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The
1111merriztl
VOL. 133.
• financial
lironicie
SATURDAY, AUGUST 8 1931.
financial Chronicle
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President and Editor. Jacob Seibert; Business Manager, William D. Rge
Treas., William Dana Seibert; Sec., Herbert D.Seibert. Addressee of all, Office of o.
The Financial Situation.
There are two ways of looking at the credit or
$250,000,000 which the Bank of England, according
to official announcement of last Saturday, has obtained from the Bank of France and from our Federal Reserve Banking System in equal amounts of
$125,000,000 from each. From either standpoint
the matter furnishes occasion for regret. In the
first place it argues the existence of a situation of
great gravity that an occasion should have arisen
where London is in need of a credit for such a large
amount. The very fact suggests caution, and deep
pondering of what it means and what it possibly
foreshadows.
In the second place it must be regarded as most
unfortunate that our Federal Reserve banks should
allow themselves to become further involved in a
European situation so full of menace. The Reserve
banks hold the ultimate cash reserves of the entire
banking system of the United States, and it is their
duty above everything else to keep these reserves
intact. They are not keeping them intact when they
invest them in bills concerning the repayment of
which at maturity it is known beforehand there is
going to be doubt.
At present Europe is passing through one of the
greatest crises in recorded history, the outcome of
which cannot at this time be foretold, and the duty
which now rests upon our Federal Reserve authorities is to stand aloof and do nothing which can in
the remotest degree serve to impair their security
or integrity. By this we mean not that Great
Britain, if in need of assistance, should not receive
the necessary aid, rather the contrary. We feel,
however, that the help should come from private
banking sources, which are ample for the purpose,
and which can be depended upon to proceed with
NO. 3450
the caution and circumspection that such a grave
situation demands. There is the more reason for
urging such a course, since, in our view, as so repeatedly expressed in these columns, the Reserve
officials are acting entirely without authority when
they act in the capacity of a central bank, and still
more when they undertake to extend a credit of any
kind to a foreign bank or a foreign country. They
are not endowed with functions of that kind. Nor
would we consider it a wise policy that they should
be vested with such functions. Their reserves should
never, even in a remote degree, be put in jeopardy,
and this jeopardy, we feel, cannot be escaped if they
allow themselves to be drawn deeper and still deeper
into European affairs.
The present situation illustrates admirably what
is certain to happen when the Federal Reserve proceeds with the idea that it must take a hand in every
European trouble that may arise anywhere. The
Reserve Bank recently participated to the extent of
$25,000,000 in a credit of $100,000,000 to Germany
in which it was joint participant with the Bank of
England and the Bank of France and the Bank for
International Settlements. It is significant that
in the present credit of $250,000,000 the Bank for
International Settlements is not a participant. The
reason is perfectly plain. This Bank for International Settlements has not the resources for such
a large undertaking, and the resources it does possess
are already to a considerable extent tied up in other
similar credits. The B. I. S. is commonly referred
to in newspaper dispatches as the World Bank, and
it was undoubtedly originally intended to be a world
bank in the true sense under some sort of arrangement by which the immense gold holdings of the Federal Reserve banks were to be put at its disposal,
but public opinion in the United States would not
tolerate anything of the kind, and that part of the
scheme had to be abandoned. Nevertheless, the Federal Reserve authorities have long been working in
close co-operation with the Bank of England, and
the present credit of $125,000,000 is the result.
Nor can there be any doubt that they would double
this credit if circumstances demanded; and they
would go even beyond that figure in case of emergencies such as may arise in connection with the
present period of distress. Indeed, judging from
past experience, the Reserve officials are prepared
to go to any length in putting the vast resources of
the Federal Reserve System at the command of the
Bank of England, and possibly also the Bank of
France, though the latter does not any longer appear
to be the dependence and reliance it once was.
On that point it is rather significant how popular
the idea still is of having the Bank for International
Settlements a world bank in the sense originally
842
FINANCIAL CHRONICLE
Intended, and as such made the custodian of all the
gold in the world. Thus we find one of the London
correspondents of the New York "Times" saying in
his dispatch dated Aug. 1: "Some bankers, in fact,
see to-day's step as a first move toward a permanent
solution of the gold problem through the machinery
of the Bank for International Settlements, when instead of cumbersome gold transfers, only a debit and
credit entry in the books of the World Bank will be
needed." How nice this would be, and how delighted
our Reserve authorities, we imagine, would be!
Somehow, however, there are still some practical
persons among our citizenry who believe that we
will be better off if we retain possession of our own
gold instead of transferring it to the custody of those
who might find it useful in financing a new war.
We have said the present experience illustrates in
an admirable way how one step leads to another
where the authorities proceed with the notion that
it is their bounden duty to come to the assistance of
every banking institution that may be in real or
assumed need. The $100,000,000 credit for the benefit of Germany was originally simply for a period
of three weeks, but even before the three weeks
elapsed it became apparent that the credit would
have to be extended, and it was then extended for
another period of three months, and unquestionably
the credit will have to be further extended, and,
indeed, that was one of the things that the Seven
Power Conference was unanimous in recommending.
So this credit has already assumed the aspect of a
frozen asset. The same thing has happened, or will
happen,in the case of the credit extended to Austria,
and the extent of the Federal Reserve's share in this
has never been stated. This credit to the Reichsbank
has been availed of, too, for we find in the "Monthly
Review" of the New York Federal Reserve Bank for
Aug. 1, in a discussion of the decline in the holdings
of acceptances of the 12 Reserve institutions, which
holdings fell from $103,341,000 July 1 to only $66,536,000 on July 29, a statement to the effect that
"the decline in holdings of domestic bills alone was
even larger than is indicated by the figures for total
bill holdings, which include purchases of bills drawn
in foreign currency, largely those required in connection with the utilization of the $25,000,000 credit
to the Reichsbank announced last month."
There can be no doubt, either, that the credit for
125,000,000 now extended to the Bank of England
will' also be used, and very likely used freely and
possibly to its full extent. Reference is made to the
fact that when back in 1925 the Bank of England
obtained a credit of $300,000,000, of which $100,000,000 was supplied by a syndicate of banks and
bankers, headed by J. P. Morgan & Co., and $200,000,000 by the Federal Reserve banks, no portion of
the credit was ever used. But there is no analogy
between the situation at that time and the situation
at the present time. On this former occasion the
Bank of England had completed preparations for
the return to the gold basis and merely took the
credit as additional precaution so as to guard against
possible unforeseen contingencies, none of which,
fortunately, arose. No menace then threatened.
The way had been carefully prepared for the event,
and it was simply putting into effect a scheme which
had been carried to the stage of perfection.
To-day the situation is entirely different. The
Bank of England is now in a state of great distress.
Large withdrawals of credit, capital and funds are
[Vou 133.
taking place, accompanied by heavy losses of gold,
creating a situation of great disquietude. The Bank
is in great need of aid.
The long and short of the matter is that the Bank
of England is in danger of being undermined, and in
view of this menace has been obliged to resort to
the large credit now obtained and is likewise bound
to resort to the utilization of this credit, since no
other alternative is open. Candor compels the
statement that for the Bank this struggle involves
the question of its soundness and stability. It cannot, therefore, afford to be squeemish about using
every facility at its command.
Whatever may be the reason, the Bank of England
is suffering from the same loss of confidence that
has proved so disastrous in the case of the Bank of
Germany. Credits and funds are being withdrawn
on a huge scale, and no one can say when the end is
to be. The menace is infinitly greater than it was
in the case of Germany. But London is a world
banker. Everyone has money on deposit there and
has credit outstanding there, and should panic once
seize this multitude the problem might readily become too vast for anyone to handle. Besides, the
attitude of the Bank of France is not entirely free
from suspicion. Political motives unfortunately
appear to be uppermost in France. There appears
to be no doubt that French credits and French balances in large amount were withdrawn from Germany nor that similar withdrawals have latterly
been taking place from London, whether dictated
by political considerations or not. The $125,000,000
of credit now extended by the Bank of France and
by French bankers may simply represent credits
previously withdrawn, or then again the new credit
of $125,000,000 may be followed and attended by the
withdrawal of credits still outstanding. The situation is one of great complexity and doubt. In the
end the Federal Reserve banks may have to go it
alone. The Federal Reserve System, with its large
gold holdings, would appear to hold an impregnable position of strength, but may easily become too
deeply involved. A credit with a large syndicate of
private bankers was infinitely to be preferred, because these bankers would be in close touch with
those having large credits outstanding which,
through fear, might be withdrawn but which fears
might be allayed by assurances from the members
of the syndicate. In these circumstances the move
of the Federal Reserve Bank in sending Albert H.
Wiggin, of the Chase National Bank, to serve as the
American representative at the expert conference
which is to consider what measures of relief can be
adopted for the benefit of Germany is a step in the
right direction. Only, it were to be wished, the
duties of the committee might be enlarged so as to
include consideration of what can be done to
strengthen the British situation. Germany is now
virtually down and out. The real problem now is
how to help London out of its dilemma.
Another point is worth considering. The Bank of
England, besides obtaining the $250,000,000 credit
from the Bank of France and our Federal Reserve
System, has received authority from the British
Treasury to increase the fiduciary note issue for a
period of three weeks in the amount of £15,000,000,
or $75,000,000. It is stated that the purpose is to
release a corresponding amount of gold. This is
rank inflation. It is a thing that Germany has been
advised not to do, and while the period during which
AIM. 8 1931.]
FINANCIAL CHRONICLE
the notes may remain out is very short, namely, only
three weeks,it will be easy to have the time extended.
In other words, the note issues, once out, will be
difficult to recall. It is a question whether Great
Britain would not be a great deal better off if it had
less note issues outstanding. The fiduciary currency is the note issues against which no gold reserve
need be kept. The amalgamation of the British
currency issues added $260,000,000, or $1,300,000,000, roughly, to the note issues of the Bank of
England. It has always seemed to us that the addition of such a vast sum to the outstanding issues
had served to weaken British control over the gold
currency issues added £260,000,000, or $1,300,
land had only about £30,000,000 of notes outstanding. To-day with the fiduciary currency included,
It has a total of £365,252,000 out. With the note
issues so much smaller a rise in the discount
rate sufficed to turn the gold currents in favor
of London from all parts of the world. Now with
the note issues so very much larger it is difficult
to make the higher discount rate effective, though
it is to be said that the present month the open market rates for bills have been quick to follow the
Bank's discount rate upward.
In the meantime trade in the United States does
not improve. The "Iron Age," which last week found
an upturn in steel production from 30% of capacity
to 32%, the present week finds production back
again to 30% of capacity, and gives expression to
the following rather discouraging views:
"A decline in pig iron production to the lowest
ebb since 1921, following the disappointing revelations of iron and steel company reports for the
second quarter, has dampened reviving hopes for
business betterment and accentuated concern over
negative market factors in general.
"With half of the country's automobile capacity
idle, with the Ensley and Pittsburgh rail mills shut
down, and with virtually no branch of the steel industry showing any improvement aside from temporary fluctuations characteristic of a low rate of
activity, the outlook for August can hardly be called
encouraging. There is the further fact that the rise
in steel ingot production of a week ago proved abortive. With declines reported at Youngstown, Cleveland, Pittsburgh and Buffalo, the average for the
country has receded from 32 to 30% of capacity.
"While too much significance may be attached to
the change in operating rate, in view of increasingly
frequent irregularities in steel-making schedules in
keeping with variations in mill requirements, the
industry is not only resigned to another exceedingly
dull month but is even more reluctant than heretofore to estimate the scope of seasonal improvement
in September. The only favorable development is a
firmer attitude on prices, which is a natural reaction
from the poor quarterly earnings statements."
The agricultural situation also furnishes occasion
for continued uneasiness, the price of wheat the
present week in particular having established another new record for the present century. September wheat in Chicago sold down on Thursday to
47%c. a bushel, with the close yesterday at 5038c.,
/
and middling upland spot cotton in this market on
Thursday fell below 8c. a pound, the exact quotation
being 7.95c. Dividend reductions and omissions also
keep coming along in a fashion to which the country
was unaccustomed prior to 1929. Pittsburgh
843
Steel Co. omitted its quarterly dividend of 13
/ on
4%
the 7% cumulative pref. stock, and the Bucyrus-Erie
Co. omitted the quarterly dividend on common and
convertible preference shares. The Timken Roller
Bearing Co. made its quarterly dividend only 50c. a
share as against the previous 75c. a share. The International Nickel Co. of Canada declared a quarterly dividend of only 10c. a share on the common
stock as against 15c. a share in each of the two
preceding quarters and 25c. a share previously. The
Standard Oil Co. of Indiana declared a quarterly
dividend of 25c. a share as compared with 50c. a
share in each of the two previous quarters and 621 2c.
/
a share at previous quarters. A. G. Spalding & Bros.
declared a quarterly dividend of 25c. a share on the
common, compared with 50c. a share paid in previous quarters. Consolidated Gas Utilities omitted
the quarterly dividend on class A stock, and Harbison-Walker Refractories reduced its quarterly
dividend on common from 50c. a share to 25c.
One unexplained feature in the returns of the 12
Federal Reserve banks noted last week is again
present this week. We refer to the foreign bank deposits. These last week increased to over $100,000,000, and the precent week have further risen from
$100,435,000 to $132,377,000. As stated last week,
while no explanation is offered for this expansion in
the foreign bank deposits it is understood to be due
to the action of the Bank of France in converting
its holdings of bankers' acceptances into cash and
depositing the proceeds with the Federal Reserve
banks. And as confirming this view the bills purchased by the Federal Reserve banks for foreign correspondents last week decreased over $44,000,000 and
the present week have further decreased in amount
of nearly $28,000,000. Seven weeks ago, on June 17,
the foreign bank deposits aggregated no more than
$5,676,000, and the increase from that figure to
$132,377,000 has been attended by a falling off
in the holdings of bills purchased by the Reserve
banks for their foreign correspondents from $378,717,000 to $225,852,000 Aug. 5.
Aside from this, the Federal Reserve statements
this week show no special features beyond moderate increases in the volume of Reserve credit outstanding. The change in the holdings of acceptances, however, may carry a deeper significance than
appears by the face of the figures. The amount of
these acceptances this week (Aug. 5) is given as
$66,074,000 against $66,536,000 last week (July 29).
It may be, though, that the holdings of domestic bills
have decreased, while the holdings of foreign bills
have increased, especially in connection with the
large credit extended to the Bank of England. During the month of July this appears to have been frequently the case, as appears from the fact, already
noted further above, that the "Monthly Review" of
the New York Federal Reserve Bank, in explaining
the decline in the bill holdings from $103,341,000 on
July 1 to $66,536,000 on July 29, takes pains to
point out that "the decline in holdings of domestic
bills and loans was even larger than is indicated
by the figures for total bill holdings, which include
purchases of bills drawn in foreign currencies,
largely those acquired in connection with the utilization of the $25,000,000 credit to the Reichsbank that
was announced last month." The discounts of the
12 Reserve institutions have increased during the
week from $183,036,000 to $188,575,000, and the
844
FINANCIAL CHRONICLE
holdings of United States Government securities
have risen further from $677,977,000 to $680,631,000.
This latter figure is over $104,000,000 larger than the
holdings of Government securities 12 months ago on
Aug.6 1930, when the amount was only $576,224,000.
Altogether the total of bill and security holdings
the present week stands at $941,582,000 against
$934,795,000 last week. The volume of Federal Reserve notes in circulation has further increased during the week, rising from $1,735,501,000 to $1,772,672,000, while at the same time gold reserves have
decreased from $3,443,554,000 to $3,429,037,000.
Brokers' loans, as given in the compilations of the
reporting member banks at New York City, continue
their steady record of decline. This week there has
been a further decrease of $44,000,000, bringing the
total down from $1,390,000,000 to $1,346,000,000, to
the lowest figure reached since 1924. At $1,346,000,000 Aug. 5 the present year the comparison is
with $3,214,000,000 12 months ago on Aug. 6 1930.
In the different categories of loaning, the loans for
own account diminished during the week from
$1,002,000,000 July 29 to $960,000,000 Aug. 5, while
the loans for account of out-of-town banks increased
from $219,000,000 to $222,000,000, and loans
"for account of others" fell from $169,060,000 to
$164,000,000.
There is little to be said about the stock market
the present week. It has been an exceedingly dull
affair, with the total of the share transactions less
than a million shares a day,on every day of the week.
The course of prices has been irregular and unsettled
with no pronounced movements in either direction,
though the tendency, on the whole, has been towards
moderately lower levels. Some half a dozen issues
or more, the active specialties of the week, have, however, declined several points during the week. Railroad shares have been weak nearly all the time.
There have been no special features or new developments, the absence of trade improvement along with
the disturbed financial and economic situation in
Europe both acting as depressing agencies. A total
of 78 stocks reached new low levels for the year during the week and 14 stocks touched high figures for
the year during the week. Call loans on the Stock
Exchange again ruled unchanged on every day
at 11 2%.
/
Trading has been exceedingly light. At the halfday session on Saturday the sales on the New York
Stock Exchange w6re 398,220 shares; on Monday
they were 878,530 shares; on Tuesday, 724,220
shares; on Wednesday,817,890 shares; on Thursday,
909,664 shares, and on Friday, 735,870 shares. On
the New York Curb Exchange the sales last Saturday were 67,675 shares; on Monday, 149,585 shares;
on Tuesday, 181,870 shares; on Wednesday, 183,725
shares; on Thursday, 226,310 shares, and on Friday,
264,537 shares.
As compared with Friday of last week, prices are
irregularly changed, but mostly lower. General
Electric closed yesterday at 39% against 40 on Friday of last week; Warner Bros. Pictures at 7 against
6%; Elec. Power & Light at 38 against 38; United
4
Corp. at 22 against 221 8; North American at 653
/
against 6512; Pacific Gas & Elec. at 45% against
/
45 ; Standard Gas & Elec. at 61% against 61; Con/
1
4
solidated Gas of N. Y. at 9034 against 911 2; Co/
/
lumbia Gas & Elec. at 29 against 28%;International
Harvester at 397/ against 3878; J. I. Case Threshing
8
/
[Vox,. 133.
Machine at 54' 8 against 55%; Sears, Roebuck & Co.
/
7
/
at 56 against 5414; Montgomery Ward & Co. at 20%
against 20 ; Woolworth at 68% against 6814; Safe/
1
4
/
way Stores at 61% against 63; Western Union Telegraph at 108% against 113%; American Tel. & Tel.
at 16714 against 169%; Int. Tel. & Tel. at 27 against
/
27 ; American Can at 90% against 91%; United
/
1
4
States Industrial Alcohol at 28 against 2778; Com/
mercial Solvents at 16% against 16%; Shattuck
& Co. at 1914 against 20; Corn Products at 63
/
against 64%, and Columbia Graphophone at 7%
against 7%.
Allied Chemical & Dye closed yesterday at 1083
4
against 1061 2 on Friday of last week; E. I. du Pont
/
de Nemours at 84 against 87; National Cash Register
/
at 25 against 251 8; International Nickel at 1234
/
against 12%; Timken Roller Bearing at 30% against
29%; Mack Trucks at 2814 against 32; Yellow Truck
/
/
7
& Coach at 7 8 bid against 778; Johns-Manville at
/
47 against 50%; Gillette Safety Razor at 207
/8
/
against 2114; National Dairy Products at 3338
/
against 333/4; Associated Dry Goods at 19 bid against
18%; Texas Gulf Sulphur at 34 against 331 8; Amer/
ican & Foreign Power at 26% against 271 8; General
/
American Tank Car at 58% against 59%; Air Reduc/
tion at 7614 against 74; United Gas Improvement
at 281 8 against 28%; Columbian Carbon at 6978
/
/1
against 66%; Universal Leaf Tobacco at 30/
12
against 32 bid; American Tobacco at 117% against
1151 8; Liggett & Myers at 71 against 6078; Reynolds
/
/
/
1
4
Tobacco class B at 49% against 50 ; Lorillard at
18% against 19, and Tobacco Products class A at
10 bid against 9/.
8
The steel shares have, on the whole, held up well.
U. S. Steel closed yesterday at 86 against 85% on
Friday of last week; Bethlehem Steel at 37% against
/
1
4
3678; Vanadium at 26 against 26%;Republic Iron
/
& Steel at 12% against 13, and Crucible Steel at
3818 against 39. In the auto group Auburn closed
/
yesterday at 13114 against 142 on Friday of last
/
week; General Motors at 37 against 37%; Chrysler
at 23% against 25; Nash Motors at 2514 against
/
2614; Packard Motors at 6% against 7 ; Hudson
/
/
1
4
Motor Car at 1377 against 13 , and Hupp Motors
8
/
1
4
at 73 against 8 . In the rubber group Goodyear
4
/
1
4
Tire & Rubber closed yesterday at 393 against 391 4
4
/
on Friday of last week; United States Rubber at
12% against 1314 and the preferred at 24 against
/,
/
1
4
23% bid.
The railroad stocks have continued quite weak.
Pennsylvania RR. closed yesterday at 42% against
44% on Friday of last week; Erie RR. at 1812
/
against 20; New York Central at 7134 against 7334;
/
/
Baltimore & Ohio at 4612 against 48%; New Haven
/
at 60 against 6478; Union Pacific at 145% against
/
1
4
/
153; Southern Pacific at 743 against 76; Missouri
4
Pacific at 20% against 21%; Missouri-Kansas-Texas
at 12/ against 13 bid; Southern Railway at 26
18
against 28; Chesapeake & Ohio at 34% against 35;
Northern Pacific at 333 against 35, and Great
4
Northern at 39 against 42 .
/
1
4
The oil stocks have shown an improved tone as the
result of the upward revision of crude oil prices.
Standard Oil of N. J. closed yesterday at 37
/
1
4
against 37 on Friday of last week; Standard Oil
/
1
4
of N. Y. at 17% against 1778; Standard Oil of Calif.
/
at 35% against 3614; Atlantic Refining at 14%
/
against 1478; Texas Corp. at 23 against 2318; Rich/
/
field Oil at 1% bid against 1%; Phillips Petroleum
at 7% against 7 , and Pure Oil at 7% against 7%.
/
1
4
AUG. 8 1931.]
FINANCIAL CHRONICLE
The copper stocks have inclined to weakness owing
to the decline in the price of the metal. Anaconda
Copper closed yesterday at 2438 against 2478 on
/
/
Friday of last week; Kennecott Copper at 17 4
against 18; Calumet & Arizona at 36 against 37;
/
3
4
Calumet & Hecla at 61 8 against 63 Granby Con/
4;
solidated Copper at 12 against 12%,and American
/
3
4
Smelting & Refining at 30 against 31%.
845
Prices on the Paris Bourse moved upward, Monday, owing to the favorable view taken in the French
market of the credit arrangement between the
British, French and American banks of issue. Buying orders were not very extensive, however, and the
upward trend was limited to the first part of the
session. In the later dealings prices drifted aimlessly, with business extremely slow. The light trading continued Tuesday, and prices in this session
reacted slightly. The German situation caused much
concern, traders preferring to stand aloof until results of the full bank resumption were determined.
Small losses were recorded in the majority of stocks.
The upset in sterling exchange produced an unfavorable effect on the Bourse Wednesday, and most
stocks again suffered losses. It was noted with
astonishment that the Bank of England preferred
not to use the credit to support sterling, and the
uncertainties thus occasioned caused moderate
liquidation. Losses were limited on account of the
small volume of trading. With sterling again moving above the gold export point Thursday, prices on
the Bourse tended to improve. The impression prevailed that the British central bank had finally
begun to use the new credit to support sterling, and
stocks strengthened as a result, both French and
international issues sharing in the gains. The improvement was maintained yesterday, and some
slight further gains were recorded.
Dealings in stocks on the important European exchanges proceeded at a snail's pace this week, transactions being kept at a minimum not only by the
far-reaching financial crisis but also by the usual
August bank holidays in England. The London
Stock Exchange began business this week only on
Tuesday, the bank holidays occasioning an extension
of the normal week-end suspension to include Monday. The Paris Bourse was the only important European market open all week. Trading on the Berlin
Boerse was still suspended under emergency decrees
of the German Government, and no definite date
has
yet been set for a resumption of activities. It is
suggested in Berlin reports that dealings may be
resumed in the latter part of this month or early in
September. Movements of quotations on the British
and French exchanges this week were exceedingly
small, as the financial situation remained much too
clouded to stimulate interest in securities. Although
Germany made substantial progress toward normal
banking conditions, uncertainty continued owing to
the need of the Bank of England for huge credits in
Formal announcement was made in London,
Paris and New York. The European business situaParis and New York, last Saturday, of arrangetion, meanwhile, has naturally shown no improvements for a £50,000,000 credit to the Bank of Engment owing to the virtual closing of the German
land, extended in equal parts by the Bank of France
markets for goods by the foreign exchange regulaand the Federal Reserve Banks of the United States.
tions. British unemployment advanced sharply this
The announcement followed gold losses by the Bank
week to the highest figure ever recorded, while
all of England on the heaviest scale in the history of
reports from the Continent also depict exceptionally
that institution, some 02,000,000 being taken in the
dull conditions.
period from July 16 to July 30 for shipment to
When business on the London Stock Exchange
was France and other Continental countries. The inresumed Tuesday, a fairly firm undertone prevailed.
crease in the Bank of England discount rate from
The credit of $250,000,00o extended the Bank of
2/% to 31 2% July 23, and the further increase to
12
/
England jointly by the Bank of France and the
41 2 July 30 gave insufficient support to sterling
/%
Federal Reserve banks was regarded as reassuring.
exchange, which remained at levels that threatened
British funds moved forward impressively, as it was
further heavy gold movements from London to the
assumed that the perturbing outflow of gold to the
Continent. These incidents reflected enormous
Continent would be halted. Business in other sectransfers of balances from London to the Continent
tions of the list was very dull, with prices slightly
and the United States, the British market naturally
improved. Attendance on the Exchange was small,
being called upon in the period of financial strain
dispatches said, many brokers extending their holito repay balances traditionally maintained there.
days.
It seems unlikely that American funds were withWednesday's dealings were dominated by suddrawn from London to any great extent, as bankers
den weakness in sterling exchange and an unhere were well aware of the pressure on the London
exampled outcrop of rumors regarding possible
market, and it is well known that they were averse
divergencies in the view of the Bank of England and
to any action that might increase it. The Use of
the Bank of France. Quotations were lowered as a
German balances in London to meet obligations elseprecautionary measure in all sections. British Govwhere is now believed to have started the recent
ernment issues lost most of the gains of the previous
strain on sterling, but the greatest pressure obvisession, while industrial stocks also fell. Internaously resulted from French withdrawals. Belgian,
tional trading favorites lost ground owing to overDutch and Swiss funds also were withdrawn in connight reports from New York of an unfavorable
siderable volume.
nature. The extreme dullness continued Thursday,
Rumors that a credit in favor of the Bank of
with almost all issues again lower. The Bank of
England was under consideration emanated from
England lost a further £2,520,627 in gold, and British
Paris last week with great persistence. They were
funds dropped sharply on the announcement. The
frowned upon in the highest quarters in New York,
industrial list moved irregularly lower, while Angloand apparently gained little credence in the general
American favorites showed only minor changes.
London market as well. Not a little surprise was
The London market was again dull yesterday, with
occasioned, therefore, when the formal announceBritish funds lower on a £500.000 gold shipment to
ments in the three centers confirmed the reports.
Holland. The industrial list was steady.
The formal statements were foreshadowed by deli-
846
FINANCIAL CHRONICLE
[Vol,. 133.
to shake confidence, but
nite overnight reports from Paris, published here ments of gold tend not only
ons, both for the
last Saturday, to the effect that agreement on the to provoke embarrassing situati
yellow metal and for those
credit had been reached in conversations between countries which lose the
the measures which we have
Clement Moret, Governor of the Bank of France, which receive it, and
taken with a view to avoiding
and Sir Robert Kindersley, a director of the Bank decided upon were
" Bankers in all three
of England. The agreement between the two finan- these violent displacements.
York financial centers hailed the credit arrangements as
ciers having been made, a dispatch to the New
al and business-like collabo"Herald Tribune" said, a representative of the Bank) an indication of practic
Reserve Bank ration among the leading banks of issue during the
of France telephoned to the Federal
of international financial difficulof New York "advising the American institution of present period
the credit more speBritain's accord to the terms of financial aid which ties. London bankers viewed
as a move toward the restorahad been offered to the Bank of England by the cifically, reports said,
It was also indicated that
French and American institutions at the beginning tion of world confidence.
it had it would permit continuance of the help already exof the week." This account is interesting, as
y. "There is no expectation here," a
been definitely stated early last week to the finan- tended German
Reserve Bank London dispatch to the New York "Times" said,
cial reporters who interview Federal
to be used, but the mere
of New York officials every afternoon that no credit "that the credits will need
fact that they have been offered will enable Britain
had been requested or was being considered.
ing to carry a part of the
The London announcement stated merely that the to breathe freely in continu
York also emphasis was
Bank of France and the Federal Reserve Bank of German burden." In New
logical effect" of the credit
New York had each placed at the disposal of the laid on the "psycho
ed that occasion
Bank of England a credit in their respective curren- arrangements, and it was suggest
sterling, mak- for use of the credit probably would not arise. Mencies for the equivalent of £25,000,000
0,000 credit extended
ing a total the equivalent of £50,000,000. A simi- tion was made of the $200,00
made in Paris by the the Bank of England by the Federal Reserve banks
larly brief announcement was
later without ever
Bank of France. M. Moret later issued a statement in 1925, which expired two years
, in which he remarked: "We having been utilized.
on his own account
A sudden and severe further strain on sterling
of the Bank of France are happy to bring to our
is exchange, Wednesday of this week, occasioned great
British friends the aid they desire. Our action
view of the arrangements
proof of the spirit of close co-operation between surprise in all markets in
and I hope announced last Saturday. The British currency unit
central banks which animates us here,
gold might profitthat it will be interpreted as constituting an im- dipped below the levels at which
confidence which is indis- ably be exported from London to France, Belgium,
portant factor in that
the United States. The
pensable in these troubled times. The Federal Re- Holland, Switzerland, and
ted in Paris, according
serve Bank of New York has given to the Bank of weakness of sterling origina
London correEngland assistance in identical form,in entire agree- to London reports. It provided, the
the New York "Times" said, "as sensament with us. The conditions of the contract it has spondent of
as ever has been heard in
signed with our London friends are exactly the same tional a crop of rumors
n has been so Throgmorton Street." A shipment of £2,500,000
as those in our contract. Mr. Harriso
d for France, but the metal rekind as to express his lively satisfaction with our gold was arrange
equally gratified thereby. In mained in London on the basis of counter-arrangeunderstanding. I am
tly in the nature of
order that the action taken by us should have the ments made Thursday, apparen
ed somewhat Thursg
widest scope, I desired that the French market an ear-mark. Sterlin improv
critiassociated in this with the Bank of day, but there was nevertheless considerable
should be
British press of the Bank of England
France. The leading banks here, although not party cism in the
rumors current in London, a dispatch
to the contract, have accepted with an eagerness for heads. The
that I asked." to the New York "Evening Post" said, related mainly
which I am grateful the participation
s between the Bank of England
In Paris dispatches to the New York "Times" and to reputed quarrel
it was stated quite and the Bank of France. "It can hardly be denied,"
the New York "Herald Tribune"
"that there is friction between
definitely that the interest rate had been fixed at the report added,
ement is for a period of three these two banks and that the credit arrangements
/
338%. The arrang
in bringing about cordial remonths, it was added, this being the longest have not succeeded
period permissible under the statutes of the Bank lations."
Of great importance, in view of this general situaof France. It will be renewable, according to all
tion, was an announcement in London last Saturday
accounts.
an- that authorization for an increase of £15,000,000 in
At the Federal Reserve Bank of New York
or "confidential" note issue had been
nouncement was made last Saturday that the insti- the "fiduciary"
Federal Reserve granted by the Treasury to the Bank of England.
tution, "in association with other
the Bank of The announcement was made at the same time that
Banks, has agreed to purchase from
arrangements were formally disclosed.
England, if requested, up to the approximate equiva- the credit
cial bills." "On application of the Bank of England," the statelent of $125,000,000 of prime commer
had been made in ment said, "the Treasury has issued a minute, in
This agreement, it was added,
a accordance with the procedure laid down in the
co-operation with the Bank of France as a part of
Bank of England, Currency and Bank Notes Act of 1928, authorizing
credit arrangement in favor of the
In Paris, Sir an increase of £15,000,000 in the fiduciary note issue
aggregating in all about $250,000,000.
the agreement, for a period of three weeks, thus raising the total
Robert Kindersley, after negotiating
e of the of the authorized fiduciary issue to £275,000,000."
expressed his appreciation of the attitud
also remarked, It was emphasized in London reports that the measBank of France in this matter. He
that "the ure was one of prudence rather than of necessity.
a dispatch to the "Herald Tribune" said,
move- It was also remarked, however, that the additional
appearance, suddenly and without reason, of
AUG. 8 1931.]
FINANCIAL CHRONICLE
847
issue will free an equivalent amount of gold for any
These developments indicate a substantial alleviademands that may arise.
tion of the financial ills occasioned in Germany by,
the flight of capital that followed the revelations
Resumption of full domestic payments by the by Chancellor Bruening and Foreign
Minister Curcommercial banks of Germany was accomplished tins at Chequer early
s,
in June, of the plight in which
Wednesday with an ease and tranquillity that aston- Germany found itself as a result
of the world-wide
ished all observers. The restrictions which were depression and the reparations burden.
The export
imposed July 13, when a Government decree closed of capital by Germans and the
withdrawals of credits
all institutions for a two-day period, were gradually by other nationals reached proport
ions early in July
lifted in the two following weeks. Approximately that threate
ned the stability of the Reichsbank.
100 emergency decrees were issued by the Govern- That institution
paid out huge sums in gold and forment during the financial crisis to deal with the eign exchang
e and the $100,000,000 credit extended
situation, and the response to the slow relaxation of by the
B.I. S. and the British, French and American
the restrictions was encouraging. There were never- banks of issue,
as well as a $50,000,000 private credit
theless fears of extensive runs on banks throughout outstan
ding in New York, were also quickly used up
the Reich when the last curbs on payments would be in the attempt
to meet the demands. The Darmremoved, and elaborate preparations for the event staedter
und Nationalbank, which suffered heavy
were made by Chancellor Bruening and the members withdra
wals, suspended payments July 13, and all
of his Cabinet. The apprehensions proved ground- deposits
were promptly guaranteed by the Governless, Berlin dispatches said, as there were no runs ment
in order to quiet the growing alarm. Late on
on banks in Berlin or other important centers, while the
same day decrees were issued closing all banks
deposits exceeded withdrawals in almost all cases.
entirely for two days, and stock exchanges throughThere was no excitement anywhere, a report to the
out Germany also were closed. Lifting of the restricNew York "Evening Post" said, and "Germany
tions on bank payments was accomplished by degrees
stood the test with a demonstration of national selfover the period until Wednesday, when all reguladiscipline that upset all predictions and that at one tions
on commercial banks were relaxed. The stock
stroke revived confidence in the stability of the counexchanges have remained closed, but reopening is
try's financial institutions." The two Berlin banks
now foreshadowed at an early date.
to which Government support was extended in adEfforts by German officials to secure long-term
vance of the resumption—the Darmstaedter und
credits in London and Paris having proved unavailNationalbank and the Dresdner Bank—met the test
ing, the Berlin Government speedily embarked on a
as well as the other institutions, it was said. The
program of "national self-help." The final preparaonly remaining step needed to place the Reich on a
tions under this plan were begun late last week, when
normal financial basis, internally, is that of the full
the Reichsbank discount rate was advanced from
resumption of payments by savings banks, scheduled 10%
to 15%, while the Lombard rate was moved
for to-day. In view of the results noted at the
upward from 15 %to 20%. Special measures were
resumption in full by the commercial banks, this is
taken to aid the Darmstaedter und Nationalbank
expected to occasion no difficulties.
and the Dresdner Bank. After a meeting late July
Although the German financial crisis is thus draw- 31,
the Cabinet announced its proposals for the
ing to a satisfactory conclusion so far as internal
resumption of normal banking payments. Beginpayments are concerned, it is apparent that some
ning Monday, restrictions on payments by check
time must elapse before foreign creditors can be
were partially removed, and unlimited transfers
repaid. Among the steps taken in preparation for were
permitted among the institutions belonging to
the return to normal banking was a further emer- the
special clearing house formed by banks in
gency decree, promulgated last Saturday, regulating
Prussia. Restrictions on check payments were retransactions in foreign exchange. It was officially
moved completely Tuesday, while unlimited cash
stated that this decree would supplement the "freezpayments were started Wednesday. The Governing" consortium formed by foreign creditors to halt
ment aid extended the Darmstaedter und Nationalwithdrawals of short-term credits. The intent of bank
and the Dresdner Bank was followed by plans,
the measure, Berlin dispatches said, was to prevent
an Associated Press dispatch said, to make the forforeign banks participating in the consortium from mer
bank the big industrial institution of the counbeing placed at a disadvantage as compared with
try and the latter the central bank of deposit for
smaller banks and the institutions of countries not
savings banks and co-operative associations.
•
undertaking to leave their funds in Germany. BankOn the eve of the removal of all commercial banking groups in London and New York held protracted ing
restrictions on internal payments, Chancellor
conferences in order to arrange for uniform action
Bruening appealed to his compatriots in a radio adwith regard to their short-term credits to German
dress for confidence in order to surmount the crisis.
borrowers, and agreement was announced in New
Alluding to the Hoover debt suspension plan and
York Wednesday. In Basle arrangements were
the London conference of governments, Dr. Brueeffected Monday for extension of the *100,000,000
ning asserted that the "whole world to-day is agreed
short-term credits granted the Reichsbank June
25 that the destinies of the peoples are most closely
by the Bank of England, the Bank of France, the welded
together and that disturbances in the organFederal Reserve Banks and the B. I. S. Meeting ism
s
of a great economic body such as Germany canalso are now about to begin of the committee set not
remain without grave consequences in other
up by the B. I. S., in accordance with the recommen- countrie
s." He warned his hearers that the world
dations of the London conference of seven govern- is
not likely to regain confidence in a nation which
ments, to "inquire into the immediate further credit in a
crisis dissipates its recuperative power in critineeds of Germany and to study the possibilities of cism.
The Chancellor also urged the nation to forget
converting a portion of the short-term credits into
political differences and exert all its efforts for the
long-term credits."
common good. In a statement issued Wednesday,
848
FINANCIAL CHRONICLE
[VOL. 133.
Guaranty
Vice-Chancellor Dietrich, who also is Finance Min- tional Bank, the National City Bank, the
Acceptance Bank,
ister, answered criticisms of governmental extrava- Trust Co., and the International
F. Abbot Goodhue,
gance. The budget for the current fiscal year is one Inc. In a statement given out by
President of the International Acceptance Bank,
of drastic economy, he said, as expenditures have
Inc., it was remarked that "a general understanding
been curtailed in all directions.
on the Gov- was reached to-day by those present concerning the
A decree conferring sweeping powers
in this matter in
ernment for control of savings banks was issued attitude of the New York banks
for full resumption of line with the co-operative spirit which had already
Wednesday in preparation
" It was added
payments by these institutions. During the current prevailed at the earlier meetings.
German
week payments have been restricted to a daily maxi- that certain suggested modifications of the
, which seemed desirable to the New York
mum of 50 marks. The Government received proposals
cabled to
authority, under the new decree, to regulate the bankers, were agreed upon and are to be
to order the Reichsbank. The amendments were said to be
banks and the affiliated clearing houses,
British
mergers and to found new institutions. The banks on the same lines as those suggested by the
to municipalities or bankers, while "certain technical questions peculiar
were forbidden to extend loans
s
other public corporations. Guaranty of savings to this market" also were safeguarded. Assurance
plan
bank paper by the various State banks is provided of co-operation along the lines of the proposed
banks
for, and this in effect will enable the Reichsbank were said to have been received from leading
of the other Federal Reserve Districts.
to extend relief to the savings banks similar to that
New emergency decrees designed to consolidate
already extended the commercial institutions. No
the situation within Germany were steadily issued
question has been raised, an Associated Press report
by the Berlin regime this week. The progress made
said, regarding the solvency of the savings banks.
ons intended to in the resumption of cash payments by the commerThe regulations and negotiati
ng, of course, and the
secure the Reich against further export of capital by cial banks proved encouragi
l credit withdrawals by other return to normal functioning of the savings banks
Germans and additiona
It was at first planned to permit
nationals make up a complicated network. It seems was hastened.
ordinary payments next Monday, but an emergency
clear that they were worked out in close agreement
issued Thursday providing for customary
with the groups of British and American bankers decree was
payments up to 300 marks without notice beginning
who hold a major portion of the $1,200,000,000 shortFurther regulations governing foreign exterm foreign credits estimated to be outstanding in to-day.
exchange dealings change dealings were issued at the same time. Under
Germany. The decree on foreign
is reported that imports of goods which
announced last Saturday was considered merely a these rules it
do without for the present are to be
means to prevent the understanding on the main Germany can
, while imports of products which are "to
foreign credits from being broken by smaller cred- restricted
necessary" will be financed only up
itors outside the British and American groups. The a certain extent
to 10,000 marks in the case of each individual merchief difficulties were occasioned by Dutch banks,
regarded as "vital" will be imported
a report to the New York "Herald Tribune" said, chant. Goods
also were without restriction. A newly created office for
although some smaller American banks
control is to provide the permits,
said to have engaged in withdrawals. All payments foreign exchange
placed under the strict which will be governed in accordance with the
to foreign creditors were
currencies at its command. Great
supervision of the Reichsbank by the decree, which amount of foreign
such permits in Berlin and other imwas regarded as placing a partial moratorium on crowds sought
but no difficulties were reported.
foreign payments. It was stipulated, however, that portant centers,
The commercial banks, meanwhile, settled into a
exchange must always be provided when desired for
functioning.
the payment of interest or amortization of debts. routine of smooth
nt last
An announcement by the German Governme
Disclosure was made in Washington late last week
Saturday said: "In the freezing negotiations conwhich are now pend- of "suggestions" to the German Government for the
cerning short-term indebtedness
by the Berlin regime on liberal credit terms
ing between foreign creditors and German debtors, purchase
of substantial amounts of the wheat and cotton held
the wish has been expressed that foreign creditors
by the Federal Farm Bowl. No formal announcestanding outside the negotiating groups should by
ment was made, Washington dispatches said, but in
no means be given a preferred position as compared
reply to questions it was revealed that the German
to the groups which are ready, in principle, to subGovernment had been approached on the matter
mit themselves to voluntary limitations. This conex- through Ambassador Frederic M. Sackett. "It was
sideration and the economic necessity of foreign
thought in informed quarters," the correspondent
change control in Germany have resulted in the
exchange. of the New York "Herald Tribune" said,"that if the
Reich issuing a general ruling on foreign
plan were found desirable by the Berlin Cabinet it
As a result of the decree, not only is the independent
would be more likely to desire cotton than wheat,
freezing consortium made secure, but it is obvious
although it was regarded as possible that some of the
that payment of interest and of redemption sums on
grain might be taken, thereby relieving at least some
the dates of maturity will be subjected to no reof the load of stabilization that is overhanging the
strictions."
American market." Berlin reports of last Saturday
A group of New York bankers began to confer at
indicated that conversations were proceeding on this
the Federal Reserve Bank, last Friday, on a plan
suggestion, but it was remarked rather emphatically
submitted by Dr. Hans Luther, President of the
that Farm Board calculations of German requireReichsbank, for maintaining the volume of shortments of foreign wheat had apparently been overterm credits now outstanding in Germany for acestimated. It was intimated, however, that some
count of foreign interests. 1Conclusions were anarrangements might be effected on cotton purchases.
nounced Wednesday in behalf of the group, which
The discussion continued this week, and a formal
was composed of representatives of the Chase Na-
AUG. 8 1931.]
FINANCIAL CHRONICLE
proposal by the German Government for purchase of
American cotton was received at the State Department Thursday. Berlin dispatches stated that the
German Government had offered to buy 600,000 bales
of United States cotton and to take an option on a
further 200,000 bales. The offer was said to have
stipulated that it was on the basis of a three-year
credit. The cost of the cotton, according to the
reports, would be computed on a basis of a monthly
average of prices on the cotton exchanges in New
York, Liverpool and Bremen. The credit would bear
interest at 4 %.
/
1
2
849
gested. The report states that a budget deficit of
£120,000,000 may develop next year unless its recommendations are adopted. The committee was heade
d
by Sir George May,as Chairman,and other members
were Sir Thomas Roydep., Chairman of the Cunard
Line; Lord Plender, noted accountant; Sir Mark
Jenkinson, P. Ashley Cooper, Arthur Pugh and
Charles Latham. In presenting the report to Parliament, Prime Minister MacDonald announced that it
would be studied during the recess by a Cabinet
committee composed of himself, Chancellor of the
Exchequer Philip Snowden, Foreign Secretary
Arthur Henderson, Dominion Secretary J. H.
Thomas, and William Graham, President of the
Board of Trade.
A second Government committee report, dealing
with the British coal industry, was made public
Monday, and it also attracted much interest. It
proposed a far-reaching scheme for "rationalizing"
the coal mining industry and thus reducing costs.
The committee, known as the Coal Miners' Reorganization Commission, was appointed by the Government last year. The plan proposed as a "basis for
discussion" would divide Britain into six coal areas
,
each of which would be treated as a unit controlled
by a central directorate. It would involve the closing of hundreds of uneconomic mines and possibly
throw 100,000 additional miners out of work. Important also, in British affairs, was a disclosure by
Chancellor Snowden late last week that a huge war
loan conversion scheme prepared by him had been
postponed owing to unfavorable financial conditions.
The conversion of the £10,000,000 5% war loan has
been anticipated for some time, as a very substantial
saving in interest can thus be effected. "Had it not
been for recent financial developments, that
conversion operation would have been floated before
now," Mr. Snowden informed the House of Commons. "I am very anxious, therefore, on that
account alone to'see a recovery in the money marke
t
so that at the very first favorable opportunity
the
conversion operation may be launched. Its success
will go no mean way toward meeting the inevit
able
need for economy in next year's budget." Detai
ls
of Mr. Snowden's plans were not disclosed.
Conversations of one kind or another among the
statesmen of leading countries have been a prominent
feature of international developments in recent
months, and there were indications this week that
the practice is not yet waning notwithstanding the
apparent lack of beneficial results. Discussions
between Prime Minister Ramsay MacDonald and
Secretary of State Henry L. Stimson were resumed
at the latter's hunting lodge in Scotland, Thursday.
Mr. Stimson visited Rome, Paris and Berlin on his
tour of European capitals. It was plainly stated in
dispatches from those capitals that he discussed
questions relating to the Geneva disarmament conference of 1932 with the heads of the respective governments. His convensations with the Briti
sh
Prime Minister will, presumably, tend in the same
direction.
An official visit to Rome by Chancellor Heinr
ich
Bruening and Foreign Minister Julius Curti
us, of
Germany, caused much speculation regarding
the
subjects likely to be discussed by the Reich
Ministers with Premier Benito Mussolini and
Foreign
Minister Dino Grandi. An official announceme
nt in
Berlin, before their departure Wednesday night
, expressed the hope of the German Government
that
the two-day visit would be devoted to the same
candid
exchanges of confidences that marked
discussions at
Chequers and Paris. The German offici
als arrived
in Rome early yesterday, and they are
scheduled to
conclude their discussions to-night. The
Berlin
press manifested no great enthusiasm regar
ding the
visit, reports said, as it was assumed that no
progress
would be made toward settlement of the
international financial problems confronting the
Reich.
The Czechoslovak National Bank on Aug. 4
It was taken for granted, a dispatch to
the New marked up its discount rate
from 4% to 5%; the
York "Times" remarked, that the conve
rsations will lower rate had ruled since June
25 1930. On Aug. 6
converge chiefly on problems affecting
Continental the Imperial Bank of India advan
ced its rate from
solidarity in the forthcoming disar
mament con- 6% to 7%. Rates are 10% in Austr
ia; 15% in Gerference.
many; 9% in Hungary; 61 2% in Spain; 51 2
/
/% in
Ireland and Italy;4% in Norway and Sweden;3 %
Recommendations for drastic reductions
/
1
2
in Brit- in Denmark; VA% in England; 21
/% in Belgium,
2
ish national expenditures are made in a
report by a and 2% in France, Holland and
special governmental economy commi
Switzerland. In
ttee, submitted the London open market
discounts for short bills
to the House of Commons July 31, as that
body pre- yesterday were 43/16% again
st 41 8@4 3/16% on
/
pared to adjourn for the usual summer
recess. Cur- Friday of last week, and for
tailments aggregating £96,578,000
three months' bills
are suggested, 4 5/16@4%% against
44(44 5/16% the previous
1
chiefly through reductions and
modifications of the Friday. Money on call
in London on Friday was
unemployment relief payments.
Savings of £66,- 3%. At Paris
the open market rate remains at
500,000 in this direction alone are believ
ed
the report indicated, while the remaining possible, 3%%. At Paris the open market rate remains at
£30,000,000
would be saved chiefly by means of
reduced compenThe Bank of England statement for the
sation to teachers and police officers,
week
and a slowing ended Aug. 5 shows
a gain of £1,518,000 in gold
down of road building. The report
hints at new holdings, but since circul
ation expanded £890,000,
taxation, which it is held may prove
necessary in reserves rose only £628,000.
The Bank's bullion
view of the financial situation. A
comprehensive holdings now aggregate £134,
827,755 compared with
review of Britain's financial position
more often £153,594,839 a year ago.
Public deposits decreased
than at the annual budget presentation
also is sug- £3,781,000 and other depos
its rose £7,127,308. The
FINANCIAL CHRONICLE
850
latter consists of bankers' accounts, which increased
£7,638,553 and other accounts, which fell off L511,245. The ratio of proportion to liability is now
41.25% in comparison with 32.40% a week ago
and 37.88% a year ago. Loans on government securities fell off £3,250,000 and those on other securities £3,998,881. The latter consists of discounts
and advances and securities which decreased £677,629
and £3,321,252 respectively. The discount rate
remains at 43/2% which rate was installed last week.
Below we show the figures back to 1927:
[VoL. 133.
daily maturing obligations and other liabilities went
up 248,771,000 marks and 26,877,000 marks respectively. Below we furnish a comparison of the
various items for three years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
Ady 311931. .7uty 311930. July 31 1929.
for Week.
Retchstnarks. Retchsmarks. Reichsmarks. Reichsmarks.
Assets—
,148,333,000
Inc. 10,495,000 1383298,000 2,848,910,000 2
Gold and bullion
Unchanged 81,652,000 149,788,000 149.788,000
Of which depos. abr'd--Reeve In torn curr___Ino. 86,789,000 246,322,000 280,867,000 333,882,000
Bills of exch. & checks_Ino. 455,051,000 3521605,000 1,913,477,000 2,688.708.000
Silver and other coin—Dec. 28,584,000 102,202,000 150,303,000 125,455,000
5,146.000
5,441,000
Notes on 0th. Ger. bks-Deo. 8,517.000 20.791,000
Inc. 30,625,000 347,044,000 133.178,000 109,121,000
Advances
92,891,000
611.000 102,870,000 101,015,000
Inc.
Investments
T.
Deo. 11,697,000 908,794,000 683,676,000 518,525,000
BANK OF ENGLAND'S COMPARATIVE STATEMEN
Other assets
1927.
1928.
1929.
Liabilities—
1930.
1931.
Aug. 10.
Aug. 8.
Aug. 7.
Notes in circulation—Ino. 259,125,000 4463732,000 4,637,559,000 4,725,526,000
Aug. 6.
Aug. 5.
0th.daily matur.oblig.Ine. 248,771,000 833,798,000 397,644.000 515,863.000
Ins. 26,877,000 763,877,000 219,853,000 338,276,000
365,252,000 372,978.274 376.202,888 136,777,000 137,492,340 Other liabilities
Circulation
12,913,000 11.789,989
Public deposits____ 11,438,000 8,865,662 8,269,890
104,531,000 101.641,232
Other deposits.-- 96.612,240 98,339.647 104,255,749
Bankers' accounts 63,436,883 61,552,286 67,127,342
Other accounts-- 33,175,357 38,787,381 37,128.407
29.062,000 47,441,999
Governm't securities 49,310,906 53,145,547 74,266,855
49,099,000 49,160,083
Other securities-- 32,301,752 31,574,416 31,163.431
Meet.& advances 9,018,855 7,980,057 6,834,541
23,282,897 23.614,359 24.328,890
Securities
34,957,735
Reserve notes& coin 44,575,000 40,616,565 25,228,695 57,405.000
174,432,054 152,700,075
Coln and bullion---134,827,755 153,594,849 141.431,583
Proportion of reserve
30%
48.88%
22.41%
37.88%
41.25%
to liabilities
434%
4J4%
3%
534%
4g%
Bank rate
Bank of England
a On Nov.29 1928 the fiduciary currency was amalgamated with
Bank of England
note issues adding at that time £234,199,000 to the amount of
notes outstanding.
The statement of the Bank of France for the week
ended Aug. 1, records an increase in gold holdings
of 514,424,540 francs. The total of the item is now
58,407,489,492 francs, as compared with 46,061,058,118 francs last year and 38,109,644,344 francs
two years ago. Credit balances abroad gained
1,743,000,000 francs, while bills bought abroad
declined 1,043,000,000 francs. Notes in circulation
show a large increase, namely 2,095,000,000 francs.
The total of circulation is thus raised to 79,861,685,160 francs, in comparison with 74,008,400,955
francs the same date last year and 65,679,267,925
francs the year before. French commercial bills
discounted and creditor current accounts underwent
decreases of 883,000,000 francs and 420,000,000
francs, while advances against securities rose 102,000,000 francs. Comparisons of the various items
for three years are shown below:
BANK OF FRANCE'S
Changes
for Week.
Francs.
514,424.540
Gold holdings-Credit bats. abr'd_Inc. 1743000,000
French commercial
bills discounted-Dec.883,000,000
Bills bought abed_ Dec.1043000,000
Adv. agt. secure_ _Inc. 102,000,000
Notes circulation_Ino. 2095000,000
Cred. eurr. accts--Dec.420,000,000
COMPARATIVE STATEMENT.
Status as o
Aug. 1 1931. Aug. 2 1930. Aug. 3 1929.
Francs.
Francs.
Francs.
58,407,489,492 46,061,058,118 38,109,644,344
11,218,194,558 7,067,125,242 7,302,127,828
4,462,668,324
15,005,675,545
2,859,214,961
79,861,685,160
24,039,497,772
4.778,235,429 7,926,726.474
18,918,338,119 18,501,444.232
2,841,209.979 2.518.046,230
74,008,400,955 65.679,267,925
15,788,521,198 18,681,464,712
last
The Bank of Germany in its statement for the
shows a gain in gold and bullion of
quarter of July
8,10,495,000 marks. Gold now aggregates 1,363,29
2,648,910,000
000 marks, which compares with
2,148,marks the corresponding date last year and
Reserve in foreign
333,000 marks the year before.
and
currency, bills of exchange and checks, advances
s of 86,789,000 marks,
investments record increase
611,000
455,051,000 marks, 30,625,000 marks and
The item of deposits abroad
marks respectively.
on
now totals 81,652,000 marks. Notes in circulatiof
259,125,000 marks, raising the total
expanded
the item to 4,463,732,000 marks. Circulation a
year ago stood at 4,637,559,000 marks and two
years ago at 4,725,526,000 marks. Decreases appear
in silver and other coin of 28,584,000 marks, in notes
on other German banks of 8,517,000 marks and
in other assets of 11,697,000 marks, while other
Extremely easy rates for money again prevailed
in the New York market this week, no reflections of
the European financial difficulties making their
appearance. Funds were available in the immense
amounts to which the market has become accustomed
in recent months, and rates were unchanged in all
departments of the market. Call loans on the Stock
/
Exchange were 112% for all transactions, whether
or new loans, while the Curb Exchange
renewals
%,
2
1
maintained its usual differential of / quoting
2% for all deals. In the unofficial "Street" market,
funds were available every day at concessions from
the Stock Exchange level, the charge varying be/
tween 1% and 114% in all sessions. A further issue
of $60,005,000 in 91-day Treasury discount bills was
sold at competitive bidding Thursday, the Treasury
achieving an average rate on a bank discount basis
of 0.56%. Both the regular tabulations of brokers'
loans against stock and bond collateral were made
available this week, and the trend in both cases remained downward. The Stock Exchange report for
the full month of July showed a decline of $47,232,168. The Federal Reserve Bank of New York
statement for the week to Wednesday night reflected
a drop of $44,000,000. Gold movements for the week
to Wednesday, as reported by the Federal Reserve
Bank, consisted of imports of $14,605,000. There
were no exports, but the stock of the metal held
earmarked for foreign account increased $13,700,000,
which is equivalent to an export.
Dealing in detail with call loan rates on the Stock
Exchange from day to day, there was again no devia/
tion at any time from the figure of 112%,this having
been the quotation both for new loans and for renewals on every day of the week. Time money has
again been without noteworthy movement, the only
transactions being of small amounts at special con/
/
cessions. Quotations continue at 11 4@112% for 60
days, and also for 90 days; the rate for four and five
1
/
@134%, and for six months 1%@2%.
months is 12 /
Prime commercial paper has continued quiet, due in
part to the absence of satisfactory offerings. Rates
for choice names of four to six months' maturity con/
tinue at 134@2%. Names less well known and
2
1
/ /
shorter choice names are 214@2 %.
The market for prime bank acceptances quieted
down to a considerable extent, most of the offerings
being taken by New York banks and financial institutions on the Pacific Coast. Rates remain unchanged. The quotations of the American Acceptance Council continue at: For bills up to 90 days,
/
/
1% bid,78% asked;for four months' bills, 118% bid,
AUG. 8 1931.]
FINANCIAL CHRONICLE
1% asked; for five and six months, 1%% bid and
114% asked. The Federal Reserve banks suffered
/
a further decrease in their holdings of acceptances
during the week from $66,536,000 to $66,074,000.
Their holdings of acceptances for foreign correspondents fell from $253,578,000 to $225,852,000.
Open market rates for acceptances also remain unchanged, as follows:
851
was at a loss to understand the break and many
rumors were current. One was that the entire Bank
of France share of the new credit to the Bank of
England had been consumed. These reports alarmed
French investors in London anew, but the withdrawal
of funds was prevented from assuming important
proportions by large buying of sterling in New York
for French account. The sterling rate on Paris has
SPOT DELIVERY.
been against London throughout the greater part
—180 Days— —180 Days— —120 Days—
of the week. As a result of the weakness the Bank
BM. • Asked.
Bid. Asked.
Bid. Asked.
Prime eligible bills
134 134
134
134134 1
of England was obliged to sell £2,500,000 of gold
—90 Days—
—80 Days—
—30Days—
on Thursday, which is understood to have been
Bid. Asked.
Bid. Asked.
Bid. Acted
Prime eligible bills
1
1
34
1
34
14 divided equally between France and Holland. The
FOR DELIVERY WITHIN THIRTY DAYS.
financial editor of the London "Daily Herald"
Eligible member banks
134 bid
Eligible non-member banks
154 bid said in comment on Wednesday's break that the fall
of sterling was due almost entirely to "panic selling"
There have been no changes this week in the redis- by some French bankers, not the Bank of France."
count rates of any of the Federal Reserve Banks. The He said that most of the disturbing rumors came from
following is the schedule of rates now in effect for Paris, indicating the "unbalanced state of mind of
the various classes of paper at the different Reserve many French financiers and investors." He asserted
banks:
that there is no reason for the decline in sterling
DIscom.n. RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES but every reason for an improvement. No special
AND MATURITIES OF ELIGIBLE PAPER.
pressure against sterling was evident in the New
Rale in Effect
York market. It is thought that thus far the Bank
Dale
Previous
Federal Reserve Bank.
on Aug. 7.
Bstabiished.
Bate.
of England has not availed itself of the new credit
Barton
2
May 7 1931
254
New York
134
May 8 1931
granted by the Federal Reserve Bank and the Bank
2
Philadelphia
3
May 7 1931
334
Cleveland
234
May 9 1931
of France. But it is believed, nevertheless, that
8
Richmond
3
May 15 1931
834
Atlanta
8
Jan. 10 1931
both these banks have frequently been voluntary
334
Chicano
254
May 9 1931
3
Bt. Louie
Map 9 1931
234
8
buyers of sterling bills to maintain the London rate
Minneapolis
354
Sept.12 1930
4
Kansas City
8
May 21 1931
334
Dallas
and may have entered the market at this time for
3
May 8 1931
334
San Francisco
254
May 22 1931
3
the same purpose.
It is believed that the London bank arranged the
Sterling exchange has been dull and irregular but
credit originally more for its moral effect upon the
inclined to weakness the last few days. The entire
public mind than from any real banking necessity.
foreign exchange market, as since June 1, continues
The pressure against sterling in the last few weeks,
to be dominated by events arising from the German
which necessitated two successive increases in the
crisis. The range this week has been from 4.84 9-16
Bank of England discount rate, bringing it from
to 4.857 for bankers' sight bills, compared with
A
23/2% to 4
had a tendency to make money
4.85 3-16 to 4.861 last week. The range for cable
4
unduly tight in London, so that with the continued
transfers has been from 4.84 15-16 to 4.86 1-16,
efflux of gold a decline in the Bank of England's
compared with 4.853 to 4.861 a week ago. On
A
4
ratio became imminent, especially as August bank
Saturday of last week it was announced that a credit
holiday requirements called for an extraordinary
of $250,000,000 had been arranged for the Bank of
supply of notes. In anticipation of this situation,
England by the Federal Reserve Bank and the Bank
the Bank of England applied to the British Treasury
of France. The credit is to take the form of the
for authorization to increase its fiduciary note issue
purchase of prime commercial bills if required. The
to £275,000,000 from £260,000,000 for a period
announcement of the credit was somewhat surprising
of three weeks. Since its inception on July 27 1694
to the financial district, especially since the extension
the Bank of England has always operated with a
of such a credit by France alone had been emphatifiduciary note issue independent of the bank notes,
cally denied last week by the London banking authoriwhich have a 100% gold coverage. The fiduciary
ties. The announcement of the credit had the effect
note issue is designed to accommodate the absolute
of firming up sterling in the New York market on
needs of business for currency and represents that
Saturday, although the volume of trading in the
short half-day session was negligible. On Monda portion which experience has shown tends to remain
y in circulation under any circumstances.
the firm undertone was maintained, although
the
The Bank of England's statement for the week
market was closed in London owing to the
August ended Aug. 5 shows an increase in gold holdings
bank holiday. With the resumption of trading
on of £1,518,092, the total standing at £134,827,755,
Tuesday, the market was taken by surprise
when which compares with £153,594,839 a year ago. On
sterling showed considerable weakness,
and on Saturday the Bank exported £13,000 in sovereigns.
Wednesday there was a sharp break in sterling
when
Bank of England bought £100,928
the rate in London against dollars fell to 4.84%, off On Tuesday the
in gold bars, sold £8,750 in gold bars, released
almost 13/c. from Tuesday's close. Sterling
2
opened £100,000 in sovereigns and exported £35,000 in
in New York at 4.85 and later improved to
4.853/ sovereigns. On Wednesday the Bank bought £475,8
.
On Friday there was a drop here to 4.84 15-16.
000 in gold bars, sold £29,733 in gold bars, released
Against francs, sterling dropped to 123.45
before re- £770,000 in sovereigns and exported £27,000 in
covering to 123.80, and was weak against all
Conti- sovereigns. According to London bullion dealers,
nental currencies.
the gold which was received by the Bank of England
On the basis of Wednesday's rates gold could
have on Wednesday came from the Bank of France. It
been shipped from London to France, Amster
dam, was not known whether it represented a special
Brussels, Switzerland and New York. The
market shipment or was part of the South African gold
852
FINANCIAL CHRONICLE
(VOL. 133.
Exchange on the Continental countries is dull so
far as the New York market is concerned, and quotations reflect events in Europe. German marks continue to be nominally quoted. The German financial situation, however, shows decided improvement.
On Tuesday various banking restrictions were lifted
and on Wednesday Germany's private banks were
opened for business with full withdrawal permission.
The public gave every evidence of confidence in the
stability of the banks and Berlin dispatches stated
that deposits were in excess of withdrawals. The
Government meantime took steps designed to effect
changes in the nation's banking system and to give
the authorities closer regulatory control of financial
.institutions. President von Hindenburg issued another decree on Wednesday which will limit the recent
heavy borrowing by communes for such projects as
municipal building programs. The 2,600 municipal
and other public savings banks are scheduled to
reopen on Saturday. The notes which were issued
in preparation for the bank reopening on Wednesday
were for the most part returned to the ReichsGOLD MOVEMENT AT NEW YORK,JULY 30-AUG.5 INCLUSIVE. bank.
Exports.
Imports.
At the close of business on Friday of last week the
$11,000,000 from Germany
1,500,000 from England
Reichsbank increased its rate of rediscount from
None
from Argentina
1,328,000
500,000 from Mexico
10% to 15%, at the same time raising the rate on
277,000 chiefly from other Latin
collateral loans from 15% to 20%. The general
American countries
opinion is that the rate was increased as a precaution$14,605,000 total
ary measure, but since the general public has evinced
Net Change in Gold Earmarked for Foreign Account.
a spirit of confidence upon the reopening of the banks,
Increase, $13,700,000
of the gold it is believed that the Reichsbank will reduce its
The Reserve Banks' weekly statement
On Wednesday New York
movement is as of the close of business up to 3 p. m. rate in a short time.
On Thursday, $50,000 additional banks having large short-time credits in Germany
on Wednesday.
will leave these credits ingold was received from Mexico, and there was a agreed upon a plan which
available for German banks. The bankers
further increase of $2,500,000 gold earmarked for tact and
foreign account. On Friday, $2,791,000 more gold practically agreed with the detailed proposals as
Dr. Hans Luther, President of
was received from Mexico and an additional $2,500,- cabled last week by
the Reichsbank, to the Federal Reserve Bank, as
000 was earmarked for foreign account. On Friday
also, $600,000 of gold was received at Dallas, Tex., well as to the principal European centres. The bankers have made certain minor changes and recomfrom Mexico.
continues at a discount. On mendations to the Luther proposals, which are in
Canadian exchange
Saturday Montreal funds were quoted at 5-16 of large measure technical and made to conform with
Mr. F. Abbot Good1% discount, on Monday at 3-16, on Tuesday at domestic banking practices.
hue, President of the International Acceptance
on Wednesday at 3, on Thursday at 9-32 and
Bank, Inc., and Chairman of the subcommittee of
on Friday at 5-16 of 1% discount.
on four delegated to study the German proposals,
Referring to day-to-day rates, sterling exchange
had been made" and that
Saturday last was in demand and inclined to firmness. stated that "real progress
cable transfers "the general plan is along the lines of President
Bankers' sight was 4.85 7-16@4.85%;
adopted at the recent London
4.85%@4.86. On Monday the market was dull, Hoover's suggestions
London. The range was conference."
owing to bank holiday in
As noted above, the Federal Reserve Bank of
4.85 23-32@4.85% for bankers' sight and 4.85 31-32
the receipt of $11,000,000 gold
@4.86 1-16 for cable transfers. On Tuesday sterling New York reported
This gold arrived at noon on
was irregular and weak. Bankers'sight was 4.85 9-16 from Germany.
Local bankers claim that the ship@4.85%;cable transfers 4.85 13-16@4.85 15-16. On Saturday last.
ment cannot represent a straight exchange transacWednesday sterling broke sharply. The range was
mark exchange has been far
4.84 11-16@4.85 for bankers' sight and 4.85@ tion because, while
Thursday the below the gold point, the market has been highly
4.85 7-32 for cable transfers. On
nominal, with only occasional transactions of from
market was dull with a slight recovery in quotations.
%
51 for bankers' sight 20,000 to 30,000 Rm. Since July 13 the German
The range was 4.85 13-16@4.8
have been working under decrees which forbid
and 4.85 3-16@4.85 7-16 for cable transfers. On banks
declined; the range the export of capital in any form and which have
Friday sterling again sharply
in the foreign exchange marwas 4.84 9-16@4.85M for bankers' sight and prevented any dealings
shipment, it is held, must repre4.84 15-16@4.85 5.16 for cable transfers. Clos- ket. The current
Reichsbank to
n
ing quotations on Friday were 4.85 1-16 for de- sent an official transactio by the
l set up a dollar credit in this market, possibly for the
mand and 4.85 5-16 for cable transfers. Commercia
to meet external
.
sight bills finished at 4.843'; 60-day bills at 4 803/2; purpose of enabling German business
payment (60 obligations such as payments for imports. In some
90-day bills at 4.783/2; documents for
shipment is a first
days) at 4.803/i and seven day grain bills at 4.84/. quarters it is believed that the
step toward the formation of a "Devisenzentrale,"
.
2
at 4.843/
Cotton and grain for payment closed
or Foreign Exchange Control Office, mention of
which was available in the open market and which
may possibly have been resold to the Bank of England. On Thursday the Bank sold £2,500,000 in
gold, of which £1,500,000 is believed to have been
shipped to France and £1,000,000 to Holland. On
Friday the Bank sold £644,965 gold bars, released
£400,000 sovereigns, received £614,000 from abroad,
exported £54,000 sovereigns and bought £25,014
gold bars.
At the Port of New York the gold movement for
the week ended Aug. 5, as reported by the Federal
Reserve Bank of New York, consisted of imports
of $14,605,000, of which $11,000,000 came from
Germany, $1,500,000 from England, $1,328,000
from Argentina, $500,000 from Mexico and $277,000
from other Latin American countries. There were
no gold exports. The Reserve Bank reported an
increase of $13,700,000 in gold earmarked for foreign
account. In tabular form the gold movement at
the Port of New York, as reported by the Federal
Reserve Bank of New York, was as follows:
AUG. 8 19311
. FINANCIAL CHRONICLE
which was made in cable advices from Berlin on
Saturday last. The Reichsbank statement for the
week ended July 31 showed an increase in gold holdings of 10,495,000 marks, the total standing at
1,363,298,000 marks, which compares with 2,648,910,000 marks a year ago.
French francs fluctuated rather widely during the
week, although firm, governed more by transactions
in other centres than New York. This week the
Bank of France shows an increase in gold holdings of
514,424,540 francs, the total standing at 58,407,489,492 francs on Aug. 1, compared with 46,061,058,118 francs a year ago. Exchanges on Czechoslovakia is one of the inactive units in this market,
but interest attaches to it at this time because of the
fact that the National Bank of Czechoslovakia has
raised its discount rate 1% to 5%.
The London check rate on Paris closed at 123.88
on Friday, against 123.90 on Friday of last week.
In New York sight bills on the French centre finished
at 3.91 7-16, against 3.92 on Friday of last week;
cable transfers at 3.91 9-16, against 3.921 8, and
/
commercial sight bills at 3.91 3-16, against 3.913 .
%
Antwerp belgas finished at 13.923/ for bankers' sight
bills and at 13.93 for cable transfers, against 13.96
and 13.963/2. Berlin marks are nominally quoted
23.70, against 23.70. Italian lire closed at 5.223
%
for bankers' sight bills and at 5.23 for cable transfers,
against 5.23 and 5.233. Austrian schillings closed
at 14.05, against 14.05; exchange on Czechoslovakia
%
at 2.963, against 2.961 ; on Bucharest at 0.593',
against 0.593'; on Poland at 11.20, against 11.20,
and on Finland at 2.515 , against 2.515 . Greek
%
%
exchange closed at 1.29% for bankers' sight bills and
at 1.293 for cable transfers, against 1.29 7-16 and
%
1.29 11-16.
Exchange on the countries neutral during the war
is governed largely by European events, and transactions on this side have been extremely limited.
The Scandinavian currencies, while steady on the
whole, have fluctuated more or less in response to
changes in rates on sterling. Swiss francs and
Holland guilders, as during the past several weeks,
have been exceptionally firm, owing largely to withdrawals of Swiss and Dutch funds from other centres.
On Wednesday Swiss francs in the New York market
were quoted 19.55 for cable transfers, a new record
high which compares with parity of 19.30. The
extraordinary strength of Swiss francs is reported
as due chiefly to the refusal of the Swiss monetary
authorities to import gold in face of the huge inflow
of funds seeking safety in Switzerland. The gold
point against dollars is estimated at 19.44. It is
understood in banking circles that the Swiss authorities will not take gold even from the United States,
despite the fact that such imports would not disturb
the European banking situation as would shipments
from London or Berlin. Some traders in New York,
it is reported, are maintaining their position in the
currency with the expectation that the rate will go
as high as 19.60. The enormous inflow of gold
into Switzerland recently is revealed in the statement
of the National Bank of Switzerland for July 31
showing total gold of 1,164,000,000 gold Swiss francs,
against 840,000,000 francs on June 30 and 643,000,000 francs on May 1. At the same time circulation has been increased to 1,255,000,000 francs
from 1,078,000,000 francs on June 30 and 990,000,000
francs on May 31. Spanish pesetas are unrelated
853
to the general movement of European exchanges
and are affected almost entirely by political events
in Spain. In Thursday's trading the peseta broke
to 8.49, which is the lowest yet reached since the
formation of the republic. This compares with
closing quotations on Friday of last week of 9.019.02. International bankers are not satisfied with
general conditions in Spain and the outbreak of
severe strikes in many quarters. Much apprehension is also felt regarding the possibility of a rift
between Spain and Catalonia, and there is little
confidence in the ability of the Finance Minister to
control the exchange situation. Advices from Paris
indicate that the feeling there is that the peseta
is nearing another percipitous break. Foreign exchange traders in New York frequently advise
against the purchase of pesetas prior to actual
need.
Bankers' sight on Amsterdam finished on Friday
at 40.28%, against 40.293 on Friday of last week;
4
cable transfers at 40.293, against 40.32, and commercial sight bills at 40.26, against 40.24. Swiss
francs closed at 19.513/ for checks and at 19.52 for
cable transfers, against 19.50 and 19.503/ Copen.
2
hagen checks finished at 26.70 and cable transfers
at 26.71, against 26.74 and 26.75. Checks on Sweden
closed at 26.72 and cable transfers at 26.73, against
26.763' and 26.77%, while checks on Norway finished
at 26.71 and cable transfers at 26.72, against 26.75
and 26.76. Spanish pesetas finished at 8.57 for
bankers' sight bills and at 8.58 for cable transfers,
against 9.01 and 9.02.
Exchange on the South American countries is extremely dull with most of the currencies only nominally quoted and all inclined to sag. Argentine paper
pesos have declined again this week and on Wednesday Buenos Aires was quoted 28.38, a new record
low. This compares with dollar parity of 42.45.
The unsettled political conditions in Argentina are
largely responsible for the extremely low quotations
for the peso in recent weeks. This week the Federal
Reserve Bank reports the receipts of $1,328,000 gold
from Argentina. This shipment is one of a series
being sent here by the Banco de la Nacion to provide
the Argentine Government with funds with which to
service its debts. Chilean exchange is quoted only
ndminally. A Chilean exchange control committee
has been organized, comprising the President of the
Central Bank of Chile, the Superintendent of Banks
and the Treasurer-General. The committee is empowered to restrict or prohibit the purchase or sale of
gold coins, either in Chilean or foreign currency or of
gold bars. It may also prohibit any exchange operations not arising from regular legitimate or commercial transactions, which may be effected only with the
consent of the committee. The Central Bank of
Chile is granted the exclusive right to purchase or
sell foreign exchange, but other banks may engage
in such transactions with the consent of the committee and the Central Bank.
Argentine paper pesos closed at 283g for bankers'
sight bills, against 29% on Friday of last week and
at 283. for cable transfers, against 29%. Brazilian
milreis are nominally quoted 6.70 for bankers' sight
bills and 6.75 for cable transfers, against 7.00 and
7.05. Chilean exchange is nominally quoted 12.10
for bankers' sight bills and 1245 for cable transfers,
against 121 . Peru at 28.25, against 28.00.
%
854
FINANCIAL CHRONICLE
Exchange on the Far Eastern countries presents
Like almost all currencies
no new features.
the mediums of Asia are adversely affected
by the world-depression and are further depressed by the unsettled political conditions in China
and in India. The Indian Bank rate has been increased to 7%,from 6%. Japanese yen are dull but
fairly steady. Three Japanese Government Commissions are at work on studies for the reform of the
administrative, taxation and fiscal systems. Their
findings will probably be ready in time for inclusion
in the budget for the 1932-33 fiscal year. Leaders of
the Japanese Economic League, chief of whom is
Baron Takuma Dan, senior managing director of the
great Mitsui interests, have announced opposition
to the program of taxation reform now being prepared. The financial situation, the League declares
has yet to be stabilized and any further drain on the
national resources in the shape of higher taxes is
to be deplored. Closing quotations for yen checks
yesterday were 49.34@49.50, against 49.33@49.50.
A
Hong Kong closed at 24%@24 7-16, against 241
@24%; Shanghai at 30M@30 7-16, against 30/@
4
30%; Manila at 49%, against 497 ; Singapore at
56M, against 563@56%; Bombay at 363, against
363, and Calcutta at 36%, against 36h.
[VOL. 133.
Financial Self-Help in Germany-The
Prussian Referendum.
The radio address which Chancellor Bruening delivered at Berlin on Tuesday night, on the eve of the
reopening of the German banks, was a conservatively
optimistic review of Germany's financial situation,
and an earnest appeal to the German people to support the Government in the policy of self-help which
it is pursuing. Conditions during the past six weeks,
the Chancellor admitted, had been chaotic, and because of the danger the Government had been "compelled to make its decisions without regard to the
usual parliamentary procedure," and a reassembling
of the Reichstag was not yet opportune. The Hoover
plan had in its main features become a reality, but
the delay of several weeks had "wrought great harm
to the economic and political life of Germany"
through the withdrawal of billions of marks of foreign credits and severe disturbances in "internal
money exchanges." Nevertheless, the efforts of the
Government to reach an understanding with France
and other Powers had continued, the domestic banking situation had been saved by Government intervention with the aid of the Reichsbank, and only the
savings banks, whose funds were invested in longterm mortgages, must for a time remain under reFOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
strictions. "There is no danger of inflation of any
TREASURY UNDER TARIFF ACT OF 1922,
BANKS TO
AUG. 1 1931 TO AUG. 7 1931, INCLUSIVE.
kind," the Chancellor asserted, and "we have no
Noon Buying Ratefor Cable Transfers in New York.
excess of bank notes in circulation." The opinion
Value in United States Money.
Country and Monetary
was expressed that "the 'buying power of money will
Unit.
Aug. 1. Aug. 3. Aug. 4. Aug. 5. Aug. 6. Aug. 7.
become larger on account of the small floating supEUROPE
.140400 .140385 .140392 .140385 .140400 .140407
ply." "The resumption of payments," however,
Austria, @chilling
.139536 .139547 .139486 .139321 .139381 .139257
Belgium, belga
.007175 .007175 .007173 .007132 .007120 .007135
Bulgaria, lev
"confronts the German people with the question
.029624 .029619 .029622 .029622 .029622
Czechoslovakia. krone .029623
.267331 .267386 .267441 .266891 .267073 .266989
Denmark. krone
whether they are ready actively to co-operate in the
England. pound
4.858973 4.859801 4.857916 4.850342 4.852940 4.849232
sterling
recovery."
.025142 .025158 .025146 .025141 .025146 .025142
Finland. markka
039205 .039216 .039215 .039206 .039183 .039156
France, franc
The success which attended the opening of the
Germany. reichsmark .235592 .235615 .238230 .235848 .235433 .236454
.012937 .012934 .012932 .012925 .012930 .012928
drachma
Greece,
banks on Wednesday, after three weeks of restric.403215 .403294 .402970 .403151 .402847
.403117
Holland. guilder
.174463 .174488 .174475 .174452 .174455 .174495
Hungary. Pengo
tions, seemed to offer an affirmative answer to Chan.052305 .052304 .052310 .052284 .052292 .062281
Italy. ina
.267360 .267422 .267500 .266934 .267110 .267028
Norway. krone..
cellor Bruening's question. The average volume of
112010 .112030 .112018 .111920 .112000 .111972
zloty
Poland.
.044220 .044225 .044225 .044250 .044260 .044250
Portugal, escudo
withdrawals was reported to have been below nor.005940 .005945 .005938 .005931 .005945 .005934
Rumania,leu
.090200 .090114 .089423 .088104 .085019 .084961
Spain, Peseta
mal, and many banks in Berlin and elsewhere re267488 .267572 .267613 .267038 .267250 .267148
Sweden. krona
Switzerland. frano___ .195005 .195022 .195005 .195288 .195245 .195032
ported that deposits exceeded withdrawals. The
Yugoslavia, dinar- .017680 .017677 .017696 .017713 .017702 .017705
ASIADanat Bank, whose difficulties were the immediate
China.314583 .315000 .315000 .314375 .313125
.314166
Chefoo tael
.309375 .309062 .309062 .310000 .308593 .307343
Hankow teal
occasion for the closing of the banks, received a con.304196 .304196 .304642 .305357 .304107 .302812
Shanghai teal
.319166 .318750 .319166 .319168 .318541 .317291
Tientsin teal
siderable number of new accounts. There were no
.242339 .242875 .243333 .243571 .242804 .241458
Hong Kong dollar
.219687 .219375 .220000 .220000 .218750 .218125
Mexican dollar
bank runs anywhere, and the Reichsbank, which had
Tientsin or PelYang
.222083 .222083 .222500 .222500 .221250 .220000
dollar
held about a billion marks in readiness for emergency
.219166 .219166 .217916 .216666
.218750 .218750
Yuan dollar
.359375 .359410 .359558 .359375 .359408 .359316
India. rupee
calls, found no need to use any of the fund, while
.493484 .493434 .493384 .493396 .493409 .493409
Japan. yen
.560000 .560000 .559791
Singapore (8.8.) dollar .560208 .580416 .560416
its own receipts of about 30,000,000 marks conNORTH AMER.
.997998 .997417 .997390 .997034
.997509 .997808
Canada, dollar
trasted hopefully with payments of about 10,000,000
.999155 .999143 .999143 .999143 .999143 .999143
peso
Cuba,
mexwo. paw (silver). .250000 .250000 .307692 .266666 .307692 .277777
marks. The newly created Acceptance Guaranty
.995092 .995267 .995412 .994875 .994904 .994484
Newfoundland, du
SOUTH AMER..664363 .635414 .638060 .632101
Bank, intended to perform something of the funcArgentina. peso (gold) .672597 .671032 .067041 .085640 .065750 .065031
.069142 .069111
Brazil. milreis
tions of a clearing house by helping banks in need
.120426 .120349 .120334 .120271 .120534 .120504
Chile, peso
.457666 .464333 .457000 .428333 .420000 .435000
Uruguay. Peso
of cash, had few calls made upon it. While the
.965700 .965700 .965700 .9657C0 .965700 .965700
Colombia. peso
elaborate machinery devised by the Government to
following table indicates the amount of bul- protect the banks was doubtless responsible for the
The
orderly procedure that obtained, the Berlin correlion in the principal European banks:
spondent of the New York "Times" reported "genAug. 7 1930.
Aug. 6 1931.
1
eral agreement that the good sense displayed by the
Banks of-,
Slier. I Total.
Gold.
I Gold. I Miser. I Total.
153,594,839 public on this critical day was due chiefly to
1134,827,755 153,594,839
England-- 134,827.755
368.488.469
. .
• 67. .
(d)
France a _ _ 467.259,916,
994,600 125.950.700 Chancellor Bruening's radio appeal."
65.076.900 124,956.100
Germany b 84.082,300 c991.600 117,432,000 98,891,000 28,841,000 127,732,000
A further test of banking stability will shortly be
Spain - _ - -1 91.003,000 26,429,000 58,057,000 56,323,000
56,323,000
I 58.057.000
Italy
32.555,000 2,217,000 34,772,000
Netherfds. 49,002,000i 2.953.000 51,955,000 34.347.000
34.347.000 afforded if the Government carries out its announced
42.649,000
Belg. 426 90 •
23,780,000
30,504.000 23,780.000
Switzerrd. 30.504,00A
13,482.000 intention of allowing the municipal savings banks to
13.214.000 13,482,000
Sweden___ 13,214,000
9,567.000
9,546,000 9,567.000
_ 9,546.000i
Denmark
8.142,000 resume payments to-day up to a limit of 300 marks,
8,131.000 8,142,000
Norway __ 8.131,000,
988,275.971 30.376.800998,652.571 924,126,408 32,052,600956,179.008 with advance notice for withdrawals of larger
Total week
30,741,600 984,137,582 918.020,286 31.945,600949.965,866
Prey. week 953,395,982
amounts, but the failure of depositors during the
of France as reported in the new form
a These are the gold holdings of the Bank
the Bank of Germany are exclusive of gold held past few days to withdraw even the small portion
holdings of
of statement. b Gold
the present year Is £4,084,600. c As of Oct. 7 1924. of their deposits that was permitted may be reabroad, the amount of which
at only a trifling sum.
d Silver is now reported
AUG. 8 1931.]
FINANCIAL CHRONICLE
garded as a hopeful sign. An emergency decree
issued on Wednesday authorized the savings banks
to issue drafts if they could not obtain credits, but
at the same time forbade the further grant of loans
to municipalities. To prevent embarrassment to the
municipalities a temporary government loan is to
be provided, but allotments are apparently to be
made only in connection with a reorganization of
municipal finances which the Government proposes
to undertake.
A statement given out on Wednesday by Dr. Herznann Dietrich, Vice-Chancellor and Finance Minister, indicated substantial progress in financial retrenchment. According to the Associated Press, Dr.
Dietrich claimed that "every criticism of extravagance in the German Federal Budget" that had been
made by S. Parker Gilbert when he was Agent-General for Reparations Payments had been met. "We
have cut the budget to the bone," he was quoted as
saying. The budget for 1931 shows a saving of 1,542,000,000 marks compared with 1930, not including the savings made possible by the Hoover moratorium. Expenditures for Federal salaries and
wages "have been brought down to the level of 1926,"
any further reductions being inadvisable because of
the curtailment of purchasing power which it would
involve and the encouragement that it would give
to Communist agitation. The share of Federal taxes
turned over to the States of the Reich has also been
reduced, the amount for 1931 being 810,000,000
marks less than for 1930.
The drastic restrictions upon German foreign
trade, consequent upon the stringent control of foreign exchange which became effective on Tuesday,
are apparently to be viewed as emergency measures
for a short time only, since they could not very well
continue without seriously complicating both the
trade and exchange situation. The texts of the decree and explanatory instructions have not yet been
published in this country, but Berlin dispatches report that exchange will be furnished freely only for
certain specially important imports, among them
raw materials for German factories, and for service
charges on foreign loans. Partly finished products
will be granted only a limited amount of exchange,
and finished products and certain agricultural products none at all. For permission to buy or sell foreign exchange, application must be made to the Ministry of Finance, and the same authority must authorize exporters who are paid in foreign currency to
dispose of their payments. "In other words," as the
Berlin correspondent of the New York "Evening
Post" explains it, "if an exporter receives payment
in dollars in Germany, he cannot draw his dollars
without permission, while if he receives payment
and banks it abroad, he must report his holdings
and place them at the disposal of the Government
under penalty of a jail or penitentiary sentence."
The selection of Albert H. Wiggin, Chairman of
the Board of the Chase National Bank, as the American member of the committee designated by the
Bank for International Settlements, in accordance
with a recommendation of the London Conference,
to study the credit situation of Germany paves the
way for an early meeting of that body. It was announced on Wednesday that the New York banking
representatives who have been considering the proposals of Dr. Luther, President of the Reichsbank,
for the treatment of German short-term credits out.
standing had reached "a general understanding" in
855 di
the matter, but that"certain suggested modifications
of the German proposals" similar to those already
suggested by British bankers, but intended to "safeguard certain technical questions which are peculiar
to this market," had been submitted to the Reichs-bank, and that it would "probably take some time
to iron out these technicalities between Berlin and
the several markets involved." Precisely what these
technicalities are was not disclosed. The general
plan, however, it was stated, "is along the lines of
President Hoover's suggestions, adopted by the recent London Conference, of maintaining on a practicable and reasonable basis the short-term credit
facilities granted by foreign countries to Germany
so that she may be able to finance her importations
and exportations with the facilities she now enjoys."
The share of the Bank for International Settlements
in the $100,000,000 rediscount credit to Germany,
which would have expired on Friday, was formally
renewed by the directors of the Bank on Monday for
three months, and similar action was taken by the
Bank of France. The Federal Reserve Bank of New
York announced on Thursday that its own participation had been renewed, but for what period was not
stated, and action by the Bank of England, which
desired to renew for only a month at this time, was
awaited.
Across these various movements looking to the
improvement of German credit has fallen the shadow
of the referendum or plebiscite to be held in Prussia
on Sunday. In terms, the question at issue is the
dissolution of the Prussian Diet, but the real issue is
whether the Social Democrats, who have controlled
the Diet, by means of a coalition mainly with the
Centre party, for the past two years with a majority
of only seven votes, shall give way before a combination of Communists and Nationalists, who in spite
of their mutual hostility are on this question acting
together. A victory of either the Nationa"gts or the
Communists, while it would have no immeck t e effect
upon the party complexion of the Reichstag, would
have the moral effect of greatly weakening the position of the Bruening Government, and might seriously impede an amicable understanding with
France. It was this possibility that seems to have
been largely responsible for Chancellor Bruening's
radio speech on Tuesday. He did not believe, the
Chancellor declared at the end of his speech, that.
the dissolution of the Prussian Diet "would be at
present to the German interest. . . . It is not a
sharpening of political difficulties we need in this
hour, but the wish to overcome all handicaps of the
present. . . . In this critical hour we must pull
together with all our strength."
Even more disquieting to France is the visit which
Chancellor Bruening and Foreign Minister Curtius
are now making to Italy. Ostensibly, the visit is one
of official courtesy, inspired by Germany's appreciation of Italy's prompt support of the Hoover
plan, but it is widely believed that the occasion will
be used to discuss the general European situation,
and particularly the Austro-German customs union
to which Italy is strongly opposed. French political
organs go farther, and profess to see in the visit a
possible step in the formation of a European bloc
to include Italy, Germany, Austria and perhaps
Russia. The nervous apprehension of the French
illustrates the unfortunate conditions under which
the economic rehabilitation of Germany has to proceed. Where economic considerations, and economie
856
FINANCIAL CHRONICLE
[VOL. 133.
to fix, or even consider, "wages"—as if it were possible to fix reasonable and adequate "rates" withou
counting the cost of "wages." Do these generalizations by an arm of the Government, arrived at
through testimony, chiefly, from the interested parties themselves, have anything to do with internal
computations necessary to the successful operation
of the railroads, those facts and figures which make
up the balance sheet? Certainly not! The roads
must go on, the cars must run, whether the "Government" believes in high wages or low. Yet the
The People's Part in "High Wages".
people have come to accept this interference as the
The incipient controversy, if it can be so dignified, proper thing—and the Administration feels called
inside the "Administration" over a possible reduc- on to advocate "no cut in wages."
Adroitly, but no less forcibly, the "labor" repretion in wages, illustrates how much the American
to government. Is it pos- sentatives of the railroad brotherhoods and of the
people have surrendered
sible that the Government at Washington is author- American Federation of Labor announce that any
ized, either directly or indirectly, to control wages— movement to "reduce" wages will be resisted with all
in the face of implicity guaranteed initiative and their "powers." We assume this to mean that if
operation of industry and ownership of property pro- "strikes" are necessary "strikes" will be called. If
vided by the Constitution? In the autumn of 1929 this is not a threat it is a grave announcement and
came the frowning shadow of a coming "depression." a dangerous step. We have strikes enough to imperil
Immediately the "Administration" called a confer- the resumption of "prosperity" as it is—in textiles,
ence of industrialists and financiers, and out of that in coal, and in isolated plants in other industries.
conference grew the policy, even the principle, of If so-called "labor" precipitates wholesale "strikes"
maintaining the high wage scales,lest their reduction on the country under present conditions it will not
lessen the"buying power" which allegedly keeps busi- only dig its own grave but it will provide the spark
ness moving. Now, in the autumn of 1931—after that may set off an incipient revolt against governthis policy has been adhered to and tried out, there ment itself. Make no mistake as to our meaning.
comes a crucial stage when it appears that many There will be no "revolution" in the United States.
manufacturing plants and the railroads can no longer The Government is strong—strong enough to put
pay these high wages and keep running. Secretary down labor riots in our large cities. And as for
Lamont in a letter admits that there may be instances "revolution," it is unthinkable. But we are reaching
where reductions are necessary to prevent "shutting an impasse in our "depression," and such is the courdown" and consequent unemployment. Secretary ageous temper of the people that they will not
Doak stands for continuance of former scales and "stand" for widespread "strikes" that further retard
avers the Administration has not "changed its mind." our "resumption."
We have always held that "wages" should come
Does it make any difference in the internal rundown with the fall in the prices of commodities, with
ning of a manufacturing plant whether the "Administration" believes in high wages or low? And if the lowered earnings of Corporations, with the shrinknot, why does it interfere? If necessity proves that ing returns of credit—capital. Class war is one of
wages must come down,in keeping with other reduc- the most vicious kinds of war. Ever since the eight.
tions in prices and services, is the "Administration" hour legislation under Wilson, ever since the labor
representing the people aright when it insists that it exceptions and union labor dominance of war time,
has not "changed its mind" in advocating "high the people have been quiescent subjects of "labor"
To
wages," regardless of the condition of the people as save when diverted by the woes of the farmers.
say now that there are some industries which cannot
a whole? Now we are not so much criticizing the
"Administration" as the people, for the latter have longer pay war-time wages and operate, is to tell the
a limited way. And an "Adcome to accepting this interference of a political plain truth, though in
we need. We might ministration" at war with itself over the fact and
administration as the very thing
how far the people have
show, as we have previously essayed to show, that the principle involved shows
"purchasing power" to succumbed to partisan politics. It is time to look
"high wages" to produce
the people
enliven and promote "business" is a fallacy, but our the crisis squarely in the face. Either
their industries according to
purpose at this moment is to show that the people must own and operate
necessities or they will have
are in error in accepting this power of the "Admin- the laws of interacting
their constitutional rights to politics,
istration" as a rightful and beneficial thing. Nor do surrendered
socialism. It is time to
we seek to intimate implied causes as we face an veering fast toward actual
sense the meaning of these growing troubles.
election! Let the Administration be ever so honest
It is useless to say that wages are always paid bein its belief—if the people are to accept its "opinion"
their fore profits can be made or declared. "Labor" (an
as the law of the land, they have surrendered
coerce capital
right and power to control their own business affairs. indefinite term) has no more right to
the interests
We have gone further and empowered the Inter- than the reverse. The old adage that
holds true if
still
State Commerce Commission to fix freight rates, and of capital and labor are tnstual
and
ostensibly, fix wages. So that when we construe mutuality in the light of liberty
another body to,
has no more right to
the railroads find they cannot earn their reasonable voluntary union. Government
bonds
and lawful dividends and petition for a 15% advance favor one than the other. Are holders of good
and stocks to suffer the brunt of "depression" and
in rates, mentioning "high wages" as part of the
not? Is
excessive costs of operation, the "labor" representa- still pay "high wages" whether earned or
business to pay, whether or not it can meet its "fixed
tives at once spring to arms and declare that the
receive war
Inter-Stale Commerce Commission has no authority charges"? Is a part of the people to
considerations only, should govern, political considerations have always to be regarded, to the embarrassment of every plan and the limitation of all
results. The existence of such political factors, with
complicated and far-reaching implications, should
serve as a warning to the United States to proceed
with the greatest caution in any steps it may feel
obliged to take in aiding the financial,improvement
of Germany or any other European State.
Aua. 8 1931.]
FINANCIAL CHRONICLE
benefits in the nature of war wages and the rest pay
without a murmur? No one wants "wages" to come
down while everything else remains "high," but when
all other factors in the business life are at a low ebb,
must"wages" remain the same under the pitiful plea
that the wages of the few (say four million in forty
million workers) can keep up the so-called "purchasing power" of all?
If it is necessary to give the railroads a 15% increase in freight rates in order to enable them to
continue in operation, does not that prove that railroad wages should come down? Both were estdblished in time of prosperity. There are now fewer
freights to be hauled. There are also fewer men employed by the roads. .Still they cannot make their
lawful profits. Are the people 'to pay in higher
freight rates these old-time "high wages" which some
say "must not come down"? Or is the burden to be
equably distributed between rates and wages? We
believe in the common sense and courage of the American people. It is not germane to the subject, but
it has its bearing, to say that no party ever won an
election through the "labor" vote. •
Workingmen on the whole vote as they please.
They cannot be bought by money or "high wages."
They cannot be herded by leaders or by theorists.
If any political party shall stand for "high wages"
when common sense and common right shows that
they should come down as part of the "depression,"
and a general strike shall ensue because of that stand,
that party is doomed to suffer ignominious defeat.
This is no part of the argument. But if there is anywhere an effort to control the labor vote by politically
upholding inordinate or war wages it is well to see
both sides of the possibilities. Meanwhile men must
answer the question, shall administrations control
• wages?
A Dangerous -Doctrine on Unemployment.
If anyone supposes our financiers, industrialists,
and business men generally, are not doing their best
to overcome the difficulties that beset our current
era, he is much at fault in his thinking. These citizens, better than their mentors,know what they must
do to be saved. And those on the outside who would
tell them how to think and act should recognize one
great truth: As enterprise becomes larger and larger
it more and more embraces in its own perceptions and
profits the interests of all the people. If there ever
is a time when the idea of colossal selfishness in industry is exploded that time is now. The man of
small means and purposes may sometimes imagine
that he is the victim of soulless "interests"
--but the
World War taught one everlasting lesson that the
"big-rich" are not immune to the evil consequences
of an aftermath of inflation and depression or deflation.
As a consequence, when "capitalists" think of
their own welfare they know that it lies in the welfare
of all men—bankers, merchants, manufacturers,
farmers and laborers. We do not say that they do
not have the ability to care for themselves, but we do
say that they know that they cannot care for themselves at the expense of the welfare of the common
people. There are incidents and circumstances of
financial operations that go to contradict this statement, but in the long run of effort and enterprise
the principle stands. And this is sufficient reason to
warrant the belief that economists and politicians
857
should be chary in offering them advice as to how to
manage their own affairs.
Governor Albert C. Ritchie of Maryland, who has
some fine and wholesome ideas of the part that
government should play in human affairs, has, we
think, allowed his zeal to carry him over the boundary and into an error as to the conduct of business
by business men. We quote some short excerpts
from a recent address he made at White Sulphur
Springs, Va., before the Virginia Bar Association.
We shall give our reasons for the criticism later on.
Among other things he said: "Industry builds up
depreciation and obsolescence funds to care for its
plant when that needs repairs or wears out. It maintains sinking funds so that its bonds may pay interest and be redeemed. It sets aside a surplus from
which dividends may be paid when times are hard."
. . .' "It looks out for its plant, for its bondholders and for its stockholders, but, when business
is bad, generally speaking, it cuts down its labor,
turns it adrift and bids it look to citizens' relief
committees for the necessities of life." . . .
"There is such a thing as economic or social justice, and this demands that industry which benefits
from labor in days of prosperity should make some
adequate provision for that same labor in days of
adversity." . . . "If industry will not fulfill
this social obligation, then I predict that government is going to step in and take the remedy in its
own hands." . . . "If industry and capital fear
that the consequences of governmental action may
be harmful to their interests, if they fear that government may do something unsound or halfbaked, or
wasteful or extravagant, then it behooves industry
and capital to become statesmen and make governmental action unnecessary."
Citing the experience of the British and German
systems of unemployment insurance and that of other
countries, Governor Ritchie thinks "it would be a
calamity if the experience of those countries were
repeated in ours." Referring to "serious actuarial
difficulties" in the way, he finds the funds no longer
confined to employers and employees, but become a
part of general taxation, then says apropos of our
own condition: "Government is already pretty deep
in the subsidy business. It speNs huge sums for
flood relief, drouth relief, farm relief, veterans' relief, and what not. Compulsory unemployment relief
will be next, unless industry itself steps forward and
tackles the problem." . . . "If industry does
not do this, then the pressure on government to do it
will be too strong to resist. But over and above that,
a nation's supreme obligation is to protect its citizenship. When the necessity for that arises, government must act." .
•
"If its citizens are threatened or attacked, government must protect them or defend them. If they are
naked and can be clothed in no other way, government must clothe them. If they are starving and can
be fed in no other way, government must feed them.
If they are unsheltered and can be housed in no other
way, government must house them." . . . "But
we are at the crossroads, or almost there. Not the
American people generally, but American industry
must choose the way. No thinking person wants the
State or the nation to provide for labor in times of
enforced idleness, if industry will recognize and fulfill its obligation to do it." . . . "Along one
road lies the opportunity for initiative and constructive effort on the part of American business to dis-
858
FINANCIAL CHRONICLE
[vol.. 133.
work,
'charge its responsibilities to the labor whose toil and form of unemployment insurance to provide
Obligation
sweat in the shop is as essential as the brains and or its equivalent cash, in "hard times."
for
the directing hand at the desk." . . . "Along the means must—it is a bounden duty. If one stands
eschew these elements of
other road lies, I believe, the ultimate certainty of democracy, he must
legislation which may prove hurtful to business itself socialism.
As to the possibility of working out an equable
and to the community,a drain on the public treasury
institutions." . . . plan for compulsory insurance to wage earners in
and a departure from American
"Fortunately, there is still time to choose wisely. hard times, it is just as difficult, just, in fact, as
But if business will do nothing about it, the Govern- impossible, to "industry" as to "government." It is
more so. Government may tax all the people to keep
ment will."
Now, with high respect for Governor Ritchie, it the comparative few out of work in employment.
seems to us he is "all wrong" in these assumptions But "industry" must tax its own capital and operaand arguments. He has allowed his fervor to cloud tions and profits to do so—and there are a thousand
his reason. His declaration that there is an "obliga- industries to be harmonized. We repeat that there
tion" upon industry to provide unemployment insur- is a mutual interest between the single employer and
ance or even to prevent unemployment is an unwar- employee which renders it necessary that in goodranted assumption. There is no such obligation. will each should recognize the welfare of the other.
We do not say that it is not wise and good 'business This forbids, except in extreme cases, the "lock-out"
to try to so place production in the various industries and the "strike." While the lock-out may be the reover the year as to distribute the wage benefits to sult of necessity, loss of profits, loss of men, liberty
employees, but there is no "obligation" to "labor" to quit business, the strike, when it reaches coercion,
to do so. "Business" is not engaged, fundamentally cannot be tolerated and is contrary to the right to
and primarily, to employ men and to keep them em- work when and where and for whom the individual
ployed. Capital eaiploys labor to produce market- workingman pleases. To rush to the conclusion that
able goods at a profit out of which and by which it "industry" is "obligated" to keep men at work or
pays wages. It may employ or not employ as it pay wages for work never performed, is to libel reapleases. There is no "obligation" to be in business; son and set mere human sympathy above the necesit is a privilege. This business is beneficial to em- sary complexes of a modern civilization. "Industry"
ployee and employer, but neither is "obligated" to can no more, should no more, pay idle men than
work for the other. To assume that one is obligated "government."
Amid the clamor of theorists and the cries of the
to employ is to assume, in fairness, that the other is
is not true importunate unemployed we are in danger of casting
obligated to accept employment. This
the Government to the wolves of partisan politics.
in a democracy!
assume that "industry" must take Governor Ritchie sees the danger, but in thrusting
Therefore, to
care of "unemployment" or the "Government will," what he erroneously conceives to be a duty upon inis a double error. The logic of free initiative and dustry he is only making matters worse. We believe
enterprise and of free labor is that neither "busi- there is no possible way for our industries to organize
ness" nor "government" is obligated to furnish men themselves to do this thing. It involves so many
employment willy-nilly. Employers are not obli- hazards and contradictions as to.disrupt and overgated to employ; workmen are not obligated to work, turn our whole scheme of "business." It necessitates
except as each is pleased to do so. If, indeed, we an equalization of profits, an elimination of time and
have reached the parting of the ways and must choose territory from the books of every manufactory; it
between democracy and socialism,, then we must compels a unity of fashion, need, and living costs on
stand squarely for one or the other. The examples the part of the people who buy. In justice to themused, always with the proviso "if there is no other selves the varied industries cannot make up a fund
way," are fallaciots. There is another way—and that for the unemployed—nor will they. Out of sheer
is the generosity of the "people generally" to feed, necessity they must arrange that the wages of men
clothe, house, temporarily only, the unfortunate suf- must pay a part of this fund as wages are paid, and
run is only too apparfering from calamities. The "government" only the injustice of this in the long
as a ent. "Labor" has not seldom before proved its own
lately refused to feed, clothe and house, save
of "politics" which unduly
twisted form of charity, and turned these things over enemy. And that form
likewise, acted only in "sympathizes" with the "working man" is liable to
to the Red Cross—which,
emergency. There is no parallel here to a compulsory work him injury.
The New Capital Flotations During the Month of July and for the
Seven Months Since the First of January
little comNew financing now is very light and calls for
are very few and only of modment. Corporate offerings
the ecoerate size, While as to financing on foreign account
upheaval through which Europe is passnomic and financial
flotations of
ing appears to have put a complete bar upon
being. No foreign government
that description for the time
the month of
Issues of any kind were floated here during
on behalf of municipalities
July, not even municipal issues
foreign corporate
In Canada. The same is to be said of
corporate issue having been
financing, not a single foreign
this statement also
offered in this market during the month,
on behalf of the Dominion of
applying to corporate issues
Canada.
Our compilations, as in preceding months, include the
stock, bond and note issues by corporations, by holding,
investment and trading companies, and by States and municipalities, foreign and domestic, and also farm loan emissions.
The grand total of the offerings of securities in this country
under these various heads during July aggregated only $270,874,883. This compares with $402,165,076 in June; with
$425,652,922 in May; with $590,091,926 in April; with $698,780,382 in March, but with only $221,497,966 in February (a
short month); with $648,635,186 in January; with $394,889,991 in December; with $267,743,332 in November; with
$449,357,451 in October; with $496,256,737 in September, and
with $290,999,219 in August.
AUG. 8 1931.]
FINANCIAL CHRONICLE
How relatively small the present July total is will appear
when we say that at $270,874,883 of new capital financing
of all descriptions comparison is with $585,819,585 in July
1930 and $947,961,561 in July 1929. Aside from the municipal
awards aggregating $99941,133, the new flotations for the
month the present year consisted merely of a farm loan issue
for $15,000,000, and corporate financing on behalf of domestic
entities aggregating no more than $155,933,750, made up
entirely of domestic offerings, no foreign corporate issue of
any kind, as already stated, having been brought to market
during the month the present year. It is in these corporate
issues that the bulk of the falling off appears, and the total
at $155,933,750 for July 1931 is one of the smallest monthly
totals of this class of financing which has been placed on
record in recent years. It is not strange that this should
be so, especially at a time of such disturbed financial and
economic conditions abroad.
But even domestic conditions are not favorable to the
doing of much new financing at present. Owing to the prevailing trade depression the railroads are doing very poorly
said industrial concerns are doing little better, leading to
dividend reductions and omissions on a scale scarcely ever
witnessed before. Moreover, when existing facilities are
employed to such a small extent as at present there is no
inducement and no need for engaging in the providing of
new facilities to still further enlarge or to improve existing
capacity of production. In the limited corporate financing
now being done the same characteristics are observable that
have marked the course of the new capital flotations ever
since the stock market panic of the autumn of 1929. In
other words, the new issues consist almost entirely of bonds
and notes, with new stock issues cutting only a small figure
in the total. Thus the $155,933,750 of corporate offerings
for July 1931 comprised only $2,043,750 of common stock and
but $76,000 of preferred stock, the remaining $153,814,000
being made up entirely of bond and note issues.
Continuing our analysis of the corporate offerings during
July, we note that public utilities again lead in volume with
$136,800,000, or about 87% of the corporate total of $155,933,750. This amount compares with $220,416,000 put out
by utilities in June. Industrial and miscellaneous flotations
aggregated only $19,133,750 for July as against $16,388,700
for June. There were no railroad offerings of any description during July, while in June only $16,113,000 of new railroad issues appeared on the market.
Total corporate offerings of all kinds during July were,
as previously stated, $155,933,750, all of which was for
domestic corporations. Of this amount short-term bonds
and notes comprised no less than $101,425,000; longterm bonds and notes accounted for $52,389,000, while
stock issues aggregated only $2,119,750. The portion
of the month's financing raised for refunding purposes was $40,864,000, or over 26%. In June the refunding
portion was $121,575,000, or more than 48%. In May the
amount was $81,230,000, or over 32%; in April it was
4189,206,500, or about 41%; in March it was $132,199,200,
or about 32%; in February it was $13,975,000, or about 16%
of the total, and in January it was $180,858,000, or somewhat over 31% of the month's total. In July of last year
the amount for refunding was $26,481,000, or less than 7%
of the total. There was one large refunding issue brought
out in July, namely, $15,000,000, the People's Gas Light &
Coke Co. (Chicago) 1st & ref. mtge. 4s B 1981, of which
$13,000,000 was the refunding portion.
The total of $40,864,000 raised for refunding in July consisted of $30,424,000 new long-term bonds and notes to
refund existing long-term; $8,440,000 new short-term to
refund existing long-term, and $2,000,000 new short-term to
replace existing short-term.
No financing was undertaken in this country during July
for the account of foreign governments or foreign corporations.
The largest corporate issue of the month was $20,000,000
Commonwealth Edison Co. 32 notes, July 30 1932, priced
/
1%
at 99.88, to yield 3%%. Other large utility issues were:
$15,000,000 the People's Gas Light & Coke Co. 1st & ref.
mtge. 4s B 1981, offered at 94, to yield 4.29%; $15,000,000
/
of the same company's 31 2% notes, July 30 1932, issued at
99.76, to yield 3.75%; $15,000,000 Public Service Co. of
Northern Illinois 4% notes, July 30 1932, floated at par;
$11,000,000 Midland United Co. 2% to 42
/ notes, due
1%
859
monthly from Sept. 3 1931 to Aug. 3 1932, priced to yield
from 225% to 4.75%; $10.000.000 Rochester Gas & Electric
Corp. 3% notes, July 15 1932, issued at par, and $10,000,000
West Penn Pr. Co. 1st mtge. 4s H 1961, offered at 96 to
yield 4.23%.
Industrial and miscellaneous financing of importance
during July comprised $9,000,000 Libby-Owens-Ford Glass
Co. 5% cony, serial notes 1933-38, offered at par, and
$4,450,000 California & Hawaiian Sugar Refining Corp., Ltd.,
1st closed 5s 1932-37, offered at prices ranging from 100.49 to
97.65, yielding from 4.00% to 5.50%.
As previously stated, there was no railroad financing
during July.
Included in the financing of July was an issue of $15,000,000 Federal Intermediate Credit Bank 3% debentures,
dated July 15 1931, and due in 3, 6, 11 and 12 months, offered
at price on application.
Only two issues were floated in July bearing convertible
features or carrying subscription warrants. The issues were
as follows:
CONSPICUOUS ISSUES FLOATED IN JULY WITH CONVERTIBLE
FEATURES OR CARRYING SUBSCRIPTION RIGHTS
OR WARRANTS.
89.000,000 Libby-Owen-Ford Glass Co. convertible 5s, 1933-38, convertible into common stock at rate of 40 shares each $1,000
of notes.
125,000 State Dairy Products Co.. 1st mtge. 6s. A 1941, carrying
rights to purchase 10 shares of common stock for each 81,000
bond at $10 per share before July 1 1941.
No new fixed investment trusts offerings were made during the month of July.
The following is a complete summary of the new financing
—corporate, State and city, foreign government, as well as
farm loan issues—for July and for the seven months ended
with July:
SUMMARY OF CORPORATE. FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
In
New Capital. Refunding.
1931.
Total.
U
MONTH OF JULY—
CORPORATE—
Domestic—
Long term bonds and notes
Short term
Preferred stocks
Common stocks
Canadian—
Long term bonds and notes
Short term
Preferred stocks
Common stocks
Other foreign—
Long term bonds and notes
Short terms
Preferred stocks
Common stocks
Total corporate..
Canadian Government
Other foreign Government
Farm Loan Issues
Municipal, States, cities, ,ic
United States Possessions
Grand total
7 MONTHS ENDED JULY 31—
Corporate—
Domestic—
Long term bonds and notes
Short term
Preferred stocks
Common stocks
Canadian—
Long term bonds and notes
Short term
Preferred stocks
Common stocks
Other foreign—
Long term bonds and notes
Short term
Preferred stocks
Common stocks
Total corporate
Canadian Government
Other foreign Government
Farm Loan issues
Municipal, States, cities, dzo
United States Possessions
ne..,...,
.......,
8
8
$
21.965,000
90,985.000
76,000
2,043,750
30,424,000
10,440.000
52,389.000
101,425.000
76,000
2,043,750
115,069,750
40,864,000
155,933.760
15,000,000
96,232,633
3,708,500
15,000,000
99,941,133
226,302,383
44,572,500
270,874,883
795,535,100
247,311.350
95,974,667
124,751,134
646,758,200 1,442,293,300
77,099,500 324,410,850
31,050,000 127,024,667
124,751,134
90,000,000
90.000,000
72,800,000
5,000,000
1,426,372,251
40,922,000
44,600,000
934,964,569
295,000
2 447 152 52f1
72,800,000
5,000.000
759,907,700 2,186,279,951
9,500.000
50,422,000
31,000,000
15,516,000
75,600,000
950,480,569
295,000
515 023 700 3.283.077.320
In the elaborate and comprehensive tables on the succeeding pages we compare the foregoing figures for 1931 with the
corresponding figures for the four years preceding, thus
affording a five-year comparison. We also furnish a detailed analysis for the five years of the corporate offerings,
showing separately the amounts for all the different classes
of corporations.
Following the full-page tables we give complete details
of the new capital flotations during July, including every
issue of any kind brought out in that month. Full details
as to the separate issues for each of the preceding months
of the half year can be found in the monthly articles for
those months, these articles appearing usually on the
first
or the second Saturday of the mouth.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF JULY FOR FIVE YEARS.
MONTH OF JULY.
1931.
New Capital. Refunding.
Corporate—
Domestic—
$
$
Long term ',wads and notes_
30,424 000
21,965.000
Short term
90.985,000
10,440.000
Preferred stocks
76,000
Common stocks
2.043,750
Canadian—
Long term bcaidsiancinotes_
Short term
Preferred stocks
Common stocks
Chlier foreign
Long term bonds and notes_
Short term
Preferred stocks
Common stocks
Total corporate
115,069.750
40,864,000
Canadian Government
OtherforeigriGovernment__
Farm Loan issues
15,000,000
hhinicipal,States,Caties, *Sec
95,232.633
3.708.500
United States Possessions
Grand 'Total
226,302.383
44,572,500
Total.
$
52,389.000
101.425,000
76.000
2.043.750
1930.
New Capital. Refunding.
$
$
241,110,500
21.181,000
5.300,000
55,740,000
50.625,000
19,805,000
25.000,000
1929.
Total.
New Capital. Refunding.
$
$
$
262.291.500
15,240.000
136.285,000
61 040,000
7,578.500
21.140,000
50,625.000
145,278;100
19.805,000
478,978;155
22,914.141
25,000,000
1928.
Total.
New Capital. Refunding.
$
$
$
151.625,000
9,456.000
87,080.500
28,718,500
14,158.500
1,441,500
145.278,400
77,529,906
2,009.000
501,892,596
94.660.861
26.038.702
1927.
New Capital. Refunding.
Total.
$
$
$
15.058,200
96,536,500 184,189,800
1,364.200
21,430,800
15.600.000
6,562,100
45,700,400
79,538,906
175,000
25.614.181
120,699,563
25.000,000
3.293,400
7.000,000
3.400,000
3.400.000
3,433,000
862.847.496
1.680.000
3,000,000
284,803.157
1.680.000
3,000.000
323,748,369
41,396,000
1,000.000
79,567,170
400,000
407,166,337
1,500.000
10,000,000
•
402,280,500
2,600.000
42,100,000
26.481,000
15,000,000
99.941,133
107,299.860
5.058.225
112.358.085
84.249.565
864.500
85,114.065
270,874,883
554.280,360
31,539.225
585,819,585
887.802.920
50.158,641
947.961,561
155.933.750
428.761,500
2,600,000
42.100,000
1.500.000
3,293,400
7.000,000
10,000,000
25,000.000
Total.
$
199,248.000
22,795.000
53.262.500
25.789.181
3,433,000
803,553.355
59,294,141
38,945,202
1,231,900
40,177 102
41.396,000
1,000,000
80.799,070
400.000
447.343.439
58.223,000
4,000.000
6,277,000
64,500,000
4,000.000
341,658,181
29,436,500
371,094.681
25,596.000
1.100,000
84,725,558
1.303,000
25.596,000
1,100.000
85.028.558
453.079,739
30,739.500
483.819.239
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF JULY FOR FIVE YEARS.
Digitized for
Total.
3
62.632,000
176,064.500
4.000,000
630,000
New Capital.
22,220.000
16,250.000
450,000
1929.
Refunding.
"15 Ar0i:056
Total.
New Capital,
22,220.000
31,250,000
450,000
480,000
10.943,000
1,700,000
1,000,000
7.750.000
6,264.000
46,824.500
1928.
Refunding.
Total.
New Capital.
1927.
Refunding.
11.187,000
68.862,000
23.723.000
5.960.000
707,000
1,538,000
6,277.000
11.894.000
70.400,000
30,000,000
5.960,000
5,736,000
1,670,000
7,750.000
12,000.000
48,494,500
4,750.000
12,142,800
39,719,000
7.857.200
4,750.000
20,000,000
39,719,000
1,156,000
9,456.000
16.675,000
99,936,500
2.500.000
75,069.000
243,912,800
4,956.000
21.335.200
2.500,000
80.025,000
265.248,000
3.250,000
13,945.800
650,000
714,200
650,000
14,660.000
16.425,000
150.000
67.900,000
100.000
36,550,000
240.000
150,000
67.900,000
100.000
36,790.,000
287.291,500
20,250.000
4.415.000
168.285,000
15,240,000
, 20,250,000
4,415,000
183,525,000
15,519.000
90.480.500
53.400,000
5.000.000
3.500,000
720.000
5,360.000
10.000.000
5,780.000
5,360.000
13,500,000
6.500.000
3,250,000
3,358,500
7,208.500
1.441,500
8.650.000
3,485,000
28,718.500
1.200.000
2,500.000
14.158.500
1.441,500
1,200,000
2,500.000
15.600,000
8.000.000
25.430.800
275.045,906
4,233.000
17.500,000
43.404.596
7.000,000
17,500.000
43,404.596
7,000,000
1.761,500
26.659.281
875.500
26,038,702
48,321,434
3,030,000
7,393.000
525,000
24.620,000
750,000
5.731.750
11,450.272
43.548.865
208,211.869
880,000
11.036.450
72.314.581
18,874.000
57.597.596
8,700.000
1.000,000
26,038.702
56,071.434
15,030,000
64,537.500
525,000
12,650,272
62.723,865
323,748,369
27.540,000
Total.
1,374,000
10.943,000
1,700.000
1.000.000
894,000
7.500,000
1,250,000
1.590,000
3.358,500
2.300,000
71.040.000
7,578.500
5,000.000
21.140.000
275,045,906
4,233.000
625,000
4.055,000
. 8.084,200
40,303,599
624.650
1,120,000
16:914;iii
8.084,200
40,303,599
17,538,791
1,120.000
10,000.000
50.750,000
70,430,000
200,338.090
97.940,410
627.689,855
6.000.000
22.914.141
200.338.090
103.940,410
650,603.996
11.450,272
43.548.865
180,164.167
62.632.000
234.464.500
9,000.000
630.000
7.500.000
28.790.000
625,000
22,070,000
22.220,000
294,795,906
5,403.000
5.360.000
25,000.000
5.780.000
27,580.000
319,795,906
11.183,000
17,980,000
57.597,596
8,700,000
8,234,200
108.203,599
724.650
41,028,500
16,914.141
240,000
8.234.200
108.203.599
17,638.791
41,268.500
10,000.000
53.050.000
428.761,500
220.588,090
102,355.410
803.553,355
6,000,000
59.294.141
220,588,090
108.355.410
862.847.496i
46.312,434
3,030.000
7,393.000
525.000
1.000.0001.000.000
54,062,434
9,294,000
61,426.000
525,000
12,650.272
61.567.865
284,803.167
26.038,702
2,009.000
28,047,702
894,000
26,038.702
2.009.000
5,736.000
3.111,500
1,156.000
38.945.202
3,485.000
1.364,200
3.640.500
2.921,500
8.000,000
26.795.000
1,761,600
30,299,781
875,500
27.541,600
750,000
5.731,750
175,000
6.737.100
880.000
11.211.450
79.051.681
12,948,600
109.467.081
24,598,500
5,960.000
1,357,000
5,892.700
6,277.000
14,305,600
115,359,781
30.875,500
5.960,000
29,370,000
12,892.800
48,935,750
2.921,600
7.857.200
iti:32.291,60020.750,000
3.380,000
94.105.450
341.658.181
5,131,000
29.436,500
48.935.750
3.380.000
99.236.450
371.094.681.
auoixouilo rivio
1930.
1931.
MONTH OF JULY.
New Capital. Refunding.
Total.
New Capital. Refunding.
Long Term Bonds and Note
$
$
$
Railroads
54.998,000
7,634,000
Public utilities
13.547.000
10.326,000
25.974.000
36,300.000
162,517.500
Iron, steel, coal, copper, &c
4,000.000
Equipment manufacturers
464.000
464,000
630.000
Motors and accessories
Other industrial and manufacturing
27.540.000
10,375.000
4.450.000
14,825.000
Oil
Land, buildings, &c
800.000
16.425,000
800,000
Rubber
Shipping
Inv. trusts, trading, holding, &c_
Miscellaneous
Total
21,965,000
30.424,000
52.389.000
266.110.500
21,181,000
Short Term Bonds and Note
Railroads
Public utilities
90.060.000
10,440.000 100.500.000
53.400.000
Iron. steel. coal, copper, &c
5.000,000
Equipment manufacturers
Motors and accessories
7,500,000
Other industrial and manufacturing
300,000
150,000
150,000
950.000
Oil
Land, buildings, &c
775.000
775,000
1,590,000
Rubber
Shipping
Inv. trusts, trading. holding, &c_
Miscellaneous
2,300,000
Total
90,985.000
10,440,000 101.425,000
65,740.000
5,300.000
Stocks—
Railroads
Public utilities
5,000,000
Iron, steel, coal. copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Oil
625,000
Land, buildings, &c
76.000
76,000
4,055.000
Rubber
Shipping
Inv. trusts, trading, holding, &c
843.750
10.000,000
843,750
iscellaneous
1.200,000
50.750,000
1,200.000
Total
2.119.750
2.119,750
70.430.000
Total—
Railroads
54.998,000
7,634,000
Public utilities
220,917,500
100.386.000
36.414,000 136,800,000
13.547,000
Iron, steel, coal, copper, &c
4,000,000
5,000.000
Equipment manufacturers
630.000
464.000
464.000
Motors and accessories
7,500.000
Other industrial and manufacturing
28,490.000
10,525,000
4,450,000
14.975,000
300.000
00
625,000
Land, buildings, &c
1.651.000
22,070.000
1,651,000
Rubber
Shipping
Inv. trusts, trading, holding, &c..
10.000,000
843.750
843.750
Miscellaneous
1.200.000
1.200.000
53.050.000
FRASER
Total corporate securities__ 115.069.750
40.864.000 155.933.750
402280:500 26,481.000
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE SEVEN MONTHS ENDED JULY 31 FOR FIVE YEARS.
1929.
1930.
1928.
1931.
7 MONTHS ENDED JULY 31
New Capital. Refunding.
Total.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Corporate—
Domestic—
Long term bonds and notes- 795.535.100 646.758.200 1.442.293,300 2,051.599,660 211.628,250 2,263.227.910 1,309,768.840 389.845,260 1,699.114.100 1.287.163,600 933,288.400 2,220,452.000
121.180.200
57,613.000 404.102 250
35,773.800 141,226.500
43,037,500 164,217,700 105.452.700
346,489.250
247.311,350
77,099,500 324,410.850
Short term
357,722,946
93.251.540 1,033.376,306 602.144,142 231.802.300 8.93,946.442
940,124.766
357.722.946
95.971.667
31.050.000 127,024,667
Preferred stocks
13.315.750 945.967,101 2,602.194.338 385,236.302 2.987,430.640 741.179,017 165.404.412 906.583,429
932.651.351
124,751.134
124.751,134
Common stocks
Canadian—
214,100,000
68.792.000 152.272.000
83.480.000
214,100.000
38.000.000 190.138,000
152.138.000
90.000.000
90.000,000
Long term bonds and notes_
5.000.000
5,000.000
Short term
10,400,000
10.400,000
13,000,000
45.000,000
26,000.000
19,000,000
13.000.000
Preferred stocks
18,163,900
11.613,400
11,613.400
18,163,900
Common stocks
Other foreign—
150.010,000
2,000,000 152,010,000 350,781.500
46.118.500 396,900.000
169.015,000
4,000,000 173,015.000
72.800.000
72,800,000
Long term bonds and notes_
10.000,000
10,000.000
12.050,000
10,432,717
1.617,283
31,000.000
31.000.000
5,000.000
5,000,000
Short term
102,312,200
102,312,200
11,530.000
11.530,000
Preferred stocks
32.256.347
10.060,000
30.281.750
30.281.750
32.256.347
10,060.000
Common stocks
1.426,372.251 759.907,700 2,186,279,951 4.068.676.207 324.557,000 4.393.233.207 5,502,127,874 923.803,319 6,425.931.193 3,252.626,109 1.507.179,412 4,759,805,521
Total corporate
28,840.000
36,612,000
28,612.000
53.900.000
28,840.000
8.000,000
7,158,000
46,742.000
50.422,000
9,500,000
40,922 000
Canadian Government
41.750.000
41.750,000 442.331.587 100.538.413 542.870.000
5.500,000 416,806.000
411,306.000
Other Foreign Government
38.100,000
38.100.000
30,500.000
30.500,000
75,600,000
31,000,000
44,600.000
Farm Loan Issues
746,938.794
29.573.589 859,218,515
8,559,026 755.497,820 829,644.926
22,866.637 877.894.667
855.028,030
15.516.000 950,480.569
934,964.569
Municipal, States, Cities, &c
1,995.000
6.085,000
6.085.000
1.995,000
9.675.000
9.675,000
295,000
295.000
United States Possessions
2,447,153,820 815.923.700 3.263,077.520 5.421.927,237 360,081.637 5.782,008,874 6.321,423.668 940.362,345 7.261,786.013 4.597.627.622 1.637,291.414 6.234,919,036
Grand Total
New Capital.
1927.
Refunding.
1,838.691,990
127,018,300
465,530.225
389.848,546
866.490.010 2,705.182.000
28.375.200 155,393.500
43,121,350 508.651,575
68,826,100 458.674.646
Total.
117.463,000
2,000.000
1.000,000
20.000.000
137.463.000
2.000J 00
1,000,000
208,563.000
12,000,000
18.787.000
227,350.000
12,000,000
•
5.355,625
5,355.625
3.167,470.686 1.045.599.660 4,213 070,346
38,510,000
28.969,000
67,479,000
406.374.800
29.500,000 435.874,800
50,850,000
92.800.000 143.650,000
947,082.978
21,766,300 968.849,278
5.345.000
5.345.000
4.615,633.464 1.218,634.960 5.834,268.424
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE SEVEN MONTHS ENDED JULY 31 FOR FIVE YEARS.
•
7 MONTHS ENDED JULY 31 New Capital.
$
Long Term Bonds and Notes—
247,815,300
Railroads
472.818.000
'ublic utilities
102.939.800
ron, steel, coal, copper, &c
12,434.000
tquipment manufacturers
dotors and accessories
76.542,000
industrial and manufacturing
)ther
2.000.000
61
29,850.000
And, buildings, &c
tubber
1.650,000
hipping
nv. trusts, trading, holding, &c_
12,286.000
iliscellaneous
958.335.100
Total
Short Term Bonds and Notes—
24,970,000
tailroads
162.447.500
'ublic utilities
899,000
Ion,steel, coal, copper, &c
:quipment manufacturers
/rotors and accessories
21,535,000
Ither industrial and manufacturing
9,649,000
111
7.710.850
and, buildings, &c
tubber
hipping
nv. trusts, trading, holding, &c__
20.100.000
iliscellaneous
247.311,350
Total
Stocks—
tailroads
181,563,511
'ublic utilities
1,500.000
ron, steel, coal, copper. &c
lquipment manufacturers
ilotors and accessories
13,606,250
)ther industrial and manufacturing
3.052.500
)11
1.466,500
And, buildings, &c
tubber
kipping
3,143,750
nv, trusts, trading, holding. &c_.._
16.393,290
21sce1laneous
220,725,801
Total
Total—
272,785,300
tailroads
816.829,011
'ublic utilities
105,338,800
ron, steel, coal, copper, &c
12,434.000
:quipment manufacturers
lotors and accessories
ther industrial and manufacturing 111,683.250
14.701,500
81
39,027,350
and, buildings, &c
tubber
1,650,000
hipping
3.143,750
ay. trusts, trading, holding, &c__ 48,779,290
fiscellaneous
1.426,372.25/
Total corporate securities
1931.
Refunding.
$
146.319,700
484.512,000
6,062.500
1930.
Total.
New Capital. Refunding.
Total.
$
$
$
$
623.775,250 177,585,750 801,:361.000
394,135,000
67,547,500 1,174.260,500
957,330.000 1.106.713,000
21.500,000
21,500,000
109,002,300
8,380.000
8,380,000
12,434.000
182,601.910
142,550,000
108,697,500
30.000.000
10,000.000
1,650.060
75,250.000
63,285,000
14,980,000
2,694,000
646,758,200 1,605,093,300 2,372,752,660
1,220,000
82,492.000
2,000,000
31,070,000
12,530,000
30.277.500
3,101,000
37.500,000
192.725.000
4.000,000
33,500,000
791.000
1,400.000
55,035.000
10,440,000
9,110,850
5,950,000
12,000,000
178.522,000
28.000,000
12,000.000
10,100,000
71,105,000
6.650.000
46,812.250
800.000
82,099,500
31,050,000
31.050,000
500.000
20.100,000
329,410.850
1,000.000
15.500,000
382,489,250
212.613,511
1,500,000
66.055.600
654,771,761
115,879.875
13,606,250
3,052.500
1,466.500
500,000
4,132,662
174,142,395
82,323,463
16,320,000
3.143,750
82,987.079
16,393,290
116.821,462
251,775.801 1.313.434,297
701,830.850
158,849,700 431.635,000
545,839,500 1,362.668.511 1.940,006,761
165,379.875
9,163.500 114,502,300
20.380.000
12.434,000
14.232.662
39.450,000 151,133,250
427.849.305
15.492.500
791.000
231.523.463
41,647.350
171,829,750
2.620,000
30,800.000
10.000,000
1.650.000
3,643,750
159,237.079
500.000
195.606.462
2.694.000
51,473,290
759.907.7002.186.279,951 4,068,678.207
183,056.910
149,500,000
108,767.500
30,000.000
10,000.000
75,250.000
64,305.000
1.020.000
253.628,2502,626.380.910
455,000
6.950,000
70.000
2,500.000
15,628.000
5,000.000
17.200,000
600.000
685,000
15,000,000
14,500.000
194.150.000
33,000.000
12,000.000
10,100,000
88,306,000
7,250.000
47.497.250
15,800.000
1929.
1928.
1927.
New Capital. Refunding.
New Capital. Refunding
Total.
.
Total.
New Capital. Refunding.
Total.
3
3
$
$
$
$
$
3
$
102,162,500 206,691,500 308,854.000 291,149,490 259.874,510 551.024,000
288,717.240 112.143.760 400,861,000
522,836,500 530,439.300 1.053.275,800 639.468,600 391,223.900 1,030.692,500
443.841,500 243,390.000 687.231,500
121,513,500
85,207,700
3.186,500 124.700.000
74,040,000
61.744.300 146.952.000
16.160,000
90.200.000
1,150.000
5.816.000
5,816,000
1,150,000
11,155,000
11,155,000
50,000,000
5.800,000
5.020,000
150,000
150.000
780,000
50,000,000
575,000 208.428.000
216,284,700 104,301.300 320.586.000 255,749.000
207,853,000
67.673,000 323,422,000
34,400,000
15,416,000
18,984,000
31,747.000
27,753,000
54,540.600 266,400,000
59.500.000 211,859,400
70.620.000 445,425,200 329,565,000
374.805,200
261.009,600
28,271,000 357,836,000
3.929.000 264.938,600
1.000.000
1,300.000
1,000.000
60.000.000
1,300,000
60,000.000
2.360,000
9,100.000
6,000.000
3.100,000
2,360,000
54,000.000
81.400,000
1,012,000
80.388,000
113,250.000
113,250.000
54,000.000
213.310,000
40.863,500 340,715.000 245.371,500
299,851.500
7.205.000 220,515,000
27.534,000 272.905.500
1.673,878.840 391.845.260 2,065,724,100 1,721,425.100 1.048.198,900 2.769.624,000 2.164,717.990 905,277.010 3.069.995.000
6.860,000
66.290.000
6,500,000
13,500.000
43.672,000
400.000
17,000,000
4,150,000
30,500,000
47.822,000
400,000
500,000
13.150,000
500,000
13,150,000
57,947.700
57,947,700
1.200,000
4,103,900
6,505.800
19.896,000
2,488,100
10,694,200
1,441,500
1,200,000
6.592.000
17,200,000
21,337.500
44,075.800
2,300.000
1,200.000
4.400,000
9,150.000
30,200,000
23,332.500
1.600,000
24.575.000
151.226,500
125,000
1,000,000
25.235,000
141.018.300
1,500.000
25,876,283
720.000
1.000,000
57,613,000
1,000.00C
16,500.000
440,102,25C
23,103,500
122,797,483
11,562,250
66.055,600
666,334,011
115,879,871
71,107,700
880,196,299
143.027,385
67,361,202
534,480,188
83,843,644
106.197,330
54,233,534
23,178,000
82,987,07f 1,035,304,652
382,000 117,203,462
706,521,617
13,315.750 1,326.750.047 3,705.451,551
1,371,500
4,132,662
175,513.891
82.323,463
16.320,000
5,360,000
40.413.717
5,780,000
1,916,500
53.470,217
25,020.000
176,267,700
52.206.590
263,020,200
71,107,700
932,402.889
406,047,585
5.511.852
84.832.220
58.666,080
408,500
72.873,054
619,312.408
142,509,724
106,605,830
54,233,534
23,178,000
1,500.000 1,036,804,652
12.342.400 718.864.017
478,487.842 4,183,939,393
1,600.000
24.575,000
115,452.700
51,597.650
505,647,938
45,200,581
1,920,000
8.028,400
267.781,333
10,126,180
60,617,033
11.887.975
6.212,500
213.197,790
243.530.929
1,415,748,309
35,773,800
139.954,700
147,818.048
17.200,000
191,552,350
653,465,986
62,400,581
1,920,000
35,317,102
27,288,702
64,124,622 331.905,955
10,126,180
51,963.033
1.346.000
1.042,400
12,930,375
6,212,500
2,964,500 216,162,290
21,467,740 264,998.669
423.206.712 1.838.955.021
49.843.487
465.495,336
6.019.250
27,018,790
130,164,385
11,812.500
27,178.500
2,701,675
48.453,228
93.047,245
861,734.396
650.000
21,609,200
1,666,000
650.000
65.685.000
2,300.000
1.200,000
4,400,000
13.600.000
30,200,000
24.998,500
28,375.200
125,000
1,000,000
25.235.000
169,393,500
4.450,000
35,000.000
33,510,500
19,658,700
100.000
23.678,250
111.947.450
84.843,487
499,005,836
6,019.250
27,018,790
149.823,085
11.812.500
27,278.500
2,701,675
48.453.228
116,725.495
973.681,846
167,260,150 363.646,200 530.906.350 340.992.977 295.524,510 636.517,487
361,324.940 117,503.760 478,828,700
180.085.750 881,916,600
94,737.750 2.034,744.511 1,349,914.082 336,010,307 1,685,924,389 1,072,156,438 682.407,348 1,754,563,786 1,149,039,736 446,343,600 1,595,383,336
98,519,250
82,359.250
16.160,000
78,944,300 209,752,581
130,808,281
5,000,000 170,379,875
265,260,885 271.986.700 537.247,585
12,355.000
12,355,000
7,736,000
7,736,000
1,150,000
20,380,000
1,150,000
42,317,102
81.418.790
28,068,702
14,248,400
81,418.790
73.523.054
5,511,852
14.232,662
68,011,202
91.781,700 486.845.085
488.169,933 170,914,022 659,083,955 395,063,385
85, 07.220 840.890,408
4
19.026,500 446,875.805
755,483.188
86,826,180 253.871.900
54.540,600 308.412,500
42.441,200
44,384.980
74 '82,080 176,909.724
102,827,644
7.550.000 239.073.463
30.037.000 410.113.000
73,407,500 518,725,733 380,076.000
4.337,500 429,492,130
445 318,233
425.154.630
755,000 172,584.750
14,230,375
2,701,675
60,000.000
1,042,400
62,701,675
55.233,534
13,187,975
45,800.000
55.233.534
15,000,000
2,485.000
6,212,500
6.212,500 .-32.278.000
2,485.000
6,000,000
10.000.000
26.278,000
—
3,976.500 299,162.290 103,453,228-295,185,790
1,500,000 1,150,054,652
103.453,228
159.237.079 1.148,554.652
51.212.250 414,865,995
62,331.240 630,288.669 363,653,745
21,463.900 964,399,017
567,957,429
942,935,117
2.402.000 198,008.462
324.557.0004.393,233,207 5.502,127.874 923.803.3196.425.931.193 3.252.626.109 1,507,179.412 4.759.805,521 3,167,470.6861.045.599,660 4,213.070.346
862
FINANCIAL CHRONICLE
[VOL. 133.
DETAILS OF NEW CAPITAL FLOTATIONS DURING JULY 1931.
LONG TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
Public Utilities
2,000.000 Add'ns, acquisitions, &c
Pries.
To Veld
About.
Company and Issue, and by Whom Offered.
5.00 Arkansas Power & Light Co. 1st & ref. M. 58, 1956. Offered by Chase Harris Forbes Corp.:
W. C. Langley & Co., BonbrIght & Co., Inc., the First National Old Colony Corp., Tuckers
Anthony & Co. and John Nickerson & Co.
4.50 Central Maine Power Co. let & Gen. M.416s,"E," 1957. Offered by Chase Harris Forbes Corp.;
2,000,000 Refunding; other corp. purposes.... 100
Coffin & Burr, Inc., Hill, Joiner dv Co., Inc., and N. W. Harris Co., Inc.
4.50 elaware Power & Light Co. let M.4165, 1971. Offered by Drexel & Co., Bonbright & Co.,Inc.:
100
6,000,000 Refunding; acquisitions, &c
and A. C. Allyn & Co., Inc.
Price on applica'n Long Island Lighting Co. 1st M.58,"B," 1955. Offered by W. C. Langley & Co. and Bonbright
1,300,000 Additions, extensions, &c
& Co., Inc.
4.29 (The) Peoples Gas Light & Coke Co.(Chicago) 1st & Ref. M.45 "B," 1981. Offered by Halsey:
94
15,000,000 Refunding; other corp. purposes
Stuart & Co., Inc., and Continental Illinois Co.
96
4.23 West Penn Power Co. 1st M.45,"11," 1961. Offered by W.C.Langley & Co.
10,000.000 Refunding; other corp. purposes
100
36,300.000
Equipment Manufacturers464,000 Finance lease of equipment
3.50-5.30 Shippers'Car Line Equipment Trust5% equip,trust etts."H," 1932-39. Offered by Freeman dc Co.
Other Industrial & Mfg.
4,450,000 Refunding
100.49-97.65
4-5.50 California & Hawaiian Sugar Refining Corp., Ltd., 1st (closed) M. 55, 1932-37. Offered by
Weeden & Co.
9,000,000 Acquire Nat.Plate Glass Co
100
5.00 Libby-Owens-Ford Glass Co. Cony. 5% Serial Notes, 1933-38 (convertible into common stock at rate
of 40 shares for each $1,000 of notes). Subscribed to by General Motors Corp. to extent of
$3,500,000; remaining $5,500,000 offered to stockholders and underwritten by J.B.Ford, The
Solvay American Investment Corp., the Graham Bros. Corp., Palmer Investment Co., Bell &
Beckwith, Richardson Securities Co. and Toledo Trust Co.
125,000 Additional capital
100
6.00 State Dairy Products Co. 1st M. 6s, "A," 1941 (with rights to purchase 10 shares of common stock
for each $1,000 bond at $10 per share before July 1 1941). Offered by Stern Bras. & Co., Kamm
City, Mo.
1,250,000 Acquisitions; other corp. purposes_ 100
6.50 Walton Lumber Co. let M.6165, 1941. Offered by First National Bank, Everett, Wash.
14,825,000
Land, Buildings, &c.
300,000 Finance construction of building_
4.55-6.00 Congregation Shaare Emeth (St. Louis) 1st M.5s, 1933-43. Offered by Stix de Co., St. Louis.
150,000 Real estate mortgage
100
5.00 Corporation of Gonzala University (Spokane, Wash.) 1st & Ref. 53, 1932-41. Offered by
Ferris & Hardgrove, Seattle. Wash.
350.000 Provide funds for loan purposes_- 100
6.00 Potomac Mortgage Co. 1st M.Coll. Tr. 6s, 1936-41. Offered by the Baltimore-Gillet Co.
800,000
SHORT TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Public Utilities
$
20,000,000 Retire bank debts; additions, &c__
8,000,000 Acquire Gary Ht., Lt. & Wat. Co_
11,000,000 Acquisitions; construction, do__
Price.
99.88
98
3,500,000 Construction; other corp. purposes
98%
9,000,000 Retire debt; other corp. PUrPoSea--
99.76
15,000,000 Additioas, extensions, &c
15,000,000 Additions, extensions, &c
99.78
100
10,000,000 Refunding; other corp. purposes._ 100
2,500,000 Refunding; add'ns, betterments
994
2,500,000 Retire curr. debt; add'ns, exts.,&c_
99%
4,000,000 Retire curr. debt; add'ns, exts.,&c_
9916
100,500,000
Other Industrial & Mfg.
150,000 Acquire predecessor company____
To Yield
About.
3.87 Commonwealth Edison Co.34% notes, July 301932, Offered by Halsey, Stuart & Co., Inc.
5.75 Gary Electric & Gas Co. 151 Lien Coll. 55 "A," July 1 1934. Offered by Halsey, Stuart & Co.,Inc.
2.25-4.75 Midland United Co. Serial Notes,2% to 44%,due monthly Sept. 3 1931 to Aug.31932. Offered
by Halsey, Stuart & Co., Inc.
5.11 Pacific Power & Light Co. 1st M.& Prior Lien 58. 1955. Offered by W.C. Langley & Co., Chase
Harris Forbes Corp., Bonbright as Co., Inc., White, Weld & Co., Birth & Co., Inc., and N. W.
Harris Co., Inc.
3.75 Pennsylvania Electric Co. 34% Notes. Aug. 1 1932. Offered by Chase Harris Forbes Corp.;
Halsey, Stuart & Co., Inc. N. W. Harris Co., Inc., Continental Illinois Co., Field, Glore as
Co., Cassatt & Co., Chatham Phenix Corp., A. C. Allyn & Co., Inc., B. B. Robinson & Co.,
Ltd., and General Utility Securities, Inc.
3.75 (The) Peoples Gas Light & Coke Co.(Chicago) 34% Notes, July 30 1932. Offered by Halsey.
Stuart & Co., Inc.
4.00 Public Service Co. of Northern Illinois 4% Notes, July 30 1932. Offered by Halsey, Stuart &
Co., Inc.
3.00 Rochester Gas & Electric Corp.3% Notes, July 15 1932. Offered by Chase Harris Forbes Corp.
6.00 Western Utilities Corp.64% Notes, Nov. 15 1932. Offered by Central-Illinois Co., H. M. Byllesby & Co., Inc., National Republic Co. and Smith, Camp & Riley. Ltd.
4.50 Wisconsin Public Service Corp. 4% Notes, July 11932. Offered by Chase, Harris Forbes Corp.;
H. M. Byllesby & Co., Inc., W. C. Langley & Co., A. C. Allyn & Co., Inc., Halsey, Stuart &
Co., Inc., J. Henry Schroder Banking Corp. and N. W. Harris Co., Inc.
5.00 Wisconsin Valley Electric Co. 44% Notes, July 1 1932. Offered by Chase Harris Forbes Corp.;
H. M.Byllesby & Co.. Inc., W.C. Langley & Co., A. C. Allyn & Co., Inc., J. Henry Schroder
Banking Corp. and N. W. Harris Co., Inc.
Placed privately
Land. Buildings. &c.
75,000 Provide funds for loan purposes.... 100
50,000 Providefunds for loan purposes... 100
50,000 Providefunds for loan purposes... 100
600,000 Financeconstr. of new buildings
-
Company and Issue, and by Whom Offered.
99%
American Sealcone Corp. 3
-Year 6% Debentures, May 1 1934. Placed privately by company.
6.00 Federal Corp. (Richmond, Va.) 1st R. E. 65 "OOR" July 1 1932-36. Offered by Union Bank &
Federal Trust Co., Richmond, Va.
6.00 Federal Corp. (Richmond, Va.) 1st R. E. th "00S" Aug. 1 1932-36. Offered by Union Bank &
Federal Trust Co., Richmond, Va.
6.00 Investors Mortgage Corp. (Richmond, Va.) Coll. Trust th "Y," July 1 1934. Offered by Richmond Trust Co., Richmond, Va.
5.11 University of Detroit let Mtge. Se C, 1936. Offered by Fidelity Bank dr Trust Co., Detroit.
775,000
STOCKS.
Par or No.
of Shares.
Purpose of Issue.
To Yield
(a)Amount Price
Involved. per Share. About.
Company and Issue, and by Whom Offered.
$
Land, Buildings, &c.
76,000 Improvements to properties, &c....
76,000 100
6.00 Tucker Distributing Properties, Inc. 6% Pref. stock.
Bank, Indianapolis.
Offered by Peoples
state
Investment Trusts, Trading
and Holding Cos. (not primarily controlling)
93,750 Retire curr. debt; provide funds
for additional investments
Miscellaneous300,000Additional capital
843,750
Insuranshares Corp. of Del. Common stock. Offered by company to stockholders.
9
1,200,000 40
California State Life Insurance Co. Capital stk. Offered by company to stockholders.
FARM LOAN ISSUES.
Amount.
Issue and Purpose.
Price.
To Yield
About.
Offered by
$15,000,000 Federal Intermediate Credit Bank 3% debentures dated July 15 1931 and due in 3,
6, 11 and 12 months provide funds for loan
Price on application Chas. R. Dunn, fiscal agent.
purposes)
•Shares of no par value.
a Preferred stocks of a stated par value are taken at par, while preferred stocks of no par value and all classes of common stock are computed at their offering prices.
Bank and Insurance Stocks Decline Average of Eight
Points In July.
Leading New York City bank stocks and the shares of the
country's prominent insurance companies during July forfeited a substantial part of the market gains made in June,
according to the averages compiled by Hoit, Rose & Troster.
The average for 16 leading bank stocks opened on July 1
4
e 96, advancing to 98 on July 3, but thereafter entered into
a decline which carried the prices down to 87 on July 24.
During the last day of July the average rallied to 88. Declines
for the month ranged from 1% to 60 points.
The average for the insurance group advanced from 56 on
July 1, to 57 on July 3 and reacted to 52 on July 31, closing
the month at that figure.
Aua. 8 1931.1
FINANCIAL CHRONICLE
863
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Aug. 7 1931.
Trade has remained in pretty much the same condition.
Nothing more can be said than that it has not gone backward.
There was a rather more hopeful feeling, but mid-summer
sluggishness is still very noticeable. In many parts of the
country trade is equal to that of a year ago, if any comfort
can be extracted from that. An effort to get rid of old stocks
still persists in clearance sales all over the United States.
Special sales are under way all over New York City. The
idea seems to be to make a turnover by offering goods at
tempting prices. Some lines have been helped by the abnormally hot weather all over the United States. For the
better part of 60 days, strange as it sounds, the weather in
this country has been hot and only slight relief is promised
in the forecast to-night. To-day it was 93 degrees Lore after
having been 90 to 92 for some days past. But this kind of
weather helps the sale of summer goods at a time when they
might be flagging. Style and merchandis exhibits are
being held in different parts of the country And they serve
to stimulate trade at least to a certain extent. Wholesalers
and manufacturers are making special efforts to push the sale
of goods and it was noticed that some fall orders for clothing
are being booked. Stocks have been lower. Wheat has
dropped to the lowest price seen for over a generation but the
net changes for the week are negligible. To-day it was
significant that wheat made a clear gain in Western markets
and also in Winnipeg of 234 to 3e. and at Chicago some big
firms have changed front. After having been bearish on the
situation they announced to-day that they had changed to the
bull side. There was speculative buying on a considerable
scale there and it provided a strong technical position.
Some large professional operators were buying. Wall Street
and Chicago operators are understood to have been buying
wheat to-day. Southwestern millers bought more freely.
The Far East within a few days has bought some 3,700,000
bushels, mostly American wheat, though nearly 1,000,000
bushels No. 3 Manitoba. Even in European grain markets
the feeling is more hopeful despite steady offerings of Russian
and Danubian wheat on a rather large scale. It was also
worthy of note that corn prices have stood the strain of
heavy liquidation during the week with better weather and
only a moderate cash demand. The idea seems to be that
corn like some other commodities is selling at unduly low
prices. Yet the spring wheat yield will be much smaller
than that of last year and though that of corn will exceed
last year's the crop has at times of late suffered from a lack
of rain. The crop of oats is smaller than had been expected.
The cotton yield promises from present appearances to be
something like 14,000,000 bales. On the other hand prices
are much lower than those of a year ago,and of late they have
shown resistance to pressure partly from a fear that the
Government report to-morrow, the 8th inst. may turn out
to be less bearish than many have been expecting. Contradictory reports in regard to the possible sales of something like 600,000 to 800,000 bales of cotton to Germany
have had a more or less disturbing effect during the week.
Yet in spite of generally favorable crop reports and a steady
pressure of liquidation as well as other selling the net decline
for the week is only 35 to 40 points. Coffee has declined as
cost and freight offers from Brazil have been at lower prices.
There is still plenty of coffee, though the Brazilian Government in accordance with its plan is steadily destroying the
less desirable grades. Coffee prices have latterly declined
25 to 32 points on Rio and 50 to 65 on Santos. Raw sugar
is unchanged to 2 points lower, with not much demand for
the actual sugar and with more or less selling of futures for
local and Cuban account. Rubber declined 28 to 32 points.
All the statistics indicate plentiful supplies while the state
of trade is anything but satisfactory. Hides have declined
155 to 171 points, led by a break in Chicago where stocks
are large. Cocoa has dropped 16 to 18 points. Silk
futures are off 1 to 2 points. Provisions have been more or
less depressed in sympathy at times with a decline in grain
though hogs have advanced. Lard futures ended 37 to 38
points lower for the week.
As already intimated retailers are everywhere selling their
seasonable stocks as fast as possible under the stimulus of
lower prices. Dry goods and men's clothing are dull.
Women's clothing is in good demand. New automobiles
are difficult to sell with few exceptions. Wool has been
active and firm. Leather has been in less demand, but prices
have remained pretty firm. Shoe manufacturing is
brisk. Steel has been dull and in some cases the production has slackened. Structual steel sells the most readily.
Pig iron output in July was the smallest in 10 years. In the
coal trade there is the usual dullness at this time and the
strikes remain unsettled. J l'ittsburgh there was what is
termed" No Profit Week" and bargain sales at Birmingham,
Ala. have been a feature, stimulated in a measure by cooperative advertising. One thing that attracts attention is
the frequent mention of the smallness of retail stocks of
merchandise. After so long an abstention from buying it
stands to reason that these stocks must be low and in need
of replenishing. In New York City department stores have
sold more goods during the past week than they did in the
same week last year. The Twin Cities semi-annual market
week at St. Paul and Minneapolis is in progress and a larger
attendance is reported. Los Angeles has had a better
business through special efforts to sell women's wear goods.
Baltimore reports a larger straw hat business with the South
than at this time last year. In Boston there is a fair amount
of activity in suit and dress goods among jobbers and manufacturers. And the same is true of Philadelphia. In finished
cottons the trade has been light and prices have been more
or less depressed. Percales quotations are down to the basis
of 1234o. for 4-4 80x80s. Sheetings have been dull and lower
with 36 inch 5 yard at 4c. Unfinished cotton goods have
been slow of sale and white 64x60 print cloths have been
quoted at 4% to 434c. for spot and August delivery. Fine
and fancy cotton goods have been difficult to sell. Rayon
and cotton crepes are scarce for prompt delivery. Men's
wear woolens and worsteds were quiet. Dress goods were
in fair demand for prompt delivery. Fall lines of floor
coverings were open and met with a pretty good demand.
Broad silks were dull.
Electric power production as shown by the National
Electric Light Association for the week ended Aug. 1,
amounted to 1,644,089,000 kilowatt hours as against 1,650,545,000 in the preceding week and 1,678,327,000 in the
corresponding week last year.
The stock market has declined during a listless week
partly in sympathy with commodity markets. WI eat has
dropped to the lowest prices seen in 35 years and cotton to
the lowest of the present year. For 14 days in succession
October cotton has declined. On the 6th inst., after a
decline there was some recovery in United States Steel,
American Can, Telephone and Allied Chemical, but as a
rule prices declined, including Auburn Auto, du Pont,JohnsManville, Western Union, American Water Works and some
of the less active issues. Transactions on the Exchange
were 900,000 shares. Short selling was less aggressive.
On the 5th inst., sterling broke sharply and stocks in a
day with sales of only about 800,000 shares declined. American Telephone broke 43% points net; Auburn Auto, 334
points; American Can, 23 ; Eastman Kodak, 234; Union
%
Pacific, 234; Western Union, 334; Johns-Manville, 234;
Pullman, 2, and United States Steel, 1%. The closing of
three small banks in this city, the drop in sterling, wheat
and cotton and stagnation in steel all hurt. To-day stocks
declined, but industrial shares had a good rally in the late
trading. German bonds advanced noticeably, while American bonds were irregular. There was considerable covering
in some of the leading industrial stocks which have been
striking back at short sellers. Railroad shares were a drag
on the rest of the list. There was a decline of 2 to 4 points
in Union Pacific, Santa Fe, New York Central, New Haven,
Canadian Pacific, the last-named selling at the lowest price
in 30 years. Some of the railroad shares are down to the
lowest prices seen since the post-war decline set in. Call
rate on money was 134%. Foreign exchange as a rule was
lower.
At Fall River, Mass. trade has been on a moderate scale
awaiting more stabilized prices for cotton. The old firm
of Cooper & Brush has been dissolved. At Webster, Mass.
recent large orders are keeping the East Webster plant of
the Slater Co. weaver of rayon and ;cotton fabrics, on a
day and night schedule. At Kingston, Mass. the Mayflower
Worsted Co. is employing three shifts. At Pittsfield, the
Musgrove Knitting Co. is operating at 80%. At Lowell,
Mass, there are reports that the Merrimack Co. has made a
wage cut of 25% and that general employees of the plant
have accepted a cut of 12%. Lynn, Mass. wired Aug.
3 that a strike of cutters in 20 of the smaller shoe factories
VIBB called on that day. Although only between 150 and 200
cutters walked out, their absence for more than a few days
would paralyze other departments. The leaders said they
intended to extend activities to insure uniform wages and
working conditions in all New England shoe factories.
Charlotte, N. C., reports cotton manufacturers had a
quiet week with business mainly of a filling-in character
and total sales small. The downward trend in cotton
was said to have brought about a situation where there
was little incentive to buy or sell. Charlotte, N. C., also
wired that several departments of plant No. 1 of Cannon
Mills, Kannapolis, shut down Saturday and will not open
until next Monday. This is the second vacation of the
summer for these sections. The entire plant was closed
July 6-16. At Burlington, N. C., 104 new machines were
added at the hosiery plants .with trade increasing. At
Allentown, Pa., on August 6, the mills announced that
1,447 striking workers returned to 35 of the 40 mills in
that district in which there has been a strike for about 14
weeks.
At Portland, Ore., woolen textile garment and clothing
plants in Portland and immediate vicinity have a payroll
of more than 1,800 persons. At Eaton Rapids, Mich.,
the Homer Woolen Mills are operating a day and night
shift. The mills produce high-grade knitted and woven
overcoatings. The Hunter Mfg. & Commission Co. reported another quiet week, although their sales were slightly
better than the previous week. The continued easing in
cotton has not helped the sale of cotton goods in the primary markets and retailers have been complaining about
the extreme heat in many sections of the country, although
they report very good business on sheer goods. Retailers'
stooks are very low and many seasonable goods are being
shipped by express.
Montgomery Ward & Co. reports sales for July of $15,320,000 compared with $18,668,623 in July 1930, a decrease
of 17.9%. Sales for the seven months totaled $123,111,841
compared with $148,853,726 last year, a decrease of 17.3%
S. H. Kress & Co. reports an increase of 0.8% in July sales,
which were up from $5,060,990 in 1930 to $5,103,939 this
year. For the first seven months net sales increased from
$35,375,674 to $35,947,287, or 1.6%. Chicago wired that
executives of Sears, Roebuck & Co. state the firm will not
issue a semi-annual earning statement, since its policy has
been to issue these figures but once a year. However, as
previously noted, it is understood the six months' earnings
are above those of the corresponding period in 1930.
Washington wired Aug. 1: "Pastures continued to deteriorate over a wide area extending from western Kentucky, Missouri and western Oklahoma to north and west
during the week ended July 31, according to a Department
of Agriculture announcement. Drouth increased in intensity over the Northwest and pasturage is getting very
short in the northern Rocky Mountain States and the
western part of the Great Basin. Recent rains greatly
improved pastures over most of the Southeast, however,
and grazing conditions remained satisfactory on the Northwest and Southwest."
It has been very hot and oppressive weather here. Beginning on the 5th inst. temperatures of 90 degrees or
above have prevailed for three days and early in the week
it was also warm. Very little rain has fallen. It has been
hot all over the country in a remarkable summer. On the
4th inst. Boston had 70 to 86 degrees, Chicago, 70 to 92;
Cincinnati, 70 to 88; Cleveland, 68 to 88; Detroit, 68 to 88;
Kansas City, 72 to 92; Milwaukee, 70 to 94; St. Paul, 66
to 98; Montreal, 62 to 84; New York, 72 to 85; Omaha, 72
to 90; Philadelphia, 76. to 88; Portland, Me., 66 to 82;
Portland, Ore., 52 to 76; San Francisco, 54 to 64; Seattle, 52
to 74; St. Louis, 72 to 88; and Winnipeg, 64 to 98. On the
5th inst. it was 71 to 90 degrees here and 88 to 94 in the
West and Northwest though it was only 62 to 72 at Winnipeg.
Montreal had 68 to 88. On the 6th inst. it was 73 to 92
degrees here, 98 in Boston and 86 to 96 at the West the
latter at Detroit, 96 at Philadelphia and 66 at Seattle.
To-day the temperature here was 74 to 93. The forecast
was for fair and slightly cooler weather. Overnight in
Boston it was 70 to 98, in Philadelphia, 76 to 96; Chicago,
[VOL. 133.
FINANCIAL CHRONICLE
72 to 90; Cincinnati, 70 to 90; Cleveland, 74 to 90; Detroit,
72 to 98; St. Paul,66 to 86; Montreal,62 to 90;and Winnipeg,
54 to 68.
Wholesale Price Index Gain of Last Week Is Reversed
But Index Higher Than Two Weeks Ago.
Due almost entirely to a reversal of the prices of foodstuffs, the wholesale price index of the National Fertilizer
Association declined eight fractional points during the week
ended Aug. 1. During the preceding week the index number
advanced nine fractional points, thus the index number on
Aug. 1 was one fractional point higher than the index number two weeks ago. The latest index number is 68.0; a week
ago it was 68.8; while a month ago is was 68.6, and a year
ago is was 85.1. (The index number 100 represents the average for the three years 1026-1928.) The report also says:
Of the 14 groups comprising the index, six declined, three advanced and
the remaining five showed no change during the last week. The largest
decline was shown in the group of foods, which group is very heavily
weighted. Other groups which declined were textiles, building materials,
metals, fertilizer materials and the group of miscellaneous commodities.
The three groups that advanced were fuel (including petroleum and its
products), fats and oils and grains, feeds and livestock. The advance in
the fuel group was due to higher prices for petroleum, gasoline and kerosene.
Thirty-three commodities showed lower prices during the latest week,
while 19 commodities showed higher prices. Among the commodities that
declined were potatoes, apples, flour, raw sugar, wheat, oats, rye, copper,
zinc, brick, lumber, lard, coffee, rubber, cotton, cotton sheettngs and cotton
yarns. Listed among the commodities that advanced were butter, cheese,
eggs, cattle, hogs, silver, petroleum, gasoline, dried fruits and sulfate of
ammonia.
The index number and comparative weights for each group is shown below:
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES 1926-1028=100).
P. C. Each
Group Bears
to the
Total Index.,
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
0.4
0.4
0.3
Inn nn
Other foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities_
Automobiles
Building materials
Metals
House furnishings
Fats and ol's
Chemicals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural implements
Latest
Week,
Aug. 1
1931.
69.6
55.5
59.8
58.7
70.3
88.4
76.9
77.0
89.9
57.5
86.8
76.2
82.7
95.3
All rrnnna (141-------As n
Preceding
Week.
74.2
53.3
59.5
60.4
70.5
88.4
78.1
77.3
89.9
57.3
86.8
76.4
82.7
95.3
se o
Month
Ago.
.2m-awa0-1.4m00aach
0.0.0mvoommo.ama=
864
ace a
Tear
Ago.
88.4
83.8
80.7
74.3
79.9
94.5
89.6
85.2
97.6
80.6
94.7
87.3
96.6
95.7
ox•1
Loading of Railroad Revenue Freight Still on the
Decline.
Loading of revenue freight for the week ended on July 25
totaled 741,752 cars, the Car Service Division of the American
Railway Association announced on Aug. 4. This was a
decrease of 15,803 cars below the preceding week and a
decrease of 177,549 cars below the corresponding week last
year. It also was 360,801 cars under the same week two
years ago. Details follow:
Miscellaneous freight loading for the week of July 25 totaled 278,796
cars, a decrease of 7,145 cars below the preceding week this year. 76,131
cars under the corresponding week in 1930, and 149,981 cars under the
same week in 1929.
Grain and grain products loading for the week totaled 51,961 cars, a
decrease of 8,166 cars below the preceding week this year and 11,666 cars
under the same week last year. It also was 18,156 cars below the corresponding week two years ago. In the Western Districts alone grain
and grain products loading for the week ended on July 25 totaled 36,003
cars, a decrease of 9,233 cars below the same week last year.
Forest products loading totaled 27,258 cars, a decrease of 633 cars
below the preceding week this year and 14,349 cars under the same week
in 1930. It also was 40,535 cars below the corresponding week two
years ago.
Ore loading amounted to 35,848 cars, a decrease of 1,052 cars below
the week before and 24,533 cars below the corresponding week last year.
It also was a decrease of 44,830 cars under the same week in 1929.
Loading of merchandise less-than-carload-lot freight totaled 212.153
cars, a decrease of 1,141 cars under the preceding week this year. 18,817
cars below the same week last year and 45,886 cars under the same week
two years ago.
Coal loading amounted to 112,291 cars, 3.147 cars above the preceding
week but 28,446 cars below the corresponding week last year and 48,773
cars under the same week in 1929.
Coke loading amounted to 5,055 cars, an increase of 507 cars above the
preceding week this year but 3,225 cars under the same week last year,
and 6,906 cars below the same week two years ago.
Livestock loading amounted to 18,390 cars, a decrease of 1,320 cars
below the preceding week this year and 382 ears below the same week last
year. It also was 5,734 cars under the same week two years ago. In
the Western Districts alone livestock loading for the week ended on July 25
totaled 14,160 cars, a decrease of 57 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 1930 but also with the same
week in 1929.
Loading of revenue freight in 1931 compared with the two previous
years follows:
AUG. 8 1931.]
FINANCIAL CHRONICLE
1931.
3,490,542
2,835,680
2,939,817
2,985,719
3,736,477
2,991,749
2,930,767
Total
1930.
4,246,552
3,506,899
3,515,733
3,618,960
4,693,449
3,718,983
3,555,610
1929.
4,518,669
3,797,183
3,837,736
3,989.142
5,182,402
4,291,881
4,160,078
21,910,751
Five weeks in January
Four weeks in February
Four weeks in March
Four weeks in April
Five weeks in May
Four weeks in June
Four weeks in July
26.756.186
29,777.031
June Production of Electric Power in the United States
3% Below That for the Same Month Last Year.
According to the Division of Power Resources, Geological
Survey, electric power produced in the United States by
public utility plants during the month of June 1931 amounted
to approximately 7,513,842,000 k.w.h., a decrease of 3% as
compared with the corresponding month in 1930, when output totaled about 7,783,762,000 k.w.h. Of the total for June
1931 there were produced by fuels 4,628,463,000 k.w.h., and
by water power 2,885,379,000 k.w.h. The Survey's statemen
t
follows:
PRODUCTION OF ELECTRICITY FOR PUBLIC USE IN UNITED
STATES
(L11 KILOWATT HOURS).
Total by Fuels and Water Power.
Change in Output
from Previous Year.
April.
I May.
June.
May.
New England
528,692,000 521,785,000 499,199,000
+2%
Middle Atlantic
1,942,889,000 1,911,278,000 1.910,921,000
-8%
East North Central_ 1.755,738,000 1,734,523,000 1,658,776,000
-9%
West North Central_ 488,031,000 483,089.000 488,741,000
--4%
South Atlantic
924,173,000 917,655,000
0%
East South Central.. 321,334,000 333.385,000 821,156,000
381,663.000
-5%
West South Central_ 355,706,000 387,540.000 404,388,000 12%
Mountain
263.005,000 281.084,000 282,712,000 12%
Pacific
1,083.728,000 1,088,243,000 1,108,288,000
+1%
Total for U.
7.643,276,000 7,638,582,000 7,513,842,000
-5%
June.
+2%
-4%
-6%
-3%
-3%
+19%
-7%
-13%
-1%
-3%
The average daily production of electricity for public use in the
United
States in June was 250,600,000 kilowatt-hours, 1.5% more than the
daily
output for May.
The production of electricity for public use the first half
of this year
was 5.3% less than for the same period in 1930. The normal
seasonal
decrease in the daily demand for electricity from January
to June is about
3%; this year the decrease was about 2%, which indicates that
the seasonal
effect on demand for electricity has been about normal this
year.
The production of electricity by the use of water power
continues less
than last year, indicating that the flow of power streams is
still below
normal, owing to the continuation of drouth conditions.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY
PUBLIC
UTILITY POWER PLANTS IN 1930 AND 1931.
1930,
KW.Hours,
January.February --March
April
MaY
June
July
MURIA
September..
October ____
November __
December__
1931,
KW.Hours.
1931
Under
1930.
1930
Under
1929.
8,663,206.000
7.626.574,000
8.186,894.000
8,018,769.000
8,063,778.000
7,783,762,000
7,899.144,000
7,905,978.000
7,791,702.000
8,195.499.000
7,692,979.000
8,107,814,000
7,946,778,000
7.159.882.000
7,875.967.000
7.643,276.000
7,638,582,000
7,513,842,000
8%
8%
4%
5%
5%
3%
615%
a3%
a2%
a2%
____
Produced by
Water Power.
1930.
1931.
-2%
-5%
34%
36%
40%
41%
40%
39%
37,
7„
32%
30%
30%
34%
41%
41%
38%,
____
-6%
-7%
--5%
28%
29%
29%
Total
95.93t1 (197 no
__
-1.5%
34w.
•increase 1930 over 1929
The quantities given in the tables are based on the operation
of all power
plants producing 10,000 k.w.h. or more per month, engaged
in generating
electricity for public use, including central stations, both
commercial and
municipal, electric railway plants, plants operated by steam
erating electricity for traction, Bureau of Reclamation plants,railroads genpublic works
plants, and that part of the output of manufacturing
plants which is sold
for public use. The output of central stations, electric
railway and public
works plants represents about 98% of the total of all
types of plants. The
output, as published by the National Electric Light
Association and the
"Electric World," includes the output of central stations
only. Reports
are received from plants representing over 95% of the
total capacity. The
output of those plants which do not submit reports is
estimated; therefore
the figures of output and fuel consumption as reported
in the accompanying
tables are on a 100% basis.
[The Coal Division, Bureau of Mines, Department
of Commerce, co-operates in the preparation of these reports.]
Economic Conditions in California
Shows Divergent
Tendencies.
June business in California, according to
the Research
Department of the California State Chamber
of Commerce,
exhibited numerous divergent tendencies, as
indicated by the
various statistical records of activity. While
factory employment showed a slight decrease during
June, reports from
employers indicate a substantial gain
during July and
Augusedue to increased seasonal activities.
Building, heavy
construction work and cement production
increased. Retail
and wholesale reports indicated favorable gains
in some
lines, and no marked recessions. Bank debits
and new car
sales were slightly under the May figures. Value
of shares
865
sold on the Exchanges increased. Commercial bank rates
of customers continued at 5 to 6%. The most general indices
of business activity in California at the present time range
approximately between 10 and 20% below the levels which
prevailed a year ago. The statement goes on to say:
Warm weather prevailed in practically all sections of the State during'
the past four weeks. Abnormally high temperatures since the first of July
have favored the development of rice and cotton crops, but have damaged'
and reduced the prospective production of peaches, pears, prunes, grape'',
melons, tomatoes, onions and beans. A special report issued by the State'
Agricultural Statistician on July 13 shows a sharp reduction in the fore.
casted production of all varieties of grapes to a total of 1,522,000 tons, 30%
below 1930 production and 13% below the tonnage marketed last year.
Avocados, oranges and walnuts were not seriously affected. The price situation and market outlook have been slightly improved due to the prospective
reduction of surplus crops.
Range and pasture conditions continue to decline due to the shortage of
moisture and to hot weather. Condition of livestock is from fair to good,
except in dry areas. Summer feed prospects are not good and hay crops
are light. The dullness in the feed markets is attributed to
the reduced
buying power of the livestock, dairy, poultry and feeding industries. June
livestock slaughter, seasonally corrected, showed a gain over May.
The number of persons employed in California manufacturing establishments during June was slightly less than for April and May, but above the
first three months of this year. June payrolls dropped 4.2% under
the
previous month. Corrected for seasonal influences, employmen reached
t
a
new low level for the current depression which was about
2.9% below
May and 1.2% under April 1981. All manufacturing groups showed
a
decrease. While factory employment was subnormal, the June
reports
revealed increasing employment in practically all outdoor activities,
especially agricultural operations and heavy construction work.
Forecasted
employment during the third quarter (July, August and September
) of
1931, shows an increase of 17% over the second quarter, according
to
reports submitted to the State Chamber of Commerce by firms employing
30% of the wage earners in manufacturing industries. On the basis
of
these estimates employment will be about 8% below the same period
of
last year, or a more favorable situation than during the second
quarter,
which was 18% under 1930.
Total value of building permits for 51 California cities during June
exhibited a moderate improvement over February, April and May, and was
only slightly under January and March. The seasonally corrected
index
for June was 5.2% above May and advanced 15.3% above the
April index
which was the lowest month this year. The improvement over the previous
month was primarily due to the gains in Southern California
and North
Coast regions.
Crude oil production for the first five months of this year, while below
the previous year's output, maintained a fairly even level
since the first of
1931, when adjusted for seasonal changes. Refinery output
for April and
May was higher than for January, February or March.
Department store sales during June showed a slight improvement over
the previous month. June sales were only 4.3% below
a year ago, whereas
May sales were 13.7% under May 1930. Some wholesale
lines showed
Improvement, while in others sales decreased.
After allowing for seasonal changes, new automobile registratio
ns for
June were 2% below May and 10.8% under April,
but 0.5% above March
and 2.8% higher than February. New passenger
can showed decreases,
while commercial cars exhibited gains. Registratio
ns for all motor vehicles
for the half year increased 38,153 over the
same period last year.
Total bank debits for 14 California cities for June
were 3.4% less than
for the previous month, whereas normally there
is a small May to June
seasonal increase.
CALIFORNIA BUSINESS INDICES.
(Adjusted for Seasonal Variation.)
1930,
1931.
April.
Agriculture
Farm shipments
Grain and products
Livestock
Perishables
Livestock slaughter--Cattle...
Calves
Hogs
Sheep
Production-Crude oil
OS refining
Cement
Electric power
Employment-Manufacture
All Industries-State
Les Angeles
San Francisco
Metal, machinery, alte
Food, beverages, &a
Wood manufactures
Leather and rubber
Chemicals, oils, ece
Printing and paper
Clothing, laundering.
Stone, clay and glass &o
Payrolls-Manufact
All industries-Stateuring
Construction--Value-Building permits-state
Central Coast
North Coast
Sacramento Valley
Central Valley
San Joaquin valley
Southern California
Trade and Distribution
Department store sales:
Los Angeles
San Francisco
Automobile sales
Exports
Imports
Carloadings-Total
Merchandise and mlacellan's_
Finance
Bank debits
Shares sold-value
Commercial hank ratea•
May.
June.
April.
May.
June.
116
108
101
123
96
80
87
89
121
128
112
124
101
75
90
80
98
90
81
102
91
74
85
91
111
96
90
121
119
103
129
160
115
102
86
131
111
96
131
113
....
iii
106
131
132
96
116
81
131
94
112
82
122
90
115
85
128
81
96
76
139
81
98
81
122
79
ii
.._ _
96
98
100
102
104
78
93
95
103
102
79
93
96
98
101
102
76
102
90
104
100
70
93
97
98
99
105
76
101
89
103
100
73
77
81
83
50
81
63
90
72
96
97
65
84
83
92
60
97
70
98
96
63
la
a 0
a
80
94
87
94
94
62
98
95
95
74
74
70
99
44
77
63
86
94
63
67
61
53
33
107
106
70
'59
55
60
28
39
61
01
37
42
132
67
38
54
32
40
51
RI
53
102
39
34
42
47
20
4e
33
89
41
116
116
111
132
114
97
86
121
103
101
95
86
106
101
118
111
99
114
90
88
91
103
104
90
87
58
77
79
109
91
82
108
100
80
ii
97
-.-
117
209
6-7
120
181
5-6
114
269
514-614
95
90
5-6
93
49
5-6
813
99
5-6
*Not adjusted for seasonal variation.
Base periods: Employment, 1926, 100; department store sales,
1923-25. 100C
and all others. 1923-30, 100.
[VOL. 133.
FINANCIAL CHRoNICLE
866
Total Value of Imports and Exports of Merchandise by
Grand Divisions and Principal Countries.
f The Department of Commerce on Aug. 5 1931 issued its
report showing the merchandise imports and exports by
grandldivisions and principal countries for the month of
June and the 12 months ended with June for the years 1930
and 1931. The following is the table complete:
BY GRAND DIVISIONS
TOTAG,VALUES OF EXPORTS OF MERCHANDISE
AND PRINCIPAL COUNTRIES.
Morah of June.
Total
Principal Countries
Belgium
Czechoslovakia
Denmark
France
Germany
Greece
Irish Free State
Italy
Netherlands
Norway
Soviet Russia in Europe
Spain
Sweden
Switzerland.
United Kingdom
Canada
Central America
Mexico
Cuba
Dominican Republic
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
1.1ruguaY
Venezuela
British India
British Malaya
China
Hong Kong
Netherland East Indies-.
Japan
Philippine Islands
Australia
New Zealand
British South Africa
Egypt
i
8
122,821,016
92,077,134
27,682,078
34,461,941
9.151.202
8,507,382
1931.
3
88,149,058
51,246 736
12,868,840
27,172,981
3,104,431
44,647,861
1930.
$
951,784,956
571 807,690
185,243,520
248,993,918
65,098,768
52.788.741
3
636,077,763
346,550.273
94.984,104
185,936,115
21,585,196
31,093,336
294,700,753 187,189,909 2,075.717,593 1.316,226,787
6,566,482
286,327
2,917.684
11,157,171
16,456,448
793,864
923,236
6,239,647
7.833.648
1,762,321
8,805,642
3.169,059
3,702.925
1,023,494
47,900,977
59,621,795
6,666,284
9.506,965
8,528,071
718,397
12,082,660
4,252,541
3.113,228
2,028,211
424,891
1,326,142
1,685,875
2,228,309
2.990.787
921,446
6,834,955
1.523,146
2,436.140
12,605,623
5,422,781
6,307,194
2.713,681
3,455,543
1,015,064
4,651,670
332,762
1,684,151
8,688,175
10,818.619
518.525
573,658
3.622.464
4,805,639
670,154
12,618,056
2,288,878
2,874,073
807,329
30.914.639
35,029,796
3,744.347
4,339,679
3,943,366
553,137
4.295,484
1,734,724
1,774.663
1,791,257
231,954
596,888
934,537
1,099,657
2,749,768
421,777
7,534,583
1,080,584
1,014,099
8,798,167
4,378,451
2,647.515
963,214
2,019.901
436.748
46,932,519
2,607.531
23,172,501
110,841.325
133,013,836
5,835,094
8,156,777
55,891.063
51,658,509
10,631,957
73,470,670
31,125,720
24,057,283
6,233,859
338,672,281
371,625.593
38.409,269
64.990,163
55,421.312
4,646,946
71,643,404
30,790,858
23,812,837
13,225,860
2,501,453
9,364,581
11,409,391
18,198,349
23,507,976
5,914,079
46,183,427
8.463,329
15,356.545
96,935,079
35,593,006
47,323,348
16,731,858
21,314,110
5.372,614
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
(1913=100.)
1931.
WM
W
W
w
wW...4
WwwW
W -4 1-• W
WWWWW
.w= W.
o0pWp c00.4.0o,
p.b2-4 4..coccoow=bDWce.,25Ww
Ppww ,
.4.0.40,w2
Grand DivisionsEurope
North America
South America
Asia
Oceania
Africa
1930.
- Vol.11o141.1. 414M:
44=4.Oo.k15,.
..1
o
Cona...c. ..
1“
00000to
w 000wo.-4.P. 0,....p.w,
4. s.wwwwobswcowm....coom.-m
...4woww.1 -owomog.wwcpw.-moDow.ow
oonotawc
o,b,;40Cs-IM:4,...1o1Wob'ol...o,eicoloWisllablm
0womm...amw...oc>oommo
m
0-4000r..p.00
woowavoomonwwww.cnow.-nw&....o.coowoovoomo.00m,.w000
Exports £o
6 Months Ended June.
The commodities generally have been marked by renewed
weakness during the past week, with Wednesday bringing
additional losses not recorded in the index. Lack of confidence in the prospects either of Europe straightening out her
difficulties or of any material upturn of business in this
country in the near future weighs heavily enough, even on
those commodities that do not in addition have problems of
overproduction which an improvement in business would
not solve.
Aug. 41031. July 28 1931. Aug. 5 1930.
88.5
111.7
93.6
120.1
101.7
114.6
98.6
84.4
101 7
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
Month of June.
rand Divisions-Europe
North America
South America
Asia
Oceania
Africa
Total
incipal CountrieeBelgium
Czechoslovakia
Denmark
France
Germany
Greece
Irish Free State
Rely
Netherlands
Norway
kwiea Russia In Europe
Spain
Sweden
Switzerland
Jolted Kingdom
;swift
3entra1 America
den1e°
kiba
3ominican Republle__
Ugentlna
Smell
shila
3edombla
leuader
'eru
fruguay
reneeuela
Iritish India
British Malaya
31ana
tong Kong
;etherland East Indies_
apan
Illlippine Islands
Lustralla
4ow Zealand
latish South Africa
korpt
1930.
1931.
$
72,238,538
66,354,213
35.552,991
68,054,089
3,129,464
5,013,465
$
47,480,494
44,455,582
26,068,009
51,567,887
1,188,845
2,773,417
July Failures Maintain High Level for the Season.
Very little improvement is shown in the July record of
insolvencies for the United States. While the number has
declined slightly from the total for the preceding month,
the liabilities are heavy as a result of the failure of several
large concerns. The defaults for the month numbered
1,983 with $60,997,853 of indebtedness, as compiled by
R. G. Dun & Co. Compared with the record for July of
last year, when there were 2,028 insolvencies, a decrease
of 2.2% is shown. The liabilities, however, show a sharp
increase over the $39,826,417 of a year ago, the amount
for this month being 53.1% in excess of that total. When
the number of failures is examined the figures for July this
year show an increase of 13.2% over these for July 1929
and one of 15.1% over the total for the same month in 1928.
While the decrease in the failures from the total for June
is season to some extent, the fact that each month this year
revealed some improvement, has been interpreted as an
indication of the slightly better trend in business conditions.
Monthly and quarter failures, showing number and
liabilities, are contrasted below for the periods mentioned:
$
510,986,010
420,561,458
261,392,669
482,363,725
18,998,531
41,682,357
1931.
$
321,354,845
271,899,605
172,390,486
311,027,869
10,769,415
19.785,777
250,342,760 173,534.234 1,735.984,750 1,107,227,997
4,948,548
2,227.688
213,318
7,484.229
12,823,137
449.367
153.171
6,753.272
5,579,514
1,058,253
2,778.238
2,148,111
4,254.412
2,888,004
15,521.858
36,522.094
4,220,640
6,683,354
6,739,547
1,002,116
4,10,390
10,320,951
8.995,486
9,954,842
457,768
1,722,269
933,369
3,829,236
8,486.998
.13.120,680
9,468,464
439.237
4,261.180
15,347,812
13,398,954
1,204,875
1,509,659
412,207
366.829
16,516,707
27,289.302
2,625,351
11,713,717
18,333,188
2,002,392
1,028,888
1,966,321
169,869
37,260.203
59,080,620
5,516.340
63,301,261
95,718,870
8,936,671
6.958,892
7,313,183
288.366
1,699,701
4.747.099
90,307
29,681,653
47,191.708
4,269,426
15.680.151
27,874,387
2,201,207
12,270.736
11,367.101
578,034
6,294.021
11,289,368
1,403,560
8,930.989
15,048,719
1,535,938
16,191,992
24,068.004
2,966,891
11,618,164
19.099,270
1,847,991
70,564,120
11,000,427 120,729,849
22,853,654 219,405,954 139,603,518
19,139,474
23,202,049
2,952,430
30,596,871
51.523.352
4.639.544
40,914,545
66,083,847
7,081,259
2,170,373
4,884,303
781,811
17,211,738
53.693.777
2,644,780
61,630,298
71,777,594
8.804,736
24,631,288
36,011,796
3,335,881
40,596,489
53,431,088
7.324.579
2,010.278
2,844,942
368,170
5,172,438
13,071,699
839,550
2,426,743
9,570,569
357.112
17,402,989
19,514,466
2,250,155
32,140,617
63.899,533
6,133,313
46,730,569
87,878,699
7,392,488
40,449,210
62,065,432
7,457.601
3,842,174
6,211.552
361.071
18,568,060
31,548,267
2,914,979
97,328.677
14.988,295 136,065,226
56,654,213
67,557,789
10,164,889
7,260,500
9,748,989
562,680
2,174,546
7,269,043
306,258
2.416,310
3,643,072
476.632
2.430,635
12,191.588
424.838
Wholesale Commodity Prices.
Annalist Weekly Index of
of Wholesale Commodity
The "Annalist" Weekly Index
of 0.4
on Tuesday, Aug. 4, a rise
Prices advanced to 101.7
from the previous week's
from last week's 101.3 and of 0.5
were unchanged, alMany of the commodities
101.2.
Indeed, only sharp advances
though declines were common.
decline in the index.
in steers and petroleum prevented a
Liabilities.
Number.
1931.
1930.
1929.
1931.
1930.
1929.
1,983
1,993
2,243
2,383
2,028
2,026
2,179
2,198
1,752
1,767
1,897
2,021
24 quarter-- - - 6,624
6,403
5,685 $155,894,995 $167,731,532 5107,860,328
2,604
2,563
3,318
2.347
2,262
2.759
1,987
1.965
2,535
1st quarter.-- _ 8.483
7,368
(1,487 $214,602,374 $169,357,551 $124,268,608
1930.
1929.
1928.
2,525
2,031
2,124
2,037
1,796
1,822
1,943
1,838
2.023
4th quarter_ _ 6,680
5,655
5,804 $195,240,668 $150,824,558 5116,366,069
1,963
1,913
2,028
1.568
1,762
1,752
1,635
1,852
1,723
5.904
5.082
5.210 $135.954,091 $100.296.702 $121,745,149
6 Months Ended June.
1930.
112.4
126.7
114.5
163.3
109.4
140.5
107.2
98.9
122 2
* Revised.
MERCHANDISE BY GRAND DIVISIONS
TOTAL VALUE OF IMPORTS OF
AND PRINCIPAL COUNTRIES.
Importsfrom
*88.6
111.7
*94.0
115.8
102.0
115.2
98.6
84.5
101 2
July
June
May
April
March
February
January
December
November
October
September
August
July
3d quarter_ _
$60,997,853 $39,826,417 $32,425,619
51,655,648 03,130,762 31,374,761
53,371,212 55,341,462 41,215,865
50.846,135 49,059,308 35,269.702
$60,386,550 $58.846,015 336,355,691
59,607,612 51,326,365 34.035,772
94,608,212 61,185,171 53,877,145
1930.
1929.
1928.
383,683,361 367.465,114 $40,774,160
55,260,730 52,045,863 40,601,435
56,296,577 31,313,581 34,990,474
846.947,021 $34,124,731 $33,956,688
49.180,653 33,746,452 58,201,830
39.826,417 32,425,519 29,586,633
Industrial Activity in Philadelphia Federal Reserve
District Continued at a Seasonal Low Level During
June.
According to the Philadelphia Federal Reserve Bank,
industrial activity is continuing at a seasonal low level and
is substantially below that of other years. The Bank in
its Aug. 1 "Business Review" continues:
Output of manufactures declined more than usual in June and showed little
change early in July. Building operations have expanded somewhat but
awards for new construction have declined, although in July there was a
large gain in contracts for building streets and highways. Coal mining has
fallen off lately. Retail sales measured up to expectations in June but
have declined in July as is customary. Business at wholesale is comparatively quiet and sales have decreased since last month.
Member banks report declines in loans to customers and in holdings of
government securities during the past five weeks. Borrowings from the
Reserve Bank have continued light, and the reserve ratio has averaged
above 87%. Money rates have fluctuated little.
Manufacturing.
The market for manufactures reflects the usual seasonal quiet, sales
having declined further since the middle of last month. Prices since early
June have shown strength, fluctuating less than in many months past.
Stocks offinished products have declined further and are noticeably smaller
aggrethan a year ago. Unfilled orders, while decreasing somewhat in the
gate, have been on the increase in wool fibers and manufactures, leather
smaller
products, paper, cement and lumber; they continued, however,
than a year ago.
AUG. 8 1931.1
FINANCIAL CHRONICLE
Factory employment in this district as in the country was 3% and payrolls
6% smaller In June than in May. In comparison with a year ago, employment was 18% and payrolls 30% smaller; they were also less by 25 and 41%
respectively than in June 1929. Part-time work increased, and the demand
for workers by employers declined sharply.
For the second month the output of manufactures decreased more than
usual, so that in June our index was the lowest in the past nine years.
The most pronounced curtailment occurred in leather products, transporttation equipment, radio and musical instruments, and metal products,
while the smallest reductions were noted in foods, chemical and allied products, tobacco and paper and printing.
Productive activity was21% lower in the first six months of this year than
last and was 11% lower than in the last six months of 1930. Metals,
transportation equipment, building materials, radio and musical instruments showed exceptionally large recessions from a year ago, while the
decline in the activity of textiles, tobacco, and chemical and allied products
Industries showed least reductions.
The decline in textile activity during June was due principally to the
lower rate of operation of silk mills. Takings of wool fibers also dropped
more than usual. although in July there has been improvnnent in the demand for wool and Its manufactures. Business in cotton goods and carpets
and rugs more than held its ground considering the time of the year.
In the metal group, the output of steel works and rolling mills showed a
further unusual decline, while that of pig iron and iron castings increased
somewhat after allowance is made for seasonal changes. Electrical apparatus continued downward for the second month when seasonal changes
are estimated. Rather sharp reductions were reported in operating schedules
of plants making automobile bodies and parts, motor vehicles, and in
shipbuilding.
The hide and leather market Is fairly strong. The demand for sole and
kid leather has increased lately. Prices of hides and leather have advanced.
Stocks held by tanneries have declined in the month but were larger than a
year ago. The output of local tanneries and shoe factories during June declined, the drop being exceptionally pronounced in the production of shoes.
Some seasonal improvement occurred in the output of ice cream, sugar,
and in the slaughtering of animals. Production of cigars, also increased
more than usual, though it remained smaller than a year ago. Both production and shipments of cement were substantially less in the first half
of
this year than last; stocks at the end of June declined slightly as compared
witha year ago. Such other building materials as lumber, brick, paints
and varnishes, and hardware generally fell off further. The output of
petroleum refineries showed seasonal gains from May, and,
in the case of
gasoline and asphalt, the level was higher than a year ago.
Output of electric power decreased more than customary but was a trifle
larger than in June 1930. The consumption of electrical energy by industries, on the other hand, declined more than usual after
a rather sharp
increase in May.
Business Conditions in Cleveland Federal Reserve
District Showed a Slight Seasonal Decline During
June As Compared with May.
Available statistics do not exhibit much change in general
conditions in the Cleveland Federal Reserve District. Operations in June and early July were at a lower level than was
evident a month ago, part of the decline being of a seasonal
nature says the August 1 "Monthly Business Review" of
the Federal Reserve Bank of Cleveland, which further
reports:
Available statistics do not exhibit much change in general
conditions
In the Fourth District. Operations in June and early July were at a
lower
level than was evident a month ago, part of the decline being
of a seasonal
nature. A few industries reported that current operations compare
rather
favorably with last year and in June sales in some lines,
particularly wearing
apparel, exceeded the same month of 1930. Following the
moratorium
announcement in late June a decided improvement in sentiment
developed
locally.
Conditions, as shown by retail sales comparisons and
unemployment
figures, are less favorable in centers of the District greatly
dependent on
the iron and steel or the automobile Industries-Cleveland,
Pittsburgh,
Wheeling and Youngstown-than In other cities. Retail trade in Cincinnati,
Columbus, Akron and Toledo was greater in June than a year ago,
despite
the sharp reduction In prices. In agricultural communities,
very low prices
on farm products have proved discouraging, which bumper
crop prospects
of fruit, grains and other agricultural products have partly
alleviated.
The iron and steel industry receded to slightly above 30% of
capacity in
July, but operations in Fourth District steel centers were above
the average
for the entire country. Automobile production in June
dropped much more
than seasonally and parts concerns reduced operations accordingly.
Tire production has been increasing entirely because of
greater replacement demand. Clothing concerns have expanded operations.
Shoe production in the District in June receded slightly from May. but
was only 3%
below last year. Bituminous coal production in June
increased slightly
more than seasonally.
Building operations continue to fall off, contracts awarded
in June and
early July being about half as large as a year ago when the
volume also was
Quite small. Operations at brick and tile companies increased in
June.
Money rates remain easy and favorable to business expansion,
but loans
at reporting banks continue to recede and most banks have found
it necessary
to reduce the rate of interest paid on deposits, the current
rate in most
large centers now being 3%.
The Bank states that the number of commercial failures
in the District declined, but there was a decided increase
in liabilities of the defaulting concerns. Demand deposits
receded sharply, but time deposits increased. In reporting
Wholesale and Retail Trade conditions the Bank says:
Retail Trade,
Retail trade, as reflected in department store sales, was
rather irregular
In various sections of the District in June, but the entire group of
56 large
stores reported a loss of about 6% in total sales from June,
1930. On a
daily average basis, however, the decline was nearly 10%, since
there
one more business day in June this year than in 1930. Compared was
with
May, the reduction was greater than seasonal, the adjusted
index falling
four points in the month to 81.5% of the 1923-25 monthly
average. In the
first six months sales were about 9% below the same period of
last year.
Four individual cities, Akron, Cincinnati, Columbus and
Toledo, reported larger sales in June than a year agO,
but in the other cities where
the iron and steel and automotive parts industries account for the
bulk of
867
industrial employment, rather sizeable losses in retail trade were observed,
sales at Cleveland being down 8.2%, at Pittsburgh 10.5%, Youngstown
13.2% and Wheeling 6.3%.
Not all individual departments shared equally in the losses, a few,
particularly those selling articles for consumption,showing gains from June,
1930. Glove and millinery sales were considerably larger in June than
a
year ago, shoe sales increased 1%; women's wearing apparel showed a
loss
of only 5% from last June; men's clothing sales were up 4% and
men's
furnishing sales were about on a par with last year.
The retail dollar value of stocks continued to recede and on June 30 was
only 74% of the 1923-25 monthly average. This was a reduction of
17%
in the past year. not all of which represents a contraction in the size
of
stocks. In connection with the reduction of sales and stocks, much of the
discrepancy is due to lower prices now prevailing, several stores stating
that the number of transactions has compared favorably with other recent
years. The new Fairchild index of retail prices indicates that department
store prices have dropped nearly 9% since the first of the year.
Collections have shown some falling-off recently, averaging only
32.3%
in June of the accounts outstanding at the end of May.
Chain grocery and drug sales in June were 0.3% and 2.7% less respectively, on a unit basis, than in June, 1930, and in the first half year showed
volume losses of 3.0 and 1.1%. Allowing for the fact that retail food prices
were 20% lower in June than a year ago, according to the Department
of
Labor, chain grocery sales have held up remarkably well.
Wholesale Trade.
Wholesale trade in the Fourth District continued in very reduced volume.
though grocery sales in June were 6% greater than in May. In the first
sLc months drug sales declined 7%, groceries 17, hardware
23, and dry
goods 26%.
Business Conditions in the St. Louis Federal Reserve
District Show a More Than Seasonal Downward
Trend.
Summarizing business conditions in the Eighth (St. Louis)
Federal Reserve District, the Federal Reserve Bank of
St. Louis in its July 31 "Monthly Review," says:
Business and industry in the Eighth District during June and the first
half of July showed somewhat more than the usual seasonal decline. Closlug down of numerous plants for inventorying and repairs, suspension
of
operations at certain coal, lead, and zinc mines, and releases for vacations.
with or without pay, resulted In a further decrease in employment. Pro
duction in a number of important lines, notably in the iron and steel, and
building material categories, was at the lowest rate this year. Due to the
extremely hot weather prevailing in the last half of June and early this
month, a number of plants which ordinarily reopen shortly after the
Independence Day holiday, have remained idle, and will not resume opera
tions before the middle of August. Not all branches of industry
declined.
however, production of boots and shoes, textiles, beverages, certain food
products and some seasonal lines showed moderate to fair increases
as
compared with the preceding 30 dare.
Taken as a whole a more favorable showing was made In distribution
than in production. The hot spell had a stimulating effect on the
demand
for summer goods, notably men's and women's clothes, electric fans,
and
all descriptions of vacation and outing supplies. A good
volume of reorder
lag in these lines was reported by wholesalers and jobbers,
part of which
they were unable to fill because of depleted stocks. Distribution of automobiles in the district, according to dealers reporting to this
bank,recorded
a good increase in June over May, through volume
continued below the
corresponding period a year ago. In all lines investigated. mid-year Inventories were considerably below the average during the past
several years.
and no noticeable deviation has taken place in the policy
of purchasing
only for immediate requirements. Advance business of
wholesalers.
jobbers and manufacturers on July 1 was in smaller volume than
on any
similar date in recent years. The trend of commodity prices
continued
downward.
Sentiment in the country. which improved markedly in May and
June
under impetus of splendid crop prospects, has been dashed
considerably
since July 1 by the sweeping decline in prices of wheat
and other farm
products. Bumper yields of wheat, corn, oats and certain fruits and vegetables are forecast in the U. S. Department of Agriculture's July 1 report.
For this district the winter wheat yield is estimated at 58.360.000 bushels
and a crop of about 383,000,000 bushels is predicted for corn. Initial
prices
paid farmers for their wheat ranged from 30c. to 50c. per bushel, with
the
higher figure having disappeared shortly after harvesting commenced. At
an average of 35c. per bushel the producers would realize approximately
$20.426,000. On a basis ofthe average winter wheat price In 1929 and 1930,
which according to the Governments' estimate was .854c.. this year's
crop would return $48,809,000 to its raisers. Thus, from what might be
expected from average experience of the two preceding years, farmers'
income is cut $29,373,000 on the item of winter wheat alone.
The volume of retail trade in June, as reflected in sales of department
stores in the principal cities of the district, was 5.3% smaller than during
the same month last year and 6% below the May total this year. For
the
first half of this year the volume was 11.6% less than for the first six months
of 1930. Combined sales of all wholesaling and jobbing lines investigated
showed a decrease in June of 12% as compared with the same month in
1930, and the total was 16% smaller than in May this year; for the
first
six months this year a decrease of 14.7% under the same period in
1930
was shown. Charges to checking accounts in June were 4% larger
than in
May.but 17.6% smaller than in June 1930. The amount ofsavings
accounts
as of July 1 was a shade lower than 30 days and a year earlier.
The volume of freight handled by railroads in this district continued
in
considerably smaller volume than a year and two years earlier. There was
a
further recession in the amount of merchandise and miscellaneous
freight
hauled, and substantial decreases were noted in practically all other
classifications, including grain and grain products. The smaller volume
of
livestock handled, according to officials of certain roads, reflects
in a
measure competition of trucks. For the country as a whole loadings
of
revenue freight for the first 27 weeks this year. or to July 4,
totaled 19.
647.863 cars, against 23,992,629 cars for the corresponding period
in 1930.
and 26,528.096 cars in 1929. The St. Louis Terminal Railway
Association,
which handles Interchanges for 28 connecting lines, interchanged
188.872
loads in June,against 186,779 loads in May and 206.305 loads
In June 1930.
During the first nine days of July the interchange amounted
to 48.951
cars, against 55,529 cars during the corresponding time in
June and 62.388
cars during the first nine days of Jilly 1930. Passenger
traffic of the
reporting roads in June decreased 22% as compared with
the same month
last year. Estimated tonnage of the Federal Barge Line
between St. Louis
and New Orleans in June was 86,000 tons,
against 99.901 tons in May
and 140,176 tons in Juno 1930.
868
FINANCIAL CHRONICLE
[VOL. 133.
Sales of department stores in larger centers reflected a seasonal decline
Reports relative to collections throughout the district during the past
30 days reflected little change from conditions existing during the past of 16% as compared to May, and were 11% smaller than in June 1930.
several months. Strong accounts are meeting their obligations promptly. The recession in most reporting lines of wholesale trade was greater than
In many instances anticipating due dates in order to take advantage of the seasonal average and sales continued considerably lower than in the
cash discounts. Creditors in less favorable cash position are not meeting corresponding month a year ago, yet the comparison was slightly more
their obligations so promptly, and wholesalers report an increasing number favorable than was shown in May. Reports indicate that merchants
of actual losses and requests for extensions In sections where early fruits are adhering to the cautious policy of making replacements as consumer
and vegetables have been marketed, country retailers and banks have demand arises with the result that new orders are in small quantity and
experienced improvement in collections. In the winter wheat areas, represent mostly fill-in merchandise. Collections were seasonally slow,
farmers are preoccupied with harvest and in numerous instances have but an improvement was noticeable in some areas.
A significant feature of the Department of Agriculture's July 1 report
postponed paying their bills. Spottiness in collection results are noted by
retailers in the large centers. Absence of numerous creditors on vacations was the large Prospective production of food and fced crops in States
have adversely affected retail collections in the cities. Questionnaires attached to this district, due both to the larger acreage and heavy per
addressed to representative interests in the several lines scattered through acre yields. From the standpoint of physical production, the farmers'
program of diversification has been very successful and has provided the
the district showed the following results:
farmers with ample food and feed for home consumption. While the
Fair.
Poor.
Good.
Excellent.
prevailing low prices for agricultural products mean low returns for the
14.5%
16.5%
69.0%
.0%
June 1931
surplus above home requirements, the large supplies will be a material
13.5
10.4
76.1
.0
May 1931
aid in holding down the cost of production during the coming year. The
22.9
1.0
13.2
62.9
June 1930
area of cotton in cultivation on July 1, according to the Department of
Agriculture, is considerably less than a year ago, the reduction ranging
from 8% in Texas to 17% in Oklahoma and Arizona. Late reports inConditions Reported at Seasonal Trend in Richmond dicate that the crop, although still somewhat late, is in fair to good condition in
sections
Federal Reserve District During June and First stimulatedmostgrowth of the district. The recent rains have greatly
the
of plants, but have
to the propagaHalf of July-Employment Conditions Showed No tion and spread of insects. The increased been conducive is now the most
insect activity
serious potential danger to cotton during the current season.
Improvement.
