July'30 ____ 100 10412
30-year adi Inc 58_ _Jan 1942 1 e ____
Sat & ref 530
8 65 10034 10934
1045
1 July'29 __
_._.. Stand 011 of NJ deb 55 Dec 15'46 F A 10418 Sale 104
Certificates of deposit
95 10012
Sale 993
1001_ 77
4
Sale
N Y Rye Corp Inc 68._Jan 1965 Apr
Y deb 430..1951
4
. - ..-.....3 Stand 011 of N1st 6seer A _1945 J II 9934 Sale 7934 8014 3 74 90
5'2 5
59
5iz
59
1965 .1 j 59513
4
J J 703
Prior lien Gs series A
' Stevens Hotel
'z
' "'
54
30
7
3114
20
31
A....1951 M N 1054 ____ 10512 Aug'30 _ _ _ 104 1053 Sugar Estates (Oriente) 7s-1942 M S 30
NY & Richm Gas lot 68
4
____ 10312 1065s
1012 1012 Aug'30 ____
10
6 c25July'30
NY State Rys 1st cons 4 348_1962 11 N
Syracuse Lighting 1st g 513_ _ _1951 1 1) 107 ____ 1008
Jan'30
MN --------17
17
17
Registered
,
10418 102 Aug'30 ....-- 102 104 2
127 14
14
20
Certificates of depos8 /0 June'30 _
Tenn Coal Iron & RR gen 5s_1951 J .1 10212
1012 14 it_
5
N
9712 10212
8
July'30 ____6 82414 Tenn Cop &Chem deb 65 B_1944 M S 10012 1023 10012 102
50-yr 1st cons 6345 series 111962 m
53 10412
4 108
6 lows 10812 Tenn Elec Power let 6s. 1947 J D 10634 Sale 10634 10738 284 1003 108
NY Steam 1st 25-yr 6s ser A 1947 M N 108 Sale 1073
8 106
104:8
4
4 13
8
983 10131 Texas Corp cony deb 5s..._1044 A 0 1033 Sale 10312
NY Telep lst & gen s f 430.1939 NI N 10112 Sale 10112 1013
45
4878 24
5412
4 1104 112
11112
1960.3 J 4812 Sale 48
-year deben *1 Os__Feb 1949 F A 111 11112 111
30
Third Ave let ref 4s
2238 35
263
4
1074 28 1057 1084
1960 A 0 3212 Sale 283
1941 A 0 10714 Sale 107
8
65
-year ref gold
30
Ad)Inc 55 tax-ex N Y Jan
92 100
0
96
96 Sale 96
101 Sale 100
1946 , 0
101
94 10138 Third Ave Ry 1st g 5s
25
19373 .1
N T Trap Rock 1st Gs
6
10014
9814 1004
8 1033
1955 Al 8 10014 Sale 10014
3 10014 1034 Toho Elm Power 1st 7s
8
Niagara Falls Power lot 58_1932 1 j 10338 104 1033
4
963 10012
23
8
6% gold notes
1932 J J 997 Sale 904 100
Jan 1932 A 0 10314 104 10312 10312
2 10012 10312
Ref & gen 65
8 1044
8
2 1015 105
Niag Lock A Opt 1st 5s A..1955 A 0 1044 ___ - 1043
Tokyo Elec Light Co, Ltd8
855 9212
4 42
882
4
19532 0 8812 Sale 884
9114 30
8634 9312
Norddeutsche Lloyd 30-yrst65'47 M N 904 Sale 903
1st 6s dollar series
96 1104
8
1103 119
3
5912
1104 Sale 110
5012 70
Nor Amer Cein deb 630A_1940 M 5 5914 604 5912
Pranscort 011630 with war_1938 J .1 101 Sale 1003
874 10112
6
4 10114
8
104
24
991s 104
No Am Edison deb 5s scr A.1957 M S 1037 Sale 10314
Without warrants, 1033
8
8 ___ 10318 Aug'30 ---_ 102 1033
.
1033
4 48
8
997 1033 Trenton G & El 1st g 55 _ _ _1949 NIS
4
Deb 530ser B__ _ _Aug 151943 F A 10312 Sale 103
2
82
7912 9411
4
80
84
8
0
8
10114 265
953 10114 Truax-Traer Coal cony 63413_1993 M N 8
Deb Is series C___Nov 15 1969 MN 1003 Sale 1003
16 102 10438
4 163
1054 11
98 106,8 Trumbull Steel lots!6s-1990 M N 103 Sale 1023
Nor Ohio Trac & Light 68_1947 m 8 10412 105 10414
10312 39
993 10414 Twenty-third St fly ref 5s_1962 J J
4
23
23 Aug'30 ---:
30
4
23 "
Nor States Pow 25-yr 55 A__1041 A 0 10314 Sale 103
9912 Sale 994
94 100
4 1i
993
8
10612
2 1035 11012 Tyrol Hydro-Elec Foss 7301955 M N
_
lot & ref 5-yr (is ser 13_ _ _1941 A 0 106 Sale 106
92
22
95
85
9114 Sale 9114
1952 F A
98 100
North W '1' 1st Mg 4345 gicl_1934 .1 j 9918 __ _ 9812 Aug'30 __
Guar see s t 7s
974 1011i
7
8
8 10012 1007 10012 10012
530_1957 Al N 94 Sale 94
95
1945 ID
2
884 95
Norweg Hydro-El Nit
Ujigawa Elec Pow s f 7s
8
7 100 102
M 5 101 10112 10112 1015
Union Elee Lt & Pr (181o) 581_1932 501 N 10112 Sale 10112 10112
3 100 102
8
2 110 11212
4
1933
Ohio Public Service 730 A....1946 A 0 1117 11214 1114 1113
Ref Sr ext 5s
5 101 105
10314
10314 Sale 103
1947 F A 113 114 11214 Aug'30 __
110 113
lot & ref 78 series 13
Un E L & P (Ill) 1st g 530A 1954 J .3 81
831,
70
83 83 Aug'30 ____
10814 65 105 c109
1948 .1 .1 10814 Sale 10814
Ohio River Edison 1st 6s
.
(Chic) 5s_ _ _1945 A 0
Union Elev fly
9912 1013
8
_
. 1005 July'30 -___
.
1944 F A 644 Sale 64
4
643
5
68
597 803* Union Oil 1st Iler s f 5s
1931 J J --8
Old lien Coal lot
106 110
5
110
9914 1041
46
,
1943 F A 104 Sale 10312 104
Ontario Power NP 1st 5s
May 1942 1 A 109 10978 110
30-yr 6s series A
2
98 102
101
8
8
98 103
Ontario Transmission 1st 521_1945 MN 1025 10312 1023 July'30 _
Feb 1935 .4 0 101 10134 101
1st lien s f 55 mr C
9914 101
34
101
8
8
4
983
1.953 NI 8 983 Sale 974
4 io
95 100
Apr 1945 J D 1003 Sale 1003
Oriental Devel guar 65
Deb 5s with warr_
:
99 1031
3
1958 MN 9114 Sale 90 4
4
863 ‘„9314 United Biscuit of Am deb6s_1942 M N 1024 Sale 10212 10314 13
4 31
91,
Extl deb 530
9212 gg
4 69
983
,
97
,
1953 61 8 9812 Sale 9818
extl 5s_ _1963 M 8 96 2 Sale 9558
Oslo Gas & El W1u3
° "‘
9
United Drug 25-vr 55
9
,
.5
67
67
67
74
10212 1033
4 67
1941 M 8 10214 103
4 14 10014 101
Otis Steel 1st M 65 ser A
United Rya St L 1st g 4s_ _ A934 l .1 663 101 10012 10011
5
S8612 191
8
10312 15 1005 104
8
8
1937 M N 100
Pacific Gas & El gen & ref 53 1942 .1 .1 1033 Sale 1027
United SS Co 15-yr 69
.
8514 92
884 39
8714
4
8
863 88
8
1035
7 100 104
1937 .1 3 1037 104 10314
Pacific Tel & Tel let 5s
Un Steel Wo'rks Corp 634/3 A _1951 1 ri 88 Sale 88
9
88
8534 92
107
1951 1 D
1952 MN 1064 1071 106
8
10 1015 107
Ref mtge 55 series A
.
Sue s f 61 0 series C
:
8512 17
8812 90
8814 8812
1947) J 88
Pan-Amer P & T cony s t 6s_1934 MN 10312 Sale 1034 10312 14 10114 10734
S f deb 6'34s ser A
91
92
9
88
984 United Steel Wks of BurbachPan-Am Pet Co(ofCal)conv6s '40 J D 9214 94
10612 10611 10612 20 102 1071,
4 101
101 Sale 1003
45
99 10318
Paramount-Wway let 530.-1951 1
Esch-Dudelange e t 75._ _1051 A 0 105
88
881,
83
80
824 Sale 824
98 the
02
100
4
Paramount-Fern's-Lasky 68_1997 J 0 993 Sale 9914
& ref 55 ser A 1947 1 .1
3
'
947
9412 -- 8 US Rubber 1st
36
9412 Paramount Public Corp 530 1950 F V 9412 Sale 941z
63
60
65 61 Aug'30 ____
5
79
78
80
80
66
864 Universal Pipe & Rad deb 68 1936 J D 61
.
Park-Lex 1st leasehold 830-1953 J
91
81
851 86 Aug'30 __
57
66
62
52
1953 A 0 85
1944 A
6
57
Parmelee Trans deb 6s
'4 Unterelbe Pow & Lt Os
91
55 92,. 97
97
4
__ 1013 July'30 _ _
101 10134 Utah Lt & Trac lot & ref 58_1944 A 1) 07 Sale 9612
105
Pat & PII8SRIC G & El cons 53 1949 m
10112 14
584
60
60
-6 36 80 Utah Power & Lt let 5s_ _1944 F A 10112 Sale 10114 June'30 -___ 9712 1017
5618 Pathe Ezell deb 75 with warn 1937 MN
99 1031,
5512 85
4
2
83
1023 ___ 10318
8214
85
1941 M 5 83
Penn-Dials Cement 1325 A
5s
Utica Elm L & P 1st s f g - - 1950 .1
8
1133 July'30.,
11114 11338 Utica Gas & Elec ref & ext 5s 1957 J ) 10714 __ _ 10718 Aug'30 ____ 10214 1071,
s
Peon Gas & C let cons g 68_1943 A 0 1133 _
4 41
903
86
95
4 104
101 c105 2 Util Power & I
4
2
1947 J 1) 904 Sale 8912
1947 M S 1033 Sale 1033
Refunding gold 5s
,
Light 5%s
108
85
8014 92
Sale 82
8
8
M 5 ---- -- - 1007 Mar'30 '
1007 1007
Registered
8
Deb 5s with or without war '59 F A 82
10114 70
1967 1 II 10114 Safe 101
96 10119
Phila Co sec 55 ser A
611
34
34
4
34
37
1091
07 --- 2 Vertientes Sugar 1st ref 75 1942 J 0 34
4
8
1967 At N 10112 Sale 10112 1017
Phlia Elec Co 1st 4345
-21
23 June'30 ____
30
45
W2
85
83
1953.3 J 22
Phila.!,Reading C & 1 ref 55_1973 1 3 83
88
80
4
Victor Fuel 1st 5 f 5s
73
70
7218 Aug'30 __
90
8
1949 Al 8 983 Sale 97,
83
9 4 102
91 110
va Iron coal & Coke lot g 58 19498% 9 73
4
Cony deb 65
102
1
4
993 10212
o7
4
Phillips Petrol deb 530_ _1939 1 0 963 Sale 9638
214
5s _ _ _1034 .1 1 102 Sale 102
-.
Va RNyvi.1,0108,o1:: let
9318 10912
11
9814
954 9814 07
104 107
15
Pierce Oil dabs f 8s _ _Dec-- 1931 I D 106 107 10012 July'30
Walworth deb 630 with war 1935 A 0 ____ 95
9512 July'30 ____
87
9614
9
0
Pillsbury Fl Mills 20-yr 6s 1943 A 0 10312 Sale 10312 10414 - i 10213 19057,4
warrants
9314
83
7
712
Sale 87
48
100 1133
Pirelli Co (Italy) cony 78_ _ _1952 MN 10012 101 10012 Aug'30 __
1st sink fund 6s series A _ _1945 A 0 87 Sale 8714
4
013 282
8714 113
deb (38_1939 M S 9712
Warner Bros Pict
99 Aug'30 _-__
99
9414 94 Aug'30
95 10018
94
95
Pocah Con Collieries bat e t 53'57 J a 94
Warner Co let Gs with warr_1944 A 0 07 Sale 07
973
4
3
89
4
4
98
105
-8 1024 1054
.
A 0 974
Port Arthur Can & Dk 65 A.1953 F A 1043 Sale 1043
'
Without warrants
105
5 10312 107
1953 F A 105 __ _ 105 june'30
102 1043 Warner Sugar Refin5. 1941 J D 10414 105 10414
Al 65 series 13
lot
9 Warn
let 7 424 561
4212 10
4214
- 975
4
100
8
Portland Elec Pow lot 65 8_1947 MN 993 101
9612 1004 Warner Sugar Corp 1st 78_1939 .1 J 4214 50
3
4214
4214 50
4214 Sale 4214
3
I935 J i 10112 10214 101
102
6
9814 103
Portland Gen Elec let 5s
Stamped
8114 20
8012 95
101
97 10114 Warner-Quinlan deb 65__1939 Pol El 8012 8212 8012
Portland fly 1st & ref 5s.._ _1930 M N 101 Sale 100
2
1 10012 106
__ 105
105
4 101
8
96 1013 Wash Water Power s f 5s_ _1939 .1 .1 105
Portland fly L & P 1st ref 55_1942 F A 101 102 1003
4
_ 105
1 10334 10718
105
9618 101
westchester Ltg 5s 8t11d gtd -1950 J D 105
1st lien & ref Os series B 1947 TA N 9918 10012 0912 Ang'30 ---Aug'30 ____ 10134 10618
4
2 10412 107
1st lien & ref 7340 ser A I946 MN 1033 Sale 10554 1054
West Penn Power ser A 5s_ _1946 111 8 10414 105 106
4
1063 M 8 1053 ____ 10514 Aug'30 _ _ _ 102 10612
2
,
86 2
Porto Rican Am Tob cony 651942 i 1 8612 „ _ - 86,
4
8512 9S
E
1st Is series
0 104 1051
3
105 4
4
933 sale 93
91
1953 A 0 1054 Sale 10514
Postal Teleg & Cable coll 53_1953 J .1
964
934 44
1st 534s wiles F'
3 1017 1051
8
8
8
8712
7712 94
1950 .1 D 1055 __ . 10512 1053
2
Pressed Steel Car cony g 53_1933 J J 8712 Sale, 87
1st sec 5s series G
e_ 10218 105
2
143 10112 105
A 3 103
Jan'30 _
181 194
uElreicotnriecoduebtru5sst__52111993498,0 105,s Sal_ - 1097 Aug,
Pub Serv Corp N J deb 430_1948 F A --------190
30 __
1004 1031
10538 --ii 10218 10512 Western
Pub Serv El& Gas 1st & ref 55'65 J I) 1054 Sae 10514
8
4
4
- 4
95 10014
1967 J D 1013 1013 101
1014 714 954 101,8
1950 IM N 10114 103 1004 1003
let & ref 430
Fund & real est e 430
4
4
25 108 110
1970 F A 1013 Sale 1013*
9512 1014
1930 F A 1093 Sale 10912 110
1013 118
1st & ref 430
4
15-year 630
8 105
J 20
4212 25 July'30
4
62 10018 105
1951 J D 1043 Sale 1045
55
25
Punta Alegre Sugar deb 78.t937
25-year gold 58
„ _. 1814 41
8
8
8 10514 55 1023 10.5i
24 Aug'30 --- 1960 /A 8 1047 Sale 1047
2312 55
Certificates of deposit
30-year 5s
4 36
823
".
76
91
1003
Pure Oils 5 H% notes • 1937 8 A 100 10014 100
at
8 24
9712 , , WestPhalla UP El Pow 6s
1953 1 J 82 Sale 82
low - - -8 1034 44 1003 1031
1940 1101 8 9918 Sale 99
4
S f 534% notes
Wheeling Steel Corp 1st 53481948 J 1 1034 Sale 1005
00
•
9713
99I1 167
9,51, 50
8
934 SS
1953 A 0 922 Sale 924
92
Purity Bakeries s t deb 53_1998 1 J 9518 Sale 95
93
87
974
1st & ref 430 series 13_
9614 9612 9614
1937 M N
Remington Arms 6s
530'37
9314 9712 White Eagle Oil & Ref deb6
9614
8 10214 1081
Rem Rand deb 530 with war '47 44 N 9812 Sale 9812
59
99
9112 101
With stock purch warrants__ 181 8 104 106 1024 10112
go
8
81
2 10114 10314 White Sew Mach 65 with warn'36 1 J --- 777 81 May'30 ___
Repub I & S 10-30-yr 555 f 1990 A 0 10212 103 1024 10212
,
44 Sale 44
99
Ref & gen 5 Hs series A _ _ _1953 J J 10312 104 10212 Aug'30
86
44
5
1004 10 s
1,
Without warrants
10312 ji 102 10514
1940 AI 14 44 Sale 44
Revere Cop & Br 6s_ _ _July 1948 M 8 10312 104 10314
4
493
7
44
80
Partic s f deb 6s
8
987 988
8
RheInelbe Union 78 with war1946 1 1 97
2
181 i
9878
97 107,2 Wickwire Spen St'l 1st 7s.__1935 J .1 1814 Sale 1814
1
184 40
20
17
96 Sale 957
20 Aug'30 _
Without sit punch warr 1946 ) J
4
9614 24
923 99
8
Ctf dep Chase Nat Bank ____ ___
8
1812
nube 7s A...1950 M 5 10112 102 10112 Aug'30
Jan 1935 M N 173 19
78
100 10318
1812
Rhine-Main-Da
6
1812 41
19
.... 17
19
Ithine-Westphalia El Pow 751950 MN 10112 Sale 10112 10212 1914
9714 104
6
Ctf dep Chase Nat Bank__
134 3914
_ _ 10114
8
19528% N
901. Sale 8912
86
Direct mtge 68
9512 Willys-Overland 5 f 630.......1933 M 5 101
9018 15
10112
98 101
2
10014 S'ale 100
00 Sale 894
9018 25
83
9412 Wilson & Co 1st 25-yr s t 65.1941 A c)
Cons M 68 of'28 with war_1953 F A
1004 23
99 c102
F A
8912 90
8012 Aug'30 _
Without warrants
85
1031
94
3 100 104
Winchester Repeat Arms 7345 '41 A 0 10312 104 103
8
904 ig
.
8812 933 Youngstown Sheet & Tube 5s '78 1 J 1034 Sale 103
8
Con m 680? 1930 with war 1955 A 0 904 Sale 895
1031 124 1001 103
.
C Cash sale,




1240

FINANCIAL CHRONICLE

[VOL. 131.

Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
Chicago Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, Aug. 16 to Aug. 22, both in- Chicago Stock Exchange,
Aug. 16 to Aug.22, both inclusive,
clusive, compiled from official sales lists:
compiled from official sales lists:
Stocks-

Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.

Railroads
Boston & Albany
100 19034 1874 19034
Boeton Elevated
100 77
7614 7734
Preferred
8711 874
First preferred
100
103 10514
Second preferred
_100
9154
91
Bost & Maine pr le stpd100
108 109
Ser A let pref stpd
754 77
Series B 1st pref stbel.-- 116
118 116
Series C 151 pref stpd_
103 103
Series D stamped
_100
148 148
Boston k Providence-100 180
180 180
Conn & Pass Sty pref....100
101 103
East Mass St Ry Co
Common
3
3
Preferred B
100
16
10
100
Adjustment
714 74
Maine Central
100 78
78
76
N Y NH & Hartford_100
1034 10534
Norwich & Worcester p1100
131 131
Old Colony
100
141 142
Pennsylvania RR
50 7134 7134 7234
Prov & Worcester
100
181 181
Vermont & Mass
100
123 123

Range Since Jan. 1.
Low.

High.

70 175
173 67
25 81
11 103
85 884
18 104
100 71
74 ,114
17 103
20 144
89 170
25 101

Feb
Jan
June
July
July
Jan
July
July
July
July
Jan
Jan

1904
844
94
110
9914
1114
84
130
114
185
180
103

Aug
Mar
Apr
Feb
Mar
Apr
Mar
Mar
Apr
Apr
Aug
Aug

22
25
25
20
380
7
lo
917
20
50

July
Aug
June
Aug
June
July
Jan
June
Jan
Jan

10
47
2854
86
12751
135
142
8754
18754
125

Feb
Apr
Mar
Jan
Apr
Apr
Aug
Apr
Apr
Ang

3
18
6
78
9734
129
125
8914
171
116

Miscellaneous
Air Investors Inc
4
4
American Founders Corp
104 1034 104
Amer & Conti Corp
184 1834 17
Amer Pneumatic Service25
454 434
Preferred
25
15
154
1st preferred
4) 44
44
45
Amer Tel ds Tel
100 21214 2054 213
Amoskeag Mfg Co
11
11
114
Aviation Sec of N E
514 6
Bigelow Sanford Carpet.. 53
53
554
Preferred
100
95
95
Boston Personal Prop Trust
234 24
Brown Co peel
7534 75H 7534
Columbia Graphophone_
12
1534
Cont. Security Corp
'
42
48
Credit Alliance Corp el A_
94
9
94
Crown Cork Internet Corp 1034 104 11
East Boston Land
10
2
2
East Gas & Fuel Assn com_ 28
2914
28
44% preferred
100
824 8251
6% preferred
100 9534 95
95
Eastern SS Linea Ino_25 26
24
25
1st preferred
100 97
97
97
Economy Grocery Stores.. 2934 294 2934
Edison Elee Illum
109 254
253 265
Empl Group Assoc T C.-- 25
2514
25

100
311 Feb
814
2,875
914 July 3234
550 184 June 314
50
4 June
9
Aug 2434
70 15
15 43 May 52
2,494 19954 June 2744
100 104 June 1814
Feb 12
105
5
185 53
Aug 80
Aug 103
9 95
116 21 June 28
July 85
10 72

May
Jan
Apr
Jan
Jan
Mar
Apr
Feb
Apr
Jan
Mar
Apr
Jan

1,030 12
100 42
7
1,458
9
285
30
2
160 28
62 76
830 92
470 234
16 9336
10 2334
821 237
585 2154

Apr
Mar
Apr
Mar
Apr
Apr
Jan
may
Apr
Apr
Feb
Mar
Apr

General Alloys
1034
General Capital Corp
Georgian Inc
34
German Credit Inv let pfd.
Gillette Safety Razor
Hataway Bakery el B„... 19
Hygrade Larnp Co
International common---------Intl Hydro-Elec class A
___ _
Jenkins Television
3
Loew's Theatres
25
9

115
110
25
120
1,297
325
105
50
120
1,275
249

104
41
34
17
6734
18
2834
5%
3354
3
84

1034
42
334
1734
20
19
2814
536
3434
4
934

Aug 374
Aug 63
June 20
June 1234
July
414
Jan 41
Jan 83
Jan 99
Aug 36
Mar 100
June 40
Jan 276
Feb 274

8
40
1
11
5834
1734
27
534

July 144 May
June 80
Apr
Mar
6
July
Jan 1934 May
July 10534 Jan
Aug 4034 Jan
Mar 34
Apr
July 144 Mar
asis Aug 53 Apr
234 Jan
934 Apr
736 Jan 1234 Apr

Mess Utilities Assoc v t o-851 734
7
Mergenthaler Linotype9534 95%
National Leather
14 114
io
Nat Service Co corn v t o334 34 4
New Engl Public Serv- •
274 274
New Engi Tel & Tel.„100 144
143 14434
North Amer Aviation Inc
834 934
North & South Amer
1534 1534
Olympia Theatres
104 104
Pacific Mills
100
214
21
Public MU Holding corn__
1714 17
1714
Railway Lt & Serv Co cons 68
88
694

2,257
851
20 9434
30
134
800
334
25 2534
120 141
25
53.6
100 1034
100 104
175 20
259 15
175 64

Shawmut Aran T C
17
Stone & Webst Ino can stk.
Swift & Co, new
• 2934
Torrington Co new
• 55
Tower Mfg Co
Tri-Continental Corp com_
Union Twist Drill
5
United Founders Corp corn 184
United Shoe Mach Corp_25 85
Preferred
25 31
17 El Elea Power Corp
1234
U S & Oversew Corp
1Thlity Equities CorD[Ad
---r
Venezuela Hold Corp
3
Venezuelan Mex 011Corp10
Waltham Watch el B pf100
Common
Warren Bros New Stock
5014
Convertible preferred _ _ _
Westfield Mfg Co corn _.._

735 15 June 214 Mar
741 70 June 11334 Apr
92 28 June 344 Jan
265 53 Jun. 87
Jan
130
1
Jan
3
Mar
15 114 June 2034 Apr
725 2434 June 51
Jan
1,40
154 July 4454 Mar
774 5814 June 6834 May
257 30
Jan 32
Mar
844 11
July 23
Jan
95 14 June 23 May
71
65
Jan 9134 Apr
Feb
180
1
634 may
100
3 Jar 7814 Jan
123 844 Aug 85
Feb
July 45
10 25
Feb
455 4234 June 85
Mar
July 63
45 50
Aug
Feb 2754 Jan
10 22

Mining
Arcadian Cons Mbn Co-25
Arizona Commercial
5
Arnold Mining Co
25
Calumet & Heels
25
Cliff Mining
25
East Butte Copper MineHancock Consolidated_.25
Island Creek Coal pref_100
Keweenah Copper
25
LaSalle Copper
25
Mohawk
25
Nlpissing Mines
5
North Butte
15
Old Dominion
25
P OPocobontas Co
•
Quincy
25
St Mary's Mineral Land.25
Utah Apex mining
5

15.60
990

2234
134
17
1414

32
13
17
7834
3
54
66
35
524
53
2334

220
134
20e

1634
7334
29
544
14
124
2434
16
65
31
124
1834
77
3
534
65
35
48
50
23%

220

17
7754
2934
55
114
1234
25

um
6534

134 134

200 20c
1334 144
1140 2540
900
114
1
1
105 105
114 114
75c 75c
2234 24
134 134
114 ig
431 411
154 17
14
1414
13
13
134 134

1,000 220 Aug 60c Jan
740
14 Jan
14 Jan
65 20c Aug 40c Jan
145 1334 June 324 Jan
86 1540 Aug
100 Apr
1,140 900 Aug
134 Jan
June
125
1
334 Feb
Jan 105% Apr
17 105
234 Feb
100
115 June
Jan
1
200 380 Jan
Feb
79 2234 Aug 52
14 Jan
July
50
1
1,227
111 June
534 Jan
44 June 1034 Jan
100
Jan 17
Mat
2,735 10
June 4454 Apr
788 11
Jan
130 12
July 28
350
34 Mar
134 Aug

BondsAmoskeag Mfg Co 8s.1048
7834 7814 22,000 78
Boston & Maine 4348_1944
9354 9354 1,000 93
Canadian Intl Pap 13s 1949 92
2,000 90
92
92
Central Pr & Lt 5s. _ _1958
5,000 9434
95
95
Chic Jet Ry & USY- 1940
4.1
5,000 86
92
92
Miss River Power 5s. _1951 102
102 102
1,000 98
New Eng! Tel & Tel 5s..'32
1014 10134 1,000 9914
PC Pocahontas deb 78 '35
28,000 100
107 112
Western Tel & Tel 5s__1932
10134 10134 1,000 9934
• No par value. z Ex-dividend,




Aug 12
Mar
July 10834 Feb
Jan
24 May
June
g Jena
July 31 June
July 18054 Apr
Jan 1534 Apr
July 164 July
Aug 1034 Feb
June 30
Feb
July 274 Apr
June 904 Apr

July 84
Aug100
June 95
June 95
Jan 10014
June 102%
Jan 1014
Jan 112
Feb 10134

Feb
Eel
Jun(
Mar
Mar
Jun(
All)
Aug
July

Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks
-Par.Price. Low. High. Shares,
Abbott Laboratories com..•
Acme Steel Co
25
Adams (J D) Mfg cona.__*
Add'sograph lot Corp corn'
Ainsworth Mfg Corp comb°
All-Amer Mohawk Corp AS
Allied Motor Ind Inc com.•
Allied Products Corp A--*
Altorfer Bros cony pref-'
Amer Pub Serv Co pf_100
Amer Pub UtIl pr pref._100
Panic preferred
100
Amer Radio & Tel Si Corp'
Amer Service Co cosi- •
Am UM & Gen Corp B vte•
Appalachian Gas
•
Art Metal Wks Inc com- •
Assoc Investment Co. •
Assoc Tel & Tel cl A
•
Assoc Tel Util Co com......•
Atlas Stores Corp cora- •
Auburn Auto Co com----•

42
31
30
10
98%
107
102
154
924

66
2414
107

Bancoky Co (The) com.10
Basttan-Blessing cora- •
Baxter Laundries A
4
Bend's Aviation oom
• 31%
Blame Inc common
•
• 2834
Preferred
Borg-Warner Corp nom-10
7% preferred
100
Brach & Sons (EJ) corn..'
Brown Fence & Wire
Common
•
Class B
• 10
Burnham Trad Corp com •
Convertible preferred,.,.'
Butler Brothers
20
Castle & Co(A M)
10 41
CeCO Mfg Co Inc coin_ •
Cent Illinois Sec Co Ws-- 25
Central III P S pref
•
Cent Pub fiery class A__• 27%
Common
•
Cent S w mu corn new_ •
Prior lien preferred,..__'
Preferred
•
Cent States Pow & Lt pf-•
Chic City & Cons By
Part share common__,.,.'
31
Part preferred
•
Chicago Corp corn
• 1034
Convertible preferred • 3854
Chicago Flexible Shaft _ _.5
Chic Investors Corp °cm-.
8%
Preferred
• 36
Chic N S & Milw pref100
Chicago Ill's part ctf 2_100
Cities Service Co cora___• 27%
Club Alum ilium Co
3
•
Commonwealth Edison:10° 28451
Community Tel cum part.
ConstruMaterial Corp corn'
Preferred
•
Coneumers Co common__5
43-4
6% prior pref A
100 59%
Cont Chicago Corn
Common
Preferred
4411
Cord Corp
5
74
Corp Sec of Chic allot ctf-•
Common
• 2234
Crane Co corn
26
Preferred
100
Curtis Lighting Inc am_ •
Diversified Invest Ino el A•
Duquesne Gas

41% 42
500
524 534
300
31
31
so
30
30
50
19% 20
160
14 14
100
10
10
258
29
29
60
36
38
140
98
9854
41
108 108
938
101 102%
598
14 114
100
94 9%
50
9
94
450
9% 94
150
94 9%
200
594 804
400
66
67
213
2151 25
3,100
2811 284
50
105 11514 4,050
184
38
4
30
751
2851
2811
984
15

300
16%
38
300
4
75
3214 12,800
7,4
11
2814
2954 7,500
9834
56
15
50

20
20
104
10
4% 551
20
20
954 94
41
43%
84 84
2414 25
94
95
2514 27%
2851 30
2154 2254
103% 104
9734' 98
89
89

100
600
500
200
400
400
250
450
249
1,100
200
5.500
100
200
10

Range Since Jan. 1.
Low.

High.

35
Jan
523,4 Aug
28
Feb
2234 Jan
19 June
1
Jan
10 June
28 June
344 Feb
9511 June
88
Jan
90
Apr
14 Aug
Jan
5
8 June
934 Aug
94 Aug
55 June
58
Jan
194 June
1734 Jan
92 June

4814 Mar
99
Jan
37 Mar
38 May
334 Apr
414 Ape
1934 Fob
4934 Mar
45
Mar
100
Apr
10834 Aug
10334 July
314 June
12 May
1514 Apr
274 Feb
,
2714 Feb
8274 Mar
673-4 Aug
2914 Feb
3634 May
2844 Ape

16
Aug 25
110 , June 484
4 June 12
28 June 5734
7 June 1814
284 Aug 30
24 June 5054
954 Jun 101
1414 July 18
174
914
434
20
84
35
8
23
9114
2534
22
20
98

Mar
Ape
Jaw
All,
Jan
Mar
Mrar
Apt
Jan

Jan 284
Jan 31
Aug 174
July 3834
June 1734
June 71
June 2034
June 33
July 97
Aug 4234
Feb 404
June 31
Jan 105
May 100
Aug 95

Mar
Apr
Apr
Apr
Jan
Ain'
Jan
Feb
Mao
Ape
Mar
Mai
Apr
Mar
Mar

150
23.4
11 Aug
51
11
10
114
934 Feb 20
350
1054 11
12.600 10 June 174
374 38% 2,200 3854 July 65
1411 1436
200 14
Feb 15
814 674
750
57-4 July 1011
38
500 324 Jan 41
3651
,
11
11
70 10 May 40
3
a
50
134 Feb
6
27
27% 18,250 2434 June 4411
3
354
5
..0
3
Aug
7
284 288%
650 23534 Jan 838
19
19
100 17
Aug 30
14% 15
300 14
Jan 24
4011 404
50 384 Jan 49
4% 454
550
34 July
8
56
5954
150 55
Aug 64

Jun.
Mae
Ape
Mar
Jan.
Ape
All,
Feb.
Juno'
Apr
Are
AN
Apr
Apr
Ape
Feb
Alin

14
1454
44
44%
7
714
61
84
22
2234
42
42
1144 118
14
15
54% 54%
11
11

Ate
Jul.*
Mar
APT
Aug
Mat
Aug
Feb
Aug
May

El Household Util coro-io 41
391(
Elec Research Lab inc._ •
SS
51
Fitzsimons & Conn DAD 20 38
38
Foote Bros G & M
8%
951
,
Gardner-Denver Co com-*
50
General Box
8
8
•
Gen Theatre Equip v t 0..• 31% 27
Gen Water Wks Corp el A• 2855 284
meaner Corn Har com_ •
27
Great Lakes Aircraft A-5
5
511
Great Lakeo D & D
•
29
Greyhound Corp cons_ --*
654
Grigsby-Grunow Co oom_• 13% 13%
Hall Printing Co coin.. -10
2151
Harnischfeger Corp com_-• 21% 2114
Hart
-Carter Co eons( pfd•
1814
Hibbard S B & Co
25
4951
Hormell & Co A
29%
Houdaille-Hershey Corp A• 1854 18
Clans B
•
914 914
Illinois Brick Co
25
20
Indian Terr Ilium 011
Non-voting A
•
31
Inland Util Ins class A...* 2134 21%
Bleu° UM Invest Inc,._,.,.
5851 58%
al preferred
•
90
Investment Coot Am corn*
27
Iron Fireman Mfg Co v o•
25
Jefferson Elea Co corn..,.,.'23
2214
Kalamazoo Stove com_-• 5034 50%
Kass Drug Co cam
1
2856
Kellogg Bwitchb'd com _ _10
44
411
Ky Radio Tube & L comA•
6
Ky Util pr cum pref__ -50
50
Kirsch Co common
10
Convertible preferred_ *
18
Libby McNeill & Libby_10
1311
Lincoln Printing com--• 23
23
7% Preferred
50 434 4314
Lindsay Nunn Pub Co._ _* 22
19
Llon Oil Ref Co com--• 1834 18
London Pack Co cam
•
45
Lynch Corp
• 2134 18
McGraw Eiec corn
•
19
Majestic lIouseh US° corn •
Marks Bros Thea cony pf_• 5134 4554
851
734
Marshall Field & Co corn' 374 3751
Manhattan-Dearborn com•
2811
Mapes Cons Mfg Co
•
40%
Material Serv Corp corn 10 19
19
Meadow Mfg Co corn,._,.,..
114
Mer & Mira Sec Co A Isom * 30
294

6334
88

1,500 1351
950 42
8,500
6
1,100 54
8,850 1934
238 42
238 113
110 14
75 4814
100 10

Aug 25
Aug 49
June 1734
Jan 7254
June 3334
Apr 4436
June 118
Aug 22
Jan 5414
June 1834

4131 5,800 3911 Aug
4 Jan
550
%
40
Mar
150 27
10
8,650
5
Aug
50
July
08 50
8
10
Aug
8
31% 3,400 27
Aug
284
500 20
JAJ
2734
800 1954 Jan
514 1,050
Feb
4
294 1,300 26 July
1354 Aug
8%
150
14% 19,700 124 July
2214
350 21
Aug
21%
150 2114 Aug
17
200 1554 June
50
1,575 494 Aug
29 5§
,
50 254 May
1814
150 1734 Aug
10
700
934 Aug
20
July
50 19

574
211
6414
22
8431
8%
5114
334
3814
814
3134
13
2754
3134
304
27/4
57
363-4
81
2852
27

Apr
Ant
Mar
AR
Feb
Mar
Are
JUDO
All,
Feb
July
Feb
JUDO
Mar
APT
Feb
Apr
Jan
Feb
Apr
Jan

July
July
June
Jan
Aug
Jan
Aug
Aug
July
Jan
Mar
Jan
Aug
Feb
June
Jan
May
Aug
Jul)
Feb
Jan
June
June
Aug
June
Aug
Jan
June
June
Jan

4734
3434
7054
9914
5514
29
MU
847-4
624
834
1554
5234
10
18
2714
2934
444
28
2914
52

Apr
ADr
Feb
Mar
Juno
June
Ain
Ape
Feb
Apr
Apr
Aug
Aug
Jan
Apr
ADP
Are
May
APT
Apr
Apr
Feb
Are
Feb
Feb
Mar
Apr
Feb
Feb
May

31
100
22
4,200
594 34,100
92
700
30
200
25
200
3011 2,000
5454 2,250
29
400
414
25
30
654
51
88
50
10
50
18
1434 1,550
2354
900
4414
400
224 1,495
19% 1,000
45
100
22
800
207-4
200
5151 80,000
85
83.1
384 1,350
400
30
200
4014
50
19
150
2
30% 1,300

27
21
5114
81
27
22
227-4
484
2734
434
554
50
10
1636
1134
19
4114
10
18
40
14
19
2914
7
3534
284
38
1816
134
1734

3134

2734
74
164
5334
4054
45
25
431
88

AUG. 23 1930.]

FINANCIAL CHRONICLE

Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.

High.

2555
98
154
3
13
2134
42
136

June 38% Apr
Jan 108% Mar
Aug
5% Apr
Jan
8
Feb
June 1834 May
Jan 294 Feb
June 49% Aug
Aug
5
May

66
10534 108
22
994 100
9734
151
96
9436 97
190
2034 1934 2134 16,000
4434 46
750

9456
91
81
8434
17%
4434

Jan 113
Jan 105
Jan 102
Jan 100
Aug
3634
Aug
7255

834
13

84
7
6
14
1034
20
18
85
43
41
1255
75
27
11
34
41
32
1716
624
134
4036

May
15
Jan
Jun
22
Apr
Jan
10
Jan
Jun
244 Apr
Jun
2834 Jan
June
31
Jan
Jan
3855 Feb
Aug 97
May
July 50
Mar
June 52
Jan
June 26% Mar
Jan 1015s Mar
June 44
Apr
Apr 16
Jan
Jan
10
Apr
June 59
Mar
Aug
5554 Apr
Aug 2816 Apr
Aug 8414 Apr
Jun
25% Apr
Aug 5554 Jan

1534
2634
4534
234

9634

1655
28
47
14
3255
113
454
50
3214
18
64
14
97

84
1234
836
16
11%
28
2616
85
47
4136
14
88
31
11%
336
49
32
1716
64
14
403-4

9
15
814
16%
1134
28
2731
85
47

41%

1434
89
32%
11%
4;4
514
36
18
66
154
41

240
5,500
100
300
100
210
150
10
270
100
300
200
1,550
50
200
1,550
2.150
900
450
1,150
400

Mar
Apr
Apr
Mar
June
Apr

115 115
210 210
534 5%
20
20
831
7
8%
29
28
31
31
3436
34
16
16
531 6
5%
9
111.
23% 2434
97% 97%
114 12
90
9336
874 8734
22
2234
14
12
144
136
134
5
5%
134 14
13
12% 13
3336 34%
2954 29% 2935

30 110
10 200
54
650
30 19
100
7
150 26
50 2934
220 30
100 14
1,900
5
9
150
450 2336
46 93
700 11%
119 82
90 8736
150 5934
257 11
134
300
4
350
150 10
200 11
100 29
1,350 28

Feb 122
May
June 293
Feb
June
9% Jan
July 26
Mar
July 164 Apr
July 3754 Feb
June 3654 Jan
Jan 40
Feb
June 16% June
June 10
Apr
Aug 154 Apr
Aug 25% July
Jan 100 June
Aug 12
Aug
Jan 933-j Aug
Aug 97
Mar
June 8331 Mar
Jan
18
June
Aug
34 Apr
Aug 3
851 Mar
July 18
Jan
Aug 54
Mai
June 38% May
June 3334 Feb

7
269
13

3734
20
134
13
4334
224
13 34
23%
324
16%
29
10
24%
3136

11
85
3736
234
194

12%

36
13
43
20
516
12%
22
31%
16%
29
10
3
24
4%
12%
3114
28
9
6%
736
3%
25%
7

11
85
37%
254
20%
13%
4
13
44%
2334
5%
14
23%
33
17
29
11
3
2434
4%
12%
314
2916
10
754
836
311
25%
755

50
50
400
450
1,800
7,150
150
50
3,500
6,850
400
7,400
2,200
950
500
110
420
100
800
50
100
75
262
100
130
4,500
22
600
1,350

11
85
35%
214
17%
11
11$
10%
37%
8
454
12
21
30
14
25
10
3
204
4%
9
28
24%
9
6
755
3%
25%
5

Aug
Feb
July
June
Aug
June
June
Jan
June
Jan
Jan
June
June
June
June
Jan
Aug
Aug
Jan
Aug
Jan
Jan
Jan
July
June
Aug
Aug
Aug
Jan

17
86
4755
3234
264
1836
31
234
68
2
9%
10%
2334
29
4155(
28
294
14%
15
294
14
193.6
35
31
24
8%
11%
6
31
1635

Feb
Mar
Feb
Mar
Mar
Jar,
Apr
Jan
Apr
Apr
Feb

June
Feb
Mar
AP:
June
May
May
Arn
Apr
May
May
Feb
Feb
Ara
Mar
Apr
Jan
Jan
Apr
Feb
June
May
Aug
Jan
Apr
Jan
Apr
Mar
June

Bonds
Chic City Ry Se
Certificates of deposit__
8034 81
$4,000 6
934 Feb 84% July
105 10555 2,000 101% Feb 10536 Aug
Commonw Edison 58_1943
1943
111% 111% 1,000 109 Feb 113 June
6s
1940 10236 Emu 102% 24,000 98
Insull Util Inv (ls
Jun 112% mar
81
81
Metro W S Elev lot 4s 1938
5,000 653-4 Feb 81
July
60
60
Southwest UM Ice Co 68'41
1,000 55
Au
70
Aug
y Ex-rights
* No par value. z Ex-dividend

Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Aug. 16 to Aug. 22, both
compiled from official sales lists:
inclusive,
Stocks-

Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High. Shares.

24
234
234
Almar Stores
4214 4216
American stores
•
40
4231
50
Bankers Senor pref
116% 116%
Bell Tel Cool Pa pref. _100
Budd (E G) Mfg Co
834
8% 83-4
60
Preferred
60
10% 10%
Budd Wheel Co
Preferred
106
106 106
Camden Fire Insurance2214 22%
4% 44
Central Airport
22
22
Commonwealth Can Co_10 22
48% 49
Consol Traction of N J_100
655 7
Empire Corp
14% 14% 15%
Exide Secur
10 274 26
2714
Fire Association
155 158
Horn & Hard(Phila) corn*




Range Since Jan. 1.
Low.

High.

2,216
2% June
4%
400 42
Aug 57
600 36
Jan 49
770 11334 Jan 117%
1,300
736 June 1634
10 58
July 70
700
834 Jan
1436
50 90
Feb 106
600 2031 June 2834
200
3% Feb
7
400 1955 July 27
30 4834 Aug 5234
800
Aug 14
6
4,200 14% Aug 19%
2,200 26
Aug 434
Jan 189
130 145

Feb
Apr
Apr
May
Apr
Feb
Feb
July
Apr
Apr
Feb
Apr
Feb
Feb
Mar
Apr

3

BondsConsol Trac NJ lot 551932
Elec & Peoples tr ctfs 4s_'45
Peoples Pass tr ctfs 4s_1943
Flails El(Pa) let of 4s_1966
1st 416s series
1967
Plana Elec Pow Co 5160 '72
Reading Terminal Is
Strawbridge & Cloth 5s_'48
Warner Co 1st 65 w w____
York Railways lot Is.1937

8834

234

355

883-4
38
50
93
102
106
1034
98
9736
9634

8834
4034
10
93
102
10636
10314
98
9736
97

0Q00000000
000000000C

Mar 98%
Aug 101
Aug
35
June 45%
July
194
Aug 45
Aug 18%
Feb
15
Jan 836
Jan 33214
Aug 22

0.,
0.0.0.0.0.0.0.00.

49 91
49 9234
400 20
50 32
150 12%
250 21
1,050
534
600
5%
157 213
45 215%
400 12

RiahtsIns. Co North America__ --

....04.....
.

97
93
9755
97
20
20%
32
32
124 1331
2236
21
536
6
8%
26536 27436
268 272
1336
13

Horn & Hard (N Y) corn •
3634 3634
101
Preferred
100
101
Insurance Co of N A _ __ _10 66
65% 66
Lake Superior Corp- _ _100
93.4
9% 9.1£
Leh Coal & Nav new w i_
324 3436
Lit Brothers
5
5
5
Little Schuylkill
4334 4334
324 34
Manufact Can Ins
34
Mitten Bank Sec Corp__
______
14
1434
Preferred
16
16
16
1056 11
Pennroad corn
1056
Pennsylvania RR
50
7134 724
Piffle Dairy Prod pref__ _25 93
93
93
Phila. Elec of Pa $5 pref.__
1034 10334
Phila Elee Pow pre
25 3234 32% 327-4
Phila Inquirer pref w 1_
Phila. Rapid Transit_ _ _50
.
29% 2934
50
304 304
7% Preferred
Phila. Germ & Norris RR 50
1634 1616
39
Philadelphia Traction_ _50
39
Railroad Shares Corp
5% 6
Seaboard Utilities Corp _ _ _
555 6
Scott Paper
48
48
Shreve El Dorado Pipe L 25
5% 636
31
A
A
Tono-13elmont Devel_ _ _ _1
1
34
Tonopah Mining
34
34
26% 267-4
Union Traction
50
264 2631
Ctfs of deposit
United Gas Impr com new• 3616 3434 36%
10231 102%
Preferred new
•
US Dairy Prod class A_ •
64% 6534
17
17
Common class B
•
12
Westmoreland Corp
1531
34
York Railways pref
34

a
0
,-,.i

274 23% 31,900
500
1004 10136
14 436 20,150
3% 534 4,650
144 16
.2,650
25% 26 36 2,400
45
4534
700
1% 2%
900

A733i

00
00 .0
0. 0000.
0= 00
0N8000,10888o,•.800888co8N.888888880.
...WM N..........-.. 0..1...
46.
aa -a
a,,:,.5 CO
CO

•
Tenn Prod Corp corn_
Texas
-La Power pref_.100
Co (J R) com_25
Thomson
Time-O-Stat Controls A_ •
Transform Corp of Am corn.
Twin States Nat, Gas pt A.•
Rights
Unit Corp of Amer pref_•
20
1Deum
U 03
US Radio & Telev corn_ _•
Utah Radio Prod oorn _ •
Utti & Ind Corp corn......
Convertible preferred -•
Util Pow & Lt Corp A---•
Common non-voting..-•
Viking Pump Co pref_ ___•
Common
Vorclone pref
•
Vortex Cup Co
Wahl Co
Wayne Pump common__ -•
Preferred
Western Pr Lt & Tel A_ •
Wextark Radio Stores_
*
Williams 011-0I-Mat corn •
Wisconsin Bank She rem 10
Wolverine Portland Cern 10
Yellow Cab Co Ine(Chlo).•
Zenith Radio Corp corn_ •

Low.

N.M.4
.

Middle Weet Utilities new
•
50 cum Preferred
Warrants A
Warrants B
Midland Nat Gas part A-•
Midland United Co oom--•
*
Preferred
•
Warrants
Midland URI100
7% prior lien
100
Preferred 7% A
100
6% prior lien
100
preferred A
6%
.5
Mo-Kan Pipe Line corn..
•
Medina Mr porn
'Monroe Chemical Co
Common
Morgan Lithograph oom-•
Mower Leather Corp com •
Muskeg Mot spec cv el A •
Nachman-SpringfIlled corns
*
Nat Battery prof
Nat Elec Power A part- •
100
7% preferred
Nat Pub Serv 334 cony pt*
Nat Rep Inv Tr allot ctfs_*
Nat Becur Invest Co corn-•
•
Certificates
•
Nat'l Standard cam
Corp part pref •
Nat Term
Nat Un Radio Corp corn.'
Noblitt-Sparks Ind com-•
North American Car corn.•
North Amer G Sr Eel A..°
No Am Lt & Pr Co oom •
N & (5 Am Corp A com.-•
Northwest Bancorp com-50
Northw't Uth7% preferred
100
100
Prior lien pref
'Ontario Mfg Co com___ *
Parker Pen (The) coru_10
Penn Gas & F.lee A
•
Pinto Wh6terfront corn---6
Polymet Mfg Corp eom•
Process Corp corn
Pub Sere of Nor III corn- •
Common
100
•
Q-R-S Do Vry corn
Quaker Oats Co
100
Preferred
Common
Railroad Shares Corp corn •
Rath Packing Co com_10
Reliance Intermit Corp A-•
Ross Gear & Tool com_ •
Ryerson & Son Inc com_ *
Sangamo Electric Co eom_•
Saxet Co common
Seaboard Pill Shares Com.
&anode Steel
Southern Union Gas corn_•
Southw Gas & 10 7% pf 100
Southwestern Gas Util_ _ _ _
Southw Light & Pow pref *
St Louis Nat Stk Yds_100
Standard Dredge cony pf_•
Standard Public Sere A..*
•
Steinke Radio Co
Stone & Co(H 0)corn- •
Storkline rum cv pf___25
Super Maid Corp com___ •
15
Swift International
25
Swift & Co etfe

Range Since Jan. 1.

1241

Friday
Sates
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High Shares.

Range Since Jan. 1.
Low.

High.

35%
97%
63%
8%
30%
5
40
30
14
154
1055
6931
864
984
30
49
2934
2934
14
38%
554

July 464
Feb 105
June 8534
June 154
June 49%
Apr
5
Mar 434
June 42
Aug 20
June 20
June 1615
June 853-4
Jan 95
Feb 10331
Aug 3354
Jan 54
Aug 4034
July 44
June 2534
Aug 4454
June
955
3% June 94
42 June 59
54 June 15%
1-16 July
34
1-16 July
23.4
2534 Jan 3134
264 Aug 30%
31% Jan 4934
96% Jan 1024
Jan 724
52
14
Jan 2634
12
Aug 20
33 June 36
256 July
82
34
45
8734
9636
10434
1034
95%
9716
91

Feb
Apr
Mar
Feb
Mar
Apr
Aug
Apr
Jan
Jan
Feb
Mar
June
May
May
Aug
Apr
Jan
May
Apr
Apr
Apr
Apr
Mar
Feb
Jan
Apr
Apr
Apr
Aug
Apr
Apr
Feb
Max

455 May

Jan 9036
Jan 44
Jan 54
Apr 93
Feb 102
Feb 106%
May 10434
Jan 98
Aug 9934
Jan 9734

June
Mar
Fel)
Aug
Aug
May
May
Fet
May
API

* No par value.

-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange, Aug. 16 to Aug. 22, both inclusive, compiled from official sales lists:
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High. Shares.

Stocks-

33.4 3%
4354 4335
36% 37
50
50
2555 26
117% 11855
25
25
23
23
113 113
1104 1104
109 109
103% 10355
15
14
3031 31
36
36
167 168
12
1234
9
936
48
48
81
81
18
18
13
13
3736 3836
45
45
3334 34
424
42
2534 25%
1155 12

30
195
150
10
490
42
52
50
37
9
8
15
168
228
51
49
142
310
17
15
46
24
367
10
160
3
76
180

73
3634
2955
71%

73
38
29%
74

200
160
30
310

9855
26
17
61
8
38
7
5254
40

9855
28
17
61
8%
3855
7
5256
40

10
125
50
21
160
349
1,000
40
10

8500
99% 100
500
9934 0034
9954 9934
100
200
9934 99%
100 100
100
0
10
99% 9
9%
17.000
100 100
8954 8954 4.000
99% 99% 5,000
1,000
95
95
1,000
90
90
2,000
85
85
85
5314 5355 5414 17,000
3934 393,4 3955 11,000
2.000
55
55
5,000
6016 6034 61

Appalachian Corp
437-4
Arundel Corporation
10 36%
Baltimore Trust Co
Baltimore Tube pref. 100 50
• 26
Black & Decker corn
Ches & Po Tel of Balt 9[100 118
Commercial Credit pf B_25 25
Commercial Credit NO pfConsol Gas EL & Pow_ •
6% preferred ser D _ _100
54% pref wiser E__100
100 10314
5% preferred
* 14
Eastern Rolling Mill
Emerson Bromo Seltz A WI 31
Fidel & Guar Fire Corp_10 36
50 167
Fidelity & Deposit
Finance Coot America A_*
9
Finance Service corn A_ _10
First Nat Bank w 1
Houston Oil pf v t etfs_100
Mfrs Finance corn v t_ ..25
25
25 preferred
Maryland Ca.s Co new w I. 3834
Maryld & Penn Ry corn 100
Maryland Tr Co new w L• 33%
May Oil Burner
Monon W Penn P S pref 25
Mort Bond & Title w 1_ _ _
Mt Vernon-Woodb Mills
100_ _ --Preferred
38
New Amsterdam Can Ins__
10 29.55
Park Bank
Penna. Water dc Power...*
Roland Pk Homeland Co
Preferred (634)
26
Second So Bankers corn_ _ _
Un Porto Rico Sugar com.5
50
Union Trust Co
8
50
United Rys & Elec
U S Fidelity & Guar new 10 38%
Wash Bait & Annapolls_50
West Md Dairy Inc pr p150
Western National Bank_20
Bonds
Baltimore City bonds
1961
4s Sewer Loan
1961
4s Dock Loan
1958
Conduit
1958
4s Water Loan
1957
4s Harbor
4s Paving Loan ___ _1951
Alabama Co gen 65__1933
.
Fah & Clarks Trac 5s_ 1938
Finance Co of Am 6%51934
Kingsport Press 610-1939
North Ave Market 68_1940
Sandura Co Inc 1st 6s_1940
United Ry Sr El 1st 48_1949
1940
Income 45
1936
Funding 5s
1049

Range Since Jan. 1.
Low.

High.

Jan
June
June
July
July
Jan
Jan
July
Jan
Mar
Jan
Feb
Aug
Jan
Aug
July
Jan
Aug
June
Mar
Feb
Jan
June
Aug
Aug
June
Jan
Aug

5
4736
4434
55
56
11934
2636
24
126
11136
10955
10534
2555
3336
49
190
13
15
5155
92
2734
17
46
63
34
424
26
20

Jan
Mar
Apr
Apr
Mar
Aug
Apr
Mar
May
May
May
June
Jan
Jan
Feb
Apr
May
Feb
May
Apr
Apr
Apr
May
Mat
July
Aug
Feb
Jan

73
Feb
36 June
29
Jan
714 Aug

86
43
30
954

Mar
Apr
Jan
Apx

98
26
15
60
8
3734
7
48
3954

Mar 99
Aug 36
July 40
Aug7434
Aug 154
June 49
7%
Jan
Jan 5455
Max 4156

Apr
May
Fet
Fet
Fet
Apr
July
May
Jar

9555
97
9655
9534
9934
98
98
87
97
95
84
84
53
34
4955
60

Feb
Feb
Feb
Feb
Aug
Apr
Mar
Feb
Feb
May
Mar
June
July
Jan
Jan
Aug

214
40
35
49
25
11334
23
2134
93
109
10534
9934
14
30
3555
165
10
9
4634
77
15
13
35%
45
333.4
3134
23%
1155

100
9954
9934
9954
100
100
100
8934
100
99
91
87
65
4934
65
84

Au(
Au(
Apr
Apr
Au(
Jul3
Am
Aix
Jul3
Apr
Ap
Fel
Jar
Fel
Ap
Jai

• No par value.

-Record of transactions at
Pittsburgh Stock Exchange.
Pittsburgh Stock Exchange, Aug. 16 to Aug. 22, both inclusive, compiled from official sales lists:
Stocks
-

Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.

Aluminum Goods Mfg_
American Austin Car.. _ __•
wers ppf 1 _
cor
Arker Fru t Growersp re(_ 0
m ans N

6%

•

33%

Blaw-Knox Co

18% 1834
6% 6%
82
82
77-6 754
3234 34

Range Since Jan. 1.
Low.

100 18
June
364
5
June
1(1 560
Jan
60
7:5 June
95 21% Jan

High.
14
Jan
755 Jan
95
May
8
Feb
4134 Apr

1242

FINANCIAL CHRONICLE

Friday
Sales
Last Week's Range for
Sale
Week.
Of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
• 13
Clark(D L) Candy
13
100
134
Consolidated Ice pref. -50
12
25
25
Devonian Oil
10
45
9
934
934
Exchange Nat Bank_ -50
80
5
SO
Follansbee Bros pref_ _100
10
88
88
Hoppers Gas Jr Coke Pf 100 101
70
101 101
Liberty Dairy Prod
• 20%
3,405
2035 2134
1st preferred
150
100
10354 104%
Lone Star Gas
3831 3734 3,228
Mesta Machine
200
5
2735 28
Nat Fireproofing
21
50
36
36
Peoples Say & Trust.. _20
20
165 155
Phoenix Oil corn
1,100
25c
45c 55c
Pittsburgh Forging
420
• 17%
1734 rni
96
46% 4651
Pittsburgh Plate Glass _25
Pittsb Screw & Bolt Corp• 18
265
19
18
Plymouth 011 Co
425
26
5
26
Shamrock Oil az Gas
1,010
174
18
Stand Steel Springs
135
37
36
United Engine & Fdy-- - -* 39
30
39
38
200
4
4
United States Glass_ -25
20
Waverly Oil Wks el A- - * 20
20
10
135 135
Western Say & Dep Bk_50
Unlisted
Copper Welding Steel
Eastern Public Service,
Internet Bdustiess Iron- Leonard 011 DevelopmentPenne Industries units
Western Pub Serv v t e

44
1%
84
19%

44
1934
1%
134
84
19

45
IP%
1%
154
85
19- 4
3

185
45
410
800
125
578

Range Since Jan. I.
Low.
13
2451
834
80
88
9016
20
954
34
k24
33
155
k30c
12
45
18
2134
kl3
35
36%
34
18
135

Jan
Jan
Jan
Aug
Aug
Jan
June
July
Jan
June
Jan
Jan
Mar
Jan
June
Jan
May
July
June
June
May
Mar
Aug

40
1934
151
1
84
19

June
Aug
June
June
Aug
Aug

High.
1934
234
144
90
93
10255
3234
1045
5
5634
454
175
80c
25
5934
23
2754
2734
58
4954
6
22
140

Apr
May
Apr
Jan
Feb
June
Apr
Aug
Apr
Apr
Apr
alai'
Apr
Mar
Jan
Jan
Feb
Apr
Apr
Apr
Apr
July
Jan

50
1934
3
4%
8554

Apr
Aug
Feb
Apr
June

3234

1

Friday
Saks
Last Week', Hawse for
Sale
of Prices.
Week.
Stocks (Concluded) par. NUE. Low. Hio• Shares.
National Carbon, pref_100
r
National City Bank-100
National Tile, corn
'' 10
No Ohio P & L 6% pfd_100
Ohio Bell Telep pref_100
Ohio Brass 13
• 88
Ohio neam less Tube, com_•
Packer Corp, corn
•
Paragon Rein Cl B corn_ •
Reliance Manor, corn.. •
Richmond Brothers, corn.* 75
RobbIns&Myers v t c sera •
4
Seiberling Rubber, com_ •
Sherwin-Williams,com _ _25 7551
A rreferred
100 105
Smallwood Stone, corn_ *
Stand Text Prod, corn. 5
..
Thompson A ero
*
Union Metal Mfg corn. *
Union Savings & Loan,100
Union Trust
25 80
Van Dorn Ir Wks. corn_ *
NS eliman Engineeeg p1_100
W R Inv Corp8% pr pf 100
Youngstown S & T pfd.100
•No par value.

Cincinnati Stock Exchange.—Record of transactions at
Cincinnati Stock Exchange, Aug. 16 to Aug. 22, both inclusive, compiled from official sales lists:
Stocks—

truing
owes
Last West's Range for
Sale
of Prices.
Week.
Par. Price. Low, High. Shares.

Range Since Jan. 1.
Low.

High.

133 133
34154 34134
12
11
101
101
11234 113
65
85
2554 2534
834 834
1454 1434
37
3734
75
80
4
4
554 8
754 76
105 105
9
9
1
1
12
12
39
40
100 100
79
80
834 635
96
98
90
90
99
9934

Range Since Jan. 1.
Low.

159 129
13 340
119 10
97 90
40 110
105 65
s 25%
8
100
755
300
135 36%
892 75
100
3
554
625
242 73
21 105
8
25
1
165
50 17
45 3234
10 100
227 75
6
250
20 86
If 90
156 974

July
July
Aug
Jan
Feb
June
Aug
May
Feb
June
June
Aug
June
July
Jan
Apr
Aug
Jan
Mar
Aug
June
July
Mar
Aug
July

High.
135
350
29
101%
116
7051
45
1354
15%
50
99
734
18%
8.5
109
15%
334
6
4534
101
95
11
100
90
103%

Apr
Feb
Feb
Aug
Apr
Apr
*Jan
Feb
Aug
Apr
Feb
Feb
Feb
Jan
Apr
Apr
Jan
May
Apr
Aug
Jan
Apr
May
Jan
Feb

St. Louis Stock Exchange.—Record of transactions at
St. Louis Stock Exchange, Aug. 16 to Aug. 22, both inclusive
compiled from official sales lists:

Rights—
Western Public ServIce---------34

1
2,881
54 Aug
154 July
• No par value. k Includes also record for period when in Unlisted Dept.

[VOL. 131.

Stocks—

Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low, High. Shares.

Range Since Jan. 1.
Low.

High.

Bank Stocks—
Boatmen's Nati Bank —100
First National Bank_ _20
Merc-Commerce
100

198
75
248

198
7554
249

20 198
40 75
35 245

Aug 2393-4 Jan
Apr
Aug 90
Jan
June 301

Trust Company Stocks
Franklin-Amer Trust-100 225
Mississippi Valley Tr._100 262

225
260

225
264

10 225
92 259

Aug 29754 Feb
Jan
July 300

Miscellaneous Stocks—
3034 Feb
Jan Brown Shoe, tom
75
May
100
10 3734 July 42
394 3934
Apr
100% Feb Bruce(EL) prof
Aug 98
100
85
30 85
85
Aug
32
98
Aug 98
Apr Cornmonw Utilities pref_ •
5 98
98
Arr Coca-Cola Bottling sec_ - _1
9
114 3834 Jan 6034 July
6454 55
Mar Consolidated Lead & Z A _*
280
234 July
103
3% 334
634 Jan
Apr Dr Pepper corn
•
23
41
20 2754 Apr 10 June
41
350
Mar Elder Mfg corn
July
23
Aug
•
25 20
20
20
10134 Jan Ely & Walker D 0com _25 2534 25
.
28
Aug • 2934 Apr
853 25
lot preferred
4554 Apr
Aug
Jan 103
100 103
103 103
5 96
Jan Hamilton-Brown Shoe_ _25
119
Mar
11
20
1%
13-4
13-4 Aug
134
Jan Independent Pack com._.•
30
4
334 June
4
100
4
754 Jan
49
Feb Intematl Shoe co m
Jan
* 6334 5354 5334
1,402 5355 Aug 63
Preferred
Aug
43 10434 Jan 108
100 107
107 107
10834 June
Apr Johansen Shoe
May
27
24
Aug
* 20
20
20
10 20
Jan Meletio Sea Food com
Mar
106
Mar 51
*
47
47
75 44
Jan Moloney Electric A
18
Mar
•
Jan 68
68
335 52
68
Feb Mo Portland Cercent- - -25 ...... 29
107
2934
69 29
Aug 3554 Mar
Apr Nat Candy com
•
15
23
70 204 June 274 Mar
2334
Jan Rice-Stix Dry Gds corn_ *
43
Feb
Aug 16
13
420 13
13
Apr Scruggs-V43-D-G-com...25
320
June 1454 Jan
1151 1134
95 11
Scullin Steel, pre
Jan
420
17
*
80 17
18
Aug 3154 Jan
Southw Bell Tel pref_100 12255 12134 123
200 116% Jan 123
Aug
Jan St. Louis Amusement A_ -*
July 10
Gibson Art corn
Apr
174 35
655 Aug 30
500
834 6%
• 3734 3654 38
Jan Wagner Electric corn . _15 22
Jan 25
Goldsmith Sons Co
_
.
70 19
22
135 20 June 3634 Apr
2234
• 194 194 194
July 4234 Jan
Green Watch corn
226 35
•
40
36
Street Ry Bonds—
8 10951 Aug 11334 Apr
Preferred
100 1104 1094 1104
Mar City Jr Suburban P S 5s '34 8035 8054 82 $10,000 79
Aug 50
Hobart Mfg
70 40
July 8755 dap
42
40
• 40
Apr United Railways 4s...1934 87
Jan
4 3154 Aug 37
8734 874 6,000 67
Int Print Ink
Aug 74
* 3154
3134 3134
Apr
July 101
50 88
Preferred
93
92
100 93
Miscellaneous Bonds—
July
July 95
Kahn let pref
130 80
8834 8855
100
1941
Mar
84 Mar Sctillin Steel 6s
88
88
5 June
2,000 88
37
Kodel Elea & Mfg A
Aug 95
534
5
•
Jan
211 234 June 47
Kroger corn
2434
• 2414 23
* No par value.
Mar
10 37 June 45
Manischewitz cons
383-i
•
3834
Jan 21
Jan
McLaren Cons A
90 19
Los Angeles Stock Exchange.—Record of transactions
*
2034 2034
Apr
Aug 25
16 18
Moores Coney A
18
18
•
Aug
5
Aug at the Los Angeles Stock Exchange, Aug. 16 to Aug. 22,
2
B
75
2
2
*
Jan both inclusive, compiled from official sales lists:
Jan 311
Nat Recording Pump----*
15 20
22
21
Apr
24 11034 Feb 115
Ohio Bell Tel pref
100 11334 113 11334
734 Feb 1551 May
25
Paragon Refining B
1434 1434
•
Range Since Jan. 1.
Last- Week's Range for
200
734 Feb 15 June
Voting trust at
1454 1434
•
of Prices.
Sale
Week.
545 524 Jan 7854 June
Procter & Gamb com new _• 73
744 744
Par. Price. Low. High. Shares.
Stocks—
Low.
High.
Mar
July 180
20 160
100
170 170
8% preferred
Mar
13 1044 June 110
106 108
5% Preferred
100 106
1
1354 1334 14
1,000
6 June 1434 Mar
Aug 10034 Feb 13olsa Chico 011A
160 93
Pure 0116% pre(
100 9434 9334 95
65
85 65
86
Aug 80
Jun
Mar 11334 Mar Bway Dept St pref ex-w 100
5 110
8% preferred
111 111
100 111
1034 10334
200 1034 Aug 120
25
Jan
Apr California Bank
8 394 June 60
Rapid Electrotype
* 4134 4134 42
• 3434 3454 3754 4,500 2854 June 45
Feb
Feb Claude Neon Prod
Mar 26
35 18
Richardson corn
•
1951 1834
•
19
300 124 Jan 2235 Apr
2034
Jan Douglass Aircraft Inc_
July 33
U S Print & L com new_100
30 25
25
25
400 15
1434 15
Aug 23
Jan
1034 Mar Emsco Der dr Equip Co - -• 1434
454 July
1
Waco Aircraft.
5
5
•
440 440
Farm Jr alerch Natl Bk 1111
10 410
Mar 440 June
Globe Grain Jr Mill corn.25
23
•No par value.
23
270 21
July 2654 Jan
Goodyear T Jr Rub pret100
95
95
10 93
Jan 98
Mar
100
9455 9454
Cleveland Stock Exchange.—Record of transactions at Good Textile pref
30 9354 July 98
Apr
25 13
Hancock 011A
1234 1334 2,000 1234 Aug 1354 Aug
Cleveland Stock Exchange, Aug. 16 to Aug. 22, both in- Hal Roach 8% pref
25
9
9
162
9
Aug 10
May
Home Service8% pref ....25
clusive, compiled from official sales lists:
22
2231
300 2054 Apr 244 May
Lincoln Mtge Pret
•
534 6
400
554 July
834 Mar
Sales
Friday
Los Ang G & El pref —100 1074 107 10731
167 101
Feb 10834 Apr
Range Since Jan. 1.
Last Week's Range for
Los Angeles Invest Co--10 18
18
16
1,300 16
June 2034 Jan
Week.
Prices.
of
Sale
MacMillan Pet Co
25 12
12
15
900 12
Aug 31
AM'
High.
Low.
Stocks—
Price. Low. High. Shares.
Moreland Motors com-10
1.35 1.35
Feb
100
1.25 Feb
3
40
40
Aug 574 Apr
8
200 40
Feb Par Amer Fire Ins Co---10
5 June
Aetna Rubber common. •
35
6
6
22
Jan
2334 1,600 214 Aug 43
144 May Pao Finance Corp tom--10
5
Feb
Allen Industries prof
95
8
8
Pref series A
10
uni 1034
100 10 May 1154 Apr
Mar
41
Aug
Amer Multigraph corn_ •
120 33
3334
33
Series C
10
9
9
Apr
9
854 Mar
60
Feb
16% July
Apex Electrical Mfg
20 12
• 13
13
13
Pan Gas Jr Else com- -25
544 5434
300 5251 Jan 7355 Mar
Bessemer Limestone Jr
1st preferred
25
274 2754
June 3234 Feb
90 284 Jan 284 Aug
20 29
Cement class A
32
•
32
Pacific Lighting corn
• 75% 75
Apr
76
Jan
July 86
500 7434 June 94
15 70
Central United Nat'l_ _20
70
70
Pacific Western 011 Co.....' 1631
Apr
19
1534 17
Jan
Apr
3,600 13
City Ice Jr Fuel
270 3854 July 47
4054 41
•
10
4
4
834 Jan
4.40 2,000
Aug
Jan Pickwick Corp coin
4
11
455 July
20
Clark (Fred (1) common_10
454 434
Feb
24
4
2.45 24 1,300
2.10 Jan
Feb Republic Petroleum Co_ _10
Aug 28
150 15
Cloy Autom Mach com__10
15
15
25
1534 164 2,800 1434 June 2554 Apr
2 9154 Mar 9534 May Richfield 011 Co com
Cleve Cliffs Iron pref._ •
95
95
95 153-4
Preferred
113% July
600 1714 Aug 2254 Jan
18
Jan
1734
56 110
Clay Elea 111 6% pref__100 112
112 112
25
Jan Rio Grande 011 com
18
1855
1,300 1551 Ang 2554 Apr
Aug 501
44 385
Cleveland Trust
100 385
385 396
118 11854
43 11154 Mar 1183e Mar
8 June 18% Feb S J L & P 7% pr pref.-100
20
Cloy WorstedMills corn 100
8
8
Seab'd Dairy Credit Corp
334 Mar
75
14 Jan
Clog & Sandusky Brew_100
3
3
A preferred
100
Aug 9654 Jan
70
72
315 70
Feb
100 15 June 25
Columbus Auto Parts pi.*
175
1754
25 4434 4434 444
July 5434 Jan
Apr Seaboard Nat Bank
30 43
Aug 100
Dow Chemical common..*
177 85
89
65
Feb
20 45
July 53
Feb Seaboard Nat SeC Corp_ _25
4534 464
14 5734 June 83
Elec Control dz Mfg coin_ *
68
GS
Feb Sec First Nat Bk OIL A.25 100
1,550 100 June 11834 Mar
100 10051
Fannies Rubber com.---* 37
163 3331 June 37
37
37
1954 Feb Shell Union 011 tom_ ___25 15
1434 1854 3,386 1434 Aug 2534 Apr
July
Ferry Cap Jr Set Screw_ •
14 10
10)5 104
Sou Calif Edison corn _ _25 55
Feb
3,200 53 June 714 Apr
144 57
Greif Bros Coop ge cl A_ .• 38
71 36 June 43
.
38
37
Original preferred_ -25
Apr
10 57
Jan
6051 6054
70
Guardian Trust Co_ _ _ _100 36254 36254 368
40 3.50 June 432% Feb
7% Preferred
2g
4
700 274 Jan 304 Mar
Mar 100 June
2934 297
Halle Bros met
10 96
300
9754 9734
6% Preferred
25 2754 27
Mar
2734 3,400 2434 Jan 2751 Mar
Harbauer common
Aug 25
250 17
17
1754
17
534% preferred
25
Mar
Apr
2454 2434
1.000 2234 Jan 25
India Tire Jr Rubb corn...'
834 Jan 25
16
14
11
Mar Fiou Calif Gas 8% pre4-25
2634 2655
20 2434 Feb 2634 Apr
Interlake Steamship corn..
June 87
50 71
71
71
* 8155 6134 6234 2,000 58
Jan 744 Apr
1% Aug Standard 011 Calif
Jordan Motor common_ •
134 Aug
70
1%
I%
Taylor Milling
• 3234 324 3234
700 2434 Jan 3331 June
Kelley hid L Jr Tr corn *
10 34% July 44% Mar
38
38
25 204 2034 2134 23,100 1834 Aug 473-4 Feb
Lamson Sessions
12 20 June 2934 Feb Transamerica Corp
21
21
Mar Union 011 Associates _ _ _25 3934
4,500 3554 June 4334 Apr
3934 4034
44
59
McKee(A G1 & Co el B. •
Mar
50
55
55
1
Union 011 of California_ _25 3934 39% 40%
3,000 364 June 4934 Apr
Feb
Met Paving Brick corn_ •
101 23 June 32
2334 234
Union Bk Jr Trust Co.-100 325
Jan
July 325
63 320
Jan
325 325
Midland Bank Indorsed 100
75 332% Aug 403
33234 34234
16% June
Mohawk Rubber corn...
May
8
9
9
9
5
• No par value.
Aluminum Industries,Inc• 19
19
19
Amer Laund Mach com_20 564 58
58
Amer Rolling ISHII com-25 55
55
5855
Amrad Corp
18
*
14
Burger Bros
•
5
5
5
Central Trust
100
285 265
Churngold Corp
•
16
16
CNO&TP
100
328 326
Cin Gas & Elea pref_ _ _ _100 100% 10034 101
CM Street Ry
10 4234 4234 424
Cin & Sub Tel
to
99
9934
Cm n Union Stock Yards •
20
20
City Ice & Fuel
•
4154 42
Col Ry Pr B pref
100 10834 10854 10834
Crosley Radio A
• 1234
1234 1234
Crown Overall pref. _ _100
103 103
Dow Drug corn
• 114 1034 1134
Preferred
100
100 100
Eagle-Picher Lead com__20
8
754 8
Early dz Daniels Mtn
24
25
*
Fifth-Third-Union Tr-100
290 300
First National
400 400
100




201
774
52
194
25
25
10
3
188
58
188
25
35
10
30
60
215
17
1,365
120
12
2

17
4734
4834
12
5
265
15
320
95
4034
91
20
38
1054
114
103
10
100
734
22
290
398

July
June
July
Jan
Aug
June
Mar
July
Jan
July
July
Aug
July
Feb
Jan
Aug
Aug
Aug
July
July
Aug
Aug

-Record of transacSan Francisco Stock Exchange.
tions at San Francisco Stock Exchange, Aug. 16 to Aug. 22,
both inclusive, compiled from official sales lists:

Stocks-

Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.

Insur Fund, Inc_ .._- ______
Atlas Imp Diesel Eng A• 1834
1034
Bond & Share Co Ltd
Byron Jackson Co
______
Calamba Sugar 7% pref
Calaveras Cem Co 7% pref 82
California Copper
Celli Ink Co A corn
California Packing Corp
Calif Water Service pref_- 9334
5435
Caterpillar Tractor
Clorox Chemical Co A.-•
Coast Cos G & E 6% let Pt
26
Cons Chem Indus A
Crown Zeller Corp, prof A.
•
Preferred B
Voting trust certificates. 124
Emporium Capwell Corp-- 1331
134
Fageol Motors corn
7% preferred
130
let Sec Corp Ogden A
Foster and Kleiser corn-- ______
Galland Marc Laundry_ _. ______
Golden State Milk Prod- ______
Gt West Power 6% pref.-- ______
7% preferred
Haiku Pine Co, Ltd,corn
Preferred
4334
Hawaiian C & S Ltd
5034
Hawaiian Pineapple
Honolulu Cons 011
Illinois Pacific Glass A_
234
Holster Radio Corp com
Langendorf Bak A
Leslie Calif Salt Co
Los Ang G & E Corp
Magnavox Co
Mere Amer Realty 6% Pfd 9515
______
No Amer Inv common
515% preferred
Nor Amer 011 Cons
25
Oliver United Filters A
B
5434
Pacific Gas & Electric com
2734
6% 1st preferred
Pacific Lighting Corp corn_
10354
6% preferred
.
Pacific Public Service A_ _
Pacific Tel & Tel common_ 13614
12714
8% preferred
Piarn Whistle preferred-.
Pacific Gas 54% Pref. 1514
Richfield Oil common
7% preferred
119
8 J L St P 7% Prof
6% prlor preferred
Schlesinger&Sons(B F)nom
Preferred
Shell Union Oil common.... 15
Preferred
Sherman Clay & Co pr pref
1034
Spring Valley Co Ltd
6134
Standard 011 of Callt
Tide Water Assoc 011 corn.
8514
6% Preferred
21
Transamerica
Union Oil Associates
3934
39X
Union Oil of California__
Wells Fargo Ilk & Union Tr 300
2%
West Anier Fin Co 8% pref
West Coast Bancorp A_
Western Pipe dr Steel Co
______
o par value.
Assoc

5X 5%
1934
18
1034 1035
1131 1234
16
16
82
86
54
35
22
22
824 6234
9355 94
5334 5815
2134 2114
101 101
26
26
7814 80
7834 80
114 1334
1355 1434
1% 154
514 535
100 130
fM 634
314 3134
19% 22
103% 10334
10.551 106
5
5
17
17
4334 4314
50% 5034
34
3434
21
21
234 234
2411 2
434
1331 1334
10634 107
234 2%
9535 9534
88X 8811
91
91
1734 1735
25
25
1934 1934
5455 6534
2735 2654
7434 78
10354 10334
2634 27
135 137
12734 12734
11
1134
24% 2434
1534 1655
1734 1734
119 119
10314 103%
5
5
48
48
1434 1655
9634 99
50
50
1015 1034
6134 6215
1434 1434
au% 8534
2034 22
3934 4034
3954 4034
300 300
234 2%
1634 1634
21
23

650
1,355
1,300
727
500
130
100
100
130
60
9.335
399
10
805
739
403
12,896
1,565
100
212
10
265
100
524
5
135
351
50
55
150
1,390
120
140
150
170
34
130
25
10
20
20()
155
250
4,551
1,466
661
405
1,621
60
20
345
270
2,705
100
35
10
300
60
10.024
120
65
270
6,919
300
150
72,450
2,173
2,958
35
ZOO
200
930

Range Since Jan. 1.
Low.
5 June
18
Aug
10 June
1034 June
1534 Aug
Aug
82
34 July
21
Aug
6135 July
88
July
53
Aug
1715 June
98
Feb
23 June
7634 July
77 June
1114 Aug
1315 Aug
154 Aug
534 Aug
121
June
574 Aug
28
May
18
July
99
Jan
10334 June
a June
17
Aug
42
Aug
5034 Aug
3234 Aug
1934 Jan
2
Jan
21
July
1354 Aug
10054 Feb
234 Aug
94
Jan
8834 Aug
90 June
14
Feb
23 June
1934 June
5114 Jan
26
Feb
7134 Aug
100
Jan
23 June
12834 June
120
Jan
11
Aug
2434 Aug
1474 Jun
1735 Aug
11034 Mar
100
Jan
3% July
47 June
1434 Aug
9615 Aug
3834 July
1034 Aug
7
55% Feb
1034 Feb
78
Feb
1834 Aug
35 June
3651 June
295
July
2
Jan
1534 June
20 June

High.
715 Apr
Feb
34
1534 Apr
2334 Feb
164 Mar
89
Mar
334 Mar
3734 Jan
mar
77
9635 Apr
Apr
79
3834 Feb
101
Aug
3334 Feb
Mar
85
8434 Apr
1834 Feb
2034 Feb
434 Feb
731 May
133
Mar
10
Mar
3834 Jan
3134 Jan
104
Apr
10634 Feb
9
Apr
19
Jan
51
Jan
63
Feb
4034 Apr
2874 May
734 Apr
29
Mar
2315 May
108
Mar
8
Apr
993.4 Apr
113
Jan
9234 Apr
1934 Mar
31
Jan
2934 Jan
73% Mar
2
834 June
10634 Apr
10534 Mar
39
Feb
Feb
180
144
Feb
1434 Mar
2534 July
2755 Mar
2234 Jan
119
Aug
104% July
1034 Jan
70
Jan
2534 Apr
9934 June
Apr
65
1035 Aug
4
7 3.4 Apr
1734 May
SO
Mar
4734 Feb
4815 Apr
50
Apr
335
Mar
314 Aug
2434 Max
29
Feb

New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market Aug. 16 to Aug. 22,
both inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low.
High. Stares.

Stocks

1243

FINANCIAL CHRONICLE

Aug.23 1930.]

Aero Klemm
5
•
Alco Tool A
All Amer Gen warrants_ _ _
Am & Cont'l w w
•
American Corp
•
Warrants
American Eagle
•
•
Andes

17
234
8%
134
.40

34
34
1615 17
2
234
17
17
635 814
131
151
3.1
34
.30 .40

200
1,400
400
400
7,400
800
1.000
4.600

Range Since Jan. 1.
Low,
15 Aug
1234 July
174 Aug
17
Aug
Aug
6
13.4 June
34 Aug
.25 July

High.
2
17
2%
31
9%
2%
1%
.83

Feb
Aug
Aug
AGr
July
May
Jan
Mft
,

gales
"Tway
Last Week's Range for
of Priem.
Week.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.

Range Sines
Low.

Jan. I.

High.

3
251
411
2
38
94
3814
2334
1235
234
6
73.4
59
111
10%
30%
914
7
2234
19
7%
636
1535
834
5%
1434
615
14
543.1
1%
Boy,
3%
sii•
534
5134
85
934
115
1334
1034
1
1.20
1
8
2.00
674
2034
7%
214
2754
11331
7
4
335
134
34
491
24
8%
tf
9%
37
934
354
15
.33

1,000
100
900
1,200
700
200
25
100
600
700
200
500
100
300
1,000
1,000
100
2,300
100
200
200
600
700
400
300
800
400
2,1)3
100
1,400
1,000
3,700
3,100
700
3.300
550
900
400
200
200
2,200
1.100
300
400
100
2.200
1,200
1.800
100
700
300
600
800
200
500
100
100
600
100
200
100
100
200
500
9.700

2% Aug
294 Aug
3% Aug
13.4 Aug
33 June
54 Aug
Aug
38
2334 Aug
1134 Aug
34 June
55-4 July
634 Aug
Aug
49
134 Aug
1034 Aug
2034 Aug.
7 June
Jan
4
Aug
2
1894 Aug
7% July
Aug
5
1415 July
6
Aug
Feb
4
1315 June
6% Aug
134 Aug
5154 June
134 June
4334 June
215 Jan
35 Aug
494 June
3134 July
79% Aug
Aug
8
34 Aug
12 June
Aug
10
34 Aug
1.00 Aug
Aug
I
734 Aug
1.50 June
615 Aug
20
Apr
534 Aug
114 Jan
Apr
20
15 June
34 Jan
214 July
Aug
1
15 Jan
234 July
234 July
855 Aug
34 Aug
8
July
3514 June
913 July
211 Aug
10
July
.22 Aug

Apr
June
Mar
Apr
May
Mar
Feb
Aug
1434 July
234 Aug
855 Apr
1934 Feb
May
84
Aug
2
1234 June
3235 May
Apr.
20
814 Apr
2214 Aug
Aug
19
%
77 Aug
1334 June
July
18
May
15
734 June
2434 Mar
64 Aug
234 JULY
5455 May
Feb
3
7235 Mar
934 Apr
154 Max
mg Apr
7234 May
154
Mar
1114 July
5 June
July
15
1834 Apr
334 June
2.10 May
4 May
1034 Apr
5.10 Feb
1334 Jan
22% May
834 Aug
Mar
5
32 June
2034 Ayr
134 Apr
534 Mar
315 Apr
334 Feb
434 Aug
434 June
115.4 May
Apr
2
1254 June
4234 Apr
124 June
434 June
15
Aug
1.75 Feb

Bonds
7955 7954
Amer Gas Power 5s_ _1953
1014 10154
Appalachian Power 6s_1941
6734 68
Assoc Gas & Elec 6.4 _1999
824
82
19.50
Debenture 55
9434 9434
1949
Atlantic Coast 4s
Baldwin locom 511s....1933 10151 10134 10131
104 104
Bear Mtn Bridge 78- _1953
98
98
Butte Anaconda 5e...1944
9434 9474
1960
Calgary Power as
98
96
Cent Fewer & Light as 1956
4354 43%
Denver Tramway 5..1050
98
98
'38 HS
Dixie Gas Util w w 6146
1034 1034
Harrisburg Gas 5s_ _ _ _1970
9834 9894
Illinois Power & Lt 58_1956
8334 8334
1951
Internet Salt Sa
9934 10014
1956
Interstate P S 58
9934 995.1
1946
Einnaullie Ry as
108% 10833
Long Island Lt 118__ _ _1048
98% 9834
"donongabela 51,s_ _ _1953
9334 9354
1056
Sieved() Calif 50
8915 691.
gew Orleans Gt Nor 5s1955
103 103
York Steam 56._ _1951
gew
33% 8314
gor Am Lt Power 53):as 19:0
104 104
cur Ohio Pow Lt 540_1953
1054 10534
75_ _ _ _1951
Penn Lt Power
9115 9134
Peoples Lt & Pwr 5 '36 1941
78
79
1937
110 Grande A 74
10334 10391
an Joaquin Pt Ar Pr as1057
0
94
4
-04
lavoy-Plaza as
1937 '024 10244 102%
yard Baking 6s
10135 10134
‘.1. Prtar Ar it Am _ _.1068

52,000
5,000
7,000
11.000
10.000
45,000
2,000
1,000
1,000
10,000
5,000
1.000
4,000
5,000
2,000
25,000
5,000
6,000
4.000
10,000
7,000
5,000
5,030
2,000
5,000
7,000
4,000
3.000
3,000
14,000
3.000

791; Aug
101
June
66 June
82
Aug
9394 June
101
June
10311 Apr
Aug
98
9414 Aug
06
Aug
July
36
9014 May
102
Jure
9474 Aug
8434 Aug
9934 Aug
98 June
10634 June
9854 Aug
0233 Aug
6934 Aug
Aug
103
Aug
84
Aug
104
10594 Aug
Apr
91
78
Aug
10334 Aug
Aug
94
1014 Apr
1
101 1 Aim

8214
10134
88
8234
9434
102
10434
08
94%
96
4354
08%
10334
9816
5434
1004
9934
10834
98%
934
7414
103
8434
104
10514
9134
79

kl)Palachlan Gas warrants_
leiociated Dye v t c
kssoc G & E 1930 rights_ _ _
Optional stock pur rights
ktlas Util 3 pref*
.
kuto Stand
lank U S units
•
3ost Per Pr Tr
3fitish Can w 1
•
Irunner Winkle
•
31aremont Inv
1
31aude Neon
301 Gas inter nisi
3omm'l Cred cond war w I
•
Jona Chro
25
A
*
3reclit Alliance A
*
Jet & Can Tun
31v Tr Shrs A
B
C
•
3Ixton
ilxide
10
Sec*
?uel 011
*
lam ilton Gas
*
1 Rubenstein pref
:nd Tr Shrs
:nsull ULU com rts wl
*
:nt Hydro El pref
1
:nt Rust Iron
10
:rving Tr
•
fenkIns
1
'Limier Air
*
'..autere
*
qadestic House
25
Wits Tr
•
Waxweld
5
rlexican 011 & Coal
•
Nati Harris Wire A
5
gational Liberty
)7 Y Rio warrants
$5
Slordon
•
!Tor di Sou Amer /3
3/or Amer Trust Shares..
2.50
'Cor Butte
Petroleum Conversion_ _ _5
*
F'hantom 011w 1
*
Photo Color new w I
5
Radio Sec
aranac River Power_ - _ _•
25
Reaboard Flre
3eaboard Utilities warr-•
3plitdorf Bethlehem
•
3ylvestre Utilities
•
Trent Process
LI
Trinidad Elec
Union Oil Cal deb rts w (1.
*
Util Ilydro w w
51 arrants
10
Wing Acre
U 8 Elec Lt Pow tr etIs A.
B
•
Venezuelan Hold
•
Williams Alloy
1
Lend& Gcld

274
455

2334
1134
6%
1034
3034
Du
834

8
534

4831
3 .
35
51
85
855
1331
1
1.20
734
2034
754
2734
1634
34
3
34
834
934
274
.32

231
2%
355
1%
3674
%
3894
2334
11%
134
6
6%
59
13.4
1055
3034
934
835
22%
19
7%
5
1555
8
515
14
6%
194
54%
1%
4834
274
15
5
4534
80
835
15
13
1034
11-16
1.00
1
755
2.00
634
2033
7
231
26
1655
11-16
3
1
34
44
234
855
ti
9%
37
954
214
1034
.27

735
3
20
615
40
4%
01
24

Apr
Aug
Mar
Aug
Aug
Aug
Apr
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Apr
Aug
Aug
Aug
Aug
June
Aug
ma% Aug
Aug
94
103 June
10134 Aug

•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. 16) and ending the present Friday (Aug. 22). It is compiled entirely from the daily
reports of the Curb Exchange itself, and is intended to include very security, whether stook or bonds, In which any dealings
occurred during the week covered,
rrtany
.Saks
Last Week's Range for
Sale
of Prices.
Week.
Par. Price, Low. High. Shares.

Week Ended Aug. 22.
Stocks-

Indus.& Miscellaneous
Acme Steel COMM011.- _25
Affiliated Products
Ainsworth alfg oommon_10
Air Investors cona v t c. *
Ala,(It Sou ordinary_-_50 102
50 108
Preference
•
Alexander Industries
Allegheny Corp warrantsAll America General_ _ __20 153;
Allied Aviation Industries.
With stock perch ware-•
Allied Mills Ins _
Allison Drug Stores cl A..*
•
Aluminum Co ooze
100
6% Preferred
Aluminum Ltd 6% pref.100 11814
734
f Amer Austin Car com___•
Amer Brit & Cent Corp_ •
Capital Corp corn B.
Am
$5.50 prior preferred_ •
•
Amer Colortype corn




.52
18
20
37.4
102
108
1
4
s15

stars

FrIda9

Range Since Jan. 1.
Low.

52
18
20
4
102
115
114
494
1515

50 52
100 1615
100 16
300
334
100 101
40 108
600
1
400
3%
350 216

34
%
835 835
.-,.
34
220 23015
100% 110
97
99
654 734
434 5
7
7
6731 6754
27
27

44
600
1.400
8%
200
55
200 210
1,000 10514
1,900 97
6,400
63.-s
600
334
500 ye
100 603.4
100 2034

High.

Aug1 7034 Apr
July 20
July
June1 3334 Apr
Jan
1)34 Apr
Aug 13214 Mar
Aug 141
Apr
Aug
434 Apr
534 July
JUIyI
Jan
2314 May
Jan
Aug
j1
JUneI
FebI
JUly1
AugJ
Junej
Juiyi
Junel
Jan

a
1534
134
858
110
9934
714
834
1315
80
3334

Apr
Feb
Apr
Ape
Aug
July
Aug
Mar
Apr
Mar
Apr

Last
Sale
stock.,(consumed) Par. Plitt.
Amer Cyanamid corn B _ ..* 2034
415
Auer Oept. Stores Corp.-•
Am •rlean EgIlitieloorn_. •
Am Hard Rubber com_ _100
_25
Amer Hardware Corp__
Amer Investor. el B corn •
• 60
American Meter Co
•
Amer Transformer corn.
911
•u. UtUdi Gen B v t 0....•
•
(me? Yvette Co corn
8
Anchor Post Fence coin..•
A mile -Chile Nitrate coro_•
* 39
Angus Co $4 pref A
•
Arcturus Radio Tube......
Agree glee Industries
suer dep mts ord shs.L.
•
Assoc Laundries
Associated Rayon coin..*
6% cum preferred_ _100
34
Atlantic Fruit & Sugar...•
ttlantle Becur Corp 00[11 •
• 20
Atlas Plywood Corp

Week's Rant for
Week.
of Prices.
High. Shares.
LOW.

Range Since Jan. 1.
Low.

Iligh.

2134
4X
1434
5734
62
834
60
15
955
134
874
30
39
85.4

8,000
03
8
400
150
60
1,000
275
50
2,900
300
700
500
100
400

1755
3
1234
50
5934
714
594
13
731
155
13
1554
36
8

June
Jan
June
Aug
Jan
June
Aug
Aug
June
Aug
June
Jan
July
June

37
6
22
81
6234
1654
7774
20
1534
734
1434
4334
48
2
334

Mar
Feb
Mar
Apr
Mar
AIN
Apr
Apr
Apr
Jan
Feb
May
Mar
Mar

554 556
1
1
235 234
49
49
4
%
1134 12
20
20

100
100
100
100
1.600
400
400

534
el
234
3834
14
1134
15

June
Feb
June
June
Feb
Aug
Jima

8
2
654
8034
nu
28
as

Aix
Jan
Mar
Apr
Apr
Apr
Mt.

195/4
334
1454
50
62
8
60
14
9
155
8
2915
39
8

1244

FINANCIAL CHRONICLE

Friday
Saks
Last Week's Ranee for
of Prices.
Sale
Week.
Stocks (Continued) Par. Price. Low. High. Shares.

9%
31
60
92
5
18%
24%
27%
9034
12%

28%
46
3%
17%
3

Jan
Mar
Jan
Jan
Apr

231 3
9%
200
214 June
200
9% Aug 15
93.4 10%
20
100 18
20
July 23
3034 3134
400 284 Jan 33
60
575 60 June 90
60%
1834 20
900 12
July 20
92
92
100 eog Apr 103
900
(334 7%
8%
4% Jan
100
4
4
4
Aug 1034
4% 534 1,500
814
2% Mar
300
1034 11
9% June 17
18% 18% 1,700 17% June 2534
23% 25
11,400 17% June 25%
107 107
60 10634 Jan 114
2614 27% 50,900 2434 June 4414
Jan 93%
8934 9041 1,000 58
9
714 June
100
831 831
1134 1234 2,000 11
Aug 8534
July 1434
9
200
9
9
Feb
3,500
31
36
Jan 554
100 24
36
Aug 54%
37
100 31
37
Jan 2714
600 15
16% 1634

Mar
May
Jan
May
Feb
Feb
Jan
Mar
May
Mar
Mar
July
July
May
Apr
Apt
Apr
APT
Apr
Jan
Apr
Apr
Apr

23%
33
2%
9%
1

1,500
100
910
100
900

3,300
100
600
5,100
100
175
600
200

35
2%
13
14%
514
80
35
4234

634
7
21%
9
67%
17%
3334
11.34
78%
%
2%
134
31
3
75
3
16
3%

100
634
731 2,800
300
2234
700
931
300
68
1834 1,200
400
3331
113,
100
70
78%
800
%
100
2%
13.4 1,200
200
34
434 12.000
8434 5,700
33.4 3,600
300
16 34
4% 9,000

14
162%
834
19%
43
4
2%
37
7%
7%
734
734
22%
2134 21%
18
s163(
93%
6
12
12
26
12%
4%
10

14
100
10
16234
931 2,500
600
20
46% 2,000
4% 1,300
5% 48,400
500
73,
.
600
8
700
7%
23%
700
22% 5,400
2,000
18
93%
200
1,300
7
400
1231
26
200
700
12%
4% 1,400
10
100

7
9
33%
34
1%
34
434
79%
3
16
4%

934
20
4431
434
4%

Fabrics Finishing coin_ •
Fairchild Aviation corn_
Fandango Corp coin
•
Fansteel Products Inc_
734
Federal Screw Works. •
Federated Capital com___5 ..11
Federal Compress dr Whse•
Federated Metals Corp * 1534
Flat. Amer dep receipts-- ......
Film Inspection Mach_ •
Finance Co (Bait) corn A.•
Flintkote Co corn A
•
Fokker Aircr Corp of Am.* 16%
Foltis-Fisher Inc cora_ •
Ford Motor Co Ltd
Amer dep ruts ord reg.51 2114
Ford Motor of Can cl A....' 31%
Foremost Dairy Prod corn*
7%
•
Foremost Fabrics
Fox Theatres class A corn.'
9
Franklin (H II) Mfg corn.'
Garlock Packing corn....' 21
General Alloys Co
• 10%
Gen Baking Corp corn...'
2%
• 32%
Preferred
Gen Capital Corp corn...'
Gen Else Co of(it Britain
American deposit rots_ 81 11%
Gen'l Elec (Germany)
Am dep rein cog abs
Gen'l Empire Corp
• 18%
Gen Fireproofing corn_ •
Gen'l Laundry Mach corn'
Gleaner Comb Harvester...
,
Glen Alden Coal
•
Globe Underwrit Exch._ • 1034
Goldman-Sachs Trading...* 16%
Gold Seal Electrical Co...'
2
Gotham Knitbac Mach..'
Grayinur Corp
•




High.
May
May
July
Feb
Feb
Feb
APc
Aug
Apr
Mar
Mar
July
July
Feb
Mar
Mar
Apr
Apr
July
Feb
Apr

9
3%
5%
2%
5%
12%
47
2034
15
45
12031
8%
51
,
1
4531
1936
834
4034
634
4
6%
21

34
21,
12%
12%
5%
77
35
4234

234
13
1431

Low.

Aug 1431
8
3,700
2,000
234 Aug
5% Aug
100
6%
2% Aug 1534
500
8%
334 June
300
100
914 Mar 17%
1,500 2434 Jan 55
4,300 1214 Jan 20%
7% Jan 19
200
Jan 49%
200 36
100 120
Aug 141
3,500
24 Feb
1% Feb
200
734
200 4534 June 50%
200 14% Jan 21
6,400
634 June 1534
9,000 33% June 6434
5% July
8%
100
814
234 Jan
200
634 Aug 14%
100
Aug 28
200 21

Atlas Utilities Corp corn *
8
9
Warrants
3
3
Austin Mot Car Am dep rct
5%
Automat Music Intim A•
2%
234
Automatic Vot Mach corn.*
5%
Cony prior partic stock.*
12%
Aviation Corp of the Amer. 47
544
Aviation Credit Corp._..' 2031 19%
Aviation Securities Corp.'p
1434
Axton-Fisher Tob corn A 10
45
Babcock & Wilcox Co--100
120
•
Bahia Corp(tom
5%
eg
Cumulative preferred-25
Baneomit Corn
45%
•
Bickford',Inc common ' 19
19
Blue Ridge Corp corp
*
754
734
Opt 8% cony pref....60 384 37%
Bourjois, Inc
•
854
Bridgeport Mach corn.....'
4
Brill Corp class A
6%
•
21
Bello Mfg class A
•
Brit
-Amer Tobacco
2334
Am dep rcta ord bear.£1
33
Bulova Watch 8334 cid. •
Burma Corp Am dep rts_
23.4
2%
9%
io
Butler Bros
1
Buzza Clark Inc corn- •
Cable Radio Tube v 6e..•
Campe (The) Corp corn..'
Carman & Co cony A- •
Carnation Co common...*
Celanese Corp part pref 100
Celluloid Corp corn
•
First preferred
•
Centrifugal Pine COM- •
Chain & Gen Equities_ •
Chain Storer Hovel corn..'
Chain Stores Stooks Ina. •
Chatham & Phenix Allied*
Chemical Nat Associates -*
Childs Co pref
100
Cities Service common...*
Preferred
•
Preferred B
•
Cleveland Tractor corn...'
Cohn & Rosenberger corn.*
Colombia Syndicate
Columbia Pictures corn.. •
Corn vot trust etfs
•
Consolidated Aircraft_ •
Consol Automatic
Merchandising corn vie'
$3.50 preferred
Consol Dairy Prod corn-.
Control Laundries oom
•
Cone Retail St's Inc rem.•
Contin't She cony pf__100
Coop-Bessemer Corp eon].
$3 pref A with warr_ _100
Copeland Products el A___
Without warrants
•
Cord Corp
6
Corporation See of Chic...*
Corroon de Reynolds corn •
$6 preferred class A.. •
Crocker Wheeler coin_ •
Crown Cork & Seal pref_.•
Crown Cork Internet el A*
Crown-Zellerbach pf A...'
Cuban Cane Products warr
Curtiss Airports Corp vte.•
Clinics
-Wright Corp warr_
Davis Drug Stores corn •
Dayton Airplane Eng corn'
Deere & Co oom
•
De Forest Radio
DeLsel-Wemmer-Glibert_ _*
Detroit Aircraft Corp
*
Dinkier Hotels
Class A with warr
Dixon (Jos) Crucible_100
Doehler Die-Casting eem-•
Douglas Aircraft Inc
•
Dresser(BR) Mfg Co el A•
Dubiller Condenser Corp.'
•
Durant Motors Inc
Duval Texas Sulphur. •
East Mil Invest corn A..'
•
Eisler Electric corn
Eieo Power Associaks corn'
Clan A
Elec Shareholdinge Isom
Cony pref with warrants*
Empire Corporation corn.*
Empire Fire Insurance...10
Employers Reins= Corp 10
Europ El Corp class A__10
Warrants
Ex-cello Air & Tool corn..'

Range Since Jan. 1.

40
100
500
200
300
100
200
200
500
200
200
500
2,800
100

234
3%
%
7%
20%
11
19
15%
1414
1%
12%
14%
16%
4%

234
3%
al
9
20%
11
19%
15%
15%
1%
12%
18
1934
434

21%
30%
7%
6
7%
6
20%
10

22% 71,900
3114 1,400
100
7%
300
6
8,500
9
100
6
21% 1,100
1,700
11
2% 7,800
34% 3,400
42
100

234

32
42

11% 11%
33%
18%
29%
13%
26%
80%
10%
1534
2
%
31

800

500
3334
600
18%
200
2931
100
334
200
26%
82
300
10% 1,000
1734 12,600
900
23,4
100
34
81
100

(Tor.. 131.

Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Continued) Par. Price, Low. High Shares.
Gt Atl & Pao Tea
Non vot oom stock
•
7% first preferred _ - _100
Grocery Stores Prod v t
Guardian Fire Amur _10
Guenther Mud)Russ Law5
Handley-Page Ltd
Am dep ruts for pref._
Hazeltine Corp
•
Helena Rubenstein Inc •
Hires (Charles E) class A..•
Horn & Hardart Co corn_ •
7% preferred
160
Hydro-Eleo See cam
•
Hygrade Food Prod corn_ •
Imperial Tobacco(Can)
.._5
insult Utility Investm ---•
Ineur Co of North Amer-10
Insurance Securities- --10
Intercoast Trading corn..'
Inter Safety Razor el B....•
Interstate Equities com_.•
Convertible preferred- •
IrvIng A Ir Chute enm
Isotta Frachini Co
Amer dep receipts
Kleinert (I B) Rubber...*
Knott Corp corn
Lackawanna Securities...'
Lakey Fdy & Mach corn.'
Land Co of Florida
Lane Bryant Inc
•
Lefcourt Realty Corp corn'
Preferred
•
Lehigh Coal & Nay
Ley (Fred T)& Co Inc...'
Libby McNeil & Libby-10
Liberty Dairy Prod
Loewli Inc stook Durchwarr
Louisiana Land & ExPlor_•

200 224
11834 119%
10
10
30
30
22% 2431
234
26%

Range Since Jan. 1.
High.

Low.

240 118
50 11531
300 10
700 28
600 2234

June 260
Jan 122
June 1434
July 49
Aug 2934

Mar
Jan
Feb
Apr
Apr

234 2%
2531 26%
3
3
3034 3131
38
3631
100% 10034
32
32
35%
10
11
9% 934
57% 57% 59
88% 64% 6634
1431 1531
1034
10
1034
9% 1034
6% 7
7
34
38
13%
13
13

300
1,000
200
500
200
25
1.000
300
100
1,600
700
900
300
500
1,500
600
1,600

234 Feb
3%
1814 Jan 35
Aug
3
731
2434 Feb 3234
35 June 46
99% Jan 101
32
Aug 55
1s14 June 15
934 Aug 1034
5334 June 71
83 June 8534
1434 Aug 23
Aug 233,4
10
934 Aug 1334
634 Aug 1444
3314 Aug 46
1214 Jan 2514

Apr
May
Mar
Mew
Mar
Feb
Apr
May
Mar
Feb
Mar
Mar
Apr
Jan
Mar
Apr
Apr

7
15
21
37%
434
1%
22
1434
2734
31%
3634
14
2034
8%
2

7%
1534
21
37%
434
134
2234
15
28
34
3634
14%
213,4
934
2%

400
400
100
100
400
200
200
1,100
500
800
100
300
2,200
1,900
1,100

7
15
1834
3534
334
134
213,4
1334
26
30
3634
1134
20
334
2

Aug
Aug
Aug
Jan
June
Aug
Mar
June
Aug
Aug
Aug
June
July
Jan
June

10
2531
3034
4314
12
43.4
3654
2534
3734
5034
453,4
27
3214
2014
5

Apr
Jan
Mar
Feb
Feb
Apr
Apr
Mar
Jan
Mar
Mar
Apr
Apr
May
Jan

Mangel Sts of with warr 100
56
55
Marlon Steam Shovel corn*
5% 534
Mavis Bottling Co of Am..'
134 14
134
May Hosiery Mills pref..* 27
z25
27
Mead Johnson & Co corn.' 8934 82
90
Mercantile Stores Co com •
49% 50
Merch & Mfrs Sec el A. "
2934 2931
Merritt-Chapman & Scott
6.34 % pref series A..10()
8334 83%
Meta/ & Min Shares corn.* 1234 12
1234
Metrovol Chain Stores...*
6
4
4
Mar Midvale Co
1
60
4 Jan
59
•
Mar Miller (I) & Sons com____• 2531 25
5
14 Jan
2534
Jan Miss Riv Fuel Corp warr__
12
15
14
Aug 19
Mar Moody's Invest Panic pl.'..
42
Jan la
10
4134 40
Feb Nat American Co ins....'
5% Aug 13
6
6
6
Nat Aviation Cons
June 80 July
71
93-4 11%
•
62
..au 57 May Nat Baking pref
28
70
100
Apr Nat Bond & Share Corp_ •
Jan 53
38
35% 3734
Nat Dairy Prod pref A.100
106 106
Jan 12% May Nat Family stores own_ •
5
1031 11%
$2 pref with wan
6 June 174 Apr
19 n22
25 19
18 3-4 June 27% May Nat Food el A with ware.'
6
6
Class B
2034 Apr
9
Aug
1% 1%
Apr Nat Investors coca
65
Aug 92
12
• 12
12%
15 June 34
Aix Nat Rubber Mach'y corn *
931 14
Feb 85% Apr Nat Screen Service
30
• 26% 2631 29
934 June 12% May Nat Short Term See A ' 16
1534 16
July National Sugar Refining *
7874 Aug 80
28
28%
Apr Nat Union Radio corn •
1
Sr. Mar
334 4
Aug
2
6% Apr Nauhelm Pharmacies corn'
3% 334
334
Nebel (Oscar) Co corn •
114 Aug
4% Apr
5
5
Aug Neet Inc class A
1
% Aug
* 1731 1751 1751
•
2% June
814 Feb Nehl Corp. corn
18
1931
6534 Aug 162% Apr Neptune Meter class A •
2034 2034
234 Jan
8% Apr Newberry (J J) Co corn. •
29
34
16 June 22% May Newport Co oom
1914 21
• 21
331 Aug
9 June New Haven Clock corn_ •
1434 1434
New Mex di Ariz Land__1
4
3% 4
Aug 19 June N Y Auction corn
14
8
8
•
Apr N Y Rio Buenos Aires AL*
162 34 Feb 172
7% 934
831
831 July 23
Aar Niagara Share of Md... 10
1231 13%
124 Jan 2334 Apr Niles-Beml-Pond sem •
2814 29
Jan $634 Apr Noma Elec Corp corn.....'
51
7% 7%
4 June 1334 Jan No Amer Aviation warr A.
2% 2%
234
2% July
Jan North Amer Cement Corp*
4
43
,
1
Apr No & So Amer Corp A_- *
5% June 21
15%
14
7% Aug 18% Apr Novadel Agene Corp com • 31 34 31
31%
Mar
734 Aug 23
19 June 39,4 Apr Ohio Brass class B
66% 66%
16% June 117
Ant 011stocks Ltd class A_ •
8% 8%
311 3%
1534 Jan 3214 Mar Outboard MotCorp corn B•
6% 7%
Jan 108
82
Apr
Cony mei class A
731
•
22% 22%
814 July Pacific Finance Corp_ __10
Aug
6
4
July 1514 Feb Paramount Cab Mfg Com.*
4
12
434
32
3231
22% Jan 30 May Park Davis di Co
•
Mar Pennread Corp eons v t C.
1035 10% 11
12% June 23
Mar Philip Morris Cons eom- •
154
3% June
44 134
Class A
12
12
Feb
25 12
Aug 22
10
Pilot Radio & Tube el A-•
7% 7%
734
914 May Pitney Bowes Postage
2
Jan
• 1031 10% 1034
Meter Co
Apr
3
Jan 11
7
7
2% Apr Polymet Mfg corn
14 Mar
Feb Powdrell & Alexander...*
38% 39
Jan 13
7
9
9
1634 June 42% Apr Prince &Whitely Tradcom•
93,4
$3 cony prof A
July 11% June
• 36% 36% 37%
10
Aug 2234 July Propper McCallum Hosiery
19
Mills common
July 24% Feb
7%
734 7%
15
14% Aug 22% Apr Prudential Investors corn.' 1534 1434 17%
534 Apr Publlo Utility Holding Cory
% Mar
corn with warrants
• 1731 16% 17%
Aug
1131 July 12
Warrants
4
4
14% Aug 27% Jan
5% 6
1334 Jail 34% Mar Railroad Shares Corp_ •
934 Apr RainbowLuminous ProdA• 1031
434 July
934 1034
Common class B
434
•
434 sg
1014 Jan 2314 Aug Raymond Coner Pile corn.* 45% 45% 4834
• 12% 12% 1234
Feb 883.4 Apr Reliable Stores corn
28
9
314 Aug 1034 Mar Reliance Intermit oom A.•
9
10
414 June 2434 Jan Reliance Management.... 11% 11
12%
5
214 Jan 17% Apr Repetti Inc
3431
Jan Reybarn Co
534
10
Aug 24
6
5
534
33,
314 3%
1934 Aug 33% Ain Reynolds Investing cons....
634 Mar 1434 May Richman Bros Co
•
75
75
4% Jan Richmond Radiator pref.*
234 Aug
5
5
27 June 5414 Jan Rike-Kumier Co corn__ •
29
29
Apr Rolls-Royce of Amer pf 100
41) June 59
534 6
Rubberoid Co
•
45
45
Are Safety Car Htg & Ltg__loo
114 118
1031 May 14
St Regis Paper Co corn-.10
2131 233,4
Apr
7% cumulative pref-100 110
3334 Aug 43
110 110
• 1834 1531 16%
18 34 Aug 2934 Mar Said Co corn
•
27% June 37% Apr Schiff Co
2334 23%
334 Aug 10% Jan Schulte Real Estate Co_ •
5% 534
Apr Schulte-United Sc to 815$'
Jan 36
21
2% 3
12134 Jan Scoville Mfg
25
75 June
50
50
July 18% Feb Seaboard Util Shares. •
9
534 6
30
33
1534 Aug 48% AM Securities Corp General...*
Apr Beeman Bros corn
13
•
1% June
4334 43%
3,4 Feb Segal Lock ric Hardware...*
A June
5
4% 5
Mar Seiberling Rubber cum..._•
June 44
29
511

125
200
11,600
400
13,800
200
200

55
5%
1
20
58;4
40
15%

Aug
July
Jan
Mar
Feb
May
Jan

7731 Feb
1734 Apr
Ma7
27 June
Aug
90
5934 Feb
35% May

23%
31%
z23(
83,4
31

Aug
Aug
Aug
June
Aug

1514

134
1431
28
3814
1435
2034
935

July
100 80
34
1,40
834 Jan
34
1,400
4
Aug
200 50% Feb
34
1,500 25
Aug
Mar
8680
316:
3
200 1234 July 27 MayNIMjAugaa
arny
June
300 37 May
Aug 441231 Jan
6
1,000
834 Jan 21% Apr
700
70
50 59% Jan 633i Aug
APr
300 33% June
100 104 Allay 108 May
834 Aug 20
600
Jan
Mst
July 36
1,000 15
Jan
6
Aug
100
Jab
4
176 Aug 8034 Fen
200
June
4,000 11
Aug
17
1,800
931 Aug 2634 A pt
1,400 1534 Jan 32% June
1,300 12 May
600 28
Aug 35 May
3 May 1031 Are
400
3% Aug
1% Jan
100
5
Aug 14% Apr
100
100 13 June
2
6
900 16 34 Jan 2 % Apr
Feb 2234 Apr
100 17
Mar
Aug 49
450 29
4,300 19% Aug 42
Mar
Aug 22% Feb
100 14
3% June
7% Feb
300
Jan
6% May
100
9H
2,500
7 June 18 May
Jan 2134 Apr
1,100 12
300 2534 June 6514 Mar
731 Aug 21% Mar
100
5
Mar
6,400
2
Aor
534 Mar
Jan
3
1,300
400 14 June 24 May
400 22% Jan 3434 Apr
6534 June
7% June
334 Aug
634 Aug
2231 Aug
4 June
31
June
10% June
% Jan
534 Jan
4% June

76
11%
18
18%
2714
1334
42%
16%
2
12
154

1. eb
Apr
Mar
Mar
June
Jan
Jan
Feb
Apr
Aug
APt

500
100
200
2,300
900

10
6
3831
814
35

20%
1814
83%
15%
414

Are
Apr
Jan
Ara
Apr

200
3,600

7% June
12% June

20
23

Mar
Mar

25
100
400
1,200
200
3,100
800
10,200
10,400
200
300

Jan
Aug
Aug
Jan
June

9,200 15 June 2714
700
934
3% Aug
914
300 a534 June
7.700
8 June 1414
244
5,100
24 July
300 45 June 51
200
934 Aug 20%
7% Aug 18
1,300
400
931 June 28%
34 Jan
23,4
300
634
414 Aug
900
8%
Aug
3
600
Aug 93
100 74
July 12
5
200
100 2614 Mar 30%
5% Aug 18
350
100 39% July 64%
125 109% Judy 147
3,500 18% June 84
Jan 111
rm 108
1,000 14% June 17
200 2034 June 34
514 June 14%
100
44
214 July
700
July 65
100 50
400
531 June 1011
Aug 7534
300 30
4334
100 36 Jun
9
44 Aug
1,500
1714
54 Jun
200

API'
Apr
Apr
Feb
Feb
June
May
Ms
Apr
Apr
Aug
May
Feb
Jan
Feb
Feb
Apr
Apr
Apr
July
Aug
Mar
Mar
An
Apr
Apr
Apr
Aug
May
Feb

Sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Selected Industries eons •
•
$534 prior stock
Allot We lot & and paid
Selfridge Provincial Stores
Amer dep rots ord sirs_ £1
Sentry Safety Control_ --•
Shenandoah Corp Com--•
50
6% eon. Peel
Silica Gel Corp corn v t c_*
Singer Mfg Ltd Am depycts
•
Smith (A 0)Corp com--•
Southern Corp corn
Southw't Dairy Prod corn •
Spanish & Gen Corp Ltd
Amer dep rcts ord reg El
Spiegel
-May-Stern pref 100
*
Stand Investing pref
Stand Motor Constr-100
•
Starrett Corp OOM
6% ctun preferred-50
•
Stein Cosmetics corn
•
Steinite Radio
Strauss-Roth Storm corn.*
•
Sluts Motor Car
Sun Investing common_ •
•
$3 cony pref
2$
Swift & Co
15
Swill Internatloml
Syrac Wash Mach corn B_•

1245

FINANCIAL CHRONICLE

AUG. 23 1930.]