The past month witnessed a
seasonal reduction in the deSummarizing business conditions in the Fifth District the points of member banks. The substantial daily average of net demand
combined
Federal Reserve Bank of Richmond in its July 31 "Monthly and time deposits declined to $775,035.000 during June, which was $21,840,000 less than the May average, and $72.011.000 below the average
Review" says:
for June 1930. Federal reserve bank loans to member banks reflected
The period between the middle of June and the middle of August is usually a net increase of approximately $500,000 between June 15 and July 15.
one of the dullest of the year in trade and industry, and so far this year is no While some liquidation was obtained from banks in the wheat growing
exception. Business in the Fifth Federal reserve district between the first of territory, it was more than offset by the demand from banks in other
June and the middle of July was mostly seasonal in nature, with no out- agricultural sections. The commercial loans of reserve city banks, for
standing developments. Rediscounts for member banks held by the Federal the first time since last fall, showed a slight increase between June 10 and
Reserve Bank of Richmond declined slightly last month, and on July 15 July 8 and these banks added materially to their investments during the
were less than rediscounts held a year earlier. The Bank's holdings of same period. In some centers there was an easing of rates on commercial
Government securities doubled during the year. however, and therefore and commodity loans.
total earning assets of tin Richmond bank were larger at the middle of July
There was a noticeable recession in construction activity during the
than on the corresponding date in 1930. Fifty-two regularly reporting past month. The valuation of building permits issued at principal cities
member banks in the Fifth district reduced their outstanding loans and during June was 26% lower than in either the previous month or the
further increased their investments in bonds and other securities between corresponding month last year. The production and shipments of cethe middle of June and the middle of July, and on July 15 their loans were ment from Texas mills were somewhat larger than in May, and production
13% less than a year ago, while their investments in bonds and securities was considerably larger than-in June 1930. Shipments, however, showed
were 28% higher. Both demand and time deposits rose slightly in the re- a slight decline from a year ago.
porting banks last month, and aggregate deposits were higher than a year
Wholesale and retail trade conditions are further indiago, due to a large increase in savings and time deposits. On July 15, 1931,
the reporting banks were borrowing lessfrom the reserve bank than a month cated by the Bank:
or a year earlier. Debits to individual accounts figures for the five weeks
Business-Wholesale Trade.
ended July 15, 1931,showed a seasonal increase over debits for the preceding
Seasonal slackness was in evidence in the distribution of merchandise
five weeks, ended June 10, 1931, but the increase was somewhat smaller
than occurs in most years. In comparison with debits for the five weeks at wholesale during June. While the demand for harvesting machinery,
ended July 16, 1930,those for the corresponding five weeks this year showed because of the exceedingly large grain crops, increased the sales of farm
a decline of 12.5%. only three of twenty-four cities showing higher 1931 implements, sales in all other reporting lines reflected a decline as comfigures. Total debits in twenty-four cities for the first half of 1931 were 12% pared to both the previous month and the same month last year. In
less than debits in the first half of 1930, every city reporting lower figures most reporting lines the declines from a year ago in June were slightly
this year. Employment conditions showed no improvement last month, but smaller than those recorded in May. While collections continued seasonInstead there seems to have been some additional workers laid off either ally slow, increases over May were reflected in the case of groceries and
temporarily or permanently,scattered industrial plants and business houses farm implements. Due to the continued slackness of consumer demand
made wage reductions, and labor trouble developed in West Virginia coal and cautious merchandising policies, retailers are holding orders in strict
mining regions. Coal production, while slightly above that of May, con- alignment with consumer buying and are showing no disposition to make
tinned below the rate of production of June last year. Textile mills continue forward commitments. New orders generally were in small amounts
to find business hard to obtain,especially advance orders, but, on the whole, and were for replacement purposes.
The partly seasonal decline of 17.6%, which was reflected in the June
it appears that Fifth district mills are doing rather better than the average
for the United States. Cotton prices were slightly higher last month than sales of dry goods at wholesale in this district, was not general and was
smaller than the recession which occurred in this month a year ago. Total
in the preceding one, but considerably below the corresponding 1930 prices.
Official figures for this year's cotton crop show a reduction of 10% for the sales were only 13.6% below the volume of June 1930, and for the first half
country ass whole,Fifth district cotton states making larger reductions than of the current year they averaged 27.1% smaller than in the same period
the National average. Construction work provided for in permits issued and last year. Immediate needs are being filled as they arise, but merchants
contracts awarded in June was much lower than the work provided for in are placing very few orders for future delivery. The demand for summer
June last year. Retail trade as reflected in department store sales showed an goods has been stimulated in recent weeks by hot weather. June colIncrease of 3.4% over June trade last year, but wholesale trade in four of lections evidenced a material reduction as compared to the previous month.
A further increase of 16.1% in the distribution of agricultural implefive lines showed lower 1931 sales, shoe jobbers reporting the only increase
last month. Agricultural developments In June and the first half of July ments at wholesale during June brought the dollar volume of sales in this
is not district to a level 52.1% above that of June 1930. This increase, which
were favorable on the whole, and while the outlook for money crops
good from a price standpoint production prospects in the Fifth district are was contrary to tilt seasonal trend, resulted largely from the heavy debetter than in average years, and are far above those of 1930 in the sections mand for grain harvesting machinery. Cumulative sales from Jan. 1
of the district which were damaged by the drought last summer and fall. In through June 30 were 34.4% smaller than in the same period last Year.
practically all sections of the district farmers have larger acreages in crops Collections during June, while showing diverse trends, were in noticeably
used primarily for home consumption, and this will enable them to get along larger volume than in the previous month.
There was a further slackening in the demand for hardware at wholenext winter on less cash than they needed last winter. when they had very
little food for themselves or feed for their stock, chiefly as a result of the sale during June. Sales were 6.3% less than in May, and reflected a
decrease of 21.9% from June last year. While business in some areas
disastrous drought.
was better than in others, the reduction was practically general over the
Regarding employment conditions the Bank says:
district. Cumulative sales for the current year to date remained about
The past month or six weeks showed no improvement in employment one-fourth below the level of a year ago. Collections showed a slight
conditions, but on the contrary there appear to have been unfavorable decline.
The distribution of drugs through wholesale channels was 10.1% smaller
developments. Unemployment and labor trouble has spread further in
West Virginia coal fields, railroads in the Fifth district have consolidated in June than in May, reflecting the quietude which is usually characterand readjusted some train schedules, enabling them to discontinue a few istic of early summer. June sales registered a decline of 9.7% as comtrains, and railroad clerical workers have also been reduced in number pared to a year ago, and for the first six months of 1931 business was
slightly. Wage reductions, although not general in the district, continue 10.9% less than in the first half of 1930. A seasonal decline in collechere and there, chiefly in the smaller industrial plants which tried to main- tions was in evidence.
The demand for groceries at wholesale during June showed a further
tain wages at former levels when the present depression began, but which
have been unable to stand the strain over so long a period. The outlook in decline of 2.9% as compared to the previous month, and was 15.0% smaller
materially worse for industrial workers, railroad em- than in the same month a year ago. Buying seems to be showing an imthe Fifth district is
ployees, and persons in building trades than it was a year ago, since many provement in some areas. Collections were about the same as in the
people who were unable to find steady work last year had some surplus on previous month.
Retail Trade.
which they could fall back. This year. however,some portion and in many
cases all of these surplus funds have been used, and as a result the number
A reduction In retail distribution, which was more than seasonal, ocofcalls for assistance received by charitable and welfare agencies is increasing curred during June when the sales of reporting department stores declined
steadily.
16.2% as compared to the previous month. Sales continued materially
below the corresponding month a year ago, reflecting a decline of 11.4%
but the comparison was
favorable than that registered during
Wholesale and Retail Trade Quiet in Dallas Federal the preceding month. slightly morethe mid-summer dullness, merchants
In view of
Reserve District During June-Department Store are featuring reduced price "sales" to clear out summer goods to Make
room for fall merchandise. Distribution during the first half of the curSales Decreased 11% from June 1930.
rent year reflected a decline of 10.5% as compared to the same period
General quietude prevailed in both wholesale and retail of 1930.
Inventories of merchandise on band at the close of June showed a further
channels of distribution during June, says the Aug. 1
decline
compared
preceding month, and were 14.2%
"Monthly Business Review" of the Federal Reserve Bank below a of 6.1% as The rate ofto the turnover during the first six months
year ago.
stock
f Dallas, which, continuing, says:
of 1931 was 1.47 as against 1.44 in the corresponding period of 1930.
Aua. 8 19311
FINANCIAL CHRONICLE
Collections during June evidenced a decline as compared to May, but
were slightly better than in June 1930. The ratio of June collections to
accounts outstanding on June 1 was 33% as against 34.1% in May, and
32.7% in Junela year ago.
Lumber Orders Drop Below Curtailed Production.
With lumber production apparently continuing along previously established curtailed levels, orders for the week
ended Aug. 1 dropped to 5% below the cut, it is indicated
in telegraphic reports from 827 leading hardwood and softwood mills to the National Lumber Manufacturers Association. Shipments of these mills, however, were 7% above
their combined production of 207,450,000 feet. A week
earlier 837 mills reported orders 6% above and shipments
15 above a cut of 205,279,000 feet. Comparison by identical
mill figures for the latest week with the equivalent period
a year ago shows—for softwoods, 451 mills, production 27%
less, shipments 23% less and orders 29% less than for the
week in 1930; for hardwoods, 231 mills, production 41%
less, shipments 8% less and orders 6% below the volume for
the week a year ago.
Lumber orders reported for the week ended Aug. 1 1931,
by 563 softwood mills totaled 178,479,000 feet, or 7%
below the production of the same mills. Shipments as
reported for the same week were 201,709,000 feet, or 5%
above production. Production was 191,254,000 feet.
Reports from 283 hardwood mills give new business as
19,583,000 feet, or 21% above production. Shipments as
reported for the same week were 21,064,000 feet, or 30%
above production. Production was 16,196,000 feet. The
Association, in its statement, further goes on to say:
Unfilled Orders.
Reports from 478 softwood mills give unfilled orders of 616.609,000 feet.
on Aug. 1 1931, or the equivalent of 13 days' production. This is based
upon production of latest calendar year-300
-day year—and may be compared with unfilled orders of 498 softwood mills on Aug. 2 1930, of 762,854.000 feet, the equivalent of 16 days' production.
The 413 identical softwood mills report unfilled orders as
597,360,000
feet, on Aug. 1 1931, or the equivalent of 13 days' production, as compared with 712,605.000 feet, or the equivalent of 16 days' production
for
the same week a year ago. Last week's production of 451 Identical softwood mills was 182.180.000 feet, and a year ago it was 248,423,000
shipments were respectively 191,885,000 feet and 247,997,000; and feet;
orders
received 169,977.000 feet and 239.790,000. In the case of hardwoods,
231
Identical mills reported production last week and a year ago 15,445,000
feet and 26.238.000; shipments 19.591,000 feet and 21,345,000; and orders
17,844.000 feet and 19,069.000 feet.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle
the
following new business, shipments and unfilled orders for 343 mills
reporting
for the week ended Aug. 1:
NEW BUSINESS.
UNSHIPPED ORDERS.
SHIPMENTS.
Feet.
Feet.
Feet,
Domestic cargo
Domestic cargo
Coastwise and
delivery-- _ 41,564,000 delivery _ _ _ _173,184,000 intercoastal _ 40.378,000
Export
13,190,000 Foreign
85.508,000 Export
21,639,000
30.631,000 Rail
Rail
85,776,000 Rail
33,982,000
9,637,000
Local
Local
9,637.000
Total
95,022,000 Total
344,467,000 Total
105.634,000
Production for the week was 102,549,000 feet.
For the year to July 25. 167 identical mills reported orders 2.5% above
production. and shipments were 4.5% above production. The same
number of mills showed a decrease in inventories of 6.3% on July 251931.
as compared with Jan. 1.
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for 123
mills reporting, shipments were 48% above production, and orders
24%
above production and 16% below shipments. New business taken during
the week amounted to 34.608.000 feet, (previous week 33,558,000 at 128
mills); shipments 41.223,000 feet, (previous week 35,028.000); and production 27,825.000 feet. (previous week 27.497.000). Orders on hand at the
end of the week at 106 mills were 80,556,000 feet. The 110 !dentical mills
reported a decrease in production of 38%, and in new business a decrease
of 20%, as compared with the same week a year ago.
The Western Pine Manufacturers Association, of Portland. Ore.,reported
production from 87 mills as 33,595.000 feet, shipments 27,929.000 and new
business 25.511.000. The 61 identical mills reported production 32%
less and orders 33% less than for the same week last year.
The California White & Sugar Pine Manufacturers Association, of San
Francisco. reported production from 24 mills as 17,309.000 feet, shipments
17,625,000 and orders 15,711,000. The same number of mills reported a
decrease of 35% in production and a decrease of 29% in orders, compared
with the same week of 1930.
The Northern Pine Manufacturers, of Minneapolis, Minnesota, reported
production from 7 mills as 2.512,000 feet. shipments 1.898,000 and new
business 2,421.000. The same number of mills reported a 69% decrease
in production and 39% decrease in new business, compared with the same
week last Year.
The Northern Hemlock and Hardwood Manufacturers Association. of
Oshkosh. Wis., reported production from 19 mills as 2,352,000 feet, shinments 1.332.000 and orders 1.325.000. The 18 identical mills reported
production 2% less and orders 12% above the same week a year ago.
The North Carolina Pine Association, of Norfolk. Va., reported production from 80 mills as 5,112.000 feet, shipments 6.066.000 and new
business 3,881.000. The 37 identical mills reported production 21% less
and new business 5% more than for the same week of 1930.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
production from 264 mills as 14,831.000 feet.shipments 19.367.000 and new
business 17,746.000. The 213 identical mills reported a decrease of 41%
In production and a decrease of 10% in new business, compared with the
corresponding week:of 1930.A
869
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 19 mills as 1,365,000 feet, shipments 1.697.000 and orders 1,837,000. The 18 identical mills reported
production 47% less and new business 49% more than for the same week
last year.
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports 223 mills show that for the week ended July 25 1931
production of lumber totaled 99,329,818 feet, orders 110,120,603 feet and shipments 122,128,029 feet. This compares with 100,468,142 feet produced, 101,065,675 feet
ordered and 93,769,415 feet shipped during the preceding
week. The Association's statements shows:
WEEKLY REPORT OF PRODUCTION, ORDERS AND SHIPMENTS.
224 mills report for week ended July 25 1931.
(All mills reporting production, orders and shipments for last week.)
Production
99,505.418 feet (100%)
Orders
110,165,603 feet (10.71% over production)
Shipments
122,258,029 feet (22.87% over production)
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
OPERATING CAPACITY (343 IDENTICAL MILLS).
(All mills reporting production for 1930 and 1931 to date).
Actual production week ended July 25 1931
117,301,808 feet
Average weekly production 29 weeks ended July 25 1931
123,866,817 feet
Average weekly production during 1930
158,860.610 feet
Average weekly production last three Years
195,660,399 feet
a Weekly operating capacity
298,599,042 feet
Weekly operating capacity is based on average hourly production for the 12
last months preceding mill check and the normal number of operating hours per week.
WEEKLY COMPARISON (IN FEET) FOR 223 IDENTICAL MILLS
-1931'
(All mills whose reports of production, orders and shipments are complete
for the last four weeks.)
Week Ended—•
July 25.
July 18.
July 11.
July 4.
Production
09,329,818 100,08,142 81,637,106 68,679,836
Orders (100%)
110,120,603 101,065,675 107,047,109 86,652,695
Rail (32%)
35,770,281 33,696,183 31,792,057 30,903.315
Domestic cargo(49%)
- 54,045,342 45.043,080 39,648,518 28,601,223
Export(12%)
12,833,348 14,248,271 27,391,800 16,207,731
Local(7%)
7.471,632
8,078,141
8,214,734 10,940,428
Shipments (100%)
122,128,029 93,769,415 92,559,531 94.406,532
Rail (28%)
33,979,982 32,785,834 27,010,516 28,951,018
Domestic cargo(45%).— _ 55,560,749 37,480,002 36,849.191 38,449,760
Export (21%)
25,115,666 15,425,438 20,485,090 16,065,328
Local (6%)
7.471,632
8,078,141
8,214,734 10,940,426
Unfilled orders(100%)
363,404,705 380,620,767 375,425,436 364,773,510
Rail (25%)
90,172,214 89,374,259 88,991.871 85,768,311
Domestic cargo (49%)-179,050.785 183,547,444 176,668,266 174,560,098
Export (26%)
94,181,706 107,699,064 109,765.299 104,445,101
194 IDENTICAL MILLS.
(All mills whose reports of production, orders and shipments are complete for 1930
and 1931 to date.)
Average 29
Average 29
Week Ended
Weeks Ended
Weeks Ended
July 25 '31.
July 25 '31.
July 26 '30.
Production (feet)
95,855,039
102,928,262
149.796,537
Orders (feet)
105,709,286
105.766,153
138,870,838
Shipments (feet)
120,578,583
107,918,174
145,842,321
DOMESTIC CARGO DISTRIBUTION WEEK ENDED JULY 25 (103 mills).
Orders on
CancelHand BeOrders
legion
gin's Week Received. AdjuattrYts
July 25'31.
Washington & Oregon
(92 Milis)—
Feet.
Feet.
California (64 mills).— 52,858,03 11,660,222
Atlantic Coast(84 mills) 115,829,838 38,913,033
Miscellaneous
2,486,552
251,138
ShipAunt*,
Willed
Orders
Week Ended
July 25'31.
Feet,
Feel.
Feet.
656,506 13,877,080 49,985,099
627,017 33,640,384 120,475,468
319,706
316,360 2,101,624
Total Wash.& Ore. _- 171,174,851 50,824,393 1,603,229 47,833,824 172,562,191
Reporting dom, cargo
only(4 mills)
910,741 1,177,750
198,250
103,345 1,786,896
Totals
172,085,592 52,002,143 1,801,479 47,937,169 174,349.087
Brit.Col.(11 Maio—
California (1 mill)
Atlantic Coast(10 mills)
Miscellaneous(9 mills).-
13,058
None
5,706,465 970,000
5,742,329 1,073,199
13,058
None
518,519 3,556,248
None 4,590,528
None
2.601,698
2,225,000
Total Brit. Columbia_ 11,461,852 2,043,199
Reporting dom. cargo
only
None
None
531,577 8,148,778
4,826,698
Totals
11,461,852 2,043,199
None
None
None
531,577 8,146,776
4,826,698
Total domentle ttartrn lell 547 444 54 n4s 342 2 3:13 058 fill 083 945 179A75.785
Wheat Stocks in Interior Mills and Elevators July 1,
1931
Stocks of wheat of the 1930 crop in interior mills and
elevators on July 1 1931, are estimated to be 30,552,000
bushels, by the Crop Reporting Board of the United States
Department of Agriculture. On July 1 1930, stocks are
estimated to have been 60,166,000 bushels and on July 1
1929, 41,546,000 bushels. The 5
-year average (1925-1929)
stocks on July 1 were 27,477,000 bushels. The report is
intended to include only country elevators and the smaller
interior mills which are not included either in the Department's reports on Stocks of Wheat in 39 Markets or in the
Bureau of the Census report on Stocks of Wheat in Merchant
Mills and Attached Elevators. The estimates are based upon
reports received from about 4,750 mills and elevators, representing roughly a fourth of the elevator capacity in wheat
producing and country milling regions.
Dry, Hot Weather in Russia Reducing Grain Crop
Prospects
Russian grain crop prospects are being reduced by hot,
dry weather, according to a cabled report from Agricultural
Attache L. V. Steers, received by the Foreign Agricultural
870
[VoL. 133.
FINANCIAL CHRONICLE
Service, Bureau of Agricultural Economics, said the U. S.
Department of Agriculture on Aug. 1. Yields per acre
decidedly below last year are indicated, especially for the
late sown spring crops. So far as wheat is concerned the
prospective lower yields will be somewhat offset by the
increase of about seven per cent in acreage this year over last.
Hot weather has hastened the ripening of crops and is said
to be rendering harvesting difficult because of the early
maturity of the spring crops along with the winter crops.
Loss from untimely harvesting and inefficient field work is
reported. Slow developments of harvest in North Caucasus
where previous rains delayed work and caused lodging are
complained of in the Soviet press and also confirmed by
private reports. The central, eastern and southeastern
sections of Russia appear to be having very hot weather.
amounted to 29,921 bales, as compared with 37,352 bales a
month previous and 35.565 bales at Aug. 1 1930.
Raw silk imports during the first seven months of 1931
were 21.7% higher than during the same period of 1930.
Deliveries to mills showed an increase of 9.3%. The Association's statement follows:
RAW SILK IN STORAGE AUG. 1 1931.
(As reported by the principal public warehouses in New York City and Hoboken.)
(Figures in Bales.)
In storage, July 1 1931
Imports, Month of July 19311
European.
1.088
399
Total available during July
In storage, Aug.1 1931z
1,487
581
906
Approximate deliveries to American mills
during July 193Iz
General.
Crops in the Prairie Provinces have been estimated by grain companies to
stand at about 53% of normal. Conditions in the northern areas of all
three provinces and in the Peace River District and Western Alberta are
generally favorable. In the southern areas of Saskatchewan and Manitoba
conditions are fair in some sections, but generally are from poor to a total
failure. The feed situation shows acme improvement. In Quebec, growing
conditions continue generally good, with crops making satisfactory progress.
In Ontario, with the exception of oats which will be affected by rust and
smut, all crops are in excellent condition. In the Maritime Provinces,
crops generally are making satisfactory growth, but warm, dry weather
would be beneficial. In British Columbia, the weather has been very warm
and dry and crops are maturing rapidly. Details follow:
Prairie Provinces.
Alberta Northern Area-Crops generally are making good progress and
cutting will commence in two weeks. Alberta Southeastern Area-Cutting
has commenced. Straw is short and headers will be used extensively.
Crops vary from poor to fairly good. Alberta Western Area-Wheat is
maturing rapidly. Moisture is sufficient to ensure proper filling except
in the southern section, where crops are ripening too fast. Cutting will be
general in two weeks. Saskatchewan Northern Area-Wheat crops are
filling fairly well and ripening fast. Cutting should be general by Aug. 15.
North of Saskatoon the average yield is estimated at 16 to 20 bushels, with
lesser yields south of that point. Late-sown coarse grains are progressing
satisfactorily. Saskatchewan Southern Area-Recent rainfall has helped
to revive crops, though little improvement is reported in the general situation. In the Regina and Moose Jaw areas many farmers are now cutting
wheat and coarse grains for feed, having abandoned hope of crops yielding
return of seed. Manitoba-Harvesting has commenced and will be fairly
general by the end of the week. A 50% crop is indicated in the central
and eastern areas, with average to fairly good in sections of northern areas
and along the Red River Valley. In the western area indications are from
poor to a total failure, and considerable grain is being cut for feed. There
will be a shortage of teed in some districts of the southwest.
Province of Quebec.
Haying is practically completed, but has been retarded in some sections
by rain. The cutting of oats and wheat has commenced. Corn is in good
condition, while root crops continue to make progress. A good yield of
apples is expected. Tobacco is developing satisfactorily. Pastures remain
in good condition.
Province of Ontario.
Harvesting of fall wheat is practically completed and threshing returns
indicate a very satisfactory crop. The cutting of barley and oats is general; the quality and yield of the latter will be seriously affected by
rust and smut. The second cutting of alfalfa is heavy. Corn, roots and
tobacco continue to show excellent growth. A bumper grape crop is in
prospect, and peaches and apples are doing well. Pasturage is above average for this time of year.
Maritime Provinces.
Potatoes promise a good yield; early varieties are turning out well.
The curing of late cut hay has been interfered with by wet weather. Grain
and root crops are making good progress. Apples are sizing well. Pastures
continue in good condition.
Province of British Columbia.
Grain crops are maturing rapidly and harvesting has commenced; the
yield is estimated at 105% of average. In solve districts farmers ire
cutting a second crop of timothy and clover hay. The potato and onion
crops are good. Tomatoes are developing rapidly due to hot weather, and
a 100% yield is expected on reduced acreage. Fruit trees are in good
condition. Apples are coming on well and the crop is estimated at 80%
of average. Pasturage is plentiful at present but rain is needed in the
interior.
Imports of Raw Silk Declined During July-Approxi-Invenmate Deliveries to American Mills Higher
tories Fall Off.
According to the Silk Association, Inc., imports of raw
silk declined during the month of July to 37,315 bales, as
compared with 46,825 bales in the preceding month and
47,063 bales in the corresponding period last year. Approximate deliveries to American mills totaled 44,746 bales, as
against 39,948 bales in the same month in 1930 and 42,161
bales in June 1931. Raw silk in storage at Aug. 1 1931
Total.
37.352
37.315
64.741
24,534
8,439
4,706
74,667
29.921
40,107
3,733
44,746
SUMMARY.
Imports During the Month."
Bank of Montreal Report Regarding Crops in Canada.
Below will be found a brief synopsis of telegraphic reports
received at the Head Office of the Bank of Montreal from
its Branches brought down to Aug. 6. The Branch Managers
have complete and intimate knowledge of each local situation and are in close touch with crop conditions in all sections of the districts mentioned.
Japan. All Other.
6,440
29.824
1,999
34,917
January
February
March
April
May
June
July
August
September
October
November
December
Total
Average monthly
.,
1931.
49.294
47.827
57.391
29.446
42.264
46.825
37,315
1930.
43.175
42,234
39.990
37,515
22,596
22.369
47,063
51.147
58.292
65,594
55,293
64.616
1929.
58,384
43.278
48.103
47,762
49.894
54.031
46,795
65,516
59,970
66,514
62,885
58.479
310,362
44,337
549.884
45.824
661,611
55,134
APProximate Deliveries
to American Mills.'
--1931.
1930.
1929.
January
February
March
April
May
June
July
August
September
October
November
December
55.910
54,242
55,383
41.3r6
45.073
42,161
44,746
57.683
49.852
50,863
41,584
.40.823
29,396
39,948
41.734
55,649
61.937
57,333
55,424
57,349
48.228
49.878
53.355
49.121
46.504
51,624
59.704
52.274
57,489
50.562
44.159
Total
338.871
Average monthly.. 48,410
582.228
48.519
Storage at End of Month z
1931.
51.814
45.399
47 407
35,497
32.688
37.352
29.921
1930.
76,264
68.646
57.773
53.704
35.477
28.450
35,565
44,978
47.621
51.278
49.238
58.430
1929.
49.943
46.993
45.218
39,125
39.898
67.425
42.598
48.403
55.104
64.129
76.452
90.772
40.011
50,819
53,839 •
Approximate Amount of AIM*
Silk In Transit Between Japan
and New York End of Month.
1931.
1930.
1929.
37.700
37.700
21,300
24.800
36,900
33.400
41,600
37.000
24.000
17.800
8,000
7,700
16.300
31.200
41,700
51.609
46.400
45.500
35.600
31,000
30.000
29,000
30.700
28.000
21.200
34,100
41 600
39,000
49.000
41,000
38,000
619.747
51.646
33,343
30,375
34.333
z Covered by European manlimts 28 to 32, Id.. Asiatic mantfmts, 141 Az 143
to 1115, Incl. y Inc udes re-exports. z Includes 338 bales held at terminals at
end of month. Stocks In warehouses Include National Raw Silk Exchange certified
stocks, 2,950 bales.
Telegraphic Advices Regarding Crop Conditions in
the Dominion of Canada.
The Dominion Bureau of Statistics at 4 p. m. on Aug. 5
issued the fourth of six telegraphic reports for Canada,
based upon advices received from agriculturists of the
Dominion and Provincial Departments of Agriculture and
from a number of special correspondents in the Prairie
Provinces. The crop report of Wednesday, Aug. 12, will
contain the preliminary estimates of the acreages of the
principal field crops in the Prairie Provinces.
General Conditions in Canada.
The weather of the past two weeks has been unfavorable, being too rainy
for haying In the Maritimes and Eastern Canada, and too dry for crop
growth and filling in some sections of Ontario. the Prairie Provinces and
British Columbia. In the Maritimes truck, fruit and grain crops are very
promising, although a heavy drop of apples is reported in Nova Scotia.
Hayingis retarded by wet weather in Quebec and eastern Ontario. hut in
some sections of Quebec and in eastern and southern Ontario the dry
weather has forced most crops to early maturity. General growing conditions. however, are still good. Excessively high temperatures during
late July further reduced prospects in the drouth area of the Prairie Provinces, but in the past week cool weather and some good rains have helped
the feed situation. In British Columbia, also, dry, hot weather has prevailed to the detriment of most crops.
-The latter part of July was too rainy for haying,
The Maritime Provinces.
and the heavy yields were considerably damaged, especially in New Brunswick. Grains, vegetables, potatoes and roots are very promising
A
heavy drop of apples occurred In Nova Scotia, but the crop in New Brunswick is heavy and clean.
Quebec.-Hurang the past ten days frequent rains have made haying
difficult in most regions of the Province, but a heavy yield has been stored.
The earlier dry weather has canoed rapid growth and early maturity of
grains and fodder corn. Cutting of spring grains is proceeding. Pastures,
roots, truck crops and small fruits are generally good.
Ontario.
-The fall wheat harvest is practically complete, with above
average yields of good Quality. Spring grains are now being cut in favorable weather. Drouth has been rather general over the eastern and southern parts of the Province in late July and early August and has particularly
limited pasture growth. Fruit and truck crops are showing high promise.
-The past week, while affording relief from the
The Prairie Provinces.
extreme heat, has caused little change In the crop situation in the Prairie
Provinces. Heavy showers have fallen at many points In the southern
drouth area and, while too late to help the wheat situation, will materially
improve the feed outlook.
Cooler weather has prevailed In Manitoba during the past week and
heavy local showers have improved fodder crops. Cutting Is reported
under way and will be general next week. Stem rust has increased in
eastern Manitoba, but the loss from this source will be confined to late
wheat.
Continued dry weather In the area immediately south of Calgary has
caused further crop damage. No improvement has taken place in the east-
AUG. 8 1931.]
FINANCIAL CHRONICLE
central dry area and some crops are being cut for feed. The north-central
area continues favorable with plenty of moisture. Some lodging is reported.
Heavy rains in the southeastern area of Alberta have benefited all crops
and particularly filling wheat.
Meteorological Report -Precipitation reported by the Dominion Meteorological Service. Toronto, for the week ending 8 a. m.. Aug. 3, was as follows (in inches):
Cypress River- -1.7 Saskatchewan(Conc.)
Manitoba.
Alberta.
Swan River_ ___0.1
Saskatchewan.
Humboldt___ _0.4 Empress
.05
Dauphin
0.2 Melfort
05 Lloydminster___0.4 Lethbridge_ -_ .05
Russell
0.2 Prince Albert_ .05 Saskatoon
0.4 Medicine Hat__0.3
MInnedosa
0.5 Macklin
0.1 Broadview
0.5 Vegreville
0.3.
Morden
0.8 Yellow Grass _0.1 Moose Jaw
0.5 Stettler
0.5
Virden
1.1 Outlook
0.2 Swift Current 0.6 Cardaton
1.8
Brandon
1.1 Kamsack
0.2 Kindersley
0 7 Foremost
1.9
Boissevain
1.2 Regina
0.3 Assinlbola
0.8 Edmonton --- -2.9
Emerson
1.3 Yorkton
0.3 Estevan
0.9
Winnipeg
1.6 Indian Head_ _0.3 Shaunavon
1.0
Portage la PraiMousomln
0.3 Vidor°,
2.1
1.7 Battleford
rie
0.4
Cool weather, with scattered showers, has prevailed in the three Provinces
during the past two days.
-Our correspondents report no hail during the past week.
hail Damage.
Rust Damage.
-The Dominion Rust Research Laboratory in Winnipeg
reports as follows: "Stem rust of wheat has increased in eastern Manitoba.
but loss will probably be confined to late fields of common wheat. Traces
of stem rust reported from Saskatoon and Indian Head; none reported
from Alberta."
British Columbia.
-The agricultural areas have suffered from high temperatures and lack of rainfall. Haying is nearly completed and wheat
cutting will soon be general, with good yields expected. Peaches and
early apples and plums are now being marketed, with yields of higher
quality
and lower quantity than last year.
Flour Output Continues Below Rate a Year Ago.
General Mills, Inc. summarizes the following comparative
flour milling activities as totaled for all mills reporting in
the milling centers as indicated:
PRODUCTION OF FLOUR.
Production
5 Rents
Ended
Aug. 1,
Production
Sams
Period
Year Ago,
Cumulative
Production
Sine June
30 1931.
Cuinumtice
Production
Same Period
1930.
Barrels,
1,911,307
2,386,412
2.309.646
364,610
Barrels.
2,102,131
2,504.586
2.391.432
329,378
Barrels.
1,911.307
2,386,112
2,309,648
364,610
Barrels.
2,102,131
2,504.586
2,391,432
329,378
Northwest
Southwest
Lake. Central and Southern_
Pacific Coast
Grand total
6.971.977
7 327 527
0 071 077
7 797 c97
Note.-Thls authoritative oompllation of flow milling activity represents
approximately 90% of the mills in principal flour-producing centres.
Petroleum and Its Products-Murray Executes Martial
Law Threat
-Crude Markets Stronger As Oklahoma
Production Ceases-Pennsylvania Prices Again
Advance.
Acting with a suddenness which took the industry by
surprise, Governor William Murray on Tuesday of this
week declared all territory within a 50
-foot radius of producing oil wells, with the exception of strippers, under
martial law and sent his troops into the fields to enforce
his order completely shutting down oil production throughout the State. The stripper wells, which were allowed to
continue, are those producing 25 barrels or less per day.
This action, cutting production by approximately 500,000
barrels per day, has worked havoc with refiners in the area
effected. Although certain East Texas producers rushed into
the gap with offers of their oil at low prices, the purely
physical impossibility of transporting the oil has made
it seem inevitable that Oklahoma refiners also close down
until the situation in the State is adjusted either through
the purchasing companies meeting Governor Murray's
demand for a $1 base price for oil; or through the securing
of Federal intervention. The latter seems improbable, as
Governor Murray declared he had not taken his decisive
step until positive that he was well within his legal rights
as the head of a sovereign State.
Harry F. Sinclair, Chairman of the Sinclair Consolidated
Oil Corp., was the most outspoken critic in the industry.
Branding the Governor's action as "absurd and unjust"
and charging that Sinclair is the only company repeatedly
mentioned among the "monopolistic oil corporations" condemned by the Governor in his proclammation, Sinclair,
declaring that his corporation is well-known to be an independent and that "its interests are those of all other independents. To group it with monopolistic corporations is
only only a perversion of facts known to all; it verges upon
the ridiculous to link Sinclair with interests and forces which
which now, and in the past, have been its most active opponents and competitors."
Mr. Sinclair, pointing out that his corporation has always
obeyed the State's oil laws and will, under duress, obey the
shut-down order, added that "the sum total of our misdeeds
was that we joined with others, using prescribed legal
methods, to increase the State's allowable production. I
have never subscribed, but have submitted to the theory
871
•
of proration as practised in this State, which has deprived
Oklahoma of its rightful place as an oil producer, and driven
its customers to other fields."
On the other hand, Governor Ross Sterling of Texas, in
answer to Governor Murray's telegram saying, "I trust you
may see your way clear to join me by shutting down all flush
wells in Texas which, beyond doubt, would bring desired
results," replied that he must decline to take such action
as the Texas Legislature was working on a new conservation
law, but added "I congratulate you and wish you success."
The position of Governor Murray was strengthened this
week when a three-judge Federal Court at Guthrie upheld
the validity of the Oklahoma oil conservation laws on which
proration regulations of the Corporation Commission were
based. The decision was rendered on the application of the
Champlin Refining Co. for a permanent injunction to prevent interference by the Commission with open production
of the company's wells in Oklahoma City field.
Meantime Governor Murray is encouraging the withdrawal of oil from storage in Oklahoma fields in the belief
that prices are bound to rise when storage stocks are exhausted.
Replying to critics, Governor Murray declares that "although some of the inferior Federal courts have for decades
assumed to give corporations a footing above sovereign
States, and in excess of law chartering them, through abuse
of injunctions, doubtless because of the well-known fact
that many such judges owe their positions to the influence
of corporations, there is but one course for me to follow and
that is for the people."
At a meeting in Tyler, Tex., Thursday 37 of 60 operators
in the heart of the East Texas area voted to shut down their
wells and expressed admiration for Governor Murray and
has "masterful and courageous action" in handling Oklahoma's oil problem. The operators asked that a mass
meeting be held at Tyler on Aug. 14, at which time unanimous action would be sought in closing down the East Texas
field which, it has been held, led to the disasterous overproduction of crude, bringing about the Oklahoma crisis
as well as upsetting markets throughout the country.
Meanwhile Pennsylvania crude contines its upward path,
with another advance becoming effective this week, the
second within a 10-day period.
Price changes follow:
Aug. 3.
-Tide Water Pipe Co., Ltd., advances Bradford and Allegheny
crude 15c. per barrel to $1.95 per barrel.
Aug. 3.
-South Penn Oil Co. poste 15c. per barrel advance in other
Pennsylvania grade oils, quoting SS follows: In National Transit Co.
lines, $1.70; South West Pennsylvania Pipe Lines Co. lines. $1.55;
Eureka
lines. $1.45; Buckeye lines. $1.30.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A.P I degrees are not shown.)
Bradford
21. 5 Eldorado, Ark., 40
,
2
10.31
Illinois
.40 Rusk, Texas. 40 and over
.15
Western Kentucky
.35 Salt Creek. Wyo., 40 and o'er__ .39
hitdcontinent, Okla., 40 and above .50 Garet Creek
.37
Hutchinson. Texas, 4()and over__ .27 Sunburst. Mont
.70
Spindietop, Texas, 40 and over-_ .60 Santa Fe Springs, Calif.,40 and over .75
Winkler, Texas
.25 Huntington. Calif., 28
.72
Smackover Ark., 24 and over
.30 Petroila. Canada
1.60
REFINED PRODUCTS
-DIESEL AND BUNKER FUEL OILS DOWN
IN TWO PRICE CUTS
-COMPETITIVE REDUCTIONS IN
GASOLINE IN PHILADELPHIA-TANK CAR SITUATION
UNCHANGED-CONSUMPTION SATISFIES.
The week was marked by two reductions in Diesel and
Grade C bunker fuel oils, the first announced on Monday
and the second on Friday. On Monday, Aug. 3, the Standard Oil Co. of New Jersey announced a five-cent cut, making
the new prices 75e. per barrel for Grade C bunker fuel oil,
and $1.45 per barrel for Diesel, New York Harbor refinery.
All Atlantic seaboard ports were reduced in accordance with
the action here. Yesterday, Friday, the same company
posted a second reduction in these two products, also of
five cents per barrel.
Many price changes were made during the week, but all
were more or less local character, reflecting local competitive
Conditions rather than any widespread market changes.
In Philadelphia the price-cutting became contagious, with
Sun Oil Co., Atlantic Refining Co., Sinclair Refining Co.,
Shell Eastern, and Gulf Refining Co. participating. The
price changes are enumerated at the end of this summary.
Cleveland was brought below the State-wide structure by
Sohio in a one-cent per gallon reduction in Cuyahoga County,bringing tank wagon to 15e. and service station to 16c.
There has been no change of note in the New York territory. Consumption of gasoline is working up to the usual
high August volume, but the beneficial results expected of
the improving crude situation have not as yet been felt in
this area. In fact, the downward revision of Diesel and
bunker oil prices indicates the contrary.
872
[VOL. 133.
FINANCIAL CHRONICLE
There has been little interest shown in keillosene, but prices
are unchanged.
Chicago reports U.S. Motor gasoline as slightly firmer and
moving upwards towards a 4c. basis.
Price changes follow:
SUPPLY AND DEMAND OF ALL OILS.
(Including wax, coke and asphalt in thousands of barrels of 42 U. S gallons.)
June
1931.
May
1931.
June Jan-June Jan-Jun.
1030.
1931.
1030.
New Supply
Domestic production:
Crude petroleum
75,116 77,164 76,929 421,414 466,026
price changes announced in Philadelphia, re-The following
Aug. 3.
2,575
2,328
2,564
2,489
Daily average
2,504
sulting from local competitive conditions:
26.452
22,978
4,269
3,814
Natural ga.sollne
8,521
Philadel1,473
1,083
235
160
186
Sun Oil Co. reduces service station price lc. to 10c. per gallon.
Benzol
Total production
78,797 81,164 81,433 445,475 493,951
phia district only. Tank wagon unchanged at 10c.
2,729
2.461
2,714
2,627
2,618
Daily average
tank wagon and service station price lc. .
Atlantic Refining Co. reduces
Imports:
31,130
to 10c. per gallon.
25,509
3,978
4,512
5,767
Crude petroleum
Sinclair
21,587
19,284
2,847
4,027
2,396
Refined products
Sinclair Refining Co. reduces service station price 54c. to 10c.;
85,171 88.523 91.227 490,268 546,668
Sc.
new supply, all oils
Total
Green gasoline reduced 34c. per gallon to
3.020
2,709
2,856
3.041
2,839
Daily average
Shell Eastern reduces service station price 34c. to 10c.
8,163
Gulf Refining Co. reduces service station Mc. to 10c. per gallon.
a81 a3,083 al3,450
83,592
Increase in stocks, all oils
lc, per gallon in
-Standard Oil Co. of Ohio reduces gasoline
Aug. 3.
wagon,
Demand
Cuyahoga County, including Cleveland. New price, 15c. tank
88,763 88,604 94,310 503,718 538,505
Total demand
16c. service station. This is lc. under State-wide structure.
2,975
2,783
3,144
2,858
2,959
Daily average
-Standard Oil Co. of New Jersey reduces Grade C bunker fuel Exports:
Aug. 3.
oil Sc.
12,094
11.853
2,268 , 2,508
2,544
Crude petroleum
oil Sc. per barrel to 75c., New York Harbor Refinery, and Diesel
71,291
51,078
9,837 14,453
7,753
Refined products
per barrel to $1.45, also New York Harbor Refinery.
78,466 76,499 77,349 440,787 455,120
Domestic demand
-Standard Oil Co. of New Jersey reduces Grade C bunker fuel
Aug. 7.
2,514
2,435
2,578
2,616
2,468
Daily average
oil 5c. per barrel to 70c., and Diesel oil 5c. per barrel to $1.40, both at New EXCIVIS of daily average domestic
are
215
26
136
11
150
production over domestic demand
York Harbor refineries. Bunker oil at Baltimore, Norfolk and Bruton
on New York level; Charleston, S. C., 65c. and at Baton Rouge and New
Stocks(End of Month)
Orleans, 55c. Diesel at Baton Rouge and New Orleans is $1.25.
Crude petroleum:
353,710 354,306 384,222 353,710 384,222
East of California
Gasoline, U. S. Motor, Tank Car Lots. F O.B. Refinery.
139,058 140,816 146,321 139,058 146,321
California b_
8.04-0434
Arkansas
. 492,768 495,122 530,543 492,768 530.543
N.Y.(Bayonne)
Total crude
.05-.07
Colonial-Beacon.
.50.534 California
928
860
996
928
860
Stand. 011, N. J.40.534
Vatural gasoline at plants
Loa Angeles,ex .0434-.07
.06
Crew Levick
158,992 160,094 165,858 158,992 165,858
•Stand. Oil, N.Y. .0554
Refined products
.0534 North Louisiana .04-0434
tTexas
Tide Water OS Co .0535
.0534 North Texas_ .0334-.0334
Gulf
652,620 656,212 697,329 652,620 697,329
Richfield ou(caL) .06
3rand total stocks, all oils
0534 Oklahoma_ _ _ .03A-.04
Continental
234
235
222
221
230
IA arner-Quinl nCo .0534
Days'supply
.0534 iunker oil (included above in doPennsylvania0251-.03
Pan-Am.Pet. Co. .0534 Chicago
4,053 c4,286
4,041
23,215
25,297
mestic demand)
Shell Eastern Pet_ .0534 New Orleans. ex__ __ .03
•I'lus freight. t"Texaco" Is 634c.
a Decrease. b Includes residual fuel oils c Revised.
Gasoline, Service Station, Tax Included.
5.149
PRODUCTION OF CRUDE PETROLEUM BY STATES.
5.15 Kansas City
$.153 Cincinnati
New York
.162
Minneapolis
(Thousands of barrels of 42 U. S. gallons.)
20 Cleveland
Atlanta
.118
Orleans
.18 New
.144 Denver
Baltimore
.16
.13 Philadelphia
.15 Detroit
Boston
.17
Jan.
Jan.May 1931.
.18 Ban Francisco
June 1931.
128 Houston
Buffalo
June
June
.19
14 Jacksonville
Chicago
1930.
Total. DallyAe. Total. DatlyAo. 1931.
Kerosene,41-43 Water White.Tank Car Lots, F.O.B. Refinery.
44
8,381
1,363
43
10,059
1,295
5.02ti- 03% I New Orleans, ex_ _50.3q Arkansas
5 04ii [Chicago
N.Y.(Bayonne)
.0435-.0334 California:
North Texas_ _ .0234-03 I LosAngeles,ex. .0434-06 I Tulsa
39
5,972
1,189
58
2,484
1,751
Kettleman 11111s
86
2,666
16,027
80
18,406
2,399
Long Beach-4
Fuel 011. F.O.B. Refinery or Terminal.
72
2,233
65
12,768
25,923
1,964
Santa Fe Springs
"C"-_ $.55-.65
Gulf Coast
California 27 plus D
New York (Bayonne)334
318 10,361
71,590
60,909
9,527
Rest of State
5.75-1.00 Chicago 18-22 D_ 4254-.50
$.70
Bunker "C"
521 16,449
531
95,676 118,403
15,641
Total California
1.40 New Orleans"C"____ .55
Diesel 28-30D
4
130
849
s
796
138
Colorado
382
15
13
3,044
2,374
457
Illinois
Gas OIL F.O.B. Refinery or Terminal.
2
66
3
490
400
75
Indiana-Southwestern
I Tulsa
'ChicagoN. Y.(Bayonne)21
27
Northeastern
28D plus__ _$.0331-.04 I 32-3613 Ind..5.01 34-.02 I 32-3613 Ind_ 5.0154-.02
2
517
69
421
3
78
Total Ipdlana
3,245
105
18,945
104
21,253
3,103
Kansas
477
15
16
3,785
3,172
486
Kentucky
24
736
21
4,715
3.684
644
Louisiana-Gulf Coast
37
1,155
35
6,988
7,205
Daily Average of Crude Oil Output in the United States
1,050
Rest of State
61
1,891
11,703
56
10,889
Total
Exceeds That of Preceding Month Michigan Louisiana-- 1,694
During June
225
1,491
7
7
2,078
210
8
257
1.512
1,496
8
251
But Continues Below Figure for Corresponding Montana
45
43
7,340
1,400
2,699
1,290
New Mexico
9
278
1,667
10
2,109
296
Period Last Year-Inventories of All Oils Again New York
12
368
2,243
12
2,697
364
Ohio-Central & Eastern
3
Fall Off.
93
4
687
570
100
Northwestern
15
461
2,813
3,384
16
464
Total Ohio
reports received by the Bureau of Mines, Oklahoma-Okla. City
191
According to
5,931
26,812
192
16,954
5,755
152
4,702
27,612
46,023
146
4,379
Seminole
Department of Commerce, the production of crude petroleum
251
54,001
7,794
46,019
252
7,576
Rest of State
594 100,443 116,978
690 18,427
17,710
Total Oklahoma.,
States during June 1931 amounted to 75,116,000 Pennsylvania
In the United
30
925
5,456
7,225
30
917
6
4
barrels, a daily average of 2,504,000 barrels. This repre- Tennessee Coast
146
4,531
26,361
134
31,485
4,005
Texas- Gulf
308
9,554
31,399
355
successive increase in monthly production
10,657
East Texas
sents the fifth
216
6,701
42,159
58.525
216
6,481
West Texas
281
8,699
49,288
59,503
277
8,302
and is an increase over the daily average in May of 15,000
Rest of State
951 149,187 149.513
982 29,485
29,445
Total Texas
60,000 barrels below the daily average of a West Virginia
12
barrels, but is
2,763
2,230
13
373
380
25
771
5,356
4,628
25
741
Wyoming-Salt Creek
year ago. The Bureau, in its statement, goes on to say:
18
556
3,620
3,175
17
520
Rest of State
43
7.803
1,327
practically
42
8,976
1,261
Total Wyoming..._
As has been the case for a number of months, Texas supplied
production. The total daily average production M that
2,489 421,414 466.026
all of the new
2.504 77,164
75,116
U.S.total
barrels, which was easily the
State during June amounted to 982,000
Practically all of the
highest daily output ever recorded in any State.
OF WELLS COMPLETED IN THE UNITED STATES.a
NUMBER
East Texas district, which
Increased output in Texas in June came from the
308,000 barrels daily in
June
May
Jan.
-June Jan.
-June
June
yielded 355,000 barrels daily.as compared with
1931.
1930.
1930.
1931.
East Texas, it may be cited
1931.
May. As an illustration of the importance of
wells completed in the entire country in June, 349 were 011
2,940
498
1,197
that of the 603 oil
6,700
603
showed practically no change
1,273
276
1,053
178
121
Gas
located in this field. Production in Oklahoma
2,272
field of California recorded Dry
3,392
602
355
305
the previous month. The Kettleman Bills
from
compensated by declines
than
11.385
a material gain in output, but this was more
6.285
2.075
1.031
1.029
Total
in other fields of that State.
a From "011 de Gas Journal" and California office of the American Petroleum
accompanied by increased demand by
The gain in crude production was
decline, though at a slightly Institute.
refineries and crude stocks continued to
increased,
Stocks of light crude in the Mid-Continent area
reduced rate.
Texas, but crude stocks in most
Oil Prices Changed Over Wide Area-Pennsylvania
reflecting the gain in production in East
light and heavy crude in
both
of the other districts declined. Stocks of
Crude Up 15 Cents a Barrel-Gasoline Cut One
heavy crude brought the total
California showed material declines, that in
Cent in Philadelphia-Standard of New Jersey
time since 1929.
to below 100,000,000 barrels for the first
in June as compared with a
Lowers That Product and Diesel Oil 5 Cents a
Stocks of all oils declined 3,592,000 barrels
material withdrawal from stocks
drop of 81,000 barrels in May. This
Barrel.
for crude and gasoline.
resulted primarily from the increased demand
amounted to 2,541,000 barrels,
Several important price changes were made Aug. 3 in both
The daily average crude output in June
2,533,000 barrels.
which compared with daily runs in May of
crude oil and refined products. An advance of 15 cents a
rapidly for a number of
The production of motor fuel, after increasing
oil by the
of gasoline were again barrel was made in Pennsylvania grades of crude
months, showed a small decline. Daily imports
4,992,000 in May to 3,265,000 in June. The leading purchasing companies, while a reduction of gasoline
lower; exports fell off from
amounted to 1,279,000 barrels, prices in Philadelphia and Cleveland was announced by the
indicated domestic demand for motor fuel
of motor fuel on hand
an increase over June a year ago of 7.5%. Stocks
The Standard Oil
from the previous month leading marketers in these two cities.
June 30 amounted to 44,296,000 barrels, a decline
represent 32 days' supply as com- Co. of Now Jersey reduced the price of bunker fuel and Diesel
of 3,652,000 barrels. The June stocks
with 35 days' supply oil 5 cents a barrel at North Atlantic and Gulf ports.
pared with 37 days' supply on hand a month ago and
on hand a year ago.
The Tide Water Pipe Co., Ltd., a subsidiary of the Tide
from schedules of 852
The refinery data of this report were compiled
capacity of 3,778,490 Water Oil Co., advanced crude oil in the Bradford and Alrefineries, with an aggregate daily recorded crude-oil
determine, all operations legany fields 15 cents a barrel to $1.95, making tho second
barrels, covering, as far as the Bureau is able to
at 67% of their
during June 1931. These refineries operated during June
a week. The South Penn Oil Co.
refineries operating similar advance within
recorded capacity, given above, as compared with 856
posted a like advance, making new prices as follows: In
May.
at 67% of their capacity in
Aua. 81931.]
FINANCIAL CHRONICLE
National Transit Co. lines, $1.70 a barrel; Southwest PennLines Co. lines, $1.55; Eureka lines, $1.45, and
in Buckeye lines, $1.30.
In Philadelphia the Sun Oil Co.reduced the service station
price of gasoline 1 cent a gallon to 10 cents for the regular
grades. The Atlantic Refining Co., the Gulf Refining Co.,
the Sinclair Refining Co.and Shell Eastern also posted a price
of 10 cents a gallon. The new prices apply in the Philadelphia district only.
The Standard Oil of New Jersey yesterday reduced the
price of gasoline 1 cent a gallon in Cuyahoga County, Ohio,
which includes Cleveland. The new prices, which are 15
cents tank wagon and 16 cents service station, are 1 cent below the State-wide structure.
The Standard Oil of New Jersey's new price of bunker
fuel oil is 75 cents a barrel in New York Harbor and 60 cents
at Gulf ports, while Diesel oil is priced at $1.45 a barrel in
New York Harbor and $1.30 at Gulf ports.
sylvania Pipe
Crude Oil Output in United States Continues Below
Rate a Year Ago.
American Petroleum Institute estimates that the daily
The
average gross crude oil production in the United States for the
week ended Aug. 1 1931, was 2,500,650 barrels, as compared
with 2,486,950 barrels for the preceding week, an increase
of 13,700 barrels. Compared with the output for the week
ended Aug. 2 1930 of 2,515,300 barrels per day, the current
figure represents a decrease of 14,650 barrels daily. The
daily average production East of California for the week
ended Aug. 1 1931 was 1,996,450 barrels, as compared with
1963,050 barrels for the preceding week,an increase of 33,400
barrels. The following are estimates of daily average gross
production, by districts:
873
Weekly Refinery Statistics for the United States.
Reports compiled by the American Petroleum Institute
for the week ended Aug. 1, from companies aggregating
3,656,100 barrels or 95% of the 3,848,500 barrel estimated
daily potential refining capacity of the United States,
indicate that 2,381,300 barrels of crude oil were run to
stills daily, and that these same companies had in storage
at refineries at the end of the week, 36,742,000 barrels of
gasoline and 133,386,000 barrels of gas and fuel oil. Reports
received on the production of gasoline by the cracking
process indicate that companies owning 95.4% of the potential charging capacity of all cracking units, manufactured 3,305,000 barrels of cracked gasoline during the week.
The complete report for the week ended Aug. 1 1931 follows:
CRUDE RUNS TO STILLS. GASOLINE STOCKS. AND GAB AND FUEL OIL
STOCKS, WEEK ENDED AUG. 1 1931.
(Figures In Barrels of 42 Gallons each).
District.
Per Cent
Potential
Capacity
Reporttag.
East coast
100.0
Appalachian
91.8
Ind., Illinois, Kentucky 98.9
Okla.,Kan., Missouri._ 89.6
Texas.
91.3
Louisiana-Arkansas.... 98.9
Rocky Mountain
89.3
California
96.5
Total week Aug.1
Daily average
Total week July 25._
Daily average
Total Aug. 2 1930
Daily average
95.0
94.7
95.7
Crude
Runs to
Stills.
Per Cent
°Pet.
of Total a Gasoline
Stocks.
Capacity
Report.
Gas and
Fuel Oft
Stocks.
8,103,000
1,282,000
5,525,000
2,726,000
8,850.000
992.000
1,565,000
*11,899.000
10.362,000
1,432,000
3,994,000
5,241,000
10.896,000
2,882,000
826,000
97,953,000
65.1
36,742,000
69.0
37.289,000
133,386.000
. ..emmil
132,793,000
69.6
44.100,000
3,189,000
759,000
2,378,000
1,933,000
3,522,000
1.276,000
322.000
3,312,000
71.4
78.9
78.7
63.4
65.7
79.1
32.3
53.8
16,669,000
2,381,300
17.599,000
2,514,100
17,197,000
2,458,700
139,641.000
WI
7,445,000
5,524,000
74.3
b Texas Gulf Coast..
2.766,000
99.8
1.892,000
851,000
79.6
822,000
b Louisiana Gulf Coast.. 100.01k
a In all the refining districts Indicated except California. figures in this column
they represent the total
represent gasoline stocks at refineries. In *California
Inventory of finished gasoline and engine distillate held by reporting companies
wherever located within Continental United States-(stocks at refineries, water
terminals and all sales distributing stations, including products in transit thereto).
b Included above in table for week ended Aug. 1.
Note -All figures follow exactly the present Bureau of Mines definitions. Crude
oil runs to stills include both foreign and domestic crude. In California stocks of
heavy crude and all grades of fuel oil are included under the heading "Gas and Fuel
Oil Stocks."
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS)..
Week EndedAug. 1 '31. July 25 '31. July 18 '31. Aug.2'30.
Oklahoma
425,250
482.150
521,000
554.650
Kansas
99,750
97.400
99,500
118,450
Panhandle Texas
54,350
55,600
57,800
98,400
North Texas
58,700
58.100
58,850
74,200
West Central Texas
26,150
25,600
26.250
55,400
West Texas
201,700
199,850
201,550
301,050
East Central Texas
52,350
52,350
53.600
41.150
East Texas
597,550
504,900
408,800
Output of Natural Gasoline Continued to Decline
Southwest Texas
58,000
56,750
57.750
124,500
North Louisiana
32,350
During June-Inventories Also Lower.
33,450
33,950
41,850
Arkansas
38,650
40,800
41,050
55.050
Coastal Texas
130,700
133,950
According to the United States Bureau of Mines, Depart135,900
180,350
Coastal Louisiana
21,800
22,550
22,900
27,950
continued to
Eastern (not incl. Mielligan)
100,700
97,300
100,300
124,500 ment of Commerce, natural gasoline production
Michigan
7,850
7,800
8,200
10,600 decline in June, when the daily average output amounted to
Wyoming
36,850
40,600
41,100
47,700
Montana
8,050
7,950
8.400
9,450 4,930,000 gallons, as compared with 5,170,000 gallons in May.
Colorado
4,200
4,200
3,650
4,650,
New Mexico
43,700
42,150
41,350
43,000 The June figure represented the lowest point in production
California
504,200
523,900
525,000
608,700
since September 1928. Production declined in June in all
Total
2,500,650
2,486,950 2,448,800 2,515,300
-California, Oklahoma
three of the leading producing States
The estimated daily average gross production for the Mid-Continent
Field. including Oklahoma. Kansas, Panhandle, North, West Central, and Texas. Production in the Kettleman Hills field of CaliWest, East Central, East and Southwest Texas, North Louisiana and fornia rose from a daily average of 497,000 gallons in May
Arkansas. for the week ended Aug. 1, was 1,642.800 barrels, as compared
with 1,606,550 barrels for the preceding week, an increase of 36.250 barrels. to 530,000 gallons in June. Stocks of natural gasoline conThe Mid-Continent production, excluding Smackover (Arkansas) heavy tinued to reflect the decrease in output and declined from
oil, was 1,615,350 barrels, as compared with 1,577.850 barrels, an increase
41,837,000 gallons on hand the first of the month to 36,129,000
of 37.500 barrels.
The production figures of certain pools in the various districts for the gallons on hand on June 30. The major portion of this decurrent week, compared with the previous week, in barrels of 42 gallons. crease occurred in Oklahoma.
follows:
GASOLINE (THOUSANDS OF GALLONS).
-Week Ended
-Week Ended
- PRODUCTION OF NATURAL
Oklahoma
-Aug. July 25.
Southwest Texas1.
Aug. 1. July25.
Bowlegs
12,800 14,300 Chapmann-Abbot-- 3,050 3,000
Stocks End ofMo.
Production.
Bristow-Sliok
11,
11,600 Darst Creek
21,550 19,900
Burbank
13,000 13,000 Luling
W4.
7,600 7,600
Jan.Carr City
12,450 15,400 Salt Flat
10,900 11,500
June
June
June
May
May
June
Earlabor°
15,200 17,300
North Louisiana1931.
1931.
1931.
1930.
1931.
1931.
Earlsboro
East
14,900 17,700 Barema-CartervIlle
950 1.000
South Earlabor°
3.150 4,100 Zwolle
6,750 7,150 Appalachian
4,500
6,000 41,900
5,601
5,900
4,300
Konawa
Arkansas
8,900 7,350
443
5.200
800
497
700
Illinois, Kentucky,&o
600
Little River
21,550 23,200 Smackover, light
3,300 3,700 Oklahoma
37,800 42,600 52,900 247,700 11,485 15,867
East Little River
5,500 3,750 Smackover, heavy
27,450 28,700 Kansas
2.500
2,700 15,700
1.951
2,200
2.142
Maud
2,050 2,300
Coastal Texas
9,275
9,995
Texas
34,300 35,700 38,600 224,100
Mission
6,450 9.050 Barbers Hill
19,000 19,500 Louisiana
5,600 27.200
4,100
737
4,000
805
Oklahoma City
65,850 111,600 Raccoon Bend
6.950 6.900 Arkansas
2,800 14,900
2,500
233
2,300
222
St. Louis
20,700 20,250 Refugio County
25,500 26,900 Rocky Mountain
4,600 33,300
731
1,118
6.100
5,900
Seatight
4,000 4,050 Sugarland
12,000 12,000 California
6,794
58,500 60.100 65,300 355,100
5,590
13,450 12,800
SeminoleCoastal Louisiana
1,550 1,750 East Hackbetvg
East Seminole
650
850
147.900 180,200 179,300 965,100 38,129 41,837
Total
Kansas
Old HackberrY
800
5,330
5,980
5,170
4,930
700 Daily average
9,450 7,500
Ritz
Wyoming
4,289 22,979
3,814
Total(thousands of bbls.)
860
996
3,521
13,650 14,100 Salt Creek
Sedgwick County
20,500 24,600 Daily /mamma
142
123I
117
127
15,250 15,500
Vosholl
Montana
Panhandle Texas
Kevin-Sunburst
4,450 4,500
37,400 39,400
Gray County
New Mexico
Hutchinson County.... 9,750 9,750 Hobbs High
37,050 37,050
Balance Lea County
North Texas
4.400 3,250 Troops Close Oklahoma Oil Wells in Governor Murray's
12,400 12,550
Archer County
California
-Martial Zones Declared at
$1 a Barrel Fight
North Young County_ 8,800 9,000 Elwood-Goleta
25,800 25,800
Wilbarger County
11,600 11,40 Huntington Beach
19,200 19,200
-Guardsmen Ordered to Enforce Edict.
Gushers
West Central Texas
Inglewood
13,800 13,800
3,250 Kettlemen Hills
South Young County... 3,200
66,300 76.400
The fight of Governor William H.("Alfalfa Bill") Murray
West Texas
Long Beach
73,700 74,200
Upton Cos- 19,500 19,400 Midway-Sunset
Crane de
49,700 51,700 of Oklahoma to force the price of crude oil to $1 a barrel
7,050 6,800 Playa Del Rey
poor county
23,300 24,600
27,300 28,900 Santa Fe Springs
Howard County
62,300 62.100 resulted in an executive order late on Aug. 4 halting pro25,800 25,900 Seal Beach
Reagan County
10,800 12,000 duction of oil in the State and mobilizing the
National
39,200 36.800 Ventura Avenue
Winkler County
39.800 40,000
69,900 70,90)
Yates
Guard to enforce the order. As commander-in-chief of
2,900 2,900
Bal. Pecos County
Pennsylvania Grade
Allegany
East Central Texas
6,650 6,850 the military forces of the State, the Governor declared
43,100 43,000 Bradford
Van Zandt County
22,150 21,350
Kane to Butler
East Texas
6,850 6.050 martial law in zones of a radius of 50 feet around every
-Joiner
226,850 181,700 Southeastern Ohio
Rusk Co.
6,500 5,950
_233,700 212,000 Southwestern Penna.__ 3,250 13,150 well in prorated production areas of the State, including
Kilgore
Gregg Co.-Longview...137,000 111,200 West Virginia
12,800 11,950 the flush Oklahoma field, and
directed the adjutant-general
[VOL. 133.
FINANCIAL CHRONICLE
874
to prevent oil being flowed from these wells. In all, 3,106
wells were shut in. The order applied to 27 fields which
have been producing oil under proration orders of the
State Corporation Commission. Stripper wells, that is,
wells that do not produce more than 25 barrels a day, were
not affected by the order. Neither were wells in unprorated fields.
Action of the kind taken by Governor Murray had been
expected for the last two weeks. When oil prices plunged
downward to the lowest level in the history of the State,
20 cents a barrel, and operators began holding conferences
with a view to a voluntary shutdown, Governor Murray
came out for his $1-a-barrel oil and declared if the major
companies did not come to that price he would take the
necessary steps to force them to do so. He delayed, he
has told newspaper men, because he felt he would have to
defend his position in the Supreme Court of the United
States, once he finally took action, and he wanted to support. his stand.
Independent producers received the order gladly because
the low price of crude has forced them to the verge of bankruptcy. However, two of the leading oil companies, the
Sinclair and Champlin firms, were said to be prepared to
go into a general court seeking an injunction to prevent
enforcement of the order. One company hinted that as
a last resort it would appeal to President Hoover. There
was no provision in the order for a source of crude oil to
keep operating refineries which depend upon local crude.
Non Ferrous Metal Markets Dull—Prices Generally
Steady Though Copper Drops to 734 Cents.
Little activity occurred in the non-ferrous metal markets
in the last week, volume of sales of all metals being well below
normal,"Metal and Mineral Markets" reports, adding:
Prices held up fairly well, though copper dropped off a quarter of a cent to
71i cents, a new all time low, with the realization that the continued increase in stocks has not yet been arrested.
Silver and tin each made a net advance of a fraction of a cent and lead
held steady. Zinc at 3.85 cents is slightly lower, though the price is firm.
Quick-silver also declined slightly, with offers as low as $82. The"M.& M.
let." weighted index of non-ferrous metal prices advanced slightly in July to
59.54, compared with the year's low of 58 23 in June, due to higher quotations for lead, silver, zinc, and tin. Only copper was lower, and copper
continues the weakest in the metal group.
Another large increase in refined copper stocks is prophesied for the end
of July. perhaps 30,000 tons, owing to decreased shipments, with no appreciable change in production. So long as this continues, hope for improvement in the copper market is futile. Whether all of the large copper
producers are financially able to continue production and accumulate copper
below 8 cents remains to be seen. It becomes more and more plain, according to trade opinion, that a complete cessation of operations by a liberal
proportion of the producers Is needed to right the situation.
Copper for Export Cut One-Quarter Cent a Pound—
Foreign Quotation Now 8c., Setting a New Low
Record for the Metal—Sales Continue Small.
The price of copper for export was reduced a quarter
cent a pound to 843., c.i.f. European base ports, a new low
record. The reduction brought the export price closer
to the domestic price, which has been between 73 and 80.
a pound for several days.
Some copper was offered by custom smelters at 73.c. a
pound, but other smelters asked 7Y03. As the current
Output of Slab Zinc Again Shows Falling Off—
price is below the cost of production for most companies,
Shipments Again Higher—Inventories Decline.
most producers are unwilling to offer the metal below 86.
to the American Zinc Institute, Inc., produc- a pound.
According
tion of slab zinc during the month of July 1931 amounted to
Pig Iron Production at Lowest Point Since 1921.
21,365 short tons, as compared with 23,483 tons in the preTwelve blast furnaces were blown out during July and
ceding month and 40,023 tons in July 1930. Shipments
totaled 28,460 tons during July of the current year, as against three were blown in, making a net loss of nine and bringing
27,604 tons in June last and 35,389 tons in the corresponding the number of active stacks to 82, reports the "Iron Age" of
period in 1930. Stocks at the end of July 1931 declined to Aug. 6. This compares with 91 on July 1, with a recent
131,833 short tons, as compared with 138,928 tons a month maximum of 116 on April 1, and with 82 almost 10 years
ago, Oct. 1 1921, the most recent date when so low a number
previous and 117,724 tons a year ago.
Output of slab zinc during the first seven months of this was active.
Coke pig iron production in July was 1,463,220 gross tons,
year amounted to 194,085 short tons, as compared with
317,229 tons in the same period last year, while shipments a decline of 10.7% from the 1,638,629 tons in June. The
totaled 205,870 tons as against 274,935 tons in the first total was the smallest for July since 1921, when the low
seven months of 1930. The Association's statement follows: figure of 864,555 tons was registered, the lowest for any
month since December 1903. Current production is about
SLAB ZINC STATISTICS(ALL GRADES)1929. 1930 & 1931(Tom of 2,000 lbs.)
70% higher than in the nadir of the 1921 slump. The "Age"
further reports as follows:
Retorts Unfilled
Month.
1929.
January
February
March
ApriL
May
June
July
August
September
October
November
December
Produced Shipped
During
During
Month. Month.
50.862
48,057
55.107
55.203
57.475
52.532
54.447
55.708
51,994
54.513
48,411
47.292
50,234
52.395
58.463
58.334
58.226
49.182
47,943
51.980
47,202
48,777
43,148
36,717
Total
1930.
January
February
March
april_
May
Tune
luly
august
September
Dctoner
Nevem ber
December
631,601
40.704
41.296
41.820
40,597
38.681
36,448
35,389
31,901
32.470
32.430
30,255
34,254
Total
1931.
Fanuary
February
tiarcb
apriL
Mar
hine
Fuly
504,463
436,275
32,522
29,562
32.328
29.137
25.688
23.483
21,365
31,064
30,249
35.224
27,418
25.851
27,604
28.460
194,085
205,870
47.058
42,720
39,364
36,233
35.482
38.832
45,336
49,064
53,856
59,592
64.855
75,430
602.601
52.010
44.628
48,119
44.435
44.558
43.458
40,023
41.012
40.470
40.922
32,097
32,733
Stock at x Ship- Operorg Orders Dan,
End of psi for End of End of Aver.
Month. Export Month. Month. Prod.
Total
63.698
68.127
68.015
70.4.55
70,533
69,703
69,911
50.408
69.468
67,636
58,723
57,999
58.726
59.610
79.995
5.5.571
42.883
36.127
32.031
24.283
20,270
14.844
11,872
18,585
1.641
1.716
1.778
1.840
1,854
1.751
1.756
1.797
1.733
1.758
1,814
1,526
20 59.457
6 57,929
17 51,300
26 50,038
31 52,072
37 52,428
31 46.030
17 50,404
11 44.974
0 41,004
0 37.493
0 33,640
39,017
32,962
29.330
29,203
30.515
28.979
34,135
28,972
27.108
29,510
24,481
26.651
1,678
1,594
1,552
1,481
1,437
1,449
1.291
1.323
1,349
1.320
1,070
1,056
30.251
33,453
31.216
36.150
31.146
33.086
24,815
1,049
1,056
1,043
971
829
783
689
1,551
1.014
1,025
1,227
690
235
185
185
123
67
39
11
6.352
86.736
90,088
96,367
100,205
106,080
113,090
117.724
126.835
134.835
143,327
145.139
143,618
196
145,076
144,389
141.493
143.212
143.049
138,928
131,833
1 35.635
0 35.518
0 34,221
0 29,072
20 23,024
() 21,422
20 21,666
41
-7,420 tons
On the daily basis, production was at the rate of 47.201 tons
lower than that for June a drop of nearly 14%. This compares with 53.732
tons last December.
In seven months the total production has amounted to 12468,593 tons.
This shows a drop of more than 8.300,000 tons, or approximately 39%,
from the output of the first seven months of 1930. Compared with the
record year 1929. when 25,426.080 tons was made In the seven months, the
falling off was more than half.
Net Loss of Nine Furnaces.
Of the 12 furnaces blown out last month, four belong to the United
States Steel Corp., four to independent steel companies, and four to
merchant companies. Of the three blown in, two are Steel corporation
stacks and one an independent steel company unit. The net loss of nine,
therefore, represents four merchants stacks, three of independent steel
companies and two of the Steel corporation.
Furnaces in blast Aug. 1 are estimated to have been making iron on that
date at a daily aggregate rate of 45,230 tons, or 552 tons to the furnace.
This compares with 50,855 tons on July 1 for 91 furnaces, and an average
of 559 tons.
Some districts held up In July better than did others. In New York
and Massachusetts, for instance, there was an actual gain of 24% in output.
In the lower Susquehanna and Lebanon Valleys there was a gain of 38%.
Western Pennsylvania showed a gain of nearly 10%. southern Ohio increased 24% and central and northern Ohio held within less than one-half
per cent of the total for June. The Schuylkill Valley, however, went off
23%. the Pittsburgh district 19%, the Shenango Valley was cut almost in
half, Maryland, Virginia and Kentucky lost 15%. but the Wheeling district
held within 1.3i %. The Mahoning Valley was off 17%. Illinois and
Indiana considered together dropped 10%. The group of Michigan to
Utah. including scattered miscellaneous furnaces. declined 16%, while
those in Alabama dropped off about 11%.
Furnace Changes in July.
Only three furnaces were blown in in July. One was furnace F at the
Lackawanna plant of the Bethlehem Steel Co. in the Buffalo district; one
I Export shipments are Included In total shipments.
was No. 5 of the National Tube Co. in northern Ohio: and one was No. 4
In the Joliet plant of the Illinois Steel Co. in the Chicago district.
Average Retorts Operating During First Seven llfonths of 1931.
Furnaces blown out include the Mystic furnace in Massachusetts, the
/an.
Feb.
April. March.
May.
June.
July.
Brooke furnace in the Schuylkill Valley. Pa., the Ironton furnace in Utah.
20,320 22.298 23,032 29.165 33,047 36,823 35,137 and No 3 Woodward furnace In Alabama. These four are all merchant
1931
44,646 52,440 52,004 50,261 54,809 58,403 61,612 stacks. Also taken off were No. 2 furnace at the Donors plant of the
1930
& Wire Co.,furnaces F and II at the Edgar Thomson Works
Note.—The foregoing Sturm have been adjusted to include a number of corrections American Steel
all 11 furnaces at that plant idle, and No.6
made by slab zinc producers in their reports as originally submitted to the Institute. of the Carnegie Steel Co..leaving
method of reporting and furnace at the Ensley plant of the Tennessee Coal, Iron & RR. Co. These
The corrections were made to insure uniformity in the
stacks. Independent steel company stacks taken off
particularly to Include In ''Stock on Hand" all slab zinc at the reporting plants. four are Steel Corp
Include two of the Jones & Laughlin Steel Corp.. one at the Aliquippa plant
regardless of whether sold or unsold.
AUG.8 1931.]
FINANCIAL CHRONICLE
875
and one at the Eliza plant, one Madeline stack at the Inland Steel Co. in MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY:1930 TO JULY
northwestern Indiana, and two stacks at the Hubbard plant of the Youngs1931-GROSS TONS.
town Sheet & Tube Co. in the Mahoning Valley.
Reported by companies which made 95.21% of the open-hearth and Bessemer
In addition to these, two Steel corporation stacks and one independent
steel Ingot production in 1930.
steel company stack were banked during July for periods ranging from
four to 27 days. but were active both on July 1 and on Aug. 1.
Calculated No.of Approx. Per
Monthly
Month.
OpenCent.
Monthly Work- Dalty
Bessemer,
It is reported that the old Dover furnace, owned by the Valley Furnace
Output
Companies Output AU tng
Output OperaHearth.
Co. and formerly operated by the M. A. Hanna Co., Cleveland. is taken
Reporting. Companies. Days. AS Cos tIoma
off the records, as there is no intention to operate it again at any time
This brings the total possibly usable furnaces down to 308. There are
1930.
441.572 3,599.333 3,778,235 27 139,935 69.89
3,157,761
about 10 more which probably should be removed from the list, as being Jan
Feb
3,335,428
508,618 3,844,046 4,035.111 24 168,130 83.98
no longer fit for service.
March
3,513.269
539,616 4.052,885 4,254,331 26 163.628 81.73
PRODUCTION OF STEEL COMPANIES FOR OWN USE
3.405,671
509,234 3,914,905 4,109,492 26 154,057 78.95
-GROSS TONS. April
May
3,266.353
528,968 3,794,321 3,982,915 27 147.515 73.68
June
2,849,079
407.586 3,256.665 3,418.535 25 136.741 68.30
Total Pig Iron
July
2,430.128
353.723 2,783.851 2.922.220 26 112.393 56.14
Spiegel and Ferromanganese.
Ferromanganalcz
7 mos
146,413 73.13
21,956,689 3.289.317 25,246,006 26.500.839 181
1929.
1930.
1931.
1929.
1930,
1931.
Aug
2,541.367
374,467 2,915.834 3,060,763 26 117,722 58.80
2,651,416 2,214,875 1,422,382 28,208 27,260
January
14,251 Sept
2,275,910
429,975 2,705.885 2.840,379 26 109.245 54.56
2.498,901 2,284 234 1.389.304 35,978 21.310
February
19.480 Oct
2,165.341
99,724 49.81
399,704 2,565.045 2.692,539 27
2,959,295 2,600.980 1.676.316 24,978 23.345
March_
27,899 Nov
88.489 44.20
1.807,133
300.337 2.107,470 2.212.220 25
Dec
76.136 38.03
1,659,026
226,788 1.885,814 1,979,547 26
8,109,612 7,100,089 4.488,002 79,164 71,915
3 months
61.630
2,826.028 2,564,681 1,615.375 22,413 27.777
April
25.456
Total
32,405,466 5,020,588 37.426,054 39,286.287 311 126,322 63.09
3,105.404 2,613,628 1.584,511 25,896 30.296
May
23.959
2,999,798 2,304.223 1,302,345 33,363 27 327
June
11,243
1931.
Jan
2,044,298
91.063 42.86
296,620 2,340,918 2,453,689 27
Half
-year
17.040,842 14,582,621 8,990,233 160,836 157.325 122,288 Feb
2.085.529
296,974 2.382,503 2,502,366 24 104,265 49.08
July
3,039,370 2,075,414 1,091,853 31,040 17,728
17.776 March
2,504,060
346,137 2.850.197 2,993.590 26 115.138 54.20
August
3,065,874 2,010,572
28.461 20.909
April
2,275.404
316,668 2.502.072 2,722,479 26 104,711 49.29
September
2,862.799 1,870.269
27,505 21,181
May
2,083,833
96,365 45.36
301,639 2,385,472 2,505.485 26
June
79.843 37.58
1.730.109
246.365 1.976.474 2.075 910 26
9 months
26,008,885 20.538.876
247,842 217,143
July
1,561,251
72,160 33.97
225,030 1,786,281 1.876,149 26
October
2,902,960 1.791,421
31,108 24,480
November
2,498.291 1,491.927
28,285 18,619
7 MOM
14264 454 2090422 IR 212017 17 124 AAR IRI
04 R57 44 56
December
2,112.074 1,269,529
28.564 16,288
a The figures of "per cent of operation" In 1930 are based on the annual capacity
Year
33,522.840 25.101.753
335.799 276.530
as of Dec. 31 1929. of 62.265.670 gross tons for Bessemer and open-hearth steel
a Includes output of merchant furnaces.
ingots,and In 1931 are based on the annual capacity as of Dec.31 1930,of 66,069,570
gross tons for Bessemer and open-hearth steel Ingots.
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS
-GROSS TONS
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Steel Works
1029
-January
February
March
April
May
June_
July
August
September
October
November
December
1930
-January
February
March_........
April
May
June
July
August
September
October
November
December
1931-January
February
March
April
May
June
July
Merchants.*
Total.
25,514
25.281
24,361
28,407
25.571
23.915
24,056
22,251
21.159
22,101
22.771
23,361
19,762
19,810
90,815
20.573
19,973
19.921
18,197
16,560
13,548
12,843
12,507
11,780
9.416
11,332
11.481
13,439
13.212
11,209
12.012
111,044
114.507
119,822
122,087
125,745
123,908
122,100
121,151
116,585
115.745
106,047
91.513
01.209
101,390
104,715
106.062
104,283
97,804
85,146
81,417
75,890
69,831
62.237
53,732
55.299
60,950
65,556
67,317
64.325
54.621
47 20I
Steel Production Recedes to 30% of Capacity-Outlook
Continues Dull
-Pig Iron Output at Lowest Level
•
Since 1921-Prices Unchanged.
A decline in pig iron production to the lowest ebb since
1921, following the disappointing revelations of iron and
steel company reports for the second quarter, has dampened
reviving 'hopes for business betterment and accentuated concern over negative market factors in general, states the
"Iron Age" of Aug. 5. The "Age" adds:
With half of the country's automobile capacity idle, with the Ensley and
Pittsburgh rail mills shut down, and with virtually no branch of the steel
industry showing any improvement aside from temporary fluctuations characteristic of a low rate of activity, the outlook for August can hardly be
called encouraging. There is the further fact that the rise in steel ingot
production of a week ago proved abortive. With declines reported at
Youngstown, Cleveland, Pittsburgh and Buffalo, the average for the country
has receded from 32 to SO% of capacity.
While too much significance may be attached to the ahange in operating
rate, in view of increasingly frequent irregularities in steel-making schedules in keeping with variations in mill requirements, the industry is not
only resigned to another exceedingly dull month but is even more reluctant
•Includes Mg iron made for the market by steel companies.
than heretofore to estimate the scope of seasonal improvement in September.
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE 'UNITED The only favorable development is a firmer attitude on prices, which is a
STATES BY MONTHS SINCE JAN. 1 1926-GROSS TONS.
natural reaction from the poor quarterly earnings statements.
Pig iron production in July was 1,463,220 tons, or 47,201 tons a day,
compared with 1,638,627 tons, or 64,621 tons in June. Both total output
1926.
1927.
1928.
1929.
1930.
1931.
and daily average were the lowest for any month since November 1921.
January
106,974 100.123
92,573 111,044
91.209
56,299 The daily rate compares with 53,732 tons for last December, the previous
February
104.408 105,024 100.004 114.507 101.390
60.950 low for this depression. Output for the first seven months of the year, at
March
111.032 112.366 103.215 119,822 104,715
65.556
April
115,004 114,074 106,183 122.087 106.062
67.317 12,568,593 tons, is the smallest January-July total since 1921, when
May
112,304 109.385 105,931 125,745 104,283
64.325 10,292,721 tons was produced.
June
107.844 102.988 102.733 123.908
97,804
54,621
Twelve furnaces were blown out in July and three were lighted, making a
First alx months109.660 107,351 101.763 119,564 100.891
61.356
have
July
103,978
95,199
99,091 122,100
85.146
47,201 net loss of nine. The 82 stacks in blast on Aug. 1 are estimated to
August
103.241
95,073 101,180 121.151
81,417
been making iron at a daily rate of 45,230 tons. Only 12 of the 55 furnaces
September
104.543
92,498 102,077 116,585
75.890
In the Pittsburgh district are now active and production is considerably
October
107,553
89,810 108.832 115.745
69.831
November
below current steel-making requirements, the difference being made up by
107,800
88.279 110,084 106.047
62.237
December
99.712
91.513
86,960 108.705
53,732
the use of cold iron, thus reducing surplus stocks.
12 months'average__ 107.043
99.266 103.382 115.851
88.025
The leading price development of the week is the withdrawal of the
TOTAL PRODUCTION OF COKE PIG IRON IN UNITED STATES
Detroit basing point on bars, which was announced a few weeks ago.
BEGINNING JULY 1 1929
-GROSS TONS.
Aside from indicating a stronger position on the part of producers, this
1929.
action also is the outcome of dissatisfaction over inequalities in delivered
1930.
1931.
1929.
1930.
1931.
Jan__ 3,442,370 2,827,464 1,714,266 July _
3,785,120 2,639.537
quotations among Michigan consumers who had formerly held a position of
Feb__ 3,206.185 2,838,920 1,706.621 Aug --3,755.680 2,523,921 1.463,220
virtual parity in their bar costs.
Mar__ 3,714.473 3.246.171 2,032,248 Sept.- 3,497,564 2,276,770
Apr.__ 3,662,825 3,181,868 2.019.529 Oct- __ 3,588,118. 2,164,768
Scrap markets are lethargic and show mixed trends. Heavy melting steel
May__ 3,898.082 3,232.760 1,994,082 Nov-- 3,181.411 1,887,107
has advanced 25c. a ton at Detroit, but declines in various grades are
June__ 3,717,226 2,934,129 1,638,627 Dec --2,836.916 1.665,690
reported at St. Louis and the tone of the Pittsburgh market has weakened.
yr_21.640,960 18,261,312 11.105.373 Year*. 42,285,769 31.399.105
The strip steel market is practically free from shading for the first
time in months, and sheet prices are being maintained on such business as
•These totals do not include charcoal Pig Iron. The 1930 production of this
is now coming out. New sheet bookings, however, are light, since coniron was 96,580 gross tons, as compared with 138.193 gross tons In 1929 and
142.960 sumers took
rather heavy shipments at the old prices during July. A local
gross tons In 1928.
development is the abandonment of a Cleveland base on plates and the
establishment of a single Cleveland price of 1.65c. on bars for both city
Steel Ingot Output at Low Ebb.
and outside deliveries. Price irregularities are apparently confined to
The American Iron & Steel Institute in its latest monthly concessions on reinforcing bars at Cleveland and Detroit and cuts by
statement of steel ingot production calculates the output foreign mills on reinforcing bars, merchant bars, wire products and light
shapes on the Pacific Coast.
of all companies in July at 1,876,149, which is the smallest
Automobile production in July is estimated at 200,000 cars and this
volume for any month since December 1921 when there month will probably shrink to above 160,000 assemblies. The Ford shutwere produced only 1,630,395 tons. In June the output down does not affect branch assembly plants, which are expected to turn
out 100,000 cars in the next 60 days. At least a mild recovery in the
was 2,075,910 tons and in July 1930 2,922,220 tons. The activity
of the motor car industry is looked for in September.
approximate daily output in July 1931, which contained
Fabricated structural steel awards, at 14,500 tons, are the smallest since
26 working days, was 72,160 tons, and in June, with the the end of April. New projects, at 32,500 tons, compare with 55,000 tons
same number of working days, was 79,843 tons. In July reported a week ago.
Machinery exports in June rose to $28,808,708 from a total of $26,in m
hinery
1930, which also had 26 working days, the daily output 620,583 May.
The "Iron Age" composite prices are unchanged, finished steel at 2.116c.
averaged 112,393 tons. Below we furnish the report as
at
ton,
issued by the Institute showing the monthly figures back a pound, pig iron at 815.54 a year and scrapiron$9.42 a ton. Finiehed steel
is $1.10 a ton lower than a
ago, pig
is off $1.42, and scrap is
to January 1930:
$3.66 lower. A comparative table follows:
876
(VOL. 133.
FINANCIAL CHRONICLE
Finished Steel.
,
Aug 4 1931. 2.116o. a Lb.
Based on steel bars, beams, tank plates
One week ago
2.1160. wire, rails, black pipe and sheets.
One month ago
2.137e. These products make 87% of the
One year ago
2.171e. United States output.
Low.
High.
2.102e. June 2
1931
2.142o. Jan. 13
2.121e. Dec. 5
1930
2.3620. Jan. 7
2.362c. Oct. 25
2.4120. Apr. 2
1929
2.314e. Jan. 3
2.391e. Dec. 11
1928
2.293e. Oct. 25
2.453e. Jan. 4
1927
2.403e. May 18
2.4530. Jan. 5
1926
2.396e. Aug. 18
2.560c. Jan. 6
1925
Pig Iron.
Based on average of basic iron at Valley
Aug 4 1931, 815.54 a Gross Ton.
815.54 furnace and foundry irons at Chicago,
One week ago
15.59 Philadelphia. Buffalo. Valley and BirOne month ago
mingham.
16.96
One year ago
High.
Low.
815.54 July 21
$15.90 Jan. 6
1931
18.21 Jan. 7
15.90 Dee. 16
1930
18.71 May 14
18.21 Dec. 17
1929
1928
18.59 Nov.27
17.04 July 24
19.71 Jan. 4
17.54 Nov. 1
1927
21.54 Jan. 5
19.46 July 13
1926
22.50 Jan. 13
18.96 July 7
1925
Steel Scrap.
Aug 4 1931, 89.42 a Gross Ton.
Based on No.1 heavy melting steel quoOne week ago
$9.42 Lotions at Pittsburgh, Philadelphia
One month ago
9.17 and Chicago.
One year ago
13.08
Low.
High.
1931
811.83 Jan. 6
89.08 June 23
11.25 Dee. 9
1930
15.00 Feb. 18
14.08 Dec. 3
1929
17.58 Jan. 29
1928
13.08 July 2
18.50 Dec. 31
13.08 Nov.22
1927
15.25 Jan. 11
1926
14.00 June 1
17.25 Jan. 5
15.08 May 5
1925
20.83 Jan. 13
Pig iron production figures for July represent a throwback to the fall and winter of 1921, reports "Steel" of Aug. 6.
The number of stacks left in blast at the close of July was
the smallest since August of that year; the daily rate of
output in July was the lowest since October that year, and
the total tonnage for the month finds its backstop in November 1921. Actual daily output last month was 46,470
gross tons, down 14.9% from 54,599 tons in June. The total
for the month was 1,440,576 tons, representing a loss of 12%
from 1,637,998 tons in the former month. And the output
for the seven months this year is off 40% from the comparable period of 1930-12,538,698 tons, against 20,943,055 tons.
So far this year pig iron production is a little less than half
of the 25,420,048 tons made in the first seven months of
1930. With a net loss of nine stacks in July, 82 out of 303
remained active at the close of the month.
This decline in pig iron output foreshadows an equally
discouraging report for July production of steel ingots when
figures become available next week. Steelworks operations at the beginning of August are even undercutting the
low July rate. "Steel" further goes on to say:
After making the first rally in four months
-to 32% last week-the
rate of operations has relapsed to 30%. The Youngstown district did not
remain long at 42%; this week it is back to 33%. Cleveland is down six
points to 29%; Buffalo is lower by 10 points at 40%; Pittsburgh is off one
to 30%; Eastern Pennsylvania also has lost one point, and is at 33%.
Chicago has advanced one point to 30%, and Birmingham is ahead five
points to 40%.
Structural steel continues to be the leader in demand. August is likely
to see the closing of 45,000 tons for the Chicago postoffice, and 58,700 tons
for a bridge for the New Orleans public belt railroad. Fresh inquiry this
week totals nearly 31,000 tons, and awards amount to 14,447 tons, compared with 37,732 tons last week.
Lack of orders from the automotive industry is felt by many makers of
finished steel. August generally is expected to mark the low point of the
summer in production of passenger cars and trucks, with Ford's principal
manufacturing plant down, and others also in the midst of the vacation
season. Detroit, however, is confident there will be an improvement in
September.
Railroad requirements for steel are at the minimum necessary for the
reduced rate at which the roads are operating; in point of maintenance
work the majority of them are estimated to be 25% subnormal. Large
line pipe orders that featured the market in June and early July have been
worked out, and new prospects are smaller and less frequent. Favorable
crop reports from the South and Southwest point to better requirements for
implements, wire and wire products in the fall.
Demand for scrap is less brisk. Scarcity of some grades tends to promote
strength, and prices are holding at the better levels. Two more blast
furnaces have been blown out this week, though pig iron producers look
for improvement in shipments the latter part of the month in anticipation
of September requirements.
Blast furnaces and steel plants are determined not to overstock with
iron ore. The movement from the Lake Superior district this season is
only 44% of that in the comparable period last year, and indicates that
less than 30,000,000 tons will be brought down, compared with 46,500,000
in 1930.
"Steel's" composite prices are unchanged this week; that for iron and
steel products stands at $31.06; for finished steel $48.72, and for steelworks scrap, $8.87.
Only a small drop is credited to the United States Steel Corp., which is
running at around 33%, while leading independents are down to about 29%,
a new low record. In the preceding week United States Steel was slightly
over 33%, and independents were a shade below 33%. Two weeks ago
United States Steel ran at 33% and independents were at about 29
At this time last year the average was 58%, with United States Steel at
64% and independents at 53%. Two years ago the industry was at 94%,
United States Steel showing around 98%, and independents about 91%.
In 1928 the average was a shade over 72%, with United States Steel at
76% and independents approximately 69%.
/%.
1
2
The "American Metal Market" this week states:
Temperature of the steel market is at the lowest point of the year as all
lines present an appearance of extreme dullness, but the pulse is off only a
trifle, ingot production this week being down a point or so from the 32%
estimated for each of the last three weeks. The Pittsburgh and Chicago
districts are at barely 30%, while the Youngstown and Birmingham districts
and some of the small districts are at well above 30%.
Some steel makers are indisposed to preaict that August production will
equal that of July, but the usual seasonal trend would make it slightly
better and there is little cogency in the firmly made predictions that
September will show substantial improvement if some little part of that
improvement is not to show itself as this month progresses. The chief
improvement probably for the remainder of this year lies in the farm
implement industry, lately at a very low rate, in farmer buying generally
and in various and numerous miscellaneous lines of consumption. The railroads will buy little except in rails for 1932 delivery.
In the matter of prices, the steel market has gotten itself into a firm and
promising condition for the sheet and strip advances are holding, there are
hopes for the wire advance and concessions on large lots of structural shapes
have been reduced to reasonable proportions.
Bituminous Coal and Pennsylvania Anthracite Output
Shows Declines As Compared with a Year Ago.
.
According to the United States BUTea11 of Mines, Department of Commerce,production during the week ended July 25
1931 amounted to 6,744,000 net tons of bituminous coal,
881,000 tons of Pennsylvania anthracite, and 14,900 tons of
beehive coke, as compared with 8,084,000 tons of bituminous
coal, 1,390,000 tons of Pennsylvania anthracite, and 45,400
tons of beehive coke in the corresponding period last year
and 6,784,000 tons of bituminous coal, 751,000 tons of Pennsylvania anthracite, and 16,400 tons of beehive coke in the
week ended July 18 1931.
During the calendar year ended July 25 1931 there were
produced a total of 213,418,000 net tons of bituminous coal,
as against 257,561,000 tons in the calendar year to July 26
1930. The Bureau's statement follows:
PENNSYLVANIA ANTHRACITE.
The total production of anthracite in the State of Pennsylvania during
the week ended July 25 is estimated at 881,000 net tons. Compared with
the output in the preceding week, this shows a sharp increase-130,000
tons, or 17.3%. Production during the week in 1930 corresponding with
that of July 25 amounted to 1,390,000 tons.
Estimated Production of Pennsylvania Anthracite (Net Tons).
1931
1930
-Daily
Daily
Week EndedAverage.
Week.
Week.
Average.
July 11
129,200
775.000
1,235,000
205,800
July 18
1,299,000
751.000
125,200
218,500
July 25
881,000
146,800
1,390,000
231,700
BEEHIVE CORE.
The total production of beehive coke during the week ended July 25 is
estimated at 14,900 net tons, a decrease of 1,500 tone, or 9.1%, from the
output in the preceding week. Production during the week in 1930, corre•
sponding with that of July 25, amounted to 45,400 tons. Cumulative production of beehive coke during the present year to date amounts to 824,600
tons, in comparison with 1,896,000 tons in 1930.
Estimated Weekly Production of Beehive Coke (Nei Tons).
Week Ended1931
1930
Jute 18
July 25
.1z45 26
to
Region
1931..c
1931.-b
1930.
Date.
Date.a
12,100
13,400
Pennsylvania
29,500
645,600 1,866.900
1,200
West Virginia
1,100
9,600
77,100
305,200
Tennessee & Virginia_
500
500
3,800
73,500
157,100
1,100
Colo., Utah and Wash.
2,500
1,400
28,400
67.500
United States total-.
14,900
16,400
45,400
824,600 1,896,700
Daily average
2,483
2,733
4,685
7,567
10,777
a Minus one day's production first week in January to equalize number of days
In the two years. b Subject to revision. c Revised since last report.
BITUMINOUS COAL.
The total production of soft coal during the week ended July 25 1931,
including lignite and coal coked at the mines, is estimated at 6,744,000 net
tons. This indicates but little change from the preceding week-a decrease
of approximately 40,000 tons, or 0.6%. Production during the week in
1930 corresponding with that of July 25 amounted to 8,084,000 tons.
Estimated United States Production of Bituminous Coal Net Tons).
1931
1930
Cal. Year
Cat. Year
Week EndedWeek.
to Date.a
to Date.
Week.
July 11
6,671,000 199,890,000
7,861,000 241,555,000
Daily average
1,486,000
1,112,000
1,310,000
1,231,000
July 18_b
7,922.000 249,477,000
6,784,000 206,674,000
Daily average
1,320,000
1,481,000
1,131,000
1,227,000
July 25_c
8,084,000 257,561,000
6,744,000 213,418,000
Daily average
1,476,000
1,347,000
1,124,000
1,224,000
a Minus one day's production first week In January to equalize number of days
In the two years. b Revised since last report. c Subject to revision.
The total production of soft coal during the present calendar year to
Steel ingot production for the week ended Aug. 3 was at
the lowest level reached since the decline started, with the
exception of the period over the Independence Day holiday.
According to the "Wall Street Journal" of Aug.5 the average
for the week was at a fraction under 31% of theoretical
capacity, compared with 33% in the preceding period and
July 25 (approximately 174 working days) amounts to 213,418,000 net
with a shade over 31% two weeks ago. The "Journal" tons. Figures for corresponding periods in other recent calendar years are
given below:
continues:
AUG. 81931.]
1930
1929
FINANCIAL CHRONICLE
257.561.000 net tonal1928265,946,000 net tons
290,176,000 net tons 1927
299,954,000 net tons
1922
5,742,000 net tons
As already indicated by the revised figures on page one, the total production of soft coal for the country as a whole during the week ended
July 18 is estimated at 6,784,000 net tons. Compared with the output in
the preceding week, this shows an increase of 113,000 tons, or 1.7%. The
following table apportions the tonnage by States and gives comparable
figures for other recent years:
Estimated Weekly Production of Coal by States (Net Tone).
Week Ended
July '23
ltdy 18
July 11
July 19
July 20
Average.
1931.9 .
State1929
(a)
Alabama
201,000 200,000 247,000
323.000
389,000
14,000
Arkansas
14,000
19,000
19,000
25,000
62,000
Colorado
55,000
99,000
109.000
165,000
664,000 636.000 782,000
Illinois
857,000 1,268,000
184,000 176.000 218,000
Indiana
291,000
451.000
38,000
Iowa
42,000
45,000
85.000
87,000
43,000
Kansas
40,000
30.000
40.000
76,000
624,000 622,000 759,000
Kentucky-Eastern
859.000
735,000
107,000
Western
108,000 138,000
205.000
202,000
33,000
Maryland
31,000
36,000
43,000
42,000
1.000
2,000
12,000
Michigan
15,000
17,000
45,000
Missouri
40,000
58,000
64.000
58,000
Montana
27,000
30,000
39,000
51,000
41,000
22,000
New Mexico
22,000
29,000
48,000
52,000
15,000
North Dakota
18,000
11,000
10.000
14,000
Ohio
429.000 403,000 448,000
480,000
854,000
Oklahoma
25,000
24,000
28,000
45,000
49,000
Pennsylvania (bit.)
1,863,000 1,882,000 2,217,000 2,666,000 3,680,000
Tennessee
66,000
62,000
87.000
93,000
113.000
Texas
9,000
10,000
11,000
21,000
23,000
Utah
29,000
22,000
39.000
57,000
87.000
Virginia
190.000 182,000 189,000
225,000
239,000
Washington
22,000
23,000
34,000
38,000
37,000
West Virginia--Southem.b....1,574,000 1,531,000 1,749,000 1,979,000 1,519,000
pe Northern _c
431,000 429,000 512,000
677,000
866,000
64,000
Wyoming
68,000
83.000
87,000
115,000
Other States_d
1,000
1,000
3,000
3,000
4,000
Total bituminous coal
6,784.000 6,671,000 7,922,000 9,370,000 11,208.000
pennsylvania anthracite
751,000 775,000 1,299,000 1.025,000 1,950,000
Total all coal
7,535,000 7,446,000 9,221,000 10.395,000 13,158,000
r Average weekly rate for the entire month. b Includes operations on the N.& W.;
C.& O.; Virginian: and K.& M. c Rest of State. including Panhandle. d Mauna
are not strictly comparable in the several Yeats.
877
Preliminary Estimates Show July Production of
Bituminous Coal Slightly Higher than in Preceding Month, Although Below That of a Year
Ago-Anthracite Output Lower.
According to the United States Bureau of Mines, Department of Commerce, preliminary estimates for the month of
July 1931 show that 29,653,000 net tons of bituminous coal,
3,948,000 tons of anthracite and 73,300 tons of beehive
coke were produced in that month, as compared with
34,715,000 net tons of bituminous, 5,557,000 tons of anthracite and 214,600 tons of beehive coke in the corresponding
period last year and 29,185,000 tons of bituminous coal,
4,544,000 tons of anthracite and 87,300 tons of beehive
coke in June 1931.
The average daily rate of output of bituminous coal in
July 1931 amounted to 1,141,000 net tons as against 1,123,000 tons in the preceding month and 1,335,000 tons in
July last year. The Bureau's statement follows:
Total for No. of Average per Cal. Year to
Month
Work'g Worrp Day End of July
(Nei Tons). Days. (Net Tons). (Net Tons).
July 1931 (Preliminary) a
Bituminous coal
Anthracite
Beehive coke
June 1931 (Revised)
Bituminous coal
Anthracite
Beehive coke
July 1930
Bituminous coal
Anthracite
Beehive coke
29,653,000
3,948,000
73.300
26
26
26
1,141,000
151,800
2,819
29,185,000
4,544,000
87.300
26
26
26
1,123,000
174,800
3,358
34,715,000
5,557,000
214,600
28
26
26
1,335,000
213,700
8,254
219,450.000
35,490.000
838.800
265,349,000
28,750,000
1,941,800
se Slight revisions of these estimates will be issued in the weekly coal report about
the middle of the month. b Final flittlrefl.
•
.7
4
-
Current Events and Discussions
The,Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve Bank credit
outstanding during the week ending Aug. 5, as reported by
the 12 Federal Reserve banks, was $971,000,000, an increase
of $33,000,000 compared with the preceding week and a
decrease of $17,000,000 compared with the corresponding
week in 1930. After noting these facts, the Federal Reserve
Board proceeds as follows:
On Aug. 5 total Reserve Bank credit amounted to $967,000,000, an
Increase of $22.000.000 for the week. This increase corresponds with
increases of $68,000,000 in money in circulation and $32.000.000 in unexpended capital funds, non-member deposits, &c., offset in part by a
decrease of $76,000,000 in member bank reserve balances and an increase
of $2,000,000 in monetary gold stock.
Holdings of discounted bills declined $9.000,000 at the Federal Reserve
Bank of San Francisco and $2,000,000 at Boston, and increased 29,000,000
at New York, $2,000,000 at Kansas City and $6,000,000 at all Federal
Reserve banks. The System's holdings of bills bought in open market
declined $1,000,000 and of Treasury certificates and bills $7,000,000, while
holdings of U. S. bonds increased $10,000,000.
Beginning with the statement of May 28 1930, the text
accompanying the weekly conditions statement of the
Federal Reserve Banks was changed to show the amount of
Reserve Bank credit outstanding and certain other items not
previously included in the condition statement, such as
monetary gold stock and money in circulation. The Federal
Reserve Board explanation of the changes, together with
the definition of the different items, was published in the
May 31 1930 issue of the "Chronicle," on page 3797.
The statement in full for the week ended Aug. 5, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages
-namely,
pages 911 and 912.
Changes in the amount of Reserve Bank credit outstanding in related items during the week and the year ended
Aug.5 1931 were as follows:
Increase (+) or Decrease (-)
Since
Aug. 151931. July 29 1931, Aug. 6 1930.
$
3
Bills disoounted
189,000,000 +6,000,000
-17,000,000
131118 bought
66,000,000 -1,000,000
-68,000,000
United States securities
681,000,000
+3,000,000 +105,000,000
Other Reserve bank credit
32,000,000 +14,000,000
+7.000,000
TOTAL RES'VE BANK CREDIT._ 967.000.000 +22,000,000
+27,000,000
4.955,000,000
Monetary gold stack
+2,000.000 +462,000,000
Treasury currency adjusted
1 792,000,000
+10.000,000
Money in circulation
4,848,000,000 +68,000,000 +412.000.000
Member bank reserve balances
2,339,000,000 -76,000,000
-25,000,000
Unexpended capital funds, non-mem527,000,000 +32,000.000 +111.000,000
ber deposits. &o
Returns of Member Banks for New York and Chicago
Federal Reserve Districts-Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of
the member banks in the New York Federal Reserve District
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve Banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics
covering the entire body of reporting member banks in the
different cities included cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks for the current
week as thus issued in advance of the full statement of the
member banks, which latter will not be available until the
coming Monday. The New York statement, of course, also
includes the brokers' loans of reporting member banks.
The grand aggregate of brokers' loans the present week
records a decrease of $44,000,000, the amount on Aug. 5
1931 standing at $1,346,000,000. The present week's decrease of $44,000,000 follows a decrease of $26,000,000 last
week and a decrease of $63,000,000 in the preceding three
weeks. Loans "for own account" fell during the week from
$1,002,000,000 to $960,000,000 and loans -"for account of
others" from $169,000,000 to $164,000,000, while loans
"for account of out-of-town banks" increased from $219,000,000 to $222,000,000. The present week's total of $1,346,000,000 is the lowest since Jan. 16 1924, when the amount
was $1,343,400,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Aug. 5 1931. July 29 1931. Aug. 6 1930.
Loans and investmenta-total--- -.7.783,000,000 7,752,000,000 8,136,000,000
Loans
-total
On securities
All other
Investments
-total
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash in vault
5,100,000,000 5,060,000,000 6,036,000,000
2,648,000,000 2,685,000,000 3,632,000,000
2,452.000,000 2,375,000.000 2,404,000,000
2,663,000,000 2,692,000,000 2.099,000,000
1,836,000,000 1,639,000,000 1,079.000,000
1,027,000.000 1,053,000,000 1,020,000,000
779,000,000
54,000,000
871,000,000
42,000.000
754,000.000
45.000,000
Net demand deposits
Time deposits
Government deposits
5,758,000,000 5,829,000.000 5,595,000,000
1,123,000.000 1,152,000,000 1,420,000,000
45,000,000
86,000,000
22,000,000
Due from banks
Due to banks
80,000,000
80,000.000
96,000,000
1,212,000,000 1,180,000,000 1.034,000,000
Borrowings from Federal Reserve Bank2,000.000
15,000,000
Loans on scent. to brokers & dealers
For own account
960,000,000 1,002,000,000 1,719,000,000
For account of out-of-town banks
222,000,000 219,000,000 694,000,000
For account of others
164,000,000 169,000.000 801,000,000
Total
On demand
On time
1,348,000,000 1,390 000,000 3,214,000,000
938,000.000
40 000,000
976,000,000 2,578,000,000
414,000.000 635,000,000
FINANCIAL CHRONICLE
878
Chicago.
Aug. 5 1931. July 29 1931. Aug. 5 1930.
Loans and 1nvestments—total—
--__1,812,000.000 1,836,000.000 2,026,000,000
1,256.000,000 1,273.000,000 1,575,000,000
Loans—total
919.000.000
656,000.000
556,000,000
563,000,000
451,000,000
327,000,000
229,000,000
331.000,000
232,000,000
195,000,000
257.000,000
183,000,000
15.000.000
Investments—total
'17.8. Government sectuitles
Other securities
Reserve with Federal Reserve Bank-.
Cash in vault
Net demand deposits
Time deposits
Government deposits
735,000.000
538,000,000
183,000.000
15,000,000
194,000,000
13,000,000
742,00-000
514.000,000
On securities
All other
1 180,000,000 1,189,000,000 1,286,000,000
546,000.000 552,000,000 652,000,000
3,000,000
16,000,000
10.000,000
177,000,000
317,000,000
Due from banks
Due to banks
Borrowings from Federal Reserve Bank..
175.000,000
311,000,000
154,000,000
371,000,000
2.000,000
1,000,000
2,000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be got ready.
In the following will be found the comments of the Federal
Reseive Board respecting the returns of the entire body
reporting member banks of the Federal Reserve System for
this previous week, namely the week ended with the close of
•
business of July 29:
FoL. 133.
The Bank's relatively strong showing in July is due to the strong backing
it has received from the European countries to which the money withdrawn
from Germany. Britain and others have gone. France. especially, has
followed the policy of buckling the circle by increasing her deposits in
the World Bank with money withdrawn by private banks from Germany
and Britain. thus allowing the World Bank further aid to meet withdrawals.
The only weak point this month revealed in this respect is considered
the fact that most of the money privately withdrawn from Europe recently has gone to the United States and out of circulation because the
Federal Reserve, forbidden by Washington to participate in the World
Bank, cannot help buckle the circle as do the banks of France. Switzerland. Holland and Sweden. In other words, if ever these European
banks follow the policy of the United States, then the American investments in Europe, which depend on currencies remaining stable, will suffer
to the degree to which currency stabilization depends on the resources
of the world's central bank.
The July strain on certain central banks is indicated by the fact that
deposits of central banks for tlleir own account in the World Bank dropped
524.500,000 in July while their deposits for the account of others—namely,
for their deposits for their Governments—decreased only 34.500,000.
Since reparations appear usually under the latter heading and since there
were no reparations in July, it would seem that not merely certain central
banks but certain Governments, notably,France, have been making new
deposits to support the World Bank.
The extreme liquidity of the Bank continues. In June it had 31.5 sight
obligations. against 51 in July.
In the following will be found a translation of the July statement,signed
by Gates W. McGarrah, President, with Swiss gold francs converted into
dollars at 5.20 to the dollar:
BANK FOR INTERNATIONAL SETTLEMENTS.
Situation as of July 31 1931.
ASSETS.
I. Cash on hand and on current account with banks
31,948,803
H. Sight funds at interest
37.080,697
III. Rediscountable bills and acceptances (at cost):
(1) Commercial bills and bankers' acceptances
374.981,512
48,961.832
(2) Treasury bills
Total
IV. Time funds at Interest:
(1) Not exceeding three months
(2) Between three and six months
123,943,344
$101,955,797
4.739.901
TotaL
106,695,693
The Federal Reserve Board's condition statement of weekly reporting
V. Sundry Investments (at cost):
member banks in leading cities on July 29 shows little change in total loans
340.095.282
(1) Not exceeding one year
and investments for the week, a decrease of 541.000,000 in loans being
2.113.339
(2) Between one and two years
offset by an increase of 353.000,000 in investments. Time deposits inTotal
42 208,621
during the week, net demand deposits declined by a
creased $23.000.000
1.949.551
VI Other assets
small amount, and Government deposits declined $19.000,000. Borrowings from Federal Reserve banks decreased $5,000,000.
Total assets
$313,826,714
Loans on securities declined $20.000,000 at reporting member banks in
LIABILITIES.
the New York district and $26.000.000 at all reporting banks, and increased
I. Capital (authorized capital. 200,000 shares of 2,500 Swiss
38.000.000 in the Chicago district. "All other" loans declined $11,000.000
gold francs each; 173 600 shares issued, 3/43,461.536,
in the Chicago district, $7.000,000 in the New York district and 615,one-fourth paid in)
320.865,384
IL, Reserve:
000,000 at all reporting banks.
Legal reserve fund
$107,563
Holdings of U. S. Government securities increased $52,000,000 in the
210.420
2 Dividend reserve fund
New York district and declined $9.000.000 in the San Francisco district
French Government guarantee fund....
420,842
and $6,000,000 in the Chicago district, all reporting banks showing a net
Total
738,825
increase of $32,000.000. Holdings of other securities increased $21.000,000
III. Long term deposits:
in the New York district and the same amount at all reporting banks.
Annuity trust account
$29.624.386
Borrowings of weekly reporting member banks from Federal Reserve
14,812.193
2 German Government deposit
i3 French Government guarantee fund.-- 13,225.525
banks aggregated 855,000,000 on July 29, the principal change for the
at the Federal Reserve Bank of
week being a decrease of $11,000,000
57,662.104
Total
San Francisco.
IV. Short term and sight deposits:
A summary of the principal assets and liabilities of weekly reporting
(1) Central banks for their own account:
$791,402
(a) Between three and six months
member banks, together with changes during the week and the year ending
83,997.519
(b) Not exceeding three months
July 29 1931, follows:
73.509.038
(c) Sight
Increase (-I-) or Dearecue (—)
Since
158.297,959
Total
July 29 1931. July 22 1931. July 30 1930.
(2) Central banks for account of others:
36,009.609
a) Between three and six months
Loans and Investments—total-22,296,000.000 +12,000.000 —940.000,000
37,071.133
b) Not exceeding three months
30.073,801
ic) Sight
—41,000.000 —2,459,000,000
14,486,000,000
Loans—total
Total
73,154,543
(3) Other depositors:
—26,000,000 —1.847,000,000
6,544,000,000
On securities
$294,425
fa) Not exceeding three months
—15,000,000 —612,000,000
7,942,000,000
All other
167.739
(b) Sight
Investments—total
U. S. Government securities
Other securities
7,810,000.000
+53,000,000 +1,519.000,000
4,133,000,000
3,677,000,000
+32,000,000 +1,201,000,000
+21,000,000 +318.000,000
Reserve with Federal Ree've banks 1.844,000,000
220,000,000
Cash in vault
—11,000,000
+2,000.000
+26,000,000
+5,000.000
13,473,000,000
7,144.000,000
190,000,000
s-8,000,000
+23,000,000
—19.000,000
—325,000,000
—208.000,000
+81,000,000
1,557.000,000
3,358,000,000
—49,000.000
—70,000.000
—8,000,000
+3.000,000
55,000,000
—5.000.000
+20.000,000
Net demand deposits
Time deposits_
Government deposits
Due from banks
Due to banks
Borrowings from Fed. Res. banks_
•July 22 figurer revised (St. Louis district).
Total
V. Miscellaneous items
Total liabilities
462.164
2.645.735
3313.826.714
Federal Reserve System Extends $125,000,000 Credit to
Bank of England—Latter Also Gets $125,000,000
from Bank of France, Making $250,000,000.
The following statement from the Federal Reserve Bank
of New York was given to the press last Saturday morning.
The Federal Reserve Bank of New York, In association with other Federal
Reserve Banks, has agreed to purchase from the Bank of England, if
requested, up to the approximate equivalent of $125.000,000 of prime commercial bills. This agreement of the Federal Reserve Bank of New York has
been made in cooperation with the Bank of France as a part of a credit
arrangement in favor of the Bank of England aggregating in all about
3250.000.000.
August 1, 1931.
Bank for International Settlements July 31 Statement
Shows a Balance of $313,826,714—Smallest Total
Since Dec. 31—Bank Received Strong Backing
from European Countries During July.
Commenting on the foregoing the "United States Daily"in
According to the July 31 statement of the Bank for Inter- its issue of August 3 said:
Additional information, made available in announcements and reports of
national Settlements, issued for publication Aug. 5, in a
cablegram to the New York "Times," total funds of the the Federal Reserve Bank of New York, follows:
Twice before during the current year announcements have been made of
Bank declined only 8% in the most strenuous month of Federal reserve participations in credits to foreign central banks. On June 1.
only lost the reparations account, the Federal Reserve Bank of New York announced that, in association with
its career. The Bank not
the other reserve banks, it had agreed to participate with other banks of
but a number of its members,including the banks of England, issue
and with the Bank for International Settlements In a credit arrangeGermany, Austria, and Hungary, drew heavily on their ment in favor of the Austrian National Bank under which It would purchase
dispatch went on to say:
prime commercial bills.
foreign exchange deposits. The
On June 25, the New York Bank announced a similar participation in a
The Bank's net loss In the month was $28,500.000, its accounts balancing
Reichsbank. Other banks cooperating were
at the end of July at $313,826,714. This total is the smallest it has reported since Dec. 13. It is noteworthy, however, that this is due far less
to the hectic month of July than to June, when World Bank funds diminished $36.500.000 from European withdrawals of 3110.000,000 to make
the semi-annual debt payment to the United States on June 15—five
days before President Hoover suspended them.
credit agreement in favor of the
the Bank of France, the Bank of England and the Bank for International
Settlements. Under this arrangement, the Federal Reserve Bank of New
York agreed to purchase from the Reichsbank up to the approximate
equivalent of$25,000,000 of prime commercial bills in a total credit extension
of $100,000,000.
Am.8 1931.]
FINANCIAL CHRONICLE
879
The first of the gold credits arranged by the Federal reserve banks in
favor of a foreign central bank was extended in April, 1925 The agreement
at that time was to place $200,000,000 of gold at the disposal of the Bank of
England for a period of two years, in connection with England's return to the
gold basis. The interest rate agreed upon, in case of use of the credit, was
1% above the discount rate at the New York Federal Reserve Bank, with a
minimum of4% and a maximum of8, unless the rediscount rate went about
6. in which case the interest rate would be the same as the rediscount rate.
As a matter of fact, the credit was never used
Since the 1925 credit to the Bank of England. other stabilization credits to
improve the monetary position of various countries have been extended as
follows:
In 1925 a loan secured by gold was granted to the Bank of Poland.
In 1926 an agreement was made to purchase $10.000,000 of prime commercial bills from the National Bank of Belgium. This credit was not used.
In 1927. an agreement was made to purchase $5,250,000 of prime commercial bills from the Bank of Poland.
In 1927. an agreement was made to purchase $15,000,000 of prime commercial bills from the Bank of Italy.
In 1928. the agreement with the Bank of Poland wasrenewed for one year.
It was not used, however.
In 1929, an agreement was made to buy bills endorsed by the National
Bank of Rumania up to $4.500.000.
In 1930. the Rumanian credit was renewed. It was not used.
In 1931. the credit arrangements with Austria and Germany referred to
previously were made. Some of the credits were not used, because often the
mere announcement of their availability aided stabilization of currencies.
years. Some bankers. in fact see to-day's step as a first move toward
a
permanent solution of the gold problem through the machinery of the Bank
for International Settlements, when instead of cumbersome gold transfers
only a debit and credit entry in the books of the World Bank will be
needed.
From the standpoint ofthe present European situation to-day's announcement is regarded as a great and far-reaching stroke. It is felt that sterling
has been saved from further inroads and that the credits Britain has extended
to Germany will not have to be recalled because of the possible further
depletion ofthe Bank of England reserves. There is no expectation here that
the credits will need to be used, but the mere fact that they have been
offered will enable Britain to breathe freely in continuing to carry a part of
the German burden.
In one respect, however, the news of the Franco
-American credits came
as a shock and an eye-opener to the British public. On the heels of yesterday's "staggering" proposals of the May committee which urged
a $500,000,000 cut in the British budget, the credits from Paris and Washington
have convinced the public here that there is something wrong with British
credit abroad. Responsible bankers here are emphatic in declaring that the
nervousness abroad springs solely from the unsound budgetary position in
London.
Budget Cuts in Prospect.
It is felt here that the credits will maintain foreign confidence at least until
Parliament reassembles in October, when the government will put forward
measures to slash expenditures and reassure opinion abroad. Although the
Labor party rank and file is bitterly opposed to any cutting down of the
social services, Philip Snowden Is described as being in deadly earnest over
the May report and resolved to carry at least some of its proposals into
practice.
The probability of a three-party effort next Autumn was increased by a
Federal Reserve System Renews Its Participation in
speech Stanley Baldwin made to-day at Worcester, in which
the ConservaOutstanding Credit to Bank of Germany
tive leader declared:
"If the government is determined to make a great effort to restore the
On Thursday the Federal Reserve Bank of New York
also gave out its following statement announcing that it had financial equilibrium at home, it will have the support of his Majesty's
Opposition. But the responsibility will be the government's."
agreed to renew its participation in the outstanding credit
Mr. Snowden insisted last Thursday, however, that the responsibility for
trimming the British budget and incurring the resulting unpopularity with
arrangement with the Bank of Germany.
the voters must be borne by all three patties.
The Federal Reserve Bank of New York, in association
with other
A by-product of to-day's news lathe sudden disappearance of anti-French
Federal Reserve Banks, has agreed to renew its participatio
n in the out- comment which has filled the editorial columns of the Sunday newspapers
standing credit arrangement with the Reichsbank.—August
6 1931.
for several weeks. It is recognized that the French financial leaders are
acting whole-heartedly with the American and British leaders in setting
Central Europe once more
far there has
repetition
Bank for International Settlements Renews Its Credit the statement that Franceon its feet. So injure Britishbeen noby offeringof
was trying to
credit
a
loan. On the contrary, there was every indication to-day that Britain was
To Germany—Extends Its Quarter Share of $100,receiving the new credits gratefully and graciously.
000,000 Credits to Reichsbank.
Currency to Be Increased.
The Bank for International Settlements went to the
The increase in currency announced by the Bank this morning is of comtemporary relief of Germany again on August 3, when, the paratively small dimensions and is wholly in accordance with the currency
and bank notes act of 1928, which provided for increases above the specified
directors voted renewal of the bank's participation in
the amount of$1,300,000,000.
recommended
$100,000,000 rediscount credit which expired on Friday, "temporary elasticity" in The recent MacMillan report alsocirculation by
the amount of notes put into
the Bank.
Aug. 7. It was assumed generally that the Bank of France,
The
the Bank of England and the Federal Reserve Bank of New note total authorized fiduciary issue is now $1,375.000.000. The total
issue—Including
that which is not—amounts
York would act in agreement with the B.I. S. and thus make to $1,960.000.000, of that covered by gold andactually in circulation. The
which 31.795.000.000 is
additional $75.000,000 authorized to-day will free an equivalent amount of
the entire $100,000,000 available for the Reichsbank for a
gold for
period up to three months. It was understood that the Bank arise. the usual big seasonal demand and for any other demands that may
of France already had given its approval and it was believed
The Associated Press in discussing the matter on the same
confidently that the Federal Reserve would continue
its day said:
participation, but a spokesman for the Bank of England again
The rate of interest on the American and French credits
to the Bank of
asked for time to consult his directors. The Associated England announced to-day was not officially stated, but it is understood
to be 3%.
Press in discussing the matter Aug. 3 said:
Both announcements were warmly isceived in banking,
Committee Formed
More far-reaching in its possibilities for restoring German
financial
stability was the action of the World Bank directors in
constituting a
special committee to study Germany's immediate needs for
new credits
and to examine the possibility of converting existing short-term
credits into
long-term loans. The directors set the first meeting of this
committee, of
which Albert 11 Wiggin, of New York. is the American member,
for next
Saturday afternoon at Basle. In well informed quarters it was
suggested
that after organizing here the investigators would move to
Berlin.
The committee will decide its own procedure after choosing
its
It is hoped the work may be accomplished in a few weeks—perh chairman.
aps as few
as three—but it is recognized that the task may require a
much longer time.
it is not known here to whom the committee's report will be
made, whether
to the world bank or to the governments involved, but, doubtless,
it will be
available to both and to the public.
financial and
commercial circles. The new credit is regarded as an instrument which
will put a decisive stop to the flow of gold from London, especially
toward
Francs.
The Bank of England, it was explained, has left
large sums of gold
in Germany to assist the rehabilitation of that country.
If it were exposed at the same time to constant gold withdrawals by France its
position
sooner or later would become untenable.
From this point of view the action of the Bank of France and the Federal
Reserve Bank is regarded rather as a tripartite agreement to maintain
the German financial structure rather than as a move to "save
British
finance."
In their larger aspect, the credits which were negotiated at Paris by
Sir Robert Kindersley, a director of the Bank of England, are regarded
as certain to have a widely beneficial psychological effect.
Not only is it felt that the nervousness caused by recent bullion movements and the consequent uncertainty regarding the position of the pound
will be removed, but it is also believed that the action by the three banks
Is an illustration of co-operation which will have excellent reactions through
the whole world of international finance.
"Frozen" Money Released.
The increase in the fiduciary issue was welcomed as releasing for use as
credits "frozen" money which otherwise would have had to remain in
the bank's vaults as backing for notes.
The August currency demands, however, are regarded as the immediate
cause of the treasury's action. At the end of the three-week period it Is
expected that the August notes will have returned from circulation and
the bank may also have been enabled to increase its gold stock.
/t was explained that the fiduciary note issue, whether that of the Government or the bank, was not protected by specific backing of metal
or
coin or assets capable of being converted into coin or bullion on demand.
This does not mean that there are no assets of any kind maintained
against the note, but only that such assets as are kept are of non-metalli
c
character—commercial bills of exchange, Government securities, or the
floating debt due the Government.
In the ordinary way the Bank of England can issue notes in excess
of
£260,000.000 (about $1,300,000.000) only if the extra sums are covered by
gold. But in emergency the treasury grants permission to
increase this
amount as has been done on this occasion.
Bank of England Announcement Regarding Credit
of
3250,000,000—Relief From Drain Seen.
The Bank of England issued an official announcement
last
Saturday (Aug. 1) that the Bank of France and the
Federal
Reserve Bank of New York had placed at its disposal
credits
in their respective currencies totaling $250,000,000. At the
same time it was announced that upon the Bank of England's
application the British Treasury had authorized an increase
of
$75,000,000 in the fiduciary note issue for a period of
three
weeks. Although the Bank can ask for an extension of
the
three-week period, the increase is regarded as a purely
temporary measure of prudence rather than of necessity.
As for the Franco-American credits, however, said a cable
to the New York "Times" under date of Aug. 1, there are no
two opinions about their importance to Europe or their significance to British credit. In responsible financial circles
the
action is interpreted as one of mutual assistance for the sake
of restoring world confidence and permitting the continuance The French Statement Regarding the $250,000,000
Credit to the Bank of England—Paris Hails Francoof the help already extended to Germany. The correspondent
American Credit as Practical Plan for Restoring
added:
Confidence / Is Decided as Rate—Loan Runs
3
-3 3%
Solution of Problem Seen.
for 3 Months.
The collaboration of central banks, in the opinion offinancial
London, has
at least taken a practical and businesslike form and should end the
A cablegram from Paris Aug. 1 to the New
drain of
York "Herald
gold to the Continent which has been proceeding intermittently
for two Tribune" stated that the satisfacti
on expressed on this
880
FINANCIAL CHRONICLE
occasion by Clement Moret, governor of the Bank of France,
and Sir Robert Bindersley, a director of the Bank of England,
was reflected in the Paris money market. Its organ, the
newspaper "L'Information," holds it was slated that the step
taken at Paris today is "proof that it will be relatively easy
to re-establish confidence and prosperity, even in Germany,
and, as a consequence, throughout central Europe." The
report then continues as follows:
3 3-8% Decided As Rate.
The meeting which M. Moret and Sir Robert Hindersley had here this
morning was devoted largely to the rate of interest to be paid upon those
sums of which the Bank of England should avail itself under this credit
agreement. The rate finally decided upon was 33-8%. The credit is to
run for three months. To fix a longer period was not possible under the
rules of the Bank of France, but it is stressed here that if the Bank of England desires to have the credit renewed at the end of three months, no
difficulties will be raised.
A similar arrangement has been made by the Bank of England with the
Federal Reserve Bank of New York and M. Moret was in telephonic communication with that city, following the conference he had this morning
and before final announcement of the credit agreement was made at 3 o'clock
this afternoon here.
Statement Issued.
Since It was known this morning that no serious hitch in the negotiations
was likely to develop. Bank of France officials had called together representatives of the leading French private banks to arrange the terms on
which the central bank will pass on to them half of the credits to be opened
here. The French private banks to take part will be the Credit Lyonnais,
Societe Generale, Comptoir National d'Escompte, Banque Nationale de
Credit, Credit Industrie' et Commercial, Lazard Freres, Banque de Paris
-Bas. Banque de l'Union Parisienne and the Rothschild group.
et des Pays
Following a brief announcement of the conclusion of this tri-partite
financial agreement, M. Moret issued this statement:
"We of the Bank of France are happy to be enabled to bring to our
British friends the aid they desired. Our action is proof of the spirit of
hope
close co-operation between central banks which animates us here and I
conthat it will be interpreted as constituting an important factor in that
fidence which is indispensable in these troubled times.
of Eng"The Federal Reserve Bank of New York has given to the Bank
conland assistance of identical form, in entire agreement with us. The
are exactly
ditions of the contract it has signed with our London friends
(George L. Harrison. the
the same as thos in our contract. Mr. Harrison
as to
Governor of the Federal Reserve Bank of New York) has been so kind
express his lively satisfaction with our understanding. I am equally grati-
[VoL. 133.
that with the arrangement of a Franco-American credit for the Bank of
England the gold drain should cease altogether, at least for the time being.
It is hoped, indeed, that the credit will do so much to restore confidence
that its actual use will not be necessary. Its merit is. however, that it can
be employed to buttress sterling exchange if, owing to untoward events
upon the Continent, it should become again subject to pressure. It must be
remembered, also, that in another month or six weeks the seasonal demand
for dollars here will begin, and this is always a time when the exchanges
tend to move against London.
Efflux Diminished.
The negotiations over the credit, in which Sir Robert Kindersley, a
director of the Bank of England. has acted as the representative of the
institution in Paris. have been going on for 10 days, It would appear that
he went to Paris in the first place with a view to discussing means of cooperating between the central banks which would lessen the flow of gold to
Paris—a flow which was embarrassing to the British authorities and almost
equally so to those of France, which already has far more bullion than it
requires.
According to one well authenticated report, the Bank of France offered
Sir Robert a credit, but asked terms, both political and financial, which
were quite unacceptable. As a result, he returned to London. The Bank
of France, however, decided, meanwhile, to support sterling by buying
whenever the exchange approached the gold point, and this, during the
week,the efflux of metal from London was on a very much diminished scale.
When Sir Robert again visited Paris yesterday, the French terms apparently were modified, but some delay in reaching an agreement was
ascribed to a desire of the Federal Reserve Bank to fix the interest rate
at 3;5%. while the Bank of England thought 3Si% should be sufficient.
It is understood that this difficulty was removed by splitting the difference
and that the actual rate will be 334%.
Action of New York Bankers on Proposal of Dr. Hans
Luther for Handling German Short-Term Credit—
New York Banks Tell Reichsbank They Want Its
Plans Changed—More Parleys to Come.
Representatives of all the leading New York banks, meeting at the Federal Reserve Bank of New York, Aug. 5,
agreed upon a reply to be sent to the Reichsbank in response
to the proposals for handling outstanding German shortterm credits cabled here on Thursday of last week by Dr.
Hans Luther, the president. Details of the understanding
arrived at by the New York banks were not made public,
but a statement given out by F. Abbot Goodhue, president
fied thereby.
"In order that the action taken by us should have the widest scope. I of the International Acceptance, Bank, Inc., and chairman
desired that the French (financial) market should be associated in this with of the subcommittee of four delegated to study the German
the Bank of France. The leading banks here, although not party to the
proposals, stated that "real progress had been made" and
contract, have accepted with an eagerness for which I am grateful the
that"the general plan is along the lines of President Hoover's
participation that I asked."
On leaving the Bank of France building to-day, Sir Robert Kindersley suggestions adopted at the recent London conference."
expressed his appreciation of the attitude of the Bank of France. and added:
He added, however, "it will probably take some time to
Displacements Avoided.
."
suddenly and without reason, of movements of gold iron out these technicalities
"The appearance,
The American reply suggests, it is pointed out in the
tend not only to shake confidence but to provoke embarrassing situations,
both for the countries which lose the yellow metal and for those which New York "Times," certain modifications of the German
receive it, and the measures which we have decided upon were taken with a
proposals and deals with a number of technical and legal
view to avoiding these violent displacements."
Sir Robert expressed the belief that re-estbalishment of confidence and questions raised by bankers here. Together with the reunderstandprosperity in the world to-day depended upon a real and lasting
plies received by the Reichsbank from British and Coning between France and Germany and said it was the duty of every intinental bankers, it will provide the German authorities
nation to make efforts to that end.
dividual and every
with an understanding of how Germany's foreign shortBank of England to Increase Fiduciary Issue—£15,- term creditors would like to see the problem of that coun000,000 in Notes to be Put Into Circulation for a try's short-dated debt handled in the present emergency.
The text of the statement given out by Mr. Goodhue
Period of Three Weeks.
reached in Paris upon follows:
News that an agreement had been
meeting was held this morning at the Federal Reserve Bank at which
a credit for the Bank of England from the Bank of France allAthe leading New York banks were represented and at which a subBank of New York was welcomed committee appointed at a previous meeting made its report concerning
and the Federal Reserve
of the New York banks to
warmly in London said a cable to the New York "Herald the action the Reichsbank with regardbe taken regarding the proposal subto the handling of American credits
mitted by
London, dated Aug. 1, not only because it to Germany.
Tribune" from
upon sterling exchange,
A general understanding was reached by those present concerning the
should bring an end to the pressure
the New York banks in this matter, in line with the
but also because it is an indication of a real measure of co- attitude of which had already prevailed at the earlier meetings.co-operafinancial centers of the world. tive spirit suggested modifications of the German proposals which seemed
operation among the three
Certain
are to
Official announcement of the agreement was made in the desirable to the New York bankers, were agreed upon andare on be cabled
the same
On the whole, these amendments
to the
following statement issued by the Bank of England this lines asReichsbank.
suggested by the British bankers and, in addition, safeguard
those
afternoon:
certain technical questions which are peculiar to this market.
Official Statement.
Bank of New York have
"The Bank of France and the Federal Reserve
England a credit in their reeach placed at the disposal of the Bank of
sterling, making a
spective currencies for the equivalent of £25,000,000
total the equivalent of £50,000,000.
(British) Treasury have
the
"On application of the Bank of England,
procedure laid down in the Curissued a minute, in accordance with the
authorizing an increase of £15.000.000
rency and Bank Notes act of 1928,
issue for a period of three weeks,
(nearly $72,900,000) in the fiduciary note
fiduciary issue to £275,000,000
thus raising the total of the authorized
(approximately $1,336,500,000)."
While.It will probably take some time to iron out these technicalities
between Berlin and the several markets involved and to bring about a
complete unanimity of views, it may be said that the meeting was most
satisfactory and the general impression was that real progress had been
made.
The general plan, as is well understood, is along the lines of President
Hoover's suggestions, adopted by the recent London conference, of maintaining on a practicable and reasonable basis the short-term credit facilities granted by foreign countries to Germany so that she may be able
to finance her importations and exportations with the facilities she now
enjoys.
The committee Is in tend' with the leading banks of the other Federal
Commenting on the foregoing the cablegram said:
Reserve Districts and has received from most of these assurances of coannouncement is a purely pre- operation along the lines of the proposed plan.
The second measure mentioned in this
The application, however,
cautionary one and may prove unnecessary.
In addition to Mr. Goodhue, the subcommittee of bankers
ago, when the heavy drain
was made by the Bank of England some days
when preparations were that has been studying the German proposals includes
gold from this country still was continuing and
of
the currency caused by the
being made to meet the unusual expansion of
vice-president of the National
Joseph T. Crosby, senior
holiday season.
t of the Guaranty
City Bank; Robert F. Loree, vice-presiden
Margin Narrow.
total circulation of £392,- Trust Co., and Siegfried Stern, vice-president of the Chase
The Bank's return of last Thursday showed a
£133,309,031 (almost $647,034.694 (nearly S1,905,288,812.84), of which legal fiduciary (unsecured) National Bank. The "Times" account also says:
881.890.66) was covered by gold. As the normal
Bankers here could give no estimate of the length of time it will take
(approximately $1.263.600,000).
circulation is limited to £260,000,000
before a final agreement on handling Germany's short-term credits can
narrow.
upon studying
the margin had become rather
circulation will relieve any be achieved. It was suggested that the Reichsbank,
The temporary increase in the fiduciary
find it necessary to
also will mean that the American, British and Continental replies, may
possible stringency over the next three weeks and
outlining to what extent
bankers
is thought, however, submit a new memorandum to the foreign
further gold will be available for export if required. It
AUG. 8 1931.]
FINANCIAL CHRONICLE
It can conform to their proposals and answering certain technical
questions. In this case, it is presumed, bankers here and abroad
will have
to take time to study the new German message.
The task ofreaching an agreement will, however, be speeded up somewha
t
by the liberal use that has been made of the Transatlantic telephone
.
Bankers here who have been studying the question have been
in touch with
London and with Berlin, so that details of their reply will
already be
somewhat familiar to those two markets.
It is believed the problem of making payments on maturing commercial bills has been approached along the lines of securing payment
In marks,
to be held in Germany for the account of the American accepting
banks
pending the creation of new bills based on new commercial
transactions.
How this is to be worked out without increasing the lines
of credit extended by American banks and without forcing them
to accumulate additional mark balances was not stated.
The possibility was suggested that the Bank for Internati
onal Settlements Committee, set up by the London conference to
study Germany's
Immediate credit needs, will be called upon to reconcile
the views of American. British and Continental bankers and to work out
a final plan.
881
Germany Bars Private Foreign Exchange Deals to Aid
Banks—Currencies May Be Purchased Only from
Reichsbank for Six Months.
A special decree was issued by the German Government
on Aug. 2, placing payments to be made in foreign exchange
under the strict jurisdiction of the Reichsbank. It was expected that this decree will be in effect for six months.
Berlin advices Aug. 2 said:
The banks will be fully reopened on Wednesday for internal
payments.
The banks are to be permitted to transfer mark balances,
to cash checks
and to carry on other ordinary banking transactions.
The decree was insisted upon by the London and
New York bankers
whom in a plan submitted to them last week by Hans
Luther, head of the
Reichsbank, were asked to maintain their present credits to
Germany
for half a year. The British and American bankers
were reluctant to so
If such an agreement would permit leaders
of other countries to withdraw
funds from Germany at their expense. Now
all foreign lenders will be
on the same footing.
To Service Bonds.
German bonds of course will be serviced punctually. There
is to be no
restriction in providing interest and sinking funds to
most the contracts
under which long-term loans were underwritten.
Foreign exchange can now be purchased only from
the Reichsbank.
This means of course that private deals in foreign
currencies are forbidden.
The decree applies to foreign balances, bills
and contracts to deliver either
at future dates. The decree of course also
forbids the purchase of marks
by foreigners excepting through the Reichsba
nk, since this would be possible only through purchase of foreign exchange
by private interests.
The Reichsbank hereafter win discount bills only on resale
agreements
to expire In 10 days. The purpose of this
action is to prevent the use of
central banking funds for any excepting emergenc condition
y
s and emphasizes the effects of the 15% discount.
Germany Bars Withdrawals by Foreign Banks
—
Hindenburg Signs Decree for Virtual Morato
rium
on Outside Obligations.
The German government on the night of Aug. 1
issued
a new emergency decree regulating transactions in foreign
exchange. It is officially stated, said the
Berlin correspondent of the New York "Herald Tribune",
that this
decree will supplement the "freezing" consort
ium formed
by foreign creditors to halt withdrawals from the
Reich
of short-term credits and that it will prevent foreign banks
participating in the consortium from being
placed at a
disadvantage as compared with the smaller
banks and
countries not voluntarily undertaking to leave
their credits German Commercial Banks Resume Full Payments
in this country. The correspondent also added:
Without Runs or Disorders—New York Bankers
The measures in this connection which have
been adopted by the GerAgreed on Keeping Alive the $1,200,000,000 Amerman government include the prohibition upon exports
of marks, and the
ican Commercial Credits to Germany.
banning of dealings in foreign securities.
In effect, the consequence is a moratorium
upon Germany's foreign
Thanks to the magnificent response of the German people
obligations, but this harsh name, which would
harm German credit, if to Chancel
lor Heinrich Bruening's radio appeal the day
used, has been avoided. As the "Frankfurter
Zeitung" says, "There are
obvious reasons for not wishing to give to this
suspension of payments before to "keep cool." the German commercial banks were
the official name of 'foreign moratorium'."
able to meet with perfect ease the demands made upon them
Dutch Banks Raise Difficulties.
on Aug. 5, when they opened their doors for full payments
Issuance of this latest emergency decree, which
is expected to be made for the first time in three weeks. Thus spoke the Berlin
known to the public late to-night, constitutes a virtual
admission by the correspondent of the New York "Herald Tribun
German government of failure in its efforts to
e" in a
induce all creditors of the
Reich to join in the freezing consortium. Certain
dispatch dated Aug. 1, and then proceeded to describe the
groups, especially Dutch
banks, have raised difficulties in the way of
this common action, and the day's event as follows:
fact that the smaller
American banks are not represented
in the negotiations conducted here this week on the part
of the larger American
credit institutions—through James H. Gannon,
vice-president of the
Chase National Bank. of New York—has formed another
serious handicap
Germany has seen herself compelled to take legal
action to prevent the
blockade on withdrawals of foreign credits which
the freezing consortium
designed from being broken by creditors standing
communique issued by the Government on this outside that group. A
subject says:
"In the freezing negotiations concerning
short-term indebtedness
which are now pending between foreign creditors
and German debtors,
the wish has been expressed that foreign creditors
standing outside the
negotiating groups should by no means be given
a preferred position as
compared with the groups which are ready, in principle,
to submit themselves to voluntary limitations.
Bruening to Visit Rome.
"This consideration and the economic necessity of
foreign exchange
control in Germany have resulted in the Reich
issuing a general ruling
on foreign exchange.
"As a result of the decree, not only is the independent
freezing consortium
made secure, but it is obvious that payment of interest
and of redemption
sums on the date of maturity will be subjected
to no restrictions."
Announcement was made here to-day that the
visit to Rome by Chancellor Heinrich Bruening and Foreign Minister Julius
Curtius had been
set provisionally to begin with a departure
from here next Wednesday.
The German statesmen will arrive in the Italian
capital on Friday to remain two days. Their return to Berlin is to begin
on the following Monday, which will be the day after the plebiscite on
the Steel Helmet proposal to hold new elections to the Prussian Diet.
No concrete program has been drafted by the German
statesmen in view
of conferences with Benito Mussolini, Premier
of Italy, and Dino Grandi,
the Foreign Minister, but the conversations,
it is stated in diplomatic
circles here, will embrace those complex questions
of foreign policy which
interest both nations. It is expected that Chancellor
Bruening and Herr
Curtius will call upon Pope Pius.
The Government to-day issued an emergency decree
regulating the
return to a normal system of bank payments which
Is contemplated for
next week.
United Press advices, Aug. 1, said:
President Paul von Hindenburg signed to-night
a new emergency docree relating to trading in foreign currencies, which
compels foreign banks
to refrain from withdrawing credits in Germany. Meant
to combat the
flight of capital from Germany, it maintains the
restrictions provided
in previous decrees but makes them more rigid. Imprison
ment for as
much as 10 years or confiscation of property is threatened
for violations.
The decree, covering 11 typewritten pages, contains 23
essentials require that foreign currency may be purchasab articles. Its
le against German currency only through the Reichsbank. The purchaser
must have
a written permit from the special board for trade in German
currency.
This permit is granted If the foreign currency is required
for payment of
Interest or of amortization of long-term foreign loans.
The
of vast importance because it Is tantamount to establish provision is
ing a general
moratorium.
The decree prohibits the export of German currency except
In
For the purchase of foreign shares and stocks not quoted on rare cases.
the German
Boerse—only a few are quoted—a written permit from
a special board is
required. Private deals violating the decree will be
null and void and have
no legal standing.
The visions of catastrophic runs on banks by panic-str
icken depositors,
as conjured up in some financial circles here, vanished
into thin air when
It was%observed that the precautionary measures
taken by the German
Government since an enforced banking holiday began
had restored completely public confidence in the soundness of the
nation's credit institutions.
Transactions Dull.
The business transacted at banks in Berlin
to-day was dull and prosaic
of character, as it ordinarily is on mid-summer
days. The elaborate precautions which Berlin banks had taken to
meet expected demands turned'
out to be entirely unnecessary, and in many
cases branch banks were
able to return to the central depository quantitie
s of bank notes which they
had obtained in the belief that depositors
would want to see their money
again.
The contrary proved the case. The amount of reichsmar
ks withdrawn
from the banks fell far behind the amount of deposits
made on the first
daytof renewed normal banking business, while fresh deposits
were made
to-day ent large scale. Reports from Munich, Frankfor
ra
-on-the-Main,
t
Cologne, Hamburg and other leading cities in Germany told a similar
story
8% Interest Attractive.
It is true that the fresh deposits may be explainable, in part,
by the
fact that these days they draw the enticing interest rate of 8%.
But this
bait would be insufficient if the German burgher thought that
his bank
was going to fall.
To-days developments justify the statement that the German citizen
has recovered from the panic caused by the prolonged negotiations over the
Hoover moratorium plan and by the collapse of the Darmstaedter und
Nationalbank (Danatbank).
An American financial expert who is famous internationally told
this
correspondent last week that the present would ho a critical week in German
financial history. If the German people displayed confidence In the institutions of their country when banks reopened on a normal basis, as they
did to-day, then, this authority contended, foreign confidence in the stability of German business would be restored also and foreign credits
would
return to the Reich of their own accord, with necessity for a Governm
ent
guaranteed loan to supply the working capital the Reich needs.
Bruening Cabinet Meets.
If to-day's events may be taken as a criterion, the German public
has
passed triumphantly through its most trying ordeal. So smoothly
, in fact.
did the banking machine function to-day that it is believed the
savings
banks, which were not to have resumed full payments before
Monday next,
may begin operating on a normal footing again before this
week-end.
Preparatory to this step, the Bruening Cabinet, at a final meeting to-day
previous to the departure of the Chancellor for Rome to confer with Premier
Benito Mussolini, approved an emergency decree conferring on the Government new powers as regards savings banks.
This new decree gives the Government authority to alter at will the
statutes of savings banks and to dissolve, or to merge, credit institutions
of this type. The Government also is empowered to liberate savings banks
from their former restrictions and to permit them to issue and accept
bills
of exchange. By this means, the savings banks can obtain financial
backing from the Reichsbank, for, previously, they could not handle bills
of exchange. The new decree forbids them, however, to make loans
to
communes or other public bodies, whether directly or indirectly.
The Chancellor's appeal to the German people to boycott the polls next
Sunday, on which day the plebiscite, engineered by the Steel Helmet,
reactionary organization of war veterans, on dissolving the Prussian
Diet.
Is to take place, has had a great effect upon public opinion. This
conclusion
882
FINANCIAL CHRONICLE
"National Opposican be based upon the manifesto drawn up to-day by the
tion" and described as "Our Reply to Bruening."
says:
Paraphrasing Dr. Bruening's statement, this document
Prussian people
"As citizens, and not as party politicians, we inform the
that It will see us at the polling booths on Aug. 9.
antagonisms, but a
"The need of the hour is not a hushing-up of party
the basis for a
clarification of true public opinion, which can alone form
creative synthesis overcoming these antagonisms."
manifesto Is that of Dr.
The most weighty signature attached to this
Reischsbank. who once was a
Hjalmar Schacht, former President of the
the verge of Hitlerism
Liberal, but who seems now to be hovering on
(Fascism).
Alfred Hugenberg,
Among the other politicians signing the statement are:
Berlin of the National
Nationalist party leader; Joseph Goebbehs, leader in
United Patriotic
Socialists (Flitlerites); Count von der Goltz. head of the
Agrarian Union;
societies; Count Leopold von Kalckreuth, head of the
the Steel Helmet
Franz Seldtes and Theodor Seldtes, two leaders of
famous German army comorganization; General August von Mackensen,
commander
mander in the World War, and General Wilhelm Ileye,former
of the Reichswehr.
Germany Bars Import of Finished Goods to Save Exchange—Will Use Its Limited Foreign Credits
Largely to Get Raw Materials for Mills—Tobacco
to Escape Ban.
No foreign exchange will be made available for the time
being by Germany to finance imports of manufactured goods
and of many foreign grown agrarian commodities, notably
fruits and dairy products,according to reports of confidential
instructions issued by the Government to administrative
offices on Aug. 4 to whom control of exchange traffic has
been extrusted. While the Government is said to realize
the damage such a curtailment of imports may do to German
trade, it is pointed out that the exceedingly small amount of
foreign exchange which is left over following the recent withdrawals of foreign short-term credits must be used for the
importation of vitally needed goods. Instructions accordingly have been given to distinguish among three classes of
imports. In reporting this, Berlin advices Aug. 4 added:
Imports,
Exchange is to be liberally granted only for the financing of vital
including the raw materials necessary to keep manufacturing Industries
Government needs
running. Tobacco also is included in this class, as the
the tobacco duty and taxes. Demands for payment of service charges on
foreign credits will be treated in the same manner.
The second class will include half finished products, for which exchange
will be granted to a limited extent.
No exchange at all will be available for the time being for imports of
finished products and a certain specified number of agrarian goods.
Regarded As Temporary Measure.
While in its effect the decree regulating the traffic in exchange is in line
.
with the postulations of those who are advocating German self-sufficiency
address,
official circles. especially Chancellor Bruening in to-night's radio
its attitude
take care to emphasize that the Governmnet has not changed
to a tempoin condemning this doctrine and to explain that it has been forced
policy of cutting out a great proportion of German
rary adoption of the
it to disimports only because of the shortage of exchange, which compels
the exchange
regard even the danger of foreign reprisals. It is added that
through their withdrawals of loans.
shortage was caused by foreign creditors
modified
It is assumed that these instructions will be canceled or at least
As a result
as soon as the reimbursement credits function normally again.
are forced
of the present interruption of reimbursements. German importers
three-month draft,
to pay for goods immediately and in cash instead of by
until the drafts of
while on the other hand the German exporters mast wait
money, as they cannot
foreign buyers are due before they can receive their
transactions they are comdiscount these drafts. Even in the case of cash
Cash transactions, howpelled to wait antil the goods are received abroad.
trade, which, In order to
ever, are extremely rare in the German export
in many cases credits of
compete on the world markets has had to grant
four months.
Problem.
Bankers Dealing With
very essence of the problems
This dilemma is regarded as being of the
bankers who In principle axe
which have been discussed with the foreign
Germany. And its solution Is
willing to leave their present credits with
credits.
vital to the general settlement of short-term
Chancellor Bruening InSupervisory measures over the banks which
definitely worked out, will be endicated in his radio address, while not
which will have the right
trusted to a new department of the Reichsbank.
to offer recommendations and,
to demand information on a bank's activities,
with the instrument of the
if the banks do not comply, to enforce them formed according to recombe
Reichsbank's credit. The department will
that is to be appointed by the
mendations of a commission of five experts
directly affect the independence
Reich. Governmental supervision will not
liable for the banks' transactions.
of the banks, nor will the Government be
the Brazilian
The Report of Sir Otto E. Niemeyer to
Government.
country for the
Dillon, Read & Co., fiscal agents in this
released for publication on July 25
United States of Brazil
which was
the report on Brazilian economy and finances,
Niemeyer of the Bank of England.
prepared by Sir Otto E.
in London by
Simultaneous release of the report was made
agents in England for Brazil,
N. M. Rothschild & Sons, fiscal
and in Rio de Janeiro.
Iselin
In the "Bulletin on Foreign Securities," issued by A.
comCo., under date of July 31, we find the following
&
report:
prehensive summary of the
unfavorable economic situaFrom the outset Sir Otto ascribes the present
depression, but also to the fact
tion of the country not only to the universal
of her internal finanthat Brazil "suffers especially from the consequences
expensive borcial policy in late years. Undue reliance on issues of notes,
[VoL. 133.
rowing from abroad for purposes of doubtful economic value, and excessive
public expenditure, produced an inflated financial position, to correct which
little was done, with the natural and inevitable tendency to a weakening
foreign exchange."
According to the report, the active note circulation (Treasury notes,
Bank of Brazil notes and notes of the Conversion Office) rose from about
This
1,741,000 contos in 1920 to about 2,519,000 contos in December 1930.
circulation at present has no gold guarantee whatever. During the same
period, Sir Otto states, "the overseas debt of the Federal Government has
risen from .C116,000,000 to £148,000,000, and that of the States, municipalities and Coffee Institution to about £134,000,000, to which increase
The
the surplus of exports over imports is far from having responded.
internal debt (other than in respect of the note issue) has also increased
substantially."
As regards the Brazilian budget, the report states that "the final budget
results of 1930 show that the Federal Government had to meet a deficit of
over 780,000 contos. This has now been met, at heavy cost, by the arrangements made last October by which certain temporary advances from the
Bank of Brazil were turned into permanent debts and by the issue of
Federal bonds."
"The issue of such bonds," the report continues, "not bought by an investing public, but merely handed over to those who claim cash payments, not
only depreciates the general value of internal Government securities, but
also, if advances are made on the bonds by the Bank of Brazil (as has been
done to the extent of 86,000 contos), becomes purely inflationary in
effect."
The Federal Government, according to the report, has introduced large
economies in expenditures for the year ending Dec. 81 1931, and it is estimated that a surplus of about £1,000,000 will be secured for the year.
The report analyzes the present rate of expenditures of the Brazilian Government in the following approximate percentages:
33.6
External debt
7.5
Internal debt
19.0
Army and Navy
21.6
office)
Transport and Water Works (including railways and post
18.5
Other administrative expenditure
100.0
In the section devoted to budgets, Sir Otto emphatically points out that
financial reorganization in Brazil demands two fundamental bases: "(I) the
maintenance of budget equilibrium by all public authorities, . . .and
(2) the stabilization of the currency."
"So long as budgets are not balanced," the report states, "public authorities will be forced into inflationary measures which can never be the true
or permanent solution of financial difficulties. So long as inflation is
practiced a stable national currency is impossible." Sir Otto therefore
recommends that all departments "should be strictly limited each month to
an amount agreed with the Ministry of Finance, and be required to furnish
at the close of each month evidence that this amount has not been exceeded."
Of the two principal direct government undertakings, which are the
Brazilian Post and Telegraphic Service and the State Railways, Sir Otto
concludes that both of these undertakings at present involve heavy charges
on the Brazilian taxpayer. For the year 1930 the mall service showed a
deficit of 19,241 contoe and the telegraph service a deficit of 32,311 contos.
These unsatisfactory results do not include the cost of the office of the
Minister of Posts and Telegraph, the depreciation of post office and telegraphic properties, and interest on the capital invested in telegraphs, Sir
Otto contends that "so large a deficit on these two services can hardly be
defended," and to him it seems clear that "(1) the actual service should be
capable of improvement, which would itself increase the use made of it
and the revenue; (2) the personnel is excessive (3) the two services could
be amalgamated both at the head office and as regards local offices." As
to the railways, which are also run at a loss, which amounted to 40,000
contos in 1930 (or £666,000), Sir Otto suggests that it should be the aim
of the Railways Administration fully to meet working expenses and not
only to earn full service on the railway debt in local currency, but "to add
the amount of its service to the annual export capacity of Brazil so as to
cover the extra foreign exchange demand it occasions."
The report specifically recommends that the Government railways "should
be given an independent autonomous administration free from political control, with full powers, including the fixing of rates, to manage the undertaking on business lines."
With reference to the budgets of the Brazilian States, the report lays
especial emphasis on that of the State of Sao Paulo. This State, according
to the report, "ended the year 1930 with a large budgetary deficit which
has been met partly by Federal assistance and partly by other forme of
borrowing. The original budget of 1931 showed estimated revenue of
403,000 contos; estimated expenditure of 503,000 contoe—a deficit of
100,000 contos, in spite of reductions in expenditure of approximately
40,000 contos."
With regard to taxation, Sir Otto concludes that available indications do
not suggest that Brazil as a whole is overtaxed, but it was found that
taxation is overwhelmingly Indirect. Recommendations are made to abolish
levies on goods passing from one State to another, and a radical modification
of overseas export taxes, which are "hampering the development of her
own trade."
The specific recommendation of Sir Otto Niemeyer on budgets and public
finance are as follows:
"1. The attainment and maintenance of budget equilibrium by the Federal Government and the larger States is essential.
"2. The issue of bonds in payment of Government debts should so far as
possible be avoided.
"3. Immediate steps should be taken to reorganize the Post and Telegraph services with a view to securing that these services pay their way.
"4. The Railways Administration should be reorganized with the same
object, and for this purpose placed under the control of an autonomous body,
with full powers and free from political control.
"5. Increased use should be made of direct taxation and so soon as the
budgetary position permits reduction made in the customs duties.
"6. Internal export taxes and any similar internal charges should be
abolished; and no further external export duties imposed.
"7. The unity of the budget should be strictly observed. The budget
should include all foreseeable expenditure of the year and no expenditure
should be incurred outside it. Additional credits should not be opened,
except In quite special circumstances and then by supplementary estimate
authorized in the same way as the original budget. Special funds which
contravene budget unity should not be kept; and deductions for special
purposes should not be made from the revenue.
"8. The accounting system should immediately be revised on a cash basis,
and all Federal receipts and payments centralized in the Central Bank.
Aua. 8 1931.]
FINANCIAL CHRONICLE
"9. Estimates and budget statements should clearly compare receipts with
expenditure and figures for one year with similar figures for the previous
year. Accounts should be kept in currency only and not in both gold and
paper. Monthly statements of revenue and expenditure should be issued to
enable the progress of the year in comparison with the budget estimates to
be seen.
"10. An, independent audit of all expenditure incurred by Government
departments and of revenue collections should be carried out; and
the
present system of partial audit before payment modified."
A substantial portion of the report is devoted to a discussion of the establishment In Brazil of a "Central Bank on orthodox lines." The
report
continues: "Confidence in the future of Brazil will depend very largely
in
the belief, both in Brazil and outside it, in the stability and efficiency of
the monetary system." The report offers two alternatives to be considered
In the establisnment of that institution, "(1) the conversion of the
present
Bank of Brazil into an orthodox Central Bank; (2) the
establishment of
an entirely new institution which will assume the sole right of
note issue
and perform the other functions of a reserve bank." The first alternative
Is practically dismissed with the statement that the present
Bank of
Brazil is largely a "Bank d'affaires, conducting a commercial business
which
Is no part of the functions of a Central Bank." The suggestion
is therefore
made to reorganize the Bank of Brazil to become "an entirely
private commercial undertaking and the Government should, with as
little delay as
possible, arrange to dispose of its holding of Bank of Brazil
shares."
As to the Central Bank, which the report calla a "Reserve
Bank," Sir
Otto states that "it will be necessary to establish the gold
content of the
milreis. This should be promulgated by decree at the
same time as the
Reserve Bank receives frail the Government the foreign
exchange cover
for its notes contemplated in the status." The report
further suggests that
"to enable the Reserve Bank to attain the required proportion
of cover and
to undertake the convertibility of its notes, it will be
necessary to provide
It with foreign exchange assets. For this purpose
it will be necessary to
raise an external loan, the exact amount of which
cannot be fixed until
the rate of stabilization is fixed, but which should not
be less than sufficient
to produce a net cash amount (to be paid in
foreign exchange to the Bank
In reduction of Government debt) of not less than
416,000,000."
"It is very necessary," the report suggests,
"for Brazil to avoid excessive
or unremunerative foreign borrowing which could
only endanger her financial
stability, and it is desirable to guard against
future dangers from this
course."
Recommendations are made, furthermore, that "a
control should be exercised by the Federal Government over the foreign
borrowing of the States
and municipalities and any public undertakings conducted
by those bodies."
Recommendation is also made that such loans
should require the prior
approval of the Federal Minister of Finance, who
would in turn consult
the President of the Reserve Bank.
After dwelling lightly on the necessity of Brazil's
diversifying her sources
of economic production and rendering the country less
dependent on coffee
exports, the following specific recommendations are
made "on matters other
than those concerned with the budget:
"11. That immediate steps should be
taken to form a Central Reserve
Bank in accordance with the statutes annexed;
to which Bank wotild be
entrusted the sole right of note issue in Brazil,
the custody of Government
balances, banking reserves and the other functions
normally exercised by a
Central Bank.
"12. The Reserve Bank to be autonomous, with
a capital subscribed half
by the banks and half by the public in Brazil; to be
entirely removed from
State control or participation; and to be assisted
temporarily by an expert
counsellor.
"13. An external loan to be raised by the Federal
Government sufficient
to proVide the bank with the necessary foreign
exchange cover for its notes
and sight liabilities.
"14. As soon as the proceeds of the loan are available
the new rates for
the milreis to be established by a monetary law, and the
convertibility of
the note issue to come into force.
"15. The Federal Government's assent to be required to
all future external
borrowing by the States, municipalities or similar public
bodies.
"16. Consideration to be given to the consolidation
of the outstanding
debt of the States who are in default."
883
Prohibits Exchange.
It may also prohibit any exchange operations not arising from legitimate
commercial and financial transactions, and also, it was stated. may
forbid
hpeculative operations. Additional information was made available
as follows:
A definite limitation is prescribed as to what may or may not be done
in transactions involving international transfers. The following transactions may be effected only with the consent of the committee:
1. Contracts entered into in Chile, involving settlements in foreign
currencies.
2. Contracts executed abroad subsequent to the enactment of this
law. involving payment in foreign currencies.
3. Exportation of gold.
4. Stock exchange operations involving foreign currencies or gold.
The Central Bank has been granted the exclusive right to purchase or
sell foreign exchange, but other banks may engage in exchange transactions provided they gain the consent of the Central Bank and the
committee.
No Regulations Made.
No regulations have yet been prepared to carry out the provisions
of
the new order as they necessarily affect the sale of imported
merchandise.
for payment is to be made in foreign currencies.
The Department is without advices as to the circumstances surrounding
the action which is more drastic than any step yet taken in Chile since
the strain of the economic depression and financial difficulties has grown
acute. There is no doubt that the movement now launched means a rigid
supervision of all dealings between Chile and the other powers of the
world,
but it is too early to forecast the probably effect on trade relations.
Mexican Bank Shut. Another Has a run—Banco Credito
Espanol, Capitalized at About $2,000,000, Hopes to
Be Able to Reopen—Banco Nacional Pays All.
The Banco Credito Espanol, capitalized at 4,000,000
pesos [nominally about $2,000,000], with branches in the
cities of Puebla, Tampico, Guadalajara and Vera Cruz,closed
its doors on Aug. 3. Notices were posted announcing liquidation was being sought in the courts. The Bank also announced that the closing was only temporary, that the
cause was the prevailing crisis and that all depositors eventually would be paid in full. It is believed in financial circles
that the institution will be able to reopen. A dispatch to
the New York "Times" from Mexico City, Aug. 3 added:
The Banco Nacional de Mexico, with 40 or more branches throughou
t
the Republic, was subjected to a heavy run all day by a stream of depositors
.
At closing time the Bank was continuing to make payments.
The exchange situation showed a great variation this morning
from that
of Saturday. The Bank of Mexico to-day was selling dollars at 3.75
silver
pesos, while the National City Bank was buying dollars at
4.04 pesos.
The Banco Nacional this morning stated it would not buy or
sell dollars.
The Bank of Canada is not selling them, but is offering to buy
at 3.75.
Street exchange houses all day were offering to buy dollars
at around 3.80,
but were not inclined to sell.
Prices for prime necessaries show such Increases as to make
probable
a regulatory commission to fix prices for such commoditi
es.
Associated Press advices from Mexico City contained the
following:
The Bank of Mexico, a separate institution from the
Banco Nacional,
was doing a normal business to-day, while in most other
banks business was
heavy, although not of an alarming nature.
The Banco Nacional is capitalized at about 810,000.00
0, with a reserve
of about 62.500.000.
Government spokesmen continued to-night to declare that the banking
and exchange situation was only a temporary result of the recent
monetary
reforms and that the situation soon would be stabilized.
A dispatch to the newspaper Excelsior from Vera Cruz
to-day said
that $2.500.000 in Mexican gold had been shipped to New York
aboard
the Ward liner Morro Castle. The Government recently removed
restrictions on the exportation of gold, and there has been a large exodus
of the
metal to the United States for banking operations.
Reductions in the salaries of army officers and civil employees, decreed
by the government to help make up an estimated deficit or
80.000.000
pesos (nominally about 840.000,000; in thts year's budget, went into
effect
to-day.
Civil employees earning more than three pesos a day—including the
President and Cabinet officers—received a cut ranging up to 22ji%,and
army officers' pay was cut from 10 to 25%.
Among other means of economy, the Government ordered that the
cruiser Anahuac, flagship of the Mexican fleet, be indefinitely
docked
at Vera Cruz.
Germany Lifts Ban on Foreign Money—R
estrictions
Dropped to Aid Foreign Trade.
To forestall so far as possible unnecessary hamperi
ng of
legitimate imports through restrictions on foreign
trade,
the Government, on Aug. 7, announced that
restrictions
purchases of foreign currencies for financing imports, on
ex
ports or transit of goods would be lifted "until
further
notice," according to Associated Press advices the
same day.
Export and import firms, however, will be
expected
voluntarily to "exercise that restraint called for
On Aug. 5 a wireless to the New York "Times" said that
by the
present economic situation" in connection with
the im- all banks were doing business as usual and there was no
portation of luxuries and will be required to submit
periodi- indication of a resumption of the runs of the last two days.
cally reports of deals involving foreign exchange.
Banks bought dollars for 3.70 silver pesos and offered limited
amounts of American currency at 3.85.
Chile Sets Up Control Board for Gold Coin—C
ornmit ee Empowered to Govern Transactions
of
Interna_ 'al Nature, Says Commerce
Department.
The Gove-n , t of Chile has set up an exchange
control
committee, with :le powers, to govern international
transactions, according
a cabled report to the Department
of
Commerce, Aug. 1, rom R. H. Ackerman,
commercial
attache at Santiago, and announced orally by
Grosvenor
Jones, chief of the Department's Division of Finance
and
Investments.
The committee consists of the president of the Central
Bank, the Superintendent of Banks and the
TreasurerGeneral of Chile. It is empowered, Mr. Ackerma
n reported, to restrict or prohibit purchase and sale of
gold
coins, either Chilean or foreign, and gold bars.
Can Cotton Remain King?—Radio Talk by Carl
Williams, Member Federal Farm Board.
In a radio talk over the Columbia Broadcasting System
on July 3, Carl Williams, Member of the Federal Farm
Board, discussed in an interesting way the subject of the
title of this article. "The question which I am to try to
answer to-night is this," he said—" Can cotton remain
king in the South and hold its place as the chief American
export? There are those who say it cannot, that the
South is losing its foreign markets for cotton, that other
countries are growing better cotton than we are at smaller
Costs, that these countries are underselling us in foreign
markets, and that the final end of the American cotton
farmer will be to reduce his production to a domestic basis
or starve. True enough, some countries are producin
g
884
FINANCIAL CHRONICLE
cotton cheaper than we do on the average, some countries
are underselling us in foreign markets, and some consuming
countries are temporarily buying less American cotton.
At the moment, therefore, in the midst of a world-wide
business depression, the pessimists have their inning. After
all, can cotton remain king in the South? In the light of
rapidly changing world conditions can Southern farmers
and planters keep on depending on cotton for prosperity?
My answer to the question is a positive yes, provide we
of the South will meet these changing world conditions
fairly and will make certain changes in our farming programs which we have always known we ought to make
but have never yet done." Mr. Williams then gave the
reasons for his views as follows:
There are several problems which we of the South need to solve. One
is our present
Is our present production credit system for farmers. Another
of acres of
system of renting land. A third thing is the many millions
worn-out soil. A fourth thing is the number of people who get most of
the grocery store.
their home living out of tin cans and paper sacks from
fiber of the
A fifth thing is an improvement in the quality and length of
American cotton crop. A sixth thing is a revision of the system of marketing cotton to the point where farmers themselves will get the greatest
possible per cent of the price that the consumer pays. A seventh thing
is the development of new uses and the extension of old uses for cotton.
The Credit System.
on
So long as 85% of all the cotton produced in the South is grown
terms on which that money can be borrowed can
borrowed money, the
help or hurt the farmer. Most bankers, land owners and merchants
lend money to grow cotton, but for few if any other fanning purposes.
They like that method because cotton is the only crop in the world which
can neither be eaten,stolen, sold nor given away without the banker knowing all about it. It is, therefore, good security for a loan about half the
time: that is, whenever cotton prices are high enough to pay the debt.
For the most part, however, farmers cannot borrow money to raise feed
own
crops or keep livestock or build up the soil with legumes or raise their
pay
food for their own families. The result is they must raise cotton to
remains
the debt and to buy the things they need and therefore the South
their
largely a one-crop country. A great many farmers have to pinch
fact
pennies and banks and credit merchants often go broke in spite of the
The
that they charge interest rates running all the way from 10 to 20%.
present credit system adds enormously to the cost of raising cotton.
degree that no
A new system or a change in the old one is needed to the
matter what the price of cotton is, the farmer shall be encouraged to farm
for a living first and after that, and only after that, to raise cotton. Credit
high cotton
in the cotton belt was heavily overextended during the period of
had
prices from 1922 to 1929. Farmers would have been better off if they
now taking before the drop in cotton
taken some of the safeguards they are
prices.
King Cotton should take out a permanent insurance policy by building
and folthe soil, developing sidelines, growing abundant home supplies
after periods
lowing these practices permanently instead of taking them up
of depression.
The Land Rent System.
The same funamental trouble is7found in the land rent system. Landcan be sold for
lords want cotton raised on their farms because their share
land owner fails
cash at once to pay taxes and to put in the bank. The
to raise more and more
to realize that the pressure he puts on his tenant
to
cotton makes and keeps the tenant poor, and that continuous cropping
after a while the farm is no
cotton makes and keeps the land poor, so that
the land owner has lost his capital investment
good, nobody will buy it. and
in trying to get a temporary profit. In many a Southern county an average
because it is no
of one quarter-section farm a week goes back to brush
especially croppers, also want
longer good enough to be farmed. Tenants,
of its ready salability. The tenant has no
to specialize on cotton because
inducement to help build up the soil under present tenure contracts.
The Soil Fertility Problem.
the largest single
Thatleads us to the question of soil fertility. Probably
largest single cause
trouble of the cotton farmer to-day, and probably the
is that at least one-third of the land that
of high costs in cotton production,
cotton. The yields are too low to
Is planted to cotton is not fit to grow
the quality and length of fiber
be profitable at any reasonable price, and
that nobody wants to buy the
grown on these worn-out lands are so poor
(VOL. 133.
for good quality cotton, why try to improve? Under the commercial
handling system for cotton from consumer to mill, farmers have never
been assured of getting their full share of the mill price.
The Marketing Problem.
Here is where a new marketing system comes in. The cotton co-operatives of the South, banded together in the American Cotton Co-operative
Association, have made it possible for cotton farmers not only to get paid
full value for quality cotton but also for farmers to get the actual price
the mills of the world will pay, less actual costa of distribution.
Only about 15% of Southern cotton farmers now belong to these co-operative marketing associations. This is not enough. Many more should
belong.
New Uses for Cotton.
Many agencies, including the Departments of Agriculture and Commerce, the Cotton-Textile Institute, the American Cotton Co-operative
Association and the Federal Farm Board, are steadily hunting for new uses
and ways to extend old uses of cotton. Almost 70% of the cotton consumed
In the United States goes to industrial uses and only about 30% to clothing.
We can wear more cotton clothing, and as farmers we can insist on the use
of cotton bagging to wrap lint cotton in. To get the proper benefit from
cotton bagging, however, cotton needs to be sold on net weights. This
is something we should all think about.
The Federal Farm Board.
Now, where does the Federal Farm Board come into all this picture?
Most people think of the activities of the Board as having to do with stabilization operations in wheat and cotton: yet these operations, valuable
as they have been to American farmers, are but a small proportion of our
work. Under the law we are commanded to do everything we can "to
promote the effective merchandising of agricultural commodities in interState and foreign commerce," and we are told that we should do this "by
promoting the establishment and financing of a farm marketing system of
producer-owned and producer-controlled co-operative associations and other
agencies."
The money appropriated by Congress for the revolving fund can be used
only In making loans to co-operative marketing associations and stabilization corporations, which are farmer-owned. We have used the money In
exactly this way and it has happened that, because of their greater need,
more of it has gone into the cotton South than into any other section of
the country. In fact, more than half of the total loans to all farmers'
co-operative marketing associations in the United States have been made
in the 15 Southern States of Alabama, Arkansas, Delaware, Florida,
Georgia. Kentucky, Louisiana, Maryland, Mississippi, North Carolina,
Oklahoma, South Carolina, Tennessee, Texas and Virginia.
Big Job Is To Help Farmers Organize.
More than one-third of all the co-operatives whom we have been privileged to aid are in these 15 States.
Almost one-third of all of our educational work has been done in these
15 Southern States.
The Farm Board is encouraged to believe that, as a result of all this, the
farmers of the South are many hundreds of millions of dollars better off
to-day than they would otherwise have been under the conditions of worldwide panic and business depression which have existed during the last
two years.
The Board believes that its biggest job, in order to obtain equality for
farmers with industry, is to help the farmers themselves to organize collectively, on a co-operative basis, so that as sellers of farm crops they may
be able to bargain on equal terms with the buyers of farm crops. Now •
and in the future this job of helping the farmers to organize is being and
will be pushed.
More Than Good Price Is Needed.
At the same time, we know that a good price does not necessarily mean a
We know that the real profit is the difference between the
good profit.
cost and the selling price. We do not believe that any farmer can ever
be prosperous, no matter what his cotton sells for, so long as he pays high
interest rates, buys food and feed at the store, farms worn-out land, raises
more than the people of the world are willing to buy, fails to build up soil
fertility, sticks to a one-crop system, and lets the character and quality
of his ctop run down so that foreign countries can come in and successfully
sell their cotton in competition.
Prosperity for the cotton South does not depend upon any one thing by
Itself. It depends on all of these things. Cotton can remain Ring in
the South to the degree that we can improve all these things. I believe
that Cotton will remain King, because I have complete faith in the willingness and ability of Southern people to tackle and successfully conquer any
problem when they know what it is.
crop.
in their President Hoover's Stand on Wheat Sales Discussed
Commercial fertilizers are good but expensive, and temporary
Here—Cotton and Grain Operators Say Crop Size
growing of legumes, the rotation of crops, the the use of
benefit. The
and lasting in their results. We
and Farm Board Are Real Bearish Factors.
barnyard manure are cheap, inexpensive
for the good of our farms, but
things
of the South know that we need these
Expert commodity men, the New York "Herald Tribune"
under the present credit and land
we do not seem to be able to get them
possible that much of this poor land now generally said on July 12, lamented the lack of it short Interest in
rent system. It is
anything. Perhaps many
planted to cotton ought not to be planted to
to timber or be used for pasture wheat while President Hoover called for a holiday in short
millions of acres should be allowed to go back annual income per acre than
bring more
selling in the commodity markets, especially in the wheat
only. Properly managed forests
will one day be a very great need
cotton does on worn-out soils, and there
during the world-wide economic crisis. Their
to study our land policy and make market,
for lumber in this country. We need
opinion on the President's appeal to the patriotism of "a
permanent plan.
a
The Food and Feed Problem.
limited number of speculators" to cease short selling of wheat
depends upon any one cash crop to get
It Is my belief that no farmer who
invariably pointed out that the short interest had been
the family and feed for the teams can
money with which to buy food for
too much by way of manufacturing costs, freight virtually eliminated because speculators hesitated either to
ever prosper. We pay
privilgee of having somebody else
buy or sell the commodity as long as the Co ernaient intercharges, and middlemen's profits for the
to produce all that it can economigrow our food for us. If the South were
and Southern city folks need, the fered with the market's natural movemor and as long as
cally of the food and feed the farmers
would be largely solved. But the Federal Farm Board held approximr ely 200,000,000 to
problem of Southern agricultural prosperity
the land rent system, and the
again, that is tied up with the credit system,
250,000,000 bushels over the market. '1: "Herald Tribune"
problem of worn-out soils.
account went on to say:
The Quality of Cotton Problem.
threatened in foreign countries
Hedging sales in anticipation of the new clop were given as the cause of
One reason why King Cotton's throne is
crop have been going lower prices in wheat rather than organized short selling, commodity men
of our
Is because the quality, character and staple
and staple of foreign cottons in Wall Street said yesterday. Several authorities pointed to the tremendous
down for 20 years, while the quality, character
Southern soils that is to-day worn crop for the "wheat year" which ends Aug. 1. One wheat man with a
have been coming up. That part of our
cotton. The development of nation-wide reputation for accuracy said that "just as wheat soared to
out is largely responsible for this poorer
weevil IS another cause.
record prices on an inadequate crop when foreign nations were threatened
short-season,short-staple varieties to beat the boll
both angles. Southern plant with starvation during the World War, so the price is dropping now because
The quality problem must be tackled from
is being done to grow better varie- the world is raising too much wheat." The fact that Russia has been
breeders are already on the job. Much
years. Under the "hogties, and much more will be done in the next few
producing wheat and laying it down at Odessa for 16c, a bushel, enabling
already prevailed in the
'round" or "point" buying system, which has
40e. a bushel retail, was said to be another important
character and quality of its sale in England at
South, farmers have not been paid for better
reason for low wheat prices in this country.
money for poor cotton as you do
fiber. When you get as much or more
AUG. 8 1931.]
FINANCIAL CHRONICLE
Dispatches from Chicago and other Western grain markets coincided with
the statements of Wall Street commodity dealers that existence of a sizeable short interest at this time might prove a "blessing" to farmers and
others participating in the marketing of wheat.
Opinion throughout the grain trade yesterday agreed that the Government
report on winter wheat was bearish, as expected, but that the small spring
wheat crop was favorable and offset the effects of the winter crop figures.
Despite this apparent evening of market influences, Chicago wheat closed
% to % of a cent lower.
Interests commenting publicly on President Hoover's statement included
Russell's "News," which said: "The Hoover statement on short selling
attention
attracted attention, but had little, or no influence." Philip Weld, President
Exchange, stated that "anything that would restrict
of the New York
trading in cotton would do harm to the market. I believe a restriction of
short selling would halt a large amount of investment buying when prices
are cheap." Mr. Weld made this statement in answer to questions regarding
his opinion on the President's appeal.
Russell's "News" elaborated its position by stating that "while it may be
perfectly proper for the President at this time to caution short sellers of
commodities, it would appear to the experienced commodity man that he
had picked an inopportune time, particularly in regard to wheat, where
hedging pressure is on and will grow in volume with the movement and in
which market the greater possibilities are that speculative longs will be
called upon to carry the load. It does not follow that the short seller is
always successful any more than the long buyer, the market in the long
run being dominated in price by supply and demand."
Any fears that might have existed concerning the possibility of the Farm
Board disposing of its tio!dings in bulk were removed recently when it was
announced that starting with this month, not more than 5,000,000 bushels
cumulatively would be disposed of in any single month.
With this program definitely outlined traders inclined to sell wheat
short are deprived of the bearish influence on prices that would be exercised
were the Farm Board to sell all its holdings in very large amounts, although
opinion differs as to the interpretation of "cumulatively."
One commentator, in discussing the President's statement, said Mr. Hoover
overlooks the rather important fact that every interest entering the market
is both buyer and seller before his transaction is completed. Another wheat
dealer said that "Mr. Hoover is one man who should know the value of
organized commodity markets and facilities for taking long or short
positions. He used the facilities of wheat markets when he was buying
for the hungry millions in Europe during the war. At that time wheat
was purchased for future delivery and cash wheat was later taken up at a
price that would have been much higher and correspondingly costly to the
American Government had not futures markets been operating. Mr. Hoover
made his reputation as a grain administrator and could not have done b0
without organized futures market which allowed both buying and selling."
Another prominent grain dealer, an executive of a nationally known
organization, stated that if the Government would stay out of the
commodities markets, the price of wheat would be about 25c. higher and
that if
the Farm Board left the market free to its natural movements,
it would
almost immediately send wheat 10c. higher.
V
885
Capper Drops Party Task.
Senator Capper has returned to Kansas, with the decision that he cannot
participate actively as a member of the Republican National Committee's
agricultural advisory committee, of which Senator Dickinson of Iowa is
Chairman.
The Movement for a Farm Moratorium for Wheat
Producers.
Associated Press advices from Kansas City, July 14,
stated that a movement for a debt moratorium for wheat
farmers was under way in the Southwest where harvest
time, usually the season of plenty, finds the farmers in
despair over the unprecedented low prices offered for their
crops. Instead of to the Government, sponsors of the moratorium are looking to bankers, farm implement companies
and merchants to give them a respite from the bill collector.
The hope is expressed that if creditors will hold off even 30
days, or better, 60 or 90 days, wheat prices can be increased
by saving the farmer from the necessity of selling his
product at existing prices, which are as low as 25c. a bushel
at some country marketing points. This account went on
to say:
At Enid, Okla., to-morrow night, representatives of fawn organizations
will meet with bankers and implement company officials to ask that loan
collections be not pushed for a month or longer. E. N. Puckett, Manager
of the Union Equity Co-operative Exchange, and John Manley, Manager of
the Oklahoma Wheat Growers, called the meeting.
A similar movement was under way at Lamed, Kan., started by the
Chamber of Commerce there. Those in charge of the Enid meeting said
business and farm organizations in both Kansas and Texas would be asked
to join the moratorium movement.
Get No Advice on Holding Crop.
Representative bankers have announced they are willing to co-operate
in any move to relieve the farmers, but are not offering any advise as to
withholding the sale of crops.
In response to an inquiry from a Salina (Kan.) banker, Alexander Legge,
of the International Harvester Co. and former head of the Federal Farm
Board, said several days ago that agents of his company had been instructed
not to force farmers to sell on a depressed market to meet payments on
farm machinery, but that each case would have to be considered on its
merits.
Many farmers have piled at least part of their wheat on the ground for
storage, but others have been forced to sell. A report to the Amarillo
(Texas) "Daily News" from Buyrnon, Okla., said many farmers were refusing
to harvest their grain and a few were plowing it under.
"In the majority of cases the wheat crop is mortgaged, and the farmers
have borrowed additional money for harvest," the message said. "Some of
Use farmers have advised mortgage holders to 'come get it out of the fields
if you want it.' In Other instances, machinery firms have tied up the
wheat at elevators."
Dumps His Wheat Into Street.
Another illustration of the temper of some growers was given at Bucklin,
Kan. Forrest Kennett opened the end gate of his truck and spilled a load
of wheat on the street, refusing to accept 27c. a bushel. His truck was
decorated with signs representing the "Kansas wheat farmer" and the
"Farm Board" as jackasses.
Reduced freight rates on grain ordered into effect by the Inter-State
Commerce Commission Aug. 1 are expected to be of aid to farmers who
sell after that date. E. N. Puckett, at Enid, said the new shipping rate,
averaging 4%c. a bushel in that section, "is bound to benefit the farmers,
even if the price does not increase."
Wheat was selling at 25c. in Amarillo to-day, and about the same price
over the rest of the Texas Panhandle.
Walter Barlow of the Amarillo Grain Exchange said farmers were selling
only what is necessary to pay harvest expenses, and estimated that about
60% of the crop is being stored.
At Enid, Okla., to-day the price was 28c. a bushel, but farmers out in
the country were getting several cents less. At Independence, Kan., where
30c. was offered, elevator operators reported that the farmers were holding
back.
Reports from Lamed • said bill collectors—each one attempting to get
preference—had become so bothersome that farm work actually was being
impeded.
Another of the many appeals to the Farm Board to hold off the market
the 200,000,000 bushels of old wheat piled up by stabilization operations
until the present crop season is over was dispatched to-day by Representative Charles I. Sparks of the Sixth Kansas District.
At Salina, Kan., it was reported that new wheat sold here yesterday at
250. a bushel, or several cents less than the price of two packages of
cigarettes.
Salina is one of the principal shipping points in the winter wheat
country of Kansas, which on official estimates produced 200,000,000 bushels
of wheat this year.
If the wheat farmer raised 16 bushels an acre—the average estimated
in the latest Department of Agriculture forecast—and sold at to-day's price,
he collected at the rate of only $4 an acre for his crop. The 16-bushel figure
was exceeded on many Kansas farms, some producing double that amount.
Wheat Revolt Stirs Republican Leaders—Local Price
of 25 Cents a Bushel Arouses Western Newspapers
Against the Farm Board—Moratorium Proposed
for Wheat Farmers.
Some Administration advisers are represented as greatly
concerned over criticism in the West of the Federal Farm
Board's wheat policy, said the Washington corresponden
t
of the New York "Times," writing under date of July 14.
Many Western newspapers received at Republican National
Committee headquarters reflect the dissatisfaction, it
was
stated. The Kansas City "Star," one of the first newspapers to give Mr. Hoover strong support in the pre-primary
campaign of 1928, contended that if the Administration
could help bring about an international debt moratorium
it should be as liberal with the wheat growers and expend
$60,000,000 which, it asserts, is necessary to hold 1930 wheat
from competition with the 1931 crop in the markets. The
editorial, entitled "A Wheat Moratorium," commented upon
what it characterized as the failure of the Farm Board
to help the Kansas farmer, who is now selling wheat at 25c.
a bushel. The newspaper insisted that if there was any
reason for the Government to buy wheat last year, when
it
was selling at 73c. a bushel, there was greater reason to
do
so now. The farmer, it added, had as much claim on
the
United States Government as the German people,
"If the United States can relieve Germany of
$250,000,000
in debts for a year, the Government can afford to pay
$60,000,000 to hold back its wheat; if a foreign nation is
entitled
to a moratorium, the American wheat farmer should
have
one from the governmental agency that controls the
wheat
carry-over," the editorial read. "The Farm Board
should
act! If it is not ready to take the plan demanded by
the
wheat grower, let it come forward with a definite
and Senator Capper Studying Wheat Problem in West—
effective plan of its own at once." Continuing, the
His Reaction to the Plan of Mr. Curtis for Aiding
report
said:
Growers Expected Soon By the Vice-President.
Republican politicians are inclined to believe that the
agricultural revolt
The Vice-President, Charles Curtis, and James C. Stone,
pictured by such men as Senator Capper of Kansas is not
overdrawn if Chairman of the Federal Farm Board,
conferred July 15 at
the clippings from the Western Republican press represent the
attitude of
the voters. Some of the comment in the West alarms advisers
of the the Senate Office Building on the wheat problem. Mr.
Administration, who foresee in it the trend of the
arguments that will Curtis stated orally after the conference that he is awaiting
be used in the next Congress by those who are advocating Federal
aid for information from Senator Capper (Rep.), of
Kansas, bearthe unemployed, drouth sufferers and agriculture in general.
ing on an undisclosed plan to aid wheat farmers, but
Some Administration advisers are convinced that the agricultural
disafclefection reported by Senator Capper to party leaders has been
fanned by thr ared to discuss what took place in the conference. Senator
continued refusal of the Farm Board to impound the 1930 wheat
crop.
Watson (Rep.), of Indiana, stated orally the same day
that
886
FINANCIAL CHRONICLE
he still felt the Board should keep wheat off the market in
view of the surplus. The Farm Board's policy of limiting
sales to 5,000,000 bushels a month, without making any
immediate sales at the present low range of prices, remains
unchanged, according to information made available at
the Board. The "United States Daily" in reporting this,
also said:
Plan Considered.
been urging
Mr. Curtis. who, in collaboration with Senator Capper has
he has adthe Board to hold its wheat off the market, stated orally that
the Board's wheat holdings
vised Senator Capper of a plan concerning
said he
and has asked the Senator for his reaction. The Vice-President
he was going
had just received a telegram from the Senator stating that
the State and
to get certain information from the western wheat area of
Stone
would advise him later. Neither the Vice-President nor Chairman
expects
was disposed to discuss their conference. Mr. Curtis said that he
from Senator
to leave July 16 for Rhode Island and that the expects to hear
before that
Capper probably early next week, though if he receives word
take up the matter. The
time he will return to Washington by July 20 to
until
Vice-President said he could not discuss the plan he is considering
he has received further information from Senator Capper.
[Vol.. 133.
Mr. Stone Explains Federal Farm Board Wheat Policy
—Farm Board Doing Everything Possible Under
Law—Farm Moratorium Would Be Futile.
The Federal Farm Board is doing everything possible
under the law to help the wheat producers of the United
States, but there is no change in its declared policy to sell
its Grain Stabilization Corporation holding in "such fashion
as not to depress the movement in prices," the Chairman,
James C. Stone, stated orally on July 16. He said VicePresident Curtis had not communicated the latter's undisclosed plan for dealing with the situation in Kansas, that
he knew of no other special proposal for solving the problem
of wheat farmers, and that there is no moratorium program
upon which the Board can embark.
Three Options Named.
Asked specifically if there is anything the Board can do
to help the wheat farmers at this time when wheat has gone
as low as 25 cents on the farm at Scott City, Kan., and the
record-breaking low market price of 503 cents per bushel
on the Chicago market, Chairman Stone made the following
reply, according to the "United States Daily":
Leniency Urged.
Federal Farm
Answering questions, the Vice-President said that the
banks
Loan Board could help the situation. He believed the Federal land
mortgages and that as mortcould adopt a policy ofleniency with loans and
to raise
gages come due on the wheat farms and farmers find it difficult
You are just OS able to answer that question as we are. The Board is
interest due,
the money the banks could accept part payments or only the
doing everything that it can. There are three options before the wheat
to run but not
-day and get the money for it:(2) he
leaving any maturing payments of the principal of loans
farmer: (1) He may sell the wheat to
beyond the period of the statute of limitations.
can deliver the wheat to the co-operatives and get a storage ticket and
he said. "from a farmer who says that he borrow money on it and sell it when he wants to sell: (3) he can deliver
"I received a letter to-day,"
a reprehas been followed around in the field while harvesting his crop, by
a central pool and get an advance on it and when the pool
farm ma- his wheat to
sentative of a firm from whom he bought a tractor or some other
sells get an average price of the pool sales.
the field to get his money
chinery, the salesman keeping up with him in
in
Mr. Stone said the wheat prices cannot be stabilized
the minute the farmer got anything from his wheat. The farmers are
.
distress and they will pay when it is passible to pay. I know the Kansas excepting by buying _throughout the season, and that the
to
farmers and they have their ups and downs and the banks can afford
as it would
go easy with them."
Senator Watson's Views.
said he
Senator Watson (Rep.), of Indiana. back from his home State,
has no further reaction respecting his recent urging of the Farm Board
to hold its wheat off the market, as the Board has reiterated its policy
are
as defined in its official statement of July 1. He said the wheat fields
to
beautiful out in Indiana and that farmers tell him.everything Is going
declared, and the Board
work out all right. It's a case of surplus, he
should help by keeping off the market.
He said he expects there will be a campaign for relief funds for the unemployed when Congress meets but that he is opposed to a dole system.
Ile said a large number of the unemployed persons are unemployable for
physical or mental reasons, and a large element do not want to work.
He declared that so far as agriculture is concerned he does not believe
in doling out relief funds any more than he would favor doling of funds
to any other industry. The best thing to do, he said, is for the Farm Board
to keep its wheat off the market, whether for an 85-cent price, or four
months, or for such period as will enable the wheat farmers to market
their wheat crop of thls season without the handicap of the Government's
holdings being thrown into the market to depress prices.
The Farm Board held one of its regular conferences July 15 but there were
no developments in the wheat situation announced.
Liberalized Banking Aid.
easing
The suggestions of Vice-President Curtis regarding the possible
intermediate
up and liberal operations of the Federal land banks and the
a suggested
credit banks were in response to questions asked him respecting
moratorium on wheat farmers' debts.
on
The Vice-President felt that accommodations could be liberalized
from
the part of these Federal agencies. lie referred to press dispatches
bankers, Implethe wheat belt, saying that the farmers had turned to their
are forcing
ment companies and merchants for relief from debts which
and statsome of them to market grain at prices as low as 25 cents a bushel,
hold their products
ing that they needed a delay of payments on debts to
for a month or more.
Legge of the InHe referred also to a published report that Alexander
Federal Farm
ternational Harvester Co. and former Chairman of the
the harvester company
Board, told a banker at Salina, Kan., that agents of
depressed market
a
have been instructed not to force farmers to sell on
but that each case should be considered on its merits.
Mr. Fletcher's View.
Senate Committee
Senator Fletcher (Bern.), of Florida, a member of the
regarded a suggeson Banking and Currency, stated orally July 15 that he
it smacks
tion of a moratorium as unfortunate and ill-advised because
energy of the
too much of bankruptcy and reflects on the resources and
United States.
speak"The country is strong and the farmers are coming back, generally
that
ing," he said. "Of course the wheat growers are suffering but
distress does not apply generally.
could help out in the present wheat situ"The intemediate credit banks
-cent wheat at the farm, as has occurred
ation. When you get down to 25
In Kansas, it is of course a pretty bad situation. But the banks, the interon
mediate credit banks, can make loans on the wheat, just as they can
cotton and other non-perishable products. As I recall it. they can make
loans on eight months' paper, eligible for rediscount at the Federal reserve
banks.
Security for Loans.
the inter"The Federal land banks lend on the farms themselves while
mediate credit banks lend on paper secured by the agricultural products.
30 years or more,
The Federal land banks' loans run on a long period basin,
5 to 514% interest.
with annual amortization of only 1%. and at the rate of
to supply short-term accommoThe intermediate credit bank is intended
of
or
dation on securities that may be warehouse receipts endorsement paper
running eight months at 6%
backed by the wheat or other products,
at the Federal Reserve banks.
Interest and eligible to rediscount
for a moratorium on agri"So there is not, in my opinion, any necessity
I think the Federal Government
cultural products, wheat or otherwise.
in respect to agriculture generally and if it
has done everything it can do
it will amount to paternalism. I am already
does any more than it is doing
Government has spent too much in a paternalistic
getting letters saying the
of not only the Federal Farm
way and urging curtailment of expenditures
"
Board but also in the Department of Agriculture.
Board has not funds enough for that purpose,
take much more than the $500,000,000 revolving fund,
which has been appropriated for by Congress for loans to
stabilizing corporations and co-operative associations. He
said he had conferred with Vice-President Curtis, but that
he had not given him the plan which Mr. Curtis has said
he has received from an undisclosed source, and on which
Mr. Curtis has announced Senator Capper (Rep.) of Kansas
is making some investigation in western Kansas. The VicePresident, just before leaving for Rhode Island July 16,
stated orally that he expects to receive a message from
Senator Capper early next week regarding the plan Mr.
Curtisforwarded to him,and pending that the Vice-President
said he had nothing to make public. Chairman Stone said
that he "just talked over the general situation with the
Vice-President, including the question of possible reduction
of wheat acreage in the Southwest." He said both he and
the Vice-President realize that the price of wheat is low.
Mr. Stone said he did not wish to be put in the position of
giving advice as to what should be done with the farmers'
wheat, but that his personal view is that it would be a
mistake for the wheat producers to-day to rush their wheat
to market at the present low range of prices. He said it
would be better to feed the wheat to livestock in preference
to taking the low prices of to-day.
He made the following information available regarding
his views on the wheat situation, says the "United States
Daily":
The Board on July 1 declared its policy that its wheat will be sold on
an average monthly basis. The policy of the Grain Stabilization Corporation then and to-day is that it will limit its sales of wheat until July 1 1932
to a cumulative maximum of 5,000,000 bushels per month: that any sales
for the purposes of clearing trade channels or for other efficient merchandising purposes will be promptly replaced by purchase of an equal quantity
of wheat, and that the sales program will be conducted so as not to depress
the price movement. He stressed the Board's declaration of July 1 that
the purpose of the corporation is not to make any immediate sales even of
limited amounts at the present range of prices and that sales of moderate
amounts can be made without interference to the general market.
In the Southwest, the Board, in keeping with that announced policy of
July 1, has sold some of its wheat holdings—several million bushels of it—
but it has replaced every bushel of it and the Board expects to continue that
policy of replacement.
He has heard nothing about the proposals for a moratorium on agriculture
except in the press. There is nothing the Board can do in the Way of a
moratorium. He does not see how the Federal land banks can do anything in the way of a moratorium. They make loans and issue mortgages
on which securities are sold. He has heard nothing about any proposal
for a moratorium on loans of the co-operative associations. Facility loans
are made on time and these loans are spread over a period during which
certain amounts are paid back from time to time. The bank's loans are
made to co-operative associations. They run for three years so that the
loans are now out on the 1931, 1932 and 1933 crops.
Policy Unchanged.
He has not changed his mind about the wheat situation nor has the
Board made any change in its policy as declared in its statement of July 1.
He thinks, of course, the price of wheat ought to be higher. The Board
-cent price of to-day, but he can not
is not going to sell its holdings at the 50
on
make any other statement, in that connection, than the Beard made
July 1.
July 1. Of course there may be some exceptions, as was stated on
In
but the Board is not selling any that it is not immediately replacing.
these replacements the Board has paid the regular market price.
He agrees with the President that short selling is a factor in keeping
sell
prices down, and believes it is a bad thing to have men come in and
AUG. 8 1931.]
FINANCIAL CHRONICLE
short millions of bushels of wheat on a purely speculative basis, wheat
they are not actually handling. He has not seen the reported communication emanating from the Southwest asking the naming of the group of
short sellers referred to by the President.
The Board sold some wheat to the millers in the Northwest who have
urgent need for it. He has not the figures of these sales but they have run
about 1,000,000 or 1,500,000 bushels.
Regarding any possible legislation proposals for Congress, it is too early
to comment on that subject.
Asked when it is likely the Board will start selling operations under its
declared sales program of 5.000,000 bushels a month, he said a statement
of the Board regarding time of disposition of its holdings would not affect
the price of wheat. The price of wheat is based on the world supply to
meet the demand.
Asked if there is nothing the Board can do to bring about increased prices
for wheat, he replied with the suggestions already quoted and added the
elimination of short selling for purely speculative purposes would have some
Influence.
He added:
"I am not a grain specialist, but I think short selling enters into the problem. It does not help the producers to go hedging in the market one week.
and then buying back your hedges two weeks later.
"I do not see how the wheat producers can be helped by having a 42- cent
tariff on wheat grown in another country, hedged In the markets of this
country and consumed in Europe. I have never had it explained to me how
that helps the American wheat grower until the 42-cent tariff is paid,
and yet the weight of that hedge is on the market until the producers sell
their grain. If the hedges are sold and bought back, that does not help the
producer.
"The only way the producer can pull himself out of the present situation
is to hold back his wheat until later on and, in the fall, reduce acreage.
Be should get the wheat acreage to a normal basis and the marketing
machinery functioning efficiently. I have heard of no terminal congestion
of wheat in the Southwest. Where necessary, we have moved our stabilizing wheat holdings to make room for the handling of the present crop.
There is no Southwest wheat now moving up to the Northwest and no indication when it will be."
881
amounted to $9,685,181, giving a net investment of $21,127,214. Each
of these associations forms, in effect, a centralized regional organization
covering a milk shed around market centers in the Northeastern States.
The organizations operating in Baltimore and Washington have associated
themselves into a central selling agency, retaining their identity. In only
one market, New York, do the dairymen have more than one large association operating in the same territory. In addition to these fluid milk
associations that may be regarded as regional there are many independent
local co-operatives marketing fluid milk. The largest of these groups are
located in Vermont and supply fluid milk to Boston and nearby cities.
The New England Milk Producers' Association and local organizations have
associated themselves into one regional. This regional is known as the New
England Dairies, Inc. It will serve New England, excepting Connecticut,
which has an association covering that State and whose markets are somewhat independent of the Roston area.
There are many independent local co-operatives operating in New York
that are competing with one another and with the large organizations.
Bringing all of these associations together would materially assist milk
producers in New York and Northern Pennsylvania. The large fluid milk
co-operatives mentioned handle from 50 to 98% of the fluid milk supply in
their respective territories. It is estimated that an average of approximately 70% of the milk in these areas is handled by the large regional
fluid milk co-operatives. If independent locals now selling fluid milk in
these markets could be brought together with the large milk organizations,
this figure probably would be increased 6 to 10%.
A comparatively small amount of cheese and butter is handled by the
co-operative associations in Northeastern States. Approximately $2,000,000
worth of each of these products was handled by co-operatives in 1929. It is
believed that any attempt to associate the butter and cheese co-operatives
into regional organizations would offer little advantage to dairymen of
that area. The best plan likely would be to bring these commodity organizations into the fluid milk associations.
Market Value of Listed Shares on New York Stock
Exchange Aug. 1, $44,422,740,446, Compared with
$47,417,147,581 on July 1-Classification of Listed
Stocks.
As of Aug. 1 1931 there were 1,293 stock issues aggregating
1,303,221,198 shares listed on the New York Stock Exchange, with a total market value of $44,422,740,446, This
compares with 1,297 stock issues listed on July 1,aggregating
1,303,489,082 shares with a total market value of $47,417,147,581. In making public the Aug. 1 figures, the Stock
Exchange said:
As of Aug. 1 1931, New York Stock Exchange member borrowings on
Dairy Co-Operatives in Northeastern States.
The Federal Farm Board made public on Aug. 6 the following brief report which is the first of a series of releases
dealing with facts concerning agricultural commodities sold
co-operatively by farmer-owned local and regional marketing organizations in 12 Northeastern States-3Iaine, New
Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut, New York, New Jersey, Penaylvania, Delaware,
Maryland and West Virginia. The figures show the volume
of business handled by these co-operatives for the year 1929
security collateral amounted to
and were taken from records compiled following a survey loans to market values of all listed 81,344,092,754. The ratio of security
stocks on this date was therefore 3.03%.
made jointly by the Farm Board, State agricultural colIn the following table, covering Aug. 1 and July 1, listed
leges, experiment stations, extension services, and depart- stocks are classified
by leading industrial groups, with the
ments of agriculture.
aggregate market value and average share price for each:
These figures give co-operatives a complete inventory of
their business the year the Farm Board was brought into
Aug. 1 1931.
Jtdy 1 1931.
existence. The facts will guide them in developing their
.Markel
Ayer.
Market
Ayer.
Price.
marketing organizations under the provisions of the AgriPrice.
Values.
Price.
cultural Marketing Act. A general preliminary summary of
Autos and accessories
2,632,485.518 24.22 2,713,339,051 24.97
these figures was made public by the Farm Board on May 20. Financial
1.367.422.334 23.32 1,447.726,141 24.63
Chemical
3,428.303.042 51.14 3,628,804,305 54.14
The details of the survey made in each of the 12 States will Building
357.775.333 22.57
398,015.889 24.68
Electrical equipment'Manufacturing
1,477,603,240 35.96 1.812,255,673 39.34
be published by the various agricultural colleges.
Foods
2,659,599.651 37.31 2,789.259,918 39,10
The volume of dairy products marketed co-operatively in the 12 North- Rubber and tires
268,269.781 21.84
280,870.499 22.86
391,255.881 34.85
439,470.107 39.15
eastern States outranks all other agricultural products sold co-operatively Farm machinery
Amusements
342,789,539 16.21
367,349.787 17.37
in that area. This was revealed in a recent survey of 1929 business handled Land and realty
93,678.741 17.67
99,723,548 18.80
by fanner-owned and controlled marketing organizations in Maine, New Machinery and metals
1,192,429,491 24.19 1,311,264.710 26.60
1,137,509.990 19.99 1.270,127.011 22.32
Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut, New York, Mining (excluding iron)
Petroleum
3,007.870.822 18.70 3,120.740,080 19.40
New Jersey, Pennsylvania, Delaware, Maryland and West Virginia.
Paper and publishing
388.865,198 24.17
401,720,941 25.02
Ninety-five co-operative marketing associations, serving 126,100 fanner Retail merchandising
2,514,151.002 35.42 2,549,018,755 35.76
5,807,058.672 50.37 6,449.558.448 55.83
members, marketed dairy products valued at $228,611,428. The sales Railroads and equipments
Steel, iron and coke
2,070.210,796 52.99 2,307,929,667 60.02
amounted to 55.8% of the total cash income of $408,000,000 received from Textiles
163,190,778 15.01
167.508,310 15.38
dairy products sold by farmers in that area. Fifty-eight of the 95 associa- Gas and electric (operating)
3,651,553,973 53.40 3.822.673.673 55.92
Gas and electric (holding)
2,992.465,166 3L43 3.193.672.832 33.55
tions handled fluid milk and cream valued at 96% of the total sales
of Communications (cable, tel. & radio). 3,906.864,570 104.21 4.127,182,635 110.15
co-operatively marketed dairy products, the sales of 26 associations
259,564,301 25.57
265,511.899 26.16
whose Miscellaneous utilities
major product was butter constituted only about 1% of the total
171.278.411 9.59
191.704,324 10.74
sales; Aviation
305.113.448 29.22
346.821,092 33.22
nine co-operative cheese associations sold about 1% of the total, and miscel- Business and office equipment
Shipping services
26,599,846 12.76
27.465,898 13.17
laneous products, including condensed milk, made up the remaining
Ship operating and building
21,791.510 7.04
2%
22.525.309 7.28
of the sales.
140.800.257 24.11
Miscellaneous business
157.916.627 27.05
270.634,716 38.50
Leather and boots
Below are the total 1929 sales figures of cream, butter, cheese ind
280.896,005 39.96
other Tobacco
1,657,209.971 52.06 1,706.017,366 53.51
dairy products handled by dairy co-operative marketing associations in
22,834.512 11.96
each Garments
25.801,628 12.84
of the 12 Northeastern States:
U. S. companies operating abroad...
- 911.292,204 25.27 1,018,176.356 28.15
877.194.099 20.03
New York... $91,814,840
$14,297.891 New Jersey__ $4,609.261 Foreign companies(incl. Can.& Cuba) 775.269,752 17.72
Pennsylvania 49,764,973 Massachusetts 9,503,738 Delaware_ _
_
All listed companies
44,422,740,446 34.0947.417,147,581 36.38
Vermont
29.451,577 New Ham psh. 5,209,764 Rhode Island 2,592,157
910,000
Connecticut_ 14,616,792 Maine
5,101,319 West Virginia
347,527
The June 1 figures were given in our issue of July 11,
Total
3228.219,839 page 217.
Most of the butter and cheese factories in these States have been
gradually
displaced by fluid milk plants during the last 15 years. The
majority of
the remaining factories are in the surplus milk-producing areas of Northern
Outstanding Brokers' Loans on New York Stock
New York and Northern New England.
Exchange on July 31, $1,344,092,754
When the survey was made the dairy associations were engaged
-Drop of
primarily
in marketing dairy products; only two of the 95 handled supplies.
$47,232,168 in Month.
Eight
regional fluid milk co-operatives, with a membership of 110,187
farmers,
The July 31 total of outstanding brokers' loans on the
operating in Boston, Hartford, Baltimore, Pittsburgh, New
York, Philadelphia and Washington sold $197,005,222 worth of dairy products.
Exchange reached another new low level,
In New York Stock
addition, two of these associations marketed a substantial
amount of milk the amount being reported as $1,344,092,754. These
and cream for producers located in Ohio and Virginia.
figures represent a decline of $47,232,168 since June 30
The survey shows that the Dairymen's League 00-operative
Association,
Inc., selling dairy products in New York City and other markets
when the total was $1,391,324,922. On July 31 the demand
in New
York State operates 240 country plants. It owns most of these
plants. An loans stood at $1,041,142,201 compared with $1,102,285,060
expansion program now being developed by the league will
increase the on June 30; the time loans at the latest date are
organization's marketing facilities. The other seven of the
$302,950,553
eight regional
$289,039,862 on June 30.
associations are of the bargaining type, selling producers' milk
at wholesale against
to distributors who own all facilities. In 1929 the total assets of all
The July 31ifigures:were made public as follows by the
associations amounted to $30,812,295, and liabilities other
than capital Stock Exchange on Aug. 3:
FINANCIAL CHRONICLE
888
Total net loans by New York Stock Exchange members on collateral,
July 31
contracted for and carried in New York as of the close of business
1931, aggregated $1.344,092,754.
The detailed tabulation follows:
Time Loans
Demand Loans.
(1) Net borrowings on collateral from New York $878,671,200
$292,245,553
companies
banks or trust
(2) Net borrowings on collateral from private bankers, brokers, foreign bank agencies or others in 162,471,001
10,705,000
the City of New York
$302,950,553
$1,041,142,201
4.
Combined total of time and demand loans, $1,344,092,75
as in the loan
The scope of the above compilation is exactly the same
ago.
report issued by the Exchange a month
The compilation of the Stock Exchange since the issuance
of the monthly figures by it, beginning January 1926,follows:
Demand Loans.
$2,516,960,599
2,494.846,264
2,033,483.760
1,969.869.852
1,987,316.403
2,225,453,833
2.282,976,720
2,363,861.382
2,419,206,724
2,289,430.450
2,329,536,550
2,541,682,885
Time Loans.
$966,213,555
1.040,744,057
966.612,407
865.848,657
780.084,111
700,844.512
714,782,807
778,286,686
799.730,286
821.746.475
799,625,125
751,178,370
Total Loans,
$3,513,174,154
3.536.590.321
3,000.096.167
2.835,718.509
2,767.400.514
2.926,298,345
2,996.759.527
3,142.148,068
3.218.937.010
3,111,176,925
3,129.161.675
3.292,860,253
1927—
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 30
Aug. 31
Sept.30
Oct. 31
Nov.30
Dee. 31
2,328,340,338
3,475,498,129
2,504,687.674
2,541,305,897
2,673.993,079
2,756,968,593
2,764.511,040
2,745,570.788
3,107,674,325
3,023.238,874
3,134,027,002
3,480,779,821
810,446.000
780,961,250
785.093,500
799.903,950
783,875,950
811,998,250
877.184.250
938,320,545
896.953.245
922,898,500
957,809,300
952,127.500
3,138,786.338
3,256.459.379
3.289.781.174
3,341.209,847
3,457,860,029
3,568.966,843
3.641.695.290
3,673.891,333
3,914,627,570
3.946.137.374
4,091,836,303
4.432,907,321
1928—
Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 81
Aug. 31.
Sept.30
Oct. 81
Nov.30
Dec. 31
3,392,873,281
3,294,378,654
3,580,425.172
3,738,937,599
4.070,359,031
3.741.632.505
3,767,694,495
6,093,889.293
4,689,551.974
5,115,727,534
5.014,388,380
5,722,258,724
1.027.479,260
1.028,200,260
1,059,749,000
1.188.845,000
1,203,687,250
1.156.718.982
1.069,653,084
957,548.112
824,087,711
763.993,528
777.255.904
717.481.787
4,420.352,514
4.322.578.914
4.640,174.172
4.907,782.599
5.274.046.281
4.898.351.487
4.837.347.579
5.051.437.405
5,513,639,685
5,879.721,062
6,391.644,264
6.439.740,511
1929—
Jan. 31
Feb. 28
Mar.30
Apr. 30
May 31
June 29
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
5,982,672,411
5,948.149,410
6,209,998.520
6,203,712,115
6.099.920.475
6,444,459,079
6,870,142,664
7,161.977,972
7.831,991,369
5.238.028,979
3,297.293.032
3.376.420.785
752,491,831
730,396,507
594,458,888
571,218,280
565,217,450
626.762,195
603.651,630
719.641.454
717.392,710
870,79:5,889
719.305.737
613,089,488
6,735,184,241
6,678,545,917
6,804,457,108
6.774.930.395
6.665.137.925
7.071.221.275
7.173.794.294
7,881,619,426
8,549,383,979
6.108,824,868
4,016,598,769
3.989,510.273
1930—
Jan, 31
Feb. 28
Mar. 31
Apr. 80
May 29
June 30
July 31
Aug. 30
Sept.30
Oct. 31
Nov.30
Dec. 31
3,528,246.115
3,710.563,352
4,052,161.339
4,362.919,341
3,966,873.034
2,980,284,038
3.021,363,910
2.912,612,666
2,830,259,339
1,980.639,692
1,691,494.226
1,519,400.054
456,521,950
457,025.000
604.141,000
700,212,018
780.958.878
747,427.251
668,118,387
686,020,403
651,193,422
589.484.395
470,754,776
374.212,835
3.984,768.065
4,167.588,352
4,858,302,339
5,063.131,359
4,747,831,912
3,727,711.289
3,689.482,297
3.598.633.069
3,481.452.761
2.556.124,087
2.162.249.002
1.893.612,890
1936—
Jan. 30
Feb. 27
Mar. 31
Apr. 30
May 28
June 30
July 31
Aug. 31
Sept.30 •
Oct. 31
Nov.30
Dec. 31
[vol..
133.
assets valued at $825,000. which Ryder had turned over to him to pay a
claim,should be returned for distribution among the Woody & Co.creditors.
It was said yesterday (Aug. 4) that the conditions made by Mr. Bailey
and approved by the Federal Court last December for this return of assets,
are to be completed within the next two weeks.
Mr. Bailey is to return $575,000 in cash and his interest in the co-operative apartment which Ryder assigned to him at 720 Park Avenue, costing
$300,000. and now valued at $150,000, as well as abandon claims on Woody
& Co. for about $259,000 of stock which the firm failed to deliver.
The receivers estimate the monetary benefit to the creditors in Mr.
Bailey's abandonment of this $259,000 claim at about $100,000. This
makes his total contribution to the composition of the bankruptcy not
less than 2825,000.
In addition, the firm had $90.000 in cash in the bank when It failed, as
well as ownership of a Stock Exchange seat which cost $500,000 before the
market crash, but which Is now valued at $210,000.
Other assets have been mobilized by Charles L. Woody Jr. and Lucien
A. Hold, the two partners.
Our last reference to the affairs of Woody & Co., which
failed in June 1930, appeared in our May 23 issue, page 3814
America's Annual Income From Foreign Investments
Estimated at $900,000,000.
It is estimated that the United States has invested abroad
about $15,000,000,000, exclusive of war debts and short-term
capital, and that the annual income from this investment
amounts to about $900,000,000 per annum, according to
Eastman, Dillon & Co.
"Due to conditions in foreign lands," the bankers state,
"the capital value of this investment, as well as the amount
of annual income, has been appreciably impaired. The
effect of this depreciation is difficult to trace. In general, it
may be regarded as an economic loss which has been suffered
by the many individuals and corporations owning these
foreign investments.
"There are several factors, however, which tend partially
to negative the effect of the loss as far as domestic business
is concerned, not the least of which is the fact that a considerable proportion of this lost capital and income would not have
been used for the purchase of American goods, even if the
loss had not been suffered, but would have been reinvested
abroad with only an indirect and minimum influence on
American business. At any rate, the loss is such a very small
part of our national wealth that it cannot,in itself, be considered serious. Undoubtedly many individuals and corporations would be benefited by a return to original values of all
foreign securities but to assert that the prosperity of the
United States depends on this seems to us to be unwarranted."
Reviewing the possibility of business improvement in the
United States while the rest of the world remains in the throes
of an economic depression, the bankers reach the conclusion
that this country can regain prosperity without waiting for
better times in other nations.
New President for Chicago Clearing House.
The Chicago "Journal of Commerce" of July 29 stated
that Earle H. Reynolds, President of the Peoples Trust &
President of the
1931—
1,720.345.318 Savings Bank of Chicago was elected
354,782,803
1,385,582,515
Jan. 21
1,839.756.058
334,504,389
1.505.251.889
Clearing House Association at a special meeting
Feb. 28
1,908,810.494 Chicago
278.947.000
1.829.883,494
Mar. 31
1.651.128,124 of the organization on July 28. Mr. Reynolds, formerly
261.965,000
1,389,163,124
Apr. 30
1,434.683,650
281375,300
1,173,508,350
May 29
1,391,324,922 Vice-President of the Association, succeeds Harold E. Fore289.039.862
1,102,285.060
June 30
1,344,092,754
302,950,553
1,041.142,201
man, retired. Hugo E. Otte, Vice-Chairman of the Central
July 31
Republic Bank & Trust Co. was elected Vice-President
Woody & Co. Failure—Composition of Approximately of the Association, succeeding Mr. Reynolds.
50 Cents on the Dollar to Be Submitted Shortly—
$11,000,000,000 in Small Loans.
Frank Bailey, Brooklyn Financier, Has Agreed to
Return $825,000 Which He Received from Harold
Annually it requires in excess of $11,000,000,000 to take
R. Ryder, Former Partner in the Firm, Now Serving care of, small borrowers in the United States, says an article
a Term in Sing Sing.
in the American Bankers Association Journal. "This total
A composition of approximately 50 cents on the dollar includes $2,600,000,000 instalment sales, which have been
of the failed broker- defined as an indirect form of personal credit; $2,500,000,000
is to be submitted shortly to the creditors
of Woody & Co. of this city, from which Harold in open book accounts; $2,400,000,000 in life insurance
age firm
Russell Ryder, a partner in the concern, admitted taking loans to policy holders and United States Veteran loans;
crash of 1929, to and $1,150,000,000 made by commercial banks," it says
more than $2,000,000 after the market
as a successful stock trader and "It also includes $2,698,500,000 in advances made by pawnmaintain his reputation
by the brokers, personal finance companies, industrial banks, savgenerous spender. This composition is expected
counsel for Ryder's former partners (Charles ings and loan associations, unlicensed lenders and othex
receivers and by
and for groups of creditors smaller agencies." From these figures it is pointed out,
L.Woody Jr. and Lucien A.Hold),
history of Woody & Co. The New York "Times" commercial banks are the fourth largest makers of small
to close the
have quoted above in loans, "usually for accommodation of certain customers and
of Wednesday, Aug. 5, from which we
not because the bank wished to cater to this type of bormatter, continued as follows:
the
serve a three-year
Sing Sing about a month ago to
rower."
Ryder was sent to
of grand larceny. Judge Corsentence after pleading guilty to a charge
Bankers who analyzed the cost of small loans found that
into consideration the aid Ryder
rigan. who sentenced him, said he took
-day notes at
assets for the firm's customers. but many institutions in handling 30, 60 and 90
had meanwhile given in recovering
cannot take peomoney and have proposed that
men of your kind that they
small fees have been losing
that "it is important to warn
ple's money and go unpunished."
an organized basis and
since the bankruptcy, the petty loans should be placed on
During the 14 months which have elapsed
departstraightened out the tangle in which handled at a profit instead of a loss. Personal loan
Irving Trust Co., as receiver, has
left: and as its principal
specialize in deferred payment loanE
the obligations of the firm and of the partners were
cash and ments were opened to
financier, that
contribution, satisfied Frank Bailey, Brooklyn
AUG. 8 1931.]
FINANCIAL CHRONICLE
889
on a large scale. "Six years have seen the opening of
approximately 300 organized personal loan plans with
marked success and steady growth," the article says. "Generally the entrance of banks into the field of personal finance
has been dedicated to the proposition that the consuming
public, as well as investors, producers and owners of industry,
should have worthy credit at reasonable rates. And,second,
that borrowers of small income should be encouraged to
adopt principles of sound financial engineering."
The new bills were sold at an average price of 99.058,
equivalent to a rate of about 0.56% on a bank discount
basis, Acting Secretary Mills announced on Aug. 5. He
said the proceeds of this offering of bills will be used to
replace a maturity of somewhat less than the issue and for
other government purposes.
"The total amount applied for was $200,798,000," said
Mr. Mills. "The highest bid made was 99.878, equivalent
to an interest rate of about 0.48% on an annual basis. The
lowest bid accepted was 99.846, equivalent to an interest
rate of about 0.61% on an annual basis. Only part of the
Fees Paid by Corporations to Registrars and Transfer amount bid
for at the latter price was accepted."
Agents Deductible for Income Tax Purposes
The annual fees paid by corporations to registrars and
transfer agents are deductible for income tax purposes under World's Shipbuilding Lower than Since Pre-War Days.
an important ruling just announced by the Income Tax
The volume of the world's merchant shipbuilding is now
Department, according to J. S. Seidman, tax expert, of lower than at any time since pre-war days, says a stateSeidman & Seidman, certified public accountants.
ment just issued by Lloyds' Register of Shipping, covering
"This ruling clears up a point about which there has been returns from all maritime countries except Russia during
considerable doubt," Mr. Seidman explained, "in view of a the quarter ended June 30 last.
No Russian returns are
prior decision holding the cost of listing on a stock exchange available. As compared with
the previous quarter, a dc.
to be non-deductible. Many examiners have been disallowing cline of about 175,000
gross tons is shown, and the present
payments to registrars and transfer agents on the ground world total
is almost 1,340,000 tons below that of the period
that such expenditures are of the same nature as involved in
just before the war. Once again the bulk of the decline is
listing stock on an exchange.
accounted for by the shipyards of Great Britain and Ireland,
"The Department, however, in the new ruling distinwhich show a decrease from the total in the quarter ending
guishes between the two types of payments, pointing out
that the listing fee is paid but once and usually at or about March 31 last of 138,000 gross tons. Little more than half a
the time of organization or reorganization of a corporation. million tons of merchant ships are now being built in Great
The fees paid registrars and transfer agents, on the other Britain and Ireland, a figure below which these countries
hand,recur annually and result in maintaining an up-to-date have not fallen since 1892. In contrast with these conrecord of the stockholders. Keeping such a record, the ditions an advance of 70,000 gross tons was shown for the
Department holds, is an ordinary and necessary business total shipbuilding in the United States during the past
expense, since it provides an effective means of determining quarter, bringing this country's figure to a higher point
who the stockholders are from time to time that are entitled than at any time since the ending of the war-building boom,
to vote for directors, receive dividends, and other important and more than double the total for American shipyards in
the period just before the war.
matters."
Spain was the only other nation to show a gain in shipUnited States Treasury Sells Another $60,000,000 ping under construction during the past quarter; and the
total for all other countries than Great Britain and Ireland
Treasury Bills on a Discount Basis
-91-day Issue
and the United States, taken together, showed a decrease of
to Be Dated Aug. 10.
The Treasury Department on Monday announced a new about 105,000 gross tons. As compared with a year ago,
offering of 91-day Treasury bills to be sold on a discount world shipbuilding has declined 1,232,000 tons. The conbasis to the highest bidders, to the amount of $60,000,000 trast in conditions in the principal groups of shipbuilding
or thereabouts. Tenders were asked up to 2 p. m. Eastern countries is shown by Lloyd's register in the following table,
standard time, Thursday, Aug. 6. The bills will be dated the figures representing construction under way in the past
Aug. 10 and will mature Nov. 9, when the face amount two quarters:
June
will be payable without interest. The following is the text Gt. Brit. & Irel'd 30'31.Mar.31'31.
June 30'31.Mar.31'31.
555,603
693,814 Other countries__
968,895 1.075,049
United States__
'of the Treasury announcement regarding the matter:
301,489
231,003 World total
1,825,987 1,999,866
Statement by Acting Secretary of the Treasury Mills.
As a result of the shrinkage in ship construction in Great
The Secretary of the Treasury gives notice that tenders are
invited Britain and Ireland, Lloyd's Register points out, the United
for Treasury bills to the amount of $60,000,000. or thereabouts.
They States is now
building only about 250,000 gross tons less
will be 91-day bills, and will be sold on a discount basis to the
highest
bidders. Tenders will be received at the Federal Reserve banks,
or the than those countries. In the previous quarter the gap was
branches thereof, up to 2 o'clock p. m., Eastern standard time, on Thursmore than 460,000 tons; and a year ago it was in excess of
day. Aug. 6 1931. Tenders will not be received at the Treasury
Department. Washington.
1,150,000 tons. Just before the war Great Britain and
The Treasury bills will be dated Aug. 101931. and will mature on
Nov.9 Ireland led the United States by about 1,575,000 tons. Less
1931, and on the maturity date the face amount will be payable
without than a
third of the world's merchant tonnage is now being
interest. They will be issued in bearer form only, and in
amounts or
denominations of $1,000, $10,000 and $100,000 (maturity value).
built in Great Britain and Ireland, whereas hardly more
It Is urged that tenders be made on the printed forms and
forwarded than a year ago they were building
in the special envelopes which will be supplied by the
more tonnage than all
Federal Reserve
banks or branches upon application therefor.
the other maritime nations combined. The statement conNo tender for an amount less than $1.000 will be considered.
Each tinues as follows:
tender must be in multiples of $1,000. The price offered
must be expressed on the basis of 100. with not more than three
Of the current shipbuilding throughout the world no less than 1,130,604
decimal places.
e.g., 99.125. Fractions must not be used.
gross tons are being constructed under the supervision of Lloyd's Register
Tenders will be accepted without cash deposit from
incorporated banks and intended for classification with that society. Included in this total
and trust companies and from responsible and recognized dealers
in invest- are 540,015 tons building in Great Britain and Ireland, and 590,489 tons
ment securities. Tenders from others must be accompanied by
a deposit in all other countries taken together. Lloyd'. Register, therefore, is superof 10% of the feat amount of Treasury bills applied for, unless
the tenders vising about 62% of the world's shipbuilding, and 97% of all the work
are accompanied by an express guaranty of payment by an
incorporated being done In Great Britain and Ireland.
bank or trust company.
The decrease in world shipbuilding is also strikingly shown by the
Immediately after the closing hour for receipt of tenders
on Aug. 6 1931. returns giving the new work begun and the tonnage launched during the
all tenders received at the Federal Reserve banks or branches
thereof up quarter ending June 30 last. In that period the ships sent down the ways
to the closing hour will be opened and public announcement of
the ac- towards completion represented 235,000 gross tons snore than the new
ceptable prices will follow as soon as possible thereafter,
probably on the ships begun. In Great Britain and Ireland launchings exceeded
new work
following morning. The Secretary of the Treasury
expressly reserves by 147,000 tons, while for all other countries
together the excess of
the right to reject any or all tenders or parts of tenders, and to
allot leas launchings was only 88,000 tens. And, whereas new work in Great
than the amount applied for, and his action in any such
Britain
respect shall be and Ireland aggregated only 22,000 tons, the
figure for the United States
final. Those submitting tenders will be advised of the
acceptance or was 88,950 tons. Lloyd's gives the comparison
rejection thereof. Payment at the price offered for Treasury
between launchings and
bills allotted new work in the past two quarters in the
following tables of gross tonnage:
must be made at the Federal Reserve banks in cash or other
immediately
available funds on Aug. 10 1931.
New TVeek- June 30'31. Mar.31 '31. Launchings- June 30'31. Mar.31 '31.
The Treasury bills will be exempt, as to principal and interest,
Gt. Mt.& Irel'd
22,105
32,085 Gt. Brit. & Irel'd
169,202
144,219
and any Other
208,754
countries._
203,482 Other countries__
gain from the sale or other disposition thereof will also be exempt,
297.268
249,759
from all World total
230,859
235,567 World total
taxation, except estate and Inheritance taxes. No loss from
466,470
393.978
the sale or
other disposition of the Treasury bills shall be allowed as a
General declines were shown during the last quarter in the construction
deduction,
or otherwise recognized, for the purposes of any tax now or
hereafter of steam and motor tankers of 1,000 gross tons each and upwards. For all
Imposed by the United States or any of its possessions.
countries combined there was a decrease of about 135,000 tons from the
Treasury Department Circular No. 418, as amended.
dated June 25 total for the quarter ending March 31 last, Lloyds states. For Great
1930, and this notice as issued by the Secretary of the Treasury,
prescribe Britain and Ireland the decline was 56,000 tons, and for the United States
the terms of the Treasury bills and govern the conditions of their issue. 16,500 tons. Not much tanker tonnage is now being
built in American
Copies of the circular may be obtained from any Federal Reserve Bank shipyards. The following table of
grcas tonnage shows the contrast in
or branch thereof.
tanker construction during the past two quarters:
890
FINANCIAL CHRONICLE
June 30'31.Mar.31 '31.
June 30'31. Mar.31 '31.
71,800
69,800
Holland
Great Britain and
27,000
10,500
_
299,513 United States__
243,315
Ireland
149,740
137,005
108,600 Other countries_
Sweden
85,100
761,603
627,810
104,950 World total
82.090
Germany
Motor tankers represent 526,699 gross tons of the present world total
of tanker building, as compared with 663,122 tons in the March quarter.
Conditions whereby for some time past a greater tonnage of motor
vessels than of all other types of ships have been under construction have
now changed. In the quarter ending March 31 last the vessels for equipment with internal combustion engines represented nearly 93,000 gross tons
more than all other types; while 'in the June quarter the motor vessels
aggregated about 85,000 tons less than the other types. And during the
June quarter about 175,000 tons less of motorships were being built than
in the preceding quarter. Other types of vessels, however, made a slight
tonnage advance in the same period. At the beginning of this year about
550,000 tons more of motorships than of all other types were being constructed. The contrast between the two groups in the last two quarters
Is given by Lloyds in the following table of tonnage:
World Total.
Other Types.
Motor Vessels.
1,825,987
955,289
870,698
June 30 1931
1,999,866
952,720
1,047,146
March 31 1931
decrease in motorship
Great Britain and Ireland shows the greatest
80,000 gross tons less building there than in the
construction, with about
previous quarter while for all other countries combined the decline in
'
the same period has been only about 95,000 tons. And while only 38% of
current construction in Great Britain and Ireland is motorships, for the
other shipbuilding nations combined the figure is 52%. This latter figure,
however, compares with 63% at the beginning of this year, at which time
48% of British and Irish construction was also of motorized types.
Lloyds gives the emporia= of types of ships building in these groups
of countries at present in the following tonnage table:
Other Types,
Motor Vessels.
555,603
342,209
Great Britain and Ireland_ _ _ _213,394
1,270,384
657,304
613,080
Other countries
The general character of the decline in motorship building is shou'n by
the returns to Lloyds from the countries that have been most active in
this type of construction. Germany alone shows little slackening in the
building of noctored vessels, while the United States in the last quarter
had less than half the volume of this tonnage under way that it had in the
previous quarter. The comparison between countries in the last two
quarters is given in the accompanying tonnage table:
June 30'31.Mar.31 '31.
June 30'31. Mar.31 '31.
133,450
101,100
Gt. Brit. & Irel'd
205,042 Sweden
213,394
108.666
87,115
Denmark
120,161
Germany
118,395
34,885
15,125
115,065 United States_ _ _
102,984
Holland
While the aggregate horsepower of oil engines and reciprocating steam
during the quarter
engines being built or installed throughout the world
just ended showed a decrease, the figures for steam turbines made an
advance, Lloyds' returns show.
For oil engines the total indicated horsepower was 796,837 at the end
of the June quarter, as against 873,680 at the close of the March quarter.
For Great Britain and Ireland the drop was from 165,774 I.H.P. to 134,367.
Italy's figure fell from 118,000 to 112,000, and that of the United States
from 19,760 to 13,805. Germany, however, in the same period, showed an
advance from 113,370 to 168,446.
For reciprocating steam engines, the aggregate indicated horse power
for all countries declined from 200,865 I.H.P. at the end of the March
quarter to 145,065 at the end of the June quarter. In the same period
the total for Great Britain and Ireland dropped from 109,385 to 80,340.
For the United States the total decreased from 7,550 to 4,800.
The total shaft horsepower of steam turbines for all countries combined
advanced from 987,260 at the end of March to 1,036,790 at the end of
June. The United States showed an advance from 284,700 to 334,200, and
Italy's figure increased from 208,000 to 287,000. France gained very
slightly, her total moving from 106,000 to 106,800. For Great Britain and
Ireland, however, there was a decline from 379,760 to 345,090.
Several changes were made in the relative production ranking of the
various shipbuilding countries during the quarter just ended. Great Britain
and Ireland still hold first position, but by a greatly diminished margin.
The gain of 70,000 gross tons made by the United States, however, enabled
that country to displace France as the runner-up. France, with a decline
of 20,000 tons, dropping from second to third position. Italy showed a
loss of about 4,000 tons, but retained fourth place ; and Germany, despite
a decline of about 5,000 tons, advanced from sixth to fifth, ousting Sweden,
which, with a loss of 30,000 tons, fell back from fifth to sixth. Holland
showed a decrease of 12,000 tons, but held in seventh place; and Denmark,
although losing 24,000 tons, remained eighth. Spain, with a gain of
12,000 tons, took ninth position from 'Japan, which lost 10,000 tons.
The comparison of the various countries in tonnage under way in the
last two quarters is shown by Lloyds' Register in the following tonnage
table:
June 30'31. Afar. 31 '31.
June 30'31. Mar.31 '31.
141,305
110,355
693,814 Sweden
Gt. Brit. & herd
555.603
120.630
108,299
231.003 Holland
301,489
United States_ _ _
114,711
90,655
232,115 Denmark
211,940
France
47,874
60,700
174,452 Spain
170.658
Italy
57,200
46,269
135,951 Japan
130.651
Germany
tons or over, there are now being
Of large ships, each of 20,000 gross
built, Lloyds' Register reports, 18, as compared with 14 at the end of
March. United States shipbuilders lead, with seven of these vessels under
way. Five are being built in Great Britain and Ireland, and France and
Italy are each constructing three.
William Green of American Federation of Labor Urges
President Hoover to Call Conference to Halt Cuts
in Wages-Tells Longshoremen United States
Labor Will Not Tolerate Further Reductions
Contends That Time for Five-Day Week Is Now
Here.
American labor will not tolerate a wage cut as it did in
1893, declared President William Green of the American
Federation of Labor on July 14. Furthermore it is determined to obtain the five-day week as industry can no longer
provide the workers with six, said the labor leader, who
urged President Hoover to call an industrial conference
immediately for the purpose of preventing any further
wage slashes. Mr. Green, who spoke at the annual convention of the International Longshoremen's Union at the
[vol.. 133.
Hotel Victoria, 51st St. and 7th Ave., said that wage cuts
is not even a debatable issue with the American Federation
of Labor. "Our minds are not open to it. We stand on this
issue like the Greeks at Thermopylae and refuse to budge."
Senator Robert F.. Wagner, who also spoke, expressed
his impatience with "the smug belief that we do not need
and cannot find the remedies," declaring that an employer
could be guilty of "no more violent act of industiral sabotage
than by instituting a policy of wage deflation."
"We have rached a point in America," said Mr. Green,
"where unemployment has brought on a serious condition
of social unrest and industrial discontent. We find it in the
coal fields and textile centres. It is not good for a republic
when its citizens clash with the police and armed forces of
the nation. We are facing the third winter of unemployment
Our nation has never been put to that test before. While
we wait and refuse to grapple with the problem, men go
hungry and social unrest develops. The history of the
world shows that hunger lies at the basis of world revolution."
Mr. Green recalled that the economic difficulties in 1893
were the most serious of any up to that time and declared that
the present depression was worse. He said no comparison
could be made between the two periods because the country
was agricultural then, but industrial now.
"What are we going to do about it?" he continued. "The
situation is more serious now than it appears on the surface,
and for some reason those in authority refuse to act. In
the name of God, are we to sit still and do nothing? There
are those who think that a reduction of wages is necessary
and that it is time to lower the standard of living among working men and women. Well, the American Federation of
Labor has challenged that sort of economic philosophy. It
has stood like a stone wall against the demands of employers
that wages be reduced. Is there any reason why the millions
of working men and women should make an additional
sacrifice which would be required by a horizontal reduction
in their earnings? Have we not suffered enough? Shall
we cut the wages of those few of us left who have work?"
Mr. Green recalled that he had suggested that President
Hoover call a representative industrial conference to study
present economic conditions and plan a solution of the difficulties. The first declaration of such a congress, he said,
should be a message to workers now employed that they would
be "absolutely secure" in the positions they now fill, and
to the unemployed a pledge that some share of work would
be theirs as soon as possible. He continued:
How dramatic, how electrifying, how heroic would be a declaration going
out to the people of our nation that industry is going to meet its obligations;
that we are not going to add to the burdens of the cities and towns this
winter; that we are not going to turn adrift those who served us so faithfully
and so well, to become objects of charity, fed by citizens' committees and
taxpayers of our municipalities.
There must be no further additions to the army of unemployed. We
must assume our obligations and maintain every man now employed,
and find Jobs as soon as possible for those unemployed. Perhaps a reduction of days or hours is necessary to give every man a share of the work
that is available. I would rather have 100,000,000 employed five days a
week than 60,000,000 employed six days with 40,000,000 idle.
Concedes Technical Advances.
He said he was mindful of the fact that technical improvements and science had made it impossible to provide six
days of work for every worker, but added that individual
workers were more efficient and productive than ten years
ago.
These economic and industrial adjustments must be made. We are
faced with the inevitable facts and that is what I think an industrial conference called by the President should consider. No social order should
deny a willing man the opportunity to work. Every worker has a claim to
his share of work.
Our financial institutions, industry and the Government itself rest on
social sanctions, and these social sanctions are threatened when we create
in a republic an army of unemployed and the conditions that now exist.
Those in authority have refused to respond favorably to our suggestions,
and we appeal in the name of labor and humanity for a favorable response
to the suggestion that a conference be called and that it be supplemented
by legislative action.
I can't understand why millions should be appropriated in war, and yet
at a time like this, more dangerous and even more menacing to the institutions of our country than war, there should be any hesitancy on the part
of the Government to appropriate money for constructive enterprises to
provide millions of unemployed with work.
Senator Wagner said business depressions were no novelties and "the experience of 15 major ones in 100 years should
have taught us how to fight them instead of rendering
many of us stoically acquiescent in their ravages." He
ridiculed the traditional motto, "Let things alone."
"Must you not at the outset determine to abandon the old method of
letting depressions work themselves out?" he asked. "Whether we know
the remedy or not, are we not obliged at least to bestir ourselves out of
the smug belief that we do not need and cannot find the remedies?
"Business adversity on a national scale is the product and culmination
of man-made mistakes born of human ignorance and human incompetence.
There is comfort in this lesson of history. For if what I say is true. then
AUG. 8 1931.1
FINANCIAL CHRONICLE
improvement becomes a feasible goal by substituting knowledge for ignorance and skill for incompetence.
"Upon such a premise we can construct an affirmative program which
advocates the provision of sound business information to guide the
farmer, the manufacturer, the business man and the worker, which
sees hope in the planning and ordering of the economic activities of the nation which conceives it a worthwhile posibility deliberately to lift the nation's standard of living so as to absorb the greater productivity of our
farms and factories, which regards the Government as charged with the
positive function of facilitating the flow of national and international commerce and which looks forward to the establishment of a greater degree
of stability and security in both business and employment."
Mr. Wagner admitted that a full realization of such a conception would involve an addition to the traditional functions of government and pointed out that present methods
in industry, commerce and agriculture were not the same as
100 years ago.
I need hardly say that the present administration in Washington does
not subscribe to these views. In a speech recently delivered by President
Hoover at Indianapolis he scoffed at those who have been thinking of the
depression in terms other than the old formulas and traditional shibboleths.
The President said we plan to secure a greater diffusion of wealth. But
he expects us to arrive at that goal by pursuing the identical course that
has invariably in the past led to the excessive concentration of wealth
on the one side and the spread of poverty on the other. To announce
such a faith is to drench the nation with hopelessness.
This declaration that there is no better way, that we are chained to the
old way, is not a plan but a treadmill. I hope our country will never succumb to such paralyzing fatalism.
Senator Wagner said a different spirit characterized
President Hoover's debt proposal to suspend intergovernmental payments for one year and declared that he would
co-operate in seeking for the moratorium plan the necessary
Congressional ratification. He saw the plan as a "promise
that hereafter we shall hear from Washington less of America's self-sufficiency and more of America's stake in the peace
and prosperity of the entire world."
I am hopeful that what we are witnessing is not a psychological mirage
but a change of substance which will bring about a resumption of business
activity and employment. We must, however, beware of two possible
errors which will have the effect of pushing us right back to the bottom of
the mire out of which we are struggling to emerge.
An employer of labor or a captain of industry can to-day be guilty of
no more violent act of industrial sabotage than by instituting a policy
of wage deflation. To resist wage reduction is to-day one of the foremost
duties of employer and worker alike.
Equally important is that the maximum preparation be made to deal
with the certain hardships of unemployment during the coming winter.
In many parts of the country the reservoir of possible public works has
scarcely been tapped. They would afford work for many whose only other
recourse is the breadline, an institution which reflects no credit upon the
American people.
891
Gross operating revenues for the month of June amounted
to $369,810,398, compared with $444,951,454 in June 1930,
a decrease of 16.9%. Operating expenses in June totaled
$280,145,367 compared with $3334,721,480 in the same month
in 1930, a decrease of 16.3%.
Eastern District.
Class I railroads in the Eastern District for the first six months in 1931
had a net railway operating income of$136371.717. which was at the annual
rate of return of 2.44% on their property investment. For the same period
in 1930. their net railway operating income was $220,553.050, or 4.06% on
their property investment. Gross operating revenues of the Class I railroads
in the Eastern District for the first six months in 1931 totaled $1,102,666,479
a decrease of 19.3% below the corresponding period the year before, while
operating expenses totaled 3856,161,985, a decrease of 17% under the same
period in 1930.
Class I railroads in the Eastern District for the month of June had a net
railway operating income of $26,734,750, compared with $39,026,621 in
June 1930.
Southern District.
Class I railroads in the Southern District for the first six months of 1931
had a net railway operating income of $25,497.912, which was at the annual
rate of return of 1.55% on their property investment. For the same period
in 1930. their net railway operating income amounted to $43.189.455, which
was at the annual rate of return of 2.64%. Gross operating revenues of the
Class I railroads in the Southern District for the first six months in 1931
amounted to $282.648.812. a decrease of 17.6% under the same period in
1930, while operating expenses totaled $228,490,179, a decrease of 15.8%•
Class I railroads in the Southern District for the month of June had a net
railway operating income of $3,206,851. compared with $4,113,834 in
June 1930.
Western District.
Class I railroads in the Western District for the first six months in 1931
had a net railway operating income of $76.680.511. which was at the annual
rate of return of 1.98% on their property investment. For the same six
months in 1930, the railroads in that district had a net railway operating
Income of 2113.636,706. which was at the annual rate of return of 2.97% on
their property investment. Grose operating revenues of the Class I railroads
in the Western District for the first six months period this year amounted to
$802.122,144, a decrease of 18.4% under the same period in 1930, while
operating expenses totaled $632,122,026, a decrease of 18.1% compared
with the same period in 1930.
For the month of June alone, the net railway operating income of the
Class I railroads in the Western District amounted to $20,220,952. The net
railway operating income of the same roads in June 1930 totaled 126.022,130.
CLASS 1 RAILROADS—UNITED STATES.
1931.
1930.
Month of June—
$444,951,454
$369,810,398
Total operating revenues
280,145.367
334,721.480
Total operating expenses
27.492.263
31,103.731
Taxes
69,162,555
Net railway operating income
50,162,553
Operating ratio
75.23%
75.75%
Rate of return on property investment
2.33%
3.27%
Mx Ill antha Ended June 30—
1931.
1930.
Total operating revenues
$2,187,437,435 82,692,255.942
Total operating expenses
1,716.774,190 2,073.948.402
180,295,591
Taxes
164,738.625
377,379,211
Net railway operating income
238,550.140
77.03%
Operating ratio
78.48%
3.46%
Rate on return on property investment
2.15%
The convention, over which Joseph P. Ryan, president
of the organization, presided, adopted a resolution to formulate a plan whereby the association could successfully oppose Massachusetts Savings Bank Plan for Relief of New
any wage reduction.
England Railroads.
The mutual savings banks of Massachusetts on July 16
Earnings of Railways on Their Investment During First adopted a definite plan of relief for the New England railroads. At a meeting held in Boston Myron F. Converse,
Half of 1931.
Chairman of a special committee of the State's Savings
Class I railroads of the United States for the first six
Bankers and President of the Worcester Five Cents Savings
months of 1931 had a net railway operating income of
Bank, presented a detailed study of consolidations as they
$238,550,140, which was at the annualrate of return of 2.15%
affect this territory. This report, adopted in whole by the
on their property investment, according to reports just filed
executive committee of the savings bankers, recommended
by the carriers with the Bureau of Railway Economics. In
as follows:
the first six months of 1930, their net railway operating in1. We believe—contrary to the general tenor of the report of the New
come was $377,379,211 or 3.46% on their property invest- dngland Governors' Railroad Committee—that the interests of New Engtend would be best served by a complete extension through its territory
ment. Property investment is the value of road and equipNorth Atlantic States.
four-party trunk lines system
ment as shown by the books of the railways, including ma- of the proposed in substance would encourage of the
Fhis extension
the control by the Pennsylterials, supplies and cash. The net railway operating income ramie RR. Co. of the New York New Haven St Hartford system.
2. The Baltimore & Ohio RR. Co. should enjoy access by rail to the
is what is left after the payment of operating expenses, taxes
port of Boston.
and equipment rentals, but before interest and other fixed
-Nickel Plate should enjoy entry
3. The Chesapeake & Ohio RR. Co.
charges are paid. This compilation as to earnings for the first nto New England over Boston & Maine RR. Co. lines.
4. The New York Central RR. Co. and the Canadian railways, including
six months of 1931 is based on reports from 171 Class I rail.ne Canadian Pacific Ry.. should continue to enjoy their present privileges.
roads representing a total of 242,878 miles.
We arrive at these conclusions believing that New England industrially
Gross operating revenues for the first six months of 1931 .vould be better stabilized through such competitive service, and that the
credit of New England railroads would be strengthened through the prototaled $2,187,437,435, compared with $2,692,255,942 for posed combinations.
the same period in 1930, or a decrease of 18.8%. Operating
MYRON F. CONVERSE, Chairman;
EDWARD S. ROGERS, Treasurer Lee Savings Bank;
expenses for the first six months of 1931 amounted to $1,716,ALFRED H. HASTINGS, Treas. Springfield Institution for Savings;
774,190, compared with $2,073,948,402 for the same period
WILLIAM A. DUPES,Treas. Provident Institution for Savings. Boston;
one year ago or a decrease of 17.2%. Class I railroads in the
ROGER F. NICHOLS,Treas. Lynn Institution for Savings.
Not a Sectional Problem.
first six months of 1931 paid $164,738,625 in taxes, compared
Adoption of the report came as a surprise. There had been no intimation
with $180,298,591 for the same period in 1930, a decrease of
,ilat the State's savings banks would act upon the problem of consolidations.
8.6%. For the month of June alone, the tax bill of the Class I It was not even known that the banks had undertaken a study of the subrailroads amounted to $27,492,263, a decrease of $3,611,468 ject, but it seems that the situation has been reviewed in its entirety during
under June the previous year. Forty-one Class I railroads recent weeks.
Mr. Converse said that it was of paramount importance to provide the
operated at a loss in the first six months of 1931, of which New England lines with proper outlets.
"In my opinion, New England could suffer no worse disaster than to
thirteen were in the Eastern, six in the Southern and twentydolt' an isolated position in our transportation," he said. "The viewpoint
two in the Western District.
.hat would maintain a so-called 'New England system' is out of date.
Class I railroads for the month of June alone had a net If there is one thing we should guard against more than any other it is the
railway operating income of $50,162,553, which, for that viewpoint of isolation. That applies to a great deal more than transports..
don, but it is especially true of our railroads.
month, was at the annual rate of return of 2.33% on their
"By all means let us have a close connection—just as many connections
property investment. In June 1930, their net railway operatwe can get—with the big national trunk lines. We have passed the
day when New England roads should be thought of as ours alone. They
ing income was $69,162,585 or 3.27%.
really are a part of the great national
transportation arteries and belong
892
FINANCIAL CHRONICLE
to the rest of the country just as fully as they belong to us. By the same
reasoning, we have equal claims upon the national rail systems and a right
to share in all the privileges of their operation."
The committee report embraces a close analysis of the rail situation and
‘elated factors. Its adoption was said to mark a decisive stage of rail
consolidation discussion. The savings bankers having come forward with
a definite plan, it is believed that opinion will rapidly crystallize. The
report read in part as follows:
What the Banks Sought.
Any complet °inquiry into railroad consolidations should embrace a
-onsideration of the many and extremely complicated questions of service.
rates, co-operation, competition, credit and, in addition, the future development of the country. We have endeavored to go into as many of these
questions as our facilities permitted, but the limitation of these facilities
made a study of intricate details of railroad operations infeasible. We
therefore have confined ourselves to broad principles except on those
points with which we felt principally concerned and with which we felt
most familiar.
The Transportation Act of 1920 imposed upon the Inter-State Commerce
Commission the task of drafting a national plan of railroad consolidation.
The plan which was issued by the Commission in December 1929 provided
for the creation of 21 railroad systems, of which 19 included the railroads
of the United States with 2 additional groups of railroads owned or controlled by the Canadian lines.
Executives of the Pennsylvania, Baltimore & Ohio, Chesapeake & OhioNickel Plate and New York Central systems will soon ask the Commission
to modify its plan which contemplates the union of all Eastern roads into
four large systems. The Commission's plan now provides for five systems
in Eastern territory.
The Presidents of the four trunk lines have announced that conferences
on details have now been practically concluded and that the four-party
plan would be placed before the Commission for approval in the very
near future.
This fact, together with the increasing ownership of the Pennsylvania
in the New Haven and the Boston & Maine, has quickened the interest
of New England in its railroads and in the subject of railroad consolidations.
The Pennsylvania desires to increase its holdings in the New Haven and
Boston & Maine, and to have these two roads consolidated. This would
give the Pennsylvania practically full control of the New England railroad
situation. Such control would not only reduce to a minimum the competition which now exists among the various lines for New England traffic
at the Hudson River, but it would also endanger the Canadian differentials
and would hinder the further development of commercial relations with
Canada. We believe that control by the Pennsylvania would thwart the
development of New England's ports because of the greater investment and
greater interest of the Pennsylvania in the ports of New York. Philadelphia
and Baltimore. While the financial position of the two New England roads
would undoubtedly be strengthened by their affiliation with the Pennsylvania, we believe that such advantage can be had without giving the
Pennsylvania a monopoly in New England.
New Haven-Boston & Maine.
Consolidation of the New Haven and the Boston & Maine is recommended by the majority of the Governors committee only on condition that
the holdings of the Pennsylvania are substantially reduced. We agree that
a consolidation of these two roads under the domination of the Pennsylvania
would not produce the results which were intended by the Transportation
Act, namely, that competition be preserved as fully as possible. Though
what competition exists between the New Haven and Boston & Maine
might be inconsequential, such a combination would raise the question of
competition among trunk lines at the Hudson River and northern gateways.
Once in control, it is reasonable to expect that the Pennsylvania would seek
to retain as much traffic as possible to its own railroads.
The Governors committee reports that approximately nine carloads of
freight enter New England to every four carloads shipped out, which means
that New England roads are dependent upon trunk lines for more than half
of their traffic. If New England attempts to build a wall around itself to
keep our foreign trunk lines, it will, it appears to us, by the same act keep
out traffic which its ports and industries need very badly. If the trunk
lines are interested in ports which they can reach over their own rails, or
without paying out large divisions such as New England roads receive, it is
difficult to see why they should make any effort to Increase the traffic to
New England ports. Since only four out of nine cars are outbound, an allNew England system would jeopardize the nine cars inbound for the sake
of preserving present competition at the gateways on the four cars outbound.
Pennsytrania-New Haven.
The Pennsylvania has been a stockholder in the New Haven since 1904.
when It purchased 10,000 shares of New Haven stock. In 1910, 1911, and
1912 this interest was increased to 53,125 shares, and in 1927 it was further
increased to 73,025 shares. Since that time the Pennsylvania has made
additional purchases, and at the present time it owns 315,025 shares, or
15.28% of the total outstanding voting stock,
In addition, the Pennroad Corp. owns 150,000 shares,twhich represents
that
7.27% of the voting stock outstanding. From this it will be seen
Pennsylvania interests now own a total of 22.55% of all New Haven voting
stock outstanding.
The following table shows the number of carloads of freight interchanged
between the New Haven and Its principal connections in 1929:
Total
Loaded Cars Loaded Cars.
•
Interchange.
Delivered.
Received.
New Haven with299.s76
130,655
169,221
Boston & Maine
277,154
87,669
189,485
Pennsylvania
162,203
62,008
120,195
Boston & Albany
120,655
27.576
93,079
Lehigh & Hudson River
98,586
35,996
62,590
Central of New Jersey
91,503
21,053
70,450
Erie
68,317
16,776
51,541
New York Ontario & Western_ _ - 67,850
13,556
54,294
Lehigh Valley
48,524
18,847
29.677
Central Vermont
37,460
441
37,019
Lehigh & Now England
20,051
14,475
5,576
..
Long Island
14,156
3,301
10,855
New York Central
1,326,335
432,363
893,982
New Haven's
From this table it is clear that the greatest part of the
It is undoubtedly
competitive traffic Is interchanged with the Pennsylvania.
& Maine finds its
true that much of the traffic received from the Boston
the traffic delivered
way to the rails of the Pennsylvania, and that most of
any other line.
to the Boston & Maine could not reach its destination over
of occasions that
The Pennsylvania has made it quite clear on a number
We shall later
It does not intend to relinquish its hold on the New Haven.
suspense, which
discuss the doubt and uncertainty, coupled with delay and
Pennsylvania has a very
would attend an attempt to force it to do so. The
that it should
definite interest in the New Haven and it is only natural
Haven common
oppose efforts to deprive it of that interest. In 1928 New
stock paid dividends at the rate of $2 a share; in 1929 it paid $4.25, and in
1930 it paid $6. Two quarterly dividends of $1.50 each have been paid
this year.
[VoL. 133.
Although General W. W. Atterbury, President of the Pennsylvania, has
declared that his railroad has never made any effort to maintain a dominant
or controlling interest in the New Haven, its holdings of 22.55% of outstanding voting stocks gives it an influence which cannot fall far short of
being dominating. Whether or not control is being exercised is a question
which might now be answered in the negative, but the important fact is
that the Pennsylvania possesses a strong if not dominating influence which
it may exercise whenever it desires to do so. We wish to state that we do
not register objection to this real or potential control. We fail to recognize
the dangers incident to such control which are set out by the majority of
the Governors committee.
Pennsylvania Has Tight Hold.
The majority of the Governors committee recommends that if the
Pennsylvania does not voluntarily reduce its New Haven holdings to a
10% basis it should be forced to do so. We are by no means certain that the
Pennsylvania could be forced to do this.
These are, of course, matters which require the decision of a Court for
answer, but they are nevertheless of such importance that some thought
should be given to them in considering the question of Pennsylvania holdings
of New Haven stock. It must be recognized, however, that any Court
proceeding would require considerable time before the issues Involved could
be settled and that, pending the outcome, uncertainty and curtailment of
development would prevail.
"It would appear that the same situation as exists with respect to the
Pennsylvania and New Haven exists with respect to the New York Central
and Boston & Albany. If the Pennsylvania holdings are to be attacked,
such attack, to be consistent and fair, should also include the New York
Central. Yet the majority of the Governors' committee apparently does
not contemplate action against the New York Central.
"The Inter-State Commerce Commission might be requested to stipulate
as a condition precedent to its approval of the Four-Party consolidation
plan that the Pennsylvania dispose of its New Haven holdings. Unless
the Commission treated both the Pennsylvania and New York Central
alike, since the positions they occupy are similar, there might properly
arise the charge of discrimination. We do not question the authority of
the Commission to make such a condition, however, having in mind that
It made a similar condition, which was not seriously challenged, with respect to the Burlington in its approval of the Great Northern-Northern
Pacific merger.
"Whatever our views may be in the matter of legally forcing the Pennsylvania to divest itself of its New Haven holdings, the extremely important
consideration of financial effect is one which is more serious at this particular time. In our opinion, forced liquidation by the Pennsylvania of
its New Haven stocks during the present business depression would do
irreparable injury to the securities market and might react seriously against
holdings of railroad bonds by Massachusetts and other savings banks and
insurance companies.
"We have made a check to ascertain the extent of holdings of Massachusetts savings banks in bonds of the New Haven and its subsidiaries, and
find that these banks have $35,101.000. or 13i% of their total assets, invested in these bonds. Other New England banks, together with New
England insurance companies, hold $28,001,000 more, making a total
interest of $63,102,000 in bonds of the New Haven.
"We have also inquired into the extent to which the New England institutions are interested in New Haven stock. While Massachusetts savings banks have none of this stock, we find that a considerable amount is
held by other institutional investors in New England and elsewhere.
What It Means in Money.
"These stock investments, which amount to $3,022,600 for New England and $4,830,000 for other parts of the country, a total of $7,852,600.
would be seriously menaced by any wholesale divestment by the Pennsylvania. Such divestment might also have a confusing effect on the bonds
of other New England railroads. Massachusetts savings banks hold
$74.443,000 bonds of New England railroads.
"Massachusetts savings banks have $249,499,321, or over 10% of their
total assets, invested in railroad bonds, and they have of this amount
$74,443,000, or over 3% of their total assets, invested in bonds of New
England roads. This will indicate the interest which they have in the
enforced unloading of New Haven stock by the Pennsylvania.
"We recommend that earnest thought and consideration be given this
matter by those in authority so as to prevent any undue disturbance to
the vast railroad holdings of Massachusetts savings banks and other New
England investing institutions.
"With respect to the Boston & Maine, the Boston Holding Co.. all of
the voting stock of which is owned by the New Haven, owns 273,863 shares,
or 26.41% of all voting stock outstanding. The Pennroad Corp. owns
183,283 shares, or 17.68%. The combined holdings of the New Haven
and the Pennroad amount to 44.09%, or practical control, of the Boston &
Maine. Since the ownership of the Pennsylvania in the New Haven
approaches working control, the Pennsylvania is in a position to influence
if not to dominate the policies of the Boston & Maine.
's
"We have disagreed with the Pennsylvania RR. proposal that the
Boston & Maine and New Haven be merged and the merged systems be
turned over to it. We have also disagreed with the recommendation of the
majority of the Governor's committee that the two roads be merged free
from Pennsylvania influence. We are of the opinion that the Boston &
Maine should be separated from the Pennsylvania and allocated to an
Eastern trunk line which would furnish real competition to the Pennsylvania-New Haven combinations.
"We believe the Pennsylvania's interest in the Boston & Maine is somewhat different from its interest in the New Haven. The Pennsylvania RR,
owns no Boston & Maine stock, but secures its influence over that road
through the holdings of the Pennroad Corp. and through the Boston Holding Co., which is owned by the New Haven. The Chesapeake & Ohio
Nickel Plate system had expressed itself as being willing to take over these
holdings, and such action would, of course, prevent any disruption of the
securities market and loss to security owners. We believe the Pennsylvania should be given permission to acquire full control of the New Haven
on condition that it turn over to the Chesapeake & Ohio-Nickel Plate system the Boston & Maine stock now held by the two holding companies
mentioned.
"We have been struck by the outstanding aggressiveness of the two newer
trunk line systems proposed in Eastern territory. The Baltimore & Ohio
has made a remarkable record of operations during the past decade, and
the Chesapeake & Ohio-Nickel Plate, by persistent effort, has built up a
system which not only has lifted its component parts out of their former
financial difficulties, but has made them profitable. These two systems
are extremely vigorous and energetic.
"New England, in our opinion, has much to gain by injecting this youthful spirit into its railroad structure. Industries and ports of New England
undoubtedly would profit considerably from the new facilities which would
be inspired by the aggressiveness and keen competition which would be
furnished by these newer systems."
1
AUG. 8 1931.]
FINANCIAL CHRONICLE
Survey for the Half Year of the National Association
of Real Estate Boards—Few American Cities
Overbuilt.
Few representative American cities •are overbuilt, either
with apartment structures or single family residences,
which means that the carpenter's hammer will some day be
heard again in the land, according to the seventeenth semiannual survey of the real estate market released July 9 by
the National Association of Real Estate Boards. Containing
figures secured during the past 30 days, and covering 381
cities located throughout the country, the study covers the
supply and demand situation in buildings of all types, rent
trends, and analyses of the present status of the real estate
market and of the real estate money market.
The real estate market report (Table I) is 50% good. Of
the 381 cities reporting on activity (realty sales), 49% either
report their market the same or more active than at this
time last year. Eighteen per cent, of these cities, scattered
throughout the country, report a better market than a year
ago. Fifty-one per cent. of the cities reporting show a less
active market. The report continues as follows:
Not Too Many Houses.
The figures reveal (Table III) that in 72% of the cities reparting the
demand for single family residences just about equals the supply; 17%
report an actual shortage, and only 11% have an over-supply.
Sixty-five per cent. of the cities report no over-supply of apartment structures; 12% have a shortage, and only 23% have too many of the multifamily dwellings.
Sixty-six per cent, of the cities report no over-supply of business space,
two per cent, of which have a shortage in this type of building, and 34%
turned in an oversupply.
There Is no oversupply and no undersupply of single family residences
in the cities above 500,000 population reporting, a situation that has not
prevailed before for the past eight years during which the Association has
made these surveys covering the same cities.
Pointing out that the pressure of new populations and the depreciation
of older structures of all types will inevitably bring about new construction,
the Association declares that these figures look cheerful for the real estate
business and all the other businesses dependent directly and indirectly on
the building industry.
In these figures, also, says the survey, probably are buried thousands
upon thousands, of families that are living "two-in-one style" In quarters
normally designed for one family, and any widespread return to prosperity
would cause an exodus of these people to places of their own. If all of
these families "undoubled" to-morrow there probably would be a residential
and apartment shortage.
Actual figures on this situation, also released to-day, show that in the
metropolitan area of St. Louis, Mo., more than 13,000 families are living
as extra families in residential units of all types. This survey, the first
of its kind ever to be made, inaugurated by the St. Louis Real Estate
Exchange, with the co-operation of other local organizations, found nearly
9,000 families squeezed in homes other than apartments within the city
itself.
Thus, the 8% vacancy actually found in all housing units by the St. Louis
Post Office, probably would not be more than 4% if all families lived
alone.
Downtown Rents Quite Firm.
Definite adjustment in rents has taken place. (Table V.) Central office
buildings suffered less from rent reductions during the past year than
central business property, apartments or houses-for-rent; and outlying office
buildings suffered less than outlying business property, the rent reductions
of which, according to the Association, indicate a cutrailment of expansion
of outlying trading centers.
Both double and single family residences show sharper rent cuts than
any of the other rental units of any kind. Sixty-nine per cent, of the 381
cities reporting had reductions in rent for two-family dwellings, 30% of
these cities show rents for this class of dwelling to be the same, and 1%
had raised their rents. In the single•family class, 88% of the cities show
declines in rents, 29% are stationary, and 3% are up.
Apartment rents show less reduction than dwellings, with only 49% of
the tabulated cities reporting cuts, 49% reporting rents the same as a
year back, and 2% having risen.
Rents for central business property are the same in 37% of the cities,
lower in 82%, and higher in 1%. Outlying business districts show about
the same situation, but the central office space leases remained the same
in 58% of the cities, rose in 1%, and declined in only 41% of the cities.
In cities of 200,000 to 600,000, central office space figures remained the
same as a year ago in 60% of the cities.
A dearth of capital for real estate financing is reported in smaller cities.
(Table VIZ) Interest rates are rising in more of the reporting cities
than they are falling (Table IX.) Cities of more than 500,000, however,
show capital seeking loans, none of these cities report rising interest rates
and some report falling rates. Interest rates are steady in 74% of the
cities. Loans are seeking capital in 53% of the cities, and the situation
is normal, that is, there is an even supply and demand of capital in 23%
of the cities.
Prices are down in the real estate market in 83% of the cities (Table II),
but 16% of all the reporting cities have held their prices as compared to a
year ago, which is a good showing, according to the Realty Association,
when compared with the universal price decline of many other key commodities. Realty prices are up in 1% of the cities.
The survey was made by the local member boards of the Realty
Association.
Plans to Replace New York Subtreasury—Postoffice
Department May Erect Copy of Federal Hall on
Historic Site—Possibility of Branch Postoffices
in Office Buildings.
The Postoffice Department at Washington is considering
a recommendation that the historic Federal Subtreasury
893
Building, at Nassau and Wall Streets, New York, be demolished and that a reproduction of the old Federal Hall,
which once stood there, be erected in its place, it was announced on May 27 by Postmaster John J. Kiely. The
New York "Times" of May 28 from which we quote, also
said:
Speaking before the West Side Association Luncheon Club at the Hotel
New Yorker, Postmaster Kiely added that he believed the recommendation
would be adopted.
Mr. Kiely said that the Department was considering also the establishment of separate postoffices in many of the skyscrapers here. The delivery
of mall to their tenants was becoming an increasingly difficult problem each
year, he declared.
Plans for the demolition of the subtreasury called for the retention of
the statute of George Washington on its present site in front of the building.
Mr. Kiley said. The rebuilt Federal Hall will have the same external appearance that it had on April 30 1779, when Washington was inaugurated
there as the first President of the United States. Inside, however, it will
be a three or four-story postoffice which will house the activities now carried
on in the three downtown sub-postal stations In Wall Street. Pearl Street
and in Station Q at the customs house. The last named would continue to be
used as a base for the carrier service in the financial district, Mr. Kiely said.
"It is costing more and more to rent the downtown stations and we are
planning to consolidate them," Mr. Kiely explained. "The old subtreasury
is not now being used to the extent that it should be. The patriotic societies
are up in arms every time we try to change it. They want to prevent the
desecration of that revolutionary spot, and they are probably right. That
is why we propose a replica of the old Federal Hall and that the Washington
statue remain undisturbed.
"The three down-town sub-stations are being overcrowded, especially as
regards carrier service. This is due to the erection of the big new buildings.
The Equitable Building requires twelve carriers to deliver and collect Its
mail. If the new buildings continue to grow in size and numbers, it means
that we will have to have little postoffices within a postoffice. We estimate
that when the Empire State Building is full, it will require the services of
from 15 to 25 letter carriers. The Government is thinking seriously of
establishing postoffices in buildings of that kind, and why not?"
In answer to a question, Mr. Kiely said that,from an engineering standpoint, he believed it was practicable to construct mail tubes between the
general postoffice and the Newark and Long Island airports which would
facilitate the transmission of air mail, but added that the cost was too great.
Mr. Kiely said he believed the postal service in New York City would
be improved if it were all under one postmaster,instead of having Brooklyn.
Queens and Richmond in separate jurisdictions.
"We have an example of this in our Police and Fire Departments." he
said. "I do not believe that our City Government is properly organized.
We have five boroughs and there is too much rivalry between them. At
present,if a letter is mailed in Flushing to Far Rockaway it comes into Manhattan and is then sent out. If the whole city were embraced in one post
office, these things would be co-ordinated and it would expedite service and
the delivery of mail."
U. S. Supreme Court Upholds Constitutionality of
Boulder(Hoover) Dam Act—Rules Against Arizona.
The Supreme Court of the United States on May 18 dis-
missed the suit brought by the State of Arizona against the
Secretary of the Interior, Ray Lyman Wilbur, and the States
of California, Nevada, Utah, Colorado, New Mexico and
Wyoming to restrain the construction of Hoover Dam under
the authority of the Boulder Canyon Project Act. Mr.
Justice Brandeis, in his opinion dismissing the bill of complaint, declared that the action of the court was taken
without prejudice to rights of Arizona which might arise in
the future, according to the "United States Daily" of May 19
which said:
Mr. Justice McReynolds dissented without opinion from the majority
decision of the court.
Decision of the Supreme Court of the United States in favor of the Government in the Boulder Dam case is gratifying to the Department of the
Interior, Secretazy Wilbur stated orally May 13.
Upon receivingInformation of the court's action the Secretary said:
lam much gratified by this decision, which conforms just about to what
the studies of our legal staffs led us to expect. I am particularly gratified
by the assistance of all the other States in working out the details of the
suit.
"I am hopeful that, with this much out of the road, we can work out
the water division so it can be settled out of court. I regard this as a very
important decision, as without it we would have difficulties in working out
regional problems affecting the natural resources not only of the West, but
of other group of States as well."
The Federal statute was upheld by the court. The legislation, it was
noted, does not purport to affect any legal right of Arizona or to limit in
any way the exercise of the State's legal right to appropriate any of the
unappropriated waters of the Colorado River, across which the Hoover
Dam is to be constructed.
From the Washington dispatch, May 19, to the New York
"Herald Tribune" we take the following:
The decision cleared up any doubt over the validity of the Act authorizing the gigantic Boulder Canyon project, now officially dedicated as Hoover
Dam, and allows the Government to proceed to construction without fear
of court interruption. While it has not been generally believed here that
the court would declare the Act unconstitutional, the effect of the suit
Instituted by Arizona. which was aimed largely at California in the belief that
that State would get the lion's share of the benefit of the dam, was to clothe
the situation with uncertainty and to embarass the Government.
In effect the Supreme Court held that years must elapse before the dam
is completed and that if the rights of Arizona should then be found to be
impaired, appropriate remedies will be available. The court refused to find
any impairment of Arizona's rights based on assumed potential invasions
or invasions in the future.
Justice Brandeis in the course of the opinion, said:
"Into the motives which induced members of Congress to enact the
Boulder Canyon project Act, this court may not enquire. The Act declares
that authority to construct the dam and reservoir is conferred, among
other things, for the purpose of improving navigation and regulating the
flow of the river.' As the river is navigable and the means which the Act
894
FINANCIAL CHRONICLE
provides are not unrelated to the control of navigation, the erection and
maintenance of such dam and reservoir are clearly within the powers conferred upon Congress. Whether the particular structures proposed are
reason- bly necessary. is not for this court to determine. And the fact
that purposes other than navigation will also be served could not invalidate
the exercise of the authority conferred, even if those other purposes would
not alone have justified an exercise of Congressional power.'
Alluding to the contention of Arizona that her rights are jeopardized,
Justice Brandeis observed:
"This contention cannot prevail because It is based, not on any actual or
threatened impairment of Arizona's rights but upon assumed potential invasions. The Act does not purport to affect any legal right of this State,
or to limit in any way the exercise of Its legal right to appropriate any of
the unappropriated 9,000,000 acre feet which may flow within its borders.
On the contrary. Section 18 specifically declares that nothing therein shall be
construed as interfering with such rights as the States now have either to
the waters within their borders or to adopt such policies and enact such laws
as they may deem necessary with respect to the appropriation, control and
use of water within their borders, except as modified by inter-State agreement. As Arizona has made no such agreement, the Act leaves its legal
rights unimpaired.
"The bill is dismissed without prejudice to an application for relief in
case the stored water is used in such a way as to interfere with the enjoyment
by Arizona, or those claiming under it, of any rights already perfected, or
with the right of Arizona to make additional legal appropriations and to
enjoy the same"
Justice ;lames C. McReynolds was of opinion the motion to dismiss should
be overruled r ad defendants required to answer.
Regarding the change in the name to "Hoover Dam" the
Associated Press in advices from Washington, Jan. 9, said:
Nearly every one refers to it as "Boulder Dam," and the bills call it the
"Boulder Canyon Project," yet the great dam to be built on the Colorado
River between Arizona and Nevada is neithea Boulder Dam nor is it in
Boulder Or nron
Secretary Wilbur gave the name "Hoover Dam" to the gigantic structure
and it will be built in Black Canyon,20 miles downstreamfrom the originally
chosen site in Boulder Canyon.
In naming it Dr. Wilbur said that he acted according to precedent.
Furthermore, despite unofficial protests by some members of Congress,
the contracts for the project will call it "Hoover Dam" and there the
matter rests.
Vor... 133.
own stockholders, and broadens the definition of the term "securities."
Still another Act requires a dealer to file a bond or proof of financial responsibility.
I might add that the banks of Maine report an increase in deposits of
nearly $1,000,000 during the year ended March 28 1931, and that there
has been no failure of any bank in this State during more than four years.
Bank Assessments Fully Collectible, Nebraska Contends—Attorney General's Petition Asks 381 Institutions Be Required to Pay Total of $3,000,000.
The "United States Daily" reports the following from
Lincoln, Neb., May 25:
Attorney General C. A. Sorensen filed an answer and cross petition
May 23 in the district court of Lancaster County in the suit instituted by
the Hubbell Bank of Hubbell,and 380 other State banks in which the banks
seek to enjoin Governor Bryan, the Department of Trade and Commerce,
E. H. Luikart, head of that Department, George W. Woods, State bank
Commissioner and the Attorney General from collecting special assessments
under the former bank guaranty law and an assessment of two-tenths of
1% under the new banking act of 1929. totaling approximately $3,000.000.
In his cross petition, the Attorney General alleges that the special assessments under the old law were adjudicated in the Able Bank suit in the
United States Supreme Court. He asks for a judgment against the banks
for the amount of the special assessments and the assessment levied under
the new law Jan. 11931.
The banks allege that all these assessments were unconstitutional and
violative of the Federal Constitution
It is held that the assessment of two-tenths of 1% under the new law
is valid and that the banks have refused to pay the same.
The cross petition of the Attorney General asks that the court enter a
declaratory decree pursuant to the provisions of the "Uniform Declaratory
Judgments Act" of Nebraska, 1929, wherein the liability of the plaintiff
banks may be finally declared and adjudicated, and that Governor Bryan
and other defendants, the Department of Trade and Commerce, recover
the amounts due, with 7% interest and costs.
City of Jackson, Miss., May Appeal to U. S. Supreme
Court on Guaranty Deposit Act—Final State
Ruling Will Release $5,000,000 if New Test Is
On April 20 Secretary Wilbur signed the contract awarding
Dropped.
construction of Hoover Dam to Six Companies Incorporated.
At that time the "United States Daily" said:
The following-is from the Jackson (Miss.) "News" of
Immediately after the contract was signed by the Secretary, notification
May 18:
of his approval was transmitted by the Bureau of Reclamation to the
Constitutionality of the new Mississippi guaranty of deposits act in
Denver office, it was announced orally at the Bureau; additional informaState banks, with its concurrent $5,000,000 bond issue to relieve holders
tion follows:
settled permanently to-day insofar as the MissisThe Denver Office of the Bureau of Reclamation will notify the con- of old certificates, was
Court is concerned.
tractors to start work immediately. In undertaking the performance of sippi Supreme
A suggestion of error brought by W. Eugene Morse, city attorney of
the largest single contract ever let by the Government, Six Companies
case with the Deposit Guaranty Bank and Trust
Incorporated put up a $5,000.000 bond as evidence of good faith. It was Jackson. in the city's test
Co. of Jackson, was overruled to-day in an en banc decision by the high
attested by 21 sureties.
court, to which no member dissented.
Since the award was made to the company March 4 by the Secretary
It means that unless the city of Jackson carries out its threat to seek a
when its low bid of $43,890.999 was accepted preliminary work has been in
hearing in the United States Supreme Court, some 5,000 holders in Missisprogress. Engineers and workmen are already on the ground.
certificates issued by State banks that failed prior
A camp has been set up to accommodate 350 men who will start work im- sippi of guaranty deposit
a cash advance from the State.
mediately. The contract calls for a commencement of construction within to March 11 1930, will soon get
The advance will come from the proceeds of a $5,000.000 bond sale.
30 days after notification of the approval of the contract. For not perlegislature on condition that the constitutionality of
forming its agreement in completing certain items, the company will be authorized by the
be upheld by the State Supreme Court. The
penalized $9,000 per day. To avoid a penalty of this kind, it is in readiness the deposit guaranty act
by special assessments against State banks. In
to launch the greatest reclamation project ever undertaken by the Federal bond issue is to be retired
consideration of these assessments, the legislature granted State banks
Government.
loss led the City of Jackson to test the case.
W. A. Bechtel, First Vice-President of the company, was present when certain tax exemptions. Tax
Secretary Wilbur signed the document.
The dam will be 730 feet high, nearly twice the height of any dam yet Oklahoma Seeks Full Guaranties for State Funds—
built. At the base it will have a thickness of 650 feet. The All-American
Securities Which Cover Deposits Should Afford
Canal. which will carry stored water to irrigators in Imperial Valley. will
be 200 feet wide, 22 feet deep, and will carry 15,000 cubic feet of water per
Ample Margin of Safety, Depository Board Declares.
second.
Under date of May 18 advices from Oklahoma City,
The aqueduct which will carry water to Los Angeles and surrounding
cities will be more than 200 miles in length with a carrying capacity of 1,500 Okla., said:
cubic feet of water per second. It will cost more than $200,000,000.
After an investigation into the more than $11.000.000 of bonds and
Above the dam there will be a lake 115 miles long, 532 feet deep, with a warrants held by the State Treasury as surety for deposits of State funds
capacity of 30.500.000 acre-feet of water. This is sufficient water to cover in 440 Oklahoma banks, a committee of three, representing the State
the entire State of New York one foot in depth. It will be the largest Depository Board, has made its report with recommendations as to future
artificial reservoir in the world.
policy regarding State deposits and guaranties.
Governor William H. Murray, J. Berry King, Attorney General, and
comprise the State Depository Board.
0. Weems,
Legislation Enacted at Recent Session of Ray investigation State Treasurer, held by the Treasury for the account
New Banking
included securities
The
Maine Legislature.
of 432 active depository banks and eight which had failed.
banks with some securities which should be
The committee listed
Sanger N. Annis, Bank Commissioner of the State of examined still more with(17 view of change in security or the putting up
a
Maine has the following to say in an account in the "United of a margin in bonds or warrants involved if facts warrant.
The committee reported it had checked the securities on hand against
States Daily" of May 15:
cases they meet the statutory
Legislation relating to banking enacted by the recent session of the Maine the Treasurer's record and found in all
find any depository accounts
Legislature was not of a radical type, but rather followed conservative and requirements. The committee did not
exceeding the maximum permitted by law.
constructive lines.
Suggestions, recommendations and exceptions listed by this committee
The a trier elm en ts to laws governing trust companies include a reduction in
the loaning limit to one borrower. including indirect liability, from 25 to in its report, include;
"That warrants pledged by banks be endorsed by the depositing bank
20% of the capital, surplus net undivided profits of the bank, an increase
from 320,000 to 350.000 of the minimum amount of paid-in capital with (in some cases, warrants now held are not endorsed).
small
"That a policy be adopted, in connection with accepting bonds of
which a new bank may commence business; the requirement of a paid-in
statement of the
surplus equal to 50% of the capital of the new bank; the removal of a towns and school districts, of requiring proper financlal
small per capita
quarter-century-old limitation of $1,000,000 as the total capital stock municipality and unless said statement shows only a
recommend
which a bank may have; and giving banks permission if they desire to debt, that a margin of 15 to 25% be required. We further
except
fix the par value of shares of capital stock at some amount other than $100. that bonds of very small towns not be accepted in any amount,
made and we think
Amendments to the laws governing savings banks allow these banks to where extreme caution and thorough investigation is
establish branches in their own or adjoining countries; to invest in stocks In this case that a margin should be required.
"It is recommended that a margin be required on all warrants, except
of banks in this State and in the other New England States and New
banks
York having certain qualifications; to invest In bonds of Canadian telephone State and county, and also that warrants be replaced by depositing
for which
companies, and to establish retiring allowances or life insurance for officers , when not paid within six months after the end of the fiscal year
they are issued.
and employees.
"We further recommend that in so far as possible, Preference be given
A general Act provides a penalty for circulating false reports concerning
counties
to Oklahoma securities and that where securities of other States,
banks and loan and building associations.
as to
There were also several amendments to the Sale of Securities Act, com- or municipalities are submitted, thorough investigation be made
monly known as the blue-sky law, which in Maine is under the supervision legality of the issue and as to the financial condition of the municipality
of the Banking Department, One Act allows the appointment of an Assist- before approval is given.
"We also recommend that in the future unless first-grade securities
ant Commissioner, and more than one Examiner for the enforcement of the
bonds
law. Another raises the registration fee for a dealer from $25 to $50, and such as United States bonds, State bonds, State warrants or surety
security
requires a filing fee to be paid for applicants for new registrations. Another are submitted, a wide diversification be required of any other
Act removes the exemption to a corporation selling its own stock to its offered.
AuG. 8 1931.]
FINANCIAL CHRONICLE
"We recommend further that in case of bank failures, as early action as
possible be taken toward the liquidation of securities held with a view
of closing the account, and if any loss is sustained, that this may be determined and eliminated according to law."
Southern Bank Management Conference Committees.
Local committees for the second bank management conference, to be held at Nashville, Tenn., Nov. 5 and 6, under
the auspices of the Bank Management Commission, American Bankers' Association, and the State Bankers' Associations of Alabama, Arkansas, Florida, Georgia, Kentucky,
Louisiana, Mississippi, North Carolina, South Carolina,
Tennessee and Texas are announced as follows:
General Chairman and presiding officer of the conference, P. D. Houston,
Chairman of the Board American National Bank, Nashville.
Secretary of the conference, H. Grady Huddleston, Secretary Tennessee
Bankers' Association, Nashville.
Advisory Committee.
Thomas Bowron, President Alabama Bankers' Association.
B. A. Lynch, President Arkansas Bankers' Association.
George L. Estes, President Florida Bankers' Association.
Ronald Ransom, President Georgia Bankers' Association.
C. W. Simrall, President Kentucky Bankers' Association.
LeRoy Ward, President Louisiana Bankers' Association.
J. W. Slaughter, President Mississippi Bankers' Association.
R. M. Hanes, President North Carolina Bankers' Association.
A. L. M. Wiggins, President South Carolina Bankers' Association.
A. C. Burchett, President Tennessee Bankers' Association.
J. W. Hoopes, President Texas Bankers' Association.
E. E. Murrey, President Nashville Clearing House.
Publicity Committee.
Frank W. Simmonds, Secretary Bank Management Commission, American
Bankers' Association, Chairman.
M. A. Vinsentelli, Secretary Alabama Bankers' Association.
Robert E. Wait, Secretary Arkansas Bankers' Association.
W. 0. Boozer, Secretary Florida Bankers' Association.
Haynes McFadden, Secretary Georgia Bankers' Association,
Harry G. Smith, Secretary Kentucky Bankers' Association.
G. R. Broussary, Secretary Louisiana Bankers' Association.
George B. Power, Secretary Mississippi Bankers' Association.
Paul P. Brown, Secretary North Carolina Bankers' Association.
.
Henry S. Johnson, South Carolina Bankers' Association.
H. Grady Huddleston, Secretary Tennessee Bankers' Association.
W. A. Philpot, Jr., Secretary Texas Bankers' Asacciation,
Program Committee.
V. J. Alexander, Vice-President American National Bank, Nashville,
Chairman.
C. W. Bailey, President First National Bank, Clarksville, Tenn.
Edward Potter, Jr., President Commerce Union Bank, Nashville.
Frank M. Farris, Vice-President Third National Bank, Nashville.
Hotel Reservations and Registration Committee,
L. J. King, Manager Nashville Clearing House, Chairman.
D. Y. Proctor, Vice-President Broadway National Bank. P. D. Castleman, Assistant Cashier American National Bank.
Walter Diehl, Cashier Third National Bank.
Claude E. Pearson, Cashier Commerce Union Bank, all of Nashville.
895
Concerning the alternate plan, it was reported that Arthur W. Little,
a former director of the Bank of United States was heading a group offormer
directors and that he soon would be able to report a complete plan. He said
it was too early to discuss the activities or the group with which he was connected, but that the outlook was "hopeful."
No details as to the financial program of the group headed by Mr. Little
were available, nor would any of the other men whose names were mentioned in connection with the move discuss it for publication. One of them.
Edward B. Lewis, Vice-President of the Borden Co.,said statements brought
to him by newspaper men were the first he had heard of the project.
Ilastinas Urges State Aid.
during
One other item entered the situation created by the closed bank
State Senator John A. Hastings of Brooklyn, at a meeting
the day when
of the joint legislative committee on banking at the Bar Association Building,
depossought to interest the committee in special legislation to relieve the
itors.
He argued that since the State, through one of its executive departments.
assumed control of banking, It was morally bound to bear the liquidation
burden
expenses in cases of bank failure. At present, he pointed out, the
of paying for the liquidation falls upon the depositors. who are not to blame
for the failure ot the State to insist upon safeguards for their accounts.
To meet this condition, he proposed, the State should enact a law assuming the liquidation burden, and should make the statute retroactive to cover
the Bank of United States failure.
Banking Situation in South and Middle West.
In the State of Mississippi, a dispatch from Corinth,
Miss., on July 28, printed in the Memphis "Appeal" of the
following day, stated that suit was filed in the Chancery
Court at Corinth on that day, July 28, against the stockholders of the Corinth Bank & Trust Co., which failed in
November 1930, to collect double liability on stock held in
the defunct institution. The stock of the failed bank was
$150,000 and 67 shareholders were named in the suit.
The dispatch furthermore said:
Under the law stockholders in failed banks in Mississippi are liable for
an assessment of 100% on the amount of stock owned.
the
Demand was made by G. A. Hazard, liquidating agent, against
assessment
stockholders about the middle of June. Only a few paid the
28) was ordered by State Superintendent of
and the suit filed to-day (July
Banks J. S. Love.
In the State of Tennessee, advices from Paris, Tenn.,
July 20, printed in the Memphis "Appeal" of the following
day,stated that checks totaling $135,147 had been mailed to
the 3,400 depositors of the defunct First State Bank &
Trust Co. of that place, representing an initial dividend of
20% of the bank's deposits, when it closed Nov. 21 1930,
which amounted to $675,740. Additional dividends will
be paid as fast as collections on notes due are made. The
dispatch went on to say:
with John
The bank has been in process of liquidation for eight months
were
K. Currier Jr. as liquidating agent. Efforts to reopen the bank
pursued for many months.
claims
The liquidating agent has collected $314.000. Some preferred
the disand notes due correspondent banks had to be taken care of and
follows: Drafts,
tribution of the remaining $135,147.72 was made as
savings
$1,858.31; claims, $197.58; certificates of deposit. $18,021.13;
deposits, $16,960.18: individual deposits. $98,110.52.
In the State of North Carolina, an Associated Press dispatch from Asheville yesterday, Aug. 7, with reference to
the trial, begun last week, of Colonel Luke Lea, Tennessee
publisher, and three others on a charge of conspiring to
State Banking Department to Ask a Court Order defraud the defunct Central Bank & Trust Co. of Asheville
Authorizing an Initial Payment to Depositors of of $1,300,000, contained the following:
Lea.
Bank of United States of 30%—Early Decision Due
Figure after figure relating to transactions between Colonel Luke
Central Bank & Trust Co. here were entered
on Priority Claims—Directors and So-Called Rosoff Tennessee publisher, and the7) as trial of the $1,300,000 fraud case entered
In court records to-day(Aug.
Group Push Reopening Plans.
Its eleventh day.
witness stand and
of the closed Bank of United
N. H. Payne, Central Bank bookkeeper,returned to the
With reference to the affairs
hundreds of
began identifying ledger entries and cashiers' checks totaling
States of this city, announcement was made on Wednesday thousands of dollars which State attorneys said Were related to one count
of this week, Aug. 4, that the State Department of Banking, of Lea's indictment, which alleges gigantic "kiting" operations.
last fall; Luke
Wallace B. Davis, President of the bank before it failed
under present plans for handling the assets of the institution,
elder Lea's pubLea, Jr. and E. P. Charlet, the latter two officials of the
is ready to ask a court order authorizing an initial payment lishing company, are co-defendants
offenses—conspiracy to
to depositors of 30 cents on the dollar. At the same time it
The bills of indictment charges two distinct
with the actual misapplication of approxiwas reported that both the directors and the so-called Rosoff defraud the Central Bank and Lea's benefit.
mately $1,300,000 to Colonel
worth of
group were pushing their separate plans for reorganization of
Payne to-day told of the issuance Oct. 22 1930, of $110,000
the institution. The New York "Times" of Thursday, Central Bank cashiers' checks made payable in blank. Lea by previous
The State had tried to trace this issuance to Colonel
Aug. 6, from which the above information is obtained,
later was inserted
witnesses and to-day Payne said the Tennessean's name
said:
continuing
as payee.
Transportation Committee.
Robert T. Turner, Assistant Cashier American National Bank, Nashville,
Chairman.
Warren C. Fielding, special counsel for Joseph A. Broderick, State Superintendent of Banks. made the announcement concerning the 30% payment
during argument before Supreme Court Justice Edward F. Dore on a
motion to fix the priority of claims of the defunct bank. It had been made
known previously that such a payment might be expected about Sept. 1.
In listing the claims on which a ruling is sought Mr. Fielding said they
totaled $1,900,000. Of this sum. $1,300,000 represents the deposits of
savings banks, credit unions, loan associations and similar institutions.
State deposits make up the other $600,000. The State originally had a
claim of $1,000,000 against the bank, but this was reduced by $400.000
through payments by surety companies which had bonded the bank.
Another question on which the Banking Department seeks a ruling is
whether such officials as referees and receivers have prior claims over
depositors for the sums due to them. Justice Dore promised an early
decision on the application.
Satterlee to See Broderick.
Although no one would discuss details of the efforts toward reorganization,
it was said Herbert L. Satterlee, counsel for the group assembled originally
as a result of the efforts of Samuel Rosoff, contractor, was expected to
confer with Mr. Broderick to-morrow (Aug. 7). Mr. Satterlee, who has
been out of the city, was expected to return to his office this morning.
D. L. M. Battle, who testified earlier in the week, had partially identified
the issue of checks, eight in number, as having been delivered by him to
Luke Lea, Jr., in Nashville.
Associated Press advices from Asheville on July 27, the
day the trial started, stated that the trial of Colonel Luke
Lea indicted with four others (one was subsequently eliminated) on charges of conspiracy to defraud, had been delayed until 2:30 p. in. on that day, while new bills of indictment were presented to the Grand Jury. The dispatch
then went on to say:
Solicitor Zeb V. Nettles said the new bills are necessary in order to avoid
questions of the legality of the former Grand Jury, which indicted the Tennesse° financier, his son, Luke Lea, Jr., E. P. Charlet, an official of the
Tennessee Publishing Co. of Nashville, and Wallace B. Davis and J.
Charles Bradford, officials of the defunct Central Bank & Trust Co. here.
Defense counsel contended the former Grand Jury had outlived its legal
life of six months.
Solicitor Nettles said the new bills eliminated the name of Bradford,
former Cashier of the Central Bank. who is now under treatment in a
896
Philadelphia hospital.
ment.
FINANCIAL CHRONICLE
For.. 133.
sources it was learned that the depositors of at least two of the banks
would suffer little if any loss. Should there be a deficit, it was said, it would
* • *
be made good by stockholders.
Colonel Lea and his party arrived from Tennessee early Monday (July 27)
As of close of business Aug. 1, Mr. Broderick announced deposit liabilities
by motor.
of the American Union Bank were 87,094,000:for the International Madison
In the party were four lawyers—Job Garner, J. G. Lackey and Giles Bank & Trust Co. they were $6,811,000, and for the Times Square Trust
Evans of Nashville, and L. E. Gwinn, of Memphis, In addition the Leas Co.. $1,438,000. No mention was made of the financial condition of the
and Charlet will be represented by Col. Albert L. Cox. of Raleigh. N. C.. Times Square Safe Deposit Co., Mr. Broderick's statement merely saying
and Louis M. Bourne and A. Y. Arledge of Asheville.
it would be liquidated concurrently with its trust company affiliate.
None
In the State of Ohio, the Citizens' Commercial Bank of Instead,of the banks opened for business yesterday morning (Aug. 3)•
depositors were informed through
Waynesfield, Ohio, was closed on Aug. 1 by order of its affixed to the windows that the institutions Banking Department notices
had been taken over. Word
directors, following a "run," according to Associated Press of the closings spread rapidly, especially on the lower east aide, and crowds
gathered outside the various offices.
advices from Wapakoneta, Ohio, on the date named. State
The closings upset the plans of
Liquidating Agent D. J. Schurr took charge of the institu- to hold a hearing yesterday at thethe joint legislative committee on banking
Bar Association Building on recommendations of Mr. Broderick and several bankers regarding revisions of the State
tion, the dispatch said.
banking
Another Ohio bank, the Minerva Savings & Bank Co., Cheney,law, but after a brief discussion the Chairman. Senator Nelson W.
announced an adjournment until
at Minerva, was closed by its directors for voluntary liquida- ditions due to the taking over of the three next month.,itUnsettled conimpossible for
banks made
tion on Aug. 1, as reported in a dispatch by the Associated Mr.Broderick or the bankers to appear before the committee, he explained.
Bradford attempted suicide soon after his indict-
Press from Canton. The closed bank was capitalized at
$125,000 and had resources of $1,109,000.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were reported made this week for the sale
of a New York Stock Exchange membership for $210,000
an increase of $5,000 over the last preceding sale.
Arrangements were reported made this week for the sale
of a New York Curb Exchange membership for $77,500.
Last preceding sale $80,000.
A Chicago Curb Exchange membership was reported sold
this week for $2,100.
Central Hanover Bank & T-rust Co. of this city announces
the appointment of James P. Flynn as Assistant Secretary.
Mr. Flynn is at the Fifth Avenue and 60th Street office.
The Corn Exchange Bank Trust Co. of this city opened
its Colonial branch at Columbus Avenue and 81st Street,
Aug. 3. The new branch is in charge of George S. Carr,
former Vice-President of the Colonial Bank.
John R. Babcock has been appointed a Second Vice-President of Guaranty Trust Co. of this city, according to the
."Wall Street Journal" of July 31.
Lionel Sutro, retired banke-r and philanthropist, died unexpectedly on July 28 at Santa Monica, Calif. Mr. Sutro
left New York about a month ago on a pleasure trip to
Hawaii, and was on the way home wgien his death occurred.
He was 71 years of age. Mr. Sutro was born in New York
and received his education in the city's public schools. For
many years he was a member of the New York Stock Exchange. With his brother, the late Richard Sutro, who died
last August, Mr. Sutro organized the firm of Sutro Brothers
& Co. He was also a director of the Morris Plan Co. About
25 years ago he retired from active business and thereafter
devoted a large part of his time to community interests.
Three small New York City banks, with aggregate deposits
of approximately $15,343,000, were taken over on Wednesday
of this week, Aug. 5, by Joseph A. Broderick, State Superintendent of Banks, in order to protect the interests of their
depositors. Mr. Broderick also at the same time closed a
safe deposit company, an affiliate of one of the banks. According to the New York "Herald Tribune" of Aug. 6, the
State Superintendent of Banks explained the closing of each
of the banks as follows: "Because of the non-liquid condition
and depreciation in the value of its assets, it is deemed
unsafe and inexpedient to permit this institution to continue
in its business." The closed banks are:
American Union Bank, with main office at 37th St. and
8th Ave. and branches at 912 Broadway and at First Ave.
and 81st St.
International-Madison Bank & Trust Co., with main
office at 147 Fifth Ave. and branches at 12 Ave. A, 497 7th
Ave., 100 Park Row and 4,702 18th Ave., Brooklyn.
Times Square Trust Co., with main office at 565 7th
Ave. and a branch at 1,745 Bathgate Ave., the Bronx.
The safe deposit company closed is the Times Square Safe
Deposit Co., an affiliate of the Times Square Trust Co.,
with offices also at 565 7th Ave. Thursday's New York
"Times," in its account of the closing of the institutions,
•
said:
Liquidation of the assets of the closed institutions was begun at once.
Mr. Broderick said that within ten days an inventory of the assets of each
would be filed with the County Clerk, while within ninety days it was
hoped that a first divide-id to depositors would be paid. From authentic
American Union Bank History.
The American Union Bank was established in 1912. In 1917 it was in
corporated as the John Nemeth State Bank. By 1927, some years after
the present name was adopted, its capital had grown to 32.000.000. at
which figure it remained until this year, when, to provide funds to cover
shrinkage of assets, its capital was halved. Its resources, as of June 30.
were $10,695,214, including $4,691,667 in unsecured loans. Its deposits
then were $7,939,813.
Sam Samuels is President of the bank; Meyer Rosenstein, Executive
Vice-President: Arthur Holzsager, Assistant Vice-President, and Benjamin
Wolf, Cashier. Joseph Leblang, theatre ticket broker, was Chairman of
the board until his recent death.
post was not filled. Directors of the
bank are Mr. Samuels, Abraham Bricken, William P. Goldman, Abraham
Levey, Samuel Lewis, David Melman, Mark H. Rogers, Meyer Rosenstein
Morris Rosenstein and Samuel Witty.
His
The International
-Madison.
The International-Madison Bank & Trust Co. was established as the
International Union Bank in January, 1924. It was one of several banks
sponsored by organized labor. In 1929 it was merged with the Community
State Bank, the Unity Dank of Brooklyn and the Madison State Bank.
As ofJune 30it had total resources of$12,436,738 and deposits of$7,761.863.
about half in thrift accounts.
Its officers are Solomon Fillin, President; Benjamin Hinerfeld, Raymond
Guarini, Isidor Josephson, Philip Kaplowitz, Vice-Presidents; Ben J.
Weinberg, Assistant Vice-President, and Clifford W. Ludlow, SecretaryTreasurer. Its directors are Mr. Fillin, Charles Allen, Jr., Walter J. Carlin,
Patrick F. Cusick, George F. Driscoll, Ery Kehaya, Max Pick, Henry A.
Schatzkin and Charles Topkis.
Times Square Trust Small.
The Times Square Trust Co., newest and smallest of the three, was
organized Oct. 6, 1926. with $2,000,000 capital, reduced to $1,000,000 on
July 15, 1930. Of its $4.197,960 resources at the end of 1930, more than
half, or $2,231,481, was represented by unsecured loans and discounts.
Its deposits as of June 30 totaled 31,882.405. against $1,438,000 at the
close of business Monday (Aug. 3)•
At the bank, information as to the present list of officers and directors
was refused. According to the 1931 Directory of Directors, the officers are
Harry H. Revman, Chairman of the board; John H. Brennen, President
T.T. Haldane,Vice-President,and Joseph W.Hanson,Secretary-Treasurer.
1Thiretige ireT" ctOi's are liireilz-Louis G7Barth ,Jam.Blaurrer7MFErennen,
W. A. Buckner, Lewis W. Flaunlacher, Julius Grossman. Mr. Haldane,
Samuel Krohnberg, John C. McCall, Arthur De Sole Mendes, Bernard
Reich, Mr. Revman, Karl Tausig and Louise Whitelaw.
One Banker Issues Statement.
Late yesterday afternoon Mr. Fillin, President of the International
Madison issued a statement declartg_that "unusual economic conditions"
and the possibleeffect on the
of the closing of th77A7nerican Union
Bank and the Times Square Trust Co. had led t a decision that the bank
should be closed to conserve assets for depositors.
"The bank is solvent," Mr. Fillin said. "and not ()illy will drositors be
paid 100 cents on the dollar, but the stockholders will receive a substantial
payment on their stock. The officers of the bank will co-operate with the
Banking Department to speed the liquidation."
gzik
The "Times" of yesterday, Aug. 7, stated that liquidation
of the three institutions had proceeded the previous day and
that Banking Department officials were confident that inventories of the banks would be filed by the end of next week
to be followedbir_payment Of first dividends to depositors
within 90 days. To aid in the liquidation of theclosed banks
and the Times Square Trust Co.'s affiliate, the Times Square
Safe Deposit Co., Mr.Broderick announced the appointment
of five special deputy superintendents. George A.Porter and
Frederick C. Metz were assigned to liquidate_ _ Interthe _
national-Madison an
na lona ison
Trust Co., Arthur J. McQuade
and Milton L. Masson, the American Union Bank, and
- -ei - JosepB. Zw ef, the Imes SquareCo.. and its subsidiary, the Times Square Safe Deposit Co. The paper
mentioned furthermore said:
The exact number of depositors was estimated not to exceed 30,000.
Figures were not available for the International-Madison, but the Banking
Department announced that the American Union Bank had 14,571 accounts
of which 8,813 were those of thrift depositors, and that the Times Square
Trust Co. had 5,250 accounts of which 4.000 were in the savings class.
An inventory of the_
assets of the Prisco State Bank,
of this
_
_
city, which on July 24 was taken over by Joseph A.Broderick,
State Superintendent of Banks, was filed by _Mr._ Broderick
_
on Tuesday of this week;Aug.4, the County Clerk's Office
and showed a total of $2,131,350, according to the New York
"Times" of Aug. 5. They include bonds amounting to
$1,532,342,2sums due from other- banks, $111,
-the
bank's real estatele73 Mulberry Street,$150,000, Gillt
-
AUG. 8 1931.]
FINANCIAL CHRONICLE
and equipment,$50,000, and a "special" account of $133,000
for which the Banking Superintendent is now suing Joseph
W.Prisco, cashier of the bank, who has disappeared. Other
assets, the "Times" said, include $53,789 in secured time
loans, $122,203 in unsecured time loans, and 1,141 in unsecured loans.
The arrest yesterday, Aug. 7, of Raffaele Prisco, organizer
and President of the closed Prisco State Bank, was reported
in last night's New York papers. The New York "Sun"
stated that his arrest had been at the request of Harold W.
Hastings on charges of grand larceny growing out of a
financial transaction Mr. Prisco is alleged to have had with
Mrs. Raffaela d'Auria of 37 Simonson St., Mariners' Harbor, S. I. Mr. Prisco was arraigned before Magistrate
Farrell in Tombs Court, who held him in $10,000 bail for
a hearing Aug. 14. Mr. Hastings will present the case to
the Grand Jury next Monday. We quote further from
the "Sun" as follows:
According to Mr. Hastings, Prism induced Mrs. Raffaela d'Auria to
lend him $11,000 by offering her 5 4% interest, and gave her a two-year
note for the entire sum.
On May 22 Prisco drew to the order of Mrs. d'Auria a check for $5,000
which was cashed, although Mr. Hastings said Prisco had no account in
the bank. Then he took back the 311.000 note and issued a new one-year
note for $6,000. Mrs. d'Auria invested her $5,000 in a building and loan
association, but the $6,000 has not yet been repaid, Mr. Hastings said.
Plans for merging the Straus National Bank & Trust Co.
into the Continental Bank & Trust Co.and acquisition by the
new institution of the business of the International Trust Co.
were announced on July 31 following meetings of the directors
of the three banks. The combined institution will operate
under the name and charter of the Continental Bank & Trust
Co., which was founded in 1870. The combined resources of
the three banks, as of June 30, the date of the last statements
of condition, amounted to $71,588,807. Of this amount the
Continental accounts for $44,136,506, the Straus National
for $15,015,563 and the International for $12,436,738. The
deposits of the banks aggregate $43,493,805. Reports of the
proposed merger had been current in the financial district
for some time, although the bankers made no official announcement concerning it until July 31. Formal notices
are to be mailed to the stockholders of the three institutions
in a few days calling special meetings for the purpose of
approving the action taken by the respective boards of
directors. The New York Times in discussing the matter
in its issue of Aug. 1 had the following to say:
New 48-8tory Budding.
The Continental Bank & Trust Co., which is known as the "brokers
bank," since many of Its stockholders are members of the New York Stock
Exchange, will be housed in a new forty-eight-story bank and office building
at 30 Broad Street now under construction. The office of the Straus
National Bank & Trust Co., Fifth Avenue and Forty-Sixth Street, will
be
operated as a branch of the new combined institution. Of the Manhattan
offices of the International Trust Co., the branches at Thirtieth Street and
Third Avenue. and at Madison Avenue near Forty-Third Street, will be
discontinued.
The capital funds of the Continental have been unusually large for the
size of the bank. It was said yesterday that plans call for the reduction of
the present capital of $6.000,000 to 84.000,000, to consist of 400,000 shares
of $10 par value each There will be set up a surplus of$6000000 and undivided profits and reserve accounts of $1,000.000, making a total capital
structure of $11.000,000. That part of the present capital structure of the
three institutions, which is not carried over into the merged bank, will be
returned to the stockholders.
Ownership of New Property.
Each share of stock of the Continental Bank & Trust Co.
received•in
exchange by the Straus National and International Trust
stockholders.
will carry with it ownership of one share of the Continental Corporation
of
New York, which will be recapitalized and have a paid-in cash
capital of
$2,000,000 and a surplus of 82.500,000. This corporation will
own the
entire capital stock of the Thirty Broad Street Corporation, which
is constructing the new bank and office building at 30 Broad Street
and IS the
owner in fee. Thus the Continental Bank itself will have none of
its own
funds invested directly or indirectly in the property.
The board of directors of the combined institution will include the
present
directors of the Continental Bank and several of the members of
the boards
of the other banks. The senior officers of the bank will be
Frederick H.
Hornby, Chairman of the Board of Directors; C. Howard Marfleld,
President; Frederick E. Basler, Chairman of the Executive
Committee, and
Allen H. Brehm, Vice-President.
The Continental Bank & Trust Co. is a member of the New York
Clearing
House Association and of the Federal Reserve System. These
memberships
will be continued by the new institution.
897
meet the deposit liability ofthe Straus bank and a contribution of$1.000,000
to the capital structure of the merged bank and corporation.
Stockholders of the International Trust Co. will receive 20,000 shares of
new stock and, subject to liquidation, will receive cash for the assets that
are over and above the amount needed to meet the deposit liabillty of International and a contribution of $1,000,000 to the capital structure of the
merged bank and corporation.
The book value of the new stock will be $27.50 for the bank and $11.26
for the corporation, making a total of $38.75. It is planned that the
dividend now being paid by Continental. which is $1.20 a year, shall be
continued.
Andrew Mills, Chairman of the Board of the Dry Dock
Savings Institution of this city, died unexpectedly of heart
disease on Aug. 5 at his summer home at Oak Bluffs, Mass.
He was 82 years old. The deceased banker was born in
New York and was graduated from the New York University.
He had been with the Dry Dock Savings Institution for 53
years and its President for 38 years when he retired from
the presidency on Jan. 16 1929. Mr. Mills was one of the
organizers of the Savings Bank Association of the State of
New York in 1894, its Treasurer from that year until 1908
and its President from 1900 to 1901. He was a director of
the Corn Exchange Bank of this city.
The First National Bank of Ripley, N. Y., of which Joseph
A. McGinnies, Speaker of the State Assembly, was President,
was closed on July 30, according to Associated Press advices
from Ripley on July 31. The closing of the institution, Mr.
McGinnies was reported as saying, marked the end of a
year's attempt to save the institution from liquidation. The
bank was reorganized a year ago, and at that time, Mr. McGinnies said, he and six other men put $40,000 into it and
were subject to a further assessment of $25,000. The dispatch furthermore quoted Mr. McGinnies as follows:
"We felt," said Mr. McGinnies, "that we had put about all we could into
the bank. Had we had a normal year we believe the bank would have pulled
through, but conditions have been such during the past year that it was next
to impossible to save it.
"Frozen loans and slow payments have constituted our principal problems. Many persons have been unable to pay even the interest on their loans.
The directors felt that in order to protect the depositors as much as possible, it was best to close the bank now, rather than prolong the struggle
further.
"We were under no obligations in connection with the bank a year ago
and had no connection with it at that time. All of us have businesses
apart from the bank, but we realized that a bank is an important asset to
the community such as Ripley and we did our best to save it."
The bank, Mr. McGinnles said, was "in bad shape" a year ago and would
have been closed then if it had not been reorganized.
The New York "Evening Post" of July 31, in which the
dispatch appeared, also carried the following:
A notice on its doors, signed by the President, said that the affairs of the
bank had been placed in the hands of national bank examiners.
At New York, L. R. Roberts, Chief National Bank Examiner, said the bank
had been dosed by order of the directors after examination of its accounts
by Federal bank examiners. The bank's last statement showed it was
capitalized at $50,000, with $550,000 in deposits. Surplus was $15,000,
and undivided profits $5,000.
Further referring to the affairs of the State Bank of
Binghamton, N. Y., which on Dec. 15 last was taken over by
the State Banking Department, following the mysterious
disappearance of its President and Cashier, Andrew J.
Horvatt, Associated Press advices from Binghamton on
Aug. 1 stated that payment of a 10% dividend to the 5,000
creditors of the closed institution was ordered on that day
by Supreme Court Justice Andrew J. McNaught. The dispatch went on to say:
More than 8,000 depositors, many of whom lost life savings in the institution, are among the creditors.
Former Senator Harvey D. Hinman and his son, George L. Hinman, of
Hinman, Howard and Kattell, attorneys for the State Banking Department,
explained that it was not the only dividend that will be declared.
Additional dividends, according to Senator Hinman, will be declared from
time to time as assets are liquidated and warrant payments.
Our last reference to the affairs of this bank appeared
in our July 25 issue, page 584.
William L. Gillespie, formerly Executive Vice-President
of the National Commercial Bank & Trust Co. of Albany,
N. Y., was chosen President of the institution at a regular
The following further remarks appeared in the issue of the meeting of the directors on July 31 to succeed the late Jacob
New York "Times" for Aug. 3:
H. Herzog. Albany advices on July 21 to the New York
The merger of the Continental Bank & Trust Co. and Straus
National "Herald Tribune" contained the following with reference to
Bank & Trust Co., both of New York, and the acquisition by
the merged the banking career of the new President:
bank of the International Trust Co.,subject to ratificatiGn by
stockholders,
will become effective on Sept. 16, it was announced yesterday.
The basis
on which the merger and acquisition will be effected is as follows:
Stockholders of the Continental will receive 63-100 share
of new stock
for each share now held, plus $8 a share in cash and about $1.40 a
share at
a later date when the balance of the assets to be distributed
have been
liquidated.
Stockholders of Straus National Bank & Trust Co. will
receive 1 4
-bibs
shares of new stock for each share now held and, subject to
liquidation, will
receive cash for the assets that are over and above the amount
needed to
Mr. Gillespie began his banking career 31 years ago when he
a temporary employee of the Albany City National Bank during became
vacation
period. He had not intended to remain in the banking field,
but at the
end of the summer Charles H. Sabin, now of New York City,
then cashier
of the Albany bank, made his connection with the bank
permanent.
When the National Commercial and the Albany City
National Banks
consolidated in January, 1902, Mr. Gillespie remained with
the combined
Institution and worked his way upward through all
departments, successively as Auditor, Assistant Cashier, Vice-Pre,sident and
Assistant to the
898
[VOL. 133.
FINANCIAL CHRONICLE
former President, Robert C. Pruyn. When Mr. Herzog was chosen President to succeed Mr. Pruyn, Mr. Gillespie became Executive Vice-President.
Four small Hudson County, N. J., banks, two of them
National and two State institutions, were closed by the
United States Treasury Department and the New Jersey
State Department of Banking and Insurance on Thursday
of this week, Aug. 6. The four banks had approximately
$12,000,000 in deposits and about 30,000 depositors. The
institutions are: The National Bank of North Hudson at
Union City (the largest of the four); the Union City National Bank, Union City; the Jackson Trust Co. of Jersey
City, and the Bergenline Trust Co., Union City. In its
account of the closing of the banks, yesterday's New York
"Herald Tribune," after stating that the four institutions
were in the group of banking houses under control of the
Archibald M. Henry interests, went on to say:
They were regarded as the personal venture of Mr. Henry and were not
affiliated with the Northern New Jersey Clearing House Asscciation, which
includes the larger banks. Mr. Henry, who is of advanced age, has been
critically ill at his home at 68 Kensington Avenue, Jersey City, for the
last month. It was declared that he had put up much of his personal
fortune in a vain effort to save the four banks.
The collapse is said to have been due to depreciation of securities on
account of stock market conditions and so-called "frozen" loans.
The closing of the National Bank of North Hudson caused a minor run on
the Highland branch of the Merchants Trust Co., which is across the
street. More than 200 persons, chiefly women, quickly formed in line in
front of the tellers' cages, but policemen assured them that their accounts
were safe and that the bank was a member of the Federal Reserve System.
Frank Ferguson, President of the Highland Bank, anticipating some
uneasiness because of the North Hudson Bank's closing, announced that he
had received $10,000,000 in currency to meet the emergency.
Small lines of depositors also gathered later at the Union City branches of
the Hudson Trust Co. and the Trust Company of New Jersey.
Deputy Comptroller of the Currency Await, at Washington, announced
the appointment of R. L. Jones as receiver for the Union City National
Bank, and B. C. Schramm was named as receiver for the National Bank of
North Hudson.
The financial condition of the four 'closed banks, the two national banks
as of March 31, and the two state banks as of June 30, were made public
by the State Department of Banking and Insurance at Trenton as follows:
National Dank of North Hudson.—Capital, 8600.000; surplus and undivided
profits, 51,018,000; deposits, 88.822.000.
Union City National Rank.—Capital, $300,000: surplus and undivided profits.
8128.000; deposits. 8965.000.
Jackson Trust Co.—Capital, 8300.000: surplus and undivided profits, $132,968;
deposits. 51,313.652.
Bergenline Trust Co.—Capital. 8100.000; surplus, SUMO: undivided profits,
$24,111; deposits, $862.791.
The State Banking Department also revealed that as of June 30, the total
assets of the Jackson Trust Co. were $1,847,048, while the aggregate assets
of the Bergenline Trust Co. were $1,160,934.
In a statement of its condition published by the Bergenline Bank under
date of June 30, it set forth that it had loans and bills purchased, $479,988;
bonds and securities, $337,813 ; mortgages, $125,500; mortgages to guarantee participating certificates, $100,000.
A statement of the Union City National Bank of the same date showed
that bank had loans and discounts, $291,123; United States, municipal and
other bonds, $634,257; mortgage loans, $119,500„
L. K. Roberts, Chief National Bank bxani.oer at the Federal Reserve
Bank, Manhattan, announced that the two national banks were closed by
order of the boards of directors of the two institutions "for the protection
of creditors and depositors."
The State Department of Banking and Insurance of New Jersey thereupon
issued a statement saying that the two banks under State jurisdiction were
closed following the action of the Federal authorities in order "to conserve
,
the assets o the smaller institutions for the benefit of the depositors and
other creditors."
The departxnent officials added that the "shrinkage in the value of securities owned and losses on loans against stocks of the two national banks have
impaired the capital of the two trust companies."
Later in the day (Aug. 6) it was announced by the State authorities that
Examiner R. B. Allardice has been placed in charge of the Bergenline bank
and Verner D. Peer in charge of the Jackson Trust Co.'s affairs.
Statements of the Jackson Trust Co. under date of June 30, show
the hank's condition at the time to have been as follows: Loans and die,un ts, $724,967 ; United States, municipal and other bonds and securities,
c
$386,329.
A statement of the same date for the National Bank of North Hudson
appeared as follows: Demand and time loans, $2,156,000; mortgage loans,
*1.644.000; United States municipal and other bonds, $4,963.000.
Thomas A. Daily, Treasurer of Hudson County, disclosed that the county
had $50,000 on deposit in both the North Hudson and the Bergenline Banks.
two and one-half shares• of the Elmora State Bank dc Trust Co. holdings.
There will be no change in the status of the holdings of the present stockholders cf the Elizabeth Trust Co. The stock will be issued at $100 a share.
The surplus is set at $200,000.
From the "Jersey Observer" of Aug. 1, it is learned that
the Labor National Bank, located at Veterans Square,
Jersey City, N. J., on that day became, in effect, a branch
of the New Jersey Title Guarantee & Trust Co. of Jersey
City, which has its main office at 83-85 Montgomery Street.
W. P. Gardner, Senior Vice-President of the New Jersey
Title Guarantee & Trust Co. in a statement issued Aug. 1
said:
After several months' negotiations the New Jersey Title Guarantce 3c
Trust Co. and the Labor National Bank of Jersey City have entered into an
agreement, effective Aug. 1 1931, by which the banking business of the
Labor National Bank will be conducted by the New Jersey Title Guarantee
& Trust Co. in the present Labor National Bank's office. at Sip avenue and
Enos place. Jersey City, under a guarantee by the New Jersey Title Guar
antee & Trust Co. of all the deposit liabilities of the Labor National Bank of
Jersey City.
The above is given out by the consent of T. M.Brandle, the President of
the Labor National Bank.
The paper mentioned went on to say in part:
The Labor National Bank was founded five years ago by Theodore M.
Brandle, President of the institution. and State labor leader. According to
the statement of June 30 the bank had resources of $2,904.061.26, and
deposits of $2.209,570.04. The bank has been housed In the Labor Bank
Building for several years. The transfer of the bank does not affect the
control of the building which is owned by a separate corporation.
It is understood that John J. Husley. Assistant Treasurer of the Labor
National Bank will remain in charge of the Institution under the direction
of Willard M. Brown, Vice-President of the New Jersey Title Guarantee &
Trust Co. The other employees are also to be retained, it is said.
It is understood, however, that the officers of the Labor Bank are resigning.
The New Jersey Title Guarantee & Trust Co. has branches at 768 Bergen
Ave., Jersey City and 631 Bergenline Ave., West New York. It has resources as of June 30 of $39,888.644.01 and deposits of $23.714,406.82.
It also controls the Bank of Lafayette at Communipaw Ave. and Halladay
St. and the Ocean Avenue Bank, Ocean and Bayview Avenues, Jersey City.
Frederick L. Trowbridge, a Vice-President and a director
of the First National Bank of New Haven, Conn., died at
St. Raphael's Hospital, that city, after a long illness. Mr.
Trowbridge. who served the First National Bank in many
capacities, was born in New Haven in October 1857. Following the completion of his education in the public and
high schools of New Haven, he entered the employ of the
First National Bank at the age of 16 as a messenger and
advanced by successive stages to an Assistant Cashier.
When the First National Bank and the Yale National Bank
were consolidated in 1918, Mr. Trowbridge became Cashier
of the consolidated institution and three years later was
advanced to a Vice-President while continuing as Cashier.
In 1924 he was elected a director. On Jan. 1 1928 he resigned the Cashiership, but continued as Vice-President and
a director until his death. Among other interests, the deceased banker served as President of the New Haven Building & Loan Association since 1892, and was a member of
the Board of Directors. He was a member of the Union
League, Sons of thp American Revolution, New Haven
Colony Historical St.ciety, the Chamber of Commerce and
the Lions' Club.
—4—,
Charles N. Batchelder, who has been associated for the
last 10 years with the First National Bank of Boston as its
traveling representative among the banks of New England,
is to become Vice-President and Cashier of the Dartmouth
National Bank of Hanover, N. H. • as of Aug. 15. Mr.
Batchelder will also be a member of the Board of Directors.
Mr. Batchelder attended the Pittsfield, N. H. High School,
Phillips Andover Academy, University of Pennsylvania, and
the Wharton School of Finance and Commerce. Previous
to his connection with the First National Bank of Boston,
Mr. Batchelder was with Lee, Higginson & Co. of Boston
and the First National Bank of Concord, N. H. He is PresiThe respective directors of the Elizabeth Trust Co. and dent of the Pittsfield Aqueduct Co., and formerly was
the Elmora State Bank & Trust Co.. both of Elizabeth, N. J., President of the Pittsfield Gas Co. and director of the Sunhave signed AD agreement to consolidate the institutions, cook Valley Railroad.
effective Aug. 31, according to advices from Elizabeth on
Ashton L. Carr, Senior Vice-President of the State Street
Aug. 6 to the New York "Times". The approval of two-.
thirds of the stockholders of each bank and of State Ranking Trust Co. of Boston and widely known New England banker,
Commissioner, Frank H. Smith, must be obtained to ratify died In the Massachusetts General Hospital, Boston, on July
30 after a prolonged illness. Mr. Carr was born in Melrose,
the contract. The dispatch continued as follows:
known as the Elizabeth Trust Mass., where he made his home, 55 years ago. Following his
Under the merger the two banks will be
Co. and will be located at 113 Broad Street, formerly occupied by the graduation from Harvard University in 1898, he entered the
People's Banking & Trust Co., recently taken over by the Elizabeth Trust employ of the
State Street Trust Co. as a clerk. He was
Co. under a plan guaranteeing 80% of the deposits held by that closed
President of the Melrose Hospital Association, President
bank.
The capital stock of the new organization will be $620,000, an increase of the Melrose Red Cross, Vice-President and a member of
of 11120,000 over the former Elizabeth Trust capitalization, and the exfinance committee of the Melrose Savings Bank, direcchange of stocks will be on the basis of one share in the new bank for the
AUG. 8 1931.]
FINANCIAL CHRONICLE
tor of the Melrose Co-operative Bank, Chairman of the
finance and executive committee of the Boston Dispensary,
trustee of the Massachusetts Investment Trust and a director of Bigelow & Dowse of Boston.
Physical consolidation of the Miners Bank of Wilkes-Barre,
Pa., and the Wyoming Valley Trust Co. of that city, was
consummated on Aug. 1, according to advices from WilkesBarre on Aug. 2 to the Philadelphia "Ledger." With the
merger effective the enlarged Miners Bank has capital of
$2,500,000, surplus and undivided profits of $6,700,000;
deposits of $23,000,000 and total resources of $34,000,000.
W. B. Schaeffer, former President of the Wyoming Valley
Trust Co., has been made a Vice-President of the Miners
Bank, all of whose officers have been re-elected as follows:
F. M. Kirby, Chairman of the Board; C. W. Laycock,
President; J. N. Conyngham, Samuel McCracken, F. A.
Gamble, Vice-Presidents; William J. Ruff, Cashier; M. G.
Robbins, Roland Grover and Richard H. Mitchell, Assistant
Cashiers.
Reference was made to the approaching merger of these
banks in our issue of May 9 and July 25, pages 3457 and 585,
respectively.
899
are retained by the new bank, as is also the main office of
the Bank of Commerce at the corner of Eagle and Mulkey
Sts. The chief officers of the new bank are as follows:
Clarence H. Booth (former President of the Bank of Dearborn), Chairman of the Board of Directors; Frank J.
Maurice (President of the Highland Park State Bank and
of the Highland Park Trust Co.), President; Warren J.
Rachow, Executive Vice-President, and Emanuel C. Lindman, Vice-President and Cashier.
According to the Michigan "Investor" of Aug. 1, Mr.
Maurice, the President of the new bank, had announced
the appointment of the following additional officers: Howard 0. Wells and Oren 0. Otis, Vice-Presidents, and Percy
J. Wines, Walter H. Bell, William 0. Gierk and Joseph A.
George as Assistant Cashiers.
Further referring to the new American State Bank of
Milwaukee, the formal opening of which on July 20 was
noted in the "Chronicle" of Aug. 1, page 735, the "Commercial West" of Aug. 1 stated that the now institution is
capitalized at $200,000 with surplus of $40,000, and has
more than 300 stockholders. H. E. Brandecker is President
and William G. Bruce, Vice-President.
On Aug. 11 stockholders of the Erie Avenue Bank, 2717
The Citizens' National Bank of Fairmont, Minn., capiErie Ave. (Hyde Park), Cincinnati, Ohio, will vote on a
to sell the assets of the institution to the Second talized at $50,000, was placed in voluntary liquidation on
proposal
National Bank, located at Ninth and Main Streets, that June 9 last. The institution was absorved by the Fairmont
city, according to the Cincinnati "Enquirer" of July 31, National Bank of the same place.
which continuing said:
That the State Trust & Savings Bank and the First
Letters to stockholders of the Hyde Park institution were mailed yesterday
explaining the proposed deal, negotiations for which were arranged by John National Bank, Goodland, Ind., institutions, had merged
G. Gutting. Vice-President of the Second National, and Fred W.Schwenck. and that the consolidated bank, under the title of the GoodVice-President of the Erie Avenue Bank.
According to report, stock and good will of the Erie Avenue Bank would land State Bank, had opened for business on July 28, was
be acquired on a cash basis. Capitalization consists of 750 shares, par value reported in a dispatch from Goodiand on that date to the
$100. As of the last bank call. June 30, the Erie Avenue Bank had deposits
of $239,508. surplus and undivided profits of $5.000 and tots, resources of Indianapolis "News." Officers of the new institution are
$349.508. The Second National Bank, has three branches in addition to James Bell, President; Morton Kilgore, Vice-President, and
the main office.
C. B. Harris, Cashier. The bank occupies the former buildThe First National Bank of Gallitzin, Pa., an institution ing of the State Trust & Savings Bank, the dispatch said.
with capital of $25,000, was placed in voluntary liquidation
A consolidation of the First National Bank and the Holston
on July 29 1931. It was succeeded by the First National
National Bank, both of Elizabethtown, Tenn., was consumBank in Gallitzin.
mated on Aug. 3, according to advices from Johnson City,
A dispatch from Daytona Beach, Fla., on July 28 to the Tenn., on that date to the Cincinnati "Enquirer." The new
"Florida Times-Union," reported that Howard G. Skiles, organization, which continues the name of the First National
former President of the defunct American Bank & Trust Co. Bank, has resources of more than $1,500,000. All the
of Daytona Beach, who was convicted of misappropriation officials of the First National Bank, headed by E. C. Alexof funds and given a sentence of 18 months, had been par- ander, as President, continue as heretofore, with the addition
doned by the State Board of Pardons, according to an of two of the former officials of the Holston National Bank
announcement at Daytona Beach on that day by R. L. as Vice-Presidents, the dispatch said.
Selden, his attorney. The dispatch continuing said:
Two Taylor, Texas, banks, the First National Bank and
Skiles' application for partial had the endorsement of many citizens of the
the Taylor National Bank, both capitalized at $150.000,
including depositors of the bank.
city,
He had based his plea for pardon on grounds his offense was technical were consolidated July 27, under the title of the Firstrather than criminal.
Taylor National Bank. Advices from Taylor on July 30 to
Negotiations which have been in progress for several the Houston "Post," stated that the consolidation gives to
months culminated on July 29 in the absorption of the Taylor one of the largest and strongest banks in Central
Steubenville Bank & Trust Co. of Steubenville, Ohio, by Texas. Officers of the enlarged institution were named as
the National Exchange Bank & Trust Co. of that city, follows: G. M. Booth, former President of the Taylor
according to a Steubenville dispatch on July 29, printed in National Bank, Chairman of the Board of Directors; S. G.
the Cleveland "Plain Dealer." W. D. McClinton, President Gernert, former President of the First National Bank,
of the National Exchange Bank & Trust Co. for the past President; J. W. Armstrong and S. G. Yakey, Vice-Presi25 years, will continue to head the enlarged institution, dents; Alf. Wiedenbaum, Cashier and Ben Holub, A. F.
which will occupy the Steubenville Bank Building (which Priesmeyer and D. L. Thomson, Assistant Cashiers.
was included in the merger) after it has been remodeled.
Louis A. Benoist was elected Vice-President and appointed
The consolidation increases the assets of the National Exchange Bank & Trust Co..to $9,000,000. The advices further- General Sales Manager of the Bankamerica Company at the
more stated that A. G. Lee, former President of the Steu- last regular meeting of the Board of Directors. Mr.
Benoist's headquarters will be in the San Francisco offices
benville Bank, & Trust Co., plans to move to California.
of the company at 485 California Street.
Supplementing our item of last week, page 734, with refOther officers of the company are: Richard W. Miller,
erence to the consolidation of three Dearborn, Mich., banks, President; Edward Leimert, W. F. McGrath, and S. D.
the Bank of Dearborn, Bank of Commerce of Dearborn, and Lemon, Vice-Presidents.
the Union State Bank—the consolidated institution, the
Guardian Bank of Dearborn, was formally opened on Aug.
On July 1 1931, the Columbia National Bank of Portland,
3. The new bank, which is a unit of the Guardian Detroit Ore., was placed in voluntary liquidation. This institution,
Union Group, Inc., an organization with aggregate resources which was capitalized at $275,000, was absorbed by the
of more than $500,000,000, is capitalized at $400,000 with American National Bank of Portland. References to the
surplus of $300,000 and has aggregate resources of $6,000,000. merger of the institutions appeared in our issues of May 30
It is located in the former Bank of Dearborn Building, where and June 6, pages 3996 and 4179.
alterations and additions are now being made to accommodate the greater facilities offered by the consolidated
A comparison of the statement of the Midland Bank, Ltd.,
institution. Two branches of the former Union State Bank, of London, as of June 30 1931, as compared with the returns
at Vernor and Salina Sts., and Warren and Jonathan Sts., at the end of the corresponding six months of 1930, shows:
900
FINANCIAL CHRONICLE
LiabilitiesJune 30 1930. June 30 1931.
£14,091,201 £14,248,012
Capital paid up
14,248,012
Reserve fund
14,091,201
Current, deposit and other accounts (including balance of
379,169.669 375,119,114
profit and loss account)
2,827,922
3.935,906
Balances due to affiliated companies
Acceptances and confirmed credits on account of cus17.236,143 12,398,135
tomers
8,956,302
9,476,597
Engagements on account of customers
5436,892,733 £428,905,511
June 30 1930. June 30 1931.
AssetsCoin, bank notes and balances with the Bank of England_ £37,078,737 £39,125.829
Balances with, and checks In course of collection on other
15,855,706
18,267,101
banks in Great Britain and Ireland
22,589,395 19,340,199
Money at call and short notice
33.920,316 32,909,368
Investments
64,408,573 80,040,840
Bills discounted
214,616,545 200,155,919
Advances to customers and other accounts
-Loans on
Midland Bank Executor & Trustee Co., Ltd.
227,224
130,233
behalf of clients
-Govt. of Northern Ireland
Belfast Banking Co., Ltd.
1,800,000
1,800,000
guaranteed loans account
Liabilities of customers for acceptances, confirmed credits
26,712,740 21,354,437
and engagements
8,971,097
9,047,775
Bank premises
Other properties and work in progress for extension of
1,276.331
1,767,583
the business
Capital, reserve & undivided profits of: Belfast Banking
Co., Ltd.; the Clydesdale Bank, Ltd.; North of Scotland Bank, Ltd.; Midland Bank Executor & Trustee
7,121,665
7,280,631
Co.. Ltd
£436,892,733 £428,905,511
[vol.. 133.
slight increase over the preceding day. A modest recovery
got under way late in the afternoon, but the gains were not
sufficient to wipe out the early losses. In the early trading
American Telephone & Telegraph was sharply depressed
and lost about 43% points. Auburn Auto was off 3% points
at the end of the day and American Can was down 2% points.
Among the prominent stocks showing losses at the close were
Eastman Kodak, 23.4 points; Western Union Telegraph,
334 points; Johns-Manville, 234 points; Pullman, 2 points;
Allied Chemical & Dye, 2 points; American Telephone &
Telegraph, 4% points; American Ice pref., 3% points;
Union Pacific, 234 points; Mullings Manufacturing, 2 points;
Federal Light & Traction Co., 2 points, and General Gas &
Electric, 134 points. United States Steel common dipped
134 point; Westinghouse dropped a point, American Can
dipped 1% points and General Electric slipped back about a
point. In the final dealings the market was heavy in tone
and closed at the lowest levels of the day. The market was
again dull during the early trading on Thursday and the
transactions were down to the minimum. There was little
interest displayed in the trading and prices were allowed to
drift downward most of. the time. J. I. Case Co., which
had been moving downward during the past few days,staged
a recovery of a point or more, and for a brief period during
the afternoon United States Steel common was higher.
This was also true of General Electric, American Telephone
& Telegraph and General Motors. In one or two cases, the
gains were held throughout the session and some were lost as
the market drifted into lower ground. Numerous weak
spots appeared during the afternoon, the list including such
active speculative stocks as Auburn Auto, Johns-Manville,
Fox Film and du Pont. New York Central was down,
but rallied slightly before the close. The market continued
weak and irregular to the close.
The market was quiet and prices moved irregularly downward during the forenoon on Friday, but developed moderate
rallying tendencies toward the end of the session. The
changes were largely fractional, and entirely without significance. Railroad stocks were the weakest and did not participate in the recovery to any extent. The turnover was
again small, the total transactions being but 735,870 shares.
The principal movements of the day were among the pivotal
industrials and specialties, stocks like Westinghouse, Amer.
Can, J. I. Case Co. and Amer. Tel. & Tel. ranging upward
and downward throughout the session without very much
change either way. The principal changes on the side of
%
the advance were Allied Chemical & Dye up 13 points to
1083 ; Auburn Auto, M points to 1313%; Standard Gas &
%
Electric, 134 points to 61%; Pierce Arrow pref., 2% points
to 62; International Business Machine, 3 points to 139; and
Air Reduction, 1.3% points to 763%. The market turned dull
at the close though prices continued firm.
THE WEEK ON THE NEW YORKSTOCK EXCHANGE.
Except for the modest upward turn during the early
trading on Monday, the New York stock market this week
has drifted slowly downward to lower levels. There have
been occasional manifestations of strength in some special
issues, but there has been nothing in the way of a sustained
rally at any time during the week. Trading has generally
been light and most of the changes have been within narrow
channels. The weekly statement of the Federal Reserve
Bank issued after the close of business on Thursday showed
a further decline of $44,000,000 in broker's loans in this
district. Call money renewed at 134% on Monday and
continued unchanged at that rate on each and every day
of the week.
Specialties and public utilities made the best showing
during the abbreviated session on Saturday. The market
was a dull affair, however, and finished slightly below the
best prices of the day. In the early trading stocks were
irregularly higher, though most changes were confined to
fractions. The outstanding weak spot was J. I. Case
which continued under pressure during the greater part of
the day. United States Steel was slightly higher on the day,
American Can advanced about 2 points and Amer. Tel. &
Tel. was moderately strong and closed with a net gain of 13%
points on the day. Other stocks closing on the side of the
advance included American Locomotive, 234 points to 1834;
American Tobacco, 3% points to 117%; Auburn Auto, 3
points to 145; Eastman Kodak, 134 points to 13634, and
Coca Cola,2 points to 144.
The market staged a modest advance on Monday, though
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
the volume of trading on the whole was very small, approximating less than 900,000 shares. The price gains were
State,
Railroad,
Stocks,
United
Total
not especially impressive, but the advances held in most
States
Number of
dt hike. Municipal &
Week Ended
Bond
Porn Bonds.
Bonds.
Bonds.
Shares.
Aug. 7 1931.
Bales.
cases to the close of the market. Railroad stocks were in
398,220 52,663,000 81,356,000
384,500 54,103.500
moderate demand and gains of 1 to 2 or more points were 3aturday
Monday
878,530
3,849,000
1,973,000
194.000
6,016,000
724,220
4,426,000
2,046,000
549,000
recorded by Baltimore & Ohio, Rock Island, New York Tuesday
7,021,000
817,890
6,907,000
2,287,000
Wednesday -...
156,000
9,350,000
Central, New Haven and Union Pacific. United States Thursday
909,664
6,255,000
2,504,000
293,000
9,052,000
5,751.000
2.218,000
735,870
302.000
8,271,000
Steel common advanced a point or more during the early Friday
Tntaf
A AAA ass too QR1 non 112 Res nnn
21 574 nnn edl of, En^
transactions, but slipped back later in the day. Other
stocks closing on the side of the advance included Eastman
Week Ended Aug. 7.
Sales at
Jan. 1 to Aug. 7.
New York Stock
Kodak, 1 point; International Business Machine, 334
1931.
1930.
Exchange.
1931.
1930.
points; American Power & Light, 1% points; Endicott
4,464,394
8,870,170
-No. of shares..
370,003,504
542,935,010
points, and American Tobacco, 1% points. Stocks Bonds.
Johnson, 13's
Government bonds___
$98.126,400
$71,741.600
Toward the end of the day considerable speculative selling State & foreign bonds_ 31,578,500 $1,410,000 490,393.600 413,531,900
12,384,000 10,201,000
developed in J. I. Case Threshing Machine, Westinghouse, Railroad & misc. bonds 29,851,000 30,335,500 1,088,315,700 1,216,328,200
$43,813,500 341,946,500 $1,676.835,700 81,701601700
Total bonds
and one or two other prominent stocks, all of which moved
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
to lower levels, though the market was generally steady
BALTIMORE EXCHANGES.
in the final dealings.
On Tuesday, the market was again heavy as prices shuffled
Boston.
Philadelphia.
Baltimore.
Week Ended
downward. Sales were again below the million mark and the
Shares. Bond Sales. Shares. Bond Sales Shares. Bond Sales.
Aug. 7 1931.
.
stocks reacted with
tickers were frequently silent. Railroad
7.924
$2,000
08,985
Saturday
317,200
1.653
39,000
14,591
3,000 015,091
the general list and practically all of the gains of the pre- Monday
17,000
609
7,000
16,807
5,500 a15,073
26,000
840
1,400
stocks, though lower in prices, Tuesday
ceding day were lost. Copper
17,146
2,000 al0,772
Wednesday
20,500
894
5.300
15,312
al4,277
Thursday
2,000
21,300
1,740
1,000
were active most of the day and steel stocks were off about a Friday
a1,145
4,084
2,000
3,111
28,000
point. American Can was down to its low for the year, but
Total
75,864
$16,500
65.243 $102,000
6.847
61,700
such stocks
rallied later in the day. Other losses included
as Auburn Auto, 33/i points; Goodyear Tire & Rubber, 1.3% Prey, week revised 110,126 518,000 90,216 $136,487 7,674 $48,600
points; Ingersoll-Rand, 3 points; Mullins Manufacturing, a In addition,sales of rights were: Tuesday, 300; Wednesday, 100; Thursday, 100.
334 points and White Sewing Machine, pref., 234 points.
THE ENGLISH GOLD AND SILVER MARKETS.
As the day progressed, the market continued dull and irregWe reprint the following from the weekly circular of
ular. Prices continued to decline on Wednesday and the
market again gave ground under gentle selling pressure. Samuel Montagu & Co. of London, written under date of
Transactions were down to 724,220 shares, which was a July 22 1931:
AUG. 81931.]
FINANCIAL CHRONICLE
GOLD.
•
The Bank of England gold reserve against notes amounted to £163,991,026
on the 15th inst. (as compared with £164,619,306 on the previous Wednesday), and represents an increase of £16,365,404 since Dec. 31 1930.
There have been important movement of gold during the past week as.
owing to the prevailing situation the principal Continental exchanges have
ruled considerably below the gold points. As a result there has been an
unusually large outflow of gold from the Bank of England. mostly to
France, but Holland, Belgium and Switzerland have also participated to a
substantial extent.
The shipment which arrived from South Africa this week amounted to
£849,000 of which, however, £757,000 had been sold before arrival. The
balance of about £92,000, together with £57,000 from Australia, was available in the open market yesterday, and at the fixed price of 84s. 11id.
per fine ounce £90,000 was taken for France, £15,000 for the Home trade
and £30.000 for the Continental trade.
Movements of gold at the Bank of England have resulted in a net efflux
of £15,219,704. Receipts consisted of £363,000 in sovereigns from Australia, £300,000 in sovereigns from South Africa and £450,000 in sovereigns
"released," while withdrawals consisted of £2.000,000 sovereigns "set
aside," £14,120,704 in bar gold and £212,000 in sovereigns taken for export.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 13th inst. to mid-day on the 20th inst.:
Imports.
Exports.
Germany
£1,030,410 Germany
£65.549
Netherlands
8,403 Netherlands
2,832,669
1,032,426 Belgium
British South Africa
1,614,805
France
Straits Settlements and
3,452.342
Dependencies
72,823 Switzerland
45,600
25,759 Austria
New Zealand
48,560
Other Countries
10,911 Other Countries
11,232
£2,180,732
£8,070,757
SILVER.
The slight improvement seen at the end of last week was not maintained
and, although the market has shown a little more activity, prices have
again eased. The Indian Bazaars gave support by continuing to cover
bear commitments, but the demand was readily met by some selling of a
special character. China has been disposed to sell but America was only
interested at the higher level.
The tendency remains uncertain, but at the moment the market appears
rather dull.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 13th inst. to mid-day on the 20th inst.:
Imports.
Exports.
Germany
£15,103 Various countries
£11,639
U. S. A
30,012
Canada
11,270
Other countries
19,930
901
this level the market proved overstrained and the reaction to 12 15-164.
which followed was not unexpected.
There has been no improvement in offtake and the premium on silver
for cash delivery has disappeared, prices having been quoted level since
the 25th inst.
News was received on the 27th inst. of a reform in the Mexican monetary
law, a Presidential decree approved by both Houses of Congress removing
gold pesos from circulation and leaving only silver pesos. Whilst it is
possible that this may have influenced in some measure the sharp rise in
silver prices seen here on the same day, the ultimate effect is doubtful,
and further details are awaited, especially as to whether any important
coinage of silver will be involved.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 20th inst. to mid-day on the 27th inst..
ImportsExports
£33,100
Mexico
£135,975 China
British West Africa
35,400
6,128 British India
Australia
4,961
7,205 Other countries
Other countries
1,627
£150,935
473,461
INDIAN CURRENCY RETURNS.
(In lays of rupees)
July 22. July 15. July 7.
Notes in circulation
15223
15369
15378
Silver coin and bullion in India
13179
13108 • 13023
Silver coin and bullion out of India
Gold coin and bullion in India
1781
1546
1491
Gold coin and bullion out of India
Securities (Indian Government)
624
-LO3
653
Securities (British Government)
The stocks in Shanghai on the 25th inst. consisted of about 77,200
ounces in sycee. 165,000,000 dollars and 2,100 silver bars, as compared with
about 78,100,000 ounces in sycee, 165,000,000 dollars and 680 silver bars
on the 18th inst.
Quotations during the week.
-Bar Silver Per Oz..Std.- Bar Gold Per
2 Mos.
Fine Oz.
Cash.
July 23
12 15-16d.
12%d.
84s. 11%d.
24
13d.
12 15-16d. 84s. id.
25
12 11-16d.
12 1146d. 84s. 11 d.
• 27
13 3-164.
13 3-164.
84s. 11 d.
28
12 15-16d.
12 15-164. 84s. 110.
29
1215-164.
12 15-164. 84s. 113icl.
Average
12.927d.
12.9484.
84s. 11.54.
The silver quotations to-day for cash and two months' delivery are
respectively 1-164. below and the same as those fixed a week ago.
Course of Bank Clearings.
£76,315
Bank clearings this week will again show a decrease as
£11,639
INDIAN CURRENCY RETURNS.
compared with a year ago. Preliminary figures compiled by
(In lays of rupees.)
July 15.
July 7. June 30. us, based upon telegraphic advices from the chief cities of
Notes in circulation
15223
15369
15254
Silver coin and bullion in India
13108
13023
13003 the country indicate that for the week ended to-day (SatSilver coin and bullion out of India
Gold coin and bullion in India
1491
1751
1714 urday, Aug. 8), bank exchanges for all the cities of the
Gold coin and bullion out of India
Securities (Indian Government)
624
68
-Lir United States from which it is possible to obtain weekly
Securities (British Government)
----- returns will be 19.9% below those for the corresponding
The stocks in Shanghai on the 18th inst. consisted of about 78,100,000
ounces in sycee. 165,000,000 dollars and 680 silver bars, as compared with week last year. Our preliminary total stands at $7,137,about 82,500,000 ounces in sycee, 160,000,000 dollars and 1,560 silver bars 279,579, against
,915,110,528 for the same week in 1930.
on the 11th inst. Quotations during the week:
At this center there is a loss for the five days ended Friday of
-Bar Silver per Oz. Std.
Bar Gold
Cash.
2 Mos.
per Oz. Fine, 18.1%. Our comparative summary for the week follows:
July 16
133id.
133-164.
84s. 11)id.
13d.
July 17
12 15-16d.
84s. 11%d.
Clearings-Returns by Telegraph.
Per
July 18
13M.
l31-16d.
84s. 11Jid.
Week Ended Aug.8.
1931.
1930.
Cent.
July 20
1334d.
l31-16d.
84s. 11)“.
13d.
July 21
1215-16d.
84s. 11;id. New York
$3,814,107,869 84,658,000,000 -18.1
13d.
July 22
1215-164.
84s. 11;id. Chicago
288,843,521
418,358,908 -31.0
13.083d.
Average
13.021d.
845. 11.5d. Philadelphia
409,000,000 -16.1
343,000,000
The silver quotations to-day for cash and two months delivery are each Boston
'
303,000,000
334,000,000 -9.3
Kansas City
104,075,773
-8.7
*95.000,000
yid. below those fixed a week ago.
St. Louis
68,900,000
83,900,000 -17.9
Ban Francisco
130,324,000 -14.7
111,205,000
No longer will report clearings
We have also received this week the circular written under Los Angeles
106,110,482
Pittsburgh
127,268,929 -16.6
date of July 29 1931:
Detroit
96,807,990
117,668,777 -17.7
78,916,619
GOLD!
Cleveland
91,373,325 -13.6
+8.1.
80,932,826
74,874,309
The Bank of England gold reserve against notes amounted to £148,773,846 Baltimore
New Orleans
33,979,636
37,704,419 -10.0
on the 22nd inst. (as compared with £163,991,026 on the previous Wednes-•
day). and represents an increase of £1,148,224 since Dec. 311930.
Twelve cities, 5 days
$5,414,598,943 38,588,548,440 -17.8
533,134,040
795,189,770 -33.0
On the 23rd inst. the Bank of England raised its rate of discount from Other cities, 5 days
consequent upon the heavy shipments of gold.
23i to 3;4%
$5,947,732,983 $7,381,738,210 -19.4
Total all
The shipment a bar gold which arrived from South Africa this week All cities, 1 cities. 5 days
1,533,372,318 -22.5
1,189,546,596
day
amounted to about £534,000, nearly all of which had been engaged for
m,...., ,.,, ..................,.....
tv 1'17 970 A70 SR 01 A 11(1 595 -la ci
France prior to arrival; there was, therefore, only a very small amount
•Estimated.
available in the open market yesterday.
The heavy withdrawals from the Bank of England for France, Holland
Complete and exact details for the week covered by the
and, to a lesser extent Belgium and other Continental destinations, continued and the net efflux for the week under review amounted to 416.- foregoing will appear in our issue of next week. We cannot
841,704. Towards the end of the week, however, the demand for France furnish them to-day, inasmuch as the week ends to-day
ceased following a recovery in the exchange, but that for other quarters
(Saturday) and the Saturday figures will not be available
still continues.
The receipts at the Bank included £1,000,000 in sovereigns from Australia until noon to-day. Accordingly, in the above the last day
and £600,000 in sovereigns "released" whilst withdrawals consisted of of the week had to be in all cases estimated.
£500,000 in sovereigns "set aside," £731,000 in sovereigns taken f export
or
In the elaborate detailed statement, however, which we
and £17,260,707 in bar gold.
The following were the United Kingdom imports and exports of gold present further below, we are able to give final and complete
registered from mid-day on the 20th inst. to mid-day on the 27th inst..
results for the week previous-the week ended Aug. 1.
ImportsExports
there is a decrease of 36.6%, the aggregate of
Australia
£2,000,673 France
£10,990,485 For that week
British South Africa
1,148,001 Netherlands
5,672,712 clearings for the whole country being $6,506,495,503, against
Africa
44,647 Switzerland
British West
206.910
Brazil
57,536 Belgium
344,400 $10,252,982,682 in the same week of 1930. Outside of this
100,073 Germany
British India
22,873
9,881 Austria
New Zealand
88,250 city there is a decrease of 33.2%, the bank clearings at this
1,188 U. S. A
Other countries
309,500 center recording a loss of 37.3%. We group the cities now
Other countries
1,337
according to the Federal Reserve Districts in which they
£3,361,999
E17,636,467
The Southern Rhodesian gold output for the month of June last amounted are located, and from this it appears that in the New York
to 44,118 ounces, as compared with 43,731 ounces for May 1931 and 45,208 Reserve District, including this city, there is a contraction
ounces for June 1930.
of 37.1%, in the Boston Reserve District of 26.2% and in
SILVER.
Prices have ,shown considerable fluctuations and although buying by the Philadelphia Reserve District of 21.0%. In the CleveIndian Bazaar and China bears absorbed offerings for the first two days land Reserve District the totals are smaller by 29.1%, in
of the week, it was selling from the same quarters that forced prices down the
Richmond Reserve District by 19.7% and in the Atlanta
to 12 11-164. for both deliveries on the 25th inst. There was a sharp recovery of Md. on the 27th inst. (the next working day) to 13 3_164.. Reserve District by 22.1%. The Chicago Reserve District
Indian and China buying orders coming on a poorly supplied market. At suffers a loss of 45.8%, the St. Louis Reserve District of
--
902
FINANCIAL CHRONICLE
33.5% and the Minneapolis Reserve District of 23.7%.
In the Kansas City Reserve District the decrease is 28.3%,
in the Dallas Reserve District 26.5% and in the San Francisco Reserve District 23.2%.
1931.
1930.
1929.,
1928.
No. Shares. No. Shares. No. Shares. No. Shares.
Month of January
February
March_
SUMMARY OF BANK CLEARINGS.
Week Ended Aug. 11931.
1931
.
1930.
166.0?
Dec.
[Vol,. 133.
42.503.382
64,181.838
85.858,034
First quarter
Federal Reserve Diets.
$
$
$
11
%
598,596.782
lit Boston ____12 cities
523,082,945
560,854,142 -26.2
413,875,542
2nd New
.12 " 4,337,298,726 8,891,679,217 -37.1 9,944,092,296 7,205,837,797
392,436,442
534,973,879
591,053,773
3rd Philadelpie10 "
496,841,74 -21.0
4th Cleveland__ 8 "
277,686,427
489.460,715
391,347,896 -29.1
409,731,952
130,797,437
195,542.407
162,819,598 -19.7
6th Richmond. 6 "
185,289,238
96,908,013
161,229,315
167,634,036
124,364,646 -22.1
8th Atianta____11 "
476,994,541
880.589,14 -45.8 1,103,373,187 1,057,138,227
7th
--20 "
190,042,513
Chicago_
106,645,117
160,355,34 -33.5
8th St. Lotes___ 7 "
206,715,693
102,489,44 -2.17
78,010,608
9th Minneapolis 7 "
140,332,556
126,44,887
129,991,828
181,258,96 -28.3
10th RamtasCItY 10 "
233,124,990
255,218,179
11th Dallas
38,089,045
5 "
74,012.464
51,804,23 -26.5
72,795,377
12th Ban FrIi12....14 "
227,761,777
296,519,57 -23.2
343,677,125
344,710,392
54,346,838 111,041,000
46,659,525 78,340,030
58,643.847 78,593.250
22 fifties
260.664.684
312.386.594 -16.6
434.877.41
82,600,470
91,283,550
89,548,040
80,478.835
82,398,724
83,886.110
Second quarter
159,650,208 265,974,280 243,430,060 226,763,669
Six months
331.993,460 492,668,710 537,866,310 415.866,003
Month of July
33,545,650
47,746,090
39,197,238
93.378,690
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
July and for the seven months of 1931 and 1930 are given
below:
Total
122 cities 6,506,495,503 10,252,982,682 -36.6 14,094,068,300 11,059,891,425
Outside N. Y. City
2,288,718,798 3,426,208,233 -33.2 4,366,596,119 4,025,374,901
Canada
58.919.395
47.009.070
84,973.869
172,343,252 228,694,430 294,436,240 188,902,334
Month of April
May
June
1928.
1929.
62,308.290 110,805,940
67.834,100 77,988,730
96.552.040 105.681.570
Month of July.
Description.
471.568.624
1931.
Seven Months.
1930.
1931.
1930.
We also furnish to-day a summary by Federal Reserve Stocks,number of shares_ 33,545,650 47,748,090 365,539,110 540.414,800
Bonds.
.04
Districts of the clearings for the month of July. For that Railroad & misc. bonds_ _ 5132,257,000 8125,452,200 51,058,464,700 $1,181,322,700
State, foreign, Ste.. bonds 78,284,500 54,858.900
400,955,400
478,009,600
month there is a decrease for the entire body of clearing U. S. Govt. bonds
8,333,700
9.998,700
69,941,600
96.547,900
houses of 25.8%, the 1931 aggregate of clearings being
Total
8218,875,200 $190,309,800 31,633,022,200 81,652,219.700
$34,832,421,774 and the 1930 aggregate $46,912,998,244.
The following compilation covers the clearings by months
In the New York Reserve District, the totals show a loss of
26.0%, in the Boston Reserve District of 18.7% and in the since Jan. 1 in 1931 and 1930:
MONTHLY CLEARINGS.
Philadelphia Reserve District of 18.8%. The Cleveland
Reserve District shows a decrease of 26.1%, the Richmond
Clearings. Total All.
Clearings Outside New York.
Reserve District of 19.1% and the Atlanta Reserve District Month.
1931.
1930.
1931.
%
1930.
%
of 17.1%. In the Chicago Reserve District the totals have
3
3
$
$
dropped 37.1%, in the St. Louis Reserve District 28.2% Jan-. 39,739,887,597 50,565,859,010 -21.3 14,439,407,420 18,534,554,460-21.9
Feb___ 32,992,299.288 41,605,160,884 -20.6 11,769,025,696 15,617,511,977 -24.4
and in the Minneapolis Reserve District 17.6%. In the Mar.... 39,355,863,143 51,135,345,543 -23.0 13,187,478,161 17,370,287,416 -23.9
Kansas City Reserve District the totals show a diminution of 1st mi. 112088030028 143306 365437-21.8 39,395,911,277 51,522,353.853 -23.3
26.8%, in the Dallas Reserve District of 17.3% and in the April__ 39,909,862,096 50,768,214,328 -21.3 13,629,053,932
17,230,075,796 -22.8
May__ 37.937.970,265 48,592,776,260 -21.9 12.994,361,382 17.163,858,340 -24.1
San Francisco Reserve District of 21 2%.
June_ 39,291,209,724 49,663,577,189 -20.8 13.230,998,602 16,514,858,851 -19.7
July
1931.
Federal Reserve Diets.
1st Boston ____14 cities
2nd New York__13 "
3rd Philadelpqa 14 "
4th Cleveland_15 "
5th Richmond _10 '
6th Atlanta____16 "
7th Chicago -__28 "
8th St. Louis... 9 "
9th MinneapoUs13 "
10th KansasCity 14 "
10 "
11th Dallas
12th San Fran...23 !'
July
1930.
Inc.or
Dec.
July
1929.
July
1928.
$
1,939,484,428
22,545,690.801
1,916.962,604
1,417,551,974
634,303,422
518.086,916
2,579,167.374
559,678,493
420,314,706
781,804,460
344,001,213
1,175,375,3E3
S
2,385,206,521
30,471,567.665
2,361,867,048
1,917.796.727
784,057,717
625.101,417
4,102.258.408
779,649,041
510,107,254
1,067,106,577
417,901,292
1,490,378,577
%
-18.7
-26.0
-18.8
-26.1
-19.1
-17.1
-37.1
-28.2
-17.6
-26.8
-17.3
-21.2
$
2,689,456,002
41,128,281,975
2,820,651,925
2,215,467,379
838,336649
801,562,704
4,788,037,066
885,550,103
649,907,578
1,342,343,854
552,805,879
1,711,625.824
$
2,224,343,479
28,453,707,483
2.428,287,273
1,899.906.512
769.613,847
754,552,673
4,528.942,581
865,765,860
569,033,458
1,333,953,992
481,480,874
1,598.369,784
2d qu_ 117 139042085 149022567 777-21.4 39,754,413,916 50,918,790,987 -21.7
3 mos_ 229 227072 113 292 328 933214 -21.5 79,150,325,193 102 431 144 840 -22.6
fuly __ 34,832,421.774 48,577.590.579 -25.8 12,906,789.128 17.476.435.222 -24.7
The course of bank clearings at leading cities of the country
for the month of July and since Jan. 1 in each of the last
four years is shown in the subjoined statements:
BANK CLEARINGS AT LEADING CITIES.
J1.0----- --Jan. 1 10 Aug. 1-.-1930. 1929. 1928. 1931. 1930.
1929. 1928.
s
S
s
$
$
$
$
20,768 40,208 27,755 172,002 219,666 268,700 224,680
2,792 3,100 2.973 12,689 17.918 21,126 22,054
2,151 2,374 1,969 11,653 14,204 15,028 15,309
2,208 2,628 2,244 12,178 16,365 18,074 17,016
510
599
607 2,849
3,742
4,251
4.352
859
904
772
4,217
5,487
5,864
5,420
814
889
850 4.367
5,891
6,184 6,718
285
357
319
1,749
1,972 2,321
2.323
431
468
419
2.347
2,883 3,037 3,148
583
755
681
2,700
3,782
4,228
4,032
589
721
604
3,175
4,047 4,597 3,901
177
216
224
1,246
1,396
1,549
1.700
334
418
356
1,900
2,313
2,485
2,340
161
161
145
689
161
1,169
1,142
727
970
865 4,001
5,355 6.813
5,689
135 _170
187
732
923
1,055
1,282
54
'
76
62
342
419
503
475
184
214
190
1,066
1,301
1,372
1,323
215
325
231
1,206
1,570
1,895
1.594
101
120
129
614
708
851
903
122
103
103
530
670
751
701
134
163
145
751
975
1,123
1,015
189
181
175
1,027
1,325
1,269
1,286
69
80
72
377
571
834
596
169
233
205
968
1,205
1,547
1.466
63
65
353
92
481
602
568
91
75
77
429
534
565
529
i
$
Federal Reserve Dists.
$
%
$
lit Boston ____14 cities 13,062,546,476 15,940,356,531 -17.9 17,073,083,665 17,286.229,937
2nd New York_ _13 " 176,231,774.445 224,778,091,478 -21.6 274,349.073,047 22%481,753,383
3rd Philadelpla 14 •• 13,111,405,800 17,446,740,154 -24.8 19,346,221,568 18.309,807.784
4th Cleveland__15 " 11,081,736,731 12,748,788.836 -13.0 14,274,157,977 13,070,449,206
4,450,086,866 5.384,738,238 -17.3 5,614,054,247 5,705,787,097
15th Richmond _10 "
3,915,315,152 4,988.813,053 -21.5 5,758,619,872 5,745,152,302
6th Atlanta-__16 "
7th Chicago ---28 " 19,942,390,562 27,387,129,085 -27.1 32.606.991,939 32,448,253,952
4,139,949,496 5,751,665,437 -28.0 6,364,877,770 6,375,601,830
8th St. Louis__ 9 "
2,956,041,934
3,537,815,151 -16.4 3,963,854.674 3,832,027,443
9th MinneapolisI3 "
5,349,969,980 7,184,635,755 -25.5 8,064,893,033 8,545,995,857
10th EaneasCity 14 "
2,606,063,757 3,164,564,751 -18.4 3,850.259,763 3,497,386,108
10 "
11th Dallas
8,212,212,688 10,608,463,988 -22.5 11,614,486,382 11,540,976,151
12th San Fran 23 "
(000.000.
1931.
omitted)
$
New York
21,926
Chicago
1,577
Boston
1,731
Philadelphia
1,779
St. Louis
379
Pittsburgh
568
San Francisco
821
Cincinnati
258
Baltimore
343
Kansas CRY
401
Cleveland
484
New Orleans
164
Minneapolis
274
Louisville
95
Detroit
516
Milwaukee
105
Providence
50
Omaha
148
Buffalo
173
St. Paul
85
Indianapolis
81
Denver
114
Richmond
145
Memphis
50
Seattle
140
Hartford
51
Salt Lake CRY::61
179 cities 264,059,493,887 338,921,802,457 -22.1 403,319.758,378 55,839,421,050
Total
92,057,114,321 119,255,789,714 -22.8 134,619,607,405 131,278,933,116
Outside N.Y. City
Total
Other cities
179 cities 34.832,421,774 46,912,998,244 -25.8 60,486,800,586 45,907,957,816
Total
12,906,789,128 17,144,773,875 -24.7 20,279,051,627 18,152,500,318
Outside N. Y. City
r,.......4..
.12 r1411..4
1 12.5 47Q IRA
1 681 MO FAC1 -214
9 107 001 110
1 079 IAA GAF
We append another table showing the c earings by Federal
Reserve districts for the seven months back to 1928:
7 Months
1931.
Canada
7 Months
1930.
166.07 7 Months
Dec.
1929.
7 Months
1928.
31,971 43,884 58,835 42,400 246,157 315,863 377,583 327,380
2,881 3,029 3,852 3,608 17.902 23,059 25,737 28,459
34.832 48,913 80,487 45.908 264,059 338,922 403,320 355,839
32 cities 10,104,572,547 11.810,175,623 -14.7 14,254,826,673 13,737,786,113 Total all
Outside N.Y. City 12,907 17,145 20,279 18,153 92.057 119,256 134,620 131,279
The volume of transact-ons in share properties on the
We now add our detailed statement showing the figures
New York Stock Exchange each month since Jan. 1 for the for each city separately for July and since Jan. 1 for two
years and for the week ended Aug. 1 for four years:
years 1928 to 1931 is indicated in the following:
CLEARINGS FOR JULY, SINCE JANUARY 1, AND FOR WEEK ENDING AUGUST 1.
7 Months Ended July 31.
Month of July.
Clearings ca
1031.
1930.
$
$
First Federal Rese rve District- Boston
3.032,244
3,019,004
Maine-Bangor
16,305,371
14,465,400
Portland
1,731,000.000 2,150,923,844
Mass.
-Boston
4,403.700
4.010,345
, Fall River
2,678,031
1 Holyoke
2,335,732
2.474,983
2,159,489
11 Lowell
,
4,032,414
5 New Bedford
3,593.934
20,109.385
Springfield
19,125,997
15,145,731
' Worcester
13.273,793
64,863.304
51.336.410
C01112.- Hartford_
36,142.349
New Haven
33.504,021
9,213,600
l' Waterbury
8,360.100
53,778.000
R. I.
-Providence50,387,400
2,118,905
2,899,563
N. H.
-Manchester
Inc. or
Dec.
1931.
%
$
Week Ended Aug. 1.
1020.
Inc. or
Dec.
1931.
1930.
Inc. or
Dec.
1929.
$
%
$
$
%
$
1928.
$
19,800.360 -5.3
18,769,527
+0.4_
:
94.116,829
114,833,220 -18.0
-11.3
-19.5 11,653,156,182 14,203,501,844 -18.0
35,482.480 -16.3
29,888,471
-8.9
17.508,094 -9.1
15,904,310
-12.5
26.528.828 -45.3
14,507,152
-12.8
31,006.351 -12.5
27,119,255
-10.9
146,634,246 -6.3
137,433,564
-4.9
107,307,512 -17.3
88.799,861
-12.4
480,628,119 -26.5
353.197.198
-21.0
248,193.654 -14.1
213,064.125
-7.3
68,502.000 -16.8
57,007.000
-9.3
419,122.900 -18.4
341.992.100
-6.3
21.306,953 -16.5
17.790,902
+38.9
519,631
2,807,779
377,000,000
731.109
608,973
2,314,800
515,000,000
945.409
-14.4
-15.3
-28.8
-22.7
845,034
6,397,804
531,000.000
1,113,885
693,541
3,604,812
466,000,000
1,665,281
431,128
683,728
3.781.068
2,419.957
10,714.081
5.622.446
505.569
959.025
4,610,122
3.060,091
13,581,294
8,503,468
-14.7
-30.8
-18.0
-20.9
-21.1
-15.1
1,181,419
1,042.050
5,451,220
3,768,858
21,346.131
8.780.155
1,037,947
978,548
5 250 576
3:585:548
16,829.044
7,948,928
8,768,300
526,419
11,018,000 - .
2
0.5
749.391 -29.7
16,973,700
897,528
14,802,890
825,920
Total(14 cities)._ 1.939,484.428 2.385.208.521 -18. 13.062 548.476 15.940,356.531 -17.9
.
7
413,875.542
560,854.142 -28.2
598,595,782
523,082,946
AUG. 8 1931.]
FINANCIAL CHRONICLE
903
CLEARINGS-(Continued.)
Month of July.
7 Months Ended July 31.
Clearings at1931.
1930.
5
$
Second Federal Re serve District -New YorkN. Y.
-Albany
30,273,401
31.051,584
Binghamton
5,409,990
6,440,739
Buffalo
173.077.293
215,377.814
4,579,481
Elmira
4,543,229
Jamestown
3,616,311
5,227,335
New York
21,925,632,646 29,768,224,369
Rochester
44,552,410
53,544.145
Syracuse
26,334,672
25,733,261
Conn.
-Stamford _
16,789,961
19,984,867
-Montclair_
3,155,404
N. J.
3,438,505
131,403,314
Newark
152,870,618
Northern N. J
174,041,089
177,425,773
Oranges
6,824,829
7,704.921
Total(13 cities)
1931.
%
$
Total(15 cities)
1930.
Inc. or
Dec.
1929.
1928.
5
or
.6
$
$
%
$
5
6,021,976
8,417,569
-5.7
1,086,299
-16.1
1,646,388
35,512,162
-23.2
48,132,090
781,011
924,488
+3.9
1,083,821
-24.3
597,309
-21.7 4,217,776,705 6,726,774,449
7,538,873
10,213,166
-18.8
4,133,530
-12.3
6,363,955
2,754,738
-20.6
3,493,084
484,320
-7.9
622.767
26,533,050
40,126,697
-11.8
34.078,753
-17.5
43,880,743
-9.0
-57.5
24.196,587
41,562,880
-2.5
104,451,943
142,765,348
-21.2
27,653,752
31,360,459
-14.3
107,137,698
132,959,217
+12.4
69,978,109
61,812,706
-18.1
16,940,630
21,123,611
-13.6
19,830,689
22,789,433
-19.4 12,178,000,000 16,365,000,000
-12.3
92,770,759
111,176,083
-7.5
131.198,881
146,055,829
-15.0
94,158,026
104,096,143
-10.1
54,321,248
61,800,784
-30.4
54,968,878
68,545,661
+6.1
135,743,600
135,687,000
98,174,000
90,818,673
1,749,377,007
3,175,052,260
391,892,100
23,554,762
8.919,396
45,635,569
114,735,441
10,453,600
4,378,235
26,638,470
4,216,565,775
37,430,829
88,055,609
146,725,000
130,008,021
1.972,240,491
4,046,546,337
480,793,300
29,989,238
11,261,996
57,574,490
162,308,254
13,951,753
5,577,374
34,234,835
5,487,081,345
53.739,230
116,257,167
-31.4
-30.1
-21.3
-21.5
-18.5
21.4
20.9
-20.6
-29.6
-25.0
21.5
22.2
-23.2
30.3
-24.3
1,417,551,974 1,917,796,727 -26.1 11,081,736,731 12,748,788,836 -13,0
6.755.374
-28.5
6.568,746
1,879,628
-34.0
1,992.706
-26.2
69,304,629
59,923,580
1,129,762
-15.5
1,473,130
-44.9
1,257.887
1,290,417
-37.3 9,727,472,181 7.034,516,524
-26.2
17,514,863
13.893,638
7,391,222
13,883,485
-35.0
4.704,403
4,027.000
-21.2
1,113,605
-22.2
853,911
33,654,654
29,291,695
-33.9
44,428,602
65,608,453
-22.3
634,303,422
518,086,916
1,527,784
4,503,536
1,396,243
1,804,080 +40.3
2,068,610
1,642,848
558,000,000
4,304,991
6,681,366
4,248,794
2,460,491
502,000,000
3,966,518
6,679,537
4,490,395
2,361,553
470,000,000
3,336,586
5,551,381
3,397,920
1,929,858
-21.1
21.2
-30.0
-22.3
-21.9
4.713,709
6,405,467
591,053,773
534,973.879
3,902,000
3,061,130
52,338,050
122,191,223
14,886,100
-39.9
-42.8
-5.5
-23.6
-22.8
7,280,000
4.230.936
70,958,196
157,766,527
17,609,400
6,963,000
3,851,216
71.162,862
124,794,000
17.875,400
1,361,521
3,271,936
1,724,193 -21.1
5.188,822 -37.0
2,250,407
6,840.492
1,742,137
5,809,753
114,696,191
188,056,378 -39.0
222,524,757
177,533,584
277,686,427
391,347,896 -29.1
489,460,715
409,731,952
470,821
3.578.931
29,067,768
955,960 -50.7
3,994,423 -10.4
38,238,000 -24.0
1,148,861
5,066,134
41,616,000
1,220,013
4.369,516
39,345,000
2,345,000
1,752,241
49,444,785
93,321,253
11,493,500
33,943,916
126.534,012
1,325,420.836
67,768,239
63,935,723
64,692,444
2,883.481,739
14,409,021
18,926,462
785.670.846
784,057,717 -19.1
4,450,086,866
5,384.738,238 -17.3
+22.3
-44.4
-12.8
-6.0
-16.5
-54.3
-8.2
-1.9
-25,0
-27.2
-7.9
-11.6
-30.1
-45.2
-36.7
-7.6
67,186,231
396,442,458
1,108,773,577
40,910,482
21,713,979
24,506,080
382,789.918
47,489,973
418,476,094
42,460,996
21,931,743
36,059,000
44.365,123
11,644,708
4,391,018
1.246,173,772
87,694,318
662,007,623
1,343.610,107
50,627,518
30,090,626
44,395,563
444,363,088
57,095,776
650,726,396
56.923,987
33,322.059
44,545.000
60,220,43
21,325,78
6.053,13
1,398.411,63
-23.4
-40.1
-17.5
-19.2
-7.9
-44.8
-13.9
-17.2
-35.7
-25.4
-34.2
-19.1
-26.3
-45.4
-27.4
-10.8
3,255,090
9,197.817
29.300.000
1,059,157
825,101,417 -17.1
3.915,315,152
4,988,813,053 -21.5
Seventh Federal R eserve Distric t-Chicago
-827,052 -11.9
Mich.-Adrian
728,363
5,179,150
6,702.156
3,333,765 -1.0
3.301,901
Ann Arbor
25.561,850
28,025,067
727,091,216 -29.1 4,001,313,119 5,355,318,461
515,571.382
Detroit
11,707.194 -23.1
. Flint
9,005,469
68,357,435
90,941,567
22,512,365 -15.9
18,932,687
Grand Rapids
140,235,434
167.762,328
3,485,941
4,467,859 -22.0
Jackson
25,394,992
40,210,828
14,501,259 -11.2
12,889,662
Lansing
86.449,512
105,965,855
13.718.525 -45.6
7,470,456
-Ft. Wayne_
Ind.
.
73,524,094
101,601,357
23,554,234 -38.3
14,532,278
Gary
113,004,285
160,174,840
103,363,000 -12.0
80,930,000
Indianapolis
530,146,000
669,847,000
13,992,263 -65.2
4,873,299
South Bend
59,875,195
83,339,544
22,751,24
-1.9
22,323,324
Haute
Terre
13
8,158,066
157,716,629
9,796,982
11,687,813 -16.2
Wls.-Madison
73.291,884
83,516,836
135,365,890 -22.8
104,540,976
Milwaukee
732,232,753
922,979,493
3,664,479 -29.9
2,570,937
Oshkosh
19.769,795
24,608,005
11,812,539
12,936,91
-8.7
Iowa-Cedar Rapids_
80,648,586
92,813,048
84,266,134
57.856,36 -54.4
Davenport
375,572.724
394,327,987
28,841,856
33,038,40 -12.7
Des Moines
206.755,716
280.402,449
1,849,97 -12.0
1,629.038
Iowa CitY
11,770,008
14,210,515
18,452,026
24,492,544 -24.7
Sioux City
122.047,464
186.776,719
3,051,102
5,261,877 -40.1
Waterloo
24,577,210
43,838,462
3,519.429
4,241,189 -16.5
Illinois-Aurora
26.813,703
33,058,270
6,052,698
8,068,303 -25.0
Bloomington
46,729,769
57,030,607
1,576,503,854 2,791,528,308 -43,6 12,688,930.217
Chicago
17,917,961.941
5,074,350 -17.2
4,199,209
Decatur
28.667,918
37.230.476
12,906,868
19,632,773 -34.3
Peoria
100,599,669
149,899,62
6,586,995
13,380,337 -50.8
Rockford
67,142,744
99,411,76
10,391,964
12,349,915 -15.8
Springfield
69,641,170
81,407.258
2,579.167,374 4,102,258,408 -37.1 19,942.390,462
elties)
Total(28
27,387,129.085
Eighth Federal Re serve District -St. Louis
23,786,342
22,572.334 +5.4
-Evansville
Ind.
137,053,065
141,542,640
1,139,387
877,821 +29.9
IS New Albany
8,090,903
5,125,957
510.367,597 -25.8 2,849,111,982
378,866.262
-St. Louis,.
MO.
3,742,065,134
95,332,349
Ky.-LouLsville
160,519.867 -40.6
689,387,611
1,166,661,483
1,114,850
1,512,436 -26.4
Owensboro
9,189,784
13,179.361
5,360,799
8,413,887 -38.3
Paducah
41,052,565
65.149,705
49,561,546
69,060,075 -28.2
-Memphis_
Tenn.
376.840,080
570,859.008
702,035
938,238 -25.2
-Jacksonville4,801,452
1l1.
6,861,728
3.814,923
5,386,786 -29.2
Quincy
24,417,054
40,330,421
559.678,493
779.649,041 -28.2 4,139,949.498 5,751.685.437
cities)
Total(9
1,532,527
5,781,500
1,261,785
3,601,000 -16.6
19,273,685
107.752,402
1,027,428,322
52,167,024
52,300.687
64,901,072
2,346,941,039
12,162,851
16,478.619
749,681,265
-40.3
-26.0
-22.4
-23,0
-18.2
+0.3
-18.6
-15.6
-12.5
-4.5
1,310,510 -56.1
4,785,320 -22.6
1,124,574 -15.2
496,841,729 -21.0
-50.3
-8.4
-23.6
-26.4
-16.0
-12.7
-20,6
-26.4
-14.8
-7.9
Sixth Federal Rose rve District- Atlanta
Tenn.
14,686,231
-Knoxville
12,008,567
Nashville
50,414,147
90,748,626
150,958,303
173,198,727
Ga.- Atlanta
5.591,633
Augusta
5,951,030
Columbus
2,785,532
3,336 483
Macon
3,064,498
6,699,567
46,054,938
50,176,366
Fla.-Jacksonville
5,646,742
Tampa
5,753 783
72,610,862
54,436,834
-Birmingham
Ala.
5,268,284
7.234,747
Mobile
2,855,222
Montgomery
3,101 693
miss.- Hattiesburg
5,580,000
4,936,000
5,825,562
8.338,894
Jackson
1,373,813
Meridian
2,507,406
Vicksburg
521,836
824,238
177,030,438
163,667,341
-New Orleans_
La.
Total(16 Cities)-
1931,
575,151
-41.8
3,705,631
-26.8
-11.8
953,436
-19.4
+13.2
2,531,206
-19.8
-12.7
--25.6 371,000,000
2,630,678
-16.6
3,888,738
-10.2
2,641,823
-9.5
-12,1
1,506,779
19.9
3,003,000
+0.1
1,916,962,604 2,361,867,048 -18.8 13,111,405,800 17,446,740,154 -24.8 392,436,442
Fifth Federal Rose rye District- Richmond
W,Va.-Huntington_
2,450,852
4,926,465
Va.-Norfolk
16,555,260
18,072,044
Richmond
144,747.754
189,301,036
-Raleigh
N. C.
7,322,786
9,949,472
-Charleston.....
.7,095,042
8,443,836
S. C.
Columbia
8,286,983
7,351,991
546.
-Baltimore
342,685,782
431,253,657
Frederick
1,721,811
2,341,886
Hagerstown
2,549,985
2.991,862
100,887,167
-Washington
109,420,638
D. C.
Total(10 cities)
1930.
-2.5
194,992,086
206,787,534
-16.0
35,383,448
42,160,048
-19.7 1,205,720,644 1,569,890,564
+0.8
32,252,193
31,058,612
-30.8
29,265,059
38,635,227
-26.3 172,002,379,566 219,666,012,743
-16.8
301,536.635
371,422,729
+2.4
154.030,489
175,698,412
-16.0
100.871,028
126,843,945
-8.2
22,643,372
24,592,490
-14.0
950,919,009 1,077,859,934
-1.9 1,152,716,110 1,393,241,568
-11.4
49,064,806
53,907,678
Fourth Federal Re serve District -ClevelandOhlo-Akron
12,468,000
20,495,000 -39.2
Canton
9,042,280
18,161,349 -50.2
Cincinnati
256,429,656
285,049,634 -10.0
Cleveland
464,048,265
589,188,379 -21.2
Columbus
53,893,600
71,795,900 -24.9
Hamilton
3,451,522
4.704.507 -26.6
Lorain
1,309,261
1,783,443 -26.5
Mansfield
6,913,044
8,330,044 -17.0
Youngstown
17,613,062
24,091,460 -26.9
Pa.
-Beaver County..
1,633,782
2,338,614 -28.0
Franklin
625,771
800,221 -22.0
4,129,167
Greensburg
6,794,960 -38.8
Pittsburgh
859,315,773 -33.9
568,323,012
Ky.- Lexington
5,062,864
6,541,426 -22.6
W. Va.-Wheeling
12,558,688
18,457,017 -31.9
\t,
Week Ended Aug. 1.
.
Inc. or
Dec.
- 22.545,690,801 30,471,567,665 -26.0 176,231,774,445 224,778,091,478 -21.6 4,337,298,726 6,891,679,217 -37.1
9,944,092,296 .72
05,837.79
7
Third Federal Res erve District- Philadelphia
2,653,233
Pa.- Altoona
6,243,992
17,828,720
Bethlehem
18,298,193
Chester
4,031,561
5,112,184
Harrisburg
15,716,360
18,337,116
Lancaster
9,171,098
8,158,423
Lebanon
2,434,587
2,971,629
Norristown
3,042,400
3,521,533
Philadelphia
0
1.779,000,00 2,208,000,000
13,230,180
Reading
15,145,923
Scranton
18.771,152
20,307,952
Wilkes-Barre
13,404,629
15,773,459
York
7.734.634
8,603,876
N.J.-Camden
6,518,000
9,360,763
Trenton
23,376,000
22,032,000
Total(14 eities)
Inc. Of
Dcc.
1,323,000
1,505,375 -22.1
1,749,517
1,500,000
77,541,861
95,415,405 -28.7
119,584,974
112,002,287
18,815,056
22,710,435 -17.2
26,376,921
26,852,422
130,797.437
182.819,598 -19.7
195,542,407
185,289,238
+62.8
-53.7
-22.1
-14.3
2.612.930
.22,287,824
52,077,071
1,567,499
2,657,000
18,602,281
42,411,968
.1,607,387
548,329
8,647,355
1,466,652 -62.6
9,787.381 -11,6
1.506,510
12,363,370
2,218.955
13,614,397
10,486,722
1.032,096
14,037,702 -25.3
1.632,678 -36.8
21,673,023
1,902,764
22,088,567
1,677,285
844,000
1,437,076 -41.3
1,787,000
1,782,000
80,844
32,456,603
135,908 -40.5
35,127,889 -7.6
250,527
49,605,518
322,298
54,287,744
96,908,013
124,364,646 -22.1
167,834,036
161,229,315
116,251
595,482
111,856,581
156,061 -25.5
889,177 -33.0
154.447,957 -27.6
237,108
641.721
210,441,327
248,148
1,060,408
196,353,790
2,000,000
19,887,987
37,616.075
1.235,298
-22.7
-8.8
-25.3
-24.8
-22.4
-39.3
-18,4
-27.7
-29.4
-20,8
-28.1
-12.4
-12.2
-20,8
19.7
-13.1
-4.8
-26.3
17.2
-34.7
-44.0
18.9
-18.1
-29.2
-23.0
-32.9
-32.5
-14.5
1,207.859
299,146,204
784.370
2,521,066
1,307.078
2,167.045
1,924,051
632,911,831
1,144,390
4,047,099
2,755.782
2,990,243
-27.1
476,994,541
880,589,141 -45.8 1,103,373,187 1,057,133,227
-3.2
+57.9
-23.9
-40 0
.
-30.3
-37.0
-34.0
-30.0
-39.5
-28.0
4,182,801
6.490,670 -35.6
9,509,928
11,483,091
2,340,028
1,464,178
2.881.073 -18.8
2,630,034 -44.3
4,028,793
4,075,584
3,108,145
3,063,609
14,055,000
887.670
3,647.692
19,550,000 -28.9
2,036,144 -56.4
4,023,455 -9.7
25.901,000
2.913,976
4,983,400
22,357,000
3,329,800
4,330,400
19,159,812
25,128,489 -23.8
35,734,459
39,285,212
2,129.646
2,635,609 -19.2
3,349,949
2,947,080
5,142,525
7,284,585 -29.4
5,094,235
9,593,925
3,725,000
558,253
5,617,774 -33.6
1,044,717 -46.6
6,924.714
1,430,026
6,980,218
1,420,902
2,150,864
773.372,232
1.193.011
6,247,969
3,474,790
1.668,103
2,087.228
738,663.477
1,182.736
5,210,714
3,206,638
3,225,714
-37.3
-52.7
-31.5
-37.7
-52.5
-27.5
2.896.815
3,589,390 -19.3
4,699,764
4,982,872
76,300,000
17,715.646
273.213
109,800,000 -30.5
31,594.792 -43.9
342,415 -20.2
133,800,000
33,063.116
378,230
155,000,000
28,875,355
460,213
8,687,547
132.778
639,118
13,576,404 -36.0
231,085 -42.8
1,221,257 -47.7
16,099,033
440,706
1,561,864
15,477,857
412,728
1,526,863
108.645.117
160,355,343 -33.5
190,042,513
208,715.893
[Vol. 133.
FINANCIAL CHRONICLE
904
-(Concluded.)
CLEARINGS
Month of July.
.
Clearings al
1930.
1931.
Inc.or
Dec.
IP 1-
Week Inded Aug. 3.
7 Months Ended July 31.
1931,
1030.
Inc. or
Dec.
E
$
%
1931.
1930.
Inc. or
Dec.
1921).
$
$
%
$
1928,
5
$
$
%
Ninth Federal Res erve District. -Minneapell s.
20,509,140 -15.9
17,242,118
-Duluth
Minn.
333,854,580 -18.9
273,575,760
Minneapolis
2,546,505 -38.3
1,572,423
I Rochester
100,645,988 -15.5
85,077,559
St. Paul
8,675,224 -2.0
8,402,059
-Fargo
N. D.
7,315,500 -8.9
6,662,000
e Grand Forks
1,702,047 -27.0
1,242 220
Fr Minot
4833,610 -24.3
.
3,506,983
-Aberdeen_ - 8. D.
8,535,848 -22.3
6,673,608
Iv- Sioux Falls
2,469,414 -12.6
2,159,113
-Billings
Mont.
4,322,998 -22.0
3,370,297
Great Falls
14,522,650 -27.0
10,612,170
Helena
374,250 -41.7
218,396
Lewistown
125,777,613
1,809,773,025
10.242,401
614,359,924
57,987,518
41,903,000
8,769,997
25,715,080
50,717,760
16,268,045
23,968,376
78,652;258
1,906,637
146,085,438
2,313,469,014
17,723,606
707,565,105
60,009,477
46,312,000
11,524,433
30,614,611
61,661,111
18,416,643
31,093,358
90,769,592
2,480,763
-13.9
-17.9
-42.2
-13.1
-3.5
-9.5
-23.9
+16.7
-17.8
-11.7
-22.9
-13.3
-23.1
3,647,759
53,231,425
3,819,585 -4.5
71,264,458 -25.3
9,824,734
97,274,985
8,500,736
82,292,417
16,245,768
1,683,922
21,222,547 -23.
1,741,153 -0.3
24,795,690
2,008,013
28,392,943
2,003,570
671.202
925,637 -27.5
1,121,576
1,342.261
397,606
495,072 -19.7
698,548
617,960
2,132,926
3,020,994 -29.4
4,610,000
,
3,145,000
510,107,254 -17.6
2,956,041,934
3,537,815,151 -16.4
78,010,608
1E2,489,446 -23.7
140,332,556
136,294,887
Tenth Federal Res erve District.-Kansas City.1,383,338 -10.0
1,245,035
Neb.-Fremont
2,145,056 -39.1
1,307,458
Hastings
14,593,980 -13.8
12,572,093
Lincoln
184,115,974 -19.9
147,536,005
Omaha
10,408,825 -110.0
12,380,604
--Kansas City
Kan.
16,668,545 -30.7
11,548,155
Topeka
40,306,143 -37.4
25,249,384
Wichita
3,770,716 -58.1
1,093,092
M1ssouri-Joplin
582,657,204 -31.1
401,470,091
Kansas City
23,502,875 -23.3
18,020,000
St. Joseph
23,529,156
41,298,550 -43.1
-Tulsa
3141a.
5,440,506 -27.2
4,559,006
7.1olo.-Colo. Springs_
113,745,075
133,971,146 -15.1
Denver
6,843,629 -2.8
6,640.286
Pueblo
8,474,783
11,094,887
89,635,059
1,065,930,897
70,992,535
85,523,485
162,393,760
15,214,981
2,699,856,239
108,598,003
192,355,079
30.286,179
751,107,796
38,306,197
310,750 -38.0
195,926
10,545,729 -19.7
492,140 -45.1
270,087
15,815,604 -28.6
3,002,385 -22.9
2,383,356
106,734,582 -15.7
41,324,001 -26.3
30,465,451
1,300,942,272 -18.1
+3.5
68,571,841
2,502,104 -27.2
1,837,770
103,317,582 -17.3
7,461,963 -42.0
4.324,501
204,759,132 -27.8
30,508,137 -50.1
81,077,551 120,001,232 -32.5
3,782,003,483 -28.7
4,572,878 -18.2
3,742,333
181,533,017 -29.3
301,427,012 -36.2
1,233,117 -37.2
762,918
36,913,185 -18.0
974,608,752 -22.9a
'
1,268,391 -10.5
1,135,847
46,955,427 -18.4
479,821
635,754
4,500,000
47,995,825
481,516
579,072
4,446,170.
43,124,588
4,758,239
11,009,971
3,934,338
10,856,775
175,432,432
8,109;021
160,211,338
7,039,000
719,054
a
1,578,062
960,044
a
1,492,152
781,804,460 1,067,106,577 -26.8
5,349,969,980
7,184,635,755 -25.5
255,218,179
233,12.4,990
Eleventh Federal Reserve Distr ict.-Dallas.- +4.1
5,897,676
6,140,584
('esas-Austin
7,469,261 -13.5
6,458,480
Beaumont
160,236,652 -11.3
142,160,231
Dallas
23,125,167 -25.4
17,527,998
El Paso
42,340,000 -26.3
31,219,652
Forth Worth
15,021,000 -49.5
9,108,000
Galveston
129,976,128 -14.5
111,116,527
Houston
2,908,197 -32.2
1,971,463
Arthur
Port
10,328,000 -55.0
4,650,000
Wichita Falls
18,726,052 -27.1
13,648,278
-Shreveport
:4.
45,106,921
47,031,388
1,069,295,553
143,822,643
229,174,712
75,185,000
836,297,780
14 447,240
36,825,000
108,857,520
45,660,109
58,906,261
1,240,183,776
:05,931,807
319,504,629
101,478,290
956,977,990
21,940,636
65,308,384
154,234,205
416,128,133 -17.3
2,606.063,757
3,149,286,087 -18.4
Total(13 cities).-
Total (14 cities)----
Total(10 cities)
420,314,706
344,001,213
-San Franc iscoTwelfth Federal R eserve Distric t
5.086,000 -41.3
2,987,000
Vash.-Bellingham
169,195,120 -17.4
139,731,898
Seattle
49,159,675 -16.4
41,094.000
Spokane
4,264,298 -25.2
3,190,745
Yakima
6,032,548 +14.7
6,323.401
:daho--13oise
1,876,000 -34.1
1,238,000
)regon-Eugene
149,058,099 -18.6
121,388,048
Portland
6,630,304 -31.1
4,568,680
-Ogden
3153,
75,759,609 -20.1
61,287,885
Salt Lake City
14,777,000 -11.9
13,018,608
irizona-Phoents
8,748,736 -55.4
3,903,924
)ailf.-Bakcrsfield
21,352.806 -19.6
17,175.838
Berkeley
32,097,687 -27.1
23,384,652
Long Beach
No longer will report clearin gs.
Los Angeles
5,062,261 -41.1
5,971.267
Modesto
24,854,964 -21.1
19,614,473
Pasadena
4,470,155 -29.9
3,133,007
Riverside
31,068,028 +12.2
34,853,978
Sacramento
23,342,407 -22.1
18,179,876
San Diego
813,763,064 -23.6
621,253.696
San Francisco
14,133,112 -2.3
13,804,010
San Jose
-20.8
9,344,030 7,408,853
Santa Barbara
9,493,384 1-24.7
7,143.644
Santa Monica
9,809,200 (-32.4
7,719.900
Stockton
-1.2
-20.1
-13.8
-22.3
-28.3
-25.9
-12.6
-34.1
-43.7
-29.4
20,490,000
967,816,064
270,426,000
25,814,208
39,386,014
9,210,000
819,607,333
32,834,925
428,570,577
98,574 608
29,324,343
117.365,575
174,156,712
30,425,000
1,204,937,414
331,187,144
32,988,927
39,522,356
13,245,239
1,042,190,815
45,724.308
533,946.333
125,508,000
53,065,222
140,377,156
222,410,414
-32.6
-19.7
-15.7
-21.7
-0.3
-30.4
-18.5
-28.2
-19.7
-21.4
-44,8
-16.4
-21,7
18,025,897
152,063,107
26,314,178
217,989,251
136,806,083
4,367,133,705
77,197.528
54,125,879
50,731,601
49,149,200
30,957,410
183,392,207
32,343,778
208,707,648
169,375,964
5,891,320,072
90,200,163
61,154,754
59,937,444
65,456,200
-41.8
-27.2
-18.6
+4.4
-19.2
-25.9
-14.4
-11.5
-15.3
-24.9
129,991,828
181,258,961 -28.3
-19.1
1,776,712
1,505,580
27,183,041
36,578, -, -25.6
45,595,268
48,170,006.
5,647.392
1,885,000
7,625,895 -25.9
-28.3
2,630,
18,105,014
4,310,000
13,008,375
5,671,343
1,005,639
1,106,71
2,367,973
3,862,98• -38.7
4,225,470
4,440,072
38,089,045
51,804,231 -26.5
74,012,464
72;795,377
27,699,396
7,658,000
629,269
35.105,996 -21.1
9,148,000 -16.3
648,620 -3.0
50,805,977
11,354,000
1,209,862
46,291,406
02338,000
1,197,534
°
22,737,516
30,667,37
-27.0
37,630,598
33,491,583
11,830,383
16,460,70
-28.1
18,617,782
16,177,352
6,285,439 -33.8
4,163,686
No longer will report ei earings
8,300,234
7,677,125
3.559,181
5,251,270
3,288.166
134,561,705
2,496,319
1,230,040
1,400,046
1,254,800
5,076,617 -29.9
5.490,446
5,572,661
+16.3
-24.4
-23.7
-10.5
-23.3
-20.7
-27.0
6,034,608
5,280,067
186,409,417
4,272,120
1,682,616
2,189,565
2,433,100
6,427,770
5,319,778
195,659,000
3,423,645
1,601,526
2,211,133
2,484,600
343,677,125
4,514,616
4,349,612
176,382,289
2,788,442
1,604,78
1,768,381
1,718,300
296,519,574 -23.2 344,710,392
8
212 212.6 8 10,608,463,988 -22.5 227,761,777
2 8, ,
490 378 577 -21.
383 1, , .
175 375,
1, ,
36.6 14094068300 11 059891425
338,906.523,793 -22.1 6,506,495,503 10252982682 34,832,421,774 46,577,590,579 -25.8 264,059,493,887
Wand toral(179 cities)
119,907,580,062 -22.8 2.288.718.798 3.426,208,233 -33.2 4,366,596,119 4,025,374,90
92,057,114,321
12,906,789.128 17,476,435.222 -24.7
utside New York
Total(23 citles)
JANUARY 1, AND FOR WEEK ENDING JULY 30.
CANADIAN CLEARINGS FOR JULY, SINCE
1931.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
Sudbury
.Total (32 citles)
1930.
Week Ended July 30.
7 Months Endcd July 31.
Month of JAI.
Clearings at-
Inc. or
Dec.
1931.
1930.
Inc. or
Dec.
1931.
%
-12.9
-11.0
-18.8
-19.4
-13.8
-12.4
-10.1
-18.6
-28.4
-5.7
-23.9
-11.6
-23.6
-26.4
-18.7
-28.2
-22.7
-34.8
-12.5
-23.4
-30.4
-29.3
-27.3
-19.8
-11.7
-32.5
-8.3
-25.2
-19.7
-12.8
-29.8
-37.7
$
82,297,169
77,057,404
41,710,667
15,288,181
4,413,009
5,589,319
2,353,453
3,865.492
4,191,457
1,686,259
1,883,251
2,328.364
3,580,396
0,511,650
355,879
363,324
1,469,311
504,229
728,660
515,473
527,386
351,941
600,603
591,053
807,600
2,241,339
302,739
650.612
547.007
356,840
295,339
719,058
10,104,572,547 11,846,039,184 -14.7
1,325.479,166 1,686,191,574 -21.4
260,684,684
$
431 863 758
: :
390 277 146
009 312
187: :
:
:175 003
72
: :
26 103 089
6
3
30:874,230
13,192.099
21125 899
;
23:051 784)
9,149,389
8,827,843
' 12 114.195
:278 846
16
3
0
13:754:523
1,768,813
1,806,205
7,209,300
3,308,904
4,250,693
3,204,382
2,610,337
1,046,639
3,386,528
3.111,706
4,224,671
13,458,571
1,573,895
3,255,481
3,225,473
2,087,340
1,920,949
3,329.077
$
593,163,989
471,064,077
228,441,228
84 830,230
32:229,387
32,18 ,63
17,209,638
25,773,708
30,176,722
10,954,261
12,194,197
14,438,099
24,743,253
2 ,36 ,325
2,297,994
2,477,533
10,341,759
5,097,660
4
5,109,85
4,067,879
3,990,175
1,501,367
4,725.191
4,064,079
5,028,615
17,826,584
4
1,958,85
4,636.767
4,484.516
2,573,341
3,081,832
5,160,924
%
-27.2
-16.7
-18.1
-14.9
-19.0
-4.1
-23.3
-12.0
-10.5
-16.5
-27.6
-16.1
-22.1
-32.5
-23.0
-27.1
-30.4
-37.0
-16.8
-21.2
-34.5
-30.3
-28.3
-23.4
-.16.0
-24.5
-19.7
-29.8
-28.1
-18.9
-37.6
-35.5
*Estimated.
allo longer reports weekly clearings.
$
3,584,671,606
3,229,106.700
1,124,175,134
476.995,303
189,242,411
171,005,041
90,538,589
149,541,337
189,957,518
68,806,912
57,370,255
86,949,166
133,733,783
98.467,427
11,926,686
11.044,941
50,869,140
23,586,182
29.667,357
18,933,673
18,284,212
6,777,037
22,433,771
22,333,668
32,402,230
95,686,154
11,873,623
22,654,010
20,175,618
16,424,292
15,708,326
22,349,445
$
4,113,036,158
3,628,684.639
1,385.815,852
592.134.021
219,552,103
195,293,583
100.657,556
183,650,668
265,234,003
72,989,710
75,344,712
98,321,884
175,039,110
133,783,185
14,663,827
16,632,535
65,773,908
36,163,025
33,908,631
24,741,638
26,161,726
9,590,201
27,113,360
27,830.447
36,696,861
141,789,291
12,946,831
30,292,054
25,121,118
18,831,366
22,375,698
35,863,561
1930.
$
109,384,834
85,901,945
45,768,600
16,078,195
6,130,947
5,741,337
2,741,853
4.856,399
6,064,196
2,246,956
12,030,962
2.765,018
4,231,320
3,223,545
483,999
498,233
2,083.915
1,037,344
916,876
647,344
809,473
222,610
756,566
654,918
947,529
2,994,338
393.212
800,670
956,573
503,293
515,603
1,019,403
Inc. Or
Dec.
%
-24.8
-10.3
-9.9
-4.9
-28.0
-2.6
-14.2
-20.4
-31.0
-24.9
-7.2
-15.8
-15.4
-22.1
-26.5
-26.8
-29.5
-51.4
-20.5
-20.7
-34.9
+58.1
-20.6
-9.8
-14.8
-25.2
-23.0
-18.7
-42.8
-29.1
-42.7
-29.4
312,386,594 -16.6
1929.
1928.
$
$
143,275,862 159,657,757
115,475,427 130.573,485
75,156,190
81,159631
22,251,187
20,731:120
6,640,257
7,234,315
7,527.969
8,731.204
3,565,821
4,955,874
6,382,656
6,655,460
10,415,464
9,003.574
2 794 573
3,363 748
:
2,375,079
2:402061
3,010,492
3.109;534
6,041,672
6,068,413
8,130,136
7,437,013
799,795
641,338
761,761
646,699
2,931.486
2,939,856
1,162,171
1,312,028
1,466,955
1,443,289
1,072.536
1.076,646
1,048,390
939,294
413,776
333.232 •
895,154
963,027
954,801
857,864
1,100,542
1,186,072
5,968.400
5,859,366
456,853
498,015
799,594
879,606
741,812
702,466
697,090
677,921
1,062,050
975,004
434.877,291
471,588,624
AUG. 8 1931.]
FINANCIAL CHRONICLE
905
THE CURB EXCHANGE.
-PER CABLE.
ENGLISH FINANCIAL MARKET
Trading on the Curb Exchange this week was in small
The daily closing quotations for securities, &c., at London,
volume and while prices tended to lower levels losses were as reported by cable, have been as follows the past week:
unimportant. Heavy selling of Cities Service cont. was a
Thurs..
Fri.
Wed..
Sat.,
Mon.,
rues..
Aug. IL
Aug. 7.
feature and the price dropped from 10 to 8% with the close Silver, p. os-d. Aug. 1. Aug. 3. 13Aug. 4. .Aug.6. 13 1-186. 12 15-186,
1-16d. 13Xcl.
to-day at 93%. Aluminum Co. of Amer. sold up from 109% Gold, p.fine oz.
846.11d. 84a.117id.
57%
5735
575i
57%
to 118, reacted to 112% and closed to-day at 11534. Insull Consols,23.6 %_
1015i
1013
101
1017.d
4
Utility Investments weakened from 273 to 263/i but re- British 4l %__
9951
100
100
British
100
covered finally to 2734. Mead, Johnson & Co. on few French Rented
87.50
87.70
87.60
87.60
87.80
transactions receded from 81 to 763/2. Parker Rust Proof, (In Paris)_fr_
corn. lost two points to 85. Singer Mfg. was off from 275 French War L'n ____
103.80
103.90
103.20
102.90
103.00
(inParis)_fr
to 260 on few sales. Utilities were changed only slightly.
The price of silver in New York on the same days has been:
Amer. & Foreign Pow, warrants lost about two points to Silver in N.Y., per oz.(eta.):
2714
27l1
2851
285
28
2714
14% and finished to-day at 15. Amer. Gas & Elec. corn. Foreign
fell from 65% to 62% and ends the week at 623 . Electric
4
Bond & Share corn. sold down from 383 to 36 with the gonxaxerciaiand BIlsceliatteratssews
4
final transactions to-day at 36%. North Amer. Light &
Pow. corn. dropped from 73% to 68. New York Steam corn.
-The following information regarding
National Banks.
improved from 733 to 75. Oils were dull. Borne Scrymser national banks is from the office of the Comptroller of the
4
Co. advanced from 10% to 16. Standard Oil (Indiana) Currency, Treasury Department:
eased off from 24% to 22% and closed to-day at 23. Vacuum
CHARTERS ISSUED.
Capital.
Oil declined from 45% to 43% and ends the week at 43%. July 29
$200,000
-The First National Bank in Aurora, Ill
President, V.0. Benesteel: Cashier, H. C. Reed.
A complete record of Curb Exchange transactions for
65,000
-The First National Bank in Brockway, Pa
July 30
President, R. W.Beadle; Cashier, W.H. Mayes.
the week will be found on page 931.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
Aug. 7 1931.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Curb
Exchange.
Stocks
(Number
of
Shares).
Bonds (Par Value).
Foreign
Foreign
Domestic. Government. Corporate.
67.675 81,208,000
149,585 2,247,000
181,870 2,371,000
183,725 2,952.000
228,210 2,460,000
264,537 3,080,000
$25,000
219,000
83,000
77.000
86,000
64,000
Total,
$29,000 $1,262,000
106,000 2,572,000
105,000 2,559,000
60,000 3,089,000
79,000 2,625.000
63,000 3,207.000
1,073,602 $14,318,000 6554,000
8442,000 $15,314,000
Week Ended Aug. 7.
Jan. 1 to Aug. 7.
1931.
1930.
Stocks-No,of shares_
1,073,602
2,237,100
Bonds.
Domestic
$14,318,000 $11,300,000
Foreign Government
554,000
470.000
Foreign corporate
442,000
550,000
1931.
1930.
72,241,218
97,073,280
8554,442,000
18,163.000
24,763,000
2511,738.000
20,024,000
25,117,000
Total
14,314,000 212.320,000
$597,368,000
2558,879,000
-In the above tables we now give the foreign corporate bonds separately.
Note.
Formerly they were included with the foreign government bonds.
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each dily of the past week have been
as follows:
Aug. 1, Aug. 3. Aug. 4. Aug. 5. Aug. 6. Aug. 7
1931. 1931. 1931. 1931. 1931. 1931.
Francs. Francs. Francs. Francs. Franc.,. Francs
Bank of France
16,400 16,200 16,100 16,200 16.300
1,020
1,030 1,020 1,023
Banque Nationale do Credit-.
2,160 2,130 2,100 2,120 2,160
Banque de Paris et Pays Bas......
Parisienne
1,020 1,040 1,020 1,030
Banque do Union
---Canadian Pacific
656
651
626
626
605
Canal de Sups
15,300 15,400 15,300 15,400 15,400
Cie Distr. d'Electricitie
2,675 2,680 2,675 2,695
__Cie Generale d'Electrioltie
2,900 2,880 2.870 2,900 2,900
Cie Ole. Trans-Atlantique
220
240
220
230
590
570
Citroen B
550
570
570
Comptoir Nationale riBscompte
1,490 1,500 1,490 1,460 1,450
510
Coty. Inc
510
500
500
500
830
845
530
Courrieres
832
____
Credit Commerciale de France
966
955
955
960
Credit Fancier do France
5,250 5,250 5,250 5.260 5.270
-Credit Lyonnais
2,300 2,250 2.260 2.270 2,280
Distribution d'Electricitie la Par
2,700 2,680 2,720 2,710 2,720
FAUX Lyonnais
2,750 2,720 2,720 2,720 2,700
Energie Electrique do Nord...809
810
809
802
1,230 1,233 1,230 1,234
F.nergle Electrique du Littoral-184
186
Ford of France
187
185
186
250
240
French Line
220
230
250
HOLI120
120
120
Gales Lafayette
120
120
DAY
--__
900
890
Gas Le Bon
900
880
480
470
Kuhlmann
470
470
450
920
910
L'Air Liquid°
910
910
920
1,449 1,495
,208
Lyon (P. L. M.)
840
840 1,4491 830
Mines de Courrierea
830
850
720
710
700
Mines de Lens
710
720
2,110 2,110 2,100 2,100 2,110
Nord RY
1,560 1,520 1,510 153
Paris France
1,570
108
106
108
Paths Capital
114
1,780 1,790 1,770
Peehlney
1,805
87,60 87.60 87.60 87.70 87.50
Routes 3%
_1920
137.70 137.80 137.70 137.70 137.30
Rentes 5%
104.90 105.30 105.20 105.30 105.20
Rentes 4% 1917
102.90 103.00 103.30 103.80 103.90
Routes 5% 1915
140.80 105.10 105.40 105.50 105.10
Rentes 6% 1920
2,110 2,090 2,010 2,010 2,020
Royal Dutch
2,760 2.770 2,760 2,845
Saint Cobin. C.& C
1,100 1,125 1,100 1,130
Schneider & Cl.
349
336
835
384
Societe General Fonciere
330
-aio
2,705 2,700 2,705 2,714
1
Societe Lyonnais
_
885
775
Societe NIarseillaise
____
241
253
241
Tubize Artificial Silk. prof
250
1,090 1,090 1,080 1,080 1;6o
Union d'Eleetricitie
500
500
500
Union des Mines
510
---162
165
wagons-Lite
162
173
PRICES ON BERLIN STOCK EXCHANGE.
The Berlin Stock Exchange is closed.
VOLUNTARY LIQUIDATIONS.
July 25
-The First National Bank of Weyauwega, Wis
Effective July 14 1931. Liquidating Agent, A. A.
Stroschein. Liquidating Committee, G. W. Moody,
Wm. A. Rossey, A. L. Kosanke and A. J. Bieck.
Absorbed by Farmers and Merchants Bank of
Weyauwega, Wis.
July 25
-The Kearny National Bank, Kearny, N. J
Effective May 19 1931. Liquidating Commission,
Carl Egner, Herman Neger, Newark, N. J., and
James Salmond Jr. Arlington, N. J. Succeeded by
Kearny National Bank, Kerany, N. J., No. 13537.
July 25
-The First National Bank in Siloam Springs, Ark
Effective Dec.81930. Liquidating Agent,Z. W.Ford,
Siloam Springs. Ark. Succeeded by The Hutchings
First National Bank of Siloam Springs, Ark., No.
13506.
July 27
-The Norway National Bank, Norway, Me
Liquidating Agent, Walter L. Gray, South Paris, Me.
Effective at close of business July 25 1931. Absorbed
by Casco Mercantile Trust Co., Portland, Me
July 27
-The Second National Bank of Pittsburgh, Pa
Effective July 24 1931. Liquidating Agents, A. 0.
Robinson and J. 0. Miller. Absorbed by First
National Bank at Pittsburgh. Pa. No. 252.
'
July 27
-The Peoples National Bank of Hillsboro. Ill
Effective July 25 1931. Liquidating Commission,
M. J. McMurey, I. W. Brown and Charles Weber,
Hillsboro, Ill. Absorbed by The Montgomery
County Loan & Trust Co. of Hlllsboro, Ill.
July 29
-The First National Bank of Gulfport, Miss
Effective July 18 1931. Liquidating Commission,
Jas. L. Berry,P. A. Stilwell and J. H.Beeman, Gulfport, Miss. Succeeded by First National Bank In
Gulfport, Miss., No. 13553.
July 30
-The Security National Bank of Wichita Fallas, Texas
Effective at close of business July 22 1931. Liquidating
Commission, J. A. Staley, J. A. Richolt, J. C.
Mytinger, N. M. Clifford, J. C. Ward, Joe E. Ward
and Jno. W. Thomas, Wichita Pallas, Texas.
Absorbed by The City National Bank of Wichita,
Falls. No.4248, the First National Bank of Wichita
Falls, No. 3200 and Wichita State Bank & Trust
of Wichita Falls, Texas.
July 31
-The Citizens National Bank of Fairmont. Minn
Co..
Effective June 9 1931. Liquidating Agent, Board of
Directors of the liquidating bank. Absorbed by the
Fairmont National Bank, Fairmont, Minn., Charter
No. 8551.
July 31-The First National Bank of Gallitzin, Pa
Effective July 29 1931. Liquidating Agent K. A.
Reed, Gallitzin, Pa. Succeeded by the First National Bank in Gallitzin, Pa., Charter No. 13533.
July 31-Columbia National Bank of Portland, Ore
Effective July 1 1931. liquidating Agent, Harry
Swart. 614 Board of Trade Building, Portland, Ore.
Absorbed by the American National Bank of Portland, Ore., Charter No. 12557.
$25,000
200,000
50,000
150,000
300,000
60,000
400,000
200,000
50,000
25,000
275.000
CONSOLIDATIONS.
$150,000
July 27
-The First National Bank of Taylor, Texas
150,000
July 27
-The Taylor National Bank, Taylor, Texas
Consolidated to-day under Act of Nov. 7 1918, as
amended Feb. 25 1927, under the charter of the
First National Bank of Taylor. No. 3027 and under
the corporate title of "First-Taylor National Bank,"
with capital stock of $150,000.
BRANCHES AUTHORIZED UNDER ACT OF FEB. 25 1927.
-The Old National Bank of Fort Wayne, Ind. Three Branches.
July 3I
Locations of Branches: Northwest corner of the intersection
of Broadway and Taylor St., Certificate No.646A. Southwest
corner of Woodland Ave. and Calhoun St., Certificate No.
647A. Northwest corner of Creighton Ave. and Holton Ave..
Certificate No. 648A.
-Among other securities, the following,
Auction Sales.
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son,3New York:
Shares. Stocks.
' 4 8 per Sh.