554 534
5454 60
6354 6334
234
234
974
41
1654
4
1853.4 18554
534
4

•
Technicolor Inc corn
1
Thatcher Securities
100
Thermoid Co pref
Tobacco Prod Exports___*
Todd Shipyards Corp____'
Transeont Air Tranat.----*
TranaLux Plot Screen
•
Class A common
Triplex Safety Glass
Am dep rots ord reg._CI
Tel-Continental Corp wart
•
Tel-Utilities Corp com
•
$3 preferred
Tubise-Chatillon Corp
•
Common B v to
Tung Sol Lamp Works_
Ungerielder Flnan Cory •
•
Union Tobacco oorn
United Carr Fastener cam *
United Corp warrants
.•
United Dry Docks menUnited Founders corn-- •
United Milk Prod corn....'
100
7% cum pref
United Profit Sharing corn'
United Stores Corp corn...*
U S Dairy Prod class A.-5
•
Class B
U S Finishing common_ _ _•
100
Preferred
U S Foil class 13
S Gypsum common. _20
US & Internal Sec corn...*
First pref with wary...*
•
U El Lines pref
U S & Overseas with ware.
Utility Equities CorD- •
Utility & Ind Corp coin...*
•
Preferred
Tick Mancha Corp----10
Wain de Bond class A.__.•
Waigreen Co common...-.
Warrants
Walker(Kiram)Goodarbaw
•
& Wortscommon
Watson (John W)Co-.*
Wayne PUMP
Western Air Express_ _ _ _10
Western Auto Sup corn A_•
§Wheatsworth Inc corn..'
•
Wil-low Cafeterias
Worth Inc cony class A..*
Soul% Products Corp cam •

10
4134
1634

1
4034
254
19
35
714
15
131

3

731
1031

234
3
1054
42
1654
4
19454
534
5

34
4034
75
134
1834
33
731
1
1354
134
1134
3934
2854
33
434

431
1634
43(

65%
1634

3
11%
1634
14
22%
7%
17%
2914
8
234
11
3434
694
54
9%

Rights
Associated 0& El deb rte.- ......
Flat
134
Insull Utll Invest
Insur Co of No America334
Johnson Motor when isa
14
Loew's Inc
Mo Kansas Pipe Line
0
112
Southern N E TeleD
Warner Pictures when las__ ......
White Eagle 0 de R deb de •
White Sewing Math deb its
Public Utilities
Allegheny Gas Corp corn.'
Amer Cities Pow & L cl A •
15
Class B
Am Com'aelth P oom A.-• 2134
•
Common B
Amer Dist Tel NJ pf-100
Amer & Foreign Pow Warr- 49
Amer Gam & Elea Wm..... 130
•
Preferred
Amer L & Tr oom new w 125 5734
Amer Nal Gas nom v I o...•
Amer Pub Util cora._-.100 11234
7% prior preferred--_100 10654
Participating pref. _100 10134
Amer States Pub Bery el A*
Amer Superpower CorP• 225.4
Com, new
Fleet preferred
93
36 cum preferred
• 10
Appalachian Gas oom
• 3031
Assoc Goa & El oom
Class A
$8 int bear allot Mfrs
•
$5 preferred
Bell Telco of Canada. _100
Brazlillan Tr Lt & Pow ord. 32
Buff Nlag & East Pr pf--25
Cables & Wireless
Am del) rets A ord shs_ £1
34
Am dep rote B ord alts_21
33.4
Cent AU States Serv v t o-•
•
Cent Pub Serv corn
" 2754
Class A
* 23
Cent States Elec oom
Com'w'Ith Edison Co_ _100
Comm'wealth & Sou Corp334
Warrants
Communits Water Ser. •
Cowl El& P Bait Qom * 11334
• 2131
Ccnsol Gas ULU cl A
734
4.
ClaseBvte
100 157
Duke Power Co
Duquense Gas Corp corn..' 11




Range Since Jan. 1.
Low.

High.

554 June
5434 Aug
6354 Aug

2434 26
3
314
67
73
134 114
50
50
794 75.4

12% Apr
7194 Apr
8434 Mar

200
234 July
234
500
2
Aug
991
3,700
834 Jan 20
2,500 33
Jan 4834
900 1554 June 3434
300
3% June
6%
320 13791 Jan 250
800
434 June
8%
400
334 June 13

131 2,500
34 June
100 4034 Aug
4034
450 7054 Jan
76
234 18,800
94 Jan
19
700 14 June
35
700 30 June
414 June
714 1,200
1
100
1
Feb
1654 3,000
954 Feb
154 2,100
134 June
100 1134 Aug
1154
3934
100 39
Jan
400 28 June
2954
200 82854 July
3334
200
434
434 Aug

Jan
Mar
Apr
Apr
Mar
Apr
Apr
Feb
Mar

214
82%
82%
3%
3734
4814
23%
334
22%
4%
23
51
3434
3831
9

Apr
Feb
Apr
Apr
Mar
Mar
Apr
Apr
May
Jan
Apr
Apr
Jan
May
Mar

Aug
June
June
Jan
Jan
June

8631
5%
87
294
63
1034

Mar
Apr
Apr
Apr
June
A%

6,000
400
175
200
100
900

2434
214
65
g
4434
434

834 1234 32,300

434

Jan

1314

Apr

594
4
36
45

Apr
Jan
June
Mar

11
9
58%
55%

May
Apr
Ape
Mar

654 June
11
Aug
2154 June
% June
654 July
1254 June
4
July
1534 July
234 July
44 June
134 May
334 Jan
52
Jan
1334 Jan
1054 June
76
Aug
1654 Aug
3634 Jun
294 Jan
52 June
11
Jun
1354 July
1034 Jan
1234 Jun
2034 Jun
634 Jun
15
Jan
2834 Aug
8
Aug

22%
28%
3631
1
16%
30%
814
44
4%
56
234
634
72%
26%
30
95%
26%
58
8
75
20%
23
22
2334
2934
9%
21
61
35

Apr
Apr
Feb
Jan
Jan
Apr
Jan
Mar
Jan
Aug
Jan
Jan
Apr
Apr
Apr
June
May
Apr
Apr
Mar
Mar
May
Apr
Feb
Feb
Jan
Mar
Jan
Jan

834
134
834
1834
20

13% Apr
Mar
6
19 June
46% Apr
3
934 Feb
34% Aug
18% May
3% Apr
21
Apr

7
7
534 554
44
43
46
46
12
253(
31
731

1,800
2,400
400

awes
"runty
Last Week's Range for
Week.
of Prices.
Public Utilities (Contd.) Sale
Par Prim. Low. High Shares.

100
200
400
100

100
7
7
500
12
11
800
2534 2554
31 1,400
34
600
734 734
1534 1714 1,400
454 434 1,600
30,900
17
816
234 434 1,400
56
400
49
134 154
100
300
334 434
z6434 x6534
800
1654 17
300
1014 1054
400
50
76
76
900
17
18
44
44
200
3
334
600
5934 62
1,500
1154 1234 4,700
1615 1754 2,000
800
1054 1114
1254 14
4,000
2254 2354 1,200
754 754 1,100
1734 1734
200
500
2934 31
8
8
300
834
234
11
3434
20
31
634
%
831

814
234
1234
3434
20
3454
651
54
934

4
34
131
2%

4%
34
1%
334
31
37

33
iii

8
131
2%
1

1,500
1,100
500
100
100
2.000
1.100
100
4,100

800
700
100
1,900
3,700
600
6,800
II
8% 1,000
134 79,600
200
2%
200
1

434 434
39
39
1454 15%
2014 21%
44%
44
110% 110%
43
49%
12634 132
107% 108
57
5934
1234 1234
11234 11294
10534 107
101% 10134
1734 17%

500
300
3,500
4,600
200
100
4,000
8,700
200
3,200
100
30
300
25
200

Mar
Jan
Jan
Jan
July
130 July
Aug
6
34 July
831 Aug
4
31
134
2%
he
1234
1-32
8
134
234
1

Aug
July
Aug
July
Aug
Jan
June
Aug
Aug
June
July

11%
314
134
4%
31
6434
254
8%
1%
6
234

4
3531
12%
2034
3434
110
3854
104
104
52%
714
11234
90
101%
1734

Jan
June
June
Aug
Jan
July
June
June
July
June
Jan
Aug
July
Aug
Aug

98
49
2831
2834
5034
11234
76%
157
10934
89%
1934
115%
107%
102%
26

1

Mad
Feb
Aug
may
Aug
May
May
Aug
Aug
May
Feb

30
1,500
500
600
5,000
9,100
30

Mar
Mar
Apr
Mar
June
Apr
Feb
Apr
Mar
Apr
Apr
Aug
Aug
Aug
Feb

Aug 39% Apr
Jan 10134 May
Jan 97% June
June 14% May
Aug 51% Mar
June 46% Jan
June 147% Apr
Aug 91
Aug
June 15734 Feb
Aug 5531 Apr
Jan 28% May
14 Aug
3% Jan
34 July
2
Jan
8
July
631 Jan
2534 Feb 40% May
Aug 43% Apr
25
Jan 89% Apr
19
234
Jan 33534 Apr

334 334 23,300
334
13
13% 1,800 11%
113% 113% 1,700 0034
21% 2134
100 2134
7% 734
100
714
157 162%
750 140
11
10,300
9
7

High.

Low.

Abe
400 2534 Jan 42
East Gas & F Associates.' 2831 28% 29
200 9331 July 98 May
95
95
100 95
6% preferred
Ayr
2734 2814 5,300 18% Jan 44
East States Pow B corn...' 28
200 12 Juno 17% Mar
East Util Assoc cony elk.' 12% 1234 12%
763§ 82% 233,000 70% June 117% Apr
Klee Bond & Sh Co corn..' 80
• 10734 107% 108
1,600 10331 June 109% May
Preferred
1,900 9214 June 953( July
94% 95
95
$5 eUm pref w 1
- 43% 4034 45% 2.100 2834 Jan 7814 Apr
Elec Pow & Light wan
Feb
4034
400 39 June 60
40
Empire Pow Corp part Mk* 40
Feb
Aug 28
16% 1,000 16
16
Empire Pub Serv corn el 1.• 16
Apr
Jan 105
'Co 100
100 100
*
Florida P & L $7 pref_
July 97% Alre
300 74
Gen Gas & Elec $6 pt B--• 7431 7431 7531
Feb 8031 June
400 20
2836 2834
Gen Water Wks & El A_ •
• 36% 3334 36% 1,500 30% July 4654 Mar
Intemat Superpower
400 - 34% Jan 50% Apr
40% 41
Internal Utilities el A • 41
6% Jan 1934 Apr
11% 13% 7,900
• 13
Class B
100 79% Jan 99% Mar
95
95
Partie pref
Ate
794 Aug 18
700
734 8
8
Super Power el A.
Italian
954 Feb
3% Aug
100
4% 4%
Warrants
110% 110%
60 107% Jan 11214 May
Long Island Ltg 7% pf_100
100 105% Aug 10594 Aug
105% 105.4
6% pref series B
9734 98%
300 9791 Apr 98% Aug
La Power & Lt $6 pref......*
Marconi Internal Marine
Feb
8 June 13
200
8% 8%
Commun Amer dep rta. _
931 Apr
331 Jan
8,50
334
4
Marconi Wired Tot Cau--1
13% 14% 2,700 10% Jan 2231 Apr
• 1434
Memphis Nat Gas
Ate
27% 28% 3,900 24% June 38
Middle WeetUtilcom----• 28
53.4 Apr
1% Jan
33/ 4,300
1
2
A warrants
234
Feb
2% Aug
B warrants
234 4% 1,500
234
Midi Counties El Sup
794 Apr
634 Aug
6% 6% 1,500
Amer Den Rots
200 1331 June 1654 Jul,
15% 1534
•
Midland Nat Gas e%
Aug 29% July
500 22
23
22
A-.
Mid-West States ITU! el A. 22
63( Jan 16% Apr
500
•
8
8
Municipal Service
36% Feb
100 25 Jun
26
26
Nat Elec Power class A.- _•
102
1013410234 1,400 100% Jan 10334 June
Nat Pow & Lt $6 13i
•
2631 Mar
2314 23% 1,400 21% Jun
Nat Pub Serv corn cl A_ •
Jan 14931 June
30 60
116 116
Nevada-Calif Elec corn 100
90%
90 88% Jan 9534 Ayr
90
New Eng P Assn 6% Pf 100
Aug
25 96% Jan 104
104% 10434
N Y Pow & Light $6 reef-'
Aug
25 105% Jo 114
114 114
100
7% preferred
325 113% JUDO 117% June
N Y Telep 631% pref.-100 11534 11534 115%
Wag & Bud Pr (new eorto
16,800 1534 Aug 2431 Apr
10 1534 1534 16
Common
634 May
4 June
434 3,000
4
4
Class A opt warrants831 Aug 15% Ate
300
8% 9
Class 13 opt warrants.-- ......
731 July
Aug
6
6
100
6
Class C warrants
Mar 9054 Juno
25 85
90
90
No Amer Lt de Pow $6 Pi-•
354 Aug 1035 Apr
500
3% 434
434
No Amer Utll Sec cowl...*
Aug
400 9534 Mar 162
100% 102
No Ind Pub Serv 6% pf.100 102
Aug
Aug 101
200 101
North Ohio Pow 6% pref_. ...... 101 101
500 130 June 18314 Feb
143 14634
Corp com_100
Nor States P
July
40 95% Mar 102
99
99
6% cum preferred-100
Feb 116 June
30 111
11234 113%
Ohio Bell Tel 7% pref...100
800 28 June 28 June
27% 28
Pacific Gm & El let ore!_25
Jan 106% Aug
2 101
10634 10634
*
Pa Pow & Lt $6 pref
900 23% June 39% Apr
27
26
'26
,
Pacific Pupae' el A corn
Aug 95% Mar
800 70
71
76
•
Penn Water de Power
Mar
500 25% June 46
2934 31
Peoples Lt & Pow corn A.*
1,300 14% Jan 3431 July
3134 33
Power Securities corn____• 33
Jan 9834 Aug
• 9534 9434 9534 1,800 38
Second preferred
9831 June 102% Aug
1
Pug Sound P & L 6% pf100 9954 99% 99%
Aug 30% Mar
100 28
28
28
Rhode Island Pub Serv pf *
BOO 1934 Jan 29% Ape
2134 22
Rockland Light & Power 10
200 24% July 27% July
2734 27%
SO Calif Edison 6% pfd B25
100 2254 Jan 26% Mar
534% pref class C_.....25 2514 25% 2534
Aug 21 May
13%
700 11
Southern Natural GasCo- 1314 11
7% Jan 203.1 Apr
20
corn...* 1134 1114 11%
Southwest Gas Util
Jan 116% Aug
3 108
So'west Pow & Lt 7% pf100 11634 116% 116%
300 5534 June 80% Apr
60
60
Standard Pow & Lt corn_ •
Apr
200 54 June 80
60
60
•
Common class B
Apr
100 9934 Jan 107
10234 10294
•
Preferred
Mal
72
400 5434 Jan 98
69
•
Tampa Electric Co
15% May
Twin States Nat Gas cl AS 1334 12% 13% 2,800 113( Jun
Jan 35 May
300 25
29%
29
Union Nat Gas of Can...*
2854 Mar
1434 1354 15% 29,500 12 Jun
United Gas new corn
99 June
• 9334 9334 95% 1,100 91% Jun
Prof non-voting
5 Jun
1154 Mar
5% 614 3,000
631
Warrants
May
3834 40% 23,400 27% Jan 56
Cubed Lt & Pow()cm A...* 40
Mar 9914 Mar
800 80
80%
80
• 80
Common class B
900 9734 Jan 11954 Ape
10034 107% 108%
6% corn lst pref
17
Jan
500 12% June 19
15
United Pub Serv corn. -•
13
12,500 1031 July 22% Feb
tI S Elee Pow with warr...• 1234 12
Mar
1734 3.800 1434 Jan 28
• 1634 16
UM Pow & Lt com
Jan 683( Apr
100 34
43% 43%
ClassBv Lc
Apr
100 .5814 July 68
62% 6234
*
West Mass Cos corn

2134 22% 57,700 20%
10034 10091 1,400 94%
93
93
200 5734
934 1014 5,900
8%
3034 31
1,500 30%
3034 30% 6,500 3034
9734 97;4
2
97
91
91
10
91
15034 15014
2 146
3135 3534 15,00
31%
26
70
2614
2494
I
1
34
'54
3%
3
27
33%
25% 2734
2054 23%
29294 292%

Range Since Jan. I.

Aug
6% Ate
Jun
1954 Apr
Jan 136% May
Jan 44% Apr
June 14% mar
June 209
Are
Aug 17 May

Former Standard Oil
Subsidiary
200 5434
5594
55
50
Buckeye Pipe Line
2%
700
434 5
5
Galena Oil Corp
88%
300 78
88% 86
Humble Oil& RfinfIng-25
Imperial011(Can) Corp...* 1931 18% 19% 2,400 1831
100 18%
18% 18%
•
Registered
100 18%
3134 31%,
10
Indiana Pipe Line
200 1534
National Transit-.12 50 1634 16% 1631
100 1031
1434 1431
10
New York Transit
900 62
6234 64%
26
Ohio 011
3234 5,800 30%
31
Corn new w 1
200 103
105% 105%
100
6% cum pref
700 36
25 3734 36% 37%
South Penn 011
44
50 44
44
Pipe Lines 50
Souwest Pa
Standard 011 (Indiana).-25 4954 4934 49% 20,600 4754
10 3134 3134 3194 1,900 3034
Standard Oil(El)
400 4434
47% 4834
25
Standard 011 (Neb)
76
150 75%
77%
Standard 011(0) oom......25
25 79g 79% 82% 13,800 7634
vacuum Oil
Other Oil Stocks
1
Amer Conte 011Fields
5
Amer Maracaibo Co
Glory cons'
arkans Nat Gas
•
Class A
Atlantic Lobos 011 corn.....'
Carib Syndicate corn
•
Colon 011 Corp, eons
Colum Oil& Gasol v t o •
•
Medea 011common
•
Creole Syndicate
•
Crown Cent Petrol
•
Derby Oil & Refcorn
General Petroleum
Gulf 011 Coro of Penna__25
Roust 011(Tex) new corn 25
Indian Ter Ill 011 01
•
ClassB
Intercontinental Petrol--10
•
Internet Petroleum
Leonard 011 Develop. -25
•
Lone Star Gas Coro
Magdalena Syndicate... 1
Middl States Pet el B v t e•
Mo Kansas Pipe Line_-_-5
Cl B, vol trust aft._-1
1
Mountain & Gulf 011
Mountain Prod Cory.....10
•
Nat Fuel Gas
6
New Bradford Oil Co
North European 011
Patine Western
•
Panden 011 Corp

2
9
9
14
1%
3%
34
534

120%
18%
30%
32
18

21
131
9%
234
1%
15%

he
he
2
2%
9
934
8% 934
34
35
134 1%
3% 4
534 754
3294- 35
5% 5%
14
14
634 634
3194
31
121% 124%
1734 18%
3014 31%
30% 3034
17%
1%
3631
31
2%
19%
1
711
934
29%
294
1%
1534
"a

18%
134
37%
%
294
21%
1p

10%
30
2%
2
17
34

1,100
2,700
900
7,400
100
1,000
500
5,000
900
7,500
1,500
200
900
2,30
4,300
1,10
700
3,20
7,200
1,500
300
100
400
31,600
4,100
300
600
300
500
2,200
2,000
4,800

Aug
Jan
Jan
June
Jul/
June
June
June
Aug
Aug
'Feb
June
Aug
June
June
Jan
Aug
June

34 Jan
1% Jan
83( Jan
831 Aug
34 July
34 Jan
3% June
5% Aug
3194 Aug
514 June
% Jan
414 Mar
30 June
115% Aug
13 June
28% July
26% July
34 Mar
17% Jun
1
Feb
34% Jun
34 June
234 June
15 June
1 June
'A May
Jan
2534 Jan
234 May
1% Aug
12% Jan
*re Aug

69
7
119
30
28
41
2254

Jan
May
Ate
Apr
Apr
.`an
Jan
2rsi May
76% June
34% July
108 May
45% Mar
Jan
64
59% Ate
40% Apr
48% Mar
108% Mat
97% Ape
% May
434 May
1631 Ate
16% Apr
Mar
1
251 Apr
8% Feb
Apr
21
74% Jan
751 June
Mar
I
Apr
11
37% Apr
166% Apr
2734 Apr
4734 Apr
5334 Apr
131 Mar
24 Are
431 Apr.
55% Ale
54 Apr
Apr
6
3631 June
6 May
% Mar
12% Apr
41% May
334 Mar
% May
1934 Apr
234 Mar

1246

FINANCIAL CHRONICLE

Friday
Sales
Last Week's Range for
Other 011 Stock,
Sale
Week.
of Prices
(Concluded)
Par. Price. Low. High. Shares.
Pantepec Oil of Venezuela•
Petrol Corp of Amer warr__
Plymouth 011 Co
5
Pure Oil C06% pref_ _100
Heater Foster 011 Corp-- _•
Root Refining Co pref_ _100
Royalty Corp pref
10
Salt Creek Consol Oil._ _10
Bait Creek Producers_ __10
Southland Royalty Co.,__'
Venexuela Petre.1eurn_5
Y 011 & Gas Co
•
Minine Stocks
Arizona Globe Copper __I
Bunker Still & Sullivan_ AO
Comstock Tun & Drain be
Consol Copper Miner_ __6
Cresson Consul G M
1
Cusl Mexicans
Engineers Gold Mines
5
Evans Wallower Lead own•
1
Falcon Lead Alines
Gold Coln Mines, new_ _ _ _
Golden Centre Mines--5
Goldfield Cons Mines_ _ _1
25
Hecht Mining Co
Hollinger Cons G M
Hod Bay MM &
Kirkland Lake Gold Min_l
Mining Corp of Canada_ _5
Newmont Mining Corp_10
26
New Jersey Zinc
Noranda Mines Ltd
•
1
Otto Copper
Pacific Tin special stock_ •
Pond Creek Pocahontas •
Premier Gold M Ming_ ___1
Roan Antelope Copper Ltd
St Anthony Gold Ltd_ _1
Tack Hughes
1
United Verde Extension 50e
5
Utah Apex Minim
,
Wendon Copper Mining-1

1%
334
2631
331
11
931
231

70
41
34
134
434
2%
54
5%
7%

21
74

1941
6%
931
1%

Bonds
Abbots Dairies 62
_1942
Alabama Power 4%e__1967 98%
Ss
1968 104
5s
1956
Aluminum Co is I deb 5s '52 10331
Aluminum Ltd 5s
1948 9931
Amer Aggregates 68-1943
With stock pure) war_ _ _
85
Amer C,om'Ith Pr 6s.....1940 93%
Amer G & El deb 56_ 2028 100%
Amer Gas & Power 66_1939
American Power & Light
Ss. without warr___2016 10734
Amer Radiator deb 4318'47
Amer Roil Mil deb Se. 1948 9936
Appalachian El Pr 654956 100%
Appalachian Gas 68_1945 103%
Cone deb 8s B
1945 95
Appalachian Power 684024
Arkansas Pr & Lt 551_1956 10034
Armstrong Cork 6s_ _1940 9831
Assoc Dyeing & Printing
Os with warrants,,, _1938
Associated Elea 4346._1953 8834
&immolated Gas & Electric
Deb 48 with warr__ _ INS
Without warrants
444e series C
1949 7534
Se
1968 83
5345
1938 77%
5445
1977 93
Assoo'd Sim Hard 6445 1933
Assoc T & T deb 531s A '55 94%
Assoc Telep UM 534,_1944 96
Bates Valve Bag Corp
Os with warrants_ _ _1942
Bell Tel of Canada 55_1957 104
1st M 55 series A___1955 104
Se series C May 1 1960 104%
Berlin City Elm 68_1955 83%
Birmingham Gas 55_.. _1959
Boston & Alb RR 431s '78
Boston & Maine RR fis '33 102%
1.3klyn Borough Gas 55 1967
Calif Pack deb 58
1940
Canada Cement 536s A '47
Canadian Nat Ity 4418 '55
78
1935
Can Nat SS 58
1955
Canadian Pacific 434,1960
Carolina Pr & Lt Cs__ _1956
Caterpillar Tractor 5444936
Cent Statea Elea 5s_ _ _1948
Deb 5318-Sept. 15 1954
Cent States P & Lt 534s '53
Chic Pneum Tool 5348 1942
ChM Rya 5e cgs 6e9__1927
Cigar Stores Realty
6445 series A
1949
Cincinnati St Ity 6.B4955
5448 series A
1952
Mitt( Service d@
1966
Cony deb 58
1950
Cities Service Gas 53451942
Cilia,Serv Gas Pipe L 69'43
Catlett Serv P & L 53481952
Clev Elec III deb 7s_ _ 494
5. Gen 58 ser A
1954
Cloy Term Bldg 6s_ _1941
Comment und Private
Bank 63.45
1937
Com'wealth Edison 4445'57
4445 serifs E when L49 '61
Consol 0 EL & P (Balt)4315 serha 11
1970
CO11401 Textile 1st 8s_ _1941
Consumers Power 4548_'53
Cont'l0& Elbe
195)4
Continental oti 534e- -1937
Continental Securities 58
with warrants
1942
Crane Co 10-yr 5s____1941
1 2
Crucible Steel Ss_ ___11)40
Cudahy Park deb 5%81937
Det City Om 68 eer A_1947
1,1 Se ser is
Detroit lot Bolge 8%8_1952
195
'
25-yr e f deb 75
1952
Dixie Gulf Gas 13%6_1937
With warrant,
Dueuesne Gas as
1845
East Utilities inc ea
Wits warrants
1954
Edition El (Boston) 58_1933
Mee Power & Light 54 211:11 I




1%
331
26
95
331
10
11
1%
11
931
271
31
115
70
41
4
31
31
ia
1%
II.
4
2%
31
834
5%
744
"Is
1
84
62%
20%
%
814
16%
1
19%
sir
6%
9%
1%
Si

85
592%
9944
9334

Mar
Apr
Feb
June
Apr
May
Aug
Mar
Apr
Apr
Mar
Apr

36
1,200 1-16 Jan
Mar 953i
100 65
500
1
34 Jan
814
2,000
3% June
44 July
34
1,700
500
2
41 June
% Feb
500
231
6
1,000
1% June
200 1-19 June 3-16
1,500
2% July
6%
7
600
2% July
500 3-16
44
Jan
600
8% July
14
7
Jan
1,000
5
June 1434
3,100
7
31 Jan
100
1
July
100
334
1
1,200 79
June 161%
400 6234 Aug 91%
5,800 20% June 4544
% Aug
4,200
13.4
834 Aug 14%
200
1634
200 12% May
% Mar
1,800
1%
100 19% July 33
31
2,200
in June
4% Jan
200
734
600
844 June 16%
331
134 Aug
400
31 May
2,100
7.4

Jan
Jan
Feb
Feb
Jan
Feb
Feb
Mar
Jan
June
Feb
July
Feb
Apr
Feb
Mar
Feb
Apr
Mar
Mar
Jan
Jan
Mar
Jan
Jan
Feb
June
Mar
Mar
Jan

May 100
5,000 97
123,000 93
Feb 08%
39,000 99
Jan 104
Jan 103%
3,000 100
22,000 10134 Feb 10436
55,000 9734 Feb 100

31
70
Si
4
36
31
54
2
lie
431
3
ill
9
5%
741
1416
1
85%
63.35
2135
31
834
16%
1%
19.44
Iii
634
931
174
46

Jan
Aug
Aug
Apr
Aug
Mar

2,900
1,000
1,700
70
800
100
100
100
1,600
800
700
200

8,000
85
9336 64,000
100% 124,000
94% 3,000

107 107%
99% 9944
9854 9911
10036 10036
103 104%
0435 9535
106 106
9..1% 101
98
9836
20
20
8534 89

134
234
20%
93%
2%
10
8
146

Aug
July
May
Aug
Mar
Aug
July
June
June
Mar
9
2
June
44 Jan

Feb 88
83
May
July 99% Mar
92
9731 Jan 100% Aug
July 9836 Jan
91

47,000 105
12,000 go%
20,000 96%
11,000 9536
82,000 99%
22,000 9434
2,000 105.6
45,000 9331
42,000 98
1,000
06,000

Jan
May
Jan
Jan
Mar
Aug
June
Jan
July

20
May
8244 June

82%
79%
76%
83
78
99%
86
9435
96

29,000
18,000
310.000
21.000
31,000
22,000
4,000
26,000
51,000

80
7214
7134
7834
77
90
86
9436
92

108% 10834
10331 104
103% 104
103% 104%
8331 8334
9831 9834
9831
08
102% 10331
10534 10536

1,000
7,000
10,000
44.000
26,000
10.000
10,000
11.000
1,000

102
100
100
102
8334
9644
95%
10031
103

80
74
7436
82
77
98
86
94%
95

109
99%
101
101
145
101
107
101
08%
20
90

Mar
Aug
Mar
Mar
May
May
June
Aug
Aug
May
May

Aug 124
Aug 94%
June 87
Mar 88
Aug 87
June 105
Mar 8656
July 9414
Jane 108

Jan
Jan
Mar
Jan
Mar
Mar
Feb
July
Deb

110
104
104
104%
91
98%
9834
10334
105%

Apr
Aug
Aug
:Aug
Apr
July
Aug
Aug
Aug

Jan
Feb
Jan
June
Aug
Aug
July
Jan
June

100% 101%
101
100% 100%
10131 102
102
10836 10831 10834
103% 103%
98% 98% 99
102% 102
10231 102% 102%
78
77
78
797
%
7941 79
8931
87
89
98% 98% 100
82
80
80

76.000 100
10,000 9731
65,000 99
23,000 107
1,000 9974
103,000 98
13,000 98%
77,000 9934
25,000 71
77,000 7234
62.000 86
18,000 97
2,000 68

July 10034
Jan 100%
June 102
Apr 109
Mar n103%
July 99
Jan 103
Apr 10534
Jan 84
Jan 8934
July 01
Jan 102
Feb 843.4

Aug
Aug
Aug
July
Aug
Aug
May
May
Mar
MR!
Feb
Feb
July

584
8736
87
97
97
97
92
92
92
82% 82% 82%
97% 59731 98%
8336
83% 83
9134 91% 91%
8934
89% 588
WM 10734
105 105!.,
92% 93

11,000 6236
3,000 98
6,000 91
5,000 82%
097000 97
19,000 8231
90
7,00
43,000 81
4.000 106
5,000 101
4,000 8936

Jan 89
Aug 99%
July 97
Aug 8831
Aug 128
July 8831
Jan 95
Jan 9434
Jan 108
Jan 10536
Aug 08

Mat
Apr
Jan
Mar
May
Mat
Am
Mar
Jan
Aug
Apr

100
58
90
97

8931 8914 23.000
3,000
9934 10
0
99% 100% 91,00
10034
58
100%
8931
97

10174
58
101%
90%
97%

22.000
5.000
10.000
42,000
11,000

Mar
8136 Jan 91
Aug
9334 Feb 100
97% July 100% Aug
9934
58
91%
844(
ga

1,000 78
78
73
101
101% 101% 30.000 10034
10144 10134 101% 31,000 98%
98% 98
9834 33.000 9544
107% 107 107% 9,000 104%
101% 10214 5,000 9734
50% 18.000 46
47
46
24% 24
25% 14,000 20
9441
85%

Bonds (Continued)
-

High.

Low.

454
5%
2731
99
5%
25
1236
236
15%
17
4'.t
231

231
3%
2631
95%
331
10
11
1%
11%
935
231
1

9931 9934
98% 9334
10336 104
103% 103%
103% 10436
ir9% 100

Range Since Jan. 1.

5.000
9444 96
8334 85% 70,000

7536 7531 7744 46.000
102 34 102 10231 56,000
9334 9234 9334 154,000

68
83

July 101% Aug
Jail
72
Aug
Feb 10134 Aug
Mar
Feb 94
Mar
Feb 98
Aug
July
May
Jan
Feb
Feb
Aug
Jule

85
10134
10134
99
107%
10234
89
75

Slay
Aug
Aug
Ma.
July
Aug
Ala(
Mar

Jan 9931 June
Aug 10934 May

Mar
June 87
69
91)% Jali 102% Aug
June 34% Mar
89

[Vox,. 131.
Last Week's Range Sates'
Sale
of Prices.
for
Price. Low. High. Week

El Paso Natural Gaa6148
1938
6348 Series A
1943 105
Empire 011 & Re/g 531,'42 8335
Creole Morelli El Mfg 634s
with warrants
1953
European Elm 9348 1085
With warrants
Without warrants
81
Bur Mtge & Inv 7s C_1967
Fairbanks Morse Co 581942 97%
Federal Sugar ref Os_ _1033 75
Federal Water Sere 5%8'54 02
Finland Residential Mtge
Bank lis
1981
Firestone Cot Mills 56_1948
Fireetone T & R Cal 58 1942
Flak Rubber 6%6
1931 37
Florida Power & Lt 6...1954 8431
Gatineau Power 56...._1956 9531
Deb gold 88
1941 9734
Os series B
1941
Gen Bronx Corp cone 6s'40 84
Gen Laund Mach 631s 1937
Gen Rayon 68
1948
General Vending Corp
Os with warr Aug 15 1937
Gen Water Wks Gas it Eli% series 13
1944 86
Georgia Power ref 5s 1967
Gesfuerel deb 68
1953
With warrants
Without warrants
Glidden Co 530
1935 99%
Grand (F&W) Properties
Cony deb 6sDec 154948
Grand Trunk By 6148.1938
Green Alin Pow Os_ __ _1948 1003/
Gulf 01101 Pa 5,
1937 103
Sinking fund deb 5s_1947
Gulf States MU Fs__ 4956 90%

103% 103% 2,000
105 105
2,000
8331 8431 17,000

Range Since Jan. 1.
Low.

High.

Jan 120
98
May
Jan 11534 Slay
98
82% July 89
Mar
87

81

81

81
80
89
9731
75
91%

1,000
81
13,000
81
8936 6,000
9736 35,000
11,000
75
9231 6,000

81
79
80%
93
75
90%

Aug 101% Mar
July 81
Aug
Apr
Aug 91
Jan 98
June
July 9344 Jan
Jan 97
ADO

8036
87%
9131
37
8334
95
9744
9734
83
4034
65

83
83
9136
37
84%
9541
9835
9836
85%
44
65

19,000
16.000
8,000
7.000
36,000
44,000
3,000
7,000
17.000
3,000
5,000

7531
87%
9034
3034
82%
91
9441
97
83
40
57

Jan 88
Aug 90
July 9841
Aug 7234
Jan 92
Feb 9731
Jan 101
July 99
Aug 994
July 6631
Jan 80

23

24

2,000

20

May

86
87
100% 101

15,000
27,000

May
Aug efifi
86
95% Jan 10131 June

90
9031 2.000
90% 0144 95,000
99% 9931 6,000

90 June 9434 May
90% Aug 92% June
9941 June 100% July

8,000

78

s85
8631 4,000 z 85
1073-4108
8,000 105
10035 10036
1,000 99.6
103 103
35,000 99%
10334 103% 7,000 100
9931 9934 23,000 92)4

Feb

June
Apr
Mar
Jau
Jan
Jan

34

92
108%
10044
103
104
100

Apr

Mar
ADO
Mar
Feb
Mar
Mar
Mar
July
May
June
Mar
Feb

May
July
July
Apr
Aug
July

Hamburg Electric 73_4935
103 103
Aug
1.000 100
Jan 103
Hamburg El & Und 645838 8734 8734 87% 7,000 8444 Jan 90
Mar
Hanover Credit Inst 681931 9931 9941 9936 26,000 9636 Jan 100% June
Hood Rubber 7s
1936
1,000 88 June 98
88
Mar
88
Houston Gulf Gas 6445 '43 94,14 9441 95
6,000 64
Jan 100 June
65
13,000 67% Jan 49831 June
39436 '05
1943 95
Fled Bay Min AC Sm 68.1935
101
10231 4,000 10034 July 108
June
Hungarian Ital Illt 7315 '6:3 88
92
11,000 76
88% 88
Jan
Mar
Hygrade Food 88 A_ _1949
7134 Apr
5931 5941 1,000 fi15% Aug
III Pow & Lt 630 see B '64
10134 10135 2,000 9734 Feb 10244 July
Sinking fund53(s MaY'57
9231 9434 18,000 9834 Feb 95
May
IndeD Oil& Gas deb es 1939
104 104
6.000 100
Feb 110% Any
Ind'ix,115 P & L 50 set A '57 101 5100 101
129,000 0634 Jan 101
Aug
New
10034 10034 59.000 10034 Aug 10034 Aug
101
Inland Utilitiee 65____1936 9835 9834 99% 88,000 98
July 126
Apr
Instill Utility Investment
Is set B without warr '40 102% 101% 103
26,000 9834 Jane 11231 Mar
Intercontinents Pow 681948
With warrants
Aug s96
80
May
80
1,000 80
New
1.000 97 June 9731 June
97
97
Int Pow Sec 75 sec E4957 9931 9936 100% 49,000 98% Jan 101% June
Intermit Securities 58_1947 8034 80
81
37,000 7836 July 8831 Jan
Interstate Nat Gas 65_1936
Without warrants
104 104
1,000 10036 Jan 104
Aug
9136 18,000 83
Feb 9331 Mar
Interstate Power 55___1957 9131 89
8834 87,000 8031 Jan 0244 Mar
Deb fis
1952 8834 86
Int Pub Sere 4318_ _ _1958
92
5.000 88
Jan 92
892
Apr
invest Cool Am 55 A.1947
Without warrants
10,000 7634 Jan 82
7834 79
Mar
90% 96% 25,000 91% Mar 9734 July
towa-Neb L & P
_1957
Iowa P&L 436s A ___1958
92
92
1,000 92
Aug 92
Aug
Isarco Hydro El 7s_ _ _1952 88% 88% 89
9,000 83
Jan
9431 Mar
Isotta Frashehlni 7, 1942
Without warrants
87
87
1,000 75% Feb 89
Apr
Italian Superpower of DelDebs is without warr '63 7436 7331 75
84,000 6636 July 80
Mar
Jersey Cent P & L 5.8B 1947 10035 100341003-4 5,000 98
May 10034 Aug
531s series A
10336 10335 11,000 10234 July 10344 Aug
1945
Kansas Gas & El 4346_1980
94% 94% 10,000 93
July 94% Aug
Kelvin/0er Co 68
1936
Without warrants
90% 90% 21,000 69% Jan
91
Apr
Koppers0& C deb 58_1947 10034 100% 10036 40,000 95% Jan 10044 Aug
6346
1950 103% 10336 103% 18,000 1)934 Jan 10344 July
Kresge (S S) Co Ss_ ,,1945
6,000 9836 July 99
99
_1945
99
Aug
Lehigh Pow Secur 68..4026 10531 105 10531 10,000 10231 Jan 107% Mar
Leonard Tietz 731s_ _ _1946
9934 8,000 93
Without warrants
99
Feb 100
Mar
10134 105
With warrants
8,000 10131 Aug z107
July
Libby, MeN & Libby 64'42 95% 95% 9631 18,000 90% June 97
Aug
Lone Star Gas deb 5s 1942
598% 9814 1.000 9631 Mar 9934 Mar
Long Island Ltg 88_ __1945 106
10534 108
5,000 103% Jan 100
Feb
Louisiana Pow & Lt 5.1957 9841 08
98% 85,000 02
Jan 9841 Aug
58
Dec 1 1957 9836 98
9831 21,000 96% Aug 9834 Aug
Manitoba Power 5445-1951
100 100 ' 3,000 94134 Feb 10034 Aug
Mars Gas CO. 63-4s___1046
103% 104
36,000 101% Jan 105
Apr
Is
1955 99% 599
99% 132.000 97
June 9931 Aug
McCord Rail Mfg 6s_ _1943
72
7454 10,000 59% Julie 87% Mar
Mead Corp 66 with warr'45
97
97
15,000 97 May 9744 May
Middle West CHI 4348 1931
100 100
2,000 100 June 101
June
Cony 5% notes .4932 100% 10031 10044 38,000 98% July 100% June
Conv 5% notes_ _ _1933 9936 99
99% 12,000 08% July 99% Aug
Cony 5% notes_ _1934
93% 99
4,000 98
Aug 100% July
Cony 5% notes_ _ _ _1035 9834 9831 99
Aug
68,000 06% July 99
Midland Nat Gas 6s.._1935
9836 9836 29,000 9834 July 9841 July
Milw Gas Light 4365_4967 100% 10036 10036 8,000 95
Jan 100% Aug
Minn Pow & Lt 4836_4078 95
9436 9534 41,000 80% Jan 95% Aug
Miss River Fuel 68Aug15'44
With warrants
11234 111 112(4 80,000 102
Mar
Jan 122
Without warrants
June
9734 97% 9744 12,000 9234 Feb WO
Mo Pac RR & set 11_4980 10134 1013-41013.1 32.000 99
Mar
June 102
Montreal L H & P col 5e '51 103
102% 103
Aug
8,000 98% Jail 103
Oa series B
1970
Aug
103 103
5,000 10031 May 103
Munson SS Lines 631610:37
With warrants
Jan
85
1,000 8331 Aug 103
85
Narragansett Elm 56 A '57
Jim 101% Aug
10134 101% 21,000 97
Nat Pow & Lt Os A_ _2026 106
Jan 10834 Afar
7,000 104
106 106
Os series B
July
2030 9331 92% 93% 361,000 9044 July 04
Nat Public Service 56_1978 7631 575
Jan 8634 Mar
7634 57,000 74
National Tea Co 55_ _ _1935 98
July 99% June
98
9831 21,000 98
Nat'l Trade Journal Os 19:38
Aug 42
18,000 11
Mar
30
17
Nebraska Power (Is A4022
Jan 10935 Aug
10934 10931 5,000 104
NE Gan Ze El Assn 51-1947 9031 90% 91% 33,000 85
Jail 98
May
Os
Feb 94% May
9031 4,000 85
85
1048
N Y & Foreign Invest
6,000 79
53413 A with wart'. _1943
Jan 90
85
Apr
85
NYP&L Corp lst 4145'67 97
Feb 97
sl)(3
Aug
97 263.000 91
Niagara Fails Pow 65_1950
Jan 107 June
106% 10634 5.000 105
Niagara Shares Corp (Aid}
20 yr deb 5%, Slay 1 '5)) 10334 10331 1033-6 87,000 99% Apr 105% May
Nippon Elm Pow 634s 1963
9236 4,000 88% Feb 94
92
Mar
North End Pub Serv 551966
103% 103% 8,000 9731 Jan 10344 Aug
54 seriee D
1969 10335 10336 103% 7.000 9734 Jan 10341 Aug
No St* Pow 836% notes '33
10,000 100% Feb 10431 July
103 103
Northern Texa-s Util 7s '35
112 11234 8.000 97
Feb 11234 July
Without warrants
10134 10131
1,000 100
Aug 10134 Aug
Northwest Power 05 A 1900 9934 09% 9944 20.000 98
June (00
Mat
Ohio Edison 58
1060 99% 9934 9944 149,000 98
Aug 100
Aug
0010 Power 448 la D_'66 9731 96% 9734 119,000 91
Jan 9734 Aug
10234 10234 10,000 98% Jan 102% Apr
55 aeries B
1952
Ohio River Edison 58.1951
105% 105% 8,000 98% Feb 105% Aug

Bonds(Coati:W)-

1247

FINANCIAL CHRONICLE

AUG. 23 1930.]

Friday
Last Week's Range Sales
of Prices.
for
Said
Price. Low. IRO Week.

Okla Gas & Elec 5s___1950 101
1014
New when issued
Osgood Co with warr 65 '38 70
Oswego Falls Co 6s___1941 77
Oswego RP,Pow 6s___1931 10131
Pao GAS & El 181 4348_1941 9735
Pac Gas & Elec 1st 446.60 9731
Pacific Invest deb 5s_ _1918 82
Pac Pow & Light 55_1955 98%
Pacific Western Oil 6515 '43 9651
Penn-Ohio Edison &s A9513
Without warrants
1959 102
5313
Penn Dock & W fla W w '49 9455
Penn P & L 1st & ref D '53 103%
1952 10331
lot ref 5s ser 13
Peoples Lt & Pow 58_1979 81%
Flee Pow 551s_1972
Phil:
Phila & Suburban Counties
G & E 1st & ref 4481957
Piedmont Hydro-El Co
1960
6518 class A
Pittsburgh Coal 6s____1940 99
1048
Pitts Steel Os
1939 102
Poor & Co 6s
Potomac Edison 59...._1956
Pow Corp (N Y) 551s 1947 9731
Procter & Gamble 4365 '47 10055
Pub Ser of N III 448_1980 9631
1031 10155
Os
'
PugetSound P & L 6568 49 102%
ref 58 C------19.01' 100
let &
Remington Arms 545 1930 97
Rochester Cent Pow 54_ 13 75
Ruhr Chemical Os A__1948 79%
1953 86%
Ruhr Gas 6518
Ruhr Housing Corp 6548'58 84
Ryerson (Jos T)& Sons Inc
1943 954
-year deb Os
15
St L Gas & Coke 68_1947
San kntonlo Pub Serv5s'58
1932
Saxon Pub Wks 5s_
Sextet Co 1st cony 6s A '45
Schulte Real Estate 6s 1935
With warrants
Without warrants
Scripps(E W)534,...._1943
1948
Serve'Inc 58
Shawinigan W & P 4318 67
1968
1358 series 13
1st 58 see C when issued
Shawaheen Mills 7s___1931
1932
55
Silica Gel 63
With warrants
Snider Packing Os_.1932
Southeast P & L 6s_2025
Without warrants
Sou Odd Edison 5s.....1961
1952
Refunding ria
1937
Sou Cal Gas its
Soutar rn Natural Gas 65'44
With privilege
Without Privilege
Sou New Eng Tel 5s__1970
So'west Dairy Prod 655a '38
Southwest G & E 58 A 1957
Sewest Lt & Pow 5s A 1057
So'west Nat Gas 6s1945
So'west Pow & Et 6s__2022
Staley Mfg Co let 68._1042
Stand Gas & Flee Os_ A935
1951
Debenture 6s
Debenture 118 Dee 11980
Stand Invest 5355____1039
55 without warr____1937
Stand Pow &Lt
Stinnes(Hugo) Corp
7s 1946 without warrants
78 Oct 1'38 without warr
Stutz Motor Car 7515_1037
1939
Bun Oil 51411
Swift & Co 56 Oct 15 1932
1944
istMsf 58
1940
Es when issued
Terni Ilydro-Elee 8548 '53
Texas Elec Service 5s_1960
Texas 0a8 Utll 66__1945
Texan Power & Li 581958
Therinold Co& w w__1934
Tr1 Utilities Corp deb be'79
1944
Ulan Co 66
Union Gulf Corp to Jul 150
United Elec Lt & P Os 13'67
United Flee Service 7e
With warrants
Without warrants. 1956
United Lt & Rya 5348_1952
1952
68 series A
United Itys (flay) 7515 '39
II B Rubber
Serial 614% notes__1931
Serial 64% notes...1933
Serial 651% notes..1935
Serial 635% notes__I937
1933
Serial 6s w I
Valspar Corp cony 86_1940
Van Carnp Pack 6.3_ _ _1048
Van Sweringen Corp 6s_'35
Virginia Nice Pow 50_1955
Virginian Ry 434e B__1962
Wabash Ry laser D19811
Waldorf-Astoria Corpst 7s with warr____1954
Wash Wat Pow as w 1_1960
West Penn Elec deb 5s1930
West Texas Utll 56 A.1957
'37
Westvaco Chlorine 6
Foreign Government
and Municipalities
Agricul Mtge Elk Rep of Col
-year 7s A & O___1046
20
Brisbane (City) 68----195(
Buenos Alres(Proy) 755547
1962
78
63.4: when isaued___1961
Cauca Valley (Dept) Repot
Colombia extl s f 75.J948
Cent Dk of German State &
Prey Banks 68 B___1951
1052
1st (39 series A
Danish Guns Muni('5%6'54
Danzig Port & Waterway
Exit sink fund 01.,s_1952
German Cons MunIc 78 '47
1947
68
Hanover (City) 78 w 1 1939
Indus Mtge of Finland
let nage coil a f 7s. _1944
Lima (City) l'eru 6315 '58
Maranhao (State) 7s_ _1118

101 101%
101 101%
70
70
77
77
10151 10155
97
974
97%
97
s81)4 82
974 9835
944 97

22,000
29.000
3,000
9,000
11,000
66,000
105,000
10,000
220,000
87,000

Range Since Jan.".
Low.
0936
9935
60
77
99
9334
96%
79
9636
81

July 101% Aug
Aug 10134 Aug
Feb
June
82
Jan
Aug
80
Jan 1014 July
9751 Aug
Feb
July 9731 Aug
Feb 8555 Apr
July 9835 Aug
Aug
Jan
97

1034 1044
101% 102
944 9431
1034 103%
103 103%
82
81
106 10635

Jan
12,000 99
Jan
20,000 90
2.000 9334 Jan
14.000 994 Feb
6.000 994 Feb
27.000 s7431 Feb
19,000 10435 Feb

100% 101

15,000

9151 91%
99
99
102% 103
101% 102
10055 101
9631 974
100 100%
954 96%
1014 1014
10251 103%
9931 100
97
97
7335 75
7935 814
864 87
844
84

2.000 9155 May 92
Au
21,000 99
10255
4,000 1014 Jan 104
7,000 101% Aug 110%
8.000 9455 Jan 101
27.000 9535 July 99
10,000 95% Feb 1005.5
50,000 94
July 9631
1,000 09!1 Feb 10131
6,000 094 Jan 1034
32,000 95% May 100
Apr 99%
10.000 97
Au
35,000 73
84
8,000 7935 Aug 83
ym, 894
33,000 80
Aug 89%
10,000 84

9535 954

9635 Ma

02

10551
10451
98%
10335
107
93%
10631

Apr
July
Mar
Aug
Aug
Mar
Mar

101

7935 7956

Medellin (Colombia) 7s '51
Mendoza (Prey) Argentine
External 731s sfg__1951 8731 87% 88
Mortgage Bank (Bogota)
824
81
1947
7a issue of 1927
82
82
7s issue of '27 new__1947
Mtge Bank of Chile 66_1931 100)4 99% 101
994
Mtge Bk of Denmark 6a '72 99% 99
104 107%
Netherlands (King(1)6s '72
Parana(State)Brazil 781958 66% 6535 67
89
s88
Prussia (Fee State) 138_1952
Ertl 634s(of'26)Sep 1551 934 93% 9335
70
67
Rio de Janerio 6 48___1959 69
9731 98
Saar Basin (Counties) 78 35
'
102 102
1935
Saarbruecken 78
9431 9434
Santiago (Chile) 76_1961
07
95
1949
7s
Sydney (City of) Now
88
87
Wales lis 1955
South

Jan

May
Mar
May
Feb
Aug
May
July
Aug
Aug
Aug
Aug
Feb
Mar
July
Mar
Mir

June 83
Jan 99
Aug 98
June 100

82%
81
93
68.4
97%
97%
1034
103%

1,000
23,000
5,000
2,000
52,000
25,000
13,000
12,000

51
53
85
64
90%
90
98
9614

Jan 83 Slay
June 83 June
Jan 9351 June
Feb 72
May
Feb 9735 Aug
Feb 97% Aug
Feb 103% Aug
Jan 10335 Aug

9931 9915
65
65

2,000
2,000

924
684
973,1
074

8235
80
9231
684
97%
07%
101
101

97
59

Mar
Aug
July
July

Jan 107
Jan 75

Mar
Apr

106% 10636 107% 67,000 103
Feb 1084 Mar
104 :103% 10436 52,000 99% Jan 10435 Aug
10331 103% 2,000 9935 Feb 103% Aug
Jan 95% Aug
9554 944 9536 18,000 x91
914
90
77
77
10655 1064
77
76
75
9535 97%
96
s95
95%
95%
9531 95
107% 108
108
98% 98%
102% 103
103
1024 101% 1024
10131 102%
50034 904
87% 88
1004 s100 100%

34
10036
1004
984
91%
10031
014
824

87,000
3,000
2.000
14,000
32,000
11,000
19,000
47,000
10,000
21,000
46,000
26,000
3,000
4,000
94,000

87
75
1034
6555
91
9031
95
103
97%
101%
10054
101
8131
83
9734

Jan
May
June
June
Jan
Feb
June
Jan
Jan
Aug
Aug
Aug
Jan
July
Jan

Apr
105
78% June
106% Aug
91
Jan
97% Aug
97% Apr
June
99
108% July
99% Apr
103
Aug
102% Aug
102% Aug
9351 Apr
90
July
100% Mar

12,000 75
84
s82
864 6,000 8051
85
34
11.000 19
33
1014 102% 17,000 100
37,000 z100
100% 101
1024 102% 3,000 100%
9735 100% 174,000 97%
8156 81% 13.000 814
97% 1004 286,000 974
914 92% 36,000 91
99% 100% 81,000 95
904 914 5,000 8211
814 82% 35,000 78

Feb
July
June
Jan
Jan
July
Aug
Aug
July
Aug
Jan
Jan
Jan

81335
904
50
102%
1014
102%
100%
87
100%
107%
100%
98%
100

9014

9155 10,000
91
10255 102 1024 96,000
10455 10435 1044 10,000

July
June
Jan
Mar
Mar
July
Aug
May
Aug
Apr
July
Mai
Mar

83
Jan 9435 Mar
99
June 10235 Aug
9951 Jan 10435 Aug

Aug 103% Apr
4,000 95
9431 95
1,000 89% Jan 973.4 Apr
02
02
02% 9255 03 105,000 83% Jan 94% Mar
10131 101 10131 23,000 99
July 104
Mar
102 102
2,000 10055 Jan 107
June
100
95
92
00
9531 95
91
91
6555 654
97
59654
102
1004
1014 100%

100
96
92
90
954
91
68
974
1024
1004
1014

9035 904
1044 104
92
90%
93% 934
10231 1024

91
41,000 86
104% 4,000 98%
9251 45,000 88
934 5,000 8934
102% 8,000 101

864
95%
10056 100
07
86

86% 1,000
9535 6,000
1004 26,000
9931 25.000
8831 20,000




7335 75

100%
9456

2,000
16,000
1,000
5,000
40,000
4,000
2,000
113,000
22,000
61,000
96,000

4,000

82% 824 6,000
83
8.1
8.000
90% 101% 61,000
78%
93
864
s97

78(4
1,000
95
21.000
8635 20.000
9831 19,000

1003.4100% 21,000
70
5,000
70
70 .4 ?pm
70

96%
94
90%
00
95
91
654
96
9741
0655
99

Low.

1,000

74% July

5,000

85

Jan

Jan
20,000 71
1,000 654 Jan
50,000 9635 Jan
18.000 95% Jan
12,000 10335 Mar
Jan
31.000 85
24,000 8131 Jan
15.000 8655 Jan
Jan
18.000 67
Jan
4,000 93
Feb
1,000 98
6.000 91% JUIY
10,000 9035 Jan

High.
924 Slay
9455 Mar
83
84
101
9935
10731
82%
92%
9714
85
101
102%
97
99

May
July
Aug
Aug
Aug
Mar
Mar
Mar
Apr
Apr
Slay
June
Apr

Jan
Feb
Aug
Aug
Aug
Aug
Aug
July
Jan
Apr
June

101
100
100
9855
100
100
81
10051
103
1003(
10231

Mar
Apr
Apr
May
May
Apr
Feb
Apr
Aug
Aug
Mat

Jan 1034 Jan
Jan 10451 Aug
June 9335 Mar
Feb 9435 Aug
Feb 103% June

82
Mar 054
95
Aug 97
9735 Jan 102
9151 Jan 10031
85
July 90

July
June
Apr
Apr
May

68

Feb

76%
7756
7%
0

Jan 86% Mar
Jan 8615 Mar
Jan 10131 Aug

78
91
7954
95%

Aug
Jan
Jan
Jan

97
70
Rs

Jan 100% Aug
Aug 83
Feb
.1.,n 05
A nr

89

85%
9834
91
98%

26,000

8531 July

9035 Mar

•No par value. 1 Correction. in Listed on the Stock Exchange Ws week. where
additional transactions will be found. n Sold under the rule. o Sold for cash.
-rights.
8 Option sales. t Ex-rights and bonus. w When issued. z Es-Ills. Ir Es
e "Under the rule" sales as follows:

954 Aug

59
91
9731
99

6835
98
97%
99

Range Since Jan. 1.

Aug

6035 16,000
99
42,000
5,000
9711
99
24,000

694
98%
0755
99

65

3,000

Bonds (Concluded)

High.

Friday
Last Week's Range Sales
of Prices.
for
Sale
Price. Low. High. Week.

Apr

Mar
Mar
Mar
Mar

Amer. Commonwealth es, 1949. Jan. 22, 33,000 at 106 ®107.
Associated Laundries, Feb 17, 100 at 14.
Blaw-Rnox Co.. Jan. 2, 58 shares at 31.
Burco Co., Jan. 28, GO warrants at 431.
Central States Elec., Feb. 6. 3,300 shares 6% pref. at 70.
Donner Steel Feb. 27, 50 shares common at 33.
General Water Works & LIce, Os, 1944, Jan. 29, 31,000 at 964
Gerrard (B. A.) Co., Jan. 2, 105 Shares corn. at 24.
Gorham Mfg corn v. t c. April 23, 1 at 4335.
Happiness Candy Stores coin., Feb. 3, 100 at 131.
Houston Gulf Gas, Mar. 3. 2 shares at 19.
Kopper Gas & Coke pref., May 6, 25 at 10234.
Mohawk & Hudson Power. Feb. 6, 75 shares 2d pref. at
Neve Drug Stores, May 16, 20 shares at 2
Russian Govt. 5348, 1921 etre.. Feb. 7. 86.000 at?.
Singer Mfg., Ltd., Feb. 18. 100 shares at 8.
"Optional" Bale as follows:
All Amer. General Corp. Aug. 20, 250 at 15.
Burma Corp., American deposit receipts Aug. 2 100 at 251.
Del. Elec, Pow, 551s. 1959, Feb. 19. 31.000 as 9234.
att4.
Grand (F. & W.) Properties Os, 1948, Aug. 18, 81,000
at 97.
Intercontinents Power deb. 6s, 1948, with war., July 11, 55,000
May 12, 83.000 at 115.
Leonard Tletz 7318 1949 with warrants,
at 333
Montreal Lt., M.& Pow. Cons., Feb. 10. 100 shame
Morris & Co. 7558, 1930. June 30, 52,000 at 10135
Patterson-Sargent Corn., corn., Jan. 16, 100 at 2234 •
Railroad Shares Corp., common, June 26, 800 at 531
Sou. Calif. GSA 58.1937. Feb 15. 31.000 at 9034
Swift & Co. 5s, Oct. 15 1932, Jan. 16, 55,000 at 9951.
at
T
%
American Austin Car Co.cons, sold last week and not reported-600 634
in this column, issue of July 5, was
Sale of Wheatsworth Inc. corn, at 3 reported
an error: should have read 30.

(M

CURRENT

NOTICES.

on the Philadelphia Stock
Belzer & Co. was admitted to membership
of the Board of Governors of the
Exchange Wednesday at a regular meeting
John J. Belzer, John L. J. Belzer, who
Exchange. Members of the firm are
and IIarold N. Nash. Belzer
will act as floor member, J. LeRoy Merscher
1927 and has specialized in dealing in
& Co. was incorporated in March,
securities.
bank, trust and insurance company
Stock Exchange
-11ornblower & Weeks, members of the New York
the American Home Products Corp.
have prepared a special analysis of
states, "that earnings during the
"It is our understanding," the review
with a year ago, and the probability
current year compare very favorably
new record from the standpoint of both
is that 1930 will establish another
sales and earnings.
entire capital stock of
Mercantile Stores Co., Inc., whIch owns the
dry goods and department store
twenty-one stores engaged in the retail
common stock, according
per share of
business, has a book value of $97.58
by Peter P. McDermott & Co. Current
to an analysis of the company
$18,124,859 compared with current liabilities of $3,assets are said to be
636,514.
Evans Jr., and C. Russell Lea
-Conrad H. Liobenfrost, J. Stuart
-partnership under the name of Liebenfrost,
announce the formation of a co
conducting a general investment business
Evans & Lea for the purpose of
Chase National Bank Building.
at 20 Pine St., New York,
York announce the opening of a Phila-W. C. Langley & Co., New
St. under the management of J. Lewis
delphia office at 1420 Walnut
this year, Mr. Henry has been a partner in
Henry. Prior to March 1 of
for the past 13 years.
the firm of Biddle and Henry
office in a sales capacity
Associated with Mr. Henry at the Philadelphia
and Arthur G. Iiiscox, both of whom prewill be George J. Ourbacker
for a number of years with the firm of Biddle and
viously were associated
Henry of Philadelphia.
for distribution the August
-Hardiman and Aronson have prepared
of bank and trust company stocks, "The
issue of their quarterly analysis
Compendium."
New York Bank Stock
New York Stock Exchange, have issued
Engel & Co., members of the
analyze American Machine & Foundry Co.
a market letter in which they
and the Gold Dust Corp.
announce the opening of offices for
-Colpe, Murray & Connelly, Ltd.,
securities at Russ Building, San Francisco.
the distribution of investment
New York Stock Exchange, have
-Fenner & Beane, members of the
Co.
prepared an analysis of Thatcher Manufacturing
-Clinton Gilbert & Co. announce that Ehrhardt Orotohoff has become
associated with them.
-McClure, Jones & Co. have issued a comprehensive analysis of First
National Stores, Inc.
-Clifford E. Minor has resigned as manager of the bond department of
Millett, Roo & Co.
-Prince & Whitely are distributing an analysis of the Childs Co.

1248

FINANCIAL CHRONICLE

[VOL. 131.

Quotations of Sundry Securities

All bond prices are "and interest" except where marked "f".
Public Utilities
Pare Bid. All
Amor Public Util com-100. 111
7% prior preferred-e100; 106
Panic preferred
100 10112
Appalachian El Pr prefe_100 109 110
Arizona Power 7% pref_100 86
92
Associated Gas & Else
*9012 931,
S5 preferred
Cleve Eke III corn
593
4
(1) *52
6% preferred
100 112 114
Col El & Pow 7% Pl
100 •117
Eastern letil Aeeee com---1 *39 .115
•1212 13
Convertible stock
Gen Public CBI $7 prefee-t •85
87
ilisainsippi Ely Pow Di-100 108
,
First mtge be 1951___J&J 102 2
eve Kite
MerN
Deb 6e 1047
National Pow & Lt 17 prat-1 •10912 111
gotie 10214
16 preferred
Northern States Power __100 142 144
100 106 108
7% preferred
Ohio Pub Sere 7% pref_100 108 10912
94 97
% Preferred
Pacific Gas & El 1s1 pref -25 •271z 2814
Puget Sound Pr & Lt e6 p1-0 *9912 101
•88
91
15 preferred
4
Sat & ref bees 1949-J&D 1023 10312
93
eav El & Pow 6% pf-100 91
Sierra Pac El Co 6% pf..100 93 95
Stand Gas & El $7 or PI -(1) •111 115
$6 prior prof
(1) el0018 105
Tenn Elec Pow 1st pref 7%_ 110 111
6% preferred
100 100 10112
92
Toledo Edleon 5% pref____
94
10512 10614
8% preferred
100 10912 11012
7% Preferred
Utilities Pr & Lt 7% Of.100

Railroad Equip.
(Coneld.)
Chain Store Stocks Par Bid. Ask. Investment Trust Stocks
Ask N Y Merchandise come-et •14
ilict
19
and Bonds (Good.) Par Bid.
4.50 4.30
Zillnols Central Mes &
First preferred 7%.-_100
94
General Trustee common...
4.90 4.60 Piggle-Wiggly Corp
Equipment 6s
05
15
New units
Equipment 7s &
_ 4.50 4.35 Reeves (Danlel)preferred100 100 105
6% bonds
4.90 4.80 Rogers Peet Co corn ___1041 110 1 all
taaawha dr Michigan as
18
20
Greenway Corp corn
K mean City Southern bees. 6.00 4.50 Schiff Co corn
7121 14 2638
45
Preferred with ware
Leelsville & Nashville 6a.... 4.90 4.60
Cum cony prof 7%___100
Warrants
equipment 63(s4.50 4.33 Silver (Isaac) Sc Brea
23
Guardian Investment
Alettleas Central Os
4.25 3.75 7% cum cony mete cem-t 78
88
20
__100
24
Cony preferred
eeedoment 11i_
4 40 4.00 Southern Stores 6 units
40
22
26
Preferred
Minn lIt P Sc SS ler 4eee & bs 5.20 4.75 U S Stores
614 7 4 Guardian Investors
,
6.25 4.75
Equipment reies & 7s
First preferred 7%___100 65
"div
70
158 units
Missouri Pacific 6ees
4.85 4.60 Young(Ed win H)Drug units 100 105
25
35
13 units
5.00 4.65
Equipment 85
90
$7 Preferred
Mobile & Ohio As
4.75 4.50
19
2112
Incorporated Equities
New York Central 4ees & Ac 4.40 4.20
Standard Oil Stocks
4912 52
Incorporated Investors
4.90 4 60
Equipment &I
614 63
4
Independence Trust Shares_
4.50 4.25 Atlantic Ref torn
Equipment 75
4
25 •353 36
Industrial Collateral Assn
Norfolk dr Western
4.40 4.10 Borne Scrymeer Co
20
25 •14
Industrial Sc Pow Sec Co4.40 4.00 Buckeye Pipe Line Co_50 •x5312 56
Northern Pacific is
103
4
Ineuraneharee Ctfe Inc
6.50 4.30 Chesebrough Mfg Cons 25 *147 155
Pacific Fruit Express 7s
32
Inter Germanic Trust
Pennsylvania RR equip 5e_. 4.35 4.20 Continental Oil(Me) v t c 10 .
5
20
tat See Corp of Am corn A.. 40
4.75 4.40 Continental 011 (Del)
PEW,& Lake Erie 634e.__
•1918 1978
10
CommonB
ReadingCo 45.8s & Is
4.40 4.25 Creole Petroleum
55g
,
(5) *5
Allotment certificates_
St Louis & San Francisco As 4.65 4.45 Cumberland Pipe lene_100 30 2 40
7% Preferred
Seaboard Air Line bees & 68 6.50 4.90 Eureka Pipe Line Co.
41
..100 35
(De% preferred
Southern Pacific Co 434s
tr
4.50 4.25 Galena 011 corn
6
8914
(1)
6% Preferred
Equipment is
4.50 4.30 General Petroleum WI
*3014 31
Interstate Share Corp
Southern Ry 4ees & Se
4.60 4.40 Humble 011ez Refining___25 *87
88, Invest Cool Amer com
4
4.91 4.65 IllInols Pipe Line
Equipment (le
lop 310 320
90
96
7% preferred
Toledo & Ohio Central ed4.90 4.70 Imperial 011
1914 Invest Fund of N
7
t •19
8
Union Pacific 7e
4.50 4.30 Indiana Pipe Line Co___-10 •32
ge 1012
e
33
Investment Trust of N T..
International Petroleum...0 •18
1814 InvestTrust Associates-- 18
National Transit Co..12.50 *161e 17
30
Joint Investors class A
Aeronautical Securities
New York Transit Co...100 14
141.,
Convertible preferred.... 100 too
Northern Pipe Line Co_-100 35
40
Keystone Inv Corp class A
3
AeronauticalInd without war
Ohio 011
25
Class B
Warrants
New common _______.--- 3912 313 Leaders of Industry
4
- 3168
ei2 43
Air Investors common
Preferred
2
100 105, 107
8
Massachusetts Investors... 403 4314
118
lo Penn Mee Fuel Co
Alexander Indus coin
24
68
6014
25 *21
Mohawk Invest Corp
Short Term Securities
60
8% participating pref____
Prairie Oil Sc Gas
8
93a
25 *3312 34
Mutual Invest
American Airports Cone.114 Prairie Pipe Line
8
918
25 .485 47
Nationwide Sec Co tr et( B
Allis Chal Mfg 6e May 1937 10218 1033 Bellanca Aircraft Corp
9
4
10
Solar Refining
14
93 103a
8
25 .10
Nat Re-Inv Corp
Alum Coot Amer As May '52 104
04
04, Central Airport
2
6
Southern Pipe Line Co- 60 *10
15
North Amer URI Sec
,
Am Metal 534o '34____A&O 96 2 9638 Comma Aircraft new corn
4
South Penn 011
38
25 *37
Preferred
Amer Had deb 434a May '47 99, 9912 Consolidated Aircraft
16
17
4
Southwest Pa Pipe Line_50 •40
50
North Amer Tr Shares
gele 2912 Conselldated Inatrument_t
Am Roll Mill deb 5s_Jan '48
2
3 Standard Oil (California)__1 .61
6114 North Sc South Are B core_
3
4
Amer Wat Wks Is'34 _ _A&O 10158 02
6
Curtiss Flying Service
Standard Oil(Indiana)
493
26 . 8 4958 011 Shares units
1
2
4
Bell Tel of Can Is A_Mar '55 1033 04
Curtiss Reid coin
Standard 011 (Kansas)
12
4
25 .2303 3214 Old Colony Invest Tr corn.. 10
20
Baldwin Loco 538.'33 M&S 10112 017 Ourtise-Robertson com
30
8
Standard
85
3114 3112
88
4le % bonds
43
4 47 Standard Oil(Kentucky)_10 .
8
Cud Pkg deb 534e_0ct 1937 08
9814 Dayton Abel Engine
011 (Nebraaka)_26 .47
40
43
4812 Old Colony Tr Associates. _
Kennon El Ill Boston
Detroit Aircraft
4, Standard 01101 N. J
4
8
25 e697 70
Overseas Ss
1948
100
4 4
33
Fairchild Aviation class A
434% notes____Nov 1930
Standard 011 of N Y
3018 3118 Pacific Invest Corp coulee__
25 .
02
38
5
Fisk Rubber bees__Jan 1931 37
Federal Aviation
Standard 011 (Ohio)
7712
26 •76
100
First preferred
20
23
General Motors AcceetFokker Aircraft let pi
Preferred
Second preferred
100 11712 11812
14
5% ser notes_eMar 1931 10012
Kinner Aire] Jr Motor
3 Standard 011 Export pref.- 103 2 10414 Power Sc Light Seca Trust.. 51
4
,
51212
2
5% aer notea_Mar 1932 100,
Lockheed Aircraft
512 Swan & Finch
10
PublicUtility Holding
25 .7
8
- 12
4
5% sec notes_Mar 1932 1003 fciO3- Maddux Air Lines Qom
Union Tank Car Co
2263 27
4
Common with warrants.. s17'8 3171$
10
4
5% ser note _Mar 1034 993 10012 National Aviation
1014 Vacuum 011
3 8 4,
,
4
Warrants
8
25 793 801s
3
10014 New Standard Aircraft
ser notes___Mar 1935
10
22
Research Inv Corp corn__
6
5% ser notes___Niar 1938 9912 10014 Sky Specialties
712
59
Units
05
ulf 011 Corp of Pa
10
ee lOIS
Southern Air Transport
Investment Trust Stocks
Royalties Management--n2
4
Debenture 5a___Dec 1937 1023 103
5
Swallow Airplane
and Bonds
Seaboard Cent Corp unite._
03
Debenture 5e_ Feb 1947 104 10412 Warner Aircraft Engine
5
Common
Formers Gas & Cote
1
3
Whittelsee Mfg
Admstr &Reeearch A
Second Financial Invest....
Debenture Ese_June 1947 10012 10031
Amer Sc Continental
22
17 1812 SecondInternal See Corp
Vag Pet 4ees_Feb 1530-35 99 10012
Amer Sc For Sh Corp units..
Common B
Marland Oil
Common
44
6% preferred
Serial 5% notes J'ne 15'31 10012
Water Bonds.
51e% conv dabs
1935.
Second Nat Investors
Serial 5% notes J'ne 1532 10012 Rif"
Amer Founders Corp come_
1014 1111 Select Trust Shares
Mess Gas Cos bees Jan 1946 10312 104
Ark Wall 1.1 58 A '56__A&O 94
Cony preferred
90
-16;
Shawmut Assn corn
Peoples Gas L & Coke
Birm WW 1st 5eesA'54A&O 101 i(5a20
45
49
6% Preferred
22
rthawinut Bank Inv Trust_
Dec 1930 100
let let 5s 1954 eer 13__J&D 96
4914 5312
7% Preferred
87
1942 82
4%s
101 103
100
City W (Chat)5eesA'64 J&D
Free & Gamb dees July '47
1-40th
21c 24c
1062 85 90
5s
SlosseShef S & I 436_1931 9912 166
J&D 94
lel M 55 1934
1-70tha
13c 16c
Cs
1952 161
Swift & CoCity of New Castle Water
Warrants
1
Southern Hood & Share
7
b% notes--Oct 15 1932 100 8 1011a
J&D 93
55 Dec 2 1941
Amer Sc General See 6% pref 44
Common A
a
Union Oil 55 1935____F&A 1007 102
Clinton WW let 5ee39_FarA 92
Class A
15
Common B
United Drug 58 1932....A&O 101 102
Com'w'th Wat let 53esA'47 99
Clan B
314
Preferred
Debenture 5a 1933_A&0 101 102
Conelsv W 5s Oct2'39 A&O 92
Amer Insurance Stock Corp.
12
13
15,2 Standard Collateral Trust
E St L & Int Wat 55 42 J&J 93 6452 AmerInvest Trust Shares
4
93
7
712 Standard Corporation
101
J&J
lot M Ca 1942
Amer Sc Overseas prat
Standard Investing Corp
Huntington let lles '54_M&S 102
Amer Ey Tr Shares
75
538% pref with warr _ _ _
Par
Tobacco Stocks
03 1058
1954 93
Se
Astor Financial
Standard 011 Trust She__ _
,
Mourn Con W 1et63 68 J&D 90 2 92
.
Atlantic Securities corn
Standard Utilities
- 85
Mown Val W bees '50-J&J 97
American Cigar pref..__ 100
Warrents
ii"
Straus (T. W.) Inv. Units
26
Muncie WW 5sOct2'39 A&O 93
British-Amer Tobao ord__£1
9
Preferred
4212 4512 Super Corp of Amer A-.
912
26
Li *24
St Jos Wat Is 1941_ AtO 93
Bearer
Bankers Financial Trust..
82 9
,
Class 13
22
24
Shenango Val W bs'813_A&O 88 VO
Imperial Tob of Cl B & Irel'd
Bankers Investmt Am
9
Trustee Stand Oil She A
94
105 115
Int Cigar Ma ehinere
So PitM Wat lot 5.1960 J&J
-100
Bankers Sec Tr of Am come.
03 1018
s
Class B
Johnson Tin Foil & Met.100 55 65
F&A 98
let M As 19.55
Bankteetocks Hold log Cone
77s 812
Trustee Transpertation _ _ _ _
14 Terre H WW 85 '49 A_J&D 10012
Union Cigar
Bankshares Corp of US cl A
88
8 878
United Fixed She ger Y
4
Union Tobacco Co Class A 1st M 53 1956 sot BeF&D 92
Bankatocke Corp of Md el A
United Founders Corp corn
,
Wichita Wat let es'49_M&9 100 2
Young (25) Co COM -.100 98
Class B
"i2; "iB;
1-70the
93
100 101
let M 55 1958 ser B F&A
Preferred
Preferred
United Trust Shares A 2.__
Basle Industry Shares-1D
77
8 838 T1 S Elec Pow Corp
British Type Investors
4
8 4 93 U H Shares class A
,
Cent Nat Corp A
32
37
1114 Yzji
Ceres A 1
Indus. & Miscellaneous
Chain Store Stocks.
Class B
12
97 107
8
17
s
Class A 2
Chelsea Exchange class A
2
223
4
8
Class C I.....
90
Aeolian Co reef
40
Class B
100 30
Berland Stores unite new__
2
233
8
4
Clads C 2
Aeolian Weber P & P100 10
15
Colonial Investor Shares... 233 243
Bohack (H C)Inc.
163
8
4
4
Class C 3
100 100 105
American Hardware
25 *57 60
Commonweelth Share Corte
7% 1st preferred
15 4
3
Class D
n1
3
Babcock & Wilcox
100 120 125
Continent) MetroPol Corp.
Butler (James) common__
15
3
Class F
30
Enlea (E W) Co
•19
100 010
20
Continental Shares corn
Preferred
1
10. Ills
18
Cites H
36
33
Preferred
56
Continental Securities Corp_
Diamond Oboe common__
50 .
4
Sc13 Brit Internal class B.
95 99
Childs Corp pref
100 106 111
Preferred
Preferred with wart
15
/0ClassA
10
16
Dixon (Jos) Crucible.. _100 160 168
Corporate Cap Corp unit*.. 1714 194
Edison Bros Storm com
44
Preferred
95
Safety Car Ht & Ltg
100 114 120
Preferred
DeferredStock
39,2 -- -1
3 ;
8
(5)
U S Mee 1.t Sc Pow tr ctf A
33
Binger Manufacturing
Credit Alliance A
100 430 450
Fan Farmer Candy Sh Pfet •29
9 4 1014
,
Trust ate ser B
20
linger Mfg Ltd
Corporate Trust Shares....
LI
*414 43 Flahman (II el) Stores corn
4
714 8
U S Overseas Corp corn.... 1534 17
103
Cram & Forster InsurPreferred
ance shares corn
Git Atl ez Pee Tea Pref-100 117 120
60
57
SugarStocke
13
Howorth-Snyder Co A
7% Preferred
100 103
48
100 45
Falardo Sugar
60
Railroad Eculpreenta
8% preferred
14
Knox Hat
18
t
as Depot' B'keharee eer N Y..I 10534 1112 Godchaux Sugars Lee 100 • 70 76
26
*1
Kobacker Storer; corn
10
Preferred
*4
84
Series B-1
&Bantle Coast Line 6s 100 4.85 4.50
Cum pref 7%
93 101, Haytian Corp Amer
8
9
013 1012 Diversified Trustee She AEquipment flees
150 4.30 Kress (El H)6% pref
2214 23
28
Holly Sugar Corp corn---1 *20
96
Baltimore & Ohio 68
Mares 11
4.90 4.60' Lerner Stores Bee % pf w w.1 90
19
193
4
100 Co
70
Preferred
100 n270 329
Equipment 434. & 5aSeries C
4.50 4.30 Lord & Taylor
73s 818 National Sugar Ref- ---100 27
28
Buff Roch & Pitts equip 6s. 4.70 4.40
Eastern Bankers Corp corn.
Flint Preferred 8%-100 096
New Niquero Sugar-.._100 10
15
- Canadian Pacific 434s & Be_ 4.60 4.25
Units
Second preferred 87...100 nee 1 170
Savannah Sugar corn
83
t *77
75
Central RR of N J 65
Eqult Investing Corp unite_
16
4.90 4.60 Maceiarr Stores 7% Pf w w
20
100 85
Preferred
95
Chesapeake & Ohio Bs
Equity Invest Corp corn.... 21
25
5.00 4.60 Melville Shoe Corp
Sugar E.statee Oriente P1-100
9 14
Equipment 834a
Units
59
'
4.60 4.30
Vertientes Sugar pref
1st pref 6% with warre100 84
100 20
28
Federated Capital Corp.... 10
Equipment As
15
4.50 4.25 Metropolitan Chain Stores
Chicago & North West 8&
Newunite
4.90 4.60
100
Rubber Stocks (Myeloid)
New preferred
Equipment834.
93
•5
8 9 8 Aetna Rubber corn
7
4.55 4.30 Miller (I) & Sons term- --t 2512 2812 First Amer Corp
a
1
Cble RI & Pac deee & 5s.
First Holding & Trod....
100 n -- 88
4.70 4.40
Falls Rubber C0111
Preferred Bei%
1•
EquipmentSe
92
Fixed Trust 011 shares
5.00 4.70 Mock Judson & Voeringer pf
Preferred
25
10
Colorado & Southern fa
55
8
Fixed Trust Sharee 01A--(t) 19,
5.00 4.75 Murphy (0 C) Ce come-et • 0
Faultless Rubber
5
37
1 *35
Delaware & Hudson 64
Clem 13
4
100 100 108
(1) 163
4.90 4.60
Gene Tire Sc Rub com__26
8% sum prof
130
Erie Cie & 6s
4
Foundation Sec corn
4.90 4.60 Nat Family Stores lee warr al
Preferred
100 8512 89
Equipment ea
14
Preferred
t ni0
6.10 4.75 Nat Shirt Shops earn
Goody'r T Sc R of Can 01 100 r10514
Oreat Northern 6a
90
Founders See Tr pref
4.90 4.89
100 n80
India Tire Sc Rubber
Preferred 8%
'
1
13
1 ' 10
Equipment ee.
714 Founders ahem
4.50 4.25 Nedlok's lee cote
Ivionawl: Rubbe"
*6
t
100
8
10
Hocking Valley be
Clewed Eettities A
7
4.60 .40 Noisner Brea Ins Prof 7%100 100 115
Preferred
100
40
Equipment 6s
95
Clem Pub Serv 0% prof
4.90 A.60 Newberry (J) Co 7% 91 100 1188
93
95
Sclberling Tire Sc Rubber-et *53
4 612
Preferred!
100
40
•Per snare.
S No Par Value. S Basis. Furth. also Days accr. die.
a Hi
k Last sale. 0 Nomnin
-thy, p Ea-rights. r Canadian quotations, s Sale price.




-

1249

konstutent anti Salami jintellignac
-We give below the
Latest Gross Earnings by Weeks.
latest weekly returns of earnings for all roads making such
reports:
NameCanadian National
Canadian Pacific
Oeorgia & Florida
Minneapolis & St Louis
Mobile & Ohio
Southern
St Louis Southwestern
Western Maryland

Previous Inc.(4) or
Year
Dec.(-).
$
5,187,669 -743,987
3.780,000 -503,000
02,2C0
+3,200
317,702
-61,595
352,600 -114,285
3,554,893 -903,415
425,340
-53,240
394,102
-35,062

Current
' Year
$
4,443,682
3,277,000
65,400
256,107
238,315
2,651,478
372,1C0
359,039

Period
Covered.
2d wk of Aug
2d wk of Aug
2d wk of Aug
1st wk of Aug
2d wk ot Aug
2d wk of Aug
2d wk of Aug
1st wk of Aug

We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class 1 roads in the country.
Gross Earnings.

Length of Road.

Mouth.
Inc.(+) or
Dec.(-).

1929.
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June

1928.

474,780,516
506,134,027
513,076,026
536,723,030
531.033,198
558,706.135
585.838,740
505.816.654
607.584.997
498.316,925
468,182.822
1930.
450,526,039
427,231,361
452.024.463
450,537.217
462,444,002
444,171,625

$
456.387,931
505.249.550
474.784,902
510,543,213
502,455.883
512,821,937
557.803.468
556.003,668
617.475.011
531,122.999
495.950.821
1929.
486,628.286
475.265.483
518,620.359
513,733,181
537,575,914
531,690,472

+18.292,585
+10,884,477
+38,291,124
+26,120.817
+28,577,315
+43,884.198
+27,835,272
+9.812,986
-9,890.014
-32,806,074
-27,787,999
36.102,247
48,034,122
64,595,796
63,195,964
75,131,912
-87,518.847

Net Earnings.

1929.

1928.

242.884
241,185
240,956
241,280
241,608
241,450
241,026
241.704
241.622
241.659
241,864
1930.
242,350
242,348
242,325
242,375
242,156
242,320

242,668
240.427
240,816
240,798
241,243
241,183
241.252
241,447
241.451
241.326
240.773
1929.
242,175
242,113
241,964
242,181
241,758
241,349

Inc.(4) or Dec.(-),,

Month.
1929.
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June

$
126,368.848
139,639,086
136,821,680
146,708,792
150,174,332
168,428,748
190,957,504
181.413,185
204,335.941
127,163.307
106,315.167
1930.
94,759,394
97.448.899
101.494,027
107.123,770
111,387,758
110,244,607

1928.
$
108,987,455
132.122,686
110.884,575
129,017,791
127.514,775
137,625.367
174,198,544
178,800.939
216,519.313
157.192.289
138,501.238
1929.
117.764,570
125,577,866
139,756.091
141,939,648
147,099,034
150,199,509

Amount.

Per Cent.

Central Vermont Ry.
Railway oper. revenues..
By. oper. exp. (excl.
depreciation)
By. oper. exp. (deprec.)

512,794
31,818

616,851
20,704

3,116,812
190,917

3.395,255
124,082

Total. ry. oper. exps_
Net rev,from, rye oper-

544,612
124,955

637.556
193,538

3.307.729
639,766

2,519,338
1,010,365

Railway tax accruals-Uncoil. ry. revenues--_

$15,532
5

$16,150

$96,236
128

$94,645
164

Tot. taxes & uncol. ry.
revenue

$15,538

$16,150

$96,365

$94,809

Railway oper. inc_ _ _ _

$109,417 .

$177.387

$543,400

$915,555

$33.633
1.125
7.538
191
4,884
1,402
1,532

$8.118
8,658
8,473
15
1.068
1,402
542

$206,129
5,796
45.150
1,683
30,250
8.417
7,899

$44.025
48,137
49.413
881
6,517
8,417
1,712

3,168
2

54
250
3,649
64

def.127
1,000
19,534
420

220
1,500
11,359
465

Total non-oper.Inc......354,666

$38,328

$346,281

$210,958

$164,084

3215.726

$889,681

$1,126,514

$7,377
12,948

$7,262
11,871
50
Or.4,519
18,046

$44,028
68,054
• 8,824
1.872
108,276
2,226

18,677
3,140
1,515
120

$42,925
64,590
1.010
82,060
107,869
854
796
473,699
20.275
3,008
96

$56,163

$797,187

$370,654

$159,552

$92,493

$755,860

81

76

83

77

83
456

78
419

86
465

79
415

Non-Operating Income:
Hire of frt. cars, Cr. balRent from locomotives_
Rent fr. pass, train cars_
Rent from work equipm.
Joint facility rent inc.,_
Inc.from lease of road-Miscell. rent income_Misc. non-oper. phys.
property
Inc. from funded securInc.fr.unf. secs. & accts.
Miscellaneous income-- _

Gross income
Ded'nsfrom Gross Inc.:
Rent for locomotives-Rentfor pass. tr. cars___
Rent for work equipmJoint facility rents
Rent for leased roads
Miscellaneous rentsMiscell. tax accruals
Interest on funded debtInterest on unfund. debt
Amort.of disc.on fd.debt
Miscell. inc. charges
Tot. ded. fr. gross Inc

+15.05
+5.68
+23.39
+12 09
+17.77
+22.37
+9.62
+1.46
-5.63
-19.11
-23.12

-23,005,176
-28,128,967
-38,202,064
-34,815.878
-35,711,276
-39,954.902

-19.85
-22.40
-27.46
-24.54
-24.22
-26,59

53

14,046
17.796
83
132
82,433
695
483
$136,051
$28.032

Net income

$
+17,381.398
+7,518.400
+25,937,085
+17,754,091
+22.659,557
+30.793,381
+16,758,860
+2,612,246
-12,183,372
-30.028,982
-32,186.071

Month of July- -Feb. 1 to July 311929.
1930.
1929.
1930.
$831,094 $3,947,496 84,529,704
2669,568

Ratio of ry. op. exp. to
revenue
Ratio of ry. op. exp. dr
taxes to revenue
Miles of road operated--

106,597
22,797
7,659
318

International Rys. of Central America

Gross earnings
Operating expenses

-Month of July- -7 Mos. End. July 311929.
1930.
1929.
1930.
$677,695 $4,794,565 $5,596,486
$471,614
3.058.632
2.630.177
406.725
347,203

Inc. appl. to fixed chgs

$124,411

$260.970 $2.164,388 $2,537,854

Electric Railway and Other Public Utility Earnings.
-Below we give the returns of ELECTRIC railway and
other public utility companies making monthly returns which
Net Earnings Monthly to Latest Dates.
-The table have reported this week:
New York City Street Railways.
following shows the gross, net earnings and net after taxes
NU Corp.
Deductions
Gross
Gross
for STEAM railroads reported this week to the Inter-State
Income.
Income. from Inc.
Revenue.
$
Commission:
Commerce
CompaniesApr'30 1,868,577
-Grossfrom Railway- -Net from Railway- -Net after Taxes
- Brooklyn & Queens
'29 1.941.251
1930.
1929.
1929.
1930.
1930.
1929.
10 months ended Apr 30'30 18,786,783
'29 19,241.877
Central Vermont
322,651
124,956
965,193
83,265
669,568
109,418
July
Apr '30
306,501 Eighth & Plinth Aves
711,187 1,240,535
83.960
598,825 1,129,478
'29
From Jan 1_ 4,543.894 5,274,894
814,623
Cheeapeake & Ohio Lines
10 months ended Apr 30'30
811,492
'29
12,552,212 3,904,475 4,300,041 3,078,842 3,474,059
11,133,451
July
512,164
From Jan 1_79.185,565 84,472,986 26,904,370 27,996,433 21,124,793 22,219,443 Fifth Avenue Coach
Apr '30
532,838
'29
Conamaugh & Black Lick
51.224
14,673
13,673
210,372
110,984
10 months ended Apr 30'30 4,966,471
July
50,224
'29 5,192.345
221,892
121,454
114,454
From Jan 1_ 941,673 1,251,739
214,892
Interborough Rapid Transit
Monongahela Connecting
Apr '30 4,683,705
Subway Division
71,938
37.701
29.692
238,553
165.377
July
59,983
'29 4,477.164
462,072
291,440
231429
From Jan 1_ 1,248,256 1.567,053
380,970
10 months ended Apr 30'30 44.426,085
Montour
'29 41.605,765
94.529
77.788
229,792
76,013
229,555
July
92,657
Apr '30 1,612,933
Elevated Division
444,203
479,765
467,340
From Jan 1_ 1,460,517 1,319,419
432,588
'29 1,615,932
Newburgh & South Shore
10 months ended Apr 30 '30 15,862,860
55.441
14,355
117,852
--272
187,382
July
37,826
'29 15,725,574
315,956
286,732
175,997
From Jan 1_ 840,144 1,148,388
202,821
763,919
Hudson & Manhattan Apr '30
New York Chic & St L
771,969
'29
3,751,668 4,915,411
*35,171 *516,502
July
30'30 7,466.200
10 months ended Apr
*681,485 *4,010.886
From Jan 1_28,048,874 32,767,675
'29 7,419,627
43,842
Apr '30
Manhattan & Queens
•Net after rents.
41.128
'29
801,939
ended Apr 30'30
10 months
Other Monthly Steam Railroad Reports.
-In the fol857,216
'29
78,574
lowing we show the monthly reports of STEAM railroad New York & Harlem Apr '30
90,771
'29
companies received this week as issued by the companies
749,655
10 months ended Apr 30'30
836,147
themselves, where they embrace more facts than are re'29
77,484
quired in the reports to the Inter-State Commerce Com- New York & Queens Apr '30
75.698
'29
mission, such as fixed charges, &c., or where they differ in
784,589
10 months ended Apr 30 '30
748,479
'29
other respect from the reports to the Commission.
some
453.267
Apr '30
N Y Rya Corp
522,539
'29
Hudson & Manhattan RR.
10 months ended Apr 30'30 4,878,767
Month of July- Seven Mos. End. July 31
'29 5,287,862
1930.
1929.
1930.
1929.
Apr'30 3,137.684
5954.537
$985,313 $7,206,792 $7,271,946 NY Rapid Transit
Gross revenues
'29 3.061,467
502,514
510,735
3,608,050
Oper. expenses &, taxes_
3,672,637
10 months ended Apr 30'30 30,811.119
'29 29,684.919
$474.578 $3,598,741 $3,599,308
Bal. applic. to charges $452,022
75,020
335,975
335,276
Apr '30
2,344,157
Charges
2.352,276 South Bklyn By Co
85,024
'29
865,107
$116.746
$138.602 $1,254,583 $1,247,032
Balances
10 months ended Apr 30 '30
940,667
'29
67,390
Apr '30
Kansas City Southern Ry. Co.
Steinway 12.1111WaYS
71,152
'29
(Texarkana & Fort Smith Ry. Co.)
668,085
10 months ended Apr 30'30
Month of July-- -7 Mos. End. July 31685,951
'29
1929.
1930.
171,617
1930.
Apr '30
1929.
Surface TranaPorta'n
155,881
'29
Railway oper. revenues_ $1,854,664 $1,889,604 $11,674,737 $12,551,321
1,185,328
7.918,668
months ended Ayr 30'30 1,641.695
Railway oper expenses_ 1,166,145
8,253.545
10
'29 1,528,174
$704,276 $3.756,068 $4,297.776 Third Ave System
- $688.518
Apr'30 1,236,554
Net from ry. oper_
104,536
'29 1.317,641
134,250
850,951
939,755
Railway tax accruals
168
119
1,953
lincollectible ry. revs
10 months ended Apr 30'30 12,553.890
10,349
'29 12.888,649
$569,857 $2,03,162 $3.347,671
-Deficit or lose.
Hallway oper. income $583,862




311,292
233.474
3.211,842
2,405,421
5,135
989
5,696
-17,207
104,116
93.523
738.827
802,855

129,066
242.490
1,278,783
2,440,141
7.496
8.028
107,224
114,169
671
1,626
6,582
18,798

182,226
-9,016
1.935,059
-34,721
-2,360
-7,039
-101,528
-131,385
103,444
91.897
732,265
784,057

311,655
1.962,242 1,650.587
2.164.330 1.098,092 1,086,238
18,901,529 15,702.180 3,199,349
18,919.965 11.006,707 7,813,258
461.340 -240.986
220.353
464.486 -226,752
237.734
1,948,678 4,620,870 -2,672,193
1,581,724 4,664.742 -3,083.019
334.880
213,380
548.259
336.381
195,855
532,016
5,271,487 3,344,615 1,926,873
1,649.268
5,601,588 3,352,321
10,457
-3,190
7,287
10,098
8.752
-1,346
135,804
199,878
64,073
163,882
197,525
33,643
110,814
61,949
48,864
111,291
60,395
50.896
445,119
441,162
3,952
572,185
659,907
105,816
3:920
23.108
-19,189
11,952
23,298
-11,344
41,915
231,215 -179,298
99,459
231,965 -132,502
49,959
178,127 -126.168
76,929
-96,510
•
615.066
1,761,867 -1,146.801
763,486
1,776.637 -1.013,151
1,167,519
571,631
595,631
596,952
1,10.5,073
508,121
10,363,388 5,760.658 4,602,731
10,187,891
5,542,873 4.825,018
26,230
12.945
13,285
20.170
17,152
3,017
231,398
140,974
90,424
205,652
177,686
27,966
5,732
5,223
508
8,686
5,448
3,238
-46,712
53,018
-99,729
16,858
57.032
-40,171
18,264
13,428
4,835
--14,894
12.464
-27,358
-7,708
138,567 -146,273
-120,838
106,947 227,785
237,425
224,768
12,657
234,482
233,671
811
2,020,866
2,323,542 302,676
2,004,573 2,317,744 -313,171

1250

FINANCIAL CHRONICLE

Brazilian Traction Light & Power Co.
Month of July- -7 Mos. End. July 311930.
1929.
1930.
1929.
Gross earnings from oper $4,081,018 $4,335,895 $28,367,377 $28,372.920
Operating expenses
1.620,724
1.895,790 11,895.063 12,172.430
Net earnings
$2,451,294 $2,440.105 $16,472.314 $16,200,490

{VOL. 131.

Community Power & Light Co.
(And Controlled Companies)
Month of July
--12 Mos.End. July 311930.
1929.
1930.
1929.
Consol. gross revenue._
$508,750
$489.208 $5,144,396 $4,935,162
Oper. exps., incl. taxes-263.388
244.321
2,805,558
2,695,299

Bal. avail, for int.,
Brooklyn-Manhattan Transit System
amortizo'n, deprec.,
Fed. Inc. taxes, diva,
(Including Brooklyn & Queens Transit System)
and surplus
$245.362
$244,885 $2,338,838 $2,239,862
-Month of July
1930.
1929.
Total operating revenues
Market Street Railway Co.
$5,003.577 $5.150,887
Total operating expenses
3,271.059
3.507.239
Month of July--12 Mos.End. July 311930.
1929.
1929.
1930.
Net revenue from operation
$1.732,518 $1.643.648 Gross earnings
$735,453
$781.240 $9.462.944 $9,582,725
Taxes on operating properties
337,682
333.762 Net earnings (a)
85,552
1.404.172
120,256
1,497,042
Income charges
53,017
727,191
676,620
59,569
Operating income
$1,394,836 $1,309,886
Net non-operating income
95.370
63.859
Balance
$32,534
$820,421
$676,980
$60.687
a Including other income before provision for retirements.
Gross income
$1,490,206 $1,373.745
To tal income deductions
769.904
766,232
Pawtucket Gas Co. of New Jersey
Net income
$720,302
$607,513
(And Subsidiary Company)
*Of which sum there accrues to minority interests
of B. & Q. T. Corp
88,682
99.400
-Month of June- -12 Mos.End.June 301930.
1929.
1929.
1930.
Gross earnings
$118.615
Brooklyn & Queens Transit System
$121,402 $1.468,220 $1,460,954
Operation
56.362
46,883
647,119
679.606
-Month of July
- Maintenance
5.930
9.300
93,581
86.856
Taxes
1930.
7,636
1929.
7,582
82.238
88,005
Total operating revenues
$1.917,118 $2.042,815
Net oper. revenue..__Total operating expenses
$48.686
1.495.714
1,609,538
$57,696
$638.014
$613,752
Interest charges (public)
56.624
56.873
Net revenue from operation
$421,404
$433,277
Taxes on operating properties
Balance
108.179
116.849 Interest
$556.878
$581,390
charges (B. V. G.& E. Co.)
183,979
192,853
Operating income
$313,225
$316,428
Net non-operating income
Balance
14,299
20,761
$372.898
$388.536
Gross income
$327.524
$337,189
Total income deductions
Pennsylvania Gas & Electric Co.
124,091
121.252
(Controlled by American Electric Power Corp.)
Net income
$203,433
$212,937
Month of July- -12 Mos. End. July 311930.
1929.
1930.
1929.
Chicago Surface Lines.
Gross earnings
$132,251
$134,686 $1,575,313 $1,557,493
Oper.expenses & taxes._
Month of July76,335
79.793
946.159
958,645
1930.
1929.
Gross earnings
$4.535,460 $5,077,969
Net earnings
Operating expenses, renewals and taxes
$55.916
$54,893
$629,154
$598,848
3,897.075
4.097,625 Subsidiary
company charges and pref. dividends..
14,027
18.247
Residue receipts
260.281
262.645
$980,344 Bond interest
$638,384
Joint account expenses, Federal taxes, &c
19,344
20.915
50.497
52,132 Other deductions
City's 55%
-61,419
126,122
Balance
$335,502
$297,041
Balance
105,000
105.000
$649.307
$802,089 Preferred dividends
* Balance

Cities Service Co.
Month of July
12 Mos.End.July 311930.
1929.
1929.
1930.
$5,075,504 $3,532,997 $57,759,846 $39,175,750
1,870,655
222,819
1,213,753
109,314

Gross earnings
Expenses

Not earnings
$4,852.745 53,423.683 $55,889,191 $37,961.996
Int. & disct, on dohs_ _ _
7,212,377 6,028.304
890,610
620,381
Net to stocks & res'ves $3,962.134 $2,803,301 $48,676.814 $31,933,692
Dividends pref. stock_
7,225.040 6,773,907
567,906
613,461
Net to corn. stk. & res. $3.348,673 $2,235,335 $41,451,774 $25,159,786

Eastern Texas Electric Co. (Delaware).
(And Constituent Companies)
-Month of June- -12 Mos.End. June 301929. 1930.
1929.
1930.
$895,223 $10,104,258 $8,954.07
$964,188
4.110,046
413,242
383.538 4,665.757
487.873
534.718
47.801
38,663
593.998
693,558
53,486
69,025

Gross earnings
Operation
Maintenance
Taxes

Net oper. revenue_ ___ $
,
443,257
Income from other sources (a)

$4,251,305 $3,847,685
1,273.467
1,548.143

Balance
Interest and amortization

$2,703.162 $2,574.217
472,713
551,753

Balance
52.230,449 32.022,464
a Interest on funds for construction purposes. x Interest, amortization.
charges and dividends on securities of constituent companies held by public.

$192.041

Philadelphia & Western Ry.
Gross revenue
Net income after deduction for interest

Month of July
-7 Mos. End. July 311930.
1929.
1930.
1929.
$50,893
$63,210
$402,898
$460,239
-$470

$9,906

$339,560

$81,154

Public Service Corp. of New Jersey
-Month of July- -12 Mos. End. July 311930.
1929.
1930.
1929.
Gross earnings
$10,903,226 $10,366,508 $138803,799 5131735,884
Oper. expenses, maint.,
taxes & deprec
8,037,959
7,803,162 96,104,078 91,905,682
Net income from oper_ $2,865.266 $2,563.346 $42,699.721 $39,830,202
Other net income
60,166
92,384
2,991.958
2.780,476
Balance for divs. & sur $1,538,850 $1,385,395 $30,155,189 $26,989,582

$410,397 $4,210,225 $3,762,154
85.530
41,080

Balance
Deductions (x)

$230,502

* Before provision for retirement reserve.

Southern California Edison Co., Ltd.
Gross earnings
Total expenses & taxes
Total net income
Fixed charges
Balance

-Month of July- -7 Mos. End. July 311930.
1929.
1930.
1929.
$3,825.498 $3,622.342 523.219.933 $22,547,526
992,738
994.958
8,185.457
6,781.864
52,832.760 52,627.384 $15,034,470 $14,865,662
594.799
587.785
4.081,645
3.840,884
$2,237,961

$2,039,598 $10,952,831 311,024,778

Interborough Rapid Transit Co.
Gross revenue from all sources
Expend. for oper. and maintaining the property

--Month of July
1929.
1930.
$5,382.547 $5,466.406
3,775.811
3.880,434

$1,502.113 $1,690,595
Taxes payable to city, State and United States-202,308
198,549
Availaole for charges
$1,305,563 $1,488,286
Rentals payable to city for original suoways
$221,492
$222,400
Rentals payable as interest on Manhattan fly. ods_
150,686
150,686
Div. rental at 7% on Manhattan Ity. stock not
assenting to "plan of readjustment"
25.380
25,380
Miscellaneous rentals
21.789
20,767
$419,350

$419,231

$884.213 $1,059,051
nterest on:
I. R. T. 1st mtge. bonds
I. R. T. 7% secured notes
I. R. T. 6% ten-year notes
Sinking fund on I. R. T.1st mtge. bonds
Other items

FINANCIAL REPORTS
Financial Reports.
-An index to annual reports of steam
railroads, public utility and miscellaneous companies which
have been published during the preceding month will be given
on the first Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Aug. 2. The next will appear in that of Sept. 6.
Virginia-Carolina Chemical Corporation & Subs.
(Annual Report
-Year Ended June 30 1930.)
C. G. Wilson, President, says:

The net profits accruing from current operations and income (after
provision for Federal income taxes, absorbing the sum of $831,200 for
depreciation, $396,981 for running repairs and maintenance of plants and
equipment. plus mines depletion costs and other operating charges) amounted to $1.407,003, compared with $1.515,501 for 1929.
In addition to the $/ per share paid during the year upon the 7% prior
preference stock outstanding,
Oct. 1 1929.
$1,173,924 $1,137,558 upon the 6% preferred stock there was paid onaccumulated $2 per share
on that issue
against dividends
since July 1 1927.
Balance before deducting 5% Manhattan
'I here were acquired during the year by one of the co's. wholly owned
dividend rental
$68,506
*5289,711
subsidiaries 5,100 shares of the 7% prior preference stock at an average
The amount required for full dividend rental at
cost of $72.74 per share.
5% on Manhattan By. Co. modified guarantee
The proportion of fertilizer cash sales made by the company during the
stock, payable if earned
231,870 fiscal year was
231,870
64.3% compared with 70.5% for the year ending June 30
1929. Extra reserves were set up against the increased time sales, the sum
Amount by which the full 5% Manhattan diviof which was deducted from profit and loss and added to operating costs.
dend rental was not earned
$521,582 sur$300,377
The company's plants and equipment are in a state of physical condition
Notes.
-1. The operating expenses include a reserve for depreciation
at the rate of $50,000 per annum for the Manhattan Division and $500,000 and operating upon a standard of efficiency easily equal to that of any
period of the past.
per annum for the Subway Division.
It is a matter of common knowledge that a mixed situation exists within
2. The balance shown above fell short by $155,432.24 of
full amount the broad
of the subway preferential which the copmany is entitled the collect from country's field of agriculture. Due to regional circumstances, some of the
to
major crops are burdened with surpluses while others are confuture subway earnings.
fronted with apparent shortages, which do not adequately lend themselves




$706,883
189.097
48,373
208,849
20.720

$702,021
191,370
48.377
179,539
13,399

FINANCIAL CHRONICLE

AUG. 23 1930.;

to a basis of balancing offsets. That industry, however, Is receiving the
constructive assistance and encouragement of the Nation's best thought
and the support and helpfulness of a generous Government. The wellknown recuperative powers of the soil, coupled with the resourcefulness
and demonstrated capacity for adaptation of those engaged in its cultivation, merit the belief that the seeming difficulties of the present are of a
temporary character and will have no appreciable bearing upon the course
Immediately ahead of the fertilizer industry or the affairs of your own
company. The worthiness and integrity of the mass of the customers and
clients of the Virginia-Carolina Chemical Corp. have been proven, and
it is presumed that you would have the corporation continue to serve them
in times like the present within the limits of approvable business practices.
INCOME ACCOUNT YEAR ENDED JUNE 30.
1929.
1928.
1927.
1930.
Gross earns, after deduct.mfg.costs & exp.,
induct, ordinary repairs & maint.of prop.,
depl, of mines, but
before providing for
$3,925.182 $3,925,540 $4,848,143 $2,005,157
depreciation
Int. on bank bal. az call
loans & diva, on in629,988
552,150
696,290
539.169
vestment, 8cc
$4.621,472 $4.555.529 $5,400,293 $2,544.326
Total income
Sell.,admin.& gen.exp.,
incl. prov.for doubtful
accts. & bills receiv.&
2,130.431
2,127,041
2,283.269
2,128,273
cash discounts
Net earns, before prov.
for depreciation__ $2,338.203 $2,425,097 $3,273,252
809,596
831,200
762,549
Depreciation
Providing for Federal in100,000
100.000
come taxes

$416,053
635.907

$1,407.003 $1,515,501 $2.510,702 10581219,854
Net earnings
Divs. paid on prior pref.
896,199
844.725
863,450
stock
934,826
Divs, paid on particip.
639,168
426,112
pref. stock
$1,136,166
Balance, surplus
Earns. per sh.on 486,700
Nll
she. corn. stk.(no par)

$12,884 $1.614,503dal,154.680
Nil

$0.68

Nil

CONSOLIDATED BALANCE SHEET JUNE 30.
1930.
1929.
1929.
1930.
L(abilities$
Assets7% prior pref.8tk_11.760,000 12,270.000
Land,bldgs.,m ach
& equip. less dep15.948,868 16,041,534 6% part. pre.stk _21,339,215 21,339,215
683,002 Corn. stk. surplus _ y4,264,451 4,128,285
Inv.in allied co.'s_ 683,002
Minority interest
kite. prod., matti.
in cap. & surp.
&supp.at cost or
16,983
14,769
mkt. price if low 3,901,806 4,115,672 subsid. company
403,641
Accts. & bills reo-x9,095,734 8,287,521 Accounts payable_ 340,657
6,300,000 Reserve for insur.
Call loans
& contingencies. 177,211
Cash in banks and
201.928
7,891,696 2,443,527 Reserve for Federal
on hand
467.087 Income taxes_ -- 195.146
100,000
Miscell. Investmls 466,981
Incur.& other Pay.
Total(each side)38,093,663 38,457,838
119,496
105,575
In advance
x After deducting $803,626 reserve for doubtful accounts and bills and
cash discounts. y Authorized 750.000 shares, no par value, Issued 486.700
shares.
-V. 129. p. 1761. 1589.