I*
t
,
160 New Rochelle Coal & Lumber
100 7
Co
20 Suburban Fireproof Storage Co., •IF
100
Inc
it 2 1
,
50 Flint Holding Corp
Shares. Stocks.
$ Per Sh.
150 Jan-Jean Latitte Corp. (Del.),
no par
$3 lot
800 Summerill Tubing Co., com-.855 lot
30 Manufacturers Trust Co
4174
By R. L. Day & Co., Boston:
$ per Sh.
Shares. Stocks.
10 Waltham Nat. Bank. Par $
25--- 56
$1 lot
250 Dahlberg Corp. of Amer
120 Mass. Bonding & Ins. Co..
70
Par 225
$234 lot
100 Whiting Adams Co
50 Mass. Bonding & Ins. Co., Par
70
525
Shares. Stocks.
8 Per M.
1 Boston Athenaeum, par 830045034
50 Nat. Service Co., pref
23
5 Ipswich Mills, Prof.; 5 Fairbanks
Co., 8% pref. (att. of dep.); 50
Beacon Chocolate Co., pref..„..$26 lot
250 Dahlberg Corp. of Amer
81 lot
0 20-30 Nat. Service Co., pref
30
906
FINANCIAL CHRONICLE
By Wise, Hobbs & Arnold, Boston:
Shores. Stocks.
$ Per Sh.
i per Sh. Shares. Stocks.
20Merehants Nat. Bank
497
25 Great Northern Paper Co., par
25 Hill Mfg. Co
3134-313(
7
$25
10INaumkeag Steam Cotton Co..-- 70
4 units First Peoples Trust
$4,757.85 note dated Apr. 12 1928,
14
25 Lynn G.& E.Co.v.t.o.. Par $24 1385i
due Mar.12 1929, given by M.S.
Silver, secured by 2 abs. of Gen.
&Dennison Mfg.Co.8% pref
100
Shoe Findings Co . Inc., 190 abs.
21 Quincy Mkt. Cold Storage &
peliWarehouse Co., common
1544
Silver-Brown Co. corn, and 3 abs.
5 Greenfield Tap & Die Corp., pref 27K
$4,000 lot
Sliver-Brown Co.. pref
8 Farms Co., Inc., class A
7
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per Sh.
15 Phila. Nat. Bank, par $20
10914
30 Ninth 13k. dr Tr. Co., par $10... 35
30 Ninth Bk. & Tr. Co., par $10 33
25 Ninth Bk.& Tr. Co., par $10 31
5 Adelphia Bk.& Tr. Co., par $10._ 914
15 Corn Each. Nat. Bk.& Tr. Co..
par $20
86
100 Commercial Nat. Bank & Trust
14
pico.. par $10
40 Continental-Equitable Title &
pliTrust, par $5
1951
20 Manayunk Trust Co., par $25_ 40
10 Germantown Trust Co., par 510- 453.4
75 Real Estate-Land Title & Trust
28
Co., par $10
5 Fidelity-Phila. Trust Co
511
40 Pa. Co. for Ins. on Lives, &c.,
par $10
673•1
209
5 Pratt Food Co
75 Real Estate Mortgage Guaranty
2
Co., par $10
Shares. Stocks.
$ per Bh.
50 Standard Plate Glass Co., preL$22 lot
150 Almar Stores Co., common----$1 lot
12 John B. Stetson Co.. common,
21
no par
11 Minehill & Schuylkill Haven
59%
RR. par $50
50 Phila. Co. for Guar. Mtges.,
213i
par $20
9 Green de Coates Sts. Pass. By.,
par $50
60
100 Phila. Nat. Ins. Co., par $10-- 18
24
250 Pennsylvania Sugar Co
297 Amer. Quarries, Inc
$100 lot
Per Cent.
Bonds$1,000 Union Pass. Ry. 30 m. 4s,
36
1960
$500 Temple University (Prolesatonal Schools) 1st lien & ref. 6s,
95
Aug. 1 1948
$10.000 Seaboard All Florida By.
7
Co 1st 6s series A, 1935
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
$ Per Sh.
$ Per Sh. Shares. Stocks.
5 Internat. Restless Iron, par $1_ 62c. 10 Angel Internat. Corp., par $1_ 25e.
600 Creighton Fairbanks Mines.
500 Peterson Cobalt Mines, par
1310.
$1
par $1
$1 lot
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
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Sept. 1 "Holders of rec. Aug. 15
Cin. N.0.& Texas Pacific, pref. (gu.)__
Ga.Fla.&Alabama 1st pref.-Dividend deferr ed.
Public Utilities.
Central Ark.Pub.Serv., prof.(guar.)___ 141 Sept. 1 Holders of rec. Aug. 15a
411.75 Aug. 1 *Holders of rec. July 16
Central States Edison,$7 pf.(citt.)
Chlo. South Shore & South Bend RR,
Preferred A (guar.)
144 Sept. 1 Holders of rec. Aug. 15
Citizens Water Service.$6 pref.(qu.)
$1.50 Aug. 15 Holders of rec. Aug. 5
Clear Springs Water Serv.,$6 pf.(qu.)
$1.50 Aug. 15 Holders of tee. Aug. 5
Clymer Water Serv.$6 pref.(qu.)
$1.50 Aug. 15 Holders of roe. Aug. 5
Connecticut Power (gust.)
*6234c Sept. 1 *Holders of tee. Aug. 15
Consolidated Gas Utilities, class A-Divi dend omitted.
Eastern Minn.Power $6 pref.(guar.)... "$1.50 Sept. 1 *Holders of rec. Aug. 15
Eastern Shore Pub.Serv.$6.50 pf.(qu.). $1.625 Sept. 1 Holders of rec. Aug. 15
$1.50 Sept. 1 Holders of roe. Aug. 15
$6 preferred (guar.)
Federal Light & Tract., corn.(qu.)
3731c. Oct. 1 Holders of rec. Sept. 14a
Corn.(payable in corn, stock)
11 Oct. 1 Holders of rec. Sept. 14a
$1.50 Sept. 1 Holders of rec. Aug. 15
Preferred (guar.)
Florida Power Corp.,7% pref. A (qu.).. •131 Sept. 1 *Holders of rec. Aug. 15
7% pref. (550 par) (guar.)
*87140 Sept. 1 *Holders of rec. Aug. 15
1.8 Sept. 1 Holders of rec. Aug. 20
Gary Railways, pref. A (guar.)
r734c Oct. 1 Holders of rec. Aug. 31
Gen. Gas & Elec. corn. A & B (qu.)
$1.50 Sept. 15 Holders of rec. Aug. 14
$6 cony. pref. A & B (guar.)
$8 preferred A (guar.)
$2 Oct. 1 Holders of rec. Aug. 31
$1.75 Oct. 1 Holders of rec. Aug. 31
$7 preferred A (guar.)
Green Mountain Power, $6 pref.(gu.) •$1.50 Sept. 1 *Holders of rec. Aug. 15
134 Sept. 1 Holders of rec. Aug. 20
Illinois Water Service, pref.(guar.)
Indiana Service Corp.,7% pref.(en.).-- 141 Sept. 1 Holders of ree. Aug. 15
134 Sept. 1 Holders of rec. Aug. 15
6% preferred (guar.)
Keokuk Electric, pref. (guar.)
4
.$1.50 Aug. 15 *Holders of rec. Aug. 10
Key West Elec. Co., pref.(quar.)
•131 Sept. 7 *Holders of rec. Aug. 14
Marconi Wireless Teleg.„ Ltd.
Am.dep. rots, for ord. reg.& bearer... *w10 Aug. 4 *Holders of rec. Sept. 22
MiddleWest Telep., corn. A (guar.).
-"4341e Sept. If *Holders of rec. Sept. 5
134 Sept.15 Holders of tee. Sept. 4
New York Water Serv. Corp.. pf.(qu.)
*2 July 31 *Holders of rec. July 16
Norton Power & El.(guar.)
•134 Sept. 1 *Holders of rec. Aug. 11
Ohio Power6% Pref.(guar.)
144 Aug. If Holders of reo. Aug. 5
Ohio Water Service 534% pref.(MI.).
6% preferred (guar.)
1% Aug. 15 Holders of rec. Aug. 5
Pennsylvania Wat.Serv., prof.(q.)-91.50 Aug. 15 *Holders of rec. Aug. 5
Philadelphia Company,$6 pref.(guar.). $1.50 Oct. 1 Holders of rec. Sept. 1
31.25 Oct. 1 Holders of rec. Sept. 1
$5 preferred (guar.)
• 25c. Sept. 1 Holders of rec. Aug. 18
5% preferred (guar.)
.1.231 Aug. 1 *Holders of rec. July 18
Portland (Me.) RR
•1A Sept. 1 *Holders of ree. Aug. 22
Public Elec. Light, pref.(guar.)
$1.50 Sept. 1 Holders of rec. Aug. 10
Seaboard Public Service,$6 pf.(gu.)
Holders of rec. Aug. 10
81 ti0. Sept.
$3.25 preferred (guar.)
Shenango Valley Water. pref.(guar.).-- *134 Sept. 1 'Holders of rec. Aug. 20
*Holders of rec. Aug. 5
South Bay Cons. Water, pref.(gust.)..
Southern Calif.Edison, pref. A (gu.)-4354c. Sept.15 Holders of rec. Aug. 20
Preferred 13 (guar.)
3734e. Sept.15 Holders of rec. Aug. 20
Aug. 15 *Holders of tee. July 31
Syracuse Lighting,8% pref. (guar.).
- *2
•1% Aug. lb *Holders of rec. July 31
634% preferred (guar.)
•134 Aug. 15 *Holders of rec. July 31
6% preferred (guar.)
*31.50 Sept. 1 *Holders of tee. Aug. 15
Tide Water Power, pref. (guar.)
Toledo Edison Co., 7% pref.(mthly.).-- 58 1-3c Sept. 1 Holders of tee. Aug. 15a
50e. Sept. 1 Holders of rec. Aug. 15a
6% preferred (monthly)
41 2-3e Sept. 1 Holders of rec. Aug. 15a
5% preferred (monthly)
•150. Sept. 1 *Holders of rec. Aug. 15
Tri-State Tel. & Tel., pref. (guar.)
$1.75 Sept. 1 Holders of tee. Aug. 8
United Gas Corp., $7 pref. (guar.)
United Lt.& Rya.,7% pr. pf.(mthly.).* 58 1-3e Sept. 1 *Holders of rec. Aug. 18
*53e. Sept. 1 Holders of rec. Aug. 15
6.36% prior pref. (monthly)
*50c. Sept. I Holders of rec. Aug. 16
6% prior pref. (monthly)
•11i Aug. 15 Holders of rec. Aug. 5
Utica Gas dc Elec., pref. (guar.)
Virginia Elec. dr Power, $6 pref. (q11.)
411.50 Sept.21 Holders of too. Aug. 31
Washington By. & Elec., corn (gear )-- *134 Sept 1 Holders of rec Aug 15
Sept 1 Holders of rec. Aug. 15
Preferred (gust)
Weeling Electric, 6% prof. (guar.)
•134 Sept. I *Holders of rec. Aug. 7
West Ohio Gas Co.,7% fret.(guar.)_
134 Sept. 1 Holders of rec. Aug. 15
Trust Companies.
Continental Bank & Trust (guar.)
Miscellaneous.
Abbott° Dairies, corn. (guar.)
4. First and second pref. (guar.)
Albers Bros. Milling, pref. (guar.)
Aluminum Industries (guar.)
American Chicle (guar.)
Extra
Amer. Locomotive, corn.(guar.)
Preferred (guar.)
Amer. Steel Foundries, corn. (guar.)..,.
Prefrered (guar.)
30e. Sept. 15 Holders of rec. Sept, 4
*50o. Sept. 1 *Holders of rec. Aug. 15
•14( Sept. 1 *Holders of rec. Aug. 15
•14i Aug. 15 *Holders of rec. July 31
*3731c Sept. 18 *Holders of rec. Aug. 31
•50o. Oct. 1 *Holders of rec. Sept. 12
•25c Oct. 1 *Holders of rec. Sept. 12
'Inc. Sept.30 *Holders of rec. Sept. 11
*14( Sept.30 *Holders of rec. Sept. 11
•25e. Sept.30 *Holders of rec. Sept. 15
*1K Sept.30 *Holders of rec. Sept. 15
Name of Company.
[VOL. 133.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Anglo Persian Oil, Ltd
Amer. dep, rots. for ord. rag
*37e. Aug. *Holders of rec. June 28
Amer. dep. refs. for 1st met
•140. Aug.
*Holders of rec. June 26
Amer. dep. rots. for 2nd pref
*150. Aug.
*Holders of rec. June 26
Atlas Powder, common (guar.)
Sept. 1 Holders of rec. Aug. 31a
$1
Atlas Stores Corp., corn. (guar.)
*25c. Sept. *Holders of rec. Aug. 17
Atlas Utilities Corp.. $3 pref. A
•
75e. Dec.
$3 preferred A
*750. Jan1 3
.
Automotive Gear Works, pf. (guar.)__. "4134e Sept. *Holders of rec. Aug. 20
Baird Machine (guar.)
*Holders of rec. Sept. 30
*31.50 Oct.
Bastian Blessing Co., Com.(guar.)
*500. Sept. *Holders of tee. Aug. 15
Belding Conf.:mill, Ltd., pref. (guar.)._ *144 Sept. 1 *Holders of rec. Aug. 31
Blew Knox Co. (guar.)
250. Sept.
Holders of ree. Aug. 170
Brach (E. J.) & Sons (guar.)
*25c. Sept. *Holders of rec. Aug. 15
Quarterly
•
250. Dec.
*Holders of rec. Nov. 14
Brine Manufacturing, corn.(guar.)
15c. Oct.
Holders of tee. Sept. 154
Class A (guar.)
50e. Oct.
Holders of rec. Sept.15a
Brown Shoe, corn. (guar.)
75e. Sept.
Holders of rec. Aug. 20
Bucyrus-Erie Co., corn. & cony. prat
Divide nds om tted
Preferred (guar.)
•13( Oct.
*Holders of tee. Sept. 5
Cabot Manufacturing (guar.)
*2
Aug. 1 *Holders of rec. Aug. 6
Canadian Celanese, Ltd., panic. pf.(au.) 134 Sept.30 Holders of roe. Sept. 15
Central Manhattan Property, el. A(gu.) *54e. Sept. 1 *Holders of rec. Aug. 21
Champion Coated Paper (guar.)
'2
Aug. 15 *Holders of rec. Aug. 10
Chemical Paper Mfg., 1st pref. (guar.). *134 Aug. 1 *Holders of rec. July 29
Second preferred (guar.)
*114 Aug. 1 *Holders of rec. July 29
City Ice & Fuel, eom.(guar.)
*90e Aug. 31 *Holders of rec. Aug. 15
*134 Sept. 1 *Holders of rec. Aug. 15
Preferred (guar.)
City of Paris Dry Goods, 1st pref.(qu.). "134 Aug. 15 *Holders of rec. Aug. 1
Coast Breweries, Ltd. (guar.)
*460 Aug. I *Holders of rec. July 20
Collateral Trustee Shares
*24o Aug. 31 *Holders of rec. July 31
Collins & Alkman Corp., pref. (guar.).- 114 Sept. 1 Holders of rec. Aug. 19
Columbia Pictures Corp. corn. (In stock) ./214 Oct. 2 Holders of tee. Sept. 30
Preferred (guar.)
750 Sept. 2 Holders of rec. Aug. 18a
Columbus Mtge. dc Title Ins. (New
ark) (guar.)
*600 Aug. 25 *Holders of too. Aug. 15
Community State Corp., class A (guar.) *1230 Aug. 15 *Holders of rec. Aug. 10
Class A (gust.)
'1234c Sept. 30 *Holders of rec. Sept.23
Class A (guar.)
'
1234c Dec. 31 *Holders of tee. Dec. 23
Consolidatel Lithographing, pref.(qua.) $1.75 Sept. 1 Holders of ree. Aug. 6
Continental Chicago Corp., prof.(qu.).. 75o Sept. 1 Holders of rec. Aug. 15
Continental Tobacco (No. 1)
*3734 Aug. 31 *Holders of rec. Aug. 15
Crocker-McElwain Co
*334 Aug. 1 *Holders of tee. July 29
Crown Cork & Seal, corn, (guar.)
60e Sept. 18 Holders of tee. Aug. 3I0
Preferred (guar.)
67c Sept.15 Holders of rec. Aug. 31a
Crum & Forster Ins. Shares, A dc B (qu.) *25e Aug. 31 *Holders of rim. Aug. 21
Preferred (guar.)
•134 Aug. 31 *Holders of rec. Aug. 21
Cushman's Sons, Inc. (guar.)
41
Sept. 1 *Holders of rec. Aug. 13
•1% Sept. 1 'Holders of rec. Aug. 13
7% preferred (guar.)
$8 preferred (guar.)
*2
Sept. 1 *Holders of rec. Aug. 13
Distillers Co., Ltd.
Am,dep,rots. ord.reg. abs
•46o Aug. 7 *Holders of roe. July 6
Drug, Inc. (guar.)
$
334 Sept. 1 Holders of rec. Aug. 17a
Eastern Dairies, preferred
Aug. 10 Holders of rec. July 31
Ecuadorian Corp., ord. (guar.)
*60 Oct. 1 *Holders of rec. Sept. 10
Employers Group Assoc. (guar.)
•250 Sept.15 *Holders of rec. Sept. 1
Fidelity Invest. Assoc.(guar.)
*$1 Sept. 1 *Holders of rec. Aug. 25
Follansbee Bros., pref.(guar.)
*$1.50 Sept. 15 *Holders of rec. Aug. 31
Fuller (George A.) Co., prior pref.(qu.) $1.50 Oct. 1 Holders of rec. Sept.10
Participating second pref. (guar.). _-- $1.50 Oct. 1 Holders of ree. Sept. 10
*750 Sept.12 *Holders of rec. Aug. 15
General Motors, corn. (guar.)
*$1.2 Nov. 2 *Holders of tee. Oct. 5
$5 preferred (guar.)
•134 Oct. 1 *Holders Of rec. Sept. I
General Tire & Rubber, pref. (quar.)
Golden Cycle Corp. (guar.)
•
400 Sept. 10 *Holders of tee. Aug. 31
14( Oct. 1 Holders of rec. Sept. 1
Goodyear Tire & Rubber, 1st pf.
•134 Aug. 15 *Holders of tee. Aug. 4
Gosmold Mills, pref.(guar.)
• $1.625 Aug. 15 *Holders of rec. July 29
Guggenheimer & Co.(guar.)
Harbison-Walker Refrae., corn. (guar.). *25c. Sept. 1 *Holders of rec. Aug. 22
Preferred (guar.)
Oct. 29•
. .
*25e. Aug. 15 *Holders of tee. July 31
Hamilton Finance Serv. (guar.)
Hamilton Loan Society (extra)
•
7340. Aug. 15 *Holders of rec. July 31
*25c. Sept. 1 *Holders of rec. Aug. 15
Hart Carter Co., pref. (guar.)
Hathaway Bakeries, Inc., class A (0.) *75e. Sept. 1 *Holders of tee. Aug. 15
//walla sugar
.
•
30e. Aug. 15 *Holders of rec. Aug. 10
(monthly)
Hires (Charles E.) Co., corn. A (gust.).. 500. Sept. 1 Holders of rec. Aug. 15
Common A (qua".)
50e. Dec. 1 Holders of rec. Nov,14
Corn. B and management stock
Sept. 1 Holders of rec. Aug. 15
$1
"62340 Sept. 1 *Holders of rec. Aug. 18
Hobart Mfg.(guar.)
Homestake Mining (monthly)
*50e. Agu. 25 *Holders of rec. Aug. 20
•1
Hope Webbing (guar.)
Aug. 1 *Holders of rec. July 29
Horn dr Hardart of N. Y., pref.(guar.). '134 Sept. 1 *Holders of rec. Aug. 12
*1234e Sept. 1 *Holders of rec. Aug. 15
Imperial Oil, Ltd., (guar.)
25c. Oct. 15 Holders of rec. Sept.21
Incorporated Investors (guar.)
*$1.50 Sept. 1 *Holders of rec. Aug. 15
Instill Utility Invest.$6 pf.(0.)
International Milling, 1st pref.(guar.).. *141 Sept. 1 *Holders of rec. Aug. 20
Preferred A (guar.)
'134 Sept. 1 'Holders of rec. A7g. 20
10e. Sept.30 Holders of roe. Aug. 31
Internat. Nickel of Canada, corn. (qu.)_
International Silver, pref.-Dividend o mitted
Investment Trust of N. Y
*24c. Aug. 31 *Holders of rec. July 31
Collateral Trustee Shares
Kelvinator Co. of Canada, pref. (qu.)_. 134 Aug. 15 Holders of rec. Aug. 5
Keyes Fibre, Inc., class A.
-Dividend o mitted
*131 Sept. 1 *Holders of rec. Aug. 15
Kobacher Stores, pref. (guar.)
*134 Aug. 15 *Holders of rec. July 31
Lang Co., Ltd,, 7% pref.(guar.)
•154 Aug. 15 *Holders of rec. Aug. 14
La Salle & Koch, pref. (guar.)
234 Sept. I Holders of roe. Aug. 8
Ludlow Mfg.(Associates (guar.)
250. Sept. 1 Holders of rec. Aug. 17
Manhattan Shirt, corn. (guar.)
*30e. Sept. 3 *Holders of tee. Sept. 1
Marine Midland Corp.(guar.)
Metro-Goldwyn Pictures, pref.(gust.).. *473lc Sept. 15 *Holders of rec. Aug. 29
Metropolitan Paving Brick, core.(0.) *25e Sept. 1 *Holders of rec. Aug. 15
Preferred (guar.)
*144 Oct. 1 *Holders of tee. Sept. 15
Metropolitan Storage Warehouse (go.).. "$1 Aug. 14 *Holders of tee. July 14
Mississippi Val. Util. Invest., pf.(MO - *$1.75 Sept. 1 *Holders of rec. Aug. 15
Mt. Diablo 011 Min.& Dev.(qu.)
'Sc.Sept.21 *Holders of me. Aug. 24
• 86.550 July 31
Mutual Depositor Corp.(N0.1)
Mutual System Corp., 1st & 2nd pref - Divide nds omitted
Nashua Gummed & Ctd.Pap. corn.
500 Aug. 15 *Holders of tee. Aug. 8
(qu ) •
•134 Oct. 1 *Holders of rec. Sept.24
Preferred (gear.)
National Dairy Products, corn. (guar.). .65e Oct. 1 *Holden of rec. Sept. 3
,
Preferred A & 13 (guar.)
*134 Oct. 1 *Holders of roe. Sept. 3
National GYPSUM, pref
*5134 Oct. 1 *Holders of roe, Sept. 15
National Refining, pref.(guar.)
*2
Oct. 1 *Holders of rec. Sept. 15a
Naval Stores Invest
*30e. Aug. I *Holders of rev, July 29
Newport Co.(guar.)
*25c. Sept. 1 *Holders of rec. Aug. 25
New York Bank Trust Shares
• 13.950 Aug. 15
Noma Electric Co.(guar.)
*10o. Aug. 1
Parker Rust Proof, common (gust.).... "750. Aug. 20 *Holders of rec. Aug. 10
Phoenix Hosiery, 1st & 2d pref.quar.)
"14 Sept. I *Holders of rec. Aug. 18
Phoenix Securities, pref. (guar.)
*750. Sept. 1 *Holders of rec. Aug. 20
Pillsbury Flour Mills, Inc., corn.(guar.).
60c. Sept. 1 -Holders of tee. Aug. 15
Pines WInterfront Co.(guar.)
*25e. Sept. 1 *Holders of roe. Aug. 17
Pittsburgh Steel, pref.-Dividend omItt ed.
Pittsfield Coal Gas (guar.)
*2
Aug. I *Holders of rm. Aug. I
Providence Mortgage (guar.)
*75e. Aug. 1 *Holders of rec. July 28
Oulssett Mill (guar.)
1
Aug. 15 Holders of reo. Aug. 5
Railway & Utility Invest. Corp.
$3.50 preferred (guar.)
*4334it Sept. I *Holders of rec. Aug. 15
$3 preferred (guar.)
"37340 Sept. 1 *Holders of rec. Aug. 15
•1% Beet.15 *Holders of ree. Aug. 31
Reliance Grain, pref. (guar.)
Rich Ice Cream (guar.)
"50e. Aug. 1 *Holders of rec. July 15
•444 Sept. 1 *Holders of rect. Aug. 15
Rolland Paper Co., Ltd.,6% pf.(qu)
_
Sargent & Co.(guar.)
•
25e. Aug. 15 *Holders of ree. Aug. 0
•15.‘ Aug. 15 *Holders of tee. Aug. 5
Preferred (guar.)
Second Investors Corp.. prior pref.(gu.) *75e. Sept. 1 *Holders of rec. Aug. 15
Convertible Pref.(guar.)
'
3734c Sept. 1 *Holders of rec. Aug. 15
Secur. Invest, Corp. R.I., Pref.(qu.).- - *750. Sept. 1 *Holders of roe. Aug, 15
Convertible pref. (guar.)
*3734e Sept. 1 *Holders of rec. Aug. 15
Simon (H.) dr Sons, Ltd.(Montreal)
Common (guar.)
6234e. Sept. 1 Holders of rec. Aug. 20
Preferred (gnat.)
134 Sept. 1 Holders of rec. Aug. 20
AUG. 8 1931.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Concluded).
Simon (Franklin, & Co., pref. (guar.)__ *19i Sept. 1 *Holders of rec. Aug. 17
Aug. 15 *Holders of rec. Aug. 13
Sioux City Stock Yards, corn. (quar,)__.. *2
Aug. 15 "Holders of rec. Aug. 13
*2
Preferred (guar.)
*40c. Sept. 15 *Holders of rec. Aug. 21
Socony-Vacuum Corp.(No. 1)
*500. Aug. 1 *Holders of rec. Ju y 29
Southington Hardware
25c. Oct. 15 Holders of rec. Sept.30
Spalding (A. G.) & Bros., corn. (qu.)
114 Sept. 1 Holders of rec. Aug. 20
First preferred (guar.)
2
Sept. 1 Holders of rec. Aug. 20
Second preferred (guar.)
Spear & Co., first and second pref.(qu.) *1% Sept. 1 'Holders of rec. Aug. 15
62 35c. Sept. 15 Holders of rec. Aug. 15
Standard Oil of Calif. (guar.)
*25e. Sept. 15 *Holders of rec. Aug. 15
Standard 011 (Indiana) (guar.)
500. Sept. 21 Aug. 28
to Sept.21
Standard Oil (Nebraska) (guar.)
25c. Sept. 15 Holders of rec. Aug. 17
Standard Oil (N. J.), $25 par (qu.)___ _
25e. Sept. 15 Holders of rec. Aug. 17
$25 par (extra)
1
Sept. 15 Holders of rec. Aug. 17
$100 par (guar.)
Sept. 15 Holders of ree. Aug. 17
1
$100 par (extra)
750. Sept. 1 Holders of rec. Aug. 14
Sterling Securities, 1st pref. (guar.)
6% preferred-Dividend passed.
525c. Sept. 1 *Holders of rec. Aug 15
Stix, Baer & Fuller, core.(guar.)
Strawbridge & Clothier, pref. A (quar.)_ el% Sept. 1 *Holders of rec. Aug. 15
s134 Aug. 15 *Holders of rec. Aug. 4
Struthers Wells-Titusville, pf. (quar.)
Sun Glow Industries, common-Dividen d omit ted.
114 Sept. 1 Holders of rec. Aug. 20a
Timken Detroit Axle, pref. (guar.)
Timken Roller Bearing (guar.)
*50c. Sept. 15 *Holders of rec. Aug. 20
Trustee Standard Oil Shares
*300. Sept. 1
Series B
40c. Sept. 1 Holders of rec. Aug. 15
Union Tank Car (guar.)
"75c. Sept. 1 *Holders of rec. Aug. 16
United Chemicals. pref. (guar.)
*50e. Sept. 1 'Holders of rec. Aug. 15
United Milk Crate, class A (guar.)
Un. Wall Paper Factories, pr. p1. (am.). *134 Sept. 1 *Holders of ree. Aug. 21
*51.75 Sept. 1 'Holders of rec. Aug. 21
$7 preferred (guar.)
Sc. Aug. 15 Holders of rec. July 31
U.S. El. Lt. & Pr. Shs. series B (guar.)_
•
Unity Cotton Mills (guar.)
734 Aug. 1 *Holders of rec. July 15
Universal Winding Co. prof. (guar.).- •135 Aug. 1 *Holders of rec. July 20
'
Aug. 15 *Holders of rec. Aug. 7
Utica Steam & Mohawk Val. Cm. M (qu) *1
*$1.25 Aug. 1 *Holders of rec. Aug. 10
Vapor Car Heating, common (guar.)
1% Sept. 17 *Holders of rec. Sept. 8
Valvoline Oil, common (guar.)
Wagner Electric Co., com. (guar.)
*3735c Sept. 1 *Holders of rec. Aug. 15
"600. Aug. 31 *Holders of rec. Aug. 20
Walalua Agricultural Co. (guar.)
*2
Watab Paper, pref. (quar.)
Aug. 15 *Holders of rec. Aug. 15
250. Aug. 31 Holders of rec. Aug. 15
Welch Grape Juice, common (quar.)---250. Aug. 31 Holders of rec. Aug. 15
Common (extra)
131 Aug. 31 Holders of rec. Aug. 15
Preferred (guar.)
Western Auto Supply, corn. A & B (qu.)73e. Sept, 1 Holders of rec. Aug. 20
Whittenton Mfg., pref.-Div. omitted.
Wilcox & Gibbs Sewing Mach
$1.25 Aug. 15 Aug. 8 to Aug. 15
2
Will & Baumer Candle, pref. (quar.)__ _ _
Oct. 1 Holders oi rec. Sept. 15
*75c. Aug. 1 *Holders of rm. July 24
Zeeb (John J.) & Co., Inc
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding tables
Name of Company.
Railroads (Steam).
Alabama Great South., ordinary pref.-Preferred (extra)
AU/h. Topeka & Santa Fo, corn.(quar.)_
Atlanta & Charlotte Air Line Ry
Baltimore & Ohio,corn.(guar.)
Preferred (guar.)
Bangor & Aroostook, coin.(guar.)
Preferred (guar.)
Boston & Providence (guar.)
Central RR. of N. J. (guar.)
Cincinnati Union Terminal, pref.(au.)_.
Preferred (guar.)
Cleveland & Pittsburgh, reg. guar.(qu.)
Special guarantee (guar)
Delaware & Hudson Co.(guar.)
Georgia RR.& Banking (guar.)
Quarterly
Hudson & Manhattan. pref
Illinois Central, com.(guar.)
Preferred
Internat. Rys. of Cent. America, pt.(qu)
_
Louisv. Henderson & St. Louis, corn
Preferred
Louisville & Nashville, common
Maine Central, pref.(quar.)
Missouri
-Kansas-Texas. Prof. A (qM.).
Now Orleans Texas & Mexico (quar.)Norfolk & Western, corn.(guar.)
Adjustment pref.(quar.)
Oswego dr Syracuse
Pennsylvania RR.(guar.)
Pennroad Corp
Reading Company, common (quar.)
First preferred (guar.)
Second preferred (guar.)
at. Louis-San Frawisco.8% pref.(qu.)_
United N.J. Kit.& Canal (guar.)
Utica Clinton dc Binghamton
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
$2
Aug. 15 Holders of rec. July 10
$1.50 Aug. 15 Holders of rec. July 10
235 Sept. 1 Holders of rm. July 31a
*434 Sept. 1 *Holders of ree. Aug. 20
1% Sept. I Holders of ree. July 18a
1
Sept. 1 Holders of rec. July 18a
88e. Oct. 1 Holders of rec. Aug. 31
131 Oct. 1 Holders of rec. Aug. 31
.
0234 Oct. 1 *Holders of rec. Sept. 19
2
Aug. 15 Holders of rec. Aug. 50
*1% Oct. 1 *Holders of rec. Sept. lb
5134 Jan.1'32'Holders of rec. Dec. 19
8735c Sept. 1 Holders of ree. Aug. 10a
50c. Sept. 1 Holders of rec. Aug. 10a
234 Sept.21 Holders of rec. Aug. 28a
2% Oct. 15 Holders of rec. Oct. 1
234 JanI5'32 Holders of rec. Jan. 1
234 Aug. 15 Holders of rec. Aug. la
1
Sept. 1 Holders of rec. Aug. 7a
3
Sept. 1 Holders of rec. Aug. 7a
1% Aug. 15 Holders of rec. July 31a
*4
Aug. 15 *Holders of rec. Aug. 1
*2.35 Aug. 15 *Holders of rec. Aug. 1
2% Aug. 10 Holders of ree. July 15a
134 Sept. 1 Holders of rec. Aug. 15
111 Sept.30 Holders of rec. Sept. 50
1% Aug. 31 Holders of rec. Aug. 14a
235 Sept.19 Holders of rec. Aug. 31a
1
Aug. 19 Holders of rec. July 31a
*52.25 Aug. 20 *Holders of rec. Aug. 8
75e. Aug. 31 Holders of rec. Aug. la
200. Sept. 15 Holders of ree. Aug. 14a
Aug. 13 Holders of ree. July 160
51
50c. Sept.10 Holders of rec. Aug. 200
505. Oct. 8 Holders of reo. Sept. 17a
135 Nov..2 Holders of roe. Oct. la
•235 Oct. 10 *Holders of rec. Sept. 19
•134 Aug. 10'Holders of ree. July 31
Public Utilities.
Alabama Power, $7 pref. (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 15
$6 preferred (quar.)
51.50 Oct. 1 Holders of ree. Sept. 15
$5 preferred (guar.)
$1.25 Nov. 2 Holders Of rec. Oct. 15
Allentown-Bethlehem Gas, pref. (qu.) *87350 Aug. 10 *Holders of rec. July 31
441.50 Aug. 15 *Holders of rec. Aug. 1
Amer. Gas& Power. $6 pref.(quar.)
Amer. Water Wks.& Elm.
$1.50 Oct. 1 Holders of rec. Sept. lla
543 let preferred (guur.)
Associated Gas & Elec., $6 pref. (quar.)_ $1.50 Sept. 1 Holders of rm. July 31
81.625 Sept. 1 Holders of rec. July 31
$6.50 preferred (quar,)
$1.25 Sept.15 Holders of rec. Aug. 14
$5 preferred (guar.)
Associated Telep. Utilities, corn.(qu.)
Oct. 15 Holders of rec. Sept. 30
$1.50 Oct. 1 Holders of ree. Sept. 15
$8 cony. pref., series A (guar.)
$1.50 Sept.15 Holders of rec. Aug. 31
28 cum. prior Prof. (guar.)
$1.75 Sept. 15 Holders of ree. Aug. 31
$7 cum. prior pref.(quar.)
25c. Sept. 1 Holders of rec. July 31
Brazilian TO.. L. & P., ord. (quar.)- _
Bridgeport Gas Light (quar.
•60c. Sept. 30 *Holders of rec. Sept. 16
*2
Sept. 1 *Holders of ree. Aug. 11
Brooklyn Edison Co. (guar.)
Bklyn-Manhat. To., pref. A (quar.)
51.50 Oct. 15 Holders of rec. Oct. to
Preferred series A (guar.)
$1.50 Jan15'32 Holders of rec. Doe. 31a
Preferred series A (quar.)
$1.50 4/15/32 Holders of ree. Aprl'3'a
5194 Aug. 15 *Holders of rec. July 31
California Water Service, pref.(quar.)_
20e. Oct. 26 Holders of rec. Sept. 30
Canada Northern Power. corn. (guar.)-131 Oct. 15 Holders of rec. Sept.30
Preferred (guar.)
Canadian Hydro-Elec. Corp., pref.(Mi.) 134 Sept. 1 Holders of rec. Aug. la
*me, Aug. 15 *Holders of rec. July 31
Cedar Ranids Mfg. & Power (quar.)
Cent, Mass. Light & Power, COM
*500. Aug. 31 *Holders of rec. July 16
*134 Aug. 15 *Holders of ree. July 31
Preferred (guar.)
Central Miss, Val. Elec. Prop.. p1.(qu.) '135 Sept. 1 *Holders of rec. Aug. 15
$1.75 Aug. 15 Holders of rec. July 31
Cent. & S. W. UM..87 pref.(quar.)_
$7 prior lien preferred (guar.)
$1.75 Aug. 15 Holders of rec. July 31
$1.50 Aug. 15 Holders of rec. July 31
$6 prior lien Prof. (guar.)
Central States Electric Corp.
134 Oct. 1 Holders of rec. Sept. 5
7% pref. issues of 1912 (guar.)
135 Oct. 1 Holders of rec. Sept. 5
8% preferred (quA
Cony.Prof. opt. see ler.1928 (guar.)._ _ (1) Oct. 1 Holders of ree. Sept. 5
Cony. pref. opt. aches 1929 (quar.).... (1) Oct. 1 Holders of rec. Sept. 5
Cent. Vermont Pub. Sore.,$6 pref.(qu.) $1.50 Aug. 15 Holders of rec. July 31
atlas Service Pow.& Lt.$7 p1.(guar.)_ 581-30 Aug. 15 Holders of rm. Aug. la
500. Aug. 15 Holders of ree. Aug. la
$6 preferred (guar.)
41 2-3,3 Aug. 15 Holders of rec. Aug. la
$5 preferred (guar.)
581-30 Sept. 15 Holders of rec. Sept. 1
$7 preferred (guar.)
500 Sept. 15 Holders of ree. Sept. 1
$6 preferred (quar.)
414-30 Sept. 15 Holders of rec. Sept. I
$5 preferred (guar.)
Name of Company.
907
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Corafris.4)
Chester Water Service, pref.(MON A
1.37% Aug. 15 Holders of rec. Aug. 5
Cleveland Elec. Ilium., pref. kquar.)--- 134 Sept. 1 Holders of rec. Aug. 150
50e. Aug. 15 Holders of rec. July 250
Columbia Gas & Elm.. corn. (quar,).._,.
135 Aug. 15 Holders of rec. July 20a
6% preferred (guar.)
1% Aug. 15 Holders of rec. July 20a
5% preferred (guar.)
10c. Sept. 1 Holders of roe. Aug. 7a
Commonwealth & So. Corp.. corn.(qu.).
$6 preferred (quar.)
$1.50 Oct. 1 Holders of rec. Sept. 4a
Community Water Service, 1st p1.(qu.)_ $1.75 Sept. 1 Holders of rec. Aug. 20
et% Aug. 15 *Holders of rec. July SO
Concord Gas, pref. (Ouar.)
Connecticut Light & Power,corn.(guar.) *131 Sept. 1 *Holders of rec. Aug. 15
% preferred (guar.)
*135 Sept. 1 *Holders of rec. Aug. 15
534% preferred (guar.)
*135 Sept. 1 'Holders of rec. Aug. 15
Connecticut Ry.& Lt., corn.& pt.(qu.). I% Aug. 15 Aug. 1 to Aug. 111
Consol. Gas of N. Y. corn, (quar.)
Sept.15 Holders of rec. Aug. ha
$1
Consol. Gas, Elec., Li. & Pow.(Bait.)
Common (guar.)
•90c Oct. 1 *Holders of ree. Sept. 15
*1% Oct. 1 *Holders of rec. Sept. 15
5% Preferred series A (guar.)
6% preferred series D (guar.)
•1% Oct. 1 *Holders of rec. Sept. 15
535% preferred series E (guar.)
*135 Oct. 1 *Holders of rec. Sept. 15
Consumers Power, 7% pref.(quar.)_... 131 Oct. 1 Holders of rec. Sept. 15
6.6% preferred (guar.)
$1.65 Oct. 1 Holders of rec. Sept. 15
6% preferred ((guar.)
1% Oct. 1 Holders of rec. Sept. 15
$5 preferred (guar.)
$1.25 Oct. 1 Holders of rec. Sept. 15
6% preferred (monthly)
50c Sept. 1 Holders of rec. Aug. 15
6% preferred (monthly)
50c Oct. 1 Holders of rec. Sept. 15
6.6% preferred (monthly)
55c Sept. 1 Holders of rec. Aug. 15
6.6% preferred (monthly)
55c Oct. 1 Holders of rec. Sept. 15
East Kootenay Power Co., pref. (quar.) *111 Sept. 15 *Holders of rm. Aug. 30
Eastern Utilities Associates, cons. (qu,).
50e Aug. 15 Holders of ree. July 17
Empire Dist. Et. Co.,6% p1. (mthly.).
500 Sept. 1 Holders of rec. Aug. 15a
Empire Gas& Fuel Co.,8% of.(mthly.)_ 66 2-3c Sept. 1 Holders of rec Aug. 150
58 1-3e Sept. 1 Holders of rec. Aug. 150
7% preferred (monthly)
54 1-6e Sept. 1 Holders of rec. Aug. 150
634% preferred (monthly)
Sept. 1 Holders of rec. Aug. 150
50
6% preferred (monthly)
European El Corp., Ltd., corn A& B(qu.)
15e. Aug. 15 Holders of rec. July 31
Federal Power & Light, pref.(guar.)
•135 Aug. 15 *Holders of rec. July 31
Federal Water Service, class A (quar.)
300. Sept. 1 Holders of ree. Aug. 6a
Gas & Elm. Securities Co., corn.(mtely.)
500. Sept. I Holders of rm. Aug. 15a
Corn. (payable in corn, stock)
IN Sept. 1 Holders of ree. Aug. 15a
581-3c Sept. 1 Holders of rec. Aug. 120
Preferred (monthly)
Gas Securities Co.. corn. (monthly)._
p% Sept. 1 Holders of rec. Aug. 15a
Preferred (monthly)
550. Sept. 1 Holders of rec. Aug. 15a
51.50 Aug. 15 Holders of rec. July 30
Georgia Pow.& Lt., $6 pref.(guar.)
4
Oct. 5 Holders of rec. Sept.25
Hannibal Bridge
Extra
35 Oct. 5 Holders of rec. Sept.25
Havana Elec. & Utilities, cum. pref.(qu.) $1.25 Aug. 15 Holders of ree. July 18
134 Aug. 15 Holders of rec. July 18
First preferred (guar.)
"111 Aug. 10 *Holders of roe. July 31
Ilium. & Power Secur., Corn.(quar.)
*134 Aug. 14 *Holders of rec. July 31
Preferred (guar.)
Indianapolis Water,5% pref. A (guar.)_194 Oct. 1 Holders of rec. Sept. 12a
Interstate Public Service, $6 pref. (qu.)- *$1.50 Aug. 15 *Holders of rec. July 31
Kentucky Utilities
ref.(guar.)._ 58745c Aug. 20 *Holders of rec. Aug. 1
Sept. 1 *Holders of rec. Aug. 19
Keystone Telephone.
Co..14 pref. (guar.)._ *81
131 Sept. 1 Holders of rec. Aug. 20
Lexington Water Co., pref. (guar.)
*$3.50 Sept.30 *Holders of ree. Sept. 30
Lockhart Power, preferred
Los Angeles Gas & Elec., pref.(guar.)._ '134 Aug. 15 *Holders of rec. July 31
Luzerne Co. Gas & Elec.. $7 pl. (guar.) *131.75 Aug. 15 *Holders of rec. July 31
*$1.50 Aug. 15 *Holders of rec. July 31
$6 preferred (guar.)
Aug. 15 Holders of roe. July 155
Middle West Utilities. coin. (quar.)
12
cc $1.50 Aug. 15 Holders of ree. July 15
$6 preferred (guar.)
Milwaukee Elec. Ky. & Light
'13-4 Sept. 1 *Holders of rec. Aug. 15
6% pref.. series of 1921 (guar.)
Monmouth Consol. Water, pref.(guar.)_ •1,‘ Aug. 15 *Holders Of rec. Aug. 1
Monongahela West Penn Pub. Sore.
4334e Oct. 1 Holders of rec. Sept. 15
7% preferred (quar.)
Mount Holly Water
560e. Oct. 1 *Holders of rec. Sept. 9
*8e. Aug. 31 *Holders of rec. Aug. 18
Mutual Telep.(Hawaii) (monthly)
25c. Sept. 1 Holders of rec. Aug. 8a
National Power & Light,common (qu.)_
40c.. Sept. 15 Holders of rec. Aug. 27
National Public Service, corn. A (quar.)_
40e. Sept. 1 Holders of rec. Aug. 10
Common B (guar.)
8735e Sept. 1 Holders of rm. Aug. 10
preferred (guar.)
83.50
New Rochelle Water, pref. (guar.)
111 Sept. 1 Holders of rec. Aug. 20
New York Steam Corp., corn, (guar.)._ *65e. Sept. 1 *Holders of ree. Aug. 15
North American Co., common (guar.)._ 1234 Oct. 1 Holders of rec. Sept. 5a
Preferred (guar.)
750. Oct. 1 Holders of rec. Sept. 5a
North American Edison, Prof.(guar.).- - $1.50 Sept. 1 Holders of rec. Aug. 150
North Amer. Light & Power, corn.(o.) .12
!Aug. 15 Holders of rm. July 20
*51.50 Oct. 1 *Holders of rec. Sept. 19
Preferred (guar.)
North West Utilities. pref.(guar.)
134 Aug. 15 Holders of rec. July 31
Northern Ontario Power, corn.(guar.)._
500. Oct. 26 Holders of rec. Sept. 30
6% preferred (guar.)
134 Oct. 26 Holders of rec. Sept. 30
Nova Scotia Light dc Power, pref.(guar.) *134 Sept. 1 *Holders of rec. Aug. 15
Ohio Public Service. 7% pref.(mthly.). 581-30 Sept. 1 Holders of rec. Aug. 1542
6% preferred (monthly)
5
Sept. 1 Holders of rec. Aug. 154
5% preferred (monthly)
41 2-3c Sept. 1 Holders of rec. Aug. 1542
Pacific Gas & Elec.. 6% pref.(guar.)._ - *3734c Aug. 15 'Holders of rec. July 31
*3435c Aug. 15 *Holders of ree. July 31
534% Preferred (guar.)
Pacific Lighting, corn. (guar.)
75e. Aug. 15 Holders of rec. July 200
•134 Aug. 15 *Holders of rec. Aug. 5
Peninsular Telephone, prof.(guar.)
550. Sept. I Holders of rec. Aug. Si)
Pennsylvania Power.$6.60 pref.(m'thly)
$1.50 Sept. I Holders of rec. Aug. 20
$6 preferred (quar.)
Pennsylvania State Water, pref. (qu.).. $1.75 Sept. 1 Holders of rec. Aug. 20
50e. Oct. 1 Holders of ree. Sept.100
Philadelphia Elec. Power. 8% pf. (qu.)
Phila. Suburban Water Co., pref.(guar.) 134 Sept. 1 Holders of rec. Aug. 120
Pittsburgh Suburban Water, pf. (guar.) 51.375 Aug. 15 Holders of rec. Aug. 5
50c. Aug. 20 Holders of ree. July 31
Power Corp. of Canada. corn.(quar.).__
135 Oct. 15 Holders of ree. Sept. 30
8% preferred (guar.)
6% participating preferred (quar.) . 750. Oct. 15 Holders of rec. Sept.30
•750. Aug. 1 *Holders of rec. July 20
Princeton Water (guar.)
Pu bit Serv. Co.of Colo.,7% pf.(mthlY.) 58 1-3e Sept. 1 Holders of rec. Aug. 15a
50c. Sept. 1 Holders of rec. Aug. 150
6% preferred (monthly)
41 2-3c Sept. 1 Holders of rec. Aug. 150
5% preferred (monthly)
$1.50 Aug. 15 Holders of rec. July 31
Public Sore, of Ind.$6 pref.(guar.)
85e Sept. 30 Holders of rm. Sept. la
Public Service Corp. of N.J. corn,(On.).
2
Sept. 30 Holders of rec. Sept. Is
8% preferred (guar.)
134 Sept.30 Holders of ree. Sept. la
7% preferred (guar.)
$1.25 Sept. 30 Holders of rm. Sept. la
$5 preferred (guar.)
50e Aug. 31 Holders of rec. Aug. la
6% preferred (monthly)
50o Sept. 30 Holders of ree. Sept. la
6% preferred (monthly)
Rochester Gas & Elec., 7% p1. B (qu.) "131 Sept. 1 *Holders of roe. July 31
0134 Sept. 1 *Holders of rec. July 31
6% preferred series C (guar.)
•135 Sept. 1 *Holders of rec. July 31
6% preferred series D (guar.)
Brook Water Service
Scranton-Spring
51.50 Aug. 15 Holders of rec. Aug. 5
56 preferred (guar.)
51.25 Aug. 15 Holders of ree. Aug. 5
0u
85 preferred (per.)
.
•131 Aug. 10'Holders of rm. July 31
(guar.)Sioux City
Elm..
South Pittsburgh Water.5% Pref.(qu.). I34 Aug. 19 *Holders of ree. Aug. 8
Southeastern Mass. Pow.& Elec.(guar.) *630. Aug. 15 *Holders of ree. July 200
50o. Aug. 15 Holders of rec. July 16
Southern Calif. Edison, corn (guar.)Southern Calif. Gas Corp., 563-4 pl.(qu.) 51.625 Aug. 31 Holders of rec. July 31
25e. Aug. 15 Holders of rec. July 31
Southern Canada Power, eons. (quar.)_.
134 Oct. 15 Holders of rm. Sept. 19
6% preferred (guar.)
500. Aug. 25 Holders of ree. July 31
Southern Colorado Power, corn. A (MI.)
Springfield City Water. pref. A (guar.)-- *51.75 Oct. 1 *Holders of rec. Sept. 20
02
Aug. 15'Holders of roe. Aug. 8
Stamford Water Co.(guar.)
50o. Sept. 1 Holders of rm. Aug. 11
Standard Pow.& Lt., eons.& eons. B(111)
50c. Aug. 15 Holders of rec. July 24
Tampa Electric Co.. corn.(guar.)
(1) Aug. 15 Holders of rec. July 24
Com.(2-100ths sh. common stock)....
111 Aug. 15 Holders of rec. July 24
Preferred series A (quar.)
134 Oct. 1 Holders of rec. Sept. 15
Tennessee Elea. Pow.,5% 1st pf.
1% Oct. 1 Holders of rec. Sept. 15
6% first preferred (guar.)
111 Oct. 1 Holders of rec. Sept. 15
7% first preferred (guar.)
1.80 Oct. 1 Holders of ree. Sept. 15
7.2% first preferred (0d50 )
'
50o. Sept. 1 Holders of rec. Aug. 15
8% first preferred (monthly)
50c. Oct. 1 Holders of roc. Sept. 15
6% first preferred (monthly)
600.113ept. 1 Holders of rm. Aug. 15
7.2% first preferred (monthly)
600. Oct. 1 Holders of rm. Sept. 15
7.2% first preferred (monthly)
Underground Elec. Rys. of London
lAug. 11 *Holders of ree. July 10
Amer. dep. rcts. ord. reg. (Interim)._ *3
1834c. Oct. 1 Holders of rec. Sept. 4a
United Corporation. com.(guar.)
75c. Oct. 1 Holders of rec. Sept. 4a
Preferred (guar.)
908
[Vol.. 133.
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Mosel.
Days Inclusive.
Public Utilities (Concluded)
United Gas Improvement. corn. (guar.).
300. Sept. 30 Holders of
$5 preferred (quar.)
$1.25 Sept. 30 Holders of
United Pr. ez Lt.(Kan.), pref. (guar.)... •134 Sept. 1 'Holders of
West Penn. Elec. Co., 7% pref. (quar.). 134 Aug. 15 Holders of
134 Aug. 15 Holders of
8% preferred (quar.)
'Western Continental Util., cl. A (qu.)_* p32340 Sept. 1 *Holders of
Williamsport Water 56 pref. (quar.)
$1.50 Sept. I Holders of
Trust Companies.
Federation Bank & Trust (gum.)
Quarterly
Fire Insurance.
Bronx Fire (quar.)
Pacific Fire (quar.)
insurance.
North River Ins.(quar.)
3
a
rec. Aug. 31a
rec. Aug. 31a
rec. Aug. 15
rec July 200
rec. July 205
rec. Aug. 10
rec. Aug. 20
Sept.30 Fielders of roe. Sept. 30
Dec. 31 Holders of rec. Dee. 31
Aug. 15 *Holders of rec. July 31
.51
$1.50 Aug. 10 Holders of rec. Aug 8
50e. Sept. 10 Holders of tea. Sept. I
Miscellaneous
•334 Aug. 10 *Holders of res. July 31
Acme Farmers Dairy, Ltd.. pre
Agnew-Surpass Shoe Stores, pf. (qu.)
135 Oct. 1 Holders of rec. Sept. 15
2
Aug. 10 Holders of rec. July 31
Alaska Packers Assn. (quar.)
be. Aug. 18 Holders of rec. July 3Ia
Allegheny Steel common (monthly)
•134 Sept. 1 *Holders of roe. Aug. 15
Preferred (quar.)
Dec. 1 *Holders of rec. Nov. it
Preferred (quar.)
Alliance Realty. Preferred (quar.)
1% Sept. I Holders of red Aug 20
134 Dee. 1 Holders of roe Nov 20
Prefernxi (quar 1
Allis-Chalmers Mfg. corn. (quar.)
50c. Aug. 15 Holders of rec. July 240
Aluminum Manufactures, Inc.. oom.(qui •
500. Sept.30 *Holders of rec. Sept. 16
Common (guar.)
*50e. Dee. 31 *Holders of rec. Dec. 15
•1M Sept. 30 'Holders of roe. Sept. 18
Preferred (quar.)__
•141 Dee. Si *Holders of ree. Dee. 15
Preferred (guar.)
Amer. Bank Note, common (quar.)
50c. Oct. 1 Holders of rec. Sept. 10a
Preferred (quar.)
75c. Oct. I Holders of rec. Sept. 10a
$1
American Can, common (quar.)
Aug. 15 Holders of rec. July 31a
•1 Sept. 1 *Holders of rec. Aug. 21
American Envelope, 7% prof. qu/ar.)Dee. 1 *Holders of roc Nov 28
7% prefened (Soar.)
Amer. European Securities, pref. (guar.) $1.50 Aug. 14 Holders of rec. July 31
American Factors(monthly)_
•15c. Aug. 10 *Holders of rec. July 30
Amer. Hawaiian Steamship, (quar.)
25e. Sept. 30 Holders of rec. Sept. lba
Quarterly
25e. Dec. 31 Holders of red. Dec. 16a
American Home Products(monthly)
35c. Sept. I Holders of rec. Aug. 140
Monthly
35c. Oct. I Holders of rec. Sept. 140
American Hosiery (guar.)
*50c. Sept. 1 *Holders of rec. Aug. 25
American Ice, preferred (quar.)
51.50 Oct. 26 Holders of rec. Oct. 2a
American Investors, Inc., pref. (guar.). .
75c. Aug. 15 *Holders of rec. July 31
Amer. Laundry Machinery (Soar.)
*50c. Sept. 1 *Holders of rec. Aug. 20
American Metal, pref. (quar.)
1% Sept. 1 Holders of rec. Aug.d2I a
American Optical Co., lot pref.((quer.). 1% Oct. 1 Holders of roe. Sept. His
First preferred (quar
154 Dec. 81 Holders of rec. Dee. 20a
American Radiator & Standard
Sept. 30 Holders of roe. Sept. lb a
Sanitary Corp., common (quar.)
Sept. 1 Holders of rec. Aug. 15a
Preferred (quar.)
Aug. 15 Holders of rec. July 31
Amer. Re-Insurance Co. (guar.)
Sept. 1 Holders of rec. Aug. 7a
Amer. Smelting & Refining. Pref. (qu.)
Second preferred (quar.)
Sept. 1 Holders of rec. Aug. 7a
Oct. 1 Holders of rec. Sept. 157
American Stores Co.(quar.)
Amer. Sugar Refg. corn. (quar.)
Oct. 2 Holders of rec. Sept. 5a
Oct. 2 Holders of rec. Sept. fm
Preferred (quar.)
American Tobacco, corn. & corn. B (qu.)
Sept. I Holders of rec. Aug. 10a
Anaconda Copper Mining (guar.)
Aug. 17 Holders of rec. July lb
AnacondaWire dr Cable (quar.)
Aug. 10 Holders of rec. July 11.
Artloom Corp., preferred (quar.)
Sept. 1 Holders of rec. Aug. ha
Aspinook Co.(guar.)
Oct. 15 *Holders of ree. Oct. 8
Associated Dry Goods, 1st pref.(mt.) _
Sept. 1 Holders of rec. Aug. 14a
Second preferred (guar.)
Sept. 1 Holders of rec. Aug. 14a
Associated Rayon, cony. pref. (quar.)
Sept. 1 *Holders of rec. Aug. 25
Atlantic Gulf & W.1. ELS. Lines. pt.(qu.)
Sept. 30 Holders of rec. Sept. 100
Dec.30 Holders of red Dec. Illa
Preferred (guar.)
Automatic Voting Mach., panic. stock_
Aug. 15 Holders of rec. Aug. 3
Babcock & Wilcox (Soar.)
Oct. I *Holders of rem. Sept. 20
Balaban & Katz, common (attar.)
Oct. 3 *Holders of rim. Sept. 15
•154 Oct. 3 *Holders of rec. Sept. 15
Preferred (quar.)
1% Sept. 1 Holders of rec. Aug. 140
Bamberger (L.) & Co.,6%% pf.(quar.)_
Bankers investment Trust of America •15o. Sept.30 *Holden of roe. Sept. 18
Debenture stock ((mar.)
•15c. [Sec. 31 *Holders of rec. Dec. 18
Debenture stock ((Mar.)
Baumann (Ludwig) & Co., let pf. (qu.). 1% Aug. 15 Holders of rec. Aug. 1
Beacon Mfg.. common and pref. (quar.). •1t6 Aug. 15 *Holders of rec. July 31
75c. Oct. 1 Holders of rec. Sept. 12a
Beech-Nut Packing, corn. (quar.)
$1
Aug. 15 Holders of ree July Its
Bethlehem Steel, corn. (quar.)
50c. Nov. 14 Holders of rec. Oct. 16a
Common (guar.)
1% Oct. I Holders of rec. Sept. 4a
7% preferred (guar)
50c. Aug. 15 Holders of rec. Aug. 1
Blauner's, Inc., common (guar.)
•75c. Aug. 15 *Ilolders of rec. Aug. 1
Preferred (quar.)
Oct. 1 Holders of rec. Sept. 20
Bliss (E. W.) Co.,corn.(pay. In comstk) f
2
Bloch Bros. Tobacco. COM.(anat.)
•37Sio Aug. 15 *Holders of rec. Aug. 10
•37Fic Nov. 18 *Holders of rec. Nov. 10
Common (quar.)
•1% Sept. 30 *Holders of rec. Sept. 24
Preferred (attar.)
•1% Dec. 31 *Holders of rec. Dec. 24
Preferred (guar-)
dd Sept. 1 Holders of rec. Aug. 5
Blue Ridge Corp., pref. (guar.)
Oct. 30 Holders of rec. Oct. 157
$1
Bon Am! Co., corn. class A (quar.) _ _ _
50c. Oct. 1 Holders of rec. Sept. 24
Class B (quar.)
$1.25 Aug. 15 Holders of rem. Aug. 5
Bond & Mortgage Guarantee (quer.).75c. Sept. 1 Holders of roe. Aug. 15a
Borden Co. (guar.)
$I
Aug. 15 Holders of rec. July 31
Boss Manufacturing, common (guar.)._
*51.75 Aug. 15 *Holders of rec. July 31
Preferred (quar.)
*68 Mc Aug. 15 *Holders of rec. Aug 1
Bouriels, Inc., pref. (quar.)
Bovril, Ltd.
4
Am. dep, rcts. for ord. reg. shares_.. *w35 Sept. 5 *Holders of rec. July 22
•tc5 Sept. 5 *Holders of roe. July 22
Am.dep. rots. for def. reg.shares
•25c. Sept. 1 *Holders of rec. Aug. 14
Bower Roller Bearing (quar.)
0$1 Sept. 1 *Holders of rem. Aug. 20
Brennan Packing • M. A (ama.)
Dee. 1 *Holders of rec. Nov. 20
*51
Class A (friar.)
•250. Sept. 1 *Holders of roe. Aug. 20
Clam B (quar.)
•25o. Dee. 1 *Holders of rec. Nov. 20
Class B (quar.)
'Sc. Aug. 31 *Holders of rec. July 31
British Type Investors. class A
.25c. Aug. 15 *Holders of rec. Aug. 1
4
Buck Fillls Falls(quar.)
Sept.15 Holders of roe. Aug. 21
Buckeye Pipe Line (guar.)
$1
Oct. 1 'Holders of roe. Sept. 15
511
Burger Bros., 8% pref. (guar.)
25c. Sept. 5 Holders of rec. Aug. 3a
Burroughs Adding Machine(quar.)
Byers (A, M.) Co., pref. (quar.)
1% Nov. 2 IIolders of rec. Oct. 15a
25c. Sept. 1 Holders of rec. Aug. 150
Carnet:mil Wyant & Cannon Fdy. (qui Sept. 15 Holders of rec. Aug. 31
). $1
Canada Wire & Cable, class A (quar.
Dee. IA Holders of rec. Nov 30
$1
Claes A (Soar.)
433-1c. Sept. 15 Holders of rec. Aug. 31
Class B (guar.)
•13-4 Sept. 15 *Holders of rec. Aug. 31
Preferred (guar.)
43o. Aug. 31 Holders of reo. Aug. 15
Canadian Car de Fdy. ord..(quar.)- - 43c. Oct. 10 Holders of rec. Sept. 25
Preferred (quar.)
Aug. 15 Holders of red. July 31
I
Canadian Converters, Ltd. (quar.)
•25c. Aug. 15 Holders of rec. Aug. 1
Canadian 011, corn.(guar.)
Oct. 1 *Holders of rec. Sept. 19
*2
Preferred (guar.)
62340.Aug. 15 Holders of roe. July 20
Canadian Power dr Paper, pref. Wiwi
Carman & Co., class A (quar.)
50c. Sept. 1 Holders of rec. Aug. 15
Carnation Co., pref. (gust.)
•17/ Oct. I *Holders of rec. Sept. 20
Preferred (quar.)
•134 Jan 2'32 *Holders of rec. Dee. 21
75c. Aug. 31 Holders of rec. Aug. 151
CAterpillar Tractor (quar.)
15c. Aug. 15 Holders of roe. Aug. 8
Centrifugal Pipe (Soar.)
15e. Nov. 18 Holders of rec. Nov. 8
Quarterly
Oct. 21
Century Co
2
Century Ribbon Mills. pref. (quar.).__
13-I Sept. 1 Holders of rec. Aug. 20a
Chain Belt Co. common (quar.)
'62340 Aug. 15 *Holders of rec. Aug. 1
Chartered Investors, $5 pref. (guar.).
- *51. Sept. 1 'Holders of roe. Aug. 1
25
•1h Oct. 1 *Holders of roe. Sept. 20
Chatham Mfg. 7% pref. (anal.)
•134 Oct. 1 *Holders of roe. 8)313.20
5% preferred (guar.)
Chicago Yellow Cab (monthly)
256. Sept. 1 Holders of roe. Aug. 20a
Childs Company, pref. (Soar.)
134 Sept. 10 Holders of rec. Aug.d2la
Chile Copper Co. (guar.)
37S4c Sept. 30 Holders of rec. Sept. 90
Chrysler Corp.. common (quer.)
250. Sept. 30 Holders of rec. Sept. la
Name of Conioasy.
Per
When
Cent. Payable.
Books Closes.
Days Inclusive.
Miscellaneous (Continued).
Churngold Corp.
-August dividend r escind ed
Quarterly
•35c. Nov.16 *Holders of rec. Nov. 1
Cincinnati Advertising Products (quar.) •750. Oct. 1 *Holders of rec. Sept. 19
Quarterly
•750. Jan 132 *Holders of rec. Dec. 19
•3
Cincinnati Land Shares
Sept. 15 'Holders of rec. Sept. 1
Cincinnati Rubber Mfg., 6% pref. (qu.) '134 Sept.15 'Holders of rec. Sept. 1
6% Preferred (guar.)
•114 Dec. 15 *Holders of rec. Dee. I
Cities Service Co., corn.(monthly.)
234c. Sept. 1 Holders of rec. Aug. 15.
Corn. (payable in corn. stk.) (mthly.) 'Si Sept. 1 Holders of rec. Aug. 15
Preference 11 (monthly)
50. Sept. 1 Holders of rec. Aug. 15
Preferred and preferred BB
50e Sept. 1 Holders of rec. Aug. 15
Union Corp., coin.(guar.)(mthly.)Oi
•25e. Oct. 15 *Holders of rec. Sept. 30
Common (guar.)
*25e. Jan 1532 *Holders of rec. Dec. 31
Coast Foundation, Inc.. pref
•fle Aug. 10 *Holders of rec. July 10
coca Cola Bottling (quarterly)
284. Oct. 15 Holders of rec. Oct 5
Colorado Fuel & Iron, pref.(quar.)
*2
Aug. 25 *Holders of rec. Aug. 10
Columbus Auto Parts, pref.(guar.)
50c Sept. 1 Holders of rec. Aug. 150
Commerclal Discount (Los Ang.) (qu.). .25c Aug. 10 *Holders of rec. Aug. 1
Commercial Solvents Corp., corn. (qu.)_
25e Sept. 30 Holders of rec. Sept. 100
Community State Corp., class A
•12Sic Aug. 15 *Holders of rec. Aug. I
Class B
.25c Aug. 15 *Holders of rec. Aug. 1
Congoleurn-Nairn, Inc., common
25c Sept. 15 Holders of rec. Aug. 150
•1q Sept. 1 *Holders of rec. Aug. 15
Preferred (quar,)
Conservative Financial, pref
•40c Sept. 1 *Holders of rec. Aug. 1
Consolidated Cigar Corp.. pref. (quer.). 134 Sept 1 Holders of rec. Aug. 150
Consolldated Hotels, pref. A (quar.)
.37Sic Aug. 20 *Fielders of rec. Aug. 1
Consolidated Sand & Gravel, pref. (go.)..
13.1 Aug. 15 Holders of rec. July 31
Continental Can. corn.(guar.)
82Sio. Aug. 15 Holders of res. Aug. la
(guar)
Corno Mills
50c. Sept. I Holders of rec. Aug. 21
Cosmos Imperial Mills, Ltd., pref.(qu.)135 Aug. 15 Holders of rec. July 31
Courtaulds, Ltd.
Am. dep. rots. for ord. reg. she
4w2 Aug. 20 *Holders of rec. July 20
Crown Zellerbach Corp.,pref. A & B (qu.) •75c. Sept. 1 *Holders of rec. Aug. 13
cuneo Press. 014% pref (quar.)
'15.4 Sept. 15 *Holders of rec. Sept. 1
Curtis Publishing (monthly)
331)c Sept. 2 Holders of rec. Aug. 200
Preferred (quar.)
$1.75 Oct. 1 Holders of rec. Sept. 19a
Davidson Co.. Prof. (quar.)
•131 Sept. 30 *Holders of rec. Slept. 20
Preferred (attar.)
'I 54 Oct. 1 *Holders of reo. Sept. 20
Preferred (quar.)
•13-5 Dec. 31 *Holders of rec. Dec. 20
Preferred (guar.)
•154 Jan 1'32 *Holders of rem. Dee, 20
Docket (Alfred) & Cohn. Prof.(quar.).. •IM Sept. 1 *Fielders of rec. Aug. 20
Deere & Co., preferred (quar.)
350Sept. 1 Holders of rec. Aug. 150
Delaware Division Canal
*SI
Aug. 15 *Holders of rec. Aug. 5
Denver Union Stock Yards, corn. (qu.).. *I
Oct. 1 *Holders of rec. Sept. 20
Preferred (quar.)
*1
Sept. 1 Holders of rec. Aug. 20
Dexter Company, common (quar.)
"35c Sept. 1 *Holders of rec. Aug. 15
Diamond Match, corn. new (qu.)(No. 1)
250. Sept. 1 Holders of rec. Aug. 150
Preferred (new) (quar.) (No. 1)
75c. Sept. 1 Holders of rec. Aug. 150
Dictaphone Corp.. corn. (gust.)
•50c Sept. 1 *Holders of rec. Aug. 14
Preferred (guar.)
*2
Sept. 1 *Holders o. rec. Aug. 14
Diem & Wing Paper, Prof. (Ouar.)
*1I1 Aug. 15 *Holders of rec. July 31
Distillers Corp.Seagrams(guar.)
25c Aug. 15 Holders of rec. July 31
Distributors Group Trust Shares (qu.)_ _ .25c Oct. 1 *Holders of rec. Sept. 21
Dr. Pepper Co.,common
80e Sept. I Holders 01 ;cc. Aug. 15
,ar.)
Common (quar.)
30e Dec. I Holders of rec. Nov 15
Dominion Bridge, corn. (quar.)
75o Aug. 15 Holders of rec. July 31
Common (guar.)
75e. Nov. 14 Holders of rec. Oct. 31
Dow Chemical, corn. (guar.)
50c. Aug. 15 Holders of rec. Aug. la
Preferred (quar.)
13-4 Aug. 15 Holders of rec. Aug. la
Duncan Mills (guar.)
*2
Aug. 15 Holders of rec. Aug. 5
Duplan Silk Corp., common
60c. Aug. 15 Holders of rec. Aug. is
Eastern Food Corp., class A (guar.) - - _
750. Oct. 1 Holders of rec. July 1
Class A (quar.)
75c. Jan 1'32 Holders of rec. July 1
Class A (emu.)
75e. Ap 1'32
Class A (quer.)
75c. Jly 1'32
Eastern Theatres. Ltd., corn. (quar.).
50c. Sept. 1 Ilolders of rec. July 31
Eastern Utilities Investing, 56 pref.(qu.) $1.50 Sept. 1 Holders of rec. July 31
$7 preferred (quar.)
$1.75 Sept. 1 Holders of rec. July 31
55 prior pref. (guar.)
51.25 Oct. 1 Holders of rec. Aug. 31
Electric Shareholdings, corn. fin stock) _ _ f3
Sept. 1 Holders of rec. Aug. 5
56 preferred (guar.)
• 551.50 Sept. 1 *Holders of rec. Aug. 5
Ewa Plantation (guar.)
•60e. Aug. 15 *Holders of rec. Aug. 5
Faber, Coe & Gregg. pref. (guar.)
.114 Nov. 1 *Holders of rec. Oct. 20
Preferred (quar.)
•111 Febl'32 *Hold. of rec. Jan. 2032
Fairbanks Morse & Co., pref. (quar.)._
13-5 Sept. I Holders of rec. Aug. 12a
Faultless Rubber (guar.)
'62340 Oct. 1 *Holders of rec. Sept. 15
Federal Terra Cotta (gnat.)
"52
Sept.15 *Holders of rec. Sep.. 5
Finance Service, class A & B (quar.)
20c. Sept. 1 Holders of rec. Aug. 15
Preferred (quar.)
1734c. Sept. 1 Holders of rec. Aug. 15
First Security Corp. of Ogden (Utah)
Class A & B (quar.)
.25c. Oct. 1 *Holders of rec. Sept. 20
Fitz Simons & Connell Dredge dr Dk.(qu) •50c. Sept. 1 *Holders of rec. Aug. 21
Preferred (quar.)
•134 Oct. 1 *Holders of rec. Sept. 19
Florsheim Shoe Co., corn. A (quar.)
373-ic. Sept. 1 Holders of rec. Aug. 15a
Common B (quar.)
1834c. Sept. 1 Holders of roc. Aug. 15
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 150
Food Mach'y Corp., 63.4% pf.(mthly.)_ •50c. Aug 15 *Holders of ree. Aug. 10
% Preferred (monthly)
•50c. Sept. 15 *Holders of rec. Sept 10
Ford Hotels Co., Inc
*50c. Oct. 31 *Holders of re-. Oct 15
Foreign Power Securities. Prof. (quar.)._
1% Aug. 15 Holders of rec. July 31
Foundatton Co. of Canada, corn.(qu.)_
256. Aug. 15 Holders of rec. July 31
Freeport Texas Co.(guar.)
750. Sept. 1 Holders of rec. Aug. 15a
Furness, Withy & Co., Ltd
Amer. dep. rcts, for ord. reg. shares_ _ *to 234 Aug. 20 *Holders of rec. July 21
Gallant! Mercantile Laundry Mar./ - - •87%c Sept. I *Holders of rec. Aug. 15
Quarterly.
'87340 Dec. I *Holders of rec. Nov. 15
Garlock Packing, corn.(quar.)
300. Oct. 1 Holders of rec. Sept. 15
General Alliance Corp. (guar.)
40c. Aug. 15 Holders of rec. July 310
General Candy, class A
.25c. Aug. 15 *Holders of rec. Aug. 5
General Cigar. pref (Oust.)
154 Sept. I Holders of roe. Aug. 22a
General Outdoor Advertising, pf. (au).. '134 Aug. 15 *Holders of rec. Aug. 5
General Refractories (quar.)
750. Aug. 25 IIelders of rec. Aug. 10a
(Almon Art Co., common quar.)
•650. Oct. 1 *Holders of rec. Sept. 19
Common (guar.)
•850. Janl'32 *Holders of rem. Dec 19
Globe-Democrat Publishing, pf. (quar.) 13.1 Sept. 1 Holders of rec. Aug. 20
Gorham Mfg.((mar.)
50c. Sept. 1 Holders of rec. Aug. 15
Grand Rapids Varnish (quar,)
•I2 Sic Sept.30 *Holders of rec. Sept. 19
Grand Union Co., cony. pref. (quer.). _
75c. Sept. 1 IIolders of rec. Aug. 156
Grant Lunch Corp., 8% pref. (guar.)._ •20e. Sept.30 *Holders of rec. Sept.30
8% preferred (guar.)
•200. Deo. 31 *Holders of rec. Dec. 15
Great Atlantic & Pac. Tea, corn.(M1.).- *51.50 Sept. I *Holders of rec. Aug. 7
Common (extra)
.25c. Sept. 1 *Holders of rec. Aug. 7
Preferred (guar.)
'13-4 Sept. 1 *Holders of tire. Aug. 14
Great Britain & Canada Invest. Prof...... 234 Oct. 1 Holders of rec. Sept. 19
Great Lakes Dredge & Dock (quar.)._
25c. Aug. 15 Aug. 6 to Aug. 15
Greenway Corp.. common
Aug. 15
Common B
Aug. 15 Dividends all rescinded
Participating preferred
Aug. 15
Participating preferred (extra)
Aug. 15
Guggenheim & Co.. let pref. (guar.).- - •134 Aug. 15 *Holders of roe. July 29
Hale Bros. Stores (guar.)
•25c Sept. 1 *Holders of rec. Aug. 14
Hamilton Watch, corn.(guar.)
15c Sept. 1 Holders of roe. Aug. 10a
Preferred (quar.)
134 Sept. 1 Holders of rec. Aug. 10a
Hammermill Paper, corn. (quar.)
•156. Aug. 15 *Holders of rec. July 31
Hanna (M. A.) & Co., $7 pref. (quar.)
$1.75 Sept. 20 Holders of rec. Sept. 50
Hart, Schaffner & Marg. corn, (guar.)._ •1
Aug. 81 *Holders of rec. Aug. 15
Common (quar.)
51
Nov. 30 *Holders of rec. Nov. 14
Hartford Times, Inc., pref.(quar.)
•7(56. Aug. 15 *Holders of rec. Aug- 1
Hawaiian Pineapple (quar.)
50c. Aug. 31 Holders of roe. Aug. 15a
Helena Rubin.stein, Inc., pref. (guar.).75c. Sept. 1 Ilolders of rec. Aug. 20
Hercules Powder, pref.(quar.)
151 Aug. 15 Holders of rec. Aug. 4.
Hershey Chocolate, corn.(quar.)
51.25 Aug. 15 Holders of rec. July 25a
Preferred (quar.)
$1
Aug. 15 Holders of rec. July 25a
Hewitt Bros. Soap, pref. (guar.)
*2
Oct. 1 *Holders of rec. Sept. 20
Preferred (guar.)
Jan 1 32 *Holders of rec. Dec. 20
.
•2
Hibbard, Spencer, Bartlett Co. (m'thlY)
20e. Aug. 28 Holders of rod. Aug. 28
Monthly
20o. Sept. 25 Holders of rec. Sept. 18
Higbee Co.; 2nd pref.(quar.)
2
Sept. 1 Aug. 22 to Sept. 1
Hollinger Cons. Gold Mines, Ltd
Sc, Aug. 12 Holders of rec. July 29
Holt(Henry)& Co., class A (quar.)
*45c. Sept. 1 *Holders of rec. Aug. 11
Honolulu Plantation (monthly)______
*25o. Aug. 10 *Holders 01 rec. July 31
Name of Company.
909
FINANCIAL CHRONICLE
• Auc. 81931.]
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
Per
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
•1ti Sept. I *Holders of roe. Aug. 20
Neiman-Marcus Co., pref. (quar.)
Hormel (George A)& Co., corn.(quar.)_ •50c. Aug. 15 *Holders of rec. Aug. 1
*1% Doe. 1 *Holders of rec. Nov. 20
"134 Aug. 15 *Holders of roe. Aug. 1
Preferred (guar.)
Preferred A (quar.)
Aug. 15 Holders of rm. Aug. la
2
(
•8234e .Oct I 'Holders of rm. Sept. 18
Neptune Meter, preferred quar.)
Houdaille Hershey, corn. A (quar.)
2
Nov. 15 Holders of roe. Nov. la
'
1 34
Oct. 1 *Holders of ree. Sept. 20
Preferred ((mar.)
Howes Bros., 7% preferred (quar.)
.151 Sept. 1 *Holders of roe. Aug. 15
Dee. 31 *Holders of rm. Dee. 20
Newberry (J. J.) Co., pref. (quay.)
7% preferred (quar.)
'134
Aug. 15 'Holders of rec. July 31
•134 Oct. 1 *Holders of rec. Sept.20
N. E. Furniture & Carpet, pref. (qu.)._
6% preferred (quar.)
*114 Des. 31 *Holders of reo. Dee. 20
Sew England Grain Prod.
6% preferred (quar.)
Febl'32 *Hold. of reo. Jan. 14'32
•300. Oct. 15 *Holders of rec. Oct. 3
Corn.(1-100 share in pref. A Stook) Illinois Brick (quar.)
*51.75 Oct. 1 *Holders of roe. Sept. 20
Imperial Sugar, 57 pref. (quar.)
•51.75 Oct. 1 *Holders of rec. Sept. 20
117 Preferred (mar.)
*11.75 Jan212 "Holden of roe. Dee. 20
•51.75 Janl'32 *Holders of rec. Dec. 20
17 Preferred (guar.)
$7 preferred (quar.)
•81.60 Oct. 15 *Holders of roe. Oct. 1
Incorporated Investors, stook dividend - 234 Oct. 15 Holders of rec. Sept. 21
Preferred A (guar.)
•11.50 1a15'32 *Hold. of rec. Jan. 3'32
25e. Aug. 15 Holders of roe. July 24
Indiana Pipe Line (quar.)
Preferred A (guar.)
,
50c. Aug. 10 Holders of rec. Jul) 20.1
New Jersey Zino (quar.)
Industrial Credit Corp.of Am.,com.(qu.) 3234c. Aug. 15 Holders of rec. July 31
New York Dock. pref
234 Aug. 1.5 Holders of me. Aug. ba
Industrial & Power Securities (quar.)._. "25c Sept. I *Holders of roe. Aug. 1
"250 Dee. I *Holders of ree. Nov 1
50e. Aug. 15 Holders Of rec. July 31.1
Nineteen Hundred Corp., class A (qu.)-Quarterly
*50c. Nov. 15 •Holdere of rec. Nov. 1
$1
Sept. 1 Holders of rec. Aug.
ClassA (guar.)
Ingersoll-Rand Co., corn. (quar.)
8234e Sept. 1 Holders of rec. Aug. 14a Northern Discount. pref. A (mthly.)._'662-3c Sept. 1 *Holders of roe. Aug. 15
Inland Steel (quar.)
•682-3r Oct. 1 *Holders of rec. Sept.15
Preferred A (monthly)
Internat. Business Machines, corn. (qu.) $1.50 Oct. 10 Holders of rec. Sept.22a
•862-3e Nov. 1 *Holders of rec. Oct. 15
Oct. I *Holders of rec. Sept.25
International Cellueotton. corn. (quar.) *S1
Preferred A (monthly)
862-3e Dec. I *Holders of rec. Nov. 15
Janl'32 'Holders of rec. Dec. 25
•51
Preferred A (monthly)
Common (quar.)
•13.4 Oct. 1 *Holders of rec. Sept. 25
preferred (quar.)
Preferred A (monthly)
88 2-3r Janl '32 *Holders of rec. Dee. lb
First
•I
*Holders of rec. July 15
•134 Jan 1'32 *Holders of rec. Dee. 25
Aug.
Preferred C (monthly)
First preferred (guar.)
•1
1% Sept. 1 Holders of rec. Aug. 5a
Sept. 'Holders of roe. Aug. 15
International Harvester, pref. (quar.)_
Preferred C ("nonthlY)
*Holders of me Sept.lb
*1
Oat.
60c. Sept. 1 Holders of rec. Aug. 18a
Preferred C (monthly)
Internat. Safety Razor,class A (quar.)._
•
1
*Holders of rec. Oct. 15
250. Sept. 1 Holders of rec. Aug. 18a
Nov.
Preferred C (monthly)
Class B
•
1
*Holders of rec. Nov. 15
Dec.
25c. Sept. 1 Holders of rec. Aug. 15
Preferred C (monthly)
Inter. Seems. Corp. of Am.con). A (qu.)
•I
J'n 1'3 *Holders of rec. Dec. lb
144 Sept. 1 Holders of rec. Aug. 15
8).4% preferred (quar.)
Preferred C (monthly)
*Holders of rec. Sept.20
134 Sept. 1 Holders of roe. Aug. 15
8% preferred (quar.)
Northland Greyhound Lines. 1)1. (a11-).• 51.825 Oct.
4
.50e. Sept. 1 *Holders of rec. Aug. 15
•100. Aug. 15 *Holders of rec. Aug. 6
Internat. Shoe, pref.(monthly)
Oahu Sugar, Ltd.(monthly)
•50c. Oct. 1 *Holders of rec. Sept. 15
•20c. Aug. 20 *Holders ol rec. Aug. 10
Preferred (monthly)
Onomea Sugar (monthly)
Preferred (monthly)
•500. Nov. 1 *Holders of reo. Oct. 15
200. Aug. 15 Holders of roe. July 31
Ontario Steel Products, corn. (quar.)___
Preferred (monthly)
*50o. Dee. 1 'Holders of roe. Nov. 15
Oct.
Ontario Tobacco Plantations. Pref.(au.) 1
Intertype Corp., corn. (quay.)
25e. Aug. 15 Holders of rec. July 31a
Jan.'32
1
Preferred (quarterly)
4
1
let preferred (quar.)
Oct. 1 *Holders of rec. Sept. 15
75c. Aug. 15 Holders of roe. July 311
Oppenheim Collins dc Co., corn.(quar.)_
Investors Trustee Shares, series A
38e. Aug. 15 Holders of rec. July 15
Owens-Ill. Glass, corn. (quar.)
50e. Aug. 15 Holders of rec. July 300
Jantzen Knitting Mills, preferred (quar.)
1M Oct. 1 Holders of rec. Sept. 15
Sept. I "Holders of rec. Aug. 20
Preferred (quo?.)
Jewel Tea,corn.(quar.)
Packard Motor Car COM.(guar.)
10e. Sept. 12 Holders of rec. Aug. 15a
$1 Oct. 15 Holders of roe. Oct. 1
Johns-ManvIlle Corp., corn. (guar.).-- "750. Oct. 15 *Holders of rec. Sept.24
Park Mtge. & Ground Rent (eillar.)- *75o. Aug. 15 *Holders of rec. Aug. 7
Preferred (quar.)
'114 Oct. 1 *Holders of roe. Sept. 10
Parker Pen, common (quar.)
*25c. Aug. 15 *Holders of rec. Aug. 1
134 Oct. 1 Holders of reo. Sept.lla
Jones & Laughlin Steel, pref. (qUar.)Peabody Engineering, pref. (quer.). _ _ _ •14 Sept.30 'Holders of rec. Sept.20
Kalamasoo Vegetable Parchment (q11.)- •lbe Sept. 3( *Holders of roe. dein 19
'14 Dee. 31 'Holders of rec. Doe. 30
Preferred (inar.)
Quarterly
.180 Dee, 31 *Holders of rec. Dee. 21
Peaslee-Gaulbert Corp.. pref. (quar.)_-. %Id Oct. 1 *Holders of rec. Sept. 23
Kemper-Thomas Co.. corn. (guar.)...
•75c Dot. 1 *Holders of roe Sept 20
Ponder (D.) Grocery, class A (quar.)_
*873dc Sept. 1 *Holders of rec. Aug. 20
51
Aug. 15 Holders of rec. Aug. 5
Common (quar.)
4
.75c in
Penmans Ltd.. common (quar.)
*Holders of re( Dee
'114 9ept
Preferred (quar.)
1 *Holders of roe Aug. 20
Pennsylvania Bankshane & See. Pt(qu.) •82 Mc Sept. 1 *Holders of roe. Aug. 15
•8234c Dec. 1 *Holders of rec. Nov. IS
•I M Dee 1 *Holders of roe Nov. 20
Preferred (guar.)
Preferred (guar.)
Kendall Co., pref. A (quar.)
134 Sept. 1 Holden of rec. Aug. 100 Pennsylvania Industries. Inc. pref. (qu.) '134 Nov. 2 *Holders of rm. Oct. 15
Klein(D.Emil) Co.. corn.(qum.)
•25o. Oct. 1 *Holder, of rec. Sept. 21
Pennsylvania Investing Co., el. A (qu.)_ 623de Sept. 1 Holders of rec. July 31
Knudsen Creamery, Cl. A & B (quar.)_
•373.4e Aug. 20 *Hoiriers of rec. July 31
Petroleum Landowners Corp.(monthly). •25c. Aug. 15 *Holders of rec. July 31
Kroger Grocery dr Baking, corn.(quar.)
25c. Sept. 1 Holders of roe. Aug. 110 Phoenix Finance Corp.. pref.(guar.).- - *50o Oct. 10 'Holders of rec. Sept.30
'134 Oct. 1 *Holders of roe. Sept. 19
•500 InI0'32 'Holders of rec Deo. 31
First preferred (quar.)
Preferred (quay-)Second preferred (quar.)
Pierce-Arrow Motor Car, pref. (quar.)-- 1% Sept. 1 Holders of rec. Aug. 106
'11.4 Nov. 2 *Holders of roe. Oct. 20
Lackawanna Securities Corp
"53 Sept. 1 *Holders of rec. Aug. 15
Pitney-Bowes Postage Meter (In mock)... •e2 Oct. 1 *Holders of rec. Sept. 15
Lake of the Woods Milling. Pf. (guar.)._
134 Sept. 1 Holders of rec. Aug. 15
Powdrell & Alexander, corn. (quar.)-.873de Aug. 15 *Holders of rec. Aug. 1
•1% Oct. 1 *Holders of rec. Sept. 15
Landis Machine. common (quar.,
7. Aug. 15 Holders of reo • Aug b
Preferred (quar.)
(10c. Aug. 15 Holders of rec. July 256
Common (quar.)
75c Nov. 11 Holden of ree. Noy 5
Procter dr Gamble, common (quar.)._
I
.ders of roe. July 296
'
1 14
Preferred (quar.)
iept. lb *Holders of roe Rent 5
Aug. 15 11.,
Pullman. Inc.(quar.)
•
Preferred (quar.)
75c. Sept. 1 Holders of roe. Aug. 140
134 One 15 "Holders of roe Dec 5
Purity Bakeries (quar.)
Larus dr Bro. Co., preferred (gnarl ___. *2
Oct. 1 'Holders of rec. Sept. 23
Quaker Oats, pref. (quar.)
'114 Aug. 31 *Holders of reo. Aug. I
Lefeourt Realty Corp.. corn. (quar.)--__
400 Aug. 15 Holders of me. Aug. 5
87)4 c. Oct. I Holders of rec. Sept. la
Radio Corp. of Amer., pref. A (guar.)Lehigh Coal & Navigation, corn
51.25 Oct. 1 Holders of rec. Sept. la
300. Aug. 31 Holders of rec. July 31a
Preferred B (guar.)
Lehn & Fink Products Co.. corn.(quar.).
75o. Sept. 1 Holders of roe. Aug. 15a Railway Equip.& Realty Land, p1.(q11.) '373dc Sept. 1 *Holders of rec. Aug. 1
Liggett dr Myers Tob.,com.& com.B(qu) 51
Sept. 1 Holders of rec. Aug. 170 Realty Shares, special (payable In stock) •e3
Aug. 15 *Holders of rec. June 25
Limestone Products,7% Pref. Mum.)
75c Oct. III Holders of roe. Oct. 1
.62 Mc Oat. 1 *Holders of rm. Sept. 15
Republic Suppl) Co. (guar.)
7% preferred (guar.)
.6254r Janl'32 *Holders of roe. Dec. IS
•25e. Aug. 15 *Holders of rec. Aug. 1
Reymer & Bros. (quar.)
7% preferred (quar.)
*82 Mc Aprl'32 *Holds. of ree.Mar 15'32
3714e Sept. 1 Holders of rec. Aug.
Reynolds Metals (quar.)
Lincoln Stores
•25c. Sept. 9
•30c. Aug. 15 *Holders of rec. Aug. 1
Rich's, Inc., corn.(quar.)
Lindsay (C. W.) dr Co.. corn, (quar.)___
25c. Sept. 1 Holders of rec. Aug. 15
'1.34 Sept. 30 *Holders of rec. Sept.15
634% preferred (quar.)
Preferred (quar.)
'13-f Aug. 15 *Holders of rec. July 31
13-4 Sept. 1 Holders of rec. Aug. 15
Russ Bldg. Co.6% pref. (quar.)
Lindsay Light, corn. (quar.)
•15o. Aug. 15 *Holders of roe. Aug. 8
Ruud Manufacturing common (guar.).- *500 Nov. 1 'Holders of rec. Oct. 20
Common (extra)
"So. Aug. 15 *Holders of rec. Aug. 8
Ryerson (Joseph T.)& Son,Inc.((mar.) *30c Nov. 1 *Holders of rec. Oct. 19
Link-Belt Co., aim. (qmar.)
50e Sept. 1 Aug. 18 to Aug. 31
280 Sept.21 Sept.11 to dept.21
St. Joseph Lead Co.(quar.)
Loblaw Grocerterlas. cl. A & B (qu.)- 200. Sept.51 2Holders of rec. Aug. 12a
280 Dec. 21 Dee. 11 to Dec. 21
Quarterly
Lock Joint Pipe, Co.'
corn. (monthly)__ •87e. Aug. 31 *Holders of rec. Aug. 31
San Carlos Milling (monthly)
*20e Aug. 15 *Holders of rec. Aug. 7
ierd.
*Holders of rec. Aug. 15
Common; monthly)
*87c. Sept. 30 *Holders of rec. Sept. 30
Saranac Pulp & Paper, cock dividend.. *65
Common (monthly)
•67e. Oct. 31 *Holders of rec. Oct. 31
25c Sept. 1 Holders of rec. Aug. 15a
Savage Arms, corn.(quay.)
Common (monthly)
"67c. Nov. 30 *Holders of rec. Nov. 30
"134 Nov. 18 'Holders of rm. Nov. 2
Second preferred (guar.)
Common (monthly)
•87c. Dec. 31 *Holders of rec. Dec. 31
Second preferred (quar.)
Aug. 15 *Holders of roe. Aug. 1
•1
*2
Oct. 1 *Holders of roe. Oct. 1
Prefored (quar.)
Scotten-Dillon Co., corn. (qua?.)
*30c Aug. 15 *Holders of rec. Aug. 7
*2
Dec 31 *Homers of roe 11en es
Preferred (new 1
Common (extra)
•10c Aug. ls *Holders of rec. Aug.
Loewe, Inc.. preferred (quar.)
51.621 Aug. 15 Holders of roe. July 31a Seaboard Surety (qua?.)
12)5 Aug. 15 Holders of rec. July 31
Lord dr Taylor, lot pref. (quar.)
•134 Sept. I *Holders of rec. Aug. 17
•2)4 Aug. 15 'Holders of roe. July 30
Securities Co.(N. Y.)
Louisiana 011 & Refg., 81.4% pf. (quar.) 144 Aug. 15 Holders of rec. Aug. 10 Shadier (W. A.) Pen Co., oommon_
Sept It 'Holders of roe Sent. 1
*al
Oct. ve 'Polders of roe Sept. 30
*9.13c Aug. 15 *Holders of rec. July 31
*2
Low-Priced Shares
Preferred (quar.)
Lucky Tiger Combination Gold MM.
Aug. 15 Holders of rec. July 31
Sherwin-Williams Co., core. (quar.)
21
Common
*3o. Oct. 20 *Holders of roe. Oct. 10
Common (extra)
12 Mc Aug. 15 Holders of rec. July 31
.30. Jan2032 *Holders of rec. Jan. 10
Common
135 Sept. 1 Holders of roe. Aug. 14
Preferred (quar.)
.3e. Ap20'32 *Holders of reo. Apr. 10
Common
Shumacher Wall Board, parte. pf.(qu.) *50c. Aug. 15 "Holders of rec. Aug. 5
y3y.6 Aug. 15 *Holders of rec. Aug. 15
•14 Oct. l *Holders Of roe. Sept_21
Limkenhetmer Co., preferred (guar.). _
Silver Rod Stores, pref
•154 JAB 1'31 *Holders of Pen. Den 27
Preferred Omar /
Aug. 15 Holders of rec. Aug. la
Sinclair Consolidated 01I, pref.(quar.)-- 2
*50c. Aug. 15 *Holders of roe. Aug. 5
Lynch Corporation (quar.)
50e. Aug. 15 Holders of roe. Aug. 1
Smith (A.0.) Corp., corn.(quay.)
75e Aug. 16 Holders of rm. July 24a
1% Aug. 15 Holders of rec. Aug. 1
Macy (R.11.) & Co corn (guar.)
Preferred (quar.)
Magnin (I.) & Co..6% pref. (quar.)__.. •1 M tug. If *Holders of roe. Aug
Solvay Amer. Investment, pref. (quar.)_
13-f Aug. 15 Holders of rec. July 15.1
'1 , Nov. 1! •Aroldere of pee Nov s
,
6% Preferred (ouer )
Sou. Pac, Golden Gate el. A dr B (qu.)__ •373de Aug. 15 *Holders of rec. July 31
Mantsehewits (B.) & Co.. corn. (auar.). .8234c Sept. 1 *Holders of roe. Aug. 20
Preferred (quar.)
'13.4 Aug. 15 *Holders of rec. July 31
Marathon Razor Blade, Inc. (monthly). '34c Aug. 16 *Holders of rec. Aug. 1
50c. Sept. 1 Ilolders of rec. Aug. 15
Southern Pipe Line (quay.)
*314e Sept At *Holders of rec. Sept. 1
Monthly
Spang Chalfant & Co.,Inc., pref. WU.)-- 134 Oct. 1 Holders of me. Sept. 154
*3 Me Oct. 15 *Holders of rec. Oat. 1
Menthly
80e. Aug. 15 Holders of rec. Aug. 1
Standard Cap & Seal corn. (qua?.)
Monthly_
.21540 Nov. 15 *Holders of roe. Nov. 1
•10c. Aug. 15 *Holders of rec. July 25
Standard Financial Corp
50c. Aug. 1 Holders of rec. July 20
Monthly.• •314e Dec. 15 *Holders of rec. Dee. 1
Standard Investing Corp., pref
Marshall Field & Co., corn,(quar.)._.. *6234c Sept. 1 'Holders of rec. Aug. 15
Standard Paving & Materials, pref.(qU.) 134 Aug. 15 Holders of rec. July 31
May Department Storm. corn.(Quer.). 6240 Sept. 1 Holders of roe. Aug. Iso Standard Steel Construction, pf. A (qu.)
75e Oct. 1 Sept. 18 to Sept.30
•25c. Aug. 15 *Holders of rec. July 31
May Radio & Television (quar.)
*37 Ste Aug. 15 *Holders of reo. Aug. 1
Stanley Works, pref. (quar.)
MoCollFrontenac 011(quar.)
*150. Sept. 15 "Holders of Me. Aug. 15
40e. Aug. 15 Holders of rec. July 31
Stein (A.) & Co., common (guar.)
50e. Sept. 1 Holders of reo. Aug. 201 Stlx Baer & Fuller. pref. (guar.)
McCrory Stores Corp., corn. (quar.)...
•435tc Sept.30 *Holders of roe. Sept. 13
500. Sept. 1 Holders of rec. Aug. 20a
Class B (quar.)
.43k1e Dec. 31 "Holders of roe. Doe. 15
Preferred (guar.)
250. Sept. 1 Holders of rec. Aug. la Studebaker Corp., corn. (quar.)
McIntyre Porcupine Mines (quar.)
30e Sept. 1 Holders of roe. Aug. 106
Molter,(Arthur (I.) Co .class (qu.)_
•
1173dc Oct. 1 'Holders of reo. Sept. 20
151 Sept. 1 Holders of roe. Aug. 10a
,
Preferred (quar.)
McWilliams Dredging (guar.)
*373.de Sept. 1 'Holders of rec. Aug. 15
25c. Sept. 15 Holders of rec. Aug. 250
Sun 011, corn.(quay.)
% Sept. 1 Holders of rec. Aug. 15a
Mengel Company, pref.(quar.)
154 Sept. 1 Holders of rec. Aug. 103
Preferred (quay.)
-Chapman & Scott Corp. pt.(qu.) '1% Sept. 1 *Holders of reo. Aug. 15
Merritt
17
Superior Portland Cem. el. A (mthly.) 4 Mc Sept. 1 'Holders of rec. Aug. 23
Metal Textile Corp.. partie. pf. (guar-) 8150 Sept. 1 Holders of roe. Aug. 20
$1.50 Aug. 15 Holders of rec. July 15
Swift International
11e Aug. 11 Holders of rec. Aug. 5
Meyer Blanke Co., common
75e Sept. 15 Holders of rec. Sept. 1.1
Texas Gulf Sulphur (quar.)
Mickelberry's Food Product. corn. (qu.) •15c. Aug. 15 *Holders of roc, Aug 1
90c Aug. 15 Holders of rec. Aug. 6
Thatcher Mfg., cony. pref. (quar.)
Common (payable in corn. stock, _ .
%logien) of roe. Aug 1
1% Aug. 15 Holders of rec. July ISa
Tide Water 011, pref.(quay.)
/2
Common (Payable In rum wrzy1).. _ _ • Id Nov Ill %folders of roe. Nov 2
20e Aug. 15 Holders of roe. July 24a
Tobacco Products Corp.. class A (quar.)
51.50 Aug. 15 Holder, of rec. Aug. 4
Minneapolis Honeywell Regulator
*25c Aug. 10 *Holders of rec. July 31
Trunz Pork Stores (quar.)
% Nov. 1 *Holders of rec. Oct. 20
MIntasiota Valley Can,Prof.(quar.).-150 Oct. 15 Holders of roe. Sept.250
Trusoon Steel, corn. (guar.)
14 Febl'32 Holders of rec. Jan. 2032
1•• Preferred (guar.)
13-4 Sept. 1 Holders of roe. Aug. 2Ia
Preferred (quar.)
25o. Aug. 29 Holders of roe. July 31
Mohawk Mining
87 Me Oct. 1 Holders of ree. Sept. ha
Thompson-Starrett Co., pref.(qu.)
Montgomery Ward de Co., Cl. A (qu.)___ *31.75 Oct. 1 *Holders of rec. Sept. 20
•50e Aug. 9 'Holders of roe. July 18
Union Oil Associates (guar.)
Montreal Loan & Mtge.(quar)
750. Sept. 15 Holders of rm. Aug. 31
50c Aug. 10 Holders of rec. July 18a
Union 011 of Calif.(quay.)
Moody's Investors Service, part. Pf.(111.) 7se. Aug. 15 Holders of rec. Aug. 1
United American UHL, Inc., el. A (qu.).. 32340 Sept. 1 Holders of rec. Aug. 12
IktunsIngwear Corp., corn.(guar.)
50e Sept. I Holders of rec. Aug. 14a United Biscuit of America. corn. (qu.)..
50o Sept. 1 Holders of roe. Aug. 15.1
(In.. Dee. 1 Holders of roe. Nov. 184 unitedClear Stores of Amer.. pref.(qu.) 154 Nov, 2 Holders of rec. Oct. 9a
Common (auar.)
Muskegon Motor Specialties, corn. A(qu) "50c. Sept. 1 *Holders of rec. Aug. 20
1% Oct. 1 Holders of rec. Sept. 15a
United Dyewood, pref. (quar.)
14 Sept. 1 Holders of rec. Aug. 20
Muskogee Co., pref. (quar.)
United Eng.& Fdy., common (quar.)__ _ "400 Aug. 14 *Holders of reo. Aug. 4
*134 Sept. 1 *Holders of ree. Aug. 10
National Baking, pref.(quar.)
•35c. Aug. 14 *Holders of rec. Aug. 4
Common (extra)
700. Oct. 15 Holden) of roe. Sept. I8a
National Biscuit, com.(guar.)
Aug. 14 'Holders of rec. Aug. 4
Preferred (quar.)
134 Aug. 31 Holders of rec. Aug. 146 United Piece Dye Works.COM.(qua?.)..
Preferred (qua,.)
51.10 Nov. i Holders of reo. Oct. lba
.750. Aug. 31 *Holders of roe. Aug. 20
1% Oct. 1 Holders of rec. Sept. 19s
National Industrial Bankers, pref.(qu
Preferred(quay.)
_
*5o. Aug. 10 'Holders of rec. July 31
National Industrial Loan (monthly)_
134 Jan112 Holders of rec. Dee. 194
'ferrc4 mem
P
,
"el
Sept. 10 *Holders of rec. Aug. 31
Monthly (payable in stock)
"300. Aug. 15 *Holders of rec. Aug. 1
United Securities Trust Assoc. (quar.)_
•50. Oct. 10 *Holders of rec. Sept. 30
Monthly
Sept.15 Holders of rec. Aug. 26a
$1
United Stores Corp., pref. (quar.)
114 Sept. 30 Holders of rm. Sept. 1 la U. S. Envelope, corn
National Lead, corn.(quar.)
*4
Sept. 1 *Holders of me. Aug. 15
Preferred A (quar.)
134 Sept.15 Holders of rec. Aug. 28a
'33-4 Sept. 1 *Holders of rec. Aug. 15
Preferred
Preferred B (guar.)
13.4 Nov. 2 Holders of rec. Oct. 16 I U.S. Fidelity & Guar. (Bait.) (guar.)._ .25c Aug. 15 *Holders Of rec. July 31
12 Mc Aug. 15 Holders of rec. Aug. la U.S.Playing Card (quar.)
National Refining corn, (guar.)
• 62 c Oct. 1 *Holders of rec. Sept. 20
•
•123dc Nov. 15 *Holders of rec. Nov. 1
25c Sept.15 Holders of rec. Aug. 17a
Common (quar.)
U.S. Realty Sr Improvement
1
- •154 Aug. 15 *Holders of roe. Aug. 1
Sept.29 Holders of rec. Aug. 310
Nat. Securities Invest.. Pref. ((Plan).
U. S. Steel Corp., corn. (guar.)
151 Sept.30 Holders of rec. Sept.190
134 Aug. 29 Holders of rec. Aug. 3a
National Supply, Pref. (guar.) .
Preferred (quar.)
•
•
164
.r.t4 tog. It
910
Per
Name of Company.
COW.
When
Pottage.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Malted States Pipe & Fdy.. corn.((NJ -50c. Oct. 20 Holders of rec. Sept. 30a
Common (guar.)
50c. Jn20'32 Holders of rec. Dec. 31a
First preferred (qua?.)
30o. Oct. 20 Holders of rec. Sept.30a
First preferred (qua?.)
300. In20'82 Holders of rec. Dec. 31a
Oct. 1 *Holders of rec. Sept. 15
Upressit Metal Cap. pref. (quar.)
'Si
Utility & Industrial Corp., pref. (quar.)_ 37740. Aug. 20 Holders of rec. July 31
*1 y( Sept.10 *Holders of rec. Sept. 1
Vapor Car Heating. prof. (quar.)
Deo. 10 *Holders of roe. Dec. 1
•1
Preferred (quar.)
Veeder Root, Inc. (quar.)
*40c. Aug. 15 *Holders of rec. July 31
Vick Financial Corp., coin. (au.)
7350 Aug. 17 Holders of rec. Aug. 5
13% Sept. 1 Holders of rec. Aug. 17a
Va.-Carolina Chem., prior pref. (quar.)_
1
Oct. 20 Holders of rec. Oct. 70
Vulcan Detinning, corn.(quar.)
Preferred(guar.)
18( Oct. 20 Holders of rec. Oct. Ta
.500. Oct. 1 *Holders of rec. Sept. 21
Waltham Watch,6% pref. quar.)
Weber Showcase & Fixture, 1st pref.(qu) *50c. Sept. 1 *Holders of rec. Aug. 15
*4
Sept. 1 *Holders of rec. Aug. 1
Well (Raphael) & Co., pref
Sept. 1 *Holders of rec. Aug. 15
*51
Wesson Oil& Snowdrift, pref.(quar.)
West Va. Pulp & Paper,6% pref. au.). 135 Aug. 15 Holders of rec. Aug. 1
135 Nov. 16 Holders of rec. Nov. 2
6% preferred (quar.)
Westchester First National Corp.. pref. *87340 Deo. 20 *Holders of rec. June 30
Western Dairy Products, pf. A (qu.)_
*$1.50 Sept. 1 *Holders of rec. Aug. 20
*50c. Aug. 15 *Holders of rec. Aug. 7
Westfield Mfg.(guar.)
Westmoreland, Inc (quar.)
300. Oct. 1 Holders of rec. Sept. 15a
50c. Sept. 1 Holders of rec. Aug. 10a
Westvaco Chlorine Prod.(guar.)
6235c. Sept. 30 Holders of rec. Sept. 190
Wilcox Rich Corp., Cl. A (quar.)
Will & Baumer Candle. corn. (quar.)
100. Aug. 15 Holders of rec. Aug. 1
Wilson Line. Inc..7% pref
335 Aug. 16 Holders of rec. July 15
Winsted Hosiery. corn.(quar.)
•23S Nov. 1 *Holders oi rec. Oct. 15
Woolworth (F. W.) Co.(quer.)
600. Sept. 1 Holders of ec. Aug. 100
Worcester Salt Co.. pref. quar.)
*134 Aug. 15 *Holders of rec. Aug. 8
Wrigley (Wm.)Jr. Co.(monthly)
50e. Sept. 1 Holders of rec. Aug. 20a
Monthly
25c. Oct. 1 Holders of rec. Sept.20a
250. Nov. 2 Holders of rec. Oct. 20a
Monthly
Wurlltzer (Rudolph) Co., corn. (mthly.) *50c. Aug. 25 *Holders of rec. Aug. 24
Common (monthly)
*500. Sept.25 *Holders of rec. Sept.24
7% preferred (qua?.)
•13i Oct. 1 *Holders of rec. Sept. 19
*1.31 Jan1'32 *Holders of rec. Dec. 19
7% preferred (guar.)
7% preferred (quar.)
*1U Apr1'32 *Hold,of rec. Mar.19'32
July1'32 *Hold. of rec. J'ne 19'32
734 preferred (quar.)
Yale & Towne Mfg.(guar.)
50e. Oct. 1 Holders of ree. Sept. 10
'Linke Renewing Shoe Corp.. oom.(qu.)- •1303. Oct. 2 *Holders of rec. Sept. 5
Preferred (guar.)
0
:30. Oct. 2 *Holders of rec. Sept. 15
*From unofficial sources. t The New York Stock Exchange has ruled that
stook will not be quoted ex-dividend on this data and not until further notice.
I The New York Curb Exchange Association has ruled that stock will not be quoted
ex-dividend on this date and not until further notioe.
a Transfer books not closed for this dividend.
Correction. e Payable in stock.
Payable in common stock. g Payable in scrip. la On account of accumulated
dividends. I Payable in preferred stock.
1 Central States Elec. Corp. cony. pref. dividends are payable as follows: Series
1928. 3-32nds share common stock or $1.50 cash; series 1929, 3-16tlas share common
stock or $1.50 cash.
y Electric.Shareholdings Corp. pref. dividend payable In cash or 44-1.000ths
share common stock.
r General Gas & Elec. corn. A & B dividends are payable in corn. A stock unless
holder notifies company prior to Sept. 10 of his degas to take,cash.
to Less deduction for expenses of depositary.
y Western Continental Utilities dividend is payable in cash unless holder notifies company of his desire to take class A stock-1
-40th share.
cc Middle West Utilities $6 pref dividend is optional either cash or 3-80111's share
Common stock.
ad Blue Ridge Co. pref. dividend will be paid 1-32d share common stock unless
holder notifies company on or before Aug. 15 of his desire to take cash-75e. per *h.
I
Weekly Return of New York City Clearing House.
Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, page 3812-13. The figures
given below therefore now include returns from these two
new members, which together add $35,750,000 to the capital,
$38,253,800 to surplus and undivided profits, $177,387,000
to the net demand deposits and $102,446,000 to the time
deposits. We give the statement below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR TIIE WEEK ENDED SATURDAY AUG. 1 1931.
Clearing House
Members.
• Capital.
•Surplus and
Undivided
Profits.
Net Demand
Deposits,
Average.
Time
Deposits,
Average.
$
$
$
$
63,842,000
14,254,900
14,273,000
6,000,000
258,758,000
50,760,200
50,867,000
22,250,000
131,774,000
32,713,600
47.930,000
36,775,300
110,000,000 115,769,100 a1,035,556,000 193,157.000
233,008,000
26,278,000
44,260,900
21,000,000
90,000,000 208,427,000 8921,517,000 137,206,000
146.195,000
33,342,000
16,446,600
16.200,000
415,312,000
83,630,600
82,060.000
21,000,000
169,941,000
32,629,000
35,086.000
15,000,000
286,197,000
24,365.000
10,000,000 118.516,500
380.445.000
66,804.000
75,429,400
50,000,000
9,980,000
1,338,000
11.360,200
6,000,000
148,000,000 176,579,800 1,343,230,000 166,649,000
26,737,000
3,183,000
3,822,600
500,000
77,089,000
87,792,400 d465,227.000
25,000,000
33,126,000
2.004.000
24,860,800
10,000,000
48.121,000
7,198.000
9,632.800
10,000,000
17,000,000
1,680,000
4,256,700
3,000,000
195,573,000
40,594,000
35,644,000
12,500,000
48,189,000
5,857,000
10,158.000
7,000,000
27,316,000
4,445,000
2,822,400
2,000,000
37,447,000
34,330,000
13,873.300
8,250,000
139,940,000
68,116,000
24,380,500
27,500,000
Bank of N Y & Trust Co
Bank of Manhat'n Trust
Bank of Amer Nat Assn
National City Bank---Chemical Bank & Trust
Guaranty Trust Co
Chatham Phenix NB&Tt
Central Hanover Bk&Tr
Corn Exchange Bk Trust
First National Bank-Irving Trust Co
Continental Bk & Trust_
Chase National Bank_
Fifth Avenue Bank
Bankers Trust Co
Title Guarantee & Trust
Marine Midland Trust
Lawyers Trust Co
New York Trust Co_ _ _ _
3omm'l Nat Bank & Tr_
Elarriman Nat Bk dr Tr.
Public Nat Bank & Trust
Vlanufacturers Trust Co
Bearing Non-Member.
dechanics Tr. Bayonne_
Totals
[VOL. 133.
FINANCIAL CHRONICLE
500,000
737,100
2.537.000
5,392,000
658 475 ann 1.198.758.400 6.436.968,000 1,129,243.000
•As per official reports:
companies, June 30 1931.
National. June 30 1931; State, June 30 1933; trust
Includes deposits In foreign branches: (a) 6276,804,000; (8) 689.424;(8) $109,270;
(s $51,253,000.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The Publie
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ending July 31:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING BUSINESS
FOR THE WEEK ENDED FRIDAY, JULY 31 1931.
NATIONAL AND STATE BANKS-Average Figures.
Loans,
Other Cash Res. Dep., Dep. Other
Disc. and
Gold. Including N. F. and Banks and
Gross
Investments.
Bank Notes Elsewhere. Trust Cos. Deposits.
Manhattan$
$
Bryant Park Bk 1,364,700 52,600
Grace National_ 18,241,711 1,800
Brooklyn
Brooklyn Nat'l_ 8,140,900 13,700
Peoples Nat'l_ - 6,680,000 " 5,000
S
$
$
S
58,500
1,093,600
244,900
77.215 2,110,192 2,266,082 17,680,716
115,000
97,000
486,000
459,000
481,300
77,000
5,594,700
6,600,000
TRUST COMPANIES-Average Figures.
Loans,
Disc. and
Investments.
Cash.
Res've Dep., Depos.Other
N. F. and I anks and
Elsewhere. Trust Cos.
Manhattan$
$
$
Bank of Europe& Tr. 13,090.406
707.074
160,040
Empire
75,980,700 *4,986,600 7,465,200
Federation
16,823,319
93,317 1,125,400
Fulton
19,758,800 *2,391,600
790.200
United States
71.862,747 5.133,333 15,128,294
Brooklyn
Brooklyn
109,063,000 2,169,000 30,253,000
Kings County
27,605,796 1,934,387 3,093,775
Bayonne, N. J.
Mechanics
8,245.298
263,252
691,521
Gross
Deposits;
$
$
12,360,020
2,885,900 76,083.500
203.151 16,407,547
319,300 18,390,400
62,676,464
878,000
118.710
25,933,721
280,999
8,262,022
* Includes amount with Federal Reserve Bank as follows: Empire, $3,517,700;
Fulton, $2,201,500.
Boston Clearing House Weekly Returns.
-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Week Ended
Aug. 5
1931.
Changesfrom
Previous
Week.
Week Ended
July 29
1931.
Week Ended
July 22
1931.
$
$
$
$
Capital
93,875,000 Unchanged
93,875,000
93,875,000
86,772,000 Unchanged
Surplus and profits
86,772,000
86,772,000
Loans, diso'ts & investla_ 1,019,625,000 -3,639,000 1,023,264,000 1,016,333,000
608,169,000 +4,543,000 603,626,000 617.105,000
Individual deposits
Due to banks
155,388,000 +6,301,000 149,087,000 157,467,000
Time deposits
260,609,000
-49,000 260.658,000 264,097.000
United States deposits
9,554,000 -2,066,000
11,620,000
12,670,000
19,185,000 +5,805,000
Exchanges for Clg. House
13,380,000
15,019,000
91,651,000 +11,451.000
Duo from other banks
80.200,000
89,794.000
Reeve in legal deposIt'les
78,706,000
-892,000
79,598,000
82,658,000
Cash in bank
5,726,000
-150,000
5,876,000
5,933,000
Res've in excese in F.R.Bk
2,016,000
-649,000
2,694.000
3.605.000
Philadelphia Banks.
--Beginning with the return for the
week ended Oct. 11 1930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
but are included with the rest. In addition, the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
Reserve requirements for members of the Federal Reserve
System are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash
in Vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve System the
reserve required is 10% on demand deposits and includes
"Reserve with Legal Depositaries" and "Cash in Vaults."
Beginning with the return for the week ended May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserve required and whether reserves held are above or
below requirements This practice is continued.
Week Ended
Aug. 1
1931.
Changesfrom
Previous
Week.
Week Ended
July 25
1931.
Week Ended
July 18
1931.
$
$
$
$
Capital
83,202,000 Unchanged
83,202,000
83,202 000
Surplus and profits
256,081,000 Unchanged
256,081.000 256 015 000
Loans. discts. and invest_ 1,507,910.000 +1,384.000 1,506,626,000 1.509.156,000
Exch.for Clearing House_
32.433,000 +8,117,000
28,293.000
24,316,000
Due from banks
130,260,000 -5,354,000 135,614,000 152.423,000
Bank deposits
229,594,000 -1,599,000 231,193,000 242,700,000
Individual deposits
747,297,000
+27,000 747,270,000 759.557,000
Time deposits
438,834.000 +2,608,000 438,226,000 437.856,000
Total deposits
1,415,725,000 +1,036,000 1,414,689,000 .440,113,000
Reserve with F.It. Bank_ 120,913,000 +1,765,000 119,148,000 121,228.000
AUG. 8 1931.]
FINANCIAL CHRONICLE
911
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon. Aug. 6, 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 877 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. 5 1931
Aug. 5 1931. July 29 1931. July22 1931. July 15 1931. July 8 1931. July 1 1931. June
24 1931 June 17 1031. Aug. 6 1930.
RESOURCES.
5
S
5
$
Gold with Federal Reserve agents
2,063,779,000 2,058,539,000 2.003.339.000 1,990,864,000 1,964,764,000 1,933,564,000
1,903,284.000 1.908.344,000 1.551.714,000
Gold redemption fund with U. B. Tress_
29,083,000
29,983,0001 29,084.0001 29.321,000
29.616,000
30.167,000
36,816,000
30,166.000
32,666,000
Cold held exclusively eget. F. II. notes 2,093,762,000 2.088,522,000 2.032.423.000 2.020.185,000 1.994,380.000
Gold settlement fund with F. R. Board
447,519,000 410,496,000 463.011.000 464,413,000 489,921,000 1,963,731,000 1.933.450,000 1,941.010.000 1,588,530,000
Gold and gold certificates held by banks_ 887,756,0001 944,536,000 928,913,000 924,551,000 943,604,000 514,492,000 475.278,000 466,969.000 555,602,000
933.818,000 973,861.000 947,310,000 817,046,000
Total gold reserves
3,429,037,0003,443,554.000 3,424,347.000 3.409,149,000 3,427,905,000 3.412,041,000
3.382.589.000 3,355,289,000 2,961,178,000
Reserved other than gold
165.761,000 175,009,000 173.604.000 171,989,000 164,042,000
167,257,000 175.059,000 170.985,000 165,631,000
Total reserves
3,594,798.000 3,618,563,000 3,597,951.000 3.581,138.000 3,591,947,000 3,579,298,000
3.557,648,000 3,528,274,000 3,126,809,000
Non-reserve cash
73.019,000
79.086,000
78,899,000
77.133,000
68,713,000
65,011,000
63,436,000
74.422,000
71.114,000
Bills discounted:
Secured by U. S. Govt. obligations
69,901,000
71,883.000
78,204,000
59,997,000
59.787.000
46,395,000
65,599,000
88,008.000
78.323,000
Other bills discounted
118,674,000 111,153,000 103,398,000 101,806,000 102,599,000 103,805,000
111,672,000 109,065,000 140,324,000
Total bills discounted
188.575,000 183,036,000 181,602.000 161,803.000 162,386,000 150,200.000
197,678,000 185,388,000 205,923,000
Bills bought in open market
66.074,000
66,536,000
67.033,000
70,408,000
91,788,000 103,341,000 106,390.000 106.814,000 133,571,000
U.S. Government securities:
Bonds
216,878,000 206,723,000 189.016,000 185,781,000 183,393,000 188.395,000
49,650,000
136,840,000 117,209,000
Treasury noted
43,242,000
43,242,000
46,242,000
49,760,000
51,748,000
60,741,000
53,882,000
52.233,000 278,307,000
Certificates and bills
420,511,000 428,012,000 441.813,000 442,312,000 432,812,000 414.263,000
427,781,000 429.562,000 248,267,000
Total U. B. Government socuritles
630,631,000 677,977,000 678,001,00( 677,853,000 667,953,000 663,399,000
618,503,000 590,004,000 576,224,000
Other securities (ass note)
6,302,000
7.246,000
7,174,000
11,093,000
0.975,000
10,601.000
8,063.000
7,272,000
9,248,000
Foreign loans on gold
16.700,000
Total bills and securities We ,Old)____ 941,582,000 934,795,000
933,810.000 921,157,000 932.102,000 927.541,000 947,334,000 900,454.000 922,990.000
Duefrom foreign banks (ace not,)
10,725,000
726,000
725.000
3.725.000
3,726,000
1,426,000
2.609,000
705,000
699,000
Federal Reserve notes of other banks
16,078.000
16,364,000
15.862,000
16,465,000
14,201,000
14,942,000
17,464,000
19,064,000
15,467.000
Uncollected Items
426,158.000 415,289,000 448,044.000 568,211,000 498,736,000 533,070,000
446.117.000 570,441,000 503,728,000
Bank premise]
58,920,000
58,915,000
58,913,000
58.834,000
58,834.000
58,783,000
58,782,000
58,730,000
59,584,000
All other resources
29,389,000
28.071,000
26.939,000
26,906,000
25,999,000
28,425,000
14,442,000
22,702,000
22,692,000
Total resources
5,150,669,000 5,151,809,000 5,161,143,000 5.251,569,000 5.194,258,000 5,208,496,000
5,127,168,00015.185.871.000 4.710,758,000
LIABILITIES.
F. R. notes In actual circulation
1,772,672,000 1.735,501,000 1,730,752,000 1,716,621,000 1.736,922,000 1,738,396,000
1,674,189.000 1,668.313,000 1,338,774,000
Deposits:
Member banks-reserve account
2,339,135,000 2,414,734,000 2,431,802,000 2,435,530,000 2,439.578,000
2,389,211,000 2,457,474,000'2,40i,114,000 2,363,852,000
Government
12,101,000
13,385,000
17.501,000
17,990,000
16,060,000
41,182,000
31,519,000
59.459,000
43,573,000
Foreign banks (see note)
132,377,000 100,435.000
.58,481,000
56,159,000
39,875,000
35,625.000
19.987,000
5,678,000
5,755,000
Other deposits
26,774,000
26,043,000
26,732,000
30.662,000
31,833,000
34.830,000
19,918,000
22,280,000
22.136,000
Total deposits
2,510,447,000 2,554,597,000 2,535,005,000 2,539,852,000 2,527,346,000
2.500,848,0002.556.838.000 2.472,499.000 2,423,406,000
Deferred availability items
411,380,000 405.755.000 440.440,000
540.433,0 474,368,000
Capital paid In
166,849,000 187.442,000 166,796,000 166,844,000 167,979,000 511.815,000 435.785,000 564,842,000 487,054,000
168.170,000
Surplus
274,636,000 274,636,000 274,636.000 274,636,000 274,636,000 274,636,000 168.244,000 168,325,000 169,680,000
274,636,000 274,636.000 276,936,000
All other liabilities
14,683,000
13,878,000
13,514,000
13,183.000
13,007,000
12,631,000
17.256,000
17,476,000
14,908,000
Total liabilities
5,150,669,000 5,151,809,000 5.161,143,000 5,251,569,000 5,194,258.000
5,206,496,000 5,127,168,000 5.165,871.000 4,710,758,000
Ratio of gold reserves to deposits and
F. It, note liabilities combined
80.0%
80.2%
80.0%
80.2%
80.3%
80.4%
79.9%
78.9%
Ratio of total reserves to deposits and
81.0%
F. R. note liabilities combined
83.9%
84.3%
84.1%
84.3%
84.2%
84.4%
84.1%
83.1%
Contingent liability on bills Purchased
85.2%
for foreign correspondents
225,852,000 253,578,000 298,111.000 289,851,000
302,020.000 335,334,000 367,700,000 378.717.000 483,454,000
•-•
Maturity Distribution of Bills and
Short-7'erin &cirri:WI-15 days bills bought In open market_
26,030,000
21,782,000
21,373,000
19,087,000
35,792,000
62,167,000
57,073,000
60,828,000
49,808,000
1-16 days bills dissounted
113.389,000 110.015,000 111,950,000
93,597.000
94,801,000
82,508,000 128,332.000 11)3,017,000 105,806,000
1-115 days U. S. wall. of indebtedness_
18.700,000
12,850,000
20,500,000
26.950,000
5,500,000
9.300,000
1-15 days municipal warrants
99,000
51,000
16-30 days bills bought in open market
5,315,000
7,821,000
11,710.000
10,784,000
12.203,000
18.788.000
27,832,000
19,938,000
32,025,000
16-30 days bills discounted
13,542,000
13,160.000
13,672,000
12,963.000
13,676,000
12,509,000
14,470,000
18,141,000
15,101,000
16-30 days U. S. certif. of Indebtedness_
23,425,000
25,700,000
12.850.000
26,700.000
26,850,000
10,500,000
15,500,000
31,527,000
20.500,000
16-30 days municipal warrants
93,000
99,000
31-50 days bills bought In open market__
27,567.000
4,303,000
8,568.000
5,591,000
14,688,000
16,157,000
17,280,000
32,488,000
20,665,000
31-60 days bills discounted
29,650,000
23,942,000
20,157,000
21,769,000
19,987,000
19,765.000
22.208,000
28,111,000
20,938.000
31-90 days U.S. certif. of indebtedness
67,271,000 103,595,000 105,597,000
54,125,000
55,125,000
37,550,00(1
57.550.000
31,850,000
82,265,000
31-60 days municipal warrants
75,000
76,000
63,000
48,000
61-1)0 days Mils bought in open market__
7,127,000
32,532,000
31,490,000
28,682,000
28.996,000
16,223,000
4,088,000
16,368,000
4,200.000
01-90 days bills discounted
22,008.000
22,559,000
21,902,000
19,528,000
18,857.000
15,978,000
16,907,000
14.767,000
30,414,000
61-00 days U.S. certif. of Indebtedness_
45,450,000
29,700.000
29,700,000
97,171,000
96.171.000 124,597,000 131,815,000 155,297,000
61-90 days municipal warrants
10,000
5,000
Over 90 days bills bought in open market
3.5.000
98.000
101,000
75,000
114,000
117,000
6,000
1,140.000
116,000
Over 90 days bills discounted
9,986,000
13,360,000
13,018,000
14,849,000
19,442.000
15,615,000
18.761.000
18.565,000
14,629,000
Over 90 days certif. of indebtedness
265,665,000 256,077,000 252,966,000 257,666,000
249.166,000 241,616,000 223,116,000 212,615.000 135,965,000
Over 90 days mutilates' warrants
42,000
42,000
22,000
Federal Reserve Notes
Issued to F. R. Bk. by F. R. Agent
2,199,250,000 2,181,235,000 2,135,945,000 2.134,963.0002
Held by Federal Reserve Bank
426,578,000 445,734,000 405,193,000 418.342.000 .132.684,000 2,111,944,000 2,097.809,000 2,099,019,000 1,704,744,000
395,762,000 373,548,000 423.820,000 430.708,000 369,603,000
In actual circulation
1,772.672.000 1,735,501,000 1,703,752,000 1.716,621.000
1,736,922,000 1.738.398.000 1,874,189.000 1.668.313,000 1,335,141,000
Collateral Held by Agent as SecuritY for
Notes Issued to Banks,gold and gold certificates
658,649,000 812,709.000 612,709.000 612.734.000
812.834,000 812,334,000 812,354,000 812.364,000 402,908,000
Gold redemption fund
Gold fund-Federal Reserve Board
1,405,130,000 1,445,830,000 1,390,630,000 1,378,130,000
1.352,430,000 1,321,230.000 1,290,930.000 1,295,980.000 1,150,306,000
By eligible paper
204,851,000 204,222,000 210,063,000
196.431.000 216,206,000 222,697,000 285,405,000 277,190.000 310,785,000
Total
...
_
2.268,630,000 2,262,761,000 2.213,402,000
2,187.295.0002 180970.0002,158.181.000 2.188,889.000 2,185,534,000 1,863,999,000
NOTE.
-Beginning with the statement of Oct. 7 1925. two new terns
were added In order to show separately the amount of balance held abroad and amounts due to
foreign correspondents. In addition, the caption "All other earning fiaseta,"
previously
securities." and the caption. "Total earning assets" to "Total bills and securities.- The made up of Federal Intermediate Credit Bank debentures was changed to "Other
latter term was adopted as a more accurate description of the total of the discounts,
acceptances and securities acquired under the provisions of BeetiOnfl 13
anti 14 of the Federal Reserve Act, which. It was stated, are the only items Included therein.
• Roy:lei figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OR EACH
OF THE 11 FEDERAL RESERVE BANKS AT CLOSE OP BUSINESS AUG. 5 1931
Two Maws (00) omitted.
Federal Regent Baalt ofTotal.
Boston. New Fort. Pella. !Cleveland.
Riamosel Atlanta. Chicago. St. Louts. Mlaneay. Kasi.Ctly. Dallas.
Pests,
RESOURCES.
$
$
$
$
$
$
S
$
1
$
5
5
$
i
5
3old with Federal Reserve Agents 2,063,779,0 159,917,0 453,059,0 170,000,0212,5
80,0 58.570,0 109,900,0 476,900,0, 74,330,0 49,040,0 61.000,0 21,850,0 215,783,
29,983,0 1,014,0
lold tern fund with U.S. Tress_
12.723,0 1,778,0 2,290.0
643,0 1,209,0 1,038,0, 1,878,0
995,0 1,077,0 3,871,0 1,467,0
Gold held excl. agst. F.R.noted 2,093,762,0 160,931,0 465,782,0 171.778,0
214,840,0 59,565.0 110,977,0 480,771,0 75,797,0 50,583,0 62,209,0 22,888,0 217,641,-.
Iola genial fund with P.R.Board 447,519,0 33,531,0 113,190.01
214,0 49,221 0 15 142,0 12,098,0 59,126,0 15,005,0 14,369.0 21,219,0 13,639,0, 48.865,0
.
,
3old and gold atm. hold by banks.. 887,756,0 35,295.0 570.271,0 51,
30.050,0, 65.495.0 5,183.0 8,830,0 102,520,0 9.288,0 4,954,0 9,838,0 4.534,01 41,494.0
Total gold reserves.
3,429,037,0 229,757,0 1,149,243,0 253,048,0 329,658,0
79,890,0 131,905,0 842,417,0 100.988,0 69,906,0 93,266,0 41,061,0
Reserve other than gold__
165,761,0 13,809,0
49,384,
0. 8,748.0 15,211,0 11.039,0 6,851,0 24,113.0 9,689,0 3,735,0 7,144,0 8,158,01308,000,0
7,862.0
1
I
Total reserves
3,594,798,0 243,566,0 1,198.627,0 261,794,0 344,767,0
90,929,0 138,756.0 666,530,0 110,677.0 73,661,0 100,410,0 49,219,0 315.862,0
9O15-renerVe cash
73,019,0 9.239,0
22,810,0, 3,567,0, 3,930.0 3,869,0 4,615,0 9,392,0 4.607,0 1.315,0 1,557,0 3,621,0
Bills discounted:
4,497,0
1
69,901,0 2,667,0
5e0. by U. S. Govt. obligations
23.843,0 8,189,01 8,858,0 1,752,0
656,0 8,094,0 3,526,0
672.0
879,0
369,0 14,596,0
118,674,0 4,604,0
Oilier Ms d1aonunte4
12,262,0 11,844,0, 8,828,0 16.479,0 18,402,0 8,898,0 6,027,0 4,124,0
11,130.0 12.208,0 5,820,0
Total bills discounted
188,575,0 7,271,0
36,105,0 18,033,0 17,484,0 18,231,0 17,058,0 14,992,0 9,553,0 4,796.0 12,059,0
12,577,0 20,416,11
bought In open market
68,074,0 5,327,0
25.973.0, 3.412.0' 5.442.0 2.34711 4374 n 7.471.0 1.891.0 1.188.0
2.160.0 1.468.0 5.1121 C
ISO,:
I
RM.
[Vox.. 183.
FINANCIAL CHRONICLE
912
Teo Ciphers (00) omitted.
8180URCIIS (Concluded)
U. B. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U. S. Govt. securities__
Other securities
Total bills and securities
Due from foreign banks
F.R.notes of other banks
Uncollected Items
Bank premises
411 other resources
Baton. New York.
Total.
Phila.
Cleveland. Richmond Atlanta. Chicago. RI. Louis. Minneay. Has.City. Dallas. Mahan,
s
2
2
2
2
s
s
8 .
8
8
s
s
8
216,878,0 13,723,0
43,242,0 1,203,0
420,511,0 38,236,0
62,232.0 17,821,0 15,691,0 7,921,0 4,712,0 40,707,0 7,463,0 12,153,0 9,730,0 15,165,0 9,760,0
.248,0 3,718,0 1,591,0 3,848,0
440,0 10,212,0
495,0
887,0
5.017,0 4,373,0 11,212,0
102,286,0 35,279,0 45,182,0 23,388,0 13,903,0 53,034,0 19,167,0 14,992,0 28,460,0 14,525,0 32,059,0
680,631,0 53,162.0
250,0
6,302,0
169,535,0 57,273,0 72,085,0 31,557,0 22,333,0 95.332,0 30,476,0 27,640,0 39,077,0 30.130,0 62,031,0
315,0
160,0
710,0
350,0
185,0
175,0
2,540,0
455,0
780,0
200.0
182,0
941,582,0 66,010,0
55,0
10,725,0
253,0
16,078.0
426,158,0 50,288,0
58,920,0 3,458,0
831,0
29,389,0
234,153,0 79,428,0 95,361,0 52,320,0 43,940,0 118,250,0 42,120,0 33,806,0 54,076,0 44,335,0 77,783,0
29,0
49,0
73,0
22,0
10,238,0
72,0
26,0
21,0
98,0
25,0
17,0
348,0 1,185,0 1,538,0
724,0 2,122,0 1,137,0
270,0 1,295,0
5,375,0
917,0
914,0
116.462,0 40,831,0 40,327,0 30,925,0 11,277,0 49,392,0 18,130,0 7,661,0 24,542,0 13,064,0 23,259,0
15,240,0 2,614,0 7,575,0 3.583,0 2,573,0 8,061,0 3,635,0 1.926,0 3,803,0 1,831,0 4,621,0
13,432,0 1,328,0 2,009,0 1,552,0 3,117,0 2,176,0 1,181,0
987,0 1,016,0
1,043,0
717,0
5,150,669,0 373,700,0 1,616,337.0 389,982,0 495,227,0 184,745,0 205,028,0 856,021,0 181,512,0 120,346,0 186,040,0 113,349,0 428,382,0
Total remoras
LIABILITIES.
F.R.notes in actual circulation- 1,772,672,0 137,894,0
Deposits:
Member bank-reserve account 2,339,135,0 142,062.0
12,161,0
704,0
Government
132,377,0 10,108,0
Foreign bank
26,774,0
46,0
Other deposits
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
322,194,0 146,970,0 198,374,0 67,235,0 114,528,0 391,199,0 73,237,0 50,218,0 63,571,0 27,008,0 181,246,0
979,556,0 145,594,0 191,404,0 61,810,0 56,250,0 334,106,0 67,631,0 48,004,0 81,603,0 54,449,0 176,666,0
286,0
2,115,0 1,793,0
968,0 1,802.0
94,0 2,117,0 1,305,0
3,0
655,0
339,0
41,943,0 13,343,0 13.612,0 5,391,0 4,852,0 18,195,0 4,717,0 3,100,0 3,908,0 4,043,0 9,165,0
124,0 6,540,0
118,0
59,0 7,084,0
11,470,0
95,0
170,0
44,0
744.0
280,0
2,510,447,0 152,920,0 1,035,084,0 160,854.0212.524,0 69,121,0 61,291,0 355,162.0 73,933,0 51,929,0 85,894,0 58,554,0 193,181,0
411,380,0 49,583,0 109,306,0 138,201.0 38,685,0 29,852,0 11.100,0 48,053,0 18,708,0 7,313,0 23,248,0 13,889,0 23.442,0
64,351,0 18,735,0 15,709,0 5,670,0 5,185,0 19,724,0 4,804,0 2,986,0 4,218,0 4,216,0 11,415,0
166,849,0 11,836,0
80,575,0 27,065,0 28,971,0 12,114,0 10,857.0 39,936,0 10,562,0 7,144,0 8,702,0 8,936,0 18,475,0
274,636,0 21,299,0
623,0
964,0
753,0 2,067,0 1,947,0 1,268,0
157,0
748,0
4,827,0
14,685,0
168,0
756,0
407.0
5,150,669,0 373,700,0 1,616,337,0 389,982,0 495,227,0 184,745,0 205,028,0 856,021,0 181,512,6 120,346,0 186,040,0 113,349,0428.382,0
Total liabilities
Memoranda.
84 4
85.0
83.9
66.7
78.9
89.3
75.7
57.5
88.3
72.1
67.2
83.8
83.9
Reserve ratio (Der cent)
Contingent liability on bills pur
99; AA2 n
se Om n
74_15911 22.381.0 22.833.0 9.043.0 8.139.0 30.519.0 7.912.0 5.200.0 6.550.0 8.782.0 15.373.0
abased for foreign cerrespond'
Federal Reserve Agent as-
Boston.
Total
Two Ciphers (00) omitted.
$
$
Federal Reserve notes:
Issued to F.R. bk, by P.R. AO. 2,109.250,0 161,556,0
Held by Federal Reserve bank- 426,578,0 23,662,0
FEDERAL RESERVE NOTE STATEMENT.
,
Ma. Cleveland. Richmond Atlanta. Chicago. M. Louis. Minneap. Kan.City. Dallas. dolerres.
New York.
$
b
8
i
8
i
$
i
i
$
$
474,808,0 177,181,0 225,547,0 74,664,0 129,707,0 483,347,0 83,802,0 54,713,0 67,228,0 33,379,0 233,318,0
152,614,0 30,211,0 27,173,0 7,429,0 15,179,0 92,148,0 11,565,0 4,495,0 3,657,0 8.373,0 52,072,0
1,772,672,0 137,894,0
In actual circulation
C011ateral held by Agt.as security
for notes toned to bank:
658,649,0 35,300,0
Gold and gold certificates
1,405,130,0 124,617,0
Gold fund-F.R. Board
204,851,0 9,955,0
Eligible paper
- --- -__ -_ _ • .5 th ,.
_ . _
.
2,Z118.1541).1) ItnI
322,194,0 146,970,0 198,374,0 67,235,0 114,528,0 391,199,0 72,237,0 50,218,0 63,571,0 27,006,0 181,246,0
•
7,300,0 50,000,0
398,059,0 38,700,0 12,550,0 10.070,0 10,900,0 73,900,0 15,130,0 6,740,0
55,000,0 131,300,0200,000.0 48,500,0 99,000,0 403,000,0 59,200,0 43,200,0 61,000,0 14,550,0 165,763,0
39,327,0 16,023,0, 19,336,0 19,151,0 20,101,01 17.338,0 9,682,0 5,101,0 12,907,0 12,859,0 23,071,0
..n nnel. n I Oa ...no r. 401.000.V 11,, ao.• Inn nos.,v xim,400,ti Ci,U14.0 oa,arsa A On nnn A nA •1,11 A.4100 0.1.4 AN
il.I. nOn n
1 111 A
,
Is An,. nno n
OA nin n
Os n.r.
,
aoo.vc.o.0
a0V,VV
II
o.aVI
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 878, immediately pre •
ceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with endorsement, and Iolanda all real estate mortgagee and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with endorsement were Included with loans,
and some of the banks Included mortgages in Investments. Loans secured by 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 those secured
by commercial paper, only a lump total being given. The number of reporting banks is now omitted: In Its Maas the number of reties included (then 101) was for a time
given, but beginning Oci. 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 $135,000,000 on Jan. 2 1929 which had then recently merged with a non-member bank. The figures are now given in round millions instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS JULY 29 1931 (In millions of dollars).
Togas.
Federal Ronne District-
Boston. ;Jew Pork
Phila. Cleveland. Richmond Aaanla. Chicago. St. Louis. alinneay. Kan.Cily. Dallas. SonFran.
s
8
$
Loans and Investments-total
$
22,296
3
1,440
Loans-total
14,488
972
5,833
817
6,544
7,942
371
601
3,040
2,793
7,810
468
4,133
3,677
206
262
1,844
220
13,473
7,144
190
1,557
3,368
91
14
837
511
12
105
138
1
On securities
All other
Investments-total
U.S. Government securities
Other securities
Reserve with F. R. Bank
Cash in vault
Net demand depoelts
Time deposits
Government deposits
Due from banks
Due to banks
s
s
3
s
631
554
3,145
1,380
407
378
2,212
427
390
843
737
155
252
114
264
1,065
1,147
3,118
545
844
224
176
1,800
1,316
223
322
465
379
98
128
88
90
930
54
8.393
1,682
70
141
1,265
In
90
14
780
404
17
109
247
2
136
30
1,075
1,024
18
162
357
6
39
13
326
264
11
87
110
3
38
8
292
235
13
79
97
261
39
1.766
1,248
21
292
450
3
s
404
8,949
1,362
2,224
a
627
$
$
$
632
425
1,939
231
358
294
1,200
104
240
61
170
100
258
oo
204
314
886
933
223
137
274
131
739
540
393
78
145
64
73
122
152
72
59
381
358
43
6
355
238
4
77
109
2
26
5
216
149
1
74
80
52
12
440
203
2
155
201
1
31
268
141
8
88
90
2
107
19
725
1,045
13
188
224
2I
368
8
•Exclusive of figures for one bank in New York City. eland Dee. 11. Last report of bank showed loans and investments of about 8190,000,000.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business Aug. 5 1931,
In comparison with the previous week and the corresponding date last year:
Aug. 5 1931. July 29 1931. Aug. 6 1930.
Resources (Concluded)233,000
10 238,000
257,000
258,594,000 Due from 'foreign banks(see note)
5,503,000
5,375,000
3,852,000
14,803,000 Federal Reserve notes of other banks
116,462,000 111,851.000 136,909,000
Uncollected Items
15,664,000
15,240,000
15.240,000
273,397,000 Bank premises
6,621,000
13,432,000
12,525,000
135,608,000 Another resources
497,118,000
Total resources
1,616,337,000 1,687,075,000 1,408,082,000
906,123,000
46,586,000
Liabilities-952,709,000 Fed'I Reserve notes In actual circulation 322,194,000 304,568,000 155,352,000
14,721,000 Deposits
-Member bank, reserve sleet- 979,556,000 1,070,036,000 957,562,000
8,284,000
517,000
Government
2.115.000
2,113,000
46,941,000
Foreign bank (set note)
19,101,000
41.943,000
9,837,000
10,408,000
26,056,000
Other deposits,
11,470,000
Aug. 5 1931. July 29 1931. Aug. 6 1930.
453,059,000
Goldwith Federal Reserve agent
with
12,723,000
Gold redemp.fund with U. B. Treasury_..
456,919,000
12.724,000
465,782.000
113,190,000
570,271,000
469,643.000
138,021,000
630,089,000
Gold held exclusively agst. F. R.notes.
Gold settlement fund with F. It. Board_
Gold and gold etfe. held by bank
Total gold reserves
Reserves other than gold
1,149,243.000 1,237,753,000
56,938.000
49,384,000
Total reserves
Non-reserve cash
Bills discounted
Secured by U.8 Govt. obligations
Other bills discounted
1 198,627,000 1.294,691,000
25,537,000
22,810,000
23.843,000
12,262,000
17,384,000
9,461,000
45,157,000
Total deposits
1,035,084,000 1,127,902,000 977,796,000
109,306,000 105,894.000 124,367,000
44,840,000 Deferred avallabillt7Items
65,577,000
64.358,000
Capital paid in
64,351.000
80,001,000
80,575,000
9,798,000 Surplus
80,575.000
60,899.000
62,232,000
4,989,000
3,980,000
4.827.000
5,017,000 106,652,000 All other liabilities
5,017,000
64,026,000
102,286,000 103,619,000
Total liabilities
1,616,337,000 1,687,075.000 1,408,032,000
Total U. S. Oovernment securities_ 169,535,000 169.535,000 180,476,000 liatio of total reserves to
5,250,000
deposit and
3,240,000
2,540,000
Other secur1tiee(sse note)
84.1%
90.4%
Fedi Reserve note liabilities combined88.3%
Foreign loam on gold
Contingent liability on bills purchased
73,916,000 159,016,000
for foreign correspondents
74.159,000
234,153,000 223,122.000 275,723,000
Total bills and securities (Pee note) - .
in order to show separately the amount of balances held abroad and amounts due to
NOTE.-Beghining with the statement of Oct. 7 1925, two new Items were addes ly made up
Credit Bank debentures was changed to "Other
foreign correspondents. In addition, the caption -All other earnings assets," previou re latter termof Federal Intermediateaccurate description of the total of the discount.
was adopted as a more
securities." T
securities." and the caption,"Total earning assets" to "Total bills and13 and 14 of the Federal Reserve Act. which, It was stated, are the only Items Included therein.
provisions of Sections
aocept.,nres and mourithe acquired under the
Total bills discounted
Bills bought in open market
U.S.Government securities
Bonds
Treasury notes
Certificates and bills
38,105,000
25,973,000
28.845.000
23,502,000
AUG. 8 19311
FINANCIAL CHRONICLE
913
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 and Treasury certificates on the New York
Wall Street Friday Night, Aug. 7 1931.
Stock Exchange. The transactions in registered bonds are
Railroad and Miscellaneous Stocks.—The review of the given in a footnote at the end of the tabulation.
Stock Market is given this week on page 900.
The following are sales made at the Stock Exchange this Daily Record of U. S. Bond Prices. Aug. 1. Aug. 3. Aug. 4. Aug. 5 Aug. 6. Aug. 7.
week of shares not represented in our detailed list on the First Liberty Loan
High 102"ss 1021.n 10216,, 102163 102163, 102113r
,
335% bonds of 1932-47._ Low_ 1021.31 102"st 102"st 102.31 1021.61 102"sr
pages which follow:
Vanture Gazette.
STOCKS.
1Veek Ended Aug. 7.
Sales
for
Week.
Range for Week.
Range Since Jan. 1.
Lowest.
Highest.
Lowest, I Highest.
Railroads—
Par. Shares. $ per share. $ per share.
Per share.13 per share.
Caro Clinch 8, Ohio—
Ctis stamped_ _100
100 97% Aug 7 98)5 Aug 4 9631 Ju1y,102
Apr
Cuba RR Pref
100
10 32 Aug 3 32 Aug 3 30)5 June,' 44
Feb
Int Rye of Cent Am__
110 7 Aug 5 7 Aug 5 7
Aug; 1335 Mar
New OrIs T & 5.Iex_100
20 94
Aug 4 94
Aug 4 94 June 143
Feb
Indus. &AllemII.
Allegheny Steel
•
380 2834 Aug 4 30
Aug 5 28% May 46% Feb
Alliance Realty
•
20 45 Aug 6 46
Aug 6 45
Aug 60
May
AmerAgric Chem (Del)*
500 1334 Aug 1 14
Aug 1 11% June 29% Feb
Amer Beet Sugar pf _100
15
8% Aug 6 831 Aug 3 7 June 17% Jan
Amer Chain pref.. _ _100,
400 71
Aug 774 Aug 1 67 June 88
Jan
American Ice pref_ _100
500 60
Aug 761
Aug 5 60
Aug 77% Jan
American News
20 4831 Aug 4 493j Aug 4 48)5 June 57% Feb
Amer Radiator & Stand'
Sanitary pref. _ _ _100
10 140
Aug 5 140 Aug 5 133 June 150
Apr
Art Metal Construct..10
200 1331 Aug 3 1331 Aug 3 1334 Aug 2035 Jan
Austin Nichols prior A •
20 25
Aug 4 2531 Aug 3 1831 June 28
July
Bernet Leather
200 1
Aug 7 1% Aug 4 1
Aug 2)5 Mar
Certain-Teed Products
let preferred
100
100 26
Aug 526 Aug 5 11
Jan 26
Aug
Colo Fuel & Sr pref_100
10 85
Aug 385 Aug 3
June
Feb
ColumblaGrapho Ws._ 9,700 735 Aug 6 8% Aug 3 75 Jun 115
6
1131 July
Comm Cred pref (7)_25
50 25 Aug 1 25 Aug 1 20
Jan 25
July
CommInvTr pf(6)5)100
8010131 Aug 3 106 Aug 6 101
July 106
Aug
Crown Cork & Seal pf_*
400 28
Aug 3 30 Aug 3 28
Aug 34% Feb
Cuban Dom Sugar_ _• 6,100
% Aug 1
31 Aug 1
34 July 131 Jan
Cushman Sons pf $8_*
20 100
Aug 4 100
Aug 4 95
Jan 107
Mar
Douglas Aircraft
400 1731 Aug 3 1835 Aug 3 173$ July 2131 June
DurhamHosMIlls p1100
10 21
Aug 621
Aug 6 21
M
23
Jan
Elec & Music Ind w L._
2,70
7 Aug 6 731 Aug 4 7
Aug 914 July
Elk Horn Coal pref.-50
130
)5 Aug 6
34AugO
% Aug 6
Apr
Fairbanks Co pf ctfs100
10 534 Aug 7 534 Aug 7 431 July 12
Apr
Food Machinery
100 15 Aug 3 15 Aug 3 15
Aug 3131 Apr
General Slaking
1,000 2035 Aug 5 21
Aug 1 17% June 2531 Apr
Gen Gas & Elec pf A(7)•
30 6934 Aug 5 70
Aug 5 67 Jun g- 90
Feb
Class B
•
500 8
Aug 7 8
Aug 7 4
Ap 10
May
General Print Ink.. _.•
130 2031 Aug 5 2031 Aug 1 15 May 31
Mar
Preferred
•
30 6431 Aug 6 6435 Aug 6 59% June 76
Jan
Gen sty Signal pref-100
10 10935 Aug 710934 Aug 710431 Jan 114
Mar
Gold Dust pref
•
500 11034 Aug 511234 Aug 3 104
Jan 11731 May
Hackensack Vat pf A 25
30 28
Aug 7 28
Aug 7 2631 Mar 30
Apr
Hawaiian Pineapple_20
10 26 Aug 1 26
Aug 1 2531 June 4236 Jan
Helme(G W)pref.._ 100
10 136 Aug 7 136
Aug
Jan 136
July
Houston 011 New. _25 3,900 sq Aug 6 9 Aug 7 134
5 6 June 1431 Feb
Ins'shares Corp(Dehrts 27,300 . Aug 7
16
In Aug 6
tie Aug
% July
Internet Silver pref_100
120 553$ Aug 5 61
Aug 4 5531 Aug 0031 Mar
Lily Tulip Cup
•
500 24
Aug 1 2431 Aug 5 23
July 2631 June
Lorillard Co pref_ _ _100
200 102 Aug 3 102 'Aug 3 9031 Jan 102 June
MacAnd&Forbes pf 100
70 92 Aug
N Y Shipbuilding- _ .-* 2,700 631 Aug 5 93 Aug 5 85 Jun 10031 Apr
7 734 Aug 7 631 Aux 731 Aug
Preferred
100
230 6934 Aug 4 71
Aug
Aug
Noranda Mines Ltd..* 3,400 1731 Aug 7 1835 Aug 6 6831 July 71
1 1531 May 2934 May
Omnibus Corp pref_100
200 75 Aug 7 75 Aug 7 68
Jan 85
Mar
Pac Tel & Tel pref 100
10 133 Aug 4,133 Aug 4 124
Jan 133
July
Peoples Drug Ste pf..100
50 102
Aug 3:102
Aug 3 963-4 Feb 103
Apr
Phila Co 6% pf new_.•
100 10035 Aug 711003-4 Aug 7 9535 Jan 10231 May
Phoenix Hosiery pref100
60 55
Aug 4 55
Aug 4 55
Aug 70% Jan
Pierce-Arrow Co pf-100
300 59 Aug 1 62
Aug 7 5835 June 7234 Feb
Revere Cop & Dr pf_100
30 55 Aug 3 55
Aug 3 45
May 8335 Jan
Scott Paper
n3
50 50 Aug 7 50
Aug 7 40
Jan 50
Apr
Sloss-Sheff St & Ir pf100
30 21
Aug 5 21
Aug 5 20 June 39
Feb
Socony-Vacuum
25 3,700 17% Aug 7 18% Aug 3 1735 Aug
1831 Aug
Spear ds Co pref __100
130 48)5 Aug 3 49 Aug 3 4831 May 62
Feb
Und-Ell-Fisher Pt- _100
30 123
Aug 123% Aug 5 120 May 12331 Aug
United Dyewood_.i00
50 3 Aug
3 Aug 5 2
Jan 335 may
Preferred
100
10 4631 Aug
46% Aug 1 sosi Feb 48
July
Unit Piece Dye pfd.100
250 102
Aug 103 Aug
102
Jan 10835 Mar
U S Gypsum pref_ _100
400 132
Aug 6 132
Aug
132
July 132
July
Un Pipe & Rad pref_100
10 28
Aug
28
Aug 6 931 June 60
Jan
Van Raalte 1st pref_100
Aug
50 40
4035 Aug 3 2231 Feb 60 June
Virginia Iron & Coke100
120 25
26)5 Aug 3 22
Aug
Jan 34
Apr
Preferred
100
Aug
100 55
55 Aug 3 55
Aug 673-5 Mar
Walgreen Co pref_ _ _100
95 Aug 4 90
100 95
Aug
Feb 9831 June
Wheeling Steel
•
600 20
20% Aug 3 20
Aug
July 2031 Jul)
,
Wilcox-Rich class A 5
6001 2631 Aug
26)5 Aug 1 20
Jan 30
Mar
Unite Products
1 3,9001 1131 Aug
12 Auz 4 11
Jun 14 June
• No par value.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
fni.
Rage,
Int.
BM. Ailed.
Maturity.
Rale, Ma. Asked.
Sent. 15 1931_ 234% 100.n 100'n Mar. 15 1932_ __ 2%
100 '11 100"st
,
sept 15 1931___ 134% 1001,, 100.ss Dec. 16 1931-32
331% 101'33 101.sa
Dee. 15 1931__. 114% 100..” 100",,
Airman:Ir.
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange
4.8534 for checks and 4.84 15-1604.85 13-32 for cables. were 4.84 9-1643
Commercial on
banks, sight, 4.84 hi34.84 9-16; sixty days, 4.8034
@4.80%; ninety days,
4.7834344.79. and documents for payment,
4.80014.8014. Cotton for
payment, 4.8431, and grain for payment 4.8431.
To-day's (Friday's) actual rates for Paris bankers'franas
were 3.91 9-1634
3.9131 for short. Amsterdam bankers' guilders were
40.273/(D40.29.
Exchange for Paris on London, 123.88; week's range,
123.90 francs high
and 123.70 francs low.
The week's range for exchange rates follows.
Sterling, Actual—
Cheeks.
Cables,
High for the week
4.85%
4.86 1-16
Low for the week
4.84 9-113
4.84 15-16
Paris Bankers' Francs—
High for the week
3.92%
3.92%
Low for the week
3.91 9-16
3.91 9-16
Gerntany Bankers' Marks—
High for the week
23.75
. 23.75
Low for the week
23.51
23.52
Amsterdam Bankers' Guilders—
High for the week
40.3331
40.34
Low for the week
40.27
40.28
The Curb Exchange.—The review of the Curb
Exchange is
given this week on page 905.
A complete record of Curb Exchange transactions for
the
week will be found on page 931.
(First 331st
,
Close 102 on 102.In 102... 102..n 102..,, 102n.
Total sales in $1,000 units-3
4
2
8
14
7
Converted 4% bonds ofIlIlgh
-___
--------------
Close
Total sales in $1,000 units___
Converted 43-4% bonds High
{
of 1932-47 (First 431s) Low_
Close
Total sales in $1,000 units__
Second converted 4).$% 1111gb
bonds of 1932-47 (First( Low_
Second 431s)
Total sales in $1,000 units__ _
Fourth Liberty Loan
1111gb
434% bonds of 1933-38_ Low_
(Fourth 431s)
Close
Total sales in $1,000 units. __
Treasury
{High
4%,s, 1947-52
Low_
Close
Total sales in $1,000 units__
{
High
4s, 1944-1954
Low_
Close
Total sales in $1,000 units_ __
{High
33.1s, 1946-1956
- ------ -- ---------103 3, 10363, 103 3, 103132 106 ts 103'13
,
,
,
103'31 103 33 103 33 1033tt 106,
,
,
31 103 31
,
10363, 103.,1 103.,, 103.n 103.n 103.ss
6
20
9
29
121
14
--- _
--------- -------- _ _
- - ---- - - -------_------ ---------104..,, 104.In 104",, 104..,, 104..” 104"st
104,33, 104,33, 104.
63, 104..s, 104..ss 1041.11
104"3, 104"32 104.32 1042 31 104,531 104"st
53
88
29
50
56
28
____ 1121.n 1121.. 112". 1121..
____ 112"32 112"st 112 233 112
---____ 1121232 112"st 112"s: 112"st
---___
41
130
10
17
____
__ 108.n 103.n 1084n 108.ss
____ 1W33 106lat 103 st 106 31
,
,
-___
--__ 108,
33 10313, 108 13 1084st
,
-___
43
--50
26
11
----------------106',,
Total sales in $1,000 units_ _
. ___
{
High
____
Low_
____
Close
-___
Total sales in $1,000 units—
---lligh
____
335s, 1940-1943
Low_
____
Close
--Total sales in $1,000 units__
---righ 102.31
Low_ 102"at
394a, 1941-43
Close 102",,
Total sales in $1,000 unUs___
1
{
101..n
3348, 1946-49
LW _ 101123,
s!
(Close 1011,3,
Total sales in $LOW unir
21
334s, 1943-1947
-_ - _
102"n
1022,11
102"n
5
102,03,
102"tt
102,032
3
102"st
102,,st
102"n
8
101...
101":2
10133,,
36
-- - _
-_ _ _
102,,t1 1021,3, 102"st 1021,t1
102",, 1022,3, 102"ts 102..n
10224n 102..,, 102..n 102"n
3
1
1
5
102,63,
-___ 1026•3, 102663,
102,,33
---- 102"st 1022,11
102,0
”
_-__ 102". 102141,
11
108
102,,at
------- 102",
102"st
------- 1021,t
1021.31
.... —
. ——
—
102"s
14
101101... 101I.. 10116n 101",
101"3: 101",, 101as 101"ss
"3,
101..31
101..31
304
8
101 '31
.
43
105
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
2 let 4(4s
5 4th 431s
103
10 103
1042In to 104"n
CURRENT
NOTICES.
—By means of corporations organized in the States of Massachusetts;
Connecticut, Michigan and Illinois offices will be maintained under the
name of Loomis, Sayles & Co.. Inc., in the cities of Boston, Hartford,
New York, Philadelphia, Washington, Detroit, Chicago and San Francisco,
The companies which have become more closely associated with the
original
Boston organization were formerly operated by Henderson & Co.,
Inc.,
In Hartford, Philadelphia and Washington; by Sheridan & Co. in
Chicago,
and by the investment counsel division of the Equitable & Central
Trust
Co. of Detroit.
—Albert E. Peirce & Co. announce the election of Albert C. Lord
as
Vice-President in charge of Eastern territory with headquarters
at 40 Wall
St. in New York. Mr. Lord prior to the war, in which
he served for two
years as a Captain in the air service, was connected with the Consolidated
Gas Co. of New York. He was later syndicate manager
in New York
for Lee, Higginson & Co.,and since February 1930 has
been a Vice-President
of Foreman-State Corp.
—A brokerage office, unique in that it will be the first to ply the
waters
of the Pacific aboard an ocean liner, will be maintained by
Wm. Cavalier
& Co., members of the New York, San Francisco and Los
Angeles Stock
Exchanges, on the Dollar Steamship Co.'s new liner President
Hoover
when that craft leaves New York on its maiden voyage Aug.
6. The office
will be in charge of Orville C. Pratt of Wm. Cavalier & Co.'s main
offices
in San Francisco.
—Baker, Young & Co. announce the retirement of J. Dana Thomas,
who has been prominent in the investment banking business for 27
years.
Before becoming a partner in Baker, Young & Co., he was a partner for
many Years in the old firm of Blodget & Co. up to the time the latter firm
was merged with the securities department of Stone & Webster, Inc.
—Griffith, Wagenseller & Hurst, southern California investment banking firm, which is affiliated with the Mortgage Guarantee Co., announces
the opening of branch offices in San Bernardino and Redlands.
In San
Bernardino, Homer B. Scott has been appointed resident manager and
Walter B. Johnson has been made resident manager in Redlands.
—F. V. Z. Didrichsen, formerly with Sulzbacher, Granger & Co., and
Vincent M. Doherty, formerly with R. M. Grant & Co., Inc., and
more
recently with Sulzbacher, Granger & Co., have become associated
with
Dunne & Co., 150 Broadway, and will specialize in Florida
municipal
and Southern bonds.
—Leonard Lubin. formerly manager of F. J. Lisman & Co. and
Ferguson & Kerngood, is now associated with Waterman, Greenia Moss,
& Co.,
members of the New York Stock Exchange, as manager of
their stock
department.
—Theodore Prince & Co., members of the New York
have prepared a list of forty companies showing increasedStock Exchange,
first six months of 1931 over the corresponding period earnings for the
of 1930.
—Herbert C. Mutat', formerly Asst. Vice-President of the
Chatham
Phoenix Corp. and more recently with Hitt, Farwell & Co.,
is now associated with Hopkins Bros., 82 Beaver St., New York.
—Harry T. Gallaher, formerly a partner of Gilbert Ellett
& Co. and
more recently with Granola. Doty & Co., has become
associated with
Goodwin-Beach & Riley of Hartford and New York.
Olcott & Co., members New York Stock
way, New York, announce that Joseph 11. Willson isExchange. 52 Broadnow associated with
them.
—Philip S. Dickson has become a general partner in the
firm of Gammack
& Co., members of the New York and Pittsburgh Stock
Exchanges.
—Jackson & Curtis announce the removal of their
nental Illinois Bank Building, 231 S. La Salle St. offices to 809 Conti—An analysis of commercial banks and trust
companies has beenprepared by Holt, Rose & Troster, New York.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
-Page One
Occupying Altogether Eight Pages
For sales during the week of stocks not recorded here, see preceding page.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Aug. 1.
Monday
Aug. 3.
Tuesday
Aug. 4.
Wednesday
Aug. 5.
Thursday
Aug. 6.
Friday
Aug. 7.
Sales
for
the
Week.
$ per share $ per share $ per share $ per share Shares
14714 14814 14512 14714 143 14612 10,400
149 152
600
/
4
4
8
4
1057 1057 *1053 10612 10514 1053 10512 1051
8
200
*8712 92
*8712 92
*873 92
8
8712 88
7 4912 47
46
467
8 451s 4612 13,800
48
47
700
68
6312 67
*63
70
*67
*67
70
200
*5014 54
*5014 54
52
53
52
53
20
10914 111 *108 111 *I5 111 *108 111
40
40
*32
*32
*33
40
40
*33
1112 1112 1,000
1112 1112 *1112 12
*1112 12
64
*81
64 .61
54
*61
64
*61
600
593
4 585 588 5818 5814 5818 5818
*59
9214
9214 .92
9214 *92
*92
9214 *92
614 1,500
6
4
53
4 53
614 814
614 614
2418 2214 2314 32,500
8 23
2413 245
2412 25
8 6,900
347 353
348 3512 3414 353
344 36
/
1
12 -------- ---- ------------13,400
/
1
4
3
8
3 -------- ----------------900
8
8 1,000
6
58 57
618
*6
6
6
4 2,000
2412 25
248 248 248 24% 2412 243
41 45
/
4
8 2,100
45
412 434
43
4
43
4
43
4
1,900
7% 71
9
8
8 18
*818 812 *8
8 3,300
4 2518 253
2534 263
4 26
26
2512 253
*71
96
96
95
*71
*72
*71
96
35
368 6,100
4
e
365 3714 3614 3712 353 36
300
68
68
*60
68
73
80
*70
*70
100
65
6012 6012 *60
*6012 65
*81
65
*2014 45
*2014 45
*2014 45
82014 45
400
33
*30
33
3312 3312 32
*3312 34
1,100
11614 11814 115 116 *114 120
117 118
600
50
50
54
*50
51
52
51
52
200
22
*18
22
22
24
237 *22
8
*22
900
1818 19
20
19
2018 *19
*2018 22
3012
3012 *22
3112 *28
3112 *28
*28
2612 *20
2612
*20
2612
2612 *20
*18
7,800
37
/ 39
1
4
8
4012 383 40
4112 4
0
41
*133 15
4
*133 15
4
*133 15
4
*133 15
4
46
*25
*25
46
46
*25
46
*25
200
39
*36
39
*36
39
3612 3612 *36
4,200
23914 40
4114 4212 40% 41
43
43
40
35
34
36
34
*34
34
*34
36
400
*2112 22
*2112 2212 *2112 2212 *2112 22
100
28
*26
27
27
28
*27
*2612 28
51
500
*47
51
48
4712 47
/ *47
1
4
48
400
*373 3812
4
*373 40
4
*38
39
39
40
300
67
*65
69
7212 69
7212 7212 *69
300
3
4 3012 30 4 *3013 3112
*30 4 313 *30% 313
3
4
*1112 15
*1112 15
15
*11
15
*11
*14
12
14
14
14
14
14
700
%
7
*3
7
*3
7
*3
*3
6
6
4 4 *3
3
*4
no 43 *20 43 *20 43 *20 43
43
*25
43
*25
121s 123
1212 13
4 2,000
/ 13
1
4
13
5
1312 1312 *13% 1438 •13 8 14
*40
475
8 1,200
47
49
*40
4914 49
49
4914 50
48
48
*2112 2412 2114 2112 2012 2112 1,800
211 22
/
4
4
4
2112 2112 223 223
593
4 1,400
58
58 58
59
6112 59
60
*6112 63
*6112 67
60
*50
*50
60
60
*50
60
60 .50
*50
60
*50
600
12
12
14
14
*14
12
*14
12
*34
12
*14
*14
3
7118 72% 7018 717 39,100
7412 713 73
4
73
/ 74
1
4
737 763 72
100
32
39
2718 2718 *27
39
*28
*28
32
*28
*2713 34
900
8
35
333 335
35
35
35
*3212 39
35
35
35
32
20
15514 15514 *15514 160
155 155 *155 160 *155% 160
160
•155
4
6312 593 6214 7,800
10 65
62
6
63
'4 5 10 63
671
6418 6410 66
700
4
10912 10912 1093 10034 109 10914 *108 112 *10813 10914 108 108
1114 1hz 1138 1138 3,600
8 1112 12
8
3
8 113 124 117 123
*115 117
3
78
8
*3
8
7
s
*5
8
7
*10
38
*312
7
8
5
`8
os 1
6
41
*4
512 *4
512 *4
*4
8
*4
*43
4 6
200
165 185
164 164
*16312 170 *164 170 *16312 168 *16312 168
120
8
90% 9038 *905 9314
__. 9058 91
.305 3318 *91__ *91
8
4 7,450
331 3438 33% 333
3314 34
35
34 3
5
3418 3438 34 -100
2
2
3
*1
3
*1
3
*1
3
*1
3
*1
4238 28,600
4212 4314 42
/ 43
1
4
5
42 4 43 8 42
3
4412 44% 45
44
8
*4
8
*4
8
*4
8
*4
8
*4
8
*4
45
*25
*2912 45
*2918 45
45
45 •30
*30
45
*30
150
50
48
56
*50
50
50
58 8 50
7
*567 57
8
*567 57
8
10
48
*35
48
*35
58
/ 487 *35
1
4
/ 5434 48
1
4
*48
3
*48
/ 54 4
1
4
100
30
30
35
*30
35
*30
40
*30
45
59 .30
*3.5
400
85
65
65
65
68
*65
69
69 .65
*65
71
*65
447
8
447 *43
8
447 *43
44 8 *43
7
447 *43
8
447 *43
8
.43
200
45
441 *42
/ 4214 *42
1
4
*42
/ 4314 4214 421 *42% 4413 42
1
4
400
15
15% 1S'e 15
18
1518 15% *15
19
1518 1518 *1512
400
2612 261
29
*2612
30
3010 30
*30
30
30
29
29
300
17
4
163 163 *16
17
7 *15
1518 15
*1518 17
•1518 17
200
30
30
40
*30
40
•30
30
30
*28 4 40
3
*28 4 30
3
5
8
12
3.300
2
8
2,
5
8
'2
5
8
3
38
8
5
s
%
.7
8 118
100
*7
8 11
*7
8 11
11
*7
8
7
7
8
.7
8 1
4 7,700
743
4 7314 743
4
3
7714 7504 75 a 77'l 743 752 741/4
7618 77
4,000
258 28
5
27
12 27 8 257 27
281
28
27
/ 283 28
1
4
28
100
543
4 51
51
*50
*5312 58
*5312 55
*5312 58
55
*54
*5014 85
*5014 85
*504 85
85
*5014 85
85
*55
*55
500
8
134 123 1338
*13
1212 13
4
13
13
*123 14
13
*12
300
8
*7
738 70
712 71
*711 8
12 8
7
12 712 *7
*3514 41
*3514 41
*354 41
/
1
*3514 41
*3514 41
*3518 41
/
1
146 1471 144 1464 13,200
150 154
147 150
12
152 165
*152 153
1,000
85's 844 85
*85
87
8514 8514 8518 8518 85
*843 87
2
300
11
11
13
*11
13 *II
*11
13
12
*1112 13
*11
300
21
*19
22
*19
23
22
2114 2114 *20
22
20
20
4 2,200
4 1118 113
117g *1112 113
13
1138 1134 117
•111 1212 12
/
4
*1118 14
*1118 14
*1112 15
*1118 1114 *1114 16
*111 18
/
4
•1•712 9
*yry 838 *712 9
syiz g
.713 9
.712 9
100
167 •12% 18
*13
•13% 18
14% 141 *13% 18
*14% 15
$ per share $ per share
153 153
152 15514
010518 107 .105% 10612
92
92
*88
*88
3
48 483
4 4812 50 s
6912 694 693
.67
*53
55
55
*53
*108 10914 *108 10914
*32
40
*1112 12
*1112 12
64
*61
64
.61
60
•59
5912 *59
9214
9212 *92
*92
614 614
6
6
25
251
8
25
25
35% 3512 3512 3618
12
/
1
4
3
8
12
12
3
8
3
8
12
*53
618
6%
6
2512 2512
26
*25
5
5
*5
53
8
8% 813
88 812
•2512 37
26[ 2634
8
*71
98
96
*75
36
301 3612 38
/
4
71
71
•70
74
65
*60
65
*60
*2014 45
*25 8 45
5
34
*34
35
34
118 11812
s
*1173 118
5218 *5214 56
52
24
24
*22
*18
213
4
*20
*19 4 22
3
32
31
*28
.28
2612 *1918 2812
*19
4112 4112 41% 43
*133 15
4
*133 20
46
*25
46
*25
*36
39
39
*36
4214 424 4214 45
38
*34
*34
38
*22
2212 2112 2214
273
27
*26
•26
473
4
47
*473 50
4
42
42 .40
.40
75
*69
75
*68
31
3118 3118 31
*113 15
8
4
1112 15
12
.14
.14
12
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan 1.
-share lots.
On basis of 100
Lowest.
Railroads
Par
Atch Topeka & Santa Fe--100
100
Preferred
Atlantic Coast Line RR 100
100
Baltimore & Ohio
100
Preferred
50
Bangor & Aroostook
100
Preferred
100
Boston &Maine
Brooklyn & Queens Tr-No Par
No par
Preferred
Bklyn-Manh Tran v t c No par
No par
Preferred v t c
Brunswick Ter&.Ry Sec No par
25
Canadian Pacific
25
Chesapeake & Ohio
100
Chicago & Alton
100
Preferred
Chicago Great Western_100
100
Preferred
Chicago Milw St Paul & Pam_ _
Preferred
Chicago & North Western _100
100
Preferred
Chicago Rock Isl & Pacific_100
100
7% preferred
100
6% Preferred
100
Colorado & Southern
Consol RR of Cuba prat__ _100
100
Delaware & Hudson
Delaware Lack & Western_100
Deny & Rio Gr West pref _100
100
Erie
100
First preferred
100
Second preferred
Great Northern preferred 100
Gulf Mobile & Northern_100
100
Preferred
Hudson & Manhattan__ 100
100
Illinois Central
RR Sec stock certificates_
Interboro Rapid Tran v t c-100
Kansas City Southern___100
100
Preferred
50
Lehigh Valley
Louisville & Nashville____10
Manhat Elev modified gnarl°
Market St Ry prior pref.A00
Minneapolis & St Louis ._100
MinnStPaUl&SSMarle100
100
Leased lines
Mo-Kan-Texas RR____No par
100
Preferred
100
Missouri Pacific
100
Preferred
Nash Chatt & St Louls_J00
Nat Rys of Mexico 26 preLlOO
100
New York Central
N Y Chic & St Louis Co 100
100
Preferred
50
N Y & Harlem
N Y N H & Hartford____100
Preferred
N Y Ontario St Western__100
N Y Railways pref____No par
100
Norfolk Southern
100
Norfolk & Western
100
Preferred
100
Northern Pacific
100
Pacific Coast
50
Pennsylvania
100
Peoria &Eastern
100
Pere Marquette
100
Prior preferred
100
Preferred
Pittsburgh & West Virginia 100
Reading
50
50
First preferred
Second preferred
50
St Louis-San Francisco_100
100
First preferred
100
St Louis Southwestern
Preferred
100
Seaboard Air Line
No par
100
Preferred
100
Southern Pacific Co
100
Southern RailwaY
Preferred
100
100
Texas & Pacific
Third Avenue
100
Twin City Rapid Tranalt 100
Preferred
100
Union Pacific
100
100
Preferred
Wabash
100
Preferred A
100
We(tern Maryland
100
100
Second preferred
Western Peelle
100
100
• Preferred
$ per share
41Une 2
1323
10012June 2
78 June 3
4312June 2
6512June 4
47 June 2
993
4June 3
32 June 4
712June 2
5134May 4
534 Apr 29
/
1
85% Jan 21
3 May 27
2214 Aug 7
27 June 2
8
8Ju1y 25
14July 26
4 June 2
153
4June 3
318June 2
434June 2
25 June 2
89 June 4
2212June 3
50 May 29
50 May 29
2452June 1
25 June 3
10712June 3
4514June 2
115
8June 3
1312June 2
25 June 3
1712June 1
3712 Aug 7
1378June 5
5112 Feb 10
1une 1
334
/
1
23914 Aug 7
34 Aug 5
1912June 2
25 June 3
40 June 2
3714June 1
6114June 3
30 May 2
12 June 3
14 Apr 18
5 June 1
29 July 3
97
8June 3
393
41une 3
14 June 3
50 June 2
47 June 11
14May 28
7018 Aug 7
25 July 30
32 Aug 1
14712June 2
3
59 Aug 7
10412June 8
8
53 Jan 2
%June 5
212May 25
139 June 2
89 Jan 8
3012May 18
114June 1
42 Aug 7
4 May 1
28 June 11
48 Aug 7
4872 Aug 4
30 Aug 7
603 Apr 27
8
37 June 3
41 May 29
9 June 2
1518June 1
7 May 27
16 May 27
%May 21
%May 21
8714June 1
25 8 Aug 6
7
51 Aug 7
90 Mar 10
512 Apr 29
65
8June 5
3518June 1
137 June 2
8338 Jan 5
8 June 1
19 June 4
9 June 2
914June 3
4 June 2
1018May 25
Highest.
4
4
*14
1414
*3218 36
10312 10312
135 14
8
87
*88
2714 2712
*173 18
4
*44 5
/
1
stock dividend paid. z Ex-dividend. y Ex-righta,
•Bid and asked prices; no sale on this day. a Ex-dividend and ex-rights. c 60%
Lowest.
Highest.
$ per share $ per share S per share
20338 Feb 24 168 Dec 24212 Mar
4
10814 Apr 13 100 Dec 1083 Sept
120 Jan 23
9514 Dec 17512 Mar
555 Dec 1223 Mar
8
877 Feb 24
8
8012 Feb 27
7014 Dec 8458 July
663 Feb 26
5018 Dec 8412 Mar
11312Mar 9 10612 Dec 11614 June
66 Feb 20
44 Dec 112 Feb
133oJune 20
618 Dec 158 May
6434June 27
5318 May 6612 May
693s Mar 2
8
5518 Dec 783 Mar
9414 Feb 11
83 Dec 9834 Sept
912 Feb 10
514 Nov 338 Apr
45% Feb 24
35% Dec 5214 May
4612 Feb 10
323 Dec 513 Sept
23 Jan 12
4
% Dec 10 Apr
178 Jan 12
/ Dec 105 Apr
1
4
8
778 Feb 10
43 Dec 1734 Mar
4
2712July 7
8
12 Dec 523 May
87 Jan 23
8
414 Dec 2638 Feb
157 Feb 10
73 Dec 4614 Feb
4512 Feb 24
2812 Dec 897 Feb
8
116 Mar 18 101 Dec 1403 June
4
6512 Jan 27
4514 Dec 12518 Feo
101 Mar 24
92 Dec 11038 May
90 Jan 28
81 Dec 10418 Mar
48 Jan 9
4018 Dec 95 Feb
4212 Feb 24
30 Dec 62 Apr
15714 Feb 25 13018 Dec 181 Feb
102 Jan 8
6912 Dec 153 Feb
453 Feb 10
4
2518 Dec 80 Mar
393 Feb 24
4
2218 Dec 633 Feb
4
4512 Feb 27
27 Dec 673 Feb
4012 Jan 5
26 Dec 6212 Feb
693 Feb 24
4
51 Dec 102 Mar
2714 Feb 17
1018 Nov 4612 Feb
75 Jan 9
5832 Nov 9814 Mar
4412 Feb 17
34% Dec 538 Mar
89 Feb 24
653 Dec 13634 Apr
4
81 Jan 23
58 Dec 77 May
34 Mar 2
20% Jan 3912 Mar
45 Feb 26
34 Dec 853 Mar
8
64 Feb 9
53 Dec 70 Apr
61 Jan 9
40 Nov 848 Mar
111 Feb 9
84 Dec 13812 Apr
39 Feb 28
24 June 4212 Sept
22 Feb 18
13 Dec 2512 Feb
3 Jan 12
4
14 Oct
213 API.
1112 Feb 10
814 Dec 35 Feb
45 Mar 11
41 Nov 591 Feb
/
4
263 Jan 20
4
147 Dec 6638 Apr
8
85 Jan 16
60 Dec 1083 Mar
8
423 Feb 16
4
203 Dec 9812 Mar
8
107 Feb 11
79 Dec 1451 Mar
/
4
80 Feb 25
70 Dec 132 Mar
12 Jan 5
14 Dec
112 July
13214 Feb 24 105% Dec 1923 Feb
4
88 Feb 11
73 Dec 144 Feb
94 Mar 9
75 Dec 1103
4May
227 Feb 24 152 Dec324 Feb
94% Feb 24
6738 Dec 12818 Mar
11938 Feb 24 10012 Dec 13512 Mar
1378June 26
3 Dec 1714 Mar
54
2 Feb 27
1
Oct
418 Jan
814•Jan 9
4% Dec 3312 Feb
217 Feb 26 1811 Dec 265 Feb
/
4
93 Mar 31
83 Feb 9212 Act
807 Jan 27
8
423 Dec 97 Feb
7 Mar 23
3% Dec 19 Apr
7
84 Feb 10
53 Dec 8638 Mar
94 Jan 9
/
1
412 Dec 2412 Mar
85 Feb 10
7812 Dec 16412 Apr
9214 Feb 25
90 Dec 101 May
80 Jan 8
9112 Oct 99 Apr
4812 Dec 1213 Feb
86 Jan 9
4
9712 Feb 11
73 Dec 14112 Feb
46 Jan 5
441e Mar 53 Feb
47 Jan 16
46 Dec 57 Feb
6234 Jan 27
393 Dec 11878 Mar
4
78 Jan 27
62 Dec 101 Apr
/
1
4
3313 Jan 9
1712 Dec 763 May
4
80 Feb 24
35 Dec 9434 July
15 Jan 12
12 Dec 1218 Feb
218 Jan 12
12 Dec 28 Feb
10912 Feb 11
88 Dec 127 Feb
857 Feb 10
4812 Dec 13634 Jan
83 Feb 10
76 Dec 101 Mar
100 Jan 14
85 Dec 145 Apr
1514July 10
4 Dec 1512 Mar
177 Feb 17
8
718 Oct 3112 Jan
62 Feb 9
443 Dec 79 Feb
4
20518 Feb 24 16612 Dec 2423 Mar
4
87 May 18
8214 Jan 88% Sept
26 Jan 9
1114 Dec 6738 Apr
51 Jan 9
39 Dec 8914 Apr
195 Feb 24
8
10 Dec 36 Mat
20 Feb 24
1114 Dec 38 Mar
147 Feb 9
712 Dec 30 Mal
/
1
4
315 Feb 24
23 Dec 5312 Mai
Industrial & Miscellaneous
312May 21 1414 Feb 26
800 Abitibi Power & Paper_No par
Preferred
100 1414 Aug 3 52 Feb 26
100
200 Abraham & Straus--No par 25 Jan 22 3812May 13
Preferred
100 100 Jan 8 10812May 4
10
No par 1118June 3 234 Feb 24
/
1
4,100 Adams Express
Preferred
100 8312 Jan 5 92 Apr 6
No par 2218 Jan 14 335 Apr I
3,300 Adams Millis
/
1
100 Addressograpn /in enrpNa pat 1758July 18 234 Feb 2
4 July 15 113 Mar 17
8
1,200 Advance Rumely new _ No par
Preferred
_
100 1112 Jan 29 2012 Feb 18
Ahumada Lead
1
18June 4
7 Feb 27
8
8
Air Reduction Ine____No par 703
4June 1 1093 Feb 24
6
4
-17
8
8
3-1
3
-Fir2 14 4 WS 111- -;113 li4 -il -- - -743 V5 2 "ia" Vi" - ;i6o Air-way Elec APpllanceNo par
3 Apr 30 1038 Feb 24
200
/
1
4
412 412
*414 5
*414 5
*414 5
*414 5
*414 5
No par
Ajax Rubber Inc
14 Jan 2
/ Jan 5
1
4
7 Jan 2 2018June 4
161- 21,igg Alaska Juneau Gold Mln__10
4
-4
4
143
"iii, Ili -iirz -- 1 -iii8 ---- -Nis 143 -iii 114 -iii4 ---4 18;
4
4
4
*4
41
4
4
48
3
4
*4
*1312 16
171 *1212 17
*14
/ 1518 1414 141 *10
1
4
*3212 36
32
32
32
36 .3112 36
32
*30
•10312 10512 *10312 1051 *10312 1051 *10312 1051 *10312 10532
14% 141s 143 143
7e
14
14
8 137 1414 137 13
8
,
87
87
*86
87 .88
87 .86
87
*88
*88
26
2610 264 27
/
1
25
26% 263
4 2634 271
25
4
173 1734 3.1734 183 *1734 18
*17 4 18
3
*173 13
4
*318 6
*5% 6
5
51
.478 5
5
5
PER SHARE
Range for Previous
Year 1930.
8
36
21
102
1414
8018
21
4
Dec 42% Apr
Nov 8612 Apr
Dec 66 Ayr
Nov 11018 Aug
Dec 373 Mat
Dec 94 Sept
Oct 32 Mar
4
Dec 343 June
/
4
10 Dec 411 Jan
138 Mar
14 Dec
8
8712 Dec 1563 June
814 Dec 36 Mat
14 Dec
2
/ Jan
1
4
412 June
9 Jan
/
1
4
New York Stock Record-Continued-Page 2
915
For sales during the week of stocks not recorded here, see second page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Aug. 1.
Monday
Aug. 3.
Tuesday
Aug. 4.
Wednesday. Thursday
Aug. 5.
Aug. 6.
Friday
Aug. 7.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots.
Lowest.
Highest.
$ Per share 8 Per share $ Per share $ Per share $ per share $ per share Shares Indus. & Miscell. (Con.) Par $ per share $ per share
.8
812 *8
812 *8
812 *8
812
812 Feb 10
8
5 June 3
8
814
200 A P W Paper Co
*8
No par
6
53
8
618
4 63
514 6
/
1
4
5
/ 5
1
4
514 54
4
/
1
418June 2 123 Feb 24
53
8 512 24,100 Allegheny Corp
No par
*2134 2312 2334 23
2012 2012 2052 204
/ 22
1
4
•2013 22
22
/
1
400
Fret A with 330 warr____100 2018June 3 5918 Feb 25
*17
24
*16
29
*1618 29
*165 23
8
*165 2278 *1714 23
8
Pref A with 340 warr____100 15 June 3 59 Feb 11
*17
30
*17
*1718 30
30
*1718 30
*1714 30
*1714 30
Pre A without warr_ __ _100 14 June 3 5512 Feb 25
1053 1073 10814 11012 10614 10812 1057 10713 10514 10714 106 1083 29,200 Allied Chemical Dye_No par 1023
4
4
8
4
4June 1 1823 Feb 24
4
&
*12312 124
124 124 *42312 124 *12312 124
12312 12312 1233 1233
4
300 " Preferred
4
100 12178June 12 126 Apr 7
8
'23
237 *2312 2412 *233 2412 2312 2412 *2312 2334 2312 2312
8
4
400 Allis-Chalmers mrg____No par 183
8June 3 423 Feb 26
4
•137 14
8
*1318 14
*1318 14
*1318 133
4 1313 1318 *1318 14
100 Alpha Portland Cement No par
8
8 May 27 187 Feb 9
17
*1714 1812 *1714 1812 1812 1812 1812 1812 173 18
17
4
900 Amerada Corp
Vo par 1512June 2 23 Mar 21
373 37
8
/ 37
1
4
37
35
35
35
35
34
34
34
1,400 American Bank Note
34
10 34 Aug 6 6234 Feb 13
*6112 63
63
*61
4 t1
'
63
62
62
*62
63
62
62
40
Preferred
/
1
50 54 June 4 664 Feb 26
*3
312 *3
3
/ *3
1
4
3
/
1
4
3
3
*23
4 3
/
1
112Ju11e 15
4
300 American Beet Sugar__No par
4 Jan 9
/
1
2
/ 24
1
4
*2718 2812 *28
273 277
28
4
2812 28
8 2758 2758 2712 2712
8May 27 38 Feb 24
800 Am Brake Shoe 8. Fdy _No par 257
*114 1197 *11418 1197 *1151 1197 *115 1197 *115 1197 *115 119
8
8
/
4
8
8
8
8Mar 10
Preferred
/
1
4
100 11314July 15 1243
*63
4 7
____ ____ ____ ____ ____ ____ ____ ____ ____ ____ ______ Amer Brown
558June 3 123 Feb 24
8
Boyer'El-No par
*70
73
- _
_
_ .
_ _
_
Preferred
31 Apr 29 72 June 12
10
913 933
8 91r2 - 8- 894 - -3- i9r4 - 8
ii 4
61 4
91
iW8 io" i5i8 - 1-14 183,iiii American Can
.-4
8
25 885 Aug 6 1293 Mar 26
•14912 150
150 150 *148 150 *148 150
14814 14814 *148 150
300
Preferred
100 145 Feb 4 15212 Apr 30
163 163
17
17
4
4 16
16
1618 1618 16
15
16
/ 16
1
4
1,200 American Car & Fdy-No par
14 June 3 384 Feb 24
/
1
60
6114 6114 55
54
5712 54
/ 544 50
1
4
61
/
1
56
603
4 1,050
Preferred
100 50 Aug 6 SG Mar 18
16
17
.16
16
15
153 *1518 165 *147 17
4
8
8
13
147
8
900 American Chain
No par 13 Aug 7 433 Feb 24
4
4312 4312 4512 4414 4414 43 4312 423 44
*43
4
4218 427
8 4,400 American Chicle
/
1
4
No par 3812 Jan 2 48 Mar 20
*10
123
8 10
10
•10
1312 10
10
*10
11
*10
1312
200 Amer colortype Co
No par 10 June 11 2114 Feb 27
*7
712 *64 712 *67
/
1
.; 718 *67
8 718
67
8 6
/
1
4
200 Am Comm 'I Alcohol
64 68
4
/
1
5 Apr 29 1412 Feb 16
/
1
4
No par
*612 7
*612 7
*612 7
*612 7
612 612 *612 7
100 Amer Encaustic Tiling_No pa
518June 2 16 Mar 2
2012 2012 21
2012 2012 1912 1914 19
21
19
1914 1914 1,400 Amer European Sees-No par 1612June 1 3318 Feb 24
27
8
273
/ 2812 265 27
1
4
4 27
/ 2614 267
1
4
8 253 264 25
4
/
1
/ 267 74,500 Amer & For'n Power
1
4
8
No par 2114Juno 3 513 Feb 24
4
89
*88
*88
89
*88
8812 8714 88
863 87
4
8613 8812
800
Preferred
/
1
No par 854 Jan 3 100 Mar 20
•4814 4912 50 50
49
4912 4818 49
48 48
48 48
2,300
2d preferred
No par 4612June 3 7912 Feb 25
*7612 78
*7612 78
*763 78
8
7514 7633 75
7514 74
7412 2,100
36 preferred
No par 74 Jan 3 90 Feb 26
*714 814
8
8
*714 818 *714 81 *714 8
/
4
*714 8
100 Am Hawaiian S 8 Co
614 Apr 27 1018 Jan 9
10
*512 612 *5
6
6
6
6
6
*5
614
5
5
300 Amer Hide & Leather_ _No par
8
8 Mar 31
15 Jan 7
2312 2312 *2512 2612 *24
257
8 2412 241 *24
25
*23
24
200
Preferred
100 1012 Jan 8 30 Apr 6
615 6214 82
8
/ 63
1
4
6212 63
62
/ 6314 624 623
1
4
/
1
4 62
/ 625
1
4
8 4,300 Amer Horne products__No par 455
8June 2 64 Mar 20
20 4 2034 21
3
21
20
20
1912 19'z 1812 19
1814 185
8 1,800 American Ice
No par 1814May 20 315 Feb 9
8
133 135 *133 1414 1312 133
8
4
8
4 13
1314 13
1318 1234 13
2,600 Amer Internet Corp
914June 3 26 Feb 26
No par
*3
4
7
13
*3
4
7
8
58
3
8
*kl
3i
4
8 1
kl
3
400 Am L France&Foamite_No par
*3
12June 1
112 Jan 9
012
1212 *12
1212 *7
1212 *7
121
*7
10
*7
10
412May 1
Preferred
100
15 July 3
1812 1812 *1712 19
•17
1812 17
1714 1634 163 *164 1714
/
1
500 American Locomotive_No par 1318June 3 303 Feb 26
4
.70 8 73
3
*7012 7414 *70
/ 73
1
4
70
7012 *6814 721 *7012 721
209
4June 2." 84 Mar 6
Preferred
/
1
4
100 693
32
32
8
317 32
3112 32
3114 3114 3058 3114 3012 303
5,200 Amer Mach & Fdy new_No par 28 June 3 433 Mar 19
4
*3
/ 4
1
4
*33
4 4
*33
4 4
*33
4 4
4
*2
/ 4
1
4
3
/ 33
1
4
100 Amer Mach & Metals__No par
7 Mar 2
2 May 27
•104 1112 *1078 1112 104 1058 10
/
1
/
1
10
10 , 10
1012 105
8 1,200 Amer Metal Co Ltd____No par
4
818June 3 233 Feb 24
•60
*60
79
65'8 •60
6518 *60
6518 *5212 65
/ *5212 65'o
1
4
100 5312may 21 8912 Feb 5
Preferred (6%)
*10
12
10
10
9
/ 914
1
4
*10
1112 10
9
10
914
310 Amer Nat Gas pref_ __No par
5 May 29 39 Jan 20
/
1
4
*3412 3614 34
354 *345 36
/
1
8
345 35
8
3414 3414 33
34
4,000 Am Power & Light____No par 301
/
1
/
4June 2 644 Feb 26
89 8912 89
89
*87
95
*87
8912 *87
90
*86
90
500
Preferred
No par 88 June 17 102 Mar 27
.72
/ 74
1
4
*723 7314 7212 72
4
/ *68
1
4
72
*68
72
*69
72
300
Preferred A
No par 7212 Aug 4 84 Apr 9
*723 734 •723 737
/
1
4
8 723 72
/ *71
1
4
4
73
/ 7214 7214 71
1
4
71
300
Pre A stamped
No par 71 Aug 7 85 Apr 4
125 124 1212 123
8
4 1212 1212 1214 1212 1218 123
8 1214 123
8 5,700 Am Rail & Stand San'y_No par 1112June 1 2112Mar 20
*5
61
*5
6
618 *5
*5
6
.51 6
/
4
*518 6
American Republics_ No par
5 Apr 27 12 Feb 27
/
1
4
2012 204 21
2112 2018 203
8
4 203 2012 20 20
2014 2,800 American Rolling Mill
20
/
1
4
25 1518June 2 37 Feb 20
•49
497 *49
4934 49 49
*48
49
*48
49
*48
49
300 American Safety Razor_No par 45 July 05 66 Feb 26
*44 5
/
1
*4
/ 512 *4
1
4
48
4 *414 43
4 *414 512 *414 43
4
Amer Seating v t c
9 Feb 13
4 June 2
No par
*12
52
*12
5
8
•12
tig
12
12
*12
54
*1
/
4
34
100 Amer Ship & Comm__ _No par
12May 29
11 Feb 27
/
4
27
27
2718 28
*27
28
27 27
*27
28
*27
28
150 Amer Shipbuilding new _No par 27 July 20 42 Jan 6
31
/
4
315
315
8 31
311 31
8 3018 305
8 297 3014 2978 30
8
8,700 Amer Smelting & Refg_No par 243
8June 3 5813 Feb 24
•12518 1291 12518 127 *12514 12914 *125 1291 *126 127 *12414 1291
/
1
4
/
4
/
4
200
Preferred
100 ll7lzMay14 13812Mar 27
*91
95
*91
95 .91
95
*91
95
92
92
590
90
200
6% cum 2.1 pre!
100 8312June 5 1028
4Mar 12
•3814 40
•39
40
*39
40
39
39
39 39
39
39
300 American Snuff
25 3514June 3 4214 Mar 10
*1065 1107 *10714 1107 *1063 1107 *10713 110 '10753111
8
8
8
8
/
1
4
108 108
10
Preferred
4July 1 1107
100 1023
8July 22
*11 112
/
4
1
11
118
11
/
4
1
1
1
1
1
1
2,200 Amer Solvents de Chem _No par
412 Feb 16
1 July 28
*23
4 3 8 *23
3
4 33
8 *23
4 3
/ 3
1
4
/ *2
1
4
/
1
4
2
/ 23
1
4
4
214 25
8
600
Preferred
•1512 up
214June 17 1112 Feb 24
No par
163 163
2
2 1512 16
1518 1514 1518 1512 1512 1512 1,500
Amer Steel Foundrles No par 1118June 2 3114 Feb 20
103 103 *102 103 *102 103
102 102 *102 103 *102 103
20
Preferred
100 10012June 4 113 Feb 20
•42
43
42
/ 43
1
4
4412 4434 4434 444 44
/
1
4438 43
/ 433
1
4
4
900 American Stores
No par 37 Jan 7 4814 Mar 10
*34
58
55
55
5712 *55
*55
54
57
55
*54
55
400 Amer Sugar Refining
100 42 June 2 60 Mar 25
*1063 103 *1063 108
4
4
108 108 *10712 108
108 10812 10712 10713
600
Preferred
100 96 Jan 2 10812Mar 16
*612 8
*612 8
*612 8
*612 8
*612 8
*612 8
Am Sumatra Tobacco_
par
8June 3 1118 Feb 13
65
16918 171
171 1727 1684 1713 1644 168
8
/
1
8
16414 16612 16518 16812 111,400 Amer Telep & Teleg _No
/
1
100 15612June 2 20184 Fen 26
116 IIV 11914 11912 11734 118
11638 11638 11414 11434 113 114
3.400 American Tobacco new wi...2
9818Juno 2 1283 Apr 14
4
119 121
12112 123
11914 12112 11918 120
1184 119
/
1
/ 116 11834 22,400
1
4
Common class B new w L2510218June 2 132 Apr 14
0128 129'l 130 130
/
1
4
130 130
130 13014 129 12913 129 12912 1,100
Preferred
100 1244 Jan 3 132 May 5
/
1
*53
65
*53
65
•53
65
*55
65
65
*55
*6313 65
AmerlcanTypeFoundecs 100 53 July 30 105 Jan 16
•86
90
*86
90
*86
90
*86 100 .86 100
*86 100
Preferred
100 85 June 2 11012 Feb 28
497
49
484 •49
48
/
1
501 *4814 493
8
a 465 4814 4618 463
4 3,500 Am Water Wks & Elec_No par 403
8June 3 80 Feb 26
/
1
4
45
45
*45
48
46
46
45
45
43
/ 44
1
4
4314 4314
800
Corn vot tr Ws
3
No par 38 June 3 80 4 Feb 26
•1011 1017 *10018 1013 10118 1011 10012 1003 *1003 1013 *1003 10118
/
4
8
4
8
4
4
4
300
151 preferred
4June 23 107 Mar 19
983
8
/ 8
1
4
/
1
4
*734 9
85
8 88
713 8
78 78
5
5
7
/ 753
1
4
2,100 American Woolen
514June 3 1178 Jan 12
100
3714 35
37
38
37
37
3414 36
33
/ 35
1
4
333 35
8
16,300
preferred
8June 2 40 July 30
100 205
14 15
/
1
8 *112 21
*112 2
1
*112 212
113 112
113 113
700 Am Writing Paper cHs.No par
112 Apr 29
4 Jan 23
*10
20
*10
20
*10
*10
20
20
*10
20
*10
20
Preferred certificates----100 10 June 2 18 Feb 20
*4
/ 5
1
4
5
/ 51
1
4
/ 512
1
4
/ *4
1
4
*44 5
/
1
/ *44 51
1
4
41 4
/
4
/
1
300 Am Zinc Lead & Smelt_No par
35
8May 26
8 Feb 26
/
1
4
•32
45
*33
45 .33
45
45 .39
*38
45
*4112 45
Preferred
4112July 23
25
24 8 2514 25
5
/
4
2312 2414 2314 24
2512 241 25
234 244 43,300 Anaconda Copper Mlning..50 26 Jan 10
/
1
/
1
184June 3 4314 Feb 27
/
1
*20
22 .2012 22
•2012 211
2012 20'2 2012 201 *2012 2114
200 Anaconda Wire & Cable No par 20 June 10 2614 Mar 10
*2013 22
2013 201
2018 201
2018 201 •20
/
4
2014 •20
2014
300 Anchor Caro
No par 1918June 2 35 Feb 21
*103 13
8
•103 13
8
*10 8 14
3
*1038 14
*1018 13
*104 13
/
1
Andes Copper Mining No par
9 June 13 19 Feb 27
/
1
4
*9
/ 11
1
4
*9
/ 1012 *10
1
4
101 *1018 11
10
10
1018 1018
500 Archer Daniels Micll'd_No par
8 May 18 18 Feb 4
*44
47
*44
47
*44
47
47 47
*45
50
*43
50
100 Armour & Co(Del) preI___100 32 June 2 72 Jan 7
14 11 *17
/
1
/
4
8 2
11 17
/
4
s
11 1s
/
4
s
11 l7
/
4
11 17s 1,600 Armour of IllinoLs class A___25
/
4
112May 29
413 Jan 6
114 114
11 114 *11 11
/
4
114
/
4
118
114
114
11 11 3,000
/
4
/
4
Class B
27 Jan 7
1 May 28
8
25
•1314 133
4 13
1314 1214 121
123 121 *13
8
14
*1214 14
1.500
Preferred
100 1018June 2 47 Jan 6
*7
12 8
713 712
7
71
61 6s
/
4
6
814
53
4 6
2,400 Arnold Constable Corp_No par
9 July 3
35 Jan 2
8
*6
712 *6
712 *6
71
*6
71
*6
7
*6
7
Artloom Corp
5 Jan 13 1012 Feb 26
No par
7
12 7 4
3
812
8
812 9'8
v
s 8s
8
81
8'
8 9
12,100 Associated Apparel Ind_No par
8
4
53 Apr 24 287 Feb 10
19
19
20
20
195 1958 1812 191
8
1812 181 *19
1913 1,500 Assoc Dry Goods
8
No par 1614June 3 295 Mar 20
*2013 26
*2012 28 *____ 28 *_ _ _ _ 26 *---- 26 *-___ 26
Associated 011
25 20 May 26 31 Feb 18
'
81411 15
*1412 15
*1413 15
*1412 15
*1413 15
*1413 15
AU G & W I SS Line_ __No par 15 July 15 39 Jan 7
28 28
*27
28
•27
28
27
27
*26
2912 *26
2913
300
Preferred
100 27 Aug 5 5312 Jan 21
/ 15
1413 14
1
4
15
14
/ 144 1414 145
1
4
/
1
4 1414 1412 1413 1414 4,300 Atlantic
/
1
4
Refining
25 1118June 2 23 Feb 24
364 3618 *3313 39 .32
/
1
39
*32
93
*35
39
*35
39
100 Atlas Powder
No par 30 June 3 54 Feb 11
88
88 .86
88 .86
88
88 88
88
88
88
88
260
Preferred
8June 27 99 Jan 16
/
1
4
100 845
.8
87
8 *8
8
/ *8
1
4
8
/ *8
1
4
8
/ *8
1
4
8 8 *8
7
8s
Atlas Stores Corp
7 May 29 1312 Feb 10
No par
•3
318 *3
3
/ *3
1
4
318 *3
31
318 •3
*3
31g
Atlas Tack
312 Jan 5
2 May 15
No par
14212 145
144 14812 14012 144
137 14112 128 13814 1261 13384
/
4
26.300 Auburn Automobile
No Par 10113 Jan 14 29513 Apr 14
•114 11 *114 14 •114 11 *11 13
/
4
/
1
/
4
/
4
*11 13
/
4
4 *11 13
/
4
Austin Nichols
214 Mar 30
1 June 17
No par
1N
Pt 2
184
11 11
/
4
/
4
112 IN
112 IN
112 113 4,300 Autosales Corp
212Ju1y 2
1 Jan 2
No par
•214 31
•
214 312 *23
13 *2
4 3
/ 312 *23
1
4
4 312 *23
4 31
.33
Preferred
2 312
5 Feb 27
2 Apr 28
3
/ 312
1
4
50
33
2 312
313 45
8
418 412
41 43 34,200 Aviation Corp
/
4
8
618 Mar 2
3 Jan 2
No par
1234 1218 1218 *1218 1278 1214 124 1214 12
•12
/
1
/ *12
1
4
/ 123
1
4
4
700 Baldwin Loco Works
No par
918June 2 27 Mar 19
/
1
4
*7312 75
75
75
*7312 75
7312 7313 *72
75
*72
75
60
Preferred
100 70 June 22 104/2 Mar 19
10312 1031 *10312 10412 *103 10412 *103 10412 *1033 10412 *103
/
1
4
/
1
4
4
/ 10412
1
4
10 Bamberger(L) & Co pref 100 10114 APT 30 107 Feb 11
31
*3
*31 312 *3
/
4
/ 312 *312 312 *31 31
1
4
/
4
23
318
500 Barker Brothers
/
1
4June 3 10 Jan 2
2
No par
•_ ___ 40 *--,- 40 .--, 40 •__,... 40 *_ 40 ' _
0_ _40
100 3338July 11 80 Mar 10
Preferred
7I4 7lz
7
/ 712
1
4
714 712
7
/ 712
1
4
7
714
712 73
8 4,200 Barnsdall Corp class A
534June 2 1412 Feb 26
25
*25
31
31
*25
*25
31
•25
31
*25
31
*25
31
Bayuk Cigars Inc
No par 22 Apr 27 33 Jan 19
80
80
80
80
*80
84
80
80
*80
813
8 80
80
First preferred
80
100 80 July 30 90 Mar 5
*573 591 *5812 5912 *5838 5912 584 58
4
/
1
/ 5812 5813 5812 5812
1
4
600 Beatrice Creamery
50 3312June 2 81 Mar 19
•110 11033 11014 11012 110 110 *1101 110
/
4
/ 1104 11018 *11018 11012
1
4
/
1
700
Preferred
100 106 Jan 15 111 Mar 16
*52
53
33
*52
*52
53
*52
53 .52
53
5113 5112
100 Beech-Nut Packing Co
20 4412June 2 62 Apr 9
*33
4 4
3
3 4 34
3
312 313 *31 313 .3
/
4
/ 312 *318 312
1
4
200 Belding Hern'way Co__No par
4 Jan 30
11
/
4June 1
*7514 761 *74
/ 7618 *7414 7614 *74
1
4
7512 743 7412 75
8
751
/
4
500 Belgian Nat Rys part pref____
74 Aug 6 80 4 Jan 22
3
/
1
4
21
214 2038 213
/
1
2014 211
8 20
/ 20
1
4
/ 19
1
4
/ 205
1
4
5 20
20
/ 28,600 Bendix Aviation
1
4
8June 2 2512 Feb 24
No par 147
3614 36'2 363 3714 37
4
3712 363 3612 *36
8
37
364 3638 2,800 Best & Co
/
1
No par 3114June 3 461 Mar 19
/
4
/
1
3612 3713 3713 384 364 371
/
1
36
/ 3714 364 3714 37
1
4
/
1
37
/ 79,400 Bethlehem Steel Corp No par 3414 July 30 703 Feb 28
1
4
8
105 105
105 105
*10314 110
103 105
/
1
4
104 104
105 105
800
8June 8 12375 Mar 6
Preferred (7%)
100 963
*1678 188 *164 17
/
1
167 167 *1618 1738 •1618 17
8
8
*161 17
/
4
100 Blaw-Knox Co
No par 16 June 2 29 Feb 21
•185 20
8
*185 20
8
185 184 *185 20
5
/
1
8
*184 20
/
1
*185 20
8
20 BloomingdaleBrothers_No par 1612 Jan 5 20
/
1
4Mar 25
*8914 94
*8914 94
*894 94
*8014 94
/
1
*8914 94
*8914 94
100 85 May 15 95 Jan ,9
Preferred
e__
82 *--- 82 •___. 82 •____ 82 •_ 82
..-_ 82
Blumenthal& Co pref
63
3
58 387 3733 3834 3712 38'i 37 38 3514 3612... 37 12,200 Bolin Aluminum dcBr__No 100 2084June 2 8212May 11
35
/
1
4
par
Jan
4012 Apr 9
• Bid and asked prices; no sales on this day. s Ex-cUvidend.
v Ex-righte.