(The) American Agricultural Chemical Co.
-Year Ended June 30 1930.)
31st Annual Report
Howard Bowker, President, in his remarks to stockholders
Aug. 15, says in substance:
.-Net profits from operations after reserves for discounts,
Earnings
freights and receivables, and after deduction of depreciation and depletion,
at the same rates as last year amounted to $2,228,875. After providing
for interest charges on funded debt, there remained a net income of $1,507,366. or $5.30 per shares on pref. stock, which Is an improvement of $803,588,
or $2.83 per share, over the fiscal year 1929.
-The year has been one of progress. Sales of fertilizers, phosphate
Sales.
rock and various chemical products showed a gratifying increase over 1929,
to which substantially all of the company's branches and subsidiaries have
contributed. A readjustment of company's sales methods and the development of a comprehensive marketing and advertising program aided largely
in this expansion in volume of sales. Competition continued to be acute
and sales prices for practically all of the company's products were below
the levels of recent years.
The country's estimated consumption of fertilizer showed only a slight
Increase over last year: the economic situation In agriculture, on the whole,
Continued unsettled and prices ofseveral important farm products are now at,
or near, the lowest point since the post-war deflation period. Company
endeavored to meet these adverse conditions by a reduction in its unit cost
of production and distribution, with the result that there was an increase
in earnings, as well as in sales.
The greater demand and repeat orders for "Agrico" brands of fertilizer
and for the chemical products of the Bowker Chemical Co.. a 100% owned
subsidiary, have been particularly encouraging.
Inventories.
-Inventories are lower than they have been in previous years
and the turnover has been speeded up. In view of the declining conunodity
markets, a hand-to-Mouth purchasing policy has been followed as far as
possible. Inventory losses have, therefore, been negligible. Manufactured
products, materials and supplies are carried on the balance sheet at cost or
market, whichever is lower.
-Collections from sales of the fiscal year 1929 and
Credits and Collections.
prior years were reasonably satisfactory, with the exception of Cuba. The
decline in sugar prices to a record low for all times has seriously interfered
with the collections from colones in Cuba. In view of the very uncertain
outlook, credit sales of fertilizer through the Havana branch were substantially curtailed last season-this being the only branch showing a reduction in the tonnage of fertilizers sold.
The larger volume of domestic sales in 1930 has resulted in an increase in
the gross amount of current fertilizer receivables, not due yet and payable
from the proceeds of this year's crops. Great care has been exercised in the
extension of credits and substantial reserves have been set aside out of the
year's profits for possible losses in the liquidation of these receivables.
-A careful study of efficiency of equipProperty, Plants and Equipment
ment and production and location of plants Is being made for the purpose of
meeting problems of service, distribution and competition in the most
effective manner.
Operating properties are maintained in good condition but without extravagance, the principle of thrift and close control being applied in all
departments.
The more important additions to plant property were made in connection
with the installation of equipment which will enable the company to benefit
from developments in the synthetic nitrogen field, and give it a more
flexible position in the nitrogen market. Plant additions have also been
made to meet the greater demand for the products of the Bowker Chemical Co.
Mining of phosphate rock has been extended to the company's high
phosphate rock deposits in Florida and is now, in part, carried on by grade
dragline operations, instead of exclusively by the hydraulic method as heretofore.
Results have been entirely satisfactory and additional dragline equipment
is now being installed.
Further progress has been made in the disposal of properties no longer
required for the business. During the last year the Florida hotel properties
of the Boca Grande Corp., a wholly owned subsidiary, have been sold on
satisfactory terms.
-Current assets at the close of the year amounted to $23.822,
Financial.
892, as against current liabilities of $1.189,316. Notwithstanding an in:
crease in receivables from sales of the fiscal year 1930, cash on hand exceeded last year's figure by $529,391. The dfreetors, in June of this year




1251

authorized the calling, for Aug. 1 1930, of $500,000 1st ref. mtge. 7M%
bonds. Company's funded debt in the hands of the public is thus reduced
to less than $8.166.500 and interest charges thereon to less than $613,000
per annum.
-The balance sheet gives effect to a revaluation of the
Balance Sheet.
company's properties which directors have felt was required in order that
the current balance sheet should fairly set forth the present value of the
company's assets.
It is well known that the fertilizer industry and conditions in agriculture
have undergone profound changes during and after the war period, and compast:
pany has had to carry burdens which were inherited from a dissimilar comyet, it appeared unwise to proceed with a radical revaluation of the
and
pany's assets during a period of uncertainty when the fertilizercome allied
when
chemical industries were in a state of flux. The time has now
definite changes in the character of the business should be reflected in a
material reduction In the "value in use" of many of the company's fertilizer
plants and like fixed assets.
Heretofore the conventional method was followed of carrying operating
plants at cost,less normal depreciation accrued annually at rates determined
by independent engineers and based on the estimated length of life and wear
and tear of the properties. This method would be proper to continue had
conditions in the industry remained stable. However, a production
is an economic
capacity which at many points is beyond present demand values. Many
factor constantly present and necessitates a revision of plant
to the present changed conditions, such as
other factors have contributed
methods and cost of distribution and transportation, the cost oflabor.and
the shifting of crops grown in various localities. Some of company's plants
heretofore enjoyed, within an economic freight radius, a profitable outlet
for their production which is no longer avallaele to them. The disappeara
ance of farms from a whole section of Long Island, formerly consumMg
The
heavy tonnage of fertilizer, serves to illustrate changed conditions.
tied down by
centers of fertilizer consumption are moving. Company Issections which
its past investments in plants of large capacity, located in
often do not prove to be the most advantageous in which to do business.
Such investments are, for all practical purposes, worth no more and possibly
lees than a modern or competitive plant of low cost and moderate capacity
which can be operated when profitable and from which operations can be
moved to other territory when desirable.
The directors feel that company can best succeed by frankly recognizing
the fact of economic obsolescence and revising asset values to meet new conand
ditions. It will thereby free itself from the burden of carrying charges
further
depreciation rates, based on former values, now obsolete, and thus
regain the ability to produce economically and to meet, in kind, its more
"1 t-footed" competition. It Is for these reasons that a policy has been
addition
adopted of providing substantial plant and obsolescence reserves, In
from
to normal depreciation, thus making it possible to retire promptly
service or liquidate properties which are uneconomical or no longer required.
uP
additional reserves aggregating $10,297,292 have been setnet
Accordingly,
against capital assets, other than phosphate rock deposits, and their
book values have been correspondingly reduced.
propDuring past years a substantial part of the company's inoperative
under changed
erties, real estate and similar investments, no longer required all such assets
business conditions, has been liquidated. The balance of balance sheet
has now been segregated and is shown as a separate item on the
at Its estimated sales value, to be disposed of as soon as practicable. to be
likely
The phosphate rock deposits in Florida, in so far as they are
mined over the next 30 or 40 years, have been taken up at a net figure, after
to the
reserves, which approximates the current market value applied of the
balance
minable tonnage of high grade and standard grade rock. The
commercially workable at this
rock deposits represents rock which is not
has no appreciable
time and is not likely to be mined for many years. Itthe estimated sales
present market value and is, consequently, carried at 1923 attention was
value of the land. In the annual report for the fiscal year
phosphate
drawn to the valuation of the company's mining properties. The
with a
rock industry was then suffering from the consequences of the war,
the feeling of
it was
curtailment of both domestic and foregin demand, butmight prove temportime, that this situation
directors, as expressed at that
be deary and that a change in the book value of mining properties should
the higher grades of
ferred. Since then the trend from the lower grades topermanently affected
mines seem to have
rock, and competition from foreign
directors
the values of phosphate rock deposits. Under the circumstances, value of
book
believe it proper, at this time, to make an adjustment in the of $1.796,647.
it to a net book value
the phosphate rock deposits, reducing
accounts
An amount of $2.105,048 has been added to the reserves against credits
and notes receivable. In the fertilizer industry, where long-term
times, to carry farmers and
must be extended, it becomes necessary, at
crop failures
dealers through periods of abnormal depression resulting from
now witor serious declines in prices of agricultural products, such as are
Substantial collections are
nessed in the growing of sugar cane in Cuba.
farmers'
receivables in subsequent years. after the
made from such overdue
sale of a profitable
financial position has been rehabilitated through the management ample
11
crop. Yet, directors believe that under conservative
do not
reserves should be carried at all times so that net current assets not of a
which are
an unduly large amount represented by items
hazards
liquid nature and the ultimate collection of which depends on the
mentioned
of weather and crop prices. Tile extent to which the above on develadditional reserve will be used to absorb losses will largely depend
opments in the Cuban sugar market.
reserve.
An addition of $1,500,000 has been made to the contingency sheet, after
the balance
The net results of these extraordinary changes in increase the capital Imyear's income, is to
taking into consideration the
present capitalization
pairment to $39,837,406 on the basis of the company's
of $61,777,326. The stockholders' equity is thus valued at $21,939,920.
its par value, quite apart from the
As the pref. stock has prior rights up to
therefore. equivalent
arrearage in dividends, the net value of the assets is,
to about $77 for each share of pref. stock now outstanding.of additional reestablishment
Readjustments of book values and the
way the actual assets
serves do not. ofcourse, operate to diminish in anynow precisely what it
which the company owns. The company possesses
If, however.
would have possessed had book values been left unchanged.
way, have permanently bebook values, as determined in the traditional be faced. That book values
should
come out of line with the facts, the facts
analysis, but is conbecome out of line is not only apparent from detailed
a distinct
firmed by the test of earnings. In the current year. which shows share of
$5.30 for each
improvement in many respects,earnings amounted to the average for the
of earnings is appreciably aboveshare of pref. stock,
pref. stock. This rate
last five years. Assuming asset values equal to $77 per
as indicated by the balance sheet, this represents a return of approximately
former, book
7% which is a moderate industrial return. On the basis of represent a
values of about $160 per share of pref. stock, this $5.30 would
of approximately 3M % annually. Assets which, over a
return at the rate
period offive years, can earn less than 3M % per annum on their book value.
are obviously over-valued.
with the manThe directors, convinced of this fact, have, in conjunction
some time
agement, conscientiously and intimately studied the situation for
past and they believe that the balance sheet, herewith presented, fairly
reflects present values.
Early Corporate Reorganization Necessary.
The technical position of the present balance sheet points to the necessity
of some early corporate reorganization. With a capital impairment which
has existed since 1923, no dividends can be paid even on the pref. stock.
Current earnings will be indefinitely impounded until released by some readjustment which will avoid the capital impairment and permit of current
earnings being paid out.
In anticipation of and preparatory to such a step directors, have during
the year, shifted more of the operating properties of company to The American Agricultural Chemical Co. of Del., a company organized as a wholly
owned subsidiary in 1913, with only one class of stock, 1. e., common stock,
and which has been utilized for many years as the medium for doing business in certain States. The Delaware company has now become the principal manufacturing and operating company and the Connecticut company
has assumed more the status of a holding company, whereof the principal
asset Is the common stock of the Delaware company. Furthermore. the
Delaware company has been substituted for the Connecticut company as the
% bonds, pursuant to a supplemental inobligor on the 1st ref. mtge.
denture executed between the Delaware company and the trustee under the
mortgage securing the bonds. The way is thus paved for the effectual
elimination of the Connecticut company and the substitution for its stock
of the common stock of the Delaware company, whether through voluntary
exchange or dissolution of the Connecticut company, This would substitute the stock of the present principal operating company which is free
from capital impairment and consequently able to pay dividends out of its
Profits.

1252

FINANCIAL CHRONICLE

CONSOLIDATED INCOME ACCOUNT YEARS ENDED JUNE 30.
1928.
y1927.
1930.
1929.
xGross profit from ow- $3,858,279 $3.734.784 $5,301,905 $2,106,606
Bes, for freights, disc.,
doubtful accts., &c.._ _
660,150
1,394.439
a551,539 1,087,243
Int. paid and accrued_ _ _
1,572,173
721,509
800,176 1,282.143
Plant depre.& mines depl 1,077,864
1,064,129
1,121.961
1,143,586
Net profit
Previous deficit

$1,507,366
16,116,731

$703,778 $2.237.651d1$1,924,135
16,733.009 18.760,660 16,836,525

Total deficit
$14,609,365 $16.029,231 $16,523.009 $18,760,660
Totalreserves
x25,228,042
Prem.on retired bonds-210.000
87.500
Profit & loss deficit $39.837,406 $16,116,731 $16.733,009 $18,760,660
a Reserves for doubtful receivables only. x After deducting operating
expenses, including cost of maintenance and repairs, selling and administrative expenses. y Includes Charlotte Harbor & Northern Ry. Co.
x Includes general plant and ]properties reserves of 210,297,293: reserves for
phosphate rock deposits of 211,325,701; reserves for accounts and notes
receivable of $2.105,048 and contingency reserves of $1,500,000.
CONSOLIDATED BALANCE SHEET JUNE 30.
Assets1930.
1929.
1928.
1927.
Land,bldgs.& mach'y-x$10.105,189 $16.863,047 $17,969,116 $18,590,707
2,281.9787.169.710
Other invest.,less res..
a2,011,711
Mining prop.,less depl_
13,928.432 14,056.057 13,998.800
Cash
6.728,212 6,198.821
5,808.621
6,749,003
U.S. Govt. bonds
25,000
25,000
Accts.& notes receivabley10.528.376 10,795,175 11,779.782 10,348.563
Inventories
6,566.304 7,800,708 7,923,526 7,629,265
Brands,pats.& good-will
1
1
1
1
Sinking funds
49,847
59,782
1,813
9,860
Unexpired ins.,taxes,&c.
561.892
333,475
390,616
524,133
Profit & loss deficit
39.837.406 16,116,731 16,733,009 18,760.660
Total assets
$74,377,228 $74,049,916 $76,977,569 $83,855,623
Liabilities
Common stock
6233,322,126 $33,322,126 $33,322,126 $33,322,126
Preferred stock
c28,455,200 28.455,200 28.455.200 28,455,200
1st ref. ntge. bonds
8,666,5009,541,500„
19.707,500
Accts. pay. & accr. Habil
911,504
935,386
941,748 1,087,988
Accrued bond interest
277.813
304,484
409.266
623,484
Reserves for Fed, taxes
and contingencies_ _ _ _ 2,625,978
499,265
1,334,934
1,336,210
Deferred credits
160,060
118,107
156,286
149,518
Total liabilities
$74,377,228 274,049.916 $76,977,569 $83,855,623
After deducting reserves. y After deducting reserves. a Includes the
investment in Boca Grande Corp. and other investments. b Common
stock authorized. $50.000,000; less unissued, $16,677,874. c Preferred
stock authorized.$50.000,000;less unissued,221,544.800.-V.130, p.4419.

GENERAL INVESTMENT NEWS
STEAM RAILROADS.
Rail Workers' Wage Up 33% Since 1915.
-Real wages of railroads in the
United States, after allowing for the changes in purchasing power of the
dollar, were 33% higher during the second quarter of 1929 than they were
in 1914-1915, according to analyses made public Aug. 16 by the National
Industrial Conference Board. N. Y. "Times" Aug. 17, p. 4.
Freight Cars in Need of Repairs.
-Class 1 railroads on Aug. 1 had 144.987
freight cars in need of repairs or 6.5% of the number on line, according to
the Car Service Division of the American Railway Association. This was
an increase of 1,635 cars above the number in need of repair on July 15, at
which time there were 143,352 or 6.4V. Freight cars in need of heavy
repairs on Aug. 1 totaled 99.909 or 4.5% an increase of 1,083 compared
with the number on July 15, while freight cars in need of light repairs totaled
45.078 or 2%, an increase of 552 compared with July 15.
Locomotives in Need of Repairs.
-Class 1 railroads ofthis country on Aug.1
had 8,007 locomotives in need of repair or 14.4% of the number on line,
according to reports filed by the carriers with the Car Service Division of
the American Railway Association. This was a reduction of468locomotives
compared with the number in need of repair on July 15, at which time
there were 8,475 or 15.2%. Locomotives in need of classified repairs on
Aug. 1 totaled 4,562 or 8.2%, a decrease of 191 compared with July 15.
while 3.445 or 6.2% were in need of running repairs, a decrease of 277 below
the number in need of such repairs on July 15. Class 1 railroads on Aug. 1
had 8.327 serviceable locomotives in storage compared with 8,137 on
July 15.
Surplus Freight Cars.
-Class 1 railroads on Aug. 7 had 447,221 surplus
freight cars in good repair and immediately available for service, the car
service division of the American Railway Association announced Aug. 22.
This was a decrease of 7,594 cars compared with July 31, at which time
there were 454,815 cars. Surplus coal cars on Aug. 7 totaled 162,371 cars,
a decrease of 3,128 within approximately a week, while surplus box cars
totaled 229,166 cars, a decrease of 3,069 cars for the same period. Reports
also showed 27,051 surplus stock cars, an increase of 37 cars above the
number reported on July 31, while surplus refrigerator cars totaled 13.108
cars, a decrease of 1,636 for the same period.
Matters Covered in "Chronicle" of Aug. 16.-(a) Gross and net earnings
of Ti. S. railroads for the month of June. p. 1000. (b) A diagnosis of railway ills by F. J. Lisman: railroads,faced by serious competitive conditions,
need to unite to most them, revising methods to cope with present-day
conditions, p. 1045.

Central RR. Co. of New Jersey.
-Certificates Offered.
International Manhattan Co. and R. W. Pressprich & Co.
are offering $1,166,000. 4%% equip. trust certificates of
1926 at prices to yield from 35,4% to 4.20%, according to
maturity. Issued under the Philadelphia plan.
Dated Aug. 1 1926: serial maturities of 2106,000 per annum from Aug. 1
1931 to Aug. 1 1931, incl. Dividend warrants payable at office of Hudson
Trust Co., Hoboken, N. J., trustee. Denom. $1,000 c*. Unconditionally guaranteed by endorsement, as to principal and dividends, by Central
RR. Co. of New Jersey. Legal investments for savings banks and trust
funds in New York State.
These certificates are to be issued under an equipment trust agreement
dated July 15 1926, which provides for the issuance of not exceeding
$6.000,000. The $1,166,000 of certificates presently to be issued will
provide for a part (not exceeding 80%) of the cost of the following now
standard railroad equipment, the estimated cost of which is in excess of
$1.520,000: 25 steel passenger coaches, 5 steel combination cars, 5 Pacific
type locomotives and 5 switching locomotives. At least 20% of the cost
of all equipment included in the trust has been or is to be paid in cash at
the time of the acquisition of the equipment. Title to the above equipment
Is to be vested in the trustee, which is to lease the equipment to the company at a rental sufficient to pay the principal of the certificates and the
dividend warrants as they mature.
-V. 130. p. 4600. 3150.

Chicago Great Western RR.
-Listing.
-

The Chicago Board of Trade has admitted to the list 450.000 shares of
preferred stock and 470,000 shares of common.
Commenting on the listing, V. V. Boatner, President of the road, said:
The Great Western is exclusively a Western road, and its prosperity is
definitely linked up with the Middle West. We believe that this step will
assure a closer linking of the railroad with the territory It serves and induce
a greater degree of Western ownership."
Chicago Great Western preferred and common stock are also listed on the
New York and London Stock Exchanges.
-V..131. p. 1094.

Consolidated Railroads of Cuba.
-New Director.
-

Roswell C. Tripp of
member of the board ofPotter & Co. has been elected a director and a
votin130g trustees of
the late Guy W. Currier.-, p. 3705.the commons stock to succeed
V.




[Vol,. 131.

Cuba Railroad.
-New Director.
-

Roswell C. Tripp of Potter & Co. has been elected a director to
succeed
the late Guy W. Currier.
-V. 130, p. 3705.

Mahoning Coal Railroad Co.
-Earnings.
-

Period End. June 30- 1930-3 Mos.-1929.
Inc.from lease of road- $517.827
$542,983
Other income
45,337
44,774
Total income
$563.164
$587,757
Taxes
59.856
62,704
Interest on funded debt..
18,750
18,750
Other deductions
2,370
2.099
Net income
$504,204
Earns, per sh. on 30,000 $482,188
shs. common stock
$15.79
$16.53
-V. 130, p. 3705, 1453.

1930-6 Mos.-1929.
2799,262
$851,862
91,614
90,015
2890,876
92,852
37.500
4,259

$941.877
97,419
37.500
4,169

$756,265

$802.788

$24.65

$26.21

Missouri Pacific RR.
-Listing.
-

The New York Stock
authorized the listing of $25,000,000
1st & ref. mtge.5% toldExchange hasH.due
bonds,series
1980,
amount applied for 162,840.500.-V. 131, Arll 1 931. making the total
P• 094,

Pennsylvania RR.
-New Bus Line.
-

Through motor bus service between Norfolk, Wilmington, Philadelphia
and New York was inaugurated Aug. 18 when the company,
its
subsidiary, The Pennsylvania Virginia General Transit Co. through the
began
operation of one bus trip daily
The service will be augmented inin each direction between these cities.
the future as traffic demands. Buses
to be used in the new line are of latest design, embodying every feature
of safety, comfort and convenience and
will carry 29 passengers each.
-V.131. p. 1095.

Reading Company.
-Listing.
-

The New York Stock Exchange has authorized the listing of $15,000.000
% gold bonds, series B, dated July 1 1930, and due
Jan. 1 1997.
Income Statement Five Months to May 31 1930.
Railway operating revenues
$37,397,829
Railway operating expenses
31.096.075
Railway tax accruals
1,418,286
TJncollectible railway revenue
2,372
Railway operating income
$4,881,096
Equipment rents
-Net
Dr81,073
Joint facility rents
--Net
Cr81,127
Net railway operating income
Total non-operating income
Gross income
Rents for leased roads
Miscellaneous rents
Miscellaneous tax accruals
Interest on funded debt
Interest on unfunded debt
Miscellaneous income charges

$4.881.150
1,884,561

Netincome
Dividend first preferred stock
Dividend second preferred stock
Dividend common stock

$3,181,060
559,824
839,413
1,399,782

$6,765,712
1,370,774
55,980
70,000
1,941.738
24,687
121,472

Balance, surplus
Earned per share on common stock
-V. 131. p. 783, 625.

$382.041
$1.44

Virginian Ry.-Listing.The New York Stock Exchange has authorized the listing of $5,000.000
1st mtge.50
-year 43. % gold bonds,series B,due May 11962.
Income Account Five Months Ended May 31 1930.
Railway operating revenues
27.556.597
Railway operating expenses
4,039,550
Railway tax accruals
802,000
Uncollectible railway revenues
9
Railway operating income
$2,715.038
Equipment rents. net
302.862
Joint facillty rents, net
19,594
Net railway operating income
Other income credits

$3,037,493
415.518

Gross income
Interest on funded debt
Other income debits
Netincome
Dividends

23.453,011
1,327,426
324,511
51.801,074
838.650

Balance,surplus
-V. 130, p. 3535.

$962.424

PUBLIC UTILITIES.
Electricity Rates Held Fair to All.
-The
light and power rate data and discussion islogical conclusion from electric
that existing
classes ofservice are not inconsistent nor discriminatory, rates for different
according to L. It.
Nash of the Stone & Webster Serivice Corp.
-N.Y."Times," Aug. 16. P.9.
Matters Covered in "Chronicle," of Aug. 16.-(a)
June and the half year. p. 1004. (b) Martin 3. Public utility earnings In
Insull in defense of Holding companies, p. 1045.

Alabama Water Service Co.(& Subs.)
-Earnings.-

Years Ended June 30Operating revenues
Operation
Maintenance
General taxes

1930.
$874,521

1929.
$800.962

91,ISR
87,963

31,4?
3
82,781

Net earningsfrom operations
Other income

$414.484
3.911

$377,715
1,693

Gross corporate income
Interest paid funded debt
Miscellaneous interest charges
Reserved for retirement, replacements & Federal
income tax & miscellaneous deductions
Net income
Dividends on preferred stock
-V. 131. p. 267.

$418,396
195.349
9,811

$379,409
193,023
8,199

69,532

58,104

$143,704
40,757

$120,082
37,987

American Corp.
-Initial Common Dividend.-

The directors have declared an
dividend of 15 cents per share,
payable in cash Sept. 20 to holdersinitial
of record Sept. 5 1930.
The capital issues of the corporation as of Aug. 15 1930 are as follows:
Authorized. Outstanding.
Common stock (full voting) no par
Warrants (to purchase common stock at $102,500,000 shs. 475,000 shs.
per share on or before Oct. 1 1931)
475.000
Frank T. Hulswit, President, says: "The corporation has no475,000
funded
debt nor preferred stock outstanding and is obtaining an income from interest
and dividends on investments at an annual rate of approximately 75 cents
per share, which is at a rate of 7M % on the original subscription price,
with warrants, of $10 per share. This does not take into account any
profits derived from the sale of investments from time to time. Corporation's business activities date from May 1 1930.
"The corporation has added to its holdings of class B common stock (full
voting) of American Commonwealths Power Corp. and has also acquired
stock in the Central Hanover Bank & Trust Co.of New York and Guardian

AWL 23 1930.]

FINANCIAL 011310NICLE

Detroit Union Bank of Detroit. These purchases are in addition to holdings
Previously reported on June 11 1930."—V. 130. p. 4232.

American Commonwealth Power Corp.—Progress Outlined—Recent Acquisitions and Expansion.— in a brief outline

The stockholders in a letter dated Aug.7 are informed
of the progress made by the corporation. The letter states that in spite
of much haphazard complaint about industrial and farming conditions in
general, a substantial proportion of American business enterprises are doing
as large a business as they did during the calendar year 1928, which Was an
excellent business year, and many are doing a greater business than they
Were doing in 1929, which was an abnormal peak year in many respects.
The directors set forth in a statement the growth of the corporation and
its affiliated companies for a period of three years. starting with June 30
1927 and ending with June 30 1930. from which we take the following:
Net
Net
Gross
Surplus.
Earnings.
Revenues.
Month & Year—
$530.672
$4,414;328 $1,835,040
June 30 1927
497.556
2,173,218
5,360,647
July 1927
896,295
8,131,835 3,161,877
December 1927
923,362
9,136,916 3.712.126
April 1928
790,291
13,233,728 4,824,373
May 1928
934,296
17,594.656 6,692,547
June 1928
20,157,758 8,190.402 1.724,686
May 1929
22.987.488 9,924.118 3.093,354
September 1929
23,361,740 10,195.578 3.434.261
October 1929
24,721,431 10,879,146 3.666,459
November 1929
25,593,046 11,322.693 3,855,780
December 1929
4,174,792
26,144,396 11,819,131
February 1930
27,053,570 12.441,224 4,491.676
May 1930
27,326,576 12.608,864 4,568.407
June 30 1930
The growth reflects, in part, increases in earnings due to aggressive
operation of properties controlled and, in part, to conservative purchases
of additional properties. From June 1927 to June 1930, gross revenues
increased 519%—net earnings increased 587%—while net surplus increased
761%—the operating ratio falling from 59% to 54%.
In affirmation of the above table of growth in earnings is the increase of
output of electrical energy and sales of manufactured and natural gas for
comparable three year periods.
Electric output and gas sales for the first 6 months of 1928, 1929 and
1930, expressed in kilowatt hours, follows:
Gas Sales.
Electric Output.
10,486,294,000 cu. ft.
66,249,000 kwh.
1928
10,516.795,000 Cu. ft.
75,222,400 kwh.
1929
11,688.966,000 Cu. ft.
87.337,700 kwh.
1930
Revolving Fund of Investments.
through the revolving fund in
Additional investments have been made
in companies conthe voting stocks of other public utility companies and utility
public
trolling through stock ownership important this in vestment companies,
and as of the close of business on Aug. 7 1930 value of the amounted,
securities so
at cost. to $5,899,839. The indicated market
owned as of close of business Aug. 7 1930 was $10,979,704. an increase in
values over cost of approximately $5,100,000, which has not been reflected
in any manner in either the earnings statement or balance sheet, inas.
much as the securities are carried in the fund at their original cost.
The major holdings of public utility securities in the revolving fund continue to be, in the order of the importance of investent therein, the
(Wowing: United Light & Power Co. class B common stock; Eastern Gas &
Fuel Associates common stock; American Superpower Corp.common stock;
Cities Service Co. common stock; Central Public Service Corp. class A
stock; Long Island Lighting Co. common stock; United Gas Corp. common
stock;followed by investments in Cities Service Co. convertible debentures;
Massachusetts Gas Cos. preferred stock; Brooklyn Union Gas Co. common
stock, and holdings of stocks in Bankers Trust Co., Chase National Bank
and Irving Trust Co. of New York and Northwest Bancroporation of
Minneapolis.
New Generating Stations.
In order to provide for a rapidly growing demand for electric power and
light in the West Plains District of Texas. served largely by subsidiaries of
Community Power & Light Co. and General Public Utilities Co. (subsidiaries of American Commonwealths Power Corp.) substantial additions
are being made to the electric generating stations at Amarillo, Plainview
and Lubbock, Tex. Furthermore, an entirely new electric generating
station is under construction at Tuco, Tex. (this new town being named for
one of corporation's subsidiaries, Texas Utilities Co.). The power house
location is part of the site of a new city on the open plains, built in anticipation of an early and large demand from a growing population.
Dominion Gas ct Electric Co.
Within the past 30 days, a contract has been entered into by corporation
to purchase from the present owners, International Utilities Corp., all of
their holdings of public utility properties, gas and electric, located in the
Provinces of Alberta, Saskatchewan and British Columbia in the Dominion
of Canada.
For the purpose of financing and operating the new acquisition, the
Dominion Gas & Electric Co. has been incorporated in Delaware and will
shortly acquire the common stocks and other securities of Canadian Western
Natural Gas, Light, Heat & Power Co., Ltd.; Edmonton Utilities. Ltd.;
Northwestern Utilities, Ltd.; Canadian Utilities, Ltd.; Union Power Co.,
Ltd.; Duncan Utilities, Ltd. and Nanaimo Electric Light, Power & Heating
Co., Ltd., operating 807 miles of natural gas mains and distribution lines
and 860 miles of electric transmission lines.
These properties serve a population estimated to exceed 245,000 located
in 102 communities in the Provinces of Alberta, Saskatchewan and British
Columbia, of which Calgary and Edmonton are the larger ones.
In the opinion of Ralph E. Davis, indepedent onginerr, the natural gas
reserves of the properties amount to at least 175,000,000,000 cubic feet
with other reserves situated near the distribution system possible of the production of several hundred billion cubic feet of natural gas in addition.
Therefore, a long and adequate supply of natural gas is assured.
The management of the properties will be under the direction of Fred W.
Seymour, who will be the President of Dominion Gas & Electric Co,
assisted by Paul R. Johnson, as Vice-Pres. and Consulting Engineer in
relation to Natural Gas matters, but the local operation of the properties
will continue under the direction of C. J. Yorath,as Vice-Pros. & Gen. Mgr.
The board of directors of Dominion Gas & Electric Co. will include,
among others, 0. R. Seagraves and E. G. Diefenbach, representing the
holdings of American Utilities & General Corp. in the 2d preferred and
common stocks of Dominion Gas & Electric Co. (the control of which will
be held by American Commonwealths Power Corp.).
Approximately three-quarters of the gross earnings of Dominion Gas &
Electric Co. are now derived from the sale of natural gas, used largely
for domestic purposes and the remainder of the gross earnings of approxi,
mately 25%,is derived from the sale of electric energy for light and power.
Both branches of the business have been growing steadily for the past
five years and there is every indication that this healthy growth will continue.
Number of Stockholders.—The holders of stocks in the corporation now
exceed 35,000, while the holders of common stock exceed 13,500, as against
a total of 6,855 on July 15 1929,an increase of 97%. Corporation's stocks
are represented by stockholders in every State of the Union and also include
substantial holdings in Canada.—V. 131, p. 933, 783.

American Telephone & Telegraph Co.—New Director.

Winthrop W. Aldrich, President of the Chase National Bank, has been
elected a director to succeed W. Cameron Forbes, resigned.—V. 131.
P. 1095.
American Water Works and Electric Co., Inc.—

Output.—
The power output of the electric subsidiaries of the company for the
month of July totaled 150,039,797 kilowatt hours, a decrease of 5%, over
the output of 157,902,254 kilowatt hours for the corresponding month of
1929.
For the seven months ended July 311930, power output totaled 1,109,481,005 kilowatt hours, 1% greater than the output of 1.103,036.730
kilowatt hours for the same period last year.—V. 131, p. 784, 626.

Associated Gas & Electric Co.—Output.—

Production of electricity by the system showed an increase over the
-day period ended Aug. 9, with output
corresponding week of 1929 in the 7
of 58,108,905 kilowatt hours, a gain of 0.2% over the same week of last
year. In the week ended Aug. 2, total output was 56,638,755 kilowatt
hours, a decrease of 2.5% from the corresponding week of 1929. For the




1253

four weeks ended Aug. 9, output totaled 225.154.436 kilowatt hours.tor
cv.s..s
2.2% below the output of the corresponding period of last year.
Gas production in the week ended Aug. 9 was 279,537,500 cubic feet
and for the four weeks' period was 1.158,483. 100 cubic feet, both totals
being less than the corresponding period of 1929. The system's water
gallonage was 12.2% ahead for the week and 5% ahead for the four weeks.
Consolidated Statement of Earnings and Expenses of Properties Since Dates
of Acquisition.
—Increase---Amount.
1929.
1930.
12 Mos. Ended July 31—
Gross earns.& other income--$108,050,904 $65,784,842 $42,266,062
Operating expenses, mainten18,920.598 53
54,380,894 35.460,296
ance, all taxes, &c
Provision for retirement of
2,007,719 57
3,539,121
fixed capital, &c
5,546,840

A

$48,123.170 $26.785,425 $21,337,745 80
Net earnings
4.060.978 60
6,806.719
Underlying divs. and interest 10,867,697
7.147.812 66
10,754,563
Interest
17,902.375
Balance
—V. 131. p.784, 111.

$19,353.098

$9,224,143 $10,128,955 110

•

Associated Telephone Utilities Co.—Earninge.—
1929.
1930.
six Months Ended June 30—
$7.760,902 $2,989,320
Consolidated gross earnings
1,476.597
3,577,562
Consol. net earnings after expenses and taxesBalance after taxes, charges St pref. diva. but
677,216
1,458.237
before depreciation
Marshall E. Sampsell, President, says that the substantial increase in
earnings not only results from growth of the business, but also reflects the
addition of new companies to the system.—V. 131. p. 1095.

Avalon Telephone

Ltd.—Bonds Called.—

An of the outstanding $225,0005%% bonds due April 1 1958 have been
Co.,
called for payment Oct. 1 next at 100 and int. at the Montreal Trust Co.,
trustee, Montreal, Canada.—V. 131, p. 784, 112.

Atlantic Public
holders Committee,

Service

Associates,

Inc.—Bond-

James T. Woodward of Spencer Trask & Co.. Howard K. Kirk of H.M.
Byllesby & Co., Inc., Gerald W. Peck of Emery, Peck & Rockwood Co.
Charles A. Coolidge Jr. of Ropes, Gray, Boyden & Perkins, and A. M.
Massie, Asst. Vice-Pres. of the Bank of America National Association,
New York. have consented to act as a protective committee for the holders
of the first lien and secured 5%% gold bonds, series A. Ropes, Grail'.
Boyden & Perkins, 50 Federal St., Boston, are Counsel and Charles W.
Davey, 44 Wall St., New York is Secretary.
Bonds should be deposited at the office of the Bank of America National
Association, Depositary, 44 Wall St., New York City, or at the office of
the Chicago Trust Co. 81 West Monroe St., Chicago. Coupon bonds
must carry all coupons Maturing Aug. 1 1930 and suosequent thereto.

Spencer Trask & Co., H. M. Byllesby & Co., Inc.,
Emery, Peck & Rockwood Co., who participated in the
marketing of the bonds,in a letter to the holders of the bonds
state:
We have been advised that upon application for the appointment of
receivers of Atlantic Public Utilities, Inc. Atlantic Public Service AssoWorks & Electric Co. by the
ciates, Inc., and North American Water'
Eastern States Public Service Corp., a stockholder,and by United American
Utilities Co., a creditor, Ralph J. Ritchie, Vice-President of the Atlantic
Public Utilities, Inc. and Vice-President of the United States Engineering
Co. was appointed receiver and Clarence A. Sutherland (an attorne)o
Wilinington. Delaware, co-receiver of the three companies by the Court
of Chancery of the State of Delaware. We are also advised that the Court
has directed that no payments as to principal or interest on obligations
currently outstanding shall be made at'this time.
The appointment of receivers and the default in the payment of the semiannual interest due Aug. 1 on the Atlantic Public Service Associates, Inc.
(formerly Atlantic Public Service Corp.) first lien 534s has precipitated the
situation where immediate and collective action must be undertaken by the
bondholders to adequately conserve their interests.
The situation with respect to the Atlantic Public Service Associates, Inc..
has been a matter of concern to the banking houses identified with the
original marketing of the first lien 53s,for some months past and after the
acquisition of control of the Atlantic Public Utilities, Inc. (the parent company) by A. E. Fitkin & Co.and associated interests, measures sore undertaken looking toward a readjustment of the capital structure of the parent
and subsidiary companies including the Atlantic Public Service Associates,
Inc. A readjustment committee was thereupon formed and we and our
associates were represented thereon.
The readjustment committee has held several meetings and given consideration to a plan submitted by a representative of the management but
because of the complexity of the situation it was extremely difficult for this
committee to arrive at any basis that would be satisfactory to all of the
interests represented. We were also advised as members of the committee
by the management that efforts to interest other parties in the purchase of
the entire situation had proved futile, and that in view of the definite
impairment of the current position of the parent and some of the subsidiary
companies. including Atlantic Public Service Associates, Inc., receivership
Proceedings had become inevitable.
The definite appointment of receivers and the default in interest removes
from immediate consideration of ourselves and associates any general
readjustment plan and makes it desirable that our efforts be now concentrated in the direction of adequately conserving the interest of the first
lien 5%% bondholders. Accordingly it becomes essential that collective
action be immediately undertaken by the first lien 53 % bondholders.
In view of the complicated relations between the Atlantic Public Service
Associates, Inc., and its affiliated companies, and the parent organization
represented oy the Atlantic Public Utilities, Inc., arising from the multiplicity of inter-company transactions, we are of the opinion that measures,
effective and immediate, must be taken and urge complete co-operation
on the part of the present first lien 5%% bondholders through the medium
of the deposit agreement. Through collective action and effective co-operation, we believe, will come the best results for the individual bondholders
insofar as the preservation of their intermits is concerned.
Consolidated Income Statement 12 Months Ended June 30 1930 (Co. and Subs.)
$2.379,809
Operating revenues
205,340
Non-operating revenues
Total gross earnings
Operating expenses, maintenance and taxes

$2.585.149
1,835,597

Gross income
Deductions of Subsidiary Companies:
Interest on funded debt
Interest on unfunded debt, miscellaneous
Interest on unfunded debt, affiliated companies
Provision for depreciation
Amortization of debt discount and expense
Amortization of organization expenses
Provision for Federal income taxes
Miscellaneous deductions
Dividends on preferred stocks
Minority common stockholders interest in net income after
preferred dividends

$749.552

Net income before parent company charges
Parent Company Charges:
Interest on funded debt
Interest on unfunded debt, miscellaneous
Interest on unfunded debt, affiliated companies
Amortization of debt discount and expense
Amortization of organization expenses
Amortization of commission and expense re: sale ofcapital stocks
Taxes on coupon interest

$362.215

159,119
15,273
64,598
73,529
16,144
4,347
3,881
4,401
45,901
147

*391.590
54.319
56,259
36,025
12,729
1.379
3,878

The
Iaeiss7st-We 111reiM;ni, 1
--he
s
.......--- 3
11e
1
1953 are $271,590, and the annual interest requiremn fieciCred 5$1983,964
ents on debenture' 6s
due 1943 are $120,000.

1254

FINANCIAL CHRONICLE

Consolidated Balance Sheet as at June 30 1930.
Assets
-Liu/if/friesProperty. Plant, equip., &c__$14,909,024 Funded debt subs. co
Organization expenses of hold1st lien and secur. 514s
ing company
78,121 15-year 6% gold debentures
Miscellaneous investments
351 Purchase contract obligations
Special deposits for purchase
Notes payable
of securities
24,745 Accounts payable
Miscellaneous
33.022 Accrued liabilities
Cash
131,685 Notes payable(due atilt cos.)
Notes receivable
34,350 Accounts pay.(due atilt cos.)
Accounts receivable
391.412 Deferred liabilities and unAccrued revenue unbilled
adjusted credits
6,070
Accrued interest receivable.
Reserves for retirements
1,562 Miscellaneous
miscellaneous
Inventories of materials, supPreferred stock subs. cos.__
plies, arc
180,845 $7 cum.Aeries A pref. stock....
Due from affiliated eas.:
$7 cum. second pref. stock__
1,731,845 Common stock subs. cos_
Notes receivable
211,850 Common stock Atlantic Pub.
Accounts receivable
Service Asso.. Inc. held by
784,250
Deferred and other charges_ affiliated companies
Minority com, stockholders
interffts in surplus
Capital deficit
Total (each side)
$18,519,136 Operating deficit

Central States Edison Corp.
-New Contract.
-

$2,566,500
4,938,000
2,000,000
16,822
220,300
271,310
274,547
3,026,355
202,498
53,028
1,241,973
170,215
745,950
1,290,604
1,500,000
24,212

Pierson, Young & Co., Inc., and affiliated interests, it Is announced.
have bought for cash control of the company, controlling a group of public
utility properties in Wisconsin, Minnesota, Missouri, Nebraska, Oklahoma.
Indiana and Alabama. most of which are electric light and power concerns.
No public financing is Involved, it is said. The properties were controlled
previously by the Sutherland Dows interests of Cedar Rapids, Iowa.
v.128,P• 3509.

Chester Water Service Co. & Subs.
-Earnings.
Years Ended June 30Operating revenues
Operation
Maintenance
General taxes

1930.
$578.726
136.075
24,781
13.026

1929,
$541.479
133,912
23,676
12.026

Net earnings from operations
Other income

$404,843
3.625

$371,864
4.990

$408.469
136,854

$376,854
135,000

Gross corporate income
Interest paid on funded debt
Reserved for retirements, replacements, Federal income tax & miscellaneous deductions
17,643
171.126
Net income
490.331
Dividends on preferred stock
-V.131. p. 268.
Atlantic Public Service Corp.
-Successor, &c.
-V. 126, p. 2641, 1504.
See Atlantic Public Service Associates, Inc.
Chicago Rapid
610,637

For an experimental period of 30 days beginning Sept. 1, the Board of
Public Trustees have authorized a reduction in the rate of local fare from
6Jj to Scents without transfer. The reduction in local fare zones is prompted
by the necessity of increasing riding in order to offset, if possible,loss of
riding from use of the private automobile and present industrial conditions
which together caused a reduction of 1,380,409 passengers, or about 5%.
in July compared with July 1929. There are 120 routes over which the local
rate of fare is in effect. During the calendar year 1929, 56,272,366 Passengers were carried at the local rate of fare, which represented almost
16% of the total number of revenue passengers carried that year.
The 10
-cent fare on rapid transit lines remains unchanged.
-V. 131.
D. 267.

Broad River Power Co.
-Earnings.
$2,709,568
832,280
262,850
177.344
619.756
$817,338

Balance
-V.130, p. 3536.

-Earnings.
California Water Service Co.
Years Ended June 30-Operating revenues
Operation
Maintenance
General taxes

1930.
1929.
$2,167,435 32,086,619
823,604
807,853
87.302
102,442
152,176
152,262

Net earnings from operations
Other income

$1,104,352 $1,024,062
16,234
12,423

Gross corporate income
51,120,587 $1,036,485
11,405
Amount not applicable to Calif. Water Service Co.
$1,120,587 $1,025,080
Balance
334,495
Interest paid on funded debt
380,427
16.621
1,616
Miscellaneous interest charges
Reserved for retirements, replacements. Federal in115,595
163,071
come tax & miscellaneous deductions
Netincome
Dividends on preferred stock
Interest on 6% notes
-V. 131, p. 268.

$575,473
152,855
40,427

46.143

33,709

$225.471
66.002

$208,145
66,001

Transit Co.
-Security Holders Urged to
Deposit Holdings So as to Expedite Unification Plan.
-

Boston Elevated Ry.-To Reduce Local Fares.
-

Earnings for 12 Months Ended June 30 1930.
Gross earnings & other income
Operating expenses
Taxes (exclusive of Federal income taxes)
Depreciation
Annual interest requirement on bonds outstanding June 30

[VOL. 131.

$558.369
125,530
40,427

-July Output.
Canadian Hydro-Electric Corp., Ltd.

The corporation, controlled by International Hydro-Electric System, a
division of International Paper & Power Co., produced 206.171.000 kwh.
of electric energy in July, a new high record for that month,31% over July
last year, and over double that of July 1928. In the first seven months of
this year the output was 1,420,283,000 kwh., 24% over the output of the
corporation in the first seven months of 1929, and over double its output
In the first seven months of 1928.
The output of the corporation in the 12 months ended July 31 was
2,376,301,000 kwh., an increase of 31% over the output of the corporation
in the 12 months ended July 31 1929.
The output of electric energy of all Canadian central station hydroelectric plants other than those owned by Canadian Hydro-Electric Corp.,
Ltd., in the first six months of this year-the latest figures available-was
1.5% over the first six months of 1929, wnile the output of the present plants
of Canadian Hydro-Electric Corp., Ltd., increased 23% in the same period.
The output of the plants of Gatineau Power Co., a subsidiary in the first
six months of this year was 16% over the corresponding period of last year,
-electric plants in the
while the output of all other central station hydro
Province of Quebec increased 2% in the same period.
In the first six months of this year the Grand Falls hydro-electric plant
of the corporation procluced 61% of the entire production of electric energy
of all central station hydro-electric plants in the Maritime Provinces.
V. 131, p. 784.

Canadian Western Natural Gas, Light, Heat & Power
Co., Ltd.
-New Control.
See American Commonwealths Power Corp. above.
-V. 130. p. 1455
.

Another major step in the consolidation of the surface and elevated
transportation lines of Chicago was taken Aug. 18 when the committees
named to represent the adjustment debenture bonds, prior preferred stock
and voting trust certificates representing common stock of the Chicago
Rapid Transit Co.
-the elevated lines-sent letters to all known holders
asking for immediate deposit of their securities so that a financial plan can
be worked out that will protect their interests.
"The prompt deposit of your securities is absolutely essential to a sue;
cessful completion of the unification or consolidation of these properties,'
the committees state in urging that holders immediately deposit.
Deposit of the Rapid Transit Co. securities will clear the way to the
formation of a plan for financial reorganization inasmuch as committees
representing the various surface lines securities have already requested
deposit. All of the latter companies, which include the Chicago Railways,
Chicago City Railway, the Southern Street Railway and the Calumet &
South Chicago Railway, are now in receivership with their affairs being
administered under the direction of the U. S. District Court.
In its letter to debenture bondholders, the committee named to represent
them, which includes R. Floyd Clinch, Chairman, Pres. of Crerar Clinch
Co.; Philip R. Clarke, Pres., Central Trust Co. of Illinois; Harold E.
Foreman, Chairman of the Board, Foreman-State Trust & Savings Rank;
Stanley A. Russell. Vice-Pros. The National City Co., and George Woodruff, Chairman of the Board the National Bank of the Republic of Chicago.
says:
"The Chicago Rapid Transit Co. for many years has been unable to earn
an adequate return on its investment due to the execssive cost of financing
improvements and extensions and to competition with the surface lines
for both long and short haul business. In the opinion of the committee,
the proposed consolidation will provide for a better and more economic
division of this business and will enable both the elevated and the surface
lines to supply improved service in their respective fields. A concentration
of the facilities of the elevated lines on long haul and of the surface lines on
short haul service will undoubtedly be reflected in the earnings of the
consolidated company, and it will, therefore, be placed in a position to
compete successfully for new capital on favorable terms."
The committee points out that the adjustment debenture bonds were
issued in 1923 under a trust agreement entitling them to cumulative interest
at the rate of 4% per year only oue of net income as and when appropriated
by the board of directors. However. In only one year since they were
issued have surplus earnings available for interest on these bonds amounted
to as much as 4% and during the last three years surplus earningsso available
have averaged less than 2%.
"If the Chicago Rapid Transit Co. must continue to operate its properties
as a unit," says the committee. "there is, in the opinion of the committee,
small likelihood for any improvement in these earnings. But if there can be
worked out an equitable exchange of the adjustment debenture bonds for
for securities of a new corporation, which will acquire the properties of the
Rapid Transit Co. and other transportation companies, your position will
be very much improved through the great probability of Increased earnings
to result from unified operation of all of these properties.
'
The letters point out that when the financial plan has been effected and
approved by the committees, notice will be given to all those who deposit
and they will then have the right to examine the plan and in event
they do not approve of it, may withdraw their securities within 30 days
after the date of the notice.
The letters to holders of common stock voting trust certificates and
prior preferred stock are similar to that sent to adjustment debenture
owners. In the notice to the voting trust certificate holders it is stated
that "voting trust certificates representing more than a majority of the
common stock have already been deposited."
The committee representing the holders of voting trust certificates
representing the common stock is composed of John II. Gulick, Chairman,
Finance Committee, Commonwealth Edison Co.; Edward J. Doyle, Pres.,
Commonwealth Edison Co., and Lawrence Stern, Lawrence Stern & Co.
The depository is the Foreman-State Trust & Savings Bank of Chicago
and J. A. O'Connell, 72 W. Adams St., Chicago, is Secretary.
The committee representing the prior preferred stock (series A and B)
is composed of Fred If. Scheel, Chairman, Vice-Pres, of the 'Utility Securities
Co.; George T. Leach, Vice-Pres.. A. B. Leach & Co., Inc.; James L.
Martin, Pynchon & Co.; M.J. O'Brien, Paine, Webber & Co., and Edward
P. Russell, Russell, Brewster & Co. The depository is the Central Trust
Co. of Illinois.
The latter bank is also depository in Chicago for the adjustment debenture bonds, the City Bank Farmers Trust Co. being named as the New
York depository. The Secretary of this committee is Frank A. Stava,
209 S. La Salle St., Chicago.
-V. 131, p. 784, 268.
•

Lien Status of Debentures
-

Wm. Hughes Clarke of Chicago has Issued a bulletin concerning the
legal position as to assets and earnings of Rapid Transit 4% debentures in
Central Indiana Gas Co., a subsidiary has announced that $1,000,000 the company's capitalization, and respecting the debentures under certiwill be spent for additional gas production equipment, service will be ex- ficates of deposit toward
consummation of the Chicago Local Transportapanded to include all cities and towns in its territory, and arrangements are tion Co. merger, as follows:
being made for an additional supply of natural gas for industrial use. It
Certain statements in the published letter of Aug. 15from the committee,
was announced that franchises have been obtained in 12 additional towns in for which R. Floyd Clinch, a director
of Chicago Rapid Transit Co. is
the Central Indiana Gas Co. territory and negotiations are pending for Chairman, to bond-creditors,
inviting deposits of Rapid Transit 4%
franchises in several otners. In those cities and towns where franchises debentures, deserve to be pointed out in order to enlighten holders.
and approxhave been granted 78 miles of high pressure transmission mains
The deposit and control agreement grants the committee two year's
imately 100 miles of distribution mains will be laid to serve customers.
control over any deposited debentures, and permits the committee to
The Central Indiana Gas Co. was acquired by the Central Public Service deliver to any depositors dissenting
merger exCorp. late in 1929, and now serves 16 communities in southeastern Indiana. change plan,either an equal amount within 30 days from any substitutes
of debentures or unrestricted
Including Muncie. Anderson and Marion.
for or any proceeds from such bonds, subject to a depositor's payments
-inch welded to the committee of his pro-rata share of all the committee's possible liaThe corporation has placed an order for 35,000 tons of 18
pipe with the Youngstown Sheet & Tube Co. The order involves more than bilities, plus not exceeding 1% on the deposited bonds for all expenses of
$2,500,000 and fills requirements for 260 miles of pipe line. This pipe the committee.
The committee's letter states in part: "These bonds . . are entitled to
.
line is to be laid by Central Public Service Corp. subsidiaries from the
Kentucky gas pool to central Indiana to serve industrial consumers with cumulative interest at the rate of4% per annum only out of net income ...amounted
natural gas. This marks the first venture by Central Public Service Corp. and "However in only one year... have the surplus earnings.. .
In the production and piping of natural gas, whereas in the past its sub- to as much as 4% on the .. . bonds."
Nothing in the trust agreement dated July 1 1923 providing for the
sidiaries participated only in the distribution.
cuissmueuloafti$18, tereat shalnds paidts the sources from which the fixed 4%
ve 1a6 , 0 bo i be lim i.
5 30 0
,
Subsidiary Reduces Gas Rates.
Establishment of new gas rates, effecting a reduction in monthly charges
Rapid Transit's reports show the $742,520 minimum 4% interest on
to practically all classes of customers, was announced Aug. 20 by Seattle debentures has been earned each year. This $1,083,860 accumulated
Gas Co., a subsidiary. The new rates, which will result in lower bills on interest charge to Dec. 31 1929 is recorded
company's
the basis of present consumption to all customers using in excess of 3,000 income account and balance sheet, insteadby footnotes to the
of by regular entries among
cubic feet of gas per month, would result in a reduction of $50.000 in the other deductions from gross income and among other current and accrued
company's annual revenues on
present gas output. Rates liabilities.
for house heating under the newthe basis of the
[The legal lien status of debentures as
schedule will result in savings to customers
by the trust agreement,
of $2 to $a a month depending on the size of the heating plant. Large confirms: Interest is a cumulative fixed defined at 4% per annum from
charge
Industrial and commercial users receive even greater rate reductions. The July 1 1924 to Dec. 31 1962 and at 6% per annum from Jan. 1 1063 to
rates vary from $1.50 per 1,000 cubic feet for use of less than 2,000 feet June 30 1963, and is payable on July 1 1963. or is payable by installments
monthly to less than 60 cents per 1,000 feet for uses of over 300,000 cubic on any Jan. 1 or July 1 before as ordered by the board of directors. The
feet monthly -V. 131, p. 1095, 933.
legal lien status of debentures is given in V. 130, p. 4416.1

-Expansion, &c.
Central Public Service Corp.




AUG. 23 1930.]

FINANCIAL CHRONICLE

1255

-Acquisition.
While the directors have given the prior preferred stocks a priority until
Columbus Ry., Power & Light Co.
1963 as to current dividends ahead of reserves for or installment payments
The sale of the distribution lines, rights of way and franchises of the
Of interest on these debentures thus far, the full legal rights of the deben- Galloway Power & Light Co. to the company for $70,000 has been asked by
tures must be accurately recognized in any proposed exchanges for the the two companies in a joint petition filed with the Ohio P. U. Commission.
merger, in contrast to any subordination of debentures in favor of junior -V. 131. p. 934.
stocks.
All holders of rapid transit 4% debentures should retain complete control
-Listing.
Commonwealth & Southern Corp.
of their free bonds for their own self protection (also because free bonds
The New York Stock Exchange has authorized the listing of 99,076 addiregularly command higher prices in the open market than certificates of tional shares of preferres stock, $6 series (no par value) on official notice
deposit), until a just and reasonable exchange proposal is publicly guarissuance for cash, making a total applied for to date of 1,500.000 shares.
anteed,thus saving himself from the chance of unwise penalties, whereupon of The corporation has contracted to sell for cash to bankers 99,068 addithere will be plenty of time for his privilege to accept or reject the securities
tional shares prefprred stock at $100.50 per share and dive. less a reasonable
and (or) cash offered in exchange toward consummating the intended selling commission, the proceeds to be advanced to subsidiary companies
merger.
-V. 131, P. 784. 268.
for construction of additions to plants and distribution systems and for
-V. 131, p. 1096. 934.
general corporate purposes.
-Earnings.
Cincinnati Gas & Electric Co.
-Earnings.
]Including Union Gas & Electric Co.)
Detroit Edison Company & Subs.
Earnings for Quarter Ended June 30 1930.
1929.
1930.
12 Months Ended July 31$6.349,903 Total operating revenue
$55,605.311 $55,560,138
Revenue
3,210.855 Non-operating revenue
69.174
68,738
Expenses
589,203
Taxes
515,104
$55.674.049 $55.629.312
Depreciation
Total revenue
37.515.103 36,324.299
Operating & non-operating expenses
$2,034,741 Interest on funded & unfunded debt
5.334.327
Net operating earnings
5.725,334
Other income
8.005 Amortization of debt discount & expense
313,697
324,027
33.567
37.475
Miscellaneous deductions
Gross corporate income (available for int. and dividends)_- 62,042,746
-V. 130, p. 3708, 2388.
$12,072.110 $13.623.422
Net income
V. 131.p. 474.
-Earnings.
Citizens Water Service Co.

Years Ended June 30Operating revenue
Operation
Maintenance
General taxes

1930.
$39.119
11.428
1,051
1,026

1929.
639,369
10,716
1,554
908

Gross corporate income
Interest paid on funded debt
Reserved for retirements. replacements & Federal
income tax & miscellaneous deductions

$25,614
10,977

$26,191
11,134

3,765

2.384

Netincome
Dividends on preferred stock
-V.131, p. 268.

$10.872
6,000

$12,673
6,000

-Bonds Caned.
Coast Counties Gas & Electric Co.
-

All of the outstanding let mortgage 5% bonds due August 1 1946 were
called for redemption August 1 1930 at 10734 and interest at office of Ameri-V. 131. P. 627.
can Trust Co. trustee. San Francisco.

--Earnings.
Columbia Gas & Electric Corp.

Philip G. Gossler. President, says the consolidated earnings give effect
to the segregation of oil and gasoline properties of Columbia System as of
Jan. 1, 1930. For the periods since that date the statement includes only
dividends received on the preferred stocks of Columbia Oil & Gasoline
Corp. owned by Columbia Gas & Electric Corp. Such dividends have
amounted, during the first 6 months of this year. to $3 Per share on the
cumulative $6 first preferred stock, and $1.50 per share on the cumulative
$6second preferred stock of Columbia Oil & Gasoline Corp.
The decrease in net earnings of Columbia Gas & Electric Corp. and its
subsidiaries as reported for the first half of this year, is due in large part to
the extremely warm temperature experienced during the past winter months
in the territory served, resulting in a materially reduced quantity of gas
need by domestic customers as compared with their normal fuel requirements. It is also a reflection of the present industrial conditions existing
throughout the country, resulting in a less consumption of both gas and
electricity than at the same time a year ago.
Consolidated Income Statement (Co. and Subs.).
1930-6 Mos.-1929
Period Ended June 30 1930-3 Mos.-1929
$23.421,431 $25,391,578 $54.241,312 $58.873,648
Gross revenues
12,286,957 12,502,606 26,620,339 26.801,121
Operating expenses _
Provision for renewals,
2,324.803 4,361.357 5,439,526
replace. & depletion.. 1,796.955
2,267,829 4,732,296
2,150,279
Taxes
5,020,580
Net operating revenue $7,187,239 $8,296,339 $18,527.320 $21,612.421
186,252
100.289
Other income
184.685
397,863
Gross corporate inc.- - $7,287,529 68,482,591 $18,712,006 $22,010,284
Lease rentals int., etc. on
secur.ofsubs.in hands
722.609
773,604
of public
1,471,511
1,571,153
Pref. div require. ofsubs.
(incl. earn. appli. to
606,741
641,636
corn, stocks)
minority
1,284,913
1,213,483
Bal. applic. to Columbia Gas & Elec. Corp... $5,923,285 $7.102,246 $15,955,581 $19,225,648
Net inc. of other Subs,
applic. to C. G. & E.
Corp.
453,166
734.686
328,968
927,557
Total earn, of subs.
applic.to C. G. & E.
$6,252,252 67,555,412 $16,690,267 $20,153,205
Other net revenue of 0
G. & E. Corp. (incl.
dive. on pref. stk. on
Columbia Oil & Gasoline Corp.)
565.410
99.697
1,689,026
241.980
Combined earn. applic.
to fixed chgs. of C. G.
&E. Corp.
$6.817,662 $7,655,109 $18,379,292 $20,395,185
Lease rentals, int., etc.,
840,530
of C.G.& E.Corp.- -_
984,774
1,810.198
2,023,742
Bal. applic to cap.stk.
of C.G.& E.Corp.-- $5,977,132 $6,670,335 $16,569.094 $18,371,443
Consolidated Earnings 12 Months Ended June 30.
1930
1929
Gross revenues
104074,522.105.261.498
Operating expenses
51,647,062 50,890.780
Provision for renewals, replacements & depletion_
8,857,823
9,962,357
Taxes
8.196,950
8,243,420
Net operating revenue
Other income

35,372,688 36,164.940
572,871
1,128,038

Gross income
35.945.559
Lease rentals, int., etc. on securities of subs, in
hands of public
2,953,397
Preferred dividend requirements of subsidiaries
(incl. earnings applic. to minority corn. stks.)-- 2,528,281
Bal. applic, to Columbia Gas & Electric Corp._
Net Inc. of other subs. applic. to C. G.& E. Corp. 30,463,880
1,414,102
Total earns,ofsubs. applic. to C. G.& E. Corp.
31,877,982
Other net revenue of C. G.& E. Corp. (Incl. divs.
on pref.stk. of Columbia Oil & Gasoline Corp.)_ 1,863,468
Combined earnings applicable to fixed charges
of 0.0. & E. Corp
33.741,450
Lease rentals, interest, etc. of C. G. & E. Corp._
3,872.846
Bal applic. to cap.stk. of C. G.& E.Corp.
29.868.604
Preferred dividends paid-C.G.& E.Corp
5,849,723
1.4)
Bal.applic. to corn.stks of C. G.& E.Corp._ 24,018.881
-V. 131, p. 268.




37.292,978
3.137.490
2.426.855
31,728.632
1,453,030
33.181.662
972,217
34.153,879
4.022.499
30,131.380
5,687.569
24,443,811

-Acquisitions, &C.
Dominion Gas & Electric Co.

-V.131, p.785. 1096.
See American Commonwealths Power Corp.above.

-Hydro
Dominion Power & Transmission Co., Ltd.
Electric Power Commission of Ontario Takes Over Entire Assets.
The purchase by the Ontario Hydro-Electric Power Commission'of the
entire assets, including franchises and rights, of the company and its subsidiaries was completed Aug. 14. The purchase price is $21,000,000. to
be paid in bonds of the Hydro-Electric Power Commission, guaranteed by
-year bonds: $13.
the Province of Ontario, as follows: $8,000,000 5% 5
-year bonds.
000.000 434% 40
In the purchase of the Dominion Power & Transmission Co. the Commission acquires the following subsidiary companies: Hamilton Cataract
Power, Light & Traction Co.; Hamilton Electric Light & Power Co., Ltd.;
Hamilton Street Ry.: Hamilton & Dundas Street Ry.: Hamilton Radial
Electric Ry.; Hamilton Grimsby & Beamsville Electric Ry.; Brantford &
Hamilton Electric Ry.; Hamilton Terminal Co., Ltd.; Dundas Electric
Co.. Ltd.: Lincoln Electric Light & Power Co., Ltd.; Western Counties
Electric Co., Ltd.; Highway King Busses. Ltd.
"The Commission, says the formal statement to the press. "also takes
over a number of important power contracts for the supply of power to
municipalities, to large power users, as well as to numerous small industries
scattered throughout the territory served, being_ that broadly extending
from Port Colborne to Brantford and Oakville. The purchase includes the
Hamilton Street Ry., the Hamilton & Grimsby Electric Ry. and the Hamvarious muilton-Brantford Ry., as well as bus lines operating betweento
Brantford.
nicipalities, extending from Hamilton to Buffalo. Hamilton
and Hamilton to Burlington.
"The company receives its principal supply of power from a hydraulic
generator plant at Decew Falls, located about two miles from St. Catharines.
The water from this plant is taken from the Welland Ship Canal under longand Canals. This
term leases granted by the Department of Railways 50,000 horsepower.
Decew Falls plant has a capacity of aPproxlmately
The power from this plant is augmented by a steam plant located In Hamilton, having a capacity of approximately 25.000 horsepower, and in addition
to these amounts the company has a long-term agreement for the Purchase
of 10,000 horsepower from the Canadian Niagara Power Co. at Niagara
Falls, making a total power capacity of approximately 85,000 horsepower.
"In its future program the Commission contemplates making arrangements with the various municipalities formerly served by the Dominion
Power & Transmission Co. and which do not now own and operate their
own distribution systems to acquire the respective local distribution sys"Hydro' system artems, and in municipalities now owning their own the company's equiprangements will be made for them to take over any of
within their respective municipal areas. It is obvious that the carryment
,
ing out of thisprogram must eventually result in advantage and saving to
'
all consumers. -V. 131, P. 785.

-New
Edison Electric Illuminating Co. of Boston.
Rate Schedule.
The company has filed with the rate and tariff division of the Mass.
Department of Public Utilities amendments to its schedule of rates, effective
Sept. 1, in accordance with the recent order of the Commission, which re,
duced the maximum rate from 834 cents to 74 cents per k.w.h.
Under the amendment filed, schedule "A, the miscellaneous lighting
rate, is as follows: 734 cents per k.w.h. for the first 200 k.w.h. per month;
534 cents per k.w.h. for the next 7,500, and 334 cents for the excess. Minimum charge is $9 per annum. The former rate was 834 cents for the first
k.w.h., 8 cents for the next 400, 734 cents for the next 1.500, 534 cents for
the next 7,500 and 334 cents for the excess.
The new rate "B," or household lighting rate, is 734 cents for the first
k.w.h., and
2 k.w.h. per 100 sq. ft. of floor area; 5 cents for the next 70 The present
3 cents for the excess. The minimum annual charge is $9.
the other blocks the same as In the
rate is 834 cents for the initial block,
new schedule.
In rate "F," the miscellaneous power rate, as applying to all k.w.h, up
to and including 100 hours' use per month of the demand, the maximum
734
rate is 734 cents per k.w.h. for the first 66 k.w.h., 6 cents for the nextfirst
was
and 4 cents for the excess. The former rate for 834 cents for the
40 k.w.h., 6 cents for the next 760 and 4 cents for the excess. suitalbe for
any use and
Yearly lighting rate "C," which is available
whenever a
small long-use lighting, under the new schedule provides thathave been if
consumer's net bill for any year exceeds the amount it would
per k.w.h., a credit will be made of such excess
computed at 734 cents
provided bill in no case shall be less than $9 per year. Under the present
schedule the maximum is 834 cents.
The maximum rate In the wholesale power rate "CI" is also changed on
this basis from an 834 cent to 734 cents basis with a minimum bill of $120.
Miscellaneous energy rate "H" is changed to provide for a low-tension
rate of 734 cents for the first 24 k.w.h. as against present charge of 834
cents for the first 20 k.w.h.
Under supplementary service rate "S," the direct energy rate, is changed
to 734 cents for the first 700 k.w.h. as against 814 cents for the first 600
as at present. The alternating energy rate is changed on the same basis.
V. 131,9. 1096.

-Listing.
Electric Power & Light Corp.

The New York Stock Exchange has authorized the listing of 51,616 additional shares $6 preferred stock (no par value) on official notice of issuance
in exchange for stock of Power Securities Corp., and 55,000 additional
in
shares of $6 preferred stock on official notice or issuance and payment of
full (within a period terminating not more than 6 months arter date
of
approval of this application by the board of governors andthe New York
divs., and (or)
Stock Exchange) for cash at not less than $95 per share
in exchange for securities of subsidiary companies and(or) in exchange for
or near territory now
securities of public utility companies operating insubsidiaries,
making the
served by one or more of the corporation's present
total amount of $6 preferred stock applied for 206,616 shares.
In this connection, the corporation requested cancellation of the authority
granted Oct. 7 1929. to issue 40,000 additional shares of preferred stock
(now $7 preferred stock) on official notice of issuance for purposes similar
to those for which the 55,000 shares of $6 preferred stock referred to above
are proposed to be issued. None of the 40.000 shares of $7 preferred stock
was issued.
Directors Aug. 6 1930 empowered the officers to acquire 2d pref. stock
r
r
and common stock of Power Securities Corp.(a New Hampshipecot
ir;vaticomowns
pany which supplies electric power and light service in a wide area in
southern Idaho and eastern Oregon) now outstanding In the hands of the
public (the corporation now owns 28% of the 2d pref. stock and 79% of
the common stock of Power Securities Corp.) by exchanging the $6 preferred
stock of the corporation for 2d preferred stock of Power Securities
on a share for share basis, and by exchanging the $6 preferred stock of the
Co

1256

FINANCIAL CHRONICLE

corporation for the common stock of Power Securities Corp. on the basis
of 3 shares of such common stock for 1 share of the $6 preferred stock of
the corporation, provided a satisfactory number of shares of such 2d pref.
stock and common stock is deposited under plans which have just been
announced by Nanticoke Securities Corp. and Schuylkill Securities Corp,
Delaware corporations formed for the purpose of acquiring, respectively,
shares of the 2d preferred stock and the common stock of Power Securities
Corp. Upon these plans becoming operative, 51.616 shares of the $6 pref.
stock of the corporation will be required for exchange, on the basis stated,
for all of the 2d preferred stock and common stock of Power Securities Corp.
outstanding in the hands of the public.
-V.131. p. 934. 785.

[Tau 131.

Illinois Water Service Co.
-Earnings.-

Years Ended June 30p ra ng revenues
Operation
Maintenance
General taxes

1930.
6650.301
258.506
38,189
47.569

1929.
$609.3159
239,872
30,299
48,234

Net earnings from operations
Other income

1306.037
1,435

3290,958
908

$307.472
136,169

$201,862
125,000

Gross corporate income
Interest on funded debt
Fall River Gas Works Co.•
The stockholders have authorized the company to petition the Mass. Reserved for retirements, replacements & Federal
Income tax & miscellaneous deductions
Department of Public Utilities for authority to issue 13,236 additional
shares of capital stock at $25 par value. If approved the additional stock
Netincome
will be issued in the ratio of one new share at $37.50 for every five shares
Dividendson preferred stock
held.
-V. 131, p. 627.
-V.131, p. 270.

25.750

26,978

$153:453
4505 0

:4
$149 8 5
39 383

-Franchise.
Iowa-Nebraska Light & Power Co.

Jersey Central Power & Light Co.
-Securities.
By a referendum vote the voters of Lincoln, Neb., has granted a 10
-year
The
franchise to the company to furnish natural gas to the city. The company Public company has been granted permission by the New Jersey Board of
Utility Commissioners to issue 1650,0006% preferred stock.
-V.131.
is a subsidiary of the United Light & Power Co., which, with the North P. 1097.
American Light & Power Co. and the Lone Star Gas Corp. is building a
to Plattsmouth. Neb.500
-mile pipe line from the Texas Panhandle
Kansas Gas 8z Electric Co.
-Listing.
V. 125. p. 1981.
The New York Stock Exchange has authorized the listing of $16,000,000
-Earnings.
Federal Water Service Corp.
1st mtge. gold bonds,434% series due July 1 1980.
1930.
1929.
Years Ended June 30Earnings Twelve Months Ended April 30.
$15.933.260 615,498.867
Operating revenues
1927.
Operation
4,756,276 4,616,371
1930.
Gross earns,from oper'n 66,009,395 65,486.617 $5,19 .
1929.28 65 $4.716,802
Maintenance
843,558
155,9
829,859
2,718,414
2,965,270
Reserved for retirements & replacements
663,272
631,684 Oper.caps.,incl. taxes_ _ 3,165.125 2,964,707
General taxes
1,083,711
1,049,694
Net earns,from oper'n 12,844.270 $2.521,910 $2,190,695 $1.998.388
303,241
Net earnings
347.381
200.741
388.479
68,620,459 68.337,242 Other income
Other income
496,367
600.979
Total income
63,045,011 82.910.389 $2,538.076 $2,301,629
1,020.000
Gross corporate income
1,020.000
1,020,000 1,020,000
$9,221,438 18.833.609 Interest on bonds
95,768
Interest on funded debt
179.718
66.982
79,456
4,061,345 3,944,132 Other hat, and deduc'nsAmort. of debt discount, miscell. interest, &c
269,371
53.225
Balance
Dividends on preferred stock
11.958.029 11.810.933 $1.338.358 $1,185,861
1,158,538
1,175,196
459.560
Interest charges of Federal Water Service Corp-464,146
464.512
458.876
517,798 Diva, on preferred stock
410,954
Provision for Federal income tax
44.116
357.015
$726.301
Divs,on pref.stock of Federal Water Serice Corp..6874,212
766.312
--- 81,499.153 $1,346,421
986.097
Balance-- Approp, for ienewil----r
eplacement reserve._
350,000
400,000
566,000
Balance
600,000
62,177.605 $2,133,339
Class A Dividend.
Balance
8376.301
6474,212
1780.421
$899.153
The directors have declared the regular quarterly dividend of 60c. a -V. 130, p. 4606.
share on the class "A" stock, payable Sept. 1 to holders of record Aug. 1
The stockholders have the usual option of applying 50c. of the above
Key System Transit Co.
-Sale, &c.
dividend to the purchase of additional class "A" stock at $27 a share.
Properties of the company were sold for 88.005,200 to four new owners
V. 131. p. 269. 113.
on August 6. The street car system was sold for $1,000,000 to the Eastbay
Street Railways, Ltd.; the ferry and interurban system to the Key System,
-Earnings.
Fifth Avenue Bus Securities Corp.
Ltd. for $1,000,000; the mole and terminal facilities to the Key Terminal
r Six Months Ended June 301929.
1928.
1930.
Railways, Ltd. for $1,000,000; the motor bus service for 65,000 to the
$190,383 Eastbay Motor Coach Line, Ltd. These will be subsidiaries of the Railway
6190,433
Dividends N.Y.Transportation Co_.. $190.433
120
89 Equipment & Realty Co., Ltd. which bought all operating properties.
167
Interest
including cars, buses and equipment, exclusive of tracks and franchisee.
6190,472 for $5,000.000. It was organized as a holding company.
$190.553
Total income
$190,600
-V. 131, p.
3,518 1097, 936.
Expenses
6186,955
Net Income
$190.553
$190,600
Memphis Natural Gas Co.
-Laying New Pipeline.
188,928
188.978
Dividends paid
188.980
Construction of the Greenville-Greenwood pipeline through which natural gas will
Balance, surplus
61.575 def$1,973 the company be conducted from the main Louisiana-Memphis pipeline of
61.620
started,
10,159 according to to several cities and towns in Mississippi, has beenIncluded
Previous surplus
13.261
17.882
announcement of D. C. Shaffer. general manager.
among the communities to he served with natural gas through the new
Profit and loss surplus
$8,186 line are
$14,837
619.502
Leland, Indianola, Morehead, Ittabena and Greenwood. Engineerx Expenses and taxes assumed by Omnibus Corp.
ing work is being supervised by Meanjohis Natural Gas Co.,44% of the stock
Balance Shed June 30.
of which is owned by Appalachian Gas Corp., while actual construction Is
1929.
1930.
being carried out by Phoenix Utility Co., the construction unit of MissisASSetS-Liabilities1929.
1930.
Cash
$15,503
$10,658 Capitalstock__.-y$5,843,468 25,843,468 sippi Power & Light Co. Part of the cost of the line will be borne by
14,837 Memphis Natural Gas Co. and part by Mississippi Power & Light Co.
19,502
Accts. receivable
3,998
4,184 Surplus
Investments
Distribution systems in the various communities will be constructed and
x5,843,468 5,843,563
operated by Mississippi Power & Light Co. Memphis Natural Gas Co.
$5,862,969 25,858,305 expects to market over a billion cubic feet of natural gas per year in the
Total
Total
55.862.969 25,858,305
x N. Y. Transportation Co., 190.433 shares, $5,843,468. y Represented territory being tapped by the raw line, which will traverse a rich agricultural
and rapidly developing industrial area.
-V. 131, P. 270, 113.
by 590,564 no-par sharea.-V. 130, P. 2578.
Grand Rapids RR.
-Defers Pref. Dividends.
The quarterly preferred dividend of $1.75 per share due at this time has
been deferred.
-V. 130. p. 1114.

-Earnings.
Hackensack Water Co.(& Subs.).
1928.
6 Mos. Ended June 301929.
1930.
Gross earnings
61,817,220 61.617.608 $1,372,575
Operating expenses, maint„ taxes &
1,003,229
910,843
1,063,313
provision for retirement
Net earnings
Other income

6753,907
12,080

$614,379
8.181

$461,733
17,284

Total income
Bond interest
Other interest, amortization, &c

6765,987
195.000
85.348

$622,560
195,000
62,033

$479.017
195,000
25,163

Balance available for dive.& surp--V.130. p. 4605.4049.

$485.639

1365.527

6258,854

Hamilton Cataract Power, Light & Traction Co.,
Ltd.
-Bonds Called.
All of the outstanding $1,484,000 1st ref. 5% gold bonds due April 1
1943 have been called for payment at 110 and int. on Oct. 1 next at the
National Trust Co., Ltd., trustee, Toronto, Canada.

International Hydro-Electric System (& Subs.).Quar. End. Quar.End. Year End.

PeriodGross revenue from operations
Other income

June 30'30. June 30'29. June 30'30.
$11,040.184 $9,945,754 $46.451,319
3,357.509
742.694
1,128.572

Midland Natural Gas Co.
-Merger.
-See Twin States Natural Gas Co. below.
-V. 131. p. 270, 114.

Midland United Co.
-Dividends.
-

The directors have declared a quarterly dividend (No. 2) of 75c. in
cash on the cony. class A preferred stock, or at the option of the holder
1-40th of a share of common stock, in addition to the regular quarterly
dividend of 1;4% stock on the common stock, both payable, Sept. 24 to
holders of record Aug. 30. Dividends of like amount have been paid
quarterly on the common since Dec. 24 1929.

Makes Offer to Acquire Terre-Haute Traction Bonds.
The company has made an offer to buy the bonds of the three leased
lines of the Terre Haute, Indianapolis & Eastern Traction Co.
Robert M. Feustel, Executive Vice-President of the Midland United
Co., in letters to the chairman of the bondholders' protective committees,
stated that the offer is made on a salvage basis, giving consideration to a
modest amount of electric light and power business done along the lines and
adding an allowance for committee expenses. The Midland United Co.
does not expect to continue operation of the three interurban lines If It
acquires control of them, Mr. Feustel announced. The company's offer
is as follows:
For bonds of the Indianapolis & Martinsville Rapid Transit Co. which
owns the line between Indianapolis and Martinsville,$195 per $1,000 bond.
For bonds of the Indianapolis, Crawfordsville & Danville Electric RY,
Which owns the line between Indianapolis and Crawfordsville, $220 Per
$1,000 bond.
For bonds of the Indianapolis & Northwestern Traction Co. which owns
the line between Indianapolis and Lafayette and a branch between Lebanon
and Crawfordsville, $80 per $1.000 bond.
Mr. Feustel stated that the Midland United Co. is willing to make payments in cash providing 70% of the outstanding bonds can be obtained.
He announced that the Midland United Co. already owns $189,000 of the
6750.000 of bonds of the Indianapolls-Martinsville line, 656,000 of the
$753,000 of bonds of the Indianapolis-Crawfordsville line and $781.000 of
the $2,470,000 of bonds of the Indianapolis & Northwestern line which
will be included as a part of the 70%.
Last month the Midland United Co. made an offer for the bonds of the
Terre Haute Indianapolis & Eastern Traction Co. which was accepted bY
the bondholders' committee.
-V. 131, p. 1097, 936.

Total gross revenue
612.168.756 110,688,448 $49,808,828
Operating expenses and taxes
4,476,799 4,300.423 19,212.956
Maintenance
839,798
Interest on funded debt of subside-, 2,446,861
9,117,496
2,076,061
Int. on funded debt of Internatinal
1.800,000
Hydro-Electric System
370,000
450.000
126.579
561,201
Amortiz. of discount on funded debt_
162.305
Depreciation
638,189 3,868,780
973,983
755.503
Reserve for Federal income tax
296.368
279,981
Divs.on Prof. and cl. A stocks ofsubs- 1,550,093
1,465,827 6,193.283
Mid-West States Utilities Co.
-Adds Five Properties.
Minority interest in earnings of New
Five telephone properties in northern Illinies, Iowa, Minnesota and
1,439.827 Wisconsin have been added to the system, through completion et purchase
315,095
England Power Assn. and subs...
249,927
contract for acquisition of all outstanding common stock, Lon J. Jester.
Balance added to surplus
$215.783 $3,467.844 V.-Pres. of Mid-West States, has announced. The companies have been
$739.010
Surplus beginning
6,017.867 operating for several months under temporary management agreement with
14,058.539
Paid-in surplus
124.038 6,000,000 6,484,038 Mid-West States. The newly acquired properties operate 17 exchanges,
Surplus adjustment (net)
238 serving seven towns in Illinois, 18 in Iowa, 12 in Minnesota and 11 in
Wisconsin. Toll poll lines total 125 miles and all lines establish toll conTotal surplus
114.921,586 $6,215,783 615,969,986 nections with the Illinois, Wisconsin and Northwestern Bell Telephone
Divs,on stocks of Int. H.
systems.
-E. SystemPref.stock,cony.$3.50 series,diva. on
Approximately 8,000 stations are owned and switched, in a territory
stock and int. on interim certifs..116.642 serving 200,000 persons.
116,642
Class A stock dividends
1,443.117
In addition, negotiations have been carried forward at Forest City,
197,917
394.717
Iowa, to furnish switching service to about 600 rural stations, according
Surplus June 30
$14,410,227 $6,017,867 E14,410.227 to Mr. Jester.
-V.131 p. 936.
The output of electric energy of International Hydro-Electric System
in the first six months of this year was 2.034,956,000 kwh., 10% over the
New England Public Service Co.
-Stock Dividend.
output of the same plants in the corresponding period of last year. and
The
51% over their output in the first six months of 1928. In the year ended regular directors have declared a stock dividend of I % in addition to
quarterly cash
June 30 the output of the system was 4.040,386,000 kwh., 18% over its Sept. 30 to holders dividend of 25c. a share on common stock, payable
of record Sept. 15. In March last a similar stock
output in the year ended June 30 1929.-V. 131. p. 786. 270.
dividend was paid.




FINANCIAL CHRONICLE

Am.23 1930.]

of
The directors also declared the regular quarterly dividends per $1.75
share
81.50
per share on the prior lien preferred $7 dividend series and payable Sept..15
prior lien preferred $6 dividend series stock, both
• on the
4238.
to holders of record Aug. 30.-V. 130, p.

-Earnings.
National Public Service Corp.
1930-12 Mos.-1929.
Period End. June 30- 1930-3 Mos.-1929.
• Gross earns. of subsid's_ $8,341,083 $7,922,082 $33,088,269 $30,900,308
Net for retirement and
stock owned by Nat'l
5,137.544
6,083,243
1,189,396
Public Service Corp__ 1,421,763
Int. & other deductions
788,092
989.147
178,209
Ser. Corp. 213,255
of Nat. Pub.
Net for retirement and
stocks of Nat. Pub.
_ _ 81,208,08 81,011,187 85,094,096 $4,349,452
Service
-V. 130, p.Corp_-3539, 202f.

-Orders.
New York Edison Co.

Matthew S. Sloan. Pres., announces the placing of an order with the
American Engineering Co. for eight underfeed stokers, to cost approximately $500,000. These stokers will serve the eight boilers recently ordered
Hudson Avenue Generating
of the Combustion Engineering Corp. for the boilers and stokers are being
Station of the Brooklyn Edison Co. The eight
Installed to supply steam to operate two 160.000-kilowatt turbo-generators
of
that have been ordered of the General Electric Co. The total costto the
The
addition of 320,000 k. w. (approximately 425,000 h.p.) of capacity
York Edison System is estimated at $18,000,000. The stokers, the
New
manufacturers announce, will be longer than any underfeed stokers now in
operation, having a furnace depth of 26 feet and 7% inches from front wall
to rear wall. Each stoker will be designed to burn approximately 28 tons
-V. 131, p. 936. 628.
of coal an hour at maximum rating.

--Tenders.
New York Telephone Co.

The Guaranty Trust Co. of New York, trustee, 140 Broadway, N. Y.
-year s. f.
City will until Sept. 25 receive bids for the sale to it of 30
gold deb. bonds, due Feb. 1 1949 to an amount sufficient to exhaust
$346,332, at a price not exceeding 110 and int.-V. 131, p. 937, 786.

(& Subs.).
-Earnings.
New York Water Service Corp.
1930.
$2,628,152 $2,530,640
770.724
725,272
132,241
112,414
223,324
229.041

Year Ended June 30Operating revenues
-Operation
Maintenance
General taxes

81.501.862 $1.463.913
51,202
51,173

Net earnings from operations
Other income

$1,553,063 $1,515,087
Gross corporate income
637.159
608,776
Interest on funded debt
7,636
16,169
Interest on unfunded debt
Cr1,630
C 6,777
,
Interest received from affiliated companies
Reserved for retirements, replacements & Federal
160,857
149,102
income tax & miscellaneous deductions
8749,041
248,040

Net income
Dividends on preferred stock
-V. 131, p. 271.

8747.817
245,718

North American Water Works & Electric Corp.
Dividends Omitted.

The regular quarterly dividends of 4314c. per share on the class A stock
and $1.75 per share on the pref. stock, due at this time have been omitted.
-V. 131, p. 786.

-Acquisition.
Northwestern Bell Telephone Co.

It was announced Aug. 13 that negotiations for the purchase from the
Theodore Gary interest of Kansas City of the Tri-State Telephone & Telegraph Co. of St. Paul and its business in adjacent towns and suburbs of
-V. 130, P. 4050.
St. Paul have been completed by the company.

-New Control.
Northwestern Utilities, Ltd.
-V. 130, p. 2581.
See American Commonwealths Power Corp. above.

-Earnings.
Ohio Water Service Co. (& Sub.).
Years Ended June 30
Operating revenues
Operation
Maintenance
General taxes

1
3
$0 20
164,930
28,146
64.496
$370,147
25,788

Net earnings from operations
-Other income

A
$6B2 3
145,786
31.302
58.137
$345.871
26,023

Gross corporate income
Amount not applicable to Ohio Water Service Co_

$395,936

$372,894
27.780

Balance
Interest, on funded debt
Reserved for retirements, replacements & Federal
income tax & miscellaneous deductions

$395.936
165.350

$345,114
153.241

42,365

37,775

Net income
Dividends on preferred stock
-V...131. P. 271.

$188,220
70,580

8154,098
60,538

Oregon-Washington
Years Ended June 30-Operating revenues
Operation
Maintenance
General taxes

Water Service Co. Earnings._.$ 4
9.

$0%03
220,575
24,673
76.478

.
304
226,911
30,438
72,171

Net earnings from operations
Other income

$282.478
1,952

$264,783
2,141

Gross corporate income
Interest on funded debt
Reserved for retirements, replacements & Federal
income tax & miscellaneous deductions

$284,430
137.683

$266,925
136.292

36,014

32.000

Net income
Dividends on preferred stock
-V.131, p. 271.

$110,734
42,000

$98,633
42,000

-Class A Dividends-..
Peoples Light & Power Corp.
declared a quarterly

dividend of 60c. per share on
The directors have
the class A common stock, payable Oct. 1 to holders of record Sept. 8.
Sindlar distributions were made in Jan., April and July last.
Holders of class A common stock may apply this dividend to the purchase
of additional shares of class A common stock at the rate of 1-50th of a share
-V. 130, p. 3879.
for each share held.

Pittsburgh Suburban Water Service Co.
-Earnings.
Years Ended June 30Operating revenues
Operation
Maintenance
General taxes

1930.
8327,501
119,471
18,206
6,737

1920.
$310.734
112,407
16,391
6.421

Net earnings from operations
Other income

$183.085
1,103

$175,515
949

Gross corporate income
Interest on funded debt
Reserved for retirements, replacements & Federal
income tax & miscellaneous deductions
Net income
Dividends on preferred stock
-V. 131. P. 271.




$184,189
85.000

$176,465
85.387

23,508

15.879

$75,682
27,500

$75.198
27,500

1257

-Acquisition.
Pennsylvania State Water Corp.
The company a subsidiary of Community Water Service Co. has aoquired
the South West Water Co. South Union Water Co., and the Central Water
Co.. located near the plant already owned at Uniontovrn. Pa.. on the
Allegheny River.
-V. 130, P. 3879.

-Offer to Stockholders.
Power Securities Corp.
-V. 131, p„ 938.
See Electric Power & Light Corp. above.

Terre-Haute Indianapolis & Eastern Traction Co.
-See
Bondholders Receive Offer from Midland United Co.
-V. 131, p. 116.
latter company above.
-Tenders.
Provincial Light, Heat & Power Co.
Ltd., trustee, Montreal. Canada, has called fol
National Trust
redemption on Sept. 1, $42,000 of 1st mtge. 5% gold bonds due Sept.
Co..
-V. 123, p. 1115.
1946 at 105 and interest.

-Semi-Annual Report.
Radio Corp. of America.

James G. Harbord, Chairman and David Sarnoff, Pres. state in part:
At the special meeting of stockholders held May 6 1930, the "B" pref.
shares were increased from 813,365 to 1,500.000 shares, and the common
shares from 7,500,000 to 15,000,006 shares. None of the increased "B"
pref. shares have been issued and there are no plans now for issuing any
of this stock. Pursuant to action of the stockholders corporation issued
6,580,375.1 shares of its common stock to the General Electric and Westinghouse companies in payment for their radio manufacturing rights and
tangible assets in the United States (other than the relatively small manufacturing business of transmitters and transmitting tubes). The net value
of the tangible assets so acquired was substantially equal to the net value
of the tangible assets of the Radio Corp. represented by the common stock
outstanding prior to this acquisition
During the period of acquisition it was not possible to issue the usua
report of earnings for the first quarter of 1930 and the accounting lust now
permits us to issue the usual statement of earnings for the first half of the
year. This semi-annual statement of earnings, together with a balance
sheet of June 30, accompany this special report to the stockholders. It
may still be necessary to make minor adjustments to cover unfinished
details.
Corpora3on earned $505.098 in the first six months of 1930. The liquidation of old inventory has been practicaly completed. The amounts of
such inventory now remaining are too small to be of consequence to the
trade and will have no effect on future balance sheets. The new models of
the RCA Victor production did not reach the market during the six months'
period which this report covers.
The inventories at June 30 1930 amounted to 831.776360. and were
valued at cost or market, whichever was lower. Duo to the acquisition of
the manufacturing business, the Inventories include for the first time all
manufacturing materials, supplies and work in process. These are being
used in the new 1930 production.
Earnings for 6 Months Ended June 30 1930 (Incl. Subs.)
850.584,482
Gross income from operations
2.147.597
Other income
$52.722.079
Total income
Cost of sales, general operating, develop.,sell. & administ exps_ 48.282,370
749.638
Interest
2.676.378
Depreciation
468,594
Amortization of patents
50.000
Provision for Federal income taxes
Net income
Surplus at Jan. 1 1930

$505.098
29.690.244

Total surplus
Preferred A dividends
Preferred B dividends

$30.195,343
684,400
1.914.500

827.596.443
Surplus at June 30 1930
Comparative Consolidated Balance Sheet.
June 30 '30. Dec. 31 '29.
June 30 '30. Dec. 31 '29.
Liabilities
A ssetsxPlant & equIp't 47,169,526 33,086,414 7% pref. stock
(Par $50)____ 19,779,870 19.770,870
Patents, patent
$5 ore.stock__ Jz72.749,4441a17.203,610
rights, conCommon stock 1
Y15.670,296
tracts & good
444,867 Cur. accts. pay_ 28,218,311 33,792,723
will
1,377,069
Notes payable.. 3,250.000
Invest. in & adAccr. Fed. tax_ _ 1.133.443 1,730.971
vances to sub.
& assoc. cos 33,247,812 33,032.684 Other accruals_ _ 2,142,315 1,304.637
Deferred charges 4,086,502 1,306.769 DIvs.dec.& unpd 1,301,114 1.309.254
Advances
b32,000,000
Cash at banks &
907,010
24,148,821 15,318,506 Serial notes pay_
907,010
on hand
Deterred income 1,820,213
Accts. & notes
15,780,104 26,732,554 bilge. payable__ 1,776,083 1.791,417
receivable_
890,852
31,776,160 31,946,798 Other reserves__
Inventories
Marketable secs 7,688,251 16,811,292 General reserve.. 4,600,000 2.600,000
Surplus
27,596,443 29,690,244
Total
165.274.247 158.679,884
165,274.247 158,679,884
Total
x Comprising factories, broadcasting stations, furniture and office builddeduct ng reserves of $34,263,430. y Repreings and other real estate after
sented by 6,580.375 no-par shares. z Represented by 803.375 no-par
shares of $5 preferred B stock having a redemption value of $100 per share
and 13,160,750 no-par shares of common stock. a Represented by 803.375
shares (no par). Subject to adjustment on final valuation to Victor Talking Machine Co. net assets redemption value of $100 per share. is Advance
by General Electric Co. and Westinghouse Electric & Mfg. Co. through
-V. 131, p. 1098, 788.
Vision Appliance Co.

Rochester & Lake Ontario Water Service Corp.Earnings.Years Ended June 30
Operatfrig revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)

1
$5P) 5
3
188,347
28,999
41.077

86h9,g19
52
176,249
30,888
34,748

Net earnings from operations
Other income

$3312,161
1.240

$293,195
2,132

Gross corporate income
Interest on funded debt
-V. 131, p. 271.

87M88 929:iR7
7

Scranton-Spring Brook Water Service Co.
-Earnings.
Years Ended June 30Operating revenues
Operation
Maintenance
General taxes
Net earnings from operations
Other income
Gross corporate income
Interest on funded debt
Miscellaneous interest charges
Reserved for retirements, replacements & Federal
income tax & miscellaneous deductions
Net income
Dividends on preferred stock
131, p. 272.

Southern Ohio Public Service Co.

$5,31
5M8 $5,4n4
1,295,808
1.268.872
351.513
35 ;3%3
124 9
6 7
114.704
83.573.741 83.740,825
18.965
11,890
53,592,706 53.752,715
1,6381:38766
8
6
1.61168..33681
314.558
273.514
$1.637,903 81.844,202
407,925
420,102

-Bonds Catted,
calAleldl oortp cy st sept gl istu at e. 5 and gt a b hn offier tcsf hi a ,en
ff lia =td tandin ne m t g 10 5yi% old to eds s cea o
e lve e
)
Insurances on Lives and Granting Annuities,
vania Co. for
trustee. Alladelphia.-V. 128, P. 1398.

1258

FINANCIAL CHRONICLE

Southwest Gas Utilities Corp.
-Listed.
-The Chicago Stock Exchange has approved the listing of the common
stock (no par value). authorized 1,000,000 shares; suoject of listing 305,866
shares; subject of trading 175,356 shares.
-V. 130, P. 3880.

Tri-State Telephone & Telegraph Co.
-New Control.
-

See Northwestern Bell Telephone Co. above.
-V. 129, P. 130.

Twin States Natural Gas Co.
-Merger Proposed.
The proposed merger of important natural gas companies operating
extensive properties in West Virginia, Pennsylvania and Kentucky is revealed in the announcement of Edward R. Berry. President of the company that preliminary negotiations have neon completed for the acquisition
of a controlling interest in Midland Natural Gas Co. In addition the
company will acquire further holdings adjacent to its present properties
In West Virginia and Kentucky. In making this announcement Dr. Berry
said:
"This proposed merger is directly in line with the inevitable trend in the
natural gas industry to bring together separate operating units into large
groupings as a means of effecting more efficient and economical operation.
The properties of these two companies, located as they are close within
the same natural gas producing area, lend themselves naturally to this
process of integration."
Midland Natural Gas Co. owns and operates natural gas properties in
Pennsylvania and West Virginia and its present holdings are in excess of
38,000 acres, containing over 350 producing gas wells, with a daily production in excess of 13.000.000 cubic feet. Its properties are located in the
oldest natural gas district in the country which for a number of years has
been the source of supply for many important cities including Buffalo,
Cleveland, Cincinnati and Pittsburgh.
Upon completion of these negotiations. Twin States Natural Gas Co. will
own and operate, directly or through its subsidiaries, natural gas properties
totaling more than 57,000 acres in Pennsylvania, West Virginia and Kentucky. containing more than 450 producing wells with a daily production
rate in excess of 26,000,000 cubic feet and estimated gas reserves of more
than 300 billion cubic feet.
Over 90% of the gross income from the company's properties,
those presently to be acquired, is derived from the distribution including
of gas at
wholesale under favorable contracts to a number of the largest purchasers
of natural gas in the East.
Financing to provide for the proposed merger and expansion program is
expected to be carried out through the issuance of short
and additional class A common stock of the company. term debentures
-V. 130. p. 4240,
4052.

Union Water Service Co.(& Subs.).
-Earnings.
-

Years Ended June 30Gross revenues (incl, other income)
Operation
aintenance
General taxes

1930.
$480,670
108,792
15.500
57.814

1929.
$461,711
113,002
17.185
52,363

Gross corporate Income
Interest on funded debt
Miscellaneous interest charges
Reserved for retirements, replacements & Federal
income tax & miscellaneous deductions

$298,563
146,520
460

$279,162
146.520
2,907

38,345

31,031

Net income
Dividends on preferred stock
-V. 131. p. 272.

$113,238
30.000

$98,703
30,000

United Gas Corp.
-Initial Pref. Dividend.
-

The directors have declared an initial quarterly dividend of $1.75 per
share on the $7 preferred stock payable Sept. 2, to holders of record Aug.
18. This dividend is also payable, to holders of preferred stock, $7 cumulative dividend, series A, of United Gas Co. who have not prior to Aug. 18
1930, surrendered their certificates for such stock in exchange for $7 Pref.
stock of United Gas Corp. but only upon the exchange of their certificates
for their United Gas Co. preferred stock for $7 preferred stock of United
Gas Corp.
Directors have also ordered that funds be set aside in an amount sufficient to pay this initial quarterly dividend on all $7 preferred stock of
United Gas Corp. which United Gas Corp. Is obligated to issue upon the
surrender of deposit receipts Issued by The Bank of America National
Association pursuant to the plan and agreement or reorganization dated
March 29 1930, under which United Gas Corp. acquired certain securities.
The corporation, the new natural gas subsidiary of Electric l'ower &
Light Corp., has recently acquired by merger the assets of United Gas Co.
and owns directly or indirectly practically all common stocks and substantial percentages of preferred stocks, bonds and debentures of companies
operating important natural gas properties producing and marketing natural
gas through their pipeline systems and othere Ise throughout extensive areas
in the states of Texas and Louisiana and in other states in the south and
southwest. Properties controlled include those formerly controlled by
United Gas Co.and Louisiana Gas & Fuel Co.and those owned by Magnolia
Gas Co. The company has also recently acquired control of Northern
Texas Utilities Co. through purchase of very large percentages of preferred
and common stock. The latter owns a main pipeline extending from the
Amarillo fields in Northern Texas to Wichita Falls, Texas.
The corporation also owns 46% of the stock of the Mississippi River
Fuel Corp. and more than 50% of the outstanding class B common stock,
represented by voting trust certificates, of Consolidated Gas Utilities Co.
an well as interests in other pipeline companies.
Electric l'ower & Light Corp. owns in the aggregate a majority of all of
the voting stocks and option warrants, including substantially all of the
$7 second preferred stock of United Gas Corp. Properties controlled by
the latter company aro operated under the supervision of Electric Bond
& share Co.

Extension of Natural Gas Pipe Line Connections.
United Pipe Line Corp. a subsidiary of United Gas Corp., will extend
Its natural gas pine line connections in southwest Texas with the line built
Into the gas pred tkin4 fields of Bee and GoIlad Counties. The line will be
laid from Refml% field to Pettus, with western extension to connect with
line runninA s5utheast from San Antonio. Another part will extend from
-inch
Pettus to lalignolia's gas line. From Refugio the line will be of 18
pipe, while the western extension will be of 16-inch pipe. It is expected
that line will be in operation by Nov. 1.-V. 131, p. 272.

-Initial Pref. Dividend.
Virginia Electric & Power Co.

The directors have declared an initial dividend of $1.50 per share on the
no par value $6 preferred stock payable Sept. 20 to holders of record August
30.-V. 131, p. 272, 116.

-Earnings.
West Virginia Water Service Co.(& Subs.).
Years Ended June 30Operating revenues
Operation
Maintenance
General taxes

1930.
$826,200
306,797
41,859
95,953

1929.
$788,253
298,294
36.842
86,956

Net earnings from operations
Other income

$381,590
4,363

3366,161
2,801

Gross corporate income
Interest on funded debt
Reserved for retirements. replacements 8c Federal
Income tax & miscellaneous deductions

$385,952
179,610

$368.962
172.821

63,186

60.384

Net income
Dividends on preferred stock
-V. 131. p. 272.

$143.156
69.000

$135,756
69,000

INDUSTRIAL AND MISCELLANEOUS.

(Wu 131.

scale, and promising a new era in fuel, with smokeless Mid-Western cities,
was opened in Chicago Aug. 17. N. Y."Times" Aug. 17, p. 1.
Textile Workers Quit North Carolina Mills.
-.500 employees of two of
American Mills textile manufacturing plants went on strike Aug. 19the
in
protest against a wage cut that was to have gone into effect Aug. 19.
N. Y. "Times" Aug. 19, p. 10.
Chains Act to End Cigarette War.
-With a view to ending the cigarette
price war which has been waged
grocery
tobacco
for more than a year, the Unitedbetween retail Co. and and Great chains
Cigar Stores
the
Atlantic
& Pacific Tea Co. have increased price on four popular brands of cigarettes
from 12c. a pack to 2 packs for 25c. N. Y."Times" Aug. 21. p. 19.
Matters Covered in "Chronicle" of Aug. 16.-(a)
tions during July and for the seven months, p. 1006. The new capital flotafor July show decreases; sales for seven months show (b) Chain stores sales
an increase of 2.58%,
P• 1015. (c) Per capita production of electricity in Canada largest in the
world, p. 1016. (d) Trend of agricultural wages in the United States,
p. 1017. (e) Dun's geographical record of failures for the second quarter,
P. 1018. (f) Copper down to 10% cents;
ers forces price down; lead dull; zinc and pressure to sell by custom smelttin sag, p. 1033. (g) Portland
cement in July 1930; output and
(h) Market value of listed shares shipment show slight declines, p. 1033.
on N. Y. Stock Exchange Aug. 1 367,221.337.495. p. 1041. (i) Slight change in U. S. Steel shares held abroad.
P. 1047. (j) Report on investment trusts submitted to Assistant Attorney-General Washubrn of New York; summary of data obtained through
questionnaires to 270 concerns, p. 1048.

Allied Mills, Inc. (& Subs.).
-Earnings.
Earnings for Year Ended June 30 1930.
(Including profits ofsubs, prior to dates of acquits.)
Gross profit from oper. after deducting all manufacturing exps.
incl. reduct. of inventories to lower of cost or market, but before depreciation
$2,688.369
Selling expenses
1,571,315
Administrative expenses
473,663
Net profit from operations
$643,391
Miscellaneous Income
233,219
Total
$876,610
Depreciation
181,143
Interest paid
63.104
Loss on futures trading
161,02*
Loss on operations & sale of Riverdale Products Co
65,242
Provision for Federal income taxes
49,591
Net profit
$356.510
Profit ofsubsidiaries date of acquisition
150,968
Net profit carried to surplus
$205,542
Surplus of subsidiaries at date of acquisition
1,562,383
Total surplus
$1,767,926
Dividends paid
627,967
Balance,surplus
$1.139.959
Earnings per share on 1,038.600 shares common stock (no par)
$0.34
Consolidated Balance Sheet June 30 1920.
Assets.
Liabilities
Cash
$693,302 Accounts payable
136,939
Accts. & notes receivable
a470,121 Dividends Payable
159,205
Inventories
1,512,814 Accrued liabilities
52,095
Prepaid insur., taxes, &c
90,100 Provision for Fed. Income tax_
78,072
Investments. &c
202.883 Capital stock
'
b5,340,575
Plant la equipment,&c
3,037,610 Surplus
1,139,959
Total
$6.906,838
Total
$6,906,838
a After reserves for bad debts of $70.121. b Represented by 1,038,601
no par shares.
-V. 129, P. 2684.

Aluminium, Ltd.
-Preferred Dividend.
-

The initial preferred dividend of $1.50 a share on the 6% pref. stock
is
payable Sept. 15 (not Sept. 1 as previously reported) to holders of record
Aug. 13.-11.131, p. 1100.

All-American Mohawk Corp.
-To Liquidate.
-

Under a plan approved by stockholders the company will sell all of its
assets to the Lyric Radio Corp., recently organized
and a group of larger stockholders of All-American. by Wurlitzer interests
Toe Lyric Radio Corp. was formed with
capitalization
of 25,000 shares of $1.20 preferred, convertiblean authorized into common,
share for share
and 150,000 common shares.
Organizers have underwritten all of the stock and 137,750 common
shares, for which they paid a total of 3500,000. The All-American will
receive the remaining 12,250 shares for its assets. This block of stock will
be distributed among All-American class A and B stockholders in
of one Lyric Radio common for each 10 All-American A and onethe ratio
share of
Lyric common for each 50 All-American B shares. In addition holders of
All-American class A shares will receive an option. expiring Sept. 2,entitling
them to purchase 23i shares of Lyric preferred and 23i shares of Lyric
common at $50 for each common share held.
Underwriters will return witnout charge 25,000 common shares to take
care of the conversion privilege of preferred stock.
-V. 127. P. 3248.

American Agricultural Chemical Co.
-Early Corporate
Reorganization Necessary.
Early corporate reorganization of the company, through which the
Connecticut company, now the holding organization for the Delaware
company. the operating company, will be entirely eliminated, is being
considered, according to Horace 13owker, President, in the annual report
of the company. The Delaware company already has been substituted
as the obligor on the first refunding 73e % mortgage bonds of the Connecticut
company, which has paved the way for substitution of the stock of the
Delaware company for the stock of the Connecticut company, Mr. Bowker
explains. (See annual report on a preceding page.)
-V. 130, p. 4419.

American Austin Car Co.
-Orders.
-

The company as of June 30 last had on hand unfilled orders for 184.117
vehicles, the retail value of which would approximate $81,930,000, according to Samuel Valiance, Vice-President.
The company's chief problem has been one of production rather than
distribution. Normal capacity is figured at 60,000 vehicles per year, and
the orders on hand June 30 were equal to more than three years' producHon. The management is taking steps to speed output so that deliveries
can be made in reasonable time.
Commercial users of the Austin in N. Y. City now include Bloomingdale.
Cushman, Borden, Anheuser Busch, Vortex Laundries and Loose Wiles
Biscuit, as well as a score of lesser known concerns.
-V.130, p.4419,4242.

American Bond & Mortgage Co.
-Bonds.
-

The committee organized for the protection of the holders of 1st mtge.
bonds sold through American Bond & Mortgage Co., gives notice that
deposits of bonds in the following issues will close on the respective dates.
appearing after the respective issues: Roosevelt-St. Louis, Aug. 25 1930:
180 East Delaware Place, Aug. 26 1930: Sherman Square Apts., Aug. 27
1930.
After those dates bonds of those issues will not be accepted for deposit
by the depositaries. The depositaries are: Chicago Title & Trust Co., 69
West Washington St., Chicago, Ill.; The Bank of America, National
Association, 44 Wall St., New York, and Atlantic National Bank of Boston.
Plans of reorganization in each of the above properties have been adopted
by the committee and can be obtained from either the depositaries or the
Secretary, G. L. Wire, 111 West Monroe St., Chicago.
-V. 131. p. 940.

American Chicle Co.
-Extra Dividend.
-

The directors have declared an extra dividend of 25c. a share and the
Refined Sugar Cut to 4.35c. Low.
-The following refining companies reduced price of refined sugar to 4.35 cents a pound on Aug. 20; Spreckels, regular quarterly dividend of 50c. a share on the common stock, both
payable Oct. 1 to holders of record Sept. 12. An extra dividend of the
Godchaux, American and National. "Evening Post" Aug. 19. P• 17.
-V. 131, p. 478.
Copper at I0.75c.. Lowest in 20 Years.
-Reason given is that consumers same amount was paid Jan. 1, April 1 and July 1 last.
have sufficient supplies on hand for immediate requirements. N. Y.
American Glue Co.-Pref. Stock Offer.
"Times" Aug. 17, p. 14.
The company in a notice to pref, stockholders, states that on or before
Plant Is Started to Make Anthracite.
-A plant for the conversion of MidContinent bituminous coal into a high-grade anthracite on a large commercial 3 p. m., Oct. 14 the company will pay $135 plus accrued dividend for each




AUG. 23 1930.]

1259

FINANCIAL CHRONICLE

Consolidated Balance Sheet .itene 30.
1929.
1930.
1929.
1930.
$
Liabilities$
Assets531,101 Capital stock _ -Y10.485,000 11,958,729
667,957
Cash
Call & time leans
100,000 1,400,000 Accounts payable
89,172
168,495
Marketable secur's 1,490,993 1,792,315 (trade)
Miscell. & accrued
Customers' accts.
To Sell Gelatine Business.
98,610
909,501 items
948,913
& notes receiv
63.558
A special stockholders' meeting has been called for Sept. 4 to consider Sundry accts. rec_
74,505
31,401 Federal inc. taxes
84,150
284,586
the sale of the gelatine plants and business of the company to the Eastman Inventories
956,254 1,098,461 Dividends payable
214,143
150,800
Gelatine Corp.. a subsidiary of Eastman Kodak Co. A contract for the Invent. of advert'g
Reserves
sale of these properties has been made. A circular to stockholders by
110,867 Surplus at end of
86,082
& other supplies
President Lyman says:
3,634,662 3,786,675
87,500 Period
12,500
Due from MM.cos
"Eastman Gelatine Corp. ix a wholly-owned subsidiary of Eastman Investments
998,452
years has been one of your company's largest Land, buildings, 661,355
Kodak Co., which for many
customers. The purchase price to be paid is approximately $2,300,000 in
machinery, &c....x1,911,714 1,909,127
cash, subject to adjustments upon taking of inventory. Your company Deferred charges
139,460
will retain all of its cash and accounts receivable and will sell only plants, Good-will, patents 144,829
inventories, brands, good-will and other similar assets pertaining to the
Tot.(each side)_14.532,750 16,476,187
& trade-marks 7,468,001 7,468,001
departments of its business, all as more fully set forth in the congelatine
x After deducting 81,123,508 reserve for depreciation. y Represented
tract.
-V. 131, p. 1100.
"Your company has recently completed a transaction by which the ren- by 200,000 shares of no-par value.
dering plants and businesses of its subsidiaries were transferred to one of the
-Earnings.
American Ship & Commerce Corp.
large rendering concerns doing business in this vicinity and elsewhere.
1928.
1929.
1930.
and your company acquired the business and plant of the Essex Gelatine
6 Months Ended June 30$181,205
$157.238
close by the gelatine manufacturing plant of your Dividend income
$158,156
Co., which is located
224,754
221,495
188,945
company. As a part of this transaction, your company also obtained sev- Other income
211.759
eral long-term glue stock contracts which insure to it a large supply of glue Profit on sale of securities
stock for a period of 10 years. The making of these long-term contracts
$405,95%
$378,733
$558,860
was, in the opinion of your officers and directors, a very favorable transTotal income
38,012
44.596
27,055
action and has placed your company in a strong position in the glue industry. Expenses
241,444
317.514
217,547
"It is the unanimous opinion of your board of directors that the policy Interest, &c
followed which led to the sale of the abrasives and rendering divisions of
$126.503
316,623
American Glue Co. and its subsidiaries should be followed by selling its
$314.258
Net income
13
entire gelatine business, including the gelatine business acquired from Surplus credit adjustment
3,360
Dr.21,868
Essex Gelatine Co., to Eastman Gelatine Corp. This will enable your
$126.510
$19,983
company to concentrate upon the production and sale of glue as its only
$292,390
Total net income
669 248
product, and permit it to meet the increasing competition in this line."
- Shs. corn, stock outstanding (no par)591 271
591,271
$6.13
$6.04
Y. 131, p. 1100. 941.
$0.49
Earnings Per share
-V. 130, P. 3543.
American Home Products Corp.
-Acquisition.
-Reclassification.
The corporation has acquired the Leslie Co. of Massachusetts. The
American Zinc, Lead & Smelting Co.
acquisition was made from surplus and no new stock will be issued in conThe stockholders on Aug. 20 voted (a) to change authorized common
-V. 130, p. 3542.
nection with the deal.
stock from 200,000 shares, par $25 each, into an equal number of shares
without par value; (b) to reduce the capital stock by the amount of $5,-Organized-Contracts With Du- 000,000, being the par value of 200,000 shares of common stock changed
American Mathis Inc.
into an equal number of shares without par value:(c) to increase the capital
-See Durant Motors, Inc. below.
rant Motors, Inc.
stock by the addition of not exceeding 800,000 shares without par value:
So that the total authorized common stock shall not exceed 1,000.000
-Receivership.
shares without par value; (d) authorized the directors from time to time
Associated Mortgage Co., N. J.
prices not exceeding
The company, a corporation with its principal office at Burlington, N. J. to purchase shares of pref. stock for retirement at
-V. 131, p. 791, 632:
has been placed in the hands of a receiver and enjoined permanently from 825 and dividends accumulated and unpaid thereon.
selling and buying securities in the State, it was announced Aug. 14, by
-2%% Stock Dividend.Anchor Post Fence Co.
Special Assistant Attorney General Philip L. Coffin Jr. of New Jersey.
The company was brought before Chancellor Walker at Trenton on an
The directors have declared a quarterly dividend of 234% in stock on the
action by the Attorney General's office whicn charged it with having no par common stock, payable Oct. 1 to holders of record Sept. 15. Like
violated the State Securities Act. Mr.Coffin announced that the Chancellor amounts were distributed April 1 and July 1 1930. The company on Jan. 1
had adjudged the firm guilty and signed the order of injunction. The last paid a quarterly dividend of 234% in stock or 50 cents in cash on this
-V. 130, p. 4611.
receiver is Ernest Watts of Burlington.
issue.

share of pref. stock delivered to the Atlantic National Bank (trust dept.).
Boston, Mass.
IllePres. Lyman says: "In establishing a price of 8135 a share for this pref.
stock, it is the opinion of the board that the value placed thereon is eminently fair, especially as in the case of liquidation the stockholders would
receive only 8100 a share."

Anglo American Corp. of South Africa, Ltd.-Oper.