PER SHARE
Range Jo Precious
Year 1930.
Lowest.
Highest.
$ per share 5 per share
6 Dec 1513 Feb
53 Dec 3514 Mar
4
3614 Dec 10712 Feb
3712 Dec 9934 Apr
843 Oct 9614 Feb
4
17014 Dec 343 Apr
1203 Dec 12614 Apr
4
3114 Dee 68 Mar
1112 Dec 4214 Mar
1612 Dec 3112June
4513 Nov 973 Mar
8
604 Nov 6634 Jan
/
1
21 Dec 12
/
4
Jan
30 Dec 544 Mar
/
1
118 July 128 Feb
614 Oct 2134 Apr
38
Oct 84 Sept
1041 Dec 15612 Apr
/
4
14014 Jan 15078 Oct
2418 Dec 8212 Feb
70 Dec 116
Jan
27 Dec 6978 Apr
35 Dec 5114 Apr
157 Dec 22
8
Oct
9 Nov 33 Jan
8 Nov 307 Mar
8
17 Dec 5912 Mar
25 Dec 1013 Apr
4
84 Dec 11112 Apr
8312 Dec 1003 June
4
73 Dec 101 May
512 Dec 335 Mar
8
118 Dec
7 Apr
812 Dec 3478 Apr
4612 Dec 69 Mar
/
1
4
2412 Dec 411 Mar
/
4
8
16 Dec 553 Apr
12 Dec
4 Apr
7 Dec 35 Feb
1814 Dec 105 Jan
6814 Dec 11813 Mar
29 Dec 45 Sept
/
1
4
3 Dec 1413 July
1312 Dec 5112 Feb
80 Dec 116 Feb
20 Dec 95 Mar
3618 Dec 11938 Apr
90 Dec 107 Mar
7412 Dec 877 Sept
8
743 Dec 8913 Sept
4
15 Dec 3934 Apr
518 Dec 37 Mar
28 Dec 100 Feb
/
1
4
5212 June 673 Apr
8
5 Dec 2613 Feb
3 May
/
1
4
12 Dec
35 Dec 5412 June
3713 Dec 79 Apr
/
1
4
131 Dec 141
Apr
93 Dec 1033 Aug
/
1
4
8
35 Dec 4378 Jan
/
1
4
10018 Jan 112 Sept
2 Dec 2212 Mar
53 Oct3314 Mar
4
2312 Dec 5214 Mar
110 Dec116 Feb
3612 Dec5512 Apr
391 Dec69 8 Mar
/
4
7
95 Nov110 Apr
5 Nov263 Feb
4
1703 Dec274 Apr
8
/
1
4
9812 Dec 127 Sept
994 Dec1307 Sept
/
1
8
120 Feb129 Sept
95 Nov1411 Apr
/
4
10312 Nov114 July
/
1
4
47 Dec1241 Apr
/
1
4
/
4
--- ----- -- 98 Nov 10818 Oct
538 Nov 2014 Feb
/
1
154 Nov 44 Feb
/
1
4
13 Dec
8
9 May
1018 Dec 448 Feb
/
1
4
3 Dec 17 Feb
/
1
4
2634 Dec 79
/ Jan
1
4
25 Dec 8112 Apr
19 Dec 53 Feb
/
1
4
24 Dec 513 Apr
4
10 Dec 37 Ap17
/
1
4
/
1
4
1318 Dec 2914 Apr
60 Dec 824 June
/
1
23 Nov
4
818 Mar
112 Nov
4 Mar
/
1
4
2514 Nov 65 June
313 Dec 133 Apr
4
43 Dec 2018 Apr
4
20 Nov 4618 Mar
19 Dec 5013 Apr
30 Dec 51 June
33 Dec 80 Jan
/
1
4
48 Dec 654 Feb
/
1
165 Dec 513 Apr
8
8
42 Dec 108 Mar
97 Nov 106 Mar
754 Dec 37 May
212 Oct
812 Mar
60 8 Nov 2633 Apr
3
4
11 Dec
/
4
7 May
7 Dec 103 Mar
8
8
13 Dec 25 Mar
2 Dec
/
1
4
9 Apr
/
1
4
193 June 38 Feb
8
84 Dec 116
Jan
103 Dec 11012 Feb
8 Nov 2034 Mar
58 Dec 91 Mar
85 Dec 34 Mar
8
23 Nov 68 Feb
89 Dec 101 July
62 Dec 92 Apr
10114 Mar 10914 Sept
464 Nov 70
/
1
/ Jan
1
4
218 Dec
6
/ Jan
1
4
7614 Dec 8513 Mar
141 Nov 57 Apr
/
4
/
1
4
303 Dec 56 Apr
8
/
1
4
47 Dec 11014 Apr
/
1
4
1124 Dec 134 Mar
/
1
23 Oct 4112 Apr
164 Dec 29 Apr
/
1
/
1
4
95 Dec 104
Oct
74 Feb 90 Apr
153 Nov 69 API
4
New York Stock Record-Continued--Page 3
916
For sales during the week of stocks not recorded here, see third page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Aug. I.
Monday
Aug. 3.
Tuesday
Aug. 4,
Wednesday
Aug. 5.
Thursday
Aug. 6.
Friday
Aug. 7.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares Indus. & Miscell. (Con.) Par
8 Per share
No par
100 Bon And class A
64
*62
No par
Booth Fisheries
112
•1
100
lot preferred
7
•4
25
14,800 Borden Co
8
565 5713
10
4,400 Borg-Warner Corp
1914 194
690 Botany Cons Mills class A..50
212
3
2
16,400 Briggs Manufacturing-No par
1414
14
No par
100 Briggs & Stratton
1712
•16
300 Brockway Mot Truck No par
2
2
100
Preferred 7%
10
12
*11
500 Brooklyn Union Gas_._No par
•10712 110
No par
200 Brown Shoe Co
4412
•43
Bruns-Balke-Collender_No par
10
*8
10
20,100 Bucyrus-Erie Co
*1118 12
10
.,.
Preferred
5,400
•181 1914
100
Preferred (7)
50
•102% 107
No par
600 Budd (E G) Mfg
4
4
NO par
300 Budd Wheel
812 812
No par
700 Bulova Watch
•1312 914
No par
600 Bullard Co
5
.10 8 12
Burns Bros ChM A new_No par
*1012 15
New class B v t c__ __No par
*1% 6
100
Preferred
*5112 58
1,100 Burroughs Add Mach_No par
2212
*22
No par
500 Bush Terminal
*2012 22
100
Debenture
10
8912
*86
100
10 Bush Term Bldgs pref
•10112 105
Butte & Superior MinIng._10
1
*78
5
Butte Copper & Zinc
8 2
*17
No par
500 Butterick Co
*Ills 12
No par
5,200 Byers & Co(AM)
4
4
273 283
100
Preferred
•7414 92
800 California Packing____No par
24
•23
10
800 Callahan Zinc-Lead
8
5
*12
900 Calumet & Arizona Mining.20
*3714 39
25
1.100 Calumet Sr Hecla
64 6%
1,300 Campbell W & C Fdy...No par
.2
11% 117
1,800 Canada Dry Ginger Ale No par
8
375 371*
No par
600 Cannon Mills
02018 204
400 Capital Admix:11s cl ANo par
8
147
8
*137
50
Preferred A
100
324 3218
100
24,900 Case (11) Co
4
5212 553
certificates._ -100
Preferred
20
894
8
89% 893 *85
8
933 *893 933
8
0901 93% _-_- 933 *90
Caterpillar Tractor____No Par
5 24
2312 235* 2314 2312 2318 23% 4,100 Cavanagh-Dobbs Inc__No par
24 24
2312 23% 23
10
4 *212 234
*212 23
3
3
3
2 4 2 4 *212 2 4 *25 2% *213 234
100
Preferred
4
4
4
4
4
4
*1012 223 •10% 223 •1012 223 •1012 223 *1012 223 9012 223
400 Celanese Corp of Am__No par
1314
8
8
8
4
•123 1312 133 13% 127 12% 123 123* 1218 123* *1212
No par
Celotex Corp
612
612 *6
612 *6
612 *6
612 .614 612 *6
•13
No par
*014 0
Certificates
2014 0
8 4014 6
8 *04 07
2514 07
404 0
No par
Preferred
60
244 2018 2018
*20
20
3
20 4 20
4
243 •20
4
243 *20
•20
1,600 Central Aguirre Asso_No par
23
8 2312 2312 23
4
2414 233 237
24
24
24
2412 25
4 2,400 Century Ribbon Mills_No par
53
512 *5
3
51
512 5 4 *47
4 6
53
614
64
6
100
Preferred
68
*62
68
*62
68
68 .62
*62
68
*60
68
*60
900 Cerro de Pasco Copper_No par
1614 16% 1618 164 157 16
164 •1612 17
1614 1614
*16
512 512 1,300 Certain-Teed Products_No par
512 512 *514 512
3
5
58 54
558 51*
6
6
No par
400 City Ice & Fuel
8
4
4
*313 323* *313 3214 *317 3218 317 32
32
.31% 3214 32
100
Preferred
80
8212 8212
82
8212 8212 8312 *81
82 •82
82
83
.81
No par
1,200 Checker Cab
8
8
77
8
71
84 • 8
84 *71
734
8 78
*75
No par
3518 3414 3514 2,700 Chesapeake Corp
35
355
35
36
36
33
*3513 3612 •36
200 Chicago Pneumat Tool_No par
8
8
*7% 8
8
8
*712 8
*713 9
*712 9
No par
Preferred
300
19
19
20
*19
20
20 .19
01818 183* 1812 19 .19
No par
20 Chicago Yellow Cab
181 *1713 1812 •1712 1812 *1712 1812 *171g 1812
18
1812
•18
10
600 Chickasha Cotton Oil
4
*1014 113
11
11
8
3
4 10 4 107
1013 1012 *1012 104 *1012 101
No par
800 Childs Co
15% 152
8
*1512 1614 *155 16
16
4 16
153* 153
16
*15
No par
8
4
223 2312 227 234 193,500 Chrysler Corp
7
244 2314 23
24
3
24 4 243* 2518
24
No par
212 212 *214 212 1,200 City Stores new
12
212 2
212 212
212 212
212 21
No par
100 Clark Equipment
*1212 1412 *12% 1412 *1212 1412
14
14
141
*14
15
014
.
300 Cluett Peabody & Co._No par
2914
29%
2912 2912 *28
*2912 30
*2912 30
30
30
100
Preferred
•104 109 *104 109 *103 109 *103 109 *103 104 *103 104
No par
800 Coca Cola Co
14514 14558
14414 145
8
145 145 *1433 145 *143% 145
144 144
No par
Class A
300
5212 5214 5214 '52's 5212 5218 5218 "5218 5212
5212 *52
*52
-Peet No par
400 Colgate-Palmolive
4
443
4
443 *44
*44
44
3
44 4 444 4414 44
4412 4434 *44
100
6% preferred
500
4
*10314 10312 10312 10312 10312 10312 *10312 1033 10312 10312 103% 103%
No par
100 Collins & Aikman
8
8 13% *125 1314 *127 1312
•125
13
8
1312 *125 1352 13
*13
100
300 Preferred non-voting
*88 _ _
844 8414 8414 *8414 87% 8712 88
*741* 7814 *74
300 Colonial Beacon Oil Uo.No par
934 *712 - 4
*712 93
84
9
9
*812 84 571
*712 0
300 ColoradoFuel&IronnewNo par
141
144 .13
*13
14
1418 1418 •13
14
155* 14
*14
8
*6812 697 10,600 Columbian Carbon v t c No par
4
704 6712 6812 663 70
4
12
67 6812 683 7012 69
9,500 Columbia Gas & Elec__No par
8
283 29
2912 2838 29
3
3
2 29 4 30 8 294 291* 29
2914 297
100
Preferred
4 1,000
10412 1043
10514 10512 105 105
2
*105 10512 10558 1053 105 105
71
7% 2,100 Columbia Graphophone
75* 8
8
*77
8
8
814
8
8
S's
200 Commercial Credit_ __No par
4
8
4
*153 1614 *157 1614 *153 16
164
1618 *16
8
•163 1612 16
50
Class A
100
34
34
35
35% .34
3512 .34
*34
36
4
373 *34
•34
25
Preferred B
320
25%
*25
25
2512 25
2512 *25
4
223 224 *25
25
25
1st preferred (6)4 %) --100
180
8812 8812 8812
3
•13812 88 4 8812
8912 8812 89
*89
89
89
No par
8 1,900 Com Invest Trust
248 24% 244 243* 2312 2414 2312 235
24
2312 2312 24
No par
Cony preferred
85
*83
85
*83
85
*82
85
85 .82
*82
85
*82
Warrants stamped
*212 4% *212 412 *212 4% *212 413
•212 412 *21z 41
No par
Comml Solvents
1612 23.400
1612 16
163* 1652 164 1612 16
8
1612 163 1612 17
x734 77 30,900 CommonwIth & Sou. No par
4 8
73
14 8
7
8
8
3
74 8
8
7
7
$6 preferred series-No par
2,100
9714 9678 97
9714 97
97
97
4 97
8
9612 9612 965 963
Conde Nast Publica'ns.No par
*30
no 3018 *30 3018 *30 304 *30 4 3018 *30 . 3012 127o 3018 4.400 Congoleum-Nairn Inc_No par
13
134 123 1314 IA 13
1314 13
134 1318 13
No par
Congress Cigar
163
4
1
*163 1712 • 4 1713
4
4
4
*163 1712 *163 1712 *163 17 *16% 1712 *34
Consolidated Cigar____No par
36
*34
36
36
•34
3
*34 4 38
38
*34
36
*34
tOO
Prior preferred
10
66
*62
66
*62
66
6412 64% •62
64
*61
64
No par
*61
8 755 1,500 Consol Film Indus
73
3
738 7 8
8 *714 738
754 75
8
8
71, 8
4.
No par
Preferred
500
8
1458 •135 1412
14
14
•134 1414 *1312
15
*1312 144 •14
No par
8 894 9114 894 9112 41,500 Consol Gas(N It)
9112 927
9118 9212 9218 933* 9158 93
No par
Preferred
106 1064 10614 10614 1,000
*106 10614 106 106 *106 10613 10612 10612
4 3,300 Consolidated Textlle-No par
3
4
3
7g
4
3
8 1
7
4
3
8
1
1
8 1
7
Container Corp A vot-No par
700
314 314
314 314
4
4 *314 33
2312 33
*314 4
*314 4
No par
Class B voting
900
1
1
1
I
1
1
1
1
14
118 •1
*1
400 Continental Bak cl A _No par
1214 124
*1214 13
2
No par
4
123 12% •1214 1314 •123 13% *1214 13%
Class B
113 112 1,500
112
11
I% I%
4
158 13
1%
15*
100
8
I% 15
Preferred
300
*5512 57
*5512 57
56
56
*5512 5712 *5614 5712 5512 5512 465* 474 464 4712 464 47
8,700 Continental Can Inc...No par
471
47
4758 48
4
463 47
100 Cont'l Diamond Fibre.No par
*8% 9
4 9
8% 812 *83
*813 9
•812 9
10
*813 9
800 Continental Ins
4
393
4 39
39 •3912 393
39
40
•39
40
*39
40
*39
214 258 1,400 Continental Motors__No par
214 2%
214 212
3
2 8 25*
25* 25*
No par
258 2%
818 10,700 Continental 011
8
A 818
A
8
84 812
4
812 83
8
812 85
312 35* 8,200 Continental Sharee____No par
52
35* 3
7
3
34 3 2
4
4
31
8 4
37
4
6312 7,900 Corn Products ReflnIng____25
62
8
3
6514 6614 6434 65 4 625 6413 *150
66
100
65
6112 65
Preferred
20
4
1513
15014 *150 1514
4
No par
•150 _ __ 150 1513 150 151% 15014 812 5712 812
700 Coty Inc
8
8 75
75
*712
71
75* 75
12
7
-812
No par
*71
300 Cream of Wheat
2
267 28
8
*267 28
*Mg 28
s
*267 28
8
•267 28
100
28
100 Crex Carpet
*1412 1612 *1412 1612
8
s
.147 1612 •147 1612 14% 1478 *1411 1612
500 Crosby Radio Corp----No par
54 514 *518 612
8 518
54 547
.434 518 547
8 54 *47
Crown Cork de Seal.___No par
4
2012
203 •20
3
20 4 *20
•20
22
*20
21
No par
22 •20
•20
Crown Zellerbach
*3% 4
*312 4
*34 4
*3% 4
*312 4
4
*31
3818 404 1,100 Crucible Steel of America._100
4 3814 395
393
*39
40
39
100
40
40
40
Preferred
*39
260
8712
87
8714 89
89
3
89 4 89
9014 •89
No par
8912 *89
47
•89
100 Cuba Co
47
*4
47
*4
*4
414 48
No par
4 5
*43
3
*4 4 5
114 I% 1,200 Cuba Cane Products
s
13* 13
114
114
114 112
112 I%
8 113
•13
600 Cuban-American Sugar___10
41
412 412
412
4% 41
4
4 43
43
54
100
4 514 *5
Preferred
*43
230
3018 3018
*3018 31
3018 31
31
3112 31
31
50
*3114 35
800 Cudahy Packing
40
40
40
40
40
40
40 40
401
4012 40
*40
4 4,500 Curtis Publishing Co___No par
693
68
6912
68
69
68
6812 70
*704 71
No par
71
Preferred
•70
200
11312 113%
*113 114 *11312 114
No par
•112 11414 *113 114 *113 114
20,000 Curtiss-Wright
8 3
27
8 3
27
7
2 8 318
7
28 3
318
3
34
Class A
100
3
g 4,000
8 43
43
8
414 43
414 458
3
458 • 4 8 412
412 412 *41
20% 1,000 Cutler-Hammer Mfg_.No par
1912 19% 119
21
•19
519% 20
1912 1912 *194 1912
No par
1014 2,900 Davison Chemical
1012 10% 1012 10% 1014
RN II
11
11
3
*10 4 11
$ per share $ per share $ per share $ per share 8 Per share
70
*61
70
*61
62
62
64
*62
64
*62
'1
*1
11
172
113 *I
12 *1
112 *1
.1
7
*4
7
*4
7
*4
7
*4
7
*4
2
4 567 58
573
8 57
5812 575 5818 5718 577
57
18% 19
18% 19
19
1918 1915 19
1912 20
211 212
212 212
3
212 2 4 *212 3
12 2%
2
1314
1313 13
1312 134 13
4
141 1414 133 14
1712
1712 *16
*1618 1612 *164
17
*16
16
16
213
218 24 *2
212
*2
3
2 2 23
212
*2
1534
4
153 *11
3
15 4 *11
15 .11
*11
11
11
107 10712 10613 10612
8
1077 107% •10711 109 •10712 110
45
*43
45
*43
*4312 45
44
4512 4512 44
97
10
•8
10
•8
*8
10
*8
10
*8
4 814
63
618 9
914
9
88 94
814 114
8
8 173 1712 1712 1712 1312 1718 125 14
185
17
106 106 •10212 106 *103 106 *1035 106
106 106
4
*3
8 37
35
4
*37
8 4
*37
4 4
.33
85* 83*
8% 85*
3
8 84
•85
8 9
•85
.813 9
4
85* 83
8 94
3
2 9 8 *87
8% 8%
85* 94 •83
1018 1014 1018 1018
8
103 10% •1014 11
8
*103 11
*1012 15
*1012 15
*1012 15
*1013 15
*1012 15
*112 6
*112 6
*113 6
*113 6
*112 6
*5112 58
*511 58
*5112 58 .5112 58
*51% 58
2214 21% 22
224 22
*22
23
8 23
4
x213 217
2012
2012 20
2012 *20
20% 2012 201z 2012 *20
8812
8812 •86
8812 *86
8813 *86
8812 •86
*86
4%
2
105 105 •10112 105 *10112 1047 *10113 10
4
4
1033 1033
1
•2e
8 1
47
8 1
7
.
1
8
*7
57
1
*72 2
8 2
2 2 *17
•17
8 2
'•7
8 218
*17
*1114 1112 *1114 1112 *1114 1112
1112 12
12
12
8 2714 27%
284 2714 275
2913 284 283* 28
29
90
*75
90
*75
90
*75
90
90 •75
*75
8
4 225* 225
4
233 23
223 233
24
234 .23
2
*223
12
12
12
12
8
5
*12
8
5
*12
%
15
•
3714 3614 3653
37
8
•3712 413 *3713 39
38
38
618 64
618 612
618 618
6% 64
8
612 67
8 1214 1214 1113 1218 1214 1214 1214 1214
2
117 117
365*
1 38
4 36
5 38 .37
4 3614 363
373
37
37
2018 2014 *2014 2012 2012 2012 2012 2012 *2018 21
15
14 .14
14
4
4
8
8
137 137 *133 14 *133 14
37
*32
37
*32
37
37 •32
37 .32
•32
7
8 533 55%
533
52
8 51% 5314 5114 53
524 565
.267,
-dividend. g EX-dividend and ax-rights.
• Bld and asked prices; no sales on this day. z EX
PER SHARE
Range Since Jan. 1.
-share lots.
On basis of 100
Highest.
Lowest.
PER SHARE
Range for Precious
Year 1930.
Lowest.
Highest.
$ per share $ per share $ per share $ per share
59% Oct 78 Apr
60 Jan 6 x6614 April
5 Mar
Oct
1
1 June 13
3 Feb 20
54 Dec 3314 Jan
3 June 13 1714 Feb 20
8
6018 Jan 903 MaY
47 June 1 7612Mar 20
15 Nov 5012 Mar
1412June 2 30 4 Feb 27
3
5 Mar
4
5 Dec
114May 22
3
3 4 July 30
8
12% Oct 253 July
814June 2 2234 Mar 25
1514 Nov 3512 Apr
15 June 1 2412 Mar 24
158 Dec 2214 May
514 Mar 2
2 Jan 2
13 Dec 85 Apr
1012 Apr 22 26 Feb 17
9813 Dec 17814 Mar
8
x99 June 1 1293 Mar 19
4
333 Nov 42 Feb
4
323 Jan 22 4512Jury 27
5
10 Dec 30 8 Mar
8 May 4 15 Feb 13
114 Dec 3172 Mar
618 Aug 6 207 Feb 19
s
21 Dec 43 Mar
1258 Aug 7 347 Feb 10
4
104 June 24 114 Apr 21 1073 Jan 117 Sept
8
3 Dec 163 Apr
212June 1
55* Feb 25
8
4
63 Oct 145 keb
74 Apr 29 13 Feb 27
812 Dec 43 Mar
812June 6 1534 Jan 30
97 Dec 74 AIR
812June 3 23 Feb 26
1213June 2 1212June 2
3 June 23
3 June 23
Feb
-3
71 4 Dec 100 22 Mar 17 85 Jan 20
8
1918June 1 3254 Feb 9
183 Dec 517 Mar
*
17 Apr 23 31 Feb 24
2112 Dec 4812 Mar
70 Apr 23 104 Jan 23
97 Nov 110 Mar
9518 Apr 29 113 Mar 17 108 Oct 118 Apr
54 Jan
4
13 Feb 20
8
7 Dec
4May 7
3
414 Feb
118June 19
4
23 July 17
114 Dec
9 June 2 205 Feb 26
10 Nov 2938 Feb
8
8Ju0e 2 693 Feb 20
235
3318 Dec 11238 Apr
4
Jan
80 June 2 1067g Feb 24 106 Dec 114
4114 Dec 7713 Mar
2012May 1 53 Feb 16
24 Feb
12June 29
8
13 Mar 2
52 Dec
2312June 2 433 Mar 17
8
285* Dec 898 Jan
8
4
73 Dec 333 Jan
5 June 2 113* Feb 24
1014June 20 165 Mar 25
8
10 Nov 30 Mar
297 Jan 19 45 June 25
30% Dec 753* Mar
4
173 Jan 2 25 Mar 24
1618 Dec 3414 Mar
71 Dec 283 Apr
4
9% Jan 3 16 Feb 26
2912 Dec 42 Mar
8
29 May 18 363 Feb 25
4
8312 Dec 3623 Apr
5114 Aug 5 13112 Feb 24
8958 Aug 6 116 Mar 21 113 Dec 132 May
22 Dec 7934 Apr
2118June 3 5212 Feb 17
2 June 5
1% Dec 137 Jan
4 Feb 27
24 Dec 75 Jan
15 June 9 26 Mar 7
872May 20 16 Feb 25
94 Dec 2038 Oct
s
3 Dec 60 Mar
54 Apr 24 143 Mar 2
3 Dec 12 Sept
4
8June 3 133 Mar 21
35
4
8
1714 Dec 847 Apr
14 June 1 373 Mar 21
18 Dec 3012 May
3
8June 3 25 4 July 31
177
214 Dec
814 Mar
212 Jan 6 6 14 Feb 21
51 Feb 697s July
50 May 28 70 Feb 26
21 Dec 653* Jan
14 June 3 3018 Feb 24
714 Mar 23
2 Dec 157 Feb
214 Jan 2
s
327 Dec 49 Feb
8
30 June 17 373 Feb 25
79 Oct 983 Feb
7718 Jan 14 90 Apr 21
8
143 Dec 677 Mar
8June 1 2314 Feb 7
73
3214 Dec 82% Mar
2712June 2 544 Feb 24
612 Apr 29 1518 Feb 26
73* Nov 37 Mar
2218 Nov 557 Mar
8
1512June 2 35 Feb 26
2012 Dec 32 Mar
17 July 3 23 Jan 9
4
1013 Dec 3212 Apr
10 Juno 3 123 Mar 30
2278 Dec 675s June
4
1414Ju17 30 333 Feb 10
1418 Dec 43 Apr
1212June 2 254 Mar 9
43 Feb 11
213 Dec 134 Apr
2 June 2
155 Dec 4412 Apr
8
13 July 16 227 Mar 25
21 Dec 60 Apr
24 May 19 3418 Feb 17
9114 Jan 105 Apr
95 Jan 28 105 July 20
8
133 Juno 3 170 Feb 24 1334 Jan 1913 June
4812 Jan 53 Mar
5012 Jan 2 5312June 4
44 Dec 647 may
40 June 2 5012 Mar 18
07 Mar 104 Dee
4
1013 Apr 21 104 Feb 16
Oct 353 Feb
12
4
9 Jan 30 1712June 26
73 Jan 92 May
71 Apr 30 88 Aug 6
8
84 Dec 203 Apr
712June 6 1014 Jac 8
934June 2 1912June 27
(its Dec -199 - Mar
55 June 2 11155 Feb25 8June 2 4558 Mar 19
30% Dec 87 Apr
205
99 Nov 110 Apr
98 June 3 10912Mar 18
718 Dec 3758 Apr
6 June 2 1614 Mar 13
151 Dec 403 Apr
4
13 May 27 2314 Feb 26
3012 Dec 443 Apr
8
30%June 3 357 Feb 26
2012 Dec 28 Apr
2112 Jan 20 2512July 9
7614 Jan 9513 Sept
7613 Jan 29 89 June 30
4
213 Dec 55 Max
20 July 15 34 Mar 19
80 June 87 Mar
82 Jan 20 90 Jan 26
212 Dec
6 Oct
8 Feb 27
2% Jan 7
14 Dec 38 Apr
3
10 4June 2 2112 Feb 24
712 Dec 204 Apr
678June 2 12 Feb 24
8612 Dec 1043 June
4
2
90 June 8 1003 Mar 16
3112 Dec 57 Mar
30 June 3 344 Feb 16
558 Dec 1934 Mar
6% Jan 2 1312July 21
8
1
184 Sept 567 Mar
165* July 29 30 4Mar 10
2512 Jan 8 374June 27
245* Dec 593 Mar
53 Dec 80 Mr,
55 Jan 2 73 Mar 19
77 Dec 2755 Mar
4June 3 15 Feb 17
33
12% Dec 2814 Jan
s
1012June 2 187 Feb 17
s
7814 Dec 1367 Apr
82% Jan 2 10958Mar 19
99% Jan 105% Sept
10112 Feb 27 x107 July 23
14 Dec
2 Jan
4 Jan 2
4
13 Mar 18
51 Dec 2212 Feb
812 Jan 9
3 June 3
3 Jan 12
812 Feb
2 Dec
1 July 16
914June 2 30 Feb 26
4
163 Dec 5213 Feb
33 Feb 2
7 Feb
2 Dec
114June 3
447 Apr 30 7712 Fob 27
132 Dec 947 Feb
8
4038June 3 6234 Mar 26
43% Dec 715 Mar
818June 2 167 Feb 27
8
4
93 Dec 3758 Apr
8
3714 Dec 775 Mar
34 June 1 517 Feb 24
214,1une 3
84 Feb
412 Feb 27
212 Nov
5 June 2 12 Feb 13
4
73 Dec 3012 Apr
8
312May 21 12 Feb 24
81 Dec 407 Apr
553
65 Dec 11138 Apr
8June 2 86% Feb 17
146% Jan 8 15212 Apr 2 '140 Feb 15114 Oct
7% Dec 33 Feb
614June 1 18 Feb 27
2612.1une 3 3412 Mar 11
251 Jan 358 Mar
9 Jan 2918 Mar
8
1214June 1 195 Apr 11
314 Dec 22 Jan
3
8 4 Feb 25
412 Jan 2
8
31 Dec 595 Apr
1814June 1 3814 Feb 24
2 June 2
4
43 Dec 1812 Feb
8
67 Jan 12
1
30 8June 2 63 Feb 11
5018 Dec 935 Mar
80 June 4 106 Jan 3 10112 Dec 117 Mar
57 Jan 8
21 Dec 1951 MM'
3 May 19
7 Mar
Oct
1
%June 1
2% Jan 8
9 Feb
2 Dec
218 Apr 30
4Mar 24
53
20 Dec 655* Feb
16 June 8 36 Jan 9
384 June 48 Jan
8
353
4May 21 487 Mar 19
68 Aug 5 100 Feb 7 85 Dec 12618
5 112 Dec 12118 Mar
112 July 29 1185*Mar
8
57 Feb 27
1% Dec 147 Apr
24June 2
3 Dec 1958 Apr
3 June 2
812Mar 2
35 Dec 9012 Mar
1712June 2 41 Jan 7
10 Dec 435 Mar
95
8June 2 23 Feb 24
may
917
New York Stock Record-Continued-Page 4
For sales during the week of stocks not recorded here. see fourth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday
Aug. 1.
Monday
Aug. 3.
Tuesday
Aug. 4.
Wednesday
Aug. 5.
Thursday
Aug. 6.
Friday
Aug. 7.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
Per share $ Per Share $ Per share $ per share $ per share $ per share Shares Indus. & Miscell.(Con.) Par
9
*4
9
Debenham Securities___5 Sc?'
*4
*4
*4
9
9
•4
9
*4
9
8 19
/ 194 193 194 "19
1
4
20
/
1
197 197
8
•197 20
/
1
/ 20
1
4
2
4
800 Deere & Co pre
*193 20
4
4
155 155 *1543 160 .155 160 15155 160 •156 160 *155 160
100
100 Detroit Edison
8
14
/ 143 •13
1
4
•13
*13
16
16
16
16
"13
16
700 Devoe & Reynolds A_No par
1513
183 18h 184 187
4
No par
8 183 183
4
8 1838 187
4
8
4 2.600 Diamond Match
8 185 183
4 183 187
8 271 2713 273 273 •2714 273
/
4
273 273
8
' 4
25
900
4 2712 2712 2713 2712
4
Preferred
/
4
*1114 1112 111 113
/
4
4 1112 111 113 111 111 113
/
4
4
4
No Par
4 113 113
/
4
4 2,400 Dome Mines Ltd
8
*213 223 *215 223 *21h 223 •2112 2212 2012 2112 203 2112
4
4
4
No par
4
700 Dominion Stores
74 747
743 75
8
743 75
8 727 733
8
4
8
No par
4 723 7314 7318 733
4 9,600 Drug Inc
5
55
*5
8 *5
5
512
*5
6
5
5
155
6
300 Dunhill International_ _No par
"12
/ 15
1
4
.123 15
4
•121 15
/
4
•123 15 '123 15
4
4
*123 15
Duplan Silk
4
No par
4
4
1063 106h 1063 106 •1063 10712 511064 10713 "1063 10712 •1063 10712
4
/
1
4
4
/
1
700 Duquesne Light 1st pref___100
4
*512 7
512 512 *5
*512 7
*513 7
7
512 513
200 Eastern Rolling Mill_ No par
/
1
13238 13414 133 1353 19,500 Eastman Kodak Co_ No par
1343 13714 13712 1394 13512 13812 13334 136
8
4
•133
*133
•133 133
*133
"133 -6 cum pref
100
1438 143 *144 1412 1414 1438 1414 1414 144 1414 - 1,800 Eaton Axle & Spring_ __No par
14
4
/
1
14
/
1
85
/ 8714 8612 87
1
4
/ 853 8714 851 863
1
4
4
/
4
4 8318 8513 83
851 51,200 E I du Pont de Nem
/
4
20
4
12312 12312 *12312 ---- 1233 1233 *12312 124
124 124
4
123 123
600
6% non-vot deb
/
1
4
100
4 *712 7 4 *712 7
*712 734 *712 73
3
3
*712 74 *71 7
No par
/
1
/
4
Eitingon Schild
/
1
4
5513 *55
*55
5512 55 55
1555 5512 55
55 '55
58
100
300
Preferred 614%
3934 4014 40
4118 393 40 4 3912 4014 393 404 4018 403 14,200 Electric Autolite
4
3
4
4
No par
/
1
"106 107 *106 107 •108 107
108 107 "106 107
10
Preferred
100
107 107
33
4 4
34 4
3
3 4 37
3
3
34
3
312 312 7,400 Electric Boat
No par
8
1
312
/
1
3712 383
4 3812 394 3814 39
3758 383
42,600 Electric Power & Lt_ No par
8 3638 37
/
4
/ 361 38
1
4
/
1
•99 100
993 100
4
998 994 103 103
700
8
Preferred
No par
993 9914 995 998
4
8713 8714 8713 863 863
•86
4
/ 85
1
4
4 85
4
900
/ 853 86
1
4
/
4
Preferred (6)
No par
*851 87
*5414 55
5412 5413 "541 55
/
4
5414 5414 54
900 Elec Storage Battery_.No par
541 5418 5418
/
4
3
4
*3
8
3
4
40 Elk Horn Coal Corp__ _No par
*1
/
4
38 *1 34 *38 12 .32 12
/
4
3
4
1% 1
*3,2 1
*3
4 11
3
4
1
1
200 Emerson-Brant cl A __.No par
*3
4 114
44
4118 4118 "41
*41
43
4114 4114 *4114 43
*4114 43
200 Endicott-Johnson Corp__ _ _50
110 110
*109 110
1104 1104 "11012 115 "11012 115 *11012 115
/
1
/
1
Preferred
200
100
'32
38
*3213 36
*3212 36
*321 36
/
4
*3213 36
100 Engineers Public Serv__No par
36
6
*757 7612 *757 7612 *75
8
8
/ 7612 "7518 7614 *7518 7614 *7518 7612
1
4
Preferred $5
No par
78
5177
7912 *781 7913 *7813 7912 *7812 7912 *784 7912
78
/
4
/
1
No par
200
Preferred (51
/
4
)
4
•28
/
1
287
8 283 284 1528
287 1528
8
284 *28
/
1
281 "28
/
4
004 Equitable Office Bldg_.No par
284
/
1
*5
514 •
5
5
•43
4 5
5
5 14
400 Eureka Vacuum Clean_No par
*41
4 5
*43
4 5
*4
414
412 *4
4
4
412 *4
*4
414 *4
5
200 Evans Auto Loading
414
15155 18
8
•15
/ 16
1
4
154 15
/
1
/ *155 16
1
4
8
"154 16
/
1
100 Exchange Buffet Corp_No par
"15
/ 16
1
4
•12 114
*12 114
*12 114
*13 114
*12 114
*1 114
/
4
25
Fairbanks Co
*618 9
•6I8 9
*618 9
*618 9
•/ 9
6
1
4
100
'618 9
Preferred
14 •13
14
/ 1414 1312 1312 •13
1
4
1414 13
1413 *13
13
No par
300 Fairbanks Morse
7514 7514 77
*7514 77
77
751 754 7314 751 73
/
4
/
4
110
/
1
Preferred
73
100
*412 458 '412 45
8 .4
/ 458 412 458
1
4
412 413
413 412
300 Fashion Park Assoc_ __ _No par
36
*33
3614 *33
3614 *33
33
33
•33
15
36
3814 *33
100 Federal Light & Trac
*86
8712 1586
8712 "86
8712 "86
8712 *86
8712 '86
No par
Preferred
871
/
4
*5 8 512 *5
3
/ 513
1
4
5
/ 5
1
4
/ *5
1
4
55
8 *5
512
200 Federal Motor Truck_ No par
5 12 •5
•512 6
51.
2 512 *54 712 *54 712
*512 612
*512 6
/
1
200 Federal Screw Works. No par
/
1
15
/ 15 8 1514 1512 1514 1514 15
1
4
15h Z14' 1478 1418 1412 2,400 Federal Water Serv A No par
2
3
2418 *23
/ 2418 *23
1
4
*2112 27 "22
2418 2418 2418 *23
100 Federated Dept Stores_ No par
/ 261
1
4
/
4
8
4
*427 4412 443 443 *4318 44
4
44
44
43
44
43
/ 4412 1,400 Fidel Phen Fire Ins N Y___10
1
4
*75 10
8
*73 10
8
*75 10
8
*7
/ 10
1
4
Ps 75
No par
8 •752 10
GO Fifth Ave Bus
•191 26
'1914 26
"191 26
/
4
*1914 26
•1914 26
•1914 26
No par
Filene's Sons
*991
-- '9913 --- •100
9912
_ •9912
- *9912
100
Preferred
/ 181 •17 1812 •17h 181- *173 -1
4
•1712 21812 •17
/
1
4
4
4 1814 18
18
100 Firestone Tire & Rubber_..i0
/
1
*62
/ 62
1
4
63
/ 624 627
1
4
63
63 "627 6318 *63
63
8
631
100
/
4
400
Preferred
4
563 5634 563 57
4
564 58
58
58
5718 573
59
4 58
.No par
2,700 First National Stores.
hi
12
3
8
1
3
8
12
2
8
3
s
3
8
3
8
/ 7,000 Fisk Rubber
1
4
No par
•112 17
8
13
8
112 • 13
112 14 *113 11
/
1
/
4
8
138
118
138
410
1st preferred
100
4 23
•13
4 23
*13
4 *13
/
4
4 2 4 •11 2 4 *13
3
4 23
3
/
4
4 *11 23
100
1st pref convertible
4
2434 "20
243
*20
243
4
243
4
243
4
Florshelm Shoe class A _No pa
243
4
/
4
8
*101% 102 *1011 102 *1013 102 %Nis 102
102 102
102
10
100
Preferred 6%
1478 "11
*11
147 "11
13
*11
13
11
11
104 107
/
1
8
No pa
200 Follansbee Bros
/ 23
1
4
2312 233
/ 233 233
1
4
4 23
4
4 2212 23
2218 2014 2114 4,900 Foster-Wheeler
/ 21
1
4
No pa
*813 1114 '814 1114
'85 11
8
814 814
814 81
9
/
4
9
No pa
300 Foundation Co
4 27
283 263
27
4
2614 27
253 2618 253 253 "26
4
4
4
274 1,600 Fourth Nat Invest w w
/
1
1
8
8 155 161
155 155
8
1512 15114 1414 151
1258 1414 1218 1318 84,600 Fox Film class A
No par
2812 27
26
26
2812 264 •26
261
2513 26
255 26
8
2,500 Freeport Texas Co_ No par
65 •____ 65
65
65
65
65
Fuller Co prior pref __ No par
.
*312 4
312 4
*31 312 *34, 31
/
4
*312 4
/
1
4
*312 3
600 Gabriel Co (The) cl A.
.No par
/
1
4612 4612 •454 463 "4512 464 46
/
1
46
*46
453 *46
483
20 Gam ewell Co
4
No par
*12
3
4
12
12
5
4
*12
3
4
12
12
3
4
*1.3
•12
200 Gardner Motor
5
8
*43
4 512 *51, 53
43
434 43
43
4 434
4 5'8
*43
4 514
1,000 Gen Amer Investors__ No par
1572
.72
73
73
"72
73
70
72
"70
85 '70
85
300
Preferred
100
59
8 594 5912 58
5912 591 595
/
1
/
4
/ 59
1
4
5718 58
58
581 3,600 Gen Amer Tank Car__..No par
/
4
/
1
193 2014 204 21
20
4
2012 20
20
183 1918 183 187
4
4
8 2,600 General Asphalt
No par
712 8
7
/ 712
1
4
*7% 812
714 712
7
/ 7
1
4
3
7
/ 78 19,000 General Bronze
1
4
No par
5512 6
55
*53
8 *5
4 6
5
51
'5'4 6
54 512
/
1
300 General Cable
No par
/
4
/ 111 114 15111 13
1
4
8
*1112 137 .1112 13
/
1
/
4
/ •111 137 •12
1
4
/
4
8
137
8
200
Class A
No par
153414 40
*3414 40
*341 40
/
4
*341 40
/
4
*3414 40
*344 40
/
1
7% cum prof
100
36
36
35
3512 3512 35
3512 3512 36
35
*354 36
/
1
1,300 General Cigar Inc
No par
4012 4114 403 40
8
3912 404 39
/
1
39
/ 40
/ 40
1
4
1
4
/
1
4
/
1
4
3918 4014 60,800 General Electric
No par
/
4
/
4
/
4
/
4
11h 111 *1114 111 111 111 1114 111 1138 Ws 113 113
/
4
8
8 3,100
Special
10
8
49
4912 487 4919 48
48
/ 49
1
4
/ 4912 484 491 483 498
1
4
/
1
/
4
4
5,700 General Foods
No par
/
1
4
/ 4
1
4
4
/
1
4
45
8 4
458 43
43
4
/ 45
1
4
4 43
4 *4
/ 4,800 Gen'l Gas & Elec A
1
4
48 4
5
No par
48
048
53
*47
53 "48
53
48
47
47
45
4612
400
Cony pref ser A
No par
/
4
•2818 30
/
4
3113 2818 2818 281 2818 *281 30
2818 2818
300 Gen Ital Edison Eta° Corp.._-_
3814 3814 •384 383
/
1
4
/
1
4 383 383
4 384 39
4
/
1
4
*383 3914 383 38
4
600 General Mills
No par
*97
98
98
8
971 9714 *975 98
/
4
*975s 98
98 '98
9812
300
Preferred
100
/ 363 3734 3814 3718 132,600 General Motors Corp
1
4
37
/ 377
1
4
8
8 3712 3814 3712 3814 3714 37
10
/
1
4
15103 10314 10318 1031 103 10319 10318 103
/
4
/ 103 103
1
4
103 103
$5 preferred
2,500
No par
8
1138 "11
8
8
/
1
10
/ 10
1
4
/ *107 113 .107 114 *11
1
4
1114 11
11
200 Gen Outdoor Adv A __ _No par
5
5
5
5
-14
518 514 *54 6
/
1
5
/ 514
1
4
*518 6
600
No par
Common
/ 1218 1214 1214 1214 1,200 Gen Public Service_ - No par
1
4
1212 1212 1218 123, 1238 1212 121 12
/
4
•51% 52
*514 5112 "511 5114 511 5118 *50
/
4
/
4
51
463 50
4
600 Gen Ry Signal
No par
312 314
314 314
31/4 3'8
3
/ 314
1
4
3
318 314
3
2,100 Gen Realty & Utilities_No par
/ 30 "30
1
4
30
30 4 29
3
32
293 30
4
2914 2978 512812 30
2,400
86 preferred
No par
3312 3312 3312 343
3214 33
4 3314 34
33
33
33
33
1,800 General Refractories_ _ No par
35
5130
50
*30
50
.30
1530
50 •30
50
*30
50
Gen Steel Cast 56 pref _No par
35
8 38
3
352 3 4
312 3 8
3
35
8 33
4
31 3
/
4
/
1
4
2
/ 318 29,200 GenTheatresEquip v t cNo par
1
4
2112 2114 211 21
21
/
4
2118 205 204 20
2114 21
8
/
1
/ 207
1
4
8 8,900 Gillette Safety Razor_.No par
73
1589
/
4
71h 711 7014 704 711 713 "70
/
4
/
1
713 "70
4
7112
400
Cony preferred
100
512 53
4 *514 6
514 514
518 514
5
5
5
5
1,100 Gimbel Bros
No par
•47
50 .483 50
50
4
•463
5463 4812 4813 481
4
*46
/ 50
1
4
4
100
100
Preferred
912 912 *9
97
8 *9
9
/ *9
1
4
93
4 91
912
/
4
94 91
/
1
400 Glidden Co
No par
*73
77
77
764 77
/
1
75
*73
77
*73
77
*73
77
70
Prior preferred
100
712 74
/
1
712 712 *71 712
/
1
4
7
/ 7
1
4
/
4
74 71
/
1
/
4
7
7 14 1,300 Gobel (Adolf)
No par
28
2718 273
/
1
8 27
2718 273
4 264 2714 263 27
261 263
/
4
4 6,300 Gold Dust Corp v t c__ No par
8
8 125 1318 123 123
4
8
8
8 1214 1212 1218 121
123 127
4 123 127
2,900 Goodrich Co (B F)___ _No par
8
50 8 •4514 503
3
8 45
*4514 503 514514 50h *45
45
"4514 503
200
8
Preferred
100
39
/ 4012 39
1
4
40
40
384 3912 383 3914 39
/
1
•39
4
393
4 4,800 Goodyear T & Rub__ No par
*8312 8512 .83
8512 •83
*8312 8512
8512 8514 8514 *8312 85
let preferred
103
No Par
*9
10
*9
10
•9
"8
10
/ 10
1
4
*85ii 10
8 8 838
5
100 Gotham Silk Hose
No par
•6814 80 "8814 80
/
1
*6814 80 •684 80
156814 80 "6814 80
100
Preferred
*218 3
4
*214 23
218 218 *2
/ 23
1
4
*24 23
/
1
4 '25
8 23
No par
400 Gould Coupler A
31, 338
3
314
3
318
314
3
23
4 3
23
4 3
10,000 Graham-Paige Motors.No par
No par
Certificates
s
- 2 -iii2 -111; -1284 1i4
121'12
5s 1314 1238 1238 "Hi 1253
1900 Granby Cons M Sm & Pr.100
*1512 153 •1518 153 *1518 17
4
17
4
•15
1518 1518 15
15
200 Grand Silver Stores...
.No par
4 161 1612 18
/
4
154 163
/
1
16
15
15
153 153 "154 157
4
/
1
8 2,300 Grand Union Co
No par
43
43 43
43
42
/ 4278 43
1
4
42
42
43
*4214 44
No par
800
Preferred
22
5119
*19
23
2112 •19
21
•19
"19
22
*19
23
No par
Granite City Steel
•36h 3712 37
3712 371 37
/
4
*3613 37
/
1
4
/ 3712 3713 3713 3713
1
4
800 Grant (\V T)
No par
4 1812 1812 1812 1812 "1813 19
*1814 183
183 183
8
8 1814 1814
900 Gt Nor Iron Ore Prop- _No par
8
912 913
912 913 '914 9
93
4 9 4 *913 97
8
3
/ *914 93,
1
4
700 Great Western Sugar.
.No par
86
.75
86
89
*8518 89
8518 857
8
*8518 89 • / 89
851
4
100
90
Preferred
3
318
3
3
3
27
3 18
8 3
2
/ 318
1
4
31 314 7,600 Grigsby-Grunow
/
4
No par
*3
4
*3
4
7
8
7
8
*3
4
7
8
*3
4
7
8
*3
4
7
8
•34
.
Guantanamo Sugar_ _ No par
•1312 16
/ 1518 *13
1
4
*133 1518 *13
3
/ 1518 "133 1512 '1338 1512
1
4
8
Gulf States Steel
No par
/
4
*291 35
/
4
*291 35
*30
35
35
•29
*30
35 '30
35
100
Preferred
*2714 28
•2714 28 •2714 28
152714 2814 •2714 28
*2712 28
25
Hackensack Water
*514 53
8
512 513 *53
3
53
13 6
8 54
514 5
/
1
4
5313
519 3,100 Hahn Dept Stores
No par
5312 1553
*53
5313 5313 5318 *53
5412 5414 5414 '53
54
200
100
Preferred
/
4
•13
/ 1412 •13121 141z 01313 1414 141 1418
1
4
'1313 1414
10
100 Hall Printing
•Bid and asked prices; no sales on this day. x Ex-dividend. y Ex-rights.
PER SHARE
Range Since Jan 1.
On basis of 100-share lots.
b Ex-dividends.
Highest.
$ per share
614May 25
1934June 9
4June 2
1403
11 June 17
147 Jan 15
8
243 Jan 7
8
8
87 Jan 2
1418 Jan 2
6112 Jan 2
5 June 1
11 June 3
102 Jan 5
54 Aug 5
/
1
118 June 3
1283 Jan 8
4
914June 3
71 June 3
4
1183 Jan 9
3 Jan 2
/
1
4
3512 Jan 5
3418June 2
106 May 29
2 May 7
3018June 1
8June 6
925
80 June 8
4918June 2
32July 15
3 Apr 24
4
30 Feb 10
1024 Apr 15
/
1
2812June 3
76 July 20
75 July 14
27 June 25
5 July 24
4 Julie 2
155 Aug 4
8
1 Jan 3
412 Feb 25
13 Aug 7
73 Aug 7
358 Jan 21
30 May 26
84 June 23
5 Apr 28
412June 6
1114June 10
1513 Jan 5
3614June 2
6 Jan 16
/
1
4
16 Jan 27
8514 Feb 10
13 Apr 27
5614 Apr 29
41 Jan 2
38June 16
1 May 18
118May 15
22 June 2
9612May 28
8 June 2
2014 Aug 7
47 Jan 5
2012June 2
/
4May 21
111
22 June 2
52 July 18
3 May 7
42 June 2
12July 15
412 Jan 15
70 Aug 5
527
sJune 1
1514June 2
5 Juno 3
314May 26
7 June 3
2713May 26
31 June 2
36 June 2
1118 Apr 29
43 June 1
44 Jan 2
/
1
45 Aug 7
27 June 9
35 July 15
96 Jan 19
3118June 2
95 Jan 2
105
8Ju1y 18
4 July 27
818June 2
4612June 3
234June 2
2914 Aug 3
29 June 2
35 June 15
2 8 Aug 7
7
1858July 15
623 Jan 21
4
4 June 2
3612June 3
4June 3
73
48 May 4
4 Jan 2
21 June 1
814June 2
35 Apr 27
30
/
1
4June 2
71 June 2
47 Jan 5
50 Jan 26
17s July 16
2 Aug 6
/
1
4
312 Feb 28
10 June 3
13 June 19
10 8 Jan 16
5
36 Jan 15
187
8-Tune 3
253 Jan 2
4
1712June 8
718June 1
8012May 26
218June 3
33 Jan 6
1018June 2
37 June 24
264June 5
/
1
412June 2
50 Jan 3
12 May 6
$ per share
1212 Jan 28
22 Jan 5
195 Feb 11
191 Feb18
/
4
23 Mar 6
28 July 28
z1312 Mar 31
24 Apr 13
78 Mar 20
/
1
4
814 Mar 19
143 Feb 9
4
10714 July 3
1314 Mar 2
185 Feb 24
/
1
4
13412Mar 23
2178 Mar 19
107 Mar 19
124 Apr 9
111 Feb 17
/
4
69 Feb 18
744 Mar 10
/
1
110 Jan 7
413July 10
60 4 Feb 26
3
10818 Mar 20
9814 Mar 17
66 Mar 19
114 Feb 26
23 Mar 25
4
44 July 22
113 Feb 10
49 Mar 12
87 Jan 27
91 Mar 12
354 Jan 12
/
1
123 Mar 17
4
85 Feb 24
8
25 Jan 7
3 Mar 20
13 June 27
2918 Mar 6
1091 Feb 2
/
4
613 Feb 24
49 Feb 26
/
1
4
92 Mar 25
75 Feb 24
8
1512 Feb 24
30 Jan 31
26 May 12
5614 Feb 24
9 Feb 21
22 Feb 25
104 May 12
20 June 26
6618June 29
59 June 23
/ Feb 24
1
4
3 Feb 7
312 Mar 3
351 Jan 3
/
4
10212 Mar 18
193 Feb 25
4
6413 Feb 24
1613 Mar 9
32 Feb 24
/
1
4
383 Feb 17
8
434 Mar 23
/
1
85 Apr 6
63 Feb 25
60 Feb 26
23
8 ar 23
778 Mar 19
88 Mar 12
7318 Feb 26
47 afar 26
9 Feb 16
/
1
4
13 Feb 24
2512 Feb 24
65 Jan 12
4813 Feb 10
543 Feb 26
4
1218 Jan 27
56 Apr 13
812 Feb 21
763 Mar 20
4
4
353 Mar 6
50 Mar 21
100 Apr 15
48 Mar 21
1034July 22
/
1
28 Jan 28
/
1
104 Feb 25
23 Feb 26
841 Mar 2
/
4
912Mar 6
7418 Mar 10
574 Feb 26
/
1
65 Apr 9
1512 Feb 18
38hMay 11
761
/
4May 26
7 Feb 18
/
1
4
52 July 7
1618 Feb 20
80 July 30
9 Mar 9
/
1
4
4218 Mar 20
8
207 Feb 21
68 Feb 10
5212 Feb 21
91 Feb 25
133 Apr 11
4
72 Apr 28
6 Feb 6
/
1
4
612MaY 5
4
43 Feb 9
22 Feb 24
/
1
4
2512Mar 24
187 Mar 24
8
46 May 13
293 Feb 25
4
8June 22
397
2312 Apr 9
117 Jan 8
8
9612 Jan 8
6 Mar 10
/
1
4
112 Jan 8
3712 Feb 24
80 Mar 4
3012 Mar 26
93 Mar 28
4
634 klar 30
/
1
193
sMar21
PER SHARE
Rangefor Previous
Year 1930.
Lowest.
Highest.
g per share $ per share
912 Dec 30 Apr
20 June 24'z May
161 Dec 2558 Apr
1112 Dec 423 Mar
4
63 Jan
4
12 Nov
57 Dec
/
1
4
.5 Dec
Oct
13
100 Jan
614 Dec
14218 Dec
120h Feb
111 Dec
/
4
8012 Dec
11418 Feb
218 Oct
35 Nov
Oct
33
10312 Oct
218 Dec
343 Dec
8
99 Dec
843 Dec
4
4712 Nov
18 Dec
h Dec
36 Dec
/
1
4
10712 Jan
8
367 Nov
80 Dec
/
1
4
8918 Dec
3512 Dec
85 Oct
8
4
Oct
215 Dec
8
13 July
4
312 Dec
1912 Dec
102
Jan
212 Dec
433 Dec
4
85 Dec
51 Nov
/
4
10 Dec
1712 Dec
1213 Dec
4214 Dec
6 Dec
/
1
4
16 Dec
89 Dec
154 Oct
/
1
53 Oct
/
1
4
385 Dec
8
12 Dec
114 Dec
114 Dec
30 Dec
94 Dec
12 Dec
3712 Dec
312 Dec
1814 Dec
1618 Jan
2412 Dec
75 Dec
213 No
50 Oct
1 Nov
318 De
74 Dec
5318 De
223 Dec
8
51 De
/
4
612 Dec
131 Dec
/
4
36 Dec
30 Dec
4112 Dec
1114 Oct
441 Dec
/
4
vs De
38 De
283 De
4
4018Jun
89 Jun
3112 Nor
9178 Dec
203 Dec
8
5 Sept
123 Dec
4
56 Oct
313 Dec
49 Dec
39 Dec
80 Dec
512 Dec
18 Dec
564 Dec
/
1
414 Dec
39 Dec
7 Dec
6312 Dec
3 Dec
29 Dec
151 Oct
/
4
62 Dec
354 Oct
/
1
7814 Oct
/
1
4
3 Dec
50 Nov
4 Dec
3 Dec
312 Nov
12 Nov
16 Dec
10 June
31 Dec
18 Dec
261 Dec
/
4
1713 Dec
7 Dec
85 Dec
213 Dec
14 Dec
15 Dec
8314 Dec
26
Jan
613 Dec
45 Dec
/
1
4
16 Dec
101 Sept
8
30 Apr
/
1
4
87% Mar
4312 Apr
19 Sept
8
1063 Oct
2512 Jan
25514 Apr
134 Nov
3714 Feb
14514 Apr
123 Sent
8
107 Feb
62 Feb
/
1
1144 Mar
110 Jan
/
1
4
934 Mar
10312 Apr
112 Apr
102 Sept
7914 Feb
512 Mar
7
/ Jan
1
4
59 Jan
/
1
4
116 Nov
8712 Apr
10718 Mar
1044 Apr
/
1
4
503 June
43 Mar
/
1
4
30114 Feb
2712 Sept
9 Jan
/
1
4
39
/ Jan
1
4
Nis May
11112May
2714 Feb
9014 Mar
983 Apr
4
1214 Feb
2512 Sept
43 Mar
38 Apr
893 Mar
4
1012 Apr
4012 Jan
10014 Sept
/
4
331 Jan
877 Mar
8
6138 Jan
512 Apr
21
Apr
213 Apr
4
524 Mar
/
1
10012 Oct
50 Mar
/
1
4
10412 June
28 Apr
/
1
4
50 Apr
57 Apr
/
1
4
5512 Apr
9512 Mar
111 Apr
/
4
80 Mar
73 Feb
4
1612 Feb
105 Apr
/
4
1111 Apr
7113 Apr
3812 Feb
3412 Mar
/
1
744 Feb
1093 Apt
4
61 Mar
953 Apr
8
12 Aug
6114 May
183 Apr
8
10612 Apr
44 Feb
/
1
4
593 Apr
98 Dee
/
1
4
5414 Ain
1007 Sept
8
411 Ave
/
4
211 Apr
/
4
527 Apr
8
10678 Mar
1958 Apr
100 Apr
90 Mar
101 Mar
10 Dec
10618 Jan
703 Nov
4
207 Apr
8
8212 Apr
38 Mar
1054 Mar
/
1
19 Feb
47 Apr
/
1
4
5813 Mar
10412 Mar
964 Mar
/
1
10214 Apr
287 Mar
8
8213 Apr
154 Apr
/
1
13 Apr
/
1
4
103 Apr
4
597 Apr
8
52 Apr
205 Feb
8
44 Aug
50 Apr
/
1
4
43 Jan
2538 Mar
3412 Jan
120 Mar
28 June
4 Feb
80 Feb
109 Apr
38 July
2314 Apr
8613 Apr
31% Mar
918
New
York Stock Record-Continued-Page 5
For sales during the week of stocks not recorded here, see fifth page preceding.
-PER SHARE, NOT PER CENT.
MOH AND LOW SALE PRICES
Saturday
Aug. 1.
Monday
Aug. 3.
Tuesday
Aug. 4.
Wednesday
Aug. 5.
Thursday
Aug. 6.
Friday
Aug. 7.
Sales
for
the
Weelc.
STOCKS
NEW YORK STOCK
EXCHANGE.
Indus. & Miscell. (Con.) Par
$ Per share $ Per share $ Per share $ per share $ per share $ per share Shares Hamilton Watch pref
100
10
95 *____ 95 *____ 95
95 *_
95
4
*---- 943 *____ 95
No par
00 Hanna pref new
*85
8714
85
8612 85
"85
86
86
86
86
86
86
800 Harbison-Walk Refrac_No par
25
2512 25
2512 *25
,
*2512 264 2512 2512 2512 25 2 *25
Hartman Corp class B _No par
4
4 *212 23
4 *212 23
4 *212 23
4 *212 23
*212 23
4 *212 23
No par
Class A
6
*4
6
*4
"4
6
*4
6
*4
6
6
*4
No par
200 Hayes Body Corp
*27
8 3
8 3
27
8 27
8 *27
8 3
3
*27
3
'2 4 3 4
3
,
25
100 Helme(G W)
817 817
8
8
*817 95
8
8
*817 9214 *817 95
8
*92
05
*82
95
No par
100 Hercules Motors
1012
1012 *1018 1012 *1018
1012 "10
*104 10 2 1012 1012 *10
,
No par
200 Hercules Powder
45
*43
43 43
*43
45
45
45
*45
47
*45
47
20 Hercules Powder $7 cum pf 100
4
4
4
4
4
4
*116 1163 *116 1163 *11614 1163 1163 1163 *115 1163 *115 1163
4
200 Hershey Chocolate__ No par
4
973 *9512 973
4
095
96
9614 96 4 96
,
4
*95
95 4 *953 96
3
No par
200
Preferred
103 103 010218 103
1024 10218 010218 103 *10218 103
*10218 103
No par
Hoe (11) & Co
4
0414 43
,
4 *414 44 0414 4 4 0414 434 *414 43
*414 5
No par
200 Holland Furnace
*2712 30
*2712 30
*2712 30
2712 2712 *274 31
.2714 33
2,700 Hollander & Sons (A)_ No par
4
1414 133 14
1412 1412 144 1438 1414 144 14
*1412 15
100
Homestake Mining
*97 100
*97 100
*97 100 '97 100
*97 100
*97 100
4
8
53
4 53 12,800 Houdaille-Hershey cl B No par
55
8 57
8 618
8 63
8
57
57
618 612
64
6
100 Household Finance part pt_50
5912 5912 *5812 5912 *5812 5912
CO
*59
60
*59
*6212 60
38
387
8 3812 3812 2,500 Houston 011 of Tel tern etts100
40
41
4014 41
40
41
393 40
8
No par
1812 1812 2,300 Howe Sound
•1812 19
1812 1812 *1812 19
*1812 19
19
19
4,400 Hudson Motor Car__ No par
8
4 133 14
5
8
133 1312 135 135
8 1312 13 8 *1314 1312 1312 133
8
10
9.500 Hupp Motor Car Corp
4
738 758
77
a
814
73
8 73
74 8
,
,
75
8 74
1
7 8 814
200 Indiana Motocycle_ _ _ _No par
212
212 *2
8 *2
24 23
214 0218 214
8 *2
*218
23
10
400 Indian Refining
212 218 *218 214
218 218 *218 214
218 218
*218 214
No par
2,000 Industrial Rayon
*2812 30
29
2912 *2814 30
273 2812 2834 3012 2912 30
4
No par
400 Ingersoll Rand
94
*87
91
90
94
x90
90 "90
93
94
*90
94
200 Inland Steel
4012 4012 *4012 42
4112 *40
4112 4012 4012
*40
42
"40
Z
N° ar
700 Inspiration Cons Copper.. 20
73
s
*7
738 *7
7
7
3
78
3
7 8 *7
*7
73
8 *7
63
8 638 2,100 Insuranshares Ctts Inc_No par
612 65
8
*612 7
8 '612 7
63
8 63
* 8 7
63
95
8 2,800 Insuranshares Corp of Del_ _ _ I
918
97 10
8
97 10
8
93
s 94
,
1014 10 4 1014 1014
,
Intercont'l Rubber__ _ _No par
3
*2
*2
3
*2
3
3
2 8 "2
3
•2
312 "2
No par
1,000 Interlake Iron
*63
8 7
65
8 7
7
7
63
4 67
8
7
7
78
3
*7
No 10r
pao
Internat Agricul
400
*15
8 2
8 2
2
2
13
4 13
13
4 13
4 *15
4
*13
4 21,8
Prior preferred
*15
173
4
19
*15
*15
19
19
*15
19 '15
19
*16
1,600 Int Business Machines_No par
136 13712 139 130
13712 138
140 14114 139 140
*135 140
900 Internal Carriers Ltd__No par
8
814 814
12
4 *814 8
812 812 *814 83
812 812
_No par
3
,
*3012 30 4 3012 3012 30 4 30 4 3012 3012 3012 3012 3014 3014 1,300 International Cement _
,
17
8 1,500 Inter Comb Eng Corp_No par
17
8
8
17
8 17
17
8
17
8
17
8 2
17
8
17
8
8
17
8 17
100
Preferred
•1818 20
*1818 20
*18
20
20
22 '19
*19
22 '19
8
8
8 383 397 10,600 Internal Harvester_ _ - No par
3812 397
39
40 4 3812 4012 3812 39
,
38 4 40
3
100
Preferred
8
4
4
*13414 136 4 *13414 136, *13414 136 *1324 1343 *13214 134 *13212 1345
,
8 2218 2212 6,800 Int Hydro-El Sys el A_ _No Par
8
5
8 225 223
4 2218 225
,
8 22 8 227
8 22 a 227
2212 225
2,400 International Match pref _ _.25
50
513 5112 5012 5012 50
8
4
52
513 52
5112 5112 52
73
2 712
2,200 lot Mercantile Marine ars _100
7
7
712 8
814
8
*8
84
81
*8
8
4
8 1214 1258 1214 1212 123 123 87,300 Int Nickel of Canada No Par
123
8 1214 127
125
8 12
12
100
Preferred
100
*118
_
118 118 *118
_
*118
*118
*118
10 Internat Paper pret(7%)_ _100
23
*20
23
*20
*21
23
23
2114 2114 *21
*21 21
Inter Pap & Pow el A _ _No par
*438 412 *414 02 *414, 42 *414 412 *04 412
412
*4
No par
Class 13
314
314 *3
314 *3
314 *3
314 *3
* 3
2 4 314 *3
par
400
Class C
212 212
23
2 23
2
8 212 "238 212
8 212 *23
*2 8 212 *23
3
a0
No 10r
Preferred
2012 2012 1.400
21
21
8 2014 21
5
8 20 8 205
8
205 205
8
205 205
8
12
200 lot Printing Ink Corp No par
12
13
*1112
*1112 13
*1112 13
4
113 113 01112 13
4
100
Preferred
"5812 65
*5812 65
65
*5812 65 "5812 65 "5812 65
*60
100
8
800 International Salt
34
,
3314 33 4 3318 343
3312 3312 34
34
34
*3314 34
4 4,100 International Shoe_ ___No par
4 5018 503
501
8 5014 503
8
503 5112 507 5112 50
4
51
50
100
28
100 International Silver
28 "22
'22
28 "22
21
21
30
"25
8 2614 2714 112,100 Inter Telep & Teleg_ _ _ _No par
8
8 265 2714 2618 267
4
2612 273
4 273 2812 2718 277
"1512 16
300 Interstate Dept Stores_No par
*1512 16
16
16
*1512 16
1512 1512 *1512 16
6412
Preferred ex-warrants__ -100
160
6412 *63
6412 6318 6412 *63
6212 6212 6212 *63
6212
r
No pai
13
Intertype Corp
*12
13 . '12
13
*12
13
•12
13
*12
*10 4 13
3
4
514 53
No par
600 Investors Equity
54 57
*512 6
8 *514 512
54 6
7
*5 4 5 8
,
26
100 Island Creek Coal
2512 2512 *25
*2512 26
*2512 26
"2512 26
8
*2512 257
No par
*41
43
600 Jewel Tea Inc
4018 4018 *4018 43
40
40
40
40
40
40
453 473 38,100 Johns-Manville
4
4
8
4 4912 5114 4814 497
8 453 48
8 5118 513
504 513
No 10r
pa
0
Preferred
*120
*120
'120
•120
120 ____
*120
4
80 Jones & Laugh Steel pref _ -100
4
118 118 *1173 118 "1173 118
11712 11712 11712 11712 *11712 118
par
No
Jordan Motor Car
K C P & Lt lot pf ser B_No par
*115
*Hi"
*ET
212 *2
212
Karstadt (Rudolph)
27
8 *2
212 *2
*2
"2
27
8 *2
14
14
300 Kaufmann Dept Store:L.312.50
14
"13
13
14
13
•13
"1212 14
*1212 14
1312 2,400 Kayser (J) Co v t c___ _No par
13
13
13
1312 13
13
,
,
1214 12 4 134 13 8 13
__100
Keith-Albee-Orpheum
05
40
40
*5
"5
40
40
'P.__ 40 *____ 40
100
Preferred 7%
99
*70
99
99 '70
99 "70
99 '70
*70 103 '70
2
2
800 Kelly-Springfield Tire_No tar
218
218 218 *2
8
218 218 *214 23
*214 23
8
100
13
13
8% preferred
15
170
15
16
153 *15
4
*15
16
16
15 4 16
3
100
40
6% preferred
36 *____ 36 *--.. 36
36 '28
*28
36
*28
35
35
8
912 93
4
600 Kelsey Hayes Wheel_ _ No par
3
3
4 *912 9 4 *912 9 4 *912 95
3
9 4 93
*93 10
4
No par
8
8
113
8 107 1118 107 1118 33,800 Kelvinator Corp
8 1118 1112 11
1112 113 117
8
11
No par
50 50
30 Kendall Co pref
*4618 51
4
•4618 52 '4612 513 "464 51
52
52
No par
8 17 4 173 13,200 Kennecott Copper
8 1712 177
8
,
4
8
8 1814 185s 177 184 175 177
1818 185
No par
200 Kimberley-Clark
33
363
4 33
*32
363 *32
4
32
363
4 32
32
4
*304 363
par
Kinney Co
*1212 1312 '1212 1312 *1212 1312
*1212 1312 *1212 1312 *1212 1312
No 10r
a
0
Preferred
*2812 32
*2812 32
*2812 32 '2812 32
*2812 32
32
*30
Kolster Radio Corp__ _ No par
Certificates
.._
10
6
.
4 2 2 2 100 Kresge (S S) Co
-1282 2638 2622 "2E14 /6 3 -261. - - 1- _ - -,1182
3184 Id 2
No par
•42
45
Stress Co
45
*42
45
45 "42
*42
43
43
44
*43
173 183 12,000 Kreuger &Toll
4
8
8
8 1712 18
8 173 1814 175 177
4
178 184 1812 187
7
3014 30,8 2938 3018 30
30
13,300 Kroger Groc & Bak._ _No par
8 3014 31
8
8 307 313
304 305
No par
1,700 Lambert Co
65
65
6512 6512 65
65
65
6412 65
645 654 65
8
No par
1412
Lane Bryant
1412 "10
1412 "10
1412 "10
1412 "10
1412 '10
*10
700 Lee Rubber Sc Tire_ _ __No par
37
8 37
8
*37
8 4
8 4
,s *31
*314 33
4
3 8 37
7
7
3 4 38
3
*10
11
100 Lehigh Portland Cement_ _ _ 50
11
*10
11
1014 1014 *10
*1014 1114 *1014 11
100
Preferred 7%
30
8918 89 8 *8918 95
,
8918 894 894 8918 8918 95
*
8918 94
4 514
400 Lehigh Valley Coal_ _ __No par
512
458 458 *434 514 *43
5
5
*5
512 *5
50
325
8
Preferred
325 "25
8
3012 *25
323 "25
4
323 *25
4
323 *25
4
*25
8
8 2,900 Lehman Corp (The)___No par
52 523
4 523 523
524 53
52
53
4
,
5214 52 4 523 53
No par
600 Lehn & Fink
8 2618 2618
265 *2618 265
8
8
2614 2614 2612 2612 '2614 2612 265
No par
600 Libby Owens Glass_
4 1414 1414
4
4 1412 143
3
4
*143 1512 *143 15 8 1412 1412 143 143
4
70 8
3
700 Liggett & Myers Tobacco_ _25
8
693 697 *69
4
71
*70
70
*68
s
704 7018 707 71
25
Series B
70 4 7112 3,100
3
71
71
71
7212 71
7212 723
4 71
72
71
100
Preferred
14234 1423
4
200
*14112 14512 *14138 1434 •14112 14314 142 142 *142 143
Lima Locomot Works No par
24
*23
24
*23
*223 24
4
*223 24
4
*224 24
24
*23
No par
Link Belt Co
*26
28
28
27 '26
28 '26
*26
28
*26
28 '26
No par
26
27
900 Liquid Carbonic
27
2714 2714 27
2712 28
30
27
2714 2714 •
8
8
4414 4512 445 453 30.600 Loew's Incorporated__ No par
46
4612
8 4618 47
454 463
4 4612 475
No par
Preferred
600
9218 924 ---- ---96
*92
96
"91
96
*91
96 '91
.
Fret ex-warrants _ _ _No par
---_
No par
5
5 _ -- &16 Loft Incorporated
3,
5
518
54
; 5
1
518 518
5 -1
514 514
4
Long Bell Lumber A __ _No par
*2
"2
4
*2
4
4
*2
4
*2
4
*
2
25
477 47713
8
200 Loose-Wiles Biscuit
48
'47
4912 *4712 4812 •4712 494 4712 4712
*47
25
8
8
183
8 177 185 32,200 Lorillard
1818 1812 18
19
1938 18
18 4 1918 19
3
No par
.
212 3
200 Louisiana 011_
212 212 *212 3
*212 3
*212 3
*212 3
Preferred
100
•____ 34 •__ __ 34
34 *__ _ _ 34
*____ 34 5---- 34
Louisville G & El A__ _ _No par
297
8
297 "29
8
2912 *29
8
8
4
"2853 297 • 4 293 '283 297 '29
s 283
No par
115
8
600 Ludlum Steel
115
5 11
8 1118 1118 *11
•1112 1112 1112 1158 •1118 115
No par
Preferred
35
100
22
35 •
35 '22
*25
35
*22
32
32
*32
35
8
600 MacAndrews & Forbes_No par
157 16
20
*16
"1618 20
18
17
'17
20
*17
20
No par
s
s 275 2814 7,700 Mack Trucks Inc
2818 293
8 2912 30
3112 3212 2912 315
3112 32
No par
7812 79 4 1,900 Macy Co
,
79
79
77 4 773
3
4 7812 7912 7812 79 '7812 79
No par
600 Madison
3 0
0
512 512 *512 53
4
512 54 *512 534
*512 6
*512 6
Magma Copper
No par
14
14
14
1412 14
314
1412 .
*14
1412 •14
14
14
Mallison (H R) & Co_ _No par
212 *112 212
*112 212 *112 212 *14 212 *112 212 *112
8
100
8 17
200 Manati Sugar
8 17
8 *15
158 21, *15
s
8 *214 23
8 *214 23
*214 23
814
Preferred
100
814 *5
514 814 *514 8 4 *54 814 *5
,
,
*55
8 84 .
Mandel Bros
No par
8
77
77
8 *4
3
7 4 *4
3
*4
7 4 *4
74
3
3
*4
7 4 '4
300 Manhattan Shirt
25
* 8 10
83
9
*84 9
9
918 gi8
•81 9
8
'814 10
178
17
8
100 Maracaibo Oil Explor No par
'17
8 2
• 8 2
17
*17
8 2
"178 2
.1.3
8 2
10
5
4 195 19513 2,200 Marine Midland Corp
8
193 2018 195 103
4
20
20
8
2018 20 8 '195 20
,
Marlin-Rockwell
No par
4
4
•18
20 4 "1814 203 "1814 203
3
20
203 *18
4
*18
20 4 '18
3
3
3
1,200 Marmon Motor Car_ _ No par
3
3
*318 312
318 313
3
318
,
34 3 4
4,400 Marshall Field & Co__ _No par
25
25
25
25
25
2518 25
253
8 25
25
253
8 25
Martin-Parry Corp____No par
*112 212
*112 2
12 *112 212 *14 212 *112 212 *112 212
-iorz
*Bld and asked prices; no sales on thla day, z Ex-dhddend, v Er-rights.
PER SHARE
Range Since Jan. 1.
-share lots.
On basis of 100
Highest.
Lowest.
$ Per share
94 June 18
85 Aug 6
2412June 11
25
8June 2
4 June 18
212June 3
8012July 15
07
8June 1
40 May 7
111 June 11
8318June 1
93 Jan 2
4June 22
33
26 Jan 3
53 Jan 2
8
81 Jan 6
414 Jan 2
58 July 27
27 June 2
13 June 3
11 June I
53
4June 1
17
8July 17
2 May 15
2112Jane 3
74 May 28
393
8June 2
418June 2
53
4June 8
918 Aug 7
134 Apr 24
5 June 3
15
8May 21
1612June 3
117 June 2
63
4June 10
273
41vIay 21
114June 1
13 May 28
37 8 July 31
7
131 Jan 2
4June 3
163
50 June 2
7 Aug 7
912June 2
112 June 2
13 June 3
4 June 2
212 Apr 30
13
4June 2
1812June 3
7 June 2
54 Feo 11
2914June 2
4614June 19
21 Aug 3
183 Jan 2
4
1112June 2
58 Jan 20
10 May 25
3 8June 2
5
20 June 2
3618June 2
40581Jay 27
,
105 June 10
11614June 19
14 may 8
11314 Mar 17
2 June 11
12 June 8
1012June 2
80 Slay 9
138 Jan 2
912 Jan 5
28 June 5
8 June 3
818June 2
20 Jan 6
8June 3
143
303 Apt 29
4
11 May 5
4May 2
233
12 Mar 31
18 Apr 16
25 Jan 29
42 June 3
1712July 15
18 Jan 2
56 June 3
10 Apr 27
24 Apr 28
914June 3
8818June 20
412May 14
18 Mar 31
453
8June 2
225
8June 2
1114 Jan 28
60 June 1
6012June 1
13712 Jan 7
1914June 3
22 June 10
2018June 2
3618June 2
83 May 15
83 Jan 2
23 Jan 2
4
4July 10
3
403
8June 1
1138 Jan 2
2 May 22
34 July 10
25 June 1
818June 2
32 Aug 3
157 Aug 7
8
2112June 2
6614June 2
5 Jan 3
1014June 3
118 Apr25
12 Jan 2
314 Jan 2
314June 2
714 Jan 2
1 May 22
1814May 27
18 July 30
2 May 18
2318 Jan 21
4July 23
13
PER SHARE
Range for Previous
Year 1230.
Highest.
Lowest.
per share
99 Jan
85 Jan
38 Dec
24 Dec
714 Dec
278 Nov
7718 Dec
1312 Dec
50 Dec
11612 Nov
70 Jan
8312 Jan
4 -Dec
2614 Jan
5 June
72 July
4 Dec
49 Mar
2914 Dec
20 Nov
18 Nov
712 Dec
2 Nov
3 Dec
Oct
31
14714 Nov
58 Nov
63 Dec
8
5 Dec
per share
10518 Oct
98 Apr
7214 Apr
20 Feb
2314 May
4
173 Apr
9258 Feb
31 Apr
85 Jan
1233 June
4
109 May
1083 June
4
2514 Feb
4114 Mar
125 Jan
8
83 Sept
29 Feb
687 Oct
8
1167 Apr
8
417 Feb
8
8
627 Jan
365 Apr
8
17 Mar
2838 Mar
Jan
124
239 Apr
98 Mar
307 Feb
8
1312 July
112 Dec
1114 Dec
33 Dec
8
424 Oct
Oct
131
87 Dec
8
4912 Dec
114 Dec
13 Dec
4514 Dec
133 Dec
184 Dec
5214 Dec
15 Nov
123 Dec
4
114 Dec
26 Dec
512 Dee
33 Dec
8
2 Dec
21 Dec
10 Dec
55 Dec
31
Oct
4712 Dec
26 Dec
1712 Dec
145 Dec
8
585 Dec
8
12 Dec
414 Dec
25 Oct
37 Dec
483 Dec
4
117 Dec
118 Dec
14 Oct
108 Jan
1418 Dec
14 Dec
2412 Dec
21
Jan
10112 M ab 20
3 2 Fe r 9
5 Jan
1 Dec
26 Mar 21
29 Dec
45 Mar 24
17 Dec
94 Oct
293 m ab 25
1512 Fe r 10
4
73 Nov
8
60 Apr 6
25 Dec
3112 Feb 24
2018 Dec
41 Jan 9
38 Dec
2012 Jan 9
1712 Dec
51 Dec
70 Jan 21
23 Feb 25
8
3 Dec
4
13 Feb 26
8
14 Dec
2618 Oct
29 May 8
39 Nov
;5
a
z3253124mmeb 24
587 Fa 28
205 Dec
8
174 Dec
703 Nov
4
877 Mar 19
8
17 Dec
1718 Jan 6
434 Mar 26
34 Nov
11 Dec
183 Feb 25
4
9853 Dec
10112 Feb 3
44 Dec
838 Jan 14
147 Dec
8
30 July 6
5134 Dec
693 Feb 24
8
21
3434 Feb 27
Oct
2078 Apr 16
1018 Nov
91 Feb 7
7612 Dec
913 Feb 24
4
7814 Dec
146 May 13 12718 Dec
343 Feb 26
4
1812 Oct
33 Feb 11
28 Dec
5518 Feb 24
39 Dec
413 Dec
4
634 Feb 16
99 Mar 19
855 Jan
8
8
98 AF la 264
4612 Janct)r 7
785 May
212 Dec
3 Dec
547 Mar 25
8
404 Dec
3
834
217 Julb 20
418 Fey 10
2
Dec
60 Dec
55 Jan 15
3538 Feb 26
25 Dec
19 Mar 19
343 I ee
914 l c
L
524 Feb 17
20 Dec
25 Feb 24
335 Dec
8
437 Feb 24
8
815 Dec
8
10614 Feb 27
418 Dec
712 Mar 24
1911: DecDe
5
273 Feb 24
8
2
434 Mar 2
13
14
Dec
5 Mar 25
1278 Jan 8
5 Dec
8 June 16
615 Dec
12 Feb 25
1718344
334 Feb 14
Dec
2414 Feb 24
2114 Dec
325 Feb 24
8
414 Dec
10 Feb 25
24 Dec
3258 Feb 24
,
2 4 Dec
34 Jan 30
- -12 Apr
7
287 Apr
8
812 Apr
674 Apr
19718 May
1034 Mar
7538 Apr
1412 Mar
78 Apr
1153 Apr
4
14612 Sept
54 Apr
92 'Apr
33 Apr
443 Apr
8
123 Apr
86 Apr
3118 Mar
2234 Apr
18 Apr
86 Mar
583 Apr
4
101
Apr
453 June
4
62 Jan
119 Feb
773 Apt
8
40 Feb
80 Aug
32 Apr
29 Feb
43 Mar
6612 Apr
1483 Feb
8
1233 Mil
8
12312 Apr
512 Apr
116 Nov
1312 Jan
2012 Mar
4112 Jan
45 Apr
150 Apr
618 Apr
42 Jan
55
Jan
394 Apr
265 Apr
8
89 Mar
4
623 Feb
59 Mar
4012 June
97 Apr
812 Apr
3 July
363 Jan
4
70 Jan
353 Air
8
4818 Jan
113 Apr
2312 Oct
11 Mar
42 Apr
10812 May
174 Mar
374 Mar
9714 Apr
36 Apr
314 Mar
1133 Apr
4
11438 Apr
146 Sept
4914 Feb
453 Feb
8
8
817 Mar
953 May
4
1123 June
8
993 Oct
4
63 Feb
8
153 Mar
4
7014 Apr
2818 Mat
12 Apr
90 Sept
5114 Apr
447 Mar
8
993 Mar
4
393 Apr
4
8812 Mar
15914 Feb
153 June
8
4
523 Jan
13 July
Jan
6
50 Jan
Jan
15
245 Jan
8
103 Mar
8
3212 Aug
55 Feb
307 Apr
8
4812 Apr
Oct
8
$ per share
103 Jan 6
94 Feb 19
4414 Feb 16
75 Feb 24
8
105 Feb 0
8
8 Mar 6
100 Feb 18
18 Mar 24
358 Mar 13
11912 Mar 10
10334 Mar 27
104 Mar 27
8121VIar 3
37 Feb 27
1018 Apr 8
104 Mar 31
934 Mar 10
65 Mar 17
6812 Feb 24
2912 Feb 24
26 Jan 3
1318 Feb 24
43 Feb 27
4
458 Feb 11
86 Feb 24
182 Jan 3
71 Feb 27
113 Feb 24
8
93 Feb 24
8
1234 July 21
412 Feb 21
15 Jan 28
514 Feo 24
514 Feb 24
1793 Feb 24
4
1238 Feb 24
6212 Feb 10
4 Feb 2
393 Feb 16
4
6012Mar 2
14312 Mar 21
31 Feb 26
7314 Mar 20
1612 Jan 5
2018 Feb 24
123 Mar 31
42 Mar 26
1014 Feb 26
6 Jan 26
412 Feb 26
4312 Mar 27
1614 Feb 26
5912May 6
42 Feb 9
54 June 29
51 Mar 10
383 Feb 24
4
213 Feb 20
8
6712 Mar 24
1812 Feb 24
914 Feb 24
31 Jan 14
5712 Feb 11
803 Mar 19
4
126 Apr 10
12312Mar 21
114 Feb 21
11512 Apr 9
7 Jan 5
18 Feb 16
243 Mar 19
8
New York Stock Record-Continued-Page 6
919
For Sale. during the week of stocks not recorded here, see sixth page preceding.
111011 AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday
Aug. 1.
•
Monday
Aug. 3.
Tuesday
Aug. 4.
Wednesday
Aug. 5.
Thursday
Aug. 6.
Friday
Aug. 7.
5 per share $ per share $ per share $ per share $ per share 5 per share
4
*213 2212 213 2212 *2212 2234 *2212 223
4 2214 223
4
8 22
2214
*11614 11818 .11614 11818 .11614 11818 .11614 118 *11614 118 *11614 118
3212 3212 .3212 3258 .3213 3258 3212 327 *32
33
32
8
325
8
*4
414
4
412 .4
412 .4
4
.4
412 *414 412
1514 .14
1418 •14
15 .14
1418 14
.14
14
14
14
60 .59
60 .59
60 .59
.59
60 .
59
*59
60
597
4
3112 32
32
.3114 313
4 3112 3112 .31
31
31 18 .31
32
*41
44
44
45 .41
.41
*41
44 .41
44
*41
44
38
38
*36
38
•36
*36
38 .36
38
38
*36
38
•8212 85
*8212 85 .8212 85
85
.80
8212 8212 *8212 85
2512 .24
52414 247 .24
8
2512 .2418 27 .2414 27 .2414 27
2134 22
22
.207 22 •2012 214 214 22
22
8
2134 2134
7318 74
7414 75
74
744 73
74
7212 7312 713 725
8
8
914 912
934 1038
95 10
8
107
8
10
104 1018 1012 10
31
.30
.30
31
430
31
3014 3014 32
32
32 18 3314
*7
74 *612 714
612 612 .612 67
67ts 64
8
65
8 65
8
24 .2312 25 .2312 25
4 24
233
23
24
26
26 I
26
.358 414 *33
5
4 414 .3 8 414 *33
414 414 1
414
4 414 *4
254 .25
2514 .25
*25
253 .25
8
253 .25
8
253
8 25
25 I
147 1512 1458 1518 1412 147
8
143 15
4
8 137 143
8
8
8 137 1414
.614 612 .
*614 612
64 7
*614 63e
614 614 .614 61
*sus 938
938 912
914 912
914 912
914 914
914 914
•164 17
163 163 .1614 164 153 163 .1512 17 .16
4
4
8
8
17
67 673 .66
4
8
68
*653 •68
*6612 68
67
67
*6612 68
*38
431 .36
40 .3412 38 .3412 38
33
33'2 3214 3214
212
112 2
214 214 .2
.2
214 .2
21
.2
214
20
21
21
•20
.20
24
24 .20
*20
24 .20
24
15
15
16
17
163 .14
1712 .14
1614
1612 .14
17
.27
28 .
27
28 .27
2712 2612 2612 2612 273
2712 .27
8
208 203 213
20
4
8
4 205 213
8 2014 204 197 2014 197 21
8
8
4038 41
039
41
.40
43 .40
43 .40
43 .40
43
12
12
12
12
12
12 12
12
12
12
12 12
•112 13
.15
8 2
*158 2
112 158 *158 2
.112 2
291 .27
•27
2913 .2738 2912 .273 2912 27
2738 27
8
27
914
.9
915 912 .9
914 .91a 94
914 914 .
914 912
301
30
3018 32
30
3218 2912 3118 29
2912 29
30
593 614 563 .57
4
.57 60
4
59
59
56
56
.56
60
*165 18
IS
8
.16
.165 185 .17
8
8
18
1718 1718 .17
18
8
8
74 8
3
758 8
712 75
75
s
8 74 .73
4
4 77
39 .3613 40 .37
.37
*37
39
39
*3612 38
365 365
:3
8
26
2638 2614 2612 2612 265
8 255 264 255 26
8
8
2518 255
8
.6
61
.512 6
.512 6
54 5 8 . 54 55
7
8 •538 54
.7
12
.7
12
.7
12
.7
12
.7
.7
12
12
6
6
6
6
54 6
3
53
4 53
4
55
8 54
8
512 55
*20
25 .20
30 .20
25 .20
28
26
*20
*20
26
573 58
8
58
5812 5714 573
4 5718 57'2 5614 5718 5612 57
*1513 152
152 152 *152 15312.152 1523 *152 15313 .152 15312
4
4
26
2518 26
283
4 254 26
25
2514
253
8
25
245 25
337 34
8
333 343
4
8
8 337 3414 3318 33 8 3314 3418 3314 335
7
8
*3
*3
4
4
*312 4
*312 4
313 312 .3
4
.304 40
•3012 40 .304 40
3012 3012 .30
*3012 40
40
.247 26 .25
8
26
25
25
25 .2514 2712 .25
25
26
.18
20 .19
20 .18
20 .19
20
1714 18
18
18
•10213 120 .1023 120 .105 115 .1033 1101 .1023 120 .102 108
4
4
4
.140 141 .140 141 .140 141 .140 141 .140 141
140 140
*118 121 .118 121 .118 121 .118 121 •118 121 .118 121
4 25
2414 243
2518 2412 244 244 2412 233 243 x2312 2414
8
4
*3
8
12
.14
12
14
14
12
12
14
14 .
12
3
8
.12 112
*12 112
*14 112
.94
112
*14
112
•14
113
.38
3812 3812 4012 *3914 393
4 3714 39
37
37
373 373
8
8
.21
22 .21
22
21
21
.2012 21.78 2014 2014 2014 207
s
.75
77
75
75 .75
77 .75
76 .75
76 .75
76
.32
34 .32
35 .32
35
3112 32
30
3012 2912 30
.145 1514 145 14 8 .144 15
8
8
5
145 145 .145 15 .144 15
8
8
8
.9 4 1012 .10
3
1012 .101s 104 1018 1018 .10
1013 .918 10's
.8
12 8 8
7
8 3 84 .84 9
7
858 858
812 878
813 812
*1712 183 .1712 19
4
183 19
4
1812 183
4 1818 1818 *1712 18
.47
65 .4712 55 .5412 65
5412 544 533 543
4
4 55 55
.9
1012 *913 1012 *912 1012 .9
94 *812 918 .812 918
1714 .15
.15
1714 15
15 .15
1714 •15
1714 .15
1714
25 .14
.14
25
•14
25 .14
25 .14
25 .14
25
.25
55 .25
55 .25
55 .25
37 .25
57 .25
57
*513 534 .513 5 4
3
54 513
513 513
512 513 .53
8 6
*105 1053 *10514 1053 1053 10512 10512 10512 1053 1063 *108 1065
8
8
8
4
4
8
114 4 115 *114 4 1154 115 115
3
3
115 115
1154 1153 *1153 116
8
8
65
66
6714 654 6612 643 66
66
4
634 654 6418 6534
*5518 551 •
554 5512 .5518 5512 5518 5612 5518 5518 5512 5512
7 8 74
5
3
74 78
3
7
711 7 8
74 8
3
7
77
8 8
8
8
*106 10614 .105 4 1064 .105 8 10614 10638 1063 •1063 1067 1063 10638
3
5
8
8
8
8
*16
19 .16
19 .16
19 .16
19 .16
19 .16
19
*434 4614 .4313 464 •423 45 .424 4614 .423 4614 .423 4614
4
4
4
.78 1
7
.
8
7
8 1
78
78
78 *34 1
.
7
8 1
*94 10 8
3
9
4 93
9
93
4 94
94 97
8
912 9
4 *914 9 4
5
.214 21
.214 212
214 214 •218 214 .218 214 .218 214
*104 13 .1018 13 .1018 1212 .11
124 •11
12 .11
12
.4
412 *4
.4
44
5
4
4
*37
8 412 *37
8 44
*1914 23
*1914 21
*1914 2212 .1914 21
.1914 21
.1914 20
4513 451
45 4 45 4 4514 4514 .46
3
3
46
444 45
45
45
*4013 41
4012 41
40
4112 3913 40
3918 394 38
39
*127 - _ 1283 12854 .127 - .
4
*126
_ _ .127 . .127
_
.814 6
.813 84 83
6
8 .814 1
878 17 - *84 8
9
*4018 42
4018 .40
40
41
3712 40 •38
40 .38
40
.304 33 .3014 31
.3018 33 .31
314 3112 31
33
3112
•4518 46
4638 4612 46
46
46
46 3
8
8 453 4618 45
455
8
81
51
•5112 53
514 515
8 5112 5112 505 5118 51
8
51
*18
20 .1712 20
19
19
.1754 197 .19
8
193 .19
4
1913
*12613 130
12518 12612 12612 127 •125 12612 126 126 •126 130
7
67
738
71
67
8 7
63
4 67
8
64 67
8
612 65
8
*24
45
024
45
•24
45 .24
45
•24
45 .24
45
26
26
26
26
.24
45 .24
45 .24
45 •24
45
.514 7
*514 6
.514 6
6
.514 7
6
.
514 7
.212 23
.212 2
3
214 21
.24 3
.
212 3
*212 3
*112: 17
.113 17
.14 17
8 .112
17
8 *112 14 •112 17
8
2312 235
8 23
2314 23'2 2314 241
2314 2258 23
225 227
8
8
114 114
114 13
8
114 114 .114 13
8 *114 13
8 .13
4 14
15
8 15
8
8
113 15
112 112
112 112
112 113
112 15
8
•57g 61
64 61
.57
8 614 054 6
53
4 57
8
54 5 8
7
*8
812 81
9
.912 1034
913 913
9 8 97
7
8 *812 9
*318 314
318 314
318 318 .3
34
3
3
*3
314
39
39
391 .383 39
39
4
38
3814 38
38
38
38
3634 3714 374 3812 374 383
4 3613 37
363 373
8
4 374 375
8
96
96
97 97
97
9714 9714 974 974 9714 9713
97
214 21
, *24 2 4 .214 23
3
.24 21
.24 213
2
2
.1018 11
.9
11
.104 11
.9
11
.7
103
.6
1034
•3184 34 .3114 34 .3114 34 .3114 34 .3114 34
.3114 34
•193 195
1943 19612 1953 1953 .193 196
4
4
193 193
19212 194
14 .13
14 .13
137
13
*13
13 .12
14 .12
14
714
*74 713
7
7
7
7
7
712 713
718 758
01112 1158 1178 117
1113 1112 1112 1134 1112 117
1111 1113
*100 200 .100 200 •
100 200 .100 200 .100 200 .100 290
.544 56 .5413 653 •5412 55 8 55
8
3
55
55
55 .5413 5558
714
7
718
7
7
7
*67
8 71
64 67
s
63
4 634
1112 1111 111 .1113 12
.11
*114 12
1112 111 .11
1112
1413 .11
141 *11
•11
141 *11
141 *11
141 *11
1412
48
•45
48 .45
48 .45
*45
48 .45
48 .45
48
74 7
s
12
7 8 77
5
8
7
4 78
75
8 8
74
3
758 77
•7
10
.7
10
.7
10
.7
10
.
7
10
*7
10
8
8
*123 14 .123 14 .123 l57
4
s 124 121 .123 15
8
•123 15
8
53
32
*12
5
*12
3
*12
3
•
4
3
*12
3
4
.918 12
12
.918 113
*10
.94 1134
712 113 .
712 113
4
17
3 178 013
4 2
13
4 2
.13
4 2
•13
4 l7
13
4
e
2914 2914 2914 2912 291 *2832 2913 2912 2913 2812 178
2
*283
29
8
327 *3112 323 *3112 32
*20
•313 323 *31
8
323 .31
324
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Shares Indus.& Miscell. (Con.) Par
600 Mathieson Alkali WorksNo par
100
Preferred
700 May Dept Stores
25
100 Maytag Co
..No par
300
Preferred
No par
Prior preferred
No par
700 McCall Corp
No par
McCrory Stores class A No par
10
Class B
No par
10
Preferred
100
McGraw-Hill Publica's No par
1,600 McIntyre Porcupine Nlines__5
8,700 McKeesport Tin Plate_No par
16,100 McKesson & RobbIns__No par
700
Preferred
60
300 McLellan Stores
No par
1,700 Melville Shoe
No par
100 Mengel Co(The)
No par
100 Metro-Goldwyn Plc pref___27
13,900 Mexican Seaboard 011 No par
200 Miami Copper
5
2,300 Mid-Cont Petrol
No par
2,400 Midland Steel Prod
No par
400
8% cum 1st pref
100
200 Minn-Honeywell Regu_No par
400 Minn-Moline Pow Imp'No par
300
Preferred
No par
1,100 Mohawk Carpet MIlls_No par
300 Monsanto Chem Wks _No par
92,200 Mont Ward Co III Corp No par
100 Morrell (J) & Co
No par
1,900 Mother Lode Coalltion_No par
500 NiotoMeter GaugeskEe No par
500 Motor Products Corp No par
300 Motor Wheel
No par
8,800 Mullins Mfg. Co
No par
330
Preferred
No par
100 Niunsingwear Inc
No par
2,100 Murray Bode
No pa
100 Myers F & E Bros
No par
5,800 Nash Motors Co
No par
300 National Acme stamped_10
Nat Air Transport____No par
2,200 Nat Belles Hess
No par
Preferred
100
16,100 National Biscuit new
10
100
7% cum pref
100
4,000 Nat Cash Register A w1No par
16,700 Nat Dairy Prod
No par
100 Nat Department Stores No par
10
Preferred
100
200 Nat Distil Prod Ms-No par
1,000 Nat Enam & Stamping__ _.100
National Lead
100
10
Preferred A
100
Preferred B
100
5,300 National Pr & Lt
No par
300 National Radiator_ _ No par
Preferred
No par
2,500 Nat Steel Corp
No par
400 National Supply
50
30
Preferred
100
1,500 National Surete
50
200 National Tea Co
No par
100 Nelsner Bros
No par
2,200 Nevada Consol Copper_No par
600 Newport Co
No par
Class A
400
50
Newton Steel
No par
200 NY Air Brake
No par
New York Dock
100
Preferred
100
500 N Y Investors Inc
No par
240 NY Steam pref (6)
No par
1st preferred (7)__ No par
80
26,500 North American Co
No par
700
Preferred
50
10.400 North Amer AviatIon__No par
300 No Amer Edison pret__No par
North German Lloyd
Northwestern Telegraph___60
200 Norwalk Tire & Rubber___10
2,000 Ohio 011 Co
No par
100 Oliver Farm Equip New No par
Preferred A
No par
700 Omnibus Corp
No par
0ppenhelm Coll & Co_ _No par
150 Orpheum Circuit Inc pref-100
2,200 Otis Elevator
No par
10
Preferred
100
600 Otis Steel
No par
140
Prior preferred
100
500 Owens-Illinois Glass Co_-25
3,700 Pacific Gas & Electric
25
1,800 Pacific Ltg Corp
No par
50 Pacific Mills
100
130 Pacific Telco st Teleg
100
13,600 Packard Motor Car_ __No par
Pan-Amer Petr & Trans_50
200
Class B
50
100 Park - Tilford Inc
No par
300 Parmelee Transporta'n_No par
Panhandle Prod & Ref _No par
20,600 Paramount Publix____No par
200 Park Utah C M
1
2,900 Pathe Exchange
No par
No par
1,100
Class A
300 Patino Mines & Enterpr___20
600 Peerless Motor Car
60
2,700 Penick Sr Ford
No par
15,900 Penney (J C)
No par
900
100
Preferred
300 Penn-Dixie Cement_ -.No par
100
Preferred
People's Drug Store-No par
700 People's G L & C (Chic)__100
100 Pet Milk
No par
2,500 Petroleum Corp of Am_No par
1.400 Phelps
25
-Dodge Cora
Philadelphia Co (Pittsb)___50
200
50
6% preferred
2,500 Phila & Read C & I____No par
300 Phillip Morris & Co. Ltd
10
Phillips Jones Corp___-No par
100
Phillips Jones pref
10,200 Phillips Petroleum
No par
Phoenix Hosiery
5
100 Pierce-Arrow class A__No par
100 Pierce 011 Corp
25
100
Preferred
700 Pierce Petroleum
No par
600 Pillsbury Flour Mills-No par
Pirelli Co of Italy
•Bld and asked prices; no sales on this day. b Ex-dividend
and ex-rights, z Ex-dividend. V Ex-right",
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots.
Lowest.
Highest.
5 per share
175
8June 2
112 Apr29
28 May 27
4 Aug 4
14 July 28
x60 July 15
23 June 3
34 Jan 24
35 Jan 19
76 Jan 22
24 July 30
8May 27
197
713 Aug 7
8
718June 3
20 June 20
414June 3
2214June 16
318June 2
22 May 29
105 Jan 2
8
412June 3
53
4June 2
135
8June 3
6614June 2
3214 Aug 7
112 Aug 3
20 July 22
107 Jan 3
8
1812 Apr 28
153 Jan 2
4
3618June 29
3
8June 5
14 Aug 5
237
8June 2
83
4June 2
838 Jan 2
36 Feb 10
1612June 15
61sJune 2
36 June 3
20 June 2
47
8Nlay 8
812 Jan 5
314 Jan 2
17 Jan 3
5518 July 30
146 Jan 8
183
8June 2
4June 1
283
3 May 11
29 Apr 30
193 Jan 6
4
1714 Aug 6
85 June 2
136 Jan 2
118 Jan 8
2014June 2
18May 29
114 Mar 3
33 June 1
2014 Aug 6
70 July 15
2912 Aug 7
13 June 2
97 July 22
64June 1
1012June 2
41 June 5
7 June 3
12 May 27
8 May 28
32 Apr 27
5 May 8
100 Jan 7
11114 Jan 3
563
4June 3
53 Jan 5
44 Jan 2
102 Jan 2
16 July 22
43 Jan 31
12 Jan 9
7 June 2
2 June 2
10 June 2
3 8 Jan 8
5
20 June 19
35 June 9
317
8June 3
8
1245 Feb 19
614June 2
30 June 2
251
:June 3
38 June 3
4812June 2
15 May 28
116 Apr 29
514June 2
25 May 26
24 June 3
53 Jan 2
8
24 Apr 25
112May 19
1958June 2
1 June 3
1 May 26
3 Jan 16
6 June 3
23
8June 2
2812June 2
2818 Jan 2
5 per Share
3112 Jan 3
12538Mar24
39 Mar 2
87 Feb 13
8
2438 Mar 21
7112 Mar 24
36 Jan 7
514 Feb 17
515 Feb 16
8
9312 Mar 30
29 Feb 26
2612 Mar 31
10312 Apr 3
17 Jan 20
374 Feb 26
1012M1lr 6
34 Mar 5
812 Feb 29
27 Apr 10
20 4 Apr 1
3
105 Feb 24
8
163 Jan 8
4
3113 Feb 24
94 Fea 26
5812 Feb 9
712 Feb 10
48 Mar 2
215
8Mur 10
28 July 28
2914 Feo 26
58 Feb 16
3 Feb 20
4
418 Mar 26
475 Apr 6
8
197 Feb 18
8
3678 Mar 26
724 Mar 5
3114 Jan 26
183 Mar 10
4
45125tar 26
407 Mar 20
8
4
103 Mar 6
13 Mar 20
10 Feb 26
32 Feb 27
833 Feb 24
4
15314May 8
4
393 Feb 26
503 Mar 25
4
712 Feb 26
60 Jan 9
363 Feb 24
8
277 Feb 20
8
132 Jan 9
143 June 4
120 4Ju1y 20
3
4414 Feb 24
118 Feb 3
218 Jan 7
5818 Feb 27
7014 Feb 27
111 Feb 27
7612 Mar 26
247 Mar 24
8
2514 Feb 9
143 Feo 24
4
207 Mar 24
8
56 Aug 7
24 Feb 20
25 Jan 23
373 Jan 29
4
80 Jan 28
1218 Jan 27
1073
4Mar 12
118 Apr 20
9014 Feb 26
57 Mar 27
11 Apr 13
1063 Aug 6
8
353 Apr 7
8
4712May 5
112 Mar 12
1912 Jan 8
55 Feb 3
8
26 Jan 12
612 Mar 27
2812 Feb 28
72 Mar 11
5812 Jan 12
12912Mar 30
163 Feb 26
8
6912 Feb 2
4
393 Jan 20
544 Mar 10
6912Mar 20
2614 Mar 23
13134 Mar 19
114 Feb 24
3518 Jan 29
3613 Jan 9
11 Mar 19
47 Jan 21
8
414 Feb 13
5014 Feb 24
214 Mar 12
27 Feb 20
8
838July 3
1518 Feb 24
45 Feb 24
8
4612 Feb 19
395 Feb 17
8
8Mar 27
90 Jan 8 995
2 May 29
512 Feb 10
10 June 9 29 Jan 30
23 Jan 2 3512 Mar 31
18314June 2 250 Feb 16
1012June 4 1712 Jan 30
6 June 3 107 Feb 26
8
11 June 3 254 Feb 24
150 May 21 155 June 23
5213 Jan 5 5612Mar 12
614June 2 1214 Mar 23
9 Jan 6 1212June 25
11 Jan 3 1212July 21
44 4July 30 52 Jan 3
3
434June 2 164 Jan 6
9 Feb 14 1014 Apr 6
1212 Aug e 2714 Feb 11
12May 26
112 Feb 28
612June 3 233 Feb 27
4
1 June 2
338 Feb 27
25 June 2 37 Mar 9
2814June 2 393
4Mar 6
PER SHARE
Range for Previous
Year 1930.
Lowest.
Highest.
$ per share 3 per share
3018 Dec 513 Mar
8
115
Jan 136
Oct
2734 Dec 6138 Jan
5 Nov 23 Mar
1418 Nov 4012 Apr
Dec 8412 Mar
68
Dec 50 Apr
33
Dec 74
Jan
37
3814 Dec 70
Jan
Oct 97 Mar
78
Dec 44 Apr
27
143 Jan 20 4 Dec
4
3
61
Jan 8912 June
8
1012 Nov 373 Apr
253 Oct 4914 Apr
4
Dec 2014 Jan
6
25 Nov 42 Apr
5
Dec 233 Mar
4
4
Dec 263 May
23
934 Nov 37 Apr
7 Dec 337 Feb
8
11 Dec 33 APT
1512 Nov 53 Feb
74 Nov 110 Feb
37 Dec 763 Mar
4
8
314 Dec 287 Mar
44 Dec 9214 May
94 Dec 40 Jan
183 Dec 6334 Apr
8
1518 Dec 4978 Jan
487 Oct 72 Feb
8
12 Dec
2 Jan
8
112 Oct 115 Apt
25 Dec 81 Apr
1414 Dec 34 Mat
4
614 Nov 203 Feb
3512 Dec 647 Jar
8
2518 Dec 5312 Fet
9 Nov 2514 API
34
Oct4912 Mal
2114 Dec 5812 Jar
53 Dec 2614' Fel
4
6 Dec3638 Api
214 Dec20 Aim
1312 Dec 82 Jet
685 Nov 93 Mal
8
14212 Jan 152
Oct
275 Dec 8312 Fet
8
35 Dec 62 Juin
312 Dec 2412 Fet
Jar
60 Dec 90
1818 Dec 3913 Fet
1714 June 3312 Mal
114 Dec 18912 Fet
135 Dec144 Sept
Jan 120 Not
116
30 Nov583 Apt
4
12 Dec412 Jai
Jar
13 Dec 11
4
41 Nov62 Jul)
60 Dec 1243 Ap
4
1064 Aug 116 Jul)
8
35 Dec 983 Ma
13 Dec 4178 Fel
20 Dec 54 Ap
9 Dec 323 Jai
8
1512 Dec 1714 De,
30 Dec 85 Ma
1134 Dec 58 All
2112 Dec 47 Fe]
22 Dec 48 Al)
7712 Dec 8812 Ap
913 Dec 32 All
98 Dec 10612 See
1083 Dec 117 Au
4
5714 Dec 1327 AD
8
51
Jan 57 Jun
8
414 Dec 147 Ap
99 4 Dec 10538 Oc
3
287 Dec 5554 Jun
8
4112 Dec 5018 Ma
12 Dec
4 Ma
16 Dec 32 Au,
...
125 Dec 90 8 Ma
s
5
25 Oct
8
84 Ma
22 Dec 56 Ap
60 Dec 994 All
4814 Nov 8038 Ma
11818 Jan 1285 See
4
912 Dec 387 Ma
8
75 Dec 99 All
32 Dec 607 Fe
8
4011 Dec 747 Ma
8
46 Dec 1077 Ma
8
15 Dec 30 Fe
11412 Dec 178 Fe
714 Nov 233 Ma
8
42 Nov 6414 Ma
30 Dec 6712 Ma
5 Dec 353 At
4
25 Dec 2618 Ma
8
4
13 Dec 123 Ma
4
343 Dec 7714 Ms
4
14 Dec
43 At
3
14 Dec
9 Ap
27 Dec 194 At
8
818 Dec 324 Fe
3 Nov 14 Fe
2618 Jan 33 Al
275 Dec 804 Ja
s
90 Dec 1013 Set
4
24 Dec 12 Mt
16 Dec 554 Ms
2114 Dec 6018 Al
18514 Dec 325 Ma
17 Dec 2212 Au
57 Dec 2714 Jug
8
19 4 Dec 4438 Al
3
170 Oct 2483 Al
8
5018 Jan 577 Bei
8
612 Dec 2518 Ma
814 Jan 1512 MI
1014 Dec 277 Fe
8
62 Dec 75 Fe
1112 Dec 443 Al
4
7 Dec 2018 Al
16 Dec 33 Al
12 Dec
212 Ms
712 Dec 52 Ma
13 Dec
8
74 Ai
2518 Dec 373 Al
4
3012 Dec 507 3%
3
920
ileW York Stock
Record-Continued-Page 7
For sales during the week of sales not recorded here, see seventh page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Aug. 1.
Monday
Aug. 3.
Tuesday
Aug. 4.
Wednesday
Aug. 5.
Thursday
Aug. 6.
Friday
Aug. 7.
5 per share $ per share $ per share
1818 *14
1818 *14
1818
014
50
50
*5012 57
*5012 57
4 912 *812 91.
*812 912 •83
5012 5012 *5012 55
55
*50
*412 6
*413 6
*412 6
74
*73
74
*73
74
*73
3
8
•127 133 *127 1338 *12% 133
8
8
75
75
4
• 8 73
75
*712 8
9
9
1012
1012 1012 *9
3
3
3
3
3
3
*1818 21
*1818 21
*1818 21
97
97
*93 10
4
10
10
17
17
17
17
1718 17
312
*32
8 312 *314 312 *311
8
26
27% *2212 277 *2212 26
8
63
6313 6312 633 6414
63
212 212
*212 2% *212 27
8
8
8 *8
127
*8
127
4
783
8 7612 773
7812 793
4 77
8
4
8
10114 10112 1012* 1015 1013 1017
.10012 10012 1003 1007 101 101
4
8
11812 11812 119 119
___ 118 118
.11712 11818 11812 11812 *118
4
- 136 140 *136 140 *13614 140 *13614 140 *13614 13814 *13614 1383
*156 159 *156 150 *15614 159 *15614 159 *1564 159 *15614 159
4
8
8
10614 10614 *10614 1063
10514 10514 1053* 1057 1057 105% 106 106
2911 30
33
3112 3253 2912 3012 2918 30
323 323
4
4 33
12
12
12
53
15%
3
4
5
8
3
8
1538
3
4
*3
8
3
4
54 8
s
753 73
4
3
74 7 4
3
3
73
4 73
73
4 8
738 7 4
*7
86
*85
86
*85
86
•85
86
*85
86
*85
*85
86
27
27
*2612 27
2612 2612 253 2614 2514 26%
4
*273 28
4
5g 183
17
173
4
8
4
4 167 1738 163 17
163 1712 17
8
8 1718 173
49
49
48
*45
49
*4512 49
4 4912 4912 48
*45
493
3912
38
37
37
3712 *3713 3913 *3712 3912 3712 38
37
8
4 1314 1312 1318 133
1312 133
14
1414 13% 145
8 133 14
4
1914 *18% 1911
*1918 194 1914 1914 1918 19% *1918 1914 19
61
57
614 614
614
612
6
6
6
6
613 638
30
30
*25
*24
30
*24
30
*25
30
*25
30
*24
*38
%
58
7
8
*5
8
7
s
78
*5
3
%
*5
8
*511
%
15
*10
15 .10
*10
15
*10
15
*10
15
*10
15
77
7% 814
8
814
83
83
4
8
812
8
83
8
8
6014 *50
5413
•50
597 *50
8
6014 *50
6014 *50
593 *50
4
74
*47
74
*47
743 *47
4
70
4
743 *47
4
*54
743 *54
55
6
518 6
614 614
6
618
6
6%
(64 64
$ Per share
*14
1818
40 40
97
*8
64
*51
*412 614
*73
74
8
*127 133
8
7
7
12 7
*1012 1112
318
*3
18
18
93
95
1718 171
312 312
29
29
*63
64
*214 2%
s
*8
127
79
79
$ per share
*15
1818
55
55
5812 912
50
5018
*412 11
*73
74
8
8
*127 133
*712 8
*1012 11
31
3%
*1818 21
8
*97 10%
1718 1714
*314 3i2
*2712 29
6412
*64
*238 27
8
8
*8
127
79
8012
$ per share
*14
1718
57
*50
*812 912
50
60
*412 6
*73
74
*127 133
8
8
*712 8
*1012 103
8
*3
318
1814 1814
•97 1012
8
1714 1712
*32
8 313
28
28
6314 6414
*218 27
8
*8
127
7014 7912
4
1314 1212 123
1314 1314 1314 1312 13
1314 13
1312 13
2912 2912
30
30
30
*30
3012 *30
3012 30
*2912 31
8
8
*6
*6
*6
8
*6
8
*6
8
*6
8
*712 25
*712 25
*712 25
*713 25
*713 25
*712 25
1412
1412 *14
1414 14
14
4 14
*1313 133
*1338 1418 *14
1011
712 *612 1014 *5
7% *5
*5
*5
918
9
*5
49% 4938
4
5018 503
8 505 50% 493 5038 493 5014 495 497
8
4
71
*69
69
69
70
70
*69
70
*69
71
*69
*69
8 112
8 112 .13
13
8 13
8 *13
I% 13
8
112 112
*13
8
112
41
4
37
8 37
8
4
4
*37 40
8
*4
414 *4
4
*1912 23
*1912 23
*1912 23
*187 23
8
*1912 23
*1912 23
1812 1812 1818 1818 1818 1818 1814 1812
*1818 1912 *1812 20
8
7 257
2614 263
8 263 27
4
s 2513 2512 2512 255
263 263
4
4 25
1638
1614 1638 163s 1614 1614 16
•16
1612 1612 1612 16
6114 6212
62
61
633 653
8
8 6212 6314 62% 63
627 63
8
95
95
96
95
97
97
977
8 97
*93
95 4 952 97
3
8
10712 10712 108 108
10712 108
4
1073 10812 10712 1083 10812 10812
134 133
4 1314 1314
14
*1212 14
14
14
1312 1312 *13
6
6
GIs
614 614 *6% 7
8
*614 6 4
3
63
8 63
55
*50
55
*50
50 50
*50
55
*50
55
*50
55
57
*5
6
6
*5
6
8
6
*5
*5
*51
6
56
55
5518 56
4 5514 5618 5512 56
558 563
543* 557
312 312
*35
8 34
3
312 31z *314 312
8 5
33
4 34
3
*35
*4514 55
*4514 55
*4514 55
*4514 55
*4514 55
*4514 55
114
114 *1
1
*1
114 *1
114 *1
1
*1
114
8
714 712
8
714 73
75
8 77
e
714 78
4
73
4 814
714 73
*2018 21
21
*20
20% 2018 195 2018 1914 1912 1914 1914
8
8
*63
*63
4 8
4 8
4 8
*63
*63
4 84 *63
*63
4 8
1018
11
*10
11
1018 1018 101a 1018 10
1112 *10
*10
4
5012 5012 *483 51
52
52 • *49
52
*497 54
*4812 52
57
5
5 14
57
5
5%
653
618
54 6
3
514 512
33
3318
35
3912 33
40
3912 3912 37
373 373
4
4 40
34 *3
314 *3
314
318 *3
313 *3
*3
312 *3
144 1412 1418 1414
1512 *15
153
4 1412 15
143 147
4
8 15
*614 7
*6
712 *6
72 *618 712 *64 714 *614 7
5 10
912 9%
9
1014 1012 1014 1038 10
10%
9 4 10
3
*86
88
88
8612 8613 *86
88
*8612 88
88
*86
*86
47
412 412
5
412 *414 5
41g
*4% 514
43
4 4%
*2012 24
22
22
*2012 24
22
2213 *2012 24
*21
24
*138 3
*13
8 3
•158 3
12 *138 212 *153 3
*13
3 2
8 *0
8 85
8 *638 888 *65
8 838 *55g 838
8 853 565
6'2 65
87
*81
87
*81
87
*81
87
*81
87
84
84
*81
8 127 127
8
8
4 127 133
4 13 8 133
5
137 14
133 137
4
1312 133
o
s
*108 110% *108 11012 *108 11012 *108 11012 *108 110% *108 1101z
4138 417
413 413
8
42 423
8 4253 423
4 42 4218 413 42
4
*318 5
5
*31
*315 5
*3% 5
*3% 5
*314 5
2012
217
8 20
4 22
2212 21
2212 22
13 *2214 223
*2212 23
114 *11212 114
*11212 114 *11212 114 *11212 114 *11213 114 *11212
20
*15
20
*15
20
20
*15
*15
20
•15
20
*15
*3012 78
*3012 78
•3012 78
*3012 78
*3013 78
*3012 78
3
8 74
*712 8
712 712 *75
5
78 78
5
5
7 4 Vs
3
753 7 8
14 .14
141i
1412 14
1412 *14
14% *14
1412 .
314
*14
4
812 83
8
88 87
8% 878
*9
9%
8% 9
*87
8 9%
4
8
4
*223 253 *223 253*
25
25
25
253 *25
8
253* 25
*25
77
*712 81
8
912
914 *8
8
83
4 9
*8
8% 93
1814
18
8
177 18
1814 177 18
1814 18
177 1818 18
•12113 132 *12112 132 *12112 132 *12212 12312 12212 12212 *121% 132
•2% 314 *23
4 314
23
4 24 *212 43 *212 314 *2% 314
8 6014 618*
6112 597 607
6212 6113 6112 61
613 613
4 61
5914
5912 *59
4
59% 593 *59
.59% 6012 *59% 6012 5938 60
94
*91
92
*90
92
*90
92
*90
92
*90
92
*89
10212 10212
*1004 104 *10014 104 *10014 104 *1004 104 *10014 104
4 .14 2
17s
*13
4 23
.15
8 2
I%
2
2
•13
4 2
8
102% 1027
8
4
10214 1023 *10212 1023 10212 10212 1023 1027 1024 103
4
8
4
8 35% 3688 353 3614 3538 357
35 4 367
3
3618 3612 3612 37
1112 1112 111 1112 *1138 13
8
*113 1212 113* 113 *1113 13
8
36% 3738
4
8 363 37
3718 3712 3712 3812 3714 37 4 3718 373
3
173 1738 1714 1738
8
18
1818 177 184 1738 1818 1712 177
3
173*
8 17
8
8 167 167
1714 *161 173
41161 178 1017
•17
19
318 3%
3
.6
•312 7
35
*35
37
103 1058 11
3
2812 287
8 287
8
18
1818 18
1 11034 11214 *110 4
'
3
.
ig..56- 1014 10114
*308 33
*3
8
3
4
94
3
*9
*13
14
*1
112
*214 3
1818 1818
.512 53
4
2318 2312
333 34
4
*37
8 4
*9 4 10
3
3
31
53
4
7
35
35
1078
11
30
29
1812 1753
8
11214 *1107
-iirs -3iii
10114 10114
*30 4 33
3
*5
5
3
4
•813 10
*13
14
3
.1
112
*212 3%
181 1812
.512 53
4
2314 233
337 34
8
37
37
10
10
3
213
512
5
*33
35
11
11
29 12 28
17
18
11218 *1107
8
*212
27
53
4
514
34
36
1114 104
*28
29
1712 1612
11214 *112
4
2% 23
3
513
512
514
3314 3314
34
11
104 11
2818
2812 28
8
17% 167 1712
11214 *112 11214
3
6
-3
i- ;56- -- .- ;56" li
4
4
4
1013 1013 1013 1013 *10114 1013
4
4
33
3012 3034 *3012 3113
*303
4
5
8
5
8
5
8
3
8
3
4
*5
8
10
*9
10
*9
9
9
7
*13 8 14
14
*13
14
*13
113
112 *1
*1
112 *1
.212 312 *214 314 *214 314
1812 1812 .1814 19
*1812 19
512 512
53
612
518
538
22 8 233* 2218 224 2212 2314
7
7
33% 34
333 34% 3312 33
4
3% 3%
4
334
334 *37
934 98
10
4
10
9 4 93
3
;51
38
*36
10114 10114
*3013 3153
84
*53
*812 9
•127o 13
112
*1
*212 312
*1814 19
518 51
8
227 2314
3312 34
3% 37
4
4 93
93
•Bld and asked prices; no sales on thLs day. s Ex-div en . y
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Shares Indus. & Miscall.(Con.) Par
Pittsburgh Coal of Pa____100
Preferred
100
300
Pittsb Screw & Bolt _ __No par
80 Pitts Steel 7% cum pref _ _100
Pittsburgh United
25
100
Preferred
Pittston Co
No par
No par
500 Poor & Co class B
600 PortoRican-AmTob clA___100
Class B
No par
900
200 Postal Tel & Cable 7% pref 100
25
400 Prairie 011 & Gas
25
1,500 Prairie Pipe Line
No pal
400 Pressed Steel Car
100
Preferred
400
No par
1,400 Procter & Gamble
100 Producers & Refiners Corp._50
50
Preferred
10
11,400 Pub Ser Corp of N J___No par
No par
2,400 $5 preferred
100
500 6% preferred
100
7% preferred
100
8% preferred
600 PubServElec&Gas pf$5 No par
No par
8,800 Pullman Inc
50
6,700 Punta Alegre Sugar
25
.
1,700 Pure 011 (The)
100
8% preferred
No par
2,600 Purity Bakeries
No par
98,400 Radio Corp of Amer
50
800 Preferred
No par
1,300 Preferred B
18,200 Radio-Keith-Orp cl A No par
800 Raybestos Manhattan_No par
10
6,000 Real Silk Hosiery
Preferred
100
No par
100 Reis (Robt) & Co
First preferred
100
6,800 Remington-Rand
No par
First preferred
100
Second preferred
100
10
5,900 Reo Motor Car
2,900 Republic Steel Corp___No pa
300
Preferred cony 6%
100
Revere Copper & Brass No Pa
Class A
No pa
300 Reynolds Metal Co
No pa
Reynolds Spring new_ _No par
13,000 Reynolds(R J) Tob class B.10
20
Class A
10
900 Richfield 011 of Callf___No par
600 Rio Grande Oil
No par
Ritter Dental Mfg.___No par
800 Rossia Insurance Co
10
2,800 Royal Dutch Co (N Y shares)
1,500 St Joseph Lead
10
No par
9,700 Safeway Stores
590
Preferred (6)
100
100
300
Preferred (7)
500 Savage Arms Corp____No par
500 Schulte Retail Stores_ _No par
100
30
Preferred
400 Seagrave Corp
No par
9,200 Sears, Roebuck & Co No par
1
600 Second Nat Investors
1
Preferred
No par
100 Seneca Copper
No par
11,800 Servel Inc
No par
2,000 Shattuck (F G)
Sharon Steel Hoop__-_No par
No par
1,300 Sharp & Dohme
Preferred
No par
200
No par
14,400 Shell Union Oil
100
Preferred
2,800
Shubert Theatre Corp.No par
No par
5,200 Simmons Co
Simms Petroleum
10
16,000 Sinclair Cons Oil Corp_No par
100
100 Preferred
25
1,800 Skelly 011 Co
Preferred
100
300
Snider Packing
No par
Preferred
No par
200
100 Solvay Am Inv Trust pref_100
No par
4,300 So Porto Rico Sugar
Preferred
100
25
4,900 Southern Calif Edison
Southern Dairies at B __No par
1,000 Spalding Bros
No par
lot preferred
100
Spang Chalfant&CoInc No par
Preferred
100
1.550 Sparks Withington____No par
100 Spencer Kellogg & Sens No par
1,100 Spicer Mfg Co
No par
Preferred A
400
No par
1,900 Splegel-May-Stern Co_No par
25,400 Standard Brands
No par
Preferred
No par
100
100 Stand Comm Tobacco_No par
5,500 Standard Gas & Elee VoNo Par
Preferred
500
No par
56 cum prior pet____No par
$7 cum prior pref___No par
100
200 Stand Investing Corp__No par
800 Standard 011 Export pret _100
12,300 Standard 0110!Callf___No par
25
700 Stand 011 of Kansas
25,700 Standard 011 of New Jersey_25
18.900 Standard 011 of New York_25
200 Starrett Co(The) L S. No par
PER SHARE
Range Since Jan. 1.
On Oasis of 100-3hare lots.
Lowest.
Highest.
$ per share
1514June 17
40 Aug 1
913July 14
45 June 2
4 Ma y 27
74 July 31
131 July 15
8
6 Apr 28
9 Aug 7
23
4June 2
18 Apr 29
612June 2
143
8June 3
234May 29
26 May 19
56 June 3
sJune 3
17
6 July 20
72 Jan 15
95 Jan 2
1098 Jan 3
12814 Jan 3
148 Jan 6
1035
8June 4
28 June 2
3 Jan 8
3
512 Apr 28
663
8May 27
2414June 2
12 Jan 2
45 June 23
x3112June 1
1114June 1
1712June 3
5 June 11
22 July 1
%July 29
85
8July 6
57
8June 2
493
4June 4
51 June 17
. 5'8 Aug 6
10 June 2
27 June 17
614MaY 8
27 Jan 6
11 June 3
51 Feb 18
402* Jan 2
69 June 25
1 June 1
318June 2
1912Ju1y 23
153
4June 1
247eJune 2
1414June 6
3838 Jan 15
86 Jan 19
98 Jan 21
1218June 30
4 Jan 13
40 June 8
312May 28
447 Jan 2
8
212May 27
33 June 2
1May26
41 Jan 2
1614June 1
612June 1
10 Aug 7
5OlJuiy29
41251uy 15
25127.1ay 8
233June 22
1018June 3
5 June 17
614June 2
77 June 11
318June 3
10 May 28
112May 19
6 Slay 19
80 June 10
714June 1
9612Mar 9
36 June 3
3 Apr 18
20 Aug 7
111 Jan 13
2218 Apr 16
8812June 22
8 June 2
10 Jan 3
812 Aug 7
2412May 22
514 Jan 13
1478June 2
118 Jan 5
214July 24
5518June 2
505 Jan 3
8
90 July 31
101 July 3
112July 15
8June 3
997
3118June 2
834June 3
8June 2
305
8June 3
137
1618June 2
$ per share
2812 Jan 12
80 Jan 27
1514 Feb 24
87 Jan 15
15 Fen 27
100 Apr 24
184 Jan 5
133 Jan 10
4
27 Feb 28
8 Feb 27
3912 Jan 9
203 Feb 26
8
2612 Feb26
718 Feb 19
475 Feb 19
8
7114 Mar 10
6 Feb 27
16 Feb 27
9612 Mar 19
10212May 16
119 Aug 7
138 July 31
8July 27
1587
1064 Aug 6
5812 Feb 27
2 Jan 9
117 Jan 5
8
8
1017 Jan 8
5514 Mar 17
2712 Feb 25
5518 Mar 26
60 Mar 21
2412 Mar 21
2912Mar 25
307 Feb 10
8
90 Feb 3
17 Jan 8
13 Apr 22
193 Feb 27
4
88 Jan 7
98 Jan 6
1018 Feb 11
253 Feb 24
54 Feb 19
13 Jan 2
30 Jan 6
2238Mar 10
1814 Mar 12
5412June 24
7513 Feb 19
63 Jan 5
1014 Feb 24
4
413 Mar 2
26 Feb 24
4253 Feb10
303 Feb 20
8
6514 Mar 24
977 Aug 4
1081 Aug 5
2014 Feb 27
1113141oz 30
65 Mar 27
11 Feb 27
6314 Feb 26
513 Feb 27
5818 Feb 27
154 Feo 11
1134 Apr 9
2913 Feb 20
137 Feb 18
21 Mar 25
6112 Mar 25
1014 Jan 12
78 Feb 17
93 hlar 5
4
2334 Feb 26
11 Feb 26
151 Feb 26
103 Mar 14
127 Jan 7
8
62 Jan 8
484 Feb 16
1538 Feb 18
95 Mar 19
1712 Jan 8
11212Ju1y 22
542 Feb 26
5 Mar 12
36 Jan 6
11512May 7
2712 Feb 17
9212 Jan 21
135 Mar 16
8
1612 Mar 25
173 Feb 21
4
33% Feb 20
1712 Mar 24
2012 Feb 25
124 July 1
4 Feb 10
883 Mario
8
6478 Mar 23
101 Mar 23
4515r 6
1093
44 Feb13
10514 Apr 13
513 Feb 13
4
19 Jan 6
5212 Feb 24
26 Feb 10
3414 Feb 24
57 Feb 10
93 Feb 16
4
40 Mar 26
217 Mar 10
8
5412Mar 21
26 Mar 26
11814 Apr 6
14 Jan 5
4514 Feb 25
10412 Feb 2
405 Feb 9
8
13 Feb 17
4
8
187 Mar 5
13% Feb 20
218 Feb 2
6% Jan 28
2112Mar 6
9% Jan 5
357 Jan 7
553 Feb 24
4
613 Jan 9
1738 Feb 13
2121/fay 27
3
1,700 Sterling Securities cl A_No par
2,000 Preferred
No par
5 June 2
400 Convertible Preferred----50 2912June 3
1,500 Stewart-Warner Sp Corp__10
8 May 27
No par 2512June 2
9,500 Stone & Webster
5,900 Studeb'r Corp (The)
No par 1418June 2
Preferred
100 110 May 26
Submarine Boat
No par
18 Jan 2
100 Sun 011
No par 31 June 2
170 __Preferred
100 94 May 18
400 Superheater Co(The)__No par 30 Apr 16
400 Superior Oil
No par
3 July 15
8
100 Superior Steel
100
6 May 27
Sweets Cool America
50 117s Jan 7
Symington
No par
1 }
eb 4
Class A
No par
212June 2
300 Telautograph corp___ _No par 163
4June 3
3,200 Tennessee Corp
No par
518June 2
10,900 Texas Corporation
25 18 June 2
3,800 Texas Gulf Sulphur__ _No par 2918June 3
01I
1,400 Texas Pacific Coal &10
2I2June 2
1
1,600 Texas Par Land Trust
712June 1
-x-r,gos.
PER SHARE
Rangefor Previous
Year 1930.
Lowest.
Highest.
S per share $ per share
18 Dec 7812 Jan
66 Dec 110 Jan
8
1312 Dec 227 Feb
8414 Dec 103 Jan
11
Dec 194 Oct
Oct
9112 Dec 103
8
1814 Dec 227 Apr
1018 Dec 343 Mar
8
143 Dec 303 July
4
Oct 2714 Mar
4
20 Dec 103
Jan
Apr
1114 Dec 54
165 Dec 6012 Feb
8
314 Nov 165 Feb
8
26 Dec 7612 Feb
5238 Jan
787 June
8
1
Dec 1178 Mar
1112 Dec 40 Mar
4
65 Dec 1233 Apr
9134 June 100
Oct
1043 Dec 117 Sept
4
121
Jan 13514 Oct
142 Dec 158 June
10714 Feb 112 May
47 Dec 893 Jan
8
12 Oct
812 Jan
75 Dee 2711 Apr
9012 Dee 11414 Apr
36 Dec 888 Feb
1138 Dec 693 Apr
8
47 Dec 57 Apr
3118 Dec 85 Apr
143 Dec 50 Apr
8
167 Dec 587 Apr
8
2212 Dec 647 Mar
83 Dec 100 Mar
8
% Dec
57 Feb
8 Nov 37
Jan
1418 Nov 4612 Apr
8
84 Nov 1007 Mar
95
Jan 104 July
73 Dec 14% Mar
4
1013 Dec 7912 Apr
28 Dec 951 May
514 Dee 30 Jan
34 Dec 72 Jan
10 Dec 343 Apr
40 Dec
70 June
418 Dec
5 Dec
253 Dec
8
143 Dec
4
363 Dec
1911 Dee
383 Dec
4
84 Dee
95 Oct
1214 Dec
4 Dec
35
Jan
5% Dec
4318 Dec
214 Dec
35 Dec
1 Dec
3% Nov
2018 Nov
9 Dec
1118 Dec
54
Jan
54 Dec
55 Dec
418 Nov
11 Nov
538 Dec
93 Dec
4
86 Dec
1018 Dec
42 Dec
112 Nov
8 Dec
1018 Dec
903* Dec
103 Aug
40% Dec
313 Jan
32 Dec
108 Jan
1978 Jan
92
Jan
8 Dec
8% Dec
753 Dec
25 Dec
412 Dec
1418 Nov
114 Nov
212 Dec
531 Dec
55 Dec
923 Dec
4
93% Dec
112 Nov
08 Feb
4214 Dec
1438 I)ec
431 Dec
193 Dec
4
19 Dec
23
8
5
30%
144
3713
1818
116
%
39
978
30
3
4
534
812
13*
4
1538
73
4
2814
4014
4
10
5858 Mar
80 Jan
04 Dec
2,53 Apr
4
593 Feb
4
4834 Mar
5612 Apr
5714 Feb
1223 Jan
8
997 Feb
10978 Mar
313 Apr
4
1313 Jan
75 Jan
1414 Mar
10038 Jan
23 Feb
823 Mar
4
3% Jan
1312 Apr
52 Apr
323 Feb
273 Mar
4
638, Mar
2512 Apr
10614 Apr
35 Apr
947e Jan
37 Mar
3 Apr
11214 Apr
42 Apr
995eJune
8 Jan
363 Feb
4
12112 Apr
308 Jan
121
Jan
72 Apr
9 Ma
45 Mar
115 Aug
375 June
96 Jan
301s Apr
25 Apr
3613 Feb
4518 Mar
52 Feb
2914 Feb
12111 Sept
714 Feb
12914 Apr
67 May
104 Sept
11414 Sept
1512 Mar
1063 Oct
8
75 Am49 Apr
84% Apr
4038 Apr
473 Apr
4
Dec 2012 Mar
Dec 143 Mal'
4
Nov 48 Mar
Dec 47 Apr
Dec 1133* Apr
Nov 4714 Feb
Jan 125 Mar
138 Mar
Dec
Dec 70 Apr
Dec 10813 Sept
Nov 454 July
Dec
93 May
8
Dec 2938 Mar
157 Mar
8
Jan
Dec
7 Apr
8
Dec 173 Apr
Jan 2614 Apr
Dec 17 Apr
Dec 60'I May
Dec 6730 Mar
Dec 1412 Mar
Dec 323 Mar
921
New York Stock Record-Concluded-Page 8
For sales during the week of stocks not recorded here, see eighth page preceding.
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Aug. 1.
Monday
Aug. 3.
Tuesday
Aug. 4.
Wednesday
Aug. 5.
Thursday
Aug. 6.
Friday
Aug. 7.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Oper share 3 per share 3 per share 3 per share $ per share $ per share Shares Indus.& Miscell.(Cond.) Par
*9
No par
Thatcher Mfg
11
10
*912 10
*9
10
11
*9
11
*9
*9
No par
35
Preferred
*33
*33
35
4
35
*33
100
*333 3614 *343 3512 35
35
4
1814 1814 1814 1814
No par
*1814 19
*1814 19
300 The Fair
*1814 187 *1814 19
8
100
•___ 100 •____ 100 *____ 100 •___. 100 •-- - - 100 *--- 100
Preferred 7%
44
44 *4
418 *4
4
418
44 *4
No par
*4
418 *4
500 Thermold Co
*223 28
8
1
2478 23
23
23
23
23
23
*225 2312
8
700 Third Nat Investors
•23
*15
16
Thompson (J R) Co
*153 1712 *1512 1712 *15
25
1712 *15
8
1612 *15
1712
11
*1012 113 *10
8
4
Thompson Products IncNo par
.103 11
8
113 *1014 103 *10
4
*10
1014
*312 411, *312 418 *33
8 418
314 33
8 *314 418 *314 312
200 Thompson-Starrett Co_No par
31
*25
2818 *25
28
*25
284 *25
*25
2818 *25
$3.50 cum pref
No par
2818
514
514
52
8 512 2,200 Tidewater Assoc 011
514
514
8 *514 512
518 55
5 4 53
3
4
No par
5112 4514 4514 45
5112 *4512 5112 *45
*45
5112 *45
45
300
100
Preferred
15
*7
15
15
*7
*7
Tide Water 011
*7
15
15
*7
*7
15
100
*51
51
55
*50
*51
•51
54
55
54
*50
51
54
200
Preferred
100
612 612
612 *6
612 812 *6
500 Timken Detroit Axle
10
614 64 *614 612
64
2912 30
297 3014 29
8
8
30
293 30
8
3012 6.800 Timken Roller Bearing_No par
297 3012 30
312 35
*314 34
8
33
8 33
312 3 2
8 5,200 Tobacco Products Corp No par
,
358 312 *314 312
*97 10
8
97 10
1018 1018 •97 10
8
*97 10
Class A
8
*10
2
1018 1.200
No par
67
8 718
67
8 718
87
8 74
16,800 Transamerica Corp
67
8 7
64 7
3
67
8 7
25
*834 9
*812 12
11
9
9
100 Transue & Williams St'l No par
.9
*812 12
12
.9
812 812
8
814 812
83
8
814 814 2.200 Tr -Continental Corp__No par
818 812
*814 812
92
91
91
9114 *91
91
100
*91
6% preferred
9012 9012 9112 9112 91
800
8
800 Trico Products Corp--No par
3614 363 *35
8
8 3412 3412 *3412 353
364 *354 3614 3458 357
*412 5
*414 6
*4
512 *414 5
*43
4 5
100 Truax Traer Coal
No par
43
4 43
4
12z 1214 1214 *1212 133 *1212 133
•123 1314 1212 1212 1212
8
600 Truscon Steel
10
4
4
1012 101 *1012 107 *1012 11
3
•10. 1112 10 4 11
14
*1012 11
8
300 Ulen & Co
No par
3
41
4014 403
8 40 4 4112 4034 414 41
40
8 40 40
403
2,700 Under Elliott Fisher Co No par
*11
13
1112 *1012 1112 *1012 1i2 1112 1318 13
123 1234 1,600 Union Bag&Paper Corp No par
4
49
4814 49
493
4818 494 473 4812 473 487 25,200 Union Carbide & Carb_No par
483 50
4
8
8
8
16
16
157 16
8
1518 15 8 1512 154 15
3
8
2.800 Union 011 California
25
151
8 147 15
*204 2212 *2012 22
*2012 21
2012 2012 2012 2012 21
21
400 Union Tank Car
No par
263 2712 274 28
4
263 273
4
8 263 2712 26
8
27
264 2718 24,600 United Aircraft & Tran_No par
*5612 5912 58
5812 59
Preferred
58
573 573 *573 5912 58
4
58
4
500
4
50
•14
*14
16
16
14
*13
18
15
*14
United Am Bosch Corp No par
16
*14
16
•34 8 3612 *3412 364 *343 361 *3412 3812 *343 3612 *344 3612
3
8
8
No par
United Biscuit
*11212 11912 *11214 11912 *1124 1191 *11214 11912 *11214 11912 *11214 11912
100
Preferred
*143 163 *15
8
s
*143 16
4
15
15
*15
1514 15
163
8 15
300 United Carbon
No par
*43
8 47
8 *43
8 47
414 412
4
3 *44 43
44 414
43
4 43
1,300 United Cigar Stores_No par
8
*584 647 *5512 647 *5512 85
8
100
8
*5512 65
*5512 647 *5512 65
Preferred
213 2214 2218 223
4
8 2218 2212 213 221 2114 217
8 2138 22
4
/
4
63,900 United Corp
No par
504 504 5018 50 /1 504 50 3 504 50 8 504 503
3
No par
3
3
Preferred
3 504 50 8 3,200
3
*412 612 *412 84 *412 64 .412 6 4 *412 5
.No par
United Electric C1_..
,
*412 6'4
5712 567 5714 5512 56
8
574 574 57
No par
4 2,900 United Fruit
543 55180 5412 543
4
3
28
28 8 287
4
2812 28
1
2 28 4 294 283 294 2812 287
2812 20,600 United Gas Improve
No par
8
010512 1057 1057 1057 1057 1057 105% 1057 .1053 1057 .1053 _ ..
8
8
8
8
No par
500
4
Preferred
8
4
•
3 •_ . 3 •_
100
•_
3
United Paperboard
18
lir: 171
;Ilif2 204 18
1'7
;11- 19
17
500 United Piece Dye Wka_No par
*165* 19
*5
54
5
5
5
5
5
5
47
8 44
44 434 2,100 United Stores class A __No par
8
*4012 443 *403 45
*4018 431 *403 45
4
8
*40 8 44
3
*403 45
8
Preferred class A _._No par
32
*31
34
*3012 34
32
30 3012 3012 3012
*32
33
500 Universal Leaf Tobacco No par
*40
58
55
54
5712 .45
3514 354 42 42
55 55
/
1
80 Universal Pictures 1st p18_100
j34
*13
4
17
112 14
112 112 *112
400 Universal Pipe & Rad...No pa
112 112 *112 134
2112 207 2114 21
8 21
8
*2112 2214 213 2112 *2112 217
20
2112 1,900 US Pipe & Foundry
8
1818 1818 *1818 183 •1818 181
1818 1818 *1818 1814
*184 181
8
500
No par
1s2 preferred
*7
91
*74 10
No par
74 738 *712 10
*712 10
*74 10
400 US Distrib Corp
•12 1
.
12 1
*12 1
012 1
*12 1
0
2 1
10
U S Express
4
.17 / 183 *173 18% *177 181
8
71
/
4
No par
173 173
4
200 US Freight
4
7 8 73
3
8 *73
73
8 73
8 8
7 8 738
3
8 *714 8
*714 9
No par
600 US & Foreign Secur
.7812 81
*7812 81
*7812 81
*7812 81
*7812 81
*7812 81
No par
Preferred
*36
/
4
38
38
3912 3614 361 3914 3914 3712 39
*3614 38
20
700 U S Gypsum
*10 8 11
3
*1012 11
41012 11
4
'1012 11
*1012 11
*1012 11
US Hoff Mach Corp__No par
2814 2812 28
273 28
4
28
2818 283
8 2712 2814 28
28
3,000 U S Industrial Alcohol_No par
*1313 62
612 612
618 6 8
3
6
64 6's
6
57
2 618
1,100 US Leather
No par
*Ills 131 *1118 1312 *1118 12
011
12
11
1118 *1012 12
300
No par
Class A
086 ___ .86 ---- *86 --__ *86
___
86
86
*86
____
100
100
Prior preferred
1514 1514 1532 1532 1514 1514 *153 17
*1512 17
*1512 17
300 U S Realty & Impt____No par
8 1318 1358 1338 133
1318 133
8 127 13
8
127 1318 125* 1234 2,300 U S Rubber
No par
24
243
24 4 2474 2412 247
3
2312 24
/
8 2414 2412 244 241 1,300
/
1
/
4
100
1st preferred
51515 16
18
16
16 1 6
16
16
1518 1518 *15
17
400 US Smelting Ref & Min_ _50
4
.41
45 .41
45
*42
45
42
42
*41
43
41
41
Preferred
200
50
85
8758 84% 864 8418 8514 833 847
86's 86
4
8 8412 864 197,500 U S Steel Corp
100
*1397 14058 x139 13534 1383 139
8
8
13814 139
1373 1384 1377 1383
4
8
4 3,700
100
Preferred
*65 8 68
7
66 66
*657 674 *66
8
677 *66
.
877 *66
8
677
8
100 U S Tobacco
No par
213 22
8
4
214 22'4 217 2218 214 22
2168 2178 2112 213 11,200 Utilities Pow & Lt A
4
No var
.5
4
7
s
7
7
3
4
3
4
3
4
3
4
3
4
3
4
"4
7
8
700 Vadsco Salsa
No par
'17
26
*17
241 '
317
26
*17
26 .17
26 .17
26
Preferred
'00
2614 274 274 28's 264 284 263 275
4
8 253 27
8
2514 263 40,300 Vanadium Corp
4
No par
*112 13
8 *112 13
3
'112 13
8
13
8 138
•112 13
4 *112 13
4
100 Virginia-Caro Chem
No par
*914 11
573 12
8
*73 11
8
*738 11
*73 11
8
8
8
100
6% preferred
100
*62
66
.62
*62
67
67
*62
67
62
62
*613 66
8
100
100
7% preferred
*1074 1073 10714 1071 *10714 1077 *10714 1077 .10712 1073 10718 10714
4
8
8
4
50 Virginia El & Pow pf(6)No par
48
47
48
47
4738 4738 473 48
477 477
8
8
473 474
8
140 Vulcan Detinning
100
251
254 25'2 254 2512 2518 2514 2538 2538 2,600 Waldorf System
2414 243
4 25
No par
*54 6
*514 6
*54 55
8
53
8 5s
3
54 514 *518 512
200 Walworth Co
No par
*1114 14 '
13 '
312
311
•11
13
14
*12
13
13
13
100 Ward Bakeries class A_No par
*3 8 4
7
3 8 3s
7
*312 4
8
34 4
3 8 37
7
*312 4
1,200
Class B
No par
43
40
40
43
41
*40
*40
41
43
*40
*40
43
200
100
Preferred
714 738
7
714
74 74
7
63
4 7
67
8 71
74 40,000 Warner Bros Pictures_No par
24
*13
*1212 18
24
•13
*1212 14 .1314 24
*13
24
No par
Preferred
*212 3
*212 3
*212 3
238 23
*212 3
8 .212 3
100 Warner Quinlan
No par
1914 19
1918 193
19
1834 1834 19
19
1858 19
1914 2,300 Warren Bros new
No par
324 331 43234 38
*3314 38
4
323 323 .323 38
4
*323 38
4
4
30
Convertible pref
No par
21
21
21
21
*21
23
*20
213 *20
4
22
*20
22
400 Warren Fdy & Pipe_ No par
31
*2
34 *2
314
*2
.2
34 *2
314
312 *2
3
No par
Webster Eisenlohr
*1938 20
*10
1012 *1918 20
•19
l9's 1878 19
1812 1812
800 Wesson Oil & Snowdrift No par
*54
5612 *54
553 *54
4
55 4 *54
3
553 *54
4
553 *54
4
553
4
No par
Preferred
1124 114
114 1153 113 11534 11118 11314 107 11012 1063 1083 11,600 Western Union Telegraph_100
4
4
4
4 254 2512 2512 2512 *2512 254 1,200 Westingh'se Air Brake_No par
4 2534 2512 252
•2514 253
4 253
583 6112 5812 60
8
583 80
8
5712 59
573 59
4
5814 593 103,500 Westinghouse El dr Mfg____5
4
97 97
97
97
*9614 9712 964 96'3 953 98
5
953 9538
8
60
50
1st preferred
1712 •17
*17
174 *17
1712 1612 161 *153 16
4
16
16
200 Weston Else Instrum't_No par
*32
34
•32
•32
34
33 *32
33
*32
33
*32
33
No par
Class A
*964 100 .9618 100 .9618 100
*9618 100 .961 100 .9618 100
West Penn Elec class A_No par
*106 10712 10714 10714 *106 107% 106 107
105 106
105 105
190
100
Preferred
'9814 98
9612 973
4 97 973
8 9718 9718 9712 97 2 97e 977
,
8
110
100
Preferred (6)
4
11812 11812 1187 1187 11812 11812 *118 119
s
0118 1193 *118 119
8
30 West Penn Power pref___..100
1104 11012 *11014 11012 11012 11012 11014 1104 11012 11012 1101€___
'
100
6% Preferred
60
8 2512 30
*2512 30
254 253
*2512 30
*2512 30
*2512 29
100 West Dairy Prod cl A __No par
g
8
8
8
8
8 14
8
8
77
8 8
8
8
2,600
No par
Class B
*181 19% *1812 1918 *1812 19
/
4
19
19's 19
19
*19
1918
600 WostvacoChlorinej'nodNOpar
par
Wextark Radio StoresNo
*1614 17
*163 17 .163 17
•1614 17
4
4
1834 163 *1614 163
200 White Motor
No par
5383 39
4
*3912 40
03912 40
3818 381 *3818 3S7s 3814 384
200 White Rock Min Spring ctf _50
*212 3
*212 3
*24 3
3
3
*212 3
*212 23
100 White Sewing Machlne_No par
*5
712 *5
712
5
5
*5
5
6's
5
*412 7
200
No par
Preferred
'l
412 412
3
412 41
*412 4 4 *412 5
412 41
412 4
400 Wilcox 011 & Gas
No par
'2
44 428
418 412
414 44
4
4
4
4
4
5,000 Willys-Overland (The)
5
80
*41
51
80 .41
*41
49 .41
*42
47
*41
47
100
Preferred
13
4 13
4
.13
8 2
14 13
8
*18* 2
14 l's
13
4 13
No par
400 Wilson & Co Inc
e 512 *5
*47
2 534 *47
512 .47
8 5¼
5
5
*5
514
100
No par
Class A
3312 *31
3312 3112 3112 *31
331 .31
*31
331 *3114 314
100
300
Preferred
8
8 6818 688 684 687
4 694 7014 683 693
684 693
8 68
687 21,000 Woolworth (F W)Co
10
42
42
43 4 417 423
3
43
8
4 403 413
8
4 40
404 3912 4114 12,400 Worthington P & M
100
89
*70
8018 70
89 •70
70 '
350
'70
73
*60
73
100
100
Preferred A
*55
63
•55
83
*55
63
55
*594 63
55
*55
63
100
100
Preferred B
*IA 21
•133 21
8
*134 21
*133 21
8
*13
21
.13
21
Wright Aeronautical_ _ _ No par
73
7312 7312 744 733 744 7312 74
4
7312 737
8 7314 733
8,800 Wrigley(Wm)Jr(Del)
.No par
24
*22
*22
24
22
24
22
21
•22
22
*2112 24
25
700 Yale & Towne
858
78 78
7
8
8
8
8
8
75
8 734
73
2 77
5,900 Yellow Truck & Coach el B10
*40
41
*41
44
44
*41
41
44 .41
43 .41
43
10
100
Preferred
1718 173 173 *1714 18
171. . -4 ...1 •2 ,
4
... .8
1712 17
4
017
. 2,
•
400 Young Spring & W tre _ _No par
*3612 53
*36
53
55
*36
43
836
*37
46
*36
46
Youngstown Sheet & T.A'o par
212 212
24 24 *23
8 212 *24 21
*23
8 21
*23
8 213
400 Zenith Radio Corp__No par
_
* Bid and asked prices; no sales on this day. x Ex-dividend. is Ex rights.
3177. 184 1778 1778
PER SHARE
Range Since Jan. 1.
-share tots.
On basis of 100
Lowest.
$ per share
914June 2
4June 3
333
1814June 2
99 June 19
3* July 15
16 June 2
1514 July 2
Panne 1
314 Aug 5
2412 Feb 4
4 June 2
38 June 2
1012 Jan 31
503
45u1y 23
512June 10
2812July 31
13
8June 3
94July 25
Ozanne 13
7 8 Jan 3
7
612 Jan 2
9012 Aug 5
2818June 1
334 July 22
12 June 2
912May 29
40 June 2
814June 3
x4312June 2
14 Apr 28
20 Apr 1
2078June 3
46 Jan 2
10 May 28
31 June 2
11314 Feb 2
13 June 2
4 Jan 2
5218May 29
1818 Jan 2
443 Jan 2
4
3 Jan 2
4814June 2
8June 2
253
9812 Jan 30
218July 3
17 Aug 6
4 June 9
35 June 23
28 Jan 2
24 May 6
114May 26
20 June 3
1714 Apr 29
678June 2
4 July 38
103
4May 27
6 June 1
76 June 2
33 June 2
57 Jan 2
8
243
8June 19
34 Jan 2
7 Jan 2
6912 Jan 7
1312June 1
1018June 2
17 June 2
1314June 3
40 May 22
8318June 2
13612June 2
6018 Jan 6
194 Apr 27
38May 29
14 May 19
2318June 2
1 June 3
718June 4
59'€JunelO
9814 Jan 2
3812June 1
21 Apr 29
5 June 1
614 Apr 29
3 June 1
24 Apr 20
43
4May 19
I0 4MaY 22
3
13
8June 2
1412June 1
30 June 3
20 July 80
2 June 5
173
8May 26
51 June 2
9818June 2
20 June 1
5414June 18
874 Apr 30
15 June 2
4June 11
323
9514June 26
10212July 1
92 June 3
114 Jan 5
10312 Jan 2
1712June 2
434 Jan 2
18 June 2
18June 15
1512June 3
3612June 6
24 Jan 3
5 Aug 4
312June 3
4June 2
33
4414 Jan 30
118June 1
41sJune 1
21 May 25
8
543 Jan 2
3718June 1
6612June 17
55 Aug 6
9 June 3
664 Jan 2
21 May 28
54June 2
41 Aug 3
14121day 29
3912June 2
24 Jan 2
Highest.
PER SHARE
Range for Precious
Year 1930.
Lowest.
Highest.
3 per share i per share 8 per share
1212 Dec 3638 Apr
22 Feb 27
35 Dec 48 Mar
41 Mar 5
2114 Dec 32 Jan
23 Jan 9
Jan 110 Feb
10612 Feb 26 102
334 Dec 267 May
8
9 Feb 13
4
154 Dec 463 Apr
27 Feb 21
23 Dec 4712 Mar
35 Mar 2
8
10 Nov 393 Apr
18 Feb 24
83 Mar 7
8
312 Dec 1873 Mar
8
3414 Mar 19
233 Dec 493 Mar
8
4
9 Jan 7
578 Dec 173 Apr
4
68 Jail 8
53 Dec 893 Mar
Apr
18 Mar 16
12 Dec 31
8
83 Feb 26
68 Dee 947 Apr
12 Feb 20
8 Oct 2114 Apr
59 Feo 17
4018 Dec 8914 Apr
612 Jan
2 Dec
33 Apr 9
4
14 Apr 10
74 Jan 1314 July
4
10 8 Dec 253 Sept
3
18 Feb 26
612 Nov 2838 Jan
1712 Mar 6
54 Dec 2014 Apr
113 Feb 24
4
8914 Apr 9612 Sept
9414June 15
453 Feb 27
8
2614 Oct 4134 Mar
10 Jan 20
912 Dec 22 Mar
2034 Nov 374 Mar
24 Feb 24
213 Mar 10
4
1414 Dec 24 Sept
753 Feb 27
4
49 Dec 138 Mar
1312Mar 27
83 Dec 1914 Sept
8
72 Feb 24
5218 Dec 1063 Mar
8
2018 Dec 50 Apr
264 Feb 13
23 Dec 3812 Apr
2518 Jan 3
387 Mar 26
8
183 Dec 99 Apr
8
603
8June 30
413 Dec 7734 Apr
4
2712 Mar 2
8
1518 Dec 547 Feb
4134 Mar 26
3212 Dec 583 May
4
122 Mar 23 115
Oct 142 May
283 Feb 11
4
1438 Dec 84 Apr
812 June
712 Apr 9
314 Dec
276 Apr 10
26
Jan 68 June
3114 Mar 19
137 Dec 52 Apr
8
5218Mar 26
4312 Dec 5312 Apr
12 Feb 27
24 Dec 1978 Feb
Jan
4612 Dec 105
673 Feb 27
4
3712Mar 17
2414 Dec 4938 May
1057 Aug 3 97 Jan 10412 Oct
8
314 Jan 7
212 Dec 14 Mar
8
2018 Dec 327 Apr
313 Feb 19
4
9 8 Apr 9
8
3
418 Jan .147 June
52 Apr 9
1512 Jan 5034 July
4112 April
1978 Aug 39 Mar
27 Dec 76 May
574 Aug 3
9 Apr
2 Dec
4 Feb 9
3718 Mar 26
1812 Jan 384 Apr
1588 Jan 21 May
2014 Mar 26
7 Dec 20 8 Jan
10 Mar 20
3
44 Apr
13 Jan 7
4
3 Dec
4
3012M5r 24
1612 Dec 103 Apr
1212 Feb 24
8
67 Dec 327 Mar
8
73 Dec 101 Mar
90 Feb 17
50 Mar 27
124 Apr 1
5 Dec 304 Mar
773 Feb 25
8
504 Dec 1393 Jan
s
1034 Mar 19
314 Dec 1512 Apr
514 Dec 26 Apr
157 Mar 19
8
8612Ju1y 25
6
414 Dec 94 June
3614 Feb 26
25 Dec 7512 Mar
2038 Mar 20
Oct 35 Apr
11
3618 Mar 21
1912 Dec 6378 Apr
253 Mar 10
8
174 July 3612 Jan
47 Apr 1
40 Dec 5312 Jan
4
15238 Feb26 13438 Dec 1983 Apr
150 Mar 20 140 Jan 1514 Sept
5918 Dec 68 Feb
717 Mar 11
8
4
31 Feb 28
194 Dec 453 Apr
1 Oct
74 Mar
2 Feb 26
2
1212 Dec 697 Apr
28 Feb 16
4438 Nov 14314 Apr
4
763 Mar 25
314 Feb 20
878 Apr
138 Dec
9 Dec 3414 Apr
17 Feb 19
8
713 Jan 7
4
6712 Dec 823 Apr
109 May 12 100 Dec 1074 Oct
7138 Feb 24
3818 Dec 158 Mar
2178 Dec 313 Apr
277 Feb 17
4
8
15 Feb 18
1012 Dec 4238 Apr
1218 Dec 54 Mar
2712Mar 12
8
83 Jan 30
8
3 Dec 153 Apr
45 Dec 7718 Apr
574 Jan 30
93 Dec 804 Mar
4
203 Feb 17
8
4012 Jan 9
31 Dec 704 Mar
414 Dec 27 Apr
738 Feb 4
4638 Feb 27
263 Dec 6312 Apr
8
4012 Nov 56 Sept
4978 Feb 27
2212 Dec 43': May
32 Feb 20
912 Mar
212 Dec
6 Feb 24
8
193 Dec 297 Mar
8
2614 M ar 20
5012 Jan 5912 Apr
574 Feb 11
1503 Feb 24 12218 Dec 21938 Feb
4
314 Dec 52 Feb
3618 Feb 21
8818 Dec 20112 Apr
1073 Feb 26
4
8
4
11912 Feb 27 1073 Nov 1973 Apr
28 Feb 21
8
1712 Dec 487 Mar
33 June 36
364 Jan 5
Jan
95 Dec 110 Apr
1054 Apr 22
112 Mar 27 102 Nov 11212 Sept
9014 Dec 104 July
103 Mar 19
120 Feb 17 11312 Jan 11812 June
11312July 10 10314 Dec 11112 Sept
20
Oct50 Mar
4412 Feb 20
412 Nov 24% Apr
8
127 Mar 25
18 Dec 59% Feb
40 Mar 16
2% Jan 3
7 Dec 21
8
Jan
2614 Jan 12
213 Dec43 Apr
8
473 Mar 20
4
32 Dec544 Mar
5 Apr 6
24 Dec137 Mar
8
4 Dec 397 Apr
10 4 Apr 13
3
2
938 Mar 26
612 Dec21 Apr
8 Mar 19
3 4 Oct11
3
Apr
5814May 9
4512 Nov85 Apr
178 Dec
4 Feb 10
73 Mar
4
434 Nov 13 Mar
10 4 Feb 17
3
4
513 Jan 12
35 Dec 544 Mar
723
8May 13
5112 Dec 7238 Jan
1017 Feb 24
8
47 Dec 169 Apr
95 Mar 7
88
Jan 107
Apr
8Mar 9
63 Dec 93 Mar
833
27 Feb 25
1012 Dec594 Mar
8038 Mar 4
65 Dec80 July
30 Jan 23
25 Dec77 Mar
1518 Mar 20
812 Nov 323 Apr
4
76 Mar 19
50 Dec 105 Apt
29 Feb 24
19 Oct47 Mar
78 Feb 2f3
6912 Dec 152
Apr
514 Feb 27
2 Dec 164 June
922
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
On Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"-except for income and defaulted bonds.
BONDS
Range
Week's
4 •
BONDS.
42
Price
Y. STOCK EXCHANGE
'eN.
Range or
a
Since
N. Y. STOCK EXCHANGE. K,t
Friday
Week Ended Aug. 7.
Jan. 1.
Week Ended Aug. 7.
Last Sale. cE18Z
Aug. 7.
,.., a.,
b
vt
.-.5
.
Price
Friday
Aug. 7.
Week's
Range or
Last Sale.
4. •
0_
oi,
Z
High
High No.
Bid
Ask Low
High No Low
Ask Low
U. S. Government.
Bid
Cuba (Republic) (Concluded)
First Liberty Loan44
Sinking fund 5345 Jan 15 1953J J 9214 Sale 92
93
0
0 33 10112010322
0
5 D 102110 Sale 10212 10222
01 1932-47
334%
67
Public wks 5345 June 30 1945 J D 61 Bale 5718
61
0
J D ___--- 1011538J'Iy'31 --- 10122010211
Cony 4% of 1932-47
0
0 Cundinamarca (Dept) Colombia
0 1032 199 10228810312
0
J D 1032 Sale 1031
Cony 434% of 1932-47
1959 M37
14 49 Sale 49
53
External 516345
102 102
J D--------102 July'31 _
2d cony 434% of 1932-47
Czechoslovakia(Rep of) 844_1961 A 0 10712 Sale 10714
10712 20
Fourth Liberty LoanSinking fund 85 ser B
1952 A 0 107 10818 10814 10814 17
,,104"n 327 102240105588
A 0 10424,8 Sale 30423
438% of 1933-38
-year ext165
1942 J J 10412 Sale 10412 10512 22
--- Denmark 20
J J --------100 Elein'30 ---.
Conversion 35 coupon
1955 F A 10112 Sale 100
External gold 530
11211,, 193 10914 1142
----- 0
0
10114 51
1947-1952 A 0 11288112188 112
Treasury 4348
External g 4345Apr 15 1962 A 0 95 Sale 95
0
9558 90
0
1944-1954 J D 1084 Sept 1081,, 1082 130 1052+881092988
Treasury 45
62
91
0 Deutsche Bk Am part ctf 65-1932 M S 8412 Sale 8412
I 1042010722
0
0 1062
0
1946-1956 M S 106401062 1064
Treasury 334a
0
0 14 100290103240 Dominican Rep Coat Ad 53413'42 M S 8812 Sale 863
4
8812 18
1943-1947 J D 1022288 Bale 10219 10227
Treasury 334s
0 126 10012010316
1940 A 0 8614 89
3
1st ser 5345 o1 1926
8712
8712
0
0
15 1940-1943 .1 D 10224 Bale 1021+0 10214
Treasury 3348 June
15
2d series sink fund 5345.-1940 A 0 8614 87 87
_ 102190.
87
1'lle'31 --.z.: 10 2 102aq,
'
2 0
Registered
2
67
0 Dresden (City) external 75-1945 MN 67 Sale 67
,,
0 40 101 10314
0
1941-1943 M 5 10212 Bale 10212 10215
Treasury 3345
10112 19
Treasury 334s_june 15 1946-1949 J D 1011+0Sa le 101",,101",, 517 100240101210 Dutch East Indies extl 65-1947 J .1 101 sale 101
g
10118
1962 M 8 10118 10112 10118
9834 Sept'30 ------------40-year external 65
1961 QM
Panama Canal 38
5
30
-year external 5345-1953 M El 10112 102 10112 10112
State and City Securities.
36-year external 5345_1953 M N 102 ___ 1013
1
4
4 1012
NY C 3% Corp stk-Nov 1954 MN --------92 Nov'30 ---- ---1948 J J 95 Bale 95
3
923 ---- El Salvador (Republic) 8s
4 923
2
95
4
1955 MN --------92 4 Apr'31 --3%5
1967 J J 44 Sale 44
4
4512
1936 MN 101 ---- 10012 Apr'31 ---- 10012 10012 Estonia (Republic of) 7s
45 registered
9912 9912 Finland (Republic) extl 6s-1945 M 5 73 4 80 76
3
7612 13
1955 M N ---- ---- 9912_July'31 ____
45 registered
External sinking fund 75_1950 M S 8612 87 8612
May'31 ---- 102 102
8612 14
1957 MN --------102 4% corporate stock
External sink fund 6345_1956 M 5 7734 Sale 773
8
72
4
82
434% corporate stock_ _ _1957 M N --------107 Apr'31 ---- 10612 1075
External sink fund 530_1958 F A 75 Sale 7412
59
76
31
434% corporate stock_ -1957 MN --------109 MaY' ---- 10712 109
5
79
8
1958 MN 10012 ___- 10012 Apr'31 ---- 10012 10012 Finnish Mun Loan 6345 A1954 A 0 ____ 783 79
4% corporate stock
1954 A 0 ____ 793 82 July'31 -__
External 6345 series B
4
1959 M N 10012 ---- 10012 Apr'31 ---- 100 10012
4% corporate stock
4
4
55
12 22
434% corporate stock---1960 M 13 99 --__ 1003 Mar'31 __-- 10014 1003 Frankfort(City of)s 16345-J953 MN 5112 Sale 5112
12458 51
1971 J D --------10814 Nov'30 ---- ---- ---- French Republic extl 730_1941 .1 D 12438 Sale 12438
434% corporate stock
1942
D 118 Sale 118
External 75 of 1924
1963 M S --------10614 Dec'30 _--- ___ ____
11812 60
434% corporate stock
434% corporate stock _ - -1965 J D ____ 110% 10512 Dec'30 --- ___ ____
434% corporate stock July 1967 J J ____ ___- 10718 Nov'30 ---- ____ ____ German Government Internstional 35-yr 534502 1930-1965 D 5914 Sale 56
__
5912 602
New York State canal Imp 451961 J J --------101 June'30 ___ ____
1949 A 0 84 Sale 80
German Republic exti 7s
_85 399
1963 M S --------112 Jan'3I ____ 112 112
4345
1954 M N 8212 8512 84
4 21
Graz (Municipality) 88
882
Gt Drit& Ire(UK of) 5345_1937 F A 10714 Sale 10618 10712 312
Foreign Govt. & Municipals.
F A
Registered
5114 34
45
75
1947 F A 47 Sale 47
1063 July'31 __
8
Agric Mtge Banks f 6s
0
45
13
54
895
a% fund loan £ opt 1960-1990 M N -8812 - 8 e88
12
8938 75
7312
Sinking fund 6s A __Apr 15 1948 A 0 53 Sale 50
1963 MN 9012 sale 9018
e5% War Loan £ opt 1929_1947 J D 08
95
9018 97
20
5
983 683
4
4
9918
Akershus (Dept) ext 5s
50 50
Greater Prague (City) 7345_1952 MN 10318 Sale 10318 104
52
30
43
69
4
(Dept) col 75 A 1945 .8 5 46
Antioquia
6
45
43 c6912 Greek Government steer 75_1964 m N 97 Bale 95
5014
1945 J 5 47 Sale 47
97
External s 1 75 ser B
1968 F A 87 Bale 80
Sinking fund sec 65
43
68
52 July'31 58
1945 J J 46
50
External 5 1 7s ser C
87
1952 A 0 80
8
51
26
Haiti (Republic) 51 65
43
68
48
48
887 89
8
1945 J J 46
90
External 5 1 7s ser D
1946 A 0 50
14
35
6858 Hamburg (State) 65
40
58 80 July'31 ____
Externals 1 75 1st ser_ -1957 A 0 35 Sale 35
Heidelberg(Germany)extl 7345'50 J J _ _ 6818 88 July'31 ___
4
40
35
67
External sees 178 2d ser_1957 A 0 35 Sale 35
35
21
40
65
2
Helsingfors(City) ext 6345-1960 A 0 _-_ _ 8112 76
76
External see 5 f 75 3d ser-1957 A 0 35 Sale 35
Hungarian Muni° Loan 7345 1945 J J 46 Sale 38
13
46
9614 104
4 100 4 136
3
4
Antwerp (City) external 588_1958 .1 D 993 Sale 993
Sept 1 1946 J J 37
7213 42
Externals 1 7s_
41
45
67
8
80
983,
Pub Wks65-1960 A 0 70 Bale 70
Argentine Govt
Inst 7345 '61 M N ____ 60 60
Hungarian Land M
4
60
Argentine Nation (Govt of)1961 M N 613 Sale 58
118
73
Sinking fund 7345 ser B
58
4
9818
613
4 16
3
Sink funds 6801 June 1925_1959.3 0 68 4 Bale 684
7213 58
19
75
62
9812 Hungary (Kingd of) St 735s-1944 F A 70 Sale 6858
Exti 5 f 65 of Oct 1925 1959 A 0 6814 Bale 6814
1960 M N 101 10212 10314 July'31 ____
62
86
73
1957 M S 69 Sale 69
9812 Irish Free State extl s 1 55
Sink fund 68 series A
7218 54
62
8
,
9814 Italy (Kingdom of) extl 78-1951 J D 9812 Sale 983
987 125
External 135 series B_ _Dec 1955 j lp 6812 Bale 68
73
52
66
93 8 Italian Cred Consortium 75 A '37 M S 9814 Sale 9718
3
9812 14
Extl 51 65 of May 1926_1960 M N 88 sale 68
1947 M S 90 Sale 9014
9213 23
External sec 517s ser B
7212 7
65
983
4
0
External 5 165 (State Ry)_1960 M S 6858 Sale 6812
70
73
6818 9812 Italian Public Utility extl 78_1952 J J 89
33
90 8812 c91
Extl 65 Sanitary Works_ -1981 F A 68 Sale 68
72
26
65
90
107
983 Japanese Gov 30-yr 51 6348.1954 F A 106 Sale 106
8
Extl 65 pub wks(May'27)-1961 MN 7034 Sale 7012
67
41
60
77
Extl sinking fund 5 Ms_ _ _ _1965 MN 97 Sale 97
92
98
Public Works extl 5345.-1962 F A 61 Sale 61
___ 75 July'31 ---,
Jugoslavia (State Mtge Bank)69
1945 M 5 71
88
Argentine Treasury 55 £
1957 A 0 6414 Sale 6314
5212 76
6812 33
Secured 51 g 75
83
83
3
Australla 30-yr 55_ _July 15 1955 J J 60 4 Bale 60
70
63
5
52
68
68 65
75
Leipzig (Germany)s 1 7s___ _1947 F A 60
3
External 5801 1927-SePt 1957 M 5 60 4 Sale 60
6112 100
90 July'31 ____
48
693 Lower Austria (Prov) 730-1950 j D ____ 90
4
External g 4345 of 1928_1956 MN 5414 Bale 54
38 1031010812 Lyons (City of) 15
-year 65 1934 M N 104 Sale 104
1943 J I) 106 Sate 0314 106
37
105
Austrian (Govt) 51 75
67
64
61
1957 J J 6515 Sale 61
9712
International s 1 75
Marseilles (City of) 15-yr 65_1934 M N 104 105 104
7
105
1954 J D 43 Sale 4212
48
66
9
66
29
8712 Medellin (Colombia)6348
Bavaria (Free State)6345-1945 F A 8218 Sale 81
5
8
4 89 1053 111
7 Mar'31 ____
3
Mexican Irrig Asstng 430-1943 _ __
4
8
ext16345
1949 M S 1063 Bale 105 4 1063
Belgium 25-yr
£'45 cc J.,_ 26 Apr'30 __ _
_
10114 47 100 105
Mexico (US) exti Slot 1899
3
1955 J J 100 4 Sale 100
External 5 1 65
1945
1091
4 96 10814 11618
812 July'31 ____
-12
Assenting 5501 1899
External 30-year 82 75-1955 .1 D 109 Bale 10814
8
Assenting 55 large
11
Feb'31 ____
5
7
1956 MN 108 Sale 10512 1065 103 10512 111
Stabilization loan 75
Assenting 45 of 1904
5 July'31 ___
614 30
Bergen (Norway)99
993
4
Assenting 45 of 1910
95 100
7
12
__
612 5 July'31 ____
sink funds 58-Oct 15 1949 A 0 ____ 100
Extl
---- -------- 7 July'31 ____
9812 28
Assenting 4,01 1910 large
9412 100
External sink fund 5s--1960 M 5 9711 Bale 971
54
5 July'31 ____
Assenting 45 of 1910 small
10
50
91
Berlin (Germany) s 1 6345-1950 A 0 53 Sale 5118
--------684
4612 31
42 *84
1958 .1 D 42 Sale 42
634
Tress 68 of'13 assent(large)
1
sink fund 65
External
s
70
68 647
2
524
21
____ ___ 512
Small
54
92
Bogota (City) extl 5 1 85_-_1945 A 0 60
2412 12
831z 71
Milan (City,Italy) ext16345 1952 A 0 8114 Sale 81
15
55
Bolovia(Republic of) ext185_1947 M N 21 Sale 21
18
20
165
8
17
1258 38
Minas Geraes (State) Brazil
External securities 75 (11el) '585 J 16
1958 M 5 28
155
8 13
1514 15
6
29
35
31
1969 M 5 15
External 51630
1112 383
4
Externals I 75 (flat)
105
1959 M 5 28
27 1033 10614
3
37
3112 29
Extl sec 6345 series A
4
of) 15-Yr 65_1934 MN 104 Sale 104
Bordeaux (City
65
67
Montevideo (City of) 78-1952 .1 D 41 Bale 41
49
92
6l1z 25
Brazil (U Sot) external 85 1941 1 D 55 Sale 55
1959 MN ____ 473 50
5212 159
4
53
4
33
External s 165 series A
7012
External s f 6%5 of 1936.-1957 A 0 471e Bale 47
4
523 122
4
1
7
10514
Netherlands 65(flat prices) _ _1972 M S 104 Sale 104
32
70
1957 A 0 47 4 Bale 473
Extl 516%s of 1927
10
45
48
5578 79
36
7612 New So Wales(State) extl 581957 F A 55 Sale 5214
1952 5 D --__ 46
713 (Central RY)
Apr 1958 A 0 5412 Sale 50
1
4
99 1110
4
74
External s f 55
53
7345 (coffee Fleur) £(fla0-1952 A 0 1013 Bale 1014 1013
1943 F A 104 Sale 10214 10418 44
6814 21
-year extl 68
62
997 Norway 20
5
Bremen (State of) extl 75-1935 M S 6512 Sale 6514
1944 F A 1033 Sale 103
4812 11
10418 44
4
20
-year external 65
3938 7212
1957 M S 47 Sale 45
Brisbane (City) s 1 55
1952 A 0 10158 Sale 100 8 102 '
4814 18
42
5
-year external 135
3978 69
30
Sinking fund gold 55- _1958 F A 4814 Sale 43
1965 .1 D 1015 Sale 101
10112 54
58
5712 58
8
-year 51 5345
443 83
4
40
4
1950 J D 50
20-yearsf 85
71
50
4 10012 58
4
External 5 f 5s __Mar 15 1963 M 13 100 Sale 993
4 4 78
43
Budapest (City) extl s f 65-1962 .1 D 45 Sale 443
27
98
5
70 18
Municipal Bank extl 5155_1967 J D 98 Sale 9718
64
95
6612 70 70
Buenos Aires (City)63482B 1955
Municipal Bank extls 155_1970 J D 99% Sale 9938 1015
74
74
8 22
70
9612
1
External 5 165 ser C-2___ _1960 A 0 - 85
74
69
4
74
74
9314 Nuremburg (City) extl 6a
1952 F A 54 Sale 50
5978 57
External s f (35 ser C-3_ _ _1960 A 0 _
1955 M N 1003 Sale 10014 101
12
-year 8 1 6s
47
4
8312 Oslo(City) 30
Buenos Aires (Prov) extl 65_1961 M 5 iii4 Sale 4712 C5112 87
1946 F A 1013 Bale 10012 10138 28
8
Sinking fund 534s
19
8
50
47 8 8518
5
1961 F A 49 Bale 475
Extl 5 1 6%5
Panama (Rep) extl 530.-1953 J D 10312 Bale 10312 10312 10
77
52
5
54
2
J 53 Bale 5
Bulgaria (Kingdom) St 788-1987 .1
11
69
88
10
Esti s 1 55 ser A--May 151983 MN 88 Sale 8612
60
85
Stabil'n s 2 7348-Nov 15 '68 ____ 66 Sale 66
12
22
27
Pernambuco (State of) extl 75'47 M S 2212 25
1959 M 5 22 Sale 22
5712 5
22
25
40
76
5
Peru (Rep of) external 75
Caldas Dept of(Colombia)7345'46 J J 51 Sale 50
9514 149
18
Nat Loan exti 5f 65 lst ser 19605 D 17 Sale 1512
9418 97
71
Canada (Domin of) 30-yr 45_1980 A 0 95 sale 95
36
16
178
17
Nat Loan extl s f 65 2d ser_1961 A 0 16
14
1952 MN 107 Sale 10612 10714 64 10312 10814
55
6 1005 10314 Poland (Rep of) gold 681
8
1940 A 0 65 Sale 64
48
70
4 10314
1936 F A 103 103% 1023
434s
2 103 10912
Stabilization loans 1 75_,.1947 A 0 65% Sale 6212
8 104
6978 199
1954 5 J 104 Sale 1037
Carlsbad (City) s f 85
3
52
73
74
External sink fund g 8s.--1950 J J 7112 Bale 6812
44
7718
51
Cauca Val (Dept) Colom 7345'46 A 0 50% 56
2
37
Porto Alegre(City of) 8s
961 J D 25
37
37
Central Agile Bank (Germany)31
62
4
Extl guar sink fund 7 W-1966 J J 32 Bale 32
57
95
37
Loan s f 7s_Sept 15 1950 M 5 59 Sale 57
Farm
46
5012 40
Prussia (Free State) extl 6345 '51 M S 53 Sale 49
84
535
8 56
Farm Loan,113s_July 15 19605 J 47 Bale 46
1952 A 0 4618 Sale 44
25
49
64
50
External s f 65
45
83 4
3
4
Farm Loan a!65..0et 15 1960 A 0 463 Sale 45
38
55
5312 893 Queensland (State)extls f 75 1941 A 0 60
81 July'31 ____
72
4
Farm Loan 68 ser A APr 15 1938 A 0 54% Bale 5312
47
423 100
52
1947 F A 73
4
4
25-year external 68
791k 70
70
11
Chile (Rep)-Ext 5 f 7e__ _ _1942 MN 43 Sale 423
363
4 49
30
Rio Grande do Sul extl 5185_1946 A 0 5112 Sale 5112
86
8
5318
External sinking fund 65_1960 A (-_, 30 sale 30
81
37
External sinking fund 65-1968 J D 25 Bale 25
31
86
28
30
1961 F A 33 Sale 31
External s I 6s
37
37
Externals 1 75 of 1926___ _1966 NI N
31
86
24
41
38 Bale 3712
1961 5 J 31 Bale 31
Ry ref extls f 6s
31
106
External s f 75 munic loan-1967 J D ___ 32 36 July'31 ____
87
38
1961 M 5 3112 Sale 31
Extl sinking fund 65
8 33
3312 86
367
Rio de Janeiro 25-year 5 I 8s-1946 A 0 4014 46
5
45
45
1962 M S 3312 Sale 3312
Eat' sinking fund 65
External 518%5
86
5
5 31
36
1953 F A 25 Sale 2314
103
30
1963 MN 31 Sale 31
Extl sinking fund 65
Rome (City) extl 6345
4012 36
1952 A 0 84% Sale 8418
2912 88
79
85
Chile Mtge Bk 6345 June 30 1957 J D 3012 Sale 2912
2
10514
Rotterdam (City) extl65-1984 MN 105 Bale 105
37
90
55
4
0
El 1 6)881 of 1926_ _June 30 1981 J D 40 Sale 37
69
34
Roumania (Monopolies) 78-1959 F A 73 Sale 71
27
85
73
25
Apr 30 1961 A 0 2918 Sale 27
Guar s 165
Saarbruecken (City) 65
323
4 23
2812 85
1953 .1 J ____ 73 66 July'31 ____
1962 M N 2812 Sale 2812
Guar 5165
17
37
32
8812 Sao Paulo (City)5f 888...Mar 1952 M N 44 Sale 44
7
493
4
Chilean Cons Munlc 7s
1960 M 5 32 Sale 32
10
22
External s I6%5 of 1927_ _1957 MN 2512 277 283
1434 28
2312 21
3
8
4
30
Chinese (Hukuang Sty) 55.1951 J D 21
12
8
68
Christiania (Oslo) 30-yr 5 1 65 '54 M 5 993 101 100 July'31 ---- 100 1033 Ban Paulo (State) extl s I 85-1936 J J 41
52
56
4
External sec 5f 85
49
5218 25
8914
Cologne(City)Germany 6%51950 M 9 5011 Sale 49
19505 J 42 Sale 4112
48's 30
29
42
55
External 51 75 Water L'n-1956 M 5 3314 43 34
78
33
48
Colombia (Republic) 65...--1961 J J 5312 Bale 53
External s f 65
411 78
3
5
56
25
341
19885 J 27 Sale 27
External 5 1 65 of 1928_1961 A 0 5312 Sale 52
10
52
Secured 5 f 7s
48
73
1940 A 0 6912 Sale 69
715
8 70
Colombia Mtge Bank 6345 of 1947 A 0 4714 5012 48
Santa Fe (Prov Arg Rep) 75_1942 M S 67
83
7
16
50
55
68
64
71
Sinking fund 7,02 192
6-1946 MN 55 Sale 55
2
7614 Saxon State Mtge hist 75.....1945 J D 55 Bale 55
5
52
60
50
Sinking fund 75 of 1927 1947 F A 53 Sale 52
33
53
Sinking fund g 63.48__Dee 1946 5 o 50 sale 4714
9612 101
40
Copenhagen (City) 55
1952 J D 100 Sale 9812 100
915 993 Seine, Dept of (France) ext 75'42 .1 J 10612 1063 106
8
20
27
1061
8
94
8
1953 M N 9145 Sale 915
4
25-yr g 4341
4
12
40
42
75
Serbs. Croats & Slovenes 85_1962 M N 755 Sale 8712
32
71
Cordoba (City) extl 5 f 7s_1957 F A _ __ 40 40
External sec 75 ser B
55
92
2
68
98
63
1962 M N 65 Sale 60
External 5 1 75_ __Nov 15 1937 M N 68 Sale 65
60
14
84
8814 Silesia (Prov of) extl 78
65
44
1958 J D 43 Bale 42
Cordoba (Prov) Argentina 75 '42 J J 65 Sale 63
61
ale 60
18
2
55
50
7914 Silesian Landowners Assn 65_1947 F A ____ 45
50
Costa Rica (RePub) extl 78_1951 MN 60 s
105 ____
Solssone (City of) extl 65
1938 M N 105 Sale 105
98
89
23
4
92
Cuba (Republic) 55 of 1904.1944 M S 90 Sale 893
1
72
Styria(Prov) external 7s__ _1946 F A 71
885 100
8
8
90
733 72
4
5
External 5s of 1914 ser A_I949 F A ____ 89 884
73
873 Sweden external loan 5345_ _1954 M N 104 10434 10414 1041i 20
4
80
14 113
External loan 4345 ser C._1949 F A 80 Sale 7912
Cash sale. e On the basis of $5 to £ sterling. a Option sale
c
Range
Since
Jan, 1.
Low
High
90
12 99
525 81
8
691*
45
105 111
10714 11034
104 107
14
9614 102
933 997
8
8
8414 100
12
86
96
91
85
94
84
65
96
1007 1021*
8
101 10258
1*
100 4 103
3
8
100 4 10234
95 10
7
44
72
97
76
8418 99
77 4 96
3
713 883
4
4
94
78
7712 9312
87
45
124 127
117 1217
8
5
412 8
4
793 10512
4
84 10112
105 1083
4
1063, 107
48512 943
4
e983 10114
4
103 106
95 C1035
5
7912 8812
79
97
7878 92
8212 98%
9114
76
9413
38
41
877
5
60
95
58
94
12
685 102
8
10112 1071,
7
92 8c101
9214 100
85
98
78
97
1023 1075
4
8
913 98 8
4
7
6314 8512
65
95
89 10014
8
103 4 10618
1033 10712
4
40
75
7
83
4
---1214
- 618 -11
1158
5
10
4
512 118
53 1014
8
43
4 93
4
6 4 135
3
8
512 1314
75 4 91
3
2312 65
2313 65
92
41
45
843
4
10318410614
393 6912
4
40
6812
100 c10812
100 10714
100 103
100 8 10 8
, 37
98.34 102
97 10214
993 103
8
4818 83
12
998 10414
4
9912 10214
10012 10412
75
9334
1612 67
22
61
15
4014
40
16
4
633 73
6212 83
68
90
28
80
2112 71
49
8711i
44
83
99
69
5014 875
8
,
35
881
213 55
4
14
65
29
64
27
8758
44
68
22
9114
78
103 108
71
83
89
79
3912 98
2512 64 8
7
93
38
8414
25
2512 7612
8
2018 587
88
65
90
61
55
98
4714 89338
106 108
6712.9
3
60 8841*
4214 .6914
50 ,80
103 C10814
9512
72
103 107
New York Bond Record-Continued-Page
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 7.
.54
Price
Friday
Aug. 7.
Week's
Range or
Last Sale.
Ask Low
Foreign Govt. &Municipals.
Bid
High
Switzerland Govt extl 5348 1946 A 0 1053 Sale 10514 1063
s
4
1955 F A 51
Sydney (City) at 5145
5313 53
53
Taiwan Elec Pow t 5S46 -1971 J J 9312 Sale 9312
94
Tokyo City 55 loan of 1912.1952 M
8
811 823 82
/
4
8212
1961 A 0 9514 Sale 95
External s f 5%s guar
9812
Tolima (Dept of) esti 75.. _A947 M N 54
55
55
57
Trondhjem (City) 1st 5346_1957 M N 95 Sale 95
99
/
1
4
(Prov) 78.-1945 .1 D 90 Bale 90
Upper Austria
9478
Externals I 63.4s June 1&1957.3 D 82 Sale 75
/
1
4
8312
Uruguay (Republic) extl 85_1946 F A 64 4 Sale 643
3
4
77
1960 M N 44 Sale 44
External s f 6s
55
May 1 1964 M N 44 Sale 44
Esti s f 65
55
Venetian Prov Mtge Bank 78 '52 A 0 9714 Sale 97
98
Vienna (City of) esti a f 65_1952 M N 77 Sale 77
79
Warsaw (City) external 75._1958 F A 43
4612
46
49
/
1
4
Yokohama (City) esti 65_1961 .1 D 9913 Sale 9912 10014
Railroad
D 105
Ala Gt Sou 1st cons A 5s_-_-1943
10513 July'31
1943! D 9414
lot cons 4s ser B
9434 July'31
Alb & Susq let guar 314s-1946 A 0 903 911_ 90 July'31
4
1998 A 0 9014
Alleg & West let g gu 45
8912 July'31
1942 M S 9812 166 9812
Alleg Val gen guar g 4s
985
8
Ann Arbor let g 45_ __July 1995 Q
72 68 June'31
60
-den g 48.1995 A 0 995s Sale 995
Atch Top & Fe
8 10012
Registered
A 0
99 July'31
Adjustment gold 48_ _July 1995 Nov 9514 Sale 9514
9513
July 1995 M N 9612 Sale 95
Stamped
9612
MN
Registered
9412 May'31
Cony gold 4$ of 1909.-1955 J D 97 _
97
97
1955 J D 9612
Cony 4s of 1905
9714
9712
Cony g 4s issue of 1910- _1960 J D 9414 97
9414 Apr'31
1948.3 D 114 Sale 11312
Cony deb “is
11414
Rocky Mtn Div 1st 45_1965 .1 J 9413 973 973 July'31
4
Trans-Con Short L 1st 4s.1958.3 .1 995 1001 9914 July'31
8
1st & ref 4 3.48 A.I962 M S 105
Cal-Aria
1054 10512
/
1
Atl Knoxv & Nor 1st g 5s_.1946.3 D 9418 16 10312 Feb'31
A 1944 J J 0914
Atl & Charl A L 1st
_ 9914
9914
-year tos series B__ _1944 J .1 103 1641 103 July'31
1st 30
/
1
4
Atlantic City 1st cons 45_ _ _1951 J .1 853
89 Mar'31
4
Atl Coast Line let cons 4s July '52 M S 9713 Sale 9714
98
General unified 4 SO__ _1964 J D 1003 1011 101
4
101
L & N coil gold 4s __Oct 1952 SIN 90 Sale 883
4
90
1948.3 .1 46
Atl & Dan 1st g 45
48
4818
481
1948! J 40 Sale 40
2d 4s
40
1949 A 0 65 Sale 65
Atl & Yad 1st guar 45
65
Austin & NW 1st gu g 53_1941 J .1 1023 105 104 May'31
8
Range
Since
Jan. 1.
BONDS
N. Y STOCK EXCHANGE.
Week Ended Aug. 7,
923
Price
Friday
Aug. 7.
Week's
Range or
Last Sale.
e?'z
Range
Since
Jan. 1.
No. Low
High
Ask Low
Bid
High High Low
High
28 1037 107
4
Chicago & East Ill let 63_1934 AO 91 Sale 85
6
91
70 10112
40
78
10
32
49
C & E III By (new co) con 55.1951 MN 2512 Sale 2512
2112 50
83
9312 95
1 10413 108
8 1065
Chic & Erie 1st gold 521_1982 MN 106 10712 1065
8
27
7712 8412 Chicago Great West let 46..1959 NI
65 Sale 643
116
66
4
58
691
4
72
8812 9712 Chic Ind & Loulsv ref 6s___ _1947 J J 62 10512 10512 July'31
1047 110
4
8
4018 76
97 101
/
1
4
1947 .1 J 61
Apr'31
Refunding gold 53
100 4 102
3
/
1
4
4
95 10014
/
1
_1947 J J 614 91
91
Apr'31
Refunding 45 series C___
91
93
/
1
4
6
90 C104
60
66 July'31
1966 MN 51
66
1st & gen 5e series A
9034
14
9134
75
80
723 100
75 July'31
1st & gen (is ser B___May 1966 J J 73
2
75
J J
4 104
643
95 June'31
Chic Ind & Sou 50-yr 45._ _1956
934 96
/
1
82
44
887 Chic L S & East let 434s...1969 3D 10053
2
10014 June'31
/
1
4
99 10118
68
44
883 Ch M & SIP gen 4$ A_May 1989 J J 8338 sale 82
8
/
1
4
833
s 30
79
/ 873
1
4
4
8
Q J
933 1007
8
Oct'30
Registered
84
54
89
74
698 7S3
Gen g 3345 ser B.__ _May 1989 J J 725 74
72 June'31
60
45
70
J J 92
94
92
Gen 434s series C___May 1989
/
1
4
92
/
1
4
6
90
9613
66
95 10114
92
/ 923
1
4
Gen 414s series E___May 1989 J J 92
8
923
8812 9613
4 26
62
Gen 434e series F_ __May 1989 J J 97 Bale 97
97
95 101
1023 10512 Chic Milw St PA Pac 55_1975 FL 50 Sale 49
4
49
5613 114
76
923 943
4
4
4
Jan 1 2000 A0 183 Sale 185
Cony adj be
8
21
398
15
35
891 9214 Chic & No West gen it 3348_1987 MN
/
4
76 Sale 763
/
1
4
9
4
7514 81
76
/
1
4
86
9014
Registered
Q
79 Mar'31
/
1
4
7712 7911
s 9678 100
General 4s
ki
s
1987 MN
8714 July'31
857 91
8
8014
_
68
Stpd 4s non-p Fed Inc tax '87 SIN 87
9212 8734 July'31
8612 91
180
975 101
8
Gen 4325 stud Fed Inc tax_1987 SIN 10112 10214 10212 July'31
1013
4C10313
96
99
Gen 5s stpd Fed Inc tax 1987 MN 10612 Sale 10612 107
19 105 11012
9312 c9912
MN
Registered
10513 July'30
108
94
9812
Sinking fund deb 53
1933 MN ioi 10212 10218 July'31
ioo" 1- -363 4
/
1
934 9412
M
Registered
99 June'31
99 10112
1
943 9714
4
15-year secured g 634s,_ _1936 MS 107 We" 107
13 106 10912
107
14
9414 98
May 2037
1st ref g 5s
88 Sale 88
92
25
88 103
9414 9414
May 2037 JO 7512 78
1st & ref 4345
6
80
76
78
96
165 11112 122
1st & ref 434s ser C.May 2037 JO 76 Sale 75
783
4 50
95
/
1
4
75
933 98
4
Cony 4345 series A
1949 MN 61 Sale 6014
176
68
6014 93
95 10014
5 102 106
Chic RI 3 p Railway gen 481988 .3.3 90
2
903 90
s
12
90
86
96
10312 10313
J _
Registered
ao 85 July'31
85
91
9712 993
10
4
1934 A0 89 Sale 8834
Refunding gold 45
8518 0912
9112 205
AO
10212 1044
/
1
Registered
964 Apr'31
/
1
9614 9812
9418
86
73 Sale 7112
Secured 434s series A.___1952
7812 128
7112 95 4)
3
33
95
98
1960 MN
68 Sale 68
Cony g 434s
72
105
6512 9212
15
99 102
Ch St L & N 0 5s_June 15 1951 ii) 103 -- 102 July'31
/
1
4
/
1
4
102 104
/
1
4
/
1
4
-JO 10112 -- 100 June'31
13
86
923
4
Registered
100 100
40
16
52
8
June 15 1951 .30 825
Gold 3345
8512 May'31
8512 8512
3
30
40
/ 87
1
Memphis Div let g 415----1951 Jo 714 9112
90
9112 May'31
7
6014 75
Ch St L & P lot cons g 55....1932 A 0, 102
10134 July'31
101 10173
A 01
10114 10414
Registered
101
Feb'31
101 101
J D. 73 Sale 73
Chic T 11 & So East 1st 5s_ .1960
743
60
4 11
88
/
1
4
Bait & Ohio let g 4s__July 1948 A 0 963 Sale 963
4
4
981
96
80
9912
57
/
1
4
Dec 1 1960 M
Inc gu 55
5612 564
/
1
7
51
73
July 1948 Q J
Registered
9712 June'31
924 9712 Chic Un Stan let gu 4 Ms A.1963.3' 16:1i4 105 05
/
1
7 102 10514
105
/
1
4
1933 M S 9912 g;fe 99
-year cony 4345
20
477
J J 1053 10614 10614
100
98 1013
4
4
1963
let 55 series B
4 10458 16634
10614
Refund & gen 53 series A1995 J D 9912 Bale 99
1001 129
973 1043
4
4
_ 1053
1944 .2 D, 106
Guaranteed g 53
4 106
8 1033s 106
Registered
J D
9912 June'31
9912 103
11614 116 11614
/
1
4
-- -12
1st guar 630 series C._ _ _1963
11612 11 11458 116
July 1948 A 0 10412 Sale 10412 1055
1st gold Is
25 10412 109
Chic & West Ind con 4s_ _ _ _1952 J J' 9112 Sale 9112
9214 70
8713 924
Ref & gen 68 series C___1995 J D 104 Sale 104
1063
47 104 11012
10512 Bale 0514
1962 M
1st ref 534s series A
10512 14 10032 10573
PLE&W Va Sys ref 43_1941 M N 97
9712 98
981
12
MN 10212 10312 0312 July'31
9512 99
Choc
1013 10313
4
Southw Div 1st Is
1950 J J 10212 Sale 10212 10314 38 10018 10513 CM Okla & Gulf cons 53_1952
J 9913
H & D 2d gold 4 Ms_ _ -1937
98 100
100 July'31
Tol & Cin Div 1st ref 4s A_1959 J .1 85 Sale 85
85
13
83
864 C I St L & C 1st g 4s_Aug 2 1936 Q F
/
1
gg1
/
4
9914
98
7
9912
Ref 3.2 gen 5s series D
2000 M S 9812 Sale 9812
993
70
9812 10434
8
Aug 2 1936 Q F 983 ____ 981a Apr'31
Registered
981g 9813
Cony 4345
196C F A 86 Sale 85
87
127
85 089
CM Leb & Nor 1st con gu 4s_1942 MN 944 _
/
1
9412 July'31
93
96
Bangor & Aroostook 1st 55._1943 J J 1037 105 105
8
105
1 103 105
CM Union Term 1st 450_2020 J J 10414 1045 04 July'31
- 5
1023 106
4
Coo ref 45
1951 J J
92 Sale 92
92
11
8612 9213 Clearfield 32 Mah 1st gu 53-1943'.2 1011
9814 9814
2- 9314 Apr'31
Battle Crk & Stur 1st gu 33_1989 J D
71 Feb'31
D 914 Sale 9134
71
71
/
1
Cleve CM Ch & St L gen 45_1993
9213 21
913 97
4
Beech Creek lot gu g 4s_ _1936J
.1 10012
10014 July'31
/
1
-3D 10114
9712 1004
General 55 series B
110
1993
Feb'31
10958 110
2d guar g 55
1936! J
100
Jan'30
Ref & impt 65 ser C
1941 .1 J 10412 105
0412 July'31
103 105
/
1
4
Beech Crk ext 1st g 3345-1951 A 0 8914
88 Mar'31
-8553 88
Ref & impt 5s ser D
4
1963 J J 103 1043 03
3 103 105
103
Belvidere Del cons gu 33411-1943 J
Ref & lmpt 434s ser E_ _ _ _1977 J J 95 Sale 95
88
96
95 10134
Big Sandy 1st 4s guar
1944 J D
98 July'31
947 98
8
When issued
0112 Jan'31
100 1011
/
4
Boston & Maine 1st 5s A C.I967 Si
973 Sale 97
4
33
100
97 10314
J 98's-Cairo Div 1st gold 48____1939
9814 June'31
9912
97
1st m 53 series 2
1955 M N 9614 Sale 9614
23
9434 10314
100
Cin W & M Div 1st g 43-1991 J J 914 973 92 July'31
/
1
/
1
4
_4
94
91
lst g 432e ser J J
1961 A 0 93 5 Sale 937
937 9614
8
7
9514 39
8
St L Div let colt tr g 4s_-_1990 MN 8714 91
92 June'31
90
93
12
Boston & NY Air Line 1st 4s1855 F A 8214 84
/ 8214 July'31
1
4
81
85
Spr At Col Div 1st g 4s___ A940 NI
955 Feb'31
4
9514 953
4
Bruns 3 West 1st gu g 48_1938
2
J 9818
_
98 June'31
9814
98
W W Val Div 1st g 4s____1940 J
97 July 31
/
1
4
951g 973
4
Buff Koch & Pitts gen g 55_ _1937 M
_ _ 10312 10314 July'31
10112 10314 CCC&I gen cons g 6s....1934 J J 1047
s -- 05
105
10312 10514
Consol 434s
1957 M N 77 Sale 77
7812 22
723 90
4
Clev Lor & Wren 1st g 5.5-1933 A0 1013
8
4
10118 10253
- 025 July'31
Burl C R & Nor 1st & co1153_1934 A 0 10212
10212 July'31
100 1023 Clevel & Mahon Vale 55_- _ -1938
J 101
4
1011 July'31
/
4
101 1017
g
CI & Mar 1st gu g 4345
1935 MN 10212
10012 May'31
10012 101
Canada Sou cons gu 5s A-1962 A 0 108 Sale 10718
108
10 105 10812 Cleve & P gen gu 434s ser BJ942 AO 10112
98 Dec'30
Canadian Nat 4 Me_Sept 15 1954 M
10012 Sale 10014
98 10212
1005
A0 9214
3 16
Series B 3;is
1942
87 Mar'29
30
-year gold 4;is
1957!
100 1003 100
8
9714 10258
10012 21
Series A 434s
1942 ii 10018
10114 Nov'30
Gold 4348
1968 J D 10015 Sale 100
9712 10213
1003
8 34
Series C 334s
1948 MN
925 Jan'31
8
928 9253
Guaranteed g 55-__July 1969! .1 10514 Sale 105
24 104 10814
106
FA 88
Series D 3343
/ _
1
4
_ 8618 May'30
1950
Guaranteed g 55
Oct 1969 A 0 1053 Sale 10514
8
/
4
8
106
40 1035 1081
Gen 4;is ser A
1977 FA 10212 Sale 10212 10212
5 101 105
Guaranteed g 55
1970 F A 10518 Sale 10518
10534
1 104 1073 Cleve Shor Line 1st gu 4;45_1961 AG 104 Sale 103
4
104
2 10214 1041e
Guar gold 4%s_ __June 15 1955 J D 10114 Sale 10114
102
/
1
4
27 100 104
Cleve Union Term 1st 5;43_1972 AO 111 Sale 111
111
22 10814 11114
Guar g 412.5
1956 F A 10014 Sale 100
1004 40 100 1007
/
1
s
1st s f Is series B
1973 AG 10614 108 1067 July'31
8
10412 10912
Canadian North deb at 75.1940 J D 11318 11214 1125
5 113
14 11015 11312
1st Sf guar 434s series C 1977 AO 10218 10312 103
2 1011 104 4
103
/
4
3
25
-year f deb 6;is
1946! J 11918 Sale 11912 11912 29 11512 121
D 95
Coal River Ry let gu 43_ 1945
92 Apr'31
92
s6le
10-yr gold 4%s___Feb 15 1935 F A 10253 Sale 10212 1023
4 33 10018 1035 Colo & South ref & ext 43.0_1935 MN 98 Sale 98
8
994 136
/
1
98 10212
Canadian Pac Ry 4% deb stock.. J .3 82 Sale 823
/
1
4
8438 102
4
823 8912
4
MN _83 84
Genl m 434s ser A
1980
84
1
84
973
4
Col tr 43.45
1946 M
9953 Sale 99
/ 10012 21
1
4
98 102
Col & H V 1st ext g 48
1948 A0 ijC4
9514 June'31
92
967
s
55 equip tr ctts
1914! J 10434 Sale 1043
4 10513
8 102 107
Col & Tol 1st ext 45
1955 F A 9514 _- 9614 June'31
9312 9614
Coll tr g 55
Dec 1 1954 J D 101 Sale 1001 102
/
4
69 10018 10512 Conn & Passum Riv 1st 48_1943 AO 91
90 Dec.30
Collateral trust 43.48
1969 J J 9612 Sale 9618
98
9618 100
69
Consol By non-bony 48___ _1954 J J 7312 Bale 7313
74
16 -664
Carbondale & Shaw 1st g 48.1932 M S 96
_ 98
/ Oct'30 _
1
4
Con-cony deb 4s
1955 J J 74 Bale 74
74
2
68
76
Caro Cent 1st cons g
_ _1949
J
4 -55 4 75
Non-cony deb 45
/
1
1955 A0 714
7214 Apr'31
_
70
7234
Caro Clinch &0 1st 30-yr551938 .1 D 10311 Ig 1051
4s515
54
_14 54
/ 105'4
4
102 104
Non-cony deb 4s
74
1956'.3 7312 Sale 7313
7
68
/ 75
1
4
lst & con g 6s ser A Dec 1552 J D 1083 1083 10814
8 -- 4
10814
2 107 10912 Cuba Nor Ry let 53.4s
/
1
4
1942 .1 D 43 Sale 40
43
3512 47
53
Cart & Ad 1st gu g 4s
1981 J D 8012_
88 July'31
88
92
Cuba RR 1st 50
62 Sale 611
/
1
4
6214 16
-year 55 6-1952 J
/
4
7012
45
Cent Branch UP 1st g 48._1948 J D 65 78 May'31
79
78
833
4
let ref 734s series A
1936 JO 72
11
747 72
72
70
8
80
/
1
4
Central of Ga Ist g 55Nov 1945 F A
4
___ 1033 June'31
101 1033
4
-1936 JO 64 Sale 64
1st lien & ref 68 ser
1
64
59
72
Consol gold 55
1945 M N 1009112 95 93
9412
7
93 10214
Registered
M N
100 Feb'30
MN 944 Sale 944
Del & Hudson 1st & ref 45..1943
9458 9914
/
1
/
1
955
8 69
Ref & gen 5345 series B._1959 A 0 -71.1 1314 853 June'31
2
4
-gLia 100" 30-year cony 5s
1935 A0 103 10512 10512 July'31
10012 106
Ref & gen 55 series
_1959 A 0 7114 7612 793 July'31
4
70
9518
15
-year 534s
1937 MN 1043 1053 105
4
105
4
7 10312 10812
Chatt Div pur money g 43_1951 .1 D
85 8712 May'31
87
88
D RR & Bridge 1st gu g 43_1936 FA
____ 100 Apr'31
9612 100
Mac 32 Nor Div 1st g 53_1946 J J 945
8
_ 9314 June'31
J 8912 Sale 8912
93 102
/
1
4
Den A; R G 1st cons g 4s___ _1936
19
90
8914 99
Mid Ga & ALI Div pur m 55'47 J
72 10 -14 10212 Sept'30
/ -1 0
4
5112 5314 5312
9 3 95
42
9 114
5 2
6
4
Consol gold 4345
1936 .1 J 93
3
9312 101
Mobile Div late 55
1946 J J 945 -8
10112 Apr'31
10153 l01's Den & KG West gen 5s_Aug 1955 FA
42
83
68
Cent New Eng 1st gu 4s_-1961 J .3 8512 8812 8558
_
July'31
85
8914
Ref & impt 5s ser B.Apr 1978 AG 61
62
66
62
2
62
8534
Cent RR & Bkg of Ga coil 55 1937 M N
___ 947 95 July'31
8
9412 9914 Des M & Ft D 1st gu 4s
8 Apr'31
4
25
1935'.3
8
8
Central of N J gen gold 5s_ _1987 J
il3 / Bale 11318
1
4
11318
1121 115
/
4
Certificates of deposit
5 June'31
414 15
8
5
Registered
1987 Q J
11253 July'31
10912 11412 Des Plaines Val 1st gen 434s_1947 -g
99 Nov'30
General 48
987 J .
1.1
__ 9812 973 Jan'31
4
8712 9812 Det & Mac let lien g 48
_aS 35
1955 JD
35 Apr'31
Cent Pac 1st ref gu g 4s- _ _1949 F A 983 Sale 98
8
_2_ 90_
9512 99
Gold 48
40
1995 JD 25
38 Dec'30
Registered
F A
964
/
1
95
Detroit River Tunnel 4345-1961 MN 10253 ____ 103
97
103
10413
1
Through Short L 1st gu 4s 1954 A 0 96 Sale 96 July'31
96
95
/ 98
1
4
Dul Missabe & Nor gen 53-1941 J J 1045 10512 10418 June'31
10418 10418
2
Guaranteed g 53
1960 F A 1003 Sale 10018
4
104
105
1937 A0 10414 ____ 10414 July'31
99 10515 Dul & Iron Range 1st 5s
/
1
4
102 10414
Charleston & Sav'h 1st 78-1936
J 10752 ____ Ill June'31
.3! 46
109 111
Dul Sou Shore & Atl g 53_ 1937
50
46 July'31
3
612 60
13
Ches & Ohio 1st con g 5s
1939 111 N 107
____ 107 July'31 _
104 10712 East By Minn Nor Div 15t 48'48 AG 961 ____ 973 July'31
/
1
4
/
4
4
Registered
3
6614 97 4
M N 104
__
10314 Mar'31
101 10312 East T Va & Ga Div let 5s_ _1956 M N 10512 1104 10712 June'31
/
1
10434 108
General gold 4348
1992 M
106 Sale 106
c108 23 10318 108
Elgin Joliet & East 1st g 55_1941 MN 105 Bale 105
4 104 10712
10512
Registered
M
10318 ___ 10412 July'31
102 10412 El Paso & S W 1st 5s
1965 A0 103
4
____ 1043 July'31
10214 106
/
1
4
Ref & impt 4 3.49
1993 A 0 101 Sale 1001 101
/
4
13
9812 10315 Erie 1st cony g 45 prior
1996 J J 8715 89
8714
88
8414 89 4
34
3
Ref & lmpt 414s ser B
1995 J J 991 Sale 9918
/
4
101
71
9915 1023
Registered
1996 J J 82
/ 8712 84 July'31
1
4
4
8012 8712
Craig Valley 1st 53. May 1940
J 1021 -.-- 0314
/
4
10314
1015 10312
1st consol gen lien g 48_ _1996 J J 74 Sale 74
8
39
70
7914
Potts Creek Branch 1st 43_1946 J .1 9513
_ 9514 June'31
J J
8
94124 953
Registered
1996
68 Dec'30
6
R & A Div 1st con g 45_ _1989 J j g7 - -- 97 July'31
9
8
931
Penn coil trust gold 4s
1951 FA 101 gife" moss
.0102
10114 13 -5§4 10114
2d consol gold 45
1989 .1 J 9312 ____ 9414 July'31
924 9412
50
/
1
-year cony 45 Bering A_ _1953 A0 70 Sale 70
7112 60
Warm Spring V late 55_ _1941 M S 10214 ____ 1043 May'31
6812 7812
4
1043 1043
4
Series B
1953 AO 70 Sale 70
71
17
4
68
-See under Indus tr'Is
78
GlIreal)Corp 5s
/
1
4
Gen cony 48 series D
1953 AO 6712 Sale 67
/
1
4
6712
5
674 7513
Chic & Alton RR rot it 39 1949 A 0 69 Sale 684
/
1
69
MN 6914 Sale 69
17
67
Ref & impt 55
/ 73
1
4
1967
/
1
4
75
96
Ctf dep stpd Apr 1 1931 Int_ _
6512 8412
66
65 July'31
67
65
Ref & lmpt 5801 1930_ 1975 AO 6812 Sale 6812
70
7414 106
66
Railway first lien 314s_. _ _1950
84
79
/
1
4
- 793
4
4
793
1
Erie & Jersey 1st s f 65._1955 J
11218 Sale 11218
3
11218
795 79 4
4
2 109 112
Div 33.45.1949! 1 934 Bale 9314
/
1
4
Chic Burl &
/
1
933
4 12
89
Genesee River 1st s f 63 1957 ii 111 11214 111 July'31
9314
10618 11412
Registered
J .1 ---- -- 91
Jan'31
Erie & Pitts gu g 334s ser B_1940 ii 8713 --- 9712 July'31
91
91
Illinois Division 4s •
93
1949 J J 983
/ 984
1
4
/
1
4
100
100
/ 16
1
4
Series C 314s
1940 J J 8712 ____ 854 July'31
3
963 1003
5
/
1
8518 8818
General 48
1918 M S 987 Sale 987
8
s
993
4
7
Fla Cent & Pen 1st cons g 5s '43 .1 J 85
9612 100
92
93 July'31
81
1977 F A 103 Sale 10212 1033
lst & ref 4348 ser B
93
8 17 100 10412 Florida East Coast 1st 4348_1959 -ID 75
80
74
74
1
lat & ref 56 series A
1971 F A 108 Sale 108
671s 80
10914
13 1073 1103
1st & ref Is series A
4
1974 M
181i Sale
4
173
4
2212
4
47
17
31
c Cash sale. a Option sale.
-
924
BONDS
N. Y. STOCK EXCHANGE,
t
•-• a.
Week Ended Aug. 7.
New York Bond Record -Continued-Page 3
Price
Friday
Aug. 7.
Range
Since
Jan. 1.
Weara
Range or
Last Sale.
High
High No. Low
Ask Low
Bid
2812
1
15
15
15
16
Fonda Johns & Cloy 1st4Hs 1952 MN 15
lat g 430-1941 J J 96- 9618 Aur30
Fort St U D Co
10714
2
W & Den C Ist g 5%3_1961 J D 10614 16i 1057 June'31
10312 10512
Frem Elk & Mo Val 1st 65.-1933 A 0 10414 105 10414 July'31
954 100
Gala Hous & Hand 1st 58-1933 A 0 ___ 9512 9512 July'31
30 5712
50 45 July'31
Gs & Ala Ry lst cons 5s Oct 1945 J J 45
& Nor let gu g 5s '29
Ga Caro
85 95
86 86 July'31
Extended at 6% to July 1,19345 J
73
73
73 Jan'31
1946 A 0 4014 66
Georgia Midland let 58
10312 105
10312 Apr'31
Gouv diOswegateble let 55_ _1942 J D 1021s
994 1015
4
10138 July'31
Gr R & text 1st gu g 439s._1941 .1 J
Sale 11212 1124 11 11018 11314
Grand Trunk of .an deb 73_1940 A 0
4 66 10514 10878
1073
1936 M S 10718 Sale 107
-year $ f 69
15
98 Nov'30
Grays Point Term 1st 55-_1947 J D
:
Sale 10834 10912 -ioi jar, 112
Great Northern gen 75 ser A_1936 J .1
109 110
10912 May'31
J D
Registered
26
4 100
9854 102
4
lst & ref 4Hs series A-.._.1961 J J 9812 983 983
1054 34 104 111
General 5)98 series B-___1952 .1 J 104 Sale 104
14 9914C108
1973 J
97 100 9914 101
General 58 aeries C
4 35
943
9112 100
General 419s series D--.1976 J J 9112 Sale 9112
9412 80 90 9934
1977 J J 90 Sale 90
)93 series E
General 4
6713 6712
Feb 5018 75 6712 Apr'31
Green Bay & Welt deb ate A.
712 21
74 June'31
Feb
7
7 8 16
Debentures cifs B
953 954
9538 Mar'31
8
Greenbrier Ry 1st gu 413._ _1940 MN 9814
9612 9978
81
Gull Mob & Nor 1st 5193_1950 A 0 _-_- - " 97 Mar'31
7918 92
75 80 July'31
1950A 0
M 55 series C
lst
10214 _7,- 10158 June'31
4
10138 1043
Gulf & S I 1st ref & ter 5s_Feb'525 .1 .
1044 10 10118 10678
Hocking Val 1st cons g 4)92_1999 J J 10412 Sate 103
10012 10012
10012 Apr'31
1999 J J
Registered
974 10114
100 July'31
Housatonic Ry cons g 5s_ -1937 M N 10014
100 10138
10158 June'31
H & T C 1st g 5s int guar_ _1937 J J 10112
10014 103
102 102 July'31
53.1937 J J
Houston Belt & Term let
10038 102
102 July'31
Houston E & W Tex 1st g 53_1933 M N 102
100 102
102 July'31
let guar 5s redeemable_ 1933 M N 102
10
100
98 10214
4
Hud & Manbat 1st 5s ser A_1957 F A 983 gide 98
74
4
7814 123
793
Adjustment Income 53Feb 1957 A 0 75 Bale 75
_
9434 July'31
Illinois Central 1st gold 43.-1951 J J 9434
4
825
1951 1 J 8512 91'4 8254
lit gold 3198
J
83 8518 8614 June'31 _
Registered
8558 July'31 __
Extended 1st gold 3346-1951 A 0 8512
73 Mar'30 ____
1951 M S
let gold as sterling
31
88
Collateral trust gold 46-1952 A 0 -We Sale 8534
6
1955 M N
78'2 784 79
1st refunding 45
1952 J .1 8358 8534 8414 July'31
lines 3399
Purchased
1
7312
7512
8
Collateral trust gold 4s...1953 M N 715 74
9512 24
1955 M N 924 Bale 924
Refunding 58
12
4
3 Sale 10512 106
105
15
-year secured 639s g-- -1936
4 89
733
Aug 1 1966 F A 64 Bale 64
40-year45js
-- 90 June'31
1950 J D 76
Cairo Bridge gold 48
4
775 July'31 _
Litchfield 1)1v let gold 33_1951 1 J 77
84 July'31
Loulsy Div & Term g 3398 1953 J J 8312
4 774 764 July'31
Omaha Div lat gold 33- --1951 F A 713 -79
7518 June'31
St Louis Div & Term g 38.1951 J J 75
7
8318
1951 J J 82 83 8218
Gold 3345
85 Feb'31
Springfield Div 1st g 3395.1951 J J 8518 __
8
0? vi7 9114 July'31
.
Western Lines let g 45- - -.1951 F A 2
F A
9012 July'31 ___
Registered
Ill Cent and Chic St L & N 0
5
83 4 17
Joint let ref Sc series A__ _1963 J D 76 Sale 73
6
75
74
7418
1st & ref 4398 series C_ _1963 J D
984 9138 Jan'31
Ind Bloom & West 1st ext 43_1940 A 0 94
955s
9558
1950 J J 9513
Ind III & Iowa 1st g 4s
4
745 8712 Feb'31
Ind & Louisville lst gu 43-1956 J
Ind Union Ry gen 55 ser A..1965 S J 10254 105 10254 July'31
1024 June'31
19665 J tovs
Bs Gen & ref 5s series B
23
87
Ind & Grt Nor 1st 6s ser A--1952 S J 87 Sale 8534
66
60
.Adjustment 68 ser A_July 1952 A 0 80 Sale 55
k
8
724
1956 3 J 70 Sale 70
B
a 1st 5s series
14
72
4
723 71
19561 .1
1st g 5s series C
1
6814 41
Int Rys Cent Amer 1st 53-1972 MN -a; 661 135 4
2
6112
1941 MN 64 65 614
1st coil tr 6% notes
2
52
55 51
'1947 F A 52
let lien & ref 6395
One 31
9 July'31
Central 1st gold 53--193J J D
Iowa
10 June'31
632 10
Certificates of deposit
3
5
3
3
1951 51
Refunding gold 4s
James Frank & Clear lst 4s_ _1959 I 13 944 961 694 July'31
103 May'31
Kal A & G K let gu g 5s_ 1935 1 .1
8818 -15
8818
1990 A 0 -Z113r8
M 1st gu g 4s
KAU
s 34
90
905
KC FtS& M Ryref g 4s-1936 A 0
25
79
Kan City Sou let gold 38_ _1950 A 0 774 Sale 7712
884 20
Apr 195C J J 85 87 86
'rapt 58
Ref &
984 80
Kansas City Term 1st 4s- -.1960 S J 98 Sale 974
934 July'31
Kentucky Central gold 43_1987 J .1 9312
93 June'31
Kentucky & Ind Term 4343_1961 S J
1961 J J 89 921 894 July'31
Stamped
89 Apr'30
19615 J 94
Plain
Lake Erie & West let g 53_ _1937 J J
1941 J J
2d gold Se
Lake Sh & Mich So g 3%3.-1997 J D
1997.3 D
Os -Registered
Leh Val Harbor Term gu 53_1954 F A
J
Leh Val N Y Ist gu g 4195_1940
Lehigh Val (Pa) cons g 45..2003 M N
M N
Registered
2003 M h
General cons 4 Hs
Lehigh Val RR gen 55 series_2003 MN
Leh V Term Ry lst gu g 5s_ _1941 A 0
Lehigh & N Y 1st gu g 45_ _ _1945 MS
Lax & East let 50-yr Sc gu 1965 A 0
Little M lam!gen 48 series A _1962 M N
Long Dock consol g 88-1935 A 0
Long Island
1938.3
General gold 4s
1932 .1 D
Gold 4s
1949 IN S
Unified gold 45
1934 .11
58
Debenture gold
1937 M N
-year p m deb 53
20
1949 M S
Guar ref gold 4s
Nor Sh B 1st con gu 53 Oct '32 Q J
Louisiana & Ark 1st 5s ser A _1969 .1 J
Louie k Jeff Beige Co gd g 48_1945 M S
Louisville AL Nashville 53_ _J937 M N
1940 J J
Unified gold 45
J J
Registered
Collateral trust gold 5s-1931 M N
1st refund 5Hs series A_..2003 A 0
2003 A 0
Ist & ref 5s series B
2003 A 0
let & ref 419s series C
Paducah & Mem Div 43_1948 F A
St Louts Div 25 gold 35...1980 M S
Mob & Montg 1st g 4)0_1945 M S
South Ry joint Monon 45_1952 S J
ALI Knoxy & Cin Div 45...1955 M N
Loulsy Cln & Lex Div g 4398'31 MN
1934 J
Mahon Coal RR let 5s
N
Manila RR (South Lines) 43_1939
1959 MN
1st ext 4s
Manitoba S W Coloniza'n 5s 1934 3D
'S
Man GB&NW let 3193_1941
Mex Internat let 4s asstd._.1977 MS
-Mich Air L 43_1940 .1
Mich Cent
Jack Lane & Sag 3Hs_ .._ _1951 M S
N
1952
let gold 334s
1979 J J
Ref k impt 439s ser C
1940 AO
Mid of N J let ext 5s
102 July'31
102
10014 July'31
9812
82
82 Erlife 82
3
8112 82% 83 4 June'31
109 1044 104 July'31
1004 101 1004 July'31
9514
8413 Sale 8412
83 May'31
S.--11/13 9838 10053
103
10614 102 102
4 1034
102 10514 1033
9514
8
923 98 9514
109
_
10914 109
0112 May'31
106 July'31
10312
98
98 Sale 98
100
100 --- 100
9114
93 July'31
10114 ---- 10118 10114
10212 Sale 10212 10212
2
963
s
9534 97 057
4
1003 10112 101 July'31
5312
4818 Sale 46
94
94_- 94
10414 .16514 1034 July'31
9914
99 Sale 9858
9912 Mar'30
8
1005 July'31
10094
1044 Sale 10414 10414
10212
100 102 4 101
9.512
93 9514 954
- 93 July'31
914
s
683
8
8
1383 184 683
4
99 101 1013 May'31
8812 88 July'31
88
9412
941s 96 9414
8
8 1005
1004 ---- 1005
- 102 June'31
102
6514 1814 654 July'31
77 65 July'31
65
3
99 4
99 4 100 995
4
3
8714 June'31
8712
212 Deo'30
0858 July'31
79 May'28
91
91
3
90 3
8
10114 1015
- 5
10018 16ii
78
78
78 81
6
io
15
10
2
1
5
2
1
10
6
20
_
70
1
73
8
18
7
20
14
9318
823
4
8614
8512
96
4
853
8614
87
845e 90
764 93
80 8814
73 9014
9212 106
10512 110
64 100
90 93
754 784
4
823 8514
7512 78
7518 78
804 8414
85 85
8934 93
9012 9012
Price
Friday
Aug. 7.
BONDS
N. Y. STOCK EXCHANGE,
Week Ended Aug. 7,
Bid
Mll& Nor 1st ext 439s(1880)1934 3D 10012
Cons ext 432e 11884)__1934 JD 964
Mil Spar & NW 1st gu 4s...1947 MS 92
J
Milw & State Line 1st 3393.1941
15
Minn & St Louis 1st cons 53_1934 MN
9
1934 MN
CM of deposit
5
let & refunding gold 4a.__1949 MS
8
Ref dic ext 50-yr 5s ser A __ _1962 Q F
Certificates of deposit......
--,M SIP & SS M con g 4s int go '38 35 72
1938 Ii ____
let cons 5s
let cons 5$ gu as to int__ _1938 3, 68
-year coil trust 6 Hs_ __ _1931 MS 9918
10
1946 Ii
1st & ref Os series A
1949 MS
25
-year 534$
94
1978
let ref 5358 ser B
1st Chicago Term s f 43...1941 MN
MI531531001 Central 1st 5s-1949 35
1959
'I
Mo-Ill RR let 55 ser A
Mo Kan & Tex let gold 4s_ _.1990 SD
'I
Mo-K-T RR pr lien 5s ser A_1962
1962 J J
-year 4$ series B
40
1978 .1 .7
Prior lien 434s ser D
Cum adjust 53 ser A_Jan 1967 A0
Mo Pac 1st & ref As ser A-1965 FA
MS
1977 MS
let & ref 5s series F
1978 MN
1st & ref g 53 ser 0
1949 MN
Cony gold 5345
1980 AO
1st ref g 5s series H
1981 FA
lst & ref 53 ser I
Mo Pac 3d next at4% July 1938 MN
Mob & Bir prior lien g 68-1945 Ii
J J
Small
1945 J
1st M gold 4s
Ii
Small
Mobile & Ohio gen gold 43-1938 MS
Montgomery Div 181 g 53.1947 FA
1977 MS
Ret & impt 4393
1938 MS
See 5% notes
Moh & Mal 1st gu gold 45..1991 MS
1937 Ii
Mont C 1st gu Bs
1937 Ii
let guar gold 59
Morris & Essex let gu 334e..2000 JD
1955 MN
Constr tel 53 ser A
1955 MN
Constr M 4393 ser B
•P
Range'
Since
Jan, 1.
High
High No. Low
Ask Low
9712 10214
101 June'31
9612
0812
8 9812 100
We
924 95
9312 93 July'31
90 Apr'28
"ii 20
26- 15 July'31
30
11
11 July'31
24
9
3
5
5
Sale
8
8
8 14 8 May'31
3
8 4 10 Nov'30
891- 4
72
7
Sale 6858
60 8412
62
1
65 62
9412
79
13
80
4
695 80
23 90 10012
Sale 9912 100
89
81
81 Apr'31
72
45
50 45 July'31
4
993
85
31
05
9412 93
9558 Deo'30 _
944 July'31
21
52
60
10
89
89
4 21
9314 e953
824 11
80
8854 July'31 - 77
7812 25
884 45
794
91
5718
59
7812
8212 123
7812
8112 29
72
713
118
7812
82
17
7812
82 216
97 May'31
100 Mar'30 _96 May'31
8914 June'31
88
- 81 July'31
8014
80 May'31
-- 95 994 Apr'31
.
53 48 4914 July'31
5214 11
49 Bale 49
9314
1
934- 9314
- 8
10818 1697 10878 June'31
104 July'31
104
so 8354 8314 8314 23
1071, Sale 10712 10734 7
6
10018 10114 10014 10114
9212
52 Sale
8814 894
9314 Sale
80 Sale
____ 8858
77 Sale
8018
854 Bale
7
78 8 Sale
7812 Sale
72 Sale
7812 Sale
7812 Sale
9512 ---_
_
95
88 97
50 6514
87 92
4
8218 1033
7778 92
87 98
6912 95
7918 100
4
565 75
7612 9912
75 99
60 101
4
783 99
704 0538
954 99
-33" 97SA 92
88
79
80 83
994 102
2
35 693
49
3
90 4
88 9314
0914 10914
10214 104
8314 86
106 1084
10014 103
4
93 924
924
5 9112 953
Nash Chatt & StL 45ser A-1978 FA
10218 10414
8
1937 FA 10418 1041 10414 July'31
N Fla & S 1st gu g 58
18 July'28
J
of Mex pr lien 4398-1957
Nat Ry
1254 July'28
Si
1914 coupon on
July
4
45
2
212 July'31
--214
Assent cash war rct No.4 on
3
3
3 Mar'31
coupon...1977 AO
Guar 45 Apr'14
112 5
2 July'31
-154
Assent cash war rct No.5 on
44 3513 July'28
4
Nat RR Max pr lien 4158 Oct'26 i--3
7
2
4
4
8
4 Sale
Assent cash war rct No.4 on
22 Apr'28
1951
let consol 45
414
2
2 14 214
214
2
Assent cash war rct No.4 on
86 87
87 86 Apr'31
73 10214 Naugatuck RR let g 45._ -1954 MN
9934 10312
1034 June'31
8
747 06
New England RR cons 53_1945I' 10112 10312 913
88 93
4 10
913
4
1945 J J 9134 Sale
914 914
Consol guar 48
9912 92 Nov'30
itg
9438 9712 NJ June RR guar let 45_ .._ _1986 FA
713F8 85
7614
1 -7
7614
8434 8812 N(MN E let ref & impt4198A'52 33 7814 Sale 90
9312
9112
5 85
10238 10338 New Orleans Term let 48...J953 .1 .1 90_ 9212 9878 Mar'31
98 1004
84
10238 10412 N0Texas & Mex n-c Inc 53_1935 A0 01
69 894
7012
8 58 9334
1954 A0
series B
90
7778
1st 5s
70
5 6378 944
1956 FA 64 Bale 64
37 85
1st Sc series C
72
50
1956 PA 53 62 65 July'31
65 81
let 4 59s ser.es D
62 10138
74 70
7414 11
1954 AC 63
8012
65
1st 539s series A
96 100
100 -- 100 July'31
854 73
N & C Bdge gen guar 434s..1045 31
101 1015
4
4
4
60 8314 N Y 13 & ki B 1st con g 5s-1935 AC 1013 -- 1013 July'31
4778 74
4 24 10312 10734
14 107 10718
3
18
9
N Y Cent RR cony deb 63_1935 MN 407 Sale4 9212 1073
94
93 924 9738
1998 F A 924
15
10
Consul 4s series A
9412 104
9653 20
Ref & impt 439s series A._2013 A 0 9334 sale 944
214 6
9334e10038
933
9632
- Sale 102 4 10472 224 10112 109
9678
94
When issued
68
- zj
5s geries C _ __.2013 5"- ioi •
103 103
Ref & Mat
8218 8714
8314
8818 9212 NY Cent& Hod Riv M 334519973 J 8218 Sale 8218 June'31 158
8314 8538
_
84 8314
1997 3 j
87
Registered
9912
51 N iooiz Sale 10012 10214 87 100 10214
1934
73 814
Debenture gold 48
96 1014
96
1
19425 J 96 Sale 96
83 10234
-year debenture 4s
30
7
80 8 85
84
Lake Shore coil gold 3343-1998 F A SO% Sale 8078 May'31 19
9314 9818
8212
76
1s 8212 81
1948 F A 77
Registered
9112 943
4
82 854
8314 8412 July'31
93
93
Mich Cent coil gold 3348_1998 F A 81
80 84
1998 F A 7712 84 8212 Mar'31
Registered
884 94
99
7 95 10018
NY Chic & St L let g 45-1937 A 0 95 Sale 95 Mar'30
9314
1937 A 0
Registered
7
101 -7812 102
88
-61;1e 7512
1932 A 0
10118 10314
6% gold notes
77
20 7312 107
Refunding 539s eeries A.__1974 A 0 734 Sale 7312
4
10014 1003
5912 93
98
68
3
1973 M S 60 4 Sale 5912
82 8718
Ref 434e series C
4
5 10118 1033
102 1014 10118
83 85 NY Connect let gu 434s A.1953 F A
10418 10512
10512 May'31
1953 F A 1 rz
10312 10712
lat guar 5s series B
4
s
923 921
10112 N Y & Erie 1st ext gold 45..1947 M N 9414 _-_- 924 Mar'31
99
1933 IN s 1001s ---- 100 June'30
8378 9018
3d ext gold 439s
83 86
9734
96
--1946 M N 80 95 9614 Feb'31
s
N Y & Greenw L gu g 53967 101
88 88
. 88 June'31
4
102 1063 NY & Harlem gold 3343_2000 MN 8412
1014 105 *N Y Lack & W 1st & ref gu 58'73 MN See note•1) elow.
1 102 1034
102
1973 M N 102 105 102
let & ref gu 419sser 13
84 96
1004 10214
101
1932 F A 101 Sale 101
N Y & Jersey lst 5s
108 111
94
94
94 Apr'31
9118 9312 N Y & Long Branch gen 43._1941 M S 924
7514 July'29
NY&NE Bost Term 4s. 1939 A 0 9134
104 108
s 961"ki - 8
4
8 8614 873 July'31
NYNH& n-o deb 43_1947 M S 875 84
81
Non-cony debenture 334e_1947 M S 8314 85 8314 June'31
95 98
73 8112
Non-cony debenture 3Hs.1954 A (3 7914 81 804 July'31
984 100
83 88
1
8614
debenture 43-1955 3 j 8534 8614 8614
9512
Non-cony
9078
8012 8712
19
863
1956 M N 85 Sale 85
Non-cony debenture 45
101 102
70 83
Cony debenture 3 Ms.._ _1956 J J 784 79 7918 July'31
9812 103
4
1948 j .1 115 116 11478 11514 10 110 1183
Cony debenture 138
92 97
110 11512
116 July'31
.1 .1
Registered
4
10012 1013
1940 A 0 i63; Sale 1054 105513 31 10434 10612
Collateral trust 65
39
75
7112 77 s
7
72
4
7212 72
1957 M N 72
Debenture 4s
93 9714
5
9058 95 4
931 197
92 Bale 92
1st & ref 4 Hs ser of 1927_.1967 j
103 1034
8914 96
9512 July'31
R & Pt Ches 1st 4s 1954 1W N 9532
Harlem
97123102
37 60
58
38
MS 58 Sale 5612
ioois 102 NYO&Wrefg4sJune_1992 .1
3118 52
52
15
1955 D 51 Sale 51
1015 10658 General 48
96
96
N Y Providence & Boston 481942 A 0 9112 ---_ 98 Mar'31
101 106
921s 9614
_ 94 July'31
N Y & Putnam 1st eon gu 45_1933 A 0
9514 10214
70 80
7412 7718 7718 July'31
9284-N Y Susq & West lat ref 53_ _1937 J
93 93
70 75 Mar'30
1937 F A 40
2d gold 434e
63
704
50 61".
541
53 5212
1940 F A 50
General gold 55
1004 1013
4
9812 101
Terminal 1st gold 5s
1943 M N 9814 10012 101 May'31
95
86
771s 874
811
11
NY W'ches & B 1st ser! 454s'46 1 J 7912 80 80
8914 9712
10 105 108
108
Nord Ry ext'l sink fund 6 He 1950 A 0 106 Sale 105
100 101
45
19
4
261
21
273 26
4
Norfolk South let & ref A 53_1981 F A
714 85
74 July'31
Norfolk & South let gold 58_1941 M N 6512 74
10114 102
104 105
6514 7714 Norf & West RR (rapt & ext 63'34 F A 10412 -- 10411 July'31
8
10214 1026
- 1024 July'31
New River let gold 6s_...1032 A 0 10153
65 7212
4
4
963 1003
84
8 1001
5
N & W Ry 1st eons g 4s._1996 A 0 99 4 Sale 995
9812 100
9714
96
9714 July'31
1996 A 0
Registered
8714 90
12
2
973 100%
8 20
1003
DIri 1st lien & gen g 93-1944 J J 100- gide" 100
96 loo
4
985 July'31
Pocah C & C joint 4e...1941 J D 9834
9712 9914
107 - 107 Nov'30
North Cent gen & ref 5s A..1974 al
s
10l7 10394
June'3I
Gen & ref 434s ser A
1974 M S 10341- 1934
-33i8 91
so of
66 80 July'31
1001 1043 North Ohio 1st guar g 5s_1945 A 0
2
78 8712
e Cash sale. a Option slue. •Bala at 10334 reported on March 0 was an error; should have been ref. 432s of 1973
outstanding.
Week's
Range or
Last Sate.
No bonds of the 1st & ref. 58 01 1973 138111)
New York Bond Record—Continued—Page 4
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Aug. 7.
Price
Friday
Aug. 7.
1Veek's
Range or
Last Sale.
42 •
'44
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Aug. 7.
t,
925
Price
Friday
Aug. 7.
Week's
Range or
Last Sale,
Range
Since
Jan. 1.
Ask Low
1310
High No Low
High
Ask Low
Bid
High No, Low
High
9312 Sale 923
94
4
30
Seaboard & Roan 1st 59 extd 1931 j
9212 97
92 July'31
904 94
92 9214
9512 9318 July'31
91
95
S & N Ala cons gu g 55
91
102
1936 FA 10212
Oct'30
8812 30
67 Sale 67
1094
6514 6914
Gen cons guar 50-yr 59._ 1963 AO
2 i55T2 1111
10918
2
63
66 June'31
67
65
9212
So Pac coll 45(Cent Pac coll) k '49 J O 1094--- 902
924
5
9112 97
894 903
4
923
4 31
903 101
4
1st 4 As(Oregon Lines) A.1977 MS 9714 Sale 97
9918 113
97 1023s
la" Sale 108
11012 63 1073 11312
4
1934 J O 10312 ___ 10312 10312
20 year cony 5s
2 102 10334
9914 997 July'31
8
9814 10512
Gold 4 34s
1968
934 42
90
• S 91 Sale 91
9912
100 July'31
100 10512
Gold 434s with war
1969 MN 91 Sale 91
94
139
88 100
108 July'31
105 108
Gold 43-4s
1931 MN 8912 Sale 89
9138 370
8512 9474
104
10338 Mar'31
1023 1034
3
San Fran Term 1st 4s_ _ _.1950 AO 94
9535 9614
9618
1
9212 98
60 - 6912 60
2
60
60
77
So Pac of Cal 1st con gu g 59_1937 Si N 104 Sale 104
104
1 102 C1064
97
97 May'31
So Pac Coast lot gu e 49-- - -1937 S i 98
97
97
96 June'30
10314 July'31
9512 45 -9334 99
10178 10312 So Pac ItR lot ref 9s
1955 J J 933 Sale 933
4
4
1923
03 4
103 May'31
9512 Mar3I
102 103
Registered
0542 0611
J J
9673
97
2
92
98
Stamped (Federal tax)1955 is
9212 May'30
108 4 109 1083 July'31
977'3
4
107 10012 Southern Ry 1st cons g 5s_-1994 J J 'IOUs 167- 1064
1063
4 11 10512 111
1087 10912 1087
3
8
1087
2 107 1094
8
Registered
S i 103 110 104 July'31
104 10812
934 Sale 9314
9512 37
9212 98
Devel dr gen 48 series A _ - _1956 AO 77 Sale 7612
79
56
7514 8814
Deed & gen 65
7 100 11314
1956 AG 10212 Sale 10212 10312
1916 J D 20
247 171s July'31
3
Pacific Coast Co 1st g 58
14
53
Devel & gen 6 As
10614 Sale 1053
4
107
78 10414 1177
1956 AG
4
8
2
983
8
Pac RR of Mo 151 ext g 48-1938 FA 983 Sale 9838
954 9812
Mom Div 1st g 55
10214 July'31
1996 Si 10214-10018 10214
1 101 102
1938 S i 10114 10312 10112 10112
20 extended gold 55
St Louis Div 1st g 45
1951 J J 8918 913 8934
90
7
-4
8818 93
10112 10112 10 10018 101513
Paducah & Ills 1st 5 1 g 4 As_1955 S i 1014
East Tenn reorg lien g 55 1938 Si
10138 July'31
1001s
993 1014
4
Paris-Lyons-Med RR ext 65_1858 FA 10312 Sale 10314
8
1035
8 49 10212 1067
Slob & Ohio coil tr 4s— 1938 Si
86 82 July'31
80
9618
Sinking fund external 73_ -1958 MS 1034 105 10312 1033
4 51 10312 10714 Spokane Internat 1st g 58_ _ A955 S i 40
45
50 July'31
35
50
Paris-Orleans RR ext 510-1968 MS 10214 103 1023
4 1023
4 21 10012 105
Staten Island Ry lot 4 As_ 1043 J D
87
Oct'30
79
7s...1942 MS
Paulists Ity 1st & ref St
80 July'31
763 97
4
Sunbury S4 Lewiston lot 4s_ -1936 S i
9714 Apr'31
671-514 - 4
Pennsylvania RR cons g 49_1943 MN 983 101 10114 July'31
4
9734 1015 Tenn Cent 1st 68 A or B___ _1947 AO
8
777 80 July'31
8
80
92
Consol gold 4s
1948 MN 101 Sale 10014
10114 85
9758 10114 Term Assn of St L lstg As-1939 AO
_ 102 June'31
9912 102
4s sterl sptd dollar May 1 1948 MN
10114 101
10
101
98 101
1st cons gold Is
1944 FA 10514 faits 10514 May'31
1043 1054
4
Consold sink fund 4 As_ _1960 P A 105 106 105
21 1043 10714
105
4
948
Gen refund s f g 98
1953 is
8
95
23
914 953
4
General 4)45 series A ... 1965 J O 10034 Sale 10012 101
42 100 105
Texarkana & Ft Slat 5 As A 1950 FA
9512
92
4
91 1063
4
General 55 series B
4
1968 S D 10812 1083 108
1083
4 60 10718 11114 Tex & N 0 corn gold 5s_Aug 1943 s
_104_ 103 10012 Feb'31
. 1 996
901
_
551
1:2
10013 10214
15
-year secured 6348
1936 FA 110 Sale 110
1103
4 59 1083 11034 Texas & Pac 1st gold 5s....2000 J O
4
10818 July'31
1075 113
8
Registered
10914 Feb'31
FA
10914 10914
20 Inc 5s(Nlar'28 cpon)Dec2000 Mar
95 Mar'29
-year secured gold 5s_ __1969 NI N ioirs Sale 104
40
1043
4 60 10214 10554
Gen & ref Is series 13
1977 AO 89
97
904
1 —881'2 19012
66944 153
Deb g 434s
1970 AO 92 Sale 92
9014 9918
Gen & ref Is series C
1979 AO 89 Sale 89
42
91
8412 100
General 4 As ser D
1981 AO 9414 Sale 9418
9614 204
941s 98
Gen & ref 58 series D
91
00
1980 S D 89
924 32
89 101
Pa Co gu 3345 coll tr A reg_1937 St S 944 _
94 Apr'31
94
04
Tex Pac-Mo Pac Ter 5 As _ _ A964 SI S 10113 103 101 July'31
9012 107
Guar 3345 coil trust ser 13_1941 FA 934 9312 9314
9314
1
907 9414 Tol & Ohio Cent 1st gu Is...1935 S i 10212 10312 10212 July'31
8
10018 1033
8
Guar 3345 trust ctfs C___ _1942 S D 914
905 June'31
8
904 97 8
,
Western Div lot g Is
1935 AO
100 June'31
100 10014
Guar 3345 trust ctfs D
91
1944 S D 9012
5
91
8938 9312
s
Gen gold 55
1935 in ioij 102 101 June'31
10014 102
9412
Guards ser E trust ctIs
977 July'31
3
1952 MN
92
977 Tol St L& W 50-yr g 4s......1950 AG 9212 95
8
9212 July'31
94
88
Secured gold 4 As
10134 73 100 10212 Tol W V &0gu 4 As ser B _ _1933 Si
1903 SI N 10014 Sale 10018
0018 Oct'30
_Pa Ohio & Det let & ref 4 As A '77 AG 984 Sale 987
8
993
4 30
9812 10212
1st guar 48 series C
961s Apr'31
1942 MS
9518 9618
Peoria & Eastern lot cons 4s 1990 AO 70
793 75 July'31
4
75
88
Toronto Ham & Buff 1st g 481946 J O 9412
9414 July'31
89
97
Income 4s
April 1990 Apr 1212 1912 13 Mar'31
13
13
10312
Peoria & Pekin Un 1st 5 As_ A974 FA 10312 104 103
5 100 10312 Ulster & Del 1st cons g 5s_ I928 J O 6112
_ 904 June'31
904
87
23
Pere Marquette 1st ser A 59_1956 S i 8212 88
.89
8618 10514
6012 71 71 July'31 ___ 61 904
Sptd as to payt Dec 1930 int__ _ _
794
79
80
1
1st 4s series 13
80
1956 S i
7912 9588
6112
lot con Is ctfs of deposit _
1st g 4 As series C
8412 85
17
86
1980 MS
79 10112
6112 6734 65 July'31
Ctfs of deli stpd Dec '30 int_
64
76
Phila Balt & Wash 1st g 45_ _1943 MN 10014
100 July'31
97 10014
lot refunding g 45
1952 1 0 39
423 39
4
39
39
60
109 July'31
General Is series 13
1974 F A 108
109 10912 Union Pac 1st RR & Id gr 49_1947 S i 1013 ---- 1003
4
s
1014 72
90 1024
104
Genq g 4 As scr C
87 July'31
1977 J J 103
103 10412
Registered
9912 June'31
_
J J ____
4
9812 993
2312 244 2412
2412
Philippine Ity 1st 30-yr s I 4s '37 J J
3
2118 25
lot lien dr ref 48
J une2008 SI S 07 Sale 9612
977
5 65
9312 984
10234 July'31
Pine Creek reg 1st Os
4
1932 S D 1023
1025 10254
8
Gold 434s
4
1967 S i 1003 Sale 10018
10114 10
3
094 1027
88
93 May'31
Pitts & W Va 1st 4 As ser A_1958 S D
93
9512
1st lien & ref 58
June 2008 Si S 110 11212 11014 July'31
110 113
_ 917 92 July'31
1st M 4348 series 13
8
1958 AO
91
3
40
-year gold 48
9514
1968 J D 93 4 Sale 9312
9414 94
9218 95
1st M 4 As series C
4
1960 DA 7018 853 8018
8614
8018 957 U N J RR & Can gen 4s__1944 MS
8
9978 July'31
11734 997
8
P C C & St L gu 4 As A
1 101 103
1940 AO 10212 Sale 10212 10212
Utah & Nor 1st ext 4s
4
1933 S i 093
100 July'31
100 100
Sale
Series 13 4 As guar
3
1942 AO 10114 10234 10114 10112
99 103
Vandalla cons g 40 series A-1955 P A 9612 -- 953 June'31
8
95 8 96
3
Series C 434s guar
93 June'31
1942 SI N 10114
93 102
Cons s I 4s series 13
1957 MN 9612 _
98 Mar'31
9612 98
Series D 48 guar
9813 June'31
1945 SIN 9918
957 984 Vera Cruz & P assent 4 34s_.1934
8
4
2
214 July'31
214
458
8
Series E 3348 guar gold_. 1949 FA 957
05 June'30
Virginia Midland gen Is. _ -1936 - 1003 ____ 1003
4
4 100 4
/s/
3
97 103
Series F 4s guar gold
973 Apr'31
3
1953 S D 99
973 973 Va & Southw'n 1st gu 5s _ — _2003 is
_ _ 97 July'31
97 10012
8
Series G 43 guar
1957 SI N 983
983 July'31
8
984 10114
49
lot cons 50
61
1958 AG 95- - 60
-year Is
5
60
50
77
8
Series H cons guar Is
9814 July'31
1960 FA 983
9814 9814 Virginia Ry 1st 55 series A-1962 MN 104 Sale 104
1053
s 39 102 10814
Series I cons guar 4 As_ _1963 P A
_ 1034
1034
103 105
lot NI 434s series II
1962 MN 100 101 10014 10014
5
983 102
4
Series J cons guar 4 As_ _1964 MN 104 1047 10512 May'31 - 8
10512 Wabash RIt 1st gold 5s
10014
1939 MN 102 Sale 102
1023
4 23 1004 105
General NI 5s series A
4
I970 in 1073 Sale 10734 109
6 1073 1103
4
2d gold 55
4
1939 11 A 99 Sale 99
9918 65
'
95 10212
Gen mtge guar 5s ser B 1975 AO 1084 10912 10812 1084
8 10712 11012
Ref & gen s f 5 As ser A__ _1975 11 S 72
74
72
74
12
60 10212
9774 Sale 973
Gen 4 As series C
1977 .1
4
9914 81
973 10238
4
Deb 6s series B registered_ 1939 S i
981s May'29
Pitts NICK & Y 1st gu 69._1932 S i 1024 103 1027s July'31
10234 103
1st lien 50
-year g term 48_ _1954 is 81
85
81 July'31
81
9412
20 guar 139
104 Apr'31
1934 S i 103
1034 104
Det& Chic ext 1st 55
1941 S i 10012 10212 1004 10012
4 10012 10212
Pitts Sh & L E lot g Is.
10313 June'31
1940 AO 10314
101 1034
Dest Moines Div lot g 95-1939 J J 84
907s 8813 Apr'31
91
88
1st consol gold 55
1003 Aug'29
4
1943 J J 1034
Omaha Div 1st g 3 As-- — 1991 AO
7912 79
79
1
79
90
Pitts Va & Char 1st 4s
3
1943 MN 974 993 983 June'31
985 PU's
Tol & Chic Div g 48
1941 MS 904 Sale 904
3
904
90
92 e
7
Pitts Y dr Ash 1st Is ser A_1948
924 Jan'31
D 9714
924 925 Wabash By ref &gen Is B _ - _1976 P A 62 Sale 62
8
4
667
3
5612 9612
1st gen 5s series B
1053 June'31
4
1962 FA 10534
10512 1053
4
Ref & gen 434n series C
5812 60
8
1978 AO
61
5512 8912
104
1st gen Is series C
1974 J D
Ref & gen Is series D _ _1980 AG 56 Sale 56
63
8
96
56
Providence Secur deb 4s
7134 July'31
1957 MN 66
6812 75
Warren let ref gu g 3 As_ —.2000 P A
7718
78 July'31
78
77
Providence Term 1st 4s _ _1936
8072 July'31
S 00
8712 91
Wabash Cent lot gold 4s _ _1948 Q M
8912 July'31
87
8912
Reading Co Jersey Cen coil 4s '51 AG 97 Sale 9412
97
14
9412 98
Wash'term 1st gu 334s
1945 FA -05i2 92 904 July'31
0014 9314
Gen & ref 434s series A ._ _1997 is 10012 Sale 10014
10112 46 100 10318
92 June'31
1st 40
-year guar 4s
1945 FA 0634
97
87
Gen & ref 4 As series B..1997 J J 1004 Sale 100
100% 20 100 103
Western Maryland 1st 48
78
1952 AO 76 Sale 76
56
844
75
103
Rensselaer dr Saratoga 6s_ ..i941 MN
Oct'30
1st & ref 534s series A __ _ _1977 J J 85 Sale 85
22
88
82 C97
Rich & Meek 1st g 4s
7912 Sept'30
1948 SI N
West N Y & Pa 1st g 5s
104
1 1024 1044
1937 is 104 Sale 104
Rtehm Term Ity 1st gu bs_ _1952 J J 101is
103 Sept'30
Gen gold 4s
1943 AG 9714 Sale 9714
9714 29
9213 9814
9812 100 May'31
Rio Grande June 1st gu 5 -1939 S D 96
9
98 100
6912 Sale 694
Western Pac 1st Is ser A....1946 M
7612 20
6814 97
214 June'31
Rio Grande Sou 1st gold 48_ _1999 S i
2
214 West Shore 1st 4s guar
9112 76
2361 J J 91 Sale 9012
9012 9414
Guar 4s (Jan 1922 coupon)'40 S i
712 Apr'28
883
8
1
Registered
883
s
2361 J .
883 93
8
8
Rio Grande West 18t gold 45.1939 S i -95is gide 951
954
6
90
8984 9618 July'31
97
-82i2
Wheel & L E ref 4 As ser A 1966 NI
90
991s
1st con & roll trust Is A.. _1949 AO 7912 Sale 79
7912 34
7818 8612
Refunding 58 series 13...A966 NI 5 10018 Sale 10018
10018
993 10214
4
R I Ark & Louis 1st 4 48-..1034• S _
90
894 90
2
8134 101 14
9014 July'31
__ 92
BR 1st cOnsOl 4s
1949 NI 5
9312
86
72 July'31
Rut
-Canada let gu g 4s__19I9 S i 71
65
75
3
Wilk & East Ist gu g 5s _ _1942 J D 4234 4912 483
483
s
424 5314
Rutland 1st con 4149
01-11941 J J 7813 - 3 80 July'31 _
7412 92
1024 July'31
Will & S F 1st gold 58
1938 J D 10234
10214 10253
_ _ 96 July'31
Winston-Salem 515 1st 4g
9713
1960 J
92
St Jos & Grand Isl 1st 4s_ ...._1947 ii 9214 04
93 July'31
8718 93
51
7
5212
Wls Cent 50-yr 1st gen 48_ _1949 J J 96- - 5014
504
47
6612
95 Apr'31
St Lawr & Adir 1st g 55_ _1996 S i 90
95 101
4
57
584 5612
Sup & Dul div & term 1st 9s'36 M N 53
80
5.5
2d gold 6s
4
1996 AO 90 166 997 July'31
994 103
80 Mar'31
Wor & Conn East 1st 4 As _.1943 J J 7414 90
80
80
St Louis Iron Mt & Southern—
Riv&O Div lst g 4s
96
1933
N 95 Sale 95
53
88 1004
INDUSTRIALS.
St L-San Fran pr lien 48 A ._1950 J J 61 Sale 61
65
86
504 8912 Abitibi Pow & Pap 1st 5s_ _ _1953 J D 53 Sale 53
5418 32
4412 78
46 Sale 46
Con M 434s series A
523 171
8
1978 M
40
86
Abraham & Straus deb 5 As_1943
Registered
694 Mar'31
_
S D
6954 6913
With warrants
99
AO 99 Sale 98
9013 101
Prior lien bs series 11
75
1950 S i 67 Sale 67
45
59 102
Adriatic Elec Co esti 7s
94
938 94
6
1952 AO
86 10012
St L Peor & N W 1st gu 6s_ .1948 S i
1063 1034 July'31
4
10212 198% Adams Express coil tr g 98_ _1948
87 July'31
• S 8612 87
8338 89
-9913--- 00 June'31
St Louis Sou 1st gu g 413---.1931
99 100
Ajax Rubber lot 15-yr s f 83_1936 S D
14
1
Feb'31
14
14 •
4
743
4
7473 11
St L SW 1st g 45 bond cHs.1989 Si N 743 75
7112 877 Alaska Gold NI deb 6s A... _ _1925 MS
8
7 June'31
514 7
5
10
45
60
2d g 4s Inc bond ctfs Nov 1989 S i 45
45
1
45
514 10
783
4
Cony deb Os series 13
5 June'31
1926 MS
5
6
1932 J D 70 Sale 67
Congo' gold 45
75
22
6012 1004 Albany Pefor Wrap Pap 6s 1948 AO 6114 64
6112
5
6112
78
50
60
55
1st terminal BE unifying 55_1952 is 51
55
1
45
974 Allegany Corp coil tr 51
67
125
1944 FA 6112 Sale 61
5713 8712
St Paul & K C Sh L lsr 4 34s.1941 FA 83 Sale 83
84
21
83
0812
Coll & cony 5s
6412 98
1949 J O 57 Sale 54
51
8512
004 Apr'31
1931 I A
,
St Paul & Duluth 1st 5s
100 1005
8
Coll dr cony 58
63
96
1950 AG 554 Sale 5412
50
85
1968 J O 9312 ____ 954
1st eonsol gold 4s
957
3
1
89
954 Allis-Chalmers Mfg deb bs_ _1937 MN 10112 Sale 10114
4 10014 103
102
971s Aug'30
St Paul E Gr Trk 1st 4 As_1947 j j ___ 94
Alpine-Montan Steel 1st 78_ _1955 MS 67
70
2
69
70
94
70
8
St Paul Minn & Man con 43_1033 Si 1003
100
- - 00
1
9812 102
Am Agile Chem 1st ref 51 734s'41 FA
10234 July'31
10212 10513
04
1933 S i 10312 104
10433
1st coosol g Os
4 10312 10512 Amer Beet
36
35
1
36
41
2512 47
1013
4 16 100 8 10212 American Sug cony deb 68 1936 FA
6s reduced to gold 4 As-1933 J J 10114 10212 0114
,
Chain deb s f 68_ _1933 AO 100 Sale 997
4 10018 27
98 102
Registered
D ---- -- 00 Apr'31
100 100
Am Cyanamid deb Is
88
6
1942 AO 87 Sale 87
834 96
0912 July'31 _
1937• J 9914
Mont ext 1st gold 48
97
9934 Am & Foreign Pow deb 5s_ _2030 MS 721 Sale 7214
8
74
61
7214 88
9412 June'31
Pacific ext guar 9s (sterling)'40 j
93
96
Amer Ice s f deb 55
1
8014 8014
1953• D 78
8014
744 85
113
4 1113
1 10918 112
St Paul Un Dep 1st & ref 58_1972 j j 11134 112
4
Amer I G Chem cony 5 As _ _1949 MN 96 Sale 9514
9714 96
9514 102
9334 Sale 9334
9412 22
8 & Ar PaSy 1st gu g 4s_ _1943 J
93
964 Am Internat Corp cone
1949 1 .1 8112 Sale 8112
8314 43
8112 953
4
s
Santa Fe Pros & Phen 1st 58_1942 M S 1017 -- 0314May'31
1024 10514 Am Mach & Fdy s f Os 534s 1939 AG 106 Sale 106
7 10414 106
106
Say Fla & West 1st g 6s_ _ _1934 AO 10412 -- -- 0412 July'31
104 10434 Amer Metal
72 Sale 72
78
20
1939 AO
notes_
72
95
013 Apr'31
4
1934 AO 102
1st gold 59
10012 10134 Am Nat Gas534%
1612 Sale 1512
46
813 5113
17
6 As (with war) 1942 AO
974 100
975
8
97 8
,
Scioto V & NE 1st gu g 4s 1989 SIN
1
94
931s Am Sm & R 1st 30-yr Is ser A '47 AO 1033 Sale 10314
4
104
27 10112 10412
50 July'31
Seaboard Air Line 1st g 45_ _1950 AO 304 .50
2512 5412 Amer Sugar Ref 5-yr 6s_
10512 20 103 10512
1937 is 105 Sale 10414
35
27 July'31
1950 AO 25
Gold 45 stamped
23
5454 Am Tele')& Teleg cony 4s
10312 Sale 10312
3
10312
1936
99 4 10312
3
3
5
5 July'31
Oct 1949 F A
Adjustment 58
2
8
30
s
3
-year coil tr 55
10714 38 105 10814
1946 S D 1067 Sale 1061
12 Sale 12
1959 AO
Refunding 45
123
4
7
35
3
9
-year s f deb 5s
4 2012
1960 is 1087 Sale 10812 10918 283 1047 10933
8
10
13 June'31
13
Certificates of deposit......
9
15
20-year s f 5 As
8 111
117 1073 111
1943 MN 1104 Sale 1105
4
133
4 22
1st & cons 65 series A _ _ _ _1995 MS 12 Sale 12
Cony deb 4 34s
93 19
4
1939 J J 130 Sale 12912 1314 30 1201s 135
12 Sale 12
Certificates of deposit______
123
4 16
9
35-year deb 55
1612
4 10914 255 10514 10914
1965 FA 10913 Sale 1083
544 53 July'31
50
Atl&BIrm 30-yr 1st g 4s_d1933 Si S
40
61
Am Type Found deb 35
1940 AO 103 105 103 July'31
9912 106
718 73
4 718
Seaboard All Fla lot gu 6s A_1935 P A
812
5
6
124 Am Wat Wks & El coll tr 59_1934 AG 102 Sale 102
10312 23 101 104
512 7
814 June'31
1935 FA
Series B
618 12
Deb g 63 aeries A
N 10312 Sale 10212 10412 31 1011s 30812
1975
Am Writ Pan 1st gr 6s
10-17 • J 57 Sale 57
55
5714 10
77
c Cash sale. d Due Slay. k Due August. s Option sale.
North Pacific prior lien 4s_ _1997 Q
Registered
Q 1
Gen lien ry & Id g 3s_Jan 2047 Q F
Jan 2047 Q
Registered
Ref & lmpt 4 As serles A__2047 S i
Ref & Inapt 63 series 13_ _2047 S i
Ref. & impt 5s series C_2047 J J
Ref & Impt 5s series D_2047 J J
Nor Par Term Co 1st g 68__1933 is
Nor By of Calif guar g 5s__1938 AO
Og & L Cham 1st gu g 4s___1948 S i
Ohio Connecting Icy 1st 48__1943 NI
Ohio River RR 1st g 55
1936 J O
General gold Is
1937 AO
Oregon RR.& Nay comg 48_1946 J D
Ore Short Line 1st cons g 5s_1946 S i
1946 J J
Guar. stpd cons 59
Oregon-Wash 1st & ref 4s _ 1961 • J
iaLT,
926
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Aug. 7.
New York Bond Record-Continued-Page
Price
Friday
Aug. 7.
Week's
Range or
Last Sale.
44
High
High No. Low
Ask Law
Bid
87
58
56
17
Anglo-Chilean s f deb 78-..1945 M N 51 Sale 56
10
15
1
26
1712 15
15
Antilla(Comp Azuc)7725_1939 J .7
1412
13
1412 July'30
16
Certificates of deposit
97 1017
8
2
9912
Ark & Mem Bridge & Ter 53_1964 M S 9914 10112 99%
02
81
72
70
4
Sale 783
1939 J D 79
Armour & Co (III) 4725
8012
53
7212 277
7114 Sale 71
Armour & Coot Del 5728_ _ _1943 .1 J
91
98
4 35
923
Armstrong Cork cone deb 55 1940 J D 9112 Sale 9112
102 104
8
Associated 0116% gold notes 1935 M S 103 10314 1027 July'31
8
1033 104
1947 J D 1023
--- 104 June'31
Atlanta Gas L 1st 58
54
1
50
68
54
4Atl Gulf & W I SS L coil tr 5s 1959.1 J 5312 54
4 10212 78 10012 10314
4
1937 J .1 1013 Sale 1013
Atlantic Refg deb 55
10612 10738
Baldwin Loco Works 1st 5s_ _1940 M N 107 107% 107 July'31
22
20
4
48
21 Sale 21
Baragua (Comp Azuc) 734s1937 J J
8
9212 967
95
28
Batavian Pete guar deb 434s 1942.7 J 93% Bale 9312
8612 9714
4
1936 .1 J 973 9912 9612 July'31
ngway 68
Belding-Hemi
8
1105
5 107 110%
110
8
Bell Telep of Pa 55 series B _ _1948 J .7 1105 _
28 11012 115
1960 A 0 11314 Sale 11314 114
1st & ref 58 series C
98% 23
98 c9915
Beneficial Indus Loan deb 68 1946 M S 98 Sale 98
58% 14
8818
56
Berlin City Elec Co deb 6 Ms 1951.7 D 57 Sale 56
3
50
53 4 18
86%
1959 F A 5212 Sale 50
Deb sink fund 6325
47
487
8 13
8078
1955 A 0 524 Sale 47
Deb (is
45
4812
7
8512
Berlin Elee El & Undg 6728-1956 A 0 47 Sale 45
8 15 10214 10618
1047
1st & ref 55 guar A '42 M N 103 1044 103
Beth Steel
29 1013 104
8
1936 J J 10353 Sale 10312 104
30-yr p m &'met s f 58
8312
70
70 July'31
1950M S __-- 70
Bing & Bing deb 6725
3612 37
23
3612
6725._ _ _1934 A 0 3212 Sale 30
Botany Cons Mills
2 65 105
69
1934 M S 65 Sale 65
Bowman-Mit Hotels 75
312
9
9 July'31
6
B'way & 7th Ave 1st cons 55_1943 J D
5
4
4
43 1014 5 June'31
Certificates of deposit
76% 87
8212 80 July'31
_1941 J J 78
Brooklyn City RR 1st 5s
52 10514 10712
107
107 Bale 10614
Edison Inc gen 5s A _ _1949 J
Bklyn
983 10212
4
4
J 10112 Bale 10118 1013 120
1968.7_
Bklyn-Manh R T sec 65_
62
69
6312 July'31
73
Bklyn Qu Co & Sub con gtd 55'41 MN 64
6612 6612
89 6612 Jan'31
1941 J 1
1st 55 stamped
_ 9212 June'28
Brooklyn R Tr 1st cone g 48 2002 .1 J 83
9214
85
4 12
913
4
Bklyn Union El 1st g 4'5s_ 1950 F A 913 gale 9012
1 10714 11212
111
4
BklynIha Gas 1st cons g 5s..1945 M N 1103 11112 111
121
10 11712 12112
1st lien & ref 65 series A _ _ _1947 M N 1205
-- 121
218 218
Jan'31
s1936.1 J
__ 240 218
Cony deb g 5728
D 1E153 lova 10512 10515 27 10214 106
1950
8
Cony deb 55
944 96
98
9418 May'31
Buff & Susq Iron 1st s f 5s_ _1932 J D 95
1
93
83
90
1952 A 0 90 Sale 90
Bush Terminal 1st sls
89
9 72 10114
1955.7 .7 89 Sale 87
Consol 58
9312 10318
8
10012
Bush Term Bidgs 55 gu tax-ex '60 A 0 10014 Sale 10014
4 106% 39 101 10718
8
1981 F A 106 1063 1053
Buff Gen El 472s ser B
9
97 104
: 98
1945 MN
9712 Sale 971
By-Prod Coke 1st 5725 A
8_ 105 July'31
Cal G & E Corp unit & ref 58_1937 M N 1051
4
953
Os 95
1940.7 J 95 Cal Pack cony deb 5s
85
Cal Petroleum cone deb 81 551939 F A 84 Sale 84
90 14
90
1938 M N 9012 94
Cony deb s f g 5728
30
30
Camaguey Sug 1st s IL 713._1942 A 0 3015 38
4918
48
49
1941 A 0
_
Canada SS L 1st & gen 65
-- 106 July'31
7
Cent Dist Tel 1st 30-yr 55_ 1943 J D lE158
78
1st at Os May 1931 F A 78 Sale .7412
Cent Foundry
10518 June'31
Cent Hud G 85 E 5s_Jan 1957 M S 106
9918
Cent III Elec & Gas let 55-..1951 F A 9815 Sale 98
Central Steel 1st g 5 f 135___ _1941 M N 11012 Sale 11012 114%
57
Certain-teed Prod 5725 A _ 1948 M S 5512 Sale 5414
Jan'31
24% 59
Cespedes Sugar Co 1st s f 734s'39 M S 15
9712
Cheap Corp cone 5s_May 15 '47 M N 95 Sale 95
28
274 July'31
Chic City & Conn Rys55 Jan 1927 A 0
al L & Coke 1st gu g 5s_ _1937 J J 18T4 ---- 10514 July'31
Chicago Rys 1st 5s stpd rcts 15%
6118
principal and Feb 1931 int. _ F A 5612 6112 6118
7114
1943 A 0 6518 Sale 6518
Childs Co deb 5s
3
J 8512 Sale 85
873
Chile Copper Co deb 55...._ _1947
98%
1968 A 0 9714 Sale 96%
& E 1st M 4s A
Cin
Clearfield Bit Coal 1st 48_ _ _1940 J J _74 77 Dec'30
1938 J .1 3ir2 51
45 July'31
Colon Oil cony deb 65
87
95 87
Colo F & I Co gen at 55_ _ _ _1943 F A 87
1934 F A 76
7612 78 July'31
Col Indus 1st & coil 55 gu
Columbia G & E deb 5s May 1962 M N 9912 Sale 99% 10015
Debentures 55_ __Apr 15 1952 A 0 1001s
-- 995 July'31
9918
8
4
Jan 15 1961 J J 987 Sale 993
Debenture 5s
Columbus Gas 1st gold 5s_ __1932 J .1 9814 99% 9814 July'31
4
Columbus Ry PA L 1st 4725 1957.7 .1 993 Sale 9913 100
101
8
Commercial Credit St 68_ _ _ _1934 MN 1007 101 101
4
99
993 985
1935 J .1 • 99
8
Coll tr s f 572s notes
9812
4
Comml Invest Tr deb 5325_1949 F A 9814 Sale 973
Computing Tab-Rec 5 f 65_ A941 .1 .1 106% 107 10614 10614
J lova
8
1015 July'31
4728 1951
-Conn Ry & L 1st & ref g
103
-9914 193 103
1951 J
Stamped guar 472s
48
4712 Sale 46
Consol Agricul Loan 634s1958.7
Works
Consolidated Hydro-Elec
90 July'31
of Upper Wuertemberg 78_1956 .3 J ____ 70
37
Cons Coal of Md 1st & ref 5s_1950 J D 36 Bale 36
8 108
4
Consol Gas(NY) deb 572s_ _1945 F A 1073 Sale 1073
1031
1951 J D 103% Sale 103
Deb 4728
105
Consumers Gas of Chic gu 58 1936 J D 105 10512 105
106
Consumers Power 1st 5s_ _ _1952 M N 106 Sale 106
63 60 July'31
1946 J D 60
1st Os
Container Corp
34
3212
-year deb 55 with warr_ A943 .1 D 3212 35
15
- 99% 10014
Copenhagen Telep Os Feb 15 1954 F A
9934-- 3
s f 55'34 M N 1054 105 4 105% 105%
Corn Prod Refg 1st 25-yr
95
93
96
Crown Cork & Seal s f 6s_ _ - _1947 J D 95
91
8
Crown Willamette Pap 68_1951 .1 J 90 Sale 893
6753
68 6712
Crown Zellerbach deb 68w w 1940 M S 67
8
83 ____ 41 Mar'30
Cuba Cane Sugar cony 75_ A930.7 J
1
8
83 _ _ _ c27 s Dec'30
.
Cone deben stamped 8%.J930 7 J
91
J
4
83
9 Sale
1950
Cuban Cane Prod deb 6s
93
4
93
715 10
1st 7725-1944 MN
Cuban Dom Sug
712 July'31
15
.
8
...
Certificates of deposit _ _
8 72
912 75
71
,
Stpd with purch war sttaehed_
1051
Cumb T T 1st & gen 5s_ 1937 J J 10514 Sale 10514
10412 104%
Cuyamel Fruit 1st s f 63 A_ _1940 A 0 104%
Den Gas& El L 1st & ref 8 f 53'51 M N
Stamped as to Pa. tax__ --1951 M N
Dery(D G)Corp 1st s f 75_ A942 M S
25 78 stpd Sept 1930 coupon......
J
Detroit Edison 1st coil tr 55_1933
1949 A 0
Gen & ref 55 series A
1955 J D
Gen & ref 58 series B
1962 F A
Gen & ref 58 series C
Gen & ref 4725 series D1961 F' A
F A
When issued
Det United 1st con g 4725_ _1932 .1 J
1940 M N
Dodge Bros deb 68
Dold (Jacob)Pack 1st 6s_ .._ _1942 MN
Dominion Iron & Steel 5s_ _.1939 51 S
1942 .1 J
Donner Steel 1st ref 75
Duke-Price Pow 1st 6s ser A A966 M N
Duquesne Light 1st 4725 A _ _1967 A 0
East Cuba Sug I5-yr s f g 6725'37 M
Ed El III Skin 1st con 6 4s_ - _1939 J J
Ed Elee(NY) 1st consg 55_1995 J J
El Pow Corp (Germany) 6728 50 M S
1953 A 0
lstsf 672s
Elk Horn Coal 1st At ref 6725 1931 J
Deb 7% notes (with warr) 1931 .7 D
Equit Gas Light 1st con 55_1932 M S
Ernesto Breds Co 1st m 7s. _1954
With stock purchase warrants_ F A
Federal Light & Tr let 5s_ _1942 M S
1st lien 51 58 stamped___ _1942 M S
1942 M S
1st lien 65 stamped
30-year deb (is series B__ _1954 J D
Federated Metals s f 75._ _ _1939 J D
C Cash sale. s Option sale.
103 106
8934 100
8
987
81
89 101
15
45
48
3
70 s
105 106
2
33% 78
104% 106
9612 994
26
3 10112 115
55
3113 60
59
59
148
4
883 101%
274 45
10318 10612
5
16
66
114
2
211
130
39
4
15
70
6
6
27
18
167
433
2
1
12
7
2
2
24
12
14
1
_
4
8
4
651
6312
971
9634
95
95
3
97 4 July'31
9014
9014
88
88
35
4
2
1
17
57
6518
79
90
Price
Friday
Aug. 7.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
"la
High
High No, Low
Ask Low
4
793 93
88 June'31
8814 57
88 Sale 88
3738
71
2812 6234
3
32
32 Sale 30
16 100 109
102 Sale 1014 102
4018 6912
2
5018
50 Sale 50
3
7212 86
74
751s
77
74
03 34 0 14
1 16212 1043
72
4
10712 1083 1074 10712
s 53
677
63 Sale 63
9111
3
874
4
8712 873 873
4
98% 19
98% Sale 9818
'z
93
836635
613114
92 4
6 1
74% 12
73 Sale 73
95
_
994
994 July'31
4
983
7518 104
6
7512
77 75%
75
91 Dec'30
75
72
-6514 98
72 July'31
_
92
60
30
6018 Sale 6018
4
10414 Sale 10418 10412 98 10178 1043
10312 13 102 103%
103 Bale 103
92
9512
39
94
94% Sale 94%
2
8712
86 Sale 86
80
1812 6
74
614
188
30
19 Sale 184
10
70
6412 Sale 6412
9812
6
9712 Sale 9718
661122 0 21752
50 196
7
6214 35
6214 Sale 6112
4
8314 96
913 103
91 Sale 91
2
75
88
90
9212 88
88
391 6812
41
5
4
---- 3915 39%
513 0114
93 4 100
100
16
9815 99 4 99
3
93
16
91% Sale 91%
5318 11
52 Sale 51
Bid
1946 J J
Flat deb 75 (with warr)
Without stock purch warrants_
1941 MS
Fisk Rubber 1st s f Ss
Framerican Ind Dec 20-yr 7725'42 .1 .1
N
Francisco Bug 1st s f 7725_1942
1943 FA
Gannett Co deb 65
'B
Gas& El of Berg Co cons g 551949
Gelsenkirchen Mining (is_ _ _1934 MS
Genl Amer Investors deb 53_1952 FA
Gen Baking deb Sf 572s.._ _1940 AO
1947 Ji
Gen Cable ists f 5725 A
1942 FA
Gen Electric deb g 3728
Gen Elm (Germany) 7s Jan 15'45'.7
S f deb 6725 with warr- _1940 JO
Without warete attach'd_1940 JO
1948
N
-year s f deb 65
20
Gen Mot Accept deb 6s___ -1937 FA
1940 PA
Genl Petrol 1st s f 5s
1939 J J
Gen Pub Serv deb 5325
Gen Steel Cast 5725 with warr '49 J J
Gen Theatres Equip deb 65.1940 AO
Good Hope Steel & I see 75_1945 A0
Goodrich(B F)Co 1st672s-1947 ,7
1945 J D
Cony deb 68
Goodyear Tire & Rub 1st 55_1957 MN
Gotham Silk HOS1CrY deb 65_1936 JO
Gould Coupler 1st s f 6s___ _1940 FA
Gt Cons El Pow (Japan) 75.1944 PA
1950 JJ
1st & gen s f 6725
Gulf States Steel deb 5 Ms_ _1942 J D
16
8
15
1
11
104
6
104 Sale 104
2
4
103% Sale 103% 1033
61 Dec'29
20
6
15 June'31 _
64
6
10412 24
7
104% Sale 103 8
107% Sale 10712 107% 17
3
107% 10712 10715 107%
3
10712 108 10712 10713
10418 Sale 103% 10412 225
104 July'31
4
983- 9918 July'31 - _
121
93
.
-93i2 Sale 92
56% 65 57 July'31
Mar'31
90
85
2
96
96 gale- 96
8 10414 19
1037
111000351:4748
10512 44
Sale 105
4
37
34
3012 34
1004 July'31
4
122 Ili 1203 July'31
5912 57 July'31
50
60 60 July'31
48
1
56
50 56
3
15
101- i.334 Sale 15
101% J1111'
.3
12
63 Bale
96% Sale
9418 95
98 100
9014 94
90
88
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Aug. 7,
Range
Since
Jan. 1.
74
83
4
953
98%
37
7699%
85
9412
78
9412 101%
9512 10114
7412 100
9512 9912
94 101
97 101
93% 99
9112 10012
10518 108
9914 101%
9918 1033
4
45
83%
93%
70
2478 4818
103 10812
101 10315
10318 10512
8
103 1067
48
85
20
64
97 102
102 105%
9914
90
70
4
963
5912 85
Hackensack Water 1st 45_1952 J J 9412 9514 9413 July'31
3418
Harpen Mining (is with stk purch
75 July'31
war for com stock or Am shs '49
gife" 304
Hansa SS Lines 6s with warr 1939 A0
42 July'31
4
Havana Elec consol g Os___ _1952 FA 383 42
Deb 5725 series 01 1926. 1951 MS ____ 2212 14 July'31
5812 58
58
(R)& Co let 6728 ser A.1934 AO 52
Hoe
56
56 July'31
Holland-Amer Line 65(flat).1947 MN _
3§T4 Sale 88
90
Houston Oil sink fund 534s_1940 MN
60
Hudson Coal 1st s f 55 ser A.1962 JD 5914 Sale 5914
1949 M N 10712 1083 08% 108%
4
Hudson Co Gas 1st g 55
103 Sale 102% 103
Humble Oil & Refining 5725..1932
1037 AO 103 Sale 102%
103
Deb gold 55
4
Illinois Bell Telephone 55_ _1950 1 D 106% Sale 10612 1063
1940 AO 10314 Sale 10318 10312
Illinois Steel deb 4728
1948 FA _46 4
4
Ilseder Steel Corp mtge 6s
His 26 2512 26
Indiana Limestone 1st s f 68_1941 M
1936 MN 102% ---- 10134 June'31
Ind Nat Gas & 01158
1978 AO 9414 Sale 94
4
943
Inland Steel 1st 4728
1981 FA 944 Sale 9312
9412
1st rn s 4728 ser S
100 Feb'31
Inspiration Con Copper 6728 1931 MS
1956 AO 1018 20
1018 June'31
Interboro Metrop 43.4s
912 Jan'31
13
Certificates of deposit
711
Interboro Rap Trail 1st 55-1966'.7 704 Sale 70
J 7014 Sale 7018
711
Stamped
1932 A0 55
58
58
5514
-year 65
10
901
-year cone 7% notes ,..1932 51 S 9018 Sale 9018
10
1951 MN 86 Sale 85
8614
Interlake Iron 1st 55 B
9912
8
985 July'31
Int Agri Corp 1st 20 yr 53_ _1932 MN
64
11 s
Stamped extended to 1942.... MN 62 - 7- 62
85
Int Cement cony deb 5s__ _1948 MN 85 Bale 8414
79
Internet Hydro El deb 65_ _ _1944 AO 7714 Sale 7714
1947 MN 8312 Sale 834
843
Internet Match at deb 5s
1941 .1
c921
89 Sale 89
Cony deb 55
73%
Inter Mercan Marine s f 6s_ _1941 A0 7312 Sale 7315
'3 6514 Sale 6514
70
Internet Paper 58 ser A & 13_1947
1955 MS 4818 Sale 4818
57
Ref s 1 65 series A
783
Int Telep & Teleg deb g 4725 1952 J J 77% Sale 76%
911
1939 J J 9018 Sale 9018
Cony deb 4728
1955 FA 85 Sale 8414
851
Deb 58
1947 JD 70
76
70 July'31
Investors Equity Os A
72 July'31
73
Deb 55 ser B with warr_ _1948 A0 70
1948 AO 70
70 July 31
75
Without warrants
1043
4
10414 1043 10414
Pow & Lt 1st 4725ser B.1957 .7
KC
1961 FA 106 Sale 105 8 1061
7
1st M 4725
100
Kansas Gas & Electric 4728_1980 JD 9912 Sale 99
1943 51 N
35
29% Sale 29%
Karstadt (Rudolph) 68
66
Keith (B F) Corp 1st 6s...-.1946 MS 6512 7012 6512
70 6912
70
Kendall Co 5728 with warr .1948 M S 68
4
7014 July'31
Keystone Telco Co 1st 55-1935 J J 203 24
105 June'31
Kings County El & P g 5s.,_1937 A0 106
1997 A0 1387
13834 1383
8
Purchase money 65
83
84
4
813
Kings County Elev 1st g 4._1949 PA 83 1954 J'
3
-- 1075 July'31
Kings County Lighting 5s
1954 J J 10734-- 119 July'31
11812 120
First and ret 6723
86 July'31
87
Kinney(GR)& Co 772% notes'30 JO 77
103
Kresge Found'n coil tr 65-1936 3D 103 Sale 10214
87
Kreuger & Toll sec 5 f 55-.1959 MS 85 Sale 83
87 ° 5
68 7
814 94
58
301g38
11
1212 3012
40
68
1
14
99
5
48
22
34
46
17
5
34
71
8415
12
86s537
538 65
/1712 94
51
63
104% 10858
101 c10414
1004 10318
105 107
3
0 12 0412
14018 182
25
69
10018 10134
9754
01
9356 9894961 1 19:
1
10
7 4
057 84
5061
42
55
17
8
55
1
16
40
61
241
4
19
56
43
103
78
92 8
' 9
6414 7 11
868
95°12 9743
'4 869%
4
0682
6050:22 034
8318 17 :
6
000 8
002
4
7 '1 69
1 97738
7
66
8412
70
81
76
7
95
7
184 96
70
112
16
34
48
21
3
13
8
1031
10314 1035 103
Lackawanna Steel 1st 58 A...1950
1031
103 10314 10314
Lad Gas of St L ref & ext 55_1934 A
A 10112 Sale 10112 102
Col & ref 572s series C_...1953
1960
A 101 Sale 101
101%
Col & ref 572s ser D
Lautaro Nitrate Co cony 65_1954
321
J
4
303 Sale 303
4
Without warrants
Lehigh C & Nay at 4 72s A_.1954 J J 1015s -- 101 July'31
4 - 101 July'31
Cons sink fund 4725 ser C.1954 .7.7 1013
J 1013 101 10118
10114
5 - 12
Lehigh Valley Coal 1st g 55_ _1953
'3 9918
10212 June'31
1st 40-yr gu int red to 4% _1933
1934 FA 10012
lst&ref sr 5s
14
- 10012 June'31
5
1944 FA
70 July'31
1st & ref sf 5s
16
7
1954 FA Li
52 July'31
60
1st &ref s 1 5s
712 10
1964 FA
4912
4912
1st & ref 81 58
212 17
1974 FA
H 53 50
50
1st & ref 5 f 5s
10234 106
8
12412
8
10218 105% Liggett & Myers Tobacco 75_1944 AO 1243 1247 124%
1951 F A 10814 Sale 108
10812
55
100 Mar'31
Loew's Inc deb 68 with warr.1941 AO
100 105
Without stocks purch warrants AO 9713 Sale 9714
98
99% 10412
77%
Lombard Elec 1st 78 with warr'52 JO 75 Sale 75
J
75
Without warrants
78
76
74
8 C15
1944 AO 11418 Sale 11312 114%
102 104% Lorillard (P) Co 75
1951 FA 9512 Sale 9514
5s
95%
4
1043 1094
1937 J J
9915 Sale 9912 10014
Deb 57221
105 10918
Louisville Gas & El(Ky) 55_1952 MN 106% Sale 10653 107
10514 110
993 1053 Lower Austria Hydro El Pow4
4
1944 PA 613 Sale 6184
63
4
lstsf 6725
10314 104%
McCrory Stores Corp deb 6725'41 JO 9914 Sale 99
4
993
9714 100
'4
McKesson & Robbins deb 5725'50 MN 76 Sale 75
76
824 93
48
4
533 7014 Manati Sugar 1st s f 7725_ _ _1942 AO 25
2614 July'31
Stamped Apr 1931 coupon 1942 A0 2014 Sale 20
2014
90
90
Manhat Ry(NY)cons g 4s 1990 AO 533 Sale 533
5414
8
8
90 101
2013 if 45
2d 4s
50
50 July'31
102 10612
96 June'31
97
10212c106% Manila Elec Ry & Lt sf55.1953 MS 96
Mfrs Tr Co ctfs of partic in
42
20
A I Namm & Son 1st 68_1943 JD 9212 Sale 9212
4
923
4
4
973 1003
41
11514 12312 Marlon Steam Shovel s f 65_ _1947 AO 40 Sale 40
95
Market St Ry 78 ser A_April 1940 Q 1 954 Sale 944
89
55
72
4
4
874 Mead Corp 1st 65 with wa(r_1945 AO 713 Sale 713
55
8
947
Meridionale Elec 1st 75 A _ _ _1957 A0
941 9414
81
50
Metr Ed 1st & ref 55 ser C_ _1953 ii 10514 - - 105 July'31
20
10
1968 MS 1O1'4gale
lstg 472sserD
100% 101%
101 101%
52
Metrop Wat Serv & Dr 5725_1950 AO 50
50
52
Metr West Side E (Chic) 48_1938 PA
5912 6914 70 June'31
5514 76
Miag Mill Mach 73 with war_1956 J D 4412 50% 77 May'3
91% 98
JD
Without warrants
57 July'3
914 97
97 10312 Midvale St & 0 coil tr at 5s..1938 MS 104 EitYs" 10312 1041
3
1043
8
hIllw El Ry & Lt 1st 5.5B___1961 if 10418 Sale 1037
90 100
1045s
1971 ii 1043 Sale 10418
8
1st mtge 5s
5
953
88
0
31
20512 :
0317i 05
1703 117778
03
075
7000
63
102
0:
1751
83
% 08212
0470
178 1875%
6
8
134
139
11818 120
10112 193
72
0018
27
61
13
5
20
28
83
94%
101% 1043
4
10113 10412
0
0 1038
10
037
4
3
38
3032 75 s
9814 10114
68
00058 1007
16007128 1 011
84
72 8
98% 10212
401 5
1 5
2
2
1
20
5
33
11
65
17
96
84
64
3
31
62
48
11838
10414
04
100
57
125
10812
02
1014
10 3
75
9513
6
72
0 4
18 78
95%
82
10178
1 9146
103% 108
4
61.3 8712
93% 100
6278 84
2114 40
0
3
10
5912 65.
22
45
2
6
11
5
2
52
11
33
45
26
51
92
55
35
92
9412
150
47
1)8
84718 10 %
0
68 1 00
4
10212 1053
9918 104%
75
42
6878 77
414
8777
5
05
70 1048
10 12:
103
104%
New York Bond Record-Continued-Page 6
BONDS
▪
N. Y. STOCK EXCHANGE
t
Week Ended Aug. 7.
Price
Friday
Aug. 7.
Week's
Range or
Last Sale.
g9
rTiQ
Range
Since
Jan. 1.
•
Biet
Ask Low
High No, Low
High
Montana Power let 55 A-1943 J 1 10514 Sale 1051
10512 40 103 105%
Deb As series A
1962 J D 103 Sale 10212 103
22 99 104
Montecatini Min & Agrio
k_Debs 75 with warrants_ _ -1937• J 8934 Sale 89
/
1
4
9274 34
89 4 10014
3
J J 895 Sale 89%
1111 Without warrants
9214
7 895 992
Montreal Tram 1st & ref 56-1941 J
10034 ____ 10034 100
/
1
4
2 98% 1014
/
1
Con & ref s f 55 series A__ _1955 A 0 9212 96 926 July'31
9034 95
Gen & ref s f 5s ser B _ -1955 A 0 9212 ____ 94 May'31
93
/ 94
1
4
Gen Sz ref sit 4Ks ser C-1955 A 0 84 89 8714 Mar'31
8714 87%
Gen & ref of 53 ser D--1955 A 0 9212 9814 9312 May'31
9174 931
Morris& Co 1sts f 430
1939 J J 71
75 72
75
39
65 83
Mortgage-Bond Co 45 ser 2.-1968 A 0 70 80 70 July'31
70 70
1932 J .1 9934 ____ 9934
10-25 year ta series 3
9934
1
97
99 4
3
Murray Body 1st 6548
1934 J D 9314 99 93
9314
/
1
4
3
9234 98
Mutual Fuel Gas let gU g 5s-1947 M N 10974 ___ 109 July'31
/
1
4
10214 10914
Mut Un Tel gtd 68 ext at5%.1941 MN 10414 _ 10312 June'31
102118 10314
Namm (Al)& Son _ _See Mfrs Tr
Nassau Elec guar gold 4s_ - 195I J J 48
497 48 July'31 ____
471 5314
1942 J D 95 99 95
Nat Acme let sf 60
95
2 93 9612
Nat Dairy Prod deb 55(5.- -1948 F A 10174 Sale 1017
10214 227
98 1023
4
1947 F A 11
Nat Radiator deb 6540
1814 14 July'31 ____
1114 2574
1941 J J
Nat Steel t deb 58
10018 Apr'31 ____
96 10018
Newark Consol Gas cons 56_1948 J 0 10788
10714 July'31 ____ 104 108
/
1
4
Newberry (J J) Co 534% notes'40 A 0 9414 Safe 94
9414 27
85 95
1952 J D 11112 Sale 11112 11188 18 10834 11214
Now Engl Tel & Tel 55 A
Nast g 434s series B
1961 M N 107 108 10754 10734 25 10388 10788
NJ Pow & Light 1st 4 Ms-1960 A 0 10214 Sale 102
10214
6 101 1031s
New On Pub Serv lot As A1952 A 0 93 Sale 9312
9312 10
86 943
4
*First& ref 58 series 13
1955 .1 D 93 Sale 9212
/
1
4
9314 24
85 94
-year let g 48-1951 F A 71
N Y Dock 50
8412
74 70
70
10
72
1938 A 0 57 58 58
Serial 5% notes
/
1
4
60
15
58
81%
NY Edison 1st & ref 6540 A-1941 A 0 115 1155g 11514 1153
/
1
4
7 11388 11714
1st lien & ref 55 series B_1944 A 0 10688 107 107
2 10488 10714
107
NY Gas El Lt H & Pr g 58-1948 J 0 112 Bale 112
112
8 10734 11214
Purchase money gold 48..1949 F A 10138 Sale 10134 102
4 9718 102
NY LE& W Coal & RR 55042 MN ____ 100 102 Sept'30-NY LE&W Dock & Imp 55'43 J . 994 101 100 June'31 -__ 100- I66 1
/
1
NY Rya lot RE & ret 48
1942 .1 J 40
_ 43% Oct'30
Certificates of deposit
40 i6 40 Dee'30 ____
----year ad) Inc 5s-Jan 1942 A 0
30
14 13
4 212 Dee'30
Certificates of deposit
% 1
14 July'31 ___ N Y Rya Corti Inc 6s-Jan 1965 Apr
212 314 3 July'31 ____
/
1
4
134 414
1965
Prior lien Os series A
J 60 Sale 60
4
45 61
60
NY & Richm Gas let Os A1951 M N 107 ____ 107 July'31 _-__ 106 10712
NY State Rys 1st cons 4;45_1962 M N
Certificates of deposit
50-yr let cons 654s series B1962 MN
NY Steam let 25-yr Os ser A 1947 M N
let mortgage ta
1951 M N
N Y Telep lst & gen s 1 4 Ms-1939 MN
30
-year deben s f 64.-Feb 1949 F A
1941 A o
-year ref gold 65
30
N Y Trap Rock let 60
1946 J D
Niagara Falls Power 1st 5.3_1932 J J
Jan 1932 A 0
Ref & gen Os
Nies Lock &0Pr 1st 58 A__1955 A 0
Niagara Share deb 554s
1950 M N
Norddeutsche Lloyd 20-yr s
MN
Nor Amer Cem deb 6)48 A-1940 M S
North Amer Co deb 5s
1961 F A
No Am Edison deb 5s ser A1957 M S
Deb 5548 5er B___Aug 15 1963 F A
Deb 54 series C _ _Nov 15 1969 M N
Nor Ohio Tree & Light Os__ -1947 M 5
Nor States Pow 25-yr 5s A 1941 A 0
lat & ref 5-yr 68ser B
1941 A 0
North W T 1st fd g 4%egtd-1934 J J
Norweg Hydro-El Nit 5;0-1957 M N
Ohio Public Service 7)48 A-1946 A 0
1947 F A
1st & ref 78 series B
Ohio River Edison 1st68-1948 J J
Old Ben Coal 1st 68
1944 F A
Ontario Power N F 1st 5s--1943 F A
Ontario Power Serv let 53.40.1950 J i
Ontario Transmission 1st 55-1945 MN
Oriental Bevel guar 68
1953 M8
Extl deb 53.48
1958 M N
Oslo Gas & El Wks est! 58.--1963 M S
Otis Steel 1st M 68 ser A-- 1941 M 5
48
4 4 Sale
3
43
5
4
614 63 July'31 ____
8
6
.
7 june 3
1093 Sale 109
4
1093 ---7
10514 10512 105
10534 20
108 sale 104.34 1051
39
105 July'31
108i4 da-- 1088 10534 51
8
8
oo
96 951
96
2
101 102 1007
10134
8
10134 10214 10114 10111
6
105
_ 10474 1047
9
9512 Eiiie 94
96
13
56 Sale 56
58
2
391 45 40 •
40
5
10114 Sale 10053 1011 104
10434 Sale 10434 10434
2
1044 Sale 104
/
1
1043
36
102% Sale 101
10234 87
108 Sale 10714 108
23
10514 Sale 105
1051
29
106 10614 10614 10604
8
102 ____ 10114 June'31 ____
95 Bale 9314
95
38
111 11134 111
112
2
11214 113 112
/ 113
1
4
4
- 10218 Feb'3 --5
4 4 1112
3
6
9
10711 102 4
6
197
10088 105 4
3
10112 10614
110 11214
10434 108
93 10014
1007 10388
4
10114 103
10312 106
895 983
4
56
87
29
51312
97% 1015
10014 105
101% 105
97 1020
103 108
102 10512
10511 10734
10014 10112
9314 1011
/
4
110 114
11034 115
BONDS
N. Y.STOCK EXCHANGE
Week Ended Aug. 7.
Sn
it
927
Price
Frtdav
Aug. 7.
Week's
Range or
Last Sale.
Ii
Bid
Ask Low
High No.
Rhine-Ruhr Wat Ser6s
1953 J J 40 46
45
a
4512
Richfield 011 of Calif 60
1944 M N 283 Bale 2814
4
283
4 25
Certificates of deposit
27
/ 2834 27%
1
4
2814 13
Rims Steel 1st 5 f 78
1955 F A 614 67 65
/
1
2
6614
Rochester Gas & El 75 ser B_1946 M S 10514 Sale 10514 1053
4
Gen mtge 554s series C
1948 M S 10638 10634 106% 106%
3
Gen mtge 4 Ms series D
1977 MS 10214
_ 10234 July'31
Roch & Pitts C&Ipm 5s._ _1948 MN 82 90 85 Dee'30 _
Royal Dutch 4s With warr_ _ _1945 A 0 9012 Sale 89
9038 51
Ruhr Chemical 60
1948 A 0
50 4014
10
50
St Joseph Lead deb 530-A941 MN 9134 Sale 9134
9314 91
St Jos Ry Lt & Pr 1st 5s-1937 MN 99 Sale 99
9934
St L Rock Mt & P 58 stmpc1.1955 J J 52
55 52
6
5214
St Paul City Cable cons 5.9_1937.1 J -__ 843 88 June'31
93 J
7
4
Guanteed 58
ra
8478 88 June'31
San Antonio Pub Serv 1st 68.1952.3
ioir4 109 109 July'31
Saxon Pub Wks(Germany) 719 5 mN 54 Sale 5314
5'41 F A
5
60
24
Gen ref guar 6 Ms
50 Sale 49
5134 so
&link° Co guar 6 Me
1946 J J 55
70 60
62
/ ao
1
4
Guar s 6 Ms series B
1948 A 0 60
70 64
71
68
Sharon Steel Hoop s f 534s.1948 F A 77 Sale 77
1
77
Shell Pipe Line of deb te
1952 M N 83 Sale 83
90 4 84
3
Shell Union Oils tgleb_1947 M N 66 Sale 65
1949 A o
7614 104
Deb 55 with warn
4
673 Sale 65
763
4 94
Shinyetsu El Pow let 6Ms--1952 J D 88 Sale 88
12
90
Shubert Theatre 613.June 15 1942.3 D
8
10
10
10
Slemens&llalskesf 75
19 1 .1 5
935 m J
5
10 8512 02
7
Deb s 6 Ms
72 Sale 72
43
82
Sierra & San Fran Power 55_1949 F A 1043 Sale 10434 105
4
12
Silesia Elee Corp f 6 Ms__ _1946 F A _55 66 July'31
Silesian-Am Corp coil tr 78..1941 F A oar 62 6014
s
2
6018
Sinclair Cons 011 I5-yr 7s .J9377 M D 9478 Sale 9474
3
S
97
54
1st lien6 Ms series B
92 Sale 92
9234 42
Sinclair Crude 0115Ks ser A-193 ,1 s 10214 Sale 1024 10212 57
19 8
3
9
j
Sinclair Pipe Line of 58
1942 A 0 10158 Bale 10112 10212 28
Skelly Oil deb 530
564 Bale 58
/
1
5912 37
Smith(A 0) Corp 1st 6,48_19 2l N 102% Sale 10212 10312 79
9 3a s
3
4
Solvay Am Invest 5s
97% Sale 963
4
9714 21
South Bell Tel & Tel lot of ta '41 J J 106 Sale 106
1063
4 46
Sweet Bell Tel let & ref 55_1954 F A 10738 Sale 10612 10712 11
Southern Colo Power613A- _1947 J j 10314 Sale 10314 104
6
Stand 011 01 NJ deb5.3 Dec 1546 F A 10434 Sale 104
/ 1047 252
1
4
4
Stand 011 of N Y deb 4 Me-1951 J D 101 Sale 1007
4 101
82
Stevens Hotel lot Os ser A..-1945 J .1 45 49 48
4974 12
Sugar Estates (Oriente) 78-.1942 M S
5
9
6
8
5
Syracuse Lighting let g 55.-1951 J D
_
878 11014 July 31
Tenn Coal Iron & RRgen 58_1951 5 J HO;
107 July'31
Tenn Cop & Chem deb 68 B_1944 M S 8778 Sale 8774
8912
Tenn Elec Power 1st 65
1947 D 107 Sale 106% 1071 59
/
4
Texas Corp cony deb 58
1944 A 0 93% Sale 93%
9514 250
Third Ave Ry 1st ref 48
19605 J 54 Sale 54
5514 49
90
Ad)Inc 5.3 tax-ex NY Jan 193 A O 40 Sale 40
67
i
4334 91
Third Ave RR 1st g 58
9934 1003 100
4
1
100
Tobo Elec Power 1st 78
193 M j 10078 Sale 10018 1007
952
5
i3
8 16
6% gold notes
99 Sale 9935
/
1
4
9934 30
Tokyo Elm Light Co, Ltd
19535 D 8412 Sale 8334
1st 118 dollar series
85
23
1949M S 107
/
1
4
Trenton G & El 1st g 5s
10734 June'31
Truax-Traer Coal cony 6350_1943 M N 50 Sale 50
1
50
Trumbull Steel 1st s f 68_ _ _1940 M N --8578 86
88
11
Twenty-third St Ry rel ta._ _1962 J J 20
25 25
25
1
Tyrol Hydro-Elec Pow 7345_19 2 M N ---- 84% 88 July'31
19 5 F A
5
Guar sec I 75
---- 8114 86 July'31
--
1711gawa Elec Pow of 7s
1945 M
10012 Bale 10014 10012 11
Union Elee Lt& Pr(Mo)513.1932 M S 10034 Sale 10214 10234 19
1933 M N 10278 Bale 10274 103
Ref & ext 55
4
Un E L & P (III) 1st g 5 Ms A 1954 J
104
104
10414 15
Union Elev Ry(Chic) 58_ _ _1945 A 0
V67; 71 Apr'31 _Union 01130-Yr Os A_ _ _May 1942 F A ioii4 sale 10514 105 4
6
3
lat lien f 55 ser C._Feb 1935 A 0 99% 10014 9914
9914
5
lip
945 J s
Bob 5s with warn.-__Apr 1953 F4 D 90% Sale 9012
9012
7
281
If 2s
United Biscuit of Am deb 68_1942 M N 10 % 105 105
4
105
10
1053 107 107
107
4 103 10714 Dnited Rys a ist 45
/
1
4
Uai
1993347r.i
j
ted Drug tyr,
5s
10112 Sale 101
102 158
7414 Sale 74
7813 110
7
71
94
50 54 50
50
5
10612
_ 107% July'31
12 2:
21
44
SS Co 15-yr 6.3
100
_ 100
United
100
3
9914 Sale 9914 loo --ai
Un Steel Works Corp630 A_ 199571 ij D 45 We 45
119451 D J
J
5
46
94 Sale 93
/
1
4
95
65
88% 963
4
464 Sale 3814
/
1
Sec s f 6 Ms series C
4714 10
9518 98 9812
9
9812
9514 100
El f deb 6 Ms ser A
41 Bale 404
44
11
8014 81
80
80
2
71
993 United Steel Wks of Burbach4
Esch-Dudelange 5 t 70_ _ --1951 A 0 100 Sale 99
6
100
Pacific Gas& El gen & ref 55-1942 J J 1061 Sale 10574 10834 73 1021:
/
4
102
0
S Rubber let ret 58 ser A1947 J .5 139% Sale 6912 c71
as
Pacific Tel dc Tel 1st 55
1937 J J 10634 Sale 10612 1063
81037
Universal Pipe & Sad deb 68 1953 J 0 1514 43 511 Apr'31
93 A
6
/
4
1952 M N 108 Sale 10814 1081k 42 106
Ref Mtge 55 series A
10814 Unterelbe Pow & Lt 65
47
54 48
50
4
Pan-Amer P & T cony 81 65-1934 M N 1023s Sale 102
/ 1023 ___3 13112 173
1
4
0
0 0
8
Utah Lt& Tree 1st &ref 5.3. _1944 A 0 993 Sale 9912 100
4
29
Pan-Am PetCo(ofCal)conv 65'40 J 0 3314 35 3314 July'31
Utah Power & Lt 1St 55
1944 F A 1033 Bale 10314 10334 33
4
Certificates of deposit
3112
311
2
Utica Elec L & Plots fg 58.19505 J 1081
_
Paramount-B'way lot 534s..195 J J ioi34 foal- 10112 1021
4- 1073g July'31
2
12 1704 197
011 03 5
34
3
11118 gife 111
Utica Gas & Elec ref & ext 5.31957 j
11118
2
-Lasky 63_1947 J 0 88 Sale 87
Paramount-Fam1
/
4
903
20
Utli Politer & Light 5 Ms-_1947 .1 D 7234 Sale 72
73
68
Paramount Publix Corp 53451950 F A 7534 Sale 7514
791
38
67 89
1959 F A 68 Sale 67
Deb 55 with warrants
14
663 198
4
Park-Lox 1st leasehold 6)4s-1953 J J 49
53 49
40 6212
Without warrants
F A
Parmelee Trans deb 68
1944 A 0
2414 24 July'31__
Vanadium Corp of Am cony 5.1'41 A 0 8012 Sale 80
83
67
Pat & Passaic CI & El cons 581949 M S 10712 10914 10712 June'31__:_ 102 4
503
712 Vertientes Sugar 1st ref 78_ _1942 5 D 34 Sale 34
,
3618 24
Pathe Each deb 7s with warn 1937 M N 921 Sale 88
921
47
Victor Fuel 1st s f 5s
1953 J J _ 22 22 Mar'31
Pennsylvania P & L 1st 4)48-1981 A 0 9914 Sale 99
991 233
903 9 ; Va Iron Coal & Coke 1st g 5s 1949 IS S io
57 4 9 84
9
4
_ 83
83
Penn-Dixie Cement fis A.---1941 M S 5612 Sale 5614
58
13
54
19
Poop Gas&C 1st cons g 6s--19 7 A 0 11634__ 11638 June'31 __ 11212 8034 Va Ry & Pow lat & ref 55-1934 j j 10314 seue 103% 104
1943
4
11612
Refunding gold 54
M S 10938 110 10914 10938
-4 1041 1101 Walwortb deb 6548 with warr1935 A 0 50 Sale 50
4
50
Registered
M S 10634 _
1091, July'31
_
106 10912
50 Sale 51
Without warrants
2
50
Phila. Co sec 58 ser A
1967 J D 10312 Sale 103
104
88
9814c104
1st sink fund 68 series A_ -1945 - A 41 46 Sale 46
4934 17
Phila Elec Co 1st 4 Me
1967 M N 105 Sale 10512 10618 12 10214 10614
/
1
4
Warner Bros Pict deb 6s_..1939 M S 43 4 Sale 43%
4514 146
0
let dx ref 45
197 F A 98 Sale 973
4
9814 206
927 953 Warner Co 1st Os with warr_1944 A 0 81
7 : 9:
1
91
85 81
5
81
Pulls & ReadIngC&I Ref 581973 J J
1949
7912 Sale 79
80
21
Without warrants
A 0 75 9312 83 July'31
Cony deb 68
MS 61 Sale 61
65
40
56
83
Warner Sugar Refin lot 78..1941 J D 10534 10612 106
1
106
Phillips Petrol deb 5 5
/
1
4
1939 J D 5814 Sale 5812
60
Pierce 011 deb 51 88_ _Dee 15 193 J D 103 10814 103 July'31 107 150% 9214 Warner Sugar Corp 1st 78.-1939 J J 1014 2278 12 July'31
0
3
0
6
Stamped Jan 1 1930 coup on '39
_ 1014 15 14 June'31
Pillsbury Fl Mills 20-yr 63-1943 A 0 10514 ___ 10511 10538 ____ 10 15 103%
2
Warner-Quinland deb 64_ -1939 M S 4134 42 413 July'31
_Pirelli Co(Italy) cony 74... _1952 M N 95 103 103
10324
7
7_
MI5 1N3 Warren Bros Co deb 69
5813 30
4
84 85 84
1941 M
Pocah Con Collieries 1st s 1 58'57 J J 90 4 93 903 July'31
3
4
Wash Water Powers t 55___ -1939 J J 1027 ---- 104 Apr'31
4
Port Arthur Can & Dk 68 A_1953 F A ____ 100 100
100
Westchester Ltg 55 stpd gtd-1950 J D 11018 -- 11014 July'31
lot M 68 series 13
1953 F A _ 102 104 Mar'31 ___. 10 %
3
92 104
9
06
West Penn Power ser A 5s. 1946 65 S 10612
963 M B
3
-- 106
10614
Port Genl Elec 1st 43.4s ser C 1960 M 5 88 Sale 8734
8834 73
1st 58 series E
10814 110 110 July'31
Portland Ry L & P 1st 7345A 1946 M N 10614 10612 10614 July'31 ____
10614 10218
86
0
8
1st 534s series F
/
1
4
1953 A 0 105 Sale 10512 105
Portland Gen Elec lot 58-- -1935 J J 103 10334 103
14 12
103
6 101% 10474
1st sec 58 sells.; .
19505 D 106%
9
- 10614 107
12
Porto Rican Am Tob cony Os 1942 J .1 6614 Sale 6614
69
10
51
79
Western Electric deb 5o.._1944 A 0 10634 61;1e 10614 10718 52
Postal Teleg dr Cable coil 55_1953 J J 64 Sale 64
65
90 50
7474 Western Union roll trust 55_1938 J J 105 --- 105
10534 22
Pressed Steel Car cony go 5s _1933 J J 83 87 83
8312 11
74
88
F yd &realest g 4 Ms._ _1950 MN 102 Bale 102
15.sn eai. 6ms
10214 13
Pub Serv El Sr Gas 1st & ref U 67 J D 158_
19 5
'
6
10514 May'31 ____ 10214 106%
1936 F A 1097g Sale 1097
4 1101
70
J D
15t &ref 43.45
____105
10514
8 1011 106
25
-year gold 5.3
1951 J D 104 Sale 10414 10434 31
1st & ref 43.40
1970 F A 105 1057 1043
4 105
s
4 10113 10534
30
-year 54
1960 M S 10414 Sale 10374
10414 97
1971 A 0 9814 Sale 9814
lat & ref 48
987 215
8
9334 9934 Westphalia Un El Pow Ss_..19533 J 41 Bale 3912
40
45
Punta Alegre Sugar deb is._1937 J J
512 1114 1111 July'31 ____
4
1212 Wheeling Steel Corp let 5540 1948 J J 903 92 9034
4
92
3
Certificates of deposit
_
6 May'31 ___
6
12
Ist & ref 43.40 series B _ _1953 A0 80 85 80
9
80
Pure Oil f 5M% notes
19 0 F A 8614 89 - 8718
3
47
87
/
1
4
3
75 96
White Eagle Oil& Ref deb 554s'37
_f 6%% notes
M S 8334 Sale 830
85
74
28
933
4
With stock punch warrants__ _ _ M S 1023 Sale 10234 10314 28
4
Purity Bakeries ef deb 5.3-1948 J J 90 Sale 90
9418 16
99 c 55: White Sew Mach 68 with warn '36 J J 36%
70 981
38
1
38
Remington Arms 101 f 6s- 1937 M N ____ 80 80
80
7
FaWic hof dew Os
ru t s ut barranta
j j 36 40 36%
361s 10
Rem Rand deb 534s with war '47 M N 75 Sale 75
80
56
64 4 92
3
33
38 32
1940 M N 32
5
RePub I & S 10-30-Yr 5581-1940 A 0 97 102 Ms
98
3
Wickwire Siva St'l lot 78_..1935 J J
7
8
8 July'31
Ret & gen 5 Ms series A_ --1953 J J 7874 80 7874 July'31 ____
?V 11 g14
3
759tf0v Chase Nat Bank _ _ _ _
N den
O
9
6 July'31
Revere Cop dr Br 6s-July 1948 M S 85 Sale 85
8518 11
65 101
7
9
1927 coup on)Jan 1935 MN
8
8
2
Rheinelbe Union sf78
1946 J J 58 Sale 5414
58
29
CU dep Chase Nat Bank_ _
6
9
6 July'31
Rhine-Main-Danube 78 A --1950 M S 6614 Sale 60314
7012
3 6 '8 937' WIllys-Overiand
5 8 88
1
_s f Ms_ - _ _1933 MS 99% Sale 9938 100
13
Rhine-Westphalia El Pr 75-1950 31 N 6814 Sale 6814
72
4 6414 10112 Wilson & Co 1st 25-yr f 85_1941 A 0 94 Sale 93
9434 24
Direct mtge 64
1952 M N 56 Sale 55
5914 20
55
8914 Winchester Repeat Arms 7548'41 A 0 51% Sale 5012
52
Cons M Os of'28 with war_1953 F A 53
5312 5212
5614 52
5214 88
5212 Bale 50
Certificates of deposit
521
4
Without warrants
F A 5214 Sale 76 July'31 ___
5014 87
Youngstown Sheet & Tube 58'78 J J 97 Sale 9614
/
1
4
98% 101
Con m6a of 1930 with erarr .1855 A 0 54 Sale 50
5914 54
50
863
4
llt m s 54 ger B
1970 A 0 97% Sale 97
98
69
Caall ogee. a Option sales.
-...2e;
1214
11
Range
Since
Jan. 1.
Low
High
394 78%
3
2434 67
25 6015
85
8878
10518 10712
105 10734
9914 10312
87 044012 54
9134 9934
9712 100
46
57
8738 92
92
88
10314 109%
5314 93 4
7
49 8814
60 75
60 9114
85 9018
73 9234
824 89
6414 90
7614 9314
7
25
8014 104
72 1013
4
102 10514
6214 814
60 85
83% 10014
9812
78
9978 10314
98 10212
41
84
102 104
9812
94
10434 1063
4
105 10712
101 10634
10218 105%
9612C102
48 68
2 30
10534 11118
104 10734
87% 99
104% 108
88% 102
45
58
25 48%
93 10018
9113 101
9612 10012
8218
104
45
85
20
88
80
9134
107%
72
10014
2814
100
9614
9838 10212
10114 103
101 103%
102% 104%
6934 73
10014 108
9712 101
79 97
100 10514
965a 102
/
1
4
40
62
9912 1013
8
4312 83 8
7
3812 83%
40le 83
/
1
4
99 108
62 7514
5112 5112
48 83
94 10114
100 1041
4
104 10738
10534 11312
68 84
5814 76
/
1
4
75
23
22
75
101%
87
45
22
85
105
50 85
50 90
40 79
25
7414
81
97
83 97
10014 1063
4
1712
10
612 23
41% 69
84 91
103 105
10512 110
/
1
4
103% 10614
10518 1114
105 107
13
10438 107
12
10418 107 *
1
1014 105 4
4
974 10212
10434 11012
100 10434
99 10414
3912 7911
8538 103
75 92
102 10312
33% 40
29
4634
2212 4418
/ 10
1
4
7
8%
6
83 1014
4
6
1114
95 10012
88% 101
26
83
2814 59
9612 103
97 101
[VOL. 133.
FINANCIAL CHRONICLE
928
Outside Stock Exchanges
Boston Stock Exchange.—Record of transactions at
the Boston Stock Exchange, Aug. 1 to Aug. 7, both inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
High.
Low.
M.N.....
MV.M.0
0 NM
173% Jan 185
6254 Apr 95%
7634 Apr 102
9834 Jan 113
Apr 103%
82
Jan 108
100
Jan 106%
100
Aug 63
35
62% Aug 9234
4134 Aug 6834
Miscellaneous—
951 og
91.4
Amer Cont Corp
214 234
2%
American Founders Corp164% 172%
105
Tel
Amer Tel dr
951
9
9
Amoskeag Mfg Co
3% 4
Aviation Sec of New Eng -- __ -35
33
Carpet_.• 33
Bigelow Sanford
85
85
Preferred
1834 1834
Boston Personal Prop Trust
26
25
Brown Co pref
MMMMOMMMO
MNMO.
m
m con
MN . .
MNNI"...N
NO
"
.
0
.
M
754 8
Columbia Graphopbone_ ______
3% 3%
Crown Cork &Int Seal Corp
2% 2%
East Boston Land
1951 im
East Gas & Fuel Assn
8534
100 8554 85
454% preferred
100 9234 9234 9234
6% preferred
Eastern SS Lines—
18
1834
Common
248 252
100 252
Edison Elec Illum
1434 1434
Empl Group Assoc T C_
3134 32
General Capital Corp
5% 534
Gilchrist Corp
21
21
Gillette Safety RazOr
22% 22%
-Electric___
Internet Hydro
351 5
454
Jenkins Television
10
10
______
Libby McNeal & Libby
00MON0000
00000N
CO c4
r•co• •
.
-.
V4 C4 , .J00. r—o
N
.... ,-1M
M
,-, t..
.
Railroads
18234 182%
100
Boston & Albany
9134
100 9131 91
Boston Elevated
99% 99% 100
Preferred
100 11034 109% 110%
1st preferred
103% 103% 103%
2d preferred
Boston & Maine—
100 102
100
Prior pref stud
105 105
Chic Jet Ry & Un St Yds pf
37
35
35
Maine Central com
02% 66
NY N II dr Hartford__100
50 42% 4134 44%
Pennsylvania RR
Range Since Jan. 1.
4
4
4
Mass Utilities Assoc v t c
50c 50c
National Leather
1%
13-6
1%
Nat Service Co corn shares
27
27
27
New England Equity
Tel.___100 13734 134 13735
New Eng Tel &
8% 8%
No American Aviation Inc_
1834 19
100
Pacific Mills
13%
1334 1351
Shawmut Assn T C
2834 30
Stone & Webster
• 25% 255$ 2634
Swift & Co new
45
• 44
43
Torrington Co
25e 25c
Tower Mfg Co
4
1811
20%
4%
5034
3114
4
26
18%
2034
5
52
3134
4
26
1951
2034
,
Pi.
1
99e
63-6 63-1
4% 4%
20e 20c
251
23.1
834 834
1%
1
434
4
sy, 531
June
July
May
Jan
Jan
June
16%
8
3
2734
89
95
Mar
Mar
June
Mar
June
Jan
17
225
1434
25
5
1834
1634
2%
954
June 2834 Mar
June 26634 Feb
Mar
Aug 20
June 39% Apr
734 Mar
June
July 3834 May
June 3034 Mar
Apr
6
Jan
Jan 13% Feb
5
Jan
June 85c
June
331
Jan 30
June 142
Jan 1034
June 2534
Apr 16
June 5434
Juno 3034
June 47
1
May
Feb
Jan
Jan
Jab
Mar
Mar
Mar
Feb
Mar
Jan
Feb
Jan
34
50c
1
23
129
5%
1534
1134
25%
25
3834
21%
4%
47
31
3%
26
1434
2054
June
June
Jan
May
July
June
Feb
10%
58
3254
8
50
4654
2734
Mar
Jan
May
Mar
Jan
Feb
May
500
534
434
7c
254
8%
1
3%
4
Apr
June
June
Feb
July
Aug
Jan
June
May
134
11%
834
2
614
13%
534
1014
9%
Feb
Feb
Feb
Feb
Feb
Feb
Mar
Feb
Mar
0000
0000
0
. 10
0 ,
....i.oi
M
Bonds—
Chic Jet de Un Stk Yds-10441 103% 10254 103%
5s
102% 10234
1932
New Eng Tel & Tel
102 102%
1944
Swift & Co
100% 10134
1932
Woatorn Tm A- Tel
June 1534 Feb
654 June
June
June 201% Feb
Mar
14
Jan
5% Mar
Jan
Aug
May 35
Jan
Mar 85
June 2134 Feb
Feb
June 66
,
00000'1 000
MM000.MNN
MV
MMN
M
7
.0
Mining—
5
Arizona Commercial
25
Calumet & Hecht
25
Copper Range
East Butte Copper Min___
Isle Royal Copper
Nevada Consol Copper
North Butte_____ ____254
Quincy SilnIng
St Mary's Mineral Land
434
5134
634
354
1
1734
77
88
Mar
May
Mar
Feb
Feb
,
-0M0 NN.M1 00
0..0.1411,M0,
-,4
MN:0. 4 0 OMOMMO .4
co -.-,. .4c,
.
00
C•i
.0,1.0 . .
0 et.
M
.
United Founders Corp corn
United Shoe Mach CorP_25
Preferred
U S Elec Power
Waltham Watch pref
Warren Bros Co new
Westfield Mfg Co
9
254
156%
7
234
2034
80
17%
20
Mar
July
June
Juno
July
10134 Jan 104
July
100% Jan 102% June
June
Aug 104
102
100% Feb 101% Jan
• No par value. z Ex-dividend,
Chicago Stock Exchange.—Record of transactions at
Chicago Stock Exchange, Aug. 1 to Aug. 7, both inclusive,
compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price, Low. High Shares.
Abbotts Laborat corn_ •
Acme Steel Co cap stk_ _25
Allied Motor Ind Inc corn •
Amer Equities Co corn...•
Amer Pub Serv pref__ _100
Amer Steel & Gen Corp—
•
VtcB
Appalachian Gas corn___•
Art Metal Works corn....'
Assoc Tel & Tel—
$6 prof with warrants__•
•
Class A
ASSOC Tel Lail Co corn......'
•
$7 cum prior prof
Automatic Washer cony pf*
Balaban&Katz Corp com25
•
Bastion-Blessing corn_
Bendix Aviation com____•
Borg-Warner Corp com_10
100
7% pref
Bonin Viritone Corp pf __•
Brach de Sons(E J) com__•
Brown Fence & Wire B_.•
Bruce Co (E L) common'
Burnham Trading Corp—
Convertible preferred__*
20
Butler Brothers
Canal Constr cony pref..*
*
Deco Mfg Inc corn
Cent Illinois Sec Co MN_
•
Central Ill P S pref
Cent Pub Ser Corp A__.•
Cent S W Util con new__•
*
Preferred
•
r',,, 91,...- r,,,, Qr.,. A
Range Since Jan. 1.
Low.
35
25
1
334
8754
Jan
June
May
May
Aug
High.
3934
41%
3%
734
94
Mar
Feb
Jan
Feb
Feb
3634 3734
2634 2755
1
1
534 6
8734 8934
100
400
300
616
90
311
154
351
5%
14
431
5%
50
400
100
2434
86
6534
24
8534
3%
87
67
2454
8551
354
40
70
2,200
100
10
8454
65
2054
85%
331
May
Feb
Apr
June
Aug
8831
70
2534
88
6
Mar
Mar
Feb
May
Jan
45
14
19%
18%
97%
2
11
351
22%
10
45
500
15
2134 39,250
6,800
20
100
9734
100
2
1251 2,400
50
351
2434 3,150
45
14
1434
1434
88
1
11
354
1334
Aug
June
June
May
Jan
July
Aug
July
Slay
69
24
2536
3034
9834
7%
1754
1034
2634
Feb
Feb
Feb
Feb
June
Feb
Mar
Feb
June
2634
1
6
45
2051
19%
2
1114
2354
1%
434
2054
10
1634
17U
1%
434
50
350
311
1,11
20
92
10
1634
8934
351
114
2034
93
1014
16%
8934
17V
175‘
10
100
250
340
2,000
1,400
100
MO
154 Aug
314 Aug
3% Jan
351 Mar
831 Feb
854 Feb
% July
June
4
11
Feb
734 Mar
3%
7%
734
2551
95
1934
24%
9634
17%
155
20
91
9%
1334
88
17
Aug
May
AM'
Jan
July
June
June
June
Mar
Feb
Jan
Mar
Mar
Feb
Apr
Aug
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Range Since Jan. 1.
High.
Low.
(May
143-4
July
19
300 14
14
Chain Stores Prod Corp pf• 14
20 1334 July 273fl Jan
Cherry-Burrell Corp cona_• 13% 1354 1311
414 Feb
Jan
350
314
3
251
Chic Investors Corp com_•
Jan 31% Mar
250 26
31
31
31
Preferred
Chic N S & Mllw—
Mar
June 60
30 54
54
54
100 54
Prior lien pre
June 2354 Mar
18
300 18
18
• 18
Chic Yellow Cab Co
834 Aug 20% Mar
33,650
854 10
•
914
Cities Service Co com
314 Feb
100
154 I%
•
1% June
Club Alum Uten Co
725 190% June 255% Feb
Commonwealth Edison 100 19854 197 200
Construe Material Corp—
551 June 1014 Jan
100
•
6% 7%
Common
[May
Apr 323-1
•
50 23
28
28
$3.50 pref
Cont Chicago Corp—
4% June 10% Feb
7,520
4% 5
•
Common
July 4014 Feb
950 34
• 3454 3451 34%
Preferred
Apr
15
Jan
6
6% 7% 7.400
754
5
Cord Corp
Feb
June 60
400 44
45
46
Corp Sec of Chic allot ctf.• 46
1354 June 2111 Feb
1451 15
2,750
• 1411
Common
June 40% Jan
200 25
25
25
25 25
Crane Co common
Feb
30 103% July 119
105 106
100
Preferred
June
8
10
554 554
514 May
Curtis Lighting Inc corn_ •
El Household Util Corp_10
Empire Gas & Fuel
100
6% Prof
100
8% prof
Fed Elec Co Inc $7 cum pt•
Foote Bros G& M Co_ ___5
Gardner-Denver Co corn •
Gen Theatre Eq tom vi c'
Gen \Vat Wks & El A corn •
Gleaner Comb nary Corp
Capital Sto'k
Goidblatt Bros Inc corn....•
Great Lakes Aircraft A_•
Gre•tt Lake.s D & D
Greif Bros CooPge A corn •
Grigsby Grunow Co corn.'
Aug
2954 .Fob
June
June
Apr
June
Jan
65
Jan
92
7% Feb
434 Jan
550
15
55% 56
70
70
5754 62
1
100
50
30
450
48
67
5134
1
214
20
20
214 3%
3
3
140
100
70
Jan
June 35
18
Feb
15
2% Aug
234 May 1454 Jan
21%
354
1811
1
34
1751 21%
334
3
18% 19%
18
18%
234 314
150
1,550
4,400
800
8
6,100
15
151
354
16%
54 Aug
1311 Jan
134 Jan
1754 June
18
Aug
2% Jan
6%
21%
5%
28%
21
654
Jan
Aug
Apr
Feb
Mar
Mar
June 19% Mar
Apr 13% Feb
Jan 18% Mar
954 Mar
June
July 16% Jan
Jan 10051 Apr
Jan
4
June
June 49% Feb
July 92% Mar
Apr
Aug 92
June 1351 Feb
Apr 2251 Feb
14%
300
50
7
18
1,600
654 6,450
11%
100
20
9914
30
131
28% 24,550
350
71
100
72%
50
651
200
11% 1234
1234
5
1154
451
11%
96
1
21
6934
72%
4%
10%
15% 15%
22% 26%
50
900
Apr
14
1651 Jan
23% Mar
26% Aug
354 311
62% 63
4914 4934
1051 10%
100
10(
130
150
351 June
Jun
50
48 June
10% Mar
754 Mar
Apr
75
Feb
51
13% mar
8
8
10% 1054
19% 20
734
714
10
1,170
150
100
•
McQuay-Norrls Mfg
McWilliams Dredging Co.* 2154
Majestic Househ Util come
Marks Bros Theatres—
Cony pref
Marshall Field & Co com_•
Material Serv Corp com_10
Meadows Mfg Co corn_ *
Metrop Ind Co allot etfs_.
Mickelb Food Prod corn_ _1
Middle West Tel Co com_• 2334
Middle West Mil new___ _• 1714
•
$6 cony prof A
Warrants A
1%
Class B warrants
1%
Mid-Cont Laund Inc A...*
34
Mhild Nat Gas Co part A *
Midland United Co com__• 19
Convertible preferred..'
Midland Util100
6% class A pref
100
6% prior lien
100
7% prof A
100
7% prior lien
Miss Vail Util $7 prof. _•
•
$6 prior lien pref
451
Mo-Kan Pipe Line com_.5
• 21
Modlne Mfg corn
Monroe Chemical—
4
Common
•
2
Morgan Litho common_.•
Mosser Leather Corp corn*
38
38
21% 2154
251 251
50
100
150
3054
23
29% 30%
2255 23
87
87
254 2%
14%
14%
4%
70
2551
2
40
68
5
2854
7
Hall Printing Co com_ _10
Hart-Carter Co cony prof•
Houdaille-Hershey Corp A•
•
Class B
Illinois Brick Co cap_ _25
Illinois Nor Util pref___100
Inland MB Inc part A.....'
Instill UM Invest inc._._'
•
2d preferred
Interstate Power Co $7 pt*
Invest Cool Amer corn... *
Iron Fireman Mfg Co vice
Jefferson Elec Co corn_ *
1
Katz Drug Co com
Kellogg Sw'bd&Sup—
10
Common
100
Preferred
Ky 11E11 jr cum pref._ _50
Keyst SU & Wire Co corn.
•
Loath
Leath & Co cum Prot_
Libby McNeill & Libby 10
Lincoln Printing tom.....'
10
Lindsay Light corn
Nati Battery Co pref....*
Nat Elec Pow A conv____•
100
7% pref
Natl Family Stores com_ •
Nat Rep Inv Trust—
•
Cum cony pref
Nat Secur Inv Co cora_ •
100
6% pref
Nat'l Standard common.*
Nat Union Radio Corp_ •
Noblitt-Sparks common_ •
No Am Lt & Pr Co com__•
No&Sou Am Corp Acorn.'
Northwest Bancorp corn 50
5
Northwest Eng Co corn..
Northwest Util100
7% preferred
7% prior lien pref. -100
7
1751
6
99%
1
2711
71
26
1034
714
28%
69
5
89
10
Parker Pen Co corn
Penn Gas&EI Corp A corn •
Perfect Circle (The) Co •
Pines Winterfront corn...* 1334
Polymet Mfg Corp cona_•
Process Corp common_ •
Pub fiery of Nor III—
• 204
Common
0% preferred
100
7% preferred
100
134
Q R S De Vry Corp com_•
Quaker Oats Co—
Common
• 137
Preferred
100
214
Railroad Shares Corp corn •
Rath Packing Co com___10 16%
Reliance Internet Corp—
• 234
Acorn
14
7
1651
551
1154
9854
1
26%
70
72%
5
951
1834
6
July
May
July
Mar
Feb
35
21% Aug
2% Jan
10
1454
23%
93,
Mar
Mar
Apr
July
Mar
40
3114 Mar
73. Jan
6
24%
17%
154
35
734
21
1754
90
1%
14
141
35
1851
38
50
6
650
25%
550
20
100
154
300
35
100
754
800
2354
17% 18,600
350
91%
200
14,1
250
14
50
300
54
19
4,300
39
150
6
23%
17%
1 34
32
7%
17
14%
90
1
155
1
55
18%
36
Jan
11% Feb
Jan
3254 Feb
Jan 25% Apr
Jan
2% Jan
Mar
June 42
14% Jan
Aug
Jan 23% Feb
June 2554 Mar
Aug 10034 Apr
Feb
4
May
Feb
5
May
411 Jan
June
Jan
3
May
Jan
Apr 23
Apr 4351 Feb
7354
77
9334
93
90
91%
4%
20
7354
77
93%
93
93%
91%
4%
2254
70
90
10
10
100
50
2,200
750
73%
77
88%
93
87
85
%
3
20
Aug 85
Aug 9051
Jan 94%
Aug 100
June 97
Apr 96%
June 10%
Aug 3856
4
2
5
2
6
20
150
10
20
21%
87
1}4
Mar
June
Aug
July
3036 July
Mar
28
Feb
95
Jan
6
200
17
434
100
100
70
2854
800
2
50
850
42%
74
32,400
5%
450
450
28%
10
250
14%
314
62
25
I%
2954
61
5
2751
7
Aug
June
June
July
Jan
June
Jan
Aug.
June
Aug
31
714
76
3454
5
47%
7054
1111
37
18%
120
10
12%
10
35
13%
2
4%
50
200
200
1,750
300
50
200% 204
126 126
133% 134%
1%
1
135 137
119 120
251 2%
16% 1654
2%
51, Jan
831 Apr
Feb
9
330
450
100
200
87
90
9254 92%
12%
10
34
13
2
4%
4
July
554 May
2
July
Mar
Feb
Apr
Feb
Jan
Apr
Mar
Jan
3%
July 98
80
8951 Jan 102
Jan
Feb
Jan
Mar
Feb
Mar
Mar
Mar
Jan
Mar
Feb
Feb
24%
13%
36
22%
,
611
731
Jan
May
Max
Apr
Mar
June 262
275 200
60 12254 Jan 137
20 129% Jan 147
o%
1,450
51 June
Feb
Mar
Feb
Mar
10
8
2454
12
2
354
July
Feb
Apr
May
Jan
Apr
June
.11113
20 118% June 170
Jan 12051 may
320 113
Feb
5
254 June
800
250 1454 June 20% Jan
250
234 May
6
Mar
AUG. 8 1931.]
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Reliance Mfg Co com_ _10
Ross Gear & Tool Co com •
Ryan Car Co(The) cam_ •
Sally Frocks Inc corn___•
Seaboard P S cony pref.. _.•
Seaboard Util Shares Corp*
Segal Lock & Hardw Co Inc
•
Common
South'n Union Gas com _ _•
tikewast. Gaa dr El 7% p1100
Southwestern Lt & Pr pf •
Standard Dredge
Convertible pref
•
Storkline Furn cony pf__25
15
Swift International
25
Swift de Co
High.
600
150
100
150
110
2,650
5
19
1
4
40
3
Apr
May
July
Jan
June
Aug
1034
29
14
9
48
534
Aug
Feb
Apr
Mar
Feb
Jan
531
65(
9214
8434
834
7%
934
8411
850
1.100
30
30
5
54
9014
84
July
June
June
July
714
12
984
944
June
Feb
Mar
Jan
9
3331
26
534 54
9
9
3331 334
2534 26
100
20
1,650
1,900
44
6
294
244
June
June
June
June
4a8
16
14
Apr
403.4 Apr
3031 Jan
16
16
44
3
64
184
350
15
June
34
Mar
4134 46
24 3%
10
1134
6
6
20
300
150
150
4114
211
10
4%
Aug
Aug
Jan
June
47
9
18
114
Apr
Feb
Feb
Feb
3734
3134
234
5%
1734
4
4
50
36
384
750
2834 3531 80,000
254 234 1,351
54 64 1,150
g7.15 184 1,150
24
33
1234
2
434
15
Apr
June
June
June
June
Jan
10
49
3534
54
954
194
Jan
Mar
Aug
Feb
Feb
Feb
28
26
50
25
Jan
29
Mar
2614
28
2634
150
24
June
29
14 1%
174
1634 17%
100 100
45
50
100
8,750
200
240
1
16
93
42
June , 4
June 2934
July 10434
June 73
Apr
Max
Apr
Feb
10
11
22
2314
5
54
2
2
214 234
150
910
350
551
300
10
20
5
2
214
Apr
Juno
May
June
July
Feb
July
Jan
Feb
Feb
354
Wahl Co (The) corn
*
Walgreen Co common__ •
Ward & Co (Monte) A-5
Waukesha Motor Co com.•
Wayne Pump Co
Convertible preferred_ •
Western Pow Lt& Tel cl A•
Wisconsin Bank She corn 10
Yates
-Am Mach part pf _•
Zenith Radio Corp com_•
Pub Serv Nor III 4%s F '81
208So LaSalle St Bldg Corp
514s
1958
South East Gas&Wat tts '41
South West Pub Serv Co
68A
1945
United Amer Util Incas A--------------1940
Low.
734 1034
19
1934
1
1
414 414
4234 4334
3
331
1034
.
Thompson (J R) corn _ _25
20 Wacker Drive Bldg Corp
•
36 pref
United Amer UM Inc corn •
•
Cla.ss A (w w)
United Gas Corp common*
United Ptrs & Pub Inc
Common
*
20
U El Gypsum
US Radio & Telev cern_•
Utah Radio Prod com__ _ _•
Utli & Ind Corp corn
•
Convertible preferred •
Viking Pump Co
Preferred
•
Vortex Cup Co
Class A
•
Bonds
Chic Ry
58
1927
Certificates of deposit__
Instill Util Inv 85
1941
Range Sines Jan. 1.
23
514
2
234
61
Feb
28
2331
634
9
534
83%
61
61 910,000
814 6131
5.000
59.000
8334 84
al
57
75
July
June
June
7434 Mar
73'. Mar
94
Feb
9834
984 98% 50,000
984 Aug
9834 Aug
67
95
79
95
67
95
67
95
3,000
5,000
Aug
Aug
Mar
Aug
994 994
2,000
994 Aug
99% Aug
60
2000
60!.4
115
119
Feb
Mar
r Ex-eghts.
Toronto Stock Exchange.
-Record of transactions at
the Toronto Stock Exchange Aug. 1 to Aug. 7, both inolusive, compiled from official sales lists:
• No par value. x Ex-d v.
Stockss--
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High. Shares
Range Since Jan. 1.
Low.
40 12
124 127
75 12
115 30
2,040 12
60 33
60 2934
Canada Bread B pref..100 61
61
61
*
Canada Cement com
94 10
Preferred
100
83
85
Canada Wire ex Cable A_ •
62
62
B
•
2034 2034
Canadian Canners cony pf•
104 104
Canadian Car & Fdry com • 10
1134
10
Preferred
18% 19
25
Can Dredging dr Dock corn* 29
29
2934
Can General Elm corn_ 50
200 200
•
Canadian Oil corn
12
124
Canadian Pacific Ry_ _100 2251 2234 25
.
•
Cockshutt Plow corn
5
5
Consolidated Bakeries_ __•
9
9
9
Consolidated Industries_• 15
154
15
Cons Mining &Smeiting_25 90
90
94
Consumers Gas
100 184
18331 18411
Cosmos Impl Mills com•
7
7
7
Preferred
65
100 65
65
5 55 June 80
20
84 May
1431.4
115 814 July 9634
50 60 June 70
140 20
July 3034
55
8% June 14
26 10
Aug 2334
75 1831 July 2534
70 24 June 3
634
4 200
Aug 300
55
9
May 2334
2,480 2254 Aug 454
100
411 May 10
155
7.34 June 1234
220 16
Aug 1714
169 7134 June 187
86 1804 Jan 187
40
5 June
9
5 65
Aug 93
Dome Mines Ltd
11.50 11.50
•
Dominion Stores corn_ _ __• 2134 21
2214
Ford Cool Canada A_ _ _.
.5
17
1834 174
General Steel Wares com_•
3
3
Goodyear T & Rub prat 100 10434 1024 10434
Gypsum Lime it Alabast..•
8
8
Hollinger Cons0 Mines _.5 6.10 6.00 6.10
Inter Mill 8% 1st ser A.100
Internet Nickel corn
Internal Utilities A
a
13
Kelvinator of Can pref-100
Mines
1
Lake Shore
Laura Secord Cdy coin_ •
..
Loblaw Groceterlas A __ 5
•
B
Loew's Th Marcus. pt_ 100
•
Massey-Harris corn
McIntyre Porcup Mines 5
•
Moore Corp corn
100
A
100
B
80
80
1234 1251
35
35
7
7
7
434 414
28.05 26.05
40
40
11% II% 12
11
1131
1134
70
70
71
44
431
434
21.50 21.90
15
15
101 101
110 112
124
Ont Equit Life 10% pd_100
Orange Crush 1st pref_100 52
Page-Hersey Tubes corn_ •
Photo Engravers & Mee_•
•
Riverside Silk Mills A_
100
Russel Motor corn
5impson's Ltd pref-100
Reel Co. of Can corn
•
I'lp Top Tailors corn
100 82
Prof
•
Fraymore Ltd corn
Walkers-Good'm Worts_.
•
5
West Can Fl Mills com _ •
Banks100 201
:tomm erce
100 208
Dominion
100
imperial
Inn
144
52
79
2334
13
844
80
28
8
82
134
4%
8
201
208
206
212
144
52
80
2334
13
644
80
29
8
84
131
5
8
202
208
208
312
25
946
337
10
80
15
250
June 20
Jan
13_ay 1514 Feb
Mar 20
July
Feb 38
May
June 2834 Mar
June 4234 Mar
June 4411 Feb
189
47
71
62
Feb
may
Apr
Jan
Mar
Jan
Mar
Mar
Feb
Mar
Jan
Feb
Jan
Feb
May
Mar
Apr
Mar
Jan
9.20 Jan 13.40 June
14
Jan 244 Apr
1434 May 294 Mar
24 June
734 Jan
944 June 107% Feb
714 July
1234 Jan
8.00 Aug
8.70 Apr
15 80
Aug 80
5.999
934 June 204
20 31
June 45
100
44 May 1034
100
234 June
5
25 23.00 Jan 28.50
10 33 June 46
444 11
May 144
70 10
Jan
1414
10 70
Aug 71
260
314 June 1034
35 20.00 May 28.30
75 1135 June 174
5 98
June 1084
20 10314 June 128
20
10
70
60
50
10
1
35
75
20
10
455
20
144 Aug
50
Apr
68 June
15
Jan
9 June
6411 Aug
73 June
25
May
7 June
77 June
134 May
434 May
7 June
199
205
201
2514
21
60
92%
2831
18
774
924
4234
13
90
3
84
1734
May 231
May 224
June 225
June.
100 240
100 217
240
217
24034
221
Loan and Trust
Can Permanent Mort_ _100 200
Huron &Erie Mort_ _100
Toronto Mortgage
50
197
146
110
200
146
110
Royal
Toronto
Aug
Mar
Apr
Feb
Mar
Apr
Feb
Mar
Mar
Aug
Jan
Apr
Jan
Jan
Jan
Mar
May
Feb
Mar
Jan
Feb
Jan
Feb
Jan
Apr
Jan
Feb
Jan
Mar
Jan
Jan
R98 IA' Mc".
Range Since Jan. 1.
Low.
High.
171 236
54 217
June 291
Aug 238
Mar
Mar
9 195
10 148
10 108
July 218
Aug 150
June 115
May
Apr
Mar
• No par value.
Toronto durb.-Record of transactions at the Toronto
Curb Aug. 1 to Aug. 7, both inclusive, compiled from
official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Beath & Son WI)A
•
Canada Bud Brew com___*
Can Paving & Supply com•
Canadian Marconi Co_ _ _I
Canadian Wineries
*
Can Wire Bound Boxes A..*
Consolidated Press A__ •
12
314
10
Range Since Jan. 1.
Low.
Aug
8
851 Jan
Aug
1
214 Aug
6
6
1134 12
1
1
234 234
314 334
9
10
25
25
40
285
85
100
5
15
10
9
25
Aug
Aug
High.
12
1314
534
4
Feb
Apr
Mar
Feb
18
31
Jan
Mar
Disher Steel Cons corn_ •
Distillers Corp Seagrams..*
Dominion Power Stubs_ •
Durant Mot of Can com_10
Goodyear T & Rub corn_ •
•
Hamilton Bridge com
Imperial Tobacco ord_ _ __IS
Montreal L H & P Cons_ _•
9
234
12
4
104
74
935
4631 444
9
9%
1234
4
104
7%
915
48
15
10
50
40
.5
25
25
635
9
8
10
4
70
7
9
3811
Aug
9
May 1231
June 14
Aug 1134
June 119
June 20
June 10/1
May 6811
Aug
Jan
Apr
Mar
Mar
Mar
Mar
Mar
National Breweries com__•
National Steel Car Corp__•
Power Corp of Can com_ •
Service Stations coin A_ _ _*
Shawinigan \Vat & Pow_ _5
Stand Pay dr Matis com _ ..•
100
Preferred
Toronto Elevators corn_ •
United Fuel Invest pret100
27
18
4434
1134
4011
5%
70
11
30
27
18
4434
114
4234
8
70
11
30
5
40
20
135
20
115
10
125
5
2414
18
4014
934
35
5
89%
914
24
May
Aug
June
May
June
July
June
Jan
July
3511
3831
634
3634
59
18
80
15
85
Feb
Feb
Mar
Feb
Mar
Mar
Jan
Mar
Jan
1.20 1.20
1034 11
3
3
12
1234
1154 1134
.23 .2334
17
17
10
1031
100
698
50
840
75
2,000
10
182
1.14
8
2
84
951
.23
1234
934
June
May
June
June
June
Aug
May
June
1.68
1634
614
1535
2231
.51
3234
16
Feb
Jan
Mar
Jan
Feb
Mar
Jan
Jan
Oils
1
Ajax Oil & Gas Ltd
•
British American Oil
Crown Dominion Oil Co *
•
Imperial Oil Ltd
hfcColl Frontenac Oil com *
•
Norton Corp
Supertest Petroleum ord_ *
Union Natural Gas Co._'
Unlisted
Kirkland Lake
hf Ming Corp
Noranda
Sherritt Gordon
Teck Hughes
rt
-41.,hr Haroranv
934
1134
404
6
70
30
1.20
1034
1234
.68
.58
.58
1
1.80 1.80
5
• 17.95 17.95 18.30
.85
1
.65
1
8.10 6.05 6.45
2.80 2.65 2.90
*
1,000
.93 Apr
.58 Aug
400
2.86 Apr
1.48 Jan
790 14.00 Jan 29.85 Mar
1.25 Feb
.49 June
300
1,185 8.05 Aug 8.65 Apr
2.205
1.94 Jan
3.18 May
* No par value.
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Aug. 1 to Aug. 7, both
inclusive, compiled from official sales lists:
High.
Beatty Bros corn
• 15
15
15
Bell Telephone
100 13634 13834 138
Blue Ribbon Corp corn.. _ • 17
17
1734
35 3734
Lo
634% preferred
Brazilian T L & Prcom___* 1734 1734 1834
* 3634 38
B C Power A
3834
Burt F N Co com
25
344 35
929
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Stocks-
Friday
sates
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High Shares.
American Foreign Secs _ __ _
• 43
American Stores
Bell Tel Co of Pa pref-100 118
Budd (E G) Mfg Co
•
Preferred
Budd Wheel Co
Camden Fire Ins
Flectric Storage Battery100
(I) Fishman & Sons
Elora AG Hard(N Y)com_ •
Insurance Cool N A.10
Lake Sup Corp ctfs ot dep_
Lehigh Coal & Nav New w I
Mitten Bk Sec Corp pref_ __
Pennroad Corp
Pennsylvania RR
50
Penne Salt Mfg
Phila Elec ot Pa g5 pref__
Phlla Elea Pow pret
25
Phila Rap Trans 7% pref 50
Ph ila & Rd Coal & Iron__
Philadelphia Traction_ _ 50
.
3831
52
4
2134 2134
5
5
531
4231
60
10611
3334 334
24%
7
3614
3
Railroad Shares Corp
10
Reliance Insurance
. . 334
Seaboard Utilities Corp_
Sentry Safety Control
Shreve El Dorado Pipe L 25
Tacony-Palmyra Bridge- •
3-18
1
Tono-Belmont Devel
Union Traction
50
United Gas Imp comNew_•
*
Preferred new
U S Dairy Prod com cl B_ •
Warner Co pret
W Jersey & Seashore RR 50
York Railways pref
26
43
11734
34
40
814
1834
5434
5
59
Bonds
Del Pow it L 43413.--1971
Elec & Peoples tr al% 4.5 '45
Lehigh P & L 68
.
Pennn Cent L & P 448_ __
1981
Panne P & L 43423.
Pennsylvania RR 4%81981
Phil El(Pa) 1st & ref 481971
1966
15159
Phil El Pow Co 5148_1972
Seaboard Air Line 6s_ _1945
Low.
4
40
814
184
5434
5
39
53
434
22
54
6
45
60
10811
3314
2534
734
364
700 3434 Jan 4434 Apr
600 45 June 834 Mar
1,400
231, June
9
Jan
500 1911 June 2734 Feb
300
554 July 134 Jan
434 June
4,600
834 Feb
6,100 4214 June 64
Feb
May 513.1 Feb
500 58
Feb 1084 July
200 101
1,300 3234 Jan 33% Mar
200 18
Apr 3834 May
200
654 June 124 May
542 294 Feb 4034 May
118%
3
5
334
4
431 5
4934 60
/I 3-16
23
2934
105%
10
96
59
34
310
100
90
100
1,465
100
4,000
2%
4%
311
34
151
4134
1-16
Aug
June
May
Aug
Jan
Jan
July
534
7%
511
34
531
50
1
Feb
Mar
Feb
Feb
July
Aug
Apr
300
7,500
100
400
150
252
100
20
25%
9814
8%
924
58
32
Apr 3134
Jan 3734
Jan 106
June 15
June 97
July 62
June 34
May
Mar
May
Feb
Feb
May
Feb
July
Jan
Feb
Apr
July
July
Mar
Jan
Jan
Apr
Jan
Aug
May
Apr
June
July
July
June
May
Mar
Aug
10051 101 817,000 10014
3311 3711
5,800 30
10454 10454
1,000 101
97% 9734 4,000 95
9831 9954 7,000 9831
95% 95% 5.000 9554
98
9814 30,000 9414
109 109
200 1073.4
10714 1074 5,000 10511
1231 1214
3,000 1234
9734 9731 4.000 9334
CS...Tva,.....infn I- ni,,th Fat 1134a
High.
25 224 June 5334 Feb
Jan 483.4 May
800 37
600 11514 Jan 11851 Aug
5% Feb
700
234 June
May 51
Jan
32 35
Apr
100
7
1234 Feb
400 1634 June 2931 Mar
6 50 June 8531 Mar
Mar
10
454 Apr 11
264
4434
2%
5
334
4
22%
2814
105%
10
96
58
34
Range Since Jan. 1.
101
45
10634
9734
9914
98%
9934
110
10754
124
98
inn
• No par value.
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchang9,. Aug. 1 to Aug. 7, both inclusive, compiled from official sales lists:
StocksArundel Corp
Baltimore Trust Co
Friday
Sales
Last Week's Range for
Sate
of Prices.
Week.
Par. Price. Low. High. Shares
•
10
36
2834
38
37
2831 29
459
241
Range Since Jan. 1.
Low.
3434 June
2711 June
High.
42
Feb
3234 Feb
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
21
11731
25
24%
8934
112
110%
106%
21
118
25
25
92
112
110%
107
28
28
Emerson Bromo SeltA w 1_ _
25
Fidelity & Gu Fire Corp.10
140
50 140
Fidelity & Deposit
9%
•
Finance Co of Amer A_
40%
41
First Nat Bank w I
24%
Humphreys Mfg Co pref.__ ______
11%
Mfrs Finance lot pref___25 12
14% 14%
Maryland Cas New w 1_ _ _ _
28%
Maryland Tr Co New w L._ ______
24
Merch & Miners Trans!). •
25
Monon W Penn PS pref_25
631
Mort Bond & Title w l_ _ _
48
Mt Vern-Woodb M pref100
2814
25
140
9%
41
24%
12
17%
8%
2
24
25%
634
48
27
27
61% 61%
52
52
2
16
16
99
33%
27%
61%
52
2
17%
99
33%
Black Jr Decker pm!
Ches &PotTel of Bait p1100
Commercial Credit pref _25
25 24%
Preferred B
Consol Gas EL & Pow_ _.• 90
100
6% pref series D
Pref w 1 ser E_ _100
% %
5
100 107
%
5 Pre
43
17
15%
20
113
21
2114
79
110
108%
102%
,
45 28
100 20
51 130
7
3
431 38%
20 23%
134 10%
2,022 14%
45 28
10 24
118 24
5%
500
15 48
473
115
13
10
2,607
10
203
27
53
51
2
16%
94
33
High.
2434
11834
2514
25
11014
11234
111
107
Feb
Feb
July
July
Feb
June
June
July
July 32%
June 32
June 165
Mar 10%
June 50
May 24%
May 15
Aug 36
July 32
July 33%
June 25%
7
Feb
July 61%
Feb
Feb
Mar
Mar
Feb
Aug
Jan
Feb
Feb
Jan
Apr
Jan
Apr
36%
70
62
6
37
9934
38
Feb
Feb
Jan
Jan
Feb
May
Jan
June
May
Jan
Jan
June
Jan
Jan
Jan
Aug
June
June
Aug
Aug
Jan
Apr
5,000 100% Jan 105% June
Feb 10434 Aug
1,500 101
June
2,500 101% Mar 105
1,000
76
40
Low.
76
40
80
43
17
30
15
7,000
40
1,000
80
4334 5,000
17% 2.000
4,600
31
15% 16,000
75
May
80
37
80
4234
17
30
12
July
Aug
Jan
Aug
June
May
56%
88
50%
26
44
35
Mar
•
Mai
Jar
Fel
Mai
Fet
Jar
* No par value.
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange, Aug. 1 to Aug. 7, both inclusive, compiled from official sales lists:
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
10
170
850
333
200
25
56
26
23
100
7
34
10
9%
27
24%
10e
7
35
10
9%
610
620
2.510
280
521
10
22
23
22
31% 32%
300
560
Apr
Feb
May
Feb
May
Mar
Feb
37
33
200
13%
42%
15%
19%
Apr
Jan
Jan
Apr
Feb
Feb
Feb
31
38
Mar
Feb
20 June
31% Aug
25 100
6
750
Mar
Apr 108
June 14% Feb
Stocks—
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares.
Aluminum Industries Inc..*
Amer Laund Nisch com.20 26%
Amer Rolling Mill com...25 2034
Champ Coated Paper
100
1st pref
100
Special pref
*
Churngolgi Corp
*
MU Caf B
100
C N 0 &TP
Cin Gas Jr Elec pret___100 10334
50 34%
Cin Street Ry
50 90
Cin Jr Sub Tel
Cin Union Stock Yards_ *
15
15
2531 26%
2034 2034
55
274
110
Sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
104 104
102% 10234
454 454
35
%
285 285
10431 103%
3434
34
92%
90
21
21
1.710
10
35
20
5
440
144
545
20
*
Cohen (Dan) Co
*
Crosby Radio A
7
*
Dow Drug corn
Hatfield-Campbell pf _ _100 20
*
Mtie
Hobart
40 24
Kahn participating
•
Kroger common
100
Lazarus pref
64
Pro tor Jr Gamb corn new
100 110
5% pre
100 66
Pure 011 6% pref
14%
431
7
20
37
24
30
101
63
110
65
Randall A
B
United Milk Crate A_
U S Playing Card
*
*
*
10
1434
36
14%
5%
734
20
37
24
31
101
64
111
6634
2
2
55
55
31% 32
76
76
113% 114%
69%
69
1%
1%
290 292
15
15%
3
3
Dow Chemical pref__ -100
Elec Contr & Mfg com_ •
Firestone T & R 6% pf _100
•
Foote-Burt corn
*
Fostoria Prs SU
•
Gabriel Co
Gen Tire & Rubb corn_ _25
100
6% pref ser A
•
Geometric Stamping
100
Glidden prior pref
Grief Bros Cooperage CIA •
Guardian Trust Co_ _100
102
49%
62%
7%
1034
334
79%
80
334
77
1834
287
India Tire & Rubb com--•
10
Kaynee common
Korach Scorn
•
McKee Arthur G&Co cl B •
*
Medusa Cement
Metrop Paving Brick corn *
Mohawk Rubber corn___*
•
Myers FE Jr Bros
National Acme corn__ _ _10
National Refining com__25
•
National Tile corn
National Tool corn
50
*
Nestle-LeMur coin
Ohio Brass B
•
Preferred
100
Peerless Motor corn
10
*
RIehm an Rrnthara onnl
1134
2114
3%
35
33
20
3
373
102
4931
63%
831
10%
3%
79%
80
3%
77
1834
290
1134
23
334
37
33
20
334
3734
6
6
14% 14%
5
5
1
1
2
2
35%
35
105 10534
2% 3
AO
FA
Law.
High.
8
Aug
May 63
June 3734
June 94
Jan 114
June 84
July
2%
June 325
17
Jan
June
5
mar
Feb
Feb
Jan
Apr
Mar
Jan
Jan
Jan
Mar
10 101% Feb 105%
20 45 June 65
May 6234
53 58
7 June 16
170
May 1114
8
275
334 May
3%
50
May 140
.5 80
July 87%
15 76
334 May
534
65
May 80
10 50
50 1714 June 22
July 330
17 288
Jan
Jan
June
Mar
Jan
Aug
Mar
Jan
Mar
Jan
Feb
Feb
13%
26
531
47
33
27%
8
45
Feb
Jan
Feb
Jan
Aug
Mar
Mar
kar
2
50
10 5131
260 30
5 76
265 111%
275 67
I%
160
40 279
50 15
234
120
10
60
14
350
30
5
500
40
8%
21
3%
32
33
20
23%
36
63.1
80
46 1414
4
50
1
70
2
236
20 32
110 105
2%
95
152 52
Feb
May
Aug
Apr
Aug
May
July
June
May 10% Mar
Aug 2234 Jan
Mar
8
May
Jan
3
Aug
Feb
3
Mar
June 71
Feb
Aug 10734 !Mar
Jan
4
Aug
June 7634 Feb
103%
101%
4
34
275
100%
34
90
21
July
Feb
May
Apr
Apr
Feb
July
Aug
July
1934 Feb
Jan
45
Feb
27
110
10531
1434
1
295
104%
40
9934
29
Apr
May
Jan
Jan
Feb
May
Jan
Mar
June
30 13% June 16% Jan
241
4% June
8% Feb
Aug 1434 Jan
7
100
47 20
May 50 June
39 31
June 41
Jan
40 24
Aug 303.4 Apr
603 1834 Jan 35
May
25 9914 June 10234 July
522 60
May 71
Jan
161 109% Jan 112
July
199 60 June 85
Jan
1434 1434
5
5
1134 1134
35
3734
12
3%
11
35
145
200
48
278
June
Feb
Feb
Aug
15
5
14
50
Mar
Feb
May
Jan
• No par value.
St. Louis Stock Exchange.—Record of transactions at
St. Louis Stock Exchange, Aug. 1 to Aug. 7, both inclusive,
compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Bank and Trust Stocks
Boatmen's Natl Bank _ _100
First National Bank_ __20
Franklin-American Tr_100
Mere-Corn 13k & Tr Co.100
Mississippi Valley Tr Co100 200
Miscellaneous Stocks—
*
American by B
100
Brown Shoe com
Coca-Cola Bottling Co _ _1
•
Corno Mills Co
5
Curtis Mfg Corn
*
Dr Pepper corn
Globe-Democrat pref _ _100
Hamilton-Brown Shoe25
Independent Packing com •
International Shoe pref_100
Common
*
*
Johnson-S-S Shoe
*
Key Boller Equipt
Laclede-Christy Clay Prod
•
common
20
Laclede Steel Co
*
McQuay-Norris
.
Mo Portland Cement_ _25
8
44
12
3%
50
170
58
14734
184
200
170
6031
149
185
200
6
44
2434
21
12
29
8
44
2434
21
12
29
11131
451
314
10834
4914
30
11
11131
5
5
109
50%
30
11
1434
25
39
2034
15
25
39
21
* 1731 1754 19
Natl Candy corn
514 6
•
Rice-Stlx D Gds corn
5% 6
*
Scullin Steel pref
28
28
* 28
Securities Inv corn
Southwestern BellTel pf100 12234 12234 12334
15
15
*
Stix Baer Jr Fuller corn
4
4
4
St Louis Bk Bldg equipt__•
134
I
St Louis Pub Serv corn_ •
100 1434 1434 15
Wagner Elec com
Range Since Jan. 1.
Low.
.
•
Allen Industries corn
20
Central United Nat
*
City Ice & Fuel
•
Cleve-Cliffs Iron pf
Cleve Elec 111 6% pref _100
Cleve Railway ctfs dep _100
Cleve Securities P L pref.*
100
Cleveland Trust
•
Cleve Un Stkyds com
Cleve & Sandusky Brew100
Range Since Jan. I.
Jan
High.
Low.
June
11
July
25
15% June
.,
XX
X X
o.w.rNmo. .voNo c-NNon.v.N
Cleveland Stock Exchange.—Record of transactions at
Cleveland Stock Exchange, Aug. 1 to Aug. 7, both inclusive, compiled from official sales lists:
5
Range Since Jan. 1.
M.
.
* No par value.
Aug
Cincinnati Stock Exchange.—Record of transactions at
Cincinnati Stock Exchange, Aug. 1 to Aug. 7, both inclusive, compiled from official sales lists:
,
June
June
Mar
June
June
June
May
4
* No par value.
w
.
.
C40.N..
wONO.N
000-.40
,
007 0000
25
22%
10e
7
2814
934
634
9931 June 10035 Mar
1.000
High.
:
31%
Unlisted.
100 100
100 100
Lone Star Gas pref
6% 7
6%
Western Pub Service v t c_*
Stocks—
99% 99% $2,000
,
*
Standard Steel Spring_
Uialted Engine & Foundry *
8
May
Aug 75
Jan 20%
June 44
May 110
Aug 102%
May 29
Bonds—
Cleveland Railway 58_1933
Cleve S W Ry Jr Lt G&C55
1954
60
25
50
182
210
180
70
200
198
22434
Apr
Mar
Jan
jam
Mar
s
HMI liggEgiN 22.2t reing gm
5
Mesta Machine
Nat Fireproofing pref. 50
25c
Phoenix 011 corn
*
pntsburgh Forging
Pittsburgh Plate Glass _25
Pittsb Screw & Bolt Corp.•
5
Plymouth Oil Co
4%
10
20 63
520 10
500 24%
65 110
45 95
798 14%
Feb
Feb
Mar
Jan
Mar
10%
91
15%
59
6
YWR
5
64
1814
26%
110
96
16%
June 17%
July 104
July 3434
June 75
Aug 10
10%
91
15%
58%
535
MNN.N
5
63
63
isg 18
25
25
110
95
96
15%
15%
Feb
Mar
Jan
Feb
Aug
Feb
Feb
9%
90%
15
57%
534
Thompson Products Inc_*
Trumbull-Cliffs Furn p1100
Union Metal Manfg corn_*
Union Trust
25
Vlchek Tool
XX
mm.w...--
10
Devonian Oil
Follansbee Bros. pref._ __•
Hachmester Lind Corp__*
Harbison Walker pref_ ___°
100
Preferred
Koppers Gas & Coke 0_100
*
Lone Star Gas
High.
4634
8
7
29%
5
13%
25
2934 June
Aug
3
53.4 May
16% June
Aug
5
Jan
10
20 May
May
May
Mar
Jan
Mar
7%
50
62
106%
25%
ocor.mo
30
3
6
17
5
1234
20
6
Low.
Feb 10%
Feb 50
June 68%
Apr 109
May 2831
7%
50
61%
106%
25% 25%
4
High.
Low.
4%
15
40 32
185 52
159 104
30 25
Seiberling Rubber com
•
Preferred
100
Sherwin-Williams corn_ _25
AA pref
100
•
Stouffer A w w
4
Range Since Jan. 1.
r.N‘PM0
..N
.
30
3
6
16%
5
12%
20
•
Allegheny Steel
Amer Vitrified Prod _ _50
Arkansas Nat Gas pref__10
*
Blaw-Knox Co
25
Calorizing pref
•
Clark(D L) Candy
Consolidated Ice pref. _50
Range Since Jan. 1.
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
N.
.
.0.4. .N
W.WN.00
Bonds—
Bait Trac N Bait Div 5s '42
Md El Ry 1st & ref 6%s
1957
series A
North Ave Market 6.3_1940
United Ry & E 1st 48_1940
1949
Income 45
1936
Funding 5s
Wash Balt & Annap 59 1941
104% 10434
10431 10431
104 104
20
25
300
516
114
10
12
9
Range Since Jan. 1.
.
..4...
..
M¢.tn
Q.OWCTONNWO
00007.0000/ 00.00
New Amsterdam Can Ins__
•
Penn Water & Power
50
Union Trust Co
United Rys & Electric_50
US Fidelity & Gu new_ _10
W kid Dairy Inc pref__ *
50
Western Nat Bank
Baltimore City Bonds
1961
4s school
1955
4s park loan
4s seed water serial_1950
Stocks—
[VoL. 133.
FINANCIAL CHRONICLE
930
10
45
43
24%
17%
323.4
Feb
JUIY
Jan
Mar
Jan
Mar
115
7
5
110
53
37
26
Mar
Feb
Aug
July
July
Jan
Jan
17
36
3934
2931
Mar
Mar
July
Mar
22
831
9
31
123%
1534
7
4
19
Mar
Jan
Jan
Feb
Aug
July
Mar
Feb
Mar
* No par value.
San Francisco Stock Exchange.—Record of transactions at San Francisco Stock Exchange, Aug. 1 to Aug. 7,
both inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Stocks—Par. Price. Low. High. Shares.
Anglo Jr London P Nat Bk _
Assoc Ins Fund
Alaska Juneau
Bank of California
Bond Share Co
Byron Jackson
155 155
3% 3%
14% 14%
206 206
6%
6
3% 334
3%
15
15
Calamba Sugar 7% pref
2% 2%
231
Calif Cotton Mills
23%
23
23
Calif Packing
23% 23% 24%
Caterpillar
Cst Cos Gas Jr El6% lot pf 101% 10151 1023.4
3134 33.35
Crown Zeller pref A
34
34
3% 4
3%
Voting trust ctfs
Emporium Capwell Corp
731 7%
%
Fageol Motors
%
80
80
Fireman's Fund Ins
Range Since Jan. 1.
Low.
High.
495 155 Juno 179% Jam
May
5
2% Apr
1.105
June
1,050 11)1 Apr 20
pan
10 195 June 250
315
5%• June 1034 Feb
7% Feb
3
394
May
IN
100
12
2,660
4.146
20
230
10
1,640
110
100
20
13%
2%
20%
21%
98%
19
19
2%
6%
34
72
Jan
Feb 16
7% Feb
June
Feb
May 52
Feb
June 52
Jan 102% May
MAY 54% Jan
May 5354 Jan
6% Jan
May
Jan 10% Mar
1% Jan
JUIY
Feb
June 90
AUG. 8 1931.]
FINANCIAL CHRONICLE
Friday
Sales
Last Weeks. Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Food Machinery Corp____ 15% 15
15%
Galland Mere Laundry_-- ______ 35
35
Golden State Co Ltd
13
13
Hawaiian C & S Ltd
4241 42
4245
Hawaiian Pineapple
2545 26
Honolulu 011
14% 15
Hunt Bros A
9
935
Leighton Ind A
645 644
B
145
145
13,4
Leslie Calif Salt
9
9
9
Los Ang Gas & Elec pref_ - 10945 109% 10945
Magnavox
1.45
1% 2
Magnin
12
12
Merchant Cal Mach
4
4
4
Natomas Co
1835 1834
North Amer Inv 535% pref 35
35
35
6% preferred
3745 37%
North Amer Oil
7% 7%
665 15
May 36
100 27
Jan 3934
320 1245 July 1545
420 33 June 45
355 25 June 41%
325
9
May 28%
200
641 July 1534
30
2% Feb
9
58
144 Aug
1%
100
6
June 114g'
50 10331 Jan 110
1,785
145 Jan
344
230 11
June 18
102
2% June
8
100 16
June 25
15 28
July 78%
105 35 June 8345
995
445 Apr 1234
Occidental Insur
1634 17
Pac Pub Serv non-vot pi&
1634 1734
Non-voting common_ _ __
845
8% 841
Pacific Gas
4545 45% 4645
6% 1st preferred
2934 2934
Pacific Lite
51
Si
6% preferred
10545 10534
Pac Gas 545% pref
27
2744
Pacific Tel
12545 12535 127
6% preferred
132 13234
Pig'n'Whistie pref
3
31
Rainier Pulp Paper
1034 11
Ry Eq&RItyCo Ltd pf tier 2
745 745
San Joaq L & P 7% pr pith 128
12434128
6% prior preferred
10934 111
Schlesinger preferred
2334 2334
Shell Union
534
5
6
Sherman Clay Pr pref
35
37
So Pao Golden Gate A
1434 1434 15
B
1234
12% 1234
Standard Oil, Calif
35% 35% 3634
Socony Vacuum Corp
18
18
Telephone Invest
50
50
Thomas Allec Corp A
5% 5%
Tide Water Ass'd
534 534
6% preferred
4634 46% 47
Transamerica
7
6% 745
110 1534 June 2234 Mar
1,693 1545 June 21
Apr
3,207
6% Apr 1134 Apr
4,561 38
June 54% Mar
1,672 2634 Feb 2944 July
349 4845 June 6834 Mat
10 100% Jan 10534 Mar
2,155 2434 Feb 2734 July
117 11634 Apr 13134 Mal
136 12034 Jan 133
July
15
2 June
9
Jar
300
8
Feb1245 Api
30
745 Apr 22
Jar
Union Oil Associates
1345 1345 1434
Union 011 Calif
15
1434 1534
Wells Fargo Bk St U T.__ _ ______ 241 245
West Amer Fin Co 8% pfd_
2%
241 234
Western Pipe Steel
2235 2245 2234
1K
1M
Feb
Feb
June
Feb
Jan
Jan
Feb
Apr
Mar
Mar
May
Mar
Feb
Jan
Mar
Jan
Jan
Feb
940 11534 Jan 128
50 102
Jan 111
10 2045 July 34%
2,773
4% May 1034
40 41
May 55
440 11
May 15
200
9% May 1334
5.427 3134 June 5134
200 18
Aug
18
2
100
545 Feb
7%
150
4
June
8%
220 3834 June 6934
30,609
6% Aug
745
AP
Fe
Ja
Jul
2,672 1334 Aug 24%
2,356 1434 Apr 2634
40 238
Jan 275
200
2
Jan
5%
825 1444 Jan 2831
000
Oly
,
Fe
Fe
Ja
Mr
Ai
‘ff
lc
Am
Am
Fel
Fel
Ma
Ma
Ma
Fel
Au
A.
Los Angeles Stock Exchange.
-Record of transactions
at the Los Angeles Stock Exchange, Aug. 1 to
Aug. 7,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High Shares.
Assoc Gas & Elea A
•
Barnsdall 011 A
25
141'd'y Dept St pica-war 100
California Packing Corp_ •
Central Investment Co_100
Citizens Nat Bank
20
Claude Neon Elec Prods...
70
15
13
8
75
22%
55
70
15
1345
845
75
22%
57%
70
15%
Emsco Derrick & Eqp Co_*
4
4
Globe Grain & Mill com _25
12% 13
Goodyr T & Rub pref_ _100
75
75
Hal Roach 8% pref
25
8
8
8
Hancock Oil corn A
25
6%
6% 6%
Home Service 8% pref _25
6
6
6
Internet Re-insur Corp_ _10
23
23
Los Angeles Blitmore pf 100
35
35
Lo Angeles Gas & El p1100 10941 109% 109%
Pacific Amer Fire Ins Co 10
Pacific Finance Corp com10
Pacific Gas & Elec corn..25
Pacific Lighting corn
•
Pacific Mutual Life Insur10
Pacific Western Oil Co_ _ _*
Pac Pub Service corn
Republic Petroleum Co_10
11
50
25%
11
4545
5031
50
441
845
145
25%
12%
46
5041
51%
5
834
134
200
600
15
100
150
250
700
Range Since Jan. 1.
Low.
11%
735
6945
22%
55
70
14%
200
3
200 12%
10 66
500
4
300
641
40
6
500 2145
25 35
278 109%
100
1,000
300
100
1,000
600
200
200
21
10%
39%
50%
50
441
845
134
July
June
Jan
Aug
Aug
June
Jan
High.
931
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Richfield Oil Co coin
•
1%
131
Rio Grande Oil com
25
3%
341 3%
San J L & P 7% pr pt. _100 127
124% 127%
Secur First Nat 13k of L A25 7031
71%
70
Shell Union Oil Co corn.
.25
So Calif Edison corn_ _ __ 25 41% 38
42%
Original preferred_ __25
5345 53%
7% preferred
25 30% 30% 30%
6% preferred
25 28% 2845 28%
534% preferred
25
27
27
Standard Oil of Calif
•
Title Ins & Trust Co_ _25
Trans
-America Corp__ _25
Union Oil Associates__ _25
Union Oil of Calif
25
Western Pipe & Steel_ _10
• No par value.
36
7
13%
14%
22%
High.
1
200
400
3
244 115
2,750 70
400
5
4,500 36%
100 50
300 29
1,200 2645
600 24%
36% 5,600
72
10
12,800
7
14% 6,000
15% 5,100
22%
100
31%
65
645
13%
14%
16
May
645 Jan
June 1041 Feb
Jan 127% Aug
Aug 95% Feb
Apr 10
Jan
June 5445 Feb
June 60
Feb
June 30% July
Jan 29
July
Jan 2744 May
June
June
June
Aug
Aug
Jan
51
90
18
24%
26
28
Feb
Feb
Feb
Feb
Feb
Apr
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, Aug. 1 to Aug. 7,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week
.
Par. Price. Low. High. Shares.
Admiralty Alaska Gold_ _ _1
American Sealcone
1
Andes Petroleum
5
Atlas Util $3 pref
•
Bagdad Copper
1
Basic Industry Shares
Bird Air
•
British Can Shares
*
.83
2%
.11
Range Since Jan. I.
Low.
High.
.76
.83 89.200
2% 241
1,200
.10
.11 3,000
3945 3945
100
.40 .40 1.000
445 5
200
35
44
100
3% 3%
100
.20 May
141 May
.10 Aug
33 June
.39 July
445 Aug
44 Aug
2 May
1.40
3
.44
40%
1.48
7
1%
7
1.70
3%
445
345
41
4%
7%
2.20
2%
1341
1.75
.55
.32
1.73 12,400
34
200
4%
900
3%
100
1
3,000
441
200
73,4
100
2.25
200
241
600
1441
700
1.90
200
.77 4,000
.32 1,00
1.70 Aug
2% July
445 Aug
3
Mar
11 Aug
4% June
74e Aug
1.50 Mar
241 Aug
13% Aug
1.75 Aug
.55 Aug
.30 July
1.73 Aug
5
Apr
644 Feb
7% Mar
4
Feb
6% Mar
744 Aug
3.25 June
7
Feb
1531 July
2.75 Feb
1.55 May
.35 Feb
Internatl Rustless Iron ___1
.45
Jencks Mfg
5
6
Jenkins Television
*
4%
Keystone Consol Min_ _ _1
.
1.90
Kildun Mining
*
LaGrange Placer
1
.78
Macessa Mines
1
.38
Macfadden Publications •
Nationwide Securities
Natl Aviation E warrants__
45
Nati Liberty Insurance.
..8
New York Rio warrants__ _ ___
North Amer Trust Shares__
434
North Butte Mining
2.50
.41
6
43-4
1.70
445
.75
.36
1545
5%
35
7%
4ta
445
1.10
.50 11,80
6
100
4% 3,100
2.00 4.600
600
4%
.78 6,500
.39 8,000
100
1534
5%
300
35
300
731
400
14
200
4%
400
1.10
500
.36 June
3
July
Jan
1.14 Apr
3
July
.73 July
.24 May
15
Jan
534 June
45 Apr
6% June
'is Aug
4% July
1.10 Aug
1.20
1134
5%
2.10
9%
.78
.56
20
7%
145
944
34
6%
3.25
14 194
.58
.61
4% 5
2.25 2.55
134
141
2
2
11
11
lis
ha
.75
.75
2% 3%
245
234
545 534
544 64
5% 53,4
100
1,000
800
300
100
100
100
200
500
5,50
100
100
600
500
1
.58
345
2.25
1
2
734
'ii
75
141
245
545
545
53,4
June
Aug
June
Aug
Feb
Aug
Jan
Aug
Aug
Feb
Aug
Aug
Aug
Aug
2
2
5
535
541 5%
29
29
63,4 645
3
341
100
300
100
100
200
300
2
441
5
283'4
5%
3
Aug
May
May
June
June
Aug
Jan
2
1.10 June
745 Jan
2.85 June
2% June
4% Feb
15
Mar
44 May
1.33 Feb
4 June
7% Feb
7
Feb
73,4 Feb
7% Mar
..I
Feb
3
634 Feb
7% Jan
33% Mar
841 Mar
4% Jan
Carson Hill Gold Mining_l
Columbia Baking 1st pref.*
Corporate Trust Shares_ __
Detachable Bit
•
Detroit & Canada Tunnel•
Diversified Trust Sits C...
D
Eagle Bird Mine
1
Fuel Oil
10
Golden Cycle
10
Group No Two 011
1
Homestead 011 & Gas_ _1
Howey Gold
1
5
1.73
41
2.20
2%
21%
13
80
36
94
90
23%
Mar
Jan
Apr
Apr
Jan
Mar
Mar
Mar
6%
Aug 2045
Jan 80
May
8
June
814
July 21
June 33
Aug 75
Jan 111%
Jan
Jan
Feb
Aug
June
Jan
Jan
Jan
July
Pan American 1934 warr_
______
Patricia Birch Mining__1
Petroleum Conversion_ •
Pioneer Gold
1
2.55
Radio Securities
5
Seaboard Continental_
•
Seaboard Fire & Mar Ins 10 11
Seaboard Utilities warr____
Sherritt Gordon Mining-1
Shortwave & Television_ _1
3%
Southern Surety
2.50
Standard Oil Trust A
544
Super Corporations A
545
B
Apr
Jun
June
Aug
Apr
Aug
Apr
May
June
July
Mar
Mar
• Jan
Feb
Apr
Mar
Trinidad Electric
£1
Trustee Standard 011A_
B
USElecLt &Pow A
B
Util Hydro W W
* No pat value.
29
1345
5445
6745
5815
1545
10%
2%
35%
72
641
1441
14%
22%
Range Since Jan. 1.
2
2%
July
July
Mar
Feb
Feb
Feb
Mar
Jan
Feb
June
Apr
July
Mar
Aug
Apr
Apr
Mar
Apr
Mar
Aug
Feb
Feb
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. 1)
and ending the present Friday (Aug. 7). It is compiled entirely
from the daily reports of the Curb Exchange
itself, and is intended to include every security, whether stock or
bonds,
in which any dealings occurred during the week
covered.
Friday
gales
Last Week's Range for
Friday
Sales
Range Since Jan. 1.
Sale
Last Week's Range for
of Prices.
Week
Stocks. Par. Prize. Lout. High. Shares.
Sale
of Prices.
Week.
Low.
High.
Stocks (Continued) Par. Price. Low. Nigh. Shares.
Indus. & Miscellaneous.
Acetol Prod com A
Anglo-Chilean Nitrate*
5% 845
1,100
445 Feb
845 Aug
Acme Wire, corn v t 0_ _ _25
Ex-stock distribution__
12
1
1
12
1% 5,300
100
6%
Affiliated Products Inc_ •
18% 2045 2,700 1141 June 1434 July Armstrong Cork common_* 1945
100
1934 1945
Jan 2234 Apr Art Metal Works com__
kir Investors cony pref ___*
7
534 5%
7
•
600
600
641 Feb
9
Mar Arcturus Radio Tube
Allied Mills Inc
•
445 4%
445
434 4%
200
500
4% Apr
534 Jan Atlantic Fruit & Sugar_ _1
Aluminum Co corn
• 11531 10945 118
45
45
300
2,290 90
June 224
6% preference
100
7% 7%
100%, 101
100
200 95 June 109% Mar Atlantic Securities corn ......•
Aluminum Ltd pref_
Mar Atlas Utilities Corp com-100
85
85
•
53,1 6% 8,500
645
100 75
May 92% Feb
Warrants series B
Warrants
18
1% 2
18
2
18
900
60 12
June 60
Warrants series C
Mar Aviation Sec of NE
22
4
22
22
4
• •
100
21
14 June 60
Warrants series D
Mar Babcock & Wilcox
25
92
25
92
100 92
2545
75
105 14 June 60
Mar Bahia Corp corn
Amer Austin Car corn_
•
•
2%
41
%
234 3% 18.500
100
45 July
1% Jan Beneficial Indus Loan....• 1445 1434 143,4
Amer Cap Corp $5.50 pref *
64
64
200
100 6034 Feb 66
American Corporation.,..*
July Benson & Hedges com
345
345 345
*
2
2
2
600
100
345 July
534 June Bickford's Inc common *
Warrants
4
4
16
16
34 3,100
100
41 July
% July Bigelow Sanford Carpet--•
700
3234 3214 3434
Amer Cyanamid corn B •
Bliss (E W) Co corn
7%
7% 731 5,700
13
13
500
•
6% Apr 1241 Feb
Amer Dept Stores Corp •
Blue Ridge Corp corn__.
345 345
245 23.4
•
400
500
13,4 Mar
3
American Equities com__*
Apr
Opt 6% cony pref____50 3241 3234 32%
545 545 5,000
534
800
345 May
734 Feb Blumenthal(S)& Co
Amer Founders Corp_ __ _•
2%
245 3
11
11
200
3,000
•
244 Stay
545 Mar Botany Cons Mills coca_ •
Amer Investors cl B corn.*
531
541 541 1,500
45
4
300
4% Ja
7% Feb Brill° Mfg com
Warrants
131
13,4 ix
845 845
100
300
1% AD
2% Feb British-Amer Tobacco •
Amer Pneumatic Serv_ _25
.
141
141
100
141 Aug2% Feb
Amer Potash & Chemical.•
Amer dep rcts ord bear£1
18
1741 17.11
18
400
100 16
Mar 18
Mar British Celanese, Ltd
Amer Transformer corn _ _*
.
5
5
5
50
345 May
7
Feb
Am dep rcts ord reg---- ___
Am Util & Gen cl B v t c__
145
145 1% 5,100
141 1% 1,300
145 Jul
7 __
5
;
Jan Burco Inc
$3 cum pref
4
15
4
1554
100
•
4
200 15
July 3044 Mar..,6% pref corn
American Yvette Co com-•
2
with warr......50 40
2
40
40
2
200
100
1
Jan
6
Apr
urma CorpAnchor Post Fence corn_ _•
244 3
1.200
244 Aug '
5% Feb
Am dep rcts reg shs
1%
1% 1%
200
Week Ended Aug. 7.
Range Since Jan. 1.
Low.
High.
45 July
1%
1534 May 2634
4 June
84
445 Jan 10
1-16 June
55
645 Jan 13%
334 Jan
841
145 May
231
4 June
6
9034 June 110
I
May
3%
1334 June 19
2
Feb
5
15 June 1834
2045 May 3434
13
July 16%
3 June
6%
27 June 3836
11
Aug 203,4
41 June
45
5% Jan
84
July
Jan
Feb
Apr
Jan
Feb
Max
Max
Feb
Jan
Aug
Mat
Max
Feb
Aug
Feb
Feb
Max
Pet
May
Aug
16% June
2441
45 May
4
Jan
3441 Jan
1% Fat
6% Api
4041 Mai
•
2% Ma
13-4 Jun
Jar
FINANCIAL CHRONICLE
932
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
20
Butler Bros
Cable Radio & Tube v t
147%
Carman & Co., cony A..°
•
Carrier & Co corn
Celanese Corp prior pref100
•
Centrifugal Pipe
17%
Chain Stores Devel corn._'
• 10
Chain Store Stocks
2136
Charis Corp
Chatham & Phenix Allied.* 1336
100
Childs Co pref
031
Cities Service common....
• 6334
Preferred
Preferred B
• 61
Preferred 13 B
Claude Neon Lights com.1
Cleveland Tractor corn_ •
Colombia Syndicate
Columbia Picture corn. •
9%
•
Commom v t c
Consol Automatic
Merchandising corn v t c•
3
e
Consol Retail Stores
Cont'l Shares cony pre1.100
Preferred series B_ _100
Cooper-Bessemer Corp- •
Copeland Products Inc
Class A without warr..'
7
5
Cord Corp
Corroon & Reynolds pt A.° 32
•
Crocker Wheeler COM_
3)4
Crown Cork Internat A__.
Crown Zellerbach pref A_ •
Cuban Cane Prod warr____
187%
Curtis Mfg class A
Curtiss-Wright Corp warr.
Davenport Hosiery Mills •
15
Dayton Airplane Eng corn*
• 177%
Deere & Co common
De Forest Radio
1%
*
Detroit Aircraft Corp..
•
Draper Corp
Dresser(8 R)Mfg Co ci A• 317%
• .
Class 13
Driver-Harris Co com _10 187%
Dubiller Condenser Corp..
•
134
Durant Motors Inc
Duval Texas Sulphur. •
Util Invest corn A*
Eastern
Edison Bros Stores com •
Eisler Electric common.,'
Elea Power Associates_ •
1331
Class
A*
Elea Shareholdings corn..' 127%
• 71
$6 pref with warr
1
•
Empire Corp corn
10
Fageol Motors corn
336
Fairchild Aviation corn...
Fairey Aviation Co Ltd
Amer ohs for ord ohs
100 31
Fajardo Sugar
•
Federal Bake Shops_
.25 147%
Federated Capital pref.
•
Federated Metals
Fischman (I) & Sons A.__'
•
FUntkote Co corn A
Ford Motor Co Ltd
107%
Amer dep rats ord
Ford Motor of Can cl A...• 177%
• 327%
Class B
Ford Motor of France
Amer dep rcts
34
Foremost Dairy Proa corns
Foremost Fabrics corn _ _•
Foundation Co
336
Foreign shares class A-•
234
Fox Theatres class A corn.'
137%
Garlock Pack corn
3
General Alloys Co
5
General Aviation
Gen Hies Co (Gt Britain)
Am dep rcts ord reg__£1
•
General Empire Corp_
Gen Laundry Mach
' 4%
Gen Theatre Equip pref
• 337%
Glen Alden Coal
77%
Globe Underwrit Exch.- _•
•
Sugars A
Godchaux
•
Golden State Co Ltd
.57%
Goldman-Sachs Trading__•
•
Gold Seal Electrical
Gorham Inc
$3 pref with warrants_ •
Gorham Mfg corn v t 0. •
Gotham Knitbac Mach._* 5-16
Gray Telep Pay Station...
Clt AtI & Pao Tea
Non vet corn stock.
7% first preferred- -.100 11916
Griffith(D W)Inc CIA...'
Guenther(Rud)-Russ Law5
Hachmeister-Lind CO....' 1834
Hammond Clock corn. •
Happiness Candy Sts corn •
•
Hazeltine Corp
Helena Rubinstein corn..
Hires(Chas E)Co corn A.*
•
Horn & Hardart corn
436
Hygrade Food Prod corn.'
Imperial Tob of Canada_ _5
Insull Utility investment.' 277%
Inaur Cool North Amer.10
Insurance Securities...634
•
Internat Cigar MachInternatlIold & Invest._ •
Internal Safety Razor 13..•
Interstate Equities corn..'
17%
97%
Irving Air Chute corn....'
Warrants
655
•
Jaeger Machine
•
Klein (D Emil) corn
Kleinert(I B) Rub cora_ •
134
Kolater 13randes Am aim £1
Kress(S II) & Cosine p110
• 3434
Lackawanna Sec
•
Lakey Fdy dr Mach
•
Lefcourt Realty corn
Libby McNeil & Libby_..10 107%
•
Lit Bros
• 11136
MacMarr Stores Inc
Manning Bown & Co A •
•
Mapes Consol Mfg
27%
Mavis Bottling class A...5
May Raab] Sc Television_• 19
•
Mead Johnson & Co
5 26%
Mesta Machine corn
Metal & Mining Shs
Royalty pref____• 10)1
Midland
Midland United Co corn •
• 50
Midvale Co
Mock Judson & Voehr_ _ _•
436
136
13
15%
794
x47%
1%
10
21%
13%
89
84
62%
6
61
4
6
16
10
9
Low.
High.
100
4%
400
116
400
14%
100
15%
50
80
600
z5
1% 1,800
400
10%
100
21%
147% 3,200
70
90
10 125,400
1,100
64
100
6
100
617%
200
4
100
6
500
4 1,600
113
1,300
10
3%
%
127%
14%
68%
z436
1
7
2031
13
85
8%
61%
536
5936
336
3%
36
10
9
Jan
7
June
2% Apr
Jan
Mar
June 15
Feb
May 25
Jan 81% July
856 Feb
Aug
4% Mar
Jan
Jan 11% Feb
Apr
Jan 2436 Feb
June 17
Jan
May 108
Aug 20% Feb
June 84% Feb
736 Mar
May
May 7236 Mar
June 10% Feb
June 10% Jan
May
34 Jan
Feb
June 23
Feb
Aug 22
200
100
125
775
300
1-16
3
19%
17%
6
Mar
Jan
Aug
Aug
June
34,
3
3
19% 20
17% 19
636 7
19
%
67
32
12
334
32%
hg
17%
%
17
X
1634
33-4
1%
41
317%
1836
1836
3
1%
135
234
10%
336
13%
12%
12
71
1
Range Since Jan. 1.
June
8
200
20
5% Jan
5,800
,
735
Aug
100 32
32
Jan
7
600
12%
336 July
600
37%
100 2736 Apr
3236
36 Feb
31 1,800
700 e1734 July
18%
36 June
34 1,500
100 127% Jan
17
74 3,900
A May
1,300 1566 July
18
1% Jan
4% 10,600
134 June
1% 2,000
100 34 June
41
200 27 May
31%
100 18 June
18%
500 16% June
19
236 June
100
3
134 Jan
1% 2,700
1% June
300
155
2 May
200
2%
Feb
6
100
107%
May
700 El
33.4
June
800 11
13%
9% June
1,300
13%
Jan
400
127%
100 7031 June
71
% May
600
1
36 Aug
136 Jan
e% Jan
,
476 Jan
5436 Jan
Jan
51
2334 Feb
23%
15
51%
1436
835
3931
18%
34
17%
234
44%
3%
,
4636
39%
27%
417%
%
47
336
336
7
1036
6%
227%
22%
18
88%
236
July
Apr
Jan
Mar
Mar
Mar
Jan
Aug
Mar
Apr
Jan
Feb
Mar
Feb
Apr
Feb
Mar
Feb
May
Mar
Jan
Jan
Aug
Mar
Feb
Feb
Mar
Feb
Mar
1% Jan
Mar
5
66
33'1
61
3%
300
900
3%
31
2%
14%
8
1
6
3%
31
2%
14%
8
1%
6
200
10
100
100
200
500
100
107% 11%
16% 17%
32% 22%
5,700
2,000
25
10% June
14% May
22% June
19% Jan
29% Mar
6236 Feb
736
3-4
ins
400
300
1,800
636 June
34 July
31 Juno
1035 Mar
36 June
6% Mar
334 33-1
2% 236
13% 13%
4%
4% 5
800
1,900
400
1,200
1,200
2
2%
13%
236
4
July
Aug
May
Aug
June
600
9% 9%
100
1636 16%
400
A
A
6% 27,900
4
500
33%
33
600
736 7%
100
e17 al7
200
13% 14
53.4 514 7,800
500
%
%
8%
14%
34
4
29
7
1036
13
4%
May 11% Feb
Mar
18
Jan
36 Jan
July
Aug 31% Feb
Jan
June 60
Apr
9
Jan
July
June ell
17 June
July
June 11% Mar
1% Feb
May
73-4
34
34
167%
16
18% 1636
5-16
5-16
70
70
201 209
119% 120%
35
36
9
9
18% 187%
35% 3534
1
1
14%
14
I%
136
30
30
3734 37%
3% 5
4
,
9% 93
26% 27%
5236 5236
636 636
45
45
2% 234
10% 11%
1% 2
936 9%
1% 1%
6% 7
13% 137%
5% 5%
1% 134
10% 10%
3436
33
2
2
z7
z7
10% 10%
2
2
107% 11%
2
2
38% 40
2%
2
18% 19
76% 81
26% 27
%
10%
9
18% 1836
50
50
836
7
150
100
100
400
236
2036
2
14%
736
1
6
June
May
June
June
Tune
Aug
June
15 June
15 June
A Apr
56 June
3%
42
4%
15
10%
8
12
5
6%
18%
1036
12
23%
23
36
73%
Aug
Jan
Mar
Apr
Jan
Mar
Mar
Feb
Jan
Mar
Feb
Mar
Jan
Feb
Jan
Feb
Apr
180 1677% Jan 260
Feb 122% May
330 117
% July
36 July
100
Jae
9
200
May 18
1836 July
500 1834 July
Feb 4236 June
100 30
May
36 Jan
700
May 23% Feb
300 14
3% Feb
1% Jan
100
300 257% Mar 32% June
200 3536 Jan 43% Mar
6% Apr
2,300
27% June
Mar
8% June 10
100
June 49% Feb
1,300 22
200 45 June 63% Mar
9% Feb
5% May
500
June
200 35 June 50
3% Feb
1% May
400
97% June 13% Feb
200
434 Apr
134 June
700
May
74 Jan 11
300
May
2
34 June
100
13% Feb
63-4 Aug
125
Apr
Feb 14
200 127%
Jan
11
May
5
100
16( July
36 Jan
2,600
Jan
10% Apr
100 10
Jan
June 37
400 29
336 Jan
134 July
100
63-4 June 12% Mar
200
14% Mar
Jan
200 10
Aug
Aug
2
2
100
43-4 June 11% Feb
4,200
3% Jan
May
2
100
Apr
400 327% Jan 41
135 June
54 Apr
700
1834 July
834 May
3,200
July 113% Mar
800 73
500 247% June 36% Apr
2% Apr
35 Jan
300
8 June 14% Jan
400
Feb
177% Jan 23
300
Mar
Aug 68
100 50
Apr
1056 Mar
4
200
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
[Vol.. 133.
Range Since Ian. 1.
Low.
High.
4% Jan
234 May
266 236 1,200
Nat American Co Inc____.
234
Mar
10
4% Jan
400
,
666 736
•
National Aviation
734
364 Jan
Aug
1
50
1
1
1
Nat Bancservice Corp...*
,
200 263-4 June 3436 June
•
30% 3036
Nat Bond & Share
5% Jan
800
23.4
134 July
2
2
Nat Family Stores corn _•
Mar
2
34 May
400
1% 1%
Nat Food Prod class B_ •
734 Feb
3% June
• 5% 9,300
•
5
5%
Nat Investors corn
7% Feb
43' Aug
900
•
434 5
5
Nat Mfrs & Stores
Feb
July 24
100 19
•
1934 1936
Nat Screen Service
331 Mar
1% June
17% 1,200
1%
1.36
Nat Service Cos common.'
June
Nat Short Term Sec A.... 21% 18% 2136 9,100 1536 Jan 22
5% Feb
1% Jan
200
234
2
Nat Union Radio corn_ •
Feb
100 55 . July 80
60%
60
Neisner Bros 7% pref..100
Feb
3
1% June
100
1% 1%
New Mexico & Ariz Land 1
N Y Shipbuilding Co
7% June
236 Apr
700
6
6
(formerly AmBrownBov)
11% Mar
53.4 May
600
634 6%
Niagara Share of Md..- -10
634
100 12% June 2236 Jan
13% 1334
•
Niles-Bement-Pond
Nitrate Corp of Chile136 July
36 July
1% 1% 5,500
136
(Cosach) ctfs for ord B._
636 Mar
4% June
100
Noma Electric Corp corn.*
4'% 436
36 Mar
36 July
1,720
Nordon Corp Ltd corn...5
34
%
34
256 Mar
34 Aug
Nor Amer Aviation warr A
55 3,800
15
5% Aug 1154 Feb
400
No & So Amer Corp A_ •
515 534
Apr
125 125
10 115 June 150
Northwestern Yeast_ __100
June 5136 Feb
4336 4336
100 36
Novadel-Agene Corp corn'
Mar
5
June
1
2 A
2
200
•
011stocks Ltd class
334 Jan
134 May
,
134 1%
600
A..
Outboard Motors corn B.'
Feb
6
4% Aug
436 436
400
4%
•
Cony pref class A
s243.1 26
1,700 1736 Jan 30% Apr
Pan American Airways__ •
Feb
5
234 Apr
200
336 336
Paramount Cap Mfg corn.'
May 3031 Jan
2656 27% 1,000 26
•
Parke Davis & Co
Mar 109% Mar
85
200 81
87
Parker Rust-Proof Co- •
May 2836 Mar
20 23
23
3
•
Patterson-Sargent Co_
Feb
50 1964 Jan 30
Fender (D) Grocery A__• 24% 24% 24%
5% June 1036 Apr
50
8
8
•
8
Class B
836 Feb
434 June
4
,
53
11,200
Pennroad Corp corn v t e_•
536
Apr
4
36 July
100
Perryman Elec Ccicorn •
31
%
Feb
2
136 June
Phoenix Secur Corp corn •
134 1% 2,300
2236 June 26% July
10
• 24% 2431 24%
Preferred A
234 July
36 Jan
234 234 15,600
Philip Morris Consol corn..
234
Jan 15% Aug
15% 1536
100 10
25
Class A
3% Jan 23% Apr
800
1034 11
Pilot Radio & Tube cl A..'
13% 13%
400 13% Aug 2231 Apr
1336
Pines Wintertront Co._
Pitney Bowes Postage
Mar
•
5 June 10
536 536 1,100
53-4
Co
Meter
Apr
July 109
80%
80
200 80
Pittsb & L ERR com__50
200 24% Feb 3234 July
Powdrell & Alexander....' 3136 31% 31%
636 Mar
1% Jan
236
236
400
•
corn
Polymet Mfg
38
38
100 33 June 4036 Apr
•
Pratt & Gambert Co
14
Mar
200
831 Jan
1131 1136
Prudential Investors corn •
Public Utility Holding Corp
736 Feb
3% June
3% 3% 2,500
334
Corn without warrants.*
300 237% July 3636 Feb
,
$3 cumulative preferred• 25% 25% 2536
136 Jan
36 May
9-18 7,000
9-16
35
Warrants
436 Mar
200
3
27-4 June
3
•
Railroad Shares corn
4
Jan
May
1
900
34
31
34
Rainbow Lum Prod A_._.
Jan
2
5-16 Aug
400
• 5-16 5-16
Class B
451 June
336 Aug
500
336 3%
3%
Reliance Intermit corn A_•
36 May
13.4 Feb
1,000
15
Common class B
56
7% Feb
3
Jan
436
700
436
4%
Reliance Managernt corn.*
Republic Gas (formerly
63.4 Jan 13% Apr
8% 8,31 4,100
•
834
Saxet Co)
Feb
5
133 Apr
700
136
136
10
Reybarn Co Inc
134 Jan
36 July
400
34
34
36
Reynolds Invest COM_ -•
336 Mar
136 June
100
135 1%
1%
•
Roosevelt Field Inc
5% Feb
2% Jan
500
27.4 3
Roasia International•
Mar
Jan 42
200 34
35% 3534
Ruberoid Co
11% 1236 3,800 10% June 2136 Mar
St Regis Paper Co corn-.10
19% 2136 2,300 1736 July 19% Mar
• 2036
corn
Schiff Co
1
Jan
% Jan
1,300
Schulte-United 5o to $1 St'
34
5% Feb
3% July
33.4 336
300
336
Seaboard Util Shares_ ---•
2636 June 3736 Mar
32% 32%
100
Seeman Bros corn
734 Mar
Jan
4
534 634 22.200
Segal Lock & Hardware...
4% Feb
234 Jan
2% 3,400
234
Selected Industries com_ -•
Mar
100 40 June 70
5536 5536
•
3536 prior stock
800 4234 June 70% Mar
5536
55
Allot etre full pd unstpd_
336 Feb
Aug
1,500
Sentry Safety Control_ _
74
34
Yi
894 Mar
336 Jan
1,400
436
4
4
Shenandoah Corp cora _ _•
Feb
July 36
800 230
30
30
8% cony pref
50 30
May 66% Mar
175 52
8036 6134
.25
Sherwin-Wms Co corn..
Apr
50 1043-4 June 108
Pref series AA
100 105% 10534 106
136 Feb
31 May
100
Signature Hosiery v t c.. •
15
15
,
6
33 Aug 10% Feb
800
334 4
4
Silica Gel Corp corn v t e_•
May 34336 Feb
40 230
Singer Mfg
260 275
100 260
436 Feb
•
700
23.4 July
2% 2%
Southern Corp corn
Spanish & General Corp
34 Feb
36 June
200
Am dep rots for ord reg.
36
31
Aug
Jan 39
900 13
39
Spiegel May Stern pref_100 32% 32
Mar
July 56
22
5
22
22
Stand Invest $5.50 pref.._ •
1
Jan
34 May
00
3-4
Standard Motor Constr...
14
3.6
334 June 1231 Jan
100
4% 4%
•
Starrett Corp corn
10 June 2536 'Feb
30
1234
12
8% pref with privilege 50
636 Mar
July
2
400
2
2
•
Stinnes(Hugo) Corp
10
Mar
ha Aug
134 24,800
Strauss (Nathan) corn._ -•
Mar
936 July 28
800
i
;
'
• 10 4 1034 12
Stutz Motor Car Co
Mar
8
Jan
4
400
4%
4
4
•
corn
Sun Investing
400 24% June 30% Jan
25 2534 2531 26
Swift & Co
100 2936 June 40% Apr
15 333.4 33% 3334
Swift International
8
4
Mar
Jan
:5
555 1,400
536
Syracuse Wash Mach B__•
336 June 14% Mar
1,600
736
636
•
Technicolor Inc corn
Mar
300 15% June 46
17
18
100
Thermold Co pref
Aug 50
Feb
200 42
42
42
•
Todd Shipyards Corp
400
34 Jan
8% May
536
534 534
Transcont Air Transp..._
Pict Screen
Trans Lux
436 Aug 13% Mar
5% 4,400
•
434
Common
636 Mar
236 Jan
100
334 3%
Tri-Continental Corp warr
500
3 June 29% Mar
3% 3%
334
Tri Utilities Corp corn _ ....•
Tubize Chatilion Corp
Feb
3% Jan 16
200
5
5
Common Byte
Feb
100
7 June 12
836 834
'
Tung Sol Lamp Wks corn
2714 28% 1,800 21% Jan 2954 Feb
Ungerleider Finanel Corp*
Mar
1,500 1734 Jan 22
20
204
Union Amer Invest corn •
36 June
100
15 Mar
h
sit
•
ire
Union Tobacco corn
4)4 June 1034 Mar
22,400
436
United Founders com____•
43.4 5
236 Feb
136 June
100
136
134
United Stores Corp v t
May 6536 Mar
500 59
60%
60
80
U S Dairy Prod ci A
Feb
9 June 15
200
10%
10
• 10
B
Class
8% Mar
436 May
100
•
6
6
U S Finishing corn
Mar
4 June 10
200
43.4 43.6
4%
•
U 8 Foil class B
336 Feb
June
1
136
100
136
•
U S & Internat Sec com
Feb
Jan 60
500 31
3836 39
First pref with wan.--•
(1% Jan
400
I% Aug
134
US Lines pref
1% 1%
•
Jan 2536 July
100 12
2536 2536
(7 S Overseas corn w w •
Jan
May 49
501 32
33
33
US Playing Card corn...10 33
936 Feb
436 June
600
•
4% 436
Utility Equities corn
Apr
•
500 6736 June 78
743.4 74%
Priority stock
936 Mar
6 May
6% 1,000
6
Utility & Indus Corp corn.'
200 14% Jeu 19% Feb
1736 18
• 173-4
Preferred
734 Mar
100
436 436
23.4 Jan
•
Van Camp Peck com
Mar
9
Jan
100
3
536 536
25
7% Preferred
Jan
Jan
7
5
400
5% 5%
Vick Financial Corp10
100 1536 June 2936 Mar
18
18
Walgreen Co corn
•
Walker(Hiram) Gooderham
836 Feb
434 May
200
4% 47,4
•
dr Worts cm..
Aug
11
Aug
100 11
11
11
West.rn Grocer Co com_25
636 Mar
Jan
3
100
3%
Wil-low Cafeterias corn. •
,
136 Jan
36 June
200
A
Winter (Ben)) Inc com. •
34
Woolworth IF W) Ltd
1234 July
936 Jun
10% 1134 16,800
Amer dep rets for ord sins 11
Rights
36 July
3-18 Aug
36 2,900
"Is
Westvaco Chlorine Prod_ -
AUG. 8 19311
Public Utilities
FINANCIAL CHRONICLE
Friday
Lasi Week's Range Sales
Sale
of Prices.
for
Par. Price Low. High. Week.
Alabama Power $7 pref. •
•
$6 preferred
Allegheny Gas corn
Amer Cities P & L cl A__50
Class B
Am Com'w'th Pow corn A*
Common class B
•
Amer Elec Pow $6 Pref---•
Amer & Foreign Pow warr_
Amer Gas & Elec com___.
Preferred
•
Amer L & Tr corn
25
Amer Nat Gas corn
•
Am Sts Pub Serv corn A_ •
Am Superpower Corp corn.
First nreferred
$6 cum pref
•
Appalachian Gas corn
•
Warrants
Assoc Gas & Elec cl A____•
Warrants
$8 Int Bear Allot ctfs__
*
Assoc Telep CBI corn_
Bell Telep of Canada_ _100
Brazilian Tr Lt & Pr ord_•
Buff Nlag & East Pr pf__25
1st preferred
Cable & Wireless Ltd
Am den rcts A ordshs.£1
Am del) rcts B ord 5115_61
Am del) rcts pref ohs Cl
Can Hydro El 1st pref_100
Cent III Pub Serv $6 pref *
Cent Pub Sere common_ •
Class A
•
$7 preferred
$4.preferred
•
•
Cent States Elec corn_
pref without warr 100
Cent West Pub Serv A. _
.e
Cities Sere PAL $7 pref.