American Rolling Mill Co.
-Earnings:
Earnings for Six Months Ended June 30 1930.
Net sales
Costs and expenses

831.510,524
27.687,978

Operating profit
Other income

$3,822,546
608,671

Total income
Depreciation
Interest
Federal taxes

$4,431,217
1,670,713
902,380
212,074

Net profit
Balance Jan. 1 1930
Surplus at date of acquisition of companies
Excess of par value of coin. stk. over cost of co. acquired
Adjustment of 1929 Federal tax

$1.646,050
31,672,643
1,051.642
18,851
15,829

Gross surplus
Preferred dividends
Common dividends
Loss on sale of Portsmouth By-Products Co.stock
Loss on retirement of plant property
Adjustment of Lyle Culvert & Pipe Co.'s surplus
Miscellaneous adjustments (net)

834.305,015
88,160
1,623,855
175.000
288,139
21.592
4,898

Surplus June 30
$32,103,371
Earnings per share on 1,628,760 she. corn. stk. (par $25)
$0.96
Balance Sheet June 30.
1929.
1930.
1930.
1929.
Assets$
5
$
Property acc't_.100,656,607 84,819,703 6% prof.stock-88,400
88,400
Cash
3,157,921 2,193,148 7% pref.stock _ _
39,100
Notes & acc'ts
6% pf.ser.B stk 2,500,000
receivable_ _ _ _ 7,695,734 7,237,643 Common stock_ 40,719,000 33,784,475
Marketable sec_
793,866 1,002,016 Common scrip._
14,455
9,676
Insurance fund_
192,042 Minority int, in
22,919,130 17,396,487 subsidiaries Inventory
94,920
Investments
4,715,799 8,821,813 Funded debt_ __ 29,291,300 27,250,000
Due nom empl's 2,573,153
Acc'ts & notes
Securs. in hands
receivable__ 8,031,519 3,221,443
66,400
66,400 Accr. liabilities_ 2,379,668 2,083,315
of trustees- -..
Deterred charges 1,613,742 2,473,351 Depr., &c., res.. 28,689,719 24,663,592
Serial 5% notes_
250,000
Surplus
32.103.371 32.882,402
Total(each side) 144,162,352 124,222,603
-V. 131, . 1100, 791.

American 8c Scottish Investment Co.
-Omits Pref, Div.

The regular quarterly dividend of $1.50 a share due at this time on the
6% preferred stock has been omitted. -V. 131, p. 631.

American Safety Razor Corp.(& Subs.).
-Report.
Milton Damraann. President, says in part:
Notwithstanding the prevailing world-wide depression, company has
enjoyed a very satisfactory six months' business. Profits for the period
exceeded profits for the same period in 1929, and any prior year.
Directors appropriated out of our investment fund $1,603,828 for the
Purchase in the open market of 28,112 of the company's shares. These
shares were retired in December 1929, and the outstanding capital stock
reduced from 228,112 to 200,000 shares. Although the corporation was
deprived of the normal revenue that this sizable fund produced, earnings
nevertheless increased, and correspondingly made for a considerable increase in the earnings per share outstanding.
Consolidated Income Account 6 Mos. End. June 30 1930.
Operating income (not including depreciation & Federal & foreign
Income taxes)
8851,163
Other income
34,909
Total income
Depreciation

$886,073
71,162

West
Springs
Bralcpan
Mines. Ltd. Mines, Ltd. Springs, Ltd.
£79,181
£152,379
£140,470
60.281
83.688
95,515

Month of July 1930
Working revenue
Working costs

£44,955

Working profit
-V.131.P. 791,478.

£68.691
.

£18,903

-Earnings.
Art Metal Construction Co.

1930-6 Mos.-1929.
Period End. June 30- 1930-3 Mos.-1929.
$1,924,885 82,251,128 $4,054,698 $4,364,640,
Gross earnings
1.984,415 3,736,528 3,886,486
1,785,959
Expenses
38.180
57,0041
32,000
16,615
Estimated taxes
$279,990
8421,163
$234,713
$122,311
Net income
240,427
120,214
Dividends
8180,730
8279.990
8114,499
$122,311
Surplus
Earns. per sh.on 320,570
shs. of (par $10) caP•
$0.87
$1.31
$0.73
$0.34
stock
x Includes Postindox Co. for 1930, but excludes that company for
1929.-V. 130, p. 3544, 2032.

-Earnings.
Associated Oil Co.(& Subs.).
1928.
1927.
1929.
6 Mos. End. June 30-- 1930.
Tot. vol. of bus.done_a _$24,547,791 $31,850,970 $35,716,360 $37,177,816
to op_ b 18,459.449 25,875,136 28,992,061 32,631,168
Tot.exp.incident
Operating income_ _-_ $6,088,342 $5,975,834 $6,724.299 $4.546,647
154,541
335,179
186,185
234,271
Other income
$6,322,613 $6.311,013 $6,910,484 84.701,189
income
Total
Int., disct. & prem. on
705.804
624,623
540,281
460,990
funded debt
Depreciation and deple2,549,690 2,620,350 2,518,263 2,691.877
tion charged off
278,527
153,928
40,953
47,077
Est. Fed. income tax_ _ _
$3,264,856 82.996,452 $3,489,071 $1,262,553
Net income
Earned surplus at begin34,710,825 30,534,317 27,599.829 28,317,382
ning of year
Adjust.applic. to surplus
Dr.158,386 Cr.68,922
Dr.32,124
of prior years
2,290,412 2,290,412 2,290,412 4,122,742
Dividends
Total net consolidated
earned surplus-----$35,653,145 $31,240,358 328,640,102 825,526,116
a By Associated 011 Co. & subs, as represented by their combined gross
sales and earnings, excl. of inter-co. sales and transactions.
b Incl, repairs, maint., admin., insur., retirement of physical prop.,
cancelled leases, devel. exp. on both prod. & unprod. acreage, abandoned
wells and all other charges except deprec.& depletion and Fed,income tax.
Consolidated Balance Sheet June 30.
1929.
1930.
Liabilities
-Assets$
Fixed assets- _ _x75,581,807 77,723,552 Capital stock _ 57,260,300 57,260,300
Inv. in cos. Mill_ 6,467,518 6,708,405 Funded debt _ _ _ 13,055,000 15,433,000,
Other invest'ts_ 3,608,111 3,194,488 Accts. payable_ 2,299,774 3,839,583
781,715 Due attn. cos_ __ 2,611.383 2,150,215
Adv. (secured) _
803,453
1,315,513
Due tr. and.cos.
1,678,069 Fed. tax (est.)Ins a res've fund 1,439,154 1,149,010 Other curr. flab_ 2,419,686 1,209,816
252,969
479.838
Cash
3,283,387 3,060,130 Deferred habit..
105,076
436,118
Notesdracctssec. 4,076,088 4,835,020 Res, for cording.
Matis & supers 1,513,413 1,685,336 Prem.on cap.stk. 3,578,917 3,578,917
35,653,145 31,240,356.
Merchandise_ _ _ 19,265,480 14,435,743 Surplus
Del.& unadjust. 1,526,882 1,360,241

{

Total
117,267,291 116,612,611
117,567,293 116,612,611
Total
x After reserves for depreciation and depletion of 855,188,100.-V. 130.
p. 3356.

-Net Sales.
Atlas Stores Corp.

Six Months Ended June 30-1930.
1929.
Increase.
$10,124,592 $7,546,014 $2.578,578
Net income before providing for Federal & foreign income taxes--$814,911 Net sales
In commenting on these figures II. M. Stein. President of the corFederal & foreign income taxes (estimated)
111,920
Provision for
poration, stated that the increase is the more interesting because the
8702,991 number of stores has been increased only 3%, whereas the sales increased
Net income
470,970 34%. The management, has devoted its efforts during the past year to
Dividends paid
consolidating the company's position within itself. The subsidiaries are
$232,021 seasoned companies which have grown individually from small beginnings
Balance,surplus
Earns, per share on 200,000 shares stock
$3.51 as much as 20 to 50 years ago and it has been deemed best to correlate the




1260

(VOL. In.

FINANCIAL CHRONICLE

various units since their consolidation last year before Proceeding with any
Brunswlék lreerrairmil tik Railway Securities Co.
extensive expansion plan. Mr. Stein further stated that the company's
Period End. June 30- 19393 1t4'os.-1929.
-1929.
1930
-6 MOs.
business has been rounded out considerably by increasing the display
facilities for sporting goods and allied lines and also by taking on two lines Net income after expense
St taxes
$49.979
581.795
$28,115
535.436
of electric refrigerators. The sales of electric ice boxes was decided upon so
that the company might keep its radio sales and service personnel fully She. common stock outstanding (no par).- _ _
131,951
150.000
131,951
150.000
engaged during the Summer months. The results in this respect, Mr.
$0.38
$0.54
30.27
50.18
Stein stated, have been particularly gratifying and the management Earnings per share
anticipates that 1930 will be the best year in the corporation's history.
Balance Sheet June 30.
V. 131. D. 942.
1929.
Assets1930.
1930.
1929.
LiabilitiesReal estate imp._31,462,640 $1,490,829 Cap.stock & surp $4,232,321
-Earnings.
Atlas Plywood Corp.(& Subs.).
Securities
2,439,000 1,928,350 Capital stock_ .x$3,334.003
1929.
1930.
Years Ended June 30Cash
300,000
82,720 Notes payable$831,530 Accts. & notes rec_ 140,560
$1,034,349
Gross profitfrom sales
53,561
738,022 Accts. pas 0 m &
379.700 Accrued interest._
410,385
Belling & administrative expenses
7,600
L res fund
85,750
547,508
Surplus
$451,830
$623,964
Net profit from sales
108.089
84,024
Other income
Total
14,181,511 $4,239,921
$4,181,511 $4,239,921
Total
x Represented by 131.951 no-par shares.
-V.130. P. 3883, 3717.
$559,919
$707,988
Totalincome
143,790
140,707
Interest
Budd Wheel Co., Phila.-Extra Div. on Pantie. Pref. Stk.
38,108
43,542
Cash discount on sales
The directors have declared the regular quarterly div. of 25 cents a share
12,308
20,119
Miscellaneous
44,110 on the common stock, payable Sept. 30 to holders of record Sept. 10.
53,984
taxes (estimated)..
Prov.for Fed.& dominion inc.
The usual extra dividend of 75 cents(( of 1%)and the regular quarterly
$321,604 dividend of 51.75(134 %)a share have been declared on the 7% cum. partic.
$449,635
Net profit
242.400 pref. stock, both payable Sept. 30 to holders of record Sept. 10. The extra
260,400
DIV'Wends
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
$79,204 of
$189.235
Surplus for year
220,315 be the company. The minimum rate Is 7%, and the maximum that shall
299,519
Earned surplus at beginning of year
paid is 10%. The latter rate shall only be paid when the operating
-V. 131, p. 633, 480.
$299,519 revenue is $1,000.009 or more.
$488,754
Earned surplus at end of year
Bulova Watch Co.
Comparative Balance Sheet June 30.
-Earnings.
1929.
Liabilities1930.
1929.
Assets1930.
Earnings for 3 Months Ended June 30 1930.
83,439,47043,061,470 Gross profit
Capital stock
$859,610
Plant, prop., eqpt.
557,494
5J4% gold debs - 2,452,000 2,452,000 Expenses
&e.(lees depr.&c
depletion)
$4,807,067 $4,348,740 Int. on Vi cony.
22,476
$302,116
Miscell.invest _ _
18,650
18,650 gold debentures.
Operating profit
316 Other income
Dep.on rl.est.sales
16.789
514% cony, gold
30,367
34,867
Purch. contr. pay_
debentures
47,710
81,226
61,188
Total income
1
1 Accounts payable_
$318,905
Good-will
72,461 Interest, franchise tax, write-offs, &c
50,999
212,142
144,696 Accrued expenses..
86,995
Cash
60,600 Depreciation
66,600
11,829
Notes & accts. rec_ 295,950
483,896 Div. payable
Federal taxes
26,410
Life ins.surr. value
8,523
8,405 Res. for Fed. taxes
96,361
69,806
Inventories
& contingencies_
1,256,996 1,157,091
Net income
$193.67f
Adv. on lumber &
Deerred pay. on
77,633 -V. 131. p. 118.
38,267
purch. contract.
9,469
logging opers _
6,562
299,519
Deferred charges
76,233
68,415 Earned surplus__ _ 488,754
5,409
Bush Terminal Co.
5,409
-Tenders.
Capital surplus_
The Irving Trust Co., trustee, 60 Broadway, N. Y. City, will until
$6.729,837 $6,237,363 Aug. 26 receive bids for the sale to it of 1st mtge. 4% 50
-year gold bonds
Total
Total
$6,729,837 156,237,363
to an amount sufficient to exhaust 526,094.-V. 131, p. 943.
-V.130. p. 3545.
x Represented by 133.200 shares of no par value.

Carried.
-

-63d Quarterly Report.
Butte & Superior Mining Co.

-Passengers
Aviation Corp. (of Del.).
The report, covering the second quarter of 1930, shows:
Although American Airways, Inc., transport subsidiary, did not equal
Statement showing principal features of tonnage production and values
In July the banner month ot June in the number of passengers carried, due for the quarter, as compared with those of the previous quarter:
revenue increased 8.1%. 6,608 Passengers
to fare revisions made July 1,
1929-1930
number for the
were carried during the month of July, bringing the total
1st Quar.
2nd Quar.
Zinc Operations-Quar.
entire year of
Year to 41,657, as compared with 20,659 carried during the month of July Zinc ore produced (tons) 2nd 20,122 1st Quar.
61.922
58,808
41,939
in the single
1929. The number carried by this one system
6.46
Avge.
6.43
6.23
6.57
exceeds by 826 the total number of 5.782 passengers carried by all the Avge.silver content (sz.)
12.81
zinc
13.78
12.65
12.93
States during the entire year 1926.-V. 131, Total silvercontent (%)companies in the United
440,012
378,385
in ore (oz.)..
261,112
132.138
P. 478. 275.
Total zinc in ore (lbs.)-- 5,201,434 10,612,909 18,205,497 15,865,369
Copper Operations
-Sales.
-G. Sandwich Shops, Inc.
B.
Copper ore prod'd (tons)
1,716
587
142
Bales for Four Weeks and Year Ended Aug. 15.
6.94
5.17
Increase. Avge.silver content(oz.)
5.70
-1929.
-Year
Decrease.' 1930
1930-4 Wks.
-1929.
3.34
1.92
1.17
$124.807 Avge.copper content(%)
$2,046.677
519.692152.171.484
5216.161
5235.853
8,868
the
808
The company is handling a major portion of the food concessions at will Total silver in ore (oz.).114,657
3,316
22,598
National Air Races in Chicago. Aug. 23 to Sept. 1. It is expected thissold Total copper In ore (lbs.)
-G. food
Financial Results-Period Ended June 30.
add materially to the present period sales volume, as the B.
exceeded
1930-6 Mos.-1929.
1930-3 Mos.-1929.
during the National Open Golf tournament in Minneapolis-V. 131,
Net value ofzinc ore__ -- $127,257
$582.486
$411,777 $1,112,902
expectations. This business represents a new field of operation.
28,204
4.327
Net value of copper ore28,204
148
p. 792.
22,862
11,219
Miscellaneous income_ -11,312
5,094
-Orders.
Baldwin Locomotive Works.

The Chicago Great Western RR. has placed an order with company
for 15 of the latest design of heavy freight locomotives for delivery in
-V. 131, p. 942.
November. They are of the 2-10-4 Texas type.

-1% Stock Dividned.Investing Corp.

Bankers National
of 25
The directors have declared the regular quarterly dividendclass Acents
and
Per share In cash and 1% in stock on the common stocks,
glass B, payable August 25. to holders of record August 16. Like amounts
and May 26.-V. 130, p. 4054.
were paid on Nov. 25 1929 and on Feb. 25
-Earnings.
Barnet Leather Co., Inc.
Period End. June 30- 1930-3 Mos.-1929.
Net loss after deduction
charges for maint. and
repairs to plants and
$384,818
$47,480
estimated taxes, &c__
-V. 130, p. 3717.

1930-6 Mos.-1929.

$117,261

$541,554

-Balance Sheet June 30.Belding Hemingway Co.
1920.
1930.
1929.
1930.

Total income
Operating costs
Deprec.,res. for tax, &c.

$132,499
156.783
52,585

5622.003
571,417
10,031

5427,321 51,163,968
1.121,711
534,740
17,326
56,561

Net to surplus
loss$76,869
$40,554 loss$163,980
$24,931
Shares of common outstanding (par $10)-- 290,197
290,197
290,197
290.197
Nil
Nil
$0.14
$0.08
Earns. per share on cornThe average metal prices used in estimating income are as follows:
1921)
1930-1st Quar.
2nd Quar.
1st Quar.
2ndQuar.
43.02c.
54.13c.
40.47c.
56.52c.
Silver (per oz.)
6.65c.
4.73c.
5.10c.
Zinc(per lb.)
6.40c.
18.07c.
17.78c.
Copper (per lh.)-- 12.76c.
-V. 130, p. 3358, 2969.

-New Plant.
(A. M.) Byers Co.
The company is preparing to abandon its plants in Girard, 0., and concentrate all operations for the production of puddled iron at Ambridge, Pa.II
near Pittsburgh, where it has 'milt a new plant.
-V. 131, P. 793.

Cardon-Phonocraft Corp.
-To Sell Property.
-

The Detroit Stock Exchange has been notified by the corporation that
Assets-107,800
Preferred stock- _ 105.700 1,507,200 the stock transfer books would be closed at the close of business Aug. 30
Real estate, bldgs.,
2,037,760 Common stock- _ -x1,507,200 2,704,000 1930, for a special meeting of the stockholders to be held at the office of
& equipment_ _ _y1,952,794
the corporation in Jackson, Mich., Sept. 15. This special meeting has
1,053,856 1,053,856 Convertible notes- 2,579,000
Good-will
254,815
269,500 Accts.pay.accr.,&e 253,395 5,410,000 been called for the purpose of acting upon a proposition to sell all of the
Cash
570,662
700.000 Capital surplus- _ 5,410,000 1,857,792 property and assets including good will and franchises, subject to comCall loans
90,581
pany's debts, to The Sparks Withington Co. (Ohio).
Surplus
Time deposits__
1,000,000
-V,129, P. 2862.
Accts.& notes rec_ 1,811.473 1,804,653
(J. 1.) Case Co.
-New Chairman.
97,450
Accrued interest
102,433
Ellis J. Gittins, Vice-President has been elected Chairman of the Board.
Inventories
2,588,446 4,978,805
-V. 130, p. 2777.
648,810
680,482
Investments
Total (ea side)- 9,945.876 11,841,607
220,773
Deferred charges... 185.730
Chesebrough Mfg. Co. Consol.-Extra Div. of 50c.
S Represented by 415,032 shares of no par value. y After deducting
The directors have declared an extra dividend of 50c. per share and the
usual quarterly dividend of $1 per share on the $3,000,000 common stock,
depreciation.
ended June par
Our usual comparative income account for the six months
$25, both payable Sept. 30 to holders of record Sept. 10. On March:
30, June 29 and Sept. 30 1929, March 31 and June 30 1930, an extra div. of
30 was published In V. 131. p. 1101.
50c. per
on Dec.
per
-Loans Show 16% 30 last. share was paid, as compared with an extra of $1JuneshareSept. 29
Extras of 25c. per share were distributed on
Beneficial Industrial Loan Corp.
30,
and Dec. 28 1928.-V. 130, P. 3718. 3547.
Gain for Seven Months.
Chevrolet Motor Co.
-Output.
The corporation, said to be the country's largest organization making
compared
The company produced 27,236 light delivery trucks during the first half
loans of $300 and less, reports net loans for July of $5.634,014. months of
the first 7
With $4.621.040 for July 1929,an increase of 22%. Forover the correspond- of 1930, compared with 22,613 in first half of 1929, an increase of 20%.V. 130, p. 293.
the year new loans totaled $36.231,328,or a gain of 16%
shown an increase over
ing Period of last year. Every month of 1930 has an announcement by
Chickasha Cotton Oil Co.
-Earnings.
the same month of the previous year, according to of about $62.000,000
Clarence Hodson & Co. Loans are running at a rate
Years Ended June 301928.
1929.
1930.
year since
for the current year which promises to be the company's largest
and gin earnings
323,743,388 525,189,431 530,817,133
company located in 218 Sales of sales,
its formation. Loans by the 250 offices of the
Cost
operating and adminis.
cities have run well above $5,000.000 in every month of the year with the
expenses
23.379.102 24,015.230 29,163.954
-V. 131, p. 479.
exception of February and March.
Net profit
5364,286 51,174,201 $1,653,179
Other income
Best & Co.
-Earnings.
294,869
221,202
217,936
1929.
1930.
6 Months Ended June 30$6,934,657
Net income
$7,418,069
5582.222 51,395.403 $1,948,048
Net sales
527.531 Interest paid
605,387
104,116
63.918
133.088
Net prfit after deprec. & Federal taxes
$1.73 Depreciation
$1.99
252,330
276,471
262,482
Earns, per sh. on 300.000 eta.corn. stock (no Par).
Federal tax
166,068
94,920
-V. 130. p. 4245.

ti

-Interim Div.
British-American Tobacco Co., Ltd.

The directors on Aug. 19 decided to pay an interim dividend of 10d. per
share free of British income tax on ordinary shares Sept. 30 1930. Coupon
No. 136 must be used for dividend. All transfers received in London on or
before Sept. 3 1930 will be in time for payment of dividend to transferees.
A dividend of the same amount was declared at this time last year.
130, p. 3717.




Net income for year
Dividends paid

5186.652
573,750

5960,095 51,425,534

Balance, surplus
$960,095 $1,425,534
def$387,099
xTotal surplus
$9,390,872 $9,865,453 $9.178,626
x Including capital surplus in 1930 of $4,612,367. in 1929 54,538,257 and
in 1928 $4,817,715.

1930.

1261

FINANCIAL CHRONICLE

AUG. 23 1930.]
Balance Sheet June 30.
1929.

1930.

1929.

aircraft. O. I. T.'s local offices throughout the country will provide quick
service for the Stearman distributors and dealers.
41
An arrangement has been entered into by the Brunswick Radio Corp.,
successor to Brunswick-Balke-Collender Co. and the Commercial Investment Trust, Inc., whereby C.I. T. will act as the official financing organization for Brunswick dealers and distributors covering radio sales made on the
instalment plan. Brunswick Radio dealers will be serviced by the C. I. T.
network of local offices throughout the United States.
-V. 131. p. 634.

Assets
915,799 1,430,079 Cap.stk.(par 410) 2,550,000 2,550.000
Cash
207,346
250,000 Accts. payable___ 113.803
Short-term loans..
432,069 Notes payable.... 400,000
Accts. receivable.- 394,677
44,850
132,920
Res for taxes__
Cash surr. value of
Cap. surp., arising
officers' life los.
41,218
from revel. of
46,747
Policies
Commercial Solvents Corp.
-Sub. Co. to Double Plant.53,476
acq.of prop- - _ 4,612,367 4,538,257
95.380
Interest accrued- Commercial
a subsidiary, is rushing completion of ex2.921.157 2,562 893 Earned surplus- 4,778,504 5.327,195 pansion work Pigments Corp., the capacity of its plant at Baltimore, Md.
Inventories
designed to double
1,449.633 1,588,149
Investments
The Baltimore plant produces titanium dioxide, largely used in the manuReal estate, mills,
facture of paints and lacquers, and current output, according to officials
x6,666,361 6,383.550
gins, &c
of Commercial Pigments Corp., is not sufficient to take care of the demand.
9,098
9,098
Organization exp.
Commercial Pigments is one of the only two American manufacturers of
Def. chrgs. & sus•01
5,185 Total (ea side)_12,499.525 12,755,718 titanium dioxide, National Lead being the other producer.
674
Dense items_ _
Commercial
owns a substantial interest in the Travancore
owned in full, $7.055,403; equities in gins, $1,236,151 Minerals Co., Pigments Corp.corporation holding extensive concessions in
x Properties
Ltd., a British
total, $8,291,554, less reserve for depreciation $1.625,193;'balance, 46,666.- India for the mining of ilmenite, the chief material in the production of
361.-V. 130. P. 4055.
titanium dioxide.
-V. 131, p. 1102.

-Earnings.
Chicago Yellow Cab Co.
Period End. June 30- 1930-3 Mos.-1929.
Net profit after depree..
$532,672
4420,476
Federal taxes, &c._
Earns, per sh.on 400,000
$1.05
$1.33
shy. corn. stk.(no par)
-V. 130. p. 3166.

1930-6 Mos.-1929.

Conn. Mtge. & Title Guarantee Co.
-To Liquidate.

Officers of the company have informed investors that, due to business
conditions, the company is unable to continue in business. Attorney James
E. Wheeler has been appointed a receiver and application has_been made
to Connecticut Superior Court for dissolution of the company.
sai01
$2.38
$2.9
Company's last report. Dec. 31 1929. listed assets of $1,096,0007and
liabilities of $491,000. Most of the company's funds have become tied
up in real estate which, due to depression in the real estate market, cannot
-Approves Sale.
City Dairy Co., Ltd.
be liquidated at this time, the announcement said.
The stockholders Aug. 19 approved the offer to sell the properties to the
company which
Of approximately
Borden Co. The offer from the Borden Co. for the purchase of the assets are now outstanding,411.000,000 of mortgages sold by the both principal
about $6,500,000 have been guaranteed,
' are:
and interest, by the company. This was said to have convinced directors
(1) The redemption of the preferred stock at $135 cash per share
that even if a large amount of new
be interested in the com(2) The issue to common shareholders of seven shares of Borden Co. pany, it would not be possible to capital couldwhole and part of the ,new
salvage the
-V. 131. capital might be lost.
stock for each eight shares of the common stock of the company.
p. 943.
$952.855 $1,196.791

-Earnings.
City Ice & Fuel Co.
-Month-1929.
1930-7 Mos.-1929.
Period End. July 31- 1930
Net profit after charges__ $1,374,010 $1.196,678 $3,551.838 $3,195,995
-V. 131. p. 793.

Claude Neon Electrical Products Corp. Ltd.(Del.).
-

[Including Claude Neon Electrical Products, Inc. (Ariz.) Electrical
Products Corp. (Calif.). and Electrical Products Corp. of Ore.J
Consolidated Income Account.
1930.
6 Mos. Ended June 301929.
Gross profit on rentals and sales, and royalties re4872,326
ceived from sublicensees
$624,615
416,540
Selling, administrative and general
278.842
39.686
38.501
Other deductions-net
59.817
4 ..013
3
3 1
8
Provision for Federal income tax
Net profit from operations
Profit from sale of capital stock of licensee company, less Federal income tax thereon

2356.282

$264.259
110.221

4356.272
Net profit
$374.480
-Data for the six months ended June 30, 1929, reflect the operaNote.
tions of Claude Neon Electrical Products, Inc. (Ariz.) and subsidiary,but
do not include operations of the Oregon corporation.
Consolidated Balance Sheet.
Liabi/itiesJune 30'30 Mar.31 '30
June 30'30 Mar.31 '30
Assets$189.606 8187.885 Accts. payable for
Cash
241,599
purchases, exps..
Customers' obligns 281,788
,trc
$163,678 $174,393
Royalties due from
28,734 Dividends payable
38,912
70,657
licensees
70,586
319.713 Mtge. obligations_ 119,500
342,010
Inventory
119,500
Reserves for FedSundry accounts,
230.265
end Income tax_
investments. &c. 245,954
59,818
31,384
Inv.in rental equip 1,667.932 1,618,259 Res. for malntenance,conting,&c_ 296,141
Land, buildings &
263,186
523,008 Deferred Income__ 198.649
584.128
equipment
190.817
Neon sign conPatent rights and
107,579
112,870
tracts (contra)._ 4,554.208 4.554,667
good-will .
Minority interest.
542
Neon sign con9.571
tracts (contra)._ 4,554,207 4,554,667 Pref. stk. (184,410
Deferred charges.. 197,224
210,904
shares)
368,200
365,400
Com .stk.es surplus e2,377,950 2,248,401
_
$8,209.341 88.027,1104
Total
Total
$8.209.341 88 027.904
-j. The Corporation was contingently liable at June 301930, for
Notes
foreign drafts discounted amounting to $3,8413.
2. A common stock dividend amounting to 7,885 shares of no par value
was declared payable July 1 1930, to holders of common stock.
a Represented by 256.526 shares (no par).
-V. 130. P. 4421.

Columbia Oil & Gasoline Corp.
-Report.
Edward Reynolds. Jr., Secretary says: Figures for the results of operation
of these properties for periods prior to the acquisition thereof by Columbia
Oil & Gasoline Corp. as of Jan. 1 1930, are not available in directly comparable form. However. It is apparent that the consolidated net income
from these properties for the first six months of 1930 is running somewhat
less than the combined earnings during the same period of 1929, due principally to the lower prices for gasoline and oil prevailing during the later
period..
Perioa Ended June 30 19303 Mos.
6 Mos.
Gross revenues
$1.567.985 $3.546.874
Operating expenses
575.052
1,228.848
Provision for renewals, replacements & depletion
l
ug
Taxes
Net operating earnings
$790.893 $1,801.859
Other income
1,358
2.549
Gross corporate Income
$792,251 $1,804,409
Consolidated Balance Sheet June 30 1930.
Liabilities
Assets
Property, plant & equIpm1.-352.486,855 Capital stocks
:$35.000.000
. .0 Accounts payable
Investments
281,109
430.860 Accrued taxes, &c
Cash
322,456
941,691 Preferred dividends declared- 1.518.750
Demand loans receivable-340.873 Deferred credits
receivable
Accounts
3,898
355.617 Reserves for renewals et re
011 az gasoline on hand
379,156
placements, depletion. &c- 17.071,536
Materials & supplies
125,854 Surplus
Deferred charges
925,406
$55.121. i 56
Total
Total
$55.123.156
Represented by 337.500 shares first preferred stock: 337,500 shares
-V. 131,D. 119.
second preferred stock and 2,340.655 shares common stock.

ing,
5

Columbian Carbon Co.(& Subs.).
-Earnings.
1930-6 Mos.-1929.
Period End. June 30- 1930--3 Mos.-1929.
Net prof. after Fed. taxes $1.237.187 $1,656.391 $2,492.163 43,254.760
381.409
546,857
771.447
Depreciation & depletion
1,O13.422
72.603
83,902
Applic. to minority int__
127.536
105.748

Consolidated Mining & Smelting Co. of Canada, Ltd.
-Earnings.6 Months Ended June 30-Gross earnings
Exploration & development expenses
Depreciation
Depletion
Taxes
Contingent reserve

1929.
1930.
43,598,089 47.433,331
470,376
336,243
1.226,204
974,564
357.637
325.672
182,473
736,906
500,000

xNet operating income
41.361,397 $4,559,943
x Not including profits of wholly owned subsidiary, West Kootenay
-V. 131. p. 634, 276.
Power & Light Co.

-Diamond Fibre Co.
Continental
-Earnings.
Period End. June 30- 1930-3 Mos.-1929. 1930-6 Mos.-1929.
Net profit after deprec.,
Federal taxes, &c- - 4130,729
$456.130 4320,564
$925,409
She. cap.stk outstand.
505,000
450,000
(no par)
505,000
450.000
$0.26
$1.01
Earnings per share
$0.63
$2.05
x Includes profit of foreign subsidiaries for the March quarter amounting
to $13,867.
During the quarter ended June 30 1930 25,000 shares of stock were
Issued in the acquisition of the Chicago Mica Co. and the Fibroc Insulation
Co. and earnings from these companies since April 1 1930 have been included in the second quarter's operatics]. Pres. John P. Wright says:
"The resulting economies from such acquisitions, which should be reflected
In future results, and the present efficient basis of operations, together
with its excellent financial condition, place the company in a position to
take full advantage of any upturn In general business."
-V. 130. p. 4249.
4056.

Continental Roll & Steel Foundry Co.
-Earnings.-

The company (merger of Hubbard Steel Foundry CO., Duquesne Steel
Foundry Co.and Wheeling Mold & Foundry Co.) reports for the six months
ended June 30 1930, net profit of 4576,536. after depreciation, interest and
Federal taxes, equivalent, after 7% Preferred dividend requirements, to
$2.18 a share on 216.000 no-par shares of common stock.
-V. 131, p.
276. 120.

-Earnings.-Continental Shares, Inc.
Earnings for 6 Months Ended June 30 1930.
Dividends received
Interest received
Net profit on sales ofsecurities,&c.(net)

$2,392.295
256,326
15.680.570

Total Income
Expenses
Provision for Federal taxes & contingencies

418.329.191
1.156.377
2,100.000

Net profit
Preferred dividends
Common dividends

415.072,814
1.194.687
1.140,428

Surplus
$12,737.699
Earns,per share on 2.416,905 shares corn.stock (no par)
$5.74
Comparative Balance Sheet.
June 30,'30. Dec.31."29.
June 30'30. Dec.31,'29.
AssetsInvestments- - -118,199,050 121,474.116 Preferred stock. 15,822.900 15,822,900
6,718,581 3,757,895 Cony. pref. stk. 24,000,000 24.000,000
Cash
1,599.000 Note) & options
Govexnmentsec.
payable
27,072,726 17,595,500
Notes & accts.
1128,243,024 3.611,770 Accts. payable_ 2,752.761 11,911,796
received
Com. diva. pay.
604,197
Treas. stock &
536,231
unpd.subset%) 3,110,449 1,353,019 Accr. tax., int. &
Pref. diva_
265,551
Accrued diva. on
305,118
522,194 Reserves
543,228
2,242,836
Sec. held
Paid in capital
6,052,264 5.372,310
Paid in surplus_b63,829,379 55.195,287
Total(ea.side)156,814.332 132.317.994 Prof. & loss sum 14,141,718 1,578,852
a Includes $24,066.000 unpaid balance on sale of investments. b Represented by 2.416.796 shares common stock: 109 shares common scrip and
-V. 131, p. 277. 120.
10.000 Founders shares, all of no par value.

-Earnings.
Cooper-Bessemer Corp.
The company reports for the seven months ended July 31 1930, net profit
of $470.857 after charges and Federal taxes, equivalent, after allowing
for seven months' dividend requirements on the $3 preferred stock. to
$1.41 a share on 211,160 no-par shares of common stock.
-V. 131. D.
481. 120.

Corporate Steel Products, Ltd.
-To Take Over Western
-See latter company below.
Steel Products, Ltd.
-Earnings.
Coty Inc.

Period End. June 30- 1930-3 Mos.-1929. 1930-6 Mos.-1929
41.336.467 $1,655.531 $3.393,679 $3,750,3o4
Gross profit
1.199.217
781.824
Expenses
2.257.329
1.580.648
$137.250
Operating profit
$873.707 41.136.350 $2.178.661
90.820
Other income
5.921
162.212
60,848
4228.070
Total income
4879.628 41.298.562
42.239.509
Depreciation
19.844
19.557
42.092
42,735
23.000
Federal taxes
84.003
153.000
250,961
Commercial Investment Trust, Inc.
-To Finance
185.226
Net income
8776.068 $1,103,470
Sales of Stearman Aircraft and Brunswick Radio.
Credit
41.945.813
Shs. cap stk. outstand.
The Stearman Aircraft Co. of Wichita, Kan., a subsidiary of United
1,492,655
(no par)
1.349,045
1,492.655
1.349.045
Aircraft Sc Transport Co.has signed a contract with Commercial Invest- Earns, per share
_
$0.12
$0.57
$0.74
$1.44
ment Trust Inc.. to provide for the financing of instalment sales of Stearman -V. 130, p. 4613.4057.

4783.175 $1,025.632 $1.593.180 $2.085.590
701.803
571.680
1,449.651
1,143,360
$81.282
$453.952
Surplus
$143.529
4942.230
498,505
(no par)
457,344
ghs.cap.stk.out.
498.505
457.344
$1.57
'
$2.25
Earnings per share
$3.19
$4.57
-NT, 131, p 276.
Net income
Dividends




1

1262

FINANCIAL CHRONICLE

[Wt. 131.

E. E.C. Mathis will be Chairman of the Board of American Mathis. Inc.,
Cosden Oil Co.
-Capital Increased.
The stockholders Aug. 14 increased the authorized capital stock 300,000 it was announced. Toe personnel of the company will be announced after
a meeting to be held in New York on Aug. 28.
shares to 500,000 shares (no par value).
The election of a new executive staff for Durant Motors, headed
Earnings 6 Mos. End. June 301930.
1929.
Durant as President, was announced by the directors of the companyby Mr.
Net profit before deprec.. depict. & Fed. taxes__..$936.187 11,202,710 ing a meeting
followheld Aug. 19
The consolidated balance sheet as of June 30 1930 shows total assets officers are: It. A. Vail, in Detroit. In addition to Mr. Durant,the other
Vice-Pros.;
Alger,
of 312.939.415 comparing with $11,216,671 on Dec. 31 1929, and common mann, Secy. These officers replace Hal W. wnich Treas.; H. F. Hebera staff
stock and surplus of 16.089.761 against $4,557,517. Current assets on Chairman, and F. J. Haynes, Pres., and John A. included A. I. Philp,
Nicholson, Jr.. who reJune 30 amounted to 12,359,485 and current liabilities 11,876,149 com- signed two weeks ago.
-V. 131, p. 635.
paring with $2,912,665 and 12.523,868 respectively at close of 1929.V. 131. p. 943.
Drug

Incorporated.
-Earnings.
-

Cramp-Morris Industrials, Inc.
-Earnings.
6 Months Ended June 30Net sales
Costs, expenses & depreciation

1930.
1929.
1928.
13,095,087 $3,187,023 13,833.740
3,147,544
3,287,705
3,729.533

Operating profit
Other income (net)

1°88152,457 loss$100,682
19,458
17,804

1104,207
55,846

Balance
Minority interest

loss132,999 loss$82,878
6
127

148,361
201

Profit before Federal taxes
loss$32,993 1°88182.751
Proportion applicable to Amer. Ship
& Coin. Corp
loss$28.907 loss172,505
-V. 130, p. 3548.

142,197

$48,160

Crown Cork & Seal Co.
-To ConsolidateManufacturing
Operations in Baltimore.
The company operating two large plants at Baltimore, plans to consolidate
all manufacturing operations in the larger of these factories, it has been
announced.
The company's principal plant, located at Highlandtown. on the outskirts of Baltimore, and on a main thoroughfare, now has 823,000 sq. feet
of manufacturing floor space, with ample ground for further expansion.
The other Crown plant in Baltimore, on Guilford Ave., contains 121.000
sq. feet of manufacturing floor space, in all covering an area of four city
blocks in length by three in width.
"Our plans contemplate the ultimate grouping of all manufacturing
operations in our Highlandtown plant, which should effect further economies in operating costs," said F. E. rusting, V.-Pres. "At present we are
using our smaller factory for the production of machinery sold to the bottling and other trades, as well as the production of machinery for our own
varied output.
"We have expended more than $500,000 in plant improvement at our
Highlantown factory this year, and will later group all our operations there.
This plant, the largest and most modern of its kind in the world, has railroad sidings on two levels and track connections for all railroads out of
Baltimore."

Production.
-

6 Months Ended June 30Gross Profit
Merchandising & operating expenses

1930.
1929.
136,606,828 130,758,340
24,821,448 21,773,647

Operating profit
Other income

111,785.380 18,984,693
2,011,657
1,358,794

Total income
Depreciation
Interest
Federal tax reserve
Dividends on subsidiary stocks

$13,797,038 110,343,488
971,698
839,777
1,146,816
1,192,714
1,132.738
877,120
3,778
3,741

Net income
Previoussurplus

$10.542,006 $7,430,135
12.633,864
5,492,568
Total surplus
$23.175,870 112,922,703
Dividends paid
5,789,212
4,774,522
Profit of Household Prod. Inc. & Vick Chemical
prior to acquisition
1,417,544
Earned surplus June 30 1929
$15,969,116 18.148,181
Shares capital stock outstanding (no par)
3.501,499 2,394.011
Earnings per share
$3.01
$3.10
Louis K. Liggett, Chairman, says: The figures for the six months' period
ended June 30 1930 include the earnings of Household Products, Inc., and
Vick Chemical Co. for the full period of six months from Jan. 1. If the
earnings of these two companies only from date of acquisition are included.
the earnings per share on the average number of shares outstanding during
the period are substantially the same.
Two important manufacturing businesses have been added during the
six months period-Vick Chemical Co. and Household Products, Inc.
Company had previously owned approximately 27% of the capital stock of
Household Products and has now acquired all of the assets of that company.
Household Products own through various subsidiaries, Fletcher's Castoria,
Dr. Caldwell's Syrup of Pepsin and Herb Laxative Compound, the Deodorant, Mum, and the English business of Scott & Turner, Ltd., owners of
Andrew's Liver Salts. The acquisition of the foregoing, together with
Vick's Vapo Rub, through acquiring the Vick Chemical Co., has materially
added to and strengthened the large list of nationally advertised brands that
company already own. In the retail field the chain of 106 Owl Drug stores,
operating principally on the Pacific Coast, has been acquired.
The stockholders now number in excess of 22,000.-V. 131, p. 278.

Annual production of bottle caps by the company is now approximately
60,000.000 gross or an average of about 24,000,000 caps a day, it has been
announced. Placed end to end these caps would be sufficient to encircle
the globe several times.
These figures are independent of the output of Crown products manu-Earnings.
-Domestic & Foreign Investors Corp.
factured at plants of companies in England. Canada, France. Germany,
Belgium and Spain. The foreign output totals about 20,000,000 gross
Earnings for Year Ended June 30 1930.
output. The Baltimore plants also
annually, or one-third of the American
$255,455
produce annually approximately 53,000.000 pounds of cork and composition Profit on sale of securities based on original cost
266,631
products, the foreign plants about 23,000,000 pounds. In addition to Dividends & interest received
29,457
caps and cork products, Crown Cork & Seal also manufactures bottle Profits on syndicate participations, joint accounts, etc
filling and crowning machines.
-V. 130. p. 1283.
Total income
$551.543
-Dividend.
Debenhams Securities, Ltd.
General & administrative expenses
63.455
The dividend recently declared which amounted to 70c. per American Interest on debentures
137,500
share, will be paid by the Irving Trust Co. as depositary, on Sept. 2 to Interest on loans
111,533
holders of American shares of record at the close of business Aug. 26.
Net income for year
-V. 131. p. 794.
$239.055
Preferred dividends
30.000
Devoe & Raynolds Co.
-Earnings.
1928.
1929.
1927.
6 Mos. End. May 31
1930.
Net sales
86.869,939 $7.458.254 $6,885,561 $6.409.851
6.203,457
5,781.244
Cost & expenses
6,681.720 6.861,545

$209,055
1,315,745

Balance,surplus
Previous surplus
Total surplus

Operating profit
Other income

1188.219
103,943

1596,709
118,599

$682,104
47,567

$628,607
53.858

Total income
Disct., misc. adj.

1292,162
140.013

1715,308
196.092

1729,671
123.114

1682,465
140.660

Net prof. bet. Fed,tax
1st pref. dividends
2d pref. dividends
Common dividends

$152,149
56,217
32,742
240,000

1519,216
59.017
32,742
225,000

1606,557
62.261
32.742
216,000

3541.805
63.374
32,742
162,000

$1.524,800
Balance Sheet June 30.

A nets
1929.
-Liabilities1930
Cash
$309,783 $24154 Loans pay. (sec.).52,000,000
Investments
a6,285,737 4,4.57,291 Dividends payable
7,500
7,500
Accrued Interest on
Accts. recelv. on
debentures, &c_
57,292
sale of securs. &
57,305
Accts. pay. & res.
Joint trad. acct_ 119,086
for Federal taxes
174,908
,4% gold
20-yr. 5,
2,500,000 2,500,000
debentures
25,000
$6 cum. pref.stk_ _ b25,000
General reserve for
525,000
retire, of pref_
525,000
Common stock
c75,000
75,000
1,524.800 1,315,745
Tot.(each side)46,714,605 $4,680,445 Surplus
a The market value at June 30 1930 was $5,019,578; of which investments
aggregating $2,592,805 were pledged as collateral to loans payable. b Represented by 5,000 no-par shares. c Represented by 75,000 no-par shares.
The report contains a list of securities in portfolio as of June 30 1930.
-V. 130. p. 1283.

Surplus
def$176.810
1202,457
1295,554
$283.689
E.S.Phillips, President,commenting on the operations for the first half of
1930 says: "A substantial reduction in overhead has been made which will
be reflected in our earnings during the last six months of our fiscal year.
"The bank loans shown in our May 31 statement at 31.200,000 have
since been further liquidated so that at the end of June they amounted to
only $660,000. This item will undoubtedly be entirely eliminated in the
near future.
"The Department of Commerce figures on sales of the paint and varnish
industry for the first five months of 1930 show that the industry has suffered
a 12% decrease in volume under the corresponding period of 1929. In this
respect, company's record of a 7.8% decrease compares favorably with the
Duplan Silk Corp (& Subs.).
-Earnings.
rest of the industry and should the same ratio be maintained during the
Years Ended May 31- 1930.
1929.
3 1928.
,
1927.
balance of our fiscal year. we believe that fact, coupled with our reductions
$19.762.125 $17.619,950 118.442.025 317,474.731
in overhead, will go a long way toward making our 1930 annual statement Net sales
Cost ofsales
x16.473.755 15,236.458 15,559.973 14,469.921
a satisfactory one in the face of the present business depression.
1,446,968
1,098,662
965.547
757.138
"Under the circumstances, our directors have felt that having paid our Operating expenses
regular quarterly common stock dividend for the first two quarters of this
Operating income- - $1,841,402 11.284,830 11,916.505 52,247.672
year, it was advisable to cut our regular dividend in the third quarter from
294.204
50,690
263,572
53,562
60 cents to 30 cents per share, which was declared at our last meeting held Other income
on June 27. making a total paid out in common stock dividends so far this
Total
$2.135,606 $1,548.402 31,970,067 $2,298,362
year of $1.50 per share."
Depreciation
565,904
542,888
565,272
Balance Sheet May 31.
Deductions
112.583
162,673
106.724
151.480
1930.
1929.
1929.
1930.
Federal taxes
246.900
268.001
186.100
156.382
Assets$
$
a 111. est., bldgs.,
1st pref. stock-- __ 1,572.800 1,646,200
Net income
$1.243,946 $1,240,540 11,051,171 31,351,874
equip't &c4,434,584 4,733,880 2d pref. stock--_- 935.500
935.500
Invmtments
117.080 Class A common__61,961,667 3,911,667 Earns. per share on 350,176,167
000 shares no-par corn,
c1,333,333 1,333.333
Cash
312,026
277.679 Class 13 corn
$2.71
$1.86
stock outstanding_
$2.56
$2.48
Notes receivable... 383,734
308,298 Bank notes Pay.-- 1.200.000 3,425.000
x Includes depreciation of $542.888 in 1930. y Includes entire profits
562,627
Accts.receivable__ 3,988,377 4,232,514 Accounts payable_ 441,125
310,826
657.610 prior to date of merger May 31 1928, of Puritan Silk Corp.. Sarranceton
Inventories
4,619.695 4,304,433 Accrued charges_
3,003,461 3,176,052 Silk Works, Inc., and Guaranty Silk Corp.
Deferred charges
844,109 1,174,105 Surplus
Surplus Account for 1930.
-Net income for year as above, $1,243,946.
14,753.712 15.647,930 pref. dividends, $431.268. common dividends, $350,000. Provision for
Total
Total
14,753,712 15,617,939
Inventories hubser a After depreciation. b Represented by 160.000 no par shares. c Rep.. abnormal decreases in market prices of raw material previous surplus,
quent to May 31 1930.1250.000; balance surplus 1212,678;
resented by 40,000 no par shares -V. 130. p. 4614. 1283.
$3.355,838; profit and loss, $3.568,515.
Durant Motors, Inc.
-Mr. Durant Elected President-Consolidated Balance Sheet May 31.
1930.
1929.
Concern To Make French Midget Auto.
1929.
1930.
Ltabi/ittesAssets$
$
The following is taken from the New York "Times- of Aug. 20:
Cash
932,155
591.683 8% pref.stock____ 4,238,400 4,400,000
William C. Durant has returned to active leadership of the company
Call loans
500,000 Common stock....3'6,879.480 6,879,480
1.500.000
which he organized nearly 10 years ago.
753,816
699,656 Accts. payable_ ___ 669,354
The company disclosed that, following Mr. Durant's election as president. Marketable occur.
195,000
he had signed contracts for the manufacture in Detroit of the Mathis. a Accts. receivable 1,282,186 1,410,102 Prov.for Fed .taxes 200,000
84,588
3,716,167 4,002,432 Dividends payable
Frencn automobile of midget size. The car will be placed in the American Inventories
12,650 Prov.for inventory
12,650
market in competition with the American Austin, a midget car of Englisn Sundry investm'ts
decreases
250,000
x8,307,992 8,264,150
design now being manufactured in the United States. The Durant line of Fixed assets
87,526 Sundry reserves for
Deferred charges.._
cars will be continued, it was said.
78,264
contingencies..
35,529
74,066
The Durant Motor Co of Michigan, subsidiary of Durant Motors. Inc., Prems. paid for
Earned surplus- 3,568,515 3,355,838
capital stock of
has received a contract to build the 100.000 Mathis cars, deliveries to begin
96,452
sub. companies..
Dec. 1. The contract was awarded by American Mathis. Inc., a Delaware
corporation, which was formed Aug. 11 with a paid up capital of $3,000.000
Total
15,925,867 15,658,200
15.925.867 15.658.200
Total
[authorized capital 500,000 shares, no-par value'. 'The exclusive right to
build Mathis car on the Pacific Coast has been obtained by the Durant
x After deducting $2,067,594 depreciation. y Represented by 350,000
Motor Co. of California, another subsidiary of Durant Motors, Inc.
-V.130. P. 2588. 140.
shares of no-par value.




-Earnings.
Dubilier Condenser Corp.
ct. Radio Corp.)

(Formerly Dubilier Condenser
1929.
1930.
Years End. June 30J $1.678,905
Not
1
Net sales
j Reported l 1.204,286
Cost of sales

1928.
$1,663,900
1,414.374

1927.
$1,621,331
1,214,444

$474,620
199,443

$249,525
380,882

The stockholders are seeking to recover dividends declared but never paid
by the Foshay Co. prior to the receivership. Joseph Chapman. receiver
for the Utilities Corp., contended that the dividend declarations were illegal,
In view of the fact that the contract relations between the Foshay concerns
-V. 130,
developed apparent earnings that had not been realized in cash.
P. 981.

$406,887
482,172

Gross profit
Oper. & admin. exp_
Net operating profit__
Profit k loss adjustm'ts_
Prov. for deprec., &c---

$271,793
174.715
$97,078
92,933

$275,176 loss$131,356 loss$75,284
47,696
105,177

$169,999 loss$131,356 loss$122,980
$4,145
Comparative Balance Sheet June 30.
1929.
1930.
1929.
1930.
Ands04 $2,053,694
Capital stock_ _ __e$2,053,6
Land, bides., ma115.333
47,595
$338,168 Accounts payable_
chinery & equip a$327,656
31,310
20,139
Pats.& pat. rights _b1,184,513 1,203,034 Accr. liabilities_ __
80,000
75,000
341,116 Real estate mtge__
call loan... 355,863
Cash &
138,757 Res. for def. devel.
Accts.& notes rec_ d72,410
310,907
310,907
expense
226,596
227,125
Mdse.Inventories_
10,589
3,800
310,907 Res, for canting
Develop. exp. def.. 310.907
8.114
10,966
Deferred charges__
Total (ea. side)_52,511,135 $2,601,834
35,143
21,695
Deficit
b After deducting
a After deducting $212,520 reserve for depreciation.
of
$375,000 reserve for obsolescence. c Represented by 304,150 shares
-V. 129, p. 2234.
8.347 reserves.
no par value. d After deducting
Net profit

-To Shut Down.
East Butte Copper Mining Co.

According to Boston advices the company will close its mine at once.
-V.128, p. 2275.
-down.
is probable that this means permanent shut

-Earnings.
Fox Film Corp.
1929.
1930.
6 Months Ended June 30524.093,275 $19,100,115
Gross revenues
profits after all charges, incl. interest and proNet
5,137.075
7,175.415
vision for Federal taxes
Earnings per share on 2,525,660 shares combined
x$2.03
$2.84
stock
class A and B common
x Figured on present shares outstanding.
current year $10.572.308 was written off
In the first six months of the
only
for depreciation of film, whereas for the first six months of last year
$7,654.220 was written off.
year are always larger than the
Net earnings for the second half of the
first half and the company does not anticipate any reduction in its dividend
rate.
-V. 131, P. 1104, 278.

French Line (La Compagnie Generale Transatlantique).-Bonds Called.

has called
The Canadian Bank of Commerce, trustee. Toronto, Canada.
%
for redemption Aug. 15 next all of the outstanding $3,938,000 external 63 p.
at 103 and int.-V. 131.
sinking fund gold bonds, due Feb. 15 1951,
946, 483.

It

-New Chairman.
Economy Grocery Stores Corp.

Sidney Rabinovitz, formerly Treasurer, has been elected Chairman of the
-V. 131, p. 1103.
Board.

-Earnings.Electric Shareholdings Corp.
sfor 6 Months Ended June 30 1930.
Earnings
Stock dividend received
Cash dividends and interest received
Profits realized on sale of securities

$1.591,899
476.250
1.027,475

$3.095,624
Total income
189,171
Expenses, interest and taxes
to
Proportion of value assigned to stock dividends transferred
641,923
investment reserves
$2,264.530
518,348

Net income
Preferred dividends

$1,746,182
Surplus for common
net assets June 30 1930, based
The company states that the value of the
on,closing market prices on that date, amounted to $50,906,426 represented
shares of no par common
by 195,500 shares of preferred stock and 1,516.202
was equivalent to $260.39
stock. Such valuation of assets at June 30 1930,
on the outstanding no par $6 preferred stock, which compared with
a share
the total capital
for
$247.21 at Dec. 31 1929, and $193.94 based onsuch valuation ofpaid in the
from
assets
stock at organization. After deducting
balance
$100 a share of preferred stock outstanding, the
stated value of
-V. 131. p. 278.
amounted to $20.68 a share on the common stock.

Exchange Buffet Corp.
1930.
3 Mos. End. July 31$180,275
Gross operating profits52,055
1
Depreciation
axes_ - f
Prov.for Federal t
toe
$128,220
i Net profit
93.750
Dividends paid

1929.
$174,099
46,345

1928.
$146,831
125,857
,
114517

1927.
$131,861
24,164
14.539

$127,754
93,750

$106,457
93,750

593,158
93.750

534.470

$34,004

$12,707

def.$592

$0.51

$0.50

$0.43

$0.37

Surplus
Earns, per sh. on 250.000
shs. corn. stk. (no Pad
-V. 131, p. 945, 278.

.-Earnings.'-Fairbanks Co.(& Subsidiaries)
1930-6 Mos.-1929.
r Period End. June 30- 1930-3 Mos.-1929.
$385,102
$513.083
$265,376
Operating profit
Operating expenses
Depreciation, int., res.
for Federal taxes, &c_

$174,090
111,567

109,736

225.501

214,364

52,639

65,935

109,317

131,345

$167,374
$50,284
$89,705
$9.884
Net profit
Earns, per sh. on 10.000
$16.74
$5.02
$8.97
$0.98
shares 1st preferred......
-Dividends on 1st pref. 8% stock have been in arrears since
Note.
130, p. 4614. 4423.
May 1 1921.-V.

-Restrainedfrom Doing Business.
First Illinois Co.(Del.).

The following is from the New York "Times" of Aug. 21:
The First Illinois Co. of Delaware, which operated as an investment
trust. and W. E. Willard & Co., Inc., both of 25 West 43rd St., were
enjoined temporarily from doing business by Supreme Court Justice Faber
in Brooklyn Aug. 20. The order, obtained under Article 23A of the
State general business law by Deputy Attorney General Rackow of the
State Bureau of Securities, similarly restrained William Edgar Willard of
Bronxville, N. Y.. and II. P. Heiss. Pres. of the First Illinois Co. In
his affidavit Mr. Rackow charged that Willard, who was Chairman of
the board of directors of W. E. Willard & Co. and who virtually controlled
the other company, had engaged in improper practices in dealing with
customers and handling their securities and accounts. He also charged
that checks issued by the defendants had been returned because of insuffident funds.

-Earnings.
Fisk Rubber Co.
4

1263

FINANCIAL CHRONICLE

AUG. 23 1930.]

6 Months Ended June 30Gross sales
Cost of sales, expense, &c
Operating profit
Other income
Total income
Depreciation interest, amortiz., &c
Inv. write-off & reserve for commit
Net loss
Dividends

1930,
1929.
1928.
523.114.441 530.083.471 530.989.846
23,022.302 28,372,528 x34,189,731
592,139 $1,710,943df$3,199.885
28,660
11.456
30.780
5120.799 51.722,399df$3,169.105
1,975,701
1,959.112 $1,814.029
796.920
$2.651,822

5236,713

54.983,134
1,076.190

$236.713 $6,059.324
$2.651,822
Deficit
crude rubber inventory and crude rubber in
x Includes write-downs of
market value as June 30 1928.finished goods and work in process to
V. 130, p. 2018.

-Business Good.
Foote Bros. Gear & Machine Co.
"Business in the past
w.0. Davis, l'res. in a statement. Aug. 13, says:corresponding period of
better than that for the
been

four or five weeks has
have been conducted at approximately
last year. So far in 1930 operations financial condition is good and all villa
the same level as 1929. Company'saction of the stock to market conditions
are being discounted. We attribute
entirely. Nothing within the company justifies the present weakness."
-V.131. p.482.

-Less Than Five Cents on Dollar To
(W. B.) Foshay Co.
Be Paid on $10,000,000 Debts.

will not exceed $500.000 while its debts
Assets of this defunct company
according to C. J. Rockwood, receiver. Conare in excess of 210,000,000. Press says:
tinuing the St. l'aul "Pioneer
As a result of the tangled financial conditions of the Foshay concern, uncents on the dollar in their claims.
secured creditors will receive less than 5the receiver said.
while stockholders will receive nothing,




-Units Merged.
Furniture Corp. of America, Ltd..

manufacturing
This company, large holding company of Pacific Coast
companies
units, has acquired seven Los Angeles organizations. These Vorst Co.,
corporation are C. B. Van
now operating under control of the
Western Furniture Mfg.Co., Gillespie Furniture Co.. Standard Upholstering
Co., L. C. Phenix Furniture Co., L. A. Period Furniture Co., and the
-V. 131, P. 483.
L. A. Woodworking Co.

-Initial Preferred Dividend.
Gamewell Co.

The directors have declared an initial quarterly dividend of $1.50 per
share on the $6 cumul. cony. pref. stock (no par) payable Sept. 15 to holders
of record Sept. 5.
At the annual meeting of stockholders the directorate was increased to
17 members from 15. Eben H. Ellison Jr. and Matthew Porosky were
added to the board..
Earnings Year Ended May 31 1930 (Mel. Subs.).
$1,203.115
Net operating profit
54.346
Miscellaneous income (net)
Net income
Depreciation
Federal income tax

$1,257.461
106.576
125,660

Net income
Surplus as at May 31 1929

31,025.225
5419,262

Total surplus
Dividends paid and declared on common stock

$1.444,487
594,680

5849,807
Surplus as at May 31 1930
$862
Earnings per share on 118,928 shares cap. stock (no par)
Sheet May 31.
Comparative Balance
1929.
1930.
Liabilities-1929.
1930.
Assets
Accts. pay. A; accr.
Cash, U.S.Treas.
$248,966 $233,455
expenses
$972,344 $579,613
&c
148,668
148,668
Div. payable
Notes & accts.,
109,538
1,251,405 1.172,217 Res. for Fed.tax.... 126,313
rec., less res_
178,500
Demand loan_
4
26,92
with bids__
Dep.
1,750,609 1,798,918 Capital stock(118.Inventories
4,150,687 4,150,687
928 shs.)
65,277
51,968
Sundry accts., rec.
77,174
77,173
Paid-in surplus_ _ _
Employees demand
419,262
Earned surplus-. - 849,807
182,506
notes
93,210
128,348
Prepaid expenses._
38,851
52,357
Life insur. policies
41,054
40,669
Investments
1,309,486 1,339,641
assets_
Capital
1
1
Pat,& franchises....
Tot.(each side)-$5.730.117 $5,138,782
10,000
13,500
Sales rights purch_
-V. 131, p. 279.

-Earnings.
Garlock Packing Co.(& Sub.).

Six Months Ended June 30Net profit from operations
Other income credits

1930.
5459.336
43,758

1929.
5573.486
32.390

Gross income
Income charges
Interest on bonds
Amortization of debt discount and expense
Provision for Federal income taxes
Stamp taxes and expense in reorganization

5503.095
57.322
88,590
15.899
40,954

5605.877
56.632
45,000
7.961
63,298
18,447

Net income
Dividends paid

5300.330
120.987

5414,538
74.325

5179.343
$340,213
Surplus
1,944,206
1,405,306
Profit and loss surplus
201,645
200,000
Shares of com,stock outstanding (no par)
$1.48
$2.07
Earnings per share
Comparative Balance Sheet June 30.
1930,
Liabilities-1929.
1929.
1930.
Assets$6,767
$65,214
$388,436 $568,949 Accounts payable_
Cash_
60,493
327,000 Dividends payable
Marketable securs. 665,834
130,868
129,615
552,457 Accruals
530,497
Receivables
89,787
102,757
1,364,148 1,337,273 Tax reserve
Inventories
32,000
437,951 Res. malting., &a_
77,000
Deferred charges__ 406,050
2,953,000 3,000,000
Funded debt
x Land, buildings,
200,000
equipment, &c- 1,915.948 1,716,919 Common stock....- y201,645
39,343 Surplus
1,827,561 1,405,306
31,187
Trade-marks, &c.
Total
55.302,121 54,979,893
$5,302,121 $4,979,893
Total
x Less reserve for depreciation of $1,175,885. y Represented by 201.64
-V. 130. p. 4425.
no par shares.

.
General American Tank Car Corp (8t Subs.).-Earna.
Period End. June 30- 1930 3 Mos.-1929.
Net profit after charges,
deprec & Fed. taxes__ $1,949,782 51,694 173
Shares cap, stock out665,616
797.422
standing (no par)..._
52.54
$2.44
Earningsper share
-V. 131, P. 796, 483.

1930-6 Mos.-1929.
53,653.699

52,706,723

797,422
54.58

665.616
$4.07

-Earnings.
General Asphalt Co.(& Subs.).
1930.
Six Months Ended June 301929.
Total volume of business done by co. & subs, as
represented by combined gross sales and earns.,
inter-co. sales and transactions---- $7,732,780 $ .829.811
exclusive of
8
Costs and expenses
7.316.719
7,934.576
Operating profit
$416.061
$895,235
Other income
38,338
14,045
Total Income
Depreciation
Interest
Federal taxes
Net profit
Dividends paid
Balance
Shares capital stock
Earnings per share

$454.399
217.719
30.000

$909.280
224,228
143,292
80,000

5206.680
826.489

$461,760
165.205

def$619,809 sur$296.555
413,333
210,614
$0.50
$1.41

1264

FINANCIAL CHRONICLE

Combined Balance Sheet June 30.
1930.
1929.
1930.
1929.
Assets-$
$
Liabititt s-,
$
S
Property accouot_37,498,416 37,733,596 Preferred stock___
6.608,200
Venezuela royalties
Common stork....:36,117.130 24,391.800
contracts
559.598
583,654 Cony. bonds, Gen.
Prepaid expenses
151,234
626,082
Asphalt Co.._.
4,205,800
Inventory at cost_ 3.820.840 3,470.720 Equip. tr. Ws_ _ 242,000
280.000
Leased tank cars__ 242,000
280,000 Notes & accts. pay. 485.839 1,083.807
Cash
1,394.440
905,025 Ws. for Fed. taxes 279,201
256.157
Notes.4 accts. rec.
Other reserves... .. 214.200 1,027,223
.
and securities._ 1,803,902 2,483,397 Surplus
8.743,348 9,183,383
Assessment bills &
tax liens
130,468
6% bond sink. fd.
823,638
Mtge. receivable
480,820
130,258
Tot.(each shie)_46,081.718 47.036.370
x Represented by 85,299 shares of old $100 par value common stock
(not yet exchanged), 56 voting trust certificates (not yet exchanged).
and 327,978 no par shares of new common, making a total of 413,333
shares.
-V. 131. p. 279.

General Alloys Co.-Earning8.6 Months Ended June 30Netearnings after taxes & all reserves
-V. 130. p. 3721.

1930.
$74.043

1929.
$59.960

General Foods Corp.
-Complaint Filed Charging Infringement by General Seafoods Corp.
-

[Vor.. 131.

Granger Trading Corp.
-Earnings.
Earnings for Six Months Ended July 31 1930.
Loss on trading
$30,282
Interest earned
3,638
Dividends earned
12,907
Total income
$13,737
Interest expense
2,530
Miscellaneous expense
27,216
Net loss for six months
$43,483
Myron I. Granger in a letter to the stockholders says:
In arriving at these figures (1) the securities held in the
valued at the close of the market as of July 31 1930, exceptportfolio were
shares
corporation held in the treasury which were valued at average cost, aof this
figure
approximately the current book value, and (2) all expenses were deducted.
there being no charge for taxes and the contingent management fee during
this period.
The loss on trading was entirely a book loss due to our accounting practice
of marking all securities down to their actual public markets. Contrary
to the usual custom of investment trusts, corporation is one of the very
few that has adopted this policy. This severely conservative procedure is
regarded by directors as the best, because it clearly informs stockholders
of the actual worth of their shares under all conditions at the end of each
quarter.
-V. 130. p. 3723, 1837.

Gulf Oil Co.
-To Enlarge Capacity.
-

The company, which has arranged to acquire the assets of the Paragon
Refining Co., will it is said. spend more than $2,000.000 in enlarging the
capacity of the Paragon's refinery at Toledo by the addition of two stills of
9,000 barrels each. The Gulf is paying approximately $10,000,000 for the
Paragon properties.
-V.130, p.4426.

A bill of complaint has been filed in the U. S. District Court at Boston by
Paul W. Peters( n of Glen View, Iii., against General Seafoods Corp. of
(C. M.) Hall Lamp Co.
-Common Dividend.
Gloucester, a subsidiary of General Foods Corp . alleging infringement by
The directors have declared a dividend of 15 cents per share on the
the latter of Petersen s patents covering the so-called "quick freezing'
process for preserving fish and other foods. Petersen asks that General common stock payable Sept. 16 to holders of record Sept. 1. Previously
the company had paid quarterly dividends of 373 cents.
Seafoods Corp be enjoined from further selling its processes and apparatus,
-V. 130. P. 2976.
that General Seafoods Corp., be compelled to make an accounting of its
(W. F.) Hall Printing Co.
-Production & Sales.
profits, and that triple damages be assessed: and that General Seafood
The company has maintained a volume of production and sales about
Corp. be compelled to bear the costs of the litigation.
-V.131. P. 636.
equal to last year, it was stated Aug. 14 by Frank R. Warren, President..
"If the printing trades may rightly be accepted as a barometer of business.
General Motors Corp.
-Salesfor July.
as I believe it to be, then we may look for a decided acceleration in trade in
During the month of July General Motors dealers in the United
the fall months," Mr. Warren stated.
dellvered to consumers 80.147 cars, according to an announcement States terially in the last two weeks. Production "Inquiries have increased mamade
schedules on some of our magaAug. 18 by Alfred P. Sloan Jr., Pres.
This compares with 97.318 in the zines call for a
in size for the fall months and one publicamonth of June and with 147.079 in July 1929. Sales by General Motors tion of nationaldecided increase have the largest issue in its history.
circulation will
manufacturing divisions to dealers in the United States amounted to manufacturers and merchandisers of every type of product there are From
70,716 cars, as compared with 87.595 in June and as compared further with plans for increased fall printing and this leads me to believe that wecoming
should
157,111 in July 1929.
have an active period from Sept. 1 to Feb. 1.
Total sales to dealers. including Canadian sales and over seas shipments,
"One element that has accelerated our business this year has been the
amounted to 79,976 cars, or over 3,300 cars per day, as compared with progress made in color printing at high speed on all grades of paper. Because
97,440 in Ju.e and as compared further with 189.428 In July 1929.
of the demand for such production, we have expended $500.000 for
The following table shows sales to consumers of General Motors cars In high speed presses which will be delivered Feb. 1 and March 1, next. new
All
Continental United States, sales by the manufacturing divisions of General the production of this equipment has been contracted for and this will
Motors to their dealers in Continental United Sttaes, and total sales to represent new business for the company."
-V. 130, p. 4616 2592
dealers, including Canadian sales and overseas shipments:
Hankey Baking Co., McKees Rocks, Pa.
-Bonds OfTotal Sales to Dealers,
United States.
Including Canadian Sales fered.
-Singer, Deane & Scribner, Inc. and Glover, Mae..
Sales to Consumders. Sales to Dealers.
Overseas Shipments.
Gregor & unningham, Inc. are offering at 973. and int.
1930.
1929.
1930.
1929.
1930.
1929.
January...... 74.167
73,989 94,458 95,441
106.509
127,580 $300,000 1st mtge. 6% sinking fund gold bonds (with stook
February__ 88.742 110.148 110,904 141.222
126.196
175.148 purchase
warrants).
March
123.781
166.942 118,081 176.510
135.930
220.391
Dated July 1 1930; due July 1 1940. Free of the Penn. personal property
April
a
142,004 173.201 132,365 176.634
150.661
227.718
tax of 4
-mills. A monthly sinking fund commencing October 1930, is
131.817 169.034 136,169 175.873
147.483
220.277
June
97,318 154.437 87.595 163.704
200.754 calculated to retire approximately 80% of this issue before maturity. Each
97.440
July
80.147 147.079
70.716 157.111
189.428 $1.000 bond will carry a stock purchase warrant, detachable after July 1
79.976
These figures include sales of Chevrolet, Pontiac, Olds, Marquette. 1932, entitling the holder to purchase as long as any of the bonds are outOakland, Viking, Buick. LaSalle and Cadillac passenger cars and trucks. standing, 10 shares of the common stock at $15 per share.
Capitalization- •
Authorized. Outstanding.
-V. 131. p. 929. 796.
1st mtge.6% sink,fund gold bonds (this issue)_
$500,000
$300,000
Preferred stock 7% ($100 Par)
510.000
361,600
Grocery Store Products, Inc.(& Subs.).
-Earnings.
- Common stock (no par)
*500,000 shs. 20,000 abs.
* 5,000 shares reserved for stock purchase warrants at $15 per share.
Consolidated Income Account year or Lesser Periods Ended April 30 1930.
Gross profit from sales (after provision for depreciation)
Data From a Letter of John F. Hankey, Pres. of the Company.
$1,760,060
Selling, administrative and general expenses
1.256,730
Business
.-Company, one of the largest independent bakeries in the
Pittsburgh district, commenced
Profit from operations
$503.330 and has grown to its present sizeoperations in 1920 with a nominal capital
Income charges (net)
x110,217 Since organization, the company mainly through reinvestment of earnings.
has shown a
Interest on 5% convertible gold debentures
102.910 2 modern sanitary bakeries in the Pittsburgh profit in every year. Owns
district, a large dairy farm
nearby from which
Net income
$290.203 factures and sells ait receives daily supplies offresh milk and eggs, and manucomplete line of bakery products of the highest quality.
Profit and loss credit, portion of net profits of partly owned
In addition company owns
subsidiary companies
19,422 on which it contemplates 4;i acres of land with railroad siding facilities
at a future date the erection of a larger bakery.
Company
Total
$309.626 markets eachregularly supplies over 3.000 retail distributors daily and
day approximately 80,000 units including bread, rolls, pies
Dividends on preferred stock of Foulds Milling Co
15.178 and cakes.
Earnings.
-Gross
Surplus for the period
$294.448 since organization. sales and earnings have shown an uninterrupted increase
For the past 534 years earnings available for bond
x Including provision for estimated Federal income tax of $38,825.
interest, after excluding non-recurring expenses averaging $8,901 per year,
Company was incorp Jan. 9 1929 and began operations Aug. 30 1929. have averaged $76,570 annually equal to 4h,' times bond interest after
The income statement covers that period of the company and those of its depreciation.
wholly owned subsidiary companies, Toddy, Inc.. Toddy Sales Co.. Inc..
Times Earned Avail.
Avail.for
Toddy Co. of Can.. Ltd., Toddy, 8. A. (Cuba), Kitchen Bouquet, Inc.,
Gross
Deprecia- Bond
Int. and
After
Taxes
Foul& Milling Co. for the year ended April 3Q 1930; also those of it wholly Yeartion.
Sales.
Interest. Deprec.
Depree.
Dios.
companies, International Toddy Corp. (incorp. Feb. 23 1929- --$1,487.000 $185,100
owned subsidiary
$67.500 $18,000
6.5
$99,600
1929), Edw. H. Jacob, Inc. (Incorp. Oct. 3 1929) and Kennett Square 1928-1,323.000
50.600
119,600
18.000
3.8
51.000
Mushroom Co., Inc. (incorp. Feb. 13 1930). for the periods from effective 1927.._-- 1,336.000
47.700
109,200
18.000
3.4
43.500
dates of commencement of operations. Aug. 22 1929. Aug. 16 1929 and 1926.... 1.267.000
18.000
40.600
117.300
58,600
4.3
Nov. 22 1929, respectively, to April 30 1930.
1925_ ___ 1.049.000
28.300
81.400
18.000
3.0
35,100
Earnings for the first 6 months of 1930, available for bond interest after
Consolidated Balance Sheet April 30 1930.
depreciation, are at the rate of 4% times maximum interest requirements.
LtriotigitsAssets
$270,173 Notes payable
$270.439 It is estimated by the management that earnings for the full calendar year
Cash
1930, available for bond interest, will be at least equal to earnings for the
423,275 Accounts payable, provision
Accounts receivable. less res
year 1929 as shown above.
5,250 for estimated Federal tax,
Cash sum value Maur. policy_
Purpose.
-Proceeds will be used to retire existing Indebtedness,to estab250,975
and accrued expenses
1,008,771
Inventories
678.813 lish additional sales routes and for other corporate purposes.
Invest. In and advances to
Notes Payable. da
Partly owned sub. & affil. ros 1,610.848 8% Pref. stock Fottlds Mill. Co 186,300
Balance Sheet June 30 1930.
Subscriptions for capital stock 838.500 (After giving effect to proposed recapitalization, appraisal of properties
Due from officers & employees
for stock
821,730 5% convertible debentures_ 2.398.300
and refinancing.)
Land, bldgs., and equip
Assetsy4,920,219
x1,583.849 Comrnon stock
LiaottittesAdvertising campaign commit.
294.448 Cash on hand and in bank.61.751 Surplus
$29.636
$93,102 Accounts payable
Secured loan, due Nov. 1 1930
Other deferred charges
0,241
47.787
13,570 Dividend on pref. stock
Accounts receivable, net
Formulae, trade-marks, good27.938
27,984 1.1abIlltley for (lour In transit_
$9.837.993 Inventories
will. arc
Total (each side)
4.004,558
5,515
89.341 Accrued wages, taxes. So.-8,540
9,933 Federal income taxes
After depreciation of $438.100. y Represented by 418,570 no par Value of life insurance, &c
Plant and farm properties
5,272
851,400 Employees' deposits
shares.
-V. 131, p. 947.
Other assets
300,000
41,184 1st mortgage 6s
361.600
7% preferred stock
-Profit in First Half Covers
General Tire & Rubber Co.
100,000
Comtdon (no par)
154,917
Earned surplus
Disbursement for Year.
Surplus arising from appraisal
The company, in the first six months of the present fiscal year. cleared
Total (each stdel
126,856
$1,128,514 of properties, &c
enough profit to enable it to meet regular dividend requirements on both
Note.
-Above balance sheet is after providing among other things for:
common and preferred for the year according to President O'Neil, who says:
"During the first six months of the present fiscal year company produced (a) Increase in authorized capital and exchange of $100 par value common
stock of no par value. b Sale of $300.000 first mortgage 6% bonds, 60
and sold more General time than same period In 1929.
"However, because of reduced prices at which tires are selling, our shares of preferred stock, 2,000 shares no par value Common stock, collecvolume in dollars and cents in the first six months of 1930 was 113.% tion of $15,000 note receivable and application of the proceeds in part to
below last year. Indications are that replacement tire business, in which the payment of mortgages and current liabilities. V.131. p. 797.
company engages exclusively, will be better during the last six months o
Hayes Body Corp.-Earnings.this year than during the first.
s
"This is due largely to the fact that, while we have had some of the hottest
1930-6 Mos,--1929.
PertodEnd.Julg30- 1930-3 Mos.-1929.
weather for many years. it did not arrive until later in the summer than Net loss after deprec..
usual. When It came, it gave a big impetus to replacement sales which
Interest. &c
$279.030 Prof$400.398
$385.768 ProtS84.011
should carry over well Into the last six months of the year.
-V. 130. p. 3552. 2221.
"We are well prepared to take advantage of increased demand, as our
-Earnings.
Subs.).
inventories and our dealers' inventories are considerably lower than at this
Hazeltine Corp. (8c
time last year.
Earnings for 6 Months Ended June 30 1930.
"Introduction of various innovations and experiments in tire merchandis- Income from all sources
$629.328
ing will not alter the established merchandising policies of General Tire. Expenses, depre-lation, legal fees, Federal taxes and allowance
It Is as true as ever that when a buyer purchases a commodity that costs
for uocollertible royalties
285,066
more than El. he insists that he receive with it the personal attention and Amortization of patents
136,740
service that can be given only by independent dealers in business for
themselves."
-V. 130. p. 2781.
Net income
$207,522




AM.23 1930.]

1265

FINANCIAL CHRONICLE

for stock of International Nickel Co. (now Nickel Holdings Corp.) and of
Comparative Balance Sheet.
June 30'30, Dec. 31'29 the Mond Nickel Co., Ltd.
June 30'30. Dec. 3129. LiabilitiesAssets-.
Our usual comparative statement for the three and six months ended
Capital stock____x$3,364,499 $3,290,928 June 30 was published in V. 131. P. 1106.
Pats., Pat. marks,
53,080
31.544
tr.-marks, &c-$2,422,747 $2,539,488 Accts. payable-29,800
43,393
11,850 Fed. income tax12.563
-Integrity Trust Shares Of
Furn.& equipment
Integrity Securities Corp.
164,961
653,458
Investments
fered.-New York London Securities Corp., New York, is
399,307
Notes & accts. rec. 142,828
232,108
189,973
Cash
offering at market (about $9 per share) Integrity Trust
6,286
1.514
Subs. on cap. MXshares (being shares in a fixed bond and common stock
608
608
Rent prepaid
15,897
15,745
investment trust).
Treasury stock___
Tot. (each side)$3,439,436 $3,373,808
3,301
Good-will
Trust shares issued by Bank of America, N. A.. N. Y. City. trustee.
-V.131. p. 280.
x Represented by 175,000 shares of no par value.
Depositor, Integrity Securities Corp., N. Y. City. Each such trust share
not being offered will represent 1-8000th interest in a trust unit consisting
-Earnings. of 100 of America's leading securities as listed below and to be deposited
Happiness Candy Stores, Inc.(& Subs.).
-year period ended Dec. 31
with the trustee. Such securities over the 10
Earnings for Year Ended Dec. 31 1929.
$9,756,531 1929 would have shown an average distribution to the holders thereof of
Net sales
25. 50.
4,822,863 23.57% annually, based on the average price. Denom. of 5, 10,payable
merchandise sold
Cost of
4,068,103 100, 500, 1,000, 4,000 and 8,000 trust shares. Distributions trustee
Store operating, shipping and selling expenses
15. at the principal office of the
1,161,627 semi-annually. Jan. 15 and July
General and administrative expenses, incl. depreciation
in New York, or other designated paying agencies.
Industrial Stocks.
Shares.
$296,062
Railroad Bonas,
Loss on operations
4 Allied Chemiral & Dye Corp.
56.721 $1,000 Atch. Topeka & S. F. 4s, 1995
Dividends, interest and miscellaneous income
1,000 Atlantic Coast Line 151 4s, 1952 4 Air Reduction Co., Inc.
8 American Can Co.
$239.341
1.000 Ches. & Ohio 410, 1992
Net loss for year
8 Am. Radiator & Stand. Sanitary Corp.
Cr89,361
1,000 Lou.& Nastiv. 1st 410. 2003
Surplus Dec. 31 1928
sub. cos. the accounts of which were
Imp.416s,2013 4 American Smelting & Refining Co.
1,000 N.Y. Cent. ref. &
Deficits at Dec. 31 1928 of
4 American Tobacco Co. "B." The
63,417
1,000 Norf.& West, 1st cons. ts, 1996
not consolidated in annual reports
4 Atlantic Refining Co., The
1,000 Nor. Pac. prior lien 4s, 1997
Dividends paid on pref. stock of the Mirror for 3 quarters ended
47,376
1,000 Pa. RR. gen. mtge. 4 Ms. 1965 4 Borden Company, The
Aug. 1 1929
8 E.I. du Pont de Nemours & Co.
2.031,212
1,000 Sou. Pae, let ref. 4s, 1955
Other deductions (net)
1,000 Union Pacific 1st lien ref. 4s, 2008 8 EA:Milan Kodak Co.
8 General Electric Co.
$2,291.986
Deficit Dec.31 1929
8 General Motors Corp.
Public Utility Bonds.
Consolidated Balance Sheet Dec. 31 1929.
1,000 Amer. Tel. & Tel. deb. 58, 1965 4 Ingersoll-Rand Co.
Liabilities
Assets
1,000 Bell Tel. of Pa. let & ref. Sc, 1960 8 International Harvester Co.
$390,829 Notes payable
$5,000
4 S. S. Kresge Co.
Cash
1,000 CM. Gas dr Elec. 1st 4s, 1968
a277,667 Accounts payable & sundry
Notes, accounts receivable
1,000 Illinois Bell Tel. 1st & ref. Is, 1956 8 Liggett & Myers Tobacco Co."B"
accruals
455,652
851,322
Merchandise and supplies_
1,000 New Eng. Tel. & Tel. let 55, 1952 8 National Biscuit Co.
b247,040 Payable to United Cigar Stores
Investments
1,000 Phila. Elec. 1st lien & ref.410,'67 4 Otis Elevator Co.
of Amer.& subsidiary
213,394
Tenement property(the Mirror) 57,587
1,000 Pub, Serv. El. & Gas 1st & ref. 4 Proctor & Gamble Co.,The
"B"
Improvements to leaseholds 1,623,814 Reserve for redemption of
4, R,.1. Reynolds Tobacco Co.
410, 1967
premium certificates
38,457
Plant, furniture and fixtures_ _c1,559,659
4 Sears, Roebuck & Co.
1.000 Western Union Teleg, 5s, 1951
103,298
364,639 Rentz received in advance
Deferred charges
8 Standard Oil Co. of California
Real estate mortgage
35,000
Trade-marks, trade names,
8 Standard 011 Co.(N. J.)
Industrial Bonds.
1,479,436 The Mirror 7% cum. pref. stk. 872,800
good-will, &c
1,000 Amer. Radiator deb. 4145, 1947 8 Standard Oil Co. of New York
Chocolate Products Co. 7%
1,000 Gen, Petrol. Corp. of Cal. 1st 5s 4 Texas Corp., The
non-cum. prof. stocks
70,230
4 Union Carbide & Carbon Corp(
1940
Capital stock
d7,350,152
4 United Fruit Co.
1,000 Illinois Steel deb. 434s, 1940
Dr 2,291,986
$6,851,996 Deficit
Total (each side)
1,000 Liggett & Myers Tob. deb. 56,'51 4 United States Steel Corp.
1,000 Stand.011ot N.Y.deb.410,1951 4 Westinghouse Electric & Mfg. Co.
a After reserve for doubtful notes and accounts of $29,321. b Approxi1,000 Stand. Oil(N. J.) deb. 5s. 1946 8 F. W. Woolworth Co.
mate market value. Dec. 31 1929. $ 63,500. c After reserve for depreciaPublic Utility Storks.
1,000 Western Electric deb. Bs. 1944
-V. 129.
tion of $1,596,821. d Represented by 1,122,088 no par shares.
8 American Gas & Electric Co.
D. 2084.
8 American Power & Light Co.
4 American Telephone & Telegraph Co.
Insurance Stocks.
-Earnings.
Hecla Mining Co.
4 Brooklyn Union Gas Co.. The
Shares.
1930-6 Mos.-1929.
Period End. June 30- 1930-3 Mos.-1929.
4 Columbia Gas & Electric Corp.
4 Great American Insurance Co.
79,778
152.268
78,632
162,013 4 Fidelity-Phenix Fire Insurance Co.
4 Commonwealth Edison Co.
Tons mined
Pounds lead produced-- 14,104,993 15,828,667 28.226,699 30.897,320 4 Hartford Fire Insurance Co.
8 Consolidated Gas Co.of New York
$5.62
$5.40
$6.94
$7.05 4 Home Insurance Co. of New York
Average lead price
4 Cons. Gas, El. Lt. dr Pr. Co. of Balta.
717.325
400,158
Pounds zinc produced
4 International Tel. dr Tel. Corp.
4 National Pre Ins. Co. of Hartford
$4.60
$4.84
Average zinc price
8 Long Island Lighting Co.
4 U. S. Fidelity dr Guaranty Co.
4M_ ,791
393,084
781,232
874 124
Ounces silver produced4 North American Co., The
30.53
$0.36
$0.39
Average silver price
4 Pacific Gas & Electric Co.
Bank Storks.
$649,731 $1,016,652 $1.361.856 81,997,958 4 Bank of America, N. A., The
Gross income
8 Pacific Lighting Corp.
347.238
360,292
702,593
723,493 4 Manhattan Company
Operating expenses
4 Pennsylvania Water & Power Co.
92.000
33,500
78.500
177,500 4 Bankers Trust Co.
Taxes accrued
8 Public Service Corp.of New Jersey
30,823
31,095
59.833
57.609 4 Central Hanover Bank & Trust Co.
4 Southern California Edison Co.
Depreciation
8 United Gas Improvement Co., The
4 Chase National Bank, The
$520,930 $1,039,356 4 Chemical Bank & Trust Co.
$225,106
$546,319
Railroad Stocks.
Net income
4 Atch. Topeka .8 Santa Fe
Earns. per sh. on 1,000.4 Corn Exchange Blink Trust Co.
4 Chesapeake & Ohio Ry. Co.
000shs. of(par 25 cts.)
4 Guaranty Trust Co.of New York
$00.52
$1.04 4 Irving Trust Co.
$00.23
$0.55
capital stock
4 Del., Lack. & Western
4 Illinois Central RR. Co.
-V. 130, P. 3724.
4 Manufacturers Trust Co.
4 Louisville & Nashville RR.Co.
4 National City Bank of New York
4 New York Central RR.Co.
Hedger Transportation Corp.
-Formed to Transport 4 New York Trust Co.. The
4 Pennsylvania RR. Co.
of Boston, The
4 First National Bank
Freight Through N. Y. Barge Canal.
4 Union Pacific RR. (.,('
4 Philadelphia National Bank, The
Articles of incorporation have been filed in Delaware by the corporation
Substittdions.-Each trust unit in this series is required to be kept iden
with a capitalization of 500,000 shares of common stock (no par value).
by the depositor or by the trustee, may be made
The corporation through its subsidiaries and properties to be acquired will, tical. No change, either
when the trustee receives other securities by reason
It is said, be one of the largest factors in the business of transporting freight in a trust unit except(1)
exchange or sale of assets of a
Barge Canal. Its facilities will afford direct of a merger, consolidation, reorganization, the trust in the place of stocks
through the New York
any of whose securities are held in
water connections between Long Island Sound and New York Harbor and company included in a trust unit; (2) when such a company ceases to pay
or
the Great Lake ports. So far as is known it is the only barge canal operator Its bonds dividend on stock or interest on bonds, in either of which cases
usual
handling freight direct from shipside or tidewater, New York, through to
securities involved may, as described in the trust agreement,
Lake ports without transhipment or rehandling at Buffalo or Oswego. It is (1) or (2) the or (3) in the event of the retirement of any bond included in
proposed con- be eliminated; which case the proceeds thereof may be invested in a bond
expected that a public offering of the stock to finance the
1,
a trust unit, in
solidations will be made shortly.
of equal principal amount selected from the remaining bonds comprising
the group from which the retirement took place (1. e., if a railroad bond is
--Earnings.
(George A.) Hormel & Co.
called, the proceeds will be reinvested In a bond remaining in the rialroad
Period End. July 26- 1930-3 Mos.-1929. 1930-9 Mos.-1929. bond group, &c.), thus assuring that a substantial portion of the investment
will always remain in bonds.
Net profit after taxes.
-To this fund will be credited (1) all interest on bonds
Distribution Fund.
$632,923 4922,819 32,096.924
deprec. & pref. dive_ - $372,404
Earns, per sh.00 493.834
and cash dividends on stocks, and (2) the proceeds of the sale of subscripshs. corn. stk.(no par)
$1.86
$4.84 tion rights, stock dividends, split-ups and other non-cash receipts received
$1.46
$0.75
x Does not include market appreciation of $39,562 on unsold inventory. by the trustee on the underlying securities forming trust units which are
-V.130, p. 3725.
required to be so credited by the terms of the trust agreement. Semiannually, on Jan. 15 and July 15,the accumulation for the half-year ending
on the immediately preceding Dec. 31 or June 30. as the case may be, will
Hudson Motor Car Co.
-Dividend Reduced.
of Integrity Trust Shares Series "A." In
The directors have declared a quarterly dividend of 75 cents, payable be distributed to the holderson the distribution fund will be credited to
Oct. 1 to stock of record Sept. 11, thus placing the stock on a $3 annual addition all interest received
the distribution fund.
basis, as compared with a $5 annual basis in effect since the final quarter
-Holders of Integrity Trust Shares Series "A" may reinReinvestment.
of 1927.-V. 131, P. 638.
vest the proceeds of coupons on such trust shares in further trust shares of
the same series at the then current bid price maintained by Integrity
Hudson's Bay Co.
-Investigating Committee.
Securities Corp. upon presenting such coupons or the proceeds thereof to
The company has appointed a committee of independent proprietors con- said corporation with instructions so to invest such proceeds and (or) the
sisting of representatives of well-known trust companies to investigate amount collected on such coupons; but Integrity Securities Corp. reserves
charges made against the board of directors at the annual meeting. The the right to withdraw this privilege at any time.
committee will make its report to shareholders.
-V. 130, P. 4427.

-Merger Off.
International Printing Ink Corp.

-Sales.
Imperial Oil Co., Ltd.
-V. 131. p. 1106.
See Newport C.o. below.
Bales of gasoline by the company for the first six months of 1930 were
-Earnings.
International Re-Insurance Corp.
4% ahead of the same period for 1929, according to Pask & Walbridge.
Stock Exchange. Sales of lubricating oil in the
members of the New York
Earnings for 6 Months Ended June 30 1930.
motor division were about equal to the sales in the corresponding period of Premiums written down
$2,721,808
-V. 130. Other income
last year, but in the industrial division they were 7% lower.
224,715
p. 4252.
Total income
$2,946,524
- Disbursements
International Nickel Co. of Can., Ltd.(& Subs.).
1,912.474
Comparative Balance Sheet.

June 30 '30. Dec. 31 '29.
Assets143,301,489 136,298,358
PropertY
Investments - - 5,060,554 2,910,339
17,630,372 17,109.312
Inventories
Accts.& bills ree 7,021,201 8,487,682
745,675
Govt.securities_
745,675
Call & time loans 3,799,940 13,962,900
2,432,433
Cash
1,998,432

June 30 '30. Dee. 31 '29

Net income
Dividends paid

Preferred stock _1127,627,825 27,627,825
Balance surplus
Common stock_b57,360.542 57,360,542
Debenture stock
Assetsof British subs 7,509,040 7,626,672
1930.
Cash
10-yr. serial 5%
$517,211
Call loans
purch, money
1,500,000 1,500,000 Prem. In course of
notes
collection
786,252
Accts. payable
3,291,580 8,101,325
Tax reserves 3,849,739 3,921,366 Accrued int. rec
76.008
4,615,535
Pref. div. pay
483,473 Securities
483,477
Insurance, conLoans
2,027,550
tingent & 0th.
Equity in home
4,503,721 3,937,797
office building
reserves
275,000
Capital surplus_ 48,433,837 48,428,731
Tot.(ea.side) 179,557,664 181,946,699 Earned surplus_ 24,997,902 24,958,970
a Redeemable at the company's option at any time on or after Feb. 1
1934 and issued or issuable in exchange for stock of International Nickel
Tot.(each side)_88,297,556
Co. (now Nickel Holdings Corp.) and of the Mond Nickel Co.. Ltd.
b Represented by 13,758.208 no-par shares issued or issuable in exchange -Nr. 130, P. 4428, 1662.




$1,034,050
75,000
$959,050
Balance Sheet June 30.
Liabilities
1929.
$1,806,594 Accrued commismissions, taxes &
100.000
other liabilities..
362,749 Insurance reserves
49,974 Reserve for deprec.
2,775,836 of building
1,177,100 Res. for unearned
premium
275,000 Reserve for losses_
Res. for diva. to
stockholders - - _
Contingent yes_ _
Capital stock
$6.547,254 Surplus

1930.
$347,342

1929.
$145,882
2,010,947
4.530

1,583,878
1,169,331
75,000
500,000
1,500,000 1.500,000
3,122,005 2,885,895

1266

FINANCIAL CHRONICLE

Intercontinental Rubber Co.(& Subs.).
-Earnings.
8 Mos. End, June 30- 1930.
Profit from operations - $22,672
Int. earned & other
sundry income
47,180

1929.
$38,971
78.724

55,092

54,732

Total
Gen.sales exp.& miscell.
taxes
Depreciation
Est. U. S. & foreign inc.
taxes

$69,852

$117,695

$464,027

$6576,507

89,126
72,000

103,415
72,000

77,587
69.999

85.983
65,500

38,000

58,970

1928.
$408,935

1927.
$521,776

Net loss
Surplus Jan, 1

$91,273
1,008,844

Total surplus
Less dividends paid-

$917,571 $1,039,039 51,326.333 $1,362,846
148.815
297.280

$57,720 sur$278,439 sur$366,054
996,792
1,096,759
1,047,894

[voL. 131.

Comparative Balance Sheet.
AssetsJuly 12'30. July 13'20. LiaMlitiesJuly12'30. July 13'29.
Capital assets---x$2,299,012 $899,880 Common stock--y54,240.(00 $4,240,000
Good-will
1
1 Letters of credit &
Inventories
1,347,649 1,755,125 acceptances...... 238,841
248,300
Plant & gen. office
Accts. pay,sundry
building fund
91,328 1,250,058 accrued and unAccts.& notes rec. z316,993
261.979 claimed pref. day 115,202
193.412
Investments
1,998.973 1,337,913 Federal taxes
219,570
200,356
Trust funds
92,589
72,894 Reserve for conting 197,945
94.146
Cash
572.080
712,720 Sundry accruals
285,803
171.977
Com. stk. held for
Surety deposits._ 92,589
72.894
employees
138,914
145,777 Surplus
2,184,302 1,800,710
Deferred charges
713,813
783,499
Total
57,572,253 $7,019,846
Total
$7,572,253 $7,019,846
After depreciation of $663.862. y Represented by 280.000 shares nopar value. z After deducting $90,468 reserve for doubtful accounts.
Note.
-Contingent liabilities for letters of credit issued against coffee on
contracts, not shipped at July 12 1930, $81,102.-V. 131, p. 1107, 798.

Surplus at June 30---- $917,571 $1,039,039 $1,177,518 $1,065,566
Consolidated Balance Sheet June 30.
Kaynee Company.
-Earnings.
AssetsLiabilities1930.
1929.
1930.
1929.
Year Ended June 30Land, plantations,
1930.
1929.
Capital stock _ -05,960,040 55,960,040
3219.452
‘kc
5257,379
40,050
y54,930,467 54,587,521 Drafts payable...
43,256 Net profit
Pats.,trade names,
11,015
Accounts payable46,976
61,631 Other income
9,884
&c
128.703 U.S.& foreign tax.
128,703
10,303
Total income
Cash
$230,467
143,426 Sundry reserves-82,133
$267.263
81,271
81,936
Preferred dividends (7%)
loans
Call
2,000,000 Minority int. In
30,567
33,033
Common dividends (25%)
Market securities- 1,396,387
sub. co
124,875
124,750
6,000
Accts. & trade acRes. for prop. val_ 299,727
299,727
Balance,surplus
cept. reedy_ _ _ _
57.899 Surplus
94.382
$75,025
$109,480
917,571 1,039,039
Previous balance
304,126
385,856
Inventories
531,810
422.330
Advances & claims
Profit and loss surplus
120,833
-less reserve.__ 112,109
5606,836 $ 531,811
Earns, per sh. on 50,000 sh.s. corn. stk. outstanding
151,038
Prep. & def. chgs_ 220,543
$4.00
$4.68
Treasury stock.
1,720
1,720
Tot.(each side).$7,352,301 57,495,268
Condensed Balance Sheet June 30.
x Represented by 596,004 shares no par value. y After deducting
Assets1929,
1930.
Liabilities1929.
1930.
$955,652 reserve for deprec. and amortization.
-V. 130, P. 4061.
Land, buadings,
Preferred stock__ $433,900 $465,000
equipment, &c_ 0496,176 $517,898 Common stock... 500,000
International Salt Co.
500,000
-Dividend.
5,429 Acc'ts & notes pay. 178,997
327,497
The directors have declared an initial dividend of 75 cents per share on Cash & Govt.secur. 130,033
573,527 Accrued liabilities_
56.945
the new,(no par value) common stock, payable Oct. 1 to holders of record Accts.rec.(less res.) 553,671
58,033
708,753 Dividends payable
471,471
38,812
39.325
Sept. 15. Three months ago a dividend of $2 on the old common stock Inventories
Surplus
711,901
641,882
(par $100) was declared against $1.50 previously. In June the company Pref. divs. guaran34,757
34,757
tee fund
split the stock three-for-one and offered additional new share at $36 for
148,795
Other assets
178 381
each three shares of new stock held.
-V. 131, p. 948, 638.
Good-will, &c_ 1
1
International Wireless Communications Corp.- Deferred assets... 56,065
42,577
Total(each side) 51,920,556 52,031,737
z After depreciation.
-V. 130, p. 1663, 296.
Receivership.
Receivers have been appointed in Federal Court at Buffalo for the
-Earnings for Siz Months
Kelly Springfield Tire Co.
corporation. The M. & T. Trust Co. of Buffalo was named primary re-Suit.
ceiver with power to take over all books and assets of th eencern and Ended June 30 1930.
Samuel Howard, of Chicago, secondary receiver.
Net loss after all charges, incl. deprec. and int, but before the
Judge John R. Hazel, who appointed the receivers, also enjoined Interwriting down of inventories to market as of June 30
$587.610
national creditors from filing suit against them.
Total current assets as of June 30 1930 amounted to approximately
$13,460,000, including $1,100.000 cash, against current liabilities of $2,315,Interstate Equities Corp.
-Earnings.
000. Inventories of raw material were written down to cost or market,
whichever was lower on June 30, and for this purpose approximately
Earnings for Period from July 29 1929 to June 30 1930.
$101,000 was charged against the inventory reserve set up on Dec. 311929.
Interest received on:
Finished goods and goods in process were valued at cost in accordance
Call loans
$469,187
Bank balances, &c
97.475 with the usual practice of the company.
Bonds
137,899
has
Syndicate advances
60,298 in The company Thefiled suit against the Government to recover $1,057,342
back taxes.
refund on
Cash dividends received on stocks
317,8:38 fact that the company made taxes paid by the company is based on the
expenditures during the war amounting to
Profits on syndicates closed out
166,146 several million dollars to
fill Government contracts.
-V. 130, p. 1450.
Proceeds of sales of stock dividends
4,705
Total income
$1,253.548
Knapp-Monarch Co. St. Louis.
-Dividend Omitted.General & administrative expenses
170,714
The semi-annual dividend ' cents per
Provision for taxes
25,000 common stock (no par) has of 50 omitted. share due at this time on the
been
-V. 129, p. 643.
Profit for the period
$1,057.834
Preferred dividends
533.942
Lago Oil & Transport Corp.
-Approves Merger.
Balance surplus
$523.892
See
-V4:131. IL
The report contains a list of securities held in portfolio as of Juno 30 1930. 485; V.Pan-American Petroleum & Transport Co. below.
130, p. 4253.
Balance Shed June 30 1930.
Assets
Lake Shore Mines, Ltd.
-Extra Dividend:
$1,520,962 Secured demand bank loans-- $2,000,000
Cash
The directors have declared an extra dividend of 30c. a share, together
Investments(at book value)-316,912,753 Accounts payable, incl. prowith the regular quarterly dividend of 30c. per share, both payable Sept. 15
Corp. $3
Interstate Equities
vision for taxes
75,888 to holders of record Sept. 2. An extra dividend of 20c.
699.293 33 cum.cony. pref.stock__..d12,500.000 In Sept. 1929 when the regular quarterly disbursement per share was paid
pref. stock
was also raised from
Participations in syndicates,
Common stock
e6,250,000 20c. to 30c. per share.
-V. 129, p. 3334.
advances, &c
138,450,597 Surplus
86,773,892
Accrued interest & dividends
Lake Superior Corp.
-Plans Delayed.
c16,176
purchased
Total
527,599,781
The Montreal "Gazette" Aug. 14 had the following: Frank B. Common,
a Market value, $15,210,157. including $2,543,390 pledged against A.C.,Pres. and Alex. Taylor, Vice-Pres. & Sec., have just returned from
loans. b Including $535,560 pledged against demand loans. London, where they conferred with the bondholders of Algoma Central &
demand
c Does not include accrued interest and dividends receivable at June 30 Hudson Bay Ry. and Algoma Central Terminals regarding the consumma1930 aggregating $146,293. d Represented by 250,000 no par shares. tion of an agreement which would clear che parent company of the guarantee
e. Represented by 1,250,000 no par shares. f Includes $6,250,000 paid on the bonds.
For one reason or another,formal action by the bondholders
on the agreement, which was ratified by Lake Superior stockholders last
in surplus.
Note -Warrants have been issued to holders entitling them to purchase year, has been deferred, thus holding up contemplated new financing by
16,454 shares of common stock at $20 per share at any time up to and in- the parent company to raise funcLi for plant expansion program. Under
the agreement, the bondholders would receive 40% of the sharc capital of
cluding Dec. 31 1931.-V. 129, P. 3809. 3644.
Algoma Steel and 20% of the common stock of Algoma Eastern Ry.-V.130,
Investment Co. of America.
-Earnings.
-p.2978.
6 Months Ended June 301930.
1929.
interest & Federal taxes
Net profit after
$685.403 $1,036,802
Lawyers Mortgage Co.
-Loans.
-Shares common stock outstanding (no par)
137.827
111.100
Mortgage loan aggregating $10,928,425 were accepted by
Earnings per share
33.45
$7.45 at the August meeting of the executive committee. This total company
has been
-V. 130, p. 3553. 2977.
exceeded during the current year only in April and June according to Richard
-Corporate Changes.
Kinner Airplane & Motor Corp.
- M. Hurd, President.
An
The stockholders have been requested to aprove changes in articles of is theimportant feature of the loan activities of the company this month
inclusion of $5,605,000 of ouilding loans. This amount exceeds
incorporation that will permit a broader development. The proposed the total of
all building loans accepted
changes are;
is equal to 40% of all such loans taken during the first quarter of 1930 and
for the first six months period. ..1
(1) Change in par from $1 to no-par and exchanging each 10 shares of
Building
Present $1 par for one no-par share; (2) adding the word "limited" to name ceived 61% and permanent loans on Manhattan and Bronx properties reof the total or $6,988,000. Building loans in Manhattan Include
so as to limit liability of stockholders; (3) permitting company to own stock the
following: $635,000 on 18-story and pent house apartments. 40-44 West
of other corporations. The assent of two-thirds of the stockholders is 86th
St.; 3700.000 on 12-story and pent-house apartments, 327,43 East
necessary.
53rd St.:
Officials state that the changes will facilitate the future expansion which 85th St. $350,000 on 12-story and pent house apartments, 102-104 West
may result in making application to list on New York Curb.
-V.131, p.949.
The remainder of all loans accepted were
Brooklyn,
51.746,275 or 16% of the total: Queens and divided as follows: or 10%;
Jewel Tea Co., Inc.
-Earnings.
Nassau. 81.107,000
Westchester, $1,086,750 or 10% Building loans in these boroughs were
28 Weeks Endedas follows: Westchester, $780,000, Queens
July 12 '30. July 13 '29. July 14 '28. July 16 '27.
:
and Nassau. $6635,000; Brooklyn.
Net sales
$8.574,681 $9,055,287 38,440,873 37,737,212 $425,000.-V. 131, p. 281.
Cost of sales, exp.. depredation, Am
Liberty Dairy Products Corp.
7,159.202
7,763,406
8,315,830
7,688,660
-Merger Approved.
The stockholders, Aug.
Operating profit
$578.010 Creamery Co. will take over18, approved the terms on which Beatrice
$677.467
$739.457
$886,021
the assets and business of the company. The
Other income
79.179 acquisition will be effected through an exchange of one share of Beatrice
171.255
118,420
122,641
preferred stock for each share
and one share
Dairy
Total income
$657,189 Beatrice common for each 3,4 of LibertyLibertypreferred,outstanding. of
$910,712
8795.886
81,008,662
common
Res.for Federal taxes_ _ _
88,720
The company has declared a shares of dividend of one share of Beatrice
109,285
95,506
121,039
, liquidating
Creamery common to be paid Sept.
every four shares of
Net profit
8568.468 common stock of record Sept. 10. A 25 to holders ofdividend will be paid
$801,427
$700,380
3887.623
final liquidating
Previous surplus
1.239,311 about Feb. 18 1931.
1,849,146
1,704,314
1.991.110
The Liberty Dairy first and second pref. stock is exchangeable for Beatrice
Total surplus
$2,878,733 $2,505,741 $2,549,526 $1,807,779 Creamery preferred on a share-for-share basis until Sept. 6. Any pref.
Preferred dividends_
(5%)126,525(17)4)525,000 stock not exchanged will have to be redeemed by Liberty through the sale of
Common dividends
some of the remaining Beatrice common
358,298
694,431
530,000
stock.
Stock dividend
reserves for accounts receivable, 1,400 shares Pending the adjustments of
x120,000
of
Divs. rec, on treas. stock
Cr.62,125 are being held in escrow. On these factors will Beatrice Creamery corn.
Prem. on pref. stock,
final distribution which will bring the total to depend the amount of the
about one share of Beatrice
purch., &c
27,269 common for every 3% shares of Liberty
52,091
common.
-V. 131, p. 1107.
Recap. expenses, &c__
55,030
Reduc.ofgood-will
Louisiana Oil Refining Corp.
119,999
-Filling Stations.
The corporation added 56 controlled filling stations to its chain during
Profit & loss surplus.- $2,184,302 $1,800,710 $1,892,614 $1,317,634 the month of
July, bringing the total of owned. optioned,
Earns. per sh. on 280,000
trolled stations as of July 31 to 983, not including 150 bulkleased and constations. The
(no par) shs
Y31.39 company is planning further expansion
Y$1.90
$33.17
y$2.70
of its retail marketing division in
x 75% of 160,000 shares outstanding at assigned value of $1. y Based Its campaign to
further
now
on present share basis but after allowing for pref. dividends.
tion, pipelines, refining integrate its activities, which 1107,embrace producand marketing.
-V. 131, p.
949.




AUG. 23 1930.]

1267

FINANCIAL CHRONICLE

Los Angeles Investment Co.-Bal. Sheet June 30.1929.
1930.
1929.
1930.

-The above figures include Cia Internacional de Petroleo y OleoNote.
ductos, S. A.in 1930, but excludes that company in 1929.-V. 130. P.3891,
3555.

S
Liabilities$
$
5,000,000 5,000,000
Capital stock
-Plant Expansion.
Michigan Steel Corp.
1,457,203 Accts. and comisThe corporation has completed the erection of steel work for plant
22,280
16,474
Mons Payable
6,860 expansion at its mill at Ecorse. Mica., it has been announced. Con5,674
Accrued payrolls
30,390
plant will
.
400.000 struction of the new units at the Michigan Steel savings in completely
55,865 Notes payable_ _ _ 425,000
production
modernize the mill and not only effect substantial
Gold notes, home
costs, but result in further perfection in the quality of output, it is stated.
maker notes &
205,609
-V. 131. p. 1108, 950.
85,748
68,775
etts.er dirs. pay..
5,173,451 Mtges. payable M.t
193e
Mid Continewn3t0. Petroleum Corp.-Bal. Sh0e June 30.
ourned & interest
1929.
199.
1
152,549
884,200
thereon
952,498
$
Liabilities$
AssetsS
2,646
2,249
Deposits on rl. est_
x Property acct._ _60,102.829 61,543,657 Common stock_ _y55,261.652 55.261,652
1,654,702 Dep.in tr.& escrow
483,215 Accounts payable_ 2,027,251 1,963,466
1,218,662
Investments
23,245
accounts
371,810
8,831,473 7,456,266 Accrued Int., &c.._ 330,200
625
800 Cash
118,116 Adv.rental dep.rec
1,500,000 Federal tax
35,589
80,305 Loans302,000 161,058
Res. for Inc. tax
150,000
14,964
3,489 Notes & accts. rec_ 3,007,611 3,891,240 Fed,tax reserves
2,050,885 Accrued Interest
928,213
pay......
602,134 Restricted surplus. 1,485,259 1,485,092 Ref.& crude oil_ __10,019,018 8,341,370 Corn. divs.Items
887,774
655,004
.
10,815 Earned surplus__ 5,024,409 5,089,269 Material & supp__ 1,996,663 2,210,499 Def. credit
26,979,885 26,411,519
559,245 Surplus
Deferred items_ _ _ 529,736
12,983.833 12.311,669
Total
12,983,833 12,311,669
Total
85,705,992 85,985.492
Total
Total
85,705,992 85,985,492
x After deducting $135,585 for depreciation of buildings y After dex After depreciation and depletion y Represented by 1,857.912 shares
ducting $107,801 for depreciation -V 131, p 1107
of no par value.
Our usual comparative income account for the three and six months
-Acquisition,
Lyric Radio Corp.
ended June 30 was published in V. 131, p. 1108.
See All-American Mohawk Corp. above.

$
AssetsOper. & inv. real
x1,538,646
properties
Cash on hand & on
21,039
deposit
48,909
1VIaterials & suppl_
Accts.,notes &am.
232,285
int. receivable
Mtges., tr. deeds &
sales contracts 4,982,435
Stks.& bds. owned
(0th than of subs 590,023
Unsold real estate
& Improvements 3,095,039
Porn., mill mach'y
y112,898
&c
Inv. in subs. (at
2,055,885
cost)
Net adv. to subsid. 257,630
Deferred charges
.
49 044

McKesson & Robbins, Inc. (Md.).-Com. Div. Reduced.

The directors have declared a quarterly dividend of 25c. on the common
stock, placing it on a $1 annual toasts against $2 previously. The regular
quarterly dividend of 873ic. on pref. stock also was declared. Both dividends are payable Sept. 15 to holders of record Sept. 5.
A statement issued by the company with respect to dividend action said:
"Earnings for the first six months show that the above dividend rate was
earned in spite of the severe business depression and substantial advertising
expenses.
"The executive committee of the board of directors feels, therefore, that
the establishment of such a dividend is in line with present conditions, and
therefore to the best interests of its retail customers and stockholders as it
will permit the company to continue the policies of liberal advertising expense for its dealers and developing its facilities further for their service
which in the end will be more productive."
Net profits for the six months ended June 30 1930. were $1,457,715 after
interest, taxes and all charges, compared with $1,962,933 in the first six
months of 1929.-V. 131, p. 639.

-Earnings.
MacMarr Stores, Inc.(& Subs.).

Earnings for Six Months Ended June 30 1930.
Sales
Net income after depreciation, interest, &c
Provision for Federal taxes

$43.534,770
695,565
75,039

Net Profit
Dividends on preferred stock

$620,526
286,583

Balance available for common
Earned per share on 772,554 shares of common stock outstand'g
-V. 131, p. 1107, 950.

$333,943
$0.43

--Earnings.
(H. R.) Mallinson & Co., Inc.(& Subs.).
6 Mos.End. June 30- 1930.
Net operating income_ _loss$251,618
19,520
Other income

1929.
Icss$4,981
21,555

1928.
$646,114
14.148

1927.
$237.652
40.827

loss$232.097
Total income
79.216
Depreciation
13,863
Bad debts charged off1.500
Other deductions
47.609
Interest paid
Federal taxes
43.865
Divs. on pref. stock

$16,573
80.861
22,751
4,666
41,085

$660.262
88.248
26,562
4,008
20.780
est.60,500
58.709

$278,479
74.270
18,307
39.691

3401,454

$58,827

15.745
3,202.283
5,939

9.498
2,899,120

51,429

loss$418,151 losr$184,219
Balance,surplus
Profit through purchase
10,678
1,000
of preferred stock _ _
3,167,520
Previous surplus
4,029,756
Ref. of Fed. inc. tax....
Total surplus
Sundry adjustment

19.750
67,634

$2,760,047 $3.846,537 $3,625,422 $2.967,445
Cr3,115
Dr960
Dr5,880

Profit & loss surplus.... $2,763,163 $3,845.577 $3,625.422 $2.961,565
Earns. per sh. on 200,000
Nil
Nil
$2.01
shs. of no par com.stk.
$0.29
Consolidated Balance Sheet June 30.
Liabilities1929.
1930.
1929.
Assets1930.
_ _ x$1,284,600 $1,471,900
Pref. stock,
Real estate, equipments, &c____x$2,344,414 $2.459,450 Common stock (no
308,794
Cash
352,551
100,000
par value)
9500,000
Notes receivable
1.266
3,314 Notes payable._
1.300,000 1,110,000
Inventories
2.713 602 3,556,576 Accounts payable
Accts. receivable y 955,266
326,990
954,157 & accrued accts_ 330,425
Securities
63,338
238,900
429,456
76,987 Foreign drafts, &c
Insur. surr. value_
56,970
48.394 Surplus
2,763,161 3,845.577
Accrued Interest__
898
954
love,. Om res.)..
45,562
45,561
Deferred charges__
73.711
Tot.(each side)_56,607,642 $7.533.368
79.235
x Real estate and mill buildings, 61,602,936; machinery and equipment,
12,521,361; less depreciation, $1.779,883, leaving $2,344,414. y Accts.
receivable less allowance for bad debts and discounts. z Authorized,
$10,000,000; unissued, $7,000,000; issued, $3,000,000: acquired for sinking
fund, 111,040,600; hold in treasury, $674,800. a 200,000 shares, no par
-V. 130, p. 3727.
value.

Miller Coal Co.
-Receivership.

Immediately after three creditors with claims totaling $280,809 had instituted involuntary bankruptcy proceedings against the company, which
operates a leased mine in Portage, Cambria County, Pa., Judge Dickinson,
of the U. S. District Court at Philadelphia, Aug. 14 placed the affairs of the
company in the hands of John C. Forsyth, as receiver.

-Organized by Tide Water AssoMission Securities Co.
ciated Oil Interests.
-The following is taken from the New
York "Times" of Aug. 17:

The Mission Securities Go. has been formed under Nevada laws with
nominal capitalization as a holding organization for the 1,076,000 shares
of common stock of the Tide Water Associated Oil Co.. which was recently
purchased by Bancamerica-Blair interests, and executives of the Tide
Water Associated Oil Co. from the Standard Oil Co. of New Jersey.
The Mission Co. has contracted to buy for $21.47 a share, payable in
three instalments, the Tide Water Associated stock bought from Standard
of New Jersey on June 2. The first instalment was paid when the Nevada
company signed the agreement to purchase the stock. The succeeding
instalments are payable on June 1 1931 and June 1 1932.
The investment, at the price named,is $23,101,720. Officers of the new
company represent directly the officials of the Tide Water Associated Oil
Co. and their friends.
Merger negotiations between the Sinclair Consolidated Oil Corp. and
the Tide Water Associated Oil Co. have been going on for more than five
months. It is believed that it is Sinclair's plan to consummate the merger
with the Prairie Oil & Gas Co. and the Prairie Pipe Line Co. and then to
proceed with plans for acquisition of the Tide Water Associated Oil Co.
Standard of Now Jersey received its holdings in Tide Water Associated
through an exchange of its stock in Tide Water Oil Co. when Tide Water
Oil & Associated Oil were consolidated in 1926. The New Jersey company
held about 40% of the common stock in the old Tide Water Co., which
was reduced to about 20% in the consolidated company.
The reason for the sale of this stock by the Standard Oil Co. never has
been given, but in some quarters it is believed the stock was disposed of
in order that the New Jersey company could consummate a merger with the
Standard Oil Co. of Calif. in the event that the proposed merger of Standard
Oil of New York and the Vacuum Oil Co. finally is approved by the Federal
courts. The holding of such a largo block of Tide Water Associated stock,
it is asserted, might prevent a merger of these companies.

-New Pipe Line Co.
Missouri-Kansas Pipe Line Co.

Incorporation papers for the Panhandle Illinois Pipe Line Co., which will
build and operate the Missouri-Kansas Pipe Line Co.'s line across Illinois,
have been filed at the Secretary of State's office. The Panhandle Illinois
Pipe Line Co, will have a paid-in cash capital of $1,000,000 and will be a
wholly owned subsidiary of the Panhandle Eastern Pipe Line Co., which
in turn is a subsidiary of the Missouri-Kansas Pipe Line Co. The Illinois
company,it is stated, will operate in Illinois and in adjoining States. The
-Kansas Pipe Line Co. is building a 1.250-mile pipe line to extend
Missouri
from the Panhandle fields of Texas to Indiana. and serving communities
-V. 131, p. me.
and industries along the route with natural gas.

-Earnings.
Mohawk Carpet Mills, Inc.
6 Months Ended June 30Gross profit
Cost of sales, &c

1928.
1930.
1929.
Not
f
1511,506,025 59,164,683
1 Available 1 8,641,161 x7,579,929
$1,718.029 $2,864.864
1,091,016
1,969,860

Trading profit
General and selling expense

$1.584,754
See x

$1.773,846 $1.584.754
11,455
10,784

Balance surplus
Other income

def$251.831
39,286

Total surplus
Interest
Depreciation
Taxes
Miscellaneous charges

def$212.545 $1,785.301

Net profit
Common dividends

def$497,827 $1,400.774 $1,039,388
900.000
450,000

290,849
285,282

93,677

$1,595,537
15,917
291,556
248.676

$500,774 $1,039,388
def$947,827
Balance surplus
Earns, per sh. on 600,000 shs, cap.
Nil
$2.33
$1.73
stock (no par)
-Surplus Jan. 1 1930, $7.792.964: deficit for 6 months
Surplus Account.
1930 (as above), $947.827: additional reserve to reduce inventories to
-Stock Dividend.
(B.) Maneschewitz Co., Cincinnati.
- market prices at June 30 1930, 5359.151;surplus June 30 1930. 56,485.986.
The directors have declared a stock dividend of 1% in addition to the x Includes general selling expenses.
regular quarterly cash dividend of 45 cents per share, both payable Sept. 1
Balance Sheet as at June 30.
to holders of record August 20. Like amounts have been paid quarterly
1930.
1929.
1930.
1929.
since Sept. 3 1929.-V. 129, P. 2398.
Liabilities$
Assets$
.'.
628,562 Accounts payable_ 1
564,396
Cash
Marchant Calculating Machine Co.
-Earnings.
IP:2686 1,270,088
Accts. receivable 2,318.709 3,995,855 Bank loans
1930.
1929.
Six Months Ended June 30Res. for Fed. taxes
68,725
Inventories
8,022,761 9,044,940
115,052
$1,045.071 $1,244,983 Employ.stk. acct. 170,000
taxes & am.
Other. 294,852
Net sales
606,141
126,494
Profit after charges but before Federal taxes
285,590 Investments
33,000 Res. for conting__ 135,000
33,000
2980.
stock pur-v. 130, P.
288,450 Employ,
Prepaid expenses
235,607
chase liability-- 234,490
Property, plant &
-Dividends.
Mesta Machine Co.
eq., IM9 deprec_13,035,641 12,232,418 Cap. stk. (600,000
have declared a quarterly dividend of 50 cents per share on
shs.(no par) _ _ _15.000.000 15,000.000
The directors
the common stock, placing that issue on a $2 annual basis, payable Oct. 1 to
Tot.(each side 24,380,312 26,223,226 Surplus
6,485,986 8,594,278
holders of record Sept. 15. In previous quarters,regular quarterly dividends -V.130. p.4254.
-V. 131, p. 799.
of 40 cents and an extra of 10 cents were paid.

-Earnings.
Mexican Seaboard Oil Co.(& Subs.).
1930-6 Mos.-1929.
Period End. June 30- 1930-3 Mos.-1929.
$694,454 $1,794,318 $1,363,701
Gross operating revenue $845,597
894.768
427,086
613,936
348,213
Operating expenses
Operating profit
Other income

$418.511
14,760

$346,241
9,286

$899,550
35,428

$749,785
19,383

Total income
Deprec. and depletionInterest
Drill expend.res., &c

$433,271
41,042
3,738
114,364

$355,527

$934,978
82,921
8,054
278,337

$769,149

$565,666

x$14,488

$0.45

Nil

99,377
267,606

$274,127 xdef$11,458
Profit_ x
Earns. per sh. on 1,244,383 shs. capital stock
Nil
$0.22
(no par)
x Before providing for depletion reserve.




196,205
558,456

Mother Lode Coalition Mines Co.
-Earnings.

6 Mos Ended June 301930.
1929.
Net profit after cred. value of silver contents &
deduct, taxes but before depree. Sc depletion_ __ _
$249,918
$276,529
Total production for six months of 1930 of copper in concentrates
direct shipping ore was 4,794,829 pounds. Not profit is based uponand
5,233,475 pounds sold, after crediting value of silver contents.
-V. 130.
p.4254, 3891.

National Battery Co.
-Earnings.
Years End. June 30Net profits
,
Interest charges (net)_-_
Federal income tax
Insurance adjustment_
Oper. loss of sub. (sold).

1930.x
$544,416
3,691
60.200

1929.
$507,087
10.632
60,194
Cr49,807
219

1928.
5407.864
20,151
53,120
26,407

14.401

Net profit
3480.525
x Includes subsidiary company.

5485,848

5308,186

$355,102

1927.
5439,980
14,029
56,428

1268

FINANCIAL CHRONICLE

[vol.. 131.

Balance Sheet June 30.
Fortunately, our wood distillate plants
a net
Assets-this year. The average prices received byhave shownoutput profit so far
Liabilities1930.
1929.
1929..
1930.
us for our
Cash
$155,226 $224,437 Accounts payable. $161,677 $232,358 to June 30 1930 were $2 per trade barrel of rosin and 10 cents from Jan. 1
per gallon of
Accts. & notes rec. 241,030
321,709 Accruals
50,098 turpentine less than the average prices received during the period of five
13,095
Inventories
years prior to this year. An increase of $1 per barrel in the
853,016
888,990 Prov. for Federal
Prepaid expenses.would amount to $400.000 a year additional profit and an price of rosin
33,190
Income taxes._ _
18,067
68.895
60.912
increase
Nat.Batty BroadDivs, on pref. stk.
22,000 cents per gallon in the price of turpentine would amount to $200,000 aof 10
19.443
year
• casting Co.
additional profit on our output. We believe that prices have
(MM.
Pur, money obllg_
15,084
reached about
W company)
their lowest level and we feel that it is not too optimistic to
11,541 Res. for workmen's
hope for an
Investments, slow
compensation ...
6.503 early improvement.
2,134
receivables, &c_
51,137
Success has attended our efforts in research to find new
42,512 Cum. convertible
Plant & equipment 669,119
470,956
preference stock 815,014 x922,197 to which to devote some of the output of plants of the wooduses and products
distillate division
Organization exp._
12,115
15,805Common stock _ _ _ 518,350 y425,000 Commercial exploitation of the results of this work will shortly commence.
Paid-in surplus-...
74,151
83,680 These developments will provide additional outlets for our production
Tot.(each side)_ 52,014.893 $1,994,017 Earned surplus_ _ _ 335,034
203,287 add materially to the sales value and the profitableness of our products. and
The results and business of the dyestuffs and chemical
x Represented by 35.351 no par shares. y Represented by 89.049 no
division of the
company during the first half of this year were satisfactory.
par shares.
-V. 131, p. 487.
of new products added to the company's line so far this yearThe number
exceeds
performance of any corresponding previous period. Among them the
National Bond 8c Share Corp.
-Dividend No. 2.
are
important specialties and
The corporation has declared a second dividend of 25 cents a share on its exists. Present prospectspatentable dyestuffs for which an active demand
indicate the continuance of profitable operations
capital stock payable Sept. 15, to holders of record Sept. 2. A dividend of for your company
during the second half ot this year.
-V.131. p. 951.
like amount was paid last June.
-V. 130, p. 3729.

National Cash Register Co.
-New Machine.
-

The first multi-denomination mail meter perfected by the company
has been approved by the Post Office Department. The new machine is
capaole of stamping in one operation a single postage impression of any
value from one-half cent to $9.99,34 postage by its special device. It is
especially adapted to mailing parcels varying in weights and zone destinations.
-V. 131. P. 800.

National Harris Wire Co., Inc.
-New Director.
-

Paul E. Heller, President of Holler Brothers, of Newcomerstown, Ohio,
and Newark, N. J., has been elected a director.
-V. 130, p. 4065, 3556.

National Refining Co.
-New Directors.
-

New Quincy Mining Co.
-Off List.
-

The New York Curb Exchange announced August
the First National Copper Co. and of the New Quincy16, that the stocks of
Mining
removed from trading privileges. It is understood that the Co. had been
was dropped from the list because the company discontinuedformer issue
its transfer
office here. Trading in New Quincy Mining stock was discontinued
because its directors voted recently to assess stockholders, and only nonassessable securities are dealt in on the Curb.

New York Rio & Buenos Aires Lines, Inc.
-Sale.
-

See Pan-American Airways System below.
-V. 131, p. 952.

New York Title & Mortgage Co.
-Business

Increases.
Frank H. Littlefield of Continental Oil Co. and Walker H. Nye, Jr. of
The company August 17 announced an increase in
Dustin, McKeehan, Carter, Merrick & Stewart, Attorneys, have been for the first seven months of 1930, as compared with its mortgage business
the seven preceding
elected directors.
-V. 130. P. 1293. 635.
months. The business written, in terms of fees, has increased 54%. The
loans which total 882.892.347, are 13% above the total of the seven
months
National Securities Investment Co.
preceding, and sales of guaranteed mortgages and certificates are
-Earnings.
22%
ahead.
-V. 130, p. 4620.
Earnings for 6 Months Ending June 30 1930.
Profits from sale of securities, &c
$1,637,305
New York United Hotels Co.-Pref. Div. Deferred.
General and administrative expenses
43,670
The
Dividends paid on pref. stock
570,750 at this semi-annual dividend of $3.50 per share on the preferred stock due
time has been deferred.
-V. 130, p. 4620.
Net income
$1,022.886
Ohio Oil Co.
-Listing, &c.
Previous surplus
6,117.943
The New York Stock Exchange has authorized the listing of:(a)
shares common stock (no par value) on official notice of issuance in4,800,000
Total surplus
exchange
$7,140,829
Add'l prov. for Fed.income tax for the period end. Dec.311929.. 435,875 for present outstanding common stock ($25 par) on basis of two shares of
no par value for one share of $25_par: (b) 1,848.052 shares of common
Adjust. at June 30 1930, to reduce to market val. secur. which
on official notice of issuance to Transcontinental Oil Co. for all the stock
had a book value in excess of the market value, less disc, on
propallotment certificates purchased for retirement
1.409,057 erty and assets of Transcontinental Oil Co.: and (c) 60,034 shares of common stock upon official notice of issuance upon exercise of certain stock
purchase warrants, formerly the obligation of Transcontinental Oil CO.
Surplus,incl. paid in surplus, June 30 1930
$5,295,896 but now the obligation
of the company, making the total amount to be
Comparative Balance Sheet.
authorized to be listed 6,708,086 shares.
June 30 '30. Dee. 31 '29.
June 30'30. Dec..3129. sales
Pro-Forma Consolidated Income Account, 5 Months Ended May 31 1930.
AssetsLiabilities
-$
Cash in banks- $652,786
860,021 Loans pay.
-banks
$46,159,762
Investments _ __a20.021,884 23,943,139 (sem per contra) 2,400.000 3,150,000 Cost ofsales
35,584,431
Securs. in synd,
Accounts payable. 447,281 63,113,023
Gross profit on sales
parties. at cost or
Capital stock__ __c19,829.457 19,975,150
$10.575.331
Other income
market,whichever
Sure., incl. paid-in
528,018
Ls lower
277,610 surplus
5,295,806 6,117,943
Gross earned income
Loans dr advances
$11,103,349
Taxes
-secured
6,383,096 7,075,301
869,014
Interest
Accts. & divs. ree_
92,197
200,045
412,445
Due from brokers
Depreciation and depletion
2,529,618
on securities said 824,391
Prep. int. on loans
Net income for period
18,319
Total (ea. side) _27,972,634 32,356,116
$7,292.272
a In stocks and bonds less reserve to reduce same to basis of approxi- Income per share common (6,648,052 shares)
$1.01
mately Cost or market, whichever was lower, at June 30 1930. Invest(Giving effect to exchange of outstanding $25 common
stock for shame
ments aggregating 54,569,641 were pledged as collateral to bank loans without par value and to the issuance of common stock for the property
and accounts payable. b Due on purchase of securities, secured per and assets of the Transcontinental 011 Co.)
contra. $2,792,963 miscellaneous accounts payable, including provision
Pro-Forma Consolidated Balance Sheet Mau 31 1930.
for Federal income tax, $320.060. c 6% cum. pref. stock (Par $100). 200,000shares authorized issued $19,030,000,commonstock(par $1). 1,500.000
Assets-Liabilities
shares authorized, 945.182 shares issued. $945,182, total, 819,975,182. Cash
$4,719,157 A c^ounts payable
$3,346,470
Deduct 1,450 allotment certificates in treasury representing 1,450 shares Call loans (secured)
4,900,000 Reserve for taxes
3,00 ,981
6% cum. pref. stock, 5145.000 and 725 shares common stock, $725. 95.118 Accounts receivable
7,061,946 Other liabilities
828,383
shares of common stock reserved against warrants accompanying allot- Crude oil (cost lower than
Tank car obikaitions
936,000
ment certificates representing pref. stock and 250,000 shares reserved against
market)
29,051,280 tot mtge. 64.1%, 1938
11,745.000
managers' warrants. 209.700 shares remain available for corporate pur- Material and supplies
6,288.782 Deferred credits
483.407
poses.
Reserve funds (inventoried.-V. 130. P. 1293. 987.
743.337
886.571 Minor. int. In sub. companies
U.S. Govt. bonds
3,264,089 Preferred stock
57,455,400
Newport Co.
-Merger With International Printing Ink Other invodrnents
28,266.306 Common stock (to be outst'ir.
6,648,051 3-7
-By mutual agreement between the com- Treasury stockinvestments_ 2,594,055 Earned surplusshs., no par)_100,000,000
Corp. Abandoned.
Miscellaneous
169,356
48,102,138
pany and International Printing Ink Corp., the plan for Properties, plant and equipment (at cost)
al37,334,489
the proposed consolidation of the dyestuffs and chemical Deferred debits
2,360,058

division of the Newport Co. with the International Printing
Ink Corp., has been abandoned and the consolidation will
not be effected. This action has been taken for the reason
that, in the judgment of the boards of directors of the two
companies, changing conditions make it inexpedient to effect
the consolidation.
A. A. Schlesinger, Pres., in a letter to stockholders says:
As a preliminary step under the reorganization agreement. Newport
Chemical Corp. had already been organized in Delaware and acquired
the dyestuffs and chemical division. Newport Chemical Corp. will continue the dyestuffs and chemical business as a wholly-owned subsidiary of
your company.
As announced in the letter to the stockholders dated Aug. 8 1930, net
profits of the company and its subsidiaries, after all charges, for the six
months' period ended June 30 1930, were $690,837 as compared with
$731,617 during the corresponding period of 1929. Net profits for the first
half of this year were equivalent to $1.26 per share of common stock outstanding on June 30 1930, after deduction of the current dividend requirements on the class A convertible stock outstanding on that date.
Company is continuing its comprehensive policy of research and development work and the diversification and integration of its business in all
departments, including the development of color pigments for lacquer and
ink manufacturers.
The initial unit of the commercial plant of Armstrong Newport Co. for
the production of insulating and building board from spentwood fibre
(available as a by-product of our Pensacola operations) was completed in
July of this year and the commercial production of the insulating board
has been started. The sales value of the output of the new unit will, it is
estimated, amount to $1,500,000 per year. One-half of the capital stock
of Armstrong-Newport Co. is owned by your company: the other half is
owned by Armstrong Cork Co., which will market the output.
A program of major expansion in the manufacture of fine chemicals is
under way. The use of aromatics, perfumes and other fine chemicals has
W0{911 consistently during the last decade at an increasing rate, and it is
believed that the demand will continue to expand as the field is still further
developed. Under an alliance made in 1929, the company has at its disposal for exploitation in the United States processes of a leading French
producer having a world reputation for the quality of its products and the
efficiency of its processes. Substantial additions
expected to
result from this development without any materialto sales aregeneral overincrease in
head and constant plant expenses.
In the wood distillate division of the company's business, over-production by the gum Producers and shrinkage in demand, duo to the general
business depression, are responsible for the decline in the prices of rosin
and turpentine to the lowest point in many years. It is believed that the
present selling prices are materially less than the
production of the
gum producers who account for approximatelycost of of this country's
80%
output.




Total
$226,696,116
Total
5226,698,116
a After deducting depreciation of $167.702,876.
Transfer Agent.
-Chase National Bank of New York has been appointed
transfer agent for the common stock. On and after Aug. 21 the present
outstanding certificates for $25 par common stock may be presented to
the Chase National Bank, transfer department, 11 Broad St., N. Y. City,
for exchange for certificates for common stock without par value, at
the
rate of 2 shares of new no-par value common stock for each share of $25 par
common stock.
Transfer Agent.
The Chase National Bank has been appointed transfer agent for the
common stock -V. 131.p. 1109, 801.

Page & Shaw, Inc.
-Bankruptcy Petition.
-

The company, candy manufacturer of Cambridge. Mass., has filed a
voluntary bankruptcy petition in the U. S. District Court at Boston.
Liabilities and claims, absolute and contingent, exceed $300.000; assets
$200,000, it is stated.
Referee in Bankruptcy Arthur Black, has appointed Attorney Bartholomew A. Brickley as receiver.
-V. 130, P. 4256.

Pan American Airways System.
-Acquires New York
Rio & Buenos Aires Lines, Inc.
The company, through its holding company, Aviation Corp.
Americas, has purchased the assets of Now York, Rio & Buenos Airesof the
Lines,
Inc., on a share exchange basis of one share of Aviation Corp. for 5;‘, shares
of NYRBA. Actual transfer of the assets will be made on Sept. 15. Banking details are being handled through the Guaranty Trust Co. and the
National City Rank. All the assets of New York, Rio, including flying
equipment. bases in South America. and technical material will be included
In the exchange. The acquisition will mean an increase in Aviation Corp.
of the Americas' stock outstanding of 50,801 shares if all the NYRBA
stock
Is turned in, making a total of 371,827 shares outstanding.
The purchase of the NYRBA assets means the extension by Pan American
Airways System, at an early date. of passenger service from
Paramaribo
along the east coast of South America to Rio de Janeiro, Santos, Montevideo and Buenos Aires. This extension will complete the system's
main
trunk airline around the South American continent.
The purchase will add 5,000 miles of routes formerly operated
by NYRBA
In Brazil, Uruguay and Argentina, to the Pan American Airways system.
Addition of these new lines should result in a substantial increase
traffic, as well as a reduction in operating costs, through groupof through
particular routes heretofore conducted at a loss. The eliminationoperating
of
lapping schedules and costly duplicate ground personnel will make forovermore
efficient service. This step has for some time'been recognized as desirable
in the interest of economy. Furthermore, air transport service on the
entire east coast, now so essential to the business men of both continents.
will be much improved through the addition of NYRBA's airway facilities
and the utilization of that company's pioneering experience.
-V.131, p.488

-Merger.
Pan American Petroleum & Transport Co.

The acquisition of the Lago Oil & Transport Corp. by the Pan-American
excompany, controlled by the Standard 011 Co. of Indiana. through an
97%
change of shares was approved Aug. 19 by Lago stockholders. AboutEach
of outstanding Lago shares already were owned by Pan-American.
share of Lego is to be exchanged for ji share of Pan-American class B
stock. Lago will become a wholly-owned subsidiary of Pan-American.
-V. 131, p. 953.

-Earnings.
Paraffine Companies, Inc.
1929.
1930.
Years Ended June 30Profit from operations after deducting all expenses,
82,735,042 $3,073.259
depreciation
interest and
210,000
179,000
Provision for Federal income tax
1.459
13,431
Adjustment of Federal taxes for previous years,&c.
$2,542,611
1,881,661
422,150

$765,512
5,467,193

$6,471,505

Net addition to surplus for year
Previous surplus

$2,861,799
1.904.640
191.648

$238,800
6,232,704

Balance
Common dividends (cash)
Common dividends (stock)

Total surplus

$6,232,705

investments in Stocks of Other Companies.

Residential Finance Co.
Flreboard Products, Ino.
1,500 shares stock ($50 par).
101,817 shares 7% cum. pref. stock
*California Ink Co.
($100 par).
6,118 shares A common stock (no par).
33,266 shares A corn. stock (no par).
6,186 shares B common stock (no par).
5,000 shares 11 common (no par).
*Schumacher Wall Board Corp.
Cott-A-Lap Co.
15,600 shares common stock (no par).
37,205 shares corn, stock (no par).
*Vitrefrax Corp.
Asbestos Works
Plant Rubber &
3,411 shares common stock (no par).
200,000 shares stock ($1 par).
* Less than 50% interest owned.
Balance Sheet June 30.
1929.
1930.
1929.
1930.
$
Liabilities$
$
$
Assets200,000
1,880,866 1,568,698 Notes payable_ _ __ 1,100,000
Inventories
549,352
618,662
Accounts payable_
Notes & accts. roc.
2,362.219 2,085,565 Provision for Fed.
(less reserves)
179,000
income tax
210,000
188,717
Marketable secur. 179.263
191,197 Reserve for roofing
154,053
Cash
120,786
guarantee, &c__
143,760
Employers stock
Common stock __x10,869,399 9,773,749
94,527
subscription_ __ 6,471,505 6,232,705
Surplus
Invest. in stocks of
other companies 9,341,910 8,699,858
Land, buildings,
machinery,&c__ 4,813,489 4,036,986
198,553
Patents, & tr.-mks. 216,303
1
1
Good-will
,
Total (ea. side)_19,230,043 17,178,875
209,301
Prepd. ins. & miscel 247.410
485,111 shares no par) in 1930 and 458,171 shares
x Represented by
in 1929.-V. 131, P. 125. 284.

-Earnings.
Peerless Motor Car Corp.
1930-9.W8.-1929.
Period End. June 30- 1930-3 Mos.-1929.
Net profit after charges,
$208,839105s$306.519
$63,329loss$184,949
depreciation, &c
Earns, per sh.on 426,739
Nil
NO
$0.49
$0.15
shs. cap.stk.(par S10)
The financial position as of June 30 shows the ratio of current assets
to current liabilities of better than 7 to 1 in connection with recent sale
of common stock at $8 a share. Subscriptions were received for 168,150
-V. 130 p. 3179, 2786.
shares from stockholders and underwriters.

-Sale of Water Rights.
Pepperell Mfg. Co.
The company has sold its water power rights and power plant on the
Saco River to the Cumberland County Power & Light Co. The proposed
-V. 131. P. 285.
sale price is $2,400,000 cash.

--Earnings.
Perfect Circle Co.
Month.
7 Moe.
Period Enda+ July 311930$61.964
$430,020
Net profit after charges & Federal taxes
$2.64
Earns. per sh. on 162,500 shs. cap. stk. (no par)
assets
The balance sheet as of July 311930. shows current " of$1.669.685
$148,869,comparing with 81,453,941 and $271,123,
and current liabilities of
-V 131, p 802. 126.
respectively, on Dec. 31, last.

-Earnings.
Pet Milk Co.(& Subs.).
Period End. June 30- 1930-3 Mos.-1929.
Net profits after all chgs.
$166 153
$250 383
including taxes
Earns.per sh.on com.stk.
-V. 130. P. 3893.

Om

0.66

1930-6 Mos.-1929.
$339 232

0.64

$280,943
$0.51

-Regular Dividend.
Phelps Dodge Corp.
The directors announced Aug. 19 that they had decided not to decrease
the quarterly dividend of 75 cents a share on the company's stock, payable
Oct. 1 to holders of record Sept. 5. Their statement follows:
As the basis of dividends paid during the prosperous period of last
Year was conservative, and as the company has sufficient assets on hand,
the directors decided to make no decrease in the dividend declared to-day."
Sales of metals, .1.:c
Other income

1269

FINANCIAL CHRONICLE

AUG. 23 1930.]

Earnings Six Months Ended June 30.
1930.
8
1?69.
$13,200,251 $17 29 ,990
381,878
705,907

Total income
Costs, expenses & Federal tax
Depreciation

813,582.129 $18,404,897
11,805,326 13.255.528
694.096
667.872

Profit before depletion
41,082.707
Earns, per shr. 00 2,000.000 shs. cap.stk.(par $25)
$0.54
V.
- 131, p. 126.

$4,481,497
82.24

--Earnings.
Phillips-Jones Corp.(8c Subs.).
6 Months Ending June 30Not prof. after Fed. & State inc. taxes
Earns, per sh.on 85,000 she. corn.stk.
Olio par)
V.
- 130. p. 3179, 1665.

1930.
$110,325

1929.
$234,018

1928.
$249,206

$0.59

$2.02

$2.20

-Interim Dividend.
Pinchin, Johnson & Co., Ltd.

The company has declared a 10% interim dividend on the common stock,
-V. 130. P. 2226.
esa tax, the same as was paid last year.

-Earnings.
Poor & Co.
Earnings for 6 Months Ended June 30 1930.
Net sales
Costs and expenses
Royalties

$7.244,075
6,149,577
47.727

Operating profit
Other income

$1.046,771
150.642

Total income
Depreciation
Interest
Federal taxes
Other deductions

$1,197.413
60.688
74.737
107.700
55,957

Net profit _________________ 8898.331
$2.03
Earns, per sh. on
(no Par)
The balance sheet as of Juno 30 1930, shows current assets of $3.300,083
and current liabilities of $544,470, comparing with 113.318.455 and $814,016
respectively on June 30, of previous year.
-V. 130. p. 3895. 2984.

562.843 aii. @ass sioci

-Tenders.
Port of Havana Docks Co.
The City Bank Farmers Trust Co., as trustee, announces that certain
-year 5% gold bonds, due Feb. 11941. have been drawn
of the 1st mtge. 30




for redemption. Drawn bonds, aggregating r10,586i n principal amount
will be redeemed at the office of the trustee, 22 William lit., N. Y. City, at
par and int. on Oct. 11 1930 at which date interest on such bonds will
-V. 131, p. 126.
cease.

-Earnings.
Powdrell & Alexander, Inc.
Earnings Inc 6 Months Ended June 30 1930.
Net profit
Federal & State taxes (est.)

$165,073
21,460

$143,614
Net income avail,for diva
Balance Sheet July 3 1930.
Liabilities
Assets$570,000
$237,213 Notes payable
Cash
150,483
2,442 Accounts payable
Notes & acceptances receivable
47,376
780.573 Accr. pay roll, Int., comm's,&c
Accounts receivable
46,500
928 Fed. & State income tax habil_
Other receivables
75,000
1,425,464 lot mtge. payable
Inventories
21,459
22,508 Res.for Fed.& State taxes__
Investments
50,000
Res. for pref. sinking fund__
a1,417,019
Plants & Properties
314,200
100,715 Preferred stock
Deferred charges
x2,103,595
Common stock
406,663
Earned surplus
1,684
$3,986,862 Capital surplus
Total(each side)
x Represented by 55.788 no par shares. a After depreciation. V. 130.P.
3180, 2786.

-Earnings.
Quincy (Copper) Mining Co.
1928.
1,891,200
1.220,536
$206,062
x1,750,000

1927.
15,336.690
9.718.662
$1,331,397
5,037

1926.
20,220.795
13,290,052
$1,922,074
6,197

$832,389 $1,956,062
1,080,783
2,049,050

$1,336,434
1,695,308

81,928,271
2,099.499

1929.
Calendar YearsGross production (lbs.)_ 7,088.500
Yield refined copper (ite) 4,459,426
Gross income
$832,389
Other income
Total income
Operating expenses, &c_

$875,279 def$358,874 def$171,228
def$1,216,661
Net income
x Includes income from sale of treasury stock amounting to $500.000,
amounting to $893.423 and balance of subscripcapital stock subscription
tions due March and July 1929 of 8356.577.-V. 130. p. 3180.

-Earnings.
Railroad Shares Corp.

The corporation reports for period from July 3 1929 to August 9 1930
net gain from interest, dividends,and realized profits amounting to $439,031
after deduction for Federal taxes and expenses.
After payment of June 16 1930 dividend of $106,261, total surplus and
reserves as of August 9 1930 amounted to $214,020 -V. 131, D. 802, 642.

-Dividend Omitted.
Rainier Pulp & Paper Co.

The company has passed the quarterly dividend of 25 cents due on its
-V.130, p. 285.
class B preferred stock at this time.

-Div. Increased.
Rapid Electrotype Co., Cincinnati,0.

The directors have declared a quarterly dividend of 60 cents per share,
diviplacing the stock on a $2 annual basis, against $1.50 previously. The
dend is payable Sept. 15 to holders of record Sept. 1.-V. 126, p. 3465.

-Earnings.
Raybestos-Manhattan, Inc.
6 Mos. End.
-3 Months EndedPeriod-Year 1930Consolidated net income after charges. June 3030 March 31'30 June 30'30
$825,499
$450.975
8374,524
depreciation & Federal taxes
Earns, per sh. on 675,007 shares com$1.22
$0.67
$0.55
mon stock (no par)
Current assets as of June 30 were 39,955,082 and current liabilities
a ratio of more than 9 to 1. Cash funds, including readily
31,056,415,
marketable securities were $3,215,177. Total assets were 819,490,922
and there were no bank loans or funded debt. Surplus of company at
June 30 was 38,099,783.-V. 130. p. 4622, 3372.

-Annual Report.
Raytheon Mfg. Co.
Earnings Years Ended May 31.Gross profit
General,administrative &selling expenses
Depreciation and amortization
0t her income and deductions (net)
Provision for tube replacements price adjust., &c..
Extraordinary charge-advertising canceled

1930.
8336.438
108.213
249.880
7,144
300,000

1929.
$488,047
409,447
75,078
26,309

Net loss carried to surplus
Previous capital and surplus
Proceeds from sale of25,000 shares ofcapital stock..
Unused reserve for replacement oftubes,Ac

3328,800
1,172,122

333,294
722,334
597,500
25,943

Totalsurplus
Dividends paid-cash
Inventory obsolescence at May 31 1928

10.504

26,237
$817,084

81,312.483
120,000
20.361

$817,084 $1,172,122
Capitaland surplus
Comparative Balance Sheet May 31.
1929.
1930.
Liabilities1929.
1930.
Assets-$244,111 $749,995 Accounts payable.. $123,486 $258,190
Cash
27,024
26,371
5,394 Accrued accounts_
receivable._
Notes
78,184 Serial secured gold
28.055
Accts.receivable
500,000
bonds
500,000
332,632
375,794
Inventories
8573,808
CaPital stock
500,000
Misc. investments,
17,674 Res. for tube re21,755
& accts. rec-___
place., price adj.
Machinery, tools,
300,000
ea
480,833
fix., turn., &c__ x660,444
238,277
672,122
Surplus
Patents, research
273.648
development. 279,924
&
Organic. exp. &
18,323
Total(each side)S1,767,594 $1,956,683
157,512
prepd. items_ _ _
a Represented by 115,762 shares (no par value). x After depreciation
$151,366.-V. 130, p. 815.
of

-Earnings.
Republic Steel Corp.(& Subs.).
Consolidated Income Account Quarter Ended June 30 1930.
Net gain from operations after deducting charges for maintenance & repairs of plants, amounting to 33,146,272, and
provision for Federal tax
Provision for depreciation & renewal of plants, and for exhaus1,893,984
tion of minerals
885,993
Interest on bonds
$285,472
Net profit applicable to dividends
In his statement to stockholders. Chairman T. M. Girdler, says: The
management has devoted its energies to forming a compact, efficient organization, co-ordinating the various operations and effecting fundamental
economies. At the outset the temporary disadvantage incident to such
such major changes are reflected before the benefits may be realized. This
feature has been aggravated by a decline in volume of business and in prices
to the lowest point in several years. Much progress has been made and the
effect should become increasingly apparent in future operations. A return
of normal business conditions Is confidently expected to show gratifying
results."
The Republic Steel Corp is a combination of the properties of the Re.
public Iron & Steel Co.. Central Alloy Steel Corp., Donner Steel Co., Inc.
and The Bourne-Fuller Co. Combined net profits of the several companies
for the first quarter of the year, prior to the consolidation, amounted
to
81,357,769.-V. 131, p. 1110. 955.

Revere Copper & Brass, Inc.
-Earnings.
Earnings for C Months Ended June 30 1930.
Net operating profit
Miscellaneous charges (net)
Interest on bonded indebtedness
Depreciation

$1.614.723
45,765
297,247
565,092

Net Income to surplus
3706,619
Upon the formation of the corporation a reserve for
future
adjustments of $1,000,000 was established further to reduce inventory
inventory

1270

FINANCIAL CHRONICLE

below the balance sheet basis of cost or market, whichever was lower.
During 1929, in view of the continuing high price of copper, $880,000 was
added to this reserve from earnings, and $120,000 from paid-in surplus.
During 1930. 51.690,000 was charged to the reserve previously so created
or this purpose, bringing inventory as of June 30 1930 to cost or market,
whichever was lower.
The directors have declared the regular quarterly dividend of $1 a share
on class A stock, payable Om:. 1 1930 to holders of record Sept. 10, and
the regular quarterly dividend of $1.75 a share on the 7% cumulative
Preferred stock, payable Nov. 1 1930 to holders of record Oct. 10 1930.
Balance Sheet June 30.
1930,
1929.
1930.
1929.
Assets$
$
Prop., plant & eq_x2,441,472 2,508,095 7% pref.stock..._10,000,000 10,000,000
Bldgs.,mach. di eq.22.578,098 20,528.124 Cl. A & corn. stk y9,981,551 9,949,976
Cash
4,971,665 4,495,857 Skg. to. g. notes.... 9.878,500 10,000,000
Call loans
2,000,000 1,700,000 Acc'ts pay., &c_ _ 1,415,097 1,627,690
Demand loans.
100,000 Accr. Int. dr diva.
U.S. Govt.securs_ 417,991
417,991
payable
374,180
365,240
Notes dr acc'te rec. 2,847.339 4,077,204 Fed. taxes payable
421,934
Inventories
7,527,965 10,648,262 Fed, tax reserve_
405,000
346,625
Prepaid expenses
162,286 Res.for plant & eq. 3,781,196 3.834,708
201,543
Misc. Inv. & advs. 541,512
475,854 Deprec'n reserve._ 2,044,019
962,333
Treasury stock, &c 870,754
Inventory reserve_ 310,000 1,900,000
Sinking fund assets
43,458 Profit & loss surp 6,301,068 6,081,261
Special deposits..__
24,956
Good-will
1
Total
44,423,296 45,557,132
Total
A4,423,296 45,557,132
x After depreciation. y Represented by 251,048 no-par shares of class A and
509,247 no-par shares of common stock -V.130, is. 3895. 3559.

(you 131.

Seneca Copper Mining Co.
-Earnings.-3Months Ended- 6 Mos.End
June 30'30. Mar.31 '30. June 30'30.
Total receipts
$169,313
$168,560
$327.873
Expenses
232.946
206,856
439,802
Interest
25,944
25,944
51,888
Depreciation and depletion
47,307
39,562
86,869
Net loss
$136,884
113,802
$250,786
-V. 130, p. 3896, 3560.
Shareholders Corporation.
-Earnings.
Earningsfor Year Ended June 30 1930.
Interest received
Dividends received: Cash
Stock (amount charged to surplus by issuing company)
Profit on sale of stocks

$8,144
15,207
1,407
37,354

Total income
Management fee
Organization expenses
Registrar and transfer agents' fees
Interest paid
Transfer taxes
Provision for Federal income tax

$62,113
4,125
2,794
1,276
576
195
4,688

Net income
Dividend declared

$48,460
12,005

Surplus for period

$36,455
Balance Sheet June 30 1930.
LiabilUtes$15,637 Common stock
)41,200,500
x1.234.610 Management fee accrued
4,125
8,183 Accrued Federal Income taxes_
4,688
717 Dividends payable
12,005
115 Accounts payable
1,489
Surplus
36,455

Ridgway Refrigerator Co.
-Receiver Appointed.
On the filing of a bill In equity by the Kensington Security Bank & Trust
Co., a creditor for $24,234, Judge Dickinson, of the United States District
Court at Philadelphia Aug. 14 appointed Norman Cantrell receiver. Lack
of working capital is assigned as the reason for the necessity of a receivership. The receiver is to continue the business until the further order of the
Court.

Assets
Cash
Securities owned
Dividends receivable
Accounts receivable
Revenue stamps

Rollins Hosiery Mills, Inc.
-Earnings.
-24 Weeks Ended June 211030.
Net profit after charges & Federal taxes
$71.810
Earns. per sh. on 40,000 shs. cont. stock (no oar)-$0.13
-V. 130, p. 4623.

$1,259,263
Total
Total
$1,259,263
x Market value $1,078,629. y Represented by 120,050 no par shares.
V. 131. p. 127.

1929.
5208.908
$3.56

Shell Union Oil Corp. Common Dividend Omitted.
At a mooting Aug.20 of the executive committee and the board of directors
the regular dividend on the pref. stock was declared but no action was taken
with regard to the dividend on the common stock. J. C.van Eck,President,
In a statement issued following the meeting, explained that the decision to
Pass the dividend on the common stock "reflects the decreased earnings of
the company, partly as a result of the company's curtailment of production
in conformity with the widespread policies which are being worked out in
the interest of conservation and stabilization of the industry and partly as a
result of the unsatisfactory price conditions prevailing in the markets in
which tne company is selling its products.
"Although after making its usual conservative reserve for depreciation
the company is at present operating on a profitable oasis," Mr. van Eck
continued, "there is as yet no indication of any early recovery or improveRuberoid Co.
-Acquires Control of Eternit, Inc.
ment of the unsettled conditions prevailing in the industry and for that reaThe company has acquired a controlling interest in Eternit, Inc., manu- son it is considered prudent to conserve the cash resources of the company
facturers of asbestos-cement products, having a modern plant at St. Louis, so that the company will have ample resources to continue to the fullest
Mo.,for producing shingles, asbestos-lumber, corrugated sheets, &c. These extent its normal program of development without the need of further
products will continue to be sold under the well-known Eternit trade name. financing."-V. 131. D. 1111. 127.
Ruberoid will be associated in this enterprise with the Belgian Eternit
interests, and It is contemplated in the near fuutre to extend the line to
-To Recall Stock.
Sherman, Clay & Co., San Francisco.
include other asbestos products which have already found an extensive
Stockholders on Aug. 7 approved amendment of the company's articles
market abroad.
-V. 130, p. 3372.
of incorporation to pave the way for redemption of the company's preferred
stock when this is deemed expedient by the management.
-V. 124. P.3386.
Ruud Manufacturing Co.
-Earnings.
6 Months Ended June 301930.
1929.
Silent Automatic Corp.
-Dealers Increased.
Net earnings after Federal taxes
$235,928
$282,490
Corporation dealers showed an increase
in volume for the first
Earns, per sh. on 123,190 atm. corn. stock (no par)._
$1.91
$2.29 7 months of 1930, over the corresponding of 54%last year, and branches
period
The balance sheet as of June 30 1930 shows current assets of $3,590,000 increased volume by 28% during the same period, it was announced Aug. 18
and current liabilities and reserves of only $203,000. Cash and marketable by Walter F. Taut, President. It was pointed out in connection with this
securities alone totaled 51.347,000.-V. 130, p. 4067, 2229.
statement that while the number of Silent Automatic dealers has been
increased by approximately 50% during this period, more than half of the
increase in volume was produced by old dealers.
Safeway Stores, Inc.(& Subs.).
-Earnings.
Mr. Taut stated that the corporation has already passed its goal of
6 Months Ended June 301930.
1929.
300 dealers which was set for the full year 1930, and this number will be
Sales
5108,346,124 593,778,973 further increased during the latter months of this
year.
-V. 131, p. 127.
Netincome after taxes
1,711,012
2,915,590
Average number of shares, corn, stock outstanding
632,996
611,070
Snider Packing Corp.
-Listing.
Earned per share
$2.15
$4.31
The New York Stock Exchange
the listing of 10,000 shares
Stores in operation on June 30 1930 were 2,695 and markets, 1.571. of common stock (no par value) onhas authorizedofissuance and paymentIn
official notice
-V. 131. p. 956. 285.
full, making the total amount applied for 450.270 shares.
At a meeting of the directors Juno 26 1930 there was approved a conScott Paper Co.
-Net Sales.
tract of employment between the corporation and Thomas II. Blodgett,
Providing, among other things, for the purchase by Mr. Blodgett of 10,000
7 Months Ended July 311930.
1929.
Increase.
of the common
$6 a share,
Net sales
$4,862.632 54.434,631
$428,001 shares and certificates stock atshares to be payment to be made in installments
for the
deposited with the Chase Na-V. 131, p. 1111. 127.
tional Bank of N. Y. in escrow, to be delivered to Mr. Blodgett when and
as paid for, payments to be made in equal monthly installments over a
Seaboard Utilities Shares Corp. Earnings.
-The corporation reports for period from March 20 1929. to Aug. 4 1930, period of two years terminating April 301 1932.-V. 130. p. 2758.
net gain from interest, dividends and realized profits amounting to $1,291,Sonora Products Corp. of America.
-Sale.
537 after deduction for Federal taxes and expenses. After payment of
By
July 11930, dividend of $200,000, total surplus and reserves Is of Aug. 4 York order of the U. S. District Court for the Southern District of New
the assets and inventory (valued at 5550,000) of Sonora Products
1930, amounted to $637.259, which figure includes stock dividends received Corp. of America and Sonora Phonograph Co., Inc., will commencing on
having a market value on Aug.4 1930, of $155,097.-V. 131, p.642.
Sept. 3 and proceeding continuously thereafter until completed, be sold
at public auction by Winternitz-Tauber Co.. auctioneers, Detroit. Sallt
-New Stores.
Sears, Roebuck & Co.
will be held at 1900 S. Michigan Ave., Saginaw, Mich.
-V. 130, D. 2601.
The company will open 2 additional units for the sale of automobile
accessories at East Orange, N. J.. and Union City, N. J., on Aug. 27 and
Southern Ice Co.
-Earnings.
Aug. 29, respectively. These new stores, it is said, will carry radios,
Year Ended June 301928.
1929.
1930.
batteries, electrical appliances, paints, some hardware and sporting goods Gross sales & earnings
$1,298.030 $1,374,063 $1,197.447
in addition to the line of tires, tub.s and accessories.
-V.131, p. 1111, 956. Net sales-ice*
715,399
785,855
715,750
Net sales-coal
68,764
75,222
65.199
Seeman Brothers, Inc.
-Earnings.
Net sales-ice & coal*
Year End. June 30$854,620
1928.
S790,622
5781,950
1929.
1530.
1927.
Gross earnings
413,249
448,977
460,241
53,415.213 53.650,930 53.391.820 $2,968,070 Delivery, selling & general expenses
Selling. adm.& gen. exp.
Balance
Incl. prov.for Fed,inc.
$405,643
$330,381
$368.700
taxes
65,233
2,802,559
51.041
2,867.826
64.630
2.758.452
2.559,625 Taxes
Rossia International Corp.
-Acquisition.
-An authoritative statement says: "The corporation has acquired t;
substantial interest in the Metropolitan Fire Insurance Co. of New York,
representing stock interest owned by Corroon & Reynolds. Metropolitan
is now wholly owned by the Rossia International Corp. and its affiliates.
The direct business of Metropolitan was reinsured as of Dec. 31 last, and
takes the place of the American Reserve Insurance Co., whose contract
expires on Aug. 21, in the Rossia group. Metropolitan will become purely a
reinsurance and retrocession company and will receive the business heretofore ceded to American Reserve Insurance Co."
-V. 131. D• 955.

Net earnings
Miscellaneous income__ -

$656,761
37,138

5783,104
33,664

5589.260
66,868

$408.445
60.919

Operating income
Non-operating income-net

$265.751
7,158

5340,410
8,908

$317,659
5,687

Net Income
Dividends

$693,900
375,000

5816,769
375,000

$656,128
250.000

$469,364
250.000

Gross income
Interest & amortization

5272,909
67.390

$349,318
65,530

$323.346
64,570

Netsurplus
$318,900
Adjustments
Cr3,105
Prey.capital &surplus-. 3,900,749

$441.769
Dr2,268
3.461,248

$406,128
Cr655
1,054.465

$219.364
Cr5,899
829,202

Balance
5283.788
$205,519
* Gross sales less cost of products sold -V. 130, p. 3897.

$258.776

Balance, surplus
$4.222,753 53,900.748 51,461,248 51,054.465
Earn. per sh. on 125,000
abs. of no capital stock
$6.53
$5.24
$5.55
$3.75
Balance Sheet June 30.
Assets1929.
1930.
1930,
Liabilities1929.
Fixed assets
15171,459 $188,442 Capital stock -- -y$2,000,000153.900,748
.
Cash
- 2,222,753J
1.151,677
519,565 Surplus
Accts. & notes rec.
34,500
Notes payable.. __ _
less res
1,585,921 1,701,719 Accts. pay. & letInventory
1,892,280 2,079,552
282,033
310,160
ters of cred
Deposits &adv.__
20,808
3,605 Corn, payrolls &
Def.& 0th. assets_
77,978
30,225
28,693 other accr. liab. 132.669
Unp. & est. Fed.
162.690
79,165
& State taxes- -62,500
93,750
Div. payable
merch.
Total (ea. side)-$4.852.370 84,521,578 Res. for
7,500
adjustment-7,500
x After deducting 5365,375 resevre
depreciation and $54,000 mortgage
y Represented by 125,000 shares of for par value and includes surplus.no
V. 130. p. 3560.




-Proposed Acquisition.
Sparks-Withington Co.
The stockholders will vote Sept. 13 on approving the acquisition of the
assets and business of Cardon Phonocraft Corp., manufacturers of radio
tubes.
-V. 130, P. 1129.
See Cardon-Phonocraft Corp. above.
-Dividend.
Standard Utilities, Inc.
The directors have declared a dividend of 1234c. per share on the common
stock Sept. 1 to holders of record Aug. 20.-V. 130, p. 4068, 4625.
-Earnings.
Stone & Webster, Inc.
Earnings 12 Months Ended June 30 1930.
mm
Net consolidated earnings, incl. those of subsidiaries
36,037.472
Earnings per share on average number of shares outstanding
$4,11
In addition profits from sale of securities acquired on organization from
the predecessor corporation and sold within the period were $2,027,516
which amount was carried direct to surplus. Earnings, including these
profits, amounted to $5.49 per average share outstanding. These figures
include three months earnings of the Engineers Public Service Co. of
which Stone St Webster. Inc. held over 90% of the common stock on June30.
'
-V. 130, p. 3562, 3183.

-Initial Dividends.
Tacony-Palmyra Bridge Co.

-Earnings.
(L. S.) Starrett Co.
Earnings for Year Ended June 30 1930.
Sales
Cost ofsales (includes $53,771 depreciation)

$2,742,782
1,311,960

share on the
The directors have declared an initial dividend of 75c. per
of record Sept. 15.
class A and common stocks, payable Sept. 30 to holders
-V.131, p. 491.

21,430,822
660,269

Manufacturing Profit
Selling & general exepnses

$770,553
61,631
1,665

Operating profit
Income from securities & interest on bank balances
Other income
Other charges
Reserve for accrued taxes on earnings ofthe year

$833.849
51,751
87.364

Net income for the year
Loss on plant items scrapped,&c
Organization expenses
Reserve for shrinkage in value of miscellaneous securities
Reserve for preferred stock sinking fund
Dividends on preferred stock(6%)
Dividends on common stock ($2.50 per sh.)
Excess of reserve for taxes at July 1 1929 over requirements

$694,734
1,965
15,036
40.600
11.250
36,084
374.238
Cr7,957

-Earnings.
Taylor-Colquitt Co.

$137.242
17,710

2119,532
$35.738
Balance for common
$3.37
$1.01
Earns, per share on common stock
the company has
these first nine months of its current fiscal year. per share, and net
In
year's dividend of $2.25
already earned 1% times its full
$4.50 to
for the final quarter should easily bring these figures to around
-V. 129, P. 2403.
$5 per share.

-Earnings.
Taylor Milling Corp.

1929.
1930.
Six Months Ended June 30$3,100.457 $3,237,375
Net sales
250,985
316,805
charges, incl. Federal taxes
Net income after all
$2.51
$3.17
Earnings per sh. on 100,000 slut. common stock
states that the 1930 earnings set a new
J. Hartley Taylor. President,
it is stated, is
feed,
high record of a six-month period. The low price of
benefits from
offset by the low cost of raw materials so that the company
the present situation as well as the customer.
says Mr. Taylor.
"Prospects for the remainder of the year are excellent."
"Continued expansion of the industry can be expected."
were $1,397,
As of June 30 1930, the balance sheet showed current assets
or in bank. Current
993, of which more than $422,000 was cash on hand
the company's total liabililiabilities amounted to $191,717 and represented
ties, consisting only of various accounts payable and accrued Federal taxes.
of 7.29 to 1 as
there being no bank loans or funded debt. This is a ratio as $2.306,459.
against 4.15 as of Dec. 31 1929. Total assets are reported
paid for a
During the first six months, the company completed and warehouse
new office building in Los Angeles and an addition to the Stockton
started conand an addition to the Stockton warehouse, and has also
Operations
struction on a new elevator and mill for the Los Angeles plant.
-V.131. P. 287.
have been expanded throughout Oregon and Washington.

-Earnings.
Telautograph Corp.

--Earnings.
Stewart-Warner Corp.
Period End. June 30- 1930-3 Mos.-1929. 1930-6 Mos.-1929.
Profit after exp. & deprec $1,123,931 $2,781,631 $1,846,966 $5,082,855
307,483
175,000
554,483
107,976
Federal taxes
143,103
143,103
Write down of invest
$2,474,148
1,071.000

9 Mos.
$1,648,009
190,874
24,026
29,606

Net profits
Preferred dividends

Total
$5,051,908 14,849.657
$5,051,908 14,849,658
Total
a Value of consideration received for capital stock in excess of amount
-V. 130, P. 1844.
with respect thereto.
capitalized

$872,852
324,745

3 Mos.
2564,564
58,628
7.299
9.711
$41.618
5.880

Period Ended June 30 1930Sales
Profits
Accrued income tax
Depreciation

$223,517
Operating surplus-balance June 30 1930
Condensed Balance Sheet.
Liabitities- June 30,'30. July I
June 30,'30. Julv 1 '29.
Assets$488,276 1661,088 Accts. payable Its
1488,276
Cash
accrued expenses $99,186 $135,252
445,639
323,006
Accts. receivable
Merchan. & suppl. 1,933,276 1,641,418 Accr. Fed., State
152,855
156,404
and town taxes_
691,326
seem% 764,756
Marketable
607.500
607,500
26,690 Preferred stock _ __
26,422
Misc. accts. rev.
48,650 Corn, stock (150,
96,229
Misc.securities_
000 abs. no par) _ 1,500,000 1,500,000
Sinking fund-for
_ .____ Capital surplus_ _ _a2,454,049 2,454,049
11,250
pref. stock
Reserve for sinking
53,447
Treasury stock....
11,250
fund
Plant & equip.(less
223,517
1,340,838 1,317,738 Operating surplus_
deprec.)
17,108
14,407
charges-.
Deferred

Net profit
Dividends

1271

FINANCIAL CHRONICLE

Aua. 23 1930.1

21,528,863
1.461.299

$4,528,372
1,971,000

-Month-1929.
1930
Period End. July 31Net profit after deproc.,
$28,700
&c....$30,368
Federal taxes,
Earns, per sh.on 228.760
shs. corn.stk.(no par)
-V. 131, p. 957, 643.

1930-7 Mos.-1929.
$202,376

2187,244

$0.88

$0.82

-Old Charter
-Certificates Offered.
Bitulithic Co.

Texas
$67.564 $2,557,372
2548,107 $1,403,148
Surplus
New York, is offering at prices to yield
Financial
Shares corn, stock out1,224,000
1,299,390
1.224,000 from 5% to 5.30%, according to maturity, $100,000 municistanding (par $10)-- - 1,299.390
Corp.,
$2.02
$1.17
$3.76
$0.67
Earnings per share
ownership certificates, series 3-B.
-Surplus Dec. 31 1929, $17,933,248, net pal trust 5%
Surplus Account June 30 1930.
1931-1935 inclusive. Denom.
Dated Aug. 1 1930. due $20.000 yearlyChase National Bank of New
6 months 1930, 11,528.863; total surplus $19,462,111. Deduct
profit,
-callable. Payable at the
Cash dividends. $1,461,290; patent licenses expenditures and experimental $1.000. Non First National Bank of Dallas, Texas.
and development expenditures on now lines. $1,223,986; profit and loss York City and a capital and surplus of $1,300,000. It is a licensee of
Company has
surplus, June 30 1930, $16,776,826.
contractors, who have a subWarren Brothers Co.. the well-known paving
Comparative Balance Sheet June 30.
Warren Brothers Co., owner of
stantial stock ownership in the company. relating to pavements, together
1930.
1929.
1929.
1930.
"Warrenite-Bitulithic" and other patents
Liabilities-$
$
$
$
Assets-related organizations, constitutes the largest organization in the
Capital stock
12,993,900 12,240,000 with its co
streets and pavements.
Land,bides.,rnach.
world engaged in the construction of hard-surface
& equipment_ _x17.483,840 16,800,353 Stock diva. pay--.749,190 The company has important contracts in Canada. Europe and South
1 Purch.money oblig 325,000
1
gd-will, &c_
Pats.,
American countries.
bills deposited with the trustee.
6,346,065 7,071,017 Accts. & vouchers
Inventories
These certificates are secured by tax amounts not less than 105%
1,392,083 2,155,854
payable
Par
Texas, in
Accts.& notes rec. 3,082,692 4,947.189
First National Bank, Dallas,
security _ _ 1,645,118 2,703,088 Taxes, royalties,
outstanding. Such tax bills are guaranteed by
Market
certificates
706,840 value of all
411,879
&c., accrued__ _
and under the strict terms of the
2,905.837 1,937,295
Cash
endorsement by the Texas Bitulithic Co.
good standing or be with497.107 Provision for Fed366,701
Deferred charges
all bills so deposited must remain in
175,000
564,972 indentureSubstitutions will be allowed of a similar class of securities and (or)
eral taxes_ ___
Emp.install.accts.
16,776,825 18,517,446 drawn.
978,252 Surplus
264,633
receivable
Government and municipal bonds under strict provisions.
U. S.
series in the past ten years
Texas Bitulithic Co. have issued similar have matured and have been
Total
32,074,687 34,934.302
32,074,687 34,934,302
Total
aggregating $6.200,000, of which $4,000,000 business have sustained losses
Company in this volume of
reserve for depreciation of$6,781.347.-V. 131. p.643.
x After deducting
promptly paid.
-V. 131, p. 3733.
their conservatism.
of less than 41-100 of 1%.evidencing
-Balance Sheet June 30.Sun Oil Co.(& Subs.).
1930.
1929.
$
$
Liabilities-Preferred stock- -.10,000,000 5,000.000
49.046,271 Common stock--y47.717,159 44,154,765
8,546,500 8,843,500
2,214,483 Funded debt
450,056
5,762,637 Mortgages
159,309 Accounts payable- 6,780.501 6,357,060
1,677,000 2,152,000
12,582.725 Bills payable
3,650.910 Accrued int. & tax 1,192.782 1,074,924
678,334
5,810,058 Advances on eontr 583,738
613,389
15,535 Federal tax reserve 675,150
25,000
50.000
1,824,805 Pref. div. reserve_
491,611
545.724
Conting. res., &c_
Other reserves__ 1.850,901 1.860,800
8,142
8,257
Minority interest
11,822,036 0,337,143
Total (ea. side) 91,449,748 81,046,733 Surplus
After depreciation and depletion of $29.013,848. y Represented by
x
1,409,323 no par shares.
Our usual comparative income account for the 6 months ended June 30
was published in V. 131. p. 409.-V. 131, is. 490, 803.

1930.
$
AssetsProperty, Plant es
equipment_ _..x56,671,908
1,783,815
Cash
Accounts reedy... 5,777,046
Bills receivable.... 628,028
Oil inventories___ _14,255,641
Materials et suppl_ 4,005,478
6 195,937
Investments
Due from allied cos
2,151,897
Deferred charges

1929.
$

-Earnings.
Thatcher Manufacturing Co.
Six Months Ended June 30Operating profit
Other income

1930.
$534,107
56,299

1929.
2606,418
48.217

1928.
$487.900
18,047

Total income
Depreciation
Federal taxes, &c
Royalties, losses. &c

$590,406
153,937
56.000
59.216

$654,635
151.859
65.000
76,975

$505,947
162,034
45,000
51.909

Net profit
Preferred dividends
Preference dividends

$321.253

$360.801
8.925
237,573

$247,004
8.969
237.456

237,600

$114,303
$579
$83,653
Surplus
120 000
120,000
131,836
Shares com.stock outatanding(no par)
$0.95
26.01
$0.63
Earnings per share
Comparative Balance Sheet.
June 30'30. Dec. 31'298
LicareiticsJune 3030. Dec. 3129.
AssetsCony. pref. stocky31.320.000 81,320.000
:Real estate, bldgs..
machinery,ace__ $975,116 81.131,023 Common stock___z1,476.173 1.476,173
131,327
109.242
Accounts payable_
Licenses,formulae.
Superior Oil Corp.
-Receivers.
235.648
1,243,206 1,000,000 Accruals, taxes, &ti 175,797
&c
The Chancery Court at Wilmington. Del. has appointed R. W. Bellough,
532,950
256,557
593,791 Miscell. reserves_
457,044
Investments
of Tulsa. Okla., and Charles C. Reety of Wilmington, receivers on the
797,724 Capital surplus... 145,056 1,145,058
1,242,002
application of Continental Supply Corp.. a creditor. Same receivers also Cash
750,000 Earned surplus... 1,111.140 1,132.945
were appointed receivers for the Moody Corp., a wholly owned subsidiary Certificates of den400,000
Call loans
-V. 131.p. 1113.
of Superior 011 Corp.
Accounts and notes
373,897
435,181
receivable
--Earnings.
Superior Steel Corp.
607,236
515,028
Inventories
Total
$4,892,443 15,675,821
22.150
24,866
Period End. June 30- 1930-3 Mos.-1929. 1930-6 Mos.-1929.
Deterred charges
Net sales,less discounts- $1.300,267 $2,149,461 22.563.732 24,323.129
x After depreciation. y Represented by 132.000 no par shares. z
2,013,334
2,596,548
4,026,300
Mfg.costs, sell., &c.,exp 1,323,266
-V. 130, P. 2603 1845.
Represented by 131,836 no par shares.
Balance
Other income

loss$22,999
19.866

loss$3,133
Total income
12.102
Res. for Fed., &c., taxes
93,744
interest,
Deprec.,

$136,127 loss$32.816
21,033
39.979

$296,829
42,214

$7,163
24.205
165,317

$339,043
31,609
126,057

$157,160
18.967
65,168

$181,377
$73,0251054182.359
loss$108.979
Surplus
Shs. corn. stk. outatand.
115,000
115,000
115,000
115,000
(par $100)
NU
$1.58
Nil$0.63
Earns, per share
Comparative Balance Sheet June 30.
1929.
1930.
Liabilities1929.
1930.
AssetsyCapital stock- _ -$4,254,223 $4,754,223
Land,b1dgs,mach •
250,433
and equipment x$4,160,398 $4,079,083 Accounts payable. 116,305
710,157 Accr. tax, wages &
848,520
Cash
113,420
88.812
interest
617,182
Reels roc_ 314,210
Bills &
1,242,405 1,999358 First mtge. bonds. 1,850,000 2,006.000
Inventories
780,373
59,306 Profit & loss surp- 489,555
47,565
Deferred charges._
Govt. securities- 202,872
Rear. in treasury_ 392,586
34.5,111
Superior Steel bds.
1,1.73
560
Sinking fund
Total(each side)S7,278,895 $7,904,449
93,379
71,779
Unamort.dis.& exp
x After depreciation. y Represented by 115,000 shares, par $100.1113.
V. 131, p.




-July Sales.(John R.) Thompson Co.

Decrease.
Decreased 1930-7 Mos.-1929.
1930-Jul9-1929.
$102,3121$8.801,497 $9,159,427
2357.930
$1,199,498 $1,301,810
31 the company had four less stores in operation than last year.
On July
-V. 131, p. 957, 491.

---Earnings.
Thermoid Co.(& Subs.).
6 Months Ended June 30Gross profit before depreciation
Selling, shipping, adver. & branch expenses
Administration & general expenses

1930.
1929.
$989,595 $1,142.363
372,322
387,745
119,593
111,395

Operating profit before depreciation
Miscellaneous income (net)

2497,680
2,462

$643,224
Dr.3,438

Total income
Interest on gold notes
Depreciation ,lc estimated deprec. of raw materials
Federal income tax-estimated

$500.142

$639,78,5

88,453
96.495
31,900

67,942
51,993
55.000

x Preferred dividends paid

$283,295
85,171

$464,850

Available for common stock
x Preferred stock originally issued March 1929.

2198,124

2464,850

1272

FINANCIAL CHRONICLE
Condensed Balance Sheet June 30 1930.

Assets
Cash, notes & ace. rec.
$1,142.489
Inventorhs
1,298,8135
• Prepaid expenses
12,645
Invest.in South'n Asbestos Co. 3,953,137
Sundry Investments
30,453
Cash held by trustee
168
Cash & notes res. for sink.fund
109,596
Property, plant & equip
2,423,921
Deferred charges
130.924
Goodwill, pats., processes, &c_
1

Liabilities
Accounts payable and accrued
expenses
$359,446
Notes payable and provision for
estimated Federal tax
214,251
5
-year 6% sinking gold notes__ 2,984,500
Reserve for contingencies_ - __
200,000
Preferred stock
3,158,800
Common stock & surplus
12,185,201

Total
$9,102,198
Total
x Represented by 256,026 shares.
-V. 131, p. 287.

United Carbon Co.(& Subs.).
-Balance Sheet June 30.-

$9,102,198

Tide Water Associated Oil Co.
-Company to Hold
1,076,000 Shares of Associated Stock Organized in Nevada.
See Mission Securities Co. above.
-V. 131, p. 1113.

Tide Water Oil Co.
-Acquires Filling Cornpany.The company purchased Little & Coffin Oil Co., Portland, Me,effective
Aug. 1. The company through this purchase has acquired 12 bulk plants,
21 service stations and over 600 retail dealer outlets. The products will
be marketed through Tide Water Oil Sales Corp.
-V. 131, p. 1114. 957.

Transcontinental Air Transport,Inc.
-Merger Planned.
Negotiations are in progress. it is understood,looking toward the merging
of the Transcontinental Air Transport
-Maddox Air Lines and the Western
Air Express to create a second transcontinental air mail and passenger
system. Whether or not a merger results, from discussions now in progress,
it is practically certain that the two companies, both pioneer passenger
lines, will reach an operating agreement acceptable to the Postmaster
General and to the directors of the companies for the transport of mail as
well as passengers across country.

Passengers Carried.
Passengers carried in July over the transcontinental divisions of the
TAT-Maddux Air Lines totaled 2,704 compared with 738 passengers
or an increase of 360% over the number carried on the same divisions of
the TAT lines in July 1929 according to the monthly traffic report, just
compiled. Passengers carried on the entire TAT-Maddux system, including the Pacific Coast divisions, totaled 5,049 last month compard
with 3,621 for the entire TAT and Maddux systems last July. Miles flown
by the TAT-Maddox planes last month totaled 212,548, with no mechanical
interruptions to schedules.
Slightly more than half the July traffic was carried on the
tinental divisions, including both through traffic between thetransconAtlantic
and Pacific and the heavy business travel in the mid-Western territory.
The balance consisted of passenger travel between Pacific Coast cities.
Passengers carried this year on the TAT-Maddox lines total 30.344 and
miles flown total 1,463,800. About 20% of the passengers were women.
-V. 131. p. 491. 287.

Transcontinental Oil Co.
-Merger & Dissolution.
-

The stockholders Aug. 14 approved the proposed merger with the Ohio
Oil Co. and voted to dissolve the company. Under the terms of the sale,
Transcontinental stockholders will receive 4-7ths of a share of the new nopar stock of the Ohio company for each share of Transcontinental held.
All liabilities of Transcontinental are to be absorbed by Ohio Oil.
-V. 131,
p. 1113. 803. 644.

Transformer Corp. of America.
-New Transformer Combination Radio and Phonograph Model Will Step Up Production
1,000 Sets per Day.
A new combination "Clarion" radio-and-phonograph model will be

brought out by the corporation Aug.25 and will be in the hands of wholesale
jobbers by Sept. 1, according to Ross Stromlo, President. Company is

now manufacturing two straight radio models in addition to its transformer
products.
Mr. Siragusa stated that the new combination model will step up production 1,000 sets per month after the first month's operation, of to 4,600 sets
monthly from 3.600 sets. He estimated that the new model will add
approximately $100
44a3 eolith tprthlcompmli
wo o e us
otusmbrln, after ihe
s o ei seszhe ent re
As
the
transformer distribution organization will handle the new model which will
retail at 1199.-V. 131. P. 957.

Tung-Sol Lamp Works, Inc.
-Earnings.
Earnings for 6 Months Ended June 30 1930.

Operating profit
Other income

1286.530
39,170

Total income
Discounts, amortization, &c
Federal taxes

1325.700
104.370
32.336

Net income
Earnings per share on 228,510 shares common stock (no par)
-V. 131, p. 129.

$188.994
10.43

-Greek Contract.
Ulen & Company.
Announcement was made Aug. 19 by the company, International engineers of New York and Lebanon. Ind., that they had obtained from the
Cheek Government an additional contract to build a rapid sand filter system
for the new Athens water supply at a cost of about $400,000. American
equipment will be used. This additional work will give to Athens one of
the most modern and complete water supply systems of any city in the
world with a daily supply of over 15 million gallons. The new work in
Athens supplements the work already accomplished by the American
engineers.
-V. 131. p. 1113. 958.

Ungerleider Financial Corp.
-Earnings.
Earnings for 6 Months Ended June 30 1930.
Profit on sales ofsecurities & arbitrage transactions
Interest earned
Dividends
Syndicate participations,commissions and bonuses
Total income
Salaries & expenses

$338,397
213,445
130.859
26,041
$708,742
93,846

Operating profit
1614.896
Current adjust,ofsec.on hand to the lower ofcost or market value 1,082,720
Current addition to deficit
Deficit. Dec. 31 1929

$467,824
466.965

(VOL. 181.

per sh. on 250,000 shs.). $2,500,000; resulting from reacquisition of cor
poration's capital stock, 1815,965. total, $3,315.965; operating
$147,931; total, $3,463,896. Adjustment of securities to cost or income,
market,
whichever lower, $1,082,720.
The report contains a list of securities in portfolio as of June 30 1930.
V. 130, p. 2604. 990.

1930.
1929.
Assets-.
$
$
Land, pipe lines,
buildings, &c_ -16,070,973x10,531,791
Construct. In prog.
22,760
Cash
1,099,296 1,373,660
Govt. securities_ _
. 252,510
Notes & accts. ree_ 1,155,399 1,696.884
Inventories
2,218,121
684,692
Other assets
419,481
149,001
Investment
1,288.353
996,099
Mtges. notes rec_ - 173,258
468,446
Trmks., contr., &e
1
1
Deferred charges
68.588
171,828
Total

22,745,981 16,095.162

1930.
1929.
Liabilities$
$
7% preferred stock 1,069,375 5,363,100
Common stock.. _y12,586,150 6,566,950
Funded debt
709.000
Notes & arets.paY. 171.057
399,807
Divs. payable- _
269,953
187,708
Acentaxes,roy.,&e
98,779
120,510
Fed, taxes pay_
58,133
72,575
Deferred income__
141,806
468,447
Fed. tax & cont.
res. for 1929_ ..._
137.000
162,500
Reefer depr.es dep 5.595.981
Min. hat. in subs__
33.000
33,000
Surplus
1,684,747 2,011,565
Total

2°,745,981 16,095,162

x After depreciation and depletion. y Represented by 397,885 no par
shares.
Our usual comparative income account for the six months ended June 30
1930 was published in V. 131. D. 1114.

United Cigar Stores Co. of America. (& Subs.).
Earnings for Six Months Entice! June 30.
(Tentative and subject to audit as to the 1930 Period.)
Store Operations1930.
1929.
Sales
$42.841.091 110,416,287
Cost of merchandise sold
31,152.048 26.838,884
Commissions on telephones, vending machines,&c..
215,584
229,666
Total profit
Store operating and depot expenses
Administrative and general expenses

$11,904,627 113.807,069
11,264.379 13,067,475
1,164,970
1.888,386

Result of store operations (loss)
1524,722 11,148.793
Proportion of loss of Happiness Candy Stores, Inc.,
and its subsidiaries applicable to United's stockholdings in that company
219,232
123,195
Real Estate and Financial Operations
Profit on operation of free and leasehold propertIes
988.954
1,116,118
Interest on mortgages,call loans, bank balances,&c
225.072
297,641
Profit on sale of securities, on basis of cost
loss165
170.828
Profit on mortgages sold or matured
1oss396,838
27.419
Net profit on sales of leaf °holds
491.533
Net profit on sales of real estate (as to the 1930
period based on company's appraised values)..... loss27,866
7,999
Appropriated from reserve for contingencies to
cover loss on sales of real estate
27,866
Dividends received on securities
365.537
202,839
Total Income
11,511.395 $1,985,542
Interest on real estate mortgages
509.693
473.528
Interest on debentures and gold notes
312,883
309,746
Amortization of discount on 20
-year debentures,
less profit on debs. retired through sinking fund.. Cr.47,989
9,555
Interest on bank loans, tenants' deposits
115,146
20,454
Sundry charges
18.328
Result of real estate and financial operations
1755.656 11,019,936
Combined result

M=811.702 def$252,051
30.

Consolidated Balance Sheet June
1930.
Assets
Cash
5,153,615
Call loans
1,500,000
Marketable secur.b1.526,610
Notes receivable1.1.923,017
ACCt9.receivable!
Invent, at cost
less contingenc,
res. for unsalable merelidse. 9,730,236
Sec. of other cos_ 6,626,157
Adv,to other cos. 2,518,880
Mtges. receivable 2,150,018
Cash es sec. bed
for employees
Pension fund__
213,312
Co.'s corn. stock_
Deb.sink.fd. and
dep. for ret'm't
of mtges. pay__
44,831
Impd tn dbid hts27,224,288
Lan r.ao leaseg e
less amortiz___ 7,108,942
Store impr, and
bldg. construetion in progress 388,581
Furn.fIst.& equip f4,274,560
Prepaid Insurance
taxes, &c
481,870
Rents paid In adv. 278.924
Unamortlzed lease
bonuses & com-

1929.
1930.
Liabilities3
3,712,510 Notes payable-- 332,318 e7,590 843
29
18$,
Accts. payable Ss
10,702,550
sundry accrued 6,904,945
7,927,743
j 865,200 Accrued int. on
12,439,403
mtges. & debs_ 463,672
457,527
Balance of Fed.
tax for 1928_
208,830
Common d Iv.pay13.000,111
able July 1._
1,332.238
7,119.881 Prov. for loss on
2,501,644
gtd. obligations
375,000
4,510,808 Refds, payable to
employees on stk.
Res.fscroripotuiuonstd.g.
subscriptions..
915,331

d1,591,665
39,873
30,625,923
7,089,193
785,437
4,037,444
578,865
295,120

premium Ws__ 884,829
Res. for Federal
income taxes__
100,000
Adv. rentals and
tenants' seem%
deposits
805,991
Res. for oblig. to
to repurchase
co.'s corn.stock
Res, for empl's'
Pension fund- 213,311
Def. discounts &
petite. of other
In respect of
mtges. receivle 132,733
Reserve for bldg.
constr. on Ishlds 154,895
Res for co corn.ntlng_ 1,208,086
in. tht. in
.

2,189,288

931,869
314,600
201,660

375,737

ML%10119
1,134.875
143.507
Unamort.disc. on 1'036'665
1,557,705
funded debt_
489,011
571,340 Mm.
Gil will & isehids.
1 34,440,532 stk. of Whelan
Deficit
776,286
Drug. Co.. Inc.
5.000
5,000
5'-% deb. 1949_ 8,944,000 9,938,000
10-yr. 6% cony.
gold notes
Whelan Drug
1 93 00
:
Co., Inc
000
02
:772 : 2818 16:900472
1620,
CommonReal est. mt
s
6% Pref.stock_ 19,200,000 19,300,000
54,226,709
tge :014
ocl: 17
Total each side_72,669,522 126,818.859
Surplus

Deficit June 30 1930 (based on val, of sec. at cost or market,
whichever lower)
$934,789
Comparative Balance Sheet.
June 30,'30. Dec. 31,'29.
$
$

June 30,30.
LiabilUies$
Arbitrage post-cost or mkt.)_ 5,287,244 .3,950,322
Bons, net__
Cash & call loans 2,407,732
3,905,470 Deferred income
7,250
Balances rec. on
Accruals
15,883
demand
373,853
778,614 Capital stock_ -_c10,000,000
Notes & loans
Capital surplus.. 2,381,177
rec., less res.. 1,625.018
3,375,209
Particip. in &
AWLS-

Investments (at

adv.for underwriting sec.__ 2,086,045

1,804,092

107,857
27,478
24,206

a After deducting $11,000 reerve for
"330
5
doubtful accounts.1:: Market value
$2,006,000. c Owned in fee at cost,
less reserve for deprec. of blcigs.
and reserve for reduction to values
at June 30 1929
company's real estate staff d Originally purchased as appraised by the
against employees'
Dec. 31,'29. subscriptions now
cancelled,
$
e Includes notes payable to less reserve for excess of cost over par value.
banks partly secured by company's common
stock purchased for employees. f After
reserve for depreciation of $2,773,111,602 347. g
Represented by 5,227,661 no par shares valued at $1 each and
capital surplus of 112.542,327.
36,327
Note.
-The June 30 1930 balance sheet is after giving effect to the
11,198,920 recapitalization
approved May 28 1930.-V. 131. P. 1114, 645.
2,619,809

100,866
26,975
25,111

Divs. declared &
interest rec
Mtge.receivables
Furnitures & fix.
See. in arbitage

accounts
464,875
Total(ea.side) 12.404.309 13,968,659
a Market value, 14,049,107. b Cost or market, whichever lower, less
clue to participants. c Capital stock-no par value (authorized 3,000,000
ohs.) issued (at assigned value of $40 per sh.) 250,000 abs. d Paid-in ($10




United States Freight Co.
-Earnings.
Sir Months Ended June
Gross operating revenue 30-Freight and cartage paid
Operating coats
Interest
Taxes (including Federal
taxes)
Depreciation
Net income
Shares cap.stock outstand.(no par)...,
Earnings per share

1930.
1929.
8
192 .
16,435.912 $18,124,566 $14,616,452
632
15.729,953 J 12,600,503 10. .
1 4,567,685 3.299.653
19.297
133,437
22,700
48.419
122,297
74.479
97.861
131,526
142,745
$355,298
$67 .
9 855
283 120
.640
1.18
$.40
29$9,2

$346.590
267,990
$1.30

Am.23 1930.]

1273

FINANCIAL CHRONICLE

-Copper Output.
Consolidated Balance Sheet June 30.
United Verde Extension Mining Co.
Including only such subsidiaries as are wholly owned.
1927.
1928.
1929.
1930.
(In Pounds.)
1939.
1930
3,405,972
1929.
3.265,898
1930.
4,675,640
4.446,000
January
3
Liabilities$
2,303.758
$
3.247,052
Assets-$
4,047,610
3,738,000
February
d9,148,591 7,826,991 March
Capital stock
2.622.908
.397,172
3
Real estate (land.
5,207.946
3,362,000
Steamship bonds
3,261,292
3.208,628
docks and ware5,364,570
4.094,000
April
50,000
25,000
payable
c2,I89,993 1,709,442
4,102.776
3,448,222
houses)
5,464,000
4.014,000
d2,816,264 2.931,911 Steam, mtge, notes
3,537.228
3.340.316
Steamships
5,020,000
3,580,000
112,550 June
28,650
payable
3.735.848
Furniture, fixtures
3,585,742
4,470,090
3,898,000
July
375,000 -V.
345.000
471.806 R.E.mtge.bds.pay
& equipment._ _ 2514,655
131, D. 959. 288.
13,000
11,715
938.141 Notes payable _ _ _
Cash in banks. _ _ _ 1,075,748
360,000
-To Acquire White Star.
Accts receivable.. 2,101.234 2.733,998 Bank loans
Vacuum Oil Co.
130,727
46,698 Reserved for taxes 133,729
67.115
.
Stationery &supP
C. E. Arnott, Pres., has announced that "an agreement has been reached,
747,881 Accounts payable- 1,136.212 2,184,697 looking to a union of the White Star Refining Co. of Detroit. Mich., with
Invest. In 0th. cos. 768,000
721.148
774,193
Surplus
Invest. In sub. in
the Vacuum 011 Co. on the basis of 9234 shares of Vacuum stock for 100
excess of bk. val. 2,066,919 2,064,646
Total (ea. side)_11,603,090 11,774,113 shares of White Star stock."
129,582
3,162
Treasury stock_ _
The White Star Refining Co. was organized in Michigan in 1911. It has
a After depreciation. b After depreciation. c After depreciation. two refineries, one at Trenton, Mich., and the other at Wood River, Ill..
-V. 130. P. 4438.
where gasoline and other petroleum products are produced. It also operates
d Represented by 299.640 no par shares.
its own filling stations and sells to dealers in Michigan and nearby States.
-Earnings.
United National Corp.
The Vacuum Oil Co. was established in Rochester, N. Y. in 1866. During
the 64 years that the Vacuum Oil Co. has engaged and specialized in the
Account for Year Ended June 30 1930 (Company only).
Income
$2,011,915 manufacture and marketing of lubricating oils, one of these being Mobiloll,
Income for year less expenses
97.937 an automobile lubricating oil of international reputation, the company has
Balance July 1 1929
expanded and grown, until to-day, its products are available and on sale in
$2.109.851 every country in the world, with the exception of Soviet Russia.
Total surplus
In its growth,the Vacuum Oil Co. has built organizations in many foreign
864,683
Dividends paid
countries, each company carrying forward the same high principles of
$1,245,168 refining and engineering practice that are followed by the Vacuum Oil Co.
Balance June 30 1930
Consolidated Income Accountfor Year End.June 30 1930 (Incl. controlled cos.). in the United States.
81,653,914
Vacuum 011 companies operate branches and a number of refineries in
Profit for year
1,248,782 England, France, Germany,Italy, Spain, Austria, Czechoslovakia. Norway,
Consolidated surplus July 1 1929
27,039 and Sweden and in Egypt, South Africa, Morocco, in the Near East
Income applicable to prior period
Additional
Turkey, Greece, Syria in Asia China, India, Japan in Australia and
$2.929,734 New Zealand in the Argentine, in Brazil, Chile, in Mexico and many other
Total surplus
companies to minority interest
135,164 countries.
Dividends paid by controlled
864.683
Dividends paid by United National Corp
The union of these two oil companies should be of particular advantage
to the motoring public and to the trade in the States where the White
Consolidated surplus June 30 1930
x$1.929,887 Star Refining Co. operates.
The White Star Refining Co. will continue to be operated as an in,.x Includes approximately $46.000 surplus of controlled companies ap-V. 130
dividual unit, with no change in name, personnel or policies.
plicable to minority interests.
p.3185.
Sheet June 30 1930 (Company only).
Balance
Liabilities
Assets
-Earnings.
Vanadium-Alloys Steel Co.(& Subs.).
11,157,624 Accts. pay, for expenses, &c.
55,688
Cash
x1929.
1930.
Years Ended June 30271.259 Provision for Fed. income tax
34,121
Notes & accts. receivable-$4,869.708 $6,126.919
returns and allowances
Participating Pref. stock ...x17,541,129 Sales-Less discounts,
Invest. In bonds & stocks
3,726.713
2.983,993
Cost of sales
1,554,944 Common stock
(at cost)
1198,862
Surplus
Permanent Pacific Northwest
1,245,168
16,637.814
Investments
Depreciated value of office
Total(each side)
3.327
519,624,968
furniture, equipment, &c...
x Represented by 500.000 no-par shares. y Represented by 32,261 no
par shares.
Consolidated Balance Sheet June 30 1930 (Incl. controlled companies).
Liabilities
Assets11.696,622 Notes payable, accts. payable
Cash
& commitments
2,493,634
54,369.658
& notes receivableAccts.
Securities sold for future del'Y
437.448
Inventories of "Securities
1,310.244 5-yr. cash cony, secured gold
Distributing Division"
bonds
368,200
Security holdings of -Invest.
7,751,319 Provision for Federal Inc. tax
Company Division"
190,655
Participating Pref. stock.....y17,541,128
Permanent Pacific Northwest
6,111.182 Common stock
investments
e798,861
Invest, in shares of contr- cos 6.619,227 Minority stockholders' int. In
Pref. abs. of controlled cos_
422,929
Depreciated value of office
67,538 Surplus
furniture, equipment, &c
11,929,887
126,058,768
Total
Total
126,058,768
x Includes approximately 846.000 surplus of controlled company appllc
interests. y Represented by 600,000 no-par shares.
able to minority
-V.130. p. 4071, 3734.
z Represented by 32.261 nolpar shares.

-Earnings.
United States Gypsum Co.
1930.
1929.
6 Mos. Ended June 30$2.891,750 $2 329 244
Net Income after deprec. Federal taxes, dm
$2.24
Earns, per sh.on 1.170.370 she. coin.stk.(no par)_
$1.76
The consolidated balance sheet as of June 30 1930, shows current assets
of 816.550.813 and current liabilities of $1.621.617 comparing with $15,545,294 and $4.016.596 respectively on June 30 1929. Profit and loss
surplus amounted to $33.075,806 against $28.832,153.-V. 131. P. 288.

--Earnings.
United Stores Corporation.
Statement of Deficit From Organization June 8 1929, to Dec. 31 1929 and
From Then to June 30 1930.
Period June 8 1929 to Dec. 31 1929
Transfer agent's fees
515.000
Registrar's fees
3.918
Other corporate expenses
2.034
Interest paid on loans
1.088

$1.885.715
109.254

Gross income
General, administrative and selling expense
Provision for depreciation
-Employees'investment certificates
Interest
Writing down book values of securities
Federal income taxes

$1.994,970 $2,654,231
1,063.252
947,631
128.515
177,668
4,449
3,822
10.500
170.296
90.363
$775.485
765,825

Combined net profit
Dividends paid

Vanadium Corp. of America, Inc.(& Subs.).
6 Mos. End. June 30-Profit after expenses-Other income

1930.
5835.883
x743,045

$22,040
83

51.588.928
Total income
338.691
Depr.,deplet., taxes.,&c

Deficit, Doc.31 1929
Period Jan. 1 1930 to June 30 1930
Transfer agent's fees
Registrar's fees
Other corporate expenses
Interest paid on loans

$21,957

Net income
Dividends

5.727

Total expenses
$4,466
Distributions received on div. cas. for United Cigar Stores Co. of America common stock
11,558
Interest on bank balances
462
Net deficit
$12.445
Total deficit, June 30 1930
34,402
Comparative Balance Sheet
June 30'30 Dec.31 '29
June 30'30 Dec.31'29
Liabilities$
$
Assets9
23,716
47,313 Note payable
Cash
500.000
150,000
10,080 Accounts payable_
Accts receivable_
153,709
297,048
Cap & Initial surpa36,641,026 36,472,724
Cigar
Ins: United
Deficit
Stores Co. of
34.402
21,957
8 103.741 8.070,365
America
-- - Tob.Prod. Corp29,103,516 28,677,897
- 92,160
29,360
Total (ea. side) 37,260,333 36,897,815
Union Tob. Co_
a Represented by 351,910 no par shares of $6 cumulative convertible
preferred stock, 912.507 no par class A shares and 502,298 no par common
shares.
-V. 131. p. 1114.

91,277.219
y1,061,094

$9.660
8216.125
Balance,surplus
-V. 129. p. 3490, 2406.
Colonial Steel Co. prior to Oct. 31 1928, date of
x Including profits of
acquisition. y Includes dividend of $418.018, payable July 16 1929.
Balance Sheet June 30
1930,
1929.
LiabilUies
1929.
1930.
AssetsCommon stock .x$2.000,000 12,000,000
Land, buildings,
13,065,144 Capital surplus-- 4,557,748 4,557,748
mach'y & equip_12,978,958
140,067 Empl. 7% certifs.
481,290
Investments
of investment40,000
17,200
Due from em pl.
Accounts payable_
81,455
352,362
for purchase of
9,499 Reserve for empl.
8,137
real estate
94,048
222,388
bonus
2,633.763 2,318.624
Inventories
418,018
39,734 Dividend payable_
Adv. on ore contr.
15,104
4,562
742,801 Accr. gen. taxes
Notes & accts. rec. 435.867
169,967
24,299 Accr. Fed. Inc. tax 110,922
6,864
Misc. accts. rec.
104,662
131,716
Reserves
Stocks Si bonds of
889,786
835,434
other companies 1,098,742 1,112,928 Surplus
850,000
Loans on call
297,676
236,610
Cash
Prepd. taxes, Ins.,
Tot.(each side)_17,883,184 $8,619,937
19,164
2,952
and expenses...
a Represented by 210.000 no par shares. y After depreciation of$703,323.
-V. 129, p. 3490. 2406.

Total expenses
Interest received on bank balances

$5.833
3.087

$2,400,206
254.025

Gross profit from sales
Other income

$1.250,237
538,705

1928.
$1.128.861
106.493

1927.
$1,333.300
83.862

81,513,484 81,235,354
335,796
265.862

81,417.162
306.560

9969.492
564.955

$1.110.602
564,955

1929.
81,387.096
126.388

$1,177,688
564.955

8404.537
8612.733
$711,532
5545.647
Surplus
3.400.829
3,791,543
4,210.299
3,188,410
Profit and loss
Capital stock outstanding
376.637
376,637
378.367
376.637
(no par) shares
Earns, per sh.on 376.637
$2.57
$3.12
82.95
$3.30
stk.(no par).
abs. cap.
-V. 131. p. 493.
x Includes profit on resale of company's own stock.

-Earnings.
Van de Camp's Holland Dutch Bakers,Inc.

1930.
1929.
28 Weeks Ended July 1381.631.254 81,294.577
Sales
64,807
cbgs.Incl. deprec.& Fed.taxes.
72,324
Net profits after all
81.18
$1.35
Earns, per sh. on 44.000 shs, corn.stock (no par)....
Lawrence II. Frank. Pres, stated that tne small reduction in the comperiod was primarily caused by its entry into
pany's net profits for the
Seattle last year and the extraordinary development expense necessitated
has 22 stores in Seattle and
to date by this expansion. The company nowand there is every
indication
its record there has been extremely gratifying
business for 1930 will be considerably in excess of original estimates.
that its
130, p. 4072. 2231.

Vesta Battery Corp.-Pref. Div. Deferred.

The regular quarterly dividend of $1.75 per share on the preferred stock
-V. 130, p. 4626.
due at this time has been deferred.

-Shipments.
Vortex Cup Co.

-Earnings.
Utility & Industrial Corp.
$216,100
1,475.903
788.353

R. C. Fenner, Pres.. announces that during the month of July, the
company shipped to customers 174.125,000 paper cups and sundae dishes
which establishes a new high record for shipments for any months in the
company's history. Mr. Fenner states that shipments thus far In August
.
-V.131. p. 959 645
are substantially in excess of the same month last year.

Total income
Interest
ai
Taxes.
idaiiii iFider- _______ iix
Expenses

$2.480,356
.
55 734
113.462
63.970

-New Sub. Co.-Warner Brothers Pictures, Inc.
Bookings,
B
t
c c 7f
rla n.
! Warner Bros. Inclusrials Films, Inc., a subsidiary,
screen

Netincome
Dividends on convertible preferred stock

$2,247.190
1.048.864

Earnings for 12 Months Ended June 30 1930.
Interest earned-----------------------------------------Cash dividends__ --------------------------------------Profit on securities sold

Surplus for period
$1,198,326
Earnings per share on common stock
$1.19
The earnings of $1.19 a share on the common stock outstanding for the
12 months ended June 30 compares with $1.31 a share earned on the common stock for the 12 months ended March 31 1930 the company's first
full 12 month period, and 63 cents a share for the period covering the 1054
months from its organization Feb.9 to Dec. 31 1929.-V. 130. P. 1917.




advertising. A. Pam Blumenthal and
is announced for handling
B. K Blake have been appointed officers of the new company.
company has closed a booking transaction with the Butterfield
The
Circuit in Michigan whereby the entire product of Warner Bros. and
Vitaphone will be shown in the Butterfield circuit. The latter comprises
5
2 cities through h
01. 11 thre com pan y
T Michigan,
u .
ab: t 6 in hies io,
c cuit 0 houscag n
The compny has completed negotiations for purchase of the Carton
theatres,
t Mg
moreconslsttian
also has added
a group of 5 theatres in Indiana to its chain.
,
e Appell AmusementCo. of York. Pa, which owns five theaters and
houses and is interested in five theaters in other places,
motion picture

1274

FINANCIAL CHRONICLE

Including Hanover, Gettysburg, Red Lion and Palmyra, Pa., was acquired
as of Aug. 16 last.
The company has concluded negotiations with Famous Players Canadian
Co. for the exhibition of pictures of Warner Bros., First National and
Vitaphone in Famous Players Canadian theatres.
-V.131. p. 1114.959.

Warner-Quinlan Co.
-Earnings.
Period Ended June 30- 1930-3 Mos.-1929. 1930-6 Mos.-1929.
Net profit after int.,
deprec., deplt. & Fed.
$861.665 loss$167,361 $1,072,872
taxes
$143,196
Shares corn. stk. out
632,948
769,531
632,948
stand.(no par)
769.531
Nil
$1.69
$1.36
Earnings per share
$0.18

Dividend Passed.
-

[Vou 121.

"Corporate Steel Products, Ltd., has an authorized capital of 125,000
shares of no-par value 100.000 shares of Its capital stock will be available
for exchange for common shares of Western Steel Products, Ltd. The balance of 25,000 shares will be held in the treasury for issue at the discretion
of the directors for the benefit of the company. Arrangements are being
made to list Corporate Steel Products, Ltd., stock on the Montreal Curb
and the Winnipeg Stock Exchanges.
"The offer will remain good until Sept. 9 1930, after which time all right
of exchange under the offer shall cease.
"Holders of common shares of Western Steel Products, Ltd., who desire
to exchange their common shares under this offer, must forward their certificates duly endorsed in blank, either direct or through their broker to
National Trust Co., Ltd., at Montreal, with signathre guaranteed by their
broker or a chartered bank. before Sept. 9.
"Directors have considered the above offer and unanimously recommend
Its aceptance by holders of common shares of Western Steel Products, Ltd..
believing this action to be in the best interests of all shareholders.
"Interests representing 65% of the common stock of Western Steel
Products, Ltd., have already exchanged their stock on the above basis."
-V. 131, p. 130.

The directors have taken no action on the quarterly dividend due at this
time. In the two preceding quarters dividends of 25 cents each were paid,
prior to which the stock was on a $2 annual basis. The decision to pass the
dividend was for the purpose of conserving the company's cash resources.
President McFarland stated that the volume of business is relatively
Westinghouse Electric & Mfg. Co.
-Distributes Radios.
satisfactory in view of general conditions, but that the low prices which
The company has begun the distribution of radio receiving sets to dealers
prevailed this year have been primarily responsible for the lower earnings
and these soon -will be available for public inspection and sale throughout
of the company.
the country.
Contracts, &c.
"Because of its contribution to radio during this, the first decade of radio
The company has contracted with Warner Bros. for delivery of 1,500,000 broadcasting, it is indeed appropriate that Westinghouse should again suboil for the heating of 29 Warner Bros. theatres in the metro- mit for public approval a lino of Westinghouse receivers bearing its name,"
gallons of fuel
politan area, according to Pres. W. W. McFarland. A tentative contract stated A. W. Robertson, Chairman. "Continuously since 1920 Westingfor supplying 20 additional theatres in Connecticut has also been secured, house has carried on the development and manufacture of radio broadpending Warner-Quinlan's completion of arrangements to service them casting receivers; first, under its own trade mark, and late* for the Radio
from its Westchester bulk station.
Corp. of America. In order to effect the economies possible through cenDelivery of approximately 4,000,000 gallons of asphaltic road paving tralized design and manufacture, Westinghouse, on Jan. 1 1930, turned
materials during the first half of 1930 to the State of New York has been over to the RCA Victor Co., Inc.. subsidiary of the Radio Corp. of America,
made, Mr. McFarland stated.
its manufacturing activities."
-V. 131, p. 646, 288.
"The asphalt now being used in repaving Fifth Avenue. between 14th
and 42nd Sts.," he said, "Is being furnished by Warner-Quinlan Co. It is
Weston Electrical Instrument Corp.
-Earnings.
refined at our Warners, N. J., refinery from Mexican Panuco crude oil,
Period End. June 30- 1930-3 Mos.-1929.
produced by us."
1930-6 Mos.-1929.
Warner-Quinlan's recent contract to supply fuel oil to the Radio-Keith- x Earnings
$221,856
$266,831
$566,752
$534,258
Orpheum chain of theatres in New York calls for delivery of 1,200,000 Other deduct.less oth.inc
4.472
2,380
8,130
55,056
gallons.
-V. 131. P. 645.
Total income
$217.384
$264,451
$511,696
$526,128
-Earnings.
Webster Eisenlohr, Inc.
Federal taxes
23.662
32,207
62,812
64,206
Period End. June 30- 1930--3 Mos.-1929. 1930-6 Mos.-1929.
$928,033
$632,746
$392,249
$519,122
Surplus
Gross profit
$193,722
$232.244
$448,884
$461,922
656,492 Class A dividends
745,206
399,338
330.059
Expenses-.
25.000
y32,500
50.087
y65.000
33,776 Common dividends
23,512
Federal taxes
36,650
73,300
$7,089*prof$165551 $112,460*prof$237,765
Net loss
Earns, per shr. on 394,$0.42
Nil
Nil
$0.53
sits. corn. stock__
725
* Before inventory adjustment -V. 131, p. 493.

-Extra Dividend of 25 Cents.
Welch Grape Juice Corp.

The directors have declared an extra dividend of 25c. per share on the
common stock in addition to the regular quarterly dividend of 25c. per
share, both payable Aug.30 to holders of record Aug. 15. An extra of 25c.
per share was paid on Feb. 28 last and an extra of $2.25 per share on May
30 last.
-V. 130, p. 3374.

-Tenders.
Wellston Iron Furnace Co.

The company has called for redemption on Sept. 1 certain outstanding
1st mtge. ref.6% bonds, dated Sept. 11927,due Sept. 1 1937 at par and int.
Payment will be made at Fifth-Third Union Trust Co., Cincinnati, 0.
-V. 127. p. 1119.

-Earnings.
Wentworth Radio & Auto Supply Co., Ltd.

Earnings for Year Ended April 30 1930.
Net profit on operations after deducting all operating expenses. Ste--$73.631
7,500
Provision for depreciation
4,277
Income tax
Net earnings for year
Balance at credit May 1 1929
Adjustment income tax
Life insurance premium-H.II. Slack

$61,854
36,704
Cr1.616
Dr1,871

Total surplus
Preferred dividends

$98.303
19,500

$78,803
Balance Sheet April 30 1930.
Liabilities
Assets
Accts.& bilk, pay.. trade & accr.
Accounts & bills receivable less
$107,422
expense,
• $63,640
provision for bad debts
3.847
231,627 Cash
Merchandise inventories
4,277
I.'repaid insurance, expenses, &c. 13,093 Reserve for income tax
bldgs.,fbctures & fern., &c 278,758 Wm. Lee Co.. Ltd. (to cover
Land,
8,500
transfer corn.stock)
1
Goodwill
$200,000
4,239 613% preferred stock
Organization expenses
30,000
15,000 Common stock
Deferred expenses
Earned surplus (Ptedecessor
f
73,509
cos.)
78,803
Earned surplus
Balance surplus

Total
-V. 131, p.493.

$606.358

Total

$606,358

-Earnings.Western Auto Supply Co.

Surplus
$132,072
$199,744
$325,497
$396,922
x After depreciation, selling expenses, &c. y Estimated.
-V. 130, P.
4073, 3566.

Whitaker Battery Supply Co.-Pref. Div. Deferred.
The regular quarterly dividend of 50c. per share on the $2 preferred stock
(no par) due at this time has been deferred. An initial dividend of 50c. per
share was paid Sept. 1 1929.-V. 129, p. 1304.

White Star Refining Co.
-New Control.
See Vacuum Oil Co. above.
-V.130. p. 2605.

-James R
-Bonds Offered.
Whittier Extension Co.
Martin & Co., Los Angeles, are offering $350,000 1st mtge.
7% seven-year gold bonds at 100 and int.
Dated May 1 1930: due May 11937. Interest payable M.& N. without
deduction for Federal normal income tax up to 2%. Denorns $1,000 and
$500 c.* Red. on any int. date at 101 and int. Security-First National
Bank of Los Angeles, trustee. Exempt from personal property taxer in
California.
Oroanization.-Company was incorp. in Calif. in 1012 to acquire approx.
1,800 acres of land in the San Gabriel Valley situated about 3 miles from
the City of Whittier, Calif., and approximately 20 miles from the center of
the City of Los Angeles. This land adjoins the main line of the Los Angeles
and Salt Lake Division of the Union Pacific RR. and is about one mile
south of the main line of the Southern Pacific Co.. assuring ample transportation facilities. Of the original 1,800 acres the company has sold and
deed approximately 1,336.9 acres, and has under contract of sale approximately 210.834. with approximately 252.266 acres unsold.
Securitg.-Bonds will be secured by a closed let mortgage on approximately 463.1 acres of land. Of this acreage the company has executed contracts ofsale for approximately 210,834 acres at a total sales price of $400,588
of which $134,883 has been paid on principal, leaving a balance on contract
of $265,705, pledged as a portion of the security for the bondholders. Deducting this sum from the face value of the total issue of bonds leaves a
balance of only $84,295 to be paid from land still unsold. Based on sales
currently being made, the land still available for sale, has a value in excess
of $438.000. Thus, the total security for the loan, based on land, is in
excess of $838,000.
As further security, there are pledged 352,449 shares of the capital stock
of Whittier Extension Mutual Water Co. This company has an adequate
supply of water and a complete and efficient plant capable of providing
water for all of the property which the Whittier Extension Co. owned and
for approximately 800 additional acres at the same rate of distribution.
This stock is of the mutual appurtenant type and Is limited to the lands
originally owned by the company of which the land securing this loan is a
part.
Revenue.
-In addition to profits from lands sold and interest on contracts
of sale, the company receives a substantial income from the sale of crops
produced on the unsold land. Net annual income available for interest
on this loan, based on operations for the year 1929. would be In excess of
$69,000 or over 2.8 times interest requirements.
Purpose -Proceeds will be used to refund present indebtedness incurred
n the development of the property.

1929.
1930.
Six Months Ended June 30$6,369.838 $6,624,315
Sales
122.739
210.649
Net profits after taxes
Earnings per share on 195.961 sits. combined
$0.62
$1.07
class A Sr B stock
062
Increased earnings were made in spite of the fact that sales were slightly
Winslow Lanier International Corp.
-Capital.
-less than for the first 6 months of last year.current assets of $5,085,956:
The stockholders Aug. 15 at special meeting approved the proposal to
The balance sheet of June 30 1930 shows
ratio of approximately 5 to 1; cash and reduce the stated capital to $11,406,700, represented by the 10.000 founders
current liabilities of $1,117,303, a
shares and 114,057 common shares from $15,001,000, represented by 10,000
marketable securities amount to $1,318,000.
Don A. Davis, Pres., states that the major portion of the company's founders shares and 150,000 common stock by retirement of 35,943 common
business is always secured during the last 6 months of the year and expects shares purchased for that purpose; also to credit $13,555,275 of that amount
-V.
sales for the last 6 months of this year to approximately equal sales of the to capita! account and the balance of $2,851,425 to capital surplus.
131, p. 960.
last half of 1929.-V. 131, p. 959.

-Earnings.
Western Reserve Investing Corp.

The company reports for the 6 months ended June 30 1930, a net loss
of $51,572 after a loss from sale of securities, interest and expenses. Dividends for the 6 months amounted to $120,000 leaving a deficit of $171,572
for the six months.
Investments carried at cost of $6,313,897 had a market value of June 30
of $5,076,715.-V. 128, p. 2109.

-Acquisition Plan.
Western Steel Products Corp., Ltd.

In a letter to common shareholders, R. R. Symington, President outlines
0rporaeerxu.&dr,w
atialthrough whichthe company's 81vitie-n&PriOin-widc1ain431
susiassha1pot control of
head office in Montreal, and recently incorporated for this centralizing purpose. Mr. Symington's letter follows in part;
"An offer has been made by Corporate Steel Products, Ltd. to acquire
all or any part of the outstanding common stock of Western Steel Products,
Ltd., by exchange for shares of Corporate Steel Products, Ltd. on a share
for share basis. For each common share of Western Steel Products, Ltd.
deposited Corporate Steel Products. Ltd. will issue in exchange one common
share (without par value) of its own capital stock.
"Corporate Steel Products, Ltd. has been incorporated under the Dominion Companies Act with head office in Montreal, Que., by interests connected with Western Steel Products, Ltd., for the purpose of co-ordinating
and consolidating the constituent companies, and of promoting economies
in operation. Also for financial reasons. Senior securities authorized for
Western Steel Products, Ltd. have been fully issued, and future developments must be financed through Corporate Steel Products, Ltd. Therefore,
In order to benefit from any development which may subsequently take
place, shareholders in Western Steel Products, Ltd. must necessarily become shareholders In Corporate Steel Products. Ltd.




Worth Inc.
-To Sell Hartford Assets.
-

The directors Aug. 15 notified holders of class A convertible stock of the
Intention to sell the assets of Worth of Hartford, Inc.,a wholly owned subsidiary, for $75,000 and a loan of 575.000 secured by the accounts receivable
of the store. The proceeds will be used for working capital.
-V. 128.
p.3536.

Zimmerknit, Ltd.
-Omits Interest on Bonds.
The company has omited the payment of interest, due Aug. 1, on the
$750,000 outstanding 6% 1st mtge. bonds. During the second quarter of
1929 the company deferred the dividend on the 8,500 shares of $100 par 7%
cumul. pref. stock. The company also has outstanding 31.250 no-par
common shares.
During the past two years, the directors have revamped their manufacturing department,substituting new lines of merchandise for former lines, with
an unfavorable effect on earnings. The directors together with the trustee
for the bondholders and the company's bankers are now working out a plan
for the continued operation of the company on a more satisfactory basis.
("Wall Street Journal.")
-V. 128. p. 3016.

-Earnings.
Zonite Products Corp.
30-y
1929
.
Six Months Ended June
$158.696
$M3 15
.5.
°
Consolidated net income after charges & taxes
176.000
704,771
Shares common stock outstanding (no par)
130.90
$0.65
Earnings per share
July net income was $102.371 after charges and taxes.
x Includes Forham Co. and A. C. Barnes & Co. y Excludes Forhan Co.
and A. 0. Barnes & Co.
-V. 131, p. 960

AUG. 23 1£30.]

1

FINANCIAL CHRONICLE

1275

'P The Commercial Markets and the Crops
-SUGAR-COFFEE
COTTON
-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
--ETC.
-WOOL
-METALS--DRY GOODS

COMMERCIAL EPITOME

The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter, in a department headed INDICATIONS OF
BUSINESS ACTIVITY.

traded in previous years. Even with this deducted, however,
the decrease in volume this year is only about 1.1% compared with last year, while the remaining volume is still
greater than in 1928. To-day futures closed 6 to 14 points
lower on Santos and 10 to 14 off on Rio with sales of 13,000
Santos and 28,000 Rio. Final prices show a decline for the
week on Rio of 19 to 31 points and on Santos of 19 to 54
points.
Rio coffee prices closed as follows:

Friday Night, Aug. 22 1930.
COFFEE on the spot was in fair demand early in the week
at 113 to 12%c. for Santos 4s and 7Me.for Rio 7s. Fair to
%
good Cucuta 13 to 133/20.; prime to choice 14% to 153c.;
washed 144 to 15c.; Ocana 13 to 133'c.; Bucaramanga
5.79@
December
5.560
May
734
2c.; washed 153/ to 16c.; Honda,Tolima Spot unofficial__ © ___ II March _ _ _5.590nom IJuly
natural 133 to 14Y
%
5.52@
I
September _ -6.11
and Giradot 15% to 160.; Medellin 18 to 183c.; Manizales
Santos coffee prices closed as follows:
153 to 16c.; Mexican washed 17 to 18c.; Surinam 113, to Spot unofficial_ _
%
I December _ _ _9.310
8.84@nom
I May
12c.; Ankola 23 to 29c.; Mandhelling 25 to 35c.; genuine September _10.20@ - I March
I July
8.71 ® nom
9.01@
Java 243 to 25c.; Robusta washed 12 to 123c.; Natural
COCOA ended to-day at a decline of 10 to 20 points with
2
83' to 9c.; Mocha 183/2 to 19c.; Harrar 17 to 173/e.; Abyssinian 143/b to 150.; Guatemala prime 16M to 17c.; good 153, sales of 174 lots; Sept., 7c.; Dec., 7.260.; Jan., 7.460.;
%
to 153c.; Bourbon 133/ to 14c. On the 18th inst. cost and March, 7.62c.; May, 7.75c. Final prices are 44 to 65 points
freights were generally 5 to 25 points lower, a few being un- lower for the week.
changed. For prompt shipment Santos Bourbon 2s were
-Prompt raws sold at 1.13c. f. o. b. A fair
SUGAR.
quoted at 11.60 to 123c.; 2-3s at 10.90 to 12%c.; 3s at business was done. Receipts at United States Atlantic ports
%
10% to 113 c.;3-4s at 10.60 to 113c.;3-5s at 10.10 to 103 e.; for the week were 58,588 tons against 37,582 in the previous
%
4-5s at 10 to 10.35c.; 5s at 10.15 to 103jc.; 5-6s at 9.15 to week and 46,571 in the same week last year; meltings 45,925
10.10c.; 6-7s at 9.00c.; 7-8s at 6.80 to 7.00c.; rain-damaged tons, against 49,389 in previous week and 69,983 same week
6-7s at 7.65c.; Peaberry 3s at 10.30c.;3-4s at 10.60 to 11.05c.; last year; importers' stocks 154,693, against 154,662 in
4-5s at 10.10c.; Rio 7s at 6.15 to 6.20c. and 7-8s at 6.00c. previous week and 407,754 last year; refiners' stocks 158,558,
Santos Bourbon 4s for shipment in 12 equal monthly parts against 145,926 in previous week and 211,848 last year;
from January through the year were offered at 8.70c. and 6s total stocks 313,251, against 300,588 in previous week and
for December-May at 83c. On the 19th inst. cost and 619,602 last year. Receipts at Cuban ports for the week
freight prices in some cases were 25 points off. For prompt were 26,561 tons against 57,755 in the same week last year;
shipments Santos Bourbon 2s were quoted at 11.85 to exports 56,752 tons, against 124,008 in same week last year;
12.35c.; 2-3s at 11% to 113 c.; 3s at 10M to 11c.; 3-4s at 10 stock 1,325,709 tons, against 872,942 in same week last
%
-5s at 9% to 11c.; 4-5s at 9.65 to 10.10c. 5s year. Of the exports 12,397 went to Atlantic ports, 10,700
to 11.20c.• 3
'
at 9.90c.; 5-6s at 8.90 to 93ic.; 6s at 8.35 to 10.35c.; 6-7s to New Orleans, 134 to interior of United States, 2,833 to
at 8%c.; 7-8s at 6.85 to 7.30c.; rain damaged 6-7s at 7.650.; Galveston, 17,537 to Europe and 13,151 to Russia. One
7-8s at 73c.; Peaberry 2-3s at 11c..; 3-4s at 10 1-3c.; Rio 7s private statistician said: "The current Java crop, harvesting
at 5.90 to 6.10c.; 7-8s at 5% to 5-90c. and Victoria 7-8s at of which began late in April this year, is now estimated at
5 to 5Mc.
2,900,000 long tons. Last year's production totalled 2,On the 20th inst. most of the cost and freight offers of 895,000 tons. As of August 1, there were available for export
Brazilian were lower, the declines ranging from 10 to 25 from Java 2,290,000 tons. Last year at the same date,
points. For prompt shipment Santos Bourbon 2s were here there were available for export 1,935,000 tons. Of the 2,at 11.30 to 12.15; 2-3s at 11.05 to 11%; 3s at 10.30; 3-4s at 116,272 long tons, raw sugar value, imported by the United
9.80 to 11.30; 3-5s at 9.65 to 10.80; 4-5s at 9.45 to 9.85; 5s Kingdom during 1929, 710,171 tons (33.6%) came from
at 9.70; 5-6s at 8.90 to 9.55; 6s at 8.15 to 10.15; 6-7s at 8
British possessions, and 1,406,101 tons (66.4%) were im7-8s at 6.70 to 7.10; peaberry 2-3s at 10.80; 3-4s at 10.05- ported from foreign sources. Of the foreign sources Cuba
10.10; rain damaged Santos 6-7s at 7%c.; 7-8s at 6.65; Rio supplied the most, the quantity being 681,652 tons or 32.2%
78 at 6.00 to 6.05; and 7-8s at 5.65 to 5.85. Spot prices here of the total imports. Of the sugars coming from the British
later declined; Santos 4s, 113i to 11%c.; Rio 7s, 73 to possessions, Mauritius supplied the largest quantity, 272,181
.
7/ On the 21st inst. the cost and freights were somewhat tons or 12.9% of the grand total."
3 2c.
firmer in sympathy with milreis exchange. Prices generally
Commenting upon the increased acreage this season in
unchanged with slight advances in some cases. For prompt the United Kingdom Willett & Gray said: "This increase
shipment Santos Bourbon 2s were quoted at 11.95; 2-3s at may be accounted for to some extent by the fact that the
10.95 to 11.70c.•, 3s at 10.40 to 10%c.; 3-4s at 9.80 to 103 c.; subsidy paid by the Government to beet producers in the
%
3-5s at 9.65 to 103e.; 4-5s at 9.55 to 10.100.; 5s at 9.65 to United Kingdom will be reduced 50% after this crop. That
9.90c.; 5-6s at 8.90 to 9.05c.•, 6s at 81 0.; 6-7s at 83e.; is to say, the reduction will apply to the 1931-32 crop."
/
7-8s at 6.90; peaberry 3-4s at 10.05 to 10.100.; 6s at 8.90c.; On the 18th inst. futures were irregular advancing in some
Rio 7s at 5.95c.• 7-8s at 5.80c. Santos 4s later were held here
one point on influential Cuban buying but
at 11% to 11%.and Rio 7s at 73c. Futures on the 18th cases at one time
3
declining later ending 1 to 2 points net lower. The sales
inst. declined 4 to 34 points owing to sharp declines in
only 35,000 tons December was the most
Brazilian exchange. Santos fell 6 to 34 points and Rio 4 were estimated at as there was any activity. Four thouto 14. Cost and freight prices also declined. This also active month so far
Philippines sold for delivery next week af3.160.,
counted against futures. Rio exchange declined 3-16d. and sand tons of
after 24,000 bags of Cubas,loading Aug. 20 had sold at1.18c.
Santos %d. Stop orders were caught here. Futures on the A
sale of 2,000 tons of Cuban was reported at 1.14e. f.o.b.
19th inst. declined 3 to 8 points with Brazilian exchange
shipment last half of
again lower. Covering in what looked like a short market Cuba to an operator for Refined was 4.50e. October and
with a fair
November.
restricted the decline. Offerings fell off. Contracts had to first half of
routine business. Futures on the 19th inst. closed 1 point
be bid up. The sales were 38,500 bags of Rio and 48,000 lower
to 1 point higher with sales of 23,700 tons. Spot
bags of Santos. Rio regulating stocks on July 31st were
1.13 to 3.18c. The beet crop in
1,609,000 bags,including 813,000 bags in interior warehouses, raws were dull attons against 899,396 tons in 1927, 1929
stations and wagons. Rio receipts from Aug. 16 to 31st totalled 1,070,895 year, a gain of 19.1% according the last
to the
preceding census
will be limited to 11,464 bags.
Statistics in Washington. The increase
A special cable from Santos reported a further slight Bureau of Census
$98,584,598 to $100,628,385, a gain of 2.1%.
improvement in milreis exchange. Futures on the 20th inst in value is from
September 5s. 81 td. with 5s. 9d. for
/
after an early decline advanced 2 to 20 points on most London was dull; was dull as to new business but
withmonths despite a persistent decline in Brazilian exchange. October. Refined
good. Three thousand five hundred tons of
But towards the end the tone became firmer on scattered drawals were
September shipment to Montreal were sold at
covering and Bia,zilian buying. On the 21st inst. prices Natals for Importations of refined sugar from Porto
ended 9 points lower to 8 higher. Santos cables were lower. 2.15e. c.i.f. increased 50% in the first half of this yearRico
and
Sept. was under pressure. It is pointed out that though it is stated capacity of both Cuba and Porto Rico
has intrading on the stock exchanges and many commodity ex- the refining
last few years that they
changes so far this year has fallen off sharply the volume of creased so materially in the refineries in the United have
competitors of
States.
trading in coffee futures on the New York Coffee Exchange become serious
Imports of refined sugar from Cuba set a record last year
has decreased less than 1% compared with the same
tons. In the first half of this year 125,255
period
in 1929 and was slightly larger than the same period in with 244,646 long
tons were imported. From Porto Rico 39,367 tons were
1928. During the first seven months of this year it
year, while in the first half
was
announced that futures contracts representing 7,523,250 imported lastwere 38,725 tops. Havana of this year alone
cabled that at a
bags of coffee were traded in on the exchange, compared the importsthe National WI Owners
Association of Cuba
with 7,588,250 bags last year and 7,464,000 in 1928 in the meeting of inst it was decided to grant
:
full powers to the
same periods. This year's figures included contracts for on the 21st
commissioninNew York to negotiate in all matters
19,500 bags traded in under the "F" contract which were not , Cuban
f concerning the sugar industry.