Clove Elec In corn
Conrwlth & Sou Corp
Warrants
Community Water Serv._
Coas'l G El & P Balt corn •
Consul Gas Utll class A...•
"".
Duke Power Co
100
Duquesne Gas corn
East Gas dr Fuel Assoc_ •
East States Pow corn B__*
Eastern CBI Assoc cone_ •
Edison Elec 111(Boston)100
Elec Bond & Rh Co com__.
$6 preferred
$5 curn pref
Elec Pow & Light warr_
Empire C & E 8% pref.100
mire Pub Sere corn A..
European Elec Corp cl A.10
Warrants
Florida P & L $7 pref
*
Gen G AN 6% pref B.
Gen Pub Sere $6 pref._ •
Hamilton Gas Co corn v t c
Internet Hydro El pref._ *
Internet Superpower
•
Internet Utilities class A •
Class B
•
Warr for el B stock
Panic pref
•
Interstate Power 57 pref_•
Italian Superpower corn A.
Warrant
Rings Co Ltg pref D___100
Long Island Ltg corn
6% preferred B
100
7% preferred
100
Marconi Wirel T of Can_.1
Moss Mil Assoc corn v t c_*
Memphis Natural Gas. "
Met Edison $6 pref C....
Middle \Vest Util corn._.•
$6 cony pref ser A
Mid West States Pill er A •
Mohawk & Bud Pow 2d pf*
Monongahela West Penn
Pub Serepref_ .25
Montreal L le& P corn__•
Range Since Jan. 1.
Low.
111014.
11456 11451
50 112
June
102)4 10234 10254
25 100
Jan
14
300
14 July
134 14
3156 32
300 314 July
634 656 6.900
614
534 Jan
1251 124 13
8,900 10% June
19
20
900 17
Apr
49
49
49
50 49
Aug
14% 1651 7,000 11
15
June
6251 6234 6571 3,200 48)4 June
109% 10954 11011
600 102'6 Jan
364 37)4
300 3451 June
24 236
200
1
June
600
774 8
3
Apr
1031 1051 1134 29,000
811 June
92
92
924
500 814 May
8251 8236 8251
300 82'4 Jan
3)4 434 24,300
336
351 Aug
51
34
600
4 May
14
12% 1234 1334 8,355 1151 July
5-16 5.16
800
3-16 July
634 67
684
50 67
July
2374 244
700 22
Jan
136
136 13711
70 130
May
17% 1756 1854 6,220 12% Juno
26% 2674 27
3,600 2551 Jan
104 104
100 9834 Jan
104
54
7
174
13%
9
92
851
250
3634
1034
8931
184
151
751
44
23.4
7
98
234
17
951
2
63
91
8
10
70
49
651
54
17
78
40
Juno
May
July
Slay
Jan
July
July
Aug
Aug
June
Feb
July
May
June
5,000
6,500
300
500
I%
8
77
84
June
24
Jan
1251
June 101
Aug 17%
51
34
11
56
10251 105
125 06)4 June
34
11 18,700
51 Aug
1034 1934
100 17
Jan
9
9
200
8)4 June
74 74
200
5 Juno
250 250
20 242
Jan
36
3851 103,900 314 June
10356 1044 1,200 1014 June
894 8956
100 8001 Jan
18%
400 144 June
71
71
50 66% June
151 14
700
56 Slay
73.1
7.4
100
7
Jan
111 1%
100
151 Jan
100 100
100 99
Apr
3951 454
950 3951 Aug
70
10 65
70
July
2)4 234 1,500
251 Aug
41
42
75 41
Jan
22
2254
400 20
Apr
33)4 33%
100 3194 Juno
6% 736 5,100
551 Jan
200
194 156
1% June
93
93
200 88 June
7551 7511
10 6834 June
2% 3
600
2, Jan
4
151
1,
1
300
34 Jan
98
9311
100 96
Mar
200 29% Apr
106 10634
250 10011 Jan
111 111
10 106'6 Jan
2% 216 3,100
31 Jan
4
4
200
376 Jan
84 84
600
84 may
101
101
10 96
May
17
17% 2,900
1451 June
91
91
100 91
Aug
914 1034 1,000
7
July
106 106
25 99
Jan
2536 2551
45
43
50
400
24
24
9951 10051
17
1851
100
1,150
1,500
94
94
134% 13651
105 105
7311 75
116 11651
104 1074
134 2
456 51.4
14 14
68
734
84
86
118 119
9656 963-4
11034 1114
294 2934
27
2751
21
21
551 6
106 10651
9931 093-1
86
86
1634
16
41
41
28% 284
30% 3034
2651 2754
19
19
234 24
30
32
30
30
614 656
97
9751
10956 109%
104 1034
73-8 93.4
811 811
1-32 1-32
6
651
8151
81
2% 2)4
1934 2051
90
90
4
434
1
1
734 8)4
1834 25
84
0438
25
100
200
500
175
19,100
6,800
1,700
2,100
7,300
75
200
80
70
900
200
100
200
75
60
30
500
100
SOO
500
200
100
200
700
100
100
100
50
600
1.100
300
100
7,600
300
2,700
6,900
100
2,300
100
14,300
5,500
700
4556
Nat Elec Power class A__. 24
Nat Pow & Lt $6 pref_ ___• 10031
Nat Pub Serv corn A....* 17%
New England Pub Sere
57 prior lien pref
New Eng Tel dr Tel__100 13631
N Y Pow & Lt 56 pref
•
N Y Steam Corp Corn.
..• 75
NY Telep 6)4% pref._100 116
Niagara Bud Pow corn..10 1034
Class A opt warrants_
134
Clsss B opt warrants._
4)4
Class C warrants
Nor Amer Lt & Pow corn _• 68
$6 preferred
Nor States Pow com100
6% preferred
100
Ohio Power 6% prat __100 1104
pacific 0 dr E 6% 1st pf_25
534% let preferred
Pacific Pub Sere class A. •
Peoples Lt & Pr class A..°
511
phila Elec $5 pref
pug Sound I.& P 6% pf__*
$5 preferred
Rockland Light & Pow..10
Shawinigan Wat & Pow. •
So Cal Edison 6% pf B_25 2834
7% pref A
25
616% pref series C__ _25
Sou Cob Power class A 25
corn____•
So'west Gas Util
2)4
Standard Pow & Lt corn... 30
Common class B
• 30
Southern Union Gas
Standard Pow & Lt pref.-o
Tenn Ni Pow 7% 1st of 100 109%
Union Nat Gas of Can.._•
United Corp warrants._ _ _
934
United El Sere An, shs_
Purchase warrants
United Gas Corp corn...
651
Prof non-voting
251
Warrants
United Lt A Pow corn A__• 19%
•
$6 cone 1st pre!
U S Elec POW with warr_
4
Stock purchase warr.
Utll Power & Light com__*
8
ClussB et c
• 2456
7% preferred
100
69
92
0%
10%
70
54
731
59
174
85
4454
600
1,400
500
25
30
100
7,700
50
200
7,100
200
600
50
1,000
34
31
2
69
9114
951
10
70
49
634
59
1751
85
433.4
69
9
234
1
91%
2551
153
2854
27
104
134
194
8% 954
9634 92
811 93.4
11
34
11551
10371
334
38%
10
17
21:151
49
3134
8651
11056
54%
551
2051
1916
99
894
851
243-4 June
38
May
1)4
314
87
93
1851
1951
75
58
12%
6851
1711
79
5251
145
636
27
24
851
26851
61
108%
97
37%
8951
7%
13
4
104
78
83
6
45
3351
45
10%
451
100
88
1051
33-4
10051
364
107%
1124
4
4%
124
101
254
101
25
107
254
6916
2111 June 26
97
Jan 1044
1254 Slay 21%
94
Aug
130 June
101
Jan
4674 Jan
1134 Jan
916 Juno
1)4 June
4% July
111 Jan
6314 Feb
80 June
114
May
9551 Feb
10431 Jan
2536 Slay
2551 Mar
18
May
5% Aug
105
July
98
Mar
83t4 Jan
14
May
36
June
25% Jan
29 June
24% Jun
19
Jan
234 Juno
30 June
30
Aug
454 Mar
97 June
10751 June
9 June
751 June
831 Juno
1-32 Slay
434 June
7176 June
51 Slay
17% June
8451 June
35-4 May
34 May
811 Apr
184 Aug
82
July
99
141
105
894
11851
1551
34
834
73%
86
15251
101
Ill%
30
274
2851
2614
107
10051
87
18%
60
29
31
274
2451
64
50
50
651
101
110
1751
1551
12
3-16
1151
94
411
344
10451
811
254
14%
3151
9456
933
Friday
Sales
Last Week's Range for
Former Standard 011
Sale
of Prices.
Week.
Subsidiaries par. Price. Low. Iligh. Shares.
Borne Scryrnser Co
25 16
Buckeye Pipe Line
50
Galena Oil Corp
I%
•
Humble 011 & RefInIng_25 59
Imperial 011(Can) coup..* 1234
Ohio 011 6% Pf
100 90
Solar Refining
25 13)4
South Penn 011
25
Southern Pine Line
10
So'west Pa Pine Lines_ _50
Standard 011 (Indiana)_62 23
Standard 011(Ky)
25
Standard 011 (0) corn_ __25 4336
Vacuum 011
25 4356
,
35
Pacific Western Oil
Pandem 011 Corp
Pantepec Oil of Venez_
•
Petrol Corp of Amer warr.
_
Plymouth Oil Co
5
Producers Royalty Corp._*
Pure 011 Co 6% prof...100
Reiter Foster 011 Corp.__•
Richfield 011 pref
Ryan Consol Petrol
•
Salt Creek Consol
Salt Creek Producers_ _10
Southland Royalty Co...
Sunray 011
5
Tenon 011 dr Land Co....
Union 011 Assoclates____25
Venezuela Petroleum.... _5
•
"Y" Olt& Gas Co
451
3-1
138
134
131
5
771
134
31
134
Mining Stocks
Bunker Hill & Sullivan. 10
Dwane 131'Kubwa Copper
American Shares
74
Comstock Tun & Drain 10c
Consol Copper NfInes____6
234
Cresson Cons Gold SIAM 1
Cusl Mexicana Mining_ __1
94
Falcon Lead %fines
1
Golden Center Mines_ ___5
Goldfield Consol Mines. _1
Hecla Mining Co
25c
534
Hollinger Consul G
64
Ilud Bay Min & Smelt_.•
Kirkland Lake G St
1
Moss Gold Mines Ltd __I
New Jersey Zinc Co
25 3814
Newmont Mining Corp_10 264
NipIssing Mines
5
3-4
Ohlo Copper
1 3-16
St Anthony Gold Mines..!
34
Shattuck Bonn MInIng •
354
South Amer Gold & Plat_ _1
151
Sylvanite Gold Min
Teck Hughes Bold Mln_l
Tonopah Belmont Dev_ _ _1
United Verde Extens'n_50c 10
Wenden Copper Mining__ I
34
Bonds
Alabama Power 4 s_ _1967
1st ref .5s
1956
Aluminum Co s f deb 56 '52
Aluminium Ltd 5.s. _ _1948
Amer Conflth Pr 68..1940
Debentures 5,1s___1953
Am Commun Pow 5,1s '53
Ann El Pow Corp deb 6s'57
Amer G & El (lob 5s__2028
Amer Gas & Power 5s.1953
Amer Pow & 1.t 65___2116
Amer Radiator deb 434s'47
Amer Roll Mill deb 5s_1948
416% notes___Nov 1933
Amer Seating Corp 64_1936
Am Sole & Chem 636s 1936
With warrants
Appalachian El Pr 53_1956
Appalachian Gas 69_1945
Cone deb 63 ser B__1945
Appalachian Pow 63_2024
Arkansas Pr & I.t 5s__1956
New
Arnold Print Wks 6s__1941
Associated Elec 4568_1953
Associated Gas & Electric
Bob 41-4e
1948
451s series C
1949
Ss
1950
5.1
1963
Registered
54s
1938
5%*
1977
Assoc Rayon deb 59_1950
AneOC T & T deb 54s A '55
Assoc Telephone Util 6s '33
5518.
1944
Baldwin Loco Wks 550'
33
Bates Valve Bag 6.9_1942
With warrants
Beacon 011 6s with war '36
Bell Tel of Canada 5s_1957
1st NI 56 series A___1955
1st M 56 ser C
1960
Birmingham Elec 4'-4s 1968
Birmingham Gas 5s..1959
Boston Consol Gas 55_1947
Boston dr Maine Rit 6s '33
Canada Nat By 7s___1935
6,000
SOO
8,700
800
1,400
100
1,600
1,000
1,700
100
1,500
700
1,200
600
8,900
8,200
500
800
500
100
4,500
1,000
600
100
500
51 June
356 June
3 June
53-4 MaY
% Jan
% June
2 June
2 Slay
34 May
May
2
234 May
38 June
9
Aug
94 Aug
3-16 July
851 June
14% Slay
34 Jan
256 Juno
.4 June
351 June
34 Jan
1634 June
51 June
51 Jan
13-4
631
656
7
2%
351
751
351
51
5
8
76
16%
1676
51
15%
29
3%
451
151
11
51
26%
151
2%
Mar
Feb
Feb
Star
Feb
Mar
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Feb
Jan
Mar
SOO
4,900
800
100
700
400
130
900
100
100
100
400
3,400
3,400
500
100
300
1,600
451 Aug
4 June
11 June
51 June
6)4 May
1
June
15% Juno
34 June
14 Aug
151 June
% Aug
4
June
331 May
1
June
734 May
1351 Aug
11 May
11 Jan
15
56
2
14
19
451
8351
151
251
251
151
75-4
751
551
1271
24%
156
24
Feb
Apr
Feb
Jan
Feb
Jan
Jan
July
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
July
75
2451 June
53
Feb
3-4
331
33.4
6
13-8
1I4
33-8
234
3
3 3-4
57
9'51
03-4
7-16
12%
16
31
24
451
51
19
34
37
3-8
%
11
34
256 234
3-4
%
54
3-4
1-16
1-16
16
11
56
4
54 5%
6
651
34 374
9-16
9-16
5-16
5-16
38% 39
27%
26
51 1
3-16
3-16
51
56
334
33-4
156
,
13-6
13-16
31
651
34
9
10
34 5-16
99
99
994
10356 10351
104 10534
104
9751 99
98
73
71% 70
6151 65
62
6151 65
6251 63
63
1004 s1004 10051
69
68
69
10454 105%
105
10054 100 10011
814 804 82
9334 939-4 9356
5851 5856
25
26
104 104%
5656 553.4 59
44
42
4754
105
105 105
10051 100 10054
1004 10054
100
900
300
300
1,500
500
500
100
400
500
100
500
200
400
2,000
2,500
1,000
1,500
400
200
700
3,300
1,100
2.300
1,300
151 Jan
34 Aug
51 Aug
51 Feb
2
May
311 Jan
14 Jan
5
-16 Jan
14 Mar
34 Jan
,
1-16 Feb
51 Feb
56 June
,
2
Feb
56 May
,
Jan
4 June
Mar
8
% July
834 Apr
34 June
6% Star
9-16
51 Mar
Aug
Slay 11-16
Apr
35
Apr 51
Jan
234 June 184 Feb
154 May
.51 June
3% June
34 Feb
1-16 Jan
3-16 Jan
3
Jan
Star
16-16 Jan
251 May
11-16 July
54 June
634 Aug
9
Apr
1-16
Feb
11 Juno
515 June
1334 Mee
31 Feb
•tr Feb
54
56
152,000 9616 Feb 097-4
3,000 10111 Jan 1044
88,000 103 51 Jan 105%
11,000 9351 July 101
165,000 60 June 83
36.000 57
July 65
July 70%
23,000 61
10,000 60
June 7854
Jan 101
152,000 97
11,000 6216 June 70%
70,000 10151 June 108
30,000 96
May 10234
25,000 70 June 9751
17,000 8951 May 984
1,000 55
Jan 70
12,000 25
76,000 995i
51,000 48%
60.000 42
2,000 101
55.000 9551
21,000 94
8511 85%
1,000 z83
74,000 81
843-4 85
85
63
6111 z5934
6634 z6511
6951 6731
68
5751 z5751
834
40
40
8831 8851
9951
8151 8155
9,000
66
6134 200,000
664 218,000
6951 -35,000
68
1,000
31,000
61
62,000
84
40
2,000
63,000
89
995-8 2,000
8451 31,000
1004 100% 101
88,000
107 107
93
98
10651 1065-4 10651
10851 10731
106541063-1
97
9636 9755
9911 100
10551 1054 1054
10151
101
101
109 1094
2,000
45,000
28,000
21,000
1,000
55,000
10,000
5,000
2,000
2,000
I
High.
May
16
Aug
Jan 51
Mar
June
2% Feb
June 72
Feb
May 14 June
June 10274 Jan
June 14
Aug
June 2371 Jan
Jan
17
Apr
July 36
Feb
June 38% Jan
May 23% Feb
June 6251 Jan
May 594 Feb
4% 55(
34 3-16
51
34
11
3-8
0
93-8
1)4
155
65
86%
151 1 3-4
156
154
2
2
55
34
5
456 551
134 151
751
73-I
1334 134
11
151 2
35
Low.
16
651
150
47
300 40
14
100
1
60%
400 49%
1256 3,400
074
91
800 80
14
2,700
331
15
800 1251
14
300 10
36
200 314
2416 32,300 194
18%
1,200 1551
4354
700 35
454 MOO z28
1051
469-4
116
59
12
90
1251
1434
124
35
2251
,
18%
43
433-4
Other Oil Stocks
Amer Maracaibo Co
•
34
Ark Nat Gas Corp com •
351
Class A
•
351
334
Preferred
10
551
Carib Syndicate
1
Colon 011 Corp corn
•
14
Columb Oil& Gasol v t c_*
34
33.4
Creole Petroleum Coro_ •
234
Crown Cent Petrol Co- •
54
Darby Petrleurn corn....
3
3
Derby Oil dr Ref com-__.
3)4
234
Gulf 011 Corp of Penna_25 57
56
Indian Ter Ilium 011 cl A •
9
9
Class B
56
,
93-4
Intercontinental Pettl
5 7-16
5-16
Internat'l Petroleum
• 1294 12)4
Lone Star Gas Corp
• 1551 1511
Nfagdalena Syndicate_
I
3-16
Slid-States Pet cl A v IC.'
2)4
Class v t c
7-4
Mo-Kansas Plpo Lino com6
43-4
456
Class B vat tr ctfs
34
National Fuel Gas
•
1834
New Bradford 011
5
North European Oil Corp_
Range Sluice Jan. 1,
61
z5951
z65%
67%
66%
z5754
78
3551
84
99
2764
99
June
Jan
June
Aug
Feb
Feb
Feb
Mar
July
56
104%
89
75
1064
102%
100%
86
94
Jan
Slay
Apr
Apr
Jan
Aug
July
Apr
July
July
Apr
Apr
Feb
Apr
Feb
Mar
May
Feb
Feb
May
May
Aug
July
Mar
July 80 Stay
Aug 73
Afar
Aug 80% Feb
July 8051 Feb
July 77
Feb
Aug
7654 Jan
June 96% Jan
July 604 Apr
Jan 90
Jan
July 10051 July
June 92% Mar
June 102
Mar
102
Jan 110
Mar
96'1 Jan 9951 Mar
10251 Jan 107
May
10351 Jan 109
July
10331 Jan 10751 May
94
Mar 97% May
9551 Jan 10011 Mar
103
Jan 10551 Juno
100'5 Jan 103
Jan
10651 Jan 111% Stay
Bonds (Continued)
[VOL. 133.
FINANCIAL CHRONICLE
934
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High.
Range Since Jan. I.
Low.
High.
Bonds (Continued)
Sales
May
Last Week's Range far
Week.
of Prices
Sate
Price. Low. High.
Range Since Jan. 1.
Low.
I
High.
Apr
ay
Capital Admin deb 53 A '53
Feb 87 June
1,000 81
88
Apr4
46
warrants
Without
May
Feb
1044 10434 34.000 1014 Jan 105
Carolina Pr & I.t Is.,.. _1956
Feb
Jan
9934 160,000 95% Feb 1014
Caterpillar Tractor 55_1935 9915 99
July 1014 July
uly
J01y
Cent Ariz Lt & Pr 58..1960 1014 100% 10134 19,000 984 Apr 1024 May
14,000 9935
101 101
Cent [II Pub Set 5s 0.1008
,
Apr 940 May
Apr
& ref 4,4s ser F.1967 9234 924 9315 103,000 91% July 934 July
1st
mar
July
9315 41,000 92.4
93
1981
4.1.5 series It
Apr 1044 June
1004 1004 14,000 99
Cent Maine Pow 4. E '57
9335 27,000 924 June 964 Mar
1. let 58_1958 9314 93
Cent Pow &
8334 5824 84 139.000 754 June
Cent Pub Serv 5345 1949
Mar
7134 714 724 151,000 704 Mar 81
May
1 Y., ith warrants
6,000 28
36
35
38
Jan 714 Mar
62 58415 10,000 58
53...1948 62
Cent States Elec.
9,000 8934 Jan 1003.1
9434 97
Mar
64.000 58 June 77
67
65
JUIY
Deb 545....Sept 15 1954 65
10135 1024 6,000 101
July
834 60,000 /62 June 8734 Mar
ea
IMI ll
5
9692
Cent States P & 5.4e '53 824 62
8734 874 84% 15.000 8534 June 19401 'J
Feb 9435 Mar
90
6,4 July
0,05
July 9
Chic Dist Elec Gen 4.45 70 934 9334 944 77.000 99
943,4 943.4 2.000 92
Jat .1024 May
July
Deb 5..s_ ._ _Oct 1 1935 1024 1014 1024 7,000
Aug
5,000 86
86
86
694 June 95.5 Jan
,
Feb
Chic Pneumat Tool 5411'42 7436 7435 74.35 3.000 56 June 73
86% 14.000 Si)
86
86
Mar
18,000
604 61
Chic Rya 55 efs dep__1927
49.000 8834 Jan
694 70
70
Apr
Cigar Stores Realty Hold 91 327.000 z79
8414 88
19,000 65 June 774 Apr
67
66
9744 AFuegb
July 8813( Mar
Deb 514e series A...1949 67
34,000 68
73
70
70
854 15,000 79 June 9014 Jan
85
Aug
A
1 A
93 Junegn
Feb 1000
Cincinnati St Ry 5145 A '52 85
944 57,000 88
94
94
June 96.S Feb
8815 3.000 84
84
1955 88
lst Miseries B
10034100% 1,000 991( July
Jan
Aug 76
54,000 58
60
58
1966 58
Otis;Service 55
Aug
11.000 91
92
924 91
8234 Mar
1950 804 5934 624 911,000 5'74 May
Cony deb 55
Jan
1t34 May 81
May 8615 July
ales Sera Gas 5145-194 • 844 6414 674 101.000
Jan
8134 81% 2,000 76
824 25,000 7834 June 89
81
July
,
Cities San Gas Pipe L 65'43 81
5
4.000 74 3 Mar 86
81
81
Jan
8214
June 84
71
Cities fiery P & I. 5'45 1952 774 774 784 111.000 1034 May 106
9114 Jail 9714 Apr
95
July
95% 36,000
105 1054 2 000
Cleve Elec Ill Ist M 1939
2,000 9334 May 96.5 May
95
95
Apr
1044 Mar 107
106 1064 12.000
General 53 series A.1954
Jan 96% May
3.000 90
96
96
96
13,000 1064 Feb 10815 May
108 104
July
General Is series B.1961 108
99% 984 4.000 93.4 Mar 99
Ja
404 8,000 314 Apr 43
Mar
40
Commander-Larabee 68 '41
Jan 95
32,000 64
82
80
80
Coalmen und Privet
July 874 Ma,
30,000 50
1937 59
55 n82
79% Apr
Bank 5.,s
Jan
2,000 58
64
64
Corn'wealth Edison
2,000 5975 Jan 78% Apr
03
63
Feb 10534 June
21.000 101
1034 104
1st mtge 445 ser C.1956
12.000 10034 Jan 105.5 Map
let m 4.,eser D_ _1957 1034 10214 104
73,000 554 Jan 77% Mar
65
6315 83
Jan 103'1 May
1st M 4345ser E____19 0 1024 102% 1024 9.000 994 June e9 4 July
July
1981 9435 9415 9435 79.000 94.5
1st M 4s ser F
July 88
400 83
85
Apr 1105 July Jacksonville Gas 5s__.1942 8514 83
11034 1104 15,000 107
June 1 '43
1st M Ss
1034 10334 31,000 984 Jan 10334 June
July Jar C P&L let Ss B__1947
46,000 8615 Aug 92
Aug
Community Pr & Lt5s 1957 86% 884 87
Jan 109
2,000 104
109 1011
Kansas Gas & Elec 83.2022 109
Feb 1014 May
Consol Gas El Lt & P(Balt)
Kansas Power 5s A...1947 1004 100 1003.4 38.000 94
5
4,000 107 34 Jan 1083 May
1074 108
let & ref 5343 ser E 1952
105 105% 27,000 90% Jan 10 % Aug
Corp 13s_ _1936
Jan 1054 Aug Kelyinator
105 1054 11.000 102
Jan 1014 June
1st & ref 448 ser H 1970
June Kentucky COI 1st 53..1981 1004 1001410054 2.000 98
984 113,000 964 June 99
July
1981 9814 98
1st ref f 43
Jan 101
1003.4 1004 7.000 93
1089
le 51 series I
Jan 10034 July
Consol CitIS Utll Co
100 1004 3.000 95
Mar Keystone Pub Serv 55.1978 100%
Aug 85
564 12,000 50
may
50
Deb 8.48 with warr.1943 50
68
2.000 58 June 87
54
Mar Keystone Tele% 5145.1955
62 June 88
644 25,000
Mar
1st & coil 85 ser A 1943 644 63
59915 5934 5.000 9734 June 100
JAI Kimberly-Clark 55. _1943
3.000 z9535 Apr 100
994 100
994 78,000 96 June 102% Mar
Consol Publishers 63481938 100
Jan 105.5 May Koppers 0& C deb 5s 1947 993.4 99
Consumers Power 4148 '58 1044 10434 1044 74,000 99% Jan 884 Mar
10115 1024 34.000 101.4 June 103% Mar
Sink fund deb 558_1950 102
1958 84
8314 8414 150.000 804
5.000 984 Jan 1034 Feb
102 102
Cont'l & El 5s
Jan Kresge(8 81 Co 1st 55.1945
10.000 /824 May 95
844 88
Continental 011 54s...1937
11104 1014 10.000 993( May 1014 Aug
Ctfs of deposit
,
Jan 101.34 Jan
Continental Secur 55..1942
101
1935
10114 2.000 99
Jan 734 Apr 1.aciede Gas 5 ,s
Apr
704 7034 1,000 65
With warrants
Apr Lehigh Pow Se/cur 63..2026 1044 1044 10415 33,000 1004 Jan 1084
5 Jan 103
5.000 1003
Aug 964 June
1.000 50
50
50
Crane Co 10-yrs d Ss_ _1940 1024 1024 102
May 10134 Mar Leonard Tietz 7'.5...1948 50
92
26,003
96
95
Aug 96 31 Apr
924 22.000 90
90
Crucible Steel deb 53 1940
Mar 1.1bby AlcN & Libby 53 '42 90
July 107
984 984 1.000 98
4 1.000 964 Feb 10034 Mar
9934 983
Cuban Telep 7 .5... _ _1941
Apr 100% Aug Lone Star Gas deb 55_ _1942
Cumber'd Co P as L 44558 1004 994 1004 22.000 97
Ltg 85...1945 1054 1054 105% 12.000 1024 Jan 1084 Mar
Feb
May
974 9,000 9434 Jan 104) June 1.ong Island & Lt Sn 1057 1014 101
1014 76.000 964 Jan 103
Cudahy Pack deb 5.5s 1937 973.4 597
Louisiana Pow
10235 1024 8,000 1004 Jan 1034
6,000 80
80
Aug 954 Jan
Sinking fund 5s._..1946
80
Manitoba Power 5 s 1951 80
Apr Mansfield Min Ss Smelt
105
1.000 1044 Apr
Apr
5
1043 1044
5,000 55
55
Aug 92
Dayton Pow Ss 1.t 53_1941
55
7s without warrants 1941
7,000 105.5 Jan 107.5
May
1064 107
Dot City Gas Os ear A.1947 107
Mass 11as Cos 5 e__1948 1054 105 10554 82.000 10115 Aug 108 34 May
Jan 1044 Apr
1950 1044 104 1044 27.000 100
74,000 974 Feb 102
let 5s series B
deb 5s._1955 10175 1014 102
sink fund
Jan
30
July
9
3.000
953.4 3,000 92
94 14
Mar 064 June
Det Int Bdge 64s-1952
Mar Mass Util Assn Ss A..1949 955' 9534
5
1
Aug
1952
135 5,000
1
25-yr 78
Me"ord Radiator & Mfg'
Feb
5,000 45
July .57
Dixie Gulf Gas 6148
1943 484 461( 548
Os with warrants...
Jan 9634 June
15,000 83
Jan
1937
933( 94
2.000 83 June 100
With warrants
81, 88
May Melbourne El Sup 7148 '46
1,000 1024 Mar 105
104 104
9315 95 182,000 914 June 954 May
Duke Power 4.4s___ _1967
Metro', Edison 1st 49 E '71 94
7014 Jon
July
July
4,000 20
22
20
Dunnesne Gas 1st 60_1945
924 924 4.000 924 July 95
Aug 63% Feb Mich Amor Teleph 53.1961
1,000 10
10
10
1,000 924 Aug 924 Aug
924 924
Cony 8'5% notes_ _1935
Mich Public Serv 58_1947
East Utilities Investing
Jan
Middle West Utilitlea--1954 5975 55634 60 150,000 514 June 71
9975 21.000 984 Jan 10034 Mar
Cos with wart
99
Ow/ 5% notes_ _ __1932 99
33.000 1014 Jan 1044 May
103
4
Jan 994 Apr
9.000 93
Edition El (Boston) 53.1933 1021 10235
97
Cony 5% notes__ _1933 96% 9614 954 13.000 92 June 974 Mar
Jan 102 4 June
Nov 1 '32 1014 10114 10114 5.000 100
4% notes
Mar
Cony 5% notes___1934 94% 941(
94,1)00 794 June 90
Jan
834 85
25.000 914 June 97
& Lt Ss__ 2030 84
Elec Power
May
Cony 5% notes.......1035 9134 9114 94
July 61
1,000 55
55
May
55
4,000 44
Jan 54
48
44
Electric Pub Serv 545 1942
Jan Mid States Petrol 845 '45
Italy 108
9715 9.000 95
95
1054 1054 7.000 1014 Jar 1064 June
Paso Nat Gas 8 ti..1943
El
Jan Mllw Gss Light 4'5s__1967
Aug 108
12.000 94
95
1938
94
944 9434 61.000 894 Feb 95 May
Deb 6's
4'48.1951
May
904 914 7.000 90% July 974 Mar Mlimeap Gas 1.1 4' Ai_19714 97% 9714 9735 59,000 9135 Jan 98
Empire Dist Mee 53_ 1952
Minn Pow & 1.1
56.000 4935 May 8034 Jan
July 9535 July
2,000 91
011 & Refg 545 '42 584 5734 59
- Empire
Mississippi Pow lot 55.1955 9434 944 95
954 9034 23,000 934 Jan 984 Mar
Ercole Marelli El NIfgMar Miss Power & Light 5.; 1957
Jan 83
.634
With warrants 6'„s_ 1953 684 8834 6851 10.000
Mies Rly Fuel 65 Aug 15'44
964 24,000 9235 June 1084 Feb
European Elec 6'18-1905
98
Mar
With warrants
July 84
40.000 65
July 98.5 Mar
3.000 89
90
664 6614 67
90
Without warrants
Jell
Without warrants
July 98
9214 38,000 91
92
Fairbanks Morse Co 551(142 92
1054 1054 9,000 1024 Jan 10515 July
15 June Miry/ Rio Power 1st 55 1951
July
1,000' 10
May
104 104
1933 1034
100 1004 16,000 98 June 101
Federal Sugar Os
100
Fe
P
Monon
454 June 90
614 .18.000
460
Federal Water Serv 5 ,s 54
Montreal I. H & P Con
Jan 1054 MU
Residential Mtge
1051( 23,000 102
Finland
82.5 tel
lot .* ref .Ss ser A__1951 1054 1044
May
1961
6814 6875 5.000 68% Attu 87
Bank 8s
1970 104'5 104.5 1044 18.000 1024 Jan 106
Ju'
Apr
let 5s series B
10,000 79
87
86
Firestone Cot Mills 5s.194,4
Aug
May 91
25.000 83
91
90
May
Jan
5s.....1942 90
Firestone T & R
Narragansett Elec 1513 A '57 1034 103 10334 14,000 1014 June 104
May 274
12.000 12
17
Mar
77
1978 6851 683,4 693,4 34,000 6536
Fisk Rubber 5 /5-1931 1615 16
1535 July
Nat'l Kler Pouter 55
Apr
2,000 12
15',
Apr
Jan 70
15
155
17.000 48
594 65
Ctfs of deposit
Nat Food Products 68_1944 63
224,000 8214 June 914 A
23.000 1004 Jan 10714 Apr
Florida Power & Lt 53_1954 884 8834 90
Nat Pow it 1.168 A _ _2028 101% 10354 105
June 93
Mar
85% 85
8634 153,000 84
2030
Apr
55 series II
July 95
4,000 84
84'
84
Mar
694 41,000 65 June 78
Garlock Parking 69...1939
Nat Public Service 5s 1978 6914 69
May 9415 Jo.
8934 90% 52.000 8434 June 95
Gatineau Power 1st 58 1956 90
Mal
Nat Steel Corp 1st 53 1956 9134 91% 924 516.000 9114 Aug e9934 May
6,000 6934
83
82
41,000 49 June 994 MAY
June 15 194i
1935 964 96% 97
Deb gold 6s
1.000 694 June 924 Jai, Nat Tea Co Ss May I
80
80
Deb Osser B. & 01941
A
Nebraska Power 414e.1981 1024 1024 1034 82,000 10134 July 1034 June
Jan 65
2.000 56
60
80
Jan
5214 10,000 50 June 80
Gen Bronze Corp 85. 1940
Aug 103 June Neimer Bros deb 65 194.1 52 , 514 91
101 10115 6.000 101
10,000; 88 June 93% Jan
Ceneral Cigar serial 681932 101
Nevada-calif Mee 55 1956 9014 90
864 48.000, 85
May
July 94
Oen Motors Accept Corp
July 10235 June N E Gas& El Assn 55 1947 8644 85
9,000 l01
mar
Aug 95
6,000 ,85
86
1948 8614 85
5% serial no ea....1933 10134 101 10134 5.000 101% May 1024 May
Cony deb Ss
1024 102
Jan 94
May
1950 864 8415 8834 98.000 83
Cony deb 58
5% serial notes-1934
3.000 101% May 1024 May
1014 102
31,000 87 May 944 Apr
894 90
1935
5% serial notes
May New Eng Power 545 1954
12 000 101 54 May 111215
May 884 may
1948 824 824 8235 20.000' 78
Mar
5% serial no los_ _ _1936 1024 10214 1024 13,000 84 June 97
55
87
9434 21.000 91(4 Mar 9504 Mar
85
94
Aug N Orleans P Serv 4145 '35
Gen Pub Utli cony 6s.193 I
Aug 73
6.000 73
73
73
1958
lot 445'67 1004 9934 10035 51,000 93% Feb e1004 Jul"'
NY PA 1. Corp
1st 131 col 8145
July 1084 Mal
106 1064 9,000 105
Gen Wat Wks G & E
Aug 514 Aug Nta are Falls Pow 85.1950 106
3,000. 50
4
4
Jan 943( Mal
914 91% 9,000 84
1943 514 51 3 51 3
Jan Nippon Elec Pow 0',a 1953
U series A
4.000 28 June 09
Jan
574 7,000 55
July 75
3835 39
554 55
Cony deb 6sser B 1944 37
139.000. 984 Jan 103% Aug Nor Conti 11411 5'.s A 1944 105
2,000 9034 Jan 105
May
105 105
Georgia Power ref 53_1967 10275 1024 103%
Aug 834 Aug North Ind Pub Serv Is 1066
'
1,000 83
83.4
Jan el05
Jul/
83
19,000 99
104% 105
Pow & Lt 53-1978
ser D._.1989
Georgia
lat & ref 53
% Aug
1953
Gesture deb 6s
1st & ref 4'e tier E.1970 994 9854 9974 24,000 904 Jan 99
July 8834 Mar
13,000 54
mar
80
55
Jan 105
58
Ithout warrants
Jan e95,34 May Nor Ohio Pr & Id 5',a 1951 1044 1044 10434 50,000 984 Jan 1033.4 June
84
1024 1034 22,000 93
Razor Se 40 9115 91 5924 20.000 81
Jan Nor Ohlo Tr & Lt Ss. _1956
Gillette Safety
June 93
5,000
mar
104
102% 102% 12,000 1014 Jan
8714 88
1935
Glidden Co 5.4e
No Ste Pow O'8% notes*33
Jan 10354 Jul?
103 1034 3,000 99
1940
Jan
Grand (F & WI Properties
54% notes
Aug 74
4,000 61
62
May
994 10,000 974 Apr 99
61
99
1961 99
Cony deb 63__Dec 15 '48 61
Ref 4.,s
11,000 10535 Jan 10934 May
Mar
Jan z100
95% 2,000 95
'
Grand Trunk Ry 6 13_1936 1074 1074 108
Northern Texas Util 75 '35 95% 95
Aug 10234 Aug
1024 10234 3,000 1024 July 11)4134 June
Great North Pow M__1935
1,000 1054
Jan 105 June
10434 21,000 99
1054 1054
Great Vest Pow Si C.1962
10535 June 1064 June Ohio Edison 1st 55....1960 104% 10434 1044 16,000 101
1.000
Feb 0534 June
104
1946 10534 105% 105%
1952
1st NI 55
Jan onto Power 5s B
Mar 35
17.000 20
Jan 1014 May
3214 35
27,000 96
Guantanamo & W Ry Os'58 35
1956 10014 10035 101
Feb
445 series D
May 108
26.000 100
June 104 June
1,000 101
104 104
1937 10235 10215 103
Feb Oblo Pub Serv baser D 1954 104
Gulf 011 of Pa 55
May 104
Jan 10451 May
102 1024 33.000 100
45,000 100
103% 104
Sinking fund deb 53 1947
kla Gas & Elec 56-1950
Feb 1024 May
20.000 96
983( 99
Gulf States Mil 5s_ _1956
May 9435 May Osgood Co deb 6s 1938
5015 8,000 80 June 67
9434 9434 2,000 94
50
Feb
4 4s series B.June 1 1961
warrants
with
1004 Mar
9135 9134 2.000 80 June 86
504 5014 2.000 504 July 674 Jan
Hamburg Elite deb 75_1935
1941
Mar Oswego Falls 65
July
10235
543.4 22.0001 48
48
Hamburg El & Und 545'38 52
69% Mar Pac Gas & El 1st 4355_1957 1024 10134 1144 41,000 964 Feb 10244 July
3,000 10934 Jan 115
584 15.0001 424 June 6934 Star
58
July
1941 11434 11434
Hood Rubber 5355_1936
1st (is series B
1,000; 424 June
1936 6234 624 62%
75
Jan
1st & ref 5(5 C....1952 108 51054 10615 24,000 10435 Jan 10634 May
June rill
14,000 74
81
Feb 10235 July
79
Houston Gull Gas 63_1943 79
1960 1024 10134 1024 97,000 97
Aug
1st & ref 44e F
Mar 994
993( 19.000 95
Mar
99
Houston 14 & Pr 4345 1978 99
9834 9sX 9876 62.000 5954 Jan 100
5.000; 984 June 994 June Pat Pow & Light 55_1955
983( 99
98% 9815 10,000 9814 July 99% July
1st 445 series E....1981
Feb
When issued
June 92
9835 9835 1,000 984 Ally 994 July
8234 8234 1.000 68
Deb gold 6 45 Apr 11945
_1936
12.000 65 June 8775 Jan Pee Pub fiery 58_
77
70
Hudson Bay M & s tle 1935 70
Aug Pacific Western 011 6345'43
1.000 1044 July 108
5715 38,000 56 June 8434 Jan
108 108
57
Hydraulic Power 53-1950
July
With warrants
Mar 56
10.000 40
47
45
Food Os ser A.'49
234 Jan 98 June
9734 974 9735 47,000 9
Hygrade
2,000 1034 Mar 10534 June Penn Cent L& P 445.1977
1947, 1044 10434 10454
Idaho Power 55
In Pow & I. Ist 8s ser A '53
lilt & ref 5',5 ser 13_1954
1st & ref Ss ser C....1956
S f deb 5.4s_ _May 1957
Wee till A Gas 68. _1939
,1
5
Indiana Elec Corp 65_ 1 947
lot 5s series C
,
Indiana Sell 1st 53_ _1960
ind*pons P & 1. 54 ser A '57
Instill Util Invest 83 1940
With warrants..
Intercontinents Pow ea '48
With warrants
,
Internat*1 Pow Se 78 E '57
Coll trust 6.45 se B 1954
1955
64s series C
Secured 78 ser D....1936
1952
S
.
I ntre)reil:altolosenar11. alt 55..1951
Interne Securities 53_1947
Interstate Power Ss_ _1957
1952
Debenture (is
Interstate PS 4.58 F.1958
lot & ref M ser D
1956
Interstate Telep M A_1981
Invest Coot Amer 53_1947
u ith warrants
Without warrants
lowa-Neb 1. & P 53_1957
1961
58 series B
Iowa Pow & Lt 4'*"11 A 1958
,
Iowa Pub Sera lot 55..1957
; Immo Hydro-Elec 75_1952
, Isotta Fra.schini 78...1942
With warrants
1
Without warrants
Italian Superpower of Del-Deb.; On without wan''63
1044 1044 1044
1024 10214 103
983'4 9734 934
92
92
8134 8134 8215
99 4 99',
91
91
91
43
83
104
10314 1044
35.000 1034 June 105
39,000 98'4 Jail 19095
31,000 963.4 July,
2,000 863.4 Jan 944
18,000 724 May 100
00
1,000 99'5 Aug 190
5,000 8534 July
July 8634
4,000 80
45.000 10936 Feb 0
AUG. 8 1931.]
Bonds (Continued)
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.' Week.
Price. Low. High.
Range Since Jan. 1.
Low.
High.
Peon-Ohio Edison 68_1950
Without warrants_
103% 104
5,000 10014 Jan 1044
Deb 51 ,a war B
1959
1014 101% 23.000 974 Jan 104
Penn-Ohio P & L 51 . s A '54 1044 1044 104% 7,000 102% Jan 105
Penn Dock & Whousetis'49
ith warrants
45
45
40
10,000 40
Aug 83
Pa Elea 1st & ref 4s F.1971 91
914 31,000 884 June 054
91
Penn Pow & L 5..ser D 1953
1044 1044
1.000 102
Jan 105
Penn Telep User C._ .1980
103% 10334 2,000 9554 Jan 1034
Penn Wat& Pr 44513.1968 1004 11014 1004 29,000 9744 Mar 100%
Peoples 0 Lt & Coke 4s '81 954 9544 95%
Peoples It & Pow 59..1979 354 3514 3915
Phila Elec Pow 5' 5..1972
1074 1074
Phila & Surburban Count
G dr E 1st & ref 4 81057
104% 1044
Piedmont Hydro-El
& ref 6.s el A...1960 72% 724 7634
Pittsburgh Coal 6.1____1949
90
90
Pittsburgh Steel 6s...1948 904 90'4 90%
Potomac Edison 53_ _ .1956 10414 103% 1044
lat 4, s /ler F_
_ _1116 1
974 97% 98
Power Corp(N
5' 8 '47 9514 9514 97
Procter & Gar, hie 4 ti •47
10514 105%
Prussian El 6s
1954 41
4044 41
Apr
May
Apr
Jan
May
Mar
June
June
324.000 944 July 96
July
27.000 30 June 74% Mar
13,000 1054 Feb 10714 May
6,000 1014 Feb 105
June
13,000 71
Jan 88
1,000 81
June 9944
14,000 904 Aug 102
57.000 99
Jan 1044
93,000 954 June 98
11,000 90
Jan 9734
1,000 1004 Jan c10614
2,000 404 Aug e7934
Mar
Jan
Jan
Aug
Aug
Apr
June
Apr
Pub Serv N H 44s B.1957
Pub Serv NJ 61 Ors perp
Pub Se of N 1114 a 1950
let & ref Is aerie/ C.1966
1st & ref 4 4a taw 1) 1978
lat & ref 44a set. F 1981
Pub Serv Subsid 5' 5.1949
Pub Serv of Okla 5s. _1957
Puget Sound P & 1.6 549
181 & ref 58 sec
1950
let & ref 4 seer 1) 1950
C,
Queens Borough (ins & I ;lee
5' serle. A
1952
Reliance Managein't 5s '54
With warrants.
Remington A rn 5' 9.1933
Republic Ga. Corp (for,arty Saxet Corp) Ss 1945
Rot:heifer Cent Pow 58 53
Ruhr GEM 64.s
1953
Ryerson (Jos Ti & lions
deb 5s
Nov I 1943
10034 1004 100%
1201< 121
994 9414 :9914
105' 105'. 105'3
994 9934 9934
984 9. 54 99
90
00
90
1004 10044 10034
1024 102 103
10014 10044 1004
944 9414 94%
12.000 9914 Mar 102
May
3.000 1194 July 126
June
12.000 944 Feb z9914 May
1,000 1024 May 105' July
6,000 944 Feb 994 Aug
69,000 984 June 994 Jul)
1,000 90
Aug 90
Aug
5.000 98
Feb 101 14 May
95.000 100
Feb 104% Apr
47.000 9534 Jan 101
May
89,000 944 May e9414 Aug
104
14,000 10144
Safe Harbor W at Pr 4 ,8'71)
St I.(iris & ('oke 68.. 1947
San Antonio Pub sierv 5.3'58
Saxet Corp See Republic
Saxon Pub Wks 5e
1932
Scripps(NW)5'a_
Servel Inc Se
1948
Sbawinigan vt' & P 4411'67
lat & coil 41.aser 11 1968
1st 5s series C
1970
1st 4' a series D
1970
Shawsheen Mills 78_1931
Midfield Steel 5. a__.1948
Snider Packing 68...__1932
Southeast P dr I. 6.___2025
Without warrants....
South Carolina Pr Is. _1957
South Jac G El & Tr 58 1953
Sou Calif Edisob Se.. 1951
Refunding Is. ... 1952
Ftef n tee 5s..June 1 1431
Sou Cal Gam Cr. fat_ 1937
&a calif ca.Co 4 a 19al
1st & ref 55
1957
Southern Ga.Co 6 5-1935
'
southern Natural Gas 6,444
With privilege
Without privilege
frweetern Asxoc Tel 15s 1961
100% 1003410134 191,000
3034 30
31
14.000
100% 994 100% 21,000
So'west Dairy Prod 6' .18
Southwest(1 & N 5. A.1957
Sweet 1.1 & Pow 5a A.1957
Rawest Nat Ga.6s. 1945
flo'west Pow & 1.168..2022
Stand Gan & Elec 613..1935
Cony 6n
1935
Debenture 68
1951
Debenture 6s Dec I 1966
Stand Invest deb 5 .8.1939
deb 5s. •
1937
Stand Pow & I.t(ks_ _1957
Stand Telep 5 s Her A 1943
Stinnes(Hugo) Corp
78 tict 1 '36 without warr
7s without warr.. i910
Straw & Clothier 53 1918
Stutz Motor Car 7 1.8_1937
Sun 011 deb 5; a
1939
Sun Pipe 1.1ne 58.
1940
Super Pow of No III 41 t,s'711
1st 4' 5
11168
Swift & Co 1st mat 581944
5% notes
1940
104
104
Jan 105
May
7814 79
12,000
9034 2.000
75
88
83
814 88 106.000
6144 634 4,000
4914 5344 7,000
7914 Jan 106
Apr
55
July 76% May
40
July 854 Mar
944
924 944 21,000
8434 June
90'
76
68
904 90
90%
80% 804 804
97% 97 n9754
96% 9614 9114
104% 1044 105
97
9644 97
1004 1004
90% 904
46
4634
Apr
June
8834 June
96
Feb
964 Mar
97% June 101% Aug
30
Aug 52% Jan
94
Jan 102'. Mar
30.000 65
July
5 000 85
Jan
1 .000 ea
Jan
73.000 eau Jan
25.000 93
Jan
24.000 1004 Jan
99.000 9344 Jan
2.000 1004 Jan
1.000 90 May
3,000 354 Jan
964
91
84
e98 34
984
1054
974
101%
1034
541
4
Apr
July
Apr
May
May
Mar
May
Feb
Mar
Mar
105
1044 10544 76.000 99% Jan 106
Apt
9534 954 1,000 90
Feb 9514 July
105' 105'1
1.000 1054 Aug 1054 Aug
10544 10544 10534 27.000 103
Jan 106
A It
1054 1054 1054 6.000 103
Feb 106
1054 10514 1054 9.000 10341 Apr 1064 May
June
96
96
9614 36,000 9034 Jan 964 Aug
9514 964 2.000 944 May 96
Mas
103 103
5.000 9934 Jan 103'( May
100
99% 1004 8,000 974 Jan 100%
Aug
504 524 12,000 40 June 89
Mar
514 5114 5134 7.000 494 June 844
Apr
9244 924 5.000 9244 Aug 944. May
33% 334 3414 14.000 334 Aug
66
Jan
9434 944 9514 22.0(10 :93
Jan 1974 Mat
9344 9444 9.000 904 Jan 974 Mai
41
434 11.000 35 June 72% Net
104% 104% 105
26.000 101
Jan
10134 1004 101% 22,000 9844 Jan 1074 Mai
102%
1014 1014 10114 14,000 99% June 102% M at
Mar
It 34 9i44 99
69.000 94. June 101% Mar
994 974 9914 40.000 954 June
101 4 Mar
80
RO
1,000 :72', June 8634 Apr
77
77
7,000 :724 June 864 Apr
954 9134 954 77.000 9244 June 100
Mar
733,4 734 74
8.000 7234 July 83 June
50
42
2.100 41
50
Aug 8634 Apr
40
3234 40
13.000 32
July HO
Mar
9714 9714
1,000 96
Apr 98
Mar
60
60
4.000 49
July 82
Mar
1014 1024 19,000 98½ June 1024 July
00m 09% 2.000 97'. June 100
Jan
91 1 914 7.000 894 Feb 93'. Mar
4
01
904 91
19,000 90
May 93's
1044 10344 1044 12,000 1024 Jan 104% May
July
1014 1014 102
47.000 99'4 Jan 102, Mar
1
; 104 3.41043,4 12,00(1 984 Jan 0105 June
102 102'
1.000 99
Jan
9934 9934 9934 2.000 9444 Jan 102'4 Aug
9934 Aug
754 75% 77% 41,000 73
Jan 87
Mar
6334 6334 64
15.000 5044 June
hi as
094 9914 10094 149,000 9544 Jan 71
1014 Slay
48
48
51
22.000 46
July 80
Feb
10254 1024 103
55.000 98'. Jan 103 May
574 56
5734 5.000 50
July 7944 Mar
13
13
20
84.000
1294 June 64
Jan
60
68
19,000 80
Aug 85
Mar
86
86
833,4
11,000 :80
Jan
10244 1024 58,000 z111054 Jan z864 Mar
103
May
105 1054 2,000 102
Jae 10514 July
79
80
78 June 92% Mar
784 79
31,000.0001 78% Aug 92
9
Apr
92% 9244 93
26.000 914 Jan 9744 Mar
104% 1044 104% 23,000 91
Jan 105
July
9944 100
2,000 98
Jan 102
Mar
108
10714 108
42.000 974 Jan 108 June
101
101
4.000 10034 Jan 10114 May
9054 9014 904 51.000 80
Jan 92
July
4514 46% 3,000 40 June 69
Apr
Tenn Else Pow 5s. _19511
Tennessee Power 6..
.1962
Tenn Public Serv 58..1970
Terni II ydro-Elec 6'a '53
Texas Cities(lag 58.._1948
Texas Electric Serv 55 1960
Texas Gas Util 6s
1945
Texas Power & Lt 55..1956
Thermo!d Co 6%
1934
%N ith warrants
TM Utilities Corp deb 5.'79
Ulen Co cony deb 64..1944
Union Am Invest 58 _1948
Vt ith warrants
Union Gulf Corp 58 Jul 1'50
Un El L& P &tsar It _ _1967
United Eler Service 75 1956
With warrant.
Without warrants
United 1.t & Pow 6,3_1975
hat lieu & con 545-.19 9
5
1974
,
Deb 6' s
Un Lt & Rya 6s son A 1952
1932
1st series 58
1952
Deb 5; s
United Pub Serv 68_ _1942
61 Rubber
-year 8% notes.___1933 91
3
Serial 634% notes__1932 98%
Serial 64% notes 1033 92
Serial 64% notes__1934 78
Serial 64% notes. _1935 70
s
erial 64% notes 1938
4
Serial 6 1 % notes__1937 66
Serial 6'4% notes 1938 654
Serial 64% notes. 1939 65
%, note. 1940 64
Serial
91
98%
92
75
70
67
66
6514
65
64
914
98%
934
75
70
68
66
661
4
65
64
8,000
4,000
9,000
4.000
2,000
4,000
2,000
5,000
5,000
1.000
81
804
75
65
65
60
May
Jan
Jan
June
June
June
60
68
60
June
June
JI1118
934 June
:84
AllYe
84
Mar
834 Mar
Ane
77
--763.4 mar
75
Mar
78
Mar
Bonds (Concluded)
935
I ruby
,
SLUGS
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High.
$
Range Since Jan. 1.
Low.
High.
Utah Pow &Lt tat 55_1944 9744 9744 974 12,000 94
Jan 984
Vail Cutup Packing 65_1948
47
48
4,000 45
Jan 60
Van Swerhigen Corp 651935 54
55 151.000 52 June 85
353
Va Elec & Pow 5s____1955 104% 10414 1054 2,000 10214 Jan 1054
Vs Publle Sere 5 ,s A_I946 974 9714 974 18.000 9234 Feb 9744
lot ref 5..er II
1950 904 904 9144 40.000 874 June 914
f deb 6.
1946
92
934 23.000 .8814 Jan :94
Ward Baking Co 69-1937 10134 1014 1014 3,000 9944
Waldorf-Astoria Corp
Int 78 with warr__ _1954
54
5414 4,000 48
435511 'vat Pow5s____1960 10544 105 105% 11,000:1024
(lest Penn Elec 5s____2030 854 854 8634 14,000 85
V1 est Penn Pow 4s H__1961 9754 9714 97% 121.000 9734
West Texas CHI 58 A.1957 854 85
8614 40.000 84
V.esters Newspaper Unto!
Cony deb 6.
1944
20,00088
414 47
Westvaco Chlorine
10-year 5' a_ Mar 1 1937
1034 10314 5,000 101
Wits Po. & Lt 5s F...1958 10334 103% 104
3.000 1013.4
10314 1044 6,000 101
lot ref Is ser E...1958
Foreign Government
And MunicipalitiesAgrie Mtge Bk (Colombia
20
-year a f 79
1946
20
-year 7s. _Jan 15 1947
Buenos Aires(Prov) 74a'47
Ext 7s April
1952
Cauca Valley 7s June 1 '48
Cut Ilk of German State &
Prov Banks (Ss B_._195)
75
67
45
Danish Cons Muffle 51:s'55 101
&I
1953
Danzig Pori & Waterways
25
-year ext 61.s...1952 614
German Cons Muffle 7s '47 503.4
Os
1947 4314
Hanover (Prov) 61,13.1949
Indus Mtge Ilk of Finland
181 liage coils f 713....1944
Maranhao (State) 7s..1951
Medellin 75 sex E
1951
Mendoza (Prov) Argentine
External erg 7' s..1951
Mortgage liank (Bogota)7s Issue of (bet 1927 1947
7s bisue of'27 (141 & N1'47
Mtge Bank of Chile 6s.1931
NI Um ilk of Denmark 5s'72
Parana (State) Brazil 78'58
Rio de Janeiro 6',a.....1959
Russian Government-6.9
1919
64s etts
1919
Santa Ps(A rawnl 7x10.45
573
65
664
62
40
75
10.000
6734 3.000
74.000
72
70 170.000
40
2.000
4544
5,000
June 74
Feb
Jan 10534 May
Feb 93
Mae
Aug 98
July
June 9134 Mar
July
684 Jan
Jan 1044 Feb
Mar 104
Aug
Jan 10414 Aug
55
56
574
58
38
May
May
May
June
May
8854
7944
8714
9034
75
40
July
80% Mar
.65
Jan
July
Mar
Mar
Apr
9934 101
10.000
9734 974 6.000
9934 Jan 102)( May
1331
4 Jan 10014 May
60
504
4214
52
5994
494
414
45
Ally
July
July
July
814 8.000
5434 39,000
4834 66,000
52
5.000
80
90
8234
84)(
75
75
5,000
75
Aug :95
304
62
2.000
1,000
89
56
AUg
July
4034 44%
45
50
35
9754
23
23
2334 523
50
50
35
Mar
AugS
Jan 10454 June
80
62
43
May
Feb
Jan
Aug
Aug
7,000
504
504
441
4
9334
25
30.4
13.000
21,000
23.000
17.000
11.000
49,000
144 144
134 144
64
66
1,000
2,000
2 000
3334 June
45
50
35
9714
18
224
Mar
Mar
Apr
Mar
Mar
8954 Mar
79
Mar
78
Mar
Aug 75
Max
Aug 80
Mar
Aug z9934Apr
Aug 1014 Mar
May 5414 Mar
May 68
Mar
144 July
1 1 June
4
54
Aug
Jan
3
Max
3
854 Mar
a No par value, t Correction, n Sold under the rule o Sold for cash. a Option
sales t Ex-rUhts and bonus. w When Issued. x Ex-dividend. V Ex-rights.
e See alphabetical list below for "Under the Rule sales affecting the range
for the year
Chicago District Electric, gen. deb. 5445. 1935, May 13, $2,000 at 10314.
Coin ritonwesith Etibion 4s aer. F 1981. July 22. $9.000 at 9414.
Canard Autoinatle Merchandising. corn v t. a., March 9. 100 at 5-16.
Empire Power partici stock, July 10.50 at 3914.
General itayon deb 68, 1948, Feb. 3, 63.000 at 55.
Gillette Safety Razor. deb 5e, 1940. June 29, 89.000 at 9834.
Godchaux Sugars cl A, Aug. 3. 100 at 17.
111111018 Power & Light. 6% pref., March 23, 18 at 9734.
Iron cap Copper Co.. March 16. 100 at 14.
National Baking. annum% Jan. 16, 100 at 5.
Natioual Steel Corp Se, 1956. May 6, $31,000 at 993.4.
New York Pow.& 1,t. 415, 1967, July 9.84.000 at 1004.
Northera Indiana Publics Service 5e D. 1989. July 7. $2,000 at 105.
Northern Stat.* Power, 7% pref., March 20, SO at 11034.
Prussian Elec Its, 1954. April 21. 64.000 at 804
PUILK SOUIld Pow & Light 444a. series 13, 1950. June 15. 63.000 at 95.
ShawIntgan Water & Power let 444s. ser A. 1967. May 18, $5,000 at 9844.
Wright & Harem:tem Mines. June 3, 100 at 54.
z See Alphabetical list below for "Option" sales affecting the range for the year.
Armild Print Works 6s, 1941, Jan. 22, $1,000 at 83.
Associated Gas & Elec. cony 41 a, ser. C. 1949, Aug. 5,81,000 at 594.
Assoriated Gas & Elec. deb 5' a 1950. Aug. 6.83,000 at 6344.
Associated Gam & Elec. cony. 5' s, 1938. Aug. 6,51,000 at 57.
Associated Telephone Utillthas, cony, deb 544a. 1944. Julie 3. 55.000 at 76.
Central StalesPower & Light 5(45. 1953, June 11, $1.000 at 61.
Columbia Gas & Electric deb 55. 1961, Feb. 2, $5.000 at 964.
Consol Publiahers, 6/
4s, 1936, March 9, 11.1910 at 9554.
Continental
deb 54 N. 1937. May 16. $5,000 at 824.
Curtis Site. elates A. July 22 100 at 1744.
Eialer Electric, June 4, 100 at 2/4
ErErrol,'Mareill El Mfg 6 4.5, 1953. w. w.... Jan. 7. $1,000 at 634.
Gen Pub. Serv deb 5e, 1953, April 4, $2,000 at 934
Guardian Investors 53, 1948. with warrants, Jan. 28, 51.000 at 404.
Indianapolis Power & Light let 5s. 1957. Feb 3, $2,000 at 994
Industrial Mortgage Bank of !Inland ist mtge. 78. 1944. Feb 4, 11,000 at 95
Intetate Power 1st 55. 1957. Jan 20. 53.000 at 7644.
rs
Middle West Utilities. 5% notes, 1935. June 16, $2.000 at 914.
Mortgage Bank 01 Chile Its. 1931. Feb. 24, 82.090 at
National Trade Journal as. 1936. Feb 26, $2,000 at IS.
New England Oas & Elec . 58.. I948. July 21 52.000 at 824.
New York & Foreign Invest. 53,8W. w. 1948. July 21. 62.000 at 72.
Northern Texas Utilities 7s, 1935, Aprli 15, 61.000 at 1004.
Pacific Power & Light Is, 1955, March 10. $5,000 at 90
Pub. /Wry. of Nor. 111.,
E, 1980. Aug. 4,82.000 at 994.
Public /Service of Nor Ill deb S., 1931, April 27, $1,900 at 9944.
Puget Sound Pow. & Lt. 440, 1950. July 23. 52.000 at 94.
Sheaffer(W A.) Pen. June 3, 100 at 30.
Shenandoah Corp 11% cony pref., July 15, 100 at 2954.
Erwest O. & Ff. let 5s, 1957. Jan 2. $5,000 at 91, May 7. 81.060 at 100%.
Standard Invest Corp. 5145, 1939, June 2. $3,000 at 70.
Truscon Steel pref.. April 22, 25 at WO.
Union Amer. Investing 5e. 1948. with warrants. Jan. 6. $1,000 at 79.
Union Amer Investing. deb. 5a. 1948. with warrants. June 23. 52.000 at 93.
Union Gulf Corp 5a, 1950. Jan. 2, 61.000 at 10034.
U. S. Radiator 58 A, 1938, March 6, 83,000 at 86.
Virginia Public Service CO 6s, 1946, Jan. 15. UM00at/18' March 11, $5,000 at94
Washington Water Power tat & ref Ss, 1960. Jan 24. 51.000 at 1024.
western Newspaper Union 65, 1944. June 11, 51.000 at 38
WI/soot/sin Public Service 5448 B, 1958, June 24, $1,000 at 1054.
[VoL. 133.
FINANCIAL CHRONICLE
936
Quotations for Unlisted Securities
Industrial Stocks.
Public Utility Stocks.
,o1 411
Par ,
Alabama Power $7 pref...100 11412 11514
,
Amer Elec Sec panic pf _ _20 28 2 33
68
Arizona Power 7% 0114_100 59
Ark Pow & Lt $7 pref__ • 106 108
& El orig pref—* 4912 51
Assoc Gas
• 93 95
$6.50 preferred
9812 100
;7 preferred
Associated Tel Utll 56 pf-(t) 78 83
9212
It) 87
87 preferred
Atlantic City Elec $6 pref_• 10712
Bangor Hydro-El 7% p1.100 119
Binghamton L H & P86 Pt• 80 85
Birmingham Elec 7% prof.. 10912 111
Broad River Pow 7% P1.100 85 88
2612 27
Buff Meg & E pr prof
Carolina Pow & Lt 57 pref-• 109
Cent Ark Pub Serv pref...100 100
Cent Maine Pow 6% pref100 9512 9712
100 105 107
7% preferred
Cent Pow .9 Lt 7% pref_ 100 9912 10112
76
Cent Pub Serv Corp prof • 72
4 —
Cleve El Ilium 6% prof _10 1123
Col Ry P & L 6% 1st pf_100 10712 109
100 10812 - -6% preferred B
100 3712 4012
Consol Traction N J
Consumers Pow 6% prof..100 105 106
100 105 10612
6.60% preferred
• 10212 10312
$5 preferred
Conti Gas & Eleo 7% pf _100 10112 10212
pref100 110 112
Dallas Pow & Lt
Dayton Pow dr Lt6% p1.100 10912 11012
89
Derby Gas & Elec $7 pref • 86
4 1
_
Detroit Canada Tunnel
3
•
Erie Railways
37
100
7% preferred
100 160
Essex-Hudson Gas
- -- 83
Foreign Lt & Pow units__ _ _
Gas & Elec of Bergen._,100 99
5 20
Gen Gas & El part ctfs
Hudson County Gas.__..100 160
109 110
Idaho Power 7% pref
101
6% preferred
Illinois Pow & Lt 6% p1_100 9014 9114
43
Inland Pow & Lt 7% p1.100 37
7812
Interstate Power $7 pref.. • 77
54
Jamaica Water Supp pf_ _50 53
,2
Jersey Cent P & L 7% 01_100 108 110
12 114
Kansas City Pub Service__•
•
Preferred
Kansas Gas & El 7% p1_100 10914
Kentucky Sec Corp com_100 325
100 8912 91
6% Preferred
16
pf 100 114
Kings County Ltg
Lake Sup Dist Vat Supp p f _ 99 02
12
Long Island Lt pref A_ _100 110
07
.._100 106
9% 'referred_
Gas A E16% 01-100 10912 111
1
BIS sok
10912
97 100
103
160 10112
109
79
3
183 88
107 109
8212
81
11012 112
103
96
101 16i103
107 109
115 123
104 108
Par
Memphis Pr & Lt $7 pref_..
Mississippi P & L $6 pref_ _•
Metro Edison $7 prof B___.
•
$6 preferred C
Miss River Power prof_ _100
Mo Public Service 7% pf 100
Mountain States Power.- •
100
7% preferred
Nassau & Suffolk Lag pref_ _
Nat Pub Serv 7% pf A.100
Nebraska Power 7% prof 100
100
Newark Consol Gas
New Jersey Pow & Lt 56 pf •
New Orleans P S 7% pf.100
NY & Queens EL & P pf100
..100
Nor N Y Utility prof.
Nor States Pow (Del) corn A
Preferred
107 108
Ohio Edison $6 Ord
114 115
$7 preferred
Ohio Pub Sere 7% prat 100 102 104
98
06
6% preferred
Okla Gas dt El 7% pref.104) 110
30
Pim Gas & El 31.50 pref__85 29
Par Northw Pub Serv
7412 77
Prior preferred
60
Preferred
Pao Pow & Lt 7% prof. 100 104 106
ill 112
Pa Pow & Lt 7% pref
Piedmont Northern fly.100 d 30 40
Pub Serv Coot Col 7% pf100 99 01
Puget Sound Pow & Lt pr pf 85 87
10112 103
94
92
100 102
80 85
2812 29
4
2912 30,
21
19
102
165 170
9912 101
10812 110
113 114
10912 111
9212 94
75
-19
17
4
4
1043 1053
105 10814
89
92
85 100
600
99 101
10312 105
Rochester & E 7% pf B100
100
6% preferred C
Sioux City 0 & E 7% p1_100
Somerset Un Md Lt.-100
South Calif El $1.50 pref_25
25
31.75 preferred
25
So Colo Pow corn A
100
7% preferred
South Jersey Gas & Elec..100
Tenn Elec Pow 6% prof.100
100
7% preferred
Texas Pow & Lt 7% pod 100
10
Toledo Edison prof A
United 0 & E (Conn) p1100
United 0 & E (N J) p1100
United Public Service prof-_•
Utah Pow & Lt $7 pref
Utica Gas & El 7% prof _100
Gill Pow & Lt 7% prof 100
100
Virginian fly corn
Washington Ity & El combat
10
5% preferred
Western Power 7% pref_100
Investment Trusts.
438 157
8
A B C Trust Shams ser D___
7
712
Series E
7
712
Investors A.__ _
All America
44
Amer Brit & Cont $6 Pf--• 541
512
5
Amer Composite Tr Shams_
Amer Founders Corp—
80
72
Convertible preferred
41
38
6% preferred
4012 4412
7% preferred
50 10c
1-40ths
30
6e
1-70ths
Warrants
12
Amer & General Sec corn A_
s
3
Common B
3612
$3 preferred
8 512
3,
Insuraustocks Corp__•
Amer
13
Amer & Continental Corp.° 10
51 i 5%
ASSOC Standard 011 Shares_ _
Corp units 22
All & Pao Intern
214
Common with warrants—
22
Preferred with warrants
Atlantic Securities Corp pf • 3314 16"
2
Warrants
Bankers Nut Investl Corp • 2012 2412
7
6
Ban:dale Corp
412 514
Basle Industry Shares
312 4 4
,
British Type Invest
32
30
Century Trust Shares
1.14 2
Chain & Goal Equities Inc *
63 65
preferred
63.%
3
•
Chain Store Inv Corp
50
100
Preferred
Shareown Inc_ _
Chain Store
1117 2
10
Chartered Investors com___
78 80
Preferred
212
Chelsea Exchange Corp A
12
Is
Class B
4 44
4,
3
Corporate Trust Shares.--.
Crum & Foster Ins Shares—
32
10 29
Common B
100 9812 101
Preferred
32
Crum & Foster Inc corn B- 29
104 107
8% preferred
6%
6
Cumulative Trust Shares__ _
4
53
Deposited Bk She ser N Y.
4is 512
Doom Bk Shs N Y ser A
Diversified Trustee Shares A 1418 ___
12
47
41
7,
73
4
,
26 2 2712
Equity Corp corn
42
40
Preferred
412
41
Equity Trust Shares A
57
3
73
First American Corp
,
5's 5 8
First Custodian Shares
63
7
8 68
Five-year Pxed Tr Shares_ _
4
• 113
Fixed Tri.st Shares A
• 108
3
54
FundamoLtar Tr Shares A..
,
62
Shares 1
7
General LUIS, dim A_ .._10
Granger T,owns: Corp-- _ • 10
25
Gude-Winnini Trad Corp..
Incorporated Investors- _•
Incorp Investor?' Equities__
lot See Corp of Am corn A...
Common B
614% preferred
8% preferred
Independence Trust Shares.
Invest Trust Associates__ • No par value.
1(1158
63
4%
414
614
Low Prices Shares
17;
,
44
6'13
Major Corp Shares
Mass Investors Trust
Mohawk Investment com_.
Mutual Iv Trust class A__ _
Mutual Management corn.*
Nat Industries Shares A_.._
National Trust Shares
Nation Wide Securities Co _ _
N Y Bank Trust Shares__
No Amer Trust Shares
Northern Securities
North & South Amer B corn
418 43
4
,
26 8 28%
4
40 413
8
43
_
23
4
4 514
43
,
98 9 8
8
57
,
62 7
8
4% 47
95
85
Oil Shares Inc units
Old Colony Trust Assoc Sh •
Old Colony Invest Trust corn
Petrol /lc Trad'g Corp cl A 25
Power & Rail Trustee Shares
Public Service Trust Shares
Representative Trust Shares
Second Custodian,Shares__ _
Second Internal Sec Corp A
Common B
6% preferred
Securities Corp Gen 56 pre
Selected American Shares__ _
Selected Income Shares
Selected Management Trustee Sham
Shawmut Bank Inv Trust."
Spencer Trask Fund
Standard Amer Trust Shares
Standard Collet Trust She....
State Street Inv Corp
Super Corp of Am Tr She A
17
14
25
2612
712 812
15
10
12'i 13
512
6
10
3312
80 88
412
4
, 6
5
3
718 7 3
712
9
193i 21
512 6
712 814
59 61
512 57a
51 1 558
4 91 i
83
4
814 83
512
5
,4
3
3,8 312
47a
8
47
612
6
812
8 538
47
8
177 19%
512
5
Sc
Oo
10
778
6
Trust Shares of America
Trustee Stand Investment C
Trustee Standard Oil She A
s
v
Trusteed Amer Bank Shares
Trusteed N Y City Bk She...
20th Century Fixed Tr She..
Two-year Trust Shares_
United Fixed Shares
Unit Founders Corp 1-70ths
United Bank Trust
United Ins Trust
U SA Brit Internet class A_
Clas B
Preferred
A
U S Ehec Lt & Pow Shares
so
4
283 3114 Universal Trust Shares
,
44
514
Bonds.
9
lot Secur Trust of Amer—
1933
Secured gold 6s
76
1943
Secured gold Its
71
1933
Secured gold 55
3.70 4
1943
Secured gold 55
tf Last reported market.
7
Investment Trust of N Y__
Investors Trustee Shares__ _
Jackson&Curtis InvTr Asso•
Jackson&Curtis SCorp pf100
Leaders of Industry A
I New stock.
Par Bill .sea
95
• 89
Adams Millis $7 prof
45
100 437
Aeolian Co $7 prof
4
Aeolian Weber P&P corn 100 dl
Profe.
100 4....8
rred
Alpha ?orti Cement p1_100 105 120
412 21s
A maiga mated Laund corn...
85
100 81
Ameri in Book 57
4 3
13
Amer Canadlan Properties_*
Ameri in Cigar pref.....-l00 80 85
Amer 1 :ard Rubber 54-100 ---- 24
42
25 39
Americ in Hardware
30
100 23
Amer Ifg 4% corn
100 40
50
5% 1 referred
1
46
* 42
Arneric in Meter new
Baboon c & Wilcox 7% __100 91
Baker(.1 T) Chemical corn_• 10
5
Bancro t(J)&Sons$1.20com"
100 65
7% 11referred
Bliss (1'; W) $4 1st pref-50 56
9
10
2d pr of B
Bohn R ofrigerator 8% pf 100 70
• 30
Bon Aleli Co B corn
Bowma a-1111tmore Hotels_ - ____
100
4
lot pr oferred
100
1
2d pr 3ferred
Brunsw -Balke-Col $7 pref..* 60
Bunker Hill& Still $3 corn 10 30
4 _
Burden Iron prof
94
14
10
73
60
Par Hid
Lanston Monotype M $6100 86
Lawrence Port! Cem $4 100 39
.1114
"
Liberty Baking corn
100 d812
Preferred
Locomotive Firebox Co_ _. 10
Niactadden Publictqui corn 5 14
• 52
56 preferred
100 70
Merck Corp $8 pref
4*.
90
44
'
10
13
17
56
74
* 75
National Casket $4
• 10712
$7 preferred
National Licorice cora_ _100 5 34
National Paper & Type Co_ d ___
New Haven Clock pref-100 50
17
New Jersey Worsted pref___
Northwestern Yeast_ _ __100 120
80
109
-40
70
_
30
16
13
Ohio Leather
96
00
1st prof
2dProf87 90
100 83
Okonite Co $7 prof
4
7
___ Petroleum Derivatives
15
5
36 Pick (Albert) pref with warr
4
3 Poole Eng & Mach class A__ ____ 3
2
_
8
Class B
55
3 Publication Corp $3.20 com• 45
100 98 103
70
57 bat preferred
35
48 Reming'n Arms 57 1st pf 100 75 80
12
10
Riverside Silk Mills
76
6
9 Robinson (DI') 1st $7 p1100 50
Caned! ,ia Celanese corn— —
38
74 Rockwood & Co $4 corn__ _• 33
Prete Ted
100 70
71
100 66
$8 preferred
24
Carnati 311 CO 51.50 COM---• 21
4
1
100 10212 ___ Rolls-Royce of America.....
37 pr iferred
7
3
2
100
Preferred
Chrstu Lt Smith corn
1214 141
45
15 Roxy Theatres unit
ProforTed
II 11
100 88
94
Common
Childs lo $7 pref
14
12
Preferred A
Clinch Iiold Coal Corp._100 5212 6
8
6
100 465
75 Rubel Corp corn
$7 pr iferred
29
2$
212
1
Preferred
Color P auras Inc
39
100 35
d14 1
Ruberoid Co $4
Columb la Baking corn.,,.°
5
• 42
1st pr oferred
12 114 Safety Car Heat & Ltg-100 --- - 55
2d pr :furred
16 Scovill Manufacturing_ _25 3012 321
Colts P t Fire Arms Mfg_25 14
18
22
_
Shippers Car Line
Congole um-Nairn $7 pf 100 100
112 3 Singer Manufacturing_..100 250 270
Crosse t Blackwell corn____
61 Smith (A 0) Corp N D $2 • 91 100
Crowell Pub Co $3 corn new 57
712 co
104 109 Solid Carbonic Ltd
$7 Dr iforred
12 2
Spiltdorf Beth Elea,
75
100 65
35 Standard Screw Co
Deep R C 011&Ref $7 p1100 25
2
1
2 Standard Textile Prod_ _100 ____
De For 8t Phonofilm Corp-100
21
30
$7 class A
• 17
Dictaph one Corp com
100 ____ 15
100 99 103
55 class B
$8 pr ferred
23
Dixon(los) Crucible $8.100 115 125 Stetson(J 11)Co $6.25 corn_• 18
25 20
$2 preferred
_ __
25
Doeh ler Die Cast 7% pf 50 16
4012
•
$7 pr forced
18
30 Taylor Mill Corp $2.50com• 17
Douglas Shoe $7 prof....10025
7
100 38
4
42 Taylor Wharton Ir& St corn*
Draper :lore $4
25
Preferred
100 15
100 ___ 74
Driver IBurris $7 prof
38
____ 30 Tenn Products Corp 54 pf 50 34
Dry-Ice Holding Corp
1;
14
Trent Process Corp
42
8 Tubizo Chatillon $7 pf B 100 436
4
Eiseman n Magneto com_-__
85
100
!erred
$7 pre
45 Unexcelled Mfg Co 70a__10
512 0
Franklin fly Supply 54.
312 United Business Pub$7pf100 ____ 10
2
Fuel 011 Motors Corp corn..
Gen Fir!proofing $7 pf _100 ____ 108 United Publishers 87 p1_100 ____ 75
51
112 3 IT S Finishing $7 pref.-100 46
•
Graton t Knight corn
100 20 30
$7 preforced
61,
6
32 Walker Dishwasher corn___•
Great N )rthern Paper $3.25 30
Welch Grape Juice corn_ __• 39
42
....100 99 103
57 preferred
40
Herring-Hail-Mary Safe 1005 30
:
7 W va Pulp & Pap $1.60 com• 2711 291
4
ale
Howe Sc.
100 294
56 preferred
97
100 26 29
Profenred
3 White Rock MM Spring—
Hudson River Nay corn.... 41
100 101 105
$7 let preferred
45
430
Prefer Tli
100 185
_ ..
$20 2d preferred
5 Willcox & Gibbs 55 corn.... 40
47
Industri LI Accept corn- _ ...• ____
100 17
21
52 Woodward Iron $4
100 48
$7 pre lerred
100 86
92
15 Worcester Salt 55
100
Internet Textbook
King Ito Valty Co corn
$8 pre rerred
.
d
100 585
35
90
.l00 94
Young (J S) Co corn..
100 102
Preferred
....
Telephone and Telegraph Stocks.
1 82 88
Am Dist Tel of NJ $4
100 11012 11212
7% preferred
Bell Tel (Can) 8% pref_100 137 139
Bell Tel of Pa 03-4% Prof 10 11612 11812
0
93
CM & Sub Bell Tolep--50 90
4110
Cuban Telephone 8%
d 75 82
7% preferred
62
Empire & Bay State Tel.100 457
44
Franklin Teleg $2.50_ —100 440
92
lot Ocean Teleg 6% — --100 485
_
5120
Lincoln Tel & Tel 8%
Mountain States Tel & TeL 145 148
Now England Tel & Tel_100 135 137
24
New York Mutual Tel_ _100 421
Northw Bell Tel pf 6 A %100 108
_ _25 41412 18
Pac & Atl Teleg U 8
• 2012 23
Peninsular Teleph $1,4O..
100 x102
7% preferred A
685
Porto Rico Telephone
Koch Telep $6.50 1st p1.100 10812 1102
20
25 5I7
So & Atl Teleg 51.25
So & N E Telephone 8% _10 164 166
122 124
S W Bell Tel 7% pref.....1
Tr -Slates Tel dr Tel $6_
4150
10 1014 11
5.60 preferred
Wisconsin Telep 7% prof 100 5111
Chain Store Stocks.
Bohack (II C) Inc
7% 1st preferred
100
Butler (James) common....
100
Preferred
Diamond Shoe prof with war
Edison Bros Stores prof.100
pf,*
Fan Farmer Candy Sh
Fishman (II M)Stores corn_
•
Preferred
99
102
2
25
85
75
80
3014 3314
16
90
Gt Atl & Par Tea prof..100 118
Kobacher Stores pref....i00 50
1014
Kress (S H)6% pre(
_
Lerner Stores 63-4% prof w w
Lord & Taylor
100 4175
First preferred 6% _ _ _100 594
Second preferred 8%. 00 497
1
MacMarr Stores 7% pf w w 85
3412
12814 i5 1
4 614
6,
438 512
122
60
11
85
205
Melville Shoe Corp
1st pref 6% with warr_100 90 94
7
Metropol Chain pref__100
45
Miller (I) & Sons pref_..100 35
65
Mock Juds&Voeltringerpf100 55
Murphy (S C) 8% pref_100 405 110
6
4
•
Nat Shirt Shops corn
55
100 45
Preferred 8%
12 114
Nedick's Inc corn
98
Newberry (J) Co 7% p1_100 93
85
NY Merchandise 1st pf_100 70
5 10
Piggly-Wiggly Corp
Reeves (Daniel) prof__ __100 100
Rogers Peet Co corn....-100 d 80
75
100 85
Schiff Co prof
Silver (Isaac) & Bros pref100 55 60
96
US Stores let prof 7% 100 40
00
Sugar Stocks.
Fajardo Sugar
Haytian Corp Amer
Savannah Sugar corn
7% preferred
z Ex-dividend.
100
•
100
o Ex-dividend of $65.
31 Sugar Estates Oriente pf 100
29
ilk 212 United Porto Rican corn....
Preferred
60 85
83 90
y Ex-rights.
Auc. 8 1931.]
FINANCIAL CHRONICLE
937
Quotations for Unlisted Sacurities-Luncluded-Page Z
New York Bank Stocks.
PH Ma Act
America
25 40
43
Bank of Yorktown
100
55
Brooklyn National
50 26
31
Bryant Park
. 15
20
Chase
64
20 61
Chatham-Ph Nat Bk & Tr20 5912 6212
City (National)
20 744 774
Columbus Bank
100 150 170
Comml Nat Bank & Tr 100 223 233
Fifth Avenue
100 2275 2475
First National of X Y--100 3380 3580
Flatbush National
95
100
Globe Bank & Trust Co_100 -- 43
Grace National Bank-100 400 600
Harbor State Bank
25
55
Harriman Nat Bk & Tr_100 1485 1585
Industrial Bank
100 115 130
KIngsboro Nat Bank- - -100
120
Insurance Companies.
Bid Alt
Par Bid Ask
Par Bid Ad
Aetna Casualty & Surety-10 76
20 23
81 Industrial of Akron
6
11
1612 1812 Aetna Fire
100 800 900
10 4012 4212 Kansas City Life
6012 6312 Aetna Life
.5 13 17
10 421: 4411 Knickerbocker common..
85 95
Agricultural
25 93 103 Lincoln Fire
10 28
31
American Alliance
70 80
5
14 6
27 Lloyds Casualty
10
10 24
14
4 American Constitution
213 261
4
12
17
Voting trust certifs.-10
514 6 4
1
16
11
American Equitable
3:3 Vs
a 10 13 Majestic Fire
10
40
80
American Home
12
Maryland Casualty
15
17
19
25
200 250
American of Newark
18 Mass Bonding & Ins
25 65 73
5 16
4412 4712 American Re-Insurance- -- 88
42 Merchants Fire Assur com 10 60 65
165
American Reserve
9
29 Merch & Mfrs Fire Newark 5
12
10 25
16" 65 American Surety
51
Missouri State Life
1
25 48
10 1414 15 4
17
21
Automobile
29 Morris Plan Ins
95 115
10 25
100
Baltimore Amer Insurance.5
9
10 National Casualty
10 1434 1634
40 45
Bankers & Shippers
25 100 110 National Fire
10 53 55
110 120
Boston
100 450 475 National Mertz
5
,
714 34
1
Bronx Fire
50
25 42 45 National Union Fire
5 90 100
Brooklyn Fire Insurance-5
65
75
8
New Amsterdam Casualty10 27
11
29
Carolina
23 New Brunswick
10 21
23
10 21
Chicago Fire & Marine..
.10
6
New England Fire
9
23
10 18
City of New York
100 220 250 New Hampshire Fire---10 48 58
Colonial States Fire
71t 1012 New Jersey
10
42
20 37
Columbia National Life_100 225 250 New York Fire coin
5 171z 2012
Trust Companies.
Connecticut General Life_10 86
91
North River
10 33 88
Consolidated Indemnity....
2
4 Northern
25 65
75
Constitution
5
10
7 Northwestern National.... 95 105
American Express
100 190 210 Hibernia Trust
100
Continental Casualty
10 2512 28 Occidental10 16
Banes Comm Italiana Tr 100 209 217 International Madison-25 114 119
18
13
18
Cosmopolitan Insurance 1 ,
6
Bank of Sicily Trust
7 Pacific Fire
25 110 120
20 25
27 International Trust
5
20
8
Eagle
a 1114 124 Peoples National Fire
5
Bank of Europe Trust_ - -25 45 56 Irving Trust
5
6
10 8012 8212 Excess Insurance
5
14 714 Phoenix
5
Bank of New York & Tr_100 515 535 Kings County
10 6012 62
12
100 2450 2650 Federal Insurance
10 60
Preferred Accident
Bankers
39
20 34
10 88 91 Lawyers Title & Guar_.100 172 177
Fidelity & Deposit of Md_50 137 142 Providence-Washington..10 4312 4512
Bronx County
20 24
29 Manufacturers
25 411 434 Firemen's
41
20 214 234 Public Fire
Brooklyn
4
6
100 375 385 Mercantile Bank & Tr w 1.- 12
15
Firemen's Fund
82 Public Indemnity (formerly
25 75
Central Hanover
20 207 212 Midwood
50
Franklin Fire
5 204 224
Hudson Casualty)
112 1112
Chemical Bank & Trust--10 444 464 Mutual Trust of W. 100
-100 300 325
General Alliance
18
18 Reliance Ins of Phila
4
Clinton Trust
6
100
82 New York
25 137 142
Germanic Insurance
5
7 Republic (Texas)
10
Continental Bk & Trust_10 21
17
10 12
24 Times Square
1
20
3
Glens Fans Fire
42 Republic Ins Coot Amer_10
10 40
8
Corn Ezell Bk & Trust_20 92 96 Title Guarantee & Trust_20
12
127 132
Globe Insurance
10 11
14 Rhode Island
23
County
10 18
25 32 85 Trust Co of N A
100
150
Globe & Rutgers Fire_..100 470 520 Rochester American
Empire
48
25 40
20 43 46 Underwriters Trust
25 16
20
Great American
10 25 2612 St Paul Fire& Marine---25 150 160
Fiduciary Trust
104 106 United States
100 775 2975 Great Amer Indemnity_ _10 15
18 Seaboard Fire & Marine-7
Fulton
10
100 300 350 Westchester
100 900 1000 Halifax Insurance
10 1512 1712 Security New Haven
Guaranty
10 3112 3312
100 425 430 Westchester Title & Trust 20 98 108
Hamilton Fire
50 125 225 Springfield Fire & Marine 25 95 105
Hanover
26
28 Standard Accident
50 100 150
10
Harmonla
4
42
10 212 224 Stuyvesant
25 35
Hartford Fire
100 1150 1250
10 55 57 Sun Life Assurance
Chicago Bank Stocks.
512 712
Hartf St'm Boiler Ins&Ins 10 60 65 Transportation Indemn'y 10
Home
10 2912 8112 Transportation Insurance 10
712 912
Central Republic
rgome Fire & Marine
237 240 Nat Bank of the Republic 201 25
35 Travelers Fire
100 725 775
10 80
1 2
4! 611 Home Fire
Central Trust Co of Ill..100158 161
4
13 51 U S Casualty
25 42
Security
3
Northern Trust Co
47
1001 458 1463
Continental Ill Bk & Tr_100, 284 '287 Peoples Tr & Say
Homestead
/
19
10 147g 161 U S Fidelity & Guar Co..10 16
Bank_100 280
First National
Hudson Insurance
1001 405 1428 Strauss Nat Bank & Tr_100i 150 286
23 U S Fire
10 18
10 39
42
1156
Foreman National
Importers & Exp of N Y...25 25
100 10
30 U 8 Merch & Shippers-100 270 300
15 Union Bank of Chicago_100 95
110
Harris Trust & Savings_100 425 430
Independence
4
5 612 912 Victory
6
10
Independence Indemnity.
1,
7 Virginia Fire & !duffle__ _25 78
_10
88
Industrial and Railroad Bonds.
Westchester Fire
10 56
38
Adams Express 4s, 1947 &D
American Meter es, 1946._.
Amer Tobacco 4s, 1951 F&A
Ain Type Fdrs 6s, 1937 M&N
Debenture 6s, 1939.M&N
Am Wire Fabrics let'42 M&S
Bear Mountain-Hudson
giver Bridge 7s, 1953 A&O
Biltmore Comm 7s '34 NUS
Bee & Alb RR 5.3 Oct'6341a
Bee & Me BRIM, 1933 J&J
Chicago Stock Yds 58, 1981
Censol Coal 4)4s, 1934 M&N
consol Mach Tool 7e, 1942
Cense! Tobacco 4s, 1051...
Continental Sugar 73, 1938_
Equit Office Bldg 5s, 1952
Fisk Tire Fabric) 65(s. 1935
Haytian Corp 8s. 1938
Hoboken Ferry 514 '46 M&N
Internet Salt es. 1951..A&O
Journal of Comm OMs. 1937
Kane City Pub Serv 68, 1951
Par
Lafayette National
25
Liberty Nat Bank & Tr- _25
Manhattan Company
20
Merchants
100
Nat Bronx Bank
50
National Exchange
Nat Safety Bank & Tr...25
Penn Exchange
106
Peoples National
100
Public Nat Bank & Trust 25
Queensboro National_ 100
Seward Nat Bank & Tr-100
Sterling Nat Bank & 'Tr_25
Strauss Nat Bank & Tr-100
Textile Bank
Trade Bank
100
Washington Nat Bank-100
Yorkville(Nat Bank of).100
82 I 8312 Little (A E) 78, 1942.
.A&O 20
102
Loew's New Brd Prop924 .__
63, 1945
J&D 92
101
Mallory Steamship5s,'32J&J 99
101
Merchants Refrig 69, 1937-- 95
80 90 Middle States 011 7% notes_
7
N 0 Or No RR 5s, '55 F&A. 35
92 N Y &Hob Ferry 5s.'46 J&D 884
88
100 NY ShIpbldg 55. 1946 M&N 89
107
_
Piedmont & No Ry59.'54J&J ga
102 mita Pierce, Butler & P 6 Ms '42 25
83 86 Realty Assoc Sec 6s.'37J&I 80
70 Securities Cool NY 4s____ 35
05
85
45 61 Broadway 5348,'50 A&O 84
90
So Indiana Ry 4s, 1951 F&A
4
if' Stand Text Pr 634s,'42M&S 65
45
84 87 Struthers Wells, Titus.
30
Me,6418,
16- 27 Tol Term RR1943 '57M&N Ms
430,
90.
U S Steel 5s, 1951
114
85 88 Ward Baking Os,'37 J&D 15 101
93 Witherbee Sherman 13s, 1944
89
47 Woodward Iron 58. 1952J&J 78
45
80
95
98
15
40
8912
86
35
85
45
861
69
iso
ao
98
52
Realty, Surety and Mortgage Companies.
Bond & Mortgage Guar.-20 814 84
14
Empire Title & Guar_ --100 105 115
Franklin Surety
13
10
Guaranty Title & Mortgage_ 185 205
Home Title Insurance- _25 38
43
International Germanic Ltd
20
15
OQ 4012 4212
Lawyers Mortgage
Lawyers Wes Mtge & Ti_100 170 200
National Title Guaranty 100 31
86
State Title Mtge
100 49 59
Aeronautical Stocks.
Alexander Indus 8% pref
American Airports Corp....
AviationSec of New Eng-Central Airport
Cessna Aircraft coin
Curtiss Reid Aircraft corn..
Federal Aviation
General Alvation 1st pref.-
so
Kilmer Airplane & Mot new
2
Lockheed Aircraft
et
12
Maddux Air Lines
Sky Specialties
5
24 Southern Air Transport....• 3
2 Swallow Airplane
12
212 5 Warner Aircraft Engine
18 Whittelsey Manufaeturing16
4
dl
311
2
8
8
6
213
2
18
Quotations for Other Over-the-Counter Securities
Short Term Securities.
Allis-Chal Mfg 5s, May 1937
Alum Coot Amer 58 May'52
Amer Metal 53.(s, 1934 A&O
Amer had deb 4 MsMay 47
Am Roll Mill deb 55.Jan '49
Amer Wat Wks 55, 1934A&O
Bell Tel of Can 58 A Mar '55
Baldwin Loco 534s.'33 M&S
Cud Pkg deb 514s. Oct 1937
Edison Elea Ill Boston
3 M % note Novl '31 M&N
4% notes Nov 1 '32 M&N
6% notes Jan 15'33-J&J
Gulf 011 Corp of Pa
Debenture Se.
..Dec 1937
Debenture 55-Feb 1947
Railroad Equipments.
Bid 1.4.8
Bid Ast
10112 10212 General Motors Accept
1044 105
5% ser notes.-Mar 1932 10112
75
77
ser notes...Mar 1932 101 ION
5%
100 10014
5% ser notes-Mar 1934 102
8112 83
5% ser notes
Mar 1935 10173 102
1024 1024
5% tier notes_ -Mar 1936 1011 10214
10612 107 Koppers Gas & Coke
10012 1004
Debenture 59...June 1947 9914 991
4
97 I 9718 Mag Pet 434s Feb 15 '30-35 101
Marland 011
1004
Serial 5% notes June15'32 98
10112 102 Maas Gas Cos 51.18 Jan 1946 1(15'3
1021
41103 Proo & Gamb 4 Ms July 1947 105 10518
Union 011 53 1935----F&A 9912
160
15
10212 103 United Drug 5s 1932-A&O
10014
10114110214
Debenture 59 1933.
.A&O 1004
_ Water Bonds.
1
Alton Water 55, 1956-A&O. 931 96
Ark Wat let 5s A 1956 A&O 98
99
Ashtabula W W53 1958A&O- 94 97
A tlantic Co Wat5s'58A M&S 94 94
Birm W W 1st 5343A'54A&O 10213 10313
1st m 55, 1954 ser B_J&D 10013 10112
10012 10112
1st 5s 1057 ser
Butler Water 55, 1957_ A&O' 94 96
City W (Chat) 58 B '54.4401 100
.M&N t00
1st 58, 1957 ger C.
Commonwealth Water
F&A 100
let 55, 1950 B
1st in 58, 1957 ser C_F&A 100
Davenport W 53 1961..1&-1 96
sii
E St L & list W 53. '42 J&J 9914 10014
1st in 138, 1942 ser B.J&J 1.0218
1st 5s, 1900 sir D._ F&A1 97 98
Hunt'ton W 1st Els. '54 M&S
1st in 5s, 1951 ser B.M&S
Joplin W W 59.'57 ner AM&S
Kokomo W W 5s. 1958 J&D
Monm Con W 1st 5s,
'56J&D
Monon Val W 510.'50 J&J
Richm'd W W 5s,'57M&N
let
St Joseph Wat 53, 1941A&O
South Pitts Water Co-1st 5e, 1955
F&A
1st & ref 58,'60 ser A J&J
lst & ref 53,'60 ser B I&J
Terre H'te WW es.'49A3&D
1st in 53, 1956 ser 13_J&D
Texarkana W 1st 55,'58F&A
Wichita Wat 1st 6s,'49 M&S
1st m 55. '56 ser B F&A
balm 53, 1960 ser C_M&N
1024 _
994 1004
93 ;
9314, 95
95 1 97
1004,19112
95 1 97
9912,101
1
10012 10111
10012 10112
10012 10112
10241 _
99 1100
93 1 96
10212
9812 100
9812 100
1
,,,No par value. a And dividend. 4 Last reported market.
Ex-dividend.
Atlantic Coast Line 68
Equipment 0348
Baltimore & Ohio 13s
Equipment 454s & 55
BuffRoch & Pitts equip fis_
Canadian Pacific 434s & 68_
Central RR of N J 13s
Chesapeake & Ohio 68
Equipment 0348
Equipment 58
Chicago & North West 68-..
Equipment 6348
Chic RI & Pao 434s & 55...
Equipment es
Colorado & Southern 139Delaware & Hudson Os
Erie 434s & 58
Equipment Os
Great Northern 69
Equipment 58
Hocking Valley 58
Equipment6s
Illinois Central 434s & 5s
Equipment 611
Equipment 7s & 6
Kanawha & Michlgan Cs...
864 I Ask
Par
4.15 8.75 Kansas City Southern 534s.
4.15 3.80 Louisville & Nashville Os...
4.15 8.75
Equipment6 Ms
4.15 3.70 Michigan Central 58
425
Equipment 13s
4.40 4.20 Minn St P & SS M 4119 & 53
4.10 375
Equipment 6345 & 78....
4.10 3.75 MissouriPacific e Ms
Equipment(is
425 4.00
4 20 3.75 Mobile & Ohio 5s
4.15 3.75 New York Central 4M5 & 55
Equipment es
4.25 4%
Equipment 78
4.25 3.75
Norfolk Si Western 4 Ms...4.25 4
4.40 4.10 Northern Pacific 75
4.251 4.00 Pacific Fruit Express Th.-4.40 4.10 Pennsylvania RR equip 58..
4.00 4.20 Pittsburgh& Lake Erie 6348
4.20 4.00 Reading Co 4 Ms & 58
4.20 4.00 St Louis & San Fran 55
4.20 4.00 Seaboard Air Line 5 Ms d: es
4.25 4.00 Southern Pacific Co 4 Ms
Equipment 7s
4.20 4.00
4.20 4.00 Southern Ry 434s & 55
4.15 4.00
Equipment es
4.40 4.10 Toledo & Ohio Central Os...
Union Pacific 7s
BM Art
4.75 4.40
4.20 4.00
4.20 4.00
3.75 3.25
4.00 3.50
4_25 4.25
4.75 4.25
4.60 4.20
4.50 4.35
4.30 4.10
4.20 4.00
4.20 4.00
4.15 4.00
4.00 3.70
4.25 4.00
4.10 3.70
4.00 3.75
4.25 4.05
4 10 3.75
4.75 4.40
6.75 676
4.10 385
4.15 4.00
4.25 4.00
4.40 4.10
4.30 4.10
4.10 370
Investment Trust Stocks and Bonds.
5 21 6
,
Amer Bank Stk Tr Shares..
American& Continental--- 10
13
Amer Invest Trust Shares..
BantersNat Invest corn A. -211- 2415
'
2
Beneficial Indus Loan pref.- av: 4312
Central 'National Corp A... 14
19
Class B
2 1 7
Colonial Investors Shares.. 1514 1614
CommonwealthTr Shares_
.1 212
Continental Metrop Corp A ...
Continental Secur Corp...'
Preferred
55
Devonshire Investing coin
p Ex-rights.
Indust & Pow Se•
1812 2012
Inter Germanic Trust
6
9
Invest Fund of N J
74 8 4
1
North American Trust Shs_
4 3 44
1
Old Colony Inv Tr 434% bds 70
Shawinut Association corn.. 1312 14
Shawmut Bank by Trust
711 9
4349
1942 70
75
52
,
1952 70
75
es
1952 110
Standard Corporations
61s .
711
Standard 011 Trust Shares A
54
Class 11
42 2
114
York Share Corp
1614 1711
Current Carning5-11ontbip, Quarterip anb 3balf Pearl?.
ISSUES.
CUMULATIVE INDEX COVERING RETURNS IN PRESENT AND PREVIOUS
periods, whether monthly, quarBelow will be found all returns of earnings, income and profits for current
It covers all classes of corporate entities, whether
terly or half-yearly, that have appeared the present week.
of enterprise or undertaking.
railroads, public utilities, industrial concerns or any other class and character
respect, and hence constitutes an invaluable record.
It is all inclusive in that
to hand the present week. It
The accompanying index,however, is not confined to the returns which have come
those given in the issue of July 18. The object
includes those given in our issue of Aug. 1, July 25 and also some of
Record," which has been
of this index is to supplement the information contained in our "Monthly Earnings
reports. The "Monthly
enlarged so as to embrace quarterly and semi-annual statements as well as monthly
semiabsolutely complete up to the date of issue, July 17, embracing every monthly,
Earnings Record" was
the time of going to press.
annual and quarterly report which was available at
since then. The
The index now given shows the statements that have become available in the interval
for a month later, but there are also not a few instances of additions to the
figures in most cases are merely
of the "Monthly
list, representing companies which had not yet made up their returns when the July number
was issued.
Earnings Record"
g a reference to
We mean to continue giving this current index in the "Chronicle" each week, furnishin
Earnings Record." The
every return that has appeared since the last preceding number of the "Monthly
those persons who are
latter is complete in and by itself, and for most persons will answer all purposes. But to
ntary index in the
desirous of seeing the record brought down to date every week, this further and suppleme
the "Monthly
le" will furnish an invaluable addition. The "Chronicle" index in conjunction with
"Chronic
to find the very latest figures of current earnings and income,
Earnings Record" will enable any.one at a glance
y unique service. A
furnishing a cumulative record brought down to date each and every week—an absolutel
is that at the end of every return, both in the "Chronicle" and the "Monthly Earnings
further valuable feature
of the "Chronicle" where the
Record," there is a reference line showing by date and page number the issue
complete annual report of the company was published.
latest
Issue of Chronicle
Issue of Chronicle
Issue of Chronicle
IFA.n Published Palle
Name of Cornering-Name of romporty—When published Pope
,
Whets Published Pat
Nome of ComParie—
Aug. 8__ 943 Commercial Investment Trust Corp_Aug. 8__ 944
July 25_ 626 Ron Ami Co
Abbott Laboratories
July 25_ 629
Aug. 8._ 943 Commercial Solvents Corp
Aug. 8__ 942 Borg-Warner Corp
July 25_ 629
Adams Millis Corp
Aug. 8__ 952 Commonwealth Edison Co
Aug. 8__ 942 Boston Elevated Ry
..Aug. 1_ 783
Aero Underwriters Corp
Aug. 1_ 779 Commonwealth Securities Corp..
I__ 780 Boston & Maine
Aug.
Ainsworth Mfg. Corp
Aug. C. 779 Commonwealth & Southern Corp___Aug. C. 783
& Lynn
July 25_ 626 Boston Revere Beach
Air Reduction Co., Inc
July 25__ 625
July 18_ 484 Conemaugh & Black Lick
Inc
July 25_ 629
Mr Way Electric Appliance Corp_ _ __Aug. 8__ 942 Bouriols.
Aug. C. 782 Congoleum-Nairn, Inc
July 25_ . 25 Bower Roller Bearing Co
Akron Canton & Youngstown
Aug. I__ 783
Congress Cigar Co
Power
Aug. I— 778 Brazilian Traction. Light &
Alabama Great Southern
July 18_ 465
July 25__ 628 Connecticut Electric Service Co
Co Ltd
Aug. 1_ 781
Alabama Water Service Co
Aug. 1__ 783
July 25 _ 628 Consolidated Cigar Corp
Machine Co
Aug. 1-- 781 Bridgeport
Alabama Power Co
.Aug. 1_ 783
July 25_ 628 Congo!. Chemical Industries. Inc..
Corp
Alaska Juneau Gold Mining Co_..Aug. 8__ 942 Briggs & Stratton
July 25_ 628 Consolidated Film Industries. Inc_Aug. 1_ 783
Aug. I__ 779 Brill° sirg Co.. Inc
1__ 805
Allegheny Corp
Dist. Terminal ___Aug. 1— 775 Consolidated Food Products, Ltd._ _Aug.
July 25_ 626 Brooklyn Eastern
Allen industries, Inc
Consol. Gas. El. Lt. & Pr. Co , Balt°.Aug. C. 784
July 25._ 627 Brooklyn-Manhattan Transit System
Alliance Realty Co
Consolidated Rock Products Co.__ _July 18_ 485
including Brooklyn & Queens
781
Aug. I__
Allied Kid Co
July 25._ 628 Consolidated Water Co. of Utica,
Transit System
Aug. 1-- 781
Allied Internat. Investing Corp
July 25_ 640
N. Y
25__ 628
July 25__ 627 Brooklyn & Queens Transit Systern_July 8__ 943 Consumers Power Co
Allis-Chalmers Mfg Co
Aug. 1... 783
Aug.
-Erie Co
July 18_ 464 Bucyrus
Alpha Portland Cement Co
Aug. I__ 784
July 18._ 465 Container Corp. of America
Aug. I_ 775 (E. G.) Budd Mfg. Co
Alton & Southern RR
4
Aug. 8__ 94
465 Continental 011 Co
July 18
1-- 781 Budd Wheel Co
.Aug.
Amalgamated Leather Cos., Inc..
Aug. 1_. 784
& Pittsburgh_ -Aug. L._ 775 Continental Shares, Inc
Aug. 8__ 942 Buffalo Rochester
Amerada Corp
July 25._ 629
Aug. I__ 775 Continental Steel Corp
Aug. C. 741 Buffalo & Susquehanna
Bank Note Co
American
Aug. 8_ _ 944
Aug. 8__ 940 Cooper-Bessemer Corp
Island
American Brown Boveri Electric__-- Aug. 8__ 942 Burlington-Rock
July 25_ 629
Aug. I__ 782 Copeland Products, Inc
American Car & Foundry Motors Co.July 18_ 483 Bush Terminal Co
Aug. L. 784
Aug. I__ 782 Corn Products Refining Co
Aug. I. 781 Butte Copper & Inc Co
Co., Inc
American Chain
Aug. I__ 784
Aug. C. 782 Corno Mills Co
I uly IS.. 464 Butterick Company
American Chicle Co
,
Aug. I__ 784
July 25__ 628 Credit Utility Ban'ing Corp
Co
Amer. Cities Power & Light Corp___Aug. C. 781 (A M.) Byers
Aug. C. 784
July 25_ 628 Crosley Radio Corp
_Aug. 1_ 781 California Water Service Co
Amer. Commercial Alcohol Corp_
Aug. I._ 784
Crown Cork & Seal Co., Inc
Aug.
Co
Mining
American & Foreign l'ower Co.. Inc_ July 18— 464 Calumet & Arizona
Co_
July 18_ 486
Consol. Copper Co. Aug. I__ 782 Crown Willamette Paper
American & General Securities Corp.July 25._ 627 Calumet & Hecht
July 25..
Crown Zellerbach Corp
Aug. I_ 801 Campbell Wyant & Cannon Foundry
Amer. Hide & Leather Co
July 25_ 628 Curtiss Aeroplane & Motor Co., Inc_July 25_ 649
Co
Aug. 1_ 781
American Ice Co
Aug. 1__ 784
1_ 775 Curtis Publishing Co
Co.,Inc...Aug. 1-- 781 Canadian Nat. Lines in New Eng.—Aug.
Amer. Laundry Machinery
Aug. 8__ 944
Aug. I__ 780 Cushman's Sons. Inc
Aug. 8— 942 Canadian National Rys
July 25— 629
American Light & Traction Co
18_ 465 Cutler-Hammer Inc
__July
Aug. 1— 781 Canada Northern Power Corp
American Metal Co.. Ltd
Aug. I__ 784
Dallas Power & Light Co
July 25_ 627 Canadian Pacific Lines In Maine_ .Aug. 8__ 910 Davenport Hosiery Mills, Inc
American Republics Corp
Aug. 8— 944
Pacific Lines in Vermont_Aug. 8__ 940
July IS.. 486
American Solvents & Chemical Corp_Aug. 8-- 942 Canadian
Aug. C. 780 De Forest Radio Corp_
Aug. 8_ 942 Canadian Pacific Ry
July 18-_ 466
American Steel Foundries Co
Foreign invest. Corp., Ltd.J uly 25__ 646 Detroit Street Rys
Aug. 8_ 942 Canadian
July 18— 466
Amerloan Stores Co
Aug. 1_- 804 Dome Mines. 1.td
Aug. 8__ 957 Canadian Wirebound Boxes Co
July 25._ 649
American Thread Co
Aug. 8__ 943 Dominion Textile Co.. Ltd
Aug. 8- 942 Carman & Co
July 25_ 629
American Utilities Co
July 25_ 646 Delsel-%Vemmer-Gilhert Corp
Co
Aug. I- 781 Carnation
Aug. I__ 784
Amer. Utilities & Gen. Corp
July 25_ 628 1)e Long Hook & Eve Co
Caterpillar Tractor Co
Aug. I__ 776
American Water Works & Electric
Delaware & Hudson
942 Central Arizona Light & Power Co__Aug. E.. 783 Delaware Lackawanna & N estern_Aug. I_ 776
Aug. 8Co., Inc
Aug. C. 775
627 Central of Georgia
Aug. 8._ 940
American Writing Paper Co.. Inc___July 25__
Aug. 8__ 943 Denver & Rio Grande
Aug. I- 781 Central Illinois Light co
Aug. 8-_ 940
Amer. Inc Lead & Smelt. Co
Aug. I__ 742 I)enver & Salt Lake
Aug. 8- 943 Central Power Co
Aug. I._ 784
Anaconda Wire & Cable Co
8__ 943 Denver Tramway Corp
Aug.
July 25. 627 Central Power & Light Co
Aug. I__ 776
Anchor Cap Corp
Aug. I._ 775 Detroit & Mackinac
775 Central RR. or New Jersey
Aug. 1_
Aug. 8__ 944
Ann Arbor
Aug. C. 782 Detroit Steel Products
627 Central States Electric Corp
July 25
Aug. 8-- 940
Arnold Constable Corp
July 25__ 625 Detroit Terminal
July 25- 627 Central Vermont
Aug. C. 776
Arrloom Corp
Aug. 1-- 783 Detroit Toledo & Ironton
West Public Service Co
Aug. 1. 781 Central
Aug. 8__ 940
Arundel Corp
25_ 628 Detroit & Toledo Shore Line
July
627 Century Ribbon Mills Inc
Aug. I-. 786
Associated Apparel Industries. Inc_July 25._ 781 Chain & General Equities, Inc
Aug. 8__ 943 Dexter Co
Aug. I.
Aug. 8_ 944
Associated Gas & Electric Co
July 25__ 647 Dominion Stores, Ltd
Cream Co
Aug. 8_ 943 Chapman Ice
July 25-- 629
Associates Investment Co
Aug. 1_ 783 (S. It.) Dresser Mfg. Co
Aug. C. 779 Charlet Corp
Aug. I-- 776
Missabe & Northern
Atchison Topeka & Santa Fe
Charleston & Western Carolina_ __Aug. I__ 775 Duluth South Shore & Atlantic
Aug. I_ 775
----Aug. 1-- 776
Atlanta Birmingham & Coast
Aug. I.. 804 Duluth
Aug. 1_ 775 (A. W.) Chase Co.. Ltd
Aug. I-- 776
Atlanta & West Point
Aug. 1-- 780 Duluth Winnipeg tic Pacific
Aug. I_ 775 Chesapeake Corp
Atlantic City
July 25_ 625 (E 1.1 Du Pont De Nemours & Co.„Joly 25_. 629
& Ohio Lines
Aug. I_ 775 Chesapeake
Aug. 8-- 944
Durham Hosiery Mills
Coast Line
Atlantic
Aug. L._ 783
Aug. I- 802 Chester Water Service Co
Aug. 8— 944
Atlantic Coast Fisheries Co
Aug. I__ 775 Eagle-Picher Lead Co
Aug. 1_ 782 Chicago & Alton
Atlantic Gulf & W. I. SS. Co
Aug. 1— 775 Eastern Massachusetts Street Ry__Jtaly 25.- 629
Quincy
July 25. 627 Chicago Burlington &
Aug. 1-- 785
Atlantic Refining Co
Aug. I— 775 Eastern Rolling Mill Co
July 25_ 627 Chicago & Eastern Illinois
797
Atlas Powder Co
Aug. 1_ 776 F astern Shore Public Service Co___Auq. 1-Aug. 8_ 943 Chicago & Erie
Aug. 8-- 944
Washer Co
Eaetern Steamship Vries, Inc
Automatic
Aug. 1_- 775
Aug. 8_ 943 Chicago Great Western
Aug. I— 807
Ltd
Autosale Corp
Aug. 8__ 940 Eastern Steel Products,
Midland
July 25_ 627 Chicago & Illinois
Aug. I-- 784
Aviation Corp (Del.)
& Louisville—Aug. L. 775 Eastern Utilities Associates
July 18-- 466
July 25_ 627 Chicago Indianapolis
Baldwin I ocomotive Works
Aug. I_ 783 Eaton Axle & Spring Co
Aug. 8_ 963
23_ 627 Chicago Investors Corp
July
Baldwin Rubber Co
..Aug. I-- 775 Economy Grocery Stores Corp
Milw. St. Paul & Pacific..
1-- 775 Chicago
Aug. I-- 784
Baltimore & Ohio Chicago Term_._.Aug.
Aug. I.. 776 Edmonton Radial lty
Western
Aug. 1- 775 Chicago & North
Aug. 1-- 785
Baltimore & Ohio
Co
July 25_ 628 Electric Shareholdings Corp
Aug. 8_ 943 Chicago Pneumatic Tool
Aug. I-- 776
Baltimore Tube Co
Aug. L. 776 Elgin Joliet & Eastern
& Indiana
Aug. C. 785
Aug. I_ 779 Chicago River
-Johnson Corp
Bangor & Aroostook
Aug. 8__ 940 Endicott
& Gulf
.Aug. 1_- 782 Chicago Rock Island
Aug. 1-- 785
Service Co
Barcelona Tr.. Lt. & Pr. Co.. Ltd...
Rock Island & Pacific Co Aug. 8_ 942 Engineers Public
Aug. I_ 782 Chicago
Aug. 1_- 776
Erie RR
Barnsdall Corp
& Omaha___Aug. I_ 776
-- 944
Aug. 8-. 958 Chicago St. Paul Minn.
Aug.
(Ludwig) Baumann &Co
July 25__ 628 Electric Auto Light co
Lines
July 25-- 629
July 25_ 627 Chicago Surface
Bayuk Cigars Inc
Aug. L. 783 Electric Bond & Share Co
Childs Company
Aug. 8-- 944
& Mfg. co
Lake & Western____Aug. 8__ 941 Chrysler Corp
Beaumont Sour
July 25._ 628 Electric Controller
July 25_ 628
Aug. 8-- 944
Beech-Nut Packing Co
Aug. I-- 778 Eureka Vacuum Cleaner Co
& Texas Pacific
July 25-- 630
Aug. 8_ 943 On. New On.
Bell Telephone Co. of Pa
943 Fairbanks Co
Aug. 8_ 940 Cincinnati Advertising Products Co_Aug. 8__
Aug. 8.— 944
Belt Ry. of Chicago
July 25_ 629 Fairbanks, Morse & Co
Service Co
July 18-- 487
Aug. L 775 Citizens Water
Bessemer & Lake Erie
629 Fairchild Aviation Corp
July 25
Co
85
Aug. I-- 7
Aug. 1- 782 City Ice & Fuel
Bethlehem Steel Corp
Aug. L_ 783 Fall River Gas Works Co
July 25. 628 Clark Equipment Co
Aug. 1-- 78s
Bickfords. Inc
Aug. I._ 776 Federal Aviation Corp
Clinchfield
July 18-- 488
July 18— 464
Bigelow-Sanford Carpet Co
783 Federal Bake Shops. Inc
Aug. I—
Aug. 8-- 944
July 25_ 628 Cluett Peabody & Co
Bing & Bing. Inc
Aug. I__ 783 Federal Light & Traction Co
l Corp
July Is-- ass
Aug. 8_ 943 Coca-Cola Internationa
Birmingham Electric Co
Aug. I__ 783 Federal-Mogul Corp
& Iron Co
85
Aug. 1-- 7
Aug. 8_ 943 Colorado Fuel
Screw Works
Blaw-Knox Co
Aug. I_ 776 Federal
July 28-- 6311
Aug. I_ 782 Colorado & Southern
Blue Ridge Corp
776 Federal Water Service Corp
Aug. 1
Columbus & Greenville
Aug, 8-- 94
(Sidney) Blumenthal & Co.. Inc____Aug. 1_ 782 Columbus Railway Pr. & Lt. Co
Aug. 8_- 944 Federated Metals Corp
July IS... 465
Bohn Aluminum 8c Brass Corp
AUG. 8 1931.]
FINANCIAL CHRONICLE
939
issue of Chrentele
Matte Of ChroniCIO.
Issue of Chronicle
Nome of(7omponvwhen Published Pare
Vont, of 'ompany(
When PnhhIshed Poo
Name of Company,
When Puhltshell Foes
Fifth Ave. Bus Securities Corp
Aug. 1_ 785 Lehigh Valley
Aug. I__ 777 Pacific Greyhound Corp
Aug. 8__ 971
First National Corp. of Portland__ _Aug. L. 805 Lehn & Fink Products Co
July 25_ 632 Pacific Public Service Co
Aug. 8_- 947
Florida East Coast
Aug. 1-- 776 1 exington Water Cu
480 Pacific Western Oil Corp
July 18
Aug. 8.. 971
Florida Power & Light Co
Aug. 1._ 785 Lerner Stores Corp
Aug. I__ 787 Packard Motor Car Co
Aug. 8.. 947
Florida Public Service Co
Aug. 8__ 944 !Abbey-Owens
-Ford Glass Co
Aug. 1_ 787 Pacific Lighting Corp
Aug. L._ 788
Flour Mills of America, Inc
Aug. 8._ 963 Lily Tulip Cup Corp
Aug. 8__ 946 Pacific Mills.
Aug. 1_ 788
Fonda Johnstown & Glos. RR. Co July 25__ 626 Link Belt Co
Aug. I__ 787 Panhandle Producing & Refining CoAug. 8__ 948
Foote-Burt Co
Aug. I__ 788 Lindsay Nunn Publishing Co
July 25_ 653 Panhandle & Santa Fe
Aug. L.. 775
Formica Insulation Co
Aug. 8__ 944 Loblaw Grocerterlas Co.. Ltd
Aug. I-- 812 Park Utah Consolidated Mines Co_ _Aug. 8.. 948
Fort Smith & Western
Aug. I__ 776 Loft Incorporated
July 25_ 632 Parker Rust-Proof Co
July 25_ 634
Ft. Worth & Denver City
Aug. 8_ 940 Long Island
Aug. 1_ 778 Pathe Exchange, Inc
Aug. 8.- 948
Fort Worth & Rio Grande
Aug. 1.... 77S Loose-Wiles Biscuit Co
July 25_ 632 Patino Mines & Enterprises ConsoliFoster Wheeler Corp
Aug. 1.- 785 Los Angeles & Salt Lake
Aug. 1_ 777
dation, Inc
Aug. 8_ 948
Fostoria Pressed Steel Corp
Aug. I__ 785 Los Angeles Steamship Co
July 18_ 492 (David) Fender Grocery Co .... Aug. 8_ 948
Francisco Sugar Co
Aug. 8_ 963 Louisiana Arkansas & Texas
Aug. I__ 777 Penick & Ford. Ltd
July 25._ 634
Freeport Texas Co
July 18._ 466 Louisville & Nashville
Aug. 1_ 777 Penn Central Light & Power Co
July IS.. 481
(Geo. A.) Fuller Co
July 25_ 630 Louisiana & Almansas
Aug. 8_ 940 Penn-Dixie Cement Corp
July 25__ 634
Galveston Wharf
July 25_ 62f, Louisiana 011 Refining Corp
Aug. 8_ 946 (J. C.) Penney Cu.. Ind
Aug. 1-_ 788
Gannett Co., Inc
Aug. 8__ 945 Louisiana Power & Light Corp
July 25__ 633 Pennsylvania Coal & Coke Corp__ Aug. 1_ 788
Gardner-Denver Co
July 25._ 630 McCall Corp
Aug. 8__ 946 Pennsylvania Gas 8t Electric Co
July 25_ 634
Garlock Packing Co
Aug. 8__ 945 McColl Prontenac Oil Co.. Ltd
July 18__ 492 Pennsylvania Power & Light Co_
Aug. 8__ 948
Gelsenkirchen Mining Corp
Aug. 1_. 808 McCord Radiator & Mfg. Co
Aug. 8-_ 946 Pennsylvania RR
Aug. 1__ 778
General American Tank Car Corp_ July 25_ 630 McGraw-Hill
Publishing Co., Inc
Aug. L.. 787 Pennsylvania RR. Regional System_Aug. 1._ 780
Gentral Asphalt Co
Aug. 8.. 944 McIntyre Porcupine Mines. Ltd
July 18_ 477 Peoples Drug Stores, Inc
Aug. I._ 789
General Baking Co
July 18_ 466 McKeesport Tin Plate Co
July 25_ 632 Peoples Gas Light & Power Co
July 25_ 634
General Cable Corp
Aug. 1_ 785 McQuay-Norris Mfg. Co
Aug. 8__ 946 Peoria & Pekin Union
Aug. I_ 777
General Cigar Co., Inc
Aug. 1_ 785 Mack Truclts, Inc
Aug. 8_ 946 Pere Marquette
Aug. I__ 778
General Electric Co
July 25_ 630 Madison Square Garden Corp
Aug. 1_ 812 Perfect Circle Co
July 25.._ 634
Georgia & Florida
Aug. 8__ 940 Magma Copper Co
July 18__ 477 (The) Philippine By. Co
July 25__ 634
General Foods Corp
July 25__ 630 Maine Central
Aug. 1_ 780 Phillips Petroleum Co
General Mills. Inc
Aug. 1- 789
Aug. L. 809 Mapes Consolidated Mfg Co
July 25._ 634
General Motors Acceptance Corp
Aug. 1_ 786 Merchant Calculating Machine Co Aug. 1- 787 Pierce Arrow Motor Car Co
Aug. 8__ 946 Pittsburgh Screw & Bolt Corp
General Motors Corp
Aug. I__ 789
July 25_ 630 Marion Steam Shovel Co
July 25_ 633 Pittsburgh & Lake Erie
General Outdoor Advertising Co_July 25_ 630 Market
Aug. 1_- 777
Street By
July 25_ 633 Pittsburgh & Shawmut
Aug. I__ 778
General Printing Ink Corp
July 25._ 630 Marlin Rockwell Corp
Aug. 8__ 946 Pittsburgh Shawmut & Northern Aug. 8__ 941
General Railway Signal Co
July 25_ 630 Mat hieson Alkali Works. Inc
July IS.. 477 Pittsburgh-Suburban Water Service
General Refractories Co
Aug. I__ 786 Maytag Co
July 25__ 633
Co
Aug. 8_ 948
Georgia Power Co
Aug. 1__ 786 Melville Shoe Corp
Aug. 8__ 946 Pittsburgh Terminal Coal Corp
Georgia RR
July 25._ 634
Aug. 1- 776 Memphis Power & Light Co
Aug. 8__ 946 Pittsburgh United Corp
Georgia Southern & Florida
Aug. 8.. 948
Aug. 1._ 778 Memphis Street Ry. Co
July 25_ 641 Pittsburgh & West Virginia
Gillette Safety Razor Co
Aug. 8__ 941
luly 18_ 466 Mengel Company
Aug. 8__ 946 Pittston Company
(Adolf) Gobel, Inc
Aug. I__ 789
Aug. L. 781 Meridionale Electric Corp
July 25__ 641 Pond Creek Pocahontas Co
Goldman Sarhs Trading Corp
Aug. I__ 789
July 25_ 630 Mesta Machine Co
July 18_ 492 Powdrell & Alexander, Inc
Goodyear Shares, Inc
Aug. I__ 789
Aug. I__ 786 Michigan Gas & Electric Co
Aug. 8.. 947 Prairie Pipe Line Co
Goodyear Tire & Rubber Co
Aug. 1._ 789
Aug. 8.. 945 MicPand Steel Products Co
July 25_ 633 Procter & Gamble Co
Gotham Silk Hosiery Co.. Inc
July 25_ 656
Aug. I._ 786 Midland Valley
Aug. 8._ 940 Prudential Investors. Inc
Gould Coupler Co_
luly 18_- 468
-Br 8' 18.- 466 Minneapolis Honeywell Reg. Co...
.July 25_ 633 Public Service Co. of Nor.III
Grand Union Co
Aug. I__ 789
Aug. 8_ 945 Minneapolis & St. Louis
Aug. 1._ 777 Public Service Corp of New Jersey_July 25__ 634
Graham Paige Motors Corp
Aug. 8__ 945 Minn. St. Paul & Sault Ste.
Marie _Aug. 1._ 777 Public Utility Holding Corp. of Am _July 18-- 473
Granite City Steel Co
Aug. 8- _ 945 Minnesota Power & Light Co
Granby Cons. M Sm. & Pr. Co.. Ltd _ J uly 25_
Aug. I-- 787 Puget Sound Power & Light Co
July 25_ 634
630 Mississippi Central
Aug. 8.. 948
Aug. 8.- 940 Pullman Co
Grand Trunk Western
Aug. L. 776 Mississippi Power C
Aug. 8.- 947 Pullman. Inc
Graymur Corp
Aug. 8__ 948
July 25_ 630 Mississippi Power & Light Co_ _ _
_July 25__ 633 Purity Bakeries Corp
July 25_ 634
Great Northern Ry
Aug. 1_ 776 Missouri Gas & Electric
Service Co Aug. I__ 787 Quincy Omaha & Kansas City
Aug. I__ 778
Green Bay & Western
Aug. 8.. 940 Missouri Illinois
Aug. 1_ 777 Radio Corp. of America
Aug. 8__ 948
Grigsby Grunow Co
Aug. 8__ 965 Missouri-Kansas-Texas
Aug. 8__ 948
Aug. 8__ 940 Radio-Keith-Orpheum Corp
Gulf Coast Lines
Aug. I.. 780 Missouri-Kansas-Texas
Lines
Aug. 8__ 941 Railway Express Agency. Inc
Aug. 1_ 789
Gulf Colorado & Santa Fe
Aug. 1_. 778 Missouri & North Arkansas
Aug. 1_ 777 Railway & Light Securities Co
Gulf Mobile & Northern
Aug. 8__ 948
Aug. I__ 776 Missouri Pacific
Aug. L. 777 Railway & Utilities Investing Corp_Aug. 8_ 974
Gulf Power Co
Aug. 8__ 945 Mobile & Ohio
Aug. I__ 777 Reliance Manufacturing co. (iit.)
Gulf & Ship Island
Aug. 8__ 948
Aug. 8.. 940 Mohawk Carpet Mills. Inc
Gulf States Steel Co
Aug. 8__ 947 Rainier Pulp & Paper Co
Aug. I_ 815
July 18_ 466 Mohawk Rubber Co
Aug. 1.. 787 Reading Co
Hancock 011 Co. of California
Aug. 1__ 778
Aug. 8__ 945 Monongahela
Aug. I__ 777 Remington Rand,Inc
(M. A.) Hanna Co
Aug. 8__ 948
July 25_ 631 Monongahela Connecting
July 25._ 625 Republic Steel Corp
Harbison Walker Refrectories Co _Aug. 8_
Aug. 1-- 789
945 Monsanto Chemical Works
Havana Electric Ry
July 25__ 633 Revere Copper & Brass.Inc
Aug. I__ 789
Aug. 1_ 786 Montgomery Ward & Co
Haverhill Gus Light Co
July 25_ 633 Reynolds Metals Co., Inc
Aug. 1_ 789
July 25_ 631 Moto Meter Gauge &
Equip. Corp..
.Aug. I__ 787 Richmond Fredericksburg & Pot_.Aug. 1_ 778
Hazel-Atlas Glass Co
Aug. 1. 786 Montour
Hercules Powder Co Inc
July 25_ 625 Rochester Gas & Electric Corp
Aug. 8-- 948
July 25_ 631 Mullins Mfg. Corp
Hershey Chocolate Corp
Aug. I__ 787 Rochester & Lake Ontario Water
July 25_ 631 Munsingwear, Inc
Heywood Wakefield Co
Aug. I__ 787
Service Corp
July 25_ 634
Aug. 8.. 945 Murray Corp. of America
Hillcrest Collieries. Ltd
Aug. 1_ 787 Rollins Hosiery Mills. Inc
Aug. 1._ 789
July 18.. 489 Nashville Chatt. & St.
Louis
Aug. I__ 777 Royal Baking Powder Co
(A.) Hollander & Sons. Inc
Aug. 1_ 789
July 25.. 631 (Conde) Nast
Publications. Inc
Hollinger Consol. Gold Mines, Ltd_July 25_
Aug. I__ 787 Rutland
Aug. I__ 778
631 National Acme Co
Holly Development Co
Aug. I__ 788 St. Joseph & Grand Island
Aug. 1_ 779
July 25.. 631 National Air Transport,
Inc
July 25_ 633 St. Joseph Lead Co
(R. 51.) Hollingshead Co., Camden_ _Aug. 1_ 810
Aug. 8__ 949
National Aviation Corp
Honolulu Rapid Transit Co., Ltd
Aug. 1.. 788 St. Louis Brownsville & Mexico
Aug. 8_ _ 941
July 25- 631 National Biscuit Co
Hoskins' Mfg. Co
July 35__ 633 St. Louis Rocky Mtn. & Pee. Co_ ..July 25_ 634
Aug. I__ 786 National Candy Co
Household Finance Co
Aug. 8_ 947 St. Louis-San Fran. of Texas
Aug. L. 778
July 25__ 631 National Cash Register
Co
July 25_ 633 St. Louis-San Francisco Ry. Co
Houston Lighting & Power Co
Aug. I_ 780
Aug. 8._ 945 National Dairy Products
Corp
Aug. 8_ 947 St. Louis Southwestern RP. Linea-Aug. 1.. 780
Houston 011 Co. of Texas
Aug. 8_- 945 National Distillers Products
Corp_Aug. I__ 788 San Antonio Uvalde & Gulf
Howe Sound Co
Aug. 8__ 941
July 25_ 631 National Electric Power
Co
Hudson & Manhattan RR. Co
Aug. 8__ 947 San Diego & Arizona
Aug. I__ 778
July 25_ 631 National Enameling
& Stamping Co..
Hudson Motor Car Co
Savage Arms Corp
Aug. 1._ 789
July 25__ 631
Inc
Hunt's Limited
Aug. 8-- 947 Scranton Spring Brook Water Service
Aug. 1_ 786 National Public Service
Corp
Aug. 8__ 947
Hupp Motor Car Corp
July 25_ 635
Co
Aug. 1_ 786 National Radiator Corp
Illinois Bell Telephone Co
Aug. 8_- 947 Schiff Co
July 25_ 635
Aug. 8_ 945 National Rys. of Mexico
Aug. I_ 780 Schumacher Wall Board Corp
Illinois Central RR
Aug. I__ 815
Aug. 1_ 776 National Securities Invest.
Co
July 25_ 633 Scioto Valley Ry.& Power Co
Illinois Central System
Aug. I__ 789
Aug. 1_ 776 National Steel Car Corp.,
Ltd
Illinois Northern Utilities Co
Aug. 1_ 813 Seaboard Air Line
Aug. I._ 778
Aug. 1_ 786 National Steel Corp
Illinois Pacific Coast Co
Aug. I_ 787 Seaboard Public Service Co
Aug. 8.. 94
July 25_ 631 National Supply Co. of
Del
Aug. 8__ 947 Seagrove Corp
Illinois Power Co
July 25- 635
Aug. 8_ 945 National Tea Co
Illinois Power & Light Corp
Aug. I__ 788 Second International Secur. Corp_July 25_ 635
Aug. 8_ 945 National Tile Co
Illinois Terminal Co
Aug. I__ 788 Sharon Steel Hoop Co
July 25_ 635
Aug. 8_ 940 (The) Nevada-California El.
Corp
July 25__ 633 Sharp & Dohme Inc
Illinois Water Service Co
Aug. 1-- 789
Aug. 8.. 946 Nevada Northern
Indiana harbor Belt
Aug. I__ 777 (Frank G.) Shattuck Co
Aug. I__ 789
Aug. L_ 777 Newburgh & South Shore
Indian Motocycle Co
July 25__ 625 Shell Union Oil Corp
Aug. 8__ 949
Aug. 1_ 786 New England Gas &
Electric Assn Aug. 8_ 947 Shenandoah Corp
Industrial & Power Securities Co_ Aug. I__ 786
Aug. I__ 790
New England Powet
Inland Steel Co
_Aug. I__ 788 Sierra Pacific Electric Co
Aug. I__ 789
Aug. 1_ 786 New England Tel & Association
Tel
July 25_ 633 Sisto Financial Corp
Interborough Rapid Transit Co
July 25._ 657
Aug. 8_ 946 New Jersey & New York Co
RR
intercontinents Power Co
Aug. I__ 776 Skelly Oil Co
Aug. 8__ 949
Aug. 8_ 946 New Jersey Water Co
Interlake Iron Corp
Aug. I__ 788 Soo Line System
July 25_ 626
July 25_ 631
Internat. Business Mach. Corp._ _.luly 25_ 631 New Orleans Great Northern
Aug. 1._ 777 South Bay Consolidated Water Co..
New Orleans & Northeastern
Aug. I.. 778
International Carriers Ltd
July 25_ 633
Inc
July 25_ 631 New Orleans Terminal
Aug. 8._ 941 South Carolina Power Co
International Cement Corp
Aug. 8__ 949
July 25_ 632 New Orleans Texas &
Mexico
International Great Northern
Aug. 8_ 941 Southern Bell Telephone 8c TeleAug. 1_ 776 New Rochelle Water Co
International Printing Ink Corp -Y 18_ 490
July IS.. 481
Aug. 8._ 949
graph Co
.Jul
International Rys. of Central Amer_July 18_ 463 Newport Company
Aug. 8.. 947 Southern California Edison Co.,Ltd.July 25__ 635
Newton Steel Corp
International Salt Co
Aug. I__ 788 Southern Ice & Utilities Co
Aug. 8_ 949
July 25_ 632 New York Central
Internat. Secur Corp. of Amer
Aug. I__ 777 Southern Natural Gas Corr
Aug. 8__ 949
,
July 25_ 632 New York Chicago &
St. Louis
International Silver Co
Aug. L.. 777 Southern Pacific Co
Aug. 1_ 778
Aug. 1_ 787 New York Connecting
International Superpower Co
Aug. 1._ 777 Southern Pacific SS. Lines
Aug. L_ 778
Aug. I_ 786 New York Dock Co
intereceanic Ky. of Mexico
Aug. I__ 788 Southern Ky. Co
Aug. I__ 778
Aug. 1_ 780 New York New Haven
& Hartford _Aug. I__ 780 Southland Royalty Co
Interstate Rys. Co
July 18- 496
Aug. 8_ 946 New York Ontario &
Intertype Corp
July 25__ 625 Southwestern Bell Telephone Co
Aug. I__ 789
Aug. 1_ 786 New York Railways Western
Corp
Investment Co. of America
July 25._ 642 Southwest Gas Utilities Corp
Aug. 8_ 949
July 25
632 New York Susquehanna
& Western_Aug. 1__ 777 Spear & Co
Investment Corp. of Philadelphia_July 18_ 467
Aug. I__ 790
New York Telephone
Divestment Trust Associates
Aug. 8.. 947 Spiegel May Stern & Co
Aug. 8__ 949
July 25
632 New York Water
Service CIrp
Aug. 8__ 947 Spokane International
10.a Public Service Co
Aug. I__ 778
July 25. 632 N. Y. Westchester
& Boston Ry
Aug. 1._ 788 Spokane Portland & Seattle
Island Creek Coal Co
Aug. 8._ 941
Aug. I. 786 Niagara Hudson Power
Corp
July 25__ 634 Standard Brands, Inc
Jamaica Public Service, Ltd
Aug. I__ 790
Aug. I__ 787 Niagara Share Corp
Jersey Central Power & Light Co_
Aug. 8__ 947 Standard Cap & Seal Corp
July 25_ 635
Aug. 1_ 797 Niagara Wire
Weaving Co., Ltd
Aug. I__ 814 Standard Fruit & Steamship Co
Johns-Manville Corp
July 25_ 635
July 25_ 632 Nineteen Hundred
Aug. 1_ 788 Standard Investing Corp.
Jones & Laughlin Steel Corp
Aug. I__ 790
Aug. 1_ 787 Norfolk Southern Corp
Aug. 1_ 777 Standard Oil of California
Kansas City Southern
Aug. 8_ 949
Aug. I
776 Norfolk & Western
Aug. 8__ 941 Standard Oil Co. of Kansas
Kanzas Electric Power Co
Aug. 8__ 949
July 18_ 480 North American
Aviation
Aug. 8_ 947 Starrett Corp
Kansas Gas & Electric Co
Aug. 8_ 949
Aug. 1_ 787 North American Cement
Corp
Kansas Oklahoma & Gulf
July 18- 468 Staten Island Rapid Transit
Aug. 1.. 778
Aug. 1_ 777 North American Co
Aug. I__ 788 Stewart-Warner Corp
Kelvinator Corp
Aug. I__ 790
Aug. 1_ 786 North American
Investment Corp July 25_ 633 Studebaker Corp
Kendall Co
Aug. 1_ 790
Aug. 1_ 787 North American Oil
Consolidated_ Aug. 8.. 971 Sun Investing Co
Keystone Telephone Co
July 25_ 635
Aug. 8_ 946 Northern Alabama
Aug. I._ 778 Sun Oil Co
Kimberly Clark Corp
July 25__ 635
July IS.. 467 Northern Pacific
Aug. I_ 777 Superheater Co
Kingsport Press. Inc
Aug. L. 790
Aug. 1
787 Northwestern Pacific
Aug. I__ 777 Sutherland Paper Co
(G. It.) Kinney Co., Inc
July 18_ 469
July 18-- 467 Ohio Edison Co
Aug. 1_._ 788 Symington Co
(D. Emil) Klein Co
July 18._ 469
July 18.. 467 Ohio \Neter Service
Co
Aug. 8.. 947 Syracuse Washing Machine Corp
Kroger Grocery & Baking Co
July 25- 632 Oil Shares Inc
Aug. 8_ 949
July 18_ 468 Taccony-Paimyra Bridge Co
Lake Superior & Ishpeming
Aug. 1._ 790
Aug. 1
776 Oklahoma City-Ada-Atoka
Aug. 1__ 777 Tampa Electric Co
Lake Terminal
July 25._ 635
Aug. 8- 940 Orange & Rockland
.J uly 25._ 634 Taylor Milling Corp
Lane Bryant, Inc
July 25.. 632 Oregon Short Line Electric Co
July 25__ 635
Aug. 8__ 941 Telautograph Corp
Lambert Co
July 25_ 632 Oregon-Washington
July 25__ 635
Ry. & NavigaTennessee Central
Lamson & Sessions Co
Aug. 1_ 787
Aug. 1_ _ 778
tion Co
Aug. 8__ 941 The Tennessee Electric Power Co
Lehigh & Hudson River
Aug. I. 777 Oregon-Wash. Water
Aug. 1_ 790
Service Co__ -Aug. 8.. 947 Terminal Ry. Assn. of St. Louis
Lehigh & New England
Aug. I. 777 Osage Ry. Co
Aug. 1_ 778
Aug. I__ 795 Texarkana & Fort Smith
Aug. 8__ 940
[vol.. 133.
FINANCIAL CHRONICLE
940
Issue of Chronicle
When Published Page
Name of CompanyJuly 25 635
Texas Gulf Sulphur Co '
Aug. 8. 941
Texas & Mexican
Aug. 8- 941
Texas & New Orleans
Aug. 1 780
Texas & Pacific Ry
Aug. 8-- 949
Thatcher Mfg. Co
Aug. 1_- 791
Third Avenue Ry. System
Aug. 8_ 949
(John R.) Thompson Co
Aug. I 791
Thompson Products Inc
Aug. IL. 949
Timken Detroit Axle Co
Aug. IL.. 949
Timken Roller Bearing Co
Aug. 8- 941
Toledo Peoria & Western
Aug. 8- 941
Toledo Terminal
July 25 658
Traymore, Ltd
Aug. 8__ 949
Tile° Products Corp
July 25 635
Trung Pork Stores, Inc
Aug. 8_ 949
Truscon Steel Co
Aug. 1- 791
Twin City Rapid Transit Co
Aug. 1__ 791
& Co
Ulen
-Aug. 1._ 778
Ulster & Delaware
July 25- 635
Union Carbide & Carbon Corp
Aug. 8-- 941
Co
Union Pacific
Aug. I__ 778
Union RR. (Pennsylvania)
Union Water Service Co.(& Subs.) July 25__ 635
Aug. I__ 790
United American Bosch Corp
July 18__ 470
United Biscuit Co. of America
..Aug. 8__ 950
United Business Publishers, Inc.
July 25 636
United Carr Fastener Corp
United Cigar Stores Co. of America_Aug. 8- 950
Aug. 8._ 950
Improvement Co
United Gas
Aug. 8__ 950
United Light & Power Co
Issue of Chronicle
When Published Page
Name of CompanyAug. 8_ 950
United Piece Dye Works
United Printers & Publishers. Inc -Aug. I_ 817
United Rys. & Elec. Co.of Balto -Aug. 1- 791
United States & British InterJuly 25_ 636
national Co.. Ltd
July 25_ 636
U. S. Distributing Corp
Aug. 1_ 791
United States Envelope Co
United States & Foreign Secur.Corp.July 25_ 636
July 25_ 636
S. Hoffman Machinery Corp
U.
July 25_ 636
U. S. Industrial Alcohol Co
U. S. & Internat'l Securities Corp. July 18.- 470
July 25_ 636
Leather Co
U S
July 25._ 636
U. S.Pipe & Foundry Co
Aug. 8._ 950
U. S. Playing Cards Co
July 18 470
U. S.Realty & Improvement Co
Aug. 8. 950
United States Rubber Co
Aug. 1.. 791
United States Steel Corp
United Verde Extension Mining Co _Aug. 8_ 977
Aug. 1- 779
Utah
Aug. 1_ 791
Utility & Industrial Corp
July 25., 659
Vickers, Ltd
Aug. 1_ 791
Vick Financial Corp
Aug. L._ 818
Viking Pump Co
July 25_ 636
Virginia Iron. Coal & Coke Co
Aug. 8_ 941
Virginian Ry
Aug. I__ 779
Wabash
Aug. 1_ 791
Waco Aircraft Co
July 25__ 636
Waldorf System, Inc
Aug. 1- 792
Ward Baking Corp
Aug. I_ 792
Warner Company
Net Earnings Monthly to Latest Dates.
Belt Ry of Chicago1930.
1931.
June541,622
421,453
Grossfrom railway_ _ _
147,195
150.197
Netfrom railway
92,650
74,774
Netafter taxes
From Jan. 1
Grossfrom railway... 2,700,252 3,521,418
979,753
925,295
Netfrom railway
663,474
523,188
Netafter taxes
Burlington-Rock Island1930.
1931.
June142,424
81,213
Grossfrom railway....
-92,993
-11,139
Netfrom railway
-17,229 -100,810
Net after taxes
From Jan. 1
861,408
618,626
Grossfrom railway...
-55,103 -566.381
Netfrom railway
-100,983 -614.685
Net after taxes
Canadian Pacific Lines in Maine1930.
1931.
June$134,614
Grossfrom railway... $128.432
-80,379
-33.257
Netfrom railway
-94.879
-43,257
Netafter taxes
From Jan. 1
1,504,179
Grossfrom railway... 1,270,567
141,147
116.830
Netfrom railway
54,147
44,830
Net after taxes
Canadian Pacific Lines in Vermont1930.
1931.
June143,947
115,682
Grossfrom railway --4,765
-9,439
Netfrom railway
743
-13,459
Net after taxes
From Jan. 1
931,600
700,200
Grossfrom railway- --26,490
-85.836
Netfrom railway
-50,610
-109,956
Netafter taxes
Chicago & Illinois Midland1930.
1931.
June212,552
210,828
Grossfrom railway...
34,156
23,316
Netfrom railway
25,821
14,481
Net after taxes
From Jan. 1
Grossfrom railway- -- 1.354,670 1,484,943
262,994
195,995
Netfrom railway
212,982
152,965
Net after taxes
Chicago Rock Island & Pacific System
Chicago Rock Island & Gulf1930.
1931.
June585,038
441,604
Grossfrom railway...
216,284
113.870
railway
Netfrom
197,459
91,813
Net after taxes
From Jan. 1
2,694.931 3,278,975
Grossfrom railway_ _ 977,088
858,727
Netfrom railway
858,385
714,949
Net after taxes
Colorado & Southern System
Fort Worth & Denver City1930.
1931.
June837,009
630,562
Gross from railway_ _ 251,386
174,129
Netfrom railway
206,937
140,476
Netafter taxes
From Jan. 1
Gressfrom railway_ -- 3,350,454 4,684,149
1,097,312
841,915
Netfrom railway
860,070
632,393
Netafter taxes
Wichita Valley1930.
1931.
June62,884
55,374
Gross from railway...
-2,872
13,311
Netfrom railway
-9,944
6,623
Net after taxes
From Jan. 1
436,939
278,255
Gross from railway_ _ _
66,641
27,384
Netfrom railway
24,001
-14,265
after taxes
Net
Denver & Rio Grande1930.
1931.
June2,204,740
Gross from railway- -- 1,679,011
616,877
405.496
Netfrom railway
451,821
240,414
Netafter taxes
1
From Jan.
13,656,570
Grossfrom railway_ _ _ 11,068,897 3,552,947
2,694,165
Netfrom railway
1,702,868 2,506,824
Netafter taxes
& Salt LakeI enver
1930.
1931.
June183,316
133,603
Gross from railway_ _ 9,450
24,208
Netfrom railway
-7,550
8.208
Net after taxes
From Jan. 1
1,379.555
912,671
Grossfrom railway_369,646
254,357
Netfrom railway
279,554
158,345
Net after taxes
Detroit Terminal1930.
1931.
June110,786
68,738
Gross from railway_ _ _
7,840
6,653
railway
Netfrom
-5,761
-4,033
Net after taxes
From Jan. 1
806,777
544,836
Gross from railway- -191.829
122,381
Netfrom railway
96,982
44.561
after taxes
Net
Net after rents.
1929.
690,433
222,183
159,591
1928.
637,081
198,003
138,687
4,030,965
1,151.521
814,114
3,893,702
1,188,662
879,340
1929.
128,564
-52,286
-60,100
1928.
122,934
-24.738
-32,403
-
936,267
--70,562
--126,430
1,045,835
46,367
729
1929.
$151,411
-35.527
-50,027
1928.
$128,194
--31,551
--45.557
1,750,128
203.937
116,937
1,451,521
184,345
100,345
1929.
200.257
31,202
27,182
1928.
164,405
52,777
57,627
1,046,558
23,647
-473
•
1929.
214,988
22,135
14,200
92,923
-276,701
-305,801
-
1,441,204
283.638
236,028
1,252,665
254,281
212,671
1929.
634,860
246,995
220,132
1928.
470.988
79,220
54,689
3,620,395
1.415,283
1,262,204
3,072,593
920.647
760.176
1929.
849,832
148,501
107,087
1928.
767,942
150,090
122,917
5,347,810
1,485,959
1,194,149
5.117,065
1.471.891
1,234.763
1929.
87,604
19,837
12,993
1928.
100,954
6,385
-547
• 669,881
250,597
205,962
848,803
368,754
315,467
1929.
2,743.452
650,156
485,125
1928.
2,416,380
462.456
277,325
1928.
205,049
22,251
15,816
15,474,064 14,601.189
3,067.714
4,046,031
1,956,989
3.013.508
1929.
212,134
-17,353
-27,353
1,677,560
529.728
469.709
,
1928.
241,173
38,833
28,833
1,815,129
566,791
518,761
1929.
212034
74.970
53,621
1928.
200.4915
74,118
54,748
1,459,866
546,356
417,519
1,078,243
394,653
285,782
Issue of Chronicle
When Published Page
Name of CompanoAug. I__ 792
Warner-Quinlan Co
Aug. I__ 792
Warren Foundry & Pipe Corp
Aug. I-- 800
Washington Suburban Gas Co
Aug. 8-- 950
Webster Eisenlohr, Inc
Wentworth Radio & Auto Supply-Aug. I-- 810
Aug. 8-_ 950
Western Dairy Products Co
Aug. 1.... 779
Western Maryland
Aug. 1._ 792
Co
Western New York Water
Aug. EL. 941
Western Pacific
Aug. I__ 779
Western Ry. of Alabama
Western Reserve Investing Corp Aug. 8._ 950
Aug. I__ 792
Westinghouse Air Brake Co
636
Westinghouse Electric & Mfg. Co...July 25_ 470
July 18Westvaco Chlorine Products Co
Aug. I-- 77
Wheeling & Lake Erie
Aug. 8__ 950
Wheeling Steel Corp
Aug. 5- 950
White Sewing Machine Co
Aug. I__ 779
Wichita Falls & Southern
Aug. 8__ 940
Wichita Valley
July 25._ 636
Wilcox Rich Corp
July 18__ 497
Willard's Chocolates, Ltd
Aug. I__ 792
Willys-Overiand Co
792
Worthington Pump & Mach. Corp Aug. I__ 636
July 25._
(Wm.) Wrigley Jr.. Co
Aug. 8-- 950
Yale & Towne Mfg. Co
Aug. 8__ 940
Yazoo & Mississippi Valley
July 25__ 636
Yellow Truck & Coach Mfg Co
(1.. A.) Young Spring & Wire Corp. July 18.- 470
Aug. 1-- 792
Youngstown Sheet & Tube Co
July 18-_ 470
7onite Products Corp
Detroit & Toledo Shore LineJune1931.
Gross from railway-- $220,405
Net from railway__
78,347
Net after taxes
58,459
From Jan 1Gross from railway
1,633,665
Not from railway....
741,524
Net after taxes
597,296
Georgia & Florida1931.
JuneGross from railway
$111,565
228
Net from railway
Net after taxes
-7,272
From Jan 1728,004
Gross from railway
10,659
Net from railway_ _ _ _
-34,343
Net after taxes
Green Bay & WesternJune
1981514
Gross from railway... $113,.
18,119
Net from railway....
12,119
Net after taxes
From Jan 1714,900
Gross from railway
84,967
Net from railway_
38,967
Net after taxes
Gulf & Ship Island1931.
June$138,492
Gross from railway
-10,375
Net from railway
-40,520
Net after taxes
From Jan 1897,504
Gross from railway
Net from railway_ __ - -57,648
-237,863
Net after taxes
Illinois Central System
Yazoo & Mississippi Valley
June
-1931.
$1,445,348
Gross from railway
180,186
Net from railway
-8.661
Net after taxes
From Jan 1
8,526,474
Gross from railway
947,133
Net from railway....
60,254
Net after taxes
Illinois Terminal Co
June
193,093
Gross from railway... $5811.
214.613
Net from railway....
182,119
Net after taxes
From Jan 13,287.399
Gross from railway
Net from railway_ _ 1,105.525
920,603
Net after taxes
Kansas City Southern System
Texarkana & Fort Smith
June
46
1831 17
Gross from railway_ _ _ $19 ,.
85.597
Net from railway....
76,946
Net after taxes
From Jan 1
977,653
Gross from railway
410,984
Net from railway_ _ 359,096
Net after taxes
Lake Terminal1931.
June$56,868
Gross from railway
17.917
Net from railway_ _ _ _
16,413
Net after taxes
From Jan 1
323,923
Gross from railway...
16,467
Net from railway.._ _ _
-8,437
Net after taxes
Louisiana & Arkansas1931.
June$523,796
Gross from railway
215,448
Net from railway_ _
169,887
Net after taxes
From Jan 1
Gross from railway_ _ _ 2.747,577
898,155
Net from railway_ _ _ _
621.376
Net after taxes
Midland Valley
June
1651
Gross from railway- $193.624
68.357
Net from railway....
56,337
Net after taxes
From Jan 1
Gross from railway...
Net from railway..
Net after taxes
Mississippi Central1931.
June$82,561
Gross from railway
21,396
Net from railway....
15,885
Net after taxes
From Jan 1491,761
Gross from railway...
82,470
Net from railway
48,614
Net after taxes
Missouri-Kansas-Texas1931.
June$2,791,424
Gross from railway
514,100
Net from railway_ _ _
303,827
Net after taxes
From Jan 116,580,901
Gross from railway
Net from railway_ _ _ _ 3,514,458
2.289.328
Net after taxes
1930.
$208,966
89,041
73,039
1929.
$374.966
124,111
91,390
1928.
8360,067
154,870
123,192
2,164,697
1,068,596
899,148
2,752,609
1,380.894
1.158,409
2,446,212
1,284,197
1,099,601
1930.
$119,366
-5,006
-13.706
1929.
8144,288
10,136
432
1928.
8116,854
14,918
5.593
740,946
16,421
38,906
791,284
56,119
2,167
760,447
119,188
66,834
1930.
$147.668
36,291
26,291
1929.
$172,424
52.417
43,417
1928.
$136,521
29,882
21,882
898,139
240,041
185,981
957,060
213,647
164,599
843,570
228,332
180,168
1930.
$218,918
53,644
21,550
1929.
$241,546
3.793
-27,867
1928.
$215,587
-26,415
-62,716
-
1,487,118
279,500
86,638
1.631,609
243,796
52,825
1,729,190
308,976
148,828
1928.
1929.
1930.
$1.858,622 $1,880,960 $1,830.690
135,503
432,255
109.873
-31,048
264,136
-60,570
1
12,336,154 12,448,993 12,459,675
2,843.256 2,001,213
1,987,901
993,012
978,451
1,836,700
1930.
$587,307
151,990
117,760
1929.
$622,436
199,532
177,770
1928.
$498,472
92,351
76,815
3,761,652
1,120.234
955,008
3,913,248
1,225,848
1,095,113
3,296,703
831,300
664,660
1930.
$238,159
110,429
94,699
1929.
$254,289
100,228
83,390
1,275,460
493.941
399,771
1,557.407
768,187
658,588
1.321,134
572.522
499,623
1930.
$107,349
33,910
28,536
1929.
8120368
36,108
27,854
1928.
$99,859
12,964
10,052
451,609
46,374
8,875
543,562
71,852
39,178
496,412
-32,841
-56,629
1930.
$554,488
151,086
104,985
1929.
8598,080
168.220
118,651
1928.
8535,968
106,503
55,649
3,648,336
1,081,095
802.433
3,719,102
1,110.627
808,508
3,524,991
942,642
618,033
1930.
8250.236
102,787
87.936
1929.
8264,893
93,202
78,699
1,676,588
662,203
567,344
1928.
$280,959
73,429
59.506
1,700,579
642,686
645,134
1930.
$87,779
3,031
-276
1929.
$111,198
21,045
13,888
1928.
8125.889
25.801
19,440
691,085
129,709
90,187
797,445
219,060
161.923
800.831
221,868
173.705
1928. .-$206,071
80,387
68,236
1928.
1929.
1930.
83,624 045 $4,725,977 $4,204,539
1,072,920
1,533,674
1.076,709
1,237,155
864.634
839.511
21,560.996 26.709.308 25.295.424
5,562,006 7.764.310 7.244.020
4.235.592 6.152.684 6.801.880
`MI
AUG. 8 1931.]
New Orleans Texas & Mexico1930.
1931.
June$256.620
Gross from railway__- $176,683
59340
32,705
Net from railway-38,358
11,887
Net after taxes
From Jan 1
1,195.655 1.694.476
Gross from railway
508.319
279.712
Net from railway....
382.516
154.786
Net after taxes
New Orleans Texas & Mexico System
Beaumont Sour Lake & Western1930.
1931.
June$242,302
$212,475
Gross from railway
34,840
42,748
Net from railway
30,604
38,855
Net after taxes
From Jan 1
Gross from railway... 1,529,848 1,764,121
462,951
478.528
Net from railway__437,252
454.541
Net after taxes
MexicoSt Louis Brownsville &
1931.
1930.
June$625,636
Gross from railway... $508,350
226.478
216,960
Net from railway
195,117
203,094
Net after taxes
From Jan 1
Gross from railway.-- 3,974,565 5,383.835
2,166,042
Net from railway.... 1,534.481
1,394.623 2,033,725
Net after taxes
Norfolk 8c Western1930.
1931.
JuneGross from railway.-- $7,026,458 $8.317,560
2,785,372 3,389,599
Net from railway
2,135,239 2,598,540
Net after taxes
From Jan 1
Gross from railway.-- 39,274,393 51,163,864
13,556,022 19.887,996
Net from railway__
9,379,380 14,685,665
Net after taxes
Pittsburgh Shawmut & Northern
-1930.
June
$112,872
Gross from railway--- 2110,482
14.121
-6,694
Net from railway__
11.117
-9,497
Net after taxes
From Jan 1
650,229
820,050
Gross from railway__ _
144,766
160,203
Net from railway_
127.768
143,012
Net after taxes
Pittsburgh & West Virginia1931.
1930.
June$163,426
$328,828
Gross from railway
140,666
-35,173
Net from railway__
-66,283
106,669
Net after taxes
From Jan 1
1,961,918
Gross from railway.-- 1,491.959
303,651
705.761
Net from railway.._._
529.197
151,520
Net after taxes
San Antonio Uvalde & Gulf
1931.
1930.
June$95,992
$156,491
Gross from railway
5,155
38,569
Net from railway__
34,039
536
Net after taxes
From Jan 1
808,020
969,078
Gross from railway...
215,708
295,851
Net from railway....
187,682
267.372
Net after taxes
Southern Pacific System
Texas & New Orleans1931.
1930.
June24,252,279 $4,899,640
Gross from railway
1,090,316
974,120
Net from railway....
684,208
817,657
Net after taxes
From Jan 1
23,727,629 30,734,531
Gross from railway5,686,076
Net from railway.- _ 3,779,281
2,245,672 3,869,042
Net after taxes
Southern Ry System
New Orleans Terminal1930.
1931.
June$170,126
$154,758
Gross from railway
97,975
69,097
Net from railway_ _ _ _
57,840
86,025
Net after taxes
From Jan 1
852,436
791,693
Gross from railway
327,069
306,241
Net from railway..
238,696
255.319
Net after taxes
Spokane Portland & Seattle1930.
1931.
June$687,273
Gross from railway__ - $599,314
209,944
274,957
Net from railway
123,330
186,684
Net after taxes
From Jan 1
Gross from railway.- 3,069,319 3,850,534
1.128,048
1,033,826
Net from railway-605,588
515,720
Net after taxes
Texas Mexican1930.
June
1931.
$91.802
$60,051
Gross from railway___
9,691
Net from railway__ -- -15,690
4,691
Net after taxes
-20.738
From Jan 1
573,317
508,366
Gross from railway_
69.647
15.894
Net from railway_ - _
39,609
Net after taxes
-14.211
Toledo Peoria & WesternJune1931.
1930.
$136,427
Gross from railway.... $139,151
18,830
26.565
Net from railway_ ___
22.364
13,130
Net after taxes
From Jan 1
963.596
791.388
Gross from railway.-149,066
148,377
Net from railway
120,612
118,589
Net after taxes
Toledo Terminal1931.
1930.
June
274,400
$85,968
Gross from railway
--1,481
674
Net from rallway
15,995
--14,215
Net after taxes
From Jan 1
550,352
614,297
Gross from railway
115,871
100,004
Net from railway
30,972
8,736
Net after taxes
Union Pacific System
Union Pacific Co1931.
1930.
JuneGross from rallway.. 27,225,417 $7.794,939
1,874,648
Net from railway.... 1,593,367
986,190
1,223,019
Net after taxes
From Jan 1
Gross from railway...... 43,158,589 45,943,656
Net from railway...-. 11,171,144 11,775,594
7,421,620 7.691,005
Net after taxes
Oregon Short Line1931.
1930.
JuneGross from railway.-- $2,122,040 $2,416,700
343.173
502,025
Net from railway
56,801
191,065
Net after taxes
From Jan 1
13,606,463 15.327.558
Gross from railway
3.326,113 3.881,741
Net from railway
1,594,500 2.052,592
Net after taxes
*Net after rents.
941
FINANCIAL CHRONICLE
1929.
$212,750
22.816
2,348
1928.
$238,335
50,709
30,690
1,374,251
227.629
103,465
1,491,935
354.039
225,017
1929.
$298,448
70.301
66348
1928.
$260,374
49,202
43,669
1.821,210
474,986
450.674
1,605,167
330,316
296,452
1929.
2549,212
164.578
143.141
1928.
2613.817
224,745
205,458
4.767,593
1,621,354
1,451,771
4,524.101
1,546,060
1,422,947
1929.
1928.
$9,495.976 $8,859,888
4,324,355 3,201,483
3.523,177 2.401.169
55,313,461 49.501,489
22,444,982 16,879,554
17,638,272 12,075,988
1929.
$135,877
20,653
17,672
1928.
$176,338
43,656
40,587
905,904
225,117
207,141
950,466
214,318
195,949
1929.
$422,467
172,562
,128,630
1928.
$365,050
161,969
111,506
2,581,059
1,192.941
883,386
2,064,842
880.374
595,321
1929.
$158,283
27,279
23.086
1928.
$193,721
55,299
51,408
1.095.891
325.271
299.938
1.174,496
398,742
375.740
1929.
1928.
15,943,954 25,443,691
1,262,435
1,042,662
953.305
730,686
36,237.246 32,749,349
8,440.594 5,409,886
6.401.364 3,547,172
Oregon-Washington Ry & Nav Co
1928.
1929.
1930.
1931.
June017
369,083 12,378,
Gross from railway--- 21.772,501 $2,000,616 12,
332
376.
431,507
316,061
284,682
Not from railway____
188,253
230,326
124,793
100.756
Net after taxes
From Jan 1
9,792,085 11,575.503 13,397,012 13,376.969
Gross from railway
919.548 1.569.962 1,870,270 1.648,218
Net from railway._
500,980
675,145
420,443
-181,363
Net after taxes
Western Pacific1928.
1929.
1930.
1931.
JuneGross from railway.-- 21,007,872 11,202.036 11,353,326 11,300,447
8,854
93,742
168,208
64,407
Net from railway
--82,513
-7,236
73.688
-26,746
Net after taxes
From Jan 1
Gross from railway.... 5,961,297 6,805,773 7,830,594 6,992.683
235.435
932,610
--81,169
Net from railway-. -89.793
322.177 -336,631
-646,777 --675,926
Net after taxes
*Net after rents.
-We give below the
Latest Gross Earnings by Weeks.
latest weekly returns of earnings for all roads making such
reports:
Name
Canadian National
Canadian Pacific
Georgia & Florida
Minneapolis at St Louis!
Mobile & Ohio
Southern
St Louis Southwestern
Western Maryland
1928.
$167,941
81,655
70,647
1,008,082
478,716
416,761
877,379
327,603
261.518
1929.
$863,646
321,239
235,903
1928.
$766,080
251,664
167,970
4,387,103
1,528,728
1,016,752
4,130,884
1,379.845
877,322
1929.
$105,474
18,750
13.735
1928.
$101,561
19,765
14,742
695,144
136,215
105,944
656,978
190.692
160,485
1929.
$191,613
65,983
57,987
1928.
$168,996
47,788
46,575
1,087.125
342,617
298,153
982,412
179.199
162,924
1929.
$130,532
44,163
27.233
1928.
$119,412
46.562
28.634
807.515
272,709
174,492
722.809
253,754
148,329
Inc.(+) or
Dec.
(-).
6,519,504 -1,581,222
4,820.000 -993,000
-2,375
29,450
-22,233
308.084
427.952 -173,293
4,225,332 -617.314
73.681
-59,570
335,010
4,938.282
3,827.000
27,075
285,851
254,659
3,608,018
509.600
275,439
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.
Length of Road,
Oroar Borsitsoo.
llonal.
1929.
s
1930.
January
February
March
April
May
Suns
July
Alums
September
October
November
December
January
February
March
April
May
$
Mc(+1 or
Del.
5
(-).
686.628.286
475.265,483
516.620.359
513,733,181
537,575.914
531.690,472
557,552.607
586,397,704
566,461,331
608.281.555
498,882,517
468.494,537
1930.
450,731,211
427,485.369
452,261,686
450,567,319
462.577.503
450.526.039
427.231.361
452.024,463
450.537,217
462,444.002
444.171.625
456,369.950
465.700,789
466.826.791
482,712.524
398.211.453
877.473,702
1931.
365,416,905
336,137.679
375,588,834
369,106,310
3684/15.371
-86,102,247
-8,034,122
-69,595,796
-63,195,964
-75,131.912
-87,518,847
-101,152,857
-120.690.915
-99,634,540
-125,569,031
-100.671.064
-91,229,835
--85.314,308
-91,327,690
-76,672,852
-81,461,009
-94.001.632
Net liersitios.
Mesh.
1930.
1929.
$196,172
112,751
101,744
Previous
Year
Current
Year
Period
Covered,
4th wk of July
4th wk of July
3d wk of July
4th wk of July
4th wk of July
4th wk of July
4th wk of July
3d wk of July
January
February
March
April
May
Juoe
July
•utust
September
October
November
December
January
February
March
April
May
1929.
94,759.394
97.448.899
101.494.027
107.123.770
111.387.758
110.244.607
125,495,422
139.134.203
147.231,000
157.115.953
99.528.934
80.619.419
1931.
71,952,904
64.618.641
84,648.242
79,144,653
81,038.584
117.764,570
125,577.866
139,756,091
141,939,648
147,099,034
160,199.509
169.249.159
191.197.599
183,486.079
204.416.346
127,125.694
105.987,847
1930.
94.836,075
97,522.762
101,541.509
103,030,623
111,359.322
1930.
1929.
Meter.
242.350
242.348
242,325
242,375
242,156
242.320
235.049
241.546
242,341
242,578
242.616
242,677
1931.
242,657
242.660
242,566
242,632
242.716
Arta.
242,175
242.113
241,964
242.181
241.758
241.349
243.979
242,444
242,322
241.655
242.625
242.494
1930.
242.332
242.726
242,421
242,574
242.542
(-).
Zoo.(+1 or Des.
Per Coil.
Amount.
-23,005.176
-28.128,967
-38,202,064
-34.815.878
-35.711.276
-39.954,902
-43.753.737
-52.063,396
-36.255.079
-47,300.393
-27,596,760
-25,567,928
-19.55
-32.40
-27.46
-24.54
-24.22
-28.58
-25.85
-27.21
-19.75
-23.13
-32.35
-24.08
-23.883.171
-32.904.121
-16.893.267
-23,885,970
-30.320.738
-24.13
-33.76
-16.66
-23.21
-27.23
-In the fol...Other Monthly Steam Railroad Reports.
lowing we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are reTared in the reports to the Inter-State Commerce Commission, such as fixed charges, &c., or where they differ.in
some other respect from the reports to the Commission. j
Lines.
ith of
...ral_
1928.
1931.1930.
June59
19 ,977 $4,204,530
$2,791,424 $3,624,045 $4,722 .
Operating revenues
2,547,335 3,192,302 3,131,609
2,277,324
Operating expenses
767,130
1,125,153
133,767
676,141
Available for interest_.
461.990
423,708
406,299
405,714
Int. chgs. incl. adj. bds_
3305.140
$701,444
$269,842
Net income
-$271,946
6 Mos, End. June 30
3.188
3,188
3.188
3,188
Mileage oper.(average)..
216,580,901 $21,560,996 226.709.307 225.295,423
Operating revenues
13,066,443 15,998,990 18.944,997 18,051.403
Operating expenses
Available for Interest....- 1,415,977 3.423,582 5,418,637 5,257.860
Int. chgs. incl. ads. bals- 2,434,494 2,454,853 2,572,074 2.890.548
.ak
1929.
1928.
$9,308,165 $8.757,393
2.671,370 2,234,070
1,925,589
1,525,464
53.673,703 51,587,012
16,014,299 15,360,484
11,643,995 11,250,527
1929.
1928.
$2,888,940 $2.792,600
684,307
617,820
386,949
342,353
17,895,344 17.176,391
5,265,638 ' 4,482,602
3,550.203X2,872,057
$968,728 $2,846,562 32367.311
31,018.517
Net income
farLast complete annual report in Financial Chronicle May 9 '31, P. 8562
Virginian Ry.
1929.
1930.
1931.
1928.
Month of June2404,282
$578.155
1503,321
Railway oper.income-- 2349,850
557,008
703.827
562,476
Gross income
696,862
275,489
377.096
216,427
Net income
424,657
6 Mos. End. June 30Railway oper.income... $2,387.951 $3,119,320 13.735.739 $3,068,161
3,359.721 4,019.019 4.334.350 4.539,419
Gross income
1,299.296 2,076,564 2,560,089 2,976.240
Net income
rarLast complete annual report in Financial Chronicle April 18'31, p.2954
[VOL. 133.
FINANCIAL CHRONICLE
942
Chicago
(Rock Island Lines)
1928.
1929.
1930.
1931.
$7,149,098 $8,189,923 $8,848.378 $8,587,981
1,630,508 1,729,499
957,753 1,362,330
216.077
265,008
243,233
229,072
269,674
284,445
242,183
187,028
528,302
632,230
502.716
431,374
Month of JuneFreight revenue
Passenger revenue
* Mail revenue
Express revenue
Other revenue
American Light & Traction Co.
Rock Island & Pacific Co.
Total railway oper. rev $8,954,325 $10,540,387 $11,645,798 $11,546,304
Railway oper. expenses.. 6.494.239 7,884,833 8,919,834 8,526,932
Net rev.from ry.opers. $2,460,086 $2,655,554 $2.725,964 $2,819.373
700,000
690.205
525,000
550,000
Railway tax accruals_
6,024
1,768
3.510
Uncoll, railway revenue..
1,738
Total ry. oper. income $1,908,348 $2,127,044 $2,024,196 $2,123,144
380,926
413,217
406.784
Equip, rents-debit bal.
360,783
113,549
66,452
100.833
Jt.facil.rents-debit bal.
97,529
Net railway oper. inc., $1,450,036 $1,653,808 $1,510.146 31,628,669
78,045
94,866
Non-operating income
114,027
126,854
Gross income
$1,564,063 $1,780,692 $1,605,012 $1,706,714
12,935
12,985
12,940
Rent for leased roads_....
18,191
969,534
975,585
1.175.594
1,168,117
Interest
6.362
5,632
5,071
6.477
Other deductions
$988,101
$994,932
Total deductions
$1,198,856 $1,187,534
711,782
616,911
Balance of income
593.158
365,207
1928.
1929.
1931.
1930.
6 Mos.End. June 30
Freight revenue
$40,122,493 $47,910,707 $53,230,159 $49.885,783
Passenger revenue
5.723,118„
9,732.122. .
1.318.238
1,576,101
1.563,887
*Mail revenue
1,455,588
1,593,769
1,608,410
Express revenue
1,137,996 1,482,472
2,995,143 3.379,310 2,962,444
Other revenue
1,732.711
Total ry. oper. rev__ 450,836,615 $62,124,287 $69,513,990 $66,771,272
Ry. operating expenses- 38,607.476 48,177,023 53,681,724 50,899,057
Net rev.from ry.opers.$12,229,139 $13,927,066 $15,832,267 $15,251,206
3.976,485
Railway tax accruals--- 3,380,000 3,378,000 4,291,631
35,702
25,404
17,365
Uncoil, railway revenue_
11,570
Total ry. oper. Income $8,837,569 $10,543,662 $11,523,270 $11,647,019
1,931,282
Equip, rents-debit bal- 1,980,971
2,414.129 2,235,226
651.072
Jt.facil. rents-debit bal
626,061
582,787
516,286
Net ry. oper. income- $6.273,611 87,614.247 $8,661,883 $9,077,665
499,212
522,624
532,213
Non-operating income__
671,255
Gross income
36,944.886 $8,145,490 $9,234,502 $9,576,776
78.616
77.617
77.691
Rent for leased roads.-82,897
6,316.523 5,832,680 5,896,414
Interest
6.961,971
98,146
100,316
74,497
Other deductions
74 709
Total deductions
$7.119,577 $6,468,711 $8,052,616 $6,069,161
Balance of income
1,676,780 3,221,894 3,507,616
751,444
a"Last complete annual report in Financial Chronicle May 2'31, p. 3368
INDUSTRIAL AND MISCELLANEOUS CO'S.
Operating profit_ -$2,956.890 $3,261,433 311.651.864 313,362,789
Int. & divs, on bonds,
pref. stock & notes
owned by public
980,329 3.955,108 3,999,718
997,833
Amort. of bond discount
& expense
153,950
153,706
38,428
38,426
Prof. applic. to min.int.
43.512
32,890
8,348
11,655
Bal. applic. to Amer.
Light & Traction Co_ $1,912,283 $2,231,021 $7,510,161 $9,165,608
Subsidiary Inv. Cos.:
Gross revenue
$342,075
3705.938 $1,936,721 $2,710,554
15,804
General expenses
5,270
368
1,790
84,963
Gen.& Fed.inc. taxes.. _
63,319
9,386
26,174
482,570
Interest
169.458
158,125
Bal. applic. to Amer.
Light & Traction Co. $332,321
$519,849 $1.698,673 $2,127,217
Total accruing to Amer.
Light & Trac. Co.
from subsidiaries
32,244,605 $2,750,870 $9,208,834 $11,292,825
American Light & Trac.
Company income:
Interest & dividends.. _ _ $286,444
$132.053 $1.193,042
$591.835
291,554
Miscellaneous income_ _
124.764
54.986
152,423
Total
3883.389
$341,430
5284,476 81,317.806
Total income accruing to
Amer. Light & Trac.
Co
52,586.035 33.035,346 310,526,640 $12,176,214
357,435
General expenses
338,285
81,148
85,826
180,000
Gen.& Fed.inc. taxes_ _
36,000
82,000
60,000
80,000
Res. for contingencies_ _
20,000
20,000
80.000
25,384
Interest
114,377
684,534
Net income
$2,334,510 52,869,520 39,341,821 $11,533,395
Pref. stock dividends_ _ _
804,486
201,121
201,121
804,486
Bal,avail.for com.stk. $2,133,388 $2,668,398 58,537,335 $10,728,909
"Last complete annual report in Financial Chronicle May 2 '31, p. 3333
American Solvents & Chemical Corp.
(And Subsidiaries)
Earnings for Six Months Ended June 30 1931.
Operating loss after depreciation
Income incl, premium on bonds purchased for sinking fund
5269.089
73,786
Loss
Interest,discounts Sc. other charges -
$195,303
302,650
$497,053
Netloss
"Last complete annual report in Financial Chronicle Mar. 14 '31, p. 1993
Adams
-Millis Corp.
6 Months Ended June 301929.
1931.
1930.
Net profit after depreciation, Federal
taxes, &c
$413,069
8442,060
x$451,620
Earns, per sb. on 156,000 shs. common stock (no par)
$2.32
$2.49
$2.15
x And also after reserve for contingencies of$59,000.
tarLast complete annual report in Financial Chronicle Mar. 14 '31, p. 1993
and Mar.7'31, p. 1801.
Aero Underwriters Corp.
Earnings for Six Months Ended June 30 1931.
Total income incl. $11,012 gain from apprec. in sec.Investment __ _$333.050
Profit after expenses, taxes, &c
x13,519
x Also after deducting net lossfrom sale ofsecurities amounting to $68.360.
Air Way Electric Appliance Corp.
Period End. June 30- 1931-3 Mos.-1930.
def$20,808
$264,221
Operating profit
39,392
10,904
Deprec'n & Federal tax_
And Subsidiaries
-with all Inter-Company Accounts Eliminated.)
Period End. June 30-- 1931-3 Mos.-1930.
1931-12 Mos.-1930.
Gross revenue
$10,450,799 311.381,519 $42,256,261 $46,832,292
General oper. expenses.. 4,811.287 5,347,153 19,730,835 22.223,821
ov. for retirement o
general plant
855,221 3,533,774 3,276,138
880,567
Maintenance
724,417 2,547,104 3,238,462
559,141
Gen.& Fed.inc. taxes
1.242,914 1,193,296 4.792.684 4,731,081
1931-6 Mos.-1930.
def$5,420
$597,915
86,742
23.820
def$31,712
$224,829 def$29,240
$511,173
Net profit
Earns. per sh.on 400,000
Nil
Nil
0.47
$1.10
shs.com.stk.(no par)_
larLast comptele annual report in Financial Chronicle Mar. 14 '31, p. 1993
and Mar. 7 '31, p. 1801.
Alaska Juneau Gold Mining Co.
1931-7 Mos.-1930.
Period End. July 31
1931-Month-1930.
$268,500 82,293.500 $1,868,000
Gross earnings
$304,000
Net prof. after int. &
develop. chgs., but
before deprec. & Fed.
516,350
x979,050
81,500
x131,600
taxes
x Before interest charges.
EirLast complete annual report in Financial Chronicle Mar. 21 '31, p. 2198
Amerada Corp.
1931-6 Mos.-1930.
Period End. June 30- 1931-3 Mos.-1930.
Gross operating income $744,052 $2,568,948 $2,023,123 $4,659,481
Oper. and admin. exps.,
1,673,912 2,758,937
1,372.181
878,634
taxes,leases aband.,&c
$349,211 $1,900,544
Operating income_ _ _loss$134.582 $1,196,767
565,581
279,346
366,179
112,212
Other income
$628,557 $2,466,125
Total income
loss$22,370 $1,562,946
1,106,782 2.065,065
1,085,301
Deprec.,depl.& drillexps
514,080
$401,060
$477,645 loss$478,225
Net income
loss$536,450
Number of shares outst'g
922,075
992,075
922,075
(no par)
992,075
Nil
$0.43
$0.52
Earns, per share
Nil
la'Last complete annual report in Financial Chronicle Mar. 28 '31, p.
2390 and Mar. 21 '31, p. 2198
American Brown Boveri Electric Corp.
American Steel Foundries Co.
6 Mos.End. June 30
x Net earnings
Depreciation
Balance
Other income
Total income
Other charges
Federal taxes
1930.
1931.
1929.
1928.
5507.609 $2,903,681 $3,608,852 $2,187,373
577,091
667,857
518,359
729,630
loss$10,750 32,235.824 52,879,222 $1,610,282
208,077
256,293
196,200
340,988
$185,450 52,443,901 33,220,210 $1,866,575
12,363
6,871
14.986
11,834
292,000
38,500
403,000
Balance, surplus
$140,079 32,139,538 32,802,224 $1,854,741
Shs. corn. stk. outstand.
993.02
0
993.020
993 020
902,745
(no par)
Nil
$1.93
$2.59
$1.71
Earns, per share
x After expenses and Federal taxes.
-Last complete annual report in Financial Chronicle Mar, 7 '31, p. 1803
10
and Feb. 7'31, p. 1034.
American Stores Co.
1931.
1930.
1929.
Six Months Ended June 30369,490,301 371.538,496 $70,726,749
Sales
Net inc.,after deprec., Fed.taxes,&c. 2.729,894 2,667.189 3,017,362
1,454,244
1,516,717 1.661,761
Shs,ofcorn.stock (no par) outstand
$1.87
51.75
Earnings per share
.
51.81
iGI
PLast complete annual report in Financial Chronicle Mar. 7 '31, p. 1804
American Utilities Co.
12 Months Ended June 30Revenue
Operating expenses
Maintenance
Provision for retirement of fixed capital
Taxes (excluding Federal income taxes)
Interest on funded debt
Interest on City of Rolla 6% bonds assumed
,
6
Interest on 15
-year 63 % debenture bonds
Interest on unfunded debt
1931.
1930,
$1,902,607 32.008,164
1,260,349
1,215,478
117,943
166.526
169,189
113,398
89,484
86,967
280,448
285,795
930
995
163.930
142,334
44,296
44,102
Total deficit
$223,964
$47,431
lerLast complete annual report in Financial Chronicle June 6 '31, p. 4234
American Water Works & Electric Co., Inc.
(And Subsidiary Companies.)
Month of June- 12 Mos. End. June 30
1931.
1930.
1931.
1930.
Gross earnings
$4,111,799 $4,427,529 $52,252,703 $55,060,661
Oper. asps., maint. &
2,132,996 2,238,689 27,051,871 27.668,675
taxes
(And Subsidiaries)
31.978,803 32,188,840 325,200,831 $27,391,986
Gross income
8,801,418 8,478,429
(Name changed subsequent to July 22 to New York Shipbuilding Corp.] Less-Int. and amort. of discount ofsubs
Preferred dividends of subsidiaries
5,633,282 5,529.714
Earnings for 6 Months Ended June 30 1931.
5818,245
Net profit from operations
30,058
Income from investments
$14,434,700 $14,008,144
37,781
Miscellaneous income
Balance
$10,766,130 $13,383,841
Gross income ____ _ ____________________________________ _ $886,084 Int. & amort. of disc. of Amer. Water Works &
226
& Electric Co., Inc
Cash discount on sales---------------------------------- _
1,302.662 1,379,804
Interest on bonds____________________________ _
113,415
Balance
Depreciation
221,346
$9,463,468 $12,004.037
Reserved for renewals, retirements and depletion 3,507,140 4,313,425
Net income _ _ _ _ _ _ _ _ __ _ __________________________ _ 3551.097 ;
Net income
139,509
Net loss for period of electrical Clivision
$5,956,327 $7,690,611
Preferred dividends
1,200,000
1,200.000
Net income ___________________________________________ $411,588
Balance for common stock
Earnings per share on 387,256 shs. particApating stock (no par)_
$0.51
$4,756,327 $6,490,611
Shares ofcommon stock outstanding
Earnings per sh. on 280.000 shs. founders stock (no par)
$0.38
1,750,888
1,698,511
FeLast complete annual report in Financial Chronicle Mar. 14 '31, p.1988
a'Last complete annual report in Financial Chronicle Mar. 21 '31, p. 2198
AUG. 8 1931.]
943
FINANCIAL CHRONICLE
Anaconda Wire 8c Cable Co.
Bon Ami Co.
(Ans Subsidiaries.)
1931-6 Mos.-1931.
Period End. June 30- 1931-3 Mos.-1930.
Net profit after depree..
$191,722
$118,228 $132,304
$279,693
taxes, &c
Earns, per sh.on 422.470
$0.31
$0.45
$0.28
$0.66
shs.cap.stk.(no par)_
rgLast complete annual report in Financial Chronicle May 2 '31, p. 3342
(And Subsidiaries.)
1930.
1929.
1931.
1928.
6 Mos. End. June 30Gross profit on sales ___ $1,389,793 51,417.687 $1,382,590 $1,304,071
.
Net profit before int.,
deprec. & Federal &
758.456
828,217
869.228
771.713
Canadian inc. taxes._
38,300
37.249
32,500
37.263
Depreciation
Res. for Fed. & Can97.482
84.727
88,200
90,433
adian income tax
Associates Investment Co.
1931.
1930.
$1,461,733 $1,444,532
957,846
955,037
66,871
60,796
6 Months Ended June 30
Earned interest & discount
Expenses
Federal income taxes
$437,016
45.o.)0
230,721
Net profit
Preferred stock dividends
Common stock dividends
$160.795
4.304,213
Cr.29,449
Balance
Previous surplus
Increased capital
Sundry surplus adjustments
Automatic Washer Co.
Earnings for 6 Months Ended June 30 1931.
Net loss after depreciation, taxes, &c
324.821
la'Last complete annual report in Financial Chronicle July 11 '31, p. 290
Autosales Corp.
Operating profit
Other income (net)
1931-6 Mos.-1930.
$484,921
$706,977
483,921
y745,637
$15,457 loss$18,758
284
1.544
$651.013
$700.520
$733,446
$636.480
69
53
56
as
Net profit for the 6
months ended June 30
$428,699
$636,391
$733,390
applic. to lion And Co. $650,944
$700.467
45,500
153,012 )(Earnings per share:
$6.36
$7.33
$7.00
$6.50
100.000 shs. class A.._
$2.18
$2.66
$2.50
200,000 shs. class B__
$2.25
$230,187
z Allowing for full dividends on class A but not for participation features.
3,712.081
i Last complete annual report in Financial Chronicle Feb. 28 '31, p. 1623
Dr.14,226
Total surplus
$4.494.457 $3.928,043
ligrLast complete annual report in Financial Chronicle Feb. 7 '81, p. 1085
Period End. June 30- 1931-3 Mos.-1930.
Gross collections
$246,540
$349,473
Costs and expenses
231.083
x368,231
Net profit
Proportion applicable to
minority interest
$1.000 loss$38,660
1,145
dr2,859
Net profit
$15,741 loss$17,214
loss$145 loss$41,519
Includes 313.227 non-recurring charge. y Includes non-recurring
charge of $35,310.
tairLast complete annual report in Financial Chronine Mar. 28'31, p. 2392
Bucyrus-Erie Co.
6 Months Ended June 30-Gross income
Expenses
1930.
1931.
$1,901,044 $3,297,972
1.353.300
1,014,753
$886.291 $1.944,672
122,562
153.949
Operating profit
Other income
1929.
Not
Avail.
$1.040,240 $2,067,234
311,048
326,922
249.425
101,300
Totalincome
Depreciation
Federal taxes, &c
Net income
Preferred dividends
Convertible preferred dividends
Common dividends
$612,018 $1,506,761 $1,505,262
239.050
239,050
239,050
523.890
523.389
523,890
240.000
280,000
280,000
3502.322
Surplus
$463,822
def$430,922
Shares common stock outstanding
480,000
560,000
560,000
(par 810)
$1.55
Nil
31.33
Earnings per share
"Last complete annual report in Financial Chronicle Mar. 14 '31, p. 1996
Calumet & Arizona Mining Co.
Period End. June 30-- 1931-3 Mos.-1930. 1931-6 Mos.-1930.
3 Mos.Ended
6 Mos. End. Ni 3 rofit after decree. &
$153,675 $1,415,065
$78,042 x$844,781
June 30'31. Mar.31 '30. June 30'31.
Periodtaxes but before deple_
$4,199
Netloss after chrgs., deprec.,& amort
$15,422
$19,621 Earns. per sh.on 842,857
shs, capital stock (par
"Last complete annual report in Financial Chronicle Feb. 21 '31, p. 1419
$1.68
$0.18
x$0.91
80.09
$20)
x Before depreciation, depletion and Federal taxes.
Bell Telephone Co. of Pennsylvania.
127'Last complete annual report in Financial Chronicle Mar. 28 '31, p. 2398
, 6 Mos.End. June 30-1931.
1930.
1929.
1928.
Telep. oper.revenues_ --537.305,599 337,618,570 $35,290,327 $32,627,386
Carman & Co., Inc.
Toler.. ocer. expenses.... 25,722,023 26,601,122 24,369,964 21,763,886
(And Subsidiaries)
Period End. June 30-- 1931-3 Mos.-1930. 1931-6 Mos.-1930.
Net telep, oper. revs-$11,583,575 $11,017,457 $10.920,362 $10,863,499
oper. revenues-290,329
376,373
252,498
188,380 Consolidated net profit
$108,480
3141.766
Taxes assign, to oper.
$73,201
$62,337
after charges & taxes(incl. Federal taxes)__ 1,576,000
1.457,000
1,438,000
1,528,000 Shares class B. stock out74,182
76.814
74,182
76,814
standing (no par)___.Operating income---- $9,717,246 $9,184,084 $9,229,864 $9,147.119 Earnings per share after
$1.37
Non-oper. rev.
$0.92
-net--380.619
375.778
$0.71
80.57
512,947
class A dividends
479,534
tarLast complete annual report in Financial Chronicle May 30 '31, p. 4061
Total gross income_ - 410,097,865 59,559,862 $9,742,811 $9,626,654
Rents and miscell. deduc. 930,356
868,705
733,353
685,460
Interest
2,839,763 2,838.602 2.774.931
Central Illinois Light Co.
2,446,454
61,906
61.891
Debt discount and exp-61.852
61,959
(The Commonwealth & Southern Corp. System)
Month of June- 12 Mos.End.June30Balance net income $6,265,839 55.790,664 $6,172,673 $6,432,779
1930.
1931.
1931.
1930.
Preferred dividends_ _ _ 650,000
650,000
650,000
650,000
$387,130
5406,852 $5,136,408 $5,267,652
Common dividends
4,400,000 3,600.000 3,200,000 3,200,000 Gross earnings
Oper. exps., incl. taxes,
and maintenance_
238,713 2,782,652 3,007,475
214,768
Balance
$1,215,839 $1,540,664 $2,322,673 $2,582,779
arLast complete annual report in Financial Chronicle Feb. 14 1931, p.
Gross income
$172,361
$168,139 $2,353,755 52,260,177
1213 and 1219.
357.083
358.862
Fixed charges
Baltimore Tube Co.
Birmingham Electric Co.
(National Power & Light Co. Subsidiary)
-Month of May- 12 Mos. End. May 31
1931.
1930.
1931.
1930.
$691,138 $7,822,642 $8.656,658
Operating revenues
$626,900
Oper. exp., incl. taxes
423,823
478,337 5,423,880 5,798,073
Net rev, from oper- $203.077
$212,801 $2,398,762 $2,858,585
Other income
14,203
336,931
33,544
426.690
Gross corporate inc.__ $217,280
$246,345 $2,735,693 $3.285,275
Interest on bonds
58,256
76.643
856,357
922,592
Other int. & deductions_
134,927
13,355
4,866
58,211
Net divisible income
$145,669
$164,836 $1,744,409 32,304,472
Dividends on preferred stock
413,158
411,778
Balance
$1,331,251 $1,892,694
Blaw-Knox Co.
(And Subsidiaries)
6 Months Prided June 301931.
1930.
1929.
Net prof. after all charges and taxes.. 5632.761 $1,694,002 5$1,392,366
Earns, per share on 1,322,395 shs.
capital stock outstanding
$0.48
$1.28
$1.05
x Includes profits for the full period of companies subsequently acquired.
rrLast complete annual report in Financial Chronicle June 27'31, p. 4769
Borg-Warner Corp.
(And Constituent Companies)
1931.
6 Months Ended June 301930.
x1929.
Net oper. prof. after deduc. offactory,
admin. & selling exps., but before
depreciation charges__ $1,768.205 $3,444,678 $5,729,828
deduction of
Int., discounts and sundry receipts__ y422.226
345,944
365,487
$2,190,430 $3,790,622 $6,095.316
Total income
Depreciation of plant and equipment843,782
849,164
650.466
88,225
Interest and financing charges
202,792
74,497
Royalties on patents used, subsequently acquired
178.890
173,589
Federal income tax
363,295
637.035
Cr.12
Minority interest
45
Net income
Preferred dividends
$1,084,846 52,375,326 $4.554.427
138,178
135,800
Balance, surplus
$946,667 $2,239,526 $4.554,427
Shares com,stock outst. (par $10)...._ 1,216,784
1,230,753
744.257
$0.78
Earnings per share
$1.82
$5.95
x Morse Chain Co. and Rockford Drilling Machines Co. acquired during
May are included. y Excludes dividends received on company's preferred
stock, $2,538, and common, $7,013.
orLast complete annual report in Financial Chronicle Mar. 14 '81, p. 1996
$1,994,893 $1,903,093
331,200
339,600
404,907
412.417
Net income
Provision for retirement reserve
Dividends on preferred stock
$1.242,875 $1.166,986
Balance
la"Last complete annual report in Financial Chronicle Mar. 21 '31, p. 2190
Central Power & Light Co.
Period Ended June 30-- 1931-3 Mos.-1930. 1931-12 Mos.-1930.
Gross operating revs--- $2,527.132 $2,900,602 $10.208.046 310,360.939
1.180,394 4,559,362 4.190.997
Available for interest, &c 1,079,498
1,316,350
Int. on long-term debt..
338,514 1,634,866
423,351
297,087
318,482
34.171
117,234
Other deductions__ __
Net for retirement &
dividends
$621,976
$724,645 $2,606,014 82.577,560
Chain & General Equities, Inc.
Earningsfor Six Months Ended June 30 1931.
Interest earned
Cash dividends
Stock dividends (ex-dividend market values)
$787
73,309
2,538
376.636
7.370
4,200
639
843
• Total income
Advisory & operating expenses
Fiscal agency expense
Taxes
Legal fees
$63,584
Net income
Statement of Changes in Surplusfor the Six Months Ended June 30 1931.
31.928,063
Balance of special surplus at beginning of period
Special surplus created upon retirement of preferred stock:
517,962
Excess of par value over cost of 13,257 shares
831
Adjustment of accrued dividends
Total surplus
Net income for period (as above)
Net loss on securities sold (based on average cost)
32.446.856
63,584
Dr.327.533
Balance
Dividends on preferred stock:
Declared & paid
Accrued but not declared
$2.182,907
53.684
33,491
$2.095.732
Balance of special surplus, June 30 1931
Note.
-The excess of the cost of securities owned over the market value,
or estimated fair value in the absence thereof, amounted to $2,525,371 on
Dec. 311930, and to 52.235,487 on June 30 1931.
"Last complete annual report in Financial Chronicle Feb. 14 '31, p. 1229
•
Cincinnati Advertising Products Co.
6 Months Ended June 30Net profit after expenses but before Fed. taxes_ __ -
1931.
$71,066
1930.
$128,964
944
•
FINANCIAL CHRONICLE
Columbus Railway Power & Light Co.
[VOL. 133.
Eagle-Picher Lead Co.
12 Months Ended June 30Gross revenues
Operating expenses
Taxes-including Federal
Depreciation
Interest & other deductions
1931.
1930.
$9,401,438 $10,029,583
3.649,039 3,963,612
1,084,685 1,119,001
1,000,000 1,000,000
873.299
890,743
Net income
Dividends on preferred stocks
82.794.415 $3,056,227
817,164
816,409
Surplus available for cora, stock divs. & other
requirements
81,977,251 82,239,818
Commercial Investment Trust Corp.
6 Mos.End. June 30-1931.
1930.
1929.
1928.
Volume of bills and accounts purchased___$195.761,594 3207204,728 3265106,369 3129865,493
Net income after taxes &
after all deductions for
losses, credit reserve
and contingencies- -- - 3,863,814 4,467.797 4,064.729 2,262,758
Divs. received on stock
purchased for resale to
empl. and for redemp_
270,886
18,832
12,386
6 Months Ended June 301930.
1931.
Net loss after deprec., deplet., inven., adjus., &c_ $316,002
$836.412
lO'Last complete annual report in Financial Chronicle Mar. 7 '31, p. 1809
Eastern Steamship Lines, Inc.
-Month of June--6 Mos. End. June 301930.
1931.
1931.
1930.
$1,138.974 $1,307,114 $4,727.208 $5,481,154
4,986,513
867,476
1,003,188 4,423,433
494,641
271,498
303,775
303.926
51,533
5,522
7,463
33,788
351,581
340.311
56.659
58,782
Operating revenue
Operating expense
Operating income
Other income
Other expense
Net income
$194,593
$220,361
$252,607 def$2,748
ta"Last complete annual report in Financial Chronicle May 16'31, p. 3720
Electric Auto-Lite Co.
(And Subsidiaries)
Earnings for Six Months Ended June 30 1931.
Profit after depreciation
Expenses,charges and Federal taxes
$4,215,147
1,445,282
Net
$2,769,865
Total
43,863,814 $4.738,683 84,077,116 $2,281,591 Earns.profit
per share on 893,363 shares common stock (no par)
$2.94
Divs, on pref. stock of
r'Last complete annual report in Financial Chronicle Mar. 21 '31, p. 2205
Mere. Accept. Co_
35,000
35,000
and Mar. 14 '31, p. 1999.
Divs. paid on pf. stocks_ 1,261,961
391,224
1,534,741
407,118
Divs. paid on COM.stock 2,057.178 1.673,537
1,310,311
798,300
Stock divs. common stk..
510.961
261,824
Electric Controller & Mfg. Co.
Six Months Ended June 30-1929.
1930.
1931.
Balance
$544,675 $1,019,445 $2,078,756 $1,041,172
$357,222
$342.914
Earned surplus Jan. I
$46,317
12.761,049 11,366,494 6,998,158 4.289,383 Net profit after all chargesx
x Before taking loss due to depreciation of Federal land bank bonds of
Paid-in surplus
27,591,738 29,289,080 17,890,163
1,863,500
Surplus adjustments-- _
13,395 Dr514,713
613 $36,875.
a"Last complete annual report in Financial Chronicle Mar. 7 '31, p. 1810
Profit & loss surplus-440,910,858 $41,160,306 $26,967,077 $7.194.668
x Equivalent after allowances for preferred dividends to $1.25 a share
Eureka Vacuum Cleaner Co.
on the 2,079,528 shares of common stock outstanding, compared with
6 Mos.End. June 301928.
1931.
$1.49 per share on the 2,139,781'common shares outstanding June 30 1930.
1930.
1929.
Based on average common shares outstanding during first half of 1931, Net sales
$2.798.303 .83,958,938 $5,300,926 $5,301,217
earnings are equal to $1.26 a share, compared with $1.53 a share on average Costs & expenses
3,103,217 4,130,003 4,608,806 4,771,401
shares in first half of 1930.
$171.065prof$692,120prof$529,816
Operating loss
10
-Last complete annual report in Financial Chronicle Feb. 7 '31, p. 1039
$304,914
44,676
Dr.8,668 Dr.13,883
9,212
Other income (net)
Continental Oil Co. (Del.)
Loss
$313,582
$184,948prof$701.332prof$574,492
68,939
(And Subsidiaries.)
84,160
Federal tax
Months Ended June 306
1931.
1930.
1929.
$184,948prof$617,172prof$505,553
Net loss
$313,582
Gross earnings
$28,432,948 346.024,513 $53,985,679
Expenses
39,485.132
KR
-Last complete annual report in Financial Chronicle Feb. 21 '31, p. 1423
•
•
"
Operating profit
$796,933 $12,576,233 $14.500,547
Other income
Fairbanks, Morse & Co.
1.333,880 1,018,207 1.071.545
Total income
$2,130,813 $13,594,440 $15,572,092
(And Subsidiaries)
Interest and discount
591,988
1,038,997
1,149,624
1931.
1930.
Six Mos. Ended June 301929.
Franchise taxes
933,698
792,709
38,673,509 313,585.558 $14,899,937
Net shipments
Depreciation & depletion
5,938,380 8,522.620 6,153,964
Manufact., selling and adm. expenses 8,652,091 12,037.991 13,274,90V
Intang. drill cost reserve
1,203,434 2,576.902 4,317.603
Surrendered leases
1,422,874
$21,418 $1,547,587 $1,625,018
Operating profit
Provision for oper. losses foreign subs.
327,500
360.000
Other income
Applicable to minority interests
Cr 7 846
19.392
Profit before Federal taxes
los46,528,841 $2,643,820 $2,200,526
Total income
$21,418 $1.547.567 $1,985,018
Shares capital stock outstand.(no par) 4,743,107 4,703,103 4,741.553 Depreciation
404,952
439,254
372,790
Earnings per share
Nil
$0.56
$0.46 Pension fund
78,961
77.753
192,000
176,000
10
-Last complete annual report in Financial Chronicle Mar. 21 '31, p. 2185 Interest
184,000
152,976
Federal taxes
109.563
Cooper-Bessemer Corp.
Income Accountfor Six Months Ended June 30 1931.
Manufacturing prof. after deducting cost of goods sold but exclusive of depreciation
$175,764
Selling,administrative and general expenses
347,786
loss$559,534
238,110
295,097
Net profit
Preferred dividends
Common dividends
$803.461 $1,121,827
243,810
239,096
553,307
553,307
Operating loss before depreciation
Other income net
$171,822
7.851
3324.610
Surplus
loss$1,092,741
$11,058
Nil
Earn, per sh.on 368,977 abs. corn stk.
$1.52
$2.38
larLast complete annual report in Financial Chronicle Mar. 28 '31, p. 2399
and Mar. 21 31, p. 2206.
Loss before providing for depreciation
Provision for depreciation
$163,970
171,118
Federal Light & Traction Co.
Net loss
Surplus Dec.31 1930
$335,089
1,368.998
Net surplus
Dividends
$1.033.909
147,000
Surplus June 30 1931
$886,909
O"Last complete annual report in Financiat Chronicle July 18 '31, p. 486
Crucible Steel Co. of America.
(And Subsidiaries)
1928.
1929.
1930.
6 Mos.End. June 301931.
earnings
$482.830 $2,317,773 $2.428,231 $1,881,668
Net
Last complete annual report in Financial Chronicle Feb. 14 '31, p. 1215
(And Subsidiary Companies)
(Earnings of New Brunswick Power Co. not included)
Month of June- -12 Mos. End. June 301930.
1931.
1931.
1930.
Gross earnings
$659,067 $8,316,247 88,471,197
$637,168
Oper. exp. (not incl.
374.117 4,554,807 4,646,713
Federal inc. taxes)_ _ _
362.273
Total
Federal income & profits
tax (estimated)
3274,895
Net income from oper.
Interest and discount.- -
$262,895
111,802
12.000
3284,950 83,761.440 $3,824,484
17,000
174,000
204,000
$267,950 33.587,440 $3,620,484
112,443
1,306.799 1,312,828
Net income
3151,093
$155,507 $2,280,641 $2,307,656
Preferred stock dividends:
Central Arkansas Public Service Corp
104,863
104,853
Cushman's Sons, Inc.
Now Mexico Power Co
1,614
1,452
-12 Weeks End.- -28 Weeks End.Springfield Gas & Electric Co
70,816
69,939
July 11 '31. July 12'30. July 11 '31. July 12'30
PeriodBalance after charges
Net profit after int.,
$2,103,348 $2,131,412
deprec., Fed. taxes &
ti"Last complete annual report in Financial Chronicle Mar. 7 '31, p. 1796
$736,122
$723,852
$258,756
$212,249
other charges
larLast complete annual report in Financial Chronicle Jan. 31 '31, p. 857
Federated Metals Corp.
Davenport Hosiery Mills, Inc.
6 Mos. Ended May 311931.
1930.
Operating profit before interest, depreciation, &c. $195,43110833285,344
1931-6 Mos.-1930.
1931-3 Mos.-1930.