1276

FINANCIAL CHRONICLE

Refined fell to 4.35c. Spot Cuban raws sold at 1 Wo.c. & f.
That was for 3,000 tons for October shipment at 1.13c. f.o.b.
Liverpool cabled: "Complete sowings of sugar beets in
England, Scotland and Wales for 1930-31 is 348,100 acres;
production estimated at 400,000 tons white sugar against
290,762 last year's crop." Futures on the 20th inst. declined for a time 1 to 2 points, with the emphasis on heavy
liquidation in September. Late buying by prominent Cuban
interests and covering caused a temporary rally. Still the
closing was at a net decline of 1 to 2 points with sales of
47,400 tons. At 4.35c. refined new business for prompt
delivery was good but 30-day contracts were dull. Of spot
raws 50,000 bags of Cuban and 4,100 tons of Porto Rico
sold at 3.16e. delivered. On the 21st inst. prices were unchanged to 1 point lower. Near months weakened a little
under liquidation in September; 4,500 tons of Porto Rico
sold at 3.15c. for mid-September. Refined was 4.35c. It
will not be raised to 4.50c. today. To-day futures closed
2 to 3 points lower with sales of 56,500 tons. Final prices
are 4 to 7 points lower for the week.
To-day it was practically confirmed that the Chadbourne
committee has sold 14,000 tons of Cuban raws to China for
September shipment at 1.04 f. o. b. Whether or not this
includes the cargo sold earlier in the week does not appear
to be clear.
Prices were as follows:
Spot (unofficial _ __1.151January _ _ _ _1.20 ® --- I May
March
September _ -1.0888
1.30 ©nom July
December ___1.17®1.18

1.37511.38
1.45® _--

LARD on the spot was 11.50 to 1.60c. for prime Western
early in the week; refined Continent, 11 4c.; South America,
7
123/sc.; Brazil, 133.c. Futures on the 16th inst. declined
5 to 15 points with corn off. On the 18th inst. they fell 15
to 33 points with corn down 3c. Futures on the 19th inst.
advanced 5 to 13 points with hogs up 25 to 40c. Western
receipts were only 62,500 against 97,300 a year ago. Cash
demand was better. Exports were 1,415,000 lbs. to England
and Germany. The Chicago hog market and 7 principal
markets during the past 9 months. Nov. 1 to Aug 1,
averaged it seems, 2% less than 2 years ago. Following the
recent advance of $1.50, prices are still below the high
prices of the year by 10%. It was also noted that hogs are
up $1 compared with Aug. 1, but there was no signs of increased receipts. Interests felt that an advance of this kind
would undoubtedly bring in a larger movement if the
country held any surplus worth-while. Prime Western was
10.45 to 10.55o.; refined Continent, 12c.; South America,
123jc.; Brazil in kegs, 133.c. Futures on the 20th inst.
advanced 17 to 28 points with a good demand attributed to
packers and commission houses. Hogs, moreover, were
35o. higher. There was no ignoring that, nor the sharp rise
in corn and some advance in cotton. Also prime Western
on the spot was firmer at 10.65 to 10.75c. Receipts at all
points were only 64,000, against 79,500 a year ago. On the
21st inst. futures ended 2 points off to 5 up. Hogs advanced
25c. To-day futures advanced 5 to 13 points with corn firm
and more or less covering in lard itself. Final prices show a
rise for the week of 7 to 18 points.
DAILY CLOSING PRICES
Sat.
September
10.80
October
10.85
December
10.70

OF LARD FUTURES
Wed.
Tues.
Mon.
10.95
10.77
10.67
10.92
10.75
10.70
10.75
10.47
10.40

IN CHICAGO.
Thurs. Fri.
11.10
10.97
10.97
10.90
10.85
10.80

PORK quiet; mess, $31.50; family, $33.50; fat back,
$21.50 to $26. Ribs, 14c. Beef steady; mess, $22; packet,
$19 to $22; family, $23 to $25; extra India mess, $40 to $42;
No. 1 canned corned beef, $3.10; No.2,$5.50; six pounds,
South America, $16.75; pickled tongues, $70 to $75. Cut
meats quiet; pickled hams, 10 to 20 lbs., 183 to 19Xo.;
4
pickled bellies, 6 to 12 lbs. 193 to 213 c.; bellies, clear,
dry, salted, boxed, 18 to 20 lbs., 16c.; 14 to 16 lbs., 17c.
323 to 404c. Cheese,
Butter, lower grades to high scoring,
flats, 9 to 260.; daisies, 19 to 25c. Eggs, medium to extras
18 to 32c.; closely selected, 32 to 33c.; premium marks,
333 to 36e.
-Linseed declined to 12.9c. for earlots, AugustOILS.
September shipment. There was a fair demand for prompt.
Consumption of linseed oil, April-May-June was 23,646,602
gallons against 17,822,912 gallons for January-FebruaryMarch. Stocks were reduced from 20,644,253 gallons to
14,501,097. The consumption for July-August-September
the past two years was over 27,000,000 gallons. Cocoanut
4
Manila Coast tanks 53 e. spot, N. Y. tanks, 6c. China
lc.;
wood, N. Y. drums, carlots, spot 93. to 9Y tanks, 8
4
to 83 c.; Pacific Coast tanks prompt, 8 to 83'c.; AugustDecember, 834 to 83.c. Soya Bean, tanks, Edgewater,
93.c.; domestic tank cars, f. o. b. Middle Western mills,. 9c.
4c.;
Edible, Olive, 1.65 to 2c. Lard, prime, 12Y extra strained
winter, N. Y., 1034e.; Cod, Newfoundland, 60c. Turpentine, 423' to 483,c. Rosin, $5.30 to $8. Cottonseed oil
sales including switches, old, 4,300 bbls., New 17 contracts;
Crude S. E., 6.80c. Prices closed as follows:
Old
Spot
August
September
October
December

8.60
8.50
8.32 8.35
8.34888.36
8.33@8.34

New
November
December
January
February
March
April

7.70@7 85
.
7.75 _-7.84 7.86
8.10
7.85
5.00888.05
8.0708.20

. PETROLEUM products were rather quiet. Motor gasolme was quoted at 8% to 10c. in tank cars refinery, but
offerings were said to have been made in some directions at
as low as 8c. in the harbor. California products may enter
into larger competition along the Atlantic seaboard according




[Vol,. 131.

to advices from Los Angeles which point out that low charter
rates of 60 to 65c. per barrel on intercoastal commerce oil
are viewed there as a favorable development. California
gasoline here is not openly offered at below 8.50c. Export
business lags. An export buyer was reported to be seeking
2,500,000 to 5,000,000 bbls. of 64-66 end point gasoline for
shipment over a 12 months' period starting with Oct. There
was a little more interest shown in kerosene with Autumn
and Winter close at hand. Refiners quoted 63 c. Bunker
4
oil was steady at $1.15. Heating oils generally were rather
quiet.
Tables of prices usually appearing here will be found on an earlier page in
our department of "Business Indications," in an article entitled "Petroleum
and Its Products."

RUBBER on the 16th inst. declined 10 to 18 points on
futures with London off 3-16d. and liquidation again to the
fore here although the sales were only 165 tons. Singapore
growers announced that they favored the restriction recommendations of the Anglo-Dutch committee and sustained
the council of the Rubber Growers' Association. The world
production in the meantime is put at the annual rate of
840,000 tons, while consumption may hardly reach 725,000
tons. Actual rubber fell Mc. in the absence of any activity.
New contract Aug. closed at 9.75c.; Sept. at 9.87c.; March at,
10.67c.; April at 10.77c.; old contract Aug. at 91.70c.; Sept.
at 9.80c.; Nov. at 9.90c.; to 10e.; Dec. at 10.10 to 10.20c.;
outside prices plantation spot, Aug. and Sept., 93/s to 10c.;
Oct., 10 to 103'c.; Oct.
-Dec. at 10 to 1034c.; Jan.
-March,
10% to 10%c.; April-June, 103 to lie. London, Aug.,
4
4 13-16d. On the 18th inst. another new low for all time was
made. Aug. old contract fell to 9.40c. Malayan production,
exports and stocks were the outstanding bearish feature.
London dropped %d. to 3-16d. It touched 4 11-16d. for
Aug. and Sept. Singapore was off 3-16d. to 4 7-16d. for
Aug. Malayan dealers' stocks decreased noticeably in
July, but the edge was taken off by gains in production on
both large and small estates. Exports from both F.M.S. and
the Straits Settlements, moreover, were 47,501 tons, against
40,107 in June. New contract Sept. here closed at 9.660.;
Dec. at 10.02 to 10.08; March at 10.40c.; May at 10.650.;
July at 11c.; sales 630 tons. Old contract Aug., 9.50o.;
Sept., 9.560.• Nov., 9.80c.; Dec., 9.90c.; March, 10.30c.;
sales 272 tons. Outside prices: Plantation, spot, Aug. and
-Dec., 994 to
Sept., 93' to 934o.; Oct., 9% to 9%.3.; Oct.
-March, 103,' to 10%c.; April-June, 10M to 103 0.
10c.; Jan.
4
Spotfirst latex, thick,994 to 160.; thin pale latex, 10 to 1034c.
The rate of rubber exports from Malaya, chief producing
country continues to increase and for Aug. will amount to
approximately 44,000 tons, according to estimates cabled
to the Exchange here. Shipments for the first half of the
month totalled 25,000 tons. Gross exports of crude rubber
amounted to 41,347 tons last month, while those in June
totaled 36,657 tons. Continued accumulations of the commodity at consuming centres are in prospect unless world
consumption expands materially over the remainder of the
year.
Production of crude rubber on estates of more than 100
acres in the Far East during July totaled 22,704 tons against
20,295 tons in June. Stocks on estates on July 30th were
25,814 tons against 22,998 tons on June 30. Dealers' stocks
in the Far East (excluding Singapore and Penang) as of
July 30, aggregated 15,067 tons as compared with 48,351
tons at the end of the previous month. On the 19th inst.
prices declined to 9.45c. for August new contract 9.55c.
for September and 9.96 for December. The sales were 790
tons of new and 700 of old contracts. August old closed at
a new low record of 9.40c.; Sept. at 9.50 and Oct. at 9.60c.
Actual rubber in some cases was Mc.lower. Plantation spot,
August and Sept., 93/i to 95 c.; Oct., 99. to 994c.; Oct.A
Dec., 994 to 160.; Jan.
-March, 103/i to 1038c.; April-June,
/
103/i to 1094e.; Spot, first latex thick, 97/i to 93.; thin,
pale latex, 10 to 103/8c.; clean, thin, brown No. 2, 89/i to
83/sc.; specky crepe, 89z to 8%c.; rolled brown crepe, 73
4
to 77 c.; No. 2 amber, 9 to 934c.; No. 3, 83/s to 9c.; No. 4,
4
to 83 c. London opened at 49.d. for August and closed
4
83/i
at 494d., a net rise of 1-16d. In Singapore Sept. was 43d.
a decline of 1-16d. Reuter cabled from Singapore: "A fully
representative meeting of Malayan rubber growers of all
nationalities held at Knalalumpur on the 21st inst. enthusiastically adopted the resolution passed by the Asiatic Planters
Association of Malaya on July 20th and appointed a deputation to confer with the governor of the Straits Settlements.
The planters' resolution referred to was to the effect that the
Government should be asked to legislate for rubber restriction by periodical stoppage of tapping or the reintroduction
of the Stevenson scheme in a modified form. Such legislation being provisional upon equivalent action by the Dutch
East Indies and Ceylon. Further the planters recommended
that the Government in conjunction with the Dutch East
Indies Government and Ceylon should not alienate land for
rubber growing for a period of years." Akron, Ohio, wired
that the Goodyear Tire & Rubber Co. will cut production
schedule Sept. 1st to approximately 70% of present rate
which is 44,000 tires daily. Plant No. 1 producing large
size tires will cut to about 80% of present rate and Plant
No. 2 producing smaller sizes to about 25% of present rate.
On. the 20th inst. prices advanced 10 to 32 points in
covering in what looked like an oversold market with London
steadier at 494d. for August and Sept. Actual rubber was
in some cases A to %c. higher. New contracts closed on
that day with August, 9.77o.; Sept., 9.770.; Dec., 10.220.;

Aro. 23 1930.]

FINANCIAL CHRONICLE

May, 10.81 to 10.84o.; sales 200 tons. Old contract August,
9.50 to 9.700.; Sept., 9.60c.; Oct., 9.800.; Nov., 9.90c.;
March, 10.50 to 10.600.; May, 10.8043.; July, 11.10c.; sales
542 tons. Outside prices: Plantation spot, August and
-Dec., 10 to 103/80.;
Sept.,9% to 93/sc.; Oct.,98% to 10c.; Oct.
8
spot first latex thick. 9% to 10c.; thin pale latex, 1034 to
103.c.; clean thin brown No. 2, 8% to 9e.; specky crepe,
85 to 84c.; rolled brown crepe, 738 to 8c.; No. 2 amber,
%
934 to 9%c.; Pares, upriver fine spot, 13 to 1334c.; coarse,
62 Singapore was 1-16 to lid. higher; Sept., 4%d.
/
1
3.
On the 21st inst. prices advanced 10 to 30 points with sales
420 tons of new contract and 597 of old. Sept. shorts
of
covered. Growers favored restriction and oppose further
grants of land for the growing of rubber. London advanced
3-16 to 4 15-16d. for August and Sept. Singapore VMS
3-16d. up at 9-16d. for Sept. Actual rose %c. New contract
August here closed at 9.85c.; Sept., 9.95e.; Dec., 10.45c.;
March, 10.79c.; old contract August, 9.80c.; Sept., 9.80 to
9.90c.; Oct., 10c.; Dec., 10.20 to 10.30c.; March, 10.700.;
July, 11.20c. London closed to-day 34 to 3-16d. net lower
with August and Sept., 4 13-16d.; Oct., 434d.; Oct.
-Dec.,
-March, 5%d.; April-June, 5 15-16d. and
5 15-16d.; Jan.
2d. To-day new contracts closed 20 to 33
July-Sept., 5 y
points off with sales of 59 lots and old contracts were 20 to
30 points lower with sales of 495 lots. Final prices are 20
points lower than a week ago.
HIDES on the 16th inst. ended unchanged to 15 points
higher on futures with sales, it is true, of 560,000lbs. August
ended at 9.75c.; September at 10.100.; December at 11.65c.;
May at 130. On the 18th inst. prices declined 5 to 22 points
with sales of 1,000,000 lbs. Liquidation was still the most
depressing factor. It seemed to be endless. If trading
increased prices declined. September closed at 100.; December at 11.43 to 11.500.; January at 11.700.; May at 12.95
to 13c. Outside markets showed no snap beyond the fact
that 42,000 Argentine steers were sold of which 8,000 went
to Russia and the rest to American tanners at equal to
4
12 9-16 to 125 0. No sales were reported in Uruguay and
stocks remained small. Common dry Cucutas, 140.; Orinocos, 1134c.; Santa Marta nominally,I12c.; Maracaibo and
others, 11c.; Packer, native steep and butt brands, 1334c.;
Coloraclos, 130. New York City calfskins, 5-75,
7-8s, 1.900.; 9-12s, 2.600. On the 19th inst. prices declined
5 to 20 points with sales of 1,500,000 lbs. September closed
at 9.950.; December, 11.37c.; May at 12.75 to 12.800.
Some 15,000 heavy steers sold at $31.25 to $31.50,equivalent
4
to around 128 0. and which compares with prices of $30.50
paid by American tanners at the dos!) of last week for these
descriptions. On the 20th inst prices declined 10 to 40
:
points, but rallied later with frigorifico higher and shorts
covering. Final prices were at a net rise of 5 to 15 points.
Offerings fell off. The sales dropped 560,000 lbs. after
being 1,000,000 to 1,500,000 lbs. on previous days. September closed at 100.; December at 11.500. and May at
12.900. About 8,000 frigorifico steers sold for August at
12% to 123/8c., arise of His. Last week the cost and freight
basis was about 1234c. New York. On the 21st inst. prices
advanced 10 to 34 points with sales of 1,480,000 lbs. Outside prices were also higher. Sales included 20,000 frigorifico
steers, August at 12 15-100. up 1-16c. from the previous sale;
2,000 frigorifico extremes August at 123c. and 1,000 light
native cows, July-Aug. at 103/2c. At the Exchange the
close was with September, 10.100.; December, 11.68e.;
May, 13.24c. To-day futures closed 10 to 24 points lower
with sales of 41 lots. September ended at 100.; October at
10.500.; December at 11.48 to 11.55c.; March at 12.40c.,
and May at 13 to 13.15c. Final prices are 2 to 10 points
lower for the week.
OCEAN FREIGHTS.
-Recent activity was mostly in
grain. Later grain tonnage was in fair demand.
CHARTERS included; Grain-28,000 qrs. Montreal, end
Aug.. to
Avon Barry, 2.4.; Birkenhead, 2s. 130.• London-Hull, 2s. 3d.; Sept.
20-30,
Gulf to London-Cardiff, 2s. 9d. Grain'booked included 25 loads
MontrealAntwerp, Aug., 9Hc.• 20 loads Montreal-Mediterranean, Aug.,
12c.;
15 loads New York-Rotterdam, Sept., 10c.; late Aug. Rosario to AntwerpRotterdam. 18s. 3d.; Aug., Capetown or Durban, U. K.
-Continent, 19s.;
-Sept. 10, /rremantle, U. K.
-Continent, 28s. 9d.; Sept. 1-20,
Aug. 20
West
-Continent, 308.; Sept. 25
Australia to U. K.
-Oct. 20, Danube-AntwerpRotterdam, 14s., with options; Black Sea, before
basin lbw 31,000 qrs. Montreal or Sorel, Bristol Sept. 25, Continent,
Channel, is. 10%d.;
Birkenhead, Liverpool, Hull, &c., 2s. 10lid. for Aug.; 30,000 qrs.
Aug. 1530, Gulf to Greece, 2s. 1%ol.• 35.000 qrs. Sept. 1-15, Gulf
-Antwerp-Rot'
terdam, 12c.; French Atlantic, I3c.; United Kingdom, 2s. 9d.
included 5 loads Aug. to Rotterdam at to.; 5 to Antwerp
ABooldnits
at 8c.; 7 to Man-Black Sea before Sept.
chester at Is. 6d.) Tankers
-Continent, us, 6d.; clean, Philadelphia to Lisbon,20, fuel or gas,
U. 1C.
13s.
port, 14s.; new, 10.000 tons, six trips Black Sea, 8c1.; Lisbon
and another
-Nov., U. K."Continent, 103. 3d.; port cargo, Millclean commencing Oct.
tons;
4,500 tons Sept., Constanza, fuel oil, Ceuta, 7s. 9d.; option second 10%•
gas or fuel; clean, Dec., lack Sea-U. K.
-Continent, about six similar,
JAI
reported 10s. 3d.; clean, dct. 1-15, Black Sea-U. K. Continent, 9s. trTime
'Flip across, prompt Philadelphia, redelivery U. K. Continent, 75c.; delivery north Hatteras-West Indies round, $1.10; prompt North
Hatteras
West Indies round, $1.55; steamer, delivery same, redelivery U.
K.
-Continent, trip across, El; prompt north Hatteras, about two
months, West
-Cardiff to Genoa, prompt, 4,700
Indies trade. $1.30. Coal
tens. 6s. 3d.;
7,000 tons, Genoa-Savona, 6s. Refined sugar-Steamer 6.000
tons,
Liverpool-Black Sea, 10s. 6d., combined with return grain cargo; Aug.,
Cubt
Aug.-Sept. to U. K.
-Continent, 14s. 6d.

1277

the same area of Virginia. Richmond, Va., to the "U. S.
Tobacco Journal": "Virginia's tobacco crop, which has been
holdings its own against the terrific heat of the worst drouth
in the history of the State, now faces a decrease of approximately 40% in the anticipated yield, according to telegraphic reports received here from county agricultural
agents. The harm has developed within the last few weeks.
Bright leaf, constituting about three-fifths of the tobacco
acreage in Charlotte County, stands a damage of approximately 60% at the present time. Dark tobacco is damaged
somewhat less. In the Danville area the chief damage has
come from hailstorms. In the vicinity of Lawrenceville,
the tobacco is not only diminished about 409' in quantity,
but the hot weather has caused firing at the bottom and a
resulting low quality of leaf. Dark tobacco around Farmvine is standing the drouth fairly well, but the need for rain
is immediate. In Amelia and Appomatox, rains have
brought some relief, but the yield of tobacco there is expected to be decreased at least 40%. Southern tobacco
men urge a tax cut at the Atlanta conference."
-Anthracite trade is slower than usual here at
COAL.
this time. Retailers are slower than usual in taking hold.
New England trade in industrial coal is poor. With the recent
sharp drop in the temperatures anthracite coal sold better.
Active steamer delivenes were increasing. Hampton Roads
steamers on Aug. 15 took 57,275 long tons of high and low
volatiles, and in the week ended Aug. 11, Lake Erie steamers
1,140,711 net tons. The Lake Erie trade had up to that date,
taken 21,350,601 net tons by steamers, as against 21,128,196
a year ago. Later the retail hard coal trade Increased in some
quarters. The Chicago Journal of Commerce said the going
market for slack is $1.10 to $1.25, against $1.35 to $1.50
some weeks ago. Slack was higher and more active a year
ago. Less slack is wanted now by the steel and by-product
plants and other industrial users. That of course is a distinct
drawback.
COPPER was dull with all producers quoting 110. nominally. Later on it was reported that there were evidences
.
that 10%a. was done during the week. Export business was
small. London on the 20th inst. dropped is. 3d. on standard
copper spot to £47 3s. 9d.; futures up is. 3d. to £47 6d. 3d.;
sales 25 tons spot and 125 futures. Electrolytic unchanged
at £50 loss bid against £51 10s. asked. On the 21st inst.
spot standard fell 3s. 9d. and futures 2s. 6d. to £47for spot
and £47 9d. for futures; sales 50 tons spot and 200 futures.
Electrolytic unchanged. At the session on the 21st
spot standard dropped 2s. 6d. and futures Is. 3d. There
was no business on the local exchange. Futures to-day
closed with new August, 10.45c.; Sept., 10.550.; Oct.,
10.600.; Dec., 10.70.
TIN was quiet. Straits tin was quoted at 30 to 3034c.
for prompt shipment with the usual premiums for future
months. On the 21 inst. futures closed 5 to 10 points higher
with sales of 100 tons. Sept. and Dec. were the most wanted.
In London on the 20th inst. spot standard sagged 5s to £134
15s; futures off 7s 6d. to £136 2s 6d.; sales 50 tons spot and
250 futures; spot Straits dropped 2s 6d. to £136 5s. Eastern
c. i. f. London ended at £141 2s 6d. on sales of 200 tons.
There were sales of 30 tons of standard futures at the second
London session that day but no price changes took place.
London on the 21st inst. declined 2s 6d. on spot standard to
£134 12s 6d.;futures up 2s 6d. to £136 5s; sales 100 tons spot
and 200 futures. Spot Straits off 2s 6d. to £136 2s 6d.
Eastern c. i. f. London closed at £141 7s 6d. on sales of
200 tons. Standard at the second London session advanced
2s 6d. on sales of 90 tons of futures. Futures to-day closed
with August, 29.700.; Sept., 29.70c.; Dec., 30.200.; sales
5 tons.
LEAD was in fair demand and steady at 5.500. New York
and 5.35c. East St. Louis. Most of the demand is for prompt
delivery and the average order is confined to 40 tons or a
carload. Over the past week one producer is said to have
secured the bulk of the business. In London on the 21st inst.
spot advanced Is. 3d. to £18 6s. 3d.; futures unchanged at
£18 2s. 6d.; sales 50 tons spot and 150 futures.
ZINC was quiet and easier at 4.30c. East St. Louis. A
better demand is looked for early next month. High grade
zinc was also quiet and sells at a premium.of lo. over prime
Western grade. World output of slab zinc in July was
92,771 short tons, against 96,505 in June and 98,360 in
May according to the American Bureau of Metal Statistics.
In London on the 21st inst. spot dropped 78. 6d. to £15
15s.; futures of 55. to £16 7s. 6d.; sales 375 tons spot and
275 futures.
-Structural steel was slow of sale. It is estiSTEEL.
mated that the projected elevated road over the New Jersey meadows will require 50,000 tons of steel and 1,000 to
2,000 tons for the Fort Lee bridge. But these arc things
for the future and naturally these requirements will be bought
gradually, not all at once. Orders for structural steel are
smaller than two weeks ago but are above the average for
the year. Prospective buying for road building is large.
The expectation is that in September buying for rails,
pipe line and oil tanks will increase.

-Trade continues on a scale always
TOBACCO.
expected
in summer, that is, a very small one. In the fall it will wake
up. The ripening tobacco crop in central Connecticut on
the afternoon of the 16th inst. is said to have been damaged
to the amount of more than $1,000,000 by a hail that swept
down the Connecticut River Valley. In Kentucky twoPIG IRON was still quiet. But by
thirds of the State was affected by the drouth and about mates could the sales here last week no stretching of estibe put at more than




FINANCIK.4 CHRONICLE
.
-

1278

5,000 tons. Buffalo still quotes $16 at furnace. Eastern
Pennsylvania sells at times it seems at $18. No one seems
to be expecting any improvement in the near future. Shipments in August thus far exceed those of July. Foreign
iron is said to be irregular. Apparently the price depends
not a little on the size of the order. Meanwhile at Pittsburgh scrap advanced 50 or 75c. in two weeks. The composite pri-e of iron is unchanged. Shipments of pig iron
from Chicago thus far this month are 35% larger than in
July. Cleveland is 33% over July. Radiator makers are
buying more.
-WOOL was rather firmer but remained quiet with foreign
markets reported dull and weak. A Government report from
Boston early in the week said: "A few houses are reporting
a good volume of business on Western grown wools of all
grades, including fine to 48 50s. Demand continues fairly
strong on Texas 12 months' staple, with prices on a number
of recent sales figuring over 75c. scoured basis for choice
lots. Strictly combing 56s and 48-50s. Territory wools are
moving fairly well at firm prices." A Government report
on Aug. 21st said: "Sales of wool are very scattered and
limited in volume. Prices, however, are firm and mills are
steadily taking deliveries of recent purchases, including both
raw wool and wool tops. The limited current transactions
are mostly on 58-60s and finer Western wools, but these
lines are slower than for several weeks. Members of the
trade are feeling confident regarding values even though
trade iS slowing up." Ohio & Pennsylvania fine delaine,
31 to 32c.; M blood, 29 to 30c.; % blood, 29 to 31c.; 34 blood,
30 to 31c.; Territory clean basis, fine staple, 75 to 77c.;
fine medium, French combing, 68 to 73c.; fine medium
3
clothing, 65 to 68c.;
blood staple, 70 to 75c.; % blood,
60 to 63c.; 34 blood, 53 to 58c.; Texas clean basis, fine 12
months, 75 to 77c.; 8 months, 68 to 70c.; fall, 67 to 70c.
Pulled scoured basis, A super, 65 to 70c., B, 53 to 57c.;
C, 48 to 50c.; domestic mohair original Texas, 39 to 40c.
San Angelo, Texas, wired Aug. 19: "Advances on mohair
by the National Wool Marketing Corp., Federal Farm Board
agency, will be 30c. a pound for adult hair and 40c. for kid
hair, it was announced to-day by the sales agents, Draper &
Co. Less than 1% of those signing contracts with the cooperatives formed under provisions of the National Wool
Marketing Corp. have withdrawn these contracts, it was
said." Melbourne advices said: "Statements cabled from
London suggesting that the wool outlook in England is
brighter are confirmed among merchants and agents here,
who, although cautious, state that reports show that values
are likely to be higher for 'tops' because there is no great
accumulation of stocks. One leading expert said he felt
that generally the wool position looked healthier than for
some years past." Members of the New York Cotton
Exchange here voted to proceed with the plan to inaugurate
trading in wool top futures. A standard contract for wool
tops will be formulated, by-laws and trading rules will be
prepared immediately, and it is expected that trading in
wool top futures will begin Nov. 1. At the present time there
are only two small futures markets for wool tops, located at
Antwerp and Roubaix-Tourceing. It is anticipated that
the wool top exchange now being organized will become one
of the principal commodity exchanges, and will be utilized
for hedging by producers of raw wool, dealers in raw wool,
and worsted and woolen manufacturers. The sale of a
substantial number of seats in the new wool top exchange
has already been assured.
SILK closed to-day 5 points off to 1 higher with sales of
640 bales. Closing prices were with August 2.85 to 2.95c.;
Sept., 2.75 to 2.79c., and Dec. and March 2.72 to 2.73o.
Final prices are unchanged to 4 points higher for the week.

COTTON
Friday Night, Aug. 22 1930.

FoL. 131.

1929-30.

Receipts to
Aug.22.

1928-29.

Stock.

This Since Aug This Since Aug
Week. 1 1930. Week. 1 1929.

Galveston
Texas City
Houston__
Corpus Christi...
Beaumont
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles_
Wilmington
Norfolk
N'port News, &a_
New York
Boston
Baltimore
Philadelphia

13.665
226
76,916
87,866

20,625 11,939
241
55
130,221 21,288
196,454 53,419

1930.

1929.
73,191
958
142,378
98.508

7,490

14,149

8.675

17,569

192,322
3,132
585,002
148,348
72
300,789

1,045
500

2,057
669

1,015

2,802

8,789

13,984

867
118,033

7,836
400
674
28,805

62,581
140
2,181
44,620

12,408
60
3.124
20,795

237,588
5,520
711
5,176

111.573
948
769
4,485

14,686

18.634
163
28,356
140,766

17,630 10,497

323551

210

535

6
230

25
740

58
1.985

51
22
836

50

100

173

1,460

16
13
411

%

38,968

Totals
203,157 383,742 108.086 226.412 1,715,871 545.940
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-

1928.

1929.

1930.

1927.

1926.

1925.

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

46,048
17,702
29,806
4,709
42,864

323

210
25
740

460
49
200

2,152
291
777

1,727
123
388

5,963
861
98

Galveston.__.
Houston*____
New Orleans_
Mobile
Savannah
Brunswick_
Charleston.,,.
Wilmington..
Norfolk
N'port N.,&c
All others

89,016

53,697

2,117

1,377

1,291

515

Total this wk_

203,157

108,086

58,671

143,950

113,195

148,566

16

Since Aug. 1
353.742 226.412 111.327 368,880 306,046 32o.863
* Beginning with the season of 1926, Houston figures Include movement
of cotton previously reported by Houston as an interior town. The distinction between port and town has been abandoned.
The exports for the week ending this evening reach a total
of 106,646 bales, of which 18,971 were to Great Britain,
18,061 to France, 36,656 to Germany, 4,927 to Italy, 3,435
to Russia, 14,663 to Japan and China, and 9,933 to other
destinations. In the corresponding week last year total
exports were 71,945 bales. For the season to date aggregate exports have been 183,510 bales, against 145,448 bales
in the same period of the previous season. Below are the
exports for the week.
Exported to
iVeele Ended
Japan&
Aug. 22 1930. Great
GerExports from
- Britain. France. many. Italy. Russia. China. Other.
Galveston
Houston
Corpus Christi
Beaumont
New Orleans__
Pensacola
Savannah
Norfolk
New York
Los Angeles....

913 1,199
3,052 2,783 15,075
8,436 14,079 18,841
100
1,740
1,488
500
2,504
"ioo
1,322
300
258

100
4.027

18.061 36.656

4,927

Total

18,971

Total 1929
'Total 1928

2.572
7.280

From
Aug. 1 1929 to
Aug. 22 1930 Great
Exportsfrom
- Britain. France
Galveston.--Houston...
Corpus Christ
Beaumont__ _
New Orleans.
Mobile
Pensacola
Savannah....
Charleston.
Norfolk
New York...
Los Angeles._

3,435

-ioo

1,680 1,845
6,209 4.013
8,436 19,038
10
4,123 2;ii5
272

9,933 100.848

3,435

5.253 16,878 10,056 27,324
3.227 14,849 1.225 19.105

Total.

1,012 3,224
3.942 33,214
4,250 56.408
100
553 7,800
500
2,505
1.522
731
175
844

3,334
1,700

6,528 71,945
5,138 52,524

Exported toJapan&
Germany. I Italy. Russia China. Other.
3.198
694
22,853 4,068
25.907

3.398
5,316
9,976

1.753

3;685

3918

1,
74
900
100
2611
1,194'
609'

2,504
575
2,59
608

505
644

"iii

Total.
10,816
54.770
74.157
100
30,379
1,983
900
2,605
1,481
3,784
1,392
644

60,651; 7,415 15.9591 22,549 22,424 183.510
38,899 15,549 32,224 13,810 15.447 145,448
by our Total 1929... 15.2881 14,231
THE MOVEMENT OF THE CROP,as indicated
Total 1928... 27.9121 13,455 34,384 12,688 51,563 30.785 19.478 190,265
telegrams from the South to-night, is given below. For the
NOTE.
-Exports to Canada -It nas never been our practice to include in the
week ending this evening the total receitps have reached above table reports of cotton sh ptnents to Canada. the reason being that virtually
all the cotton destined to the Dominion comes overland and It is Impossible to
203,157 bales, against 117,847 bales last week and 62,509 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,
bales the previous week, making the total receipts since however, of the numerous Inquiries we are receiving regarding the matter, we will
bales for the say that for the month of July the exports to the Dominion the present season
Aug. 1 1930 383,742 bales, against 226,412
have been 6,990 bales. In the corresponding month of the preceding season the
there were
June
same period of 1929, showing an increase since Aug. 1 exports were 3,550 bales. For the twelve months endedtwelve 31 1030 of 1928-29.
months
195,744 bales exported, as against 264.703 bales for the
1930 of 157,330 bales.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
Total.
Wed. Thurs. Fri.
Receipts atSat.
Mon. Tues.
cleared, at the ports named:
Galveston
1,618
984 3,977 2,334 1,291 3,461 13,665
226
226
Texas City
On Shipboard Not Cleared for
Houston
136 3,W0 8,615:i 44,177 76,916
7.762 5,348 7,
10,826 11,067 11,282 87,866
Corpus Christi
14,170 27,670 12.851
Other CoastGerLeaving
Aug. 22 at
1,135 7,490
New Orleans
212 1,554 1.608 1.667 1,314
France. many. Foreign wise. Total.
Stock. 1
50 1,045
713
152
Mobile
129
____
1
500
Pensacola
_.- ----------686 Galveston
_ __ _
200
300
1,000
900 1,600 3,500
700 7,700 184,622
,845
23
Savannah
1,461
1,441
870 4,771
275 1,080
363
100 2,991 297,798
323 New Orleans.. 1,173
134
____
Charleston
109
3
20
57
800
800 117.233
16 Savannah
16
Norfolk
-__
____
-___
---Charleston...
62,579
2
2
13
Boston
____
-___
7,699
-MO
-866
1,090
411 Mobile
iii
Baltimore
---____
____
____
---44,620
Norfolk
1:665 1:1566 1:866 25:LOo 1.666 30:6615 958,737
Totals this week_ 25,507 36.446 31.029 20.151 26.287 63,737 203,157 Other ports *
Total

27,1871 27,325

Great

The following table shows the week's total receipts, the
total since Aug. 1 1930 and stocks to-night, compared with
last year:




Total 1930-.
Total 1929Total 1928_
* Estimated.

3,673
3,788
5,422

2,263
4,460
4,254

3,375 31,470
5,472 23,526
5.792 16,559

1,802 42,583 1,673,288
4,667 41,313 504,627
2.652 34,679 405.130

AUG. 281930.]

FINANCIAL CHRONICLE




middling uplands, showing a decline for the week of 75
points.
Staple Premlume
60% of average of
six markets quoting
for deliveries on
Aug. 28 1930.
15-18
inch.
.27
.27
.24
.24
.24
.21
.22

.27
26
23
.23
.23
.23

.22
.22
.28
.23

*Not

Differences between grades established
for delivery on contract Aug. 28 1929.
Figured from the Aug. 21 1930 average
quotations of the ten markets designated
by the Secretary of Agriculture.

1-inch &
longer.

.86 on
Middling Fair
White
70
Strict Good Middling.
do
do
.52
Good Middling
do
.33
Stria Middling
Basis
do
Middling
.72 off
do
Strict Low Middling_
1 73
do
Low Middling
do
2 88
*Strict Good Ordinary
do
390
"Good Ordinary
.52 on
Extra White
Good Middling
.53
do do
Strict Middling
Even
Middling
do do
.72 off
Strict Low Middling-- do do
1.73
do do
Low Middling
.58
.21 en
Spotted
Good Middling
05 off
Strict Middling
.57
do
72 off
.47
do
Middling
1.68
*Strict Low Middling.- do
2.78
*Low Middling
do
.10 off
.45
Strict Good Middling...Yellow Tinged
.58
Good Middling
.45
do do
1.05
.45
Strict Middling
do do
1.68
*Middling
do do
2.40
*Strict Low Middling-- do do
3.30
*Low Middling
do d
Good Middling
Light Yellow Stained_1.33 off
.45
1.88
do do do
"Strict Middling
do
do do
2.55
*Middling
1.58 off
Good Middling
Yellow Stained
.45
2.40
"Strict Middling
do do
*Middling
do do
3.23
Good Middling
Gray
.47
85 off
1.20
Strict Middling
do
.45
*Middling
do
1.73
Blue Stained
1.78 off
*Good Middling
*Strict Middling
do do
2.50
do do
*Middling
3 28
deliverable on future contracts.
.61
.81
.57
.55
.55
.44
.45

Mid.
do
do
do
Mid.
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do

The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Sat. Mon. Tues. Wed. Thurs. Fri.
11.60 11.00 11.25 11.35 11.15 11.15

Aug. 16 to Aug. 22Middling upland

NEW YORK QUOTATIONS FOR 32 YEARS.
1930
1929
1928
1927
1926
1925
1924
1923

11.15c.
18.65c.
19.00c.
21.40c.
19.00c.
23.65c.
27.60c.
25.25c.

1922
1921
1920
1919
1918
1917
1916
1915

22.90c.
13.750.
32.50c.
31.500.
34.45c.
24.65c.
14.90c.
9.20c.

1914
1913
1912
1911
1910
1909
1908
1907

12.15c.
11.800.
12.60c.
16.40c.
12.65c.
10.000.
13.350.

1908
1905
1904
1903
1902
1901
1900
1899

10.10c.
11.05c.
11.00c.
12.75c.
9.00c.
8.31c.
10.00c.
6.31c.

-The highest, lowest and closing prices at
FUTURES.
New York for the past week have been as follows:
Saturday,
Aug. 16.

S,p
_4 1tovq,Vwaveqpalt
1.N .3.gi
e't i 18141 ri
I.
vE314c38.4r.)8-4E-.140,aaciA4t-5,145§:a5.44.0.tace.)-$40-4gcs.taR0-.4L40-

Speculation in cotton for future delivery has declined
under general liquidation and supposedly considerable short
selling. Dullness of trade offset continued drouth and heat
in the Central and Western belt. Besides, there has been
some rain in the Southwest. Declines in stocks and grain,
moreover, have affected cotton. And there was a fear of
large hedge selling late. The consumption, too, was small.
On the 16th inst. prices declined 30 points or more on
reports of rains and renewed selling for both long and
short account. Liverpool, moreover, was depressed, and
there was a certain amount of hedge selling. Showers were
predicted for Oklahoma, Arkansas, Louisiana, and Mississippi. After the close, the official reports showed rains of
0.01 to 1.77 inches at 16 stations out of 40 reporting in
Oklahoma. That might be the entering wedge of the beginning of the ending of the drouth.
On the 18th inst. prices plunged down 50 to 60 points to
new low levels for the movement, the lowest since 1921,
owing to renewed rains in Oklahoma, where there had
been rains for three days in succession and rains also
-11 to 52 inches
4
-the big Memphis district,
/
1
in Arkansas
and in Mississippi. Showers, moreover, were predicted for
much of the belt for the 36 hours ensuing. "Stale" long
accounts came out, it was believed, in large amounts, short
selling was bolder than ever, and there was a certain
amount of hedge selling. Moreover, trade in textiles was
as dull as ever at home and abroad. Some stressed this
as much as anything else. Spot sales, it is true, were relatively large at a decline of 60 points, and the exports suddenly ran up to over 50,000 bales. The excess over last
year thus far was some 38,000 bales. The short account,
too, was undoubtedly large. And the decline since the 7th
inst., having reached some 240 points, not a few believed
that a good rally was due. Everybody was bearish; everybody was running one way.
On the 19th inst. prices advanced 22 to 28 points, but
reacted and closed very steady, with much of the early
rise lost, though the drouth in Oklahoma and Texas continued. Large interests are said, however, to have covered.
Trade interests at home and abroad bought more freely.
Spot cotton advanced 25 points, and Southern sales were
26,000 bales against 14,700 on the same day last year. The
speculation was broader. Offerings fell off later in the day.
A rally was felt to be due after a recent decline of over
200 points.
On the 20th inst. prices advanced 20 to 25 points on drouth
In Texas, scarcity of contracts, a bullish weekly report,
good buying by the trade, and lessened hedge selling.
Larger rains in Oklahoma caused a reaction, but later came
a rally on general covering. The weekly weather summary
said: "Temperatures were moderate in the Eastern cotton
belt, but continued abnormally high in the West, while
showers were rather general east of the Mississippi. In
the Western belt the drouth has been mostly intensified
by continued high temperatures and lack of rain. Texas
had the highest weekly mean temperature of •the season,
with only scattered showers in the western half and a few
eastern localities. Cotton continued fairly good in most of
the southern third, but is poor to only fair in the northern
two-thirds, with increasing complaints of small plants and
bolls, heavy shedding and premature opening. Oklahoma
has had no material relief from the drouth, and cotton
shows further deterioration, with plants wilting, shedding
and opening prematurely, and most upland cotton poor to
very poor. In Arkansas, there was considerable local rainfall, and progress was good on most lowlands, but deterioration was reported from other places, with rapid shedding in
the hills. In other central parts of the belt showers were
beneficial, especially in parts of Tennessee, eastern Mississippi, and in Alabama, though some sections continued too
dry. In the Atlantic States, conditions continued largely
favorable except for dryness in extreme northern portion
and some local deterioration in Georgia."
On the 21st inst. prices ended at a moderate net decline
after a good rally on covering attributed partly to prominent
interests as hedge selling, contrary to the general expectation, slackened. There was a little rain, but only a little,
in the Southwest. One estimate of the ginning in the first
period was 420,000 bales against 304,000 for the same period
last year. Stocks of grain were lower, and this had some
effect. It was a small market, awaiting further developments. To-day prices fluctuated within very narrow limits,
closing 4 points lower to 1 point higher on very light
trading. Many were awaiting the ginning report to-morrow
by the Census Bureau. The expectation is that the total
up to Aug. 16 will be 400,000 bales, or more, against 304,000
for the same time last year. There was some hedge selling,
but there was also more or less covering. The drouth was
unbroken. No rain of consequence fell in Texas or Oklahoma, and there was none at all in Mississippi and Louisiana. In Arkansas the rainfall was very light. The forecast was for the most part for fair weather, with only
scattered thundershowers here and there. The Dallas
"News" crop report was bullish. The bulk of Texas looks
bad. Final prices show a decline for the week of 75 to 80
points. Spot cotton was unchanged to-day at 11.15c. for

1279

Tuesday, Wednesday, Thursday,
Aug. 19. Aug. 20.
Aug. 21.

Monday,
Aug. 18.

Friday,
Aug. 22.

- -- 11.00
10.74
11.31

10.95

11.06

11.14
11.02

-

10.88

11.09

11.20

11.10
11.02

11.01-

11.45

11.58-11.77 11.02-11.45 10.92-11.27 11.24-11.40 11.17-11.40 11.13-11.24
11.34
11.17
11.23
11.02
11.1511.59
11.34-11.50 10.77-11.18 10.69-11.04 10.93-11.20 16.90-11.1 10.89-10.99
11.34-11.35 10.77-10.78 10.95-10.96 11.06-11.08 10.93-10.94 10.91-10.93
11.68
11.43

11.08
10.86

11.29
11.05

11.39
11.14

11.23

11.23-

11.00

11.00-

11.77-11.9 11.14-11.60 11.11-11.43 11.40-11.60 11.30-11,53 11.28-11.31
11.14-11.15 11.36
11.3111.77
11.45
11.30
11.51-11.6 10.95-11.35 10.89-11.23 11.13-11.38 11.09-11.38 11.05-11.11
11.51-11.5 10.95-10.98 11.13-11.15 11.24-11.25 11.10-1133 11.09-11.11
11,8512.0211.31-11.74 11.28-11.53 11.49-11.55 11.46-11.64 11.42-11.41
11.47
11.31
11.59
11.42-11.41
11.46
11.90
11.62-11.76 11.08-11.44 10.99-11.31 11.23-11.46 11.19-11.44 11.15-11.21
11.62-11.64 11.06-11.08 11.25-11.26 11.35
11.19-11.20 11.19-11.2(
11.72

11.15

11.32

11.42

11.27

11.26 -

11.82-11.94 11.25-11.65 11.13-11.48 11.39-11 61 11.36-11.61 11.31-11.4
11.83-11.84 11.25-11.27 11.39
11.50-11.52 11.36-11.3 11.34-11.35
11.90

11.32

11.47

11.57

11.45

11.42-

11.98-12.13 11.40-11.80 11.32-11.67 11.57-11.75 11.55-11.7 11.51-11.5
11.98-12.00 11.40-11.44 11.55
11.65-11.68 11.55
11.51-11.5
12.06

11.50

11.64

11.74

11.62

11.60 -

12.14-12.26 11.60-11.98 11.56-11.80 11,73-11.97 11.70-11.90 11.67-11.7
8
12.14
11.60
11.74-11.78 11.83-11.87 11.7(1-11.72 11.69 -

Range of future prices at New York for week ending
Aug. 22 1930 and since trading began on each option:
Option for-

Range for Week.

Aug. 1930_ 11.00
Sept.1930 11.10
Oct. 1930- 10.92
10.69
New
Nov. 1930
New
Dec. 1930._ 11.11
10.89
New
Jan. 1931- 11.28
10.99
New
Feb. 1931_
Mar.1931._ 11.13
Apr. 1931May 1931-- 11.32
June 1931
July 1931-- 11.56

Aug. 1811.14
Aug. 2111.10
Aug. 1911.77
Aug. 19 11.50
Aug. 1911.93
Aug. 19 11.66
Aug. 19 12.02
Aug. 19 11.76
Jog. 19 11.94
Aug. 19 12.13
Aug. 19 12.26

Range Since Beginning of Option.

Aug. 2111.00ug. 18192818,34 Nov.22 1929
Aug. 2111.10 Aug. 21193016.20 Apr. 2
Aug. 1610.92 Aug. 19 1930 18.56 Nov.20 1930
Aug. 16 10.69 Aug. 19 1930 15.87 Apr. 4 1929
12.97 June 18 1930 17.78 Dec. 16 1930
1929
12.78 June 18 1930 14.90 Avr.
Aug. 16 11.11 Aug. 19 1930 18.06 Jan. 16 1930
13 1930
Aug. 16 10.89 Aug. 19 1930
Aug. 16 11.28 Aug. 19 1930 16.28 Apr. 4 1030
Aug. 16 10.99 Aug. 19 1930 17.18 Feb. 1 1930
16.03 Apr. 4 1930
16.014 Feb. 20 1930
Aug. 16 11 13 Aug. 19 1930 16.65 Feb. 15 1930
16.20 Apr. 1 1930
13.26 June 23 1930
Aug. 16 11.32 Aug. 19 1930 13.34 June 18 1930
15.00 June 2 1930
Aug. 16 11.56 Aug. 19 1930
13.82 Aug. 7 1930

1280

FINANCIAL CHRONICLE

THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.
Aug.22Stock at Liverpool
Stock at London
Stock at Manchester

1930.
bales.. 663,000

1927.
1928.
678,000 1,101,000

1929.
770.000

61.000

111,000

117,000

849,000
214,000
114,000
4,000
39.000
28,000

315,000
154,000
6,000
75,000
28,000

370,000
169,000
8,000
93,000
27,000

430,000

399,000

578,000

667,000

Total European stocks
1,210,000 1,248,000 1,317,000 1,879,000
83,000
81,000
Indian cotton afloat for Europe
142,000 125,000
American cotton afloat for Europe 168,000 157,000 172,000 206,000
EgyptBrazil,&c.,afloatforEurope 98,000 117,000 111.000 115.000
464,000 184.000 168,000 275,000
Stock in Alexandria, Egypt
771,000 906,000 1,051,000 513.000
Stock in Bombay, India
a1,715.871 a545,940 a439,809 a987,557
Stock in U. S. ports
Stock in U. S. interior towns- --- a543,948 al83,802 0258,393 a336,511
280
U. S. exports to-day
5,112,819 3,466.742 3,598.482 3,495,068
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American
218,000 345,000 394,000 780,000
Liverpool stock
35,000
93,000
39,000
45,000
Manchester stock
310.000 314,000 516,000 620,000
Continental stock
168,000 157,000 172,000 206,000
American afloat for Europe
a1,715,871 a545,940 a439,809 a987,557
U. S. ports stocks
U. S. interior stocks..
a543,948 a183,802 a258,393 a336,511
280
U. S. exports to-day
Total American
East Indian, Brazil, &c.Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria. Egypt
Stock in Bombay, India
Total East India, &to
Total American

2,994,819 1.590,742 1,815,482 3,023,068

Ala., Birm'ham
Eufaula
1,058
963
559
Montgomery.
364
Selma
831
707
Ark.,Blytheville4
3
\
Forest City...
Helena
12
N
Hope
13
5
5
Jonesboro._ _
5
Little Rock- 82
44
Newport_ ---{
Pine Bluff _
35
_Walnut Ridge
Ga., Albany__ 682
615
Athens
47
20
Atlanta
530
228
Augusta
5,795
7,929
Columbus,..
214
73
Macon
3,294
2,601
1
Rome1
La., Shreveport 1,736
2,036
Miss., CI'llsdale
96
511
Columbus_
5
2101
Greenwood.. _
520
Meridian_
40
54
Natchez
24
175
Vicksburg_
20
29
Yazoo City
12
Mo., St. Louis_
1,14i
3,352
152
15'
N.C.,Greensb'o
Dklahoma15 towns.
86
291
3.C., Greenville
880
3,166
Tenn.,Mernphis 5.914
17,377
Texas, Abilene_
18
69
Austin
951
1,504
Brenharn
2,188
1,209
Dallas
1,51
2,791
Paris
125
28
Robstown _ _ _ 7,642
18,173
San Antonio_ 2,918
5,581
Texarkana
1
4
1,3051
Waco
1,635

100

Via Rock Island

Via Louisville
Via Virginia points
Via other routes, Ste
Total gross overland

Deduct Shipments
-

3:15
3,852

617
11,673
12,372

9,694

Via St. Louis

Via Mounds, &c

27,864

8,851

32,874

909
838
11,301

223
323
6,460

1,560
1,113
21,866

13,048

7.006

24.539

14,816

1,845

8,335

26,000
34.000
62.000
85,000
81,000
125,000
117.000 111,000
184,000 168,000
906,000 1.051,000

18,000
47,000
8.3,000
115,000
275,000
513.000

Leaving total net overland*

Ship- Stocks
mods. Aug.
22.
Week.
2
228
20
____
229
56
75
5
25
201
41
705
42
298
150
2.188
2,535
124
1,289
____
414
242
95
581
102
39
30
3,301
50

Receipts.
Week.

6,745

29

5.079
16,855
13,134
9,197
4,897
8,325
774
1,485
5,842
879
12,765
2,208
2,862
10,556
43,777
47,814
1,074
11,769
1,867
36,119
14,120
2,271
39,614
3,146
3,484
4,533
4,317
2,847
7,386

358
597
308
29

327 24,952
1,586 19,247
9,047 134,887
313
33
279 1,603
1,005 3,067
1,393 10,511
5 1,562
4,888 9,981
1.453 3,330
___ 1,928
354 6,826

_
4
59
__ __
24
1
----

345
11
201
5,232
100

Season.
41
418
794
391
138
197
5
65
58
57
1,312
15
1,116
10,269
338

1,063

1,621

---110
2
15
45
235
21
68
1,364
147

250
145
9
140
303
863
22
69
5,244
565

Ship- Storks
tnents Aug.
Week.
23.
330
190

318
126
559
15
209
50
2
25
1
161
46
150
100
522
3,461
500
1,074
290
356
220
8
291
198
127
10
157
1,561
702

127
1,356
6,012
2,110
2,830
1,474
1,277
334
724
3,360
106
3.202
158
1,730
1,302
6,086
30,839
6,078
992
2,105
6,407
3,501
80
5,130
532
2,274
300
496
7,136
7,682

429
1,458

942
9,632

718 3,487
2,348 14,640

4,586

17,374

6,460 38,951

--139
227

28
160
584
48
9,152
6,477
17
4,900

as

4,567
2,996
2
3,544

4
99

364
3,169
2,036
25
2,054

467
199
2.095
1,672
82
7,203
4,258
702
4,316

-----1929----Since
Week. Aug. 1.
7,237
1,561
975
265

-1930----Since
Aug. 1.
3,301
7,970
502
6
1,9 6
0
6
-i80
584
10,382
3,411
6,902
2,300

Aug. 22Shipped
-

78,000
120.000
142.000
98,000
464,000
771,000

Movement to Aug. 23 1929.

100

OVERLAND MOVEMENT FOR THE WEEK AND
SINC AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:

321,000

kroveraent to Aug. 22 1930.

Season.

Total week_
Since Aug 1

284,000

2.118.000 1,876,000 1,783,000 1,372,000
2,994,819 1,590.742 1,815,482 5.023,068

Spot. Canted Total.

Quiet, 30 pts. dud.... Easy
Quiet, 60 pts. decl_ _ Weak
Steady,25 pts. adv_ Very steady - - Steady, 10 pte. adv_ Steady
Quiet,20 pts. decl__ Barely steady- Quiet, unchanged. _ Steady

425,000

Continental imports for past week have been 51,000 bales.
The above figures for 1930 show an increase over last
week of 25,022 bales, a gain of 1,646,077 over 1929, an
increase of 1,514,337 bales over 1928, and a gain of 717,751
bales over 1927.
-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 periods of the previous year, is set out in
detail below:
Receipts.

Saturday__ _
Monday
_
Tuesday _ _
Wednesday_
Thursday _ _
Friday

SALES.

Futures
Market
Closed.

445.000

a Houston stocks are now included in the Port stocks; in previous years
they formed part of the interior stocks.
* Estimated.

Week.

Spot Market.
Closed.

Overland to N. Y., Boston, &c__ _
424
Between interior towns
267
Inland, &c.,from South
5,217

5,112.819 3,466,742 3,598,482 4,395,068
Total visible supply
Middling uplands, Liverpool..
6.44d. 10.32d. 10.44d. 11.153.
19.10c.
21.95c.
18.65c.
Middling uplands, New York
11.15c.
Egypt, good Sakel, Liverpool...... 11.65c. 17.65d. 19.953. 20.656.
14.50d. 12.756. 12.506.
Peruvian, rough good. Liverpool8.90d. • 10.05d.
8.55d.
4.30d.
Broach, fine, Liverpool
9.856. 10.45d.
9.706.
Tinnevelly, good, Liverpool
5.65d.

Towns.

360,146 bales more than at the same period last year. The
receipts at all the towns have been 8,534 bales more 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.

739,000 1,212,000

211,000
132.000
10,000
61,000
16,000

Total Continental storks

79,000

780.000

Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp

[Ver.. 121.

Total to be deducted

5,908

3.786
* Including movement by rail to Canada.

The foregoing shows the week's net overland movement
this year has been 3,786 bales, against 1,845 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 6,481 bales.

929---- 1930
In Sight and Spinners'
Since
Since
Aug. 1.
Week.
Takings.
Week. Aug. 1.
226,412
Receipts at ports to Aug. 22
383.742 108,086
203.157
Net overland to Aug 22
8.335
1
14,816
3,786
South'n consumption to Aug. 22- - 85.000
404,000
124,000
270,000
Total marketed
Interior stocks in excess

291,943
1,989

Came into sight during week _ _ _293,932
Total in sight Aug. 22
North.spinn's's takings to Aug. 22 12,264
* Decrease.

668.558 233,931
*443
*17,747

638,747
*25.117

650.811

233,488
____

613,630

32.733

33,728

65,634

Movement into sight in previous years:
Week1928
-Aug. 26
1927
-Aug. 27
1926
-Aug. 28

Since Aug. 1Bales.
154,067 1928
250,309 1927
174,097 1926

Bales.
401.861
793,579
515.688

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:
Week Ended
Aug. 22.

Closing Quotations for Middling Cotton on

Saturday. Monday. Tuesday., Wed'day. Thurscry. Friday.
10.95
10.95
11.05
Galveston
10.95
10.75
11.25
New Orleans _ - _ 11.12
10.69
10.73
10.84
10.70
10.56
10.20
Mobile
10.25
10.35
10.25
10.24
10.26
Savannah
10.37
10.26
10.07
10.59
Norfolk
11.13
11.06
11.19
11.13
10.88
11.44
11.10
11.25
Baltimore
11.30
11.20
11.45
11.75
10.19
Augusta
10.19
10.31
10.19
10.00
10.63
Memphis
9.95
9.95
9.95
10.05
9.75
10.35
10.80
Houston
10.85
10.95
10.85
10.70
11.25
Little Rock
9.92
9.92
10.06
9.95
9.75
10.35
Dallas
10.15
10.20
-10.60
10.30
10.20
10.05
Fort Worth
10.05
10.20
10.30
10.20
10.05

-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Aug. 16.

Monday,
Aug. 18.

Tuesday,
Aug. 19.

Wednesday, Thursday,
Aug. 21.
Aug. 20.

Friday,
Aug. 22.

August
-September
October _ _ 11.35-11.37 10.80-10.81 10.94-10.95 11.08-11.10 10.97-10.98 10.93-10.94
November- -11.11-11.12
December 11. 11,5511.00-11.02 11.13-11.16 11.28-11.29 11.16
5311.20-11.22
11.25
January'31 11.58-11.59 11.09
11.21-11.25 11.38
February.
11.38March__ 11.83
11.52 Bid. 11.40
11.25-11.27 11.37
April
11.58-11.60 11.55May
12.00
11.70
11.54
11.41
, ousnet
Juno
_ __
_ __ __
July
_ _ ___ __ __;;;Idet.
_

3pot
Options

Quiet.
Fitsn.,

Quiet.

ra..,,,,, ...,‘,

Quiet.
gtimItIV.

Quiet.
Steady.

Quiet.
Steady.

Steady.

ACTIVITY IN THE COTTON-SPINNING INDUS* Includes the combined totals of 15 towns In Oklahoma.
TRY FOR JULY.-Persons interested in this report will
The above total shows that the interior stocks have find it in our department headed "Indications of Business
increased during the week 1,989 bales and are to-night Activity," on earlier pages.
Total. 56 towns 36,894

.,
74.024 33 4:1743 048 28.760




73,759 29,029183.502

FICENSUS REPORT ON COTTON CONSUMED AND
-This report, issued an Aug.
ON HAND IN JULY, &c.
15 by the Census Bureau, will be found in full in an earlier
part of our paper in our department headed "Indications of
Business Activity."
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph this even:ng denote that temperatures have
been more moderate and there has been rain in many parts
of the cotton belt, especially east of the Mississippi River.
There have been complaints of shedding and deterioration in
the dryer places.
-There have been many scattered showers in
Texas.
in this State during the week. Cotton continues poor to
fairly good depending on location. Complaints of small
plants and bolls shedding,. premature opening and top
blooming continue to come in from the dry sections.
-Three heavy rains and many beneficial
Mobile, Ala.
showers during the week improved the condition of cotton.
Bolls are opening rapidly and picking is general. Gins are
opening at numerous points.
-Cotton is beginning to open. First
Memphis, Tenn.
new Arkansas bale was received on the twenty-first.
Rain. Rainfall.

San Antonio, Texas
Taylor, Texas
Weatherford. Texas
Ardmore, Okla
Altus. Okla
Muskogee, Okla

Oklahoma City, Okla
Brinkley, Ark

Thermometer
low 78 mean 84

high 90
high 106
high 100
high 96
high 94
1 day 0.16 in. high 104
high 110
dry
2 days 0.20 in. high 102
1 day 0.02 In. high 106
1 day 0.22 in. high 100
high 104
dry
1 day 0.74 in. high 100
1 day 0.04 in. high 102
2 days 0.86 in. high 106
high 104
dry

1 day
1 day

Galveston, Texas
Abilene, Texas
Brenham, Texas
Brownsville. Texas
Corpus Christi, Texas
Dallas, Texas
Henrietta, Texas
Kerrville, Texas
Lampasas. Texas
Longview, Texas
Luling, Texas
Nacogdoches, Texas
Palestine, Texas
Paris. Texas

Eldorado, Ark
Little Rock, Ark

0.62 in.
0.14 in.
dry
dry
dry

dry
2 days
1 day 0.60 in.
1 day 0.48 in.
5 days 0.31 in.
4 days 2.00 in.
2 days 1.15 in.

-2 days 0.86 in.

3 days 0.35 in.

dry
0.18 in.
0.03 in.
1.64 in.
0.10 in.
1.43 In.
1.17 In.
2.17 in.
2.02 in.
2 days 1.29 111.
5 days 0.78 in.
5 days 1.58 In.
4 days 0.88 In.
4 days 0.50 in.
3 days 0.61 in.
2 days 0.72 in.
2 days 2.84 in.
2 days 0.74 in.
1 day 0.20 in.
2 days 0.78 in.
3 days 1.40 In.
4 days 1.73 in.
3 days 2.26 in.

Pine Bluff, Ark
Alexandria, La

1 day
1 day
4 days
2 days
4 days
2 days
2 days
3 days

Amite, La
New Orleans, La

Shreveport, La
Columbus, Miss
Greenwood, Miss

Vicksburg, Miss
Mobile, Ala
Decatur, Ala

Montgomery. Ala

Selma, Ala
Gainesville, Fla
Madison, Fla
Savannah, Ga
Athens, Ga
Augusta, Ga
Columbus, Ga

Charleston, S. 0_ ..,.
Greenwood S.0
S
Columbia, ,.0
Conway, S.0
Charlotte, N.0

low 74 mean 90
low 74 mean 87
low 76 mean 86
low 76 mean 85
low 70 mean 87
low 70 mean 90
low 60 mean 81
low 70 mean 88
low 62 mean 81
low 72 mean 88
low 66 mean 83
row B
w

_
n
102 it
96 o
101
96 row RI i.= IS
w
m
high 92
mean 80
high
high n 5H mea n 7
m
ean 7
high 91 low 65
high 94 low 60 mean 77
high 97 low 62 mean 7
meannimeai R
an 8
t
,
,
high 90 low R.
high 99
high 94 low 59 mean 77
high 95 low 60 mea n 8
mean 7
8
0

__ _
high
high
high
high

Memphis, Tenn

1g mule=

high 94 low 65

high 94 low 56 mean 75
low 62
high 91 low 59

mean 75
mea n 8

1930. Aug.

Above zero of gaugeAbove zero of gauge-

OKLAHOMA.
-Cotton has deteriorated 25% in the last ten days from dry
Ado.
and hot weather. One-half to inch rain over about one-half of county
last night. A good general rain needed very much. Looks like about
half of normal crop.
Durant.-Drouth still on. Made little bluff at raining this morning,
but clear as ever now. We think rain will do more harm than good now.
-Cotton deteriorated rapidly last week. Light showers
Frederick.
last night, but will do little or no good.
-87 days without rain except showers. Half of crop too far
Hugo.
gone to receive benefit. Other half showing bad effects from high
temperatures.
-Still hot and dry. Cotton deteriorating rapidly, specially
Idabel.
on the uplands. Bottom cotton holding its own fairly well. No rain
insight.
-Showers to good rains fell locally around us past three
Mangum.
days, but no relief here other than temperature some cooler. Some
fields holding up fairly well, while others look like complete failure.
General rains now would help wonderfully.
-Maximum temperature past week well above 100.
Wynnewood.
Looks awfully bad for crop in this territory. Feed stuff destroyed and
stock water getting very scarce.

ARKANSAS.
Aehdown.-Rains over part of this county Monday were of but very
little benefit except to mature bolls. Other parts without rain three
months. Army worms doing considerable damage.•
-Some local showers past week partially relieved drouth
Magnolia.
situation. Leaf worms prevalent when showers occurred have stripped
but
foliage from plants in quite a few fields. Most farmers poisoning
of normal
some indifferent as crop is so poor. Thirty-seven per cent,
a full estimate for crop here.
[-No rain since May 18. Few scattered showers have fallen
Pinebluf
upland or
in southeast Arkansas. Large portion of cotton crop in the
rain is
hill districts is a failure beyond redemption. In these districts
running 100
needed for cattle and fall garden. The temperature still
to 105.
-Rot and dry past week. 70% plant quit blooming and
Texarkana.
young
opening prematurely. Leaf worms at work and will damage
cotton. Yeild within a radius of 100 miles of Texarkana will make
Williams, the farmers' friend, to the
than last year, Carl
coNn%tralryess.

CEIPTS FROM THE PLANTATIONS. '
Week

Feet.
1.7
2.1

7.5
6.2

5.2

23 .
Feet1929.
2.8
9.5
7.5
5.2
15.8

Dallas Cotton Exchange Weekly Crop Report.
The Dallas Cotton Exchange each week publishes a Very
elaborate and comprehensive report covering cotton crop
conditions in the different sections of Texas and also in
Oklahoma and Arkansas. We reprint this week's report,
which is dated Aug. 18, in full below:
TEXAS.

Receipts at Ports.

Ended,

1930.

Stocks at Interior Towns.
1930.

1929.

1028.

ReeetrisfromPlanrations.
1930.

1929.

1930.

...-_---2:819

88,977
55.354
27.199
25.809

1930.

high 94 low 62 mean 78
m , 78
-tn

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. 22
Above zero of gaugeAbove zero of gaugeAbove zero of gauge-

-Continued hot dry weather has stopped crop from
San Marcos.
making, and causing premature opening. Movement heavy.
EAST TEXAS.
Jeffereon.-Rot, dry, and clear. Cotton opening fast. Bolls very
small. Yield per acre less than last season.
-High temperatures still damaging cotton. Light local
Haskell.
showers in northwest part of county last night. Partly cloudy and hot.
-Crop will be shorter than last year throughout this section.
Longview.
Older cotton opening, but farmers in no hurry about picking. Few
bales have been ginned but practically no movement yet. Leaf worms
have made appearance and some damage being done. Poison being
used in small way.
Pairetine.-Picking started. Still hot, dry. Normal deterioration.
Some premature opening. No insect damage.

mean 22

low 74 mean 89
high 102 low 74 mean 88
high 108 low 68 mean 88
high 106 low 67 mean 87
high 109 low 69 mean 89
high 105 low 67 mean 86
high 104 low 66 mean 85
high 101 low 59 mean 80
high 100 low 66 mean 83
high 99 low 48 mean 74
high 101 low 64 moan 83
high 101 low 65 mean 83
high 95 low 62 mea n 83
m
ean 79

3 days 1.60 in. high 92 low 63
dry
hign 93 low 55 mean 74
2 days 0.18 in. high 94 low 64 mean 80

Newbern, N. 0.
Weldon, N.0

New Orleans
Memphis
Nashville
Shreveport
Vicksbluv

1281

FINANCIAL CHRONICLE

Atm.23 1930.]

ma,
9_.
18..
23_.
30..

June

1929.

49,161
74,780
84.642
88,228

40,133110.912
27.000 84,323
31.128 59.769
80,429 54,183

893,425
848,57.
809.849
778,788

512.890
481,152
448.703
418.598

649.289 1.591
820.320 24,910
487,780 30,718
558.888 5.387

37.809
38.902
28.447
30,851

740.002
714,860
887,981
885,4137

381,268
352,858
324,575
303.8051

523,080 4.388
493.893 8.277
483,240 9,83'
437,981 10.14

-- 2.083
_- 9,535

38,994
27.419
19,932
18.771

642,704
819.981
599.179
579,771

276.7231
252.555
234.3921
224,7

407.726
---__388.332
358.443 Nil
328.470 Nil

- 8.759
8:200 8.025
NU
Nil
8,007 ----

28,393
21,074
28,280
58.871

580.254
548.78
541.959
543.943

197,5521
196.2071
184.2451
183,8021

302.330 14,192 11,492
288,255 51,039 48.489
266.345111.022 53,842
258.3931205.118 107.843

8_ 42.838 24,388
13_ 31,419 17,318
20_ 38,511 18,488
27.. 32.859 18.090
July
4.. 19.258 10,789
IL. 10.899 30,368
18_ 13.0981 13.203
25_ 12,297' 15,809
Aug
L. 34.308 38.730
8_ 82.509 49,834
15_ 117.847 85,894
22 _ zna 1A7108.OS5

----

5:572

2.253
4,999
8,370
60,719

The above statement shows: (1) That the total receipts
bales;
from the plantations since Aug. 1 1930 are 367,207 bales.
in 1929 were 210,605 bales, and in 1928 were 62,088 week
(2) That,although the receipts at the outports the past
were 203,157 bales, the actual movement from plantations
was 205,146 bales, stocks at interior towns having increased
1,989 bales during the week. Last year receipts from the
plantations for the week were 107,643 bales and for 1928
they were 50,719 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two season from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the like period:

WEST 'TEXAS.
-Past week hot and dry. About half of plants fair to good.
Lubbock.
Other half very sorry to fair. Army and boll worms appearing most
all over the country. Some are poisoning, others not, account not
having money to buy poison.
-Rain fell over this section yesterday ranging from light
Turkey.
showers to two inches, very beneficial to crops, especially late feed.
Some crops were hailed out. About 50% of cotton deteriorated to such
extent that It will not revive.
NORTH TEXAS.
Gainessille.--Sprinlde of rain and signs of more this morning. While
1929.
1930.
Cotton Takings.
general rains would prove beneficial, drouth has done its work. Expect
Week and Season.
Season.
small yield for this section.
Week.
Season.
Week.
McRinnsc.-Cotton holding well considering the drouth. Rain would
3,524,927
5.087.797
be beneficial. Movement on.
Visible supply Aug. 15
3.735,957
5,302,014
Visible supply Aug. 1
613,630
650,811 233,488
CENTRAL TEXAS.
American in sight to Aug. 22... 293,932
7,000
49,000
32.000
12,000
Bombayreceipts to Aug. 21Brsan.-Crope gathering fast. Total received to date, over 1,800
15.000
57,000
25,000
5,000
Aug. 2L.
to
bales. Mostly sold, little holding. Grades good, staple poor. No Other India ship'ts to Aug. 20._
1,200
400
Alexandriareceipts
20,000
35,000
50.000
rain yet, but cooler and threatening; now might help bottoms.
15,000
supply to Aug. 20 *b.__ _
Other
Cameron.
-Continued drY and hot past week. Crops still deteriorating
5,414,129 6.046,025 3,800.415 4,505.587
Total supply
and worms still working in the low lands.
Deduct
Hillaboro,-Cotton has deteriorated considerably during past two Visible supply Aug. 22
5.112.819 5,112,819 3.466,742 3.466,742
weeks due to continued dry weather. 150 tons calcium arsenate sold,
933,206 333,673 1.038,845
Aug. 22_a---- 301,310
sombating leaf worms, which continue to damage crops. Yield will be Total takings to
194,910
645,006 230,673
786,845
Of which American
aonsiderably below last year. Small movement beginning.
106.400
288.200 103.000
252.000
which other
Of
-Movement good. Still hot and dry. Cotton has stopped
Lockhart.
"Embraces receipts in Europe from Brazil, Smyrna, West Indies, Sts
fruiting. Leaf worm all over county. Think very little poison will
embraces since Aug. I the total estimated consumption by
a This total
be used from now on, as price of cotton too low.
Southern mills. 270,000 bales in 1930 and 404.000 bales in logo-




1282

FINANCIAL CHRONICLE

[voL. 131.

takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 663,206 bales in 1930 and 634,000 bales in 1929,
of which 375,006 bales and 382,845 bales American.
S Estimated.

Bales.
PENSACOLA-To Bremen-Aug, 15
-Braddock, 300; add'1, 200
500
LOS ANGELES
-To Japan-Aug. 11-President Pierce, 400--Aug.12
-Malayan Prince, 129_ __Aug. 15-Tsuyania Maria,
115
INDIA COTTON MOVEMENT FROM ALL PORTS.
644
-To Liverpool
-Aug. 14-Abercos, 1,95L...
The receipts of India cotton at Bombay and the shipments CORPUS CHRISTI
Aug. 16-Musician, 3,975
5,926
To Japan-Aug. 21-Brazil Meru, 10,800
from all India ports for the week and for the season from
10,800
To Manchester-Aug.14-Abercos,456..-Aug. 16
-Musician.
Aug. 1, as cabled, for three years, have been as follows:
2.054
2,510
To Dunkirk
-Aug. 14
-Toledo,2,350
2,350
To Copenhagen-Aug. 14
-Toledo, 500
500
1929.
1930.
1928.
To Gothenburg-Aug. 14
-Toledo, 500
500
Aug. 21.
To Havre
-Aug. 16--Endicott, 11,729
11,729
Reccias at
Since
Since
Since
To Rotterdam-Aug. 16-Endicott, 950-. Aug. 15
-Rio
IVeek.lAug. 1. Ireek.lAug. 1. Week. I Aug. 1.
Panueo, 1,000
1,950
To Ghent
-Aug. 16-Endicott, 1,300
1,300
Bombay
49.000 5,000
32,000 7,000
12.000
24.000
To Bremen-Aug, 15
-Rio Panuco, 5,998---Aug. 16
-Deer
Lodge, 10,250; Gonzenheim, 2,593
18,841
For the Week.
Since Aug. 1.
HOUSTON-To Havre
-Aug. 15
-Brave Coeur, 2,683
2.683
Exports
To Liverpool
-Aug. 2I-Abercos, 2,917
2,917
from
Great Conti- Japan&
Great
Conti- Japan
To Dunkirk-Aug, 15
-Brave Coeur, 100
100
Britain. nod. Cl.inn. Total. Britain.
neat.
Total.
China.
To Manchester-Aug. 21-Abercos, 1,035
1,035
To Ghent
-Aug, 15
-Brave Coeur, 196
196
Bombay _ _ _
To Rotterdam-Aug. 15
-Brave Coeur, 500---Aug. 16-Ivar,
1930
20,000 31,000 51,000
10.000 61,000 102,000 173.000
650
1.150
1929
12,000 11.000 23,000
2,000 47,000 65.000 114,000
To Bremen-Aug, 15
-Western Queen, 6.312-Aug. 19_ 7,000
1928
7,00
2,000
30,000 63.000 95,000
Chemnitz,8,754
15,066
Other IndiaTo Barcelona
-Aug. 15
2,246
-Cody, 2,246
5,000
3,000 2,000
4,000
1930
21,000
25,000
To Copenhagen-Aug. 16-Ivar, 350
350
15,000
1929
7,000 8,000
8,000 49,000
57,000
To Murmansk-Aug. 14-Aranienberg,
3,435'
3,435
18,000
1928
4.000 14,000
4,000 29.000
33,000
To Genoa
-Aug. 18
-West Ekonk, 4,027
4.027
NEW YORK
-To Lisbon-Aug. 15-Augvold, 175
176
Total all
To Bremen-Aug. 20
-Berlin, 300
300
3.000 22,000 31,000 56,000 14.000 82,000 102,000 198,000
1930
To Liverpool
-Aug. 15
-Samaria. 256
256
10.000 96,000 65,000 171,000 BEAUMONT-To
1923
7,000 20.000 11,000, 33,000
Liverpool
-Aug.16
-Belgian, 100
100
1928
4.000 21,000 ....I 25,000
6,000 59,000 63,000 128.003
Total
106,646

According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
COTTON FREIGHTS.
-Current rates for cotton from
5,000 bales. Exports from all India ports record an increase New York, as furnished by Lambert & Burrowes, Inc., are
of 18,000 bales during the week, and since Aug. 1 show an as follows, quotations being in cents per pound:
increase of 27,000 bales.
High StandHigh StandHigh StandDensity. ard.
Density. ard.
Density. ard.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We Liverpool .45c. .60c. Stockholm .60c. .750. Shanghai open open
Manchester.450. .60c. Trieste
.50e. .65c. Bombay .42e. .57c.
now receive weekly a cable of the movements of cotton at Antwerp .45e. .60e. Flume
.45c. .60c.
.50e. .650. Bremen
Alexandria, Egypt. The following are the receipts and Havre
.31e. .46c. Lisbon
.45c. .60c. Hamburg .45e. .600.
Rotterdam .45e. .60c. Oporto
.750. .90c.
.60c. .75c. Piraeus
shipments for the past week and for the corresponding week Genoa
.50c. .65c. Barcelona .300. .45e. Salonica
.75e. .90e.
Oslo
of the previous two years:
.50c. .60c. Japan
.50c. .650.
Venice
open
open
LIVERPOOL.
-By cable from Liverpool we have the folAlexandria, Egypt,
1929.
1930.
1928.
lowing statement of the week's sales, stocks, &c., at that port:
Aug. 20.
Receipts (centers)
This week
Since Aug. 1

2,000
5,500

1,400
3.382

This Since
This Since
Week. Aug. 1. Week. Aug. 1

Exports (bales)To Liverpool
To Manchester,&c
To Continent and India
To America

1,000 1.500
700
2,000 10,250
50

This Since
Week. Aug. 1.

2,000 2.750 4,504
2,000 5,000 5,500 8.026
4.000 20,000 4.750 18,303
---- 9,000 4,250 6,465

Total exports
3,000 12,500 6,000 36,000 17.250 37,298
Note
canter is 99 lbs. Egypt an bales weigh about 750 lbs.
This statement shows that the receipts for the week ending Aug. 20 were
2,000 canters and the foreign shipments 3,000 bales.

MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both yarns and cloths is quiet. Demand for cloth is improving. We give prices to-day below and leave those of
previous years of this and last year for comparison:

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, 1
12:15
P.M.
Mid.Upfds
Sales -----

1930.
32, Cop
Apr.-

1929.

834 Lbs. Shirt Cotton
tags, Common Middrh
lipids.
to Finial.

d. d.
12 013
1134(41234
11%012%
11%01216
1111012%

s. d.
10 1
10 0
10 0
97
97

1111012%
13.... 11)601216
20.-.. 11 012
27.... 11 012
July
113401234
11.... 1 012
18.... 1 612
103401134
Aug.
03161 11u
, ,
O34he 1134
()Non%
0%011%

32s Cop
Twist,

834 Lbs. Shirt- Cotton
fags, Common Middr0

to Finest.

s. d.
st10
010 4
010 4
010 3
010 3

d.
8.65
8.63
8.54
8.67
8.58

d.
6. s. d.
14%015% 12 7
1411015% 12 7
14%015% 12 7
1411015% 12 7
1411015% 12 7

07
96
96
95

010 3
010 2
010 1
010 1

8.34
7.98
7.81
7.74

14%015%
14% 01511
14%015%
141‘015%

95
95
95
96

010
010
610
010

1
1
1
1

95
95
94
93

@101
@101
@100
09 7

wird.

s. d.
013 1
013 1
013 1
013 1
013 1

d.
10.02
10.08
10.28
10.11
10.20

7
7
7
7

013 1
@13 1
013 1
013 1

10.2
10.33
10.23
10.38

763
773
7.68
7.47

143401534 12 6
141101511 12 6
14%015% 12 7
14%015% 12 7

013 0
013 0
013 1
013 1

10.28
10.21
10.54
10.58

7.22
7.54
6.89
8.44

143401534
14%015%
143401534
143401534

12 7
12 7
12 7
12 7

013 1
013 1
013 1
013 1

10.65
10.16
10.10
10.32

June
12
12
12
12

Aug. 1. Aug .8. Aug. 15. Aug. 22.
23,000
26,000
19,000
16,000
7.000
9,000
7.000
7,000
1.000
1,000
1,000
1.000
38.000
30,000
31,000
32,000
706,000 697,000 675.000 663.000
245,000 239,000 227,000 218,000
22,000
24,000
25.000
29,000
4,000
1,000
10,000
8,000
20,000
90,000
85.000
92.000
7,000
12.000
10,000
15,000

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

Saturday.
Quiet,
6.806
3,000

Monday.

Tuesday, Wednesday. Thursday.

Friday.

Quiet.

A fair
business
doing,

A fair
business
doing.

6.52d.
3,000

Quiet,
6.496.
4,000

6.49d.
4,000

Quiet.
and 1111changed.
6.49d
5,000

6.446.
4.000

Futures. Quiet, but Barely st"y, Steady. Quiet, but Quiet, but
(
Quiet.
Market
st'dy 1 to 25 to 15 pts. 6 to 12 pts. t'dy 2 pts. st'dy 3105 2 to 6 pts.
decline. adv.to 1 pt pia. adv. decline.
pts. decl. decline,
opened
decline.
Market, f
4
P.M.

Quiet,
4 phi.
decline,

Steady, Quiet, but Quiet, but Q't.but St'Y
Steady.
23 to 24 pts 2 to 5 pta. t'dy 1 to 3 st'dy 4 to 7 unchgd to 2
pts. adv. pts. decl. pts. dec.
decline.
decline,

Prices of futures at Liverpool for each day are given below:

I

Thurs.
Wed.
Fri.
Tues.
Sat.
I
Mon.
Aug. 18 ,
to
112.1112.3012.15 4.6012.15, 4.0012.15 4.0012.15 4.0012.15 4.00
. In. In. p. in. p. in p. m.p. m.p. m. p. m.P. m.p.
Aug. 22
-.
New Contract! d
d.
. d
d.
d.
d. I d.
d. I d.
d. I d.
August- 6.37
6.09
6.14 6.09 6.12 6.14 6.15 6.14 6.10 6.
6.02 5.96 5.99 6.00 6.02 6.02 5.98 5.97 5.97
6.25
6.04 5.98 6.01 6.02 6.03 6.02 5.9: 5.9 5.97
6.04 5.98 6.01 6.01 6.02 6.02 5.97 5.96 5.96
December _
NCSeptemberIAcugtc:u rber
1- _::. 6 32247
: . 86
:
6.10 6.04 6.07 6.08 6.09 6.07, 6.03 6.02 6.02
January (1951)7- __ 6.38
6.15 6.08 6.11 6.12 6.13 6.11 6.07 6.06 6.06
February
1-- -- 6.41
6.18 6.11 6.13 6.14 6.15 6.13 6.09 6.08 6.08
March' - 6.47
6.24 6.17 6.19 6.20 6.21 6.19 6.1 6.1 6.14
D
6.27 6.20 6.22 6.23 6.24 6.211 6.17 6.1 6.16
May
! -- 6.56
6.33 6.26 6.288.29 6.29 6.27 8.24 8.2 6.22
June
' .- 6.59
6.35 6.28 6.30 6.31 6.31 6.29 6.26 6.24 6.24
July
I- -- 6.63
6.39 6.32 6.34 6.35 6.3 6.34 6.30 6.29 6.28
August
. 6.32 6.31
-- -- 6.66
6.42 6.35 6.37 6.38 6.38 6.

GALVESTON-To Barcelona
-Cody, 415
-Aug. 13
To Genoa
-Aug. 13
-West Ekonk, 100
To Havre
-Aug. 16
-Brave Coeur, 1,199
To Ghent
-Aug.16
-Brave Coeur,47
To Liverpool
-Aug. 17-Abercos, 662
To Manchester
-Aug. 17-Abercos, 251
To Rotterdam-Aug.18-Ivar, 400
To Copenhagen
-Aug. 18-Ivar, 150
NEW ORLEANS
-To Gothenburg-Aug. 14-Braheholm, 100_ _ _
To London-Aug. 20
-West Celeron, 1
To Oslo
-Aug. 14-Braheholm. 50
To Liverpool
-Aug. 15
-West Totant, 1,487
To Bremen-Aug. 15
-Aquarius, 1,146; Schurbek, 414
To Hamburg
-Aug. 15
-Aquarius, 180
To Rotterdam-Aug,15
-Aquarius, 203
To Barcelona
-Aug. 16--Jomar, 100
To Genoa
-Aug. 16
-Chester Valley, 600
To Kobe--Aug. 15
-Dryden, 1,100
To China
-Aug. 15
-Dryden.
To Africa-Aug. 16-Castella, 700
100
To Trieste
-Aug. 19--Jolee, 150
To Venice
-Aug. 19-Jolee, 50
To Japan-Aug. 19
-Santos Maru, 1.149
SAVANNAH-To Liverpool
-Aug. 15
-Tulsa, 2,051
To Manchester-Aug. 15
-Tulsa, 453
To Ghent
-Aug. 15
-Tulsa, 1
NORFOLK
-To Liverpool
-Aug. 16
-Bellflower, 107
To Manchester
-Aug.16
-Bellflower,1,215
To Bremen-Aug. 19
-Lode, 200




N.mmm.anmeommov
0000000000000

SHIPPING NEWS.
-As shown on,a previous page, the
exports of cotton from the United States the past week have
reached 106,646 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:

Bales.
415
100
1,199
.Pridaiy Night, Aug. 22 1930.
47
Flour was in only moderate demand, even at recent de662
251 clines.
Feed prices, on the other hand, advanced. Export
400
150 demand was slow. Later prices advanced. Trade, however,
100 was still
only moderate. Exports were 15,000 barrels.
1
50 Feed advanced $1 to $1.50.
1,487
Wheat declined, with export demand mostly slow, Russia
1,560
180 selling freely, and Canadian receipts told on the price. It
203
100 Was said that the Canadian pool sold on all bulges. On
600 the 16th inst. prices declines 2 to 2
/ big Russian sales
1
4c.,
1.100 upsetting
American markets. Last Friday Russia, it seems,
700
100 sold to Germany 100,000 tons, or 3,750,000 bushels, of quality
150 equal to
No. 2 Manitoba but sold at 5c. less than the price
.
50
1.419, for that grade. Also the weather in Europe was better.
2,051
453 Harvesting there was on. Liverpool was lower than due.
1 Hedge selling increased. Export demand was small. A
107
1,215 good increase In the United States visible supply was
200 expected. On the 18th inst. prices fell 2% to 3c. at Chicago

BREADSTUFFS

Atra. 23 1930.]

1283

FINANCIAL CHRONICLE

States
and Winnipeg, with good rains in both the spring and win- forecast. What is more to the point, all the big corn
4d. That was had actual rains. It looked as though the drouth had indeed
1
/
ter wheat belts. Liverpool fell 1%cl to 2
with general rains in the
lower than was due. Corn declined. This had a tendency been broken. On the 18th inst.,
pull down wheat with it. Hedge selling affected North- belt, prices declined 2% to 3c. net. Iowa's late corn is doing
to
western markets. Canadian weather was good for harvest- better. It will increase the yield per acre. The decline in
ing. There was still some uncertainty as to how the pool wheat depressed corn. The weakness of the two reacted
said that the rains came
will arrange with banks to finance its operations. Export on each other. But some reports
demand was slow. Russian wheat was relatively cheap too late to save badly damaged corn. Also the cash demand
offerings were at $1
and freely offered. The United States visible supply in- was good. Stocks are small. Country
last
creased last week 8,526,000 bushels against 18,268,000 a or above. The United States visible supply decreased
total is now only 2,653,000
year ago. The total is now 174,021,000 bushels against 155,- week 393,000 bushels. The
inst.
998,000 last year. On the 19th inst. prices showed but slight bushels against 8,285,000 a year ago. On the 19th
liquidation, partly on stop
4
1c.
net changes in the end. That was at a decline of / to prices declined on rains and
4
1c. Winnipeg was also irregular. The orders.
an advance of /
On the 20th inst. prices advanced 2% to 3c. on a sharp
market was, in a sense, marking time, awaiting further
developments. Export sales were estimated at 1,500,000 to demand based on the bullish weekly report especially about
2,000,000 bushels. The Canadian pool was said to be selling Illinois, Indiana, Missouri, and Iowa. They are threatened
with a very noticeable reduction in yields compared with
on all bulges.
The Winnipeg "Tribune," of Winnipeg, Canada, said: the normal. There were three-quarters of the area in
"The initial wheat payment on the 1930 crop will likely be Iowa still suffering from drouth. Sold out bulls got in
70c. a bushel. Although the announcement of the pool again. Commission houses were good buyers. Good commanagement will not be made until Tuesday or Wednesday, ments on corn from Buffalo to Georgian Bay indicated an
it was learned from unofficial sources that the central excellent cash demand pointing to a reduction in stocks on
selling agency of the organization and the banks had agreed the rise. Country offerings increased. Cash prices were
on this figure. There are some conditions attached, but for firm. On the 21st inst. prices closed % to %c. higher, with
the moment they are not definitely known. They are to be September especially firm and at one time 2c. higher when
the subject of further discussions at a meeting of the pool's other months were up 1 to 1%c. Cash corn, however,
4
1
dropped / to lc.,. and this excited comment as being in
and banks' representatives."
On the 20th inst. prices ended 1% to 2c. up, after an early such sharp contrast with the strength of September. The
decline with cables poor and export trade disappointing. country sold early about 100,000 bushels to arrive; the offerSpeculation was active. Later came a rally corresponding ings fell off on the reaction. Shipping demand was small.
generally to a late upturn in Liverpool. December was Charters were made for 200,000 bushels to Buffalo. Chiheavily bought at Winnipeg for Wall Street account. The cago, it is believed, will ship out corn as fast as they can
marketings of wheat in Canada on Tuesday were 820,000 accumulate sufficient grain to make a cargo. To-day prices
4
1c.
bushels against 267,000 last year. An active feeding demand closed unchanged to / higher. There was an advance
was in progress at the Southwest. There was increased early on covering in September and other buying. But the
grindings of wheat to be used for livestock. Duluth reported decline in wheat unsettled corn. Liquidation followed. But
five steamers already chartered for winter storage. Cana- big traders were buying, and the ending was practically
dian country marketings on the 21st inst. were reported at unchanged. Beneficial rains fell, but they were not a fac1,448,000 bushels against 308,000 last year. Sales in Chicago tor. Country offerings were small and were also at prices
on that day approximated 28,996,000 bushels; open contracts, above the market. Eastern cash demand, on the other hand,
144,887,000 bushels. Winnipeg wired on the 21st inst. that fell off. Final prices show a decline for the week of
the Canadian pool would hedge 50% of its wheat this to 2%c.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
season, according to agreement made with the banks, which
Sat. Mon. Tues. Wed.Thurs. Fri.
would advance sufficient money to permit the payment of N'o. 2 yellow
117 11434 113% 116% 11714 11774
the pool members. Winnipeg wired on DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
60c. a bushel to
Sat. Mon. Tues. Wed.Thurs. Fri.
Thursday: "Wet weather now in Canada; rain became
97% 9534 9434 9734 9834 98
rather general in West overnight. May cause some delay." September
92% 92
90% 89% 91
93
December
91% 91
95
9374 9434 94
On the 21st inst. prices ended % to lc. lower. Liverpool March
97% 91% 9374 95% 96
96%
May
cables were disappointing. Some sold wheat against purOats fell, for a time, because corn did, but not so much as
chases of corn. Russian ;wheat shipments for the week rose
to 2,100,000 bushels. Russia continued to sell freely. Hard oats are being held back on the farm as feed; it is a cheap
winter did not seem to be wanted for export. Gulf pre- substitute for feed. And later there was a good rally. On
miums, it is true, were still strong, if not somewhat higher. the 16th inst. prices declined % to %c., as corn and other
Receipts at Western and Southwestern markets were grain dropped. On the 18th inst. prices declined 1% to
sinaller. Some expect them to remain small as long as 1%e., partly in sympathy with the fall in other grain. The
corn is at such a premium. Some expect wheat to be a United States visible supply increased last week 3,830.000
trading affair as long as Canadian receipts are large. bushels against 3,534,000 last year. The total is now
The world's visible supply on Aug. 1 was 411,840,000 bushels 16,223,000 bushels against 11,175,000 a year ago. On the
against 378,900,000 on July 1 and 370,120,000 on Aug. 1 1929. 19th inst. prices ended % to lc. lower, partly owing to the
Black Sea exports for the week were 2,576,000 bushels, of decline in corn. On the 20th inst. prices advanced 1%c.
which Russia exported 2,104,000 bushels, and from Aug. 1 in sympathy with corn, but also for the very solid reason
this country has shipped 4,304,000 bushels. Argentine ex- that everything seems -to point to a large demand for feedports for the week were estimated at 515,000 bushels against ing. That woke up the speculation. On the 21st inst. prices
6,861,000 last year. The French Minister of Agriculture ended % to lc. higher on good buying, despite local selling.
was quoted as saying that the crop in the northern part of Receipts have decreased sharply. The demand was better.
the country was largely a disaster and that the Govern- Oats are considered cheap as feed.
4c.
/
ment's plans to create a big reserve stock had failed.
To-day prices ended 1 to 11 higher. Speculation is
To-day prices closed %c. lower to / higher on moderate widening out. Oats are considered cheap. Foreign crop
4c.
1
trading. There was not much hedge pressure. Professionals news was bad. Oats are called relatively too low by comsold, however. Winnipeg being weak, there was considerable parison with corn. That was a noticeable factor. Professelling on that fact alone. Moreover, the cables were lower. sionals were buying. Hedge pressure was nothing great.
1
/
Export demand was slack. Considerable uneasiness was Final prices show a rise for the week of 1/4 to 14c.
reported in regard to the Canadian pool. The Saskatchewan
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
pool wishes to withdraw and market the Saskatchewan crop
51% 51
51% 52% 533( 543(
No.2 white
Itself. For some reason or other there were fears, too,
CLOSING PRICES OF OATS FUTURES IN CHICAGO.
DAILY
Board may sell out its cash wheat amounting
that the Farm
Sat. Mon. Tues. Wed.Thurs. Fri.
38% 38% 39
40% 41
39
to 60,000,000 bushels. Whether there is any ground for September
43% 44
41% 4134 42
43
to be seen. Gulf premiums remained December
such fears remains
4534 46
43% 44
44
45
March
45% 4474 464 46% 48
47
firm. The winter wheat bids at Chicago got within lc. of May
OATS FUTURES IN WINNIPEG.
the export line. Final prices show a decline for the week DAILY CLOSING PRICES OF Sat. Mon. Tues. Wed.Thurs. Fri.
4
1
/
of 3 to 3%c.
4034 37% 38% 39q 4034 41
October
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. F.
97% 95% 95% 97% 96% 06%
No. 2 hard
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed.Thurs. Fri.
89% 87
87
September
% 88
94% 92
December
Ns( 96% 9174 93% 93 93
9674 98
March
9971
'May
102% 9974 9934 101
100% ino
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed.Thurs. Fri.
93% 90% 91g 92R 921 91
October
95% 92% 92
94
93 7 93
December
99% 99 100
102
100
May
99

December
May

39
37% 38
40
43% 4134 41% 42

40% 41%
44% 45%

Rye has declined moderately in sympathy with lower
prices, but the cash demand has been large enough partially
to offset the influence of wheat. On the 16th inst. prices
ended unchanged to 1%c. lower, following those for other
ke., followgrain. On the 18th inst. prices declined 3 to 41
ing wheat to lower levels, and even running ahead of it
in the downward course. The United States visible supply
increased last week 492,000 bushels, and it is now 12,378,000
bushels against 6,886,000 last year. On the 19th inst. pr:ces
Indian corn declined under the influence of weakening fell % to lc., partly owing to the irregularity in wheat.
prices for wheat and good rains in the corn belt. The mar- But hedge selling was small and shippers and mills wanted
ket, moreover, had become overbought. But the cash po- cash rye, which gained 1 to 3c. on September. On the 20th
sition has inherent strength. On the 16th inst. there was a inst. prices advanced 1 to 1%c. in reply to a rally in wheat
net decline of 1% to 1%c. Rains for the whole belt, were and also because the prospective feeding demand Is good:




1284

FINANCIAL CHRONICLE

[VOL. 131.

On the 21st inst. prices ended 14 to 1Y higher, with
/
The visible supply of grain, comprising the stocks in
4c.
local traders covering after selling early. New rye is in granary at principal points of accumulation at lake and
some demand, but old is dull. To-day prices closed 1% to seaboard ports Saturday, Aug. 16, were as follows:
2c. higher, despite the weaknem in wheat, for the cash
GRAIN STOCKS.
demand was good and there was more or less covering.
Barley,
Wheat,
Corn,
Oats,
Rye,
United
bush,
bush.
bush,
bush.
bush.
Still, as compared with the closing prices of last Friday, New York States55,000
12,000
102,000
56,000
28.000
Boston
the end this week is 1% to 1%c. net lower.
2,000
4,000

Philadelphia
996,000
1,000
24,000
97,000
6,000
Baltimore
7,238,000
110,000
17.000
12,000
82.000
Newport News
378,000
New Orleans
3,848,000
129.000
67,000
80,000
Galveston
62,4 63
66
3,951,000
16,000
66
67V 69( Fort Worth
71.000
7,206,000
54,000
6,000
315,000
Buffalo
68
68X 71
10,589,000
163,000
734,000
988,000 1,201,000
" afloat
759,000
71,000
Closing quotations were as follows:
Toledo
9,000
5,215,000
6,000
21,000
346,000
Detroit
27,000
206,000
27,000
53,000
13,000'
GRAIN.
Chicago
21,622,000
140,000
469,000 5,291,000 5,849,000
Wheat, New YorkOats, New York
afloat
538,000
No.2red,f.o.b.,new
1.08X. No. 2 white
54 X Milwaukee
308,000
242,000
1,639,000
227,000 1,816,000
No.2 hard winter,f.o.b____ 96
No.3 white
Duluth
523
420.000
21,870,000
389,000 3,687,000
7,000
Corn,New YorkRye, New York
Minneapolis
23,686,000
62,000 2,630,000 1,647,000 3,213,000
No.2 yellow, all rail
No.2 f.o.b
1.17 kr
69X Sioux City
1,208,0(70
19,000
21,000
379,000
No.3 yellow allrsil
1.1634 Barley
St. Louis
7,478,000
1,000
26,000
641,000
33,000
No.2 c.i.f. New York, dom. 7134 Kansas City
26,160,000
67,000
42,000
7,000
20,000
Chicago, cash
48066 Wichita
2,291,000
Hutchinson
5,428,000
FLOUR
7,000
St. Joseph, kro
5,825,000
4,000
184,000
120,000
Spring pat, high protein 45.40035.75 Rye flour, patents.___ $4.45065 10 Peoria
94,000
13,000
2,000 1,293,000
Spring patents
5.100 5.40 Seminola, No. 2 pound 3c0 3c Indianapolis
2,372,000
155,000 1,187,000
17,000
4.801 5.15 Oats goods
Clears, first spring
2.350 2.40 Omaha
12,881,000
5,000
184,000
11.000
91,000
Soft winter straights_
4.1558 4.50 Corn flour
2.750 2.80 On lakes
488,000
86,000
Hard winter straights 4.550 4.80 Barley goods
On canal
20,000
Hard winter patents-- - 4.85(I 5 15
Coarse
3.25
Hard winter clears
Fancy pearl, Nos. 1.
4.150 4.45
Total Aug. 16 1930_ --174,021,000 2,653,000 16,223,000 12,378.000 4,781,000
Fancy Minn. patents._ 6.450 6 80
2, and 4
6.150 6.50
Total Aug. 9 1930_ -.165.501,000 3,046,000 12,393,000 11.885,000 4,242,000
City mills
6.800 7.50
Total Aug. 17 1929__ -169.368,000 7,105,000 13.049,000 7,162,000 6,692,000
Note.
All the statements below regarding the movement of grain
-Bonded grain not included above: Oats. New York, 17.000 bushels
bushels in
-receipts, exports, visible supply, &c.
-are prepared by us Buffalo, 127,000; Duluth, 5,000; total, 149,000 bushels,1,081,000; Duluth, 75.000
1929. Barley, New York, 286,000 bushels; Buffalo, against 338,000
from figures collected by the New York Produce Exchange. total, 1,442,000 bushels, against 1,942,000 bushels in 1929. Wheat, New York
1,049,000
First we give the receipts at Western lake and river ports Buffalo, bushels; Boston. 850,000; Philadelphia, 1.791,000: Baltimore. 1.827.000
6,789,000; Buffalo afloat, 270,000; Duluth, 27,000; on lakes, 393,000
for the week ending last Saturday and since Aug. 1 for each canal, 2,449,000; total, 15,445,000 bushels. against 21,746,000 bushels in 1929.
of the last three years:
Canadian
Montreal
598.000
628,000
673,000
7,961,000
Ft. William & Pt. Arthur_33,929,000
Receipts alFlour.
1,697,000 5,493,000 13,889,000
Wheat.
Corn.
Oats.
Barley.
Rye.
Other Canadian
1,821,000 1,217,000 2.147,000
12,463,000
,b18.196lbs. bush.60185.bush.56 lbs.bush. 32185.bus. 48 lbs. bus. 56185.
Total Aug 16 1930
Chicago ---4,191,000 73,338,000 16,634,000
214,000 1,853,000 1,498,000 2,242,000
54,353,000
170,000
27,000
Total Aug. 9 1930_ .55,186,000
Minneapolis
4,343.000 7,152.000 15,885,000
5,002,000
63,000 1,591,000 1,061,000
463,000
Total Aug. 17 1929
Duluth
12,037.000 2,745,000 5,935,000
2,540,000
18,000
_62,321,000
37,000
23,000
142,000
Milwaukee-.
221,000
196,000
23,000
972,000
553,000
2,000
Summary-Toledo
282,000
284,000
28,000
2,000
3,000 American
174,021,000 2,653,000 16,223,000 12,378,000 4.781,000
Detroit
59,000
8,000
21,000
9,000 Canadian
54,353,000
4,191,000 7,338.000 16,634.000
Indianapolis_
604,000
139,11,
574,000
2,000
9,000
St. Louis_ - _
132,11 i 2,502.000
343,000
655,000
56,000
30,000
Tota' Aug. 16 1930. _228,374,000 2,653,000 20,414,000 19,716,000 21.415,000
Peoria
44,000
431,000
49,000
69,000
219,000
23,000
Total Aug. 9 1930_.22O,687,000 3.046,000 16,736,000 19,037,000 20,127,000
Kansas City._
2,835,000
613,000
170,000
Total Aug. 17 1929...231,689,000 7.105,000 25,086,000 9,907,000 12.897,000
Omaha
3,132,000
440,000
176,000
St. Joeeph405,000
90,011
66,000
The world's shipments of wheat and corn, as furnished by
Wichita
1,191,000
4,000
Sioux City 99,111
158,000
58,000
35,000
2,000 Bropmhall to the New York Produce Exchange, for the week

DAILY CLOSING PRICES OF RYE FUTURES
Sat. Mon. Tues.
September
59X 55
551
December
645i 60
60)(
March
68% 65i. 65
May
673.i 67
72

IN CHICAGO.
Wed.Thurs. Fri.
56fi 57( 59X

X

3

Total wk.1931
Same wk.19
Same wk.19
Since Aug. 1
1930
1929
1928

418,111 20,286 i,i
456,000 18,635,111
445,111 18.562,000

4,701,000 6,872,000 1,985,000
710,000
2,747,000 10,434,000 4,487,000 1,267,000
4,208,000 8,349,000 5,852,000
449,000

Wheat.
1,268,111 74,254,000 12,668,00. 18,661,000 5,003,000 2,168,000
1,183,000 87,004,000 12,776,''' 20,401,000 8,696,000 2,210.000
1.391,000 63.614,000 17,230,111 16.128,000 9,555.000
765,000

Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Aug. 16 1930, follow:
Receipt: alk-t

New York_.
Philadelphia
Baltimore__ _
Newport New
New Orleans
Galveston__
Montreal -__
Boston
Total wk.193
Since Jan.1'3

Flour.

Wheat.

I

Oats.

Corn.

Barley.

Rye.

.1.1161bs. bush.60185.bush.56 lbs. bush. 32 Os
.bus.48185. bus.56 lbs.
260.000 1,801,000
50,000
40,000
14,000
2,000
127,000
47,0001
2,000
35,000
935,000
24,000
23,000
2,000
10,0001
1,000
2,000
75,000
59,0015
30,000
9,000
850,111
28,000
57,000 2.574.000
8.000
26,000
28,000
5.000
2,000
472.000j 6,362,1,1
5,445,000 93,119,111

106,000
3,076,

140,111
3,331,000

24,000
559,000

31,000
499,000

Week 1929_
478,000 2,472.1,1
102,I 11
174,000 191,000
3.000
Since Jan.1' ( 16,391.000118.682.'15.580.000 12,161,00021,255,000 3,265,000
not Include grain passing through New Orleans for foreign Ports
• Receipts do
on through bills of lading.

The exports from the several seaboard ports for the week
ending Saturday, Aug. 16 1930, are shown in the annexed
statement:
Wheat.

Corn.

Flour.

Oats.

Bushels.

ExportsfromNew York
Boston
Ph liadelphla
Baltimore
Newport News
Mobile
New Orleans
Galveston
Montreal
Houston

ending Friday, Aug. 15, and since July 1 1929 and 1928,
are shown in the following:

Bushels.

Barrels.

Bushels.

1,688,000
210,000

289,487

86,000
112,000
10.000
12,000
18,000
1,152.000
2,574,000
40.000

5,000
9,000
2,000
2,000
42,000

Rye.

Barley.

Bushels. Bushels.
17,000

Exports
-

Week
Aug. 15
1930.

Since
July 1
1930.

Corn.
Since
July 1
1929.

Week
Aug. 15
1930.

Since
July 1
1930.

Since
July 1
1920.

Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 8,835,000 59,138,000 51,670,111
728.000
40,
374,
Black Sea..._ 1,944,000 4,216,000
12,411,000
52,000
616,000
951,
Argentina..
908,000 7,134.000 29,099,000 6,185,
31,357
35,276,000
Australia _ _ _
848,000 8,880,000 8.832,000
India
544.000 3,872,000
64.000
0th. countr's 1,040,000 6.014.000 4,124,000
4,050,000
Totals- _

1141190001 89,254,000 94,405,000 8,680,

50,092,I I I 40.106,000

WEATHER REPORT FOR THE WEEK ENDED
AUG. I.3.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the influence of the weather for the week ended Aug. 20 follows:
The week was generally cool in central and northern districts from the
Mississippi Valley eastward and abnormally warm in the Southwest and
Northwest, as shown on Chart I. The first part was especially cool in
Appalachian Mountain sections, with light frost reported from parts of
western Pennsylvania and West Virginia.
Chart II shows that moderato to heavy showers occurred during the
week over large areas of the more drouthy sections of the country. These
have brought material relief to many locallties, especially in reviving
Pasture lands and improving late truck crops and gardens where they
were not too far gone, in replenishing stock water, and in some areas benefiting corn. The soil in many places has become sufficiently moist for the
resumption of plowing, especially in much of the western Wheat Belt.
The week brought the best rains in a long time to largo drouthy areas,
the most substantial being in Kentucky. parts of West Virginia, southwestern Indiana, southeastern and much of northern Illinois, extreme
eastern and southwestern Iowa, much of South Dakota, Nebraska, and
Kansas, rather generally In Missouri. north-central and parts of western
Tennessee much of Arkansas, extreme northeastern Oklahaom, eastern

Mississippi, and more generally in Alabama.
Extensive areas are however, largely unrelieved. These include most
of Ohio, Now York, Michigan, Minnesota, much of Montana. extreme
2,000
5,000
western Tennessee, southern Arkansas and northern Louisiana, and most
of Oklahoma and Texas. In these sections crops continued to deterior8.000 showbss
26,000
28,000
57,000
ate, e
dutsiontteoohmiddle000er tlantic area there was some relief by light, local
l Aw
weather.
HeavY, general showers continued In much of the Rocky Mountain area
25,000 where rainfall for a long time has been markedly abundant and much
26.000
30,000
Total week 1930_ 5,910,000
5,000 406.487
88,000 759.000 above normal, while additional helpful rains occurred in the Southeast,
game week 1929._ _ _ 3,0)7.000
23,000 118,189 137,000
though much of Georgia b now becoming dry. In some Rocky Mountain
o roons
The destination of these exports for the week and since sertloordrainfall, so far this month, exceeds that for the wettest August
July 1 1930 is as below:
Over large areas receiving substantial showers the drouth has been
very materially relieved, while smaller sections had real drouth-breaking
rains. However, follow-up rains are needed rather generally because of
. Corn.
Wheat.
Flour.
the extreme dryness of the soil to great depth, and much water will be
Exports for Week
required to restore it to normal moisture condition. In the sections largely
and Sine,
Since
Week
Since
Week
Since
Week
missed by rains so far, general deterioration of crops continued, though
JO? II.Aug. 16 July 1
July 1
Aug. 16
July 1
Aug. 16
here and there localities have been relieved. In an area from Kansas
1930.
1930.
1930.
1930.
1930.
1930.
northward to South Dakota the son is now in rather good condition,
and
all vegetation that was not too much affected by the drouth shows subBarrels, Barrels.
Bushels. Bushels.
Bushels.
Bushels.
United Kingdom. 102,790
moos stantial revival, especially pasture lands, while plowing has become active.
676,239
843,000 11,447.000
In some central valley areas the rains have permitted seeding of
Continent
70,967
653,045 4,832,000 27,176,000
rapidwowing forage crops.
So. dc Cent. Amer 98,000
323,000
161,000
209,000
West Indi6e,
99,200
13,000
5,000
158,200
6,000
2,000
SMALL GRAINS.
-Harvest of small grains Is now largely completed
Brit. No. Am. Col
4,000
4,000
2,000
throughout all grain sections and threshing progressed
Other ammtrlee _ .._ 31,530
very well under
77,895
24,000
160,000
generally favorable weather conditions. Some Injury to
Cut grain was
reported from central Rocky Mountain districts, but this season has been
Total 1930
406,487 1,730,379 5.910,000 39,114.000
99,000 extremely favorable for securing the
5,000
small grain crops in excellent shape.
Total 1020
118,189 1,094.189 3.097.000 28 257.000
_
114.000 Some plowing for winter wheat
23.000
was done in central parts of the country.




AUG. 23 1930.]

FINANCIAL CHRONICLE

Wherever there was sufficient rain to put the soil in condition, but much
of the Southwest is too dry for this work;in the Great Plains from northern
Kansas northward to South Dakota plowing was favored, with the soil
in good condition for working.
CORN.—Deterioration in the corn crop has been checked in most sections
by frequent showers and cool weather, but material improvement in deof the
velopment will apparently be limited. In the southern portions limited
belt the corn crop was so far gone before the rains came that only abenefit,
d on bottom lands can receive actual
amount of the late-plante
While in other considerable areas only a checking of deterioration is apparent. In Ohio the crop has received little or no relief, and much is
being cut for ensilage. Some improvement is reported in Indiana, and
corn has been helped in parts of Illinois. while in the Great Plains States.
from the northern third of Kansas northward to South Dakota, much
corn has been materially benefited. Deterioration continued in North
Dakota and Minnesota, while about three-fourths of the acreage in Iowa
is still suffering for rain, and much of that where the drouth was relieved
can not mature marketable ears. In Wisconsin fairly good growth continued, but in Michigan the situation is unrelieved.
COTTON.—Temperatures were moderate in the eastern Cotton Belt,
but continued abnormally high in the west, while local showers were
rather general east of the Mississippi River. In the western belt the
drouth has been mostly intensified by continued high temperatures and
lack of rain.
Texas had the highest weekly mean temperatures of the season, with
only scattered showers in the west half and a few eastern localities. Cotton
continued fairly good in most of the southern third, but is poor to only
fair in the northern two-thirds, with increasing complaints of small plants
and bolls, heavy shedding, premature opening, and top blooming in dry
sections. Oklahoma has had no material relief from the drouth and
cotton shows further deterioration, with plants wilting, shedding, and
opening prematurely, and most upland cotton poor to very poor. In
Arkansas there was considerable local rainfall and progress was good on
most lowlands, but deterioration was reported from other places, with
rapid shedding in the hills. In other central parts of the belt showers
were beneficial, especially in parts of Tennessee, eastern Mississippi, and
In Alabama though some sections continued too dry. In the Atlantic
States conditions continued largely favorable, except for dryness in extreme northern portions, and some local deterio.ation in Georgia.

1285

pected upturn with all sorts of unfavorable remarks. While
it is known that stocks both in distributing and retail channels are comparatively light, and that there is reason to
believe that public consumption will undergo at least a
temporary revival, fear continues that such external circumstances as the drouth and the tariff will contribute to
internal derangements such as the present deep depression
of the speculative cotton market, and result in an indefinite
postponement of sustained betterment. It is maintained
that the process of reinstating textiles in a normal position
can only •be adequately achieved with the restoration of
general prosperity. Meanwhile reorderings for fall merchandise continue on a meager scale, judging by most reports. In the face of •the reiterated contention that consumption has been outrunning production of textiles for
some time, buyers continue to manifest only an indifferent
interest despite the fact that a larger volume of business
is likely to develop in the course of the next month or so.
A reasonable explanation offered is that uncertainty and
caution are at present so widespread and deep-rooted that
there is a general unwillingness to anticipate anything.
When definite signs of general improvement in the economic
picture become visible, it is quite likely that the usual
revulsion of feeling from extreme pessimism to confident
optimism will occur. It has been demonstrated that such a
change can be achieved in a remarkably short time.

DOMESTIC COTTON GOODS.—The progressive decline
The Weather Bureau furnishes the following resume of
in markets for raw cotton, which appeared to be largely
the conditions in the different States:
Virginia—Richmond: Cooler; occasional showers checked drouth over ignored by the stock market during the week, wreaked its
most of State, but drouth still unbroken in north and some localities of
goods sentiment, inducing further
south. Showers sufficient to benefit late crops in some middle and south- expected havoc on cotton
eastern localities. Late potatoes poor stand. More favorable for truck in severe weakness in gray goods, and generally intensifying
southeast. Pastures continue short in all sections.
conditions in primary quarters under which
North Carolina.—Raleigh: Considerably cooler; showers rather heavy the disagreeable
In parts of southeast, but spotted and insufficient in north and most of business is carried on. At the same time buyers showed
west. Progress of cotton mostly good,tnough only fair on northern border;
take advantage of the new low levels
beginning to open in south. Early corn made. Harvesting tobacco finished little inclination to
in east. General rain needed for crops on northern border, parts of central, to place orders on a larger scale than what was absolutely
and in most of mountain region.
immediate requirements. Indeed, the
South Carolina.—Columbia: Progress and condition of cotton fair to necessary for their
good, with comparatively little shedding, and late crop still blooming and week's developments served to show that expectations of 10c.
setting bolls quite freely; early crop opening and picking increasing. Interbeen entertained in certain quarters for
mediate and late corn, forage, potatoes, meadows, pastures, and other late cotton, which have
possicrops in most sections need rain, especially in northwest.
some time, were apparently well founded, with the
Georgia.—Atlanta: Showers very scattering; dryness covering increasing
further extension of
practically made, but some bility now generally envisaged of a
areas and generally detrimental. Cotton
deterioration, due to drouth, with increasing shedding of small bolls; the decline to around that figure, from the level of approxiopening fast over most of State, with picking and ginning progressing
present obtaining. Thus while gray goods
rapidly. Lowland corn good, but needing rain. Too dry for truck and mately 11c. at
pastures.
actively traded in yesterday there was no definite
Cotton picking active; prematurely opening. were
Florida.—JacksonvIlle:
buying in point was for any other purpose
Beneficial rains throughout section. Peanuts, cane, and sweet potatoes indication that the
cultivated. Corn and hay harvested in good condition. Seed beds good than necessary replenishment, with a lower figure even
in central; backward in some districts. Truck and fruit improved in south.
than 10c. being spoken of in some places as a prospect.
Citrus holding well; rain needed over large areas.
Alabatna.—Montgomery• Rain quite general middle and latter parts of Reports that certain Texas farmers recently accepted 8c.
week and very helpful. but insufficient in some localities. Truck. sweet
other instances of concessions ranging
potatoes, pastures, minor crops, and late-planted corn much improved for their cotton, and
where moisture sufficient; condition very spotted, but mostly fair. Growth between that figure and 10c., lend support to the latter
of cotton varied from poor to excellent, but mostly good; condition mostly
early to form accurate judgment at
fair; complaints of top blooming, premature opening, and much shedding of view, though it is too
leaves, top squares, and young bolls; picking made good progress in more this time. With uncertainty the outstanding characteristic
southern portions, though delayed by rain; slow progress elsewhere in
to make
of the outlook, buyers are evidently unprepared
south.
Mississippi.—Vicksburg: Scattered showers, heavy in east and south, long-term commitments as yet, and it Is doubtful whether
but insufficient in much of west. Progress of late corn very good where
low levels quoted above would
ample rain, but deterioration continues over large areas. Progress of cotton even a decline below the
mostly poor; condition spotted; some shedding and premature opening; precipitate anything spectacular in the way of demand.
picking continues in south and beginning in north.
conditions in view, some factors are
Louisiana.—New Orleans: Local, beneficial, light to heavy rains, mostly With this aspect of
in south, improvine soil for plowing for fall gardens and truck. Cotton strongly resisting the downward trend, refusing, in some
ginning progressing well under mostly
opening rapidly and picking and
the present low basis. It is pointed
favorable conditions; little change in late crop. Corn mostly beyond cases, to do business on
material improvement. Rice, cane, and pastures improving locally.
decreased purchasing power in cotton growing
highest of season; scattered rain out that
Texas.—Houston: Mean temperatures
potential menace, and that while the
In western half and at a few stations in east mostly ineffective, and general. areas is another
heavy rain badly needed in all sections. Pastures, late corn, feed, and general economic situation continues to work against the
minor crops deteriorated, except where recent moisture; condition Door
concessions is urgently necessary
to fair. Rice crop good and harvest progressing. Citrus fruits good on trade some sort of limit to
-inch
older trees. Condition of cotton fairly good in most of southern third and if buying confidence is to be stimulated. Print cloths 27
poor to only fair in northern two-thirds; some improvement in portions of
quoted at 4c., and 28-inch 64x60's
Panhandle where recent rain, but with increasing complaints of small plants 64x60's construction are
and bolls, heavy shedding, premature opening, and top blooming in dry
4c. Gray goods, 39-inch 68x72's construction, are
41
sections; much opening and picking and ginning made excellent progress. at
-inch 80x80's at 6%c.
he., and 39
na City: Mostly clear and intensely hot; showers quoted at 51
Oklahonta.—Oklahor
latter part of week, mostly very light, relieved drouth only locally and
in the
Cotton deteriorated:
WOOLEN GOODS.—The latest statistics published
temporarily. Further deterioration of all
crops.
shedding, and prematurely opening; picking begun locally in south;
woolens and worsteds division substantiate what has been
condition generally fair on bottoms, but very poor to poor on uplands.
position being maintained
Corn maturing short crop on bottoms, but mostly burned and failureon said of late of the enviable
uplands. Minor crops generally very poor; pastures burned. Too dry to
in comparison with other textiles. While business
therein,
Plow for wheat.
only a moderately
Arkansas.—Little Rock: Progress of cotton good on most lowlands, due during July was shown to have been on
to light to heavy rains; elsewhere rather poor or badly deteriorated as rais active scale, on the whole, a slight gain was made over
too late; shedding rapidly on hills and some on lowlands; still blooming and
that of the preputting on °oils rapidly on most lowlands; picking slowly in south and June, while production was somewhat under
ginning begun. Progress of late corn very good; early too badly damaged,
While men's wear business was lower to the
Very favorable for meadows, pastures, sweet potatoes, truck, melons. vious month.
cantaloupes, fruit, and feed crops.
tune of some 16%, production was curtailed to an extent
Tennessee.—Nashville: Several days of good rains, mostly in northapproaching that figure. At the same time, billings in the
west. with improvement in those sections, while showers
central and
where beneficial, but insufficient. Condition of cotton fair to poor; improv: women's wear section mounted by 33%, with output only
else
ing, but needs rain; shedding and prematurely opening in somefields. increased by 6%. The decline in billings in the first-named
Corn on lowlands much improved; condition fair. Late tobacco doing well.
early-planted ripening prematurely, but improved.
division was due, of course, to the seasonal falling-off
Kentucky.—Loulsville: Moderate to low temperatures favorable in conis not generally regarded with disquietude. On
serving rainfall moisture and lessening use of water. Moderate to heavy there, and
rains over most of State, best since May and sufficient to start pastures in the other hand, the pronounced upturn in billings for
some localities of west and southwest. Tobacco, some bottom and late
dress goods for women is very definitely of "bullish"
upland corn, cowpeas, soy beans, and tomatoes improving. General sow- worsted
ing of forage crops; enough moisture In most places for germination, but character. However, while the trade generally is well
humidity still low and evaporation rapid; continued rains necessary
against unfavorable conditions adverse features
growth. Considerable stock water collected in creek basins and catchfor fortified
in
cisterns helpful.
are not lacking. With little encouragement emanating from
retail sources, overcoatings are not being anticipated to
the extent that was hoped for, though this is attributed
THE DRY GOODS TRADE
to hand-to-mouth buying methods rather than to the existence of surplus stocks in some quarters, which has been
New York, Friday Night, Aug. 22 1930.
Textile markets, in common with all other divisions of suggested as a factor.
the economic structure, are awaiting developments in genFOREIGN DRY GOODS.—No noteworthy feature diseral trade. It is hoped that initial signs of the expanding tinguished linens business during the week. Demand conactivity which ordinarily materialized with the autumn sea- tinues somewhat spotty, with the outlook fairly favorable
son will make their appearance in September, though the on the whole. Burlaps resumed a firming tendency late in
dogged pessimism which has distinguished sentiment gen- the week, after registering some losses. Light weights are
erally over the past several months is qualifying the ex- quoted at 4.40c., and heavies at 6.10c.




1286

FINANCIAL CHRONICLE

[Vora. 131.

Florida Inheritances or Estates and shall only be exercised or enforced to
the extent of absorbing the amount of any deduction or credit which may
be permitted by the laws of the United States, now existing or hereafter
enacted to be claimed by reason thereof, as a deduction or credit against
such similar tax of the United States applicable to Florida Inheritances
or Estates. The Legislature may provide for the appropriation of all
taxes collected under this Article to such State, County, Municipal or
Educational purposes as it may deem advisable.
-$2,680,000 5% Gold Bonds A
Bergen (City of), Norway.
Joint Resolution Proposing An Amendment to Article IX of the ConSold.
-A. Iselin & Co. and Halsey, Stuart & Co. both of
stitution of the State of Florida by Adding Thereto An Additional
Section to be Known as "Section 13" Relating to the Taxation of
New York, jointly, have sold an issue of $2,686,000 5%
Motor Vehicles,
external sinking fund gold bonds of the City of Bergen at
Be It Resolved by the Legislature of the State of Florida* That the follow96.50 and accrued interest, to yield 5.23%. The bonds are ing amendment to Article IX of the Constitution of the State of Florida,
Finance, by adding thereto an additional section
dated Sept. 1 1930 and mature on Sept. 1 1960. No public relating to Taxation and13"
to be known as "Section
offering of the bonds was made, the advertisement describing vehicles, be and the same isproviding for the manner of taxation of motor
hereby agreed to and shall be submitted to
the qualified electors of the State of Florida for ratification or rejection
them having been published as a matter of record only. at the General Election
the, first
to be held on
The following information pertaining to the bonds is taken Monday in November, A. D. 1930. that the first Tuesday after added to
Is to say, there shall be
Article IX of the Constitution of the State of Florida: relating to taxation
from the bankers' advertisement:
Interest payable March 1 and Sept. 1. Principal and interest payable and finance, an additional section to be known as "Section 13" of said
in time of war as well as in time of peace irrespective of the nationality of Article, which shall read as follows:
Section
the holder, at the office of A. Iselin & Co., New York,fiscal agents for the form of 13. Motor Vehicles, as property, shall be subject to only one
loan, in United States Gold Coin of the present standard of weight and motor taxation which shall be a license tax for the operation of such
fineness without deduction for any Norwegian Government or Municipal such vehicles, which license tax shall be in such amount and levied for
purpose as the Legislature may, by law, provide, and shall be in lieu
or other Norwegian taxes, present or future. Coupon bonds in deems. of all ad
valorem taxes assessable against motor vehicles as personal property.
of $1,000 and $500. Not callable as a whole prior to Sept. 1 1935. Redeemable at par and accrued interest on 30 days' notice in part on any
The votes cast in compliance with said proposed amendments, and the
interest date on or after March 1 1931 for sinldng fund purposes, and as a canvass,
declarations and returns thereof, shall be subjected to the same
whole on any interest date on or after Sept. 1 1935.
regulations and restrictions as are provided by law for general elections
A more detailed description of the bonds will be found in the State of Florida.
/n Testimony Whereof, I have hereunto set my hand and affixed the
in our "Department of Current Events and Discussions" Great Seal of the State of Florida,
at Tallahassee, the Capital, this the
on a preceding page.
Twenty-third Day of July A. D. 1930.
R. A. GRAY,'
-Constitutional Amendments to be Voted Upon.
Florida.
Seal
Secretary of State.

4tate anti Titg tpartuunt
NEWS ITEMS

The voters will be asked to pass on four amendments to the
State Constitution at the general election to be held on
Nov. 4. The first amendment would grant to counties,
districts and municipalities the right to issue refunding
bonds. The second would exempt from all taxation certain specified industries established in the State on or after
July 1 1929. The period of exemption would not extend
beyond 1948. The third would provide for the assessment,
levying and collection of inheritance and estate taxes, limiting the amount to that collected by the Federal Government
and existing only as long as the Federal tax, while the fourth
proposed amendment would provide only ,one form of taxation on motor vehicles as property. The following is an
official copy of the notice of election:
Whereas, The Legislature of 1929, under the Constitution of 1885, of
the State of Florida, did pass four Joint Resolutions proposing amendments to the Constitution of the State of Florida, and the same were agreed
to by a vote of three-fifths of all the members elected to each house; that
the votes on said Joint Resolutions were entered upon their respective
Journals, with the yeas and nays thereon, and they did determine and
direct that the said Joint Resolutions be submitted to the electors of the
State at the General Election in November 1930.
Now, Therefore, I R. A. GRAY, Secretary of State of the State of
Florida, do hereby give notice that a General Election will be held in each
county in Florida on Tuesday next succeeding the first Monday in November, A. D. 1930, the said Tuesday being the Fourth Day of November, for
the ratification or rejection of the said Joint Resolutions proposing amendments to the Constitution of the State of Florida, viz.:
A Joint Resolution Proposing An Amendment to Section 6 of Article IX
of the Constitution of the State of Florida Relating to Bonds.
Be It Resolved by the Legislature of the State of Florida: That the following amendment to Section 6 of Article 9 of the Constitution of the State
of Florida relating to bonds be, and the same is hereby, agreed to and shall
be submitted to the electors of the State at the General Election of Representatives to be held in 1930, for approval or rejection. That said Section 6 shall be amended so as to read as follows:
Section 6. The Legislature shall have power to provide for issuing
State bonds only for the purpose of repelling invasion or suppressing insurrection, and the Counties. Districts or Municipalities of the State of
Florida shall have power to issue bonds only after the same shall have
been approved by a majority of the votes cast in an election in which a
majority of the freeholders who are qualified electors residing in such
Counties, Districts or Municipalities shall participate to be held in the
manner to be prescribed by law; but the provisions of this Act shall not
apply to the refunding of bonds issued exclusively for the purpose of refunding of the bonds or the interest thereon of such Counties, Districts,
or Municipalities.

Indiana.
-Attorney General Rules Adversely On State Highway Financing Plan.
-James M. Ogden, State Attorney
General, on August 18, in response to a request for an
opinion by Governor Leslie (V. 131, p. 817) ruled that the
State cannot borrow funds derived from the gasoline tax to
finance the immediate construction of State highways, according to August 19 issue of the United States "Daily."
The Governor is said to have planned to borrow $1,000,000
from the fund and to secure an equal amount from the
Federal Government, and to use the $2,000,000 in the
endiloyment of farmers in the drouth-stricken section of
Im pana
Kansas.
-Constitutional Amendments To Be Voted Upon.
At the general election to be held in November, the voters
will be called upon to pass approval on two proposed amendments to the State Constitution, passed by the Legislature
in 1929, the first of which would give the State the power
to levy an income tax, which as in the case of Illinois, would
be establishing a precedent for this State, and the second
proposed amendment would increase the salaries of the legislators and also their traveling expenses. The text of the proposed amendments reads as follows:
Senate Concurrent Resolution. No. 8.
(L. 1929, Ch. 281.)
A proposition to amend article 11 of the constitution of the State of Kansas
by adding a section thereto.
Be it resolved by the Legislature of the State of Kansas, two-thirds of
the members elected to each house concurring therein:
Section 1. The following proposition to amend the constitution of the
State of Kansas is hereby submitted to the qualified electors of the State
for their approval or rejection: That article 11 of the constitution of the State
of Kansas be amended by adding a new section thereto following section 1,
Which new section shall be numbered section 2. and shall read as follows:
"Section 2. The State shall have power to levy and collect taxes on incomes
gress w ,
fromivehatever source derived, which taxes may be graduated and pro-

Sec. 2. Original sections 2. 3, 4. 5. 6, 7. Sand 9 of article 11 of the constitution of the State shall be renumbered respectively sections 3, 4. 5.
6, 7, 8. 9 and 10.
Sec. 3. This proposition shall be submitted to the electors of the State at
the general election in the year 1930 for their approval or rejection. The
amendment hereby proposed shall be designated on the ballot y the following title: "The Income Tax Amendment to the Constitution." and shall be
voted for or against as provided by law under such title.
Sec. 4. This resolution shall take effect and be in force from and after its
A Joint Resolution Proposing An Amendment to Article IX of the Constitution of the State of Florida, Relative to Taxation and Finance, publication in the statute book.
I hereby certify that the foregoing is a true copy of original Senate Conto be Known as Section 12 of Article IX.
Be It Resolved by the Legislature of the State of Florida: That the follow- current Resolution No. 8, now on file in my office.
E. A. CORNELL,
ing amendment of Article IX of the Constitution of the State of Florida
(Seal)
Secretary of State.
toibe known as Section 12 of said Article IX be, and the same is hereby
Senate Concurrent Resolution No. 9.(L. 1929, Ch. 207.)
agreed to and shall be submitted to the electors of the State of Florida
A proposition to amend section 3, article 2, of the constitution of the
at the General Election to be held on the first Tuesday after the first State of Kansas, and fix the
remuneration of members of the Legislature
Monday in November 1930, for ratification or rejection.
at $500for each biennal term and $100 for each special session held during
Section 12. For a period of 15 years from the beginning of operation, said term, and mileage of 15 cents per mile in going to and returning from
all industrial plants which shall be established in this State on or after the place of meeting.
July 1 1929, engaged primarily during said period in the manufacture of
Whereas, The State of Kansas has greatly increased in population and
steel vessels, automobile tires, fabrics and textiles, wood pulp, paper, wealth since the adoption of its present constitution, and the cost of travel
Paper bags, fiber board, automobiles, automobile parts, aircraft, aircraft and living has proportionately increased until the remuneration of members
parts, glass and crockery manufacturers and the refining of sugar and oils, of the Legislature as fixed in the constitution
adopted in 1859 is not sufficient
and including by-products or derivatives incident to the manufacture of to meet the actual living
traveling expenses of members while in atany of the above products, shall be exempt from all taxation, except that tendance upon the sessionand the
of
no exemption which shall become effective by virtue of this amendment submit to the voters of the StateLegislature, and it is deemed proper to
of Kansas a proposition to amend the
shall extend beyond the year 1948.
constitution and
The exemption herein authorized shall not apply to real estate owned defray the actual increase such remuneration to an amount sufficient to
necessary expenses of the members while in attendance
and used by such industrial plants except the real estate occupied as the upon the Legislature: now,
therefore.
location required to house sucn industrial plants and the buildings and
Be it resolved by the
of Repproperty situated thereon, together with such lands as may be required resentatives concurring Senate of the State of Kansas, the House
therein:
for warehouses, storage, trackage and shipping facilities and being used for
Sec. 1. The following proposition to amend the constitution of the State
such purposes.
of Kansas is hereby submitted to the qualified electors of said state for
their approval or rejection, to wit: Amend article 2, section 3, so as to read
A Joint Resolution Proposing An Amendment to Section 11 of Article IX as follows, to wit:
"Section 3. The members of the Legislature shall reof the Constitution of the State of Florida Relating to Taxation and ceive for their services
term the sum of $500 and $100
Finances So as to Provide Authority for the State of Florida to Levy for each special session for each biennialterm, and 15 cents for each mile
held during said
and Collect Inheritance or Estate Taxes Under Certain Conditions.
traveled by the usual route in going to and returning from the usual place
Be It Resolved by the Legislature of the State of Florida: Thqt the
of meeting.'
ing amendment to Section 11 of Article IX of the Constitution followSec. 2. This proposition shall be submitted to the electors of this State
of the
State of Florida relating to Taxation and Finances be, and the same is, at the general election to be held in the year 1930 for their approval or
hereby agreed to, and shall be submitted to the electors of the State of rejection. The amount hereinbefore proposed shall be designated on the
Florida at the general election to be held on the first Tuesday after the first official ballot as follows: "An amendment to the constitution fixing the
Monday in November, A. D. 1930, for ratification
that is to remuneration of emmbers of the Legislature at $500 for each biennial term
say. that Section 11 of Article IX of the Constitution or rejection, of Florida and $100 for each special session held during said term, and mileage of
relating to Taxation and Finances be amended so as of the State
15 cents per mile in order to defray necessary living and traveling expenses
.
to read as follows:
Section 11. No taxes upon inheritances
the income of resi- while attending session.'
dents or citizens of this State shall be leviedor upon State of Florida, or
Sec. 3. This resolution shall take effect and be in force from and after
by the
under its authority, and there
its publication in the statute book.
of the family residing in this shall be exempt from taxation to the head
I hereby certify that the foregoing is a true copy of original Senate Conto the value of Five Hundred State, household goods and personal effects current Resolution No. 9, now on file in my
($500.00) Dollars, provided, however that
the Legislature may provide for the assessment, levying and collection
°Mr.. A. CORNELL.
of
a tax upon Inheritances, or for the
Secretary of State.
(Seal)
taxes, not exceeding
in the aggregate the amounts which levying of Estate of the United States
may by any law
-Mayor Hague Urges Approval of $100,000,New Jersey.
be allowed to be credited against or deducted from any similar tax upon
Inheritances, or taxes on estates assessed or levied by
States
-In a letter sent to all municipal and fion the same subject, but the power of the Legislature tothe United Inheri- 000 Bond Issue.
levy such
tance taxes, or Estate Taxes in this State, shall exist only so long as, and nancial officers of Hudson County, and to the President of
during the time, a similar tax is enforced by the United States against every bank and trust company, also to every political
and




AUG. 23 1930.]

FINANCIAL CHRONICLE

1287

tive Dec. 1 1930, subject to the passage of the bond bills. Section II
provides that of the gas tax revenues, $5,000,000 shall be returned to
municipalities "to be expended for the control of traffic and the repair and
Improvement of streets." This fund is returned under the same ratio
and apportionment that the mill tax is raised: consequently, can properly
be said to be a direct off-set for the mill tax revenues collected from property.
The proportionate contribution returned to each municipality is to be
turned over each 3 months as collected. Municipalities can very properly
set up their proportion of this fund under miscellaneous revenues when
they make their budget for 1931. This will amount to a tax refund of
$764.79 for each $1,000,000 of ratables. This, with the half mill tax
repeal, will constitute 12.65% tax relief under the bonding program.
$7,000,000 Water Shed Bonds.
Chapter 226. P. L. 1030, the $7,000,000 water bond issue-serial bonds.
This act provides for the authorization of bonds in the sum of $7,000,000
for acquiring reservoir and water shed sites for future water supplies.
Section II provides that funds shall be disbursed for projects and in amounts
which have first been approved by the State House Commissior er-the
Water Policy Commission must prove to the State House Commission
the necessity and availability of the site to be purchased and the amount
to be paid for same.
Section 18 provides that lands taken and held by the Water Policy
Commission are held in trust for municipalities, groups of municipalities.
county or State agencies, and when taken over by such, the State shall
be reimbursed for the actual value of such lands.
This section also provides that while lands are held by the State Water
Policy Commission taxes shall be paid on the same basis that other lands
of similar character in the taxing district pay taxes.
"Mayor Frank Hague, of Jersey City, has given his support to the
Chapter 27. P. L. 1919 provides that when any municipality or group
$100,000,000 State bond issue which will be submitted to the voters at a
of municipalities take over any water sites, taxes shall be paid in like
referendum in the Fall.
will the municipality or
"In a letter which he sent to all of the Mayors, Directors of Finance and manner to the taxing district, so that at no time such a procedure.
town Treasurers in Hudson County, before his departure for Mt. Clemens, the county suffer a loss in tax ratables because of
Michigan, for a rest, Mayor Hague urged that the organizations of the
-Court Rules On Validity of $740,000
Sanford, Fla.
various officials support the bond issue and work for its passage. The
letter, written last Thursday, was made public to-day.
Certificates of Indebtedness Issued as Collateral for Loan of
"The bond issue, Mayor Hague states in his letter, will save the munici-Judge John C. Knox, of Federal Court, on
palities of Hudson County $1,604,479.21 and that the saving to the Um- $600,000.
August 16 handed down a decision respecting the validity
payers of the State will be $8,268,867.97.
"In addition, the letter and an appended statement from the New Jersey
certificates of indebtedness which were issued
League of Municipalities which details the amount that each municipality of $740,000
in Hudson County will benefit by the passage of the bond issue, were also in December 1926 by Forrest Lake, then Mayor of the City,
sent to the President of every bank and trust company in Hudson County, who is said to have surrendered the certificates to the Chase
every building and loan association in the County,to chambers of commerce,
National Bank, of New York, as collateral for a loan of
realty associations and to all social and service clubs.
"The letter in full and the appended statement from the League of $600,000 obtained by the City through the Seminole County
Municipalities follows:
"Permit me, as Mayor of Jersey City, to call your attention to a matter Bank, of which Lake was President, according to a report
which is of utmost importance to every rentpayer and taxpayer in this in the New York "Times" of August 17. The City brought
City. County and State. I refer to the $100,000,000 bond issue, which
the
will be placed before the voters at the election on Nov. 4 in the form of a suit in January 1928 (V. 126, p. 605) alleging that
referendum. As this bond issue is non-partisan, having been endorsed in certificates were illegally issued and held that it was not
the platforms of both political parties, all voters, irrespective of party
balance of $500,000 obtained on the
should be informed regarding the merits of this plan and know that it is obligated to pay the
to their best interests that this bond issue plan should be approved.
loan. Judge Knox ruled that the New York bank must
"For many years efforts have been made to change the method of State
certificates to the City and also held that the
financing and the opportunity to do so lies in the adoption of the bond return the
plan. Under the present method Jersey City, like all other municipalities, municipality is indebted to the bank to the extent of $450,has always been compelled to bear an excessive burden of State taxation.
'Times" report follows:
State taxes have increased annually at a rate which make them oppressive 000. The
Judge
"As a result of a decision handed down yesterday by Federal valued
to all owners of realty. This is proven by the fact that in 1916-17 Jersey
National Bank must surrender bonds
City only paid $80,816.79 in State taxes, while this year, 1930. we paid into John C. Knox, the Chase
Seminole County Bank of
1927 from
$1,258,540.17. The same proportionate increase has at $740,000 which it received inof $600,000the the City of Sanford, Fla.
the State treasury
to
ulorida as collateral for a loan
been paid by every municipality in the State.
"Judge Knox, ruling at the same time against the City of Sanford,
"Now is the time for the people of this City to do all they can to adopt
was not obligated
mean so much in dollars and cents not only which brought suit in January 1928, to prove that it the city is in debt
this bond issue because it will
on the loan, decided that
to Jersey City, but to every municipality in this County and State. Through to pay a balance of $500,000 to the extent of 5450,000.
adoption of the bond plan Jersey City will receive a refund from the to the Chase National Bank A. Boston, representing the City of Sanford,
the
"The suit, filed by Charles
State of 3504,151.79, and save an additional $329,601.15 by the suspension
that Forrest Lake, former Mayor of the City,
of the State institution tax, or a total saving of $833,752.94. The total was based on the charge
authority, when he was
Hudson County municipalities will amount to $1,604,479.21. issued certificates of indebtedness without proper Bank, now bankrupt.
relief for
same time of the Seminole County
while the grand total for the entire State reaches the enormous sum of President at the
"In deciding against the Chase National Bank in respect to the bonds,
$8,268,867.97.
they had come to the defendant "with
"May I earnestly request that this matter be taken up at the next meet- Judge Knox said in his opinion thatbeen advertised and sold in the manner
.
ing of your organization and a resolution passed approving of the m0- full knowledge that they had never
"knew or should have known that
000,000 bond issue? A copy of the resolution taking such action forwarded prescribed by law," and that the bank nor lien upon the bonds.
neither Lake nor his bank had title to
to me will be sincerely appreciated.
"I am appending hereto a tabulation prepared by the Now Jersey League of
-Revised Census Figures Show 122,698,190
Municipalities, of which Jersey City is a member, which shows at a glance
United States.
how each municipality in Hudson County will be benefited by the passage Population.
-On Aug. 8 the Census Bureau announced the
of the bond issue plan at the election on Nov. 4."
Figures prepared by the League and included in the Mayor's statement population of the Continental United States for 1930 as
:
follow, representing the following in this order:
122,698,190 (refer to V. 131, p. 661) an increase of 16,987,1. Valuation for apportionment.
570, or 16.1% over 1920. Adding in the total inhabitants
2. Institutions tax to be suspended.
3. State tax refund to be received annually.
of the possessions and territories of the United States, the
4. Total amount of tax relief.
Bureau found the total population of the nation for 1930 was
Jersey City: $659,202,298, $329,601.15. $504,151.79, $833,752.94.
Hoboken: $102,209.258, $51.104.63. $78,168.68, $129,273.31.
124,848,664, an increase of 17,339,809, or 16.1% over 1920.
Union City: $72,197.462. $36,098.73, $55,215.94, $91,314.67.
The population of the Continental United States as of April
Bayonne: $171,578,927, $65.789.46, 5131.221.96. $217,011.42.
East Newark: $3,936,400, $1,968.20, 53,010.52, $4,978.72.
1 1930 was divided as follows: Population Numerical Per Cent.
Population
Guttenberg: 35,724,500, $2,862.25. $4,378.04, $7,240.29.
Increase. Increase.
1920.
Harrison: 531,755,741. 315,877.87, $24,286.49. $40.164.36.
State
297,125
0
12.7%
-162
2,645,.
3 97 2.348,174
Kearny: 591.910,323. $45.955.16, $70,292.16, $116,247.32.
Alabama
337,162
101,671
30.4
435.833
North Bergen: 536,340.678, $18.170.34. $27.793.01. 545.963.35.
Arizona
101.777
1,853,981 1.752.204
5.8
Secaucus: 37.066.709. 53.533.35, $5,404.55, $8,937.90.
Arkansas
9 4
1
5,672.009
3.426.861 2,245. 4
Weekawken: $34,721,812, $17,360.86. $26,554.84. $43,915.70.
California
5.14
8
939,629
6 8
18..2
1,035,043
West New York: 351.928,923, $25,964.46, $39,714.75. $65,579.21.
Colorado
224,080
1,604,711 1.380,631
16.2
Total for Hudson County: $1,268,572,931, $634,286.46, $970,192.75. Connecticut
223,003
238,380
161.9
51.604,479.21.
Delaware
437,571
486,869
.3
Total for entire State: $3,268,867.97, $5,000,000, $8,268,867.97.
Columbia
District of
968.470
498.155
1,466,625
51.4
.
A brief analysis, prepared by the Greater New Jersey Florida
97
1.; 1
661
2.902.443 2,895,802
0.2
Georgia
431,866
0.2
445,837
Association, explaining the provisions of the several bond Idaho
7,607,684 6,485,280 1,122.404
17.3
Illinois
acts making up the $100,000,000 issue, and the use to which Indiana
295,210
225,600 2,900,390
10.1
0,
63.879
2.7
2,467,900 2,404.021
the funds are to be put and the regulations governing the Iowa
110,689
1,879,946 1,769,257
6.3
Kansas
expenditure follows:
207,038
2,623,668 2,416,630
8.6
Kentucky
$10,000,000 Institution 13onds,
295,987
2,094,496 1.798,509
16.5
Chapter 227. P. L. 1930 provides for the issuance of 510,000,000 worth Louisiana
768,014
32,042
800,056
4.2
of bonds for institution and agencies at the rate of $3,000,000 per year. Maine
1,629,321 1,449,661
179,660
12.4
Section II provides that such funds can be expended "only in accord Maryland
401,290
4,253,646 3.852,356
10.4
Massachusetts
with appropriations made therefor by the Legislature." This is the same Michigan
4,842,280 3,668,412 1,173,868
32.0
procedure that the proceeds of the half mill tax is under.
2,566,445 2,387,125
179,320
7.5
Should the bond issue pass, the line item appropriations of Chapter 202, Minnesota
2,007,979 1,790,618
217,361
12.1
Mississippi
P. L. 1930, will be in force, but under Section 8 of this act the half mill Missouri
3,620,961 3,404,055
216,906
not be levied, but the $3,000,000 of bond money will support Montana
536.332
548,889
tax will
*12,557
.
'2 4
1
6..3
these appropriations. This operates for the construction program of 1931. Nebraska
1,378,900 1,296,372
77,407
The half mill tax act of 1929 authorized the levying of the tax in 1930 in Nevada
90,891
construction program for 1930. By the operation of
443,083
22,210
support of a
465,293
5.0
Chapter New Hampshire
872 3 6
6 16
4,028,027 3,155,900
0 2
7
202, P. L. 1930 and Chapter 227, P. L. 1930, a half mill or 5 points tax New Jersey
360,350
relief is furnished.
427.216
New Mexico
583.000,000 Highway Bonds of which $18,000,000 Grade Crossing Elimination. New York
12,619,503 10,385,227 2,234,276
21.5
1930. the Grade Crossing Elimination Act of
Chapter 101. P.
3,170,287 2,559,123
611,164
23.9
Carolina
1930.
L.
646.872
provides that the State shall set up a fund of $2,000,000 per year for the North Dakota
682,448
35,576
5.5
North
State's share of grade crossing elimination on other than State highways, Ohio
6,689,837 5.759,394
880,443
15.3
contributing a like amount, to be expended under the directhe railroad
2,391,777 2,028,283
363,494
17.9
Oklahoma
tion of the Public Utility Commission. This act provides that the $2,000.- Oregon
783,389
952,691
169,302
000 per year should be set aside from the proceeds of the gas tax, but if Pennsylvania
9,640,802 8,720,107
9 ,7
88gg
21.
13.6
0 .7
the action of the Legislature in passing Chapter 227,P. L. 1930 is approved Rhode Island
687,232
604,397
by the vote of the people at the next election, these funds will come from South Carolina
1,732,567 1,683,724
2.9
the $2,000,000 per year authorized for grade crossing elimination.
690,755
636,547
4548.84.2083
8.5
South Dakota
2,608,759 2,337,885
270,874
$65,000,000 to Complete Highway Program,
11.6
Tennessee
5,821,272 4.663,228 1,153 044
58 186
:
Chapter 228, P. L. 1930, provides for the issuance of $83.000,000 worth Texas
24.8
502,582
449,396
of bonds. Section I provides that $18,000,000 shall be dedicated for the Utah
11.8
359,092
352,428
State's share of the cost of eliminating grade crossings, on other than Vermont
1.9
2,419,471 2,309,187
118 12
. 4
.
State highways, at the rate of $2,000,000 per year, for a 9
4.8
-year grade Virginia
1,561,967 1,356,621
2 5: 45
2 8 316
0 2
9
crossing elimination program on a 50-50 basis. The remainder, or 5l5,- Washington
15.1
1,728,510 1,463.701
dedicated to the purchase of rights of way, for the construction West Virginia
264,809
000.000 is
18.1
2,980,282 2,632,067
,
of bridges, viaducts, underpasses and over passes on State highways, as Wisconsin
11.3
224,597
194,402
Wyoming
authorized by law at the time this act becomes operative.
30.195
15.5
Section 14 provides for serial bonds.
122,698.190 105,710,620 16,98 90
United States
Chapter 239, P. L. 1930, amendment to the gas tax act, provides for
45
0 7
16.1
the increase of gas tax from 2 to 3c. per gallon, but this increase is effec*Marks a decrease.

social organization in the County, Mayor Frank Hague, of
Jersey City, urges support of the $100,000,000 bond issue
which is to be voted on in the form of a referendum at the
general election to be held on Nov. 4. The Mayor pointed
out that should approval of the measure be obtained, the
operation of the bond plan would mean a saving of taxes
paid by Jersey City of 33,752.94; by Hudson County of
$1,604,479.21, and for the entire State a total of $8,268,876.97. Proceeds of the bond issue, according to report,
would be used as follows: $83,000,000 for highway and grade
crossing elimination; $10,000,000 for institutional improvements, and $7,000,000 to purchase water rights. Accompanying the letter was a table prepared by the New Jersey
League of Municipalities showing the amount each municipality in Hudson County would ultimately be benefited
through adoption of the issue. The foregoing information,
together with the text of the Mayor's letter and the League's
table, will be found in the following article which appeared
in August 18 issue of the Jersey "Observer":




It18
7,7

TR:U! 41
:
1:2

1288

FINANCIAL CHRONICLE

EvoL. 131.

A statement of the financial condition of the City appeared in our issue of
Aug. 16.
We are in receipt of copies of two official lista of the bids submitted for
ABILENE, Dickinson County, Kan.
-BOND SALE.
-Two issues of the bonds, which follow;
43'4% bonds, aggregating $149,000 offered on Aug. 12-V. 131, p. 972
Proposals for $278,000 Tax Title bonds;
were awarded to the Brown-Crummer Co. of Wichita, as follows:
Amount
Int. Amt.of Bonds
Name of Bidders$75,000 paving bonds sold for a premium of $78.75, equal to 100.105. a
Bid.
Rate.
Bid for.
basis of about 4.225%. The issue matures in from 1 to 10 years.
*Lehman Bros. (Acct. Mgr.) Kountze
74,000 sewer bonds sold for a premium of $236.80, equal to 100.32, a
Bros. Ames. Emerich & Co., Inc.
Kean Taylor & Co. Stone & Webster aad
basis of about 4.21%. The issue matures in from 1 to 20 years.
Both issues are dated Aug. 1 1930. In our notice of the proposed sale,
Blodget, Inc. .7. S. Rippel & Co
8278,000 $278,001.98
334%
see above reference, the amount of bonds scheduled to be sold was given as S. N. Bond & Co
278,016.00
278,000
4.18%
$156,000. M. E. Calkins, City Clerk, summarized the other bids sub- E. J.Roulon & Co
278,110.00
728,000
3.50%
mitted for the issues as follows: Central Trust Co. of Topeka offered Bancamerica-Blair Corp. B.J. Van Ingen
premium of $.57 per $1,000, both issues; Fidelity National Corp. of Kansas
& Co. A. B. Leach & Co., Inc. M.M.
City offered par less $5.70 per $1,000: National Bank of Topeka,.paving
Freeman & Co., Inc
278,029.00
278,000
3.48%
bonds only, offered total premium of $9.12; Commerce Trust Co., Kansas Graham. Parson & Co. Dewey, Bacon &
Co. E. H. Rollins & Sons
City, pavMg bonds, only par less $5.95 per $1,000; E. E. Dunn, Wichita,
278,002.78
278,000
3.80%
offered par for paving bonds less $200 on entire issue and par on sewer Kissel, Kirmicutt & Co. Phelps, Fenn
bonds less $500 on entire issue; Prescott-Wright-Snider Co., both issues,
& Co
278,001.00
278,000
3.49%
par less $4.639 per $1,000; Branch-Middlekauff Co. par less $5.30 per
* Successful group.
$1.000 on sewer bonds and par less $6.70 per $1.000 on paving bonds.
Proposals for $1,017,000 School Bonds of 1030, 2d series;
ADAIR COUNTY (P. Stillwell), Okla.
-BOND OFFERING.
-Sam
Amount
Int. Amt.of Bonds
J. Starr Jr., County Clerk, will receive sealed bids until 1 p.m. on Sept. 1,
Name of BiddersBid.
for the purchase of $60,000 coupon court house bonds. Denom. $1,000.
Bid for.
Rate.
Due $3,000 annually from 1935 to 1954, incl. Interest is payable semi- Lehman Bros. (Acct. Mgr.) Kountze
Bros. Ames, Emerich & Co., Inc.
annually. Principal and interest are payable at the fiscal agency of the
Kean, Taylor & Co. Stone & Webster
State. Further particulars may be had by communicating with the aboveand Blodgett, Inc.,J.S. Rippel & Co 44% $1,047.000 $1,047,094.23
mentioned Clerk.
*Rapp & Lockwood
1,046,000 1,047,569.45
4)4%
AITKIN COUNTY (P. 0. Aitkin), Minn.
-ADDITIONAL INFOR- H. L. Allen & Co., Stephens & Co., C. C.
MATION.
-In connection with the report in our issue of August 16-V. 131.
Collings & Co.,Batchelder & Co.,jointly4X
1.047,000 1,047,072.00
p. 1128
-relative to the sale of 880,000 6% refunding bonds at a price of The National City Co. Bankers Co. of %
par to V. W.Brewer & Co.. of Minneapolis, we learn that the bonds mature
New York,Harris,
1.034.000 1,047,224.86
as follows: $3,000 from 1933 to 1943 incl.; $5,000 in 1944, and $7,000 from Kissel, Kinnicutt & Forbes & Co. Fenn4)4%
Co. Phelps,
1945 to 1950 incl. Dated Aug. 1 1930.
& Co
1,022,000 1.047,689.30
0
4 /
AKRON METROPOLITAN PARK DISTRICT (P. 0. Akron), Bancamerica-Blair Corp. B.J. Van Ingen
& Co. A. B. Le
Leach & Co.,Inc. M. M.
Summit County, Ohio.
-BONDS OFFERED.
-11. S. Wagner, Director ,
Freeman & Co., Inc
Secretary, received sealed bids until 1 p. m. (eastern standard time) on
1.021,000 1,047,655.55
4)4%
Aug. 22 for the purchase of $50,000 5% land purchase bonds. Dated Graham, Parson & Co. Geo. B. Gibbons
& Co.,Inc. Dewey Bacon & Co. E. H.
Aug. 15 1930. Denom. $1,000. Due $10,000 annually from 1931 to 1935.
Rollins & Sons
incl. Principal and semi-annual interest (A. & 0.) payable at the office
4)4%
1,021.000 1,047,525.58
of the County Treasurer.
* Awarded bonds.
ALBION, Boone County, Neb.-BOND SALE.
-The United States
BEAVER DAM DRAINAGE DISTRICT (P.0.Indianola) Sunflower
National Co. of Omaha is reported to have recently imrchased $157,000
County, Miss.
-Sealed bids addressed to the Clerk
% bonds, comprising a $73,000 Paving District No. 4 Issue; $52,000 of the Board -BOND OFFERING.
of County Commissioners will be received until Aug. 26 for
Paving District No. 6 issue, and a $32,000 Paving District No. 5 issue.
the purchase of $65,000 not to exceed 6% interest drainage bonds.
AMHERST CENTRAL HIGH SCHOOL DISTRICT NO. 1 (P. 0.
-The 5115,000
BELLEVILLE,Republic County,Kan.
-BOND SALE.
Eqgertsvillo), Erie County, N. Y.
-BOND OFFERING.
-Albert A.
-were awarded to
Cushing, Clerk of the Board of Education, will receive sealed bids until 434% school bonds offered on Aug, 18-V. 131, p. 1129
7:30 p.m.(daylight saving time)on August 26,for the purchase of$125,000 the Central Trust Co. of Topeka, at par plus a premium of $15.72, equal to
and
a
not to exceed 6% interest series 0 coupon school bonds. Dated Sept. 1 100.36,as basis of about 4.49%. The bonds are dated Aug. 15 1930 and
1930. Denom. $1,000. Due on Jan. 1, as follows: $5.000 from 1933 to mature follows; $2,000 in Feb. and $3,000. Aug. 1 1931 53,000, Feb. and
Aug. 1932
Feb.
1937, incl.; $10,000 from 1938 to 1940, incl.; $15,000 in 1941 and 1942. and Aug. 1 1934 $3,000, Feb., and $2,000, Aug. 1 1933 53.000, Feb. and
I
$3,000, Feb.. and $2,000, Aug. 1 1935 $3,000,
$20,000 in 1943 and 1944. Rate of interest to be expressed in a multiple of Aug.
).1 or 1-10th of 1% and must be the same for all of the bonds. Principal Aug. 1 1936 $3.000, Feb., and $2,000. Aug. 1 1935 $3,000. Feb. and
and Aug. 1
and semi-annual interest (Jan. and July) payable at the Marine Trust Co.. 1938 1 1936 $3,000, Feb. and 32,000, Aug. 1 1937 53,000. Feb.and Aug. 1
$3,000, Feb. and $2,000, Aug. 1 1939 and $3,000, Feb.
Buffalo. A certified check for $2,500, payable to Louis B. Derr. Treasurer, 1940 to
1950 incl.
must accompany each proposal. The approving opinion of Clay, Dillon
Vandewater, of New York, will be furnished to the purchaser without
-F. W. Kelley,
BELVEDERE, Mann County, Calif.
-BOND SALE.
City Clerk, informs us that an issue of $8,000 434% coupon bonds was
cost.
awarded on Aug. 4 to the American Securities Co. of San Francisco, at a
ANNISTON, Calhoun County, Ala.
-The $15,000 accnied interest fo
-BOND SALE.
price of par. Th
.
.
.
ocker First Cs of San Francisco, offered par and
bonds as oio
534% coupon improvement bonds offered on Aug. 14-V. 131. p. 817
e the
r Cr
were awarded to the Merchants Securities Corp., of Mobile, at par plus
a premium of 410.50, equal to 100.07, a basis of about 5.485%. Dated
BENTON COUNTY (P. 0. Fowler), Ind.
-BOND OFFERING.
Aug. 1 1930. Denom. $500. Due $1.500 on Aug. 1 from 1931 to 1940 incl. Sigel S. Freeman, County Treasurer, will receive sealed bids until 2 P•m•
on Aug. 30, for the purchase of $14,278 4)i% Oak Grove Township gravel
Interest is payable in February and August.
road construction bonds. Dated Aug. 4 1930. Denom. $713.90. Due
ANTIOCH HIGH SCHOOL DISTRICT (P. 0. Martinez), Contra 5713.90
on July 151932;
July 15 from 1933 to 1941.
Costa County, Calif.
-BOND SALE.
-The $150,000 434% school bonds inclusive, and $713.90 on$713.90 on Jan. andis payable semi-annually on
Jan. 15 1942. Int.
offered on August 18-V. 131, p. 1129
-were awarded to Weeden & Co.,
of San Francisco, at par plus a premium of $4,421, equal to 102.94, a basis Jan. and July 15.
of about 4.18%. The bonds are dated August 1 1930 and mature $6,000
BIBB COUNTY (P. 0. Macon), Ga.-OFFER $320,000 434% BONDS.
annually from 1931 to 1955, incl.
-A total of $320.000 434% court house, school and road bonds is oeing
offered by the Hibernia Securities Co.. Inc., of Atlanta. for public investThe following is a list of the bids submitted for the issue:
Premium. ment at prices ranging from 103.53 for the 1937 bonds to 105.22 for the
BidderWeeden & Co
$4,421 1941 bonds, all maturities priced to yield 3.90%. The bonds are dated
4.224 May 1 1919 and mature serially on May 1 from 1937 to 1941 incl. Prin.
American Trust Co. and National Bankitaly Co
Heller-Bruce dr Co
4,120 and semi-annual int. (May and Nov.) payable at the office of the County
Dean Witter & Co
4,032 Treasurer. Legality approved by Caldwell & Masslich, of New York. The
Anglo London Paris Co
3,882 bonds are said to be exempt from all Federal income taxes and tax free in
Smith & Camp
3.807 Georgia and to be legal investment for trust funds in Georgia and for New
Peirce, Fair & Co
3,532 York savings banks.
Financial Statement.
Bank of Martinez
2.740
$100,000,000
Actual values
-Charles R. Assessed values
-NOTE SALE.
ARIZONA, State of (P. 0. Phoenix).
58,144,030
Price, State Treasurer on Aug. 18 awarded an issue of $2,000,000 tax *Total bonded debt 1929
2,140.000
anticipation notes bearing int. at 2.75% to the Bankers Co. a New York,
Population 1930 census, 77.068.
and tho International Trust Co. of Denver, jointly, at par plus a premium
* The total bonded debt of this county is limited by the Constitution of
of $101. The notes are dated Aug. 28 1930 and mature on Jan. 2 1931. the State to 7% of the assessed valuation.
Notice of the intention of the State to sell between $2,000,000 and $2,250,000
notes was given in our issue of July 26.-V. 131. p.662.
-Arthur S.
-NOTE SALE.
BILLERICA, Middlesex County, Mass.
-The Cook. Town Treasurer, informs us that notes bearing V% interest, ag-BOND SALE.
ATLANTIC CITY, Atlantic County, N. J.
-were gregating $185,000 were purchased by F. S. Moseley & Co., of Boston,
51.250,000 tax revenue bonds offered on Aug. 21-V. 131. P. 1129
awarded to the Equitaole Trust Co.. of Atlantic. to bear interest at 3.20%, at a price of 101.12. According to Mr. Cook, the following bids were
at par plus a premium of $40, equal to 100.003. a basis ofabout 3.19%• received:
Bidder
Rate Bid.
The bonds are dated Aug. 27 1930 and mature on March 27 1931.
F. S. Moseley & Co.(Purchasers)
101.12
The following is an official list of the bids submitted for the Issue:
Curtis & Sanger
100.31
Amt. Bid.
Name ofulderInt. Rate.
101.054
E
$1.250.040.00 E. H. Rollins & Sons
Equitable Trust Co
3.20
100.599
1,250,011.00 R. L. Day & Co
Bankers Trust Co
3.20 0
100.59
250,060.00 Billerica Trust Co
Chelsea National Bank
1,
3.257
0
.98
Boardwalk National Bank
1, ,001
250
.32
3 7
-W. F.
BILLINGS COUNTY (P. 0. Medora), No. Dak.-NO BIDS.
1,250,050.00 King, County Auditor, re..rts that no bids were received on Aug. 12 for
Atlantic City National Bank (successful bidder) --3.
50
1,250,014.16 the prurchase of the $12,166 not to exceed
Atlantic County Trust Co
3.87%
6% Interest road and bridge
-V. 131. p. 973. The bonds are dated Sept. 1 1930
-The First Na- bonds offered for sale.
AVALON, Cape May County N. J.
-BOND SALE.
and mature on Sept. 1 1950.
tional Bank, of Sea Isle City, on Ana 30 is reported to have been awarded
at a price of par 8100,000 6% bonds, comprising a $35.000 issue and two
-BOND SALE.
BLACKFORD COUNTY (P. 0. Hartford City), Ind.
sewer issues totaling $65,000.
-The Merchants National Bank, of Muncie, recently purchased an issue
-Alexander of$58.960 434 %;:, road construction bonds at par plus a premium of $1.112.13.
AVOCA,
-BOND OFFERING.
County, N. Y.
J. Arnold. Village Clerk, will receive sealed bids until 8 P. m. (Eastern equal to 101.88. a basis of about 4.11%. The bonds mature semi-annually
Livingston
standard time) on Sept. 2 for the purchase of $30,000 5% coupon or regis- from July 15 1931 to Jan. 15 1941. Bids for the issue were as follows:
tered street improvement bonds. Dated Sept. 1 1930. Denoms. 51,000
Premium.
Bidders
and $500. Due on Sept. 1 as follows: $1,500 from 1932 to 1939 incl., and Merchants National Bank (Purchaser)
$1.
na
•
$2,000 from 1940 to 1948 incl. Prin. and semi-annual interest (March and Fletcher American Co., Indianapolis
1,067,85
September) payable in gold at the Bank of Avoca. Avoca. A certified chock Fletcher Savings & Trust Co., Indianapolis
951.00
for $600, payable to the order of the Village. must accompany each proposal. City Securities Corp., Indianapolis
821.00
The approving opinion of Clay, Dillon & Vandewater, of New York, will be Citizens State Bank, Hartford City
445.00
furnished to the purchaser.
OFFERING.
-Sealed
-BOND
BLOOMFIELD, Greene County., Ind.
BATAVIA, Clermont County, Ohio.
-The $3.000 bids addressed
-BOND SALE.
of School Trustees,
fire department equipment bonds offered on Aug. 9-V. 131. 13• 818 were will be receivedto J. N. Downey. Secretary of Board
m. on Sept. 15 for the purchase of $14,600 5
until
awarded as 534s to the Provident Savings Bank & Trust Co., of Cincinnati. school bonds. Dated8 p. 1 1930. Due semi-annually as follows: $300
Sept.
at par plus a premium of $17.10. equal to 100.57, a basis of about 5.38%• on July 1 1931; $300 on Jan. 1 and $400 on July 1 1932; $400 on Jan. 1
The mods mature $300 annually on Sept. 1 from 1931 to 1940 incl.
and $500 on July 1 1933; $500 on Jan. 1 and $600 on July 1 1934; $600 on
-The two issues Jan. 1 and $LOW on July 1 1935; $1,000 on Jan. and $1.500 July 1 from
BAYONNE, Hudson County, N. J.
-BOND SALE.
of coupon or registered bonds offered on Aug. 19-V. 131, Lo• 972 were 1936 to 1938 incl.; $1,500 on Jan. 1 and 51.000 on July 11030 and $1,000
on Jan. 1 1940. Prin. and semi-ann. int. (J. & J.) payable at the Bloomawarded as follows;
$1.046.000 second series school bonds ($1,047,000 offered) sold as 4545 to field State Bank, Bloomfield.
Rapp & Lockwood of New York, at par Plus a premium of
BLUE EARTH COUNTY (P. 0. Mankato), Minn.
-BOND SALE.
$1,569.45, equal to 100.15, a basis of about 4.24%. Dated The $100,000 drainage funding bonds offered on Aug. 18-V. 131. P. 973
Aug. 1 1930. Due on Aug. 1 as follows; $25,000 from 1932 to were awarded as 4348 to the First Securities Corp. of St. Paul, at par plus a
1946 incl. $30,000 from 1947 to 1951 incl. $35,000 from 1952 premium of
to 100.37, a basis of
are
to 1965 incl., and $31,000 in 1966. The purchasers are re- dated Aug. $370. equal mature on Nov. 1 asabout 4.16%. The bondsand
1 1930 and
follows; $10,000 in 1931
offering the bends for public investment at prices to yield 3.75 1932 512,000 in 1933 and 1934 $18,000 in 1935 and 1936, and $20,000 in
to 4.15%.
278,000 tax title bonds (same amount offered) sold as 3L,. to a syndicate 1937.
The following bids were submitted for the issue:
composed of Lehman Bros., Kountze Bros.,
es, Emerich &
Bidder
Premium.
Kean. Taylor & Co., Stone & Webster and Blodget. Inc.,
all of New York. and J. S. Rippel & Co. of Newark, at par plus First Securities Corp. (purchaser)
$370.00
365.00
a Premium of $1.98, equal to 100.0007. a basis of about 3.24%• National Citizens Bank, Mankata
Dated Sept. 1193o. Due on Sept. 1 1931.
Wells-Dickey Company
347.50

BOND PROPOSALS AND NEGOTIATIONS.




Aua. 23 1930.]

FINANCIAL CHRONICLE

-At the elecBLUEFIELD, Tazewell County, Va.-BONDS VOTED.
-the voters sanctioned the issuance of
tion held on Aug. 12-V. 131, p. 973
140.000 water bonds by a vote stated to be more than 3 to 1. A filtering
plant is to be installed by the Town and meters provided for all water
COMIUMers.

-ADDITIONAL INFORMATION.
BOISE, Ada County, Idaho.
In connection with the report in our issue of Aug. 9 (V. 131, p. 973) relative to the sale of $120.000 tax anticipation notes to a Boise bank, we now
learn that the notes bear 5% interest and were sold as follows: $60,000 to
the First Securitity Bank, of Boise and 560,000 to the First National Bank,
of Boise. The notes mature in six months.
-BOND OFFERING-CITY TAX
BOSTON, Suffolk County, Mass.
-Edmund L. Dolan, City Treasurer, will receive
RATE INCREASED,.
sealed bids until 12 in. on August 26, for the purchase of $3,000,000 4%
registered traffic tunnel bends. Dated Sept. 1 1930. Denom. $1,000.
Payable on Sept. 11980, but may be called, retired and cancelled by the
City after 20 years from the date of this loan on any date upon which
Interest is payable on these bonds, by payment of the face amount of the
bonds, with any unpaid accumulated interest to date fixed for redemption,
and when so called, interest shall cease. Principal and semi-annual interest
(March and Sept.) payable at the office of the City Treasurer. A certified
check for 1% of the amount of the loan bid for, payable to the order of
the City, must accompany each proposal. Bonds are said to be exempt
from taxation in Massachusetts and from the Federal income tax.
-The City tax rate for 1930 is $30.80
CITY TAX RATE INCREASED.
for each 51,000 of valuation, an increase of 52.80 over the figure for 1929,
which was $28 per $1.000. according to the August 21 issue of the Boston
"Transcript" which continued as follows:
"The total real estate valuation for 1930 is $1,827,339,600, an increase
of 521,023,400, as compared with 1929's gain of 526,661.800. The total
personal property valuation is $144,808,600,a loss of$2,106,200, compared
with 1929's loss of $17,206,200.
"The total valuation is 51,972,148,200, a net gain of $18,917,200, compared with 1929's net gain of 59,455,600."
BRAWLEY,Imperial County,Calif.
-BOND ELECTION
.-A proposal
to issue 580.000 water works bonds will be voted on at an election to be held
on Sept. 23.
BRECKSVILLE, Cuyahoga County, Ohio.
-BOND SALE.
-The
$63.495 coupon road improvement bonds offered en Aug. 10-V. 131.
to Spitzer. Rorick & Co., of Toledo, at par
-were awarded as 5
El• 663
plus a premium of $383. equal to 100.60. a basis of about 5.12%. The
bonds are dated July 1 1930 and mature on Jan. 1 as follows: $5,495 in
1932; 55.000 in 1933: 56.000 from 1934 to 1936. incl.; $7,000 from 1937
.to 1941, incl. The following is a list of the bids received:
BidderInt. Rate. Premium.
Spitzer, Rorick & Co.(Purchasers
$38300
Ryan, Sutherland & Co
108.00
McDonald-Callahan & Co
5)-i%
324.00
5
Banc Ohio Securities Corp
81.90
5
Co
Mitchell, Herrick
176.00
5
Otis & Co
515.00
5
c
Brecksville Trust Co
213.00
BRIGHTON COMMON SCHOOL DISTRICT NO. 4 (P. 0. Roches.-BIDSREJECTED-BONDSRE
ter), Monroe County, N.Y
-OFFERED.
-All of the bids received on Aug. 12 for the purchase of the $65,000 not to
exceed 6% interest coupon or registered school bonds offered for sale
-are reported to have been rejected. The bonds are dated
V. 131, p. 973
July 1 1930 and mature on Jan. 1 as follows: $2,000 from 1932 to 1941
incl.: $3,000 from 1942 to 1946 WI.; $4,000 from 1947 to 1953 incl., and
$2.0111111 in 1954.
-OFFERED.
-The aoove issue of bonds is being re-offered
BONDS RE
for sale at 2 p. m. (daylight savings time) on Aug. 25. The conditions of
sale which governed the original offering, see above reference, obtain in the
present instance.
Financial Statement.
Assessed value of real property 1929, 51.011.473. The assessed value
represents about 70% of actual value. The District's bonded debt exclusive of proposed issue is $4,500. The total bonded debt of the district
including proposed issue will be $69.500. There is no floating debt or obligation except current monthly bills.
Estimated population, 500.
BRISTOL SCHOOL DISTRICT, Bucks County, Pa.
-BOND
-The 130,000 4A% coupon or registered school bonds offered on SALE.
Aug. 15
-were awarded to M. M.
-v.131, p. 808
Freeman & Co., of Philadelphia,
at a price of 103.40. a basis of about 4.20%. The bonds are dated July 1
1930 and mature 51,000 on July 1 from 1931 to 1960 incl. The following
Is a list of the bids submitted for the issue:
Bidder
Rate Bid.
M. M.
Freeman & Co.(purchasers)
103.40
O.0. Collings & Co., Philadelphia
103.37
A. B. Leach & Co., Philadelphia
103.13
Philadelphia
E. H. Rollins & Sons,
103.119
Edward Lowber Stokes & Co.. Philadelphia
102.91
BRISTOL FIRST SCHOOL DISTRICT (P. 0. Bristol), Hanford
-BOND OFFERING.-Wllliam P. Calder, Chairman of
County, Conn.
District Committee, will receive sealed bids until 10 a. m.(Eastern standard
time) on Sept, 5 for the purchase of 5100,000 4.3.5% school bonds. Dated
Sept, 1 1930. Denom. $1,000. Due 55,000 on Sept. 1 from 1931 to
1950
incl. Prin, and semi-annual interest payable at the Bristol American Bank
& Trust Co., Bristol. or at the Chemical Bank & Trust Co., New York.
A certified check for $2,000 must accompany each proposal.
Official advertisement of the proposed sale of the above bonds appears
on page 11 of this section.
BROOKLINE, Norfolk County, Mass.
-LOAN
bids addressed to Albert P. Briggs, Town Treasurer, QFFERING.-Sealed
will be received until
12 in. on Aug. 25 for the purchase at discount of a $500.000 temporary
loan, dated Aug. 25 1930 and payable on Nov. 26 1930.
BROWNSVILLE, Cameron County, Tex.
-BONDS VOTED.
election held on Aug. 8 the voters sanctioned the sale of 5170,000 -At an
for water works construction bonds, the measure receiving a in bonds
favorable
vote of 274 to 5.
BRUSH, Morgan County, Colo.
-ADDITIONAL INFORMATION
In connection with the report in our issue of Aug. 2-V. 181, p.
% coupon storm sewer and curb and
relative to the sale of $28,000
Improvement bonds to Joseph D. Grigsby & Co., of Pueblo, at a gutter
price of
95, a basis of about 5.91%, we learn that the bonds are dated June 1
and mature on June 1 1952. Coupon in $500 denoms. Redeem, at1930
any
time at the discretion of the town. Interest is payable in June and Doc.
CALUMET COUNTY (P. 0. Chilton), Wis.-BOND
SALE.
5300.000 4I5% highway bonds offered on Aug. 19-V. 131, P. 972 -The
awarded to the Ilarris Trust & Savings Bank, of Chicago, at par -were
premium of 54,419, equal to 101.47. a basis of about
plus a
4.26%. The
are dated May 1 1930 and mature on May 1 as follows: $30,000 in bonds
1935:
$15,000 in 1936; 585,000 in 1937; $100.000 in 1938, and $70,000 in 1939.
A complete list of the bids submitted for the issue follows:
BidderPremium.
Harris Trust & Savings Bank (purchaser)
4 41 :
3549 0 0
$: 600
Am,Emerich & Co ____________________________
es
2.370.00
Continental Illinois Company
A. B. Leach & Co., Inc
3,672.25
Chilton National Bank
3,050.00
Kent, Grace & Co
42:276505:0000
II M. Byllesby & Co _ - _ First Wisconsin Company
3.323.00
CAMDEN, Ouachita County, Ark.
-BOND OFFERING.
Patterson, City Clerk, will receive sealed bids until August -Judson
30, for the
purchase of 526.500
% coupon street improvement bonds.
1932 to 1953, incl. Denoms. $1,000 and $500. Interest is Due from
payable in
March and Sept.

1289

-BOND OFFERING.
CAMPBELL, Mahoning County, Ohio.
-Joseph
T. Moore, City Auditor, will receive sealed bids until 12 m. on Aug. 26 for
the purchase of the following issues of bonds aggregating $185.175.55;
$93,885.00 6% Tremble Ave. special assessment impt. bonds. Dated
Aug. 11930. Due on Oct. 1 as follows; $9,500 in 1931 $9,000
In 1932 59,500 in 1933 $9,000 in 1934 $9.500 in 1935 $9,000 in
1936 $9,500 from 1937 to 1939 incl., and $9,885 in 1940,
35,225.00 6% city's portion Hyatt Ave.impt. bonds. Dated Aug. 1 1930.
One bond for $225,all calms for $500. Due on Oct. 1 as follows;
$7,000 from 1931 to 1934 incl., and $7,225 in 1935.
35,000.00 5,Vi % water works system bonds. Dated May 1 1930. Due
53,500 on Oct. 1 from 1931 to 1940 incl.
16.100.00 6% Hyatt Ave. special assessment impt. bonds. Dated Aug. 1
1930. Due on Oct. 1 as follows; $3.000 in 1931 $3,500 in 1932
$3,000 in 1933 $3,500 in 1934. and $3,110 in 1935.
4,965.55 5% city's portion Courtland Ave. paving bonds. Dated June
15 1930. Due on Oct. 1 as follows; $4496.55 in 1931, and 1500
from 1932 to 1940 incl.
Bids for any of the above bonds to bear int. ar a rate other than specified
will also be considered, provided. however, that where a fractional rate is
bid such fraction shall be jai of I% or a multiple thereof. A certified check
for 2% of the amount of the bid, payable to the order of the City Auditor,
must accompany each proposal.
-BOND ELECTION.
-At the general
CANTON,Stark County, Ohio.
election to be held in November the voters will pass on a proposition calling
for the sale of 5500,000 in bonds "for the purchase of converting the Sippo
Lake region into a water field available as the City's source of water."
CASCADE COUNTY SCHOOL DISTRICT NO. 71 (P. 0. Great
-Mrs. G. S. Warner, District Clerk,
-BOND OFFERING.
Falls) Mont.
will receive sealed bids until 5 p.m. on Sept. 4 for the purchase of 52,500
not to exceed 6% interest school bonds. Interest is payable semi-annually.
Proposals must be accompanied by a certified check for $25.
-BOND OFFERING,
CASS COUNTY (P. 0. Logansport), Ind.
Marion Flory, County Auditor, will receive sealed bids until 2 p.m. on
Sept.6 for the purchase of $80,000 4A% coupon bridge construction bonds.
Dated July I 1930. Denom. $1,000. Due $4,000 on Jan. and July 1 from
1931 to 1940, incl. Bids will also be considered for bonds bearing 4% and
4)4% interest. Principal and semi-annual interest (January and July)
payalale at the office ofthe County Treasurer. Each bidder must accompany
his proposal with proper certified check and non-collusion affidavit as
required by law.
-BOND SALE.
CHERRYVILLE, Gaston County, No. Caro.
-The
$22,000 coupon or registered refunding bonds offered on Aug. 18-V. 131.
p. 973
-were awarded as 6s to Magnus & Co., of Cincinnati, at par plus
a premium of $242, equal to 101.10, a basis of about 5.90%. The bonds
are dated Aug. 1 1930 and mature $2,000 on Aug. 1 from 1942 to 1952,
incl. The successful bid was the only one received.
CHICAGO SANITARY DISTRICT (P. 0. Chicago) Cook County,
-A.B. Leach & Co., Inc. of Chicago, were the successIII.
-BOND SALE.
ful bidders on Aug. 21 for the purchase of an issue of 51,395,000 434%
coupon sewer bonds, paying 102.66 for the issue. a basis of about 4.15%•
The bonds are dated Jan. 11930. Denom.$1,000. Due on July 1 as follows;
$78,000 from 1931 to 1940 incl. $61,000 from 1941 to 1949 incl., and /57,000 in 1950. Principal and semi-annual interest payable in Chicago.
Legality approved by Chapman & Cutler, of Chicago. The purchasers are
re-offering the bonds for public investment priced to yield 3.00% for the
1931 maturity 3.75% for the 1932 maturity 4.00% for the 1933 maturity,
and 3.05 h for the bonds due from 1934 to 1950 inclusive.
-BOND AWARD NOT CONCHICOPEE, Hampden County, Mass.
-We now learn that the award
-ISSUE RESOLD LATER.
SUMMATED
on Aug. 5 of two issues of 4% bonds aggregating $345,000 to Eetehrook
& Co., of Boston, at 101.451, a basis of about 3.76%-V. 131. p. 974
was not consummated, owing to legal complications.
-Salomon Bros. & Hutzler, of Boston, subsequently
BOND SALE.
purchased $120,000 4% coupon permanent pavement bonds, one of the
issues mentioned above, at a price of 100.78, a basis of about 3.59%. The
bonds are dated July 1 1930 and mature $40,000 on July 1 from 1931 to
1933, incl. Estabrook & Co. bid 100.66 for the issue. The $225.000 4%
filtering plant and water mains bonds has not been resold.
-TEMPORARY LOAN.
CHICOPEE, Hampden County, Mass.
-was
The 5200,000 temporary loan offered on Aug. 18-V. 131, P. 1130
awarded to Salomon Bros. & Hutzler of Boston, at a 2.31% discount.
The loan is dated Aug. 18 1930 and is payable on Jan. 15 1931. The Bank
of Commerce & Trust Co., Boston,the only other bidder,offered to discount
the loan at 2.34%.
The following is a list of the bids submitted for the loan:
Discount.
Salomon Bros. & Hutzler (Purchaser)
2.34%
Bank of Commerce dr Trust Co., Boston
2.35%
Faxon, Gade & Co
9
.375%
Western Massachusetts Bank & Trust Co., Springfield
First National Bank & Trust Co.. Springfield
2.375%
CLAY COUNTY SPECIAL SCHOOL DISTRICT NO. 46 ('P. 0.
-Sealed bids addressed to W. C.
-BOND OFFERING.
Rector), Ark.
Frets, Secretary of Board of Education, will be received until 3 p.m. on
for the purchase of 530,000 refunding bonds. Interest is payable
Sept. 8.
semi-annually. Bonds mature in 20 years. A certified check for 5% of
the amount of bonds bid for must accompany each proposal.
-The
CLINTON COUNTY (P. 0. Clinton), lowa.-BOND SALE.
-were
550.000 primary road bonds offered on Aug. 13-V. 131, p. 664
to George M. Bechtel & Co., of Davenport, at par plus a
awarded as 4
The bonds are
premium of $351, equal to 100.70. a basis of about
4.44%.
dated Sept. 1 1930 and mature on May 1 as follows; $10.000 in 1943 and
1944. and $330,000 in 1945. Optional after May 1 1936. Bids for the issue
were as follows;
Premium,
Bidder5351
George M. Bechtel & Co. (purchasers)
350
White-Phillips Co., Davenport
289
Stern Bras. & Co., Kansas City
279
Carleon D. Beh Co., Des Moines
-BOND SALE.
-The 1130.000
COATESVILLE, Chester County, Pa.
4A% street improvement bonds offered on Aug. 13-V. 131, p. 891
were awarded to E. H. Rollins & Sons, of Philadelphia, at par plus a
premium of $104.20. equal to 100.349. a basis of about 4.22%. 'I'he bonds
are dated Aug. 15 1930. Due on Aug. 15 1945. The follovring is an official
list of the bids submitted for the issue;
Int. Rate.
Rate Bid.
Bidder
100.349
E. H. Rollins & Sons (purcliasers)
A 7:
Edward B. Smith & Co
100.132
4)4%
Edward Lowber Stokes & Co
•100.69
4)-1%
100.12
0. C. Collings & Co
M. M. Freeman & Co
100.289
A. B. Leach
100.13
• Bid not in conformance with conditions of sale.

4qe

COASTAL HIGHWAY DISTRICT (Comprising the Counties of
Chatham, Bryan, Liberty, McIntosh, Glynn and Camden), P. 0.
-OFFER $140.000 434% BONDS.
-The Hibernia SecurSavannah, G5.
% coupon
ities Co., Inc., of Atlanta, is offering a block of 5140.000
(registerable as to principal) highway district bonds for public investment
at prices ranging from 102.54 for the 1936 maturity to 105.80 for the
1946 maturity. The bonds are dated May 1 1945 and mature serially on
May 1 from 1936 to 1946 inclusive. Principal and semi-annual interest
(May and November) payable at the office of the District Treasurer,
Savannah, the Citizens & Southern Bank, Savannah, or at the National
City Bank, New York, at the option of the holder. Legality approved by
Storey, Thorndike, Palmer & Dodge, of Boston.
Financial Statement.
Assessed valuation for purposes of taxation, 1929
$103,183,109
ded drt
Ra b00 tota
talti0 nf
T
so
720,000
bonded debt less than 1% of assessed valuation.
The total bonded debt of this district is limited by the constitution of the
the assessed valuation. Population. 1920 census. 150.540.
State to 7% of
CAMBRIA TOWNSHIP SCHOOL DISTRICT (P. 0.
Ebensburg),
CONDE, Spink County, So. Dak.-BOND SALE.
-BOND SALE.
Cambria County, Pa.
-The $5,000
% coupon scheol coupon refunding street improvement bonds offered on-The 55,000 6%
Aug. 15-V.
bonds offered on Aug. 15-V. 131, P. 683
-were awarded
-were awarded to the Peoples Bank, of Conde, at a price of 131.
to the Ebensburg Trust Co., the only bidder. The bonds at a price of par p. 1130
Par.
are dated Sept. 1 The bonds are dated Sept. 11930. Denom. $1,000. Due 51,000se
pt.
1930 and mature on Sept. 1 as follows; $2,000 in 1935 and $3.000 in
incl. Interest is payable annually on Sept. 1. on
1940. 1 from 1931 to 1935,




1290

FINANCIAL CHRONICLE

COOK COUNTY ,(P. 0. Chicago), 111.
-LIST OF BIDS.
-In connection with the report in our issue of Aug. 9 (V. 131, p. 974) relative to
the award on Aug.4 of $2,500,000 434% corporate bonds to a group headed
by the Chatham Phenix Corp., of New York, at par plus a premium of $33,480, equal to 101.339, a basis of about 3.89%, we are in receipt of the following list of the bids submitted for the issue;
Amt. Bid.
BiddersChatham-Phenix Corp.. Eldredge & Co., M. M. Freeman &
$2,533.480
Co. and Otis & Co. jointly
First Union Trust & Savings Bank, Harris Trust & Savings
'
Bank, Continental Illinois Co., and The Northern Trust Co.,
2,528,900
Jointly
2.524,200
Halsey, Stuart & Co
Foreman-State Corp., Guaranty Company of New York, Ames
Emerich & Co., Central Illinois Co., First Wisconsin Co.,and
2,513,875
First Detroit Co., jointly
-Mayor J. W.
-BONDS NOTSOLD.
CORDOVA,Walker County, Ala.
Key reports that the issue of $3,000 not to exceed 6% int. ref. bonds offered
on Aug. 5-V. 131. p. 819
-was not sold. The bonds are dated Sept. 1
1930 and mature $200 on Sept. 1 from 1931 to 1945 incl.
COSTA MESA UNION ELEMENTARY SCHOOL DISTRICT (P. 0.
-BOND SALE.
-The $50.000 5%
Santa Ana), Orange County, Calif.
-were awarded to the
school bonds offered on Aug. 19-V. 131, p. 974
American Securities Co., of San Francisco, at par plus a premium of $2,078,
equal to 104.15, a basis of about 4.13%. The bonds are dated Sept. 1
1930 and mature $5,000 annually from 1931 to 1940, incl.
-BOND SALE.
CUYAHOGA FALLS, Summit County, Ohio.
The $42,000 coupon improvement bonds offered on July 29, the award of
-were sold OS 4%8 to
which was postponed until Aug. 5-V. 131. p. 819
Braun, Bosworth & Co.,of Toledo, at par plus a premium of $179, equal to
100.42, a basis of about 4.62%. The bonds mature $6,000 on Oct. 1
from 1930 to 1936 inclusive.
CYRIL UNION GRADED SCHOOL DISTRICT (P.O. Cyril), Caddo
-BOND SALE.
-The Taylor-White Co.. of Oklahoma
County, Okla.
City, is reported to have recently purchased an issue of $14,000 school
bonds.
-BOND
DALTON SCHOOL DISTRICT, Lackawanna County, Pa.
-The Secretary of the Board of School Directors informs us that
SALE.
an issue of $55,000 4)4% coupon school building construction and equipment bonds has been sold at par and accrued interest to the State Teachers'
Retirement Board, Harrisburg. The bonds are dated Jan. 1 1930. Denom.
$500. Due from 1936 to 1960. incl. Interest is payable in Jan. and July.
-A proposal
DEARBORN,Wayne County,Mich.
-BOND ELECTION.
to issue $675.000 in bonds for hospital construction purposes will be submitted to a vote of the electors at an election to be held on Sept. 9.
DELAWARE TOWNSHIP (P.O. Camden). Camden County, N. J.BOND OFFERING.
-Margaret W. Ermuth, Township Clerk, will receive
sealed bids until 9 p. m.(daylight saving time) on Aug. 28 for the purchase
of $136,000 5)4% temporary improvement bonds. Dated Aug. 1 1930.
Due as follows; $13,000 from 1931 to 1933 incl.; $16,000 in 1934 and 1935:
$20,000 in 1936: $12,000 from 1937 to 1939 incl., and $9,000 in 1940.
Interest is payable semi-annually. A certified check for 10% of the bid.
Payable to the order of the Township Treasurer, must accompany each
proposal.
-The $13,540,000
-BOND SALE.
DENVER (City and County) Colo.
% coupon (registerable as to principal) 1927 series, municipal water
-were awarded
refunding bonds offered on Aug. 19-V. 131, p. 819, 974
to a syndicate composed of the Harris Trust & Savings Bank, and Halsey,
Stuart & Co., Inc., both of Chicago, The International Co. of Denver,
R. H. Moulton & Co., Los Angeles, Otis & Co., New York, First Union
Trust & Savings Bank. Chicago, E. H. Rollins & Sons, C. F. Childs &
Co., and Emanuel & Co., all three of New York, the Northern Trust Co.,
Chicago, and Stranahan, Harris .St Oatis, Inc. and Rutter & Co., the
latter two of New York, at par plus a Premitim of $460.007, equal to
103.396, a basis of about 4.01%, (average maturity of 23.36 years). The
bonds are dated June 1 1927 and mature annually on June 1 as follows;
1931____$157,000 1941-$240,000 1950__$349,000 1959_-__$508,000
1932--__ 165,000 1942-- 250,000 1951---- 364.000 1960---- 529,000
1933____ 172,000 1943---- 176,000 1952-__- 379,000 1961-- 552.000
1934___- 179,000 1944-_-- 272,000 1953-- 396,000 1962---- 552,000
1935---- 187,000 1945_....- 284,000 1954-- 412,000 1963-- 600,000
1936____ 195,000 1946---- 296,000 1955-- 430,000 1964-- 625,000
1937__-- 203,000 1947-- 308,000 1956.-- 448,000 1965-_-- 652,000
1938-- 212,000 1948-- 321,000 1957---- 467,000 1966-- 680,000
1939-- 221,000 1949-- 335,000 1958__-- 487,000 1967-- 684,000
1940-- - 230,000
BONDS PUBLICLY OFFERED.
-Members of the successful syndicate
are reoffering the bonds for public investment at prices to yield 2.75%
for the 1931 maturity 3.50% for the 1932 maturity; 3.70% for the 1933
maturity; 3.80% for the 1934 maturity; 3.90% for the bonds due from
1935 to 1950 incl., and 3.95% for the bonds due from 1951 to 1967 incl.
The securities are said to be legal investment for savings banks and trust
funds in New York, Massachusetts, Connecticut and other States and not
taxed under the Colorado Personal Property Tax. A detailed statement
of the financial condition of the City and County of Denver appeared in our
issue of Aug. 9. The following are some of the other bids submitted for the
bonds, the split interest rate offers being excluded:
Rate Bid.
Syndicate
Bosworth, Chanute, Loughridge & Co.. Denver; Nat. City Co.,
N. Y.; Bankers Co. of N. Y.; Continental Illinois Co., Chicago;
First Nat. Old Colony Corp., Boston; First Detroit Co., Detroit;
Roosevelt & Son, N. Y.• Kean, Taylor & Co., N. Y.• Dewey,
'
Bacon & Co., N. Y.; Lawrence'Stern & Co., Chicago; Curtis & 102.969
Sanger, Boston; R.W.Pressprich & Co., N.Y
Sidlo, Simons, Day & Co. Denver; Guaranty Co. of N. Y.; Barr
Bros. & Co. Inc., N. Y:; Foreman-State Corp. Chicago; Chatham Phoenix Corp., N. Y. Kountze Bros., N Y.; R. L. Day
& Co., Boston; First Wisconsin Co. Milwaukee' Hannahs,
Bailin & Lee, N. Y.; First Nat. St. amis Corp., N. Y.; Estebrook & Co., Boston; Ames, Emerich & Co., Chicago; Stone and 102.92
Webster & Blodget, Inc., N.Y.; Wallace,Sanderson & Co., N.Y.
Boettcher, Newton & Co., Denver; Chase Securities Corp., N. V.:
A. B. Leach & Co.• Chicago; Mercantlle-Commerce Co. St.
Louis; Wm. J. BatCheider, Los Angeles; American Securities
Co., San Francisco; Wells-Dickey Co., Minneapolis; Hallgarten
& Co., N. Y.•, F. S. Moseley & Co., Boston; B. J. VanIngen &
Co.N. Y.; H. L. Allen & Co., N. Y.; Darby & Co., N. Y.:
Mis's. Valley Trust Co., St, Louis; First Securities Corp., Minh.: 102.916
Pacific National Co., Seattle
United States National Co., Denver; James H. Causey & Co.,
Denver; O'Donnell
-Owen & Co., Denver; Eldredge & Co.. N.Y*;
Geo. B. Gibbon & Co.N. Y.• M. M. Freeman & Co., Inc..
N. Y.; Roger, Caldwell'& Co.,' N. Y.• M. F. Schlater & Co.,
N.Y.; First Nat. Bank, N. Y.: Bancatrierica-Blair Corp.. N. V.;
Smith-Moore & Co., St. Louis; Stern Bros. & Co., Kansas City;
Redman & Co., N. Y.; Phelps Fenn & Co., N. Y,; Schaumberg, 102.839
Redham & Osborne, N. Y
-The White-BOND SALE.
DES MOINES, Polk County, Iowa.
Phillips Co., of Davenport, on Aug. 18 was awarded an issue of $30,000
100.76, a
4)4% airport bonds at par plus a premium of $230, equal to maturefon
basis of about 4.31% The bonds are dated July 1 1930 and
$9.000 in 1937.
July 1 as follows: $7
.
.000 in 1932, 1934 and 1935, and
Interest is payable semi-annually.
-E. J.
DE WITT, Clinton County, Iowa.
-BOND OFFERING.
Quigley, Mayor, is reported to be receiveing sealed bids until Aug. 26 for
the purchase of an issue of $9,000 bonds, the proceeds of which will be
used for city well construction purposes.
-John
DUBOIS COUNTY (P. 0. Jasper), Ind.
-BOND OFFERING.
Seger, County Treasures, will receive sealed bids until 2 P. m. on Sept. 9
for the purchase of $9,450 434% Madison Township road construction
bonds. Dated July 15 1930. Denom. $472.50 o July 15 1931: $472.50
on Jan. and July 15 from 1932 to 1940 incl., and A72.50 on Jan. 15 1941.
DUBUQUE, Dubuque County, Iowa.
-BOND OFFERINO.-City
Treasurer Otto F. Pule will receive sealed bids until 10 a. m. on Aug. 26
for the purchase of the following issue of 4)4% coupon bonds aggregating
$175,000;




[Vou 131.

$115,000 sewer bonds. Due on July 15 as follows; $5,000 from 1938 to
1941 incl.; $10,000 in 1942; 15,000 in 1943; 820,000 in 1944 and
$25.000 in 1945 and 1946. Bids for this issue must be accompanied by a certified check for $1,500.
60,000 impt. fund bonds. Duo on July 15 as follows; $5,000 in 1941:
$10,000 from 1942 to 1945 incl.• $15,0 in 1946. Bids for this
00
issue must be accompanied by '
a certified check for $600.
Each issue is dated July 15 1930. Int. is payable semi-annually. Bonds
are said to be payable from a sufficient ad valorem tax levied upon all of
the taxable property in the City. The approving opinion of Chapman &
Cutler of Chicago as to the validity of the bonds will be furnished to the
successful bidder.
EAST BERLIN SCHOOL DISTRICT, Adams County, Pa.
-BOND
SALE.
-The $7,000 4347 coupon school bonds offered on Aug. 19-V. 131,
0
-were awarded to Harry March of East Berlin, at par plus a premium
p• 820
of $142.50, equal to 102.03. The bonds are dated July 1 1930. Denom.
$500. Due after 1936. Interest is payable in January and July.
-TEMPORARY LOAN.
EASTHAMPTON, Hampshire County, Mass.
-F.S. Moseley & Co. of Boston, on Aug. 20 purchased a $100,000 temporary loan at 2.20% discount. The loan is dated Aug. 20 1930 and is payable
on Nov. 21 1930. Bids for the issue were as follows:
Discount.
er
F. S. Moseley & Co. (purchasers)
2.20
Bank of Commerce & Trust Co
2.25
Faxon, Gade & Co
2.28
Salomon Bros. & Hutzler (plus $1.75)
2.35
Shawmut Corp
2.35
First National Old Colony Corp
2.52
EASTCHESTER (P. 0. Tuckahoe) Westchester County, N. Y.
BOND OFFERING.
-Arthur N. Ferris, Town Clerk, will receive sealed
bids until 8 p. m. (daylight saving time) on Sept. 3 for the purchase of
$230,000 not to exceed 6% interest coupon or registered Midland Ave.
drain improvement bonds. Dated Sept. 1 1930.
$1,000. Due
on Sept. 1 as follows:$6,000 in 1931 and $8,000from 1932 to 1959 incl. Rate
of interest to be expressed in a multiple of
or 1-10th of I%• Principal
and semi-annual interest (March and September) payable at the First
National Bank & Trust Co., Tuckahoe. A certified check for 2% of
the amount of bonds bid for, payable to the order of the Town Treasurer.
must accompany each proposal. The approving opinion of Hawkins,
chaserelw
Delafi d
ehargw, of New York City, will be furnished to the purgf lloe.
e
ithouta
& La
Financial Statement.
Valuations
$95,000,000
-Actual valuation, 1930, estimated
Assessed valuation, real estate and special franchise, 1929--- 84,273,199'
Debt
-Total bonded indebtedness, incl. this issue
1 442,031
None
Water district bonds, included above
Sewer district bonds, included above
413,480
280,300
Certificates of indebtedness, not included above
Population, 1920 Federal census, 9,372; 1925, State census, 12,976;
1930, Federal census, 20,113.
EAST CHICAGO, Lake County, Ind.
-The $500,000
-BOND SALE.
-were awarded
5% water works bonds offered on Aug. 8-V. 131. P. 665
to Eldredge & Co., of New York, at par plus a premium of $3,500 equal
to 100.70, a basis of about 4.93%. The bonds are dated Nov. 1 1929
and mature on Nov. 1 as follows: $20,000 in 1935; $21,000 in 1936: $22,000
In 1937;$24,000 in 1938; $26.000 in 1939; $28,000 in 1940; $30,000 in 1941:
$32,000 in 1942; $35,000 in 1943; $37,000 in 1944; $40,000 in 1945, $43,000
in 1946; $45,000 in 1947; $47,000 in 1948; $50,000 in 1949: Callable at 103
In inverse numerical order, on any interest date, upon 60 days' published
notice.
-BOND SALE.ECORSE TOWNSHIP, Wayne County, Mich.
Stranahan, Harris & Oatis, Inc., of Detroit have purchased an issue of
$371,500 6% coupon, registerable as to principal, water bonds. Dated
July 15 1930. One bond for $500. all others for $1,000. Due on July 15
as follows: $74,000 from 1931 to 1934, incl., and $75,500 in 1935. Prin.
and semi-ann. int.(J.& J. 15) payable at the American State Bank, Detroit.
Legality approved lay Miller, Canfield, Paddock & Stone, of Detroit. The
bonds are being offered for public investment priced to yield from 4.00
to 4.50%, according to maturity.
Financial Statement.
$51,892,967
Assessed valuation (1930)
401.500
Total bonded debt (including this issue)
Population (1920 Census), 22.911. Population (1930)Census, 23.952.
-The $225,000
EDDYSTONE, Delaware County,Pa.
-BOND SALE.
4X% coupon borough bonds offeredi on Aug. 9-V. 131, p. 665
-were
awarded to the Delaware County Trust Co. of Chester at par plus a premium
of $4,567.50, equal to 102.03, a basis of about 4.10%. The bonds are
dated July 1 1930 and mature on July 1 as follows; $20,000 In 1935:$25,000
in 1940: &30,000 in 1945; $40,000 in 1950; $50.000 in 1955 and $60,000 in
1960. Bids for the issue were as follows;
Premium.
$4,567.50
Delaware County Trust Co. (purchaser)
1,775.25
Delaware County National Bank, Chester
A. B. Leach & Co., Philadelphia
990.00
-BOND SALE. The
ELKHART COUNTY (P. 0. Goshen), Ind.
$24,000
bridge construction bonds offered on August 29-V.
% coupon
131, p. 974
-were awarded to the City National Bank, of Goshen, at par
plus a premium of $285.10, equal to 101.18, a basis of about 4.26%• The
bonds are dated August 15 1930 and mature $1,200 on May and Nov. 15
from 1931 to 1940, incl. Bids received were as follows:
Premium.
BidderCity National Bank (Purchaser)
$285.10
Salem Bank & Trust Co., Goshen
281.00
City Securities Corp., Indianapolis
101.00
-BOND OFFERING.ERIE COUNTY (P. 0. Sandusky), Ohio.
Lester E. Curtis, Clerk of the Board of County Commissioners, will receive
sealed bids until 1 p. m. on Sept. 4 for the purchase of $4,200 5% bridge
bonds. Dated Sept. 1 1930. Denom. $20. Due $420 on Sept. 1 from
1931 to 1940 incl. Interest is payable semi-annually. Bids for the bonds
to bear interest at a rate other than 5% will also be considered, provided,
however, that where a fractional rate is bid such fraction shall be g of 1%
or a multiple thereof. A certified check for 5% of the amount bid must
accompany each proposal.
FALLOWFIELD TOWNSHIP (P. 0. Van Voorhis), Washington
County, Pa.
-BONDS OFFERED.
-Earl Beazell, Township Secretary,
received sealed bids until 8 p. m.on Aug. 21 for the purchase of an issue of
$30.000 434 h bonds. Dated July 1 1930. Denom. $1,000. Due $5.000
on July 1 from 1935 to 1940 incl. Int. Is payable in Jan. and July. Sale
of the bonds is said to have been approved by the State Department of
Internal Affairs. Legality approved by Burgvrin, Scully & Burgwin of
Pittsburgh.
FERGUS COUNTY SCHOOL DISTRICT NO.85 (P.O. Lewistown),
Fergus County, Mont.
-BOND SALE.
-The $2,000 issue of school bonds
offered on Aug. 1-V. 131, P. 307
-was awarded at a price of par to the
Commissioner of State Lands.
-John J.
FALL RIVER, Bristol County, Mass
.-LOAN OFFERED.
Quirk, City Treasurer, received sealed bids until 11
m. (daylight saving
time) on Aug. 22 for the purchase at discount of a $500,000 temporary loan.
Dated Aug. 22 1930. Denoms. to suit purchaser. Payable on March 16
1931. Legality approved by Ropes, Gray, Boyden & Perkins of Boston.
-Jay F.
-BOND OFFERING.
FERNDALE, Oakland County, Mich.
Gibbs, City Manager,will receive sealed bids until 2 p. m.(Eastern standard
time) on Aug. 26 for the purchase of the following issues of not to exceed
534% int. bonds aggregating $40,500;
$32,000 special assessment paving bonds. Payable as follows: $3,000
from 1932 to 1939 incl. and $4,000 in 1940 and 1941.
8,500 special assessment water and sewer bonds. Payable as follows:
$500 in 1931; $1,000 from 1932 to 1939 Incl.
Each issue is dated Aug. 1 1930. Int. is payable semi-annually. Successful bidder to pay for the printing of the bonds, but the approving opinion
of Miller, Canfield, Paddock & Stone of Detroit will be furnished by the
City. A certified check for $500, payable to the order of the City Treasurer,
must accompany each proposal.
FLINT, Genesee County, Mich.-BOIVD OFFEBING.-Ned J. Vermilya, City Clerk, will receive sealed bids until 2 P. m. (Eastern standard
time) on Sept. 4 for the purchase of $275,000 not to exceed 5% interest
storm sewer and sanitary trunk sewer bonds. Dated Sept. 1 1930. Due
on Sept. 1 as follows: $20.000 in 1931:$15,000 from 1932 to 1944 incl., and

AUG. 23 1930.]

FINANCIAL CHRONICLE

$10,000 from 1945 to 1950 incl. Rate of interest to be expressed in a multiple of 3,4 of 1%. Award is to be made on an interest cost basis. Prin.
and semi-ann. int. payable at the Chase National Bank, New York. A
certified check for $2,000, payable to the order of the City, must accompany
each proposal. The City will pay for the printing and delivery of the bonds;
successful bidder to pay for the approving opinion of Chapman & Cutler
of Chicago.
-BOND SALE.
-The $35,000
FLORAL PARK, Nassau County, N. Y.
-were awarded as
fire house bonds offered on Aug. 19-V. 131. p. 975
4.408 to George B. Gibbons & Co., Inc of New York, at 100.279, a basis of
about 4.36%. The bonds are dated Sept. 1 1930 and mature on Sept. 1
as follows: $1,500 from 1931 to 1940 incl., and $2,000 from 1941 to 1950 incl.
-BOND OFFERING.
FRANKLIN COUNTY(P.O. Brookville), Ind.
Thomas F. Wilson, County Auditor, will receive sealed bids until 10 a. m.
on Sept. 12 for the purchase of $24,000 434% bonds. Dated July 7 1931.
Denom.$300. Due $600 on May and Nov. 15 from 1931 to 1949 incl. and
$1.200 on May 15 1950. Int. is payable semi-annually on May and Nov.
15. The offering notice says: Assessment for the purpose of providing
revenue with which to pay said bonds and int, which accrues thereon
will be provided by levying a tax against the taxpayers of Franklin County,
Ind., as provided by law. Valuation of net taxables at last assessment,
$17,200,000. Present county indebtedness, including this issue, $99,500.
FRANKLIN COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 1
-BOND SALE.
-The $75,000 issue of school
(P. 0. Apalachicola), Fla.
bonds for which the only bid received on April 7, a price of 90 offered by a
-Is reported to have been
local investor, was rejected-V. 130, p. 2625
subsequently sold on June 18 at a price of par to E. S. Teague of Apalachicola. The bonds are dated Sept. 1 1929 and mature $3,000 on Sept. 1
from 1932 to 1956 incl.
FREDERICKSBURG INDEPENDENT SCHOOL DISTRICT (P. 0.
-BOND SALE.
Fredericksburg), Gillespie County, Tex.
-The $50,000
Issue of 5% school bonds offered on Aug. 15-V. 131, p. 510
-was awarded
at a price of par to the Brown-Crummer Co. of Wichita. The bonds mature
annually as follows: $500 from 1931 to 1940 incl.; $1,000 from 1941 to 1955
Incl., and $2,000 from 1956 to 1970 incl.
FREDERICKSBURG INDEPENDENT SCHOOL DISTRICT (P. 0.
Fredericksburg), Gillespie County, Tex.
-BONDS REGISTERED._
We are informed that an issue of $50,000 5% school bonds was registered
on Aug. 15 by the State Comptroller. The bonds are in $500 denominations
and mature serially.
FREMONT COUNTY SCHOOL DISTRICT NO. 14 (P. 0. Brook-Sealed bids addressed to the County
side), Colo.
-BOND OFFERING.
Clerk will be received until Aug. 25 for the purchase of $10,000 refunding
bonds. Rate of interest to be suggested in proposal. Denom. $1,000.
The bonds mature annually on Oct. 1 from 1931 to 1940 inclusive. Legal
opinion of Pershing, Nye, Talmadge, Bosworth & Dick, of Denver.
FURNAS COUNTY (P. 0. Beaver City), Neb.-BONDS DEFEATED.
-A proposal to issue $200,000 in bonds to finance the construction of a
new court house building was defeated by a vote of 2,214 to 1,297 at an
election held recently.
GARFIELD HEIGHTS, Mahoning County, Ohio.
-BOND SALE.
The $19,237.91 coupon special assessment improvement bonds offered on
-were awarded as 5s to the Davies-Bertram Co.,
Aug. 16-V. 131, p. 820
of Cincinnati, at par plus a premium of $166, equal to 100.86, a basis of
about 4.81%. The bonds are dated Sept. 1 1930 and mature on Oct. 1
as follows: $1,237.91 in 1932, and $2,000 from 1933 to 1941 incl. Bids
for the issue were as follows:
Int. Rate
BidderAmt. Bid.
57
Davies-Bertram Co. (purchaser)
$19,403.91
57
Bohmer, Reinhardt & Co., Cincinnati
19,386.04
& Co., Toledo
57
Spitzer, Rorick
19;383.91
54
Mitchell, Herrick & Co., Cleveland
19,368.91
Guardian Trust Co., Cleveland
19,301.91
er
5
Seasongood & May, Cincinnati
19,288.91
54
Banc Ohio Securities Co., Columbus
19,287.31
5%
Ryan, Sutherland & Co.. Toledo
19,278.91
Weil, Roth & Irving Co., Cincinnati
531%
19,271.91
53 '%
,
/
Otis & Co., Cleveland
19.239.91
-BOND OFFERING.GATES MILLS, Cuyahoga County, Ohio.
B H swim, Village Clerk, will receive sealed bids until 12 m. on
. .
Sept. 6
for the purchase of $187,500 6% special assessment impt. bonds. Dated
Sept. 1 1930. One bond for $500, all others for 31.000. Due on Oct. 1
as follows; $16,500 in 1932 $19,000 from 1933 to 1941 Incl. Int. is
semi-annually in April and Oct. A certified check for 2% of the payable
of bonds bid for, payable to the order of the Village Treasurer, mustamount
accompany each proposal.
GEARY, Blaine County, Okla.
-BOND ,SALE.
-The following issue
s
of bonds aggregating $77,000 which were unsuccessfully offered on July 1_
-are reported to have been subsequently sold on August 8,
V. 131, p. 307
Purchaser not disclosed:
$40.000 water works system bonds. Due $2,000 annually from 1933 to
1952, inclusive.
37,000 sanitary sewer bonds. Due annually from 1933 to 1952,inclusive.
GERRISH-HIGGINS TOWNSHIP SCHOOL DISTRICT (P. 0.
-BOND SALE.
Roscommon), Roscommon County, Mich.
-The $50,000
coupon school bonds offered on Aug. 18-V. 131, p. 1131-were awarded
as 53s. at a price of par, to the lianchett Bond Co. of Chicago. The
bonds mature annually as follows: $1,000 in 1931 and 1932; $1,500 from
1933 to 1935 incl.; $2,000 from 1936 to 1939 incl.; $2,500 from 1940 to
1943 incl.; $3,000 from 1944 to 19.16 incl.; 33.500 in 1917; $4.000 in 1948;
$4,500 in 1949 and 1950.
GILMER INDEPENDENT SCHOOL DISTRICT (P. 0. Gilmer),
Upshur County, Tex.
-BONDS REtHSTEIIED.-An issue of $25,000
5% school bonds was registered by the State Comptroller on Aug. 11.
The bonds are in denoms. of $1.000 and $100 and mature serially.
The State Board of Education is reported to have subsequently purchased the bonds at a price of par.
GIRARD, Trumbull County, Ohio.
-BOND SALE.
-The $13.600
water mains extension bonds offered on July 29-V. 131. p. 666
-were
awarded as 5s to Ryan, Sutherland & Co.,of Toledo, at par plus a premium
of $57, equal to 100.41, a basis of about 4.83%. The bonds are
dated
July 1 1930 and mature 82,720 annually from 1931 to 1935 inclusive.
GRAND HAVEN, Ottawa County, Mich.
-BOND ELECTION -A
Proposal calling for the issuance of $200,000 in bonds to finance the Construction of a sewage disposal plant will appear on the ballot
for consideration at an election to be held on Sept. 1.
GRANITE COUNTY SCHOOL DISTRICT NO. 11 (P. 0. Drum-BOND OFFERING.
mond), Mont.
-Sealed bids addressed to
Cummings, District Clerk, will be received until 8 P. m. on Sept. H. T.
the purchase of $20,000 not to exceed 6% interest school bonds. 10 for
Due
serially in 10 years. Interest is payable semi-annually. A certified check
for $1,000 must accompany each proposal.
GRAYSON SCHOOL DISTRICT (P. 0. Modesto), Stanislaw,
-BONDS REOFFERED.
-We learn that the
County, Calif.
issue of 5% school bonds originally scheduled to have been sold on$21,000
Au 12
131, p. 1131-was reoffered for award at 11 a. m. on Aug. 20. The
bonds are dated Aug. 12 1930. Due annually as follows: $1,000 from 1931
to 1937, incl., and $2,000 from 1938 to 1944. incl.
GREECE(P.O. Rochester), Monroe County, N. Y.
-BOND SALE.The Union Trust Co. of Rochester, recently purchased an issue of 325.000
5;1% street impt. bonds at a price of 100.629.
GREEN RIVER, Sweetwater County, Wyo.-BOND
Sealed bids addressed to C. C. Horton, Town Clerk, will beOFFERING.8 p. m. on Sept. 2 for the purchase of $60,000 6% coupon received until
Denomination $1,000. Interest is payable semi-annually. sewer bonds.
are said to have been approved at an election held on May 14These bonds
1929.
GREENVILLE, Hunt County, Tex.
-BOND SALE.
issues of bonds aggregating $25,000 offered for sale on -The following
Aug. 15,-V. 131,
P. 1131-were awarded to the Dallas Union Trust Co., Dallas, at par plus
a premium of $200, equal to 100.80, a basis of about 5.27%:
$15,000 5% school bonds. Dated June 1 1930. Due $1,000 annually
from 1946 to 1960 incl.
5,000 534% street impt. bonds. Dated May 1 1930. Due $1,000 annually from 1941 to 1945 incl.
% street maintenance bonds. Dated April 1 1930. Due
5,000
annually from 1936 to 1940 incl.

ELM




1291

The successful bidders also agreed to furukh printed bonds and pay
for the opinion as to the validity of the bonds. Bertha Holbrook, City
Clerk, furnished us with the following list of the bids received;
BidderPremium.
Dallas Union Trust Co. (purchaser)
$200
Hanchett Bond Co.. Chicago
150
Dallas Bank & Trust Co., Dallas
25
Bosworth, Chanute, Loughridge & Co., Denver
xPar
x City to pay bidder $225 for services, also to furnish bonds and legal
opinion.
GREENVILLE SCHOOL DISTRICT, Greenville County, So. Caro,
-BOND OFFERING.
-B. M. Blythe, Chairman of Board of'Frustees, will
receive sealed bids until 12 m. on Aug. 26 for the purchase of $204,000 not
to exceed 5% int, coupon school bonds. Dated Sept. 1 1930. Denom.
$1,000. Due $17,000 on Sept. 1 from 1931 to 1942 incl. Principal and
semi-annual interest (March and September) payable in New York. A.
certified check for 1% of the amount of bonds bid for, payable to the order
of the above
-mentioned Chairman, must accompany each proposal. The
approving opinion of Storey, Thorndike, Palmer & Dodge, of Boston,
will be furnished to the purchaser.
Description of the District.
The School District of the City of Greenville embraces an area of 10%
sq. m., and has a population of 35,938. Its assessed valuation for 1929 was
$11,147,560 and its actual valuation is probably in excess of $250,000,000.
The total bonded debt including this block of 8204,000 is 8955,000. Against
this the District has a sinking fund which is in excess of $350,000 in cash
and securities, &c. The district has no floating debt not covered by this
issue and has an exceptional record for meeting its obligations promptly.
The present tax rate is 8% mills for bonds. Full power to levy taxes for
bond purposes is vested in the Board of Trustees.
Bonds Outstanding July 1 1930.
$745,000
Bonds outstanding
204,000
This issue
Total bonded debt
Less sinking fund
Net debt

3949,000
350,000

8599.00n

-BOND SALE.
GRUNDY COUNTY (P.O. Grundy Center), Iowa.
The $140,000 primary road bonds offered on Aug. 15-V. 131, P. 666
were awarded as 43is to the Fidelity Savings Bank, of Marshalltown, at
par plus a premium of $741, equal to 100.529, a basis of about 4,435%.
The bonds are dated Sept. 1 1930 and mature $14,000 on May 1 1936 to
1945 incl. Optional after May 1 1936.
BOND SALE.
-The White-Phillips Co., of Davenport, is reported to
have purchased on the same day an issue of $60,000 refunding bonds as
4s at par plus a premium of $55, equal to 100.09.
-NOTE
GUILFORD COUNTY (P. 0. Greensboro), No. Caro.
SALE.
-The $400,000 issue of revenue anticipation notes offered on Aug.
15-V. 131, p. 1131-was awarded as 330 to M. M.Freeman & Co., Inc.,
of New York, at par plus a premium of $11. The notes are dated Aug. 15,
1930 and mature on Jan. 311931.
-BOND OFFER.HAMILTON COUNTY (P. 0. Noblesville), Ind.
ING.-Clyde Pectijohn, County Treasurer, will receive sealed bids until
10 am. on Aug. 25, for the purchase of $2,200 434% Herbert G. Wheeler
St al., Washington Township road improvement bonds. Dated Aug. 15,
1930. Denom. $110. Due $110 on July 151931; 3110 on Jan. and July 15
from 1932 to 1940, bid., and 3110 on Jan. 15 1941. Interest is payable
semi-annually on Jan. and July 15.
-TO PURCHASE BONDS.HAMTRAMCK, Wayne County, Mich.
The City Council is reported to have voted recently to purchase $13,000,
5% refunding bonds as an investment for the police and firemen's pension fund.
-BOND OFFERING.
HANCOCK COUNTY (P. 0. Ellsworth), Me.
H. B. Moor, Chairman of the Board of County Commissioners, will receive
sealed bids until 10 a. m. (Standard time) on Sept. 9 for the purchase of
3150,0004% coupon court house bonds. Dated Oct. 11930. Due annually
as follows: $7,000 from 1931 to 1940incl. and 38,000 from 1941 to 1950ind.
Prin. and semi-ann. Int. (A. & 0.) payable at the Union Trust Co., Ellsworth.
Financial Statement.
,
$29897.871
Assessed valuation taxable property
183,030
Bridge loans outstanding
Populatio: 30,361.
Iowa.
-BOND SALE.
-The
HARDIN COUNTY (P. 0. Eldora),
-were
$500,000 primary road bonds offered on Aug. 15-V. 131.„__p. 667
awarded as 434s to Stern Bros. & Co.. and the Prescott, Wright, Snider
Co., both of Kansas City, jointly, at par plus a premium of $2,250. equal
to 100.45, a basis of about 4.445%. The bonds are dated Sept. 1 1930
and mature 850,000 on May 1 from 1936 to 1945 incl. Optional after
May 1 1936. Bids were also submitted by Glaspell, Vieth & Duncan,
George M. Bechtel & Co., the White-PhillIps Co., and the Carleton D.
Beh Co.. all of Davenport.
HARNEY COUNTY SCHOOL DISTRICT NO.30(P.O. Burns),Ore.
-Bert B. Kromer, District Clerk, will receive sealed
-BOND OFFERING.
bids until 7 p. m.on Aug. 25 for the purchase of 840,0006% school bonds.
Denom. $1,000. Due Jan. 1 as follows: $2,000 from 1932 to 1949. incl.,
and $4,000 in 1950. Principal and semi-annual interest (Jan. and July)
payable at the office of the County Treasurer or at the fiscal agency of the State in New York City. Successful bidder to furnish printed bonds.
A certified check for 5% of the face value of the bonds bid for, payable to
the order of the District Clerk, must accompany each proposal.
-BOND OFFERING.
HARRISON COUNTY(P.O. Corydon),Iowa.
John K. Morris, County Treasurer, will receive sealed bids until 10 a. m.
on Sept. 3 for the purchase of $14,090 434% gravel road construction
bonds. Dated Sept. 3 1930. Denom. $352.25. Due $352.25 on July
31 1931; $352.25 on Jan. and July 15 from 1932 to 1950 inclusive, and
$352.25 on Jan. 15 1951. A certified check for 3% of the amount of the
bid must accompany each proposal.
-BOND OFFERING.
-Arthur T.
HAVERILL, Essex County, Mass.
Jacobs, City Treasurer, will receive sealed bids until 11 a. m. (daylight
Aug. 26 for the purchase of the following issues of 4%
saving time) on
coupon bonds aggregating $200,000:
$150,000 macadam bonds. Due 830,000 on Aug. 1 from 1931 to 1935,incl.
50,000 water main bonds. Due $5,000 on Aug. 1 from 1931 to 1940. incl.
Each issue is dated Aug. 11930. Denom. $1,000. Principal and semiannual interst (F. & A.) payable at the First National Bank, of Boston,
under whose supervision the bonds will be engraved. Legality to be approved by Ropes. Gray, Boyden & Perkins, of Boston.
Financial Statement, August 18 1930.
1567 961385.00
Net valuation for year 1929
Debt limit
1,686,688.00
Total gross debt, including these issues
1,474,000.00
$290,000.00
Exempted debt; Water bonds
461.500.00
Other bonds
Sinking funds for debts within debt limit__ 6,500.00 '758.000.00
Net debt
$716,000.00
$970,688.00
Borrowing capacity
15.500.00
Sinking funds for debts outside debt limit
HAZLE TOWNSHIP SCHOOL DISTRICT(P.O.Hazleton),Luzerne
-The $70.000 5% coupon school bonds for
-BOND SALE.
County, Pa.
-are reported to have
which no bids were received on July 7-V.131,P.308
since been sold at a price of par to the Hazleton National Bank. The bonds
are dated July 1 1930 and mature on July 1 as follows: $3,000 in 1935
and 1936; 84,000 in 1937 and 85.000 from 1938 to 1949 incl.
-BOND SALE.
HEMET, Riverside County, Calif.
-The Elmer J.
Kennedy Co., of Los Angeles, purchased at private sale on July 7 an issue
of $18,000 534% coupon improvement bonds at par plus a premium of
$75, equal to 100.41. a bwis of about 5.37%. The purchasers also agreed
to furnish blank bonds. The securities are dated Aug. 1 1930. pouuru.
$1.000. Due $3,000 on Aug. 1 from 1931 to 1936 incl. Int, is payable in
February and August. Bonds carry no option of redemption prior to maturity date.
HOLDENVILLE, Hughes County, Okla.
-BOND ELECTION.
-At
an election to be held on Aug. 26 the voters will be asked to sanction the
Issuance of $225,000 water system bonds. Only a short time ago, according

1292

FINANCIAL CHRONICLE

to report, the voters approved the sale of $75,000 sewer, storm sewer and
water main bonds.
-BOND OFFERING.-Nellle
HOT SPRINGS,Sanders County, Mont.
Hood, Town Clerk, will receive sealed bids until 8 p. m. on Sept. 25 for
the purchase of $15,000 not to exceed 6% interest water bonds. Dated
July 1 1930. The following information regarding the issue is taken from
the offering notice: Said bonds shall be of two classes or kinds: the first
choice of the Town Council being amortization bonds wnerein a part of the
principal is required to be paid each time interest becomes due and payable,
and which part payment on the principal increases at each succeeding
installment In the same amount that the interest payment decreases; the
second choice of the Town Council being serial bonds, which serial bonds
-year period
shall be in the denomination of $350 each payable during the 20
at the rate of $700 each year, $350 on the first day of Jan. and $350 on the
first day of July each year. In considering bids for various classes of bonds,
the Town Council shall take into account the interest offered or demanded,
also interest on the sinking fund for the payment of serial bonds, together
with every circumstance affecting the total cost of the bonds when paid in
full. Principal and interest payable at the Town Treasurer's office, or at
some place designated by the purchaser. Enclose a certified check for 3%
of the amount bid, payable to the Town Treasurer.
HOT SULPHUR COUNTY (P. 0. Thermopolis), Wyo.-BOND
-A group composed of the United States National Co., Sidle,
SALE.
reported to
Si1110101 & Day, and KramlIch, Reed & Co., all of Denver. is
have recently purchased an issue of $110,000 5% high school district
refunding bonds at a price of 100.64, a basis of about 4.90%. The bonds
mature on July 1 as follows: $7,000 from 1931 to 1945 inclusive, and $5,000
in 1946; optional after 1940.
-BOND ELECHOUGHTON COUNTY (P. 0. Houghton), Mich.
-At an election to be held on Sept. 9 the voters will be asked to
TION.
opinion as to the advisibility of bonding the county for an
express their
additional *300,000, the proceeds of the issue to be used for the construction
of.a sanitorium.
-OFFER $620,000
HUDSON COUNTY (P. 0. Jersey City), N. J.
-George B. Gibbons & Co., Inc. of New York, are offering
BONDS.
% coupon or registered bonds for public investment at prices
$820,000
ranging from 102.63 for the 1938 maturity to 105.19 for the 1£49 maturity.
yielding 4.10% for the all maturities. The bonds are dated May 15 1930
and mature on May 15 from 1938 to 1949, incl. They are stated to be
legal investment for savings banks and trust funds in New York, New
Jersey and Pennsylvania.
Assessed valuation 1930
Total debt
Less sinking funds

81,246,664.372
32,663,079
4,252,595

$28,410,484
Not debt
Population 1930 U. S. Census, 667,501.
SCHOOL DISTRICT NO. 2 (P. 0.
HYDE PARK UNION FREE
-BOND OFFERING-Walter
Staatsburg), Dutchess County, N. Y.
A. Cronk, District Clerk, will receive sealed bids until 11 a. m. (daylight
saving time) on Sept. 6. at the office of Harry C. Barker. 54 Market St.,
Poughkeepsie,for the purchase of$150,000 not to exceed 6% interest coupon
Denom.
or registered school building bonds. Dated Oct. 11930.interest to$1,000.
be exDue $5,000 on Oct. 1 from 14'31 to 1960 incl. Rate of
in a multiple of K, or 1-10 of 1% and must be the same for all of the
pressed
and October) payable
bonds. Principal and semi-annual interest (April
certified
at the Farmers & Manufacturers National Bank. Poughkeepsie. A must acchock for $3,000, payable to IT. M. Russell. District Treasurer,& Vandecompany each proposal. The approving opinion of Clay, Dillon
water, of New York, will be furnished to the purchaser.
-The $65,000
-BOND SALE.
INDIANAPOLIS, Marion County, Ind.
4% issue No. 1 city hospital bonds of 1930 offered on Aug. 19-V. 131,
Harris Trust & Savings Bank, of Chicago,
-were awarded to the
P. 976
at par plus a premium of $353, equal to 100.52. a basis of about 3.44% •
as follows; $3,000
The bonds are dated Sept. 1 1930 and mature on July 1 incl.
from 1932 to 1946, incl., and $4.000 from 1947 to 1951.
-The $175,-BOND SALE.
IOWA COUNTY (P. 0. Marengo), Iowa.
000 primary road bonds offered on Aug. 19-V. 131, p. 667-were awarded
$710,
to the White-Phillips Co., of Davenport, at par plus a premium of dated
equal to 100.40. Rate of interest not stated. The bonds are
$17,000 from 1936 to 1944,
Sept. 1 1930 and mature on May 1 as follows:
inclusive, and $22,000 in 1945. Optional after May 1 1936.
The following is a list of the bids submitted for the issue:
Premium.
White-Phillips Co. (purchaser)
700
George M. Bechtel & Co
705
Glaspell, Vieth & Duncan
535
Carleton D. Beh Company
-The
-BONDS REOFFERED.
IRONDALE, Jefferson County, Ala.
have
$11,000 6% series A street improvement bonds originally scheduled to P.m.
-are being reoffered for award at 8
been sold on July 8-V.131. P. 149
on Sept. 2. Sealed bids for the issue should be addressed to C. B. Mc Danal,
follows:
Mayor. The bonds are dated July 1 1930 and mature on July 1 as payable
$1,000 from 1931 to 1939, incl., and $2.000 in 1940. Interest is offer.
semi-annually. A certified check for $500 must accompany each
-BOND OFFERING-W. P.
JACKSON, Jackson County, Ohio.
on Sept. 6 for
Turner, City Auditor, will receive sealed bids until 12 M.bonds. Dated
the purchase of $20,000 534% sewage disposal improvement
July 1 1930. Denom. $500. Due $1,000 on Oct. 1 from 1931 to 1950,
Bids for the
incl. Interest is payable semi-annually in April and Oct. be considered,
bonds to bear interest at a rate other than 534% will also fraction shall
fractional rate is bid such
provided, however, that where a
no 34 of 1% or a multiple thereof. A certified check for 3% of the amount
of bonds bid for, payable to the order of the City Treasurer, must accompany each proposal.
-BONDS REGJEFFERSON COUNTY (P. 0. Beaumont), Tex. issue of $157,ISTERED.
-The State Comptroller on Aug. 13 registered an
500 5% bridge bonds. Denominations 81.000 and $500. Due serially.
connection
JACKSON, Teton County, Wyo.-PURCHASER. In
a sale of
with the notice in our issue of Aug. 2-V. 131, p. 821-relative to was sold
$20,000 5% water bonds at a price of par, we laern that the issue mature
to the Jackson State Bank. The bonds are in $1,000 donoms. and
In 30 years.
0. BeauJEFFERSON COUNTY NAVIGATION DISTRICT (P. 5% bonds,
-An issue of $35,000
mont), Tex.
-BONDS REGISTERED.
the State Comptroller.
maturing serially, was registered on Aug. 13 by
Denom. $1,000.
-The $80.000
-BOND SALE.
JOHNSTOWN, Fulton County, N. Y.
coupon or registered paving bonds offered on Aug. 18-V. 131. P. 821-were
awarded as 4345 to Rutter & Co. of New York, at par plus a premium of
3562, equal to 100.70, a basis of about 4.16%. The bonds are dated Juno
1 1930 and mature $4,000 on June 1 from 1931 to 1950. incl. A detailed
statement showing the financing condition of the City as of July 22 1930
appeared in our issue of Aug. 2.
-OFFER $1,261,000 WATER
KEARNY, Hudson County, N. J.
are offering
BONDS.-Stranahan. Harris & Oatis, Inc. of New York, investment
water bonds for public
$1,261,000
% coupon or registered
Priced to yield 4.30%. The bonds are dated June 15 1930, mature serially
on June 15 from 1941 to 1970, inclusive, and are said to be legal investment
for savings banks and trust funds in the States of New York and New
Jersey.
Financial Statement.
(As furnished by the Town Clerk as of June 1 1930).
$91.894.423
Assessed valuation 1930
14,191,737
Total bonded debt (including this issue)
$6,814,000
Less: Water debt
1.309.144
Sinking funds
8,123,144
Netdebt___________________ $6,068,593
Population. 1920 Census, 26,724; 1930 Cens_us. 40,565.
KALAMAZOO SCHOOL DISTRICT (P. 0. Kalamazoo) Kalamazoo
County, Mich.
-BOND OFFERING.
-fl. W. Anderson. Secretary of the
Board of Education, will receive sealed bids until 7 p.m. on Aug. 25. for
the purchase of 8455,000434 or 434% school bonds. Dated Sept. 15 1930.




[Vol.. 131.

Denom. $1,000. Due on Sept. 15 as follows: 850.000 from 1931 to 1937,
incl.. $60,000 in 1938, and $45,000 in 1939. Bids must be submitted for the
bonds to bear interest at 4ki% and
%. Further information may be
had by communicating with the above
-mentioned Secretary. at 306 East
Lovell St., Kalamazoo.
-The
-BOND SALE.
KEOKUK COUNTY (P. 0. Sigourney), Iowa.
-were
$313,000 primary road bonds offered on Aug. 19-V. 131, p. 667
awarded to George M. Bechtel & Co., of Davenport, as 4345, at par plus
a premium of $1,570. equal to 100.501. a basis of about 4.40%. The
bonds are dated Sept. 1 1930 and mature on May 1 as follows; $31.000
from 1936 to 1944. incl.. and &34,000 in 1945. Optional after May 11936.
KIPP SCHOOL DISTRICT NO. 8 (P. 0. Kipp), Saline County,
Kan.
-BOND OFFERING-Frank Tramble, District Clerk, will receive
sealed bids until Sept. I for the purchase of an issue of $45.000 high school
bonds. Dated Sept. 1 1930. Due in 20 years. Interest Is payable semiannually. These bonds are said to have been authorized by a vote of 159
to 74 at an election held on July 24, this year.
KNOXVILLE, Knox County, Tenn.
-OFFER $18,000 431% BONDS.
-The Harris Trust & Savings Bank of Chicago, is offering a block of $18,000 431% coupon or registered park bonds for public investment at prices
ranging from 101.32 for the 1934 maturity to 106 for the 1955 maturity,
all bonds priced to yield 4.35%. The securities in the opinion ofthe bankers
are eligible as security for Postal Savings Deposits. They are part of an
issue of $100,000 awarded on May 20 at 102.05, a basis of about 4.56%•
-V.130, P. 3758.
Financial Statement (As Officially Reported.)
Real value of taxable property, estimated
$235,000,000
Assessed valuation for taxation
154,80
22,949,945
Total debt (this issue included)
Lees: Water debt
$4,959.362
Sinking fund
936.897
Net debt
17,053,686
Population, estimated. 105.300; 1920 Census, 77,818.
* Knoxville has no separate school or other district debt.
-BOND OFFERING.
KOSCIUSKO COUNTY (P.O. Warsaw), Ind.
Leonard H. Huffer, County 'treasurer, will receive sealed bids until 2p. m.
on Sept. 5 for the purchase of $15,200 434% Carl Myers et al., Harrison
Township road irnpt. bonds. Dated Aug. 15 1930. Denom. $760. Due
$760 on July 15 1931 $760 on Jan. and July 15 from 1932 to 1940 incl. and
$760 on Jan. 15 1941. Int. is payable semi-annually on Jan. and July 15.
-Braun,
LAPEER COUNTY (P. 0. Lapeer), Mich.
-BOND SALE.
Bosworth & Co. of Toledo, recently purchased an issue of $102,400 5%
road bonds at par plus a premium of $2,111,equal to 102.06. The following
is a list of the bids submitted for the issue:
Bidder
Rate Bid.
Braun, Bosworth & Co. (purchasers)
102.06
101.39
First Detroit Co.. Detroit
101.33
Stranahan, Harris & Oatis, Inc., Toledo
100.76
Bumpus & Co., Detroit
-BOND SALE.-Estabrook
LEXINGTON, Middlesex County, Mass.
& Co. of Boston on Aug. 20 purchased an issue of 815,000 4% sewer construction bonds at 100.568, a basis of about 5.80%. The bonds are dated
Sept. 1 1930 and mature annually from 1931 to 1935, inclusive. Bids for
the issue were as follows;
Rate Bid.
Bidder100.568
Estabrook & Co. (purchasers)
100.56
Harris, Forbes & Co
100.49
First National Old Colony Corp
100.138
Lexington Trust Co
-LOAN OFFERING.
LEOMINSTER, Worcester County, Mass.
Sealed bids addressed to Charles D. Harnden, City Treasurer, will be received until 11 a. m. (daylight saving time) on Aug. 26 for the purchase at
discount of a $100,000 temporary loan. Dated Aug. 27 1930. Denom.
$25,000, $10,000 and $5,000. l'ayable on March 16 1931 at the First
National Bank of Boston, which will certify as to the genuineness and validity of the notes, under advice of Ropes, Gray, Boyden & Perkins of Boston.
LINN COUNTY (P. 0. Cedar Rapids), Iowa.-OTIIER BIDS.
In connection with the report in our issue of Aug. 16 (V. 131. p. 1132)
relative to the award on Aug. 14 of 3525,000 coupon (registerable as to
Principal) primary road bonds as 434€: to a group of Cedar Rapids banks,
for a premium of $4,451, equal to 100.84, a basis of about 4.34%, we
learn that the following other bids were received, presumably for the issue
as 4.%s:
Premium,
Bidder$4,450
George M. Bechtel & Co., Davenport
3,900
Prescott, Wright, Snider & Co., Kansas City
3,825
White-Phillips Co., Davenport
-BOND SALE.
-The folLITTLE FALLS, Herkimer County, N. Y.
or registered bonds aggregating 829,000 offered on
lowing issues of coupon
-were awarded as 4.40s to Sherwood & Merrifield,
Aug. 19-V. 131. P. 1132
Inc. of New York,at 100.089, a basis of about 4.39%:
319.000 paving bonds. Due $1,000 on Sept. 1 from 1931 to 1949 incl.
10,000 impt. bonds. Due $1,000 on Sept. 1 from 1931 to 1940 incl.
Each issue is dated Sept. 1 1930. Bids for the bonds were as follows:
Int. Rate.
Rate Bid.
Bidder4.40
100.089
Sherwood & Merrifield, Inc.(purchaser.)
4.40
Co.,Inc
George B. Gibbons &
4.50%
101 7
6
Parson, Son & Co
4.50%
100.369
Marine Trust Co.(Buffalo)
4.50%
100.29
Edmund Seymour & Co
4.50%
100.4187
Manufacturers & Traders Trust Co.(Buffalo)
-BOND OFFERING.
LIVINGSTON, Overton County, Tenn.
A. F. Officer, Mayor, will receive sealed bids until 8 p. m. on Aug. 30 for
the purchase of $60.000 57,, water works bonds. Dated June 1 1930. Denomination $1,000. Due $5,000 on June 1 from 1941 to 1952 incl. Prin.
and semi-annual interest payable at the Chemical National Bank, Now
York, These bonds wore authorized at a recent election.
-V. 131, p.•976.
LIVINGSTON TOWNSHIP (P.0. Livingston), Essex County, N. J.
-BOND SALE.
-Two of the three issues of coupon or -registered bonds
-were awarded as 434s to II. L.
offered on August 18-V. 131. p. 976
Allen & Co.. of New York, as follows:
8254.000 water bonds ($255,000 offered) sold at par plus a premium of
$1,524, equal to 100.60.a basis ofabout 4.45%. Due on July 1. as
follows: $6,000 from 1932 to 1951, incl.; $7.000 from 1952 to 1960,
incl.; $9,000 from 1961 to 1957, incl., and $8,000 in 1968.
22,000 fire house bonds (same amount offered) were sold at a price of par.
Duo $1,000 on July 1 from 1932 to 1953, incl.
Each issue is dated July 11930. The $24,000 not to exceed 534% interest
assessment bonds scheduled to have been included in the sale were withdrawn.
LOS ANGELES, Los Angeles County, Calif.
-BOND OFFERING.
Robert Dominguez. City Clerk, will receive sealed bids until 10;30 a. m.
on Aug. 27 for the purchase of $556,310 not to exceed 5% interest series
No. 5 (Santa Clara Valley Damages) funding bonds. Dated Oct. 1 1929.
One bond for $310, all others for $1,000. Due on Oct. 1 from 1931 to
1949, inclusive. No split interest rate bids will be considered. Principal
and semi-annual interest payable at the office of the City Treasurer, or at
the Bank of America, National Association, N. Y. City. A certified check
for 2% of the par value of the amount of bonds bid for, payable to the order
of the City Treasurer, must accompany each proposal. Legality of the
bonds will be approved by Thomson. Wood & Hoffman of New York,
whose opinion will be furnished to the successful bidder. Bonds will be
sold for cash only and for not less than par and accrued interest.
-PROPOSED BOND
LOS ANGELES, Los Angeles County, Calif.
OFFERING-It is reported that approximately $3,000,000 of the $38,800,000 various improvement bonds voted at an election held on May 20 (V.
130, pp. 3759, 3924) will be offered for sale about Sept. 1.
LOS ANGELES ACQUISITION AND IMPROVEMENT DISTRICT
-BOND SALE.
NO. 1 (P. 0. Los Angeles), Los Angeles County, Calif.
-The U1.135.31 improvement bonds offered on Aug. 12-V. 131, p.1133
were awarded as Es to llamas & Co., of Los Angeles, at par plum a premium
of $11. equal to 100.01, a basis of about 5.99%. The bonds are dated July
23 1930 and mature on July 23 as follows: 82.500 from 1936 to 1959 incl.,
and $1,135.31 in 1960.
ld s f
Biddero_r the bonds were as follows:
Mt. Role. Premium.
6%
$11.00
Haines & Co. (purchasers)
103.00
631%
Wheelock & Co
7%
12.00
District Bond Co

AUG. 23 1930.]

FINANCIAL CHRONICLE

-Edward Rose,
-BOND OFFERING.
MADISON, Lake County, Ohio.
Tillage Clerk, will receive sealed bids until 12 m. on Aug. 26 for the purchase of $6,360 6% fire engine purchase bonds. Dated Sept. 1 1930.
One bond for $260 and another for $500, all others for $700. Due on
Sept. 1 as follows: $760 in 1932 and $700 from 1933 to 1940 incl. Int. is
payable semi-annually in March and Sept. Bids for the bonds to bear int.
at a rate other than 6% will also be considered, provided, however, that
where a fractional rate is bid such fraction shall be X of 1% or a multiple
thereof. A certified check for $300, payable to the order of the Village,
must accompany each proposal.
-The
-BOND SALE.
MADISON COUNTY (P. 0. Anderson), Ind.
following Issues of 434% coupon bonds aggregating $86,000 offered on
-were awarded to the Anderson Banking Co.,
16-V. 131, p. 309
Aug.
of Anderson, at par plus a premium of $1,632, equal to 101.89, a basis of
about 4.11%:
.$53,000 S. M. Kenner et al., Anderson Twp. road construction bonds.
Due semi-annually from July 15 1931 to Jan. 15 1941.
33,000 H. B. Avery et al., Anderson Twp. road construction bonds.
Due semi-annually from July 15 1931 to Jan. 15 1941.
-BOND OFFERING.
MADISON COUNTY (P. 0. Madison), Fla.
Sealed bids addressed to the Chairman of State Road Department, Robert
W. Bentley, will be received at his office in Tallahassee until 10 a. m. on
Sept. 8 for the purchase of an issue of $87,000 5% road bonds. Denom.
$1,000. Dated July 1 1922. Due on July 1 1952. Bids will be received
for the whole or any part of the issue. Prin. and semi-ann. int. (J. & J.)
payable at the National City Bank, New York, or at any bank in the City
•of Madison. A certified check for 2% of the amount of bonds bid for,
payable to the order of the above-mentioned Chairman, must accompany
• each proposal. Final approving opinion of Caldwell & Raymond of New
York will be furnished to the successful bidder.
MAHASKA COUNTY (P. 0. Oskaloosa), lowa.-BOND SALE.
The $100,000 primary road bonds offered on Aug. 20-V. 131, p. 668
were awarded as 43.s to George M. Bechtel & Co. of Davenport at par plus
of about 4.39%. The bonds
a premium of $547, equal to 100.547, a basis
are dated Sept. 1 1930 and mature $10,000 on May 1 from 1938 to 1945
incl. Optional after May 1 1936.
-BOND OFFERING.
-w, S.
MAINE, State of (P. 0. Augusta).
Owen, State Treasurer, will receive sealed bids until 10 a. m. (Eastern
-standard time), on Aug. 26 for the purchase of the following issues of 4%
coupon bonds aggregating $2,200,000:
$1,500,000 highway and bridge bonds. Due $100,000 on Sept. 1 from 1936
to 1950 inclusive.
700,000 Waldo-Hancock bridge bonds. Due as follows: $20,000 from
1941 to 1945 incl.; $30,000 from 1946 to 1950 incl., and $45,000
from 1951 to 1960, incl. These bonds are redeemable wholly
or in part at par and interest on any interest date on and after
15 years from date of issue.
All of the above bonds are dated Sept. 2 1930. Denom. $1,000. In
the case of each issue, interest is payable eemi-annually in March and Sept.
Bids must be for the total amount of bonds offered. According to the offering notice.these bonds are exempt from taxation in Maine and from all
Federal income tax and are an unqualified, direct obligation fo the State
and the credit and good faith of the State is pledged for the payment of
both principal and interest. The opinion of the Attorney General of the
State of Maine as to the legality will be furnished the purchaser. Payment
for the loan may be made on or before Sept. 2 1930, at which time the
-definitive bonds should be ready for delivery.
Financial Statement.
Valuation of the State
$743,688,259
Bonded debt (excl. of these issues) On Sept. 1 1930
22,058,800
MARION COUNTY (P. 0. Knoxville), lowa.-BOND SALE.
-The
$385,000 primary road bonds offered on Aug. 20--V. 131, p.
awarded as 434s to Glaspell, Vieth & Duncan of Davenport at par plus a
premium of $1,776, equal to 100.461, a basis of about 4.41%. The bonds
are dated Sept. 1 1930 and mature on May 1 as follows: $28.000 from 1936
to 1944 incl. and $43,000 in 1945. Optional after May 1 1936.
The following is a list of the bids submitted for the issue:
BidderPremium.
Glaspell,Vieth & Duncan (purchasers)
George M. Bechtel & Co
$11:667775
-Carleton D.Beh Co
1,750
White-Phillips Co
1,250
MARLBORO, Middlesex County, Mass.
-TEMPORARY LOAN.
'The Merchants National Bank of Boston on Aug. 17 purchased a 110,000
temporary loan at 2.31% discount. The loan is payable $20.000 on
Bids received were as
March 31 1931 and $20,000 on May 31 1931.
-follows;
BidderDiscount.
Merchants National Bank (purchaser)
2.31%
Shawmut Corp
2.46%
Faxon, Gade & Co _ _ _
2.48%
__First National Old Colony Corp
22..559945%%
Peoples Bank of Marlboro
F.S. Moseley & Co
2.60%
MAX, McLean County, No. Dak.-BONDS NOT SOLD.
-The $3,000
issue of 6% coupon city hall bonds offered on Aug. 11-V. 131, p, 97.7
was not sold, as no bids were received. The bonds are dated Oct. 1 1930
and mature in 10 years. The Village Clerk states that the issue will probably
be re-offered shortly.
-BOND OFFERING.-Eulaila
MAYFIELD, Cuyahoga County, Ohio.
S. Bennett, Village Clerk, will receive sealed bids until 12 m. on Sept. 12
for the purchase of $38,000 6% special assessment road impt. bonds.
Dated Sept. 11930. Denom. $1,000. Due on Sept. 1 as follows: $1,000
• from 1932 to 1934 incl.; $2,000 from 1935 to 1951 incl. Int. is payable in
March and Sept. A certified check for 5% of the amount of bonds bids for,
payable to the order of theVillage Treasurer, must accompany each Proposal.
MELVINDALE, Wayne County, Mich.
-OFFER $225,000 534%
BONDS.
-The$225,000 53 % general obligationstormsewer bonds awarded
• on August at a price of par to Morris Mather & Co., C Arcago--V. 131, P.
1133-are being reoffered by the successful bidders for public investment at
prices to yield 4.80%. The bonds are dated Aug. 1 1930 and mature Aug. 1
1980. The financial statement of the Village is said to show an assessed
valuation for 1930 of $17,538.638, and a net bonded debt of $1,631,400.
Population in 1930 is 4.050.
MERIDEN,New Haven County,Conn.
-BOND SALE.
-FINANCIAL
-The $45,000 434% coupon Oregon Road
STATEMENT AMENDED.
-were awarded to the Home
bonds offered on Aug. 20-V. 131, P. 1133
National Bank of Meriden, at a price of 101.66. a basis of about
4.27%.
The bonds are dated July 1 1930 and mature on July 1 1939.
Attention is called to the fact that in the official financial statement of
the City, published in our issue of Aug. 16, see above reference, the last
grand list figure should read $62,880,000, not $116,876,760. We were in
formed of this correction by Edward J. Pickett, City Treasurer. The
following is a list of the bids submitted for the bond issue:
BidderRate Bid.
Home National Bank (purchaser)
Eldredge & Co------------------------------- - -- - ----------101.66
__________ 101.64
----------------------------------------101.64
Byllesby & Co
H.
101.575
Putnam & Co. (Hartford)
Estabrook & Co
1811..55457
R. L. Day & Co
101.399
R. F Griggs Co
101.04
E. H. Rollins & Sons
100.88
Charles W. Scranton & Co. (New Haven)
100.26
-CITY OFFERS TO PURCHASE
MIAMI BEACH, Dade County, Fla.
-C. W. Tomlinson, City Clerk, man advertise$400,000 BONDS AT PAR.
ment is offering to purchase at a price of par any bonds of the City which
mature in either 1930 or 1931. The amount of bonds affected is said to be
$400,000. The notice states that the bonds should be sent to the Miami
Beach First National Bank, Miami Beach, with sight draft attached.
MIDDLEBURGH, Schoharie County, N. Y.
-BOND
-Frank
B. Rickard, Village Treasurer, informs us that on Aug. SALE. Issue of
12 an
$7,500 5% coupon or registered fire apparatus and equipment bonds was
First National Dank of Middleburgh, the only bidder, at
awarded to the
par plus a premium of $62.50, equal to 100.83, a basis of about 4.82%.
The bonds are dated Aug. 1 1930. Denom. $500. Due on Aug. 1 as
follows: $1,500 in 1931 and $1,000 from 1932 to 1937 incl. Prin. and semiannual interest (Feb. and Aug.) payable at the First National Bank,
Middleburgh.




1293

Financial Statement as of March 1 1930.
Assessed valuation, realty only
$613,065
Total assessed valuation
631,207
Actual value (est.)
540:00000
940
Total bonded debt (excl. this issue)
Water debt (incl. in above)
33.000
Tax rate per $1,000
20.00
Population (est.) 950.
Glenwood), Iowa.
-BOND SALE.
-The
MILLS COUNTY (P. 0.
-were
$188,000 primary road bonds offered on Aug. 18-V. 131, p. 669
awarded as 434s to the Iowa-Des Moines Co. of Des Moines as 434s, at
par plus a premium of $567, equal to 100.3015, a basis of about 4.44%.
The bonds are dated Sept. 1 1930 and mature on May 1 as follows: $18,000
from 1936 to 1944 incl. and $26,000 in 1945. Optional after May 1 1936.
Bids submitted follow:
Premium.
Bidderur
Iowa-Des Moines Co. (purchaser)
George M.Bechtel & Co
559
4 67
$ 660
Carleton D.Beh Co
460
Glaspell, Vieth & Duncan
-BOND OFFERING.
-Dwight G.
MINEOLA, Nassau County, N. Y.
Hunt. Village Clerk, will receive sealed bids until 7.30 p. m. (day light
,d 6% int.
saving time) on Sept. 5 for the purchase of $20,000 not to ex.
coupon or registered sewer bonds. Dated Sept. 1 1930. Denom. $1,000.
Due $1.000 on Sept. 1 from 1935 to 1954 incl. Rate of int. to be expressed
in a multiple of h' or 1-10th of 1% and must be the same for all of the bonds.
Prin. and semi-ann. int. (M. & S.) payable at the First National Bank,
Mineola, or at the Chase National Bank, New York. A certified check
for $500, payaole to the order of the Village, must accompany each proposal.
The approving opinion of Clay, Dillon & Vandewater of New York will
be furnished to the purchaser.
MINERAL WELLS INDEPENDENT SCHOOL DISTRICT (P. 0.
-The $75,000
-BOND SALE.
Mineral Wells), Palo Pinto County, Tex.
5% serial school bonds registered by the State Comptroller on Aug. 6-are reported to have been purchased by Caldwell & Co.
V. 131. p. 1133
of Nashville, at a price of 99.33.
MIRANDO CITY INDEPENDENT SCHOOL DISTRICT (P. 0.
-The
-BONDS REGISTERED.
Mirando City), Webb County, Tex.
State Comptroller on August 11, registered an issue of $15,000 5% school
bonds. The bonds are in denoms. of $1,000 and $500 and mature serially.
-OFFER TO PURCHASE
MISSISSIPPI, State of (P. 0. Jackson).
-H. C. Yawn State
$200,000 CERTIFICATES OF INDEBTEDNESS.
Treasurer, in an advertisement is offering to purchase $200,000 certificates
of indebtedness which become due on Feb. 28 1931. The certificates are
part of the issue of $5.000,000, bearing 534% int., awarded on May 30 to
a syndicate headed by Lehman Bros. of New York at 102.02, a basis of
about 4.34%-V. 130, p. 4102. In reference to the option of the State
to redeem the certificates prior to maturity the advertisement says:
"Chapter 107 of the Laws of 1930 authorizes the sale of the above certificates of indebtedness, and Section 4 of that Act provides that all monies
paid into the Treasury from taxes levied by House Bill No. 567 of the Laws
of 1930 shall be set aside for the purpose of paying certificates of indebtedness. Section 4 further provides that the State Treasurer is authorized
to pay any part of same at any time before maturity by paying prin. and
int, to date of payment upon surrender of such certificates to him by the
holders thereof; therefore, the State Treasurer now desires to take up
$200,000 of certificates of indebtedness which mature on Feb. 28 1931 by
paying the prin. and int. to date of surrender. Any holder desiring to
avail himself of this option may mall certificates of indebtedness to the
State Treasurer, Jackson, Miss.. and check will be remitted for prin. plus
int. to date of surrender."
-$1.000,000 NOTES TO BE
MISSISSIPPI, State of (P. 0. Jackson).
-An issue of $1,000,000 short-term notes, the
SOLD IN SEPTEMBER.
proceeds of which will be used to reimburse the State Treasury for money
used in refunding bonds, will be sold on Sept. 1, according to the Aug. 12
-Picayune." The notes are to mature
Issued of the New Orleans "Times
in March 1931. The State on three occasions, Aug. 1, 8, 11, rejected all
submitted for the purchase of long-term bonds offered for sale
of the bids
(V. 131, p. 1134). According to the above-mentioned newspaper, the
failure to sell the bonds was the result of the action of New York bonding
attorneys in refusing to approve the issues.
-BOND
MISSOURI VALLEY, Harrison County, lows.
The $35,000 city hall and fire station bonds offered on Aug. 19-V. 131,
-were awarded to the White-Phillips Co. of Davenport at par plus
P. 1134
a premium of $480, equal to 101.37. Rate of int. not stated. The bonds
are dated July 1 1930 and mature in 20 years; optional on any int. paying
date
-BOND SALE.
-Mrs. August N.
MOLINE, Rock Island County, III.
Brisscaan, City Clerk,reports that an issue of $350,000 water works revenue
bonds was awarded on Aug. 20 as 534s to Glaspell, Vieth & Duncan of
Davenport at a price of 100.51.
-BOND OFFERING.
MONROE COUNTY (P. 0. Rochester), N. Y.
Harry J. Bareham, County Treasurer, will receive sealed bids until 11 a. m.
(daylight saving time) on Sept. 5 for the purchase of $4,000,000 not to
7
exceed 41 int. coupon or reg. county building bonds. Dated Aug. 1 1930.
Denom.4,000. Due on Feb. 1 as follows; $75,000 from 1934 to 1938 incl.
$200,000
$100,000 from 1939 to 1953 incl. $125,000 in 1954 int. to be in 1955 and
expressed in
1956 and $400,000 from 1957 to 1960 incl. Rate of
a multiple of 34 or 1-10th of 1% and must be the same for all of the bonds.
Prin, and semi-ann. int. (F. & A.) payable at the Union Trust Co., Rochester. A certified check for $40,000, payable to the order of the abovementioned Treasurer, must accompany each bid. The approving opinion
of Clay, Dillon & Vandewater of New York will be furnished to the successful bidder. Previous notice of the intention of the County to sell the above
Issue of bonds appeared in our issue of Aug. 16.-V. 131, p. 1134.
-BOND
MONTGOMERY COUNTY (P. 0. Crawfordsville), Ind.
-The $7,800 434% road construction bonds offered on Aug. 15SALE.
-were awarded to the Crawfordsville Trust Co. a CrawV. 131, p. 1134
fordsville, at par plus a premium of $144.82, equal to 101.85, a basis of
and
about 4.13%. The bonds are dated Aug. 15 1930and mature semi-annually
July 15 from 1932 to
as follows; $390 on July 15 1931 $390 on Jan.
Jan. 15 1941.
1940 incl. and $390 on
-BOND OFFERING.
County, Pa.
-William
MORRISVILLE, Bucks
H. Howell, Borough Secretary, will receive sealed bids until 8 p.m. (daylight saving time) on Aug. 29, for the purchase of $25,000 434% bridge
and street improvement bonds. Dated May 1 1930. Denom. $1,000.
Due $5,000 in 1935, and $10,000 in 1940 and 1945. A certified check for
3500, payable to Watson J. Simons, Treasurer, must accompany each
proposal. Sale of the bonds is subject to the approval of the Department
of Internal Affairs of Pennsylvania and to the approval of Townsend,
Elliott & Munson of Philadelphia.
-BOND SALE.
-The $17,000 534%
MOSCOW, Latch County, Ida.
coupon refunding bonds for which the only bid received on June 2, an offer
of par by Taylor, Wilson & Co. of Cincinnati, was rejected-V. 130, p. 428r
-were subsequently sold at a price of par to the First Trust & Savings
Bank of Moscow, according to L. G. Peterson, City Clerk. The bonds
mature $1.000 annually on July 1 from 1932 to 1948 incl.
MOUNT PLEASANT(P.O. North Tarrytown) Westchester County,
-The $109,000 coupon or registered highway im-BOND SALE.
N. Y.
provement bonds offered on August 19-V. 131, p. 1134-were awarded
100.429. a basis of
as 43,4s to Graham, Parsons St Co., of New York, at ol
f
ita e 6.00O fBim
'st .
about 4.20%. Dated July 11930. Due on July 1. as inllow :$ Rate rod.
o
1932 to 1948, incl., and $7,000 in 1949. Bids for the issue:vere as
Bidder
Graham. Parsons & Co. (Purchaser)
00,429
folws:4
X%
Roosevelt & Son
100.067
434
00 26
101:719
Dewey, Bacon & Co
George 13. Gibbons & Co., Inc
4h
Phelps, Fenn & Co
4
Farson, Son & Co
414
Batchelder & Co
1122156
1 0 3375
00
01 6
1 6
x4
_
_
_
_
nTe a X1rinic_u_t_t___ _
Le ml nBros
.
.31
Stranahan, Harris & Oatis, Inc
Marine Trust Co. (Buffalo)
43.1`70
100.167
MOSS LANDING SCHOOL DISTRICT (P. 0. Salinas), Monterey
-BOND OFFERING.
-Sealed bids addressed to the County
County, Calif.

1294

FINANCIAL CHRONICLE

Clerk will be received until 2 p. m. on Sept. 2, for the purchase of $8,000
534% school bonds. Dated Sept. 2 1930. Denom. $500. Due $500
annually from 1931 to 1946, incl. Interest is payable semi-annually.
MOUNT HERMON-SUNNY HILL SCHOOL DISTRICT (P. 0.
-The
-BONDS NOT SOLD.
Franklinton) Washington Parish, La.
$15,000 issue of 5% semi-annual school bonds scheduled to have been sold
-was not disposed of.
on Aug. 5-V. 131, p. 822
-BOND OFFERMUNCIE SCHOOL CITY, Delaware County, Ind.
ING.
-Sealed bids addressed to the Secretary of Board of School Trustees
4 p.m. on Sept. 8, for the purchase of $30,000 434%
will be received until
school funding bonds. Dated Sept. 1 1930. Denom. $1,000. Due on
Jan. 1 1943. Principal and semi-annual interest(January and July) payable
at the Merchants National Bank, Muncie. A certified check for 234% of
the amount of bonds bid for, payable to the order of the School City, must
accompany each proposal.
-Lester E.
-BOND OFFERING.
MUNCIE, Delaware County, Ind.
on
Holloway, City Comptroller, will receive sealed bids until 10 a. m.for
434% funding bonds. One bond
Aug. 26 for the purchase of $43.500
$500. all others for $1,000. Due on Aug.26 as follows: $5.000 from 1931
to 1938 incl., and $3,500 in 1939. Prin. and semi-annual interest payable
to be on forma to be obtained from City Comptroller
in Muncie.
A certified check for 234% of the bonds bid for must accompany each proposal.
MUSCATINE COUNTY (P. 0. Muscatine), lowa.-BOND SALE.669
The $400,000 primary road bonds offered on Aug. 18-V. 131. p. at Tar
,
were awarded as 434s to George M. Bechtel & Co., of Davenport,
plus a premium of $2,651, equal to 100.6627. a basis of about 4.37%• The
bonds are dated Sept. 1 1930 and mature $440,000 on May 1 from 1936 to
1945, incl. Optional after May 1 1936.
Bids submitted were as follows:
Premium.
Bidder$2.651
George M. Bechtel & Co.(purchasers)
2,650
White-Phillips Co
2,300
Vieth & Duncan
Glaspell,
-BONDS OFFERED.
MUSKEGON, Muskegon County, Mich.
Ida L. Christiansen, City Clerk, received sealed bids until 2 p. m.(Eastern
standard time) on Aug. 22 for the purchase of the following issues of not to
exceed 4 tZ% int. bonds aggregating $89,000:
$27,000 Oak St. paving bonds. Due as follows: $2,500 from 1931 to 1938
Incl. and $33.500 in 1939 and 1940.
21,000 Lake Shore Drive paving bonds. Due as follows: $2,000 from 1931
to 1939 incl. and $3,000 in 1940.
22,000 McCracken St. paving bonds. Due as follows: $2,000 from 1931
to 1938 incl. and $3,000 in 1939 and 1940.
19,000 special sanitary sewer bonds. Due as follows: $4,000 from 1931
to 1934 incl. and $3,000 in 1935.
All of the above bonds are dated Sept. 11930. Denoins.$1.000 and $500.
Prin.and semi-ann.int.(M.& S.) payable at the office of the City Treasurer.
Legality. to be approved by Miller, Canfield, Paddock St Stone of Detroit.
NALLEY INDEPENDENT SCHOOL DISTRICT (P. 0. Nalley)
-An issue of $15,000 school
-BOND SALE.
McLennan County, Tex.
district bonds is reported to have been recently purchased by the State
Board of Education.
-The
-BOND SALE.
NATIONAL PARK, Gloucester County, N. J.
131,
$140,000 6% coupon or registered water bonds offered on Aug. 19-V.price
Freeman & Co. of Philadelphia. at a
-were awarded to M. M.
P. 1134
of par. This bid was the only one received. The bonds are dated Aug. 1
1930 and mature on Aug. 1 as follows; $4,000 from 1932 to 1947 incl.,
$5.000 in 1948 $6,000 from 1949 to 1959 incl., and $5,000 in 1960.
-TOTAL BONDED DEBT OF
NEBRASKA, State of (P. 0. Lincoln).
SUBDIVISIONS PLACED AT 5109.884,868.-L. B. Johnson, State
Auditor, has completed a compilation which places the total bonded debt
of the political subdivisions of the State as of July 31 at $109,884,868.
according to the "United States Daily" of Aug. 16. The State itself has
no bonded debt. The newspaper report follows;
"Nebraska has no bonded State debt but according to a compilation completed by State Auditor L. B. Johnson,its subdivisions were in debt July 31
to the extent of $109,884.868. Mr. Johnson says, however, that this
bonded debt is nearly $4,000,000 lass than it was two years ago: The per
capita indebtedness of the subdivision of the State has been reduced from
$63.32 to $61.20, his statement shows.
also is
"That the trend is toward lessening of the bonded indebtedness
shown by the falling off in new bond issues, said the auditor. During the
Previous biennium the new issues totaled $16,883,784 while the during
and
biennium just closed bonds amounting to $11,353,538 were approved
registered in the State Auditor's office, according to a compilation made by
Bond Examiner Ralph C. Lawrence, as follows; Cities and villages, $7,007,
231 school districts, $3,759,740 State fair board, $250,000 irrigation and
drainage, $178,600 counties. $157,967 total, $11,353,638."
-BOND OFFERING.-bharles E.
NEEDHAM, Norfolk County,' Mass.
m. (daylight
Stanwood, Town Treasurer, will receive sealed bids until 11 a.of4% coupon
27for the purchase of the following issues
saving time) on Aug.
bonds aggregating $155,000;
from 1931
$90,000 fire and police station bonds. Due $6,000 on Sept. 1
to 1945 incl.
from 1931 to 1935
65,000 school bonds. Due on Sept. 1 as follows: $5,000
incl., and $4,000 from 1936 to 1945 incl.
Prin. and semi-ann.
Each issue is dated Sept. 1 1930. Denom. $1,000.
under the
Mt.(M. & S.) payable in Boston. The bonds will be engraved
certified as to their genuineness by the Old Colony Trust
supervision of and
Storey, Thorndike, Palmer &
Co., Boston. Legality will be examined by
the bonds when
Dodge of Boston, a copy of whose opinion will accompany
delivered.
Financial Statement Aug. 1 1930.
$21,979.597
Net valuation for year 1929
1,318,500
Total debt (these issues included)
90,000
Water debt (included in total debt)
population 10,833.
No sinking funds
0. New
NEW BUFFALO TOWNSHIP SCHOOL DISTRICT (P.
-Frank J.
-BOND OFFERING.
Buffalo) Berrien County, Mich.
Education, will receive sealed bids until
Wolf, Secretary of the Board of
purchase of $100.000
25, for
7 p.m. (central standard time) on Aug. bonds. the on Sept. 1 as follows:
Due
not to exceed 5% interest school building
1910 to 1948. incl • $4,000
$2,000 from 1932 to 1939, incl.; $3,000 from
and $6,600 from
from 1949 to 1954, incl.; $5.000 from 1955 to 1957, incl.,A certified check
semi-annually.
1958 to 1960. incl. Interest is payableaccompany each proposal. Bidder
for 5% of the amount of the bid must legal opinion. Those bonds were
must agree to print the bonds and furnish
a favorable
authorized at an election held on June 25, the measure received
vote of 240 to 179.-V. 131, p.311.
-The $15,000
-BOND SALE.
NEWCASTLE, Henry County, Ind.
on Aug. 15-V. 131,
bonds
434% coupon refunding water worksSavingsoffered Co., of Indianapolis,
& Trust
awarded to the Fletcher
-were
IL 660
basis of about 4.255% •
at par plus a premium of $133.80, equal to 100.89, a
Aug. 1 in 1933.
The bonds are dated Aug. 1 1930 and mature $5,000 on & First National
submitted by the Farmers
1934 and 1935. Bids were also
Bank, Newcastle, and the City Securities Corp., Indianapolis.
-BOND OFFERING.
NEW HAMF'SHI,RE,State of(P.0. Concord).
$1,500,000 not
Sealed bids will be received on Aug. 29 for the purchase of
to exceed 434% interest bonds, according to report.
-Bernard
-BOND OFFERING.
NEW ORLEANS, Orleans Parish, La.
will receive
C. Shields, Secretary of Board of Liquidation. City liebt,the purchase
for
sealed bids until 12 m.(Central standard tune) on Sept. 10 drainage bonds.
of $2,000,000 4% coupon, series C,sewerage, water and follows: $12,000
°
Dated Oct. 1 1930. Denom. $1,000. Due on Oct 1 as
In 1932 and 1933: S1:1,000 in 1934; $14,000 in 1935 and 19:16; 515,000 in
1942;
1937; $16,000 M 1938 and 1939: 817,000 in 1940 and 1941; $18,000 in 1947:
'$20,000 in 1943 and 1944; $21,000 in 1945; $22,000 in 1916; $23,000 in
in 1951: $29,000
0
$24.00 in 1948; $25,000 in 1919: $26,000 in 1950; $25.000 535.000 in 1956:
in 1952; $30.000 in 1953: $31.000 in 1954; $33,000 in 1955:
$36,000 in 1957; 338.000 in 1958; 639.000 in 1959; $41.000 in 1960; $43.000
in 1961: $45.000 in 1962: $47.000 in 1953; $49.000 in 1904; 851.000 in 1905:
$54,000 in 1966; $56,000 in 1967; 838,000 in 1968; $60,000 in 1969; $63,000




[vol. 13L

in 1970; $66,000 in 1971; $69,000 in 1972; $72,000 in 1973; $75,000 in 1974:
S79,000 in 1975; $82,000 in 1976; $86,000 in 1977: 590,000 in 1978: $94.000
in 1979 and $76,000 in 1980. Prin. and semi-annual Int.(A. & 0.) payable
in gold at such paying agencies in the cities of New York and New Orleans,
respectively, as the Board of Liquidation may designate. These bonds
are said to be authorized by and to be issued under the provision of Act
No. 3 of the Legilsature of the State for the Special Session of 1927, which
was adopted as an amendment to the Constitution of the State. at the
General State election held on April 17 1928. Each bid shall be for the full
amount of 82,000,000. The bonds will be delivered as soon as practicable
after Oct. 1. and the successful bidder or bidders shall be required to pay.,
in addition to the amount of the bid, int, accrued up to the date of delivery.
The approving opinion of Thomson, Wood & Hoffman, of New York, will
be furnished. Enclose a certified check for at least 3% of the bid, payable to the Board of Liquidation, City Debt.
NEW YORK, State of (P. 0. Albany).
-SALE OF STATE BONDS
-A special dispatch from Albany to the Wall Street "Journal"
EXPECTED.
of Aug. 12 stated that a sale of from $20,000,000 to $30,000,000 State
bonds is anticipated for early autumn. The State Comptroller's office is
said to be completing plans for the proposed sale.
NORTH MUSKEGON SCHOOL DISTRICT (P. 0. Muskegon)
-The following is a list of
-LIST OF BIDS.
Muskegon County, Mich.
the bids received on Aug. 7, for the purchase of the $115,000 school bonds
awarded to the First Detroit Co., Detroit, at 100.002, for $58,000 as 43.s
and $57.000 as 43.4s, an interest cost basis of about 4.38%.-V. 131, p. 1135.
Int. Rate. Rate Bid.
Bidder1358,000 43.%
1 57,000 4%%
First Detroit Co. (purchaserT
{100.002
Watling. Lerchen & Hayes, Detroit
100.72
4347
4h0
Stranahan, Harris & °acts, Inc., Toledo
100.55
434
R. E. Herczel 5: Co., Chicago
100.53
434
R. E. Herczel & Co., Chicago
102.67
4,40
John Nuveen & Co., Chicago
101.85
134 d
Guardian Detroit Co.. Detroit
101.31
101.23
Hanchett Bond Co., Chicago
101.18
H. M.Byllesby & Co., Chicago
434%
100.00
Hackley Union National Bank, Muskegon

Ago

-CERTIFICATES OF INDEBTEDNYACK,Rockland County, N. Y.
-The Village Clerk informs us that an issue of $9.700 5%
NESS SOLD.
certificates of indebtedness was sold recently to the Nyack National Bank,
Nyack,at a price of par.
-BOND OFFERING.
OAKLAND COUNTY (P. 0. Pontiac), Mich.
-Sealed bids addressed to the Board of County Road Commissioners will
be received until 2 p.m.(eastern standard time)on Sept. 2,for the purchase
of the following issues of bonds, aggregating $897,000:
$456,000 Special Assessment Road District No. 134 bonds.
355.000 Special Assessment Road District No. 155 bonds.
35,500 Special Assessment Road District No. 157 bonds.
31,500 Special Assessment Road District No. 152 bonds.
19,000 Special Assessment Road District No. 153 bonds.
All of the above bonds will be in denoms. of $1,000 or as near thereto as
possible. The Road Assessment District bonds, 152, 153 and 157, were
unsuccessfully offered on Aug. 8-V. 131, p. 1134. The entire $897,000
bonds will mature 'serially in substantially equal annual installments in
from 2 to 10 years. Principal and semi-annual interest(May and November)
payable at the Central Hanover Bank & Trust Co., New York. The County
Commissioners will furnish the necessary blank bonds and pay for the
approving opinion of Miller, Canfield, Paddock & Stone of Detroit. A
certified chock for $20,000, payable to the order of the Commissioners.
is required.
-BOND SALE.-Snow-Goodart &
OGDEN, Weber County, Utah.
Co., of Salt Lake City, recently purchased an issue of $50,000 6% golf
course bonds, maturing serially from 1936 to 1945, incl.
-BOND OFFERING.ORANGE COUNTY (P.O. Santa Ana), Calif.
I. M. Backs, County Clerk, will receive sealed bids until 11 a. m. on
Sept. 16 for the purchase of $331.629.60 6% water works district No. 5
bonds. Dated Nov. 1 1930. One bond for $629.60, all others for $1.000.
Due on Nov. 1 as follows: $629.60 in 1933: $1,000 from 1934 to 1944 incl.;
$2,000 from 1945 to 1954 incl. Prin. and semi-ann. int, payable at the
office of the County Treasurer. All bids must be unconditional and must
be accompanied by a certified check for 3% of the amount of bonds bid for,
payable to the order of the Chairman of the Board of Supervisors.
--BOND OFFERING.
-Jesse
ORANGE COUNTY (P. 0. Paoli), Ind.
L. Wells, County Treasurer, will receive sealed bids until 2 p.m. on Sept. 1,
Wesley Chappelroad improvement bonds.
for the purchase of $4,400 4% %
Dated Sept. 1 1930. Denom. $220. Due i1220 on July 15 1931: $220 on
Jan. and July 15 from 1932 to 1940, Mel., and $220 on Jan. 151941. Int.
is payable semi-annually on Jan. and July 15.
-BOND OFFERING.OTSEGO COUNTY (P. 0. Oneonta), N. Y.
Dennis J. Kilkenny, Clerk of the Board of Supervisors, will receive sealed
bids until 2 p. m. (eastern standard time) on Aug. 26, for the purchase of
$375,000 434% coupon highway bonds. Dated Sept. 1 1930. Denom.
$1,000. Due on March 1 as follows: $20,000 from 1934 to 1951, incl., and
$15,000 in 1952. Principal and semi-annual interest (March and September)
payable at the Cooperstown National Bank, Cooperstown. A certified
check for $5,000, payable to Robert J. Smith, County Treasurer, must
accompany each proposal. Only the opinion of the County Attorney as
to the validity of the bonds will be furnished. Sale is to be conducted at
public auction.
-BOND SALE.
-The $300,PAGE COUNTY (P. 0. Clarinda), Iowa.
000 primary road bonds offered on Aug. 19--V. 131, p. 669
-were awarded
as 434s to the Iowa-Des Moines Co., of Des Moines, as 4345, at par plus
a premium of $1,300, equal to 100.433, a basis of about 4.41%. The
bonds are dated Sept. 1 1930 and mature $30,000 on May 1 from 1936 to
1945 inclusive. Optional after May 1 1936.
-The
PALO ALTO, Santa Clara County, Calif.
-BOND SALE.
$135,000 coupon improvement bonds offered on Aug. 11-V. 131, p. 823
-were awarded as 434s to Dean Whitter & Co. of San Francisco, at par
plus a premium of $2,330, equal to 101.72, a basis of about 4.11% • The
bonds mature $5,000 annually from 1934 to 1960, inel. The following is
an official list of the bids submitted for the issue:
Net Int.
Ma- Int. Int. Cost
BidderAmount. turity. Rate.
to City. Premium. Cost to City.
Anglo-London Paris1550.000 34-43 4A 1$93,925.00
$40.00 593,885.00
Co
85,000 44-60 4 1
C. F. Childs & Co_ 60,000 34-45 434 94,650.00
514.00 94,136.00
75,000 46-60 4
First Detroit Co )85.000 34-50 434 94,350.00
50.00 94,300.00
50.000 51-60 4
*Dean Witter & Co_135,000 34
4r, 97,537.50
Heller, Bruce & Co 135000 34-60
97,537.60 ii38:09
Bankitaly Corp &1135,000 34-60 44 97,537.50 2,088.00 95.449.50
Amor. Secur. Co.(
First Detroit Co- _ _135,000 34-60
97,537.50
Wooden & Co
34-60 01
1.020.00 95,905.00
Wells Fargo Bank) 35(3(y) 34-40 4
& Union Tr. Co_ (100,000 41-60 4,4 I
l 9076:593275:5°00
Am:le-London Paris
Co
6 0
3 0 0 3:0
135:0 0 0 3 06 4li, 97,537.50 1.562.00 95,975.60
46
y
Peirce Fair & Co_ _ _1
4 4 97,537.50 1,510.65 96,026.85
It .1-I Moulton & Co _ 135,000 34-60 43 97,537.50 1.510.00 96,027.50
Welts Fargo Bank)
& Union Tr. Co_ J135,000 34-60 434 97.537.50 1,477.00 96,060.50
Continental Ill. Co.135,000 34-60 4p 97,537.50 1,313.00 96,221.20
National City Co135,000 34-60 4 4 97,537.50 1,217.00 96,320.50
en 324.20
Crocker First en_ - _135,000 34-60 4% 97,537.50 1
Peirce, Fair &- Co_ _135,000 34-60 4% 103,275.00 51_370_:918 08:004.
Hang/. Trust & .8aviwrs Bank
34-60 434 103,275.00 4.368,00 98,907.00
*Succmiful bidder.
The bonds are in denom. of S1,000 and are payable as to both principal
and semi-annual interest (slay and Nov.) at the office of the City Treasurer.
The successful bidders are reoffering them for public investment at prices
to yield 4.00% for the bonds due from 1934 to 1939, incl., and 4.05% for

SES:88

I,1112 RgIniti

AUG. 23 1930.]

FINANCIAL CHRONICLE

1295

those due from 1940 to 1960, incl. The offering notice states that they are $13,500 Jessie E. Hale et al., Harmony Township road impt. bonds.
legal investment for savings banks in California and are eligible as security
Denom. $675. Due $675 on Jan. and July 15 from 1932 to 1941
incl.
for postal savings deposits of public money in California. Proceeds of the
8,800 George P. Jones et al., Point Township road impt. bonds. Denom.
issue will be used for acquisition and Purchase of gas and electric distribution
systems in the former town of Mayfield, annexed by the City of Palo Alto.
$440. Due $440 on Jan. and July 15 from 1932 to 1941 incl.
Legality approved by Orrick Palmer & Dahlquist, of San Francisco.
5,800 Edward Stein et al., Black Township road impt. bonds. Denom.
$290. Due $290 on Jan. and July 15 from 1932 to 1941 incl.
Financial Statement as of June 30 1930.
5,000 Earl DeFur et al., Robb Township road 'rapt. bonds. Denom.
$40,000,000
Estimated actual valuation of taxable property
$250. Due $250 on Jan. and July 15 from 1932 to 1941 incl.
Assessed valuation •
14.250.000
4.800 James Randolph et al., Black Townshiproad impt.bonds. Denom.
Total bonds outstanding, including this issue
$1.040.537
$240. Due $240 on Jan. and July 15from 1932 to 1941 incl.
Less bonds cared for from income of Municipal Public
3,200 William Esehe et al., Robinson Township road impt. bonds.
Utilities
807,837
Denom. $160. Due $160 on Jan. and July 15 from 1932 to 1941
incl.
Netindebtedness232,700
Each issue is dated Sept. 15 1930. Int. is payable semi-annually on
Population, 1930 census, 13.635.
Jan. and July 15.
-FINANCIAL STATEPERTH AMBOY, Middlesex County, N. J.
-In connection with the report in our issue of Aug. 16-V. 131,
MENT.
POTTAWATTAMIE COUNTY (P. 0. Council Bluffs), Iowa.
-relative to the scheduled sale on Aug. 26 of $149,000
% BOND SALE.
p. 1135
-The $655 000 primary road bonds offered on Aug. 18coupon or registered bonds, comprising three issues, we are in receipt of V. 131. p. 670
-were awarded as 434s to George M. Bechtel & Co. of Davthe following;
enport, at par plus a premium of $5,001, equal to 100.763, a basis of about
Financial Statement (Aug. 1 1930).
4.35%. The bonds are dated Sept. 1 1930 and mature on May 1 as follows:
$65.000 from 1936 to 1944 incl., and $70,000 in 1945. Optional after May
debt
$303750000
General bonded
2,620,000.00 1 1936.
Water bonded debt
905,000.00
*Grade crossing elimination bonds
Bids for the issue were as follows:
Premium.
BidderTotal bonded debt
$6,562,500.00 George M. Bechtel & Co. (purchasers)
$5,001.00
* Credit Chapter 254 Laws 1928 (Grade Crossing Elimination Bonds Iowa-Des Moines Co
5,000.00
$503.636.76j.
4,200.00
Glaspell, Vieth & Duncan
Floating
2.450.00
Carleton D. Beh Co
revenue
Taxrevenue bonds
$864,000.00
Temporary improvement bonds (trust)--- 1,088,000.00
-The $67,000
PRICE COUNTY (P. 0.Phillips), Wis.-BOND SALE.
Temporary improvement bonds (capital):
291.500.00
-were
5% coupon highway bonds offered on Aug. 14-V. 131, p. 1135
Temporary improvement bonds (water)
93,000.00
2,336,500.00 awarded to A. C. Allyn & Co. of Chicago at par plus a premium of $2,485.
equal to 103.70, a basis of about 4.65%. The bonds are dated Oct. 1 1929
$8,899,000.00 and mature as follows:$2,000 in 1939;$5,000 from 1940 to 1943 incl.; $7,000
Total Bonded and Floating Debt
from 1944 to 1948 incl. and $10,000 in 1949. Bids for the issue were as
General
$5,281,000.00
follows.
Premium.
Water
2,713,000.00
Bidder$22:427885
A. C. Allyn & Co.(purchasers)
Grade crossing
905,000.00
$8,899,000.00 Central Illinois Co., Chicago
2.240
Sinking Funds
Wells-Dickey Co., Minneapolis
General
$441,740.77
Water
352,841.89
-The
-BOND SALE.
PUTNAM COUNTY (P. 0. Brewster), N. Y.
$794,582.66 following issues of coupon or registered bonds aggregating $365.000 offered
Cash-Trust reserve for payment of temporary improve-were awarded as 43O to the First Detroit
on Aug. 20-V. 131, p. 1135
ment bonds (trust)
363,038.34 Co., Inc., of New York, at a price of 102.169, a basis of about 4.02%:
Assessments receivable, applicable to temporary improveNo. 25 highway bonds. Due on Sept. 1 as follows: $5,000
ment bonds(trust)
319,438.93 $275,000 series
in 1931 and $10,000 from 1932 to 1958 incl.
Net Taxable Valuations 1930
$45,256,458.00
90,000 series No. 24 bridge bonds. Due $5,000 on Sept. 1 from 1931
Real
7.043,490.00
to 1948 inclusive.
Personal
Each issue is dated Sept. 1 1930. The successful bidders are reoffering
Total
$52,299,948.00 the bonds for public investment at prices to yield from 2.75 to 3.95%.
Population: 1930 census, 44,000. City incorporated March 17 1870.
They are said to constitute a direct and general obligation of the County.
payable from unlimited ad valorem taxes on all the taxable property therein.
-BOND OFFERING.
POLK COUNTY (P. 0. Des Moines), Iowa.
- The 1930 assessed valuation of the County is given as $26.175.384. comAllen Munn, County Treasurer, will receive sealed bids until 2 p. m. on pared with a bonded debt, including this issue, of $2,006,000. The followAug. 25 for the purchase of $75,000 434% bonds, divided as follows:
ing is an official list of the bids submitted,all of which were for the bonds as
$42,000 funding bonds. Due on July 1 as follows: $7,000 in 1936; $10,000 4;Is.
Amount Bid.
in 1937 and 1938, and $15,000 in 1939.
Bidder
8
$372 918
370:54
32,000 bridge funding bonds. Due on July 1 as follows: $5,000 in 1941 *First Detroit Co., Inc
and 1942, and $22,000 in 1943.
Phelps, Fenn & Co
369,956
Each issue is dated July 1 1930. Interest is payable semi-annually. A Geo. B. Gibbons & Co
6 :4 6
3 9 493
39 5
certified check for 3% of the bid must ac ompany each proposal.
Stephens & Co
s
Dewey, Bacon & Co
PORTER COUNTY (P. 0. Valparaiso), Ind.
368,598
-BOND SALE.
-The Marine Trust Co.of Buffalo
368.212
$28,500 435% John Pearson et al.. Westchester Township gravel road Batchelder & Co
367,624
construction bonds offered on Aug. 18-V. 131, p. 1135
-were awarded to Lehman Brothers
367,518
the Valparaiso National Bank, of Valparaiso, at par plus a premium of H. M. Ityllesby & Co
367,295
$475, equal to 101.66, a basis of about 4.17%. The bonds are dated Aug. Farson. Son & Co
367,190
16 1930 and mature semi-annually as follows: $1,425 on July 15 1931; $1,425 Edward Lowear Stokes & Co
on Jan. and July 15 from 1932 to 1940, incl., and $1,425 on Jan. 15 1941.
* Successful bidders.
PORTLAND, Multnomah County, Ore.
-BOND OFFERING.George R. Funk, City Auditor, will receive sealed bids until 11 8.171. on
Sept. 3,for the purchase of $1,600,000 4is % street widening bonds. Dated
Sept. 2 1930. Denom. $1,000. Due on Sept. 2 as follows: $32,000 from
1933 to 1939, incl.; $48,000 from 1940 to 1947, incl.; $64,000 from 1948
to 1953. incl.; $80,000 from 1954 to 1957. incl., and $96,000 from 1958 to
1960. incl. Principal and semi-annual interest (March and Sept. 2) payable
in gold at the office of the City Treasurer, or at the fiscal agency of the City
of Portland in New York City, at the option of the holder. Bidders are
requested to submit separate or alternative bids, based upon the place of
delivery of the bonds. If delivery is demanded outside of the City of
Portland, such delivery will be made at the expense of the purchaser. A
certified check for 5% of the face value of the bonds bid for, payable to the
order of the City, must accompany each proposal. The legality of the
bonds has been approved by Storey, Thorndike, Palmer & Dodge, of
Boston, and all bidders will bid subject to said approving opinion, and all
tenders must be unconditional.
-BOND SALE -The 535 ,PORTLAND, Multnomah County, Ore.
,
000 4% strt widening bonds offered on Aug. 20-V. 131. p. 1135
34
Street
.1
were awarded to R. H. Moulton & Co., of Los Angeles, at par plus a
premium of $3,629, equal to 101.02, a basis of about 4.17%. The bonds
are dated Aug. 15 1930 and mature on Aug. 15 as follows: $8,000 from
1933 to 1939 inclusive; $11,000 from 1940 to 1947 inclusive; $15,000.from
1948 to 1953 inclusive; $16,000 from 1954 to 1957 inclusive, and $19,000
from 1958 to 1960 inclusive.
PORTLAND, Multnomah County, Ore.
-LIST OF BIDS.
-The City
Auditor has obliged us with the following list of the bids received on Aug. 12
for the purchase of $99,800 43 % bonds awarded to R. E. Herczel & Co.
of Chicago, for a premium of $4,076.15, equal to 104.08, a basis of about
4.20%.-V. 131, p. 1135.
BidderRate Bid.
R. E. Hormel & Co
*$104.08
A. B. Leach & Co., Inc. and Peirce, Fair & Co
102.9352
First Detroit Co. and A. D. Wakeman Co
103.0562
Camp &Co103.03
Dean Witter & Co.and Blyth & Co., Inc
Win. Adams, City Treasurer, Acct. Commission of Public Docks 101.88
104.03
* Accepted bid.

-BOND SALE.
-The
PUTNAM COUNTY (P. 0. Greencastle), Ind.
$10.200 434% registered Albert Risk et at. Franklin Township road con-were awarded to
struction bonds offered on Aug. 19-V. 131, p. 1136
the First National Bank of Greencastle at par plus a premium of $212.68
equal to 102.08, a basis of about 4.75%. Dated Aug. 17 1930. Due
$510 on July 151031. $510 on Jan. 15 and July 15 from 1932 to 1940 incl.,
and $510 on Jan. 15 1941. Bids for the bonds were as follows:
Premium.
Bidder
$212.68
First National Bank (purchaser)
163.00
First & Fri-State National Bank & Trust Co
Fletcher Savings & Trust Co
161...75
7°
Inland Investment Co
183 90
77.
15
City Securities Corp
Brazil Trust Co
173.00
Central 0. atiohal Bank
-BOND OFFERRANDOLPH COUNTY (P. 0. Winchester), Ind.
-J. A. Miller, County Treasurer, will receive sealed bids until 10 a.m.
ING.
on Aug. 25 for the purchase of the following issues of 434% bonds aggregating $11,300:
$26.000 Lester (Bunt et al., Wayne Township highway impt. bonds.
Donom. $1,300. Due $1.300 on July 15 1931; $1,390 on Jan.
and July 15 from 1932 to 1940 incl. and $1,300 on Jan. 15 1941.
15,300 iramuel Uphaus es al. Green Township highway impt. bonds.
Denom. $765. Due $765 on July 15 1931; $765 on Jan. and July
15 from 1932 to 1940 incl. and $765 on Jan. 15 1941.
Int. is payable semi-annually on Jan. and July 15.
-BIDS
REEVES COUNTY ROAD DISTRICT (P. 0. Pecos), Tex.
-.111 of the bids received on Aug. 11 for the purchase of the
REJECTED.
-V.131. P.670
$75,000 issue of 5% semi-ann. road bonds offered for sale
are reported to have been rejected. The bonds are dated July 29 1930
and mature in 30 years; optional in 20 Years.
RICHLAND PARISH SCHOOL DISTRICT NO. 18 (P. 0. Rayville),
-The $225,000 coupon school bonds offered on Aug.19
-BOND SALE.
La.
-were awarded as 5s to Caldwell & Co. and the Whitney
-V. 131, p. 670
Trust Si Savings Bank. both of New Orleans. jointly, at par plus a premium
of 32,650, equal to 101.17, a basis of about 4.84%. The bonds mature
annually on June 1 from 1931 to 1955 inclusive.

PORTSMOUTH,Scioto County, Ohio.
-BOND OFFERING.
-William
RICHLAND PARISH SUB-ROAD DISTRICT NO.5(P.O. Rayville),
N. Gableman, City Auditor and Treasurer, will receive sealed bids until
1 p. m.(Eastern standard time) on Sept. 15 for the purchase of $41,642.16 La.
-The $200,000 issue of semi-annual road bonds offered
-BOND SALE.
3
assessment improvement bonds. Dated Sept. 1 1930. One on Aug. 19-V. 131, p. 515
-was awarded as 5%s to Caldwell & Co.. of
6% special
bond for $642.16, all others for $1.000. Due on Oct. 1 as follows; $4,642.16 Nashville, at par plus a premium of $200, equal to 100.10, a basis of about
$4,000 from 1932 to 1939 inclusive, and $5,000 in 1940. Bids for 5.74%. The bonds are dated Aug. 1 1930 and mature annually from 1931
in 1931
the bonds to bear interest at a rate other than 6% will also be considered, to 1950 inclusive.
provided, however, that where a fractional rate is bid such fraction shall
A certified check for 24 of the amount
be x of 1% or a multiple thereof.
RICHLAND PARISH SUB-ROAD DISTRICT NO.6(P.O. Rayville),
-The $100,000 issue of road bonds offered on Aug. 19
of bonds bid for, payable to the order of the above-mentioned official, must .La.
-BOND SALE.
accompany each proposal. Opinion as to the validity of the bonds other _At. 131, p. 670
-was awarded as 53-s to the Continental Bank & Trust
Solicitor to be paid for by purchaser.
than that of City
Co., of New Orleans, at par plus a premium of $10, equal to 100.01, a basis
of about 5.49%. The bonds are dated Aug. 1 1930 and mature annually
Assessed Valuation of City Dec..31 1929.
1931 to 1940 inclusive.
Total--------------_ _
_576,561.670.00 from
Real
885---------------.
ROXBORO, Person County, N. C.
-INTEREST RATE-PPICE
Personal
PAID.
-The $62,000 local impt. bond anticipation notes reported sold
Tax rate
Planters Bank & Trust Co. of Richmond-V. 131, p. 515
,
Total bonded debt including this P.n.
$5,490,477.32 to the State
and were sold at a price of par. The notes are dated April 1
bear
Assessment bonds included in total
1,718,531.75 1930int. at 6% in one year.
and mature
Voted bonds included in total
1,741.015.00
i
Water-works oxtail- on bonds in
1.086,500.00
Balance in sinking fund (July 1 1930)
SACRAMENTO, Sacramento County, Calif.
167,314.28
-BOND SALE.
-The
% airport bonds offered on Aug. 15-V. 131. p. 1136-were
5150,000
POSEY COUNTY (P.0. Mount Vernon),Ind.
-BOND OFFERING.
awarded to Peirce, Fair & Co. of' San Francisco at par plusa premiumf
County Treasurer, will receive sealed bids until 2 p.
Casey J. Martin,
87,669.50. equal to 106.11, a basis of about 4.10%. The bonds are dated
on Aug. 30 for the purchase of the following issues of 5% bonds aggregating July 1 1930 and mature on July 1 as follows: $4,000 from 1931 to 1960 incl.
$41,100:
and $5,000 from 1061 to 1966 incl.




1296

FINANCIAL CHRONICLE

The following is a list of the bids submitted for the issue:
Premium.
BidderPeirce, Fair & Co.(Purchaser)
$7.669.50
National Bankitaly
7,231.00
California National Bank, Sacramento
7,205.00
7,050.00
Angio-London-Paris Co
6,854.00
Weeden & Co
'
E. R. Gundelfinger & Co., and A. B. Leach & Co., jointly
6,803.00
C. F. Childs & Co
6,725.00
Capital National Bank
6,631.00
Dean Witter & Co
6.540.00
6,307.00
Wells Fargo Bank & Union Trust Co
6,057.00
Wm. Cavalier & Co
5 850.00
Heller-Bruce & Co
-LIST OF BIDS.
ST. JOSEPH COUNTY (P. 0. Centerville), Mich.
-The following is a list of the bids received on Aug. 7 for the purchase
of the $31,000 bonds, comprising two issues, awarded as 41s to the First
Detroit Co. of Detroit at 100.89, a basis of about 4.58%-V. 131. p .1136.
Int, Rate. Rate Bid.
BidderFirst Detroit Co. (purchaser)
44%
100.89
Braun, Bosworth & Co., Toledo
100.84
4Yi%
5%
100.08
Sturgis National Bank
SALEM-BLEAKWOOD SCHOOL DISTRICT (I'. 0. Newton), Newton County, Tex.
-BOND SALE.
-An issue of $15,000 school building
impt. bonds, voted at an election held on May 10 last, is reported to have
been sold recently.
SALT RIVER VALLEY WATER USERS ASSOCIATION (P. 0.
-At an election to be held on Sept.
Phoenix), Ariz.
-BOND ELECTION.
16 a proposition to issue $3,000,000 in refinancing bonds will be considered,
according to report.
-BOND ELECTION.
SAN DIEGO COUNTY (P.O. San Diego), Calif.
-At an election to be held on Aug. 26 the voters will pass on a proposition
calling for the issuance of $435,000 park bonds.

[Vol.. 131.

Seipp, Princell & Co., Chicago; Premium $200 and furnish bonds and
legal opinion.
Wells
-Dickey Co., Minneapolis; Premium $22 and furnish bonds and legal
opinion.
John Nuveen & Co.. Chicago; Premium $3338.
SYRACUSE GARDENS WATER DISTRICT, Salina (P. 0. Liverpool), Onondaga County, N. Y.
-BOND SALE.
-The $24,000 coupon
or registered water extension bonds offered on Aug. 19-V. 131, P• 980
were awarded as 4)45 to the Lincoln Equities,Inc.,of Syracuse,at 100.8396,
a basis of about 4.40%. The bonds are dated Aug. 1 1930 and mature
$2,000 annually from 1935 to 1946 inclusive. The following is a list of the
bids.submitted for the issue:
BtdderRate Bid.
ft m tate.
,.
I.t
Lincoln Equities,Inc.(purchaser)
100.8396
Manufacturers & Traders Trust Co. (Buffalo)
100.714
4)4%
Parson, Son & Co
4)4%100 313
,
George B. Gibbons & Co., Inc
101.267
Edmund Seymour & Co
100.939
4
Batchelder & Co
100.66
Marine Trust Co. (Buffalo)
101.379
441 0
TAMPA, Hillsborough County, Fla.
-BOND S4LE.-The First
National Bank of Tampa and the Exchange National Bank of Tampa.
Jointly, are reported to have recently purchased an issue of $150,000 a%
refunding bonds at a price of par.
TAMA COUNTY (P. 0. Toledo),Iowa.
-The $300,000
-BOND SALE.
issue of primary road bonds offered on Aug. 14-V. 131, p. 671-was
awarded as 4)4s to the Carleton D. Beh Co. of Des Moines, at par plus a
premium of $1,506. equal to 100.302, a basis of about 4.44°). The bonds
are dated Sept. 1 1930 and mature $30,000 on May 1 from 1936 to 1945,
inclusive. Optional after May 1 1936. The following is a list of the bids
submitted for the bonds:
Bidder
Premium.
Ca
Beh Co. (purcher)
(purchaser)
Fidelity Savings Bank, Marshalltown
-VOTE ON George M. Bechtel & Co., Davenport
SAN FRANCISCO, San Francisco County, Calif.
eo
1
-$1,0:5R802
-As a result of the approval Olaspell, Vieth & Duncan, Davenport
$31,000,000 BOND ISSUE IN NOVEMBER.
1.175
on Aug. 11 by the War Department ofthe plans for the Golden Gate Etridge,
confidently expected that the $31,000,000 bond issue which is to be
TAYLOR COUNTY (P. 0. Bedford), Iowa.
it is
-BOND SALE. ..1h5
- e
sold to defray the cost of the structure will be submitted to a vote of the $250,000 primary road bonds offered on Aug. 20-V. 131, p. 671-were
electorate at the November election. The City of San Francisco will awarded as 4)45 to the Iowa-Des Moines Co., of Des Moines, as 435s, at
,
pay about 85% of the cost of the bridge, the remainder being divided par plus a premium of 3792, equal to 100.316, a basis of about 4.44%.
among taxpayers of Mann, Sonoma, Napa. Mendocino and Del Norte The bonds are dated Sept. 1 1930 and mature $25,000 on May 1 from 1936
Counties, according to report. The United States Supreme Court in to 1945 incl. Optional after May 1 1936.
March of this year dismissed a case involving the validity of the above
Bids for the bonds were as follows:
-V. 130,p. 1878.
issue of bonds.
BidderPremium.
Iowa-Des Moines Co. (purchaser)
$772921:0000
SAN SABA, San Saba County, Tex.
-All of the
-BIDS REJECTED.
bids received on July 29 for the purchase of the $75,000 5X or 5X % bridge Carleton D. Beh Co Co
George M. Bechtel &
785.00
and paving bonds offered for sale
have been Glaspell, Vieth & Duncan
-V.131,p.670
-are reported to
455.00
rejected.
TECUMSEH, Pottawatomie County, Okla.
-BOND OFFERING.
SANTA CRUZ COUNTY (P. 0. Santa Cruz) Calif.
-BOND SALE.
to Henry
G. F. Rogers & Co. of Los Angeles, have purchased an issue of $300.000 Sealed bids addressed 26 for the C. French. City Clerk, will be received
p.m. on Aug.
purchase
$15,000
works system
7% improvement bonds and are offering the securities for public invest- until 7 Interest is payable semi-annually. of certified water for 2% of the
A
check
ment priced to net 6K % (tax free). Dated March 25 1930. Denoms. bonds. accompany each proposal.
bid must
$1,000 and $500. Due $30,000 annually on July 2 from 1931 to 1940 incl.
Principal and semi-annual interest (Jan. and July 2) payable at the office
TEXAS, State of (P. 0. Austin).
-BONDS REGISTERED.
-We are
of the County Treasurer. The bonds are said to have been issued by the informed that the following issues of bonds were registered by the State
County under the provisions of the Municipal Improvement Act of 1915. Comptroller during the period from Aug. 11 to the 15th:
San Francisco.
Legality approved by Kirkbride, Wilson and Brooks, of
$2,000 5% Mitchell County Common S. D. No. 2 bonds: Denom. $100.
Due serially.
Financial Statement of County, as of March 6 1930.
$27,587,669.00
2.0005% Mitchell County Common S. D. No. 26 bonds. Denom. $100.
Total assessed value of property
Due serially.
68„ .00
Estimated true aalue of property
593,000.00
1,500 5% Krum Independent S. D. bonds. Denom. $375. Due serially.
General obligation bonds outstanding
375,000.00
3,0005% Driscoll Independent S. D. bonds. Denom. $150. Due
1915 Act bonds including this issue
385,000.00
Value municipally owned property
300,000.00
1,200 8eriallrazos County Common S. D. No. 9. Denom, $200. Due
5% B y
.
Total bonds, this issue _
2,987,000.00
serially.
Appraised value land and buildings,this issue
3.500 5% Limestone County Common S. D. No, 14. Denom. $175.
37,405
Population. 1930 census
•
Due serially.
SANTA MARIA WATER CONTROL AND IMPROVEMENT DIS1,0005% Upshur County Common S. D. No. 16 bonds. Denom. $50.
-We
TRICT NO. 4, Cameron County, Tex.
-BONDS REGISTERED.
Due serially.
on Aug. 11
are informed that an issue of $50,000 6% bonds was registered
1,5005% Travis County Common S. D. No. 3 bonds. Denom. $100.
by the State Comptroller. The bonds are in $1,000 denoms. and mature
Due serially.
serially.
TIOGA COUNTY (P. 0. Owego,) N. Y.
-BOND SALE.
-The
-The Si.- $100.000 coupon or registered land purchase bonds offered on Aug. 15SEATTLE, King County, Wash.
-BONDS REOFFERED.
000,000 issue of not to exceed 6% interest water extension bonds for which V. 131, jo. 980
-were awarded as 4)4s to Roosevelt & Son of
being re- at 100.668, a basis of about 4.11%. The bonds are dated Aug.New York,
-is
all bids received on June 6 were rejected-V. 130. p. 4285
1 1930 and
offered for award on Oct. 3. Sealed bids should be addressed to H. W. mature $10,000 on Aug. 1 from 1931 to 1940, incl.
Carroll, City Comptroller.
TOPEKA, Shawnee County, Kan.
-BOND SALE.
-The $100,539.04
-Bert Fix, 4X% internal improvement sewer bonds offered on August 19-V. 131, p.
SHELBY, Richland County Ohio.
-BOND OFFERING.
Director of Finance and Public Record, will receive sealed bids until 12 m. 1137
-were awarded to the Harris Trust & Savings Bank, of Chicago, at
improvement par plus a premium of $637, equal to 100.63, a basis of about 4.12%. The
on Aug. 28 for the purchase of $33,300 5% city's portion street
bonds. Dated Aug. 1 1930. One bond for $600, all others for $300. Due on bonds are dated August 15 1930 and mature on August 15, as follows:
Aug. 1 as follows: $600 in 1933, and $300 from 1934 to 1942 incl. Interest $10,539.04 in 1931, and $10,000 from 1932 to 1940, incl.
is payable in February and August. Bids for the bonds to bear interest at a
The
B
is an official list of the bids submitted for the issue:
rate other than 5% will also be considered, provided, however, that where a
Offer.
fractional rate is bid such fraction shall be X of 1% or a multiple thereof. Harris Trust & S'avings Bank, Chicago; par, accrued interest Mus a
A certified check for 5% of the amount of bonds bid for, payable to the
total premium of
$637.00
order of the City, must accompany each proposal.
National Bank of Topeka, Topeka, Kans.; par, accrued interest plus 271.45
a total premium of
--City ComSHERMAN, Grayson County, Tex.
-BOND ELECTION.
Detroit Co..Chicago; par, accrued int. plus a total premium of 263.00
missioners have called an election for Oct. 7 to permit the voters to pass on First
Fidelity National Co., Kansas City, Mo.; par, accrued interest plus
bonds.
a proposal calling for the issuance of $100,000 Paving and bridge
a total premium of
-The Sidney Brown-Crummer Inv. Co., Wichita, Kan.;par, accrued interest plus 308.00
SIDNEY, Delaware County, N. Y.
-BOND SALE.
a total premium of
National Bank on July 8 purchased an issue of $10,000 5% coupon airport
221.19
bonds at a price of par. Denom. $1.000. Due $1,000 on each Aug. 1 Central Trust Co., Topeka, Kan.; par, accrued interest plus premium (per $1,000 par value) of
rom 1931 to 1940 md. Int. is payable in Feb. and Aug.
4.28
Columbian Securities Corp., Topeka; Stern Bros. & Co. Kansas
SIOUX COUNTY (P. 0. Fort Yates), No. Dak.-CERTIFICATE
City, Mo.; par, accrued Interestplus premium (per $1,000 par
.
offered on Aug. 1
SAI,E.-The $7,000 issue of certificates of indebtedness
value)of
3.15
-V. 131, p. 515
-was awarded to bear interest at 6%. at a price of par. Prescott, Wright, Snider Co., Kansas City, Mo.; par, accrued into the Bank of North Dakota of Bismarck. The certificates mature in
terest plus premium (per $1,000 par value) of
one year.
Shawnee Inv. Co.,Topeka, Kan.; M.M.Freeman & Co., New York, 1.85
par, accrued interest plus premium (per $1,000 par value) of
1.36
-TEMPORARY LOAN.
SPRINGFIELD, Hampden County, Mass.
The Shawmut Corporation, of Boston, on Aug. 21 was awarded a $500,000
TORRANCE, Los Angeles County, Calif.
-BOND ELECTION.
temporary loan at 2.07% discount. The loan is dated Aug. 22 1930 and At an election to be held on Sept. 25 the voters will
registere their opinion
Is payable on Nov. 7 1930. Bids received were as follows:
Discount. as to the advisibillty of issuing $400,000 in bonds for water plant purposes.
Bidder2.07
Shawmut Corporation (purchaser)
TRENTON, Gibson County, Tenn.
-BOND SALE.
-The Bank of
2.08% Trenton & Trust Co., of Trenton, is
Piro National Old Colony Corp
2.090 issue of $15,000 gymnasium bonds.reported to haverecently purchased an
F. S. Moseley & Co _ _
2.09 0
Salomon Bros. & Hutzler
TRUMBULL COUNTY (P. 0. Warren), Ohio.
-BOND SALE.
-The $13,- The following issues of
STARKE COUNTY (P. 0. Knox), Ind.
-BOND SALE.
coupon bonds, aggregating $35,500 offered on
- Aug.
952.93 6% drain construction bondsoffered on July 30-V. 131, p. 515
-were awarded as 4)4s to the Provident Savings
were awarded at a price of par to the State Exchange Bank, of Culver. Bank 14-V. 131, p. 825
&
The bonds are dated July 1 1930 and mature on Dec. 1 as follows: $1,397.93 100.26. Trust Co. of Cincinnati, at par plus a premium of $94, equal to
In 1931, and $1.395 from 1932 to 1940 inclusive. In our notice of the $18,500 a basis of about 4.00%;
road bondA. Dated Aug. 1 1930. Due semi-annually as follows:
scheduled sale, as a result of a typographical error, the amount of the issue
$1,500 on April 1 and $1,000 Oct. 1 1931; $1,000 on April and Oct.
was incorrectly reported as $131,952.93.
1 from 1932 to 1939, incl.
17,000 road improvement bonds. Dated Sept. 1 1930. Due semi-annually
SUBLETTE COUNTY (P.O. Pinedale), Wyo.-BOND ELECTION.
At the general election to be held on Nov.4 the voters will pass on a propoas follows: $2,000 on April and Oct. 1 from 1932 to 1934, incl.,
sition calling for the issuance of $30,000 in bonds for court house construc$2,000 on April 1 and $1,000 on Oct. 1 1935; 31,000 on April and
tion purposes.
Oct. 1 in 1936.
SUMNER COUNTY RURAL HIGH SCHOOL DISTRICT NO. 1 usDavid H. Thomas, Clerk of the Board of County Commissioners,informs
that eight bids were submitted for the issues.
Branch-Middlekauff Co.,
(P. 0. Wellington) Kan.
-The
-BOND SALE.
of Wichita, is reported to have recently purchased an issue of $15,000 4)4%
UNION COUNTY (P. 0. Creston), Iowa.
-BOND SALE.
-The
school building bonds at a price of 97.50, a basis of about 4.88%. The $464,000 primary road bonds offered on Aug. 20-V. 131, p. 671-were
bonds mature in from 1 to 8 years and carry semi-annual coupons.
awarded as 4)4s to George M. Bechtel & Co. of Davenport at par plus a
SUPERIOR, Douglas County, Wis.-BOND SALE.
-The $19,000 premium of $1,635, equal to 100.35, a basis of about 4.455%. The bonds
43% semi-annual coupon bridge bonds offered on Aug. 15-V. 131, ro• are dated Sept. 1 1930 and mature on May 1 as follows: $46,000 from
980
-were awarded to R. E. Herczel & Co. of Chicago, at par plus a pre- 1936 to 1944 incl., and $50,000 in 1945. Optional after May 1 ,1936.
mium of $383, equal to 102.01. a basis of about 4.34%. The bonds are
UTICA, Oneida County, N. Y.
article
-BOND SALE.
dated July 1 1930 and mature on July 1 as follows: 54.000 in 1947, and dealing with a proposed sale at 12 in. on Sept. 8 of -The following
$772,900 improvement
$5,000 from 1948 to 1950. incl.
bonds appeared in the Utica "Press" of Aug. 20:
The City Clerk summarized the bids submitted for the bonds as follows;
"Funds for the new street signs, new manual fire alarm system, airport
RE.Herczel & Co., Chicago; Premium, $383 and expense of legal opinion. improvements, as well as sewers and paving will be provided by one of
Milwaukee Co., Milwaukee; Premium 326 and furnish bonds and legal three city bond issues amounting to $772.900. bids for which will be opened
opinion.
by City Controller W. S. Pugh at noon Sept. 8.




a

AUG. 23 1930.]

FINANCIAL CHRONICLE

1297

sewage disposal plant, now under construction. A first payment of $36,000 is due tomorrow.
"City Treasurer Arthur J. Follett was notified by telephone of the
Darby decision not to buy the issue, an official of the New York company
pointing out that, while the financial structure of the city was sound,
bond buyers hesitated over Woonsocket securities because of the widespread knowledge of political troubles and municipal business methods.
One of the points stressed as to business methods is the City Council action
in appropriating $85,000 for the street and bridge program, flouting the
ordinance, which until it was amended to except the $85,000 loan, provided that expenditures should not exceed income.
"The council's finance committee authorized City Treasurer Follett to
sell the bonds at the low price only because of the immediate need to make
a payment on the disposal plant.
"Sale of the bonds, as originally planned, would provide for the entire
cost of the plant. It was planned to hold $70,000 in sewer bonds until
better prices could be obtained."
-The $79,700
-BOND SALE.
WYANDOTTE, Wayne County, Mich.
VISALIA UNION HIGH SCHOOL DISTRICT (P. 0. Visalia), special assessment street paving bonds offered on Aug. 19-V. 131, p.
-BOND SALE.
-The $210,000 5% school bonds 1138
Tulare County, Calif.
-were awarded as 434s to Braun, Bosworth Sr Co., of Toledo, at
-were awarded to the Anglo-London Par plus a premium of $152.63. equal to 100.17, a basis of about 4.195%.
offered on Aug. 19-V. 131. p. 825
Paris Co., of San Francisco. The bonds are dated July 15 1930 and mature The bonds are to mature annually over a period or 5 years. Bids were
15 as follows: $5,000 in 1931 and 1932; $10,000 from 1933 to 1946, also submitted by the First Detroit Co., and the Guardian Detroit Co.
on July
incl.; $15,000 from 1947 to 1950 inclusive.
-BOND
YORK SCHOOL DISTRICT (P. 0. York) York County, Pa.
WAUKON, Allamakee County, lowa.-BOND SALE.
-The $17.- OFFERING.
-David N. Crider, Secretary of Board of School Directors,
- will receive sealed bids until 8 p. m. (Eastern standard time) on Sept. 11
961.80 judgment funding bonds offered on Aug. 18-V. 131. p. 1138
were awarded as 430 to the Waukon State Bank, at par plus a premium for the purchase of $650,000 4% coupon school bonds. Dated Oct. 1 1930.
of $60, equal to 100.33, a basis or about 4.46%. The bonds are dated Denom. $1,000. Registerable as to prin. only, or as to both prin. and int.
Sept. 1 1930 and mature annually on Sept. 1 from 1931 to 1948 inclusive. Due on Oct. 1 as follows; $15,000 from 1931 to 1950 incl. and $35,000 from
semi-annually. A certified check for
WAUWATOSA, Milwaukee County, Wis.-BOND SALE.
-The two 1951 to 1960 incl. Int. is payable
to the order
bid
% bonds aggregating $85,000 offered on Aug. 19-V. 131. 2% of the par value of the amount of bondseachfor, payableThese bonds
issues of
proposal.
must accompany
the District Treasurer,
-were awarded to A. C. Allyn & Co. and H. M. Byllesby & Co., or°
p. 1138
are issued subject to the favorable opinion of Townsend, Elliott & Munson
both of Chicago, jointly as follows:
$50,000 storm sewer bonds sold at par plus a premium of $935, equal to of Philadelphia as to their validity.
101.87, a basis of about 4.27%. Due on March 15 as follows:
.-The $25,000 coupon
-BONDSALE
YREKA,Siskiyou County,Calif.
$2,000 from 1931 to 1940, inclusive, and $3,000 from 1941 to
fire station equipment bonds offered on Aug. 7-V. 131, P. 981-bear int.
1950, inclusive.
% and were awarded to the National Bankitaly Corp. of San Fran35,000 street improvement bonds sold at par plus a premium of $504, at
equal to 101.44, a basis of about 4.29%. Due on March 15 as cisco, at par plus a premium of$128,equal to 100.51,a basis or about 4.45%•
follows: $2,000 from 1931 to 1945, incl., and $1,000 from 1946 to The bonds are dated June 11930. Denom.$1,000. Due $1,000 on J111113 1
apfrom 1931 to 1955 incl. Int. is payable in June and Dec. Legalitywere
1950, inclusive.
proved by Orrick, Palmer & Dahlquist of San Francisco. Bonds
Each Issue is dated July 15 1930.
authorized at an election held on April 14 1930. The following information
-BOND SALE CAN- is taken from the offering notice; The town of Yreka City was incorporated
WAYNE COUNTY (P. 0. Corydon), Iowa.
CELLED.
-W. S. McMains, County Treasurer, reports that the sale of in 1888. The population (census of 1930) was 2,123. The assessed
$52,000 not to exceed 5% interest primary road bonds scheduled to have valuation of all taxable non-operative property is $1,352.978. The total
-was cancelled. The bonds are bonded indebtedness (not including this issue) is $87,100.
taken place on Aug. 21-V. 131, D. 672
dated Sept. 1 1930 and mature on May 1 1945; optional after May 1 1936.
ZERBE TOWNSHIP SCHOOL DISTRICT (P. 0. Trevorton)
-E. E. Haupt,
-BOND OFFERING._. Northumberland County, Pa.
WAYNE COUNTY (P. 0. Detroit) Mich.
-BOND OFFERING.
Harry I. Dingeman, County Drain Commissioner, received sealed bids Secretary of Board of Directors, will receive sealed bids until 12 in. on
until 11 a.m. (Eastern standard time) to-day, Aug. 23, for the purchase Aug. 23 for the 'purchase of $150,000
% school bonds. Dated Sept. 1
of the following issues of not to exceed 6% interest bonds aggregating 1930. Denom. $1,000. Due on Sept. 1 as follows: $2,000 from 1931 to
$148,000:
1933 incl.; $3,000 from 1934 to 1940 incl.; $4,000 from 1941 to 1945 incl.;
$106,000 lateral district No. 2 drain construction bonds. Due on May 1 $5,000 from 1946 to 1948 incl.; $6,000 from 1949 to 1951 incl.: $7,000 from
as follows: $8,000 from 1933 to 1935 incl.; $10,000-in 1936 and 1952 to 1955 incl.; $8.000 from 1956 to 1959 incl., and $10,000 in 1960.
1937: $15,000 from 1938 to 1940 incl.. and $17,000 in 1941.
Bids may be for all of the bonds or any part thereof. Bidders for the entire
42,000 Mayburn Tile Drain construction bonds. Due on May 1 as follows: issue are requested to submit separate tenders for the bonds numbered from
$2,000 in 1933; $4,000 from 1934 to 1938 incl.; $5,000 from 1939 1 to 124 incl., and for bonds numbered from 1 to 140 incl., and from 1 to
to 1942 inclusive.
5% of the bid must accompany each proposal.
Each issue is dated Aug. 1 1930. Denom. $1,000. Principal and semi- 150 incl. A certified check for
annual interest (May and Nov.) payable at the office of the County Treasurer. Bonds will be issued in coupon form and may be registered at the
County Treasurer's office as to principal only. Successful bidder to furnish
bonds ready for execution and the necessary opinion as to their validity at CANADA,
his own expense.
-Sealed bids addressed to the
-BONDS OFFERED.
KELOWNA, B. C.
WEST CHICAGO PARK DISTRICT (P.O. Chicago) Cook County,
purchase of $9,000 5%
until August 18. for
-The $2,000,000 boulevard and park purposes Town Clerk, were receivedDue on June 1 1940.the
-BONDS REOFFERED.
111.
bonds. Denom. $1,000.
bonds for which all bids received on Aug. 14 were returned unopened
-are being readvertised to be sold on Aug. 28, sealed bids
V. 131, p. 1138
-BOND OFFERNEW BRUNSWICK,Province of (P.O.Fredericton). sealed bids until
should be addressed to Robert J. Daly, Secretary of Board of Park Com-Antoine J. Leger, Secretary-Treasurer, will receive
missioners. The bonds are dated Sept. 1 1930. Denom.$1.000. Presum- ING.
coupon (registerable
ably,rate of interest and maturity of issue are to be suggested in proposal. 3 p. m. on Aug. 25 for the purchase of $2.650,000 434 road issue, a $350.permanent
A certified check for 2%, payable to the order of the Park Commissioners, as to prin.) bonds, comprising a $2,000,000 $300,000 provincial hospital
and
must accompany each offer. Legality approved by Chapman & Cutler 000 Normal School Building issue,dated a
Sept. 1 1930. Denom. $1,000.
addition issue. All of the bonds are
of Chicago.
in
Due on Sept. 1 1955. Prin, and semi-ann. int. (M. & S.) payable
WESTMORELAND SANITARY DISTRICT (P. 0. Westmoreland) Canadian gold coin at the office of the Provincial Secretary-Treasurer,
Imperial County, Calif.
-BONDS OFFERED.
Fredericton, or in United States gold coin of the present standard of weight
-Edward Stokely, Secretary or Sanitary Board, received sealed bids until S pm,on Aug.21, for and fineness, at the agency of the Bank of Montreal in N. Y. City. Bids
the purchase of $16,000 6% sewer bonds. Dated Sept. 1 1930. Denoms. must be for the whole amount offered and be accompanied by a certified
$1:
000, $500 and $100. Due $1,600 on Dept. 1 from 1931 to 1940, incl. check for $10,000. The offering notice states that sinking funds will be
Principal and semi-annual interest (March and September) payable at the provided to meet payment of above bonds at maturity date.
orrice of the Treasurer of El Centro County, Successful bidder to furnish
-The $60,000 5% bonds offered
-BOND SALE.
and print the bonds, and obtain opinion as to their legality at his own
NEW GLASGOW,N.S.
Scotia of'
expense.
on Aug. 12-V. 131. p. 981-were awarded to the Bank of Novaare dated
of 99.41, a basis of about 5.03% The bonds
Halifax at a price
WHITLEY COUNTY (P. 0. Columbia City) Ind.
-BOND OFFER- Aug. 15 1930 and mature in 30 years. Payable at New Glasgow.Rate Bid.
ING.
-Eugene E. Glassley, County Treasurer, will receive sealed bids
Bidder
98.265.
until 10 a.m. on Aug. 30 for the purchase of the following issues of 434% Bertram Godden, New Glasgow
97.52
bonds aggregating $18,160:
C. H. Burgess & Co., Toronto
97.65
$10,000 Albert Barnes et al., highway construction bonds. Denom. 3600, Johnston & Ward, Halifax
98.28
Due $500 on July 15 1931; $500 on Jan. and July 15 from 1932 Royal Bank of Canada, New Glasgow
599.41
to 1940 incl., and $500 on Jan. 15 1941.
Bank of Nova Scotia, New Glasgow
8.160 highway construction bonds. Denom $408. Due $408 on July 15
* Accepted bid.
1931; $408 on Jan. and July 15 from 1932 to 1940 incl., and $408
on Jan. 15 1941.
NORTH YORK TOWNSHIP (P. 0. Willowdale), Ont.-BOND
Each issue is dated Aug. 15 1930. Interest is payable semi-annually on SALE.
-The $145,000 5% bonds, comprising a $100,000 hydro-electric
131. p.
Jan. and July 15.
Issue and a $45,000 public school issue, offered on August 18-V.price of'
-were awarded to Fry, Mills, Spence & Co., of Toronto, at a
1138
WILLMAR Kandiyohi County, Minn.
-BOND OFFERING.
-Hans 99.27,a basis ofabout 5.10%. The bonds are dated Sept. 1 1930 and mature
Gunderson, City Clerk, will receive sealed bids until 7.30 p. m. on Aug. 25
in 20 installments.
for the purchase of $128.000
% sewage disposal bonds. Dated
issue:
1930. Due annually on Aug. 1 from 1941 to 1960 incl. Int. is Aug. 1
The following is a list of the bids submitted for the
Rate Bid.
semi-annually. These bonds are said to be part of an issue of pay ble
Bidder$160200,
99.27
the remaining 1132,000 bonds, due $4,000 on Aug. 1 from 1933 to 1940
Spence & Co.(purchasers)
indl.. Fry, Mills,Securities Corp
98.17
have been reserved for local investors. A certified check for
Dominion
98.376
amount bid must accompany each proposal. Legality will be 2% or the J. L. Graham & Co
approved by
99.09
Junell, Oakley, Driscoll & Fletcher of Minneapolis.
Wood, Gundy & Co
98.037
R. A. Daly & Co
WILMINGTON, New Hanover County, N. C.
98.60
-BOND SALE.
Gouinlock & Co
- Bell,
97.76
The $125,000 coupon refunding bonds offered on Aug. 18-V. 131. p. 980
- Harris, Mackeen & Co
99.032
were awarded to Braun, Bosworth & Co. of Toledo, as 4hs, at a p
,rice of Gairdner & Co
98.141
101.30, a basis or about 4.37%. The bonds are dated July 1 1930 and 0.11. Burgess & Co
98.37
mature $5,000 on July 1 from 1933 to 1957 inclusive.
McLeod, Young, Weir & Co

"Public improvement bonds for $460,000 will be used as follows: $35,000
airport improvements; $30,000 street signs; $50.000 sanitary sewers:
$2'0,000 paving; $8,000 storm water sewers; $65,000 manual fire alarm
system.
"Deferred assessment bonds amounting to $237.900 will cover unpaid
local assessments on public improvements and a $75,000 issue of delinquent
,
tax bonds will care for unpaid 1929-193. county taxes and payment of
purchases at the city tax sale of 1930."
VINELAND SCHOOL DISTRICT (P.0.Bakersfield), Kern County,
-BOND OFFERING -F.E.Smith, County Clerk, will receive sealed
Calif.
bids until 11 a. m. on Sept. 8 for the purchase of $12,000 not to exceed
6% interest school bonds. Denom. $1,000. Due $1,000 annually from
1933 to 1944 incl. Principal and semi-annual interest (Feb. and Aug.)
payable at the office of the County Treasurer. A certified check for 10%
of the amount bid, payable to the order of the Clerk of the Board of County
Supervisors, must accompany each proposal. The district has an assessed
valuation of $958,550 and a bonded debt of $25,500.

its Provinces and Municipalities.

WINCHESTER, Scott County, 111.
-BONDS VOTED.
authorized the sale of $15,000 street lighting bonds at an-The voters
election
recently. The measure was passed by a favorable vote of 246 to 206. held
WOBURN, Middlesex County, Mass.
-LOAN OFFERING.
-William
H. wearer, City Treasurer, will receive sealed bids until 11.30 a.m. (daylight saving time) on Aug. 26 for the purchase at discount of a $200,000
temporary loan. Dated Aug. 27 1930. Denom. $25.000, $10,000 and
$5,000. Due on March 13 1931. The Old Colony Trust Co., Boston,
will guarantee the signatures and will certify that the notes are issued
virtue and in pursuance of an order of the City Council. the validity by
of
which order has been approved by Storey, Thorndike, Palmer & Dodge
of Boston.
WOODLAWN, Brown County, Tex.
-BOND SALE.
-The State
Board or Education is reported to have recently purchased an issue of
$18.000 Independent School District bonds, at a price or par.
WOONSOCKET, Providence County, R. I.
-BANKERS DECLINE
TO EXERCISE BOND PURCHASE OPTION.
-Darby & Co., of New
York, recently advised City Treasurer Arthur J. Follett that they would
not exercise their option to purchase a block of $380,000 sewer bonds at
a price of 94.25, according to the following article which appeared in the
Aug. 19 issue of the Providence "Journal";
"Notified by Darby & Co. of New York that it had decided not to purchase under its option Woonsocket's issue of $380,000 in sewer bonds at
the low price of $94.25 per hundred, Woonsocket financial leaders yesterday were wondering what step to take next in raising funds to pay for the




ONTARIO (Province of).-HYDRO-FLECTRIC COMMISSION AS
SUM'S OWNERSHIP OF DOMINION POWER AND TRANSMISSION
-The following article dealing with
-000,000 IN BONDS SOLD.
-VI
CO.
of the
the acquisition by the Hydro-Electric Power Commiseion of Ontario Power
entire assets, including the franchises and rights, of the Dominion
and Transmission Co., Ltd., and its subsidiaries, through the sale of $21.000,000 bonds by the Commission, which are said to he guaranteed by the
Province, appeared in the August 16 issue of the Montreal "Gazette":
"The Hydro-Electric Power Commission of Ontario has completed the
purchase of the entire assets including the franchises and rights, of the
Dominion Power and Transmission Co., Ltd., and its subsidiaries for the
slim of $21,000,00() as announced some months ago.
"The $21,000,000 is paid in bonds of the Hydro-Electric Commission
guaranteed by the Province of Ontario, in $8,000,000 par 5% bonds and
(
0
s
434% 4 %o b - on
para e
13,000.000 rch 4If the yrarmigds
0
I, t
$13n 00h
'Power and Transmission Co., with
office in Hamilton. Ont., the Commission also acquires 11 subsidiary
head
companies. The Commission alr takes over a number of power contracts
for the supply of power to municipalities and to large power users as well
as to numerous small industries scattered throughout the territory served
roughly, extending from Port Colborne to Brantford and Oakville."
ORFORD TOWNSHIP (P.O. Highgate),Ont.-BOND OFFERING.1
Sealed bids addressed to Dorothy Littlejohns, Clerk and Treasurer
ill
be received until 12 m. on Aug. 25 for the purchase of $20.000 5% school
bonds. Int. is payable semi-annually. Bonds mature in 15 equal annual
instalments.

1298

FINANCIAL CHRONICLE

[VOL. 131.

inancial

iforeign

O TTOMAN

CHARTERED 1853

BANK

CAPITAL. . . . .
410 000 000
PAID-UP CAPITAL. .
, ,
000
RESERVE . . . . . £1250000
£5,
000,
NEAR EAST: Constantinople, Egypt' Palestine, Cyprus, Persia, Syria, Salonika,
Smy na, Tunis, Mesopotamia (in all
r
about 80 Branches).
LONDON: 26 Throgmorton Street E. C 2
PARIS: 7 Rue Meyerbeer.
MANCHESTER: 56-60 Cross Street.
MARSEILLES: 41-43 Rue Grignan.

United States Trust Company of New York
45-47 WALL STREET
July 1, 1930

Capital,
.
.
$2,000,000.00
Surplus and Undivided Profits, . $27,000,665.02
This Company acts as Executor, Administrator, Trustee, Guardian, Committee, Court Depositary and in all other recognized trust capacities.
EDWARD W. SHELDON, Chairman of the Board
WILLIAM M. KINGSLEY, President
CARL 0. SAYWARD, Asst. Vice-President
STUART L. HOLLISTER, Asst. Comptroller
WILLIAMSON FELL, 1st Vice-President
FREDERIC W. ROBBERT, V.-Pres. & Comp. LLOYD A. WAUGH, Asst. Comptroller
HENRY
WILFRED .1. WORCESTER, V.-Pres. & Secy. ELBERT L. SMITHERS, Asst. Secretary
B. KNOWLES, Asst. Secretary
THOMAS H. WILSON, Vice-President
ALBERT G. ATWELL, Asst. Secretary
ALTON S. KEELER, Vice-President
HENRY E. SCHAPER, Asst. Secretary
ROBERT S. OSBORNE, Asst. Vice-President HARRY M. MANSELL, Asst. Secretary
WILLIAM C. LEE, Asst. Vice-President
GEORGE F. LEE, Asst. Secretary
HENRY B. HENZE, Asst. Vice-President
GEORGE MERRITT, Asst. Secretary

Banque Nationale de Credit
Capital _
Surplus
Deposits

f rs.
318,750,000
200,000,000
fry.
frs. 6,129,431,000
Head Office
PARIS

723 Branches in France

TRUSTEES
FRANK LYMAN
JOHN J. PHELPS
LEWIS CASS LEDYARD
EDWARD W.SHELDON
ARTHUR CURTISS JAMES

WILLIAM M.KINGSLEY
CORNELIUS N. BLISS
WILLIAM VINCENT ASTOR
JOHN SLOANE
FRANK L. POLK

THATCHER M. BROWN
WILLIAMSON PELL
LEWIS CASS LEDYARD, JR
GEORGE F. BAKER, JR.
WILSON M.POWELL

Ioreign

Australia and New Zealand

NATIONAL BANK OF INDIA, LIMITED
Bankers to the Government in Kenya Colony
and Uganda
Head Office: 26, Bishopsgate, London, E.C.
Branches in India, Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
Subscribed Capital
/4,000,000
Paid-up Capital
£2,000,000
Reserve Fund
£3,000,000
The Bank conducts every description of banking
and exchange business.
Trusteeships and Executorships also
undertaken.

NATIONAL BANK OF NEW ZEALAND, Ltd.

Head Office: 8 Moorgate, London, E.C.2, Eng.
Authorized and Subscribed
Capital
£6,000,000
Paid-up Capital
£2,000,000
Reserve Funds and
Undivided Profits
2,174,171
£4,174,171
The Bank receives Deposits at rates which
may be ascertained on application and conducts every description of Banking business
connected with New Zealand.
Arthur Willis, Manager.

Hong Kong & Shanghai
BANKING CORPORATION
• Incorporated in the Colony of Hongkong. The
• ability of members is limited to the extent and
Is manner prescribed by Ordinance No.6 of 1929
of the Colony.
Authorised Capital(Hongkong Currency). H4.50.000.000
Paid Up Capital (Hongkong Currency)- -H$20.000.000
Reserve Fund in Sterling
16.500.000
Reserve Fund in Silver (Hongkong Cur1159.500.000
rency)
Reserve Liability of Proprietors (Hong11$20,0181.00e
kong Currency)
C. DE C. HUGHES, Agent
72 WALL STREET, NEW YORK

LINCOLN MENNY OPPENHEIMER

London City Office, 62 Lombard St., E. C. 3
Kingsway Branch, Imperial House, Kingsway
X, W. C. 2
Glasgow, Chie!Office, 113 Buchanan Stree
Princes St. Office, 118 Princes St., Edinburgh
337 Branches & Sub-Offices throughout Scotland
Executry and Trust business undertaken.

Cable Address "Openhym"
Execute orders for purchase
and sale of Stocks and Bonds

535 BRANCHES and AGENCIES in the
Australian States, New Zealand. Fill. l'apua
(Mandated Territory of New Guinea), and London. The Bank transacts every description of
Australasian Banking Business. Wool and other
Produce Credits arranged.
London Office
Head Office,
George Street,
29 THREADNEEDLE
STREET, E. C. 2.
SYDNEY.
Agents: Standard Bank of South Africa, Ltd.
New York

Letters of Credit

NATIONALBANK
of EGYPT
Dead Office

The National City Bank of New York
Head Office: 55 WALL Si', NEW

Cairo

IMIOPENINIIMMOZNIEM

FULLY PAID CAPITAL - £3,000,000
RESERVE FUND - .C2,950,000

New York Agents:
Irving Trust Company

YORK, U.S.A.

Capital, Surplus and Un$242,400,000
divided Profits
1.471,500,000
Deposits, March 3
Over
Resources
2,0.00,000,000
BRANCHES
LONDON
ARGENTINA
BELGIUM
BRAZIL
CHILE
CHINA
COLOMBIA
PERU

CUBA
PORTO RICO
DOMINICAN
REPUBLIC OF
REPUBLIC
PANAMA
INDIA
STRAITS
ITALY
SETTLEMENTS
JAPAN
URUGUAY
MEXICO
VENEZUELA
PHILIPPINE ISLANDS

The International Banking Corporation
Head Office-55 Wall St., New York, U. S. A.
BRANCHES
LONDON
SAN FRANCISCO

MADRID
BARCELONA

And Representatives in Chinese Branches

English, Scottish and Australian Bank, Ltd.
Head Office,5 Gracechurch St., London, E.0
and 457 Branches & Agencies in Australia.'
Subscribed Capital
£5,000,000
Paid-up Capital
Further Liability of Proprietors
£2,000,000
Reserve Fund
£3,080,000
Remittances made by Telegraphic Transfer.
Bills Negotiated or forwarded for Collection.
Banking and Exchange business of every description transacted with Australia.
E. M. JANION, Manager.

LONDON AGENCY
6 and 7, King William Street, E. C. 4
Branches in all the
principal Towns in
EGYPT and the SUDAN

L:5.000,000

The Mercantile Bank of India, Ltd.
Head Office
15 Gracechurch St., London, E.C. 3

-

ffinancial

SECURITIES ENGRAVED
For Listing on All Stock Exchanges

COLUMBIAN BANK NOTE COMPANY

Capital Authorized
,C1.000.000
Capital Paid Up
£1,050,000
Reserve Fund Sr Undivided Profits.£1,646.506
500 S. ASHLAND BLVD.
E
52 WALL STRET
Branches in India,Burmah • Ceylon, Straits Settle- if
NEW YORK
CHICAGO
ments, Federated Malay States, Siam, China and Ij
BRANCHES IN PRINCIPAL CITIES
Mauritius and Dutch East Indies. New York
Oorrespondenta, Bank of Montreal. 64 Wall St eiCa4.0 "'Cr
.
le
".46.742
0.-




(ESTABLISHED 1817)
(85==£1)
$37,500,000
Paid-up Capital
29,500,000
Reserve Fund
Reserve Liability of Proprietors.. '7.000,000
$104,500,000
Aggregate AssetslOth Sept.,1928 $444,912,925
A. C. DAVIDSON, General Manager.

Bankers

COMMERCIAL BANK OF SCOTLAND, Ltd.
Established 1810.
£7,500,000
Subscribed Capital
2,250,000
Paid-up Capital
2,800,000
Reserve Fund
35,228,897
Deposits(31st Oct. 1929)
Head Office: 14 George Street, Edinburgh
Alex. Robb. Gen. Mgr.: Magnus Irvine. Secretary

BANK OF
NEW SOUTH WALES

Frankfort o. M., Germany

Foreign Exchange

THE

GENERAL BANKING BUSINESS

Royal Bank of Scotland
Incorporated by Royal Charter 1727
$ 12,500,000
Capital (fully paid)
14,551,600
Reserve Fund
$231.175,645
Deposits
($5 to fl)
Over
200 Years of Comrnerei 1 flanking
Terms for the opening of Accounts furnished on
Application
CHIEF FOREIGN DEPARTMENT
3 Bishopsgaite, London, England
HEAD OFFICE - EDINBURGH
General Manager. Sir A. K. Wright, K.B.E.D.L.
Total number of offices. 240.