Period End. June 30
Net loss after all charges x
991.166
482,181
Net profit after charges
x Also after reserve for
$152,929 inventories of' $982,924 in market fluctuations in connection with metal
$206,704
$77,038
$108,687
and taxes
1931.
Earns, per sh. on 75,000
a"Last complete annual report in Financial Chronicle Feb. 7 '31, p. 1041
$1.58
$2.30
$0.80
$1.22
shs.com stock (no par)
Chronicle Feb. 28 '31, p. 1625
10 Last complete annual report in Financial
-
Florida Public Service Co.
Detroit Steel Products Co.
1930.
1931.
6 Months Ended June 30$145.828
$192,923
Net loss after all charges
"Last complete annual report in Financial Chronicle July 11 '31, p. 294
Dominion Stores, Ltd.
1930.
1929.
1931.
Six Months Ended June 30$12,798,455 $12,296,797 $12,145,146
Sales
268.724
244,456
269.710
Net prof. after deprec.. Fed.taxes,&c.
272,250
277,715
277,715
Shs, of corn, stock outstand.(no par)
$0.88
$0.98
$0.97
Earnings per share
ta Last complete annual report in Financial Chronicle Mar. 28 '31, p.2398
-
Durham Hosiery Mills.
Earningsfor Six Months Ended June 30 1931.
Operating profit
Other income
$79.637
5,349
Total profit
Financial & other charges against income
$84,986
64.281
$20,705
• Net profit-after all deductions
ai'Last complete annual report in Financial Chronicle Mar. 7 '31, p. 1809
12 Months Ended June 30Total revenue
Operating expenses
Maintenance
Provision for retirement of fixed capital
Taxes
1931.
1930.
$2,307,933 $2,240,767
1,036,116
980,031
74,447
71,986
170,254
203,829
112,780
116.963
Net earnings
Deficit after interest
$880,760
125,807
$901,532
Formica Insulation Co.
Six Months Ended June 301929.
1931.
1930.
Net profit after taxes, &c
$495,379
$185,454
$135,960
Earnings per share on 180,000 shares
$2.75
capital stock (no par)
$1.03
$0.75
ra"Last complete annual report in Financial Chronicle July 11 '31, p. 295
General Asphalt Co.
(And Subsidiaries)
1930.
Six Mos. Ended June 301931.
$170.660prof$206.680
Net loss after depreciation, taxes,&c
$0.50
Nil
Earnings per share on 413,333 no par shares
tarLast complete annual report in Financial Chronicle April 4 '31, p. 2594
AUG. 8 1931.]
FINANCIAL CHRONICLE
Gannett Co., Inc.
(And Wholly Owned Subsidiaries)
Income Account for Six Months Ended June 30 1931.
Gross revenue
$3,375,590
Commissions, rebates, allow. & discounts
138,771
Net revenue
$3.236,818
Operating expense
2,719,664
Depreciation
87.761
Net operating revenue
$429,393
Dividends from controlled companies
192,664
Other income
165,241
Net income before interest, amortiz., &c
$787,298
Interest
275.775
Amortization of bond discount & expense
13.826
Provision for N. Y. State franchise tax
18,560
Provision for Federal income tax
49,494
Net profit
$429,642
Equity of Gannett Co
68,813
Total net profit
$498,455
paMast complete annual report in Financial Chronicle July 4 '31, p. 130
Garlock Packing Co.
(And Subsidiaries)
6 Months Ended June 301931.
Net profit from operations
$238.667
Other income credits
13.143
Gross income
$271,810
Income charges
50,713
Interest on bonds
66.578
Amortization of debt discount & exp_
11,925
Provision for Federal income taxes_ _ _
17.256
Stamp taxes & expense in reorganiza'n
Net income
Dividends paid
$125,338
120,988
1930.
$459.336
43.758
1929.
$573,486
32.390
$503.095
57.322
88,590
15,899
40.954
1605.877
56,632
46,000
7.961
63,298
18.447
$3300,330
120,987
$414,538
74,325
Surplus
$4,350
$179.343
$340,213
Shs. corn.stk. outstanding(no Par)
201,645
201.645
200,000
Earnings per share
$0.62
$1.48
$2.07
erLast complete annual report in Financial Chronicle Apr. 11 '31, p. 2779
Goodyear Tire & Rubber Co.
(And Subsidiaries)
6 Mos.End. June 30-0
1931.
19 0.
1929.
1928.
Net sales (returns, disc.,
freights,allow.& Interco. sales deducted)-$83,228,662 $110804,582 8136747.841 8125777,548
Mfg. cost & chgs. (Incl.
•
deprec.),sell'g, admin.
& gen.exp.& prov.for
Federal taxes
77,332,265 103.466.594 122,507.263a120,172,628
Net profits
$5,896,397 $7.337,988 $14,240,578 $5.604,920
income
Other
697.534
845.304 1.214.445
577,176
Total profits
$6,593.931 $8.183,292
ior.on misc. & fund.deb. 1,624,563 1,722.210 815,455.023 $6,182,096
1,743,790 2,117,661
Proportion of discount on
funded debt and prem.
on bonds and debs_
54.133
58,107
97.658
171.071
Total profits for period $4,915,235 56.402,975 $13,613,576
$3,893,363
Deduct-Profits on sub.
cos. appl.to stocks not
held by co.: Current
dive, on pref. stock.._ _
693,465
632.606
672.963
679.518
Equity in undistributed
earnings
178.060
306.747
139.645
Bal. of profits carried
to surplus
$4,221.770 85,592.309 812,633.865 $3.074,199
Earn.surplus Dec.31-_- 23,795.957 26,638,615 19,344.736
25.589.105
Total earned surplus_ 428.017,728 $32,230,924
Preferred dividends_ --- 2,704,219 2,728,995 $31,978,601 828.663.305
2,820,899 2,796.668
Common dividends
2,154.791 3,509,031
1,747.636
Deprec'n adj. affecting
prior years
497,126
Earned sur.at June 30823.158,718 325.992,898 326.912,940 825.866.636
Shares corn, stock outstanding (no par)....1,435,137 1,417,360 1,398.126
829,611
Earns, per share on com.
$1.06
$2.02
$7.02
$0.33
a After charging $2,500,000 excess cost of rubber to reserves previously
created therefor.
Capital Surplus Account June 30 1931.
-Capital surplus Dec. 31 1930,
$26,289,226; amount paid in on common stock for period and other capital
adjustments, $229,619: total. $26,518,619. Less capital items written off
and reserve for loss on liquidation of subsidiary property and obsolete
equipment, $5,000,000. Capital surplus, June 30, $21,518,619.
• te"Last complete annual report in Financial Chronicle Feb.28,'31, p. 1627
Graham-Paige Motors Corp.
915
Grand Union Co.
6 Months Ended June 281931.
1930.
Retail sales
317,396.546 318.057.557
Net profit after allowing for taxes, deprec., &c--524.967
509,469
Shs. v.t.c. for corn. stk. outstanding
275,677
268,033
Earnings per share
$1.00
$0.97
raMast complete annual report in Financial Chronicle Mar. 7 '31, p. 1814
Hancock Oil Co. of California.
Period Ended June 30 1931Gross operating income
Operating charges
Operating income before reserves
Reserve for intangible development expense &
abandonments
Reserve for depreciation Sr depletion
3 Mos.
12 Mos.
$733.895 $5,738,782
648.777 5,233.850
885.118
$504.931
53.708
32,084
177,333
229,401
Net operating income
der$675
$98,197
r'
Last complete annual report in Financial Chronicle Nov. 22'30, p.3377
Harbison-Walker Refractories Co.
Period End. June 30- 1931-3 Mos.-1930.
1931-6 Mos.-1930.
Net profit after deprec.,
deplet. & Fed. taxes__ $330,000 $1,116,000
5875,000 32,552,000
Earns. per share on
1.440,000 shs. corn.
stock (no par)
$0.20
$0.74
$0.54
$1.71
ItarLast complete annual report in Financial Chronice Feb. 14 '31, p. 1233
Heywood-Wakefield Co.
6 Mos.End,June 30-1931.
1930.
1929.
1928.
Net loss after all charges $575,881
$311,860 prof$26.565
$247,952
10
-Last cornptete annual report in Financial Chronicle Feb. 14 '31, p. 1233
Houston Lighting & Power Co.
(National Power & Light Co. Subsidiary)
Month of May- -12 Mos. End. May 311931.
1930.
1931.
1930.
Operating revenues
$674.679
$712.596 $8,676,592 18.399,088
Oper. exp., incl. taxes
297,527
372.296 4,400,675 4,336.972
Net rev,from oper
$377,152
$340,300 54,275,917 34,062.116
Other income
3,158
6.257
43,772
44,432
Gross corporate Inc
5380.310
$346,557 34.319.689 $4.106,548
Interest on bonds
91,667
86,679 1.072.624
964,596
Other int. & deductions.
6.539
6.435
83,114
106,815
Net divisible income.... $282,104
$253,443 $3,163,951 $3,035,137
Dividends on preferred stock
330.000
298,833
Balance
$2,833,951 $2,736,304
lerLast complete annual report in Financial Chronicle June 13'31, p.4409
Houston Oil Co. of Texas.
(Including Houston Pipe Line Co.)
Period End. June 30-- 1931-3 Mos.-1931.
1931-6 Mos.-1930.
Gross earnings
52,583,777 53.363.879 $5,370,493 56,831.285
Operation and general
expenses and taxes_ _ _ 1,580,384 2.208,379 3,217.003 4,406.086
Income from opera.._$1,003.393 51.155.500 $2,153.490 $2,425.199
Other income credits....
24.169
26,858
42,596
115,603
Total income
$1,027,562 81.182,357 82.196,087 82,540.802
Aband.leases & retirem't
int.,amort.& Fed.taxes
238,060
204,817
629,365
436.959
Deprec. and depletion
555,993
486.372 1,104,510 1,089,426
Net income
$233,508
$491,168
8462.212 81,014,417
Shs. corn. stk. outstanding (par $25)
1,100,000
:249,686
1,100,000
x249.686
Earnings per share
$0.09
$1.43
$0.17
$2.98
x Par 5100.
larLast complete annual report in Financial Chronicle Feb.28'31, p. 1627
Illinois Bell Telephone Co.
Earnings for 6 Months Ended June 30 1931.
Total revenues
Total expenses.including taxes
Interest
Balance net income
Dividends
$46,024,648
37,729.287
1,686,521
$6.608,840
86.000.000
Balance
3608.840
1:20
-Last complete annual report in Financial Chronicle Feb.14'31, p. 1214,
and 1221.
Illinois Power Co.
(The Commonwealth & Southern Corp. System.)
Month of June- 12 Moo. End. June 30
Period End. June 30-- 1931-3 Mos.-1930. 1931-6 Mos.-1930.
Net loss after all charges $654,533
1931.
1930.
1931.
$391,480
$833,056
1930.
$880,960 Gross
$204,943
$206.198 32,887.268 32.936,760
tarLast complete annual report in Financial Chronicle Mar. 21 '31, p. 2207 Oper.earnings
exps., incl. taxes
and maintenance
115,544
127,711
1,688.540 1,873.974
Granite City Steel Co.
Gross income
589.398
6 Months Ended June 30078.487 81,198,728 81.062.786
1931.
1930.
1929.
Sales billed
359,391
$3,951.845 $5,950,770 $7.679,182 Fixed charges
382.408
Costs, expenses, depreciation, &c
3.679.997 5.377.687 6,705,904
Net income
3839.336
3680.377
Provision for
Balance
150.000
$271,848
150.000
$573.083
$973.278 Dividends onretirement reserve
preferred stock
Other income
254,240
22,027
233,663
68.558
47.442
Balance
Total income
$293,875
8435.095
$641,641 $1,020,720
0296.714
Special charges,incl. Federal taxes.
10PLast complete annual report in Financial Chronicle May 2'31, p. 3335
50,598
82.300
128.023
Netprofit
8243.277
5559,341
8892,697
Illinois Power & Light Corp.
Preferred dividends
23.400
Common dividends
584.694
(And Subsidiaries)
219,260
12 Mos. Ended June 301931.
1930.
Surplus
$243.277 def.$25.353
$650,037 Gross earnings from operations
536.111.076 537.553,774
Earns, per sh.on 292,347 shs.com.stk
$0.83
$1.19
$2.98 Operating expenses
13.605,057 14,349.264
For last complete annual report see Financial Chronicle Apr. 11 '31, p. 2781 Maintenance
3,380.572 3.761.757
Taxes (local & Federal)
2,274.759 2,217,523
Gulf Power Co.
Earnings from operations
516.850,688 $17,225,229
(The Commonwealth & Southern Corp. System.)
Other income
712.095
615,860
Month of June- 12 Mos. End, June 30
Rentals
Dr.1,058.179 Dr.880,904
1931.
1930.
1931.
1930.
389.842
Gross earnings
Total net earnings
386.965 51.025.803
$16,504.604 $16,960,185
$965,839
Oper.exps., incl. taxes &
Int. on bonds, &c., & amortiz. of debt discount
7,158,007 6.950,238
maintenance
53,323
46.860
672,309
623,662
Net Inc. avail, for diva. & deprec. reserves__ $9,346,597
$10,009.947
Gross income
$40,104
Dividends on preferred stocks of subsidiaries
$36,518
$353.494
$342.177
745,687
712,999
Fixed charges
151.857
167,747 Divs,on pref.stocks of Illinois Power & Light Corp 2.817.250 2.735.120
Income
Balance
Net
$201,636
$174,430
15.783,660 $6.561,828
Provision for retirement reserve
30.696
28,547 Appropriations for depreciation reserves
2,157,486 2,404.890
Dividends on 1st preferred stock
67,139
61,522
Balance available for cora, stock diva. & surplus 33.626.173
34,156.938
Balance
$103,800
arLast complete annual report in Financial Chronicle April 11 '31, p.
$84,359
2760
,
916
Lily-Tulip Cup Corp.
Illinois Water Service Co.
12 Mos. End. June 30Gross revenues
Oper. exp., maint. & taxes other than Federal
1931.
$674.007
339,218
1930.
$651.735
344,264
3307.472
3334.789
Gross income
irLast complete annual report in Financial Chronicle Apr. 11 '31, p. 2761
Interborough Rapid Transit Co.
-Month of June--12 Mos.End.June 3°1930.
1931.
1930.
1031.
Gr.rev.from all sources- 35.722,428 35,832.071 $70,852,320 372,747.907
Exp. for oper. & maint.
3.719,859 3,815.406 45.535,579 45.401.437
the property
Taxes pay. to City,State
and 'United States..-
('VOL. 138.
FINANCIAL CHRONICLE
32.002.569 $2,016,665 $25,316,740 327.346.469
212.325 2.892,228 2.522.435
206,209
Condensed Estimated Income Account for 12 Months June 30 1931.
Gross profit after deducting cost ofgoods sold-estimated- ------$1,704,753
General administrative, selling and other expenses of business,
824,302
but before depreciation and Federal income taxes
Operating income
Other income,interest earned,&c
$880,451
14,128
Total income
Other deductionsfrom income
Depreciation on machinery,equipment,&c
Reserve for Federal income taxes
$894,579
38.069
159,673
80,058
$616,777
1,216,591
25
Estimated net profit transferred to surplus account
Balance ofestimated earned surplus, July 1 1930
Treasury stock adjustment
$1,833,394
21,000
274.044
Total surplus
Dividends on preferred stock
Dividends on common stock
Available for charges- 31,796,359 $1,804,339 $22.424,512 $24,824,034
$1,538,349
Rentals payable to City
Estimated surplus as at June 30 1931
2,654.714 Earnings per share on 189,500 common shares
221,492 2.657.564
221.492
$3.14
for original subways..Rentals pay. as int. on
'Last complete annual report in Financial Chronicle May 8 '31, p. 3539
N=
1,808,240
1,808.240
150,686
150,686
Manhattan Ry. bonds
Div. rental at 7% on
Manhattan Ry. stock
McCall Corp.
not assenting to "Plan
1931-6 Mos.-1930.
Period End. June 30- 1931-3 Mos.-1930.
304.570
25.380
304.570
25.380
of Readjustment"_
Net Inc. after charges &
237,830 3,827.8.38 5,477,626
188,797
Rental contract No. 3..Federal taxes
$503,680
3643.467 31,168.319 31,301,222
255.313
257,558
21.628
21,260
Miscellaneous rentals- Shares common stock
576 958
572.057
572,057
outstand. (no par)
576,958
$657.019 38.855.772 310.500.464 Earnings per share _$607,618
$2.26
$2.04
$1.12
$0.88
annual report in Financial Chronicle Feb. 7 '91, p. 1046
0171.ast compete
$1.188,741 $1,147,320 $13,568,739 $14,323,569
Interest on704.458 8.497.105 8.438,847
709.299
I.R.T.lst mtge.5% bda
McCord Radiator & Mfg. Co.
2,285,754
189,118 2,261.722
I.R.T.7% sec. notes__ 187.343
1930.
580.888
580,280
1931.
Six Months Ended June 3048,471
48.392
I.R.T.6% 10-yr. notes
$115,142
11.400 Net profit after interest, depreciation and reserves327,422
Equip. tr. ale
Sinking fund on I.R.T.
O"Last complete annuat report in Financial Chronicle Mar. 14 '31, p. 2005
174.623 2.494.917 2,169.885 and Mar. 7 '31, p. 1818.
206,262
1st mtge. bonds
209,621
268,198
17,505
21.977
Other items
Bal. before deduct.5%
Manhattan div. rent
Amt. req. for full div.
rental at 5% on Man.
Ry. Co. modified guar.
stock, pay. If earned
$1,173,276 $1,134,176 $14,102.224 313,696.197
627,372
13,143 --533,484
15,464
231.870
231.870
2,782,450
2,782,450
Amt. by which the full
5% Man.div. rental
was not earned_ - _ _ -$216,406 -$218,727-$3,315.934-$2,155.077
-1. The operating expenses include a reserve for depreciation
Notes.
at the rate of $50.000 per annum for the Manhattan Division and at the
rate of 31.000.000 per annum for the Subway Division for the previous
year and for the current year at the rate of $500,000 per annum.
2. The balances shown above are limited as to the Subway to the amounts
the company Is entitled to retain for the periods. On the basis of the
present accounting there are no past due Subway preferentials which
the company may collect from future Subway earnings.
virLast complete annual report in Financial Chronicle Oct. 11 '30, p. 2374
Intercontinents Power Co.
Years Ended April 30Subsidiary Companies
Gross revenues
Oper. exp., taxes, maintenance and depreciation
Net earnings
Misc. int. paid, minority interests & other deducExchange loss
Balance applicable to Intercontinents Pow. Co_
Intercontinents Power Co
Expenses parent company-net
1931.
1930.
$3,465,415 33.481,301
2,102,214
2,106,511
$1,358,904 $1,379.087
66.417
41,319
41.466
219,775
$1,097,810 $1.271,204
113.120
71.923
McQuay-Norris Mfg. Co.
1929.
1930.
1931.
6 Manths Ended June 303456,000
$300.040
Net profits after depr..Fed. taxes..9rg $284.548
100,000
114,227
116,615
Shs. corn, stock outstanding
34.56
$2.63
$2.44
Earnings per share
igrLast complete annual report in Financial Chronicle Mar. 14 '31, p. 2005
Mack Trucks, Inc.
1931-6 Mos.-1930.
Period End. June 30- 1931-3 Mos.-1930.
Net profit after taxes,
$127,411 $1,409,924 loss351,326 $1,900,633
deprec.. &c
Shs. common stock out763,320
763 320
779.362
779,362
standing (no par)---Nil
$1.85
$0.16
$ .49
Earnings per share
annual report in Financial Chronicle Mar. 14 '31, p. 2006
IZrEast complete
Marchant Calculating Machine Co.
1931.
1930.
1929.
Six Months Ended June 30-Net profit after all cgarges, but before
$285.590
x$25.479
$126,494
Federal taxes
x Before patent depreciation and excess overheard charges arising through
unusual operating conditions.
OrLast complete annua,report in Financial Chronicle Mar. 14 '31, p. 2006
Marlin-Rockwell CorPe
Period End. June 30-- 1931-3 Mos.-1930.
$549,320
$252,588
Gross earnings
181,210
139338
Expenses.&c
69,171
59.222
Depreciation
$298,939
$54.028
Balance
50.283
44,054
Other income
1931-6 Mos.-1930.
3512.883 $1,181,817
361,685
274,289
138,342
118.444
3120.150
116.658
$681,790
96,909
$984,690 $1,199,281
630.000
94,769
Total income
Federal taxes
398.082
13,930
$349,222
43,168
$236,808
32.737
$778,699
96,423
$724.769
Annual interest requirement 310,500.000 6% deb_
Miscellaneous interest paid
Net profit
Common dividends
$84,152
182.072
$306,054
364,145
$204,971
364,144
$682,276
728,290
Balance applicable to amortization, diva., &c.... $259,921
210,000
Annual div. requirements on $7 cum. pref. stock_
IZPLast complete annual report in Financial Chronicle June 27'91, p. 4780
Interstate Railways Co.
Profit & loss, before
dividends
Preferred dividends_ _ -Common dividends
Debit adjustments
$485.549
1930.
$162,042
5,506
82,107
2,688.
1929.
$117,646
984
94,322
2,854
1928.
$155,834
3,498
120.734
2.858
$71.741
562,626
$19,483
560,196
$28,743
557,804
$634,367
$579.679
18,200
6 Max. Ended July 31- 1931.
$89,865
Income from Int. & diva
5,341
Expenses
82,246
Interest on bonds
2,427
Taxes
1058$149
Net income
485.697
Profit & loss cr. Jan. 31..
$559,243
1929.
1930.
1928.
1931.
6 Mos. End. June 30
Net profit after charges
3727,069
3955,705
$593,562
$748,345
and taxes
Shares cora, stock out354.376
371,461
371,461
354.378*
standing (no par)
$1.80
$2.34
$1.85
$1.37
Earnings per share
Chronicle Mar. 7 '31, p. 182()
larLast complete annual report in Financial
Memphis Power & Light Co.
(National Power & Light Co. Subsidiary)
-Month of Mau- -12 Mos.End.may311931.
1930.
1930.
1931.
3527,741 36,980,064 $6,653,295
3559,723
315,946 4,114,024 3.988,583
321,901
71,875
3485,549
3562,492
Pr. & loss cr.. July 31
Earns, per sh. on 52,000
$0.55
$0.37
$1.38
Nil
com. abs. outstanding
p. 2581
IZPLast complete annual report in Financial Chronicle April 4 '31,
Keystone Telephone Co.
1931-12 Mos.-1930.
Period End. June 30- 1931-6 Mos.-1930.
$1.057,251 $1,096.245 $2,145,018 $2,200,518
Gross earnings
1,104,598
1,068,842
559.043
537,448
Oper. exp.,maint.dt taxes
603,100
606.091
305,213
301,500
Int. on bonds
31,748
23,755
13,913
13,299
Other interest charges
Balance avail, forces.,
3461,072
$446,330
3218.076
Fed.tax.,divs.& surp $205,004
"'East complete annual report in Financial Chronicle May 16 '31, p. 3713
Ef
Louisiana Oil Refining Corp.
(And Subsidiaries)
1931.
Quarter Ended Mar. 31
Gross sales
and expenses
Costs
1930.
$2,762.086 36.542,353
2,703,846 6,264,406
Balance
Other income
$58,240
4,102
$277,947
3.104
Total income
Interest. &c
Depreciation, depletion, &c
362,342
50,686
456,027
$281.051
29,483
315,366
363,79$
3444,371
Net loss
O'Last complete annual report in Financial Chronicle June 13'31, p.4424
Melville Shoe Corp.
$586,547
5
27,299
$561,479
$58,091
$46,014
$160,073
397.920
Balance,deficit
364,145
364.145
364,145
364.145
She,coin. outst'g(no par)
$0.56
$0.84
$1.87
$0.23
Earns. per sh.on corn_ - _
report in Financial Chronicle Mar. 14 '31, p. 2006
larLasl complete annual
Operating revenues
Oper.exps.,incl. taxes. _
Net revs, from oper-Other income
3237.822
18,370
3211,795 $2,866,040 32.664.712
225,646
17,357
300,643
Gross corporate Inc__
Interest on bonds
Other int. & deductions.
3256.192
61,448
9,296
3229.152 33.091,686 32,965,355.
750.235
63.285
668,359
116.183
93,527
3,149
Net divisible income__ $185,448
Dividends on preferred stock
$162.718 32,247.924 $2,180,813
369,992
303,981
$1,877,932 $1,876,832
Balance
Mengel & CO.
(And Subsidiaries)
1931-6 Mos.-1930.
Period End. June 30- 1931-3 Mos.-1930.
31,716.183 32,460 245 33.566,537 35,526.534
Net sales
2,190.482 3.225,583 4,901.610
1,549.514
Cost of sales
3624,923
3340.954
$269,763
$166.669
Operating profit
322.952
243.243
156,184
98,395
Depreciation
114,135
61,583
55,500
122.968
Interest charges
Balance
Miscall. Items (net)---
812,775
7,048
351,995 loss$16.423
21.819
24,583
$179.002
59.987
Total profit
Federal taxes
$19,823
$76.578
9,190
$238.990
28.679
$5.397
$5,397
3210,311
367,388
$19,823
Net profit
OrLast complete annual report in Financial Chronicle May 2 '31, p. 3354
AUG. 8 1931.]
FINANCIAL CHRONICLE
Michigan Gas & Electric Co.
947
National Supply Co. of Delaware.
Period End. June 30- 1931-3 Mos.-1930. 1931-12 Mos.-1930.
(And Subsidiaries)
Gross oper. revenues__ $402,863
$343.861 $1,649,047 $1,413,163
-Quarter Ended- 6 Mos. End.
Available for int., &c__ _
140,022
117,395
616,069
498,839
PeriodJune 3031. Mar 31 '31. June 30'31.
.
Int. on long-term debt__
36,334
55.307
200,683
145,337 Gross income from operations
31,196,465
$664,271 31.860.736
Other deductions
7,835
10.684
73,856
23,304 Selling and general expenses
1,113,841
1.149.304 2,263.145
Net for retire. & divs
74.031
73.226
341,529
330,196
129
-Last complete annual report in Financial Chronicle May 9 1931, p.3525,
Operating profit
$82,624 los4485,033 loss$402.409
and May 23 1931, P. 3884.
Other income
467,003
257,441
209,562
Mississippi Power Co.
(The Commonwealth & Southern Corp. System.)
Month of June- 12 Mos. Ended June 30
1931.
1930.
1931.
1930.
Gross earnings
$266,791
$279,678 $3.470,396 $3.548,150
Oper. exps., incl. taxes
180,872
173,692 2,228,230 2,244,153
and maintenance
Gross income
Fixed charges
$85.918
$105,986 $1,242,165 $1,303.996
704,453
594,081
Net income
Provision for retirement reserve
Dividends on let preferred stock
$537,711
72,300
265.490
Balance
$709,914
72,540
255,171
$ 199.921
$382,203
Mohawk Carpet Mills, Inc.
Earnings for Six Months Ended June 30 1931.
Gross profit
Depreciation
Credits, allowances & discounts
Selling, general & administrative expenses
Interest & miscellaneous charges
$2.337,913
404,049
755,623
872,335
74,736
Net profit
$231.170
Earnings per share on 600,000 shares capital stock (no par)_ _ _
$0.38
O'Last complete annual report in Financial Chronicle Feb. 21 '31, p. 1433
National Candy Co.
(And Subsidiaries)
6 Months End. June 301931.
1930.
Net profit after charges, deprec. & Fed. taxes_ __ $120,522
$481,683
larLast complete annual report in Financial Chronicle July 18 '31, p. 493
National Dairy Products Corp.
(And Subsidiaries)
1931.
6 Months Ended June 301930.
1929.
Sales
$181,765,179 $120,992,212
$19,398,152 21,857,042
Profit after expenses
14,637,666
Depreciation
4,901,034
4,729,599
4,054,702
Balance
$14,497,118 $17,127,443 $10.582,964
Int., Fed. tax & N.D.P. pref. dive
3,944,292
4,180,232
2,944,021
Surplus for common
310.552.826 $12,947,211 $7,638,943
She. corn. stk. outstand. no par) 6,263.141
5,971,636
5,135.645
$1.68
Earns, per share
$2.16
$1.48
'Last complete annual report in Financial Chronicle Mar. 14 '31, p. 1979
National Electric Power Co.
Period End. June 30-- 1931-3 Mos.-1930,
1931-12 Mos.-1930.
Gross earns, of subs_ _416,605,999 $16,210,400 $66,748,836 $65,682,896
Net for retirement and
stk.owned by N.E.P._ 1,720,272 1.724,989 8,232,057 7,950,139
Int.and other deductions
139,334
of N. E. P. Co.
161,557
539,691
752,736
Net for retire. & stks.
of N.E. P. Co
$1,580,938 $1,563,432 $7,692,366 $7,197,403
laMast complete annual report in Financial Chronicle April 18'31, p.2966
National Enameling & Stamping Co.
6 Mos. End. June 30- 1931.
1930.
1929.
Operating profit
Other income
loss$211,364
30.831
$73,802
47,342
Total income
loss$180,533
Depreciation
90,388
Interest
Premium on bonds,&c_
Federal taxes
$121,144
131,260
Net loss
Dividends
$270,921
$349,232
30,739
1928.
$171,912
332,541
Total income
Other deductions
$340,065 loss$275.471
840,540
703,671
Loss
Sup.Eng.Co. pref diva
Spang. Chalfant Co.pref. diva
Spang Chalfant & Co. common stock
not owned by N.S.Co
Transfer to reserve
3504,475
11,703
197,928
364,594
1.548,211
$979,142 31,483,617
23,406
11,703
395.856
197,928
Cr1.384
72,500
Cr3,946
72,500
Cr2,562
Consolidated netloss
$785.222 $1,186,211 $1,971,433
WLast complete annual report in Financial Chronicle Mar. 14'31, p. 2008
Newport Co.
Period End. June 30- 1931-3 Mos.-1930.
1931-6 Mos.-1930.
Net profit after deprec.,
Fed. taxes., &c
x$242,000
3264.819 4483,000
3690.836
Approximate figures.
ItarLast complete annual report in Financial Chronicle Mar. 7 '31, p. 1822
New York Telephone Co.
Month of June--6 Mos.End. June 301931.
1930.
1931.
1930.
Telephone oper. revs_ $17,824,658 $17,949,531$106,687.186$106,736,256
Telephone oper. exps_ _ _ 12,473,004 12,918,497 74.688.712 76,985,024
Net telep. oper. rev_ $5,351,654 $5,031,034 331,998,474 $29,751,232
Uncollectible oper. rev__
102.052
142,518
657,259
774,350
Taxes assign, to oper___ 1,208,335
1,122.000 7,486,338 7,063,332
Operating income_ _ _ - $4,041,267 $3,766.516 $23,854,877 $21,913,550
10 Last complete annual report in Financial Chronicle Mar. 7 '31, p. 1791
-
New York Water Service Corp.
12 M‘mth. Ended June 30-1931.
1930.
Gross revenue
52.897.115 $2,679.353
Oper. erns., maint. et taxes (other than Federal).... 1,158.294
1.126.290
Gross income
31.738.822 31.533.063
larLast complete annual report in Financial Chronicle Apr. 4 '31, p. 2583
Niagara Share Corp. of Maryland.
(And Subsidiary Companies)
Earnings for 6 Months Ended June 30 1931.
Dividends received
Interest earned
Profits and commissions of investment banking subsidiary
Syndicate profits
Rents received
Miscellaneous
$1,816,829
451.232
282.404
191,866
74.443
14.574
Total gross income
General expenses_
Interest on funded debt
Amortization of bond discount and expense
Income tax paid at source
Interest on unfunded debt
Provision for taxes
$2,831.347
422.317
418,250
19.167
3.655
221.844
9,194
Net income
Earned surplus Jan. 1 1931
$1.736,920
376.190
Gross earned surplus
Miscellaneous adjustments applicable to prior years, &c
Dividends on preferred stock
Dividends on common stock
$2,113,110
11.006
91.098
1,470,831
Earned surplus June 30 1931_a
$540.175
3504,453 Earnings per share on average shares corn, stock
outstanding
$0.22
233.303
a Unrealized depreciation in the market value of the corporation's in9,197
8.533 vestment in stocks and ,bonds, based on cost, decreased $10,710,945 durx3.426
7,000 ing the period Jan. 1 1931 to June 30 1931.
W'Last complete annual report in Financial Chronicle Feb. 7 '31, p. 1049
$13,542prof$164,686prof$246.420
77,959
231,224
North American Aviation, Inc.
$379,971
198,910
4.625
11,750-
Deficit
$270,921
$91,501 sur$164,686 sur$15.196
x Additional Wisconsin State income tax for year 1928.
rirLast complete annual report in Financial Chronicle May 2'31, p. 3365
National Public Service Corp.
Per'od End. June 30- 1931-3 Mos.-1930.
1931-12 Mos.-1930.
Gross earns, of subsid's- $8,662,287 $8,341,083 $34,471,339 $33,088,269
/Vet, for retirement and
stock owned by Nat'l
Public Service Corp.... 1,415,678
1,421,763 6,731,409 6,083,243
Int. & other deductions
of Nat.Pub,Ser. Corp. 202.407
1,059,985
213,255
989,147
Net for retirement and
stocks of Nat. Pub.
Service Corp
$1,213,272 31,208.508 35,671.424 $5,094,096
larLast complete annual report in Financial Chronicle Aug. 1 '31, p. 798
National Radiator Corp.
Earnings for 12 Months Ended June 30 1931.
Operating profit
Other income
$38.415
55,321
Total income
Depreciation
Reserve for doubtful accounts
Fixed charges on idle plants
Interest
Miscellaneous charges
$93,736
484,274
55.563
236,856
699,144
23,774
-I
Net loss
31,405.875
MrLast complete annual report in Financial Chronicle May 23 '31, p. 3899
New England Gas & Electric Association.
(And Wholly Owned Subsidiaries)
Earnings for 6 Months Ended June 30 1931)
Net earnings of wholly owned subs, after prov.for Fed. taxes
Interest and dividends received, &c.(parent company)
Net profit on sales of investments (parent company)
$456.945
86.944
83,882
Total income
Expenses (parent company)
Federal taxes (parent company)
$627.771
75.980
11,381
Net income (based on carrying investments at cost)
$540.410
Earnings per share on 2,118.959 shares stock
$0.25
"Last complete annual report in Financial Chronicle May 9'31, p. 3543
Ohio Water Service Co.
12 Months Ended June 30-Gross revenues
Oper. caps., maint & taxes (other than Federal)
1931.
5603,725
278.118
1030.
3653.508
257,572
Gross income
$325,607
$395.936
larLast complete annual report in Financial Chronicle Apr. 4 '31. p. 2584
Oregon-Washington Water Service Co.
12 Months Ended June 30-Gross revenue
Oper. exp., meant. & taxes tether than Federal)_ -
1931.
$514.858
252.496
1930.
$606,156
321.725
Gross income
$262.32
$284.431
MrLast complete annual report in Financial Chronicle Apr. 4 '31, p. 2584
Pacific Public Service Co.
Period End. June 30-- 1931-3 Mos.-1930.
1931-6 Mos.-1930.
$1,478,979 $1,330,313 $2,633.272 32,415.735
Consolidated Statement of Earnings and Expenses of Properties Since Dates of Gross income
Bal. after ordinary tax
583,293
484,821
952.832
Acquisition.
778.225
Total income
623,759
522,628 2,014,708
1931.
830.892
1930
12 Months Ended June 30-204,129
191,715
515.352.127 $12,4S6,768 xNet income
267.674
239.039
Total revenue
x After depreciation, interest, amortization, Federal taxes, subsidiary
11.031,507 9.163,410
Total operating expenses and taxes
preferred dividends, &c.
$4,320,620 3
.333.358
Net operatine revenue
114,149
Provision for minority Interests
83.180
Packard Motor Car CO.
(And Subsidiaries)
$4,206.471 33,250,178
Net for interest and dividends
221,401
Period End, June 30- 1931-3 Mos.-1930. 1931-6 Mos.-1930.
underlying companies
Interest
11$.011
Net loss after all charges
$3.985,069 33,132,166
incl. depreciation...- _
$203,125prof$2.874.590 $ 0.120prof$5,528,837
9
Balance applicable Assoen funded debt
2,131.898
1.234.579 Earns. per sh. on 15.000Interest funded debt of the Association
000 shs. corn. stk. (no
Nil .
$1,853,172 31,897 587
par)
$0.19
Nil
Balance
$0.38
IfZrLast complete annual report in Financial Chronicle April 18'31, p. 2980
gartept complete annual report in Financial Chronicle Tune 6 '31. p. 4241
L voL. 133.
FINANCIAL CHRONICLE
948
(The) Pullman Company.
Panhandle Producing & Refining Co.
(And Subsidiaries)
Six Months Ended June 30aGross operating income
bCosts,expenses and taxes
cDepreciation,depletion,&c
1930.
1931.
51,296.979 $2,320,098
1,995,219
1,286.014
377,840
c1285.362
Loss
Other income
$274,397
431
$52,961
49,222
Loss
Interest, discount,&c
$273,966
20,712
$3,739
32,803
$36,542
$294,678
Net loss
costs.
a After gasoline sales tax. b Includes intangible development
inventory adjustments.
C Includes amortization. d Includes
Income Account Quarter Ended June 30 1931.
Gross operating income,after gasoline sales tax,$599,976; costs,expenses,
depletion,
taxes, intangible development costs, &c., $596,907; depreciation,
amortization. inventory adjustments, &c., $154,854; loss, $151,785; other
Income (debit),$3,782; total loss, $155.567;interest, discount, &c.,$12,554;
net loss for period. $168,121.
ita"Last complete annual report in Financial Chronicle April 11 '31, P.2788
(Revenues and Expenses of Car and Auxiliary Operations.)
Jan. 1 to June 30.
-Month of June1930.
1931.
1930.
1931.
Sleeping Car Operations
Berth revenue
$5.116,947 $6,669,223 $28,961,300 $36,024,483
4,454,848
3,584,430
747,178
569,573
Seat revenue
1,087,610
662,559
269,279
81,246
Charter of cars
33,222
6.818
2,180
396
Miscellaneous revenue
942,403
810,483
142.803
122,532
Car mileage revenue_
3,136,405
1,443.478
633,075
421,060
Contract revenue
-Dr
Total revenues
85.469,635 $7.197,590 $32,582,114 839,406,163
2,568.048 14,122,367 15,454.032
Maintenance of ears _ _ _ 2,231,961
297.862
231,618
39.472
All other maintenance
38,091
3,102,502 14.539.728 18,145,986
Conducting car oprs
2,352,245
1,704,931
1.650.526
292,783
269,427
General expenses
Total expenses
$4,891,725 $6,002,805 $30,544,241 $35.602,812
Net revenue
Auxiliary Operations
Total revenues
Total expense.
Net revenue
Park Utah Consolidated Mines Co.
Six Months Ended June 30Ore sales
Other income
1931.
$264,454
x69,099
1930.
$830,810
33,562
Total income
Expenses
Ordinary taxes
Depreciation
$333,553
481,882
26,207
52,800
$864,372
829,535
27,061
57,032
$49,256
3227,336
Net loss before depletion
x Includes $24,365 tax refunds and interest.
annual report in Financial Chronicle March 14 1931,
i0 1..ast complete
p, 2009, and March 7 1931, p. 1823.
Pathe Exchange, Inc.
(And Subsidiary Companies)
Income Account for Nine Weeks Ended July 4 1931.
Received in liquidation of receivables, stories and investments__ $112,634
952,864
Gross sales and rentals
73.776
Dividends and interest received
$1,139,276
Gross income
Ledger value of receivable stories and investments liquidated in- 123,021
Film amortization and cost, and costs of other operations,
760,788
cluding general salaries and expenses
Profits on certain operations applies to reduction of ledger value 230,552
ofassets involved
56,715
Interest payable accrued
531.801
Net charge to surplus
'Last complete annual report in Financial Chronicle April 25 '31, p. 3164
Total net revenue.. _ _ _
Taxes accrued
Operating income_ _ _ _
3577,910 81,194,784 82.037,873 $3,803,351
$94,581
89.316
$121,863
105,165
$636,604
553.929
$799,191
689,400
8109.791
$82,675
516.698
35.264
$583,174 31,211.483 52,120,548 53,913,142
1,282,102
1,287,989
264,053
231,488
$351,686
$947,430
8832,558 82,631.039
Radio Corporation of America.
(And Subsidiary Companies)
2d Quarter. lot Quarter. -6 Mos.End.June 301930.
1931.
1931.
1931.
Gross Inc. from oper'ns_$22,819,614 324,562,683 347,382,296 350.584,482
2.147.597
591,431
280,689
Other income
310,742
Total gross income
from all sources_ _ _ _$23,130,355 $24,843.372 $17.973,727 $52.732.079
Cost of sales, general operating development,
19,724,002 20,821,011 40,545,013 48,282,370
sell. & adminis. exps
749,638
384,401
739,275
354,874
Interest
2.676.378
1,824.768
3.700.735
1.875.967
Depreciation
468,594
75,000
200,000
125,000
Amortization of patents_
50,000
50,000
150.000
100.000
Prov. for Fed. inc. taxes
81,072,184 81,566.520 $2,638,703
Net income
685,037
343,500
341,537
Preferred A dividends_
959,001
1.918.372
959.372
Preferred 13 dividends
Surplus for the period_ _def$228,354
Surp. at begio'g of period 30,274,186
$505,098
684,400
1,914.500
$35,294 df$2,023.802
$263.648
30,010.538 30,010,538 29,690,244
Surp. at end of period_330,045,832 $30,274,186 $30,045.832 $27,596,443
Nil
Nil
$0.02
50.0025
Earned on com. stock
larLast complete annual report in Financial Chronicle Mar. 14, '31, p. 1080
Patino Mines & Enterprises Consolidated, Inc.
Radio-Keith-Orpheum Corp.
1928.
1929.
1930.
1931.
6 Mos.End. June 30-Income from mine opers_ $4,337,047 $6.301,499 $10,613,659 87,997,320
5,065,664
5,824,215 6,892,074
Production costs, &c_ _ _ 3,869,144
$467,903 $477,284 $3,721,585 $2,931,656
Profit
258,819
370,181
175,268
76.615
Other income
(And Subsidiaries)
1931-() Mos.-1930.
Period End. June 30-- 1931-3 Mos.-1930.
Net profit after deprec.,
$157,022
$583,664 51,764,644
int., Fed. taxes, &c__loss$429,554
Earns, per sh.00 2,328,250
$0.76
$0.06
Nil
$0.25
shs. cl. A stk. (no par)
liarLast complete annual report in Financial Chronicle Mar. 14 '31, p. 2010
Total income
Interest accrued
Bolivia income tax res_
Depreciation & depletion
$544,518
1,015,624
$652,552 $4,091,766 $3,190,475
62,800
16,156
171,690
298,580
949,361
977,701
990,563
$2,799,329 $2,006,624
def$471,106 def$338.011
Net income
Earns. per sh. on 1,380,316 shs. of (par $20)
$1.45
82.03
Nil
Nil
capital stock
lerLast complete annual report in Financial Chronicle April 4 '31, p. 2601
(David) Pender Grocery Co.
Jan. 1 to
Jan. 1 to
Jan. 1 to
Jan. 5 to
June 27'31. June 28 '30. June 30'29. June 20'28.
Period$7,316,788 $7,792,742 37.644,783 37,066,381
Net sales
Net inc. before Fed. &
186,314
147,214
39,566 loss$55,539
State Income taxes
158,218
125,015
33,236
Net available for divs
complete annual report in Financial Chronicle Feb. 21 '31, p. 1436
'Last
Pennsylvania Power & Light Co.
(Lehigh Power Securities Corp. Subsidiary)
Month of May- -12 Mos.End.May 31- 1930.
1931.
1930.
1931.
Operating revenues__.. $2,886,322 $2,521,658 $32,791.230 $30,553,257
1,244,007 16,606,652 15,119,013
taxes_ 1,452.234
Oper. exps., incl.
$15,434,244
Net rev, from oper___ 81,434,088 $1,277,651 $16,184,578
514,063
598,366
31.806
27,826
Other income
$1,461,914 $1,309,457 516,782,944 815.948,307
inc
Gross corporate
5.101,089
5,634,281
424,425
520,641
Interest on bonds
260,910
411,268
23,176
15,264
Other int. & deductions..
$861,856 $10,737,395 $10,586,308
$926,009
Net divisible income
3,471,437
3,493.943
Dividends on preferred stock
$7.243,452 $7,114,871
Balance
Pittsburgh-Suburban Water Service Co.
12 Months Ended June 30
Gross revenues
Oper. exp., maint. & taxes (other than Federal)
1931
$343,099
155,991
1930.
$328,605
144,416
$184 189
$187,108
Gross income
Chronicle Apr. 11 '31, p. 2766
rZrLast complete annual report in Financial
Pittsburgh United Corp.
(Formerly Oil Well Supply Co.)
Earnings for Six Months Ended June 30 1931.
.3313,541
Net profit after charges and Federal taxes
$0.26
(par $25)
Earnings per share on 389,963 shares common stock
Chronicle May 16 '31, p. 3731
"Last complete annual report in Financial
Zy
Pullman, Inc.
(Arad Subsidiaries)
1931-6 Mos.-1930.
Period End. June 30-- 1931-3 Mos.-1930
Earnings after expenses
$7,754,229 $16,479,744
and Federal taxes_ _ _ _ $3,815,558 $8,689,464
6,619,985
6,679,143
3.352,565
Depreciation and charges 3,319,905
$495,563 $5,336,899 $1,075,086 $9,859,759
Netincome
Earnings per share on 3,S2. 4
$0.28
$1.37
$0.13
875,000 shs. no par stk
4
arLast complete annual r eporti n Financial Chronicle April '31, p. 2576
Railway & Light Securities Co.
6 Mos. Ended June 30
Interest rec. & accrued
Cash dividends
Profit on sale of securities after related
Federal tax
1931.
$151,432
224.765
1030.
$205,994
233,413
75.423
609,796
646,972
Gross income
Expenses
Taxes, incl. balance of Federal tax_ ..,.
Int. & amortization charges
$451,620 $1,049.203
43,004
34.377j
3,794
138,097
138.619
$994,346
39,805
2.037
146,477
1929.
$201,497
145,877
8279,146
$806,028
8863,786
Balance
[TrLast complete annual report in Financial Chronicle Jan. 17 '31, p. 506
Reliance Mfg. Co. (Illinois).
1931-6 Mos.-1930.
Period End. June 30- 1931-3 Mos.-1930,
Net profit after charges,
$141,265
3324,480
$183,215
$173,767
taxes, &c
Earns, per sh. on 250,000
$1.03
$0.04
$0.60
50.42
(par $10)
shs.com .stk.
East complete annual report in Financial Chronicle Feb. 14 '31, p. 1241
Remington Rand, Inc.
(And Subsidiaries)
3 Months Ended June 30Net sales
Costs & expenses
1931.
1930.
$9.032,730 $12,764,949
9,409,526 11,699,475
Operating loss
Other income
$376.796Pf$1,065,474
212,155
398,723
Loss
Depreciation
Interest
Federal taxes
Minority Interest
5161,641931,464,197
309,950
346.301
297,055
313,900
70.485
3
146
Net loss
1st preferred dividends
2nd preferred dividends
8771,649 93733,365
276.589
277,749
37.108
45,130
$1,085,346 sur$410,486
Deficit
iaT'Last complete annual report in Financial Chronicle July 4 '31, p. 115
Rochester Gas & Electric Corp.
1928,
1929.
1930.
1931.
12 Mos.End.June 30814.786.420 814.939.381 314,184,011 $13,120,343
Gross
4,938.869
5,738,640
5,645,994
Net after tax & reserves_ 5,000,498
Surp. after charges and
2.720,480
2,649,483
2,034,528
2,065,891
pref. dividends
PZPLast complete annual report in Financial Chronicle June 6 '31, p. 4243
Seaboard Public Service Co.
1931-12 Mos.-1930.
Period End:June 30- 1931-3 Mos.-1930.
Gross earns, of subsids_ - 84,020,870 $3,786,439 515,205,190 814,526.694
Net for retirement and
stock owned by Sea2.792.457
2,809,259
721,219
board P. S. Co
642,936
Other earnings of Sea25,487
223.754
1.739
board I'. S. Co
206,469
Int. and other deductions
211,902
121.652
41,692
of Seaboard P. S. Co_
57,976
Net for retirement and
2,696,29
2.821,110
681,266
791,429
sties. of Seab.P.S. Co..
1
AUG. 8 1931.]
FINANCIAL CHRONICLE
St. Joseph Lead Co.
949
Southern Ice & Utilities Co.
(And Subsidiaries)
Six Months Ended June 30x Profit from operations
Other income
1931.
1930.
5638.112 $3,264,782
114,592
1,131,584
Totalincome
Depreciation
Federal taxes
Other deductions
Minority interests
Depletion
$752,704 $4,396,366
632.150
717,977
287,339
116,121
Cr4,241
24,681
992,344
1.340.544
Net loss
$983,670 pf$2,025,825
Earns, per sh. on 1,950,460 shs. cap. stk.(par $10)
Nil
31.04
x After expenses, incl. writing off of development and exploration charges.
legi"Last complete annual report in Financial Chronicle Feb. 21 '31, p. 1439
12 Months Ended June 30Revenue
Operating expenses
Maintenance
Provision for retirement
Taxes
Interest on first mortgage bonds
Interest on consolidated gold notes
Interest on unfunded debt
Amortization of debt discount and expense
Net income
def$153.437
$217.502
I'
Last complete annual report in Financial Chronicle June 6 '31, p. 4259
Spiegel, May, Stern & Co., Inc.
6 Mos. End. June 30- 1931.
Sales (net)
55,413,088
Costs & expenses
6,133,957
Sears, Roebuck & Co.
1931.
28 Weeks Ended July 161930.
Profit after depreciation, &c., but before Federal
a $6.008.483 $5,617.567
taxes
after charging extraordinary contribution of $259.000 to unema Also
ployment relief
a''Last complete annual report in Financial Chronicle Feb. 7 '31, p. 1053
Shell Union Oil Corp.
(And Subsidiaries)
Period End. June 30- 1931-3 Mos.-1930. 1931-6 Mos.-1930.
xGross oper. earnings_ __$42,568,580
$86,781,977
Operating & general exp_ 40,675,862
81.943,224
Gross income
1,892,718 15,885,989
4.838,753 25,959.685
Depletion, deprec.,&c
11,417,488 11,434,473 22.710,360 23,084,686
Interest
1,551,684
1.577,485
3,115,376
3,155.976
Minority interest
Cr20,420
är27.485
Net inc.bef.Fed.tax loss$11056034 $2,874,031loss$20959506loss$280.977
Preferred dividends _ _ _
550,000
550,000
1,100.000
1,100.000
Common dividends
4,574,149
9,148,867
Surplus
def$11,606,034d1$2.250,118df$22059,506df$10529,844
Previous surplus
26,985.915
35,265,642
Total surplus
$24,735.797
$24,735,798
Shares com, stock outstanding (no par)___ _
13.068,497
13,068,497
Earnings per share
Nil
$0.17
Nil
Nil
x Including a half interest in income of Comar Oil Co.
le"Last complete annual report in Financial Chronicle May 16 '31, p. 3734
Skelly Oil Co.
(And Subsidiaries)
Period End. June 30- 1931-3 Mos.-1930.
1931-6 Mos.-1930.
Gross earnings
$4,351,757 $7,586,462 $9,152,522 $14,098,258
Operating expenses
3,621.477
4,869,527
7,407,929
9,016,374
Operating income_ --- $7:30,280 $2,716.935 $1,744,593 $5,081,884
Interest charges
222,467
266,663
435,048
530.513
Deprec. & depletion
2,434,351
1,713,998
4,012,428
3,267,587
Net Income
def$1,926,538
$736,2748f$2,702,883 51.283.784
Shares corn, stock outstanding (par $25)_ _ _ 1,011.922 x1,099,659
1.011,922 x1,099,659
Earns.per sh.on cap.stk.
Nil
$0.59
Nil
$1.09
x Capital stock.
arLast complete annual report in Financial Chronicle April 4 '31, p. 2603
and Mar. 28 '31, p. 2408
1931.
1930.
$2,992,670 $3.497.602
2,182,682
2.378.352
184,234
163,509
336.114
310.091
113,701
94,944
219.846
222,751
64.642
64,642
1,349
3,347
43.537
42.462
1930.
1929.
1928.
38,037.741 511,391,430 $9,015,133
x8,776,327 x10,618,349
8,407.489
Operating pro;:t
Other income
loss$720,869 loss$738,586
87,459
36.697
$773,081
125,665
$607,644
167,515
Total income
Interest
Depreciation
loss$684,172 loss$651,127
42,079
133,019
55,219
$898.746
168,448
5775.159
x218.044
loss$781,470 loss$784,146
Net profit
$730.298
$557,115
Earns, per sh.on 175,000
Nil
Nil
shs. corn. stk. (no par)
$2.87
$1.88
depreciation.
x Includes
K-V"Last complete annual report in Financial Chronicle Feb. 14'31, p. 1242,
and Feb. 7 '31, p. 1055.
Standard Oil Co. of California.
Period End. June 36- 1931-3 Mos.-1930.
1931-6 Mos.-1930.
$5,130,307 515,103.672 513.693,423 $29,244,214
Operating income
475,138
Other income
555,458
1.145,351
1,278,763
Total income
Depl., depr. & amort
Federal taxes
$5,605,445 515,659,130 $14,838,774 530.522,977
4,252,087
4,742,830
8,850,806
9,601,453
78,000
628,000
344,000
1,203,000
Net profit
$1,275,358 $10,288,300 $5,643,968 519.718,524
Shs. cap. stk. outstand.
13,102,900 12,845.980 13.102.900 12,845,980
(no par)
$0.10
Earns. per share
$0.80
$0.43
$1.53
It "Last complete annual report in Financial Chronicle Apr. 4 '91, p. 2573
Starrett Corporation.
(And Wholly-Owned Subsidiaries.)
Earns.for 6 Mos.End. June 30-1930.
1931.
Gross revenues
$2,356,065 $2,707,393
Net prof. after oper. exp., int., taxes & all other charges
797,797
Preferred dividends
516,000
Balance for common stock
$281,797
Earns, per sh.00 380,050 shs,com,stock outstand.(no par)___
$0.74
Unfinished business June 30 1931
$23,724,973
complete annual report in Financial Chronicle July 18 '31, p. 496
12rLast
Syracuse Washing Machine Corp.
6 Months Ended June 30-1931.
1930.
Net profits after charges and Federal taxes
$221.141
$95,984
Shs.(combines class A & 13) corn. stk. out.(no par)
513,376
508.143
Earnings per share
$0.19
$0.43
rirLast complete annual report in Financial Chronicle May 30 '91, p. 4079
South Carolina Power Co.
Thatcher Manufacturing Co.
(The Commonwealth & Southern Corp. System)
-Month of June-12 Mos. End. June 301931.
1930.
1931.
1930.
Gross earnings
$200,848
$200,130 $2,478.501 $2,527,769
Oper. exps., incl. taxes
& maintenance
109,169
108,918
1,305,395
1,277,471
Gross income
$91,678
$91,212 $1,173,106 $1,250,298
Fixed charges
678,395
618,266
Net income
$496,710
$632.031
Prov. for retirement res
120.000
102,650
Divs. on 1st pref. stock
131.833
116,206
Balance
$244,876
$413,175
6 Mos.End.June 301931.
1930.
1929.
1928.
Operating profit
$3381.136
$534,017
$606,418
$487.900
Other income
40,969
56,299
48,217
18,047
Total income
8422,105
$590,406
$505,947
$654.635
Depreciation
122.928
153,937
151.859
162.034
Federal taxes,&c
32.000
56,000
65.000
45,000
Royalties, losses, Sic_ _ _ _
23.628
59,216
76.975
51.909
Net profit
$243.548
$321,253
3360.801
$247.004
Shs. corn, stock out131.770
131,836
120,000
standing (no par)
120.000
Earnings per share
$0.04
$0.63
$0.95
$0101
"Last complete annual report in Financial Chroncile Feb. 14 '31, p. 1243
Southern Bell Telephone & Telegraph Co.
Month of June
6 Mos. End, June 30.
1930.
1931.
1931.
1930.
Telep. oper. revenues_ _ _ $4,940,029 $5,106,441 $30,242,713 $31.337,125
Telep. oper. expenses--- 3,159,365
3,400,461 19,131,269 20,703,658
Net telep. oper.revs-- 51,780.664 81,705,980 $11,111,444 $10,633,467
Uncollectible oper. rev__
45,000
40,000
255,000
195,000
Taxes assignable to oper.
522,900
509.400 3,123.800
3,106,600
Operating income___$1,217,764 $1,151,580 $7,732,644 $7.331.867
120 Last complete annual report in Financial Chronicle Mar. 7'31, p. 1800
Earnings Six Months Ended June 1931.
Revenue from gas sales
Other income
$1,519.198
35,915
Total revenues
Operating expenses (before depreciation)
$1,555,113
679,240
8875,873
535.095
Southwest Gas Utilities Corp.
1931.
1930.
S972.996 $1,209.780
1.085
3,426
Total revenue
Other income
3974,081
35.191
Balance available for common stock before
provision for Federal taxes
81,213,207
100,748
$1,009,272 111.313,955
27,412
29,911
486.734
639,741
124.186
132,414
19.336
27,047
99.657
97.027
101.576
101,543
133,679
124,718
$16.692
$161,554
Standard Oil Co. of Kansas.
Six Months Ended June 301931.
1930.
Net loss after taxes, deprec. & invent. adjustment
8930,457prof$381.766
Earns. per sh. on 320,000 shs. capital stock
Nil
51.19
rgrLast complete annual report in Financial Chronicle Feb. 7 '91, p. 105$
1931.
1930.
1929.
$1.180,177 32,093.284 $2.290,127
1,070,942
1.074.237
1.082.853
$109.234 31.019,027 51,207.274
53.692
62,669
155,455
Total Income
Depreciation. &c
Federal taxes
Other deductions
$162.926 $1,081.696 31.362.729
.348.689
315,350
344,475
7,400
110.919
137,546
82.015
loss$275.178
Net profit
$655,427
8880.708
Earns, per sh. on 992,096 shs. corn.
Nil
stock (par $10)
$0.54
80.76
la
Mast complete annual report in Financial Chronicle Mar. 14 '31, p. 2014
Timken Roller Bearing Co.
6 Months Ended June 30Total gas sales
Other operating revenue
Total gross income
Other miscellaneous deductions
Gas purchases, operating & admin. expenses
Interest on bonds ofsub. cos, held by public
Minority interest
Interest on funded debt
Dividend requirements
Depreciation, depletion & amortization
Timken Detroit Axle Co.
6 Months Ended June 30Gross profit
Costs and expenses
Operating profit
Other income
Southern Natural Gas Corp.
Operating profit
Interest requirements for period on 1st mtge. 6% gold bonds
outstanding on June 30 1931
(John R.) Thompson Co.
Period End. June 30-- 1931-3 Mos.-1930.
1931-6 Mos.-1930.
Sales
$3,469,085 $3,818,404 56,950,441 57,601.989
Net profit after deprec.
& Federal taxes
281,311
185,666
403,497
583,037
Earns. per sh.on 300.000
shs.com.stk.
$0.62
$0.93
(par $25)
31.34
$1.94
OfLast complete annual report in Financial Chronicle Mar. 14'31, p. 2014
Period End. June 30-- 1931-3 Mos.-1930.
1931-6 Mos.-1930.
Net profit after charges
and Federal taxes_ _ _ _ $1,148,075 $3,013,364 52,462,714 $6,120,023
.
2.413,967
2.411.638
Shs.com.stk.out (no par) 2,411.638
2,413.967
$0.48
Earnings per share
$1.25
$1.02
82.54
fgrLast complete annual report in Financial Chronicle April 4 1931,
p. 2604, and March 28 1931, p. 2409.
Truscon Steel Co.
1931-6 Mos.-1930.
Period End. June 30-- 1931-3 Mos.-1930.
Net prof. after deprec.,
$61,403 3601.280
chgs.& P'ed. taxes,&c.
loss$280.586 $732,185
Earns. per sh.00 658,154
Nil
shs. corn.stk.(Par$10)
$0.82
1111
,
$0.92
larLast complete annual report in Financial Chronicle Mar. 14 '31, p. 2016
Trico Products Corp.
Period End. June 30-- 1931-3 Mos.-1930. 1931-6 Mos.-1930.
Net income after charges
$631,668
& taxes
$584.106 81,145,931 $1,158,780
.
374,991
Shs, cora,stk outst'd•g_
374.991
374.991
374.991
Earnings per share
$1.68
$1.56
$3.05
$3.08
larLast complete annual report in Financial Chronicle May 30 '31, p. 4080
950
[VOL. 133.
FINANCIAL CHRONICLE
United Cigar Stores Co. of America.
United Business Publishers Inc.
(And Subsidiaries.)
Earnings for 6 Months Ended June 30 1931.
Period End. June 30- 1931-3 Mos.-1930.
1931-6 Mos.-1930.
Consol. net income after
$593.453
taxes and before int__ $126.521
$287,055
$277.567
"Last complete annual report in Financial Chronicle May 23 '31, p. 3805
Sales
Rents received
$42,071,543
6.240.280
348.311.823
Total income
Cost, expenses,rents, deprec.& amortiz. ofleasehold improve.... 48.101.345
Profit on store and real estate operations
Interest and dividend received
Net profit on sale of leaseholds, mortgages & real estate
Res. for outstand, prem. eds, written back & termination of
redemption privilege
Gross income
Interest and amortization of debentures
$210,478
271.364
80.439
585.384
31.147.665
807.212
$340,453
Net profit
IO'Last complete annual report in Financial Chronicle May 2 '31, p. 3330
United Gas Improvement Co.
(And Subsidiary Companies, excluding Philadelphia Gas Works Co.)
Period End, June 30- 1931-3 Mos.-y1930. 1931-12 Mos.-y1930.
Operating revenues of
utility subsidiaries_ _ _$26,052,469 $26,731,799 3106975.086 3107857.285
14.954.681 15.487.035 61,169.475 63,652,625
Operating expenses
Operating income----$11,097.788 $11.244,764 34.5,805,611 344,204,660
1.747,935 2.371.896
626.351
501,619
Non-operating income__
$11.599,407 311.871.115 347.553,546 546,576.556
Gross income
3,634,000 3.686.164 14,517,845 15.024,276
Income deductions
$7,965,407 38.184.951 333.035,701 $331,552.280
Net income
Divs, on pref. stocks &
4.470.940
3,773,391
1.034,181
other prior deductions 1,020,466
Earnings available for
common stocks-- 36,944.941 $7.150,770 $29,262.310 327.081,340
3.044.834 3.790,189
887.901
756.313
Min.& former interests..
Bal. of above earnings
applic.to theU.G.I.
36.188,628 36,262,869 $26,217,476 $23,291,151
Co
Earns of other subs.
applic. to the U. G.I.
3.420.176
1,372,416
594,289
255,948
Co
Total earns, of subs.
applic to the U. G. I.
36.444.576 36.857,158 327,589,892 $26,711,327
Co
Other income of the U.
2.643.028 10,610,509 8.982.904
2,576,203
0.1. Co
United Piece Dye Works.
6 Months Ended June 30Net earnings after all charges
Preferred dividends
1930.
1931.
3936,374 31,911,164
243,100
232,492
Balance for common
$703.882 $1,668,064
$1.85
Earns, per sh.00 900,000 shs.common stock
$0.78
nrEast complete annual report in Financial Chronicle Feb. 21 '31, p. 1441
United States Playing Card Co.
Earnings for Six Months Ended June 30 1931.
Net profit after deprec. & taxes
Earns, per share on 400,000 shares cap. stk. (par $ill)
8490.538
$1.22
United States Rubber Co.
Earnings for Six Months Ended June 30.
1931.
1930.
Net sales
$75,206,983 560,540.047
2,552,097
Net profit from operations
2,502,323
Interest on funded debt
4,709.976
Provision for depreciation
$4.660.202
Loss
r'Last complete annual report in Financial Chronicle Mar 21 '31, p. 2182
Webster Eisenlohr Inc.
Period End.June 30Gross profit
Expenses
1931-3 Mos.-1930.
$330.009
$3392.249
399.338
456.738
1931-6 Mos.-1930.
$632.746
$571.196
745.206
804,444
3112.460
3233.254
5126,729
Net loss
37.089
-Depreciation included as deduction from net Income for six
Note.
months 1931, $60.642. Interest paid included as deduction from net
income for six months 1931. 32.231.
fZPLast complete annual report in Financial Chronicle Mar.7 '31, p. 1828
Western Dairy Products Co.
[Including Western Dairy Products, Inc.]
1928.
1929.
1930.
1931.
6 Mos.End. June 30$9,583,985 $12,041,330 310.950,119 39,417,802
Net sales
Cost of goods sold, incl.
sell., del.& admin.exp 8.250.921 11,012.978 9,828.869 8.402.948
350.721
297.141
343,776
324.598
Depreciation
Total applic. to the U.
5717.713
5770,629
3684.576
G. I. Co. cap. stks_ $9,020,779 39.500.186 338.200.401 $335,694,231
Operating income_ -__ $1,008,466
1.898,985 Other income
72.903
10,283
632.99.5 3,124.367
956,520
7.017
Divs. on $5 div. pf. stk.
$694,859
3843.432
$717.713
$1,015,483
BaLappllc.to com.stk. $8,064.259 38,867,191 $35,076,034 $33,795,246
Total
153.480
124.681
200,372
199.663
Earns, per sh-corn.stk.
Interest charges
$1.51
54,393
$0.39
$0.35
82,646
71,164
97,898
outstand.end of period
Prov.for Federal Inc.tax
x Giving effect to a full year's dividend requirements on the preferred stock
$440.094
3607.306
3717.921
3521.868
issued in connection with the conversion of stock Sept. 3 1929. the comparNet income
able earnings per share on the common stock outstanding June 30 1930,
rrEast complete annual report in Financial Chronicle Feb. 21 '31, p. 1443
would be $1.47. y 1930figures restated and adjusted for comparative purposes.
Western Reserve Investing Corp.
-The above earnings, applicable to the U. G. I. Co. capital stocks,
Note.
1931.
1930.
include earnings of subsidiary companies acquired during the period, only
Six Months Ended June 30from the date of acquisition. Non-recurring income of the U. G. I. Co. Net profit after interest and after profit or loss
351,572
$60.552
on sale of securities
is not included.
ItZrLast complete annual report in Financial Chronicle Apr. 18 '31, p. 2950
larLast complete annual report in Financial Chronicle Mar. 14 '31, p. 2017
(The) United Light & Power Co.
(And Subsidiaries)
1931.
12 Months Ended June 30Gross earnings of subsidiary & controlled companies (after eliminating inter-company tramsf.)-391.473.049
37.219.788
rating expenses
5.143.686
aintenance, charged to operation
7.988,048
Taxes. general & income
8.699.918
Depreciation
$32,421,608
Net earnings of subsidiary & controlled cos
Interest, amortization & preferred dividends of
subsidiary & controlled companies:
11.348.852
Interest on bonds, notes. &c
792.384
Amortization of bond & stock discount & exp
4.291.559
Dividends on preferred stocks
to minority
Proportion of earnings, attributable
4.015.485
common stock
Wheeling Steel Corp.
1930.
396.672.008
40.101.269
6.136.587
7.975,321
7.970.267
834,488.563
11,033.760
934,668
4.094,174
5.278.347
(And Subsidiaries)
1931-6 Mos.-1930.
Period End. June 30-- 1931-3 Mos.-1930.
Net inc. after Fed. tax- $682.873 32.719.032 31.327.116 $5.430.273
853.048
1.202.781
2,286.690
1,690.426
Deprec. & minority exp_
418,029
417.895
853.518
792.002
Interest
def$588.204 31.098.3566et$1.216.828 $2.351.581
Net profit
99.400
99.400
198,800
198.800
Preferred A dividends
563,920
563.920
1,127,840
1,127.840
Preferred B dividends
396.829
793,658
Common dividends_
df$1,251.524
$231.283
$38.207df$2,543.468
Surplus
Earns, per sh.on 396.829
Nil
$1.09
Nil
$2.58
shs. corn. stk.(no par)
arEast complete annual report in Financial Chronicle April 4 '31, p. 2606
and Mar. 14 '31, p. 2017
White Sewing Machine Corp.
Equity of the Un. Lt. & Pr. Co. in earnings of
311.973.325 313.147.612
1931-6 Mos.-1930.
Period End. June 30- 1931-3 Mos.-1930.
subsidiary & controlled companies
1.446.121
372.313
3101.760
$225.868
$178.749
Earnings of United Lt. & Pr. Co
Net loss after all charges $185,806
-The 1930 figures were adjusted to the basis of the revision in the
Note.
312.345.638 314.593.733 company's policy of providing for repossessions, adopted in September
Balance
183.093
125.090
1930. and made retroactive to Jan. 1 1930.
Expenses of United Light & Power Co
bt
.
W Last compete annual report in Financial Chronicle Mar. 14'31, p. 2017
312.220.548 314,410.639
Co
I. Gross income of United Light & Poweron funded
Holding company deductions: Interest
2,910,705
2.906.839
Yale & Towne Manufacturing Co.
debt
1.157
19.115
1931-6 Mos.-1930.
1931-3 Mos.-1930.
Period'End. June 30
Other interest
117,008
335.733
3467.088
514,313
5156,577
3173.540
earnings
of bond discount & expense
Amortization
Net
274.962
138.208
261,491
127,174
311.381.767 Depreciation
$8,958.860
11.192
37,564
Balance available for dividends
Income tax reserve
56.316
Preferred stock dividends: Class4 preferred
14.096
*24.14010s4104,914
loss$112,861
$154,562
Surplus
Class B preferred
3.356.912
3.600.000
Shares of capital stock
$6 cumulative convertible first preferred
656
486,
486.656
486.656
486.656
outstanding (par 325).
35,358,860 37.954.441
Nil
$0 2
$0.05
Nil
2811, p.13.738
Earns.per sh.on cap.stk.
Balance available for common stock dividends__
$2.40
$1.54
outstanding during periods_
Earns, per average sh.
arLast complete annual report in Financial Chronicle Mar.
Chronicle May 9 '31, p. 3514
-Last complete annual report in Financial
110
enerat Corporate ants 311tbeament ..getusS.
STEAM RAILROADS.
-Instructs AttorneyRise.
Governor Ely of Mass. Joins Foes of Rate -S. C. Commission plea of
General Joseph E. Warner to oppose before I.
Aug. 6. p.:31.
hostility at hearing. N. Y."Times"of Railway Executhe railroads: more
-Association
Railway Executives Reiect Union Parley. unemployment; unions are told
tives holds it lacks jurisdiction to deal with conference. Labor chiefs say
to ask individual carriers to move for joint
common plan. New York
employment stabilization is impossible without
"Times" Aug. 4. p. 37.
rates on grain and its products shipped
-Reduced freight
Grain Rates Cut.
1 upon refusal of the
throughout the Western area became effective Aug.
Street Journal" Aug. 1. 9.3.
L-S. C. Commission to suspend rates. "Wall
basis of rates applicable
-The revised
New Cotton Rate. Effective Date.
-S. C.
prescribed by I.
to shipments of cotton throughout the South as of Oct. 26. as originally
Commission will become effective Sept. 15. instead 6. p. 5.
designated. Philadelphia "Financial Journal" Aug.
July 71 had 568.594 surplus
,
Surplus Fr taht Ca-s -Class 1 railroads onavailable
service, the car
freight cars in good repair and immediatelyAssociationfor
announced. This
Railway
service division of the American
14. at which time there
was a reduction of 2.616 cars compared with Julycars on July 23 totaled
were 571,410 surplus treight cars. Surplus coal
surplus
217.417. a decrease of 5.261 cars within approximately a week, whileReports
box cars totaled 285.354. an increase of 4.1187 for the same period.
also showed 27.983 surplus stack cars. a (Terre:we of 1 .2R9 under the number
reported on July 14, while surplus refrigerator cars totaled 14.180. a decrease of 126 for the same period.
-Class 1 railroads of this country on
Lorornofire4 in Need of Repairs.
the
July 15 had 6 018 locomotives in need of classified repairs or 11.1% a the
to reports Just filed by the carriers with
number on line according
This was an
Association
ear service division of the American Railway in need
of such repairs on
Increase of 80 locomotives above ths number
Class 1 railroads on
July 1 at which time Ogre were 5.938 or 10 9%
July 15 had 9.311 serviceable locomotives In storage compared with 9 394
on July 1
Matters Covered in the Chronicle of Aug. 1.-(a) Railroad labor chiefs
would fight cuts in pay; warning on wages is coupled with support for rate
rise if found justified: question of pay has no place at hearing, say execu0.
tives: meeting at Washington. p. 725. (b) Chairman Brainerd of 1.-S.
wage question will not be taken
Commission reiterates statement that the
for 15% advance in
of
railroads
up in determining the application
rates, p. 725. (c) 1.-S. C. Commission prepares for further rate hearings:
committees are assigned, p. 726. (d) Textile mills join shippers in protest
and
against the application of the railroads for an advance in rates; cattle
AUG. 8 1931.]
FINANCIAL CHRONICLE
951
cane interests also file complaints denouncing project; New York shippers to Honesdale Junction, in the borough of Honesdale, all in Lackawanna
-V. 133, p. 794.
conference favors granting rise; in resolutions advocate relief sought if and Wayne Counties. Pa.
existing pert differentials here are preserved. p.726. (e) Disaster pictured
Detroit Toledo & Ironton RR.-Examinei Opposes
if railroads are permitted to advance rates; Kansas fears diversion of freight
to competitors with dire results. p. 727. (f) Denver stock yards service Consotidation Plan-Says Apploval Would Amount to Rerate cut; $100,000 slash is ordered in 45 days by agricultural board, p. 727.
(g) 1.-S. C. Commission starts probe on rate discrimination, p. 727. (h) A cognizing Pennroad Put chase as Lawfut.An I.
-S. C. Commission finance examiner has recommended that the
century of rail development; the heavy rail of to-day as compared with the
light rail of former periods, p. 728. (1) Co-ordination of rail and motor Commission deny the Detroit Toledo & Ironton RR. authority to Integrate
its properties with the Detroit & Ironton RR. and issue securities in thle
truck facilities advocated, p. 729.
connection because control of the D., T. & I. was acquired by the Penn-Aug. 1 sylvania RR. through its Pennroad Corp., without Commission approval.
-Bond Securities 125-134%
Alleghany Corp.
& Ironton and the Toledo-Detroit
Under the proposal the
Mices Show Deficiency-150% of Outstanding Issueb Required would have been acquired Detroit Detroit Toledo & Ironton outright.RR.
by the
-One Substitution Made.
Approval of the proposal should be withheld, the examiner pointed out,
since control of the applicant and its affiliated properties was effected
The following is from the "Wall Street Journal" Aug. 4:
Substitution of 5,300 shares of Pere Marquette common stock for without Commission approval or authorization. To authorize the applicant
be recog$220,000 5-year
% Terminal Shares, Inc.notes as collateral under to issue securities incident to the reorganization would. in effect, exchange
the Allegheny Corp. 5% convertible collateral trust bonds of 1944 was nizing the Pennroad Corp.,as the lawful owners of the securities in stated..
were to be issued, the examiner
the only change made in the collateral pledged with the trustee of the three for which the proposed securities
bond issues on Aug. 1. No change was made in the collateral pledged It was further pointed out that such an approval also might be construed
lawful acquisition.
under the 58 of 1949 and the 5s of 1950 in the three months between May as approving acquisition of control by the Pennroad as athe interest of the
"It is clear that this control has been acquired in
I, the last valuation date, and Aug. 1. and the par value of bonds outPennsylvania and that it will be exercised in the interest of the Pennsylvania.
standing remained at $77.936.000, the same as on May 1.
Based on closing prices Aug. 3, and using the bid price on securities It is also clear that the Pennsylvania, through the agency of the Pennroad
its affiliated comwhich did not sell during the day, the collateral pledged under the Alle- Corp., can exercise full control over the applicant and public interest can
gheny Corp. 5s of 1944 was equal to approximately 125% of the $31,466.000 panies. Whether such control is compatible with the
'
par value of this issue outstanding; collateral under the 5s of 1949 was be determined only after appropriate proceedings under applicable proequal to approximately 127% of the $21,938,000 par value of this issue visions of the act. As the issue of the securities in recognition and perpetuation of such control cannot in the proceeding be found compatible in
outstanding and the collateral under the 55 of 1950 was equal to approxithe public interest it is recommended that the application be denied," the
mately 134% of the $24,532,000 par value of this issue outstanding.
Under the indentures of the three issues, it is stipulated that when examiner stated.
The reorganization plan provides for the outright acquisition of the
the market value of the collateral pledged under each bond issue falls
below 150% of the par value of the bonds outstanding, a deficiency exists. constitutent companies and the creation of a first and refunding mortgage
Is to be exchanged for a like amount of adjustment mortgage bonds of the
If this deficiency is not wiped out in 30 days from the appraisal date,
either by the deposit of additional collateral, or reduction in the amount D. T. & I. in order to pay off the obligation of these bonds.
The proposal also contemplates the issuance of $4,472.200 of $100 par
of bonds outstanding, or a rise in the market value of the pledged securities, Income from dividends and interest from the pledged securities goes common stock, to be delivered in exchange for a like amount of par value
Detroit & Ironton shares. An additional 87.571.400 of common /Mock
to the trustee until the deficiency is made up.
The collateral pledged under each issue, the total par value of the issue is to be exchanged for a like amount of adjustment mortgage bonds of the D.
outstanding, and the value of the collateral pledged under each issue, T.& I. in order to pay off the obligation of these bonds.
The issuance of $5.990,000 common stock by the D. T. & I. In exchange
at closing prices Aug. 3 (using the bid price on securities which did not
sell during the day and assuming the Terminal Shares, Inc., notes to for and retirement of a like aggregate par value of applicant's outstanding
preferred stock also is proposed.
be worth par) follows:
The applicant alleges that the unified operation of the properties would
A u ie3 Total mkt.
clg
have resulted in substantial economies.
value.
22(o
275,000 shs. Missouri Pacific common
The examiner's report, which is in the nature of a recommendation to
$6,256,250
110,000 shs. Missouri Pacific preferred
6,765,000 the Commission, reviewed the history of the Pennroad Corp. from its
*6134
75,000 N. Y., C. & St. L. common
*28
2,100.000 inception. He said the corporation was organized at the instance of the
40.000 Pere Marquette common
1,200,000 board of directors of the Pennsylvania RR.in the interests of that company
*30
145,000 Pittston Co. common
*12%
1,866.150 because of "uncertain developments in the field of transportation." Just
$7.000,000 Mo. Pac. 5%s cony. bonds
5.320,000 what these developments were is not shown, the examiner stated, "but it
76
$9,200,000 Terminal Shs.. Inc., 54% notes
9,200,000 is clear they had to do with the consolidation of railroads. While the
Pennsylvania has no direct relations with the Pennroad it is in a position
Total
$32,707,400 to dominate the policies of that company."
5s of 1950-$24,532.000 Outstanding (Par Value)
The report pointed out that in neither the tentative nor final consolidation
pain of the Commission were any of the railroads in which Pennroad holds
53 of 1949-$21,938.000 Outstanding (Par Value)
449.000 Chesapeake Corp. common
*36
$16,164,000 substantial stock interest allocated to the Pennsylvania.
180.000 Erie common
*20
The examiner concluded that the D.T.& I.application in effect amounted
3,616.000
30.000 Lehigh Coal & Navig. common
*21
630.000 to asking the Commission to recognize the lawfulness of the Pennroad
35,000 Missouri Pacific common
22%
796.250 control of the applicant by authorizing it to issue Its stock and bonds, all
10,000 Missouri Pacific preferred
*61%
615.000 of which except for qualifying shares, would be delivered to the Pennroad
300.000 Pittston common
*12%
-V.132. p. 1406.
3,861.000 Corp.
$2.000,000 Terminal She.. Inc.. 534% notes
2.000,000
-Valuation.
El Paso Union Passenger Depot Co.
Total
The I.S. C. Commission has placed a so-called final valuation of $678.000
827,672.050
company as of June 30 1917.
Outstanding (Par Value)
5s o
k1944-$31.466,000
on the owned and used properties of the
ire
*30
8159,000 -V. 123. p. 839.
756.000 Chesapeake Corp. common
*36
27.216.000
32,600 Erie common
Erie & Kalamazoo RR -Regular Dividend.
*20
652.000
75,000 Nickel Plate common
*28
2,100.000
The directors recently declared the usual semi-annual dividend of 5%
125.000 Missouri Pacific common
capital stock, par $50, payable Aug. 1 to
22%
2.843,750 on the outstanding $300.000
20.000 Missouri Pacific preferred_
*61%
1.230.000 holders of record July 25. A regular semi-annual distribution of 331
*123
50,000 Pittston common
643,500 was made on Feb. 1 last. During 1930 and 1929 the company also pa
$4.400,000 Terminal Shs., Inc.. notes
4,400.000 • % on Feb. land 5% on Aug. 1.-V. 106. p.817.
Total
$39,244,250
* Bid price.
On the basis of $2.268.000 from dividends on 756.000 shares of Chesapeake Corp.. 8100,000 from dividends on 20,000 shares of Missouri Pacific
preferred, and approximately 8250.000 from interest on the Terminal
Shares, Inc., notes, the Income from the collateral pledged under the 5s
of 1944 is about 1.66 times the annual interest requirements on the bonds
now outstanding. However. Nickel Plate declared three quarterly dividends of 81.50 a share on the common before the recent dividend omission
and Pittston Co. has declared two quarterly dividends, one of 38c. and
another of 3734c. Including income from these two sources, interest
on the 5s of 1944 now outstanding should be covered around 1.9t Imes
this year.
Assuming only Income from the Missouri Pacific preferred, the Missouri
Pacific bonds and the Terminal Shares. Inc.. notes for the 5s of 1950,
interest requirements on the bonds of this issue outstanding are covered
about 1.2 times by income from the pledged collateral. Including dividends paid so far this year by Pittston, Pere Marquette and Nickel Plate,
interest requirements should be covered better than 1.55 times.
In the case of the 5s of 1949. interest requirements on the amount of
the issue now outstanding are being covered about 1.4 times by income
from the pledged collateral still paying dividends and meeting interest
requirements. With two dividends from the Pittston Co. included, interest requirements for the year should be covered around 1.6 times.
V. 133. P. 792. 476.
Chesapeake & Ohio Ry.-Acquisition.The I.
-S. C. Commission July 20 issued a certificate authorizing the
company to acquire and operate the line of railroad and appurtenances of
the Blue Jay Lumber Co., extending from Beaver Junction southerly to
Flat Top, about 15 miles. all in Raleigh and Mercer Counties, W. Va.
The report of the Commission says:
By agreement dated May 13 1931. between the lumber company and the
applicant the former agrees to sell its line of railroad and appurtenances to
the latter for 5166.000. Excepted from the sale, however, are the side
tracks at the mill, the shops, the planing mill, and the lumber yard at and
near Blue Jay. The lumber company is to have the right to use for switching purposes a stretch of the railroad at Blue Jay, including all tracks
necessary for access to the coal platform. water facilities, and engine house,
and the run-around track at Flat Top, but such use is to be subordinate to,
and not to interfere•with. their use by the applicant. The lumber company
is also given the right until Nov. 1 1936. to run its logging trains and certain
other rolling equipment between Blue Jay and Flat Top at $1.25 per car,
with a minimum of $15 for the round-trip movement of a train. The lumber
company reserves all coal, oil, or ether minerals underlying the right of way
of the railroad. but is to leave sufficient pillars or supports to hold up the
surface structures and improvements.
The purchase price will be paid in cash out of the applicant's treasury,
which expenditure later will be refunded by the issue by the applicant ofsuch
securities as may be decided upon. No such securities Will be issued with-V. 133. p. 116.
out our authorization.
-Storks Stricken from List.
Chicago & Alton RR.
The New York Stock Exchange has stricken from the list the above
company's common and preferred stocks, owing to the discontinuance of
-V. 133. p. 794.
transfer offices in this city.
Chicago & North Western Ry.-Abandonment.-
C. Commission July 25 issued a certificate authorizing the
The
company to abandon a branch line of railroad extending from Kass°n
ID a northerly direction to Mantorville, a distance of approximately 2.9
-V. 133. P. 794.
Miles, all in Dodge County. Minn.
Delaware & Hudson Railroad Corp. Abandonment of
Part of Honesdale Branch Authorized.
-S. C. Commission July 20 issued a certificate authorizing the
The I.
corporation to abandon that part of its I fonesdale branch extending from a
point near Racket Brook. about 4.1 miles east of Lookout Junction, in the
city of Carbondale, Pa., In a general easterly direction about 23.62 miles
-Defers Dividend.
Georgia Florida & Alabama RR.
The directors recently voted to defer the semi-annual dividend of 234%
due July 1 on the outstanding 31,000.000 5% cum. pref. stock, par $100.
The last distribution at this rate was made on Jan. 1 1931. This company is leased and controlled by the Seaboard Air Line Ry.-V. 126. p.407.
-Stockholders.
-Illinois Central RR.
President L. A. Downs reports that of the System's approximately 20.000
stockholders, five out of every six own less than ma shares, two out of every
five reside in States in which the road operates and one out of every twenty
is an employee of the road.
-V. 133. p. 281.
-Final Valuation.
Lehigh 8c New England RR.
The I.
-S. C. Commission has placed a final valuation of 311.579.900
for properties devoted to the transportation service and $434,163 for used
but not owned properties, as of June 30 1919. The total used properties
were valued at $12,014,063.
The appraisal also placed a final value of$107,500 on the leased properties
of the Campbell Hall Connecting RR.and $43.750 on the owned but not.
used properties of the Pochuck RR., as of June 30 1919.-V. 132. Ft 1407.
Minneapolis St. Paul & Sault Ste. Marie Ry.-Bonds.-
The I.
-S. C. Commission July 30 authorized the company. uponsurrender
of $12,500,000 of 1st ref. mtge. bonds, series A. 6% for cancellation. to
procure the authentication and delivery of not exceeding $12,500,000
%.-V. 133, p. 638. 476.
of 1st ref. mtge. bonds, series B,
Missouri & North Arkansas Ry.-Receiver's Certificates.
The I.-S C. Commission July 28 authorized the issuance of not to exceed
5700.000 of 6% receiver's certificates, to be sold at not less than 98.11
and int. and the proceeds used to retire maturing receiver's certificates now
outstanding, to pay the semi-annual interest thereon, and to provide
-V. 131. P. 931.
working capital for continued operation of the property.
-Merging Accounting Dept's.
New York Central RR.
Changes in Its accounting department, effective Aug. 1, were announced
on July 31 by the New York Central RR., as a sequence to its taking over
by lease, early in 1930. of is allied lines, the Michigan Central RR. and the
Big Four Ry., with other mihor roads.
Under a new plan now to be put into effect, the separate accounting departments heretofore maintained for the leased roads will be merged to some
extent with that of the New York Central and certain of the accounting
offices will be consolidated in several cities The passenger accounting
offices, now at New York, Detroit and Cincinnati, will be centralized in
Cincinnati- the freight accounting officee, now at Cleveland, New York,
Detroit and Cincinnati will be consolidated at Cleveland. and Detroit.
The new plan has necessitated moving several hundred employees between
the various cities. In the New York district, fewer than 300 employees,
will move to Cleveland, Cincinnati or Detroit, during the months of August
and September.
In connection with the new plan, L. V. Porter. Comptroller, has made the
following appointments: G. M. Glazier, General Auditor a Revenues at
N Y. City: J C. Wallace, General Auditor of Disbursements, N. Y. City;
E. A. Wigren. Asst. Comptroller at Detroit: R. F. Davies, Local Auditor,
-V. 133. P. 638.
Big Four Ity., at Cincinnati.
-Abandonment,
Northern Pacific Railway.
The I.
-B, C. Commission July 24 Issued a certificate permitting abandonment by the company: (1) of its so-called Boulder-Elkhorn branch extending from a connection with the line of the Great Northern Ry. at Great
Northern Transfer. near Hyndman, southeasterly and northeasterly to
Boulder, thence southeasterly and northerly to Queen Siding, approximately 19.61 miles. all in Jefferson County. Mont., and (2) of operation
under trackage rights over the line of the Great Northern Railway between
In
Helena and Great Northern Transfer. approximately 37.26 miles,
-V. 33. P. 282.
Lewis and Clark and Jefferson Counties, Mont.
Northern Pacific Terminal Co. of Oregon.-B4S.Called.
The City Bank Farmers Trust Co., as trustee, has notified holders of
1st mtge.6% gold bonds, due Jan. 1 1933. that $104,000 of the bonds have
FINANCIAL CHRONICLE
952
[VOL. 133.
The total worth of the stock and bonds to be put up as collateral was
been drawn for redemption for account of sinking fund at 110 on Aug. 18.
Bonds so drawn will be redeemed upon representation and surrender at the figured as $14,022,160. This is based upon a valuation of $40 per share
or a total of $10,357.160 for the 258,929 shares of Lehigh Valley stock.
-V.133. p.282.
office of the trustee, 22 William St., N.Y. City.
The American Refrigeration Transit Co. stock holdings were valued at
$2,434,000 and the New Jersey. Indiana & Illinois RR. stock at 5825.000.
-Definite Bonds.
Pennsylvania RR.
given a market valuation of
be The $508,000 first lien
Definitive gen. mtge. 43i% bonds, series D, due April 1 1981. willthe 79.92% or a total valueterminal bonds were
of 5406.000.-V. 132, D. 4755.
ready for delivery on Aug. 10 on surrender of temporary bonds at
office of the Treasurer. Room 1846, Broad Street Station Building, Philadelphia, or 380 Seventh Ave., N. Y. City. To facilitate prompt delivery,
PUBLIC UTILITIES.
all exchanges made by mail or express should be forwarded directly to
the Treasurer at Philadelphia.
Continues Electrification Program.
Inauguration of another major step in the advancement of the company's
electrification and improvement program between Washington, Baltimore.
Philadelphia and New York was announced on Aug. 6.
Work will begin at once on the construction of a new conduit system to
carry signal, telegraph and telephone lines underground between Wilmington, Del., and Washington, through Baltimore.
The total cost of the entire project, including installation of extensive
new cable lines, will be approximately $7.000,000 and the work of laying
its peak, it
the conduit alone will require approximately 1,000 men atof operation.
was announced by M. W. Clement, Vice-President in charge which is air
conduit are included in the project,
More than 100 miles of
mportant preliminary step to actual work on the electrification of the
Pennsylvania's lines from Wilmington through Baltimore to Washington.
The work will get under way immediately and will be pushed to completion
by the first of next year.
Construction of the new conduit line will complete the underground
Installation of the railroad company's entire system of telegraph, telephone
and signal wires for a distance of 225 miles from New York to Washington.
Over its heavy traffic lines, where interruption of communications or the
failure of a signal for an instant might complicate the operation of trains
and cause serious delays, it has been the policy of the Pennsylvania RR.
to place its communications system underground and thus avoid danger
from weather hazards or any interference from the overhead power system
in electrified territory..
.
The conduit consists of six ducts in which the various wire systems
will be installed. These include the railroad's important communications
system and the signal system, governing the operation of all trains. This
signal system, operated by remote control through sub-stations located
approximately every 10 miles, sets the automatic signals which determine
the movement of every train.
Carrying 108 strands of wire in the communications cable, the new
telegraph and signal system will require more than 11,000 miles of wire for
the installation between Wilmington and Washington. This enormous
cable will have a capacity of 135 telephone and telegraph messages humming
along simultaneously through its copper strands.
Following completion of each section of the conduit system, the cables
will be installed as rapidly as possible. It is expected that the entire project
can be completed early next year.
Special trains, carrying mixers and cars of material for manufacturing
concrete on the ground, will be used to speed the work along. Mechanical
conveyors on these concrete trains will feed the concrete direct from the
-V. 133, p. 795, 638.
mixers to the excavations.
Pere Marquette Ry.-Government Claims $820,512 as
-1925.
Excess Income for Years 1920
has been
1920 through
The excess income of the road for the years at 51,641,025.1925 th,s sum
Of
-S. C. Commission
tentatively fixed by the I.
under the law permitting it to
$820.512 is held to be due the Government
recapture one half of all earnings in excess of 53I%. The sum would be
placed in a revolving fund to be loaned to needy railroads. review before
The decision, however, is subject to protest, argument and
It becomes final. The recapture period covered the last 10 months of
1920 and ensuing years to and including 1925.-V. 133, p. 477.
Pittsburgh & West Virginia Ry.-Notes Authorized.
-S. C. Commission July 28 authorized the company to issue not
The I.
exceeding $2,200.000 short-term notes, bearing interest, or to be dis6% per annum, in renewal of
,
counted, at a rate or rates not exceeding 43
The maturing notes
two notes, one for 51,700.000 and one for $500,000. mature respectively
bear interest at the rate of 43. % per annum, and collateral consisting
1931. The notes were secured by
July 30 and Aug. 28
stock
of 8.400 shares of the preferred stock and 56.800 shares of the common
of the Wheeling & Lake Erie Railway. same rate of interest, or discount,
bear the
The proposed notes are to
are to have the same payee, and are to be secured by the same collateral.
-V. 133. p. 282.
-Abandonment.
Rockcastle River Railway.
-S. C. Commission July 20 issued a certificate authorizing the
The I.
foreign commerce.(a) its entire
company to abandon, as to inter-State and general southerly direction to a
Bond in a
line of railroad extending fromof the Louisville & Nashville RR. at Viva.
connection with a branch line
of operation under trackage
12.72 miles, and (b) the abandonment by it the Louisville & Nashville
rights over the aforementioned branch line of to East Bernstadt, where
miles,
RR. extending southerly from Viva, 2.81latter's main line, all in Jackson
interchange connection is made with the
and Laurel Counties. By.
-Operation
8c New Orleans RR.
Texas
(1) Ex-S. C. Commission July 25 issued a certificate authorizing:
The I.
New Orleans RR., the International
tension of operations of the Texas &Brownsville & Mexico By., the BeauSt. Louts
Great Northern RR., the
Gulf Colorado & Santa Fe By.. the
mont Sour Lake & Western Ry., the and the Burlington-Rock Island RR.
-Texas RR. of Texas
-Kansas
Missouri
be constructed and (or) acquired by the
over certain railroad tracks to Channel Navigation District, extending
County-Houston Ship
Harris
existing tracks near and on the north side of
from a connection with its
the Houston Ship Channel, thence on the north side
the turning basin of easterly, northeasterly and southeasterly to or near
of the ship chabnel
with said ship channel, a distance of
the point of junction of Green's Bayou of Houston, in Harris County,Tex.
City
about eight miles, all in or near the
construction by the Harris County-Houston
(2) Acquisition and (or)
railroad trackage in Harris County,
Ship Channel Havigation District of
-V. 131. p. 2693.
Texas.
-Construction, &c.
Co.
-Balance Sheet.
American Cities Power & Light Corp.
[And wholly owned subsidiaries.]
June 30'31. Dec.31 '30.
June 30'31. Dec.31'30.
$
$
LiabilitiesInvestments ---a33,639,813 32,827,988 Sec. perch. undeAmer. Cities Pow.
5,230
livered
& Lt. Corp. el. A
Profits in suspense.
46,906
stock
65,164
59,906 Accounts payable_
c332,854
wig
Syndicate particip.
Accrued Bab. Incl,
58,169
600,595
taxes
85.931
(at market)Cash
1,258,489
407,138 Res. for canting
480,500
480,500
2,257,113 2,193,409
Accounts recelv
335,773
401,227 General reserve
Divs.& lat. reeely.
61,323
62,267 Capital
b27,513,550• 27,172,785
5,238,821 4,389,094
Surplus
Total
Total
35,628,051 34,359,121
35,628,051 34,359,121
a Investments, at valuation fixed by board of directors as to investments
acquired prior to Dec. 31 1930 and stock dividend stock acquired since
that date, and at cost as to investments purchased since that date. The
aggregate value, based on market prices on June 30 1931. was 537,037.750.
At June 30 1931. as compared with Dec. 31 1930, unrealized appreciation
is value of investments (on the basis stated in the respective balance sheets)
shows an increase of $948,826. b Serial class A stock, par value $50.
273,268 shares convertible optional dividend series, cumulative; class B
stock (no par) 2.770.030shares. c 9.400 shares convertible optional dividend series (par $50).-V. 133, p. 796.
American Light & Traction Co.
-Earnings.
For income statement for 3 and 12 months ended June 30 1931 see
Earnings Department" on a preceding page.
-V. 132. P. 3521
.
American Utilities Co.
-Earnings.
For income statement for 12 months ended June 30 see "Earnings Department" on a preceding page.
-V. 133. p. 118.
Associated Gas & Electric Co.
-43'% Debentures Offered in Exchange for Eastern Utilities Investing Corp. 5%
-See latter company below.
Debentures.
Associated Reports Increase in Electric Output.
For the week ended Aug. 1 the Associated Gas & Electric System reports
electric output totaling 60,507,335 units (kwh.), which is an increase
of 4,739,692 units, or 8.5%, over the same week of last year. Excluding
sales to other utilities, electric output totaled 51,366,242 units, or 1.1%.
lees than the corresponding week of 1930.
Gas output for the same week was 273,894,800 cubic feet, or 6.2%
under last year.
-V. 133, p. 796.
Bell Telephone Co. of Penna.-Earnings.For income statement for six months ended June 30 see "Earnings
-V. 133, p. 118.
Department" on a preceding page.
-New Interests.
Bigelow-Gas Corp.
-V.133. p.283.
See Tri-State Oil & Gas Corp. below.
.
Boston Elevated Ry.-Earnings.Years Ended June 301930.
1929.
Total receipts from all sources
531,202,320 533,597.154 534,312,806
Operating expenses:
15,481,260 16.002,334 16,295.105
Wages
Material, supplies and other items_ 3,047,354
2,946.319
3,064.407
Injuries and damages
891,483
920.099
1,210,168
Depreciation of road & equipment.. 2,732.174
2.851,914
2,847,900
Coal for power
840,613
986.709
1,055,746
Total operating expenses
$22,992.884 $23,707,378 524.473,329
Taxes
1,757,762
1.551.842
1,695,086
Dividends (Incl. rent of leased roads). 3,124.383
3,085,778
3,092.578
Subway,tunnel & rapid transit rentals 2,773,776
2,716.046
2,560.315
2 450,195 2.467,444
Interest on bonds and notes
2,538,583
bee x
Rent of leased roads
51,962
47,295
Miscellaneous items
69.010
67.683
85.771
Total cost of service
533.168.009 $33,648,133 $34,492,960
Loss or gain not including profit and
loss items
105551,965.689 loss$50,978 loss$180.153
Profit and loss delayed items
105s3,783
50,978
180.153
Total loss or gain, including profit
and loss Items
los41,969,473
-V. 133, 13. 118.
California Oregon Power Co.
-Exchange Offer.
The company is offering 6% cum. pref. stock, series of 1927, in exchange
for 7% and 6% cum. prof. stock, on a share for share basis.
This company, which is controlled by the Standard Gas 6c Electric Co..
flied an application with the California RR. Commission for authority
to effect the exchange which is to involve not to exceed 10,000 shares and
to be exchanged from time to time.
Permission was also sought to issue and sell 10,000 shares of 6% pref.
stock, series of 1927. to net the company not less than 96 The proceeds
derived from the sale of this stock will be used for additions and betterments.
It was announced that the exchange was being made voluntary by the
Standard Gas & Electric Co. In a move to reduce the 7% and 8% pref.
0
stock outstanding. As of March 311931, there was $2.883,000 of the 7%
and $1.000,000 of the 6% pref. stock outstanding. On the same date
there was $4,500,000 of the 6% pref. stock series of 1927 outstanding. e
Some months ago it was rumored that the California Oregon Power
would undertake a bond refunding program, but it is understood that
this has been postponed.
-V. 133. p. 477.
United Railways July 20 issued a certificate authorizing the
The L-S. C. Commission line of railroad beginning at a point on the
company (1) to construct a Spokane. Portland & Seattle Railway. 2.14
Portland-Astoria line of the near Linnton•Station, and extending northmiles west of United Junction,
now operated by it for log tram-Sale.
Calumet Rys., Inc.
westerly to a connection with the track with -its main line at the west end
The New York 'Times" of Aug. 4 had the following:
, which track connects
portation pu
Ore.
of 2,481 ft., all in Multnomah County.
Walter J. Cummings on Aug. 3 purchased the Calumet Railways, Inc.
8
.
3 a
Bridge UT7 3g distance railroad beginning at the present point of conof
and (2) to abandon a line of and the line of the Spokane at United Junction, the South Shore Line Motor Coach Co. from the Midwest Motor Coach
Co.from the Midland United Co. [The Midwest company was a subsidiary
nection between its main line
northwesterly to the west end of Bridge of the Midland Utilities'Co., which in turn is a subsidiary of the Midland
near Linnton, and extending
2.78 miles, all in Multnomah County. United Co.] The price Is understood tcrhave been in excess of 52,000.000.
U 2-7, of its main line, a distance of
The companies, which furnish street car and bus transportation to the
-v.90, p. 1364.
Ore.
entire Calumet district, are to be merged into a new corporation, the
Issue.
Wabash Ry.-Proposes $10,000,000 Noteauthority to pledge Chicago & Calumet District Transit Co. Much of the rolling stock will
be supplanted by trackless trolleys.
-S. C. Commission for
The company has asked the I.
510,000,000 in short term notes
In addition to being President of the new company, Mr. Cummings Is
certain stocks and bonds as collateral for
head of the Chicago & West Towns Railway Car & Coach Co.. Chiarman
to issue.
which it proposes
258.929 shares of Lehigh Valley of the board of the Des Moines By. director and Vice President
the
The securities to be pledged include In addition, the road will pledge J. G. Brill Co. and President of the Des Moines & Central RR. of132,
-V,
common stock which the company owns. Refrigerator Transit Co.. 8,250 p.3334.
the American
1,217 shares of stock of
Illinois RR. and $508,000 of
shares of stock of the New JerseyIndiana &
Canadian National Electric Rys.-Suburban Line to be
-year 4% terminal 'bonds.
its first lien 50
510.000.000 loan to be taken by a group Discontinued.
The Wabash is negotiating for a
of $8.450,000 of notes now
The company will cease to operate the line ofthe Toronto Suburban By. on
of banks in order to provide for the repaymentSt. Louis. The funds also
outstanding to banks in New York City and meet its cash requirements Aug.15. This line runs between Lambton and Guelph, Ont., Canada Further
road to
will provide further credit to enable the
limited capital expenditures action with respect to continuing operation of the line must come from the
to July 1 1932, for operations,sinking funds and
trustee for debenture stock, British Empire Trust Co.. Ltd., and to date
estimated at about $1,550,000.
maturing not later than no arrangements have been made. This line is one of those taken over in
The loan will be represented by promissory notes
an amalgamation back in 1923 and business has been seriously curtailed
,
one year from date and bearing 4.35% interest.
will be immediately through presence of paralleling highways which have stimulated competition
Of the total $10,000,000 credit, only $8.500,000 upon only when and by bus, truck and automobile. See also V. 133, p. 639.
be drawn
available. The balance of 51.500.000 willadditional collateral.
-Earnings.
Central Power & Light Co.
as required by the company and without discussions with bankers, It is
The application stated that from the
For income statement for 3 and 12 months ended June 30 see "Earnings
reasonably certain that the credit can be arranged as soon as the company Department" on a preceding page.
-V. 132. p. 4757.
secures the necessary authorization.
AUG. 8 1931.]
• FINANCIAL CHRONICLE
-Stockholders Increase.
Central Public Service Corp.
The number of stockholders of this corporation increased at the rate of
nearly 1,000 per month during the first six months of 1931. according to
figures released on Aug. 3. Holders of the corporation's securities on July 1
totaled 70,706. an increase of 5,939 over the 64,767 stockholders on Jan. 1.
Practically all of the increase was in the customer holders of $4 pref. shares.
Holders of this stock totaled 18,913 on July 1 compared with 13,226 at the
-V. 133, 13. 796.
first of the year.
953
the
Jan. 1 1932 at 105 and int. Payment will be made at the office of will
trustee, the Irving Trust Co., 1 Wall St., N. Y. City. The company
purchase any of these bonds presented for purchase prior to Jan. 1 1932.
at the office of the trustee at 105 and int., discounted on a true discount
-V. 133, 12.• 478.
basis at the rate of 234% per annum.
-Over $12,000,000 of
Eastern Utilities Investing Corp.
-The Associated
5% Bonds Deposited Under Exchange Offer.
Co., Inc., in a recent letter to the
-Comparative Bal. Sheet.
- Gas & Electric Securities
States Electric Corp.
Central
holders of 5% gold debentures, due 1954, of Eastern Utilities
[Including Wholly Owned Subsidiaries.1
June 3031. Dec. 3130. Investing Corp., said in part:
June 3031, Dec. 31'30.
Assets
Investments -__b90,381,661 102,228,689 5% cony. debs.
series due 1948_17,377,000
Cent. States Elec.
Optional 536%
Corp.stock:
871,370
debs., ser. due
5% cony. debs_
1954
657,525
24,171,000
7% pref.stock_ 661.123
Notes payable_ __ 2,500,000
6% pref.stock_ 230,258
Accts. payable_
Cony. pi. stock 123,753
Syndicate part__ 122,441 1,351,532 See.purchased undelivered
1,812,290 2,020,852
25,508
Cash
Prof. in suspense_ 379,720
Securities sold un294,068 Miscell. accrued
159,961
delivered
47,924 liabilities
1,684,123
Misc.accts. rec_ - 112,397
Dividends pay _ 825,997
Unamor. discount
578.022
on debentures_ 2,293,923 2,474,213 Res.for coating
Capital
a32,557,474
Surplus
15,798,964
18,672.000
25,000,000
3,000,000
251,322
36,032
1,519,784
1,518,428
527.000
44.202,728
15,218,880
The market action of the Eastern Utolties Investing Corp. 5% gold
debentures, due 1954, has indicated that many of the holders of these
debentures wish to dispose of their holdings, in spite of a satisfactory
earnings showing for the year 1930 and assurance by the bankers, Harris,
Forbes & Co., who, with Halsey Stuart & Co., Inc., headed the syndicate which sold this issue, that the debentures were adequately protected.
The selling is apparently due principally to the fact that investment company securities, such as those of Eastern Utilities Investing Corp., are
safety
not in favor with the investing public, who seemingly fear for the prices.
of income and principal in the face of the continued decline in security
For the benefit of those holders who may be desirous of substituting
utility
the obligation ot a company which controls and operates publicElectric
properties for that of an investing company, Associated Gas & limited
Securities Company, Inc., hereby offers the opportunity, for a present
period, subject to the conditions stated below, of exchanging their
holdings of such debentures, on a par for par basis, tor Associated Gas
1949. Accrued interest
& Electric Co. cony. 434% gold debentures due depositary named below
will be adjusted, as of the date of delivery to the
of the debentures of Associated Gas & Electric CO., so as to be continuous
but not overlapping.
gold debentures due
The Associated Gas & Electric Co. cony. 434
1949 are selling at a price considerably above the Eastern Utilities debenparity with other debentures of Associated Gas &
tures. They are on a
Electric Co. and are convertible by their terms into its class A stock, at
the option of the holder only. They are available both in coupon and
fully registered form.
Holders desiring to accept this offer should deposit their debentures
with the public National Bank & Trust Co. of New York, 76 William St.,
N. Y. City, depositary.
95,897,810 109,946,174
Total
95,897.810 109,946.174
Total
a 7% preferred stock. issue of 1912, cumulative (par $100). 75,433 ells.:
serial preferred stock (par $100), preferred stock 6% series. 101,230 shs.:
convertible preferred stock, optional dividend series. 15,838 shs.: convertible preferred stock, optional series of 1929, 36,636 shs.• common
stock (no par), 9.648,540 shs. b Investments, at average cost including
'
valuation placed by the board of directors upon stock dividend stock received (carried to surplus) except as to common stock of Shenandoah Corp.,
valued at below cost, $103.895,531 less reserve of $13,513,871 (consisting of
$11,897,373. transferred from capital surplus arising from reduction of stated
value of common stock pursuant to authority granted by stockholders.
Feb. 11 1931; and $1,616,497 appropriated, as an interim reserve, from inA later notice to the holders of 5% gold debentures due
come for the six months period ended June 30 1931), $90,381,661. The
aggregate value, based on market prices on June 30 1931 (less cross-holding 1954 stated in part:
Utilities
Notice is hereby given that the requisite amount of Eastern with the
reserve of $3,180,079), was $98,120,970. At June 30 1931. as compared
with Dec. 31 1930, unrealized depreciation in the value of investments Investing Corp. 5% debentures due 1954 having been deposited exchange
in the respective balance sheets) shows a raluction of Public National Bank & Trust Co. of New York under the offer to
(on the bases stated
$15,838,714 (determined before deduction from book value at June 30 1931 said debentures, the offer has been declared operative.
For the benefit ot such remaining holders of 5% debentures as desire to
of investment reserve transferred from capital surplus).
business
The corporation is obligated to deliver 16.553 shares of the North Ameri- make this exchange, the offer has been extended until the close of
can Co. common stock at $82 per share upon the exercise of outstanding Aug. 31 1931. No further extension can be made.
been made
In view of the large volume of deposits an arrangement has512.000,000
purchase warrants exercisable on or before May 1 1933; also, 24.197 shares
to $15,000.000.
at $50 per share upon the exercise of an option extending to July 31 1937. to increase the maximum to be accepted deposited, at the Over deposits are
rate
of the debentures having already been
-V. 133, p. 796.
now being received it Is likely that the maximum limit will soon be reached.
Chicago & Calumet District Transit Co.
-Acquisitions. -V.133, P. 797.
See Calumet Rye- Inc. above.
-To Start Drilling.
Elmira Natural Gas Corp.
This corporation, which holds leases on more than 2,000 acres in the
Chicago Local Transportation Co.
-Plan Upheld.
expects to start
Circuit Court Judge Stanley H. Klarkowski, at Chicago. in a written Tioga field and leases on other lands in New York State,by President J.
opinion has upheld the ordinance and the enabling legislation working drilling operations in the near future, it is announcedMeaker well, the
toward consolidation of the Chicago traction companies into the Chicago Norton Wood, The Tioga leases are located near the
Gas
Local Transportation Co. The case will be appealed to the Supreme Court Close wells and nearby producing wells of the Lycoming Natural Gas
of Illinois for final decision. The Supreme Court is not likely to reach a Corp., the Sylvania Gas Co., and holdings of the Penn-York Natural &
Co.. a subsidiary of Cities Service Co., and the Pennsylvania Power
decision intil late this year.
Light Co. The firm owns an interest in the Ashton No. 1 well in the
Dissenting Committee to Oppose Plan Formed.
Tioga field.
In addition to Mr. Wood, officers of the corporation include: Thomas J.
Formation of a committee to oppose the Insull reorganization plan for
Chicago traction companies has been announced. The dissenting com- Bush, Vice-President: Verne G. Wells, Secretary and Charles Kretschman,
-V. 132, p. 4239.
mittee is composed of Darrow B. Fulton, Chicago, representing the estate Treasurer.
of Nancy Carver Lathrop Campbell, daughter of'Levi Z. Leiter: W. Wallace
-Consolidated Balance
Engineers Public Service Co.
Alexander, estate of William L. Elkins, Philadelphia; H. 0. Edmonds,
Chicago, estate of John F. Bass, and C. H. Wilmerding, Secretary, expert Sheet June 30.1930.
on Chicago's traction problems. The committee contends that those who
1931.
1930.
1931.
deposited securities under the plan should now be permitted to withdraw
$
LiabilitiesS
Assets
them because after the plan was declared operative it was found necessary Prop., plant, &c.320,845,776 294,248,156 Preferred stock _y41,075,334 y33,911,839
1,791
to test its legal basis in the courts.
796
Pref, stock scrip
Excess of stock
The committee has submitted a booklet with calculations supporting its
Common stock_ z58,056,963 z58,038,605
value of sec. of
8,840
objections to the plan. In it the committee charges that the plan would
6.232
Corn,stock scrip
sub. cos. as Of
dilute Surface Lines bonds and discriminate against all classes of Surface
Pref. stk.(subs.)a71,252,752 68,487,308
date acaulsit'n
Lines security holders to the extent of many millions of dollars for the
Prem. on stock
over par or
152,408
benefit of the holders of the present Elevated Line securities.
103,704
_
(subs.)...
stated value
"The Elevated's allotments represent 45% of the total voting power,"
8,956,626 Stock subscribed
thereof
reads the analysis of the dissenting committee. "This compares with a Investments
62,647
for (subs.)
14.667,514 14,698,951
contribution of earning power ajdusted for depreciation, of 19% of the Cash
4,272,475 5,496,192 Bonds (subs.) 153,480,500 138,421,000
total earning power on the basis of results for the 12 months ended Jan. 31 Notes receivable
notes
293,902 Coupon
393,480
1930, or 13% if the results of the last fiscal year were used as the basis of Accts.receivable 7,416,807 7,544,239 (subs.)
. 3,000,000 4,370,500
calculation." Such voting power is said to give control of the new company Mail & supplies 3,414,939 3,445,303 Notes payable
10,165,000 1,648,491
Elevated's securities for which no earnings over have Prepayments_
to holders of the
814,504 1,125,672 Accts. payable__ 1,653,029 1,902,189
accrued when adjusted for depreciation according to the 1930 ordinance Subscr.to stock_
Accts.not yetdue 4,312,681 4,831,348
38,245
582,935
efo
591,659
Sinking funds__ x7,688.029 7,067,531 Divs. declared__
recirermeethe Surface Lines' apportionment of earnings under the plan can Special deposits_ x5,158,978
nts
'
595,891 Retire. reserve__ 21,443,589 20,627.905
374,493
even approach the amount they will have contributed, the Elevated's will Unamortiz. debt
318,436
Oper. reserves
have been rnultipled over 234 times, the committee declares. Such ap723,075
750,128
disc.& exp.__ 8,589,912 7,183,170 UnadJust.eredits
portionment of voting power and earning power is said to be particularly UnadJust. debits
590,122 Min. int. in cap.
670,058
unjustifiable in view of evidence of inefficient operation of the Elevated
and surplus of
and efficient operation of the Surface Lines.
subs. (earned)
888,545
In summarizing its case the committee further states the opinion that the
763,806
sup.8180,636
proposed financial structure of the new company is unsound, in that the
Earned surplus 6,933,461 16,274,483
sale of junior securities will be practically impossible. This will result in
failure to extend the properties according to franchise obligations, or in
373,970,718 351,245,758
Total
373,970,718 351,245,756
Total
dilution of present securities almost without limitation.
-V. 133. P. 639.
x Includes $7,788,000 bonds of subsidiaries held in sinking funds and
158,080 shares of $5 dividend
in escrow, uncancelled. y Represented by
Chicago Railways Co.
-Interest Payment.
dividend preferred and
The Committee on Securities of the New York Stock Exchange having convertible preferred. 196,921 shares $5.50 cumul,
of no par value.
received notice that interest due Aug. 1 of 254% is being paid on the let 75,000 shares $6 cumul. dividend preferred stock, all a Represented by
value.
mtge. 5% gold bonds, due Feb. 1 1927 (stamped as to return of 15% z Repre,sented by 1,909,713 shares of no par
-V. 133, p. 119.
757,133 shares.
principal) upon presentation of bonds for endorsement of payment. The
Committee ruled that said bonds be ,
quoted ex-interest
% on Aug. 1.
-Usual Stock Dividend.
Federal Light & Traction Co.
that the bonds continue to be dealt in 'flat. -V.132, p. 4586.
The directors have declared the regular quarterly dividend of 3734c. per
on the common stock, both payable
share in cash and 1% in common stock
Columbus Ry., Power & Light Co.
-Earnings.
Like amounts were paid in each of
For income statement for 12 months ended June 30 see "Earnings Oct. 1 to holders of record Sept. 14.p. 4758.
-V. 132,
the 10 preceding quarters.
Department" on a preceding page.
-V. 132, p. 3334.
Fifth Avenue Bus Securities Corp.-Bal. Sheet June 30.
Consolidated Gas Co.(N. J.).
-Bonds Called.
1930.
1931.
Mobilflies1930.
1931.
AssetsHolders of 1st & ref. mtge. 50-year 5% gold bonds due April 1 1965,
515,503 Capital stock_ _ - _ x$8,843,708y$5,843,468
518,262
totaling $1,000,000, are notified that the Jersey Central Power & Light Cash
22,639
19,502
3,998 Surplus
4,376
Co., successor to the Consolidated Gas Co. of New Jersey, has elected Accts.receivable 5,843,708 5,843,468
to call and redeem on Oct. 1 1931 all bonds outstanding on that date at 110 Investments
and int. Payment will be made at the Bankers Trust Co., trustee, 16
55,866,347 55,862,969
55,866,347 85,862,969 Total
Total
Wall St., N. Y. City.
x Represented by 590,564 no par shares.
The company will purchase any bonds presented for purchase prior to
Our usual comparative income account for 6 months ended June 30 1931
Oct. 1 1931 at the office of the trustee, at 110 and int. to Oct. 1, discounted was
published in V. 133. P. 785.-V. 133, p. 797.
0110 true discount basis at the rate of 2% per annum.
-V.124, p. 3627,
Consolidated Gas Utilities Co.
-Omits Dividend.
--
The company has omitted the regular quarterly dividend of 55c. per
share on its class A stock, due at this time. This company is controlled
by the United Gas Corp., which owns a majority of the stock.
-V. 132, p.
4238.
-Earnings.
Florida Public Service Co.
For income statement for 12 months ended June 30 see "Earnings
-V. 133, p. 478.
Department" on a preceding page.
General Gas & Electric Corp.-Regulai Dividends.
The directors have declared the regular quarterly dividends of 734c. per
share on the class A common stock and on the class B common stock, both
payable Oct. 1 to holders of record Aug. 31.
-V.132, p. 2190.
See Northwestern Bell Telephone Co below.
Dividends on the common stocks, class A and class B, will be applied to
Dominion Gas & Electric Co.
-Bonds Used to Pay for the purchase of common stock, class A, at the rate of $5 per share, and
certificates for full shares and scrip for fractional shares will be issued to
Subscriptions to American Equities Co. Stock.the holders of such stocks unless written notice is given to the corporation
? See International Utilities Corp. under "Industrials" below.
-V. 132, prior to Sept. 10 1931 by said holders of their election to take said dividends
in cash, Upon request the corporation will retain the scrip for fractional
p'4408
shares and credit same to the stockholders' account until a full share has
-To Retire Bonds.
Eastern New Jersey Power Co.
accumulated, at which time a full share certificate will be delivered.
Holders of 1st mtge. gold bonds. 6% series of 1949, 534% series of 1949,
On July 1 and Oct. 1 1930 and on Jan. 2 1931, the company paid a
5% series of 1949. and 5% series of 1959, aggregating$10.300.000. are quarterly dividend of 734c. per share on the class B common stock, while on
notified that the company has elected to call and redeem these issues on July 1 last a distribution of 15c. per share was made on this issue.
Dakota Central Telephone Co.
-Merger Proposed.
-
954
FINANCIAL CHRONICLE '
[VOL. 133.
The directors have also declared the regular quarterly dividends of
New Bedford Gas & Edison Light Co.
-Rates Upheld.
$1.75 per share on the $7 cum. pref. stock and $2 per share on the $8 cure.
The Massachusetts Department of Public Utilities has denied the appref. stock, payable Oct. 1 to holders of record Aug. 31.
The directors further declared the regular quarterly dividend of $1.50 plication of customers of this company for a reduction in electricity rates.
per share on the $6 cony. pref. stock, series A and B. payable Sept. 15 to Revenues have been falling off whUe local taxes have been increased, stated
the Commission in its decision.
holders of record Aug. 14.-V. 132. p. 4587.
At the same time. the Commission denied the petition of the company for
authority to purchase property of Marion Gas Co. Both companies are
-Franchise Signed.
Illinois Bell Telephone Co.
-V.132, p.4241
Mayor Cermak of Chicago Ill. on July 30 signed the ordinance for the controlled by the New England Gas & Electric Association.
franchise of the above company. The franchise will cover a period of 23
New England Gas & Electric Assn.
-Earnings.
years and according to its terms the City of Chicago will have immediately
For income statement for 12 months ended June 30 see "Earnings
available $4.500.000 on back compensation due for the period since the old Department" on
a preceding page.
-V. 133, p. 287, 121.
franchise expired in January 1929.
The telephone franchise ordinance was passed July 20 after an all-night
New York Steam Corp.
-Government Contract.
battle in the council by a vote of 37 to 12. The contract of the telephone
The largest
company with the city government will expire in 1952 after which six Government supply of purchased steam ever arranged for by the U. S.
will be furnished by the above corporation to the U. S. Treasmonths' notice by either city or company is sufficient to terminate it.
ury Department
Revenue to be paid the city is fixed at 3% of the company's gross revenues rangement, not for its buildings on Manhattan Island. Under this aronly all these Government buildings now being supplied,
while the old ordinance specified gross receipts.
The company has accepted the franchise recently passed by the Chicago but all those to be erected in the future and adjacent to its system of mains
will be provided with steam for heating and miscellaneous purposes by the
City Council and gave the city a check for $4.759.709, of which 34.454.864 corporation.
was for back franchise taxes from Jan. 8 1929 to March 31 1931 and the
Buildings now operating individual boilers will abandon these and the
balance $304.845, was accrued interest on the amount due since the expiration of the former ordinance. Second quarter franchise taxes will be new buildings will be erected without steam generating plants, depending
entirely upon the New York Steam Corp. for their supply. When all the
due on Sept. 1.
buildings now contemplated by the Government are completed, the total
cubic capacity to be heated by this arrangement will be approximately
Earnings.
For Income statement for six months ended June 30 1931 see "Earnings 100,000,000 cubic feet, which is equal to about three times Die cubic caPacitY
of the Empire State Bldg. It will require close to 500,000,000 pounds of
Department" on a preceding page.
-V. 133, p. 119.
steam per year to meet this demand for heating, hot water supply and other
Illinois Power & Light Corp.(& Subs.).
-Earnings.
-- purposes.
Buildings included in the new arrangement are the new Parcel Post Bldg.
For income statement for 12 months ended June 30 1931 see "Earnings
at 29th and 30th Streets, 9th to 10th Ayes.: the Pennsylvania Post Office
Department" on a preceding page.
Bldg. on Eighth Ave. from 31st to 33rd Streets: the Federal Court House
Consolidated Balance Sheet June 30 1931.
and Downtown Post Office, Park Row and Broadway: the Sub-Treasury
Bldg. at Wall and Nassau Streets; the proposed Annex to the Pennsylvania
Assets
Liabilities
Fixed capital
$218,778,097 Capital liabilities
x$225,042,000 Post Office on Ninth Ave., 31st to 33rd Streets: the Appraisers' Stores
Cash held by trustee
240,026 Notes payable
504,000 Bldg. at Varick and West Houston Streets; the Custom House in Bowling
Cash & due from banks__
2,010.210 Green: the Government Warehouse at Washington and Christopher Streets;
3,107.680 Accounts payable
Notes & accounts receivable 5,116,522 Consumers deposits
704.851 the new Assay Office Bldg. at South St. and Old Slip; the proposed Federal
Materials dr supplies
2.708,455 Taxes accrued
1,766,852 Court Bldg.: and the proposed Federal Office Bldg. on Vesy St.
Prepayments
Not only is this the largest contract of its kind ever awarded by the Gov287,820 Int. az diva. accrued
1,871.650
Misc. investments
7,607,196 Accounts with OM. cce____
79.789 ernment but it is with one exeption the largest closed by the New York
Sinking fund
112,891 Paving assessments
339.583 Steam Corp.: the exception being for supplying steam for all purposes to the
Special deposits
164.130 New York Central group of buildings which constitute a total capacity of
1,908,365 Adv. on pref. stock sales-Accts. with aft! cos
3,413,074 Arise. def. credits
119,237 200,000,000 cubic feet and require 1.500.000,000 pounds of steam per year.
Unamortlzed bond discount 4,882,245 Reserves
13,093,591
By purchasing its steam instead of generating it individually at each
Misc. def. debits
237,582 Surplus
3,321,559 building, the Government is not only effecting a large saving in fuel bills,
Treasury securities
but by being relieved of the necessity for boilers in these buildings, the
617,500
Government will be able to add 75,000 sq. feet in usable
for office or
Total
$249,017,453 storage purposes. The Government will also save a largespacewhich would
Total
$249,017,453
sum
Includes $39.792,200 of $6 cumulative preferred stock represented have to be spent for the purchase of an installation of boilers and for the
maintenance of a crew to operate the equipment.
by 435.000 shares, no par. and $30,000,000 of common -stock represented
This contract will also mean a marked contribution to the elimination of
-V. 133, p. 286.
by 600,000 shares, no par.
traffic congestion and smoke abatement in New York. To supply the coal
and carry away the ashes for Individual heating of these buildings, would
Illinois Water Service Co.
-Earnings.
For income statement for 12 months ended June 30 gee "Earnings require about 100 five-ton trucks on the coldest winter day, and of course,
the fumes and smoke resulting from individual heating will be entirely elimDepartment" on a preceding page.
-V.133 p. 641.
inated.
Intercontinents Power Co.
The corporation is planning to spend $25,000,000 for expansion in the next
-Earnings.
For income statement for 12 months ended April 30 see "Earnings five years in order to meet the demands of this and other large contracts
that have been obtained. It now operates five central steam generating
Department" on a preceding page.
-V.133, p. 797.
p ants .nd more than 60 miles of steam mains in Manhattan.
p.2 87a
l 3
-V. 132,
Interstate Railways Co.
-Earnings.
For income statement for six months ended July 31 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet July 31.
Assets1930.
1931.
Liabilities1930.
1931.
Invests., securs___$9,402,417 $9,479,194 Coll, trust bonds__$7,908.400 $7,908.400
Accts.receivable__
876
1,010,000 1,010.000
770 Capital stock
653
Cash
562,492
485,548
927 Profit 6:loss
89,403,948 89,480,892
Total
V. 132. p. 2581.
-
Total
$9,403,949 $9,480,892
Jersey Central Power & Light Co.
-Bond Redemption.
-
New York Water Service Corp.
-Earnings.
-
For income statement for 12 months ended June 30 see "Earnings
Department" on a preceding page.
-V.133, p. 642.
Niagara Lockport & Ontario Power Co.
-Sale of Plant.
The New York P. S. Commission on July 31 approved the sale of the
electric plant of this company in Jamestown, N. Y., and in the villages
of Falconer and Celeron and part of the town of Ellicott. Chautauqua
County, N. Y., to the City of Jamestown, which will hereafter serve the
city and these surrounding municipalities with electricity.
This sale is the result of negotiations started by Chairman Milo R.
Maltbie of the Commission, who suggested that the company sell its plant
to the City in order to eliminate duplication of service and competition in
the city of Jamestown. In approving the sale the Commission adopted
an opinion written by Commissioner Maurice C. Burritt.
The purchase price is $750.000, of which $300,000 will be paid when
Possession is taken. This will be paid from the accumulated surplus earnngs of the municipal plant and the remaining payments will be made from
future earnings of the plant in five annual instalments of $100,000 each
and a final instalment of $50,000.
A 10% reduction in rates in Jamestown, N. Y., Is proposed to be made
by the City in the near future.
-V.132, p. 4242.
Prom the proceeds of the recent bond financing made by this company,
consisting of $32,000,000 1st mtge. 4%% series C bonds (V. 132, p.4761),
the company has arranged for the redemption of a substantial part of its
former funded debt, bearing larger rates of interest. These redemptions
Include 317,572.000 1st mtge. & ref. 5 % gold bonds: 32.000.000 Consolidated Gas Co. of N. J. 5% gold bonds and $761,000 Monmouth Lighting
Co. 1st mtge. collat. trust 5% gold bonds.
The company has offered to purchase any of these bonds, discounted
on a true discount basis, so that holders may obtain the proceeds immediately.
The company has also deposited sufficient funds to pay all the outstanding 1st mtge. 5% bonds of Shore Lighting Co.and 1st mtge.5% bonds
Northwestern Bell Telephone Co.
-Asks I.
-S. C.
of Lake wood Gas Co.
In addition to the funds provided for refunding purpoks, a portion of the Commission for Authority to Acquire Controlling Stock Inorest
financing was used to acquire all of the assets of the Eastern New Jersey in Two Companies.
Power Co. This latter company likewise has called for redemption all
The company has asked the L-S. C. Commission for authority to acquire
of Its outstanding 1st mtge. bonds, aggregating $10.300.000.
The
company has also offered to purchase these bonds through the trustee on a controlling stock interest in the Tri-State Telephone & Telegraph Co.,
which operates in southern Minnesota. Including the telephone exchange
-V. 133, p. 797. 480.
a true discount basis.
In St. Paul. The Northwestern will acquire 99,198 shares of stock of the
Tri-State company out of a total of 100.000 shares for $19,501,101. This
Kansas Power & Light Co.
-To Issue Stock.
The Kansas P.S. Commission has granted an application of this company stock is now held by the Tri-State Consolidated Telephone Co., which conto issue stock in the amount of $24,600.000. The company intends to trols the Tri-State Telephone & Telegraph Co.
The Northwestern in another application has asked the Commission for
take over the obligations and management of the United Light & Power authority to
Co., the Kansas Pipe Line & Gas Co., the Western Gas Co., the Western Co. at their acquire the principal toll lines of the Dakota Central Telephone
book value, which was about $1,078.000 as of Oct. 31 1930.
the McPherson Gas Co. and the Kingman County Gas Co. The
Pipe Line Co.,
Dakota Central operates in North and South Dakota.
-V.132,D.3714.
V.
- 132. p. 4054.
-Earnings.
Keystone Telephone Co.
For income statement for 6 and 12 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 133, p.'641.
-New Interests.
Lamoska Power Corp.
See Tri-State Oil tSc Gas Corp. below-V.120, p.2147.
-Earnings.
Michigan Gas & Electric Co.
For income statement for 3 and 12 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 132, D. 3884.
-Sells Motor Coach Subsidiary.
Midland Utilities Co.
See Calumet Rys., Inc., above.
-V. 132. D. 3146.
Monmouth Lighting Co.
-Bonds Called.
Holders of 1st mtge. & coll. trust 30
-year 5% gold bonds due June 1
1946 are notified that the Jersey Central Power & Light Co., successor to
Monmouth Lighting Corp., has elected to call and redeem on Dec. 1 1931
Payment will be
all bonds outstanding on that date at 105 and in
made at the Freehold Trust Co.. trustee. Freehold, N. J.
The company will purchase any bonds presented for purchase prior to
Dec. 1 1931 at the office of the trustee, at the redemption price of 105
and int. to Dec. 1. discounted on a true discount basis at the rate of 23 %
,
5
per annum.
-V. 120. p. 1327.
National Electric Power Co.
-July Output.
Operating subsidiaries of this company and National Public Service
Corp. report total electric output for July of 168.070.000 kwh. This
represents an increase of 20.8% over July 1930, when total production
amounted to 138.109.000 kwh.
Total output in the first seven months of the year amounted to 1,000,734,000 kwh.,again of 16.9% over the same period in 1930. The National
group is the eastern division of the Middle West Utilities System, operating
almost entirely along the Atlantic seaboard.
-V. 133. D. 481.
Earnings.
Per income statement for 3 and 12 months ended Arne 30 see "Earnings
Department"on a preceding page.
-V.133. p.481.
National Public Service Corp.
-Earnings.
-
For income statement for 3 and 12 months ended June 30 see "Earnings
Department on a preceding page.
-V.133. p. 798.
Ohio Water Service Co.
-Earnings.
For Income statement for 12 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 133, p. 642.
Oregon-Washington Water Service Co.
-Earnings.
-
For Income statement for 12 months ended June 30 see "Earnings
Department" on a preceding page.
-V.133, p. 642.
Pacific Public Service Co.
-Earnings.
For income statement for three and six months ended June 30 see "Earnings Department" on a preceding page.
-V. 133, p. 121.
Pennsylvania State Water Corp.
-Subs. to Expand.
-
Growth of the canning industry in Cambridge, Md., has necessitated
considerable expansion of the plant of Dorchester Water Co. a subsidiary
of the Pennsylvania State Water Corp., which in turn is a subsidiary of
'
the Community Water Service Co. it is announced. The work now in
progress will give the company an Added capacity of 1.728,000 gallons of
water per day. Two automatic turbine-type pumps, with a combined
capacity of 2,304,000 gallons daily, are being installed to take care of the
additional load.
-V. 131. D. 2696.
Pittsburgh Suburban Water Service Co.
-Earnings.
-
For income statement for 12 months ended June 30, see "Earnings
Department" on a preceding page.
-V.133. p. 643.
Public Service Co. of Northern Illinois.
-Permanent
Bonds Ready.
Permanent 1st lien & ref. mtge.4% gold bonds. series F, due April 1
1981, are now ready and exchangeable for the temporary bonds originally
Issued, Halsey, Stuart & Co., Inc., announces.
-V. 133. D. 799.
Radio Corp. of America.
-Court Asks Additional Particulars Be Filed by 11 Tube Manufacturers.Judge Melds in the U. S. District Court at Wilmington, Del., has handed
down an order directing that additional particulars be filed by the 11
Independent radio tube companies who have filed damage suits totaling
323.500.000 against the corporation.
The court order directs the 11 companies, who have joined in one action,
to name in the bill of particulars all radio tube dealers who cancelled orders
and refused to pay for tubes already purchased because of inability to
AUG. 8 1931.]
FINANCIAL CHRONICLE
because of inability to dispose of the tubes by reason of Clause 9 in the RCA
licensee contract and to name and specify the plants of the 11 companies
which are alleged to have been disorganized and rendered unfit by reason
of Clause 9. The court also ordered the plaintiffs to name the radio
tube dealers who refused to buy the plaintiffs tubes and to specify the
quantities of tubes which the plaintiffs sold between January 1925 and
March 1927 and the prices the plaintiffs received.
The court refused to order the plaintiffs to supply additional information
Which had been sought by Radio Corp. of America and also refused to order
the plaintiffs to file a detailed account of damages they suffered.
Grants License.
The Freed Television & Radio Corp. effective Aug. 1, will manufacture
television and radio equipment under adirect license of the Radio Corp. of
'
America. The new licenses now being issued by the latter cover television
patents held by this corporation as well as radio.
Earnings.
For locome statement for three and six months ended June 30 see
"Earnings Department" on a preceding page.
-V. 133. p. 799. 643.
Rhine-Westphalia Electric Power Corp. (RheinischWestfalisches Elektrizitatswerk Aktien-Gesellschaft),
Germany.
-To Increase Capitalization.
The stockholders will vote Aug. 14 on increasing the authorized capita
stock from Rm.243.000.000 to Rm.246.000,000.
The share capital at present amounts to Rm. 243,000,000, consisting
of 589,000 bearer shares having a nominal value of Rm. 400 each and
370.000 registered shares having a nominal value of Rm. 20 each. It is
now proposed to increase the share capital by Rm. 3,000,000 by issuing
150,000 registered shares with a nominal value of Rm. 20 each, thereby
increasing the total share capital to Rm.246,000,000.-V. 133, p. 799.
Rochester Gas & Electric Corp.
-Earnings.
-
For income statement for twelve months.ended June 30 see "Earnings
Department on a preceding page.
-V. 133, P. 799, 288.
Rockford (Ill.) Electric Co.
-Bonds Called.
-
955
Security -Secured by pledge with the trustee of all of the bonds and
capital stock (except a 1% minority interest in the capital stock of one
subsidiary) of the subsidiary companies operating in West Virginia, Including $1,250,000 of bonds. Company will covenant that no additional
first mortgage bonds of natural gas subsidiary companies will be issued
unless they are simultaneously pledged as additional security for the first
lien sinking fund gold bonds, subject, however, to the right of the company to issue additional first lien gold bonds against additions, extensions
and improvements to the presently existing properties. In addition, there
will be pledged with the trustee all capital stock of all other present operating subsidiary companies.
Based on valuations by Loeb & Shaw, Inc., the properties owned by
the subsidiary companies have a sound value largely in excess of the first
lien sinking fund gold bonds to be presently outstanding.
Earnings -For the 12 months ended April 30 1931 the consolidated
earnings of company and its subsidiaries, giving effect to this financing,
have been as follows:
$818.926
Gross earnings, all sources
524,743
Oper. exps., maint. & local taxes, and prior charges ofsubs
Net earnings before interest, reserves and Federal taxes_ ___ $294,183
Annual interest requirements on 1st lien sinking fund gold bonds
60,000
(this issue)
Net earnings as shown above were 4.9 times annual interest requirements on the first lien sinking fund gold bonds to be presently outstanding.
After deducting depreciation and depletion in the amount of $102.019.
there remains a balance of 6192,164,or 3.2 times such interest requirements.
Sinking Fund.
-Company will covenant to make sinking fund payments
to the trustee on June 1 of each year from 1933 to 1940, inclusive, such
annual payments increasing from $50,000 to $100.000 during the years
mentioned. All moneys in the sinking fund are to be used exclusively for
the purchase, acquisition, retirement or redemption of bonds of the 6%
series due 1941 at or below the current redemption price, and all bonds so
acquired are to be canceled. More than 63% of this series should be retired
prior to maturity by the action of the sinking fund.
Management.
-General supervision of the properties will be under the
-V. 133, p. 800.
direction of Loeb & Shaw, Inc.
-Earnings.
Southern Ice & Utilities Co.
Twenty-three thousand dollars (823,000) 1st & ref. mtge. 5% 30
gold bonds, due March 11939. have been called for payment Sept. 1-year
next
at 105 and int. at the Guaranty Trust Co.,successor trustee, 140 Broadway,
N. Y. City.
-V. 131, p. 3877.
For income statement for 12 months ended June 30 see "Earnings De-V. 133. p. 122.
partment" on a preceding page.
San Antonio Public Service Co.
-Court Continues Suit
for Forfeiture of Charter Brought by State.
-
For income statement for 6 months ended June 30, see "Earnings De-V. 133, p. 122.
partment" on a preceding page.
-Earnings.
Southern Natural Gas Corp.
The suit for forfeiture of the charter of the company and for an injunction
-Dividend Earned.
Southwest Gas Utilities Corp.
to restrain it from doing business filed in the District Court at Austin, Tex.,
recently by Attorney-General James Allred, has been continued by Judge
In connection with the passing of the quarterly dividend due Aug. 1
Charles A. Wheeler to Oct. 5. The company is alleged to have engaged on the $6.50 cum. pref. stock. President Charles 0. Laskey reported that,
in the sale of gas and electric supplies and equipment which business it is although the dividend was earned, the board felt it necessary to conserve
the company's cash position until some of its present problems were settled
held is not permitted by its charter.
-V. 129. p. 129.
and business conditions gave prospects of a return to normal. He added
Sandwich Windsor & Amherstburg Ry.-Acquisition. that the management had been successful in effecting substantial economies
Financial responsibility for Windsor's street railway system became in operating and administration costa, as well as in the costs Of gas pus"
vested In the above company when the directors at a meeting on July 31 chased.
went through the formalities necessary to take the system over from the
Earnings.
Ontario Hydro Electric Commission.
For income statement for six months ended June 30 see "Earnings
One of the formalities complied with was the passing of a $500,000
-V. 133, p. 800.
debenture by-law to guarantee deficits, this guarantee being demanded by Department" on a preceding page.
the Commission which continues to operate the system for the new com-Tenders.
Stamford & Western Gas Co.
pany. (Detroit "Free Press.")
-V. 110, p. 1643.
The New Jersey National Bank & Trust Co.. 790 Broad St. Newark,
Societe Financiere de Transports et d'Entreprises N. J., will until Aug. 20 receive bids for the sale to it of 1st (closed) mtgs.
7% sinking fund gold bonds, dated April 1 1928, to an amount sufficient
Industrielles ("Sofina").-1930 Results.
The company, better known as Sofina, reflected, in its annual earnings to exhaust $27,000 at prices not exceeding 102)i and int.-V. 130. ri• 3541.
of 155,432,000 Belgian francs against 116,217,000 in 1929, the healthy
Toronto Suburban Ry.-Discontinues Operation.
growth taking place in European electrification, despite depression.
-V. 120. Iiii• NIL
See Canadian National Electric Rys. above.
Total assets amounted to 2.824,000,000 francs on Dec. 31 1930, against
3.019,000,000 at the close of 1929, the decline being accounted for in
-Merger-offsetting reductions in the current liability and asset accounts of the
Tri-State Oil & Gas Corp., Elmira, N. Y.
balance sheet.
The corporation on Aug. 3 announced that it would assume a one-third
Distribution of net income of the past two years is shown below:
Interest in the Bigelow Gas Corp. of Rochester, N. V., and a third interest
In the Lamoka Power Corp. of Sodus, N. le
1931.
1930.
5% to 200,000 preferred shares
Officials announced also that the name of the company will be changed
1,000.000
1,198.000
5% first div. shares, 25 francs
5,000.000
3,493,000 to the Tri-State Gas & Electric Corp.
Carryover
Representative Gale H. Stalker, President of the Tr -State company.
8.357,000
4,376,000
Administration
6,075,000
6,429,000 becomes a director of the Lamoka company, which plans to use gas in
675 francs to common shares
135,000,000 100,720,000 producing electric power, augmenting its water power.
-Proposed Merger
Tri-State Telephone & Telegraph Co.
155,432.000 116,217,000
p. 3372.
-V. 132. p. 3715.
See Northwestern Bell Telephone Co.
Southeastern Gas & Water Co.
-Earnings.
-Bonds Offered.
United Gas Improvement Co.
-A. C.
For income statement for 3 and 12 months ended June 30 see "Earnings
Allyn & Co., Inc., Bond & Goodwin, Inc., and Mark C.
Department" on a preceding page.
-V. 132. P. 3528.
Steinberg & Co. are offering at 95 and int., to yield about
-Earnings.
United Light & Power Co.
6.70%, $1,000,000 1st lien sinking fund gold lbonds, 6%
For income statement for 12 months ended June 30 see "Earnings
series, due June 1 1941. Each bond will be accompanied Department" on a preceding page.
-V. 133. P• 122•
by a non-detachable warrant giving the holder the right to
-Subsidiary Acquires
Western Union Telegraph Co.
receive without cost a voting trust certificate representing
Alarm Co. Properties.
two shares of common stock of the company for each $100 Aero Aero Alarm Co. under "Industrials" below.
-V. 133. p. 482.
See
par value of the bond on or before June 1 1932.
-Proposed Acquisition.
West Ohio Gas Co.
Dated June 1 1931: due June 1 1941. Interest payable J. & D. Denom.
Total
-V. 130.
$1,000, $500 and $100 c*. Red. all or part on any int. date on 30 days'
notice at 105 and int. to and Incl. Dec. 1 1935, this premium of 5% decreasing at the rate of 1% on Dec. 2 1935 and on each Dec. 2 thereafter
to and incl. Dec. 2 1939. Principal and int. payable at Chase National
Bank, New York, trustee, or at the option of the holder at Harris Trust &
Savings Bank, Chicago. Interest payable without deduction for normal
Federal income tax not to exceed 2%. Upon proper application as provided in the trust agreement, company agrees to refund any taxes assessed
and paid by any bondholder by reason of the ownership of bonds of this
Issue or receipt of the interest thereon under the laws ofany State or possession of the United States, not in excess of 5 mills per annum on each
dollar of principal amount, to holders resident in such State or possession.
Listed on the Chicago Stock Exchange.
Data from Letter of Phillips B. Shaw, President, New York, Aug. 4.
Business and Property.
-Company (a Delaware corporation) supplies at
retail, through its subsidiary companies, water, manufactured gas or
natural gas to 24 communities in Pennsylvania and West Virginia. Ice
and refrigeration service is also furnished in Hagerstown, Md. In addition to the retail distribution, natural gas is supplied a wholesale under
contract to Libby-Owens
-Ford Glass Co., Hope Natural Gas
Godfrey
L. Cabot, Inc., United Fuel Gas Co., Central Kentucky Natural Gas Co.
Co..
and other companies.
The subsidiary water companies serve Mahanoy City, Spangler, Galeton
and four other communities in Pennsylvania. The aggregate storage
capacity of these properties is estimated at more than 260 million gallons
and average daily consumption is approximately 23i million gallons. The
manufactured gas companies, with combined daily generating capacity of
300,000 cubic feet and holder capacity of 93,000 cubic feet,serve the nearby
communities of Mt. Carmel, Ashland and Diamondtown. Pa. The communities served by these water and gas properties have populations estimated to exceed 56,000.
The natural gas group, in addition to the wholesale distribution mentioned above, supplies gas at retail in Montgomery, Madison and other
communities in West Virginia and Kentucky, having populations totaling
approximately 10,000. Most of these communities are located in the
Kanawha Valley, an important industrial district of the State of West
Virginia. 28.747 acres of gas lands are under lease in the long-lived West
Virginia and Kentucky fields, upon which acreage there are 25 producing
gas wells. Estimated reserves exceed 33 billion cubic feet.
Capitalization (To Be Outstanding upon Completion of This Financing).
1st lien sinking fund gold bonds6% series due 1941 (thisissue)_ $1,000,000
General lien 6% gold bonds,due June 1 1944
2,354,000
Class A participating stock
177,691 shs.
Common stock
750,000 she.
Nole.-In addition, the present operating subsidiary companies wil
have outstanding in the hands of the public, upon completion of this
financing, mortgage indebtedness aggregating $470,040.
Purchase of the physical properties and franchises of the Delphos (Ohio)
.Gas Co. by the above company is proposed in a petition filed with the
Ohio P. U. Commission. The Delphos company supplies Delphos with
gas service while the West Ohio Gas Co. serves Lima and nine neighboring
communities.
The Delphos gas distribution facilities are interconnected with the West
Ohio Gas Co.'s system of gas transmission lines by a pipeline extendng
from Lima to Delphos, a distance of approximately 13 miles. Gas which
is being transmitted through this pipeline at present is being sold at wholesale to the Delphos Gas Co. by the West Ohio Gas Co. Operation of the
Delphos facilities as an integral part of the West Ohio system is desirable,
the petition points out, since the properties are physically connected.
Value of the Delphos Gas Co.'s property has been estimated at $143,502.10 as of Jan. 10 1931, according to the petition. The property is subject to $53,000 1st mtge. 8% gold bonds which the West Ohio Gas Co.
Proposes to assume in connection with the purchase.
Stock, &c., Approved.
The Ohio P. U. Commnision has authorized the company to issue $300,000 in 6% refunding bonds as of Dec. 1 1924, to mature Dec. 11954, and to
sell at not less than $94 and 3,600 shares of no par common to sell at $25
a share to reimburse the treasury for capital expenditures of $483,849.86.
-V. 133, p. 643.
-Hill,
-Bonds Offered.
Wisconsin Power & Light Co.
alsey, Stuart & Co., Inc., Paine,
Joiner & Co.,
E.
Webber & Co.,Inc.,h. Rollins & Sons, Inc., A. B. Leach
& Co., Inc., and Emery, Peek & Rockwood Co. are offering at 103 and int., yielding over 4.80%, $2,000,000 1st
lien & ref. mtge.5% gold bonds, series G.
Dated July 1 1931: due July 1 1961. Interest payable J. & J. In New
York or Chicago, without deduction for Federal income taxes no won
hereafter deductible at the source not in excess of 2%. Denom. c*S1.000.
$500 and $100, and r* 1.000 or any multiple thereof. Red, all or part, at
any time. upon 30 days' notice at following prices and int.: On or before
June 30 1936, at 105: after June 30 1936, but on or before June 30 1941, at
103: after June 30 1941. but on or before June 30 1946, at 1023i: after
June 30 1946, but on or before June 30 1951, at 102: after June 30 1951,
but on or before June 30 195 i, at 101: after June 30 1956, but on or before
June 30 1960. at 1003; after June 30 1960. at 100. Company will agree to
reimburse the holders of series G bonds, If requested within 60 days after
payment of the tax, for the Penn. and Conn, taxes not exceeding four mills
for each dollar of the principal of the bonds, and for the Mass, income tax
on the interest of the bonds not exceeding 6% of such interest per annum.
Continental National Bank & Trust Co. of Chicago. trustee.
-Authorized by P. S. Commission of Wisconsin.
issuance.
956
FINANCIAL CHRONICLE
Data from Letter of Marshall E. Sampsell, Pres., Aug. 4.
Business.
-Company, a Wisconsin corporation, now supplies, without
competition, electric light and power service to 269 communities situated
bl$30 counties of central and southern Wisconsin, including the cities of
Beloit, Fond du Lac, Sheboygan, Janesville, Beaver Dam, Lake Geneva
and Monroe. Eighteen communities are supplied with gas, four with water.
one with street railway, six with urban bus service, 99 with interurban
bus service, four with interurban railway service, and two with heating
service. In addition to the territory served direct, the company wholesales
electrical energy to 64 tributary communities. The population of the
territory served, directly or indirectly, is estimated to exceed 700,000, and
the territory embraces the well known and prosperous manufacturing and
dairying country lying west and north of the city of Milwaukee.
Capitalization Outstanding with Public(Upon Completion ofPresent Financing)
811,174,300
Preferred stock, 7% cumulative ($100 par)
5,769,100
Preferred stock 6% cumulative ($100 par)
13,593,500
Common stock ($100 par)
a22,575,400
1st lien & ref. mtge.gold bonds (incl. this issue)
Divisional bonds, mtgs. closed (Various issues 58 and 6s, ma12,390,500
turing 1931 to 1956 incl.)
a $2,043,400 are 6% series A, due Dec. 1 1942; $1,182,000 are 63'6%
series B, due Sept. 1 1948; $8,350,000 are 5% series It, due May 1 1956;
$9,000,000 are 5% series F, due Dec. 1 1958, and $2,000,000 will be 5%
series G,due July 1 1961.
Purpose.
-Proceeds will be used to reimburse the treasury, in part, for
additional property acquired, for expenditures made on account of additions and improvements to the properties, and for other corporate purposes of the company.
Security.
-Bonds will, together with all other bonds issued under mtge.,
be secured by a first mortgage on important divisions constituting approximately 45% of the value of all properties now owned, and will be
further secured by a direct mortgage Hen on the remaining property,
rights and franchises of the company now owned or which may be hereafter
acquired, subject to $12,390,500 divisional bonds now outstanding under
mortgages which have been closed, and subject, as to hereafter acquired
property, to liens existing thereon at the time of acquisition.
Maintenance and Renewal Fund.
-Mortgage provides that during each
calendar year, the company shall expend or cause to be expended by its
subsidiaries an amount equal to not less than 10% of the gross earnings from
operation of the mortgaged properties and properties of its subsidiaries, for
(a) the making of repairs, renewals and replacements; (b) the making of
extensions, or the acquisition of properties on account of which the company would otherwise be entitled to issue additional bonds; or, (c) the
redemption and cancellation of any bonds issued under and secured by this
mortgage.
Earnings and Expenses.
12 Months EndedJune 30'31. Dec. 31 '30. Dec. 31 '29.
Gross earnings
$10,286,439 $10,518.834 $9,984,797
Oper. exps. incl,
taxes &
6,134,460
rentals (but not incl. deprec'n)..
maint..
6,366,934
8,077.384
Net earnings
$4,209,054 $4,151,900 $3,850,337
1,363,859
Interest charges on funded debt
1,568,378
1.664,179
Annual interest requirement on the company's total funded debt to be
outstanding with the public, including this issue, amounts to $1,790,410.
--Company now owns and operates 46 electric
Property and Territory.
generating stations, of which nine are steam and 37 are hydro-electric,
having combined capacity of 55,104 kw. Company also has 2,640 miles of
interconnected high voltage transmission lines that radiate over an area of
approximately 15,000 square miles extending through 30 counties in the
rich and highly developed central and southern portion of the State of
Wisconsin. The transmission lines are inter-connected with those of other
public utility companies serving adjacent territory. Company has eight
gas plants, of which the Fond du Lac and Beloit manufacturing plants are
among the largest in the State of Wisconsin. Five of the gas plants are
connected by approximately 100 miles of high pressure gas transmission
pipe line. The total rated daily capacity of the company's gas plants exceeds
5,285,000 cubic feet. Company also owns and operates the street railway
system serving the city of Sheboygan. A fleet of 87 motor busses is owned
and operated throughout certain divisions of the territory served.
The company now has under construction at Sheboygan on Lake Michigan a new large steam power station, the first unit of which will be completed in September and have a capacity of 30,000 kw. The building and
equipment are designed so as to provide for further units. The location of
the power station is ideal in that adequate condensing water is available
from Lake Michigan and coal shipped in via the Great Lakes is obtainable
at a low price. This new generating station, together with the other existing
power plants of the company, all of which will be interconnected, permits
of an ample supply of economical power for the increasing demands for
light and power service in the territory served.
Management.
-Corporation is a part of the Middle West Utilities System.
-V. 132, p. 3339.
-To Issue Stock.
Woburn (Mass.) Gas Light Co.
The Massachusetts Department of Public Utilities has approved the
issuance by the company of 1,098 additional shares of capital stock at par
($100 per share). The proceeds, aggregating $109,800, are to be applied
principally to the payment of notes outstanding April 30 1931,to the amount
of $104,402.-V. 124, o. 509.
Worcester Consolidated Street Ry.-Foreclosure.A letter dated July 31 has been sent to holders of 1st & ref. mtge. gold
bonds, debenture bonds, and certificates of deposit therefor, announcing
that "the bondholders' protective committee has instructed counsel to
proceed with foreclosure." The letter adds that "the committee had hoped
,
arrangements could have been made to pay one year's interest on Aug. 1
1931, but it was not able to accomplish this.'-V. 132, p. 2389.
INDUSTRIAL AND MISCELLANEOUS.
-Revere Copper & Brass reduced prices of its
Price of Copper Reduced.
brass and copper products to basis of 7)c. a pound, delivered Connecticut
Valley, for electrolytic copper from former basis of 8c. Boston "News
Bureau" Aug. 5, p. 5.
-The price of copper for export
Copper for Export Cut 51i Cent a Pound.
was reduced hc. a pound to Sc., c.i.f. European base ports, a new low
record. New York "Times" Aug. 5, p. 35.
-All officials and salaried
American Writing Paper Reduced Salaries.
employees accept a 10% cut in pay, effective Aug. 1. "Wall Street Journal- Aug. 1, p 6.
Wage Cuts Certsured.-In its first decision since the inception of an in.
vestigation of labor conditions in the Colorado coal fields several months
ago the State Industrial Commission has censured companies making wage
reductions. "Sun" Aug. 5, p. 9.
-The new schedule of rates for
Ship Lines Give Out New Low Rate List.
transatlantic passage, based on the recent action of the transatlantic
for first-class accommodations by
passenger conference in reducing rates
10 to 30% and third-class by 13% has been announced by the member
lines of the conference in New York. N. Y."Times" Aug. 4, p. 21.
Adams-Millis Corp.-Shipments--Earnings.
Decrease
Increased 1931-4 Mos.-1930.
1931-July-1930.
8129.322
838.207184,209,786 34,339.108
8655.854
$624.061
30 see "Earnings
For income statement for six months ended June
Department" on a preceding page.
The consolidated balance sheet at June 30 1931 shows current assets
of $2,712,090, against current liabilities of 5367,922, a ratio of 7.3 to 1.
Cash and marketable securities totaled $1,667,936, which alone was over
4.5 times total current liabilities.
On Feb. 1, corporation retired the remaining $192,200 of its second
preferred stock, leaving the outstanding capitalization consisting of $1,750,000 7% first preferred stock and 156,000 shares of no par value common
stock.
-V. 132, p. 4245.
-Payment on Bonds-Property Sold at
Aero Alarm Co.
Foreclosure.
distributed to the holders of
Approximately $600,000 in cash is being
company's collateral trust 7% gold bonds, series A, B, and 0, it has been
announced by Smith, Camp & ltiley. Ltd.
There issues have been in default and this re-payment which represents
the return of principal in full, has been made possible through the sale of
he company's properties to the National District Telegraph Co., a subs
idiary of Western Union Telegraph Co.
[Vol,. 133.
The Aero Alarm Co. formerly provided automatic fire and police alarm
services in a large number of cities in the United States. The company
has been in difficulties for approximately a year. and the present settlement
Is being made following innumerable delays as a result of legal entanglements of its contracts.
-V. 120. P. 2685.
Aero Underwriters Corp.
-Earnings.
-
For income statement for 6 months ended June 30 1931 see "Earnings
Department" on a preceding page.
The consolidated balance sheet as of June 30 1931 shows total assets,
including bonds and stock (market value $3,117,752), of $5,019,100.
Total capital and surplus amounted to $4,282,013.-V. 131, p. 3878.
Air-Way Electric Appliance Corp.
-Earnings.
-
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a precednig page.
Pratt E. Tracy, President, in his report to stockholders, states that
during the past six months the financial position of the company has not
only been maintained, but greatly strengthened in the relationship of
current assets to current liabilities. As of June 30 the ratio was 9 to 1,
as compared to 6.8 to 1 on Dec. 31 1930. There also has been a decided
Improvement in cash on hand in banks. On Dec. 31 last the corporation
had $58,900 in banks. The report of June 30 showed $404,803 in banks.
Mr. Tracy reported that while the operations for the first six months
reflected a loss of $29,240, the loss was due to expenses incurred in the
heater division of the corporation. The cleaner division, which manufactures the air-way sanitary system, and on which the corporation's
original strength was founded, showed a small profit during the first
half of this year.
Mr. Tracy's report stated that all expenses are being carefully supervised and that considerable progress had been made in effecting operation
economies.
-V. 132, p. 3340.
Alaska Juneau Gold Mining Co.
-Earnings.
-
For income statement for month and 7 months ended July 31 see "Earnings Department" on a preceding page.
-V.133, P. 288.
Allis-Chalmers Mfg. Co.
-Unfilled Orders.
As ofJuly 31 '31.June 30 '31. Jan. 1 '31. July 31. '30
Unfilled orders
89.001.000 89.032.000 $13,002,000 $15.699,000
-V. 133, p. 644, 289.
Altorfer Bros. Co. Peoria, Ill.
-Omits Dividend.-
The directors have voted to omit the quarterly dividend ordinarily
payable about Aug. 1 on the common stock. The last quarterly distribution of 35 cents per share was made on May 1 1931.
In connection with the above action, President Silas H. Altorfer last
week stated as follows:
"While we have had a loss in the first six months of 1931 as against a
net profit of $181.391 in the first half of 1930, our principal reason for
omitting the common dividend is the fact that we are going to need substantial working capital to take care of a large contract recently closed,
which is going to keep us operating full time and overtime for some period.
We will close our plant for a period of two weeks from Aug. 3 1931 for the
purpose of taking inventory and then we will start on our new contract."
New Contracts.
Entrance of the Westinghouse Electric & Mfg. Co. into the household
electrical washing machine field was marked in Chicago this week by
approval of a contract with Altorfer Bros. Co., Peoria, Ill., which will
produce three models for the Westinghouse company.
The Altorfer firm also announced closing of contracts to manufacture
new washer models for the Federal Electric Co. and Fairbanks, Morse
& Co., of Chicago.
"The contracts and demand for the new ABC Model 77 washer will
require largest production of our history in all departments, compelling
overtime operation for some period," said President Silas H. Altorfer.
Altorfer Bros. Co. is one of the largest makers of washing machines.
It also produces ironers and electro-tables for mechanizing kitchen operations. It has factories at Peoria and Roanoke, Ill., and in Granby, Can.
It now manufactures under a total of four washer brands, ABC, Westinghouse, Fedelco and Fairday.-V. 132, o. 2189.
Amerada Corp.
-Earnings.
-For income statement for 3 and 6 months ended June 30, see "Earnings
Department" on a preceding page.
-V. 133, P. 289.
American Brown Boveri Electric Corp.
-Earnings.
--
For income statement for 6 months ended Jan. 30, see "Earnings Department" on a preceding page.
-V. 132, o. 4591.
American Chicle Co.
-Extra Dividend.
-
The directors have declared an extra dividend of 25c. a share and the
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 same
amount was paid in each of the preceding six quarters.
-V. 133, p. 483.
American Concrete & Steel Pipe Co.
-Preferred Stock
Offered.
-M. H. Lewis & Co., Los Angeles are offering
$1,000,000 8% convertible and participating preferred stock
at par ($25 per share).
Preferred as to assets and 8% cum. dividends of $2 per share per annum,
and in event of liquidation is entitled to $25 per share before any distribution is made to the common stock. Red. on any div. date on or after
Sept. 1 1934 upon 30 days' notice at par plus 5% premium with all accrued
dividends. Dividends payable Q.
-M. Registrar, Farmers & Merchants
National Bank of Los Angeles. Transfer agent, Citizens National Trust
& Savings Bank, Los Angeles.
Conversion Privilege.
-Each share of preferred stock is convertible at
the option of the holder into one share of common stock on any dividend
date except shares called for redemption, which may be converted at any
time after the call but not later than ten days before the redemption date.
Participation Feature.
-No dividends may be paid on the outstanding
common stock until all current and cumulative dividends at the rate of 87
0
per annum shall have been paid on the preferred. Both classes participate
equally share for share in any additional cash dividends after payment of
$2 per share per annum on the outstanding pref. and common stock.
CapitalizationAuthorized. Outstanding,
8% cum.& partic. pref.($25 Par)
$1.500,000
$1,000.000
Common stock (no par)
130,000 shs. 65.000 shs.
Data from Letter of Wm. A. Johnson, President of the Company.
History.
--Company was incorp. in Delaware for the purpose of acquiring
the assets and business of Western Concrete Pipe Co. and its subsidiaries,
the inception of which company dates back to 1907, and of the Bent Concrete Pipe Co. and its subsidiaries, which company had its inception in
1910. The consolidation therefore has brought together two of the oldest
units in the concrete pipe industry.
The company is the largest manufacturer of centrifugally spun reinforced
concrete pipe in the United States, having developed this business to a
higher degree than any other manufacturer. Centrifugally spun concrete
pipe has a wide range of application and use in sewer, storm drains and
In water transmission for municipalities and others where pressures are
involved. Its high carrying capacity and durability are favorable factors.
Ills especially in the pressure field that the company, by reason of its
extensive experimental work in an experienced organization, has developed
an outstanding position in the industry. It is also engaged in the manufacture and sale of concrete pipe of all classes, comprising machine made
pipe of smaller sizes and reinforced concrete pipe of larger sizes for sewer
and storm drain construction.
The total of the company's real estate, buildings and equipment is
conservatively valued by the company at over 81,500,000. The main
plant is located in Los Angeles, covering a site of 37 acres on Firestone
Boulevard. Additional plants are maintained at San Diego and Oakland,
Calif.; Tacoma, Wash.; Phoenix, Ariz.; Salt Lake City, Utah; Fort Worth
and Dallas, Texas. Company also has readily moveable equipment
available with which it can quickly establish a plant at any location where
desirable to overcome freight rates or other long-distance transportation
problems. All of the plants are modern, efficient in their operation and
are in charge of personnel which is thoroughly experienced In the business
and familiar with the company's policies and methods of manufacturing.
Officers and Directors.
-Wm. A. Johnson, President; Ernest F. Bent.
Executive Vice-President; J. M. MacAdam, Vice-President; H. H. Jenkins.
Vice-President; G. F. Hyatt, Secretary and Treasurer.
AUG. 8 1931.]
FINANCIAL CHRONICLE
Patents and Litenses.-Company holds licenses from the American Hume
Concrete Pipe Co. giving it the right to manufacture centrifugally spun
concrete pipe under the Hume Process in the United States and Canada.
In addition to these licenses, the company has developed and patented
improvements, devices and processes the use of which it enjoys exclusively.
Purpose.
-The proceeds from the sale of this preferred stock will be
used for additions to plants and equipment, liquidation of current indebtedness and for working capital. Company now contemplates the establishment of additional plants in territories where there are immediate prospects
of obtaining large orders which should prove highly profitable.
Earnings.
-For the first five months of 1931 net cernings after deducting
all operating expenses, including depreciation, were reported by the company as $154,324.
Based on this five months' record the management estimates annual net
earnings at over $300,000. These estimated earnings are, therefore, equal
to over 3% times maximum annual preferred stock dividend requirements
of $80,000 per annum. After deducting these preferred dividend requirements and dividends of $130,000 on the outstanding common stock, balance
available for additional dividends on preferred and common would amount
to $90,000.
Due to inventory and other write-offs and competitive conditions which
existed in the industry during 1929 and 1930, an operating deficit was sustained in that period after deduction of unusually ample depreciation.
However, for the preceding four years, viz.. 1925 to 1928, the consolidated
net earnings amounted to $1,412,365, or an average of $353.091 per annum.
Consolidated Balance Sheet as of May 31 1931 (Adjusted to Give Effect to
This Financing).
Assets
Liabilities
Cash
$171,536 Land purchase contracts, &a__
$7,412
Acc'ts receivable, less reserve
Accounts payable
108,372
($7,995)
86,357 Wages accrued
25.036
Due from municipalities
710,793 Due to sub-contractors
279,488
Inventory of roaris & supplies 222,352 Accrued Int., taxes & insurance
17,581)
Plant property (less deprec.) 1,583,710 Land purchase contracts, &c.
Miscellaneous assets
192,071
(not current)
84,542
Prepaid taxes, Ins.. exps., &c..
19,456 Due to American Hume ConPatent rights (less amortizacrete Pipe Co
39,178
tion, $34,983)
64,569 Employees deposit on purchase
Deferred assets
200,000
of common stock
5.568
Preferred stock
1,000,000
Common stock (61,027 shs.)_. 1,220,540
Capital surplus
408,574
Profit and Ices surplus
54,552
Total
13.250.845
Total
$3,250,845
American Equities Co.
-Offer Made to Stockholders by
International Utilities Corp.
-See latter below.
-V. 133,
p. 801.
American Ice Co.
-July Sales.
Temperatures during July in the territory* served by this company
were the highest for that month for the past 20 years, and as a result it
sold 15,000 tons more ice than in July 1930. This was an increase of
234% in ice sales for the month.
In line with the easier tone in commodity prices, however, the price
of ice was easier, and despite the larger volume, earnings of the company
for the month will not be up to those of July 1930. Last year the company
July profit was $1,135,890 after interest but before depreciation and
Federal taxes, comparing with $1.095,842 in July 1929. This year
are reported only quarterly, after deduction of depreciation and earnings
Federal
taxes.
Last year in August the company had a profit of $1,008,717 after interest
but before depreciation and Federal taxes. The month started with
abnormally high temperatures, but the latter part was cooler, so that for
the month the average temperature was only normal. The present
month
has started with high temperatures.
-V.133, p.801.
American Machine & Metals Inc.
-To Acquire Tolhurst
Division of General Laundary Machinery Corp.
-See Latter
company below.
Comparative Balance Sheet.
„rune 30'31. July 1 '30.
AssetsLiabilitiesJune 30'31.
Cash in banks and$200,000 July 1 '30.
$174,943
on hand
$420,235 $399,773 Accounts payable- 173,825
277,407
Notes and trade
Accr. Int., taxes,
accept. receiv 21,827,127 1,352,880
insurance. &c__
47,196
57,585
Acc'ts receivable
b969,095 1,456,219 Advance payments
Accr. Int. receiv
163,778
152,440
on contracts....
13,826
22,648
Inventories
1,037,817 1,523,534 Reserve for conInvestments
247,263
199,854
tingencies
151,922
Depce. with insur.
Cony.s. t. 630... 2,325.000 2,486,500
agents & to seCapital stock
d3,532,722 3,532,722
cure bids
42,778
Capital surplus-__ 1,380.855 1,830,752
Ore reserves and
mineral rights
1,622,077 1,683,006
Fixed assets
c1,384,427 1,547,257
Deferred charges._
110.748
67.592
G'd-will, pats.,&c.
1
1
Total
$7,825,348 $8,382,556
Total
$7,825,347 18,382,556
a Net after deduction of reserve for doubtful accounts of $74,778. b Net
after deductions of reserve for doubtful accounts of $49,670. c After depreciation of $1,570,293. d Represented by 195,000 no par shares.
133, p. 802.
American Solvents & Chemical Corp.
-Earnings.
1931 see "Earnings
American Steel Foundries Co.
-Earnings.
-
For income statement tor 6 months ended June 30
Department" on a preceding page.
-V. 132. p. 1993.
957
Anaconda Wire & Cable Co.
-Earnings.
For income statement for 3 and 6 months ended June 30 seo "Earnings
Department" on a preceding page.
-V. 132, p. 3530.
Anglo-American Corp. of So. Africa, Ltd.
-Operations.
page 802,
The operating figures as given in last week's "Chronicle,'
cover the three months ended June 30 1931.-V. 133, p 802 .
-Refinancing ApArcadia Mills, Spartanburg, S. C.
proved.A refinancing plan proposed by the directors was approved by the
stockholders at a meeting held on July 30. It is reported that the plan
Provides for the execution of a mortgage on the plant for the funding of
current floating debt and authorizes the issuance of $870,000 in new 7%
Pref. stock. A proposal that holders of the new pref. stock should have
a voting right if the dividends became in arrears for one quarter was
changed to give the owners immediate right to vote upon issue of stock.
-V. 131. p. 2068.
-$1. Liquidating Div.
Arizona Commercial Mining Co.
The directors have declared a liquidating dividend of $1 a share, payable
August 14 to holders of record August 8. An initial dividend of $1 a share
In liquidation was paid on Feb. 28 last.
-V. 132, p. 1226.
-Earnings.
Associates Investment Co.
For income statement for six months ended June 30 1931 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet June 30.
193.
1930.
1931.
1931.
Assets$
$
Cash
2,186,652 2,270,810 Coll. trust notes...10,613,200 10,905.100
83,661
14,166
Notes re,ceivable 15,454.460 15,038,959 Accts. payable...
47,866 Fed. Income tax__
65,455
69.733
37.898
Repossessed cars..
2,076 Deferred liabilities 283,027
2,770
Cash val. of life ins
68.148 Reserves
662.901
374,859
Stock subs. rec.
45,857
39,700 Unearned disc, on
Office turn. & fix_
991,514
notes reedy.... 973,717
295,000
295,000
Home office bldg
98,427
130,380 Preferred stock... 1,300,000 1,300.000
Other assets
Common stock_ _x4,494,457 3,928,043
Paym'ts on empty.
1,982
2,182
stock subscripTotal
18,121,064 17,892,940
18,121,064 17,892,940
Total
-V. 133. p. 483.
x Represented by 78,436 shares (no par).
-Extends Holdings.
Atlas Utilities Corp.
The corporation has acquired voting control of the Sterling Securities
Corp., an Investment trust of over $20,000,000 of assets at market 'values
as of June 30 1931, and in excess of 63% of the outstanding common stock
of the Ungerleider Financial Corp.,an investment trust with assets in excess
of $9,000,000 as of June 30 1931.
These acquisitions bring Atlas Utilities Corp. into the limited group of
investment trusts with assets of approximately $48.000,000 and upward.
The Atlas company purcchased a large majority of its holdings In the Sterling
Securities Corp. in the open market and the balance of its shares from large
holders in the company. In the case of both the Sterling and Ungerleider
corporations, the buying by Atlas dates back for some time, it is stated.
Floyd B. Odium, President of the Atlas company, on Aug. 3 stated that
the acquisition of several other trusts was planned in line with the company's desire to expand its activities. The Atlas corporation expects to
consolidate all of the companies in which it ifenow interested in the latter
part of the year by acquiring the various minority interests through an
exchange of stock.
As of July 31 1931. the Atlas Utilities Corp. had acquired in excess of
90% of the net outstanding stock of Jackson & Curtis Investment Trust
Associates, a trust with assets of approximately $1,000,000. (See V. 133,
P. 289.).
The following table shows the trusts taken over by Atlas Utilities Corp.
in the last 14 months, with their approximate net assets as of June 30:
Acquired.
Net Assets.
Trust,
June 1930
$4,000,000
All American General Corp
Aug. 1930
6,000.000
*Baffle Securities Corp
Mar. 1931
2,500.000
Power & Light Securities Trust
Mar, 1931
700,000
Selected Stocks,Inc
May 1931
1,800,000
Iroquois Share Corp
June 1931
2,500,000
General Empire Corp
July 1931
1,000,000
Jackson & Curtis Investment Trust Associates
July 1931
9,000,000
Ungerleider Financial Corp
Aug. 1931
Sterling Securities Corp
20,000,000
•Now called the Allied Atlas Corp.
In addition, Atlas corporation contracted in June 1931 to manage the
Federated Capital Corp.
The following directors of the Atlas Utilities Corp., were elected to the
board of the Sterling Securities Corp. They are: Floyd B. Odium E. K.
Hall,0.L. Jonstone and L. Boyd Hatch. Mr. Odium and Mr. Hatch were
chosen members of the executive and investment committees.
Dividends Set Aside for Full Year for Payment on $3 Cumulative Preference Stock, Series .4.
Mr. Odium added that L. Boyd Hatch, John W. Donaldson, 0. L.
Johnstone and W.A.Peterson,all closely associated with Atlas corporation,
have been elected directors of the Ungerleider Financial Corp.
The Atlas corporation on Aug. 3 announced that inasmuch as the trust
has an increasingly large portfolio of non-dividend paying stocks of investment trust, in accordance with its present program of expansion,funds have
been set aside for the payment for one year of dividends on the $3 pref.
-V.133, p. 289. 124.
stock, series A. These dividends have been declared.
Auburn (Ind.) Automobile Co.-Juiy Shipments.
June '31.
July '30.
July '31.
Month of-646
3,205
2,580
Shipments(No.of Auburn & Cord cars)
Shipments for the first seven months of 1931 amounted to 30,240 cars,
or 16,549 cars more than for the entire year 1930. In the 12 months of
American Stores Co.
-Earnings.
1929, the peak year for the company and tor the industry, Auburn shipped
For income statement for 6 months ended June 30, see "Earnings De- 22,567
cars.
partment" on a preceding page.
NInety-two dealers were added In July. giving the company new high
While the sales for six months ended June 30 last decreased
-V. 133, p. 290. 124.
2.86%, dealer representation.
tonnage sales increased 15%.
Company operates approximately 2,750 food stores, mostly in Pennsyl-Earnings.
Automatic Washer Co.
vania and New Jersey, in addition to which it owns and operates
for six months ended June 30 see "Earnings
For income
nine
bakeries and nine warehouses. Company recently opened 24 stores in Department" statement
on a Preceding Par.
Syracuse, N. Y.,and surrounding territory.
-V.133,P. 289.
On June 30 1931 company nen current assets of $568,606 and current
liabilities of $50,620, as against $650,204 and $112,075 respectively. on
American Thread Co.
-Earnings.
Dec. 31 1930.
Years End. Mar.311931.
1930.
1929.
1923.
xNet profit
$890,068 $1,309,053 $1,710,941 12,253.091
New President.
Employ, pension fund-50,000
200,000
w. Neal Gallagher, formerly Vice-President and General Manager,
300,000
200,000
Preferred dividends_ _ _ _
244,921
244,994
244,990
245,042 has been elected President, succeeding H. L. Ogg. Mr. Ogg will continue
Common dividend
648,000
810,000
-V. 133, p. no.
1,080,000
810,000 as a director.
Reserve for contingency-- • - - 200,000
-Earnings.
Autosales Corp.
Balance, surplus
def$52,853
$54,059
$85.951
For income statement for 3 and 6 months ended June 30 see "Earnings
3( After providing for bond interest, depreciation and taxes and $798,049
reducing Department" on a preceding page.
-V.133, p. 645.
the inventories at March 31 to cost or market value, whichever is lower.
Comparatire Balance Sheet March 31.
-Earnings.
Baltimore Tube Co.
1931.
For income statement for 3 and 6 months ended June 30 1931 see "Earn1930.
1931.
1930.
-V. 132. p. 3531.
ings Department" on a preceding page.
AssetsS
Liabilities$
$
$
Property account_y9,859,029 10,241,865 Preferred stock__ 4,890.475 4,890,475
-Earnings.
(Ludwig) Bauman & Co.(& Sub.).
Investments
2,935,224 3,119,416 Common stock...:10,800.000 10,800.000
1929.
1930.
1931.
1st m. gold bonds_ 4,000,000 4,000,000
Co.'s own bds. pur. 734,000
Year Ended June 30213,666,794 $11,751.659 $11.238.347
5.680
Cash with trustees
6,402 Accts. pay.& accr.
Net sales
9,677,086
11,302.222
5.821,885 6,006,812
Inventories
9,074,728
charges
394,268
389,036 a Cost of goods sold
139.012
135,495
135,650
Accts.& notes rec. 2,108,881 2,115,623 Prov. for Federal
Depreciation on buildings
941.902
1,173,554
Income taxm
878,944
State & municipal
75,151
143,538 Bad accts. writ. off & provided for_ 473,822
445,554
notes and bonds 2,426,835 2,304,052 Accrued interest
454,576
91,668
91,667 Interest paid
51.767
79,507
872,197
949,168 Unpaid diva. and
71.309
Provision for Federal income tax_
Cash
Deferred charges.. 171,267
145,372
161,436
202,067
186,167
bond coupons__8,402 Subordinated bonuses
Reserves
1,74,1? 1,609,897
$385,090
$306,534
$421,074
Net profit
Surplus
2,957,635 2,998,489 Earns, per sh. on 150,000 shs. cont.
$1.03
$0.49
stk.(no parlafter allow.for pref.divs
$1.17
24.934,998 24,929,503
Total
Total
24,934,998 24,929,503 - Including selling, operating, aaministrative and other expenses,
a
Represented by 1,200,000 shares of $10 par value stock, of which $9 per miscellaneous income (exclusive of officers' and employees' bonuses less
subshare is paid up. y After depreciation of $7.0E0.321.
-V.131, p.791,
ordinated by contract to dividends on 1st pref. stock).
,...,4
For income statement for 6 months ended June 30 see "Earnings Departmont" on a preceding page.
-V. 132, p. 4246.
958
FINANCIAL CHRONICLE
Comparative Balance Sheet June 30.
1931.
1931.
1930.
Liabilities
Assets5
5
Cash
299,416
300,280 Notes payable__ 2,500,000
Accts.receivable_x8,100,299 7,038,029 Ace s. payable... 358,457
Inventories
906,987 1,338,836 Accrued Fed, income axes
Pref. stock porch.
from employees.
66,390 Prov. for coating.
30,720
613,563
liability
Cash surr. val. of
life Insurance__
150,916 Cony. 7% camel.
166,014
1st pref. stock__ 2.169,500
Prepaid ins.,
supp., 4,0
110,278
137,653 034% non-cumul.
2nd pref. stock_ 1,189.800
Net worth of ElbecoRealty Corp 1,662,988 1,601,136 Common stock___ y178,000
306,873 Sure. arising from
Fixed assets
283,392
reval. of Invest.
1
1
Good-will
in Elbeco Realty
1,657,988
Corp
Surplus approp.for
pref. stock sink225,000
ing fund
Earned surplus.-- 2.667,785
1930.
$
2,210,000
241,150
14,367
517,894
2,215,000
1,189,800
178.000
1,596,136
150,000
2.627.766
11,560,096 10,940,114
Total
Total_ _ _ - -__11,560,096 10,940,114
x After allowance for doubtful accounts of $1,199,105. y Represented
-V. 131 P. 1718.
by 150,000 no-par shares.
Baragua Sugar Co.(Compania Azucarera Baragua).-See Punta Alegre Sugar Co. below.Reorganization Plan.
-V. 133, p. 484.
-Retiring Notes.
Belding Hemingway Co.
At the annual stockholders meeting on March 3 the proposition to
authorize the directors to purchase up to 25,000 shares of common stock
was put before the stockholders but there were not sufficient votes present
to authorize this purchase. Under the laws of the State of Connecticut,
a concern must have the authority of at least three-fourths of the votes of
the outstanding stock to authorize the purchase of its own common stock.
During 1930 the company purchased and retired the outstanding shares
of preferred stock.
-year 6% cony, gold notes
There were outstanding $1,950,000 of the 10
on Feb. 13. On Aug. 1 1931 there were outstanding of these notes $1,329,000.-V. 132, p. 4769.
-New Director.
Bessemer Limestone & Cement Co.
William R. Daley of Otis & Co. has been elected a director. succeeding
Richard Inglis, resigned.
-V.133. p. 645.
Bickford's, Inc.
-Sales Increase.
1931-July-1930.
$624.945
$472.294
-V.133. p.645. 290.
Increased 1931-7 Mos.-1930.
$152,6511$4,588.096 $3,371,096
Increase.
51.217.000
-Dividend Rate Decreased.
Blaw-Knox Co. Pittsburgh.
The directors have declared a quarterly dividend of 25c. per share on
the no par common stock, payable Sept. 2 to holders of record Aug. 17
This places the stock on a regular $1 annual basis as against $1.50 per share
previously.
Earnings -For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-V. 132, p. 4769.
-Comparative Bal. Sheet.
Blue Ridge Corp.
June 30'31. Dec.31'30.
Assets$
$
bInvestments _ _117,110,016 120,199.608
Myna. partic.
57,314 1,784,618
(at cost)
Divs. rec. & int.
891,748 1,084,986
)accrued - _ .....
142,114
71,679
Accts. receivable
2,511,064
350,171
Cash
Al= 30'31. Dec. 31 '30.
Liabilities$
$
44,660
119,792
Accts. payable_
Res. for accrued
45,013
51,536
expenses
118.746
80,000
Res. for coating.
Preferred stock_ 43,963,250 45,108,250
Common stock_ a7,489,098 7,488,747
Capital surplus_ 66.342,132 68,485,601
Operating Burp_ 2,702,833 2,143.657
120,712,255 123,471,063
120,712.255 123,471,063
Total
Total
a Represented by 7.489.098 no par shares. In addition common stock
Is reserved for (a) conversion of pref. stock, 1,318.897 shares: (b) dividends
on pref. stock, 1,143,303, and (c) exercise of warrants (to purchase at any
time shares of common stock at $20 per share issued as of Jan. 1 1930 to
Shenandoah Corp. $228,301 shares. b The value of the above assets on
June 30 1931, taking listed securities (over $97% of the total) at market
prices and the remaining securities at estimated fair value, and after deduct-was $76,361.787.-V. 133, p.803.
ing crossholding reserves
-Dividend Disbursing Agent.
Bon Ami Co.
The Bankers Trust Co. has been appointed transfer agent and dividend
disbursing agent for the above company.
Earnings.
-
[VOL. 133.
(E. J.) Brach & Sons, Chicago.
-Dividend Decreased.
The directors have declared two quarterly dividends of 25 cents each.
payable Sept. 1 and Dec. 1 to holders of record Aug. 15 and Nov. 14.
respectively. This compares with quarterly distributions of 50 cents
per share made previously.
In commenting on the reduction, E. J. Brach, Vice-President and
Treasurer, said in part:
"Up to May 1 the company showed a gain in tonnage shipped of 18%
over both 1930 and 1929 to that date and a gain in dollar sale of 5%
for the period. Net profit up to that date has been almost on a par with
last year. During May and June, however, both volume and profit have not been equal to a year ago, due principally to the heat and the
sharp recession in general business since May 1, which noticeably has
affected the sale of candy."
As of June 30 last the company had cash and call loans of $379,053
as against cash on Dec. 31 1930 of $507.668. Marketable securities
totaled $1,173,529 as compared with $948,630. Inventori. s gained somewhat. during the six months to $676,197 from $538,319. Current liabilities
on June 30 last were $177,854 as compared with $156,014 on Dec. 31.V. 132, p. 1228.
Bucyrus
-Erie Co.
-Omits Dividend.
-
The directors have voted to omit the quarterly dividends of 25 cents per
share on the common stock, par $10, and 624 cents per share on the cony.
preference stock, par $5, ordinarily payable about this time. Distributions at these rates were made on the respective issues from April 2 1928
to and including July 1 1931.
The directors, however, declared the regular quarterly dividend of 1 %
on the 7% pref. stock,Par $100, payable Oct. I to holders of record Sept. 5.
A statement issued by the company says:
The directors feel that owing to the uncertainty of the present business
situation and the fact that the company has not earned its full dividend
requirements in the first six months and the unfavorable prospect of earning
them in the last six months. the wisest policy for them to pursue to is
conserve the financial resources of the company to as great an extent as is
possible.
The cash the company has in hand at present will be needed for working
capital as business increases and by taking no action at this time on the
two junior issues, the resumption of dividends upon these two clases of
stock will follow at an earlier date than if this cash is utilized now in the
payment of dividends which are not currently earned.
It is with a certain satisfaction that we call your attention to the following
essential facts of the financial condition of the company, taken from the
recent published semi-annual statement.
The company had no loans of any kind and its only current indebtedness
consisted of accounts payable and the dividend payable July 1 1931.
Current assets were approximately $12,512,000, being about 6 2-3 times
current liabilities of $1,887,000. The latter figure included in addition to
current indebtedness accrued taxes and sundry reserves.
The inventories of the company are at the lowest point in the past three
years. The plants are in a high degree of effectiveness. New products
have been introduced during this year and many economies have been made
effective-all of which places the company in a very strong position to take
full advantage of the turn of business when it comes.
Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Balance Sheet June 30.
1931.
1930.
1931.
1930.
AssetsLiabilitiesaLand, bldg., mach.
Common stock__ 5,600,000 5,600,000
& equipment _13,424,282 13,561,017 7% pref.stock_ _ 6,830,000 6.830,000
Cash
2,693,152 2,492.082 Cony. pref. stock_ 2,095.560 2,095.560
U.S.Treas. notes_ 380.742
350,219 Accts. payable... 498,712
735,250
cc
an no es
Accrued tax and
receivable, &c__ 4,220,526 6,076,953
sundry reserves- 834.743 1,189,896
Advances pay. on
Adv. pay on contr.
32,410
129,411
Parch. contr.-38,710
Dividends
621,470
521,475
Inventories
5.180,646 5,739,035 Capital surplus
3,543,157 3,543,157
Securities
63,474,503 2,479,923 Earned surplus
9,799,855 10.341,016
Cap. stk. reacq
345.346
286,536
Total
29,755,907 30,985,765
Total
29,755,907 30,985,785
a After depreciation. b Includes 51,952,750 Ruston-Bucyrus, Ltd..
common stock and $981,450 Bucyrus-Monighan Co. stock.
-V. 132,
p. 1996.
Bullock's Inc.
-To Retire Preferred Stock.
-
The corporation will retire on Oct. I next, $130.000 of 7% cum. 1st
pref. stock, bringing the total retired to date to $250.000 of the original
issue of $4,500,000. The company estimates that by Oct.1 1948,the entire
original issue will have been retired.
-V. 132, p. 3889.
Bush Terminal Co.
-Tenders.
-
The Irving Trust Co., trustee, 60 Broadway, N. Y. City, will until
Aug. 26 receive bids for the sale to it of 1st mtge. 4% 50
-year gold bonds
to an amount sufficient to exhaust $26,264.-V. 133, P.804. 125.
(A. M.) Byers Co.
-Takes Option on Plant.
-
The company has taken a six month's option to purchase the Canonsburg (Pa.) Steel & Iron Works, maker of black and galvanized sheets.
The latter, which is controlled by the Edwards Mfg. Co., Cincinnati, O.,
was founded in 1902 and has an annual capacity of 38,111110 tons of black
sheets and 16,000 tons of galvanized sheets. It is understood that the
-Subs. Sales Gain.
Borg-Warner Corp.
Canonsburg company will roll wrought iron sheets in an experimental way
The July electric refrigerator sales of the Norge Corp., a division of for the Byers
organization over the next few months. ("Iron Age").
Borg-Warner Corp., were substantially greater than during the same month -V.133,
p.646.
of 1930, it was announced by Howard E. Blood, President of the subcompany. This is the most favorable monthly gain shown yet this
sidiary
Calumet & Arizona Mining Co.
-Earnings.
year, although the average month this far in 1931 reveals a noticeable
For income statement for 3 and 6 months ended June 30 see "Earnings
Increase above the average of the first seven months of 1930.
-V.133. p.484.
continuous monthly gain this year Department" on a preceding page.
The reason given by Mr. Blood for the
Is the start of the summer sales drive that is already under way in midCanadian Celanese Ltd.-Pref. Divs. Pay. Quarterly.western and eastern states, with 6.000 salesmen participating in those
The directors have declared a quarterly dividend of $1.75 per share on the
'
areas. It began July 15 and will continue until Sept. 15 as an organized
effort to prevent the usual summer decline in sales volume. The west 7% cum. partic. pref. stock, following the recent decision of the directors
coast campaign will start August 1 and continue until October 1. Other to pay dividends quarterly instead of semi-annually as heretofore. The
reasons for the favorable sales gain in 1931 have been traceable to the dividend is payable Sept. 30 to holders of record Sept. 15.
The last regular semi-annual dividend of $3.50 per share was made on
addition of large national distributors to the Norge organization, as well
as the stimulus provided through recent introductions of new refrigerator this issue on June 30 1931.-V. 133. p. 125.
models.
California & Hawaiian Sugar Refining Corp., Ltd.
So far in 1931 the Norge division of Borg-Werner has contributed an
Important amount of the earnings of the Borg-Warner group of companies.
For Income statement for six months ended June 30 1931 see "Earnings
-V. 133, p. 803.
Department" on a preceding page.
Earnings.
For income statement for 6 months ended June 30 1931 see "Earnings
Department" on a preceding page.
Consolidated Balance Sheet June 30.
1931.
1930.
1931.
1930.
Liabilities$
Assets$
.& curt.
Notes pay
Cash in banks and
229,705
bond maturities 191,402
on band
$3,929,930 $3,721,999
Accts. payable and
Call loans and marweed expenses_y2,6110,751 3,433,482
ketabie securs 4,249,821 4,474,423
79,792
55,465
•
Notes payable.___
Customers' fleets
rec.,less reserves 2,955,045 3,807,940 Special reserve... 151,934
990.955
Dividends payable 377,010
Cast. notes recle_
50,505
68,758
Other acc'ts reels_ 231,042
281,739 Pref. stock of con299,600
Marls, supp.. are_ 5,187.214 6,949,796
stituent cos.._
See y
See y
Insur. prem.. &c.,
Prov. for Fed. tax_
prepaid charges.. 761,502
704,358 Bonds outst'g (conEtocks. bonds and
stituent cos.)._ 1,776,500 1,860,000
notes of other
7% pref.stock__ 3,760,000 3.880,000
W companies, &e_.z1,118,016
964,591 Corn. stk. outst'g_12,308,090 12,307,530
2,114
2,674
Prop.. plant & eq.:17,799,445 17,905,075 Scrip certificates__
1,331
Good-will & pats. 548,566
176,539
714,181 Minority interest_
15,358,133 16,489,520
Surplus
Bonds Sold.-Weeden & Co., San Francisco, announce the
sale of $4,450,000 5% gold bonds at prices to yield from 4%
to 5M%, according to maturity.
Dated Feb. 11933; due serially Feb. 1 1932 to 1937. Interest payable
F.& A.at the office of the trustee, The Bank of California, N.A., San Francisco. Denom. $1,000. Red, as a whole only, on any int, date on 30
days' notice at par plus a premium of
of 1% for each year and fraction
thereof from the redemption date to the named maturity date or dates
of the several bonds to be redeemed. Interest payable without deduction
for normal Federal income tax not exceeding 2%. Exempt from all personal property taxes in California.
Business.
-Corporation is operated in a co-operative manner. Its capital
stock or the beneficial interest therein is owned by 30 Hawaiian sugar
plantations having a net worth of more than $120,000,000. The company operates as a refiner of the raw sugar and a distributor of the refined
product for the said island plantations under a contract which permits it
to acquire the raw sugar from time to time for 75% of the then prevailing
market price. Company deducts from the selling price of the refined product all of its operating and maintenance,expenses, depreciation, interest
and other fixed charges, and also 6% of the net worth. The balance
remaining, if any, is returned to the said island plantations.
Security.
-Company's refinery, wharves and warehouses are located at
Crocket, Calif., north of the northerly line of the right-of-way of the
Southern Pacific RR.,and these bonds are secured by a first closed mortgage
upon such property. The refiners, wharves and warehouses are mainly
36,847,939 39,574.590 located on tide or submerged lands owned by the State of California and
Total
-36,847,939 39,574,590
Total
x After depreciation of $8.343.012. y Includes Federal taxes. z Includes are under lease to the company for a term that expires in Sept. 1969, with
-V.133. an option of renewal for an additional 25 years. This sugar refinery is the
14.025 shares common and 650 shares pref. of Borg-Warner Corp.
largest in the world, having a daily capacity in excess of 2,500 tons.
p. 484.
Aua. 8 1931.]
FINANCIAL CHRONICLE
Purpose.
-Bonds are issued to refund $4,200,000 1st mtge. 7% gold
bonds called for payment Aug. 1 1931 at 105%.
Condensed Balance Sheet as of May 31 1931.
Liabilities
Assets
Cash
$1,044,970 Notes payable
82,800,000
Accts. & notes reedy. (net)_ 1,848,673 Accounts payable, accrued
payroll & bond interest__ 2,830.228
Inventories
15,599,618
77,871 Est, property taxes payable_
Sundry erste. & notes receiv_
193,000
Land
748.795 Supplemental payments due
Buildings, machinery & equipplanters, 1931 contracts__ 2,084,198
ment (less depreciation)
9,754,737 1st mtge.7% bonds, due Feb.
941,169
1 1937, called Aug. 1 1931.. 4,200,000
Construction work in process
Deferred charges
1,116,026 Premium on bonds called__
210,000
Good-will
1,857,728 Prov. for est. accrued exp___
196,378
Capital stock
10,000,000
Withholdings from planters
under contract
10,475,785
Total
-V. 133, p. 484. 291.
$32,989,591
Total
$32,989,591
Canadian Terminal System, Ltd.
-New Co. Organized.
Canadian Terminal System, Ltd . has been incorporated with a Dominion
charter and an authorized capital of 250 000 (no par) shares. Incorporation
of this new company is the result of the reorganization plans approved by
bondholders and debenture holders of the old company of the same name
at a meeting on June 29 last. The new company is to take over the assets
of the old company.
-year 6% first mortgage income bonds
The new company will issue 20
to an amount sufficient to take up par for par, outstanding bonds and
debentures of the old company, and 5
-year 6% debentures for any unpaid interest on such bonds and debentures to June 1 1931. Working
capital for the new cdmpany will be provided by the release from charge
under the old funded debt of sufficient securities to realize an amount not
exceeding $150.000.
A voting trust of five trustees. A. W. P. Buchanan, K. 0., Col. A. H.
Montieth. K. 0.. Leslie II. Boyd, K. C., James Arnold and Reuben H.
Lush, are to be appointed under an agreement remaining in force as long as
any of the bonds or debentures of the new company remain outstanding.
to elect the directors. Voting trust certificates will be issued to common
shareholders of the old company on a share for share basis. (Compare
plan in V. 132. p. 4417.).-V. 133, P. 646.
Carman & Co., Inc.
-Earnings.
For income statement for three and six months ended June 30 see"Earnings Department" on a preceding page.
-V. 132, p. 4061.
Celotex Co.
-To Increase Advertising.
-
959
Cleveland Tractor Co.
-Receives Large Order.
The company received an order from the Pennsylvania State Highway
Department for 125 tractors. It will amount to approximately 8400,000,
a Cleveland dispatch says, and will necessitate hiring around 500 men.
V. 133. D. 126.
Cluett, Peabody & Co.,Inc.-Bal. Sheet June 30.1931.
Ands$
xPlant land, build3,110,294
ing., &c
Good-will pats, die 6,000,000
Cash_
3,029,920
Accounts reedy__ 2,539,564
Miscell investml. 654,644
3,646,048
Inventories
Deterred charges__ 185,815
1930.
$
3,333,787
6,000.000
1,344,672
3,001,267
3,833
6,038,332
224.622
.
.
Liabilities-$
8
Preferred stock___ 3,994.200 4,532,300
Common stock _ _ _ y9,743,480 9,743,460
Accts. pay. & accr.
233.024
224,891
liability
74,383
104,979
Tax reserve
79,350
69,881
Pref, diva. payable
5,028,874 5,283,996
Surplus
19,166,285 19,946,513
Total
19.166,285 19,946,513
Total
x After depreciation. y Represented by 192,391 no-par shares.
-V.133
P. 805.
Columbia Pictures Corp.
-2% Stock Dividend.
The directors have declared a special semi-annual dividend of 21% in
common stock on the no par common stock, payable Oct. 2 to holders
of record Sept. 3. The directors also declared the regular quarterly dividend of 75 cents a share on the no Par Pref.stock,Payable Sept. 2 to holders
of record Aug. 19.
A 2,36% stock distribution was also made on the common stock on
April 2 1931 and on Oct. 2 1930. A quarterly cash payment of 183 cents
per share was made on this issue on July 2 last, as compared with 3754
cents each quarter from July 2 1930 to and incl. April 2 1931.-V. 132.
P. 4418.
Columbia-Troy Corp.
-To Acquire Certain Propeities of
-See
Genera& Laundry Machinery Corp Under Reorganization.
General Laundry Machinery Corp. above.
Columbus Mortgage & Title Insurance Co., Newark,
N.J.
-Smaller Dividend.
The directors have declared a semi-annual dividend of .50 cents per share
on the capital stock, payable Aug. 25 to holders of record Aug. 15 Previously the company made regular semi-annual distributions of 60 cents
per share.
-New Director, &c.
Commercial Credit Co., Baltimore.
The company has put into effect what may well be termed "a sales
-V. 133, p. 127.
See Commercial Credit Co., Inc. below.
merger." according to President B. G. Dahlberg. "Our new arrangements
to sell the products of several manufacturers of insulating and building
-Sale.
Commercial Credit Co., Inc., New Orleans, La.
materials make available to Celotex customers a broad line of these products
At a meeting of the stockholders held on Aug.3, the recommendations of
from one source of supply." said Mr. Dahlberg. "While these arrange- the board of directors to sell the assets, distribute the proceeds to the stockments will not reduce the actual number of salesmen selling these products,
were approved.
and liquidate the
it will permit each man to make better use of his time in that he may use holders company has beencompany
a subsidiary of Commercial Credit Co. of BaltiThis
every ounce of his effort for productive sales work, rather than in an at- more. which, In the future, will handle all of the business from the southern
tempt to combat competition."
Mr. Dahlberg further stated: "It is obvious that American, and for territory heretofore covered by Commercial Credit Co.. Inc. the Hibernia
James R. Hopper, Vice-President of
As
that matter, world sales methods are to-day extremely wasteful and ex- Bank previously reported Orleans, who has been a director of Commercial
& Trust Co., New
pensive for the ultimate consumer,simply because of the highly competitive Credit Co., Inc., since its incorporation, was recently elected a director of
state of affairs into which all business has been thrown, partially through Commercial Credit CO. of Baltimore.
-V. 127. p. 552.
well meaning legislation, and partially through the initiative of manufacturers of competing products The Celotex Co has effected this so-Earnings.
Commercial Investment Trust Corp.
called "sales merger" to reduce this high selling expense and to enable it
For income statement for 6 months ended June 30 see "Earnings Deto divert the profits thus derived to increased sales promotion efforts and a partment" on a preceding page.
very much broader advertising program which it is felt will reduce costs
Consolidated Balance Sheet June 30.
still further."
-V. 133. rl• 804•
1930.
1931.
1930.
1931.
LialrUities$
Assets$
$
Central Foundry Co.
$
-Over 7% of Bonds Deposited-To
3,898,950
8,076,212 14,578,057 7% 1st pref.stk. 3,898,150
Cash
Distribute Three Months Interest.
Ifli% 1st pf.stk. 5,322,100 5,574.800
Notes and soAnnouncement is made by the committee representing the 1st mtge.
counts rec.:W.137,831,278 168,463,020 Serial pref. stock 31,001,600 36,364,000
6% sinking fund gold bonds that, more than 75% in amount of the out- Repossessed cars
Common stock-x16.636,224 17,118,248
standing bonds having been deposited under the protective agreement and
Corn. stk. scrip_
790
783
at deprecian additional amount being under written agreement to be deposited, the
Credit bal. due
ated realiseobligations of the Universal Pipe & Radiator Co., under its agreement
mfrs. & selling
ble value_
201,535
.
192,344
dated June 16 1931. with the committee, to the extent that they were Marketable seagts. by Com.
contingent upon the deposit of bonds, have become fixed. The committee
curities
Factors Corp_ 4,324,954 3,700,265
2,669,592 2,456,498
is prepared to distribute among holders of certificates of deposit outstanding Miscellaneous
51i % conv.deb. 26,214.000 30,541,000
,
July 31 1931 an amount equal to three months interest to Aug. 1 1931, at
1,749,261 2,030.190 Notes payable__ 11,164,965 24,376,240
accts. reeelv
Accts. pay. incl.
the rate of 6% per annum, upon presentation of the certificates to Central Duefrom officers
Hanover Bank & Trust Co.. as depositary,for appropriate notation thereon.
& employees_ 1,224,957 1,559,720
Fedi & State
'
The committee has decided not to impose a penalty on the deposit of bonds Investments
3,680,729 5,913,724
804,447 taxes
738,840
under the protective agreement prior to the close of business Aug. 15 1931. Deferred charges
320,326 Dealers' reserve_ 1.441,809 1,434,164
217,935
-V. 133, p. 647.
925,228
Furniture and
600,738
Interest accrued
11,266,500
rixtures
8 6% eons. debs_
8
Certain-teed Products Corp.
375,000 Deferred Income 4,680,711 5,594,840
-Merges Floor Covering Purchas. fund_
Reserves
3,020,326 3,755.132
purchased
-See Sloane-Blabon Corp. below.
Division.
-V.132, p.3532. Stocksale to emfor
40,910,858 41,160.306
Surplus
ployees & for
-Earnings.
Chain & General Equities, Inc.
197,520
retirement _ __
835,384
For income statement for six months ended June 30 1931 see "Earnings
Department" on a preceding page.
Total
'Total
152,897,947 191,624,186
152,897,947 191,624,186
Balance Sheet June 30.
x Represented by 2,0:9.528 shares of no par value.
AssetsLiabilities-1931.
1930.
1931.
Henry [Meson. President. In his report to stockholders, calls attention
1930.
Cash
$47,277 Dep.for sec.loaned
$234,794
88,250
to the financial strength of the corporation as disclosed by the balance
Coll.call loans.._
150,000 Due for securities
sheet and surplus account.
Securities owned y4,744,318 6,788.694
bought
140
"The corporation is In poshtion to take advantage of any improvement in
Due for secs. sold
10,409 Accounts payable_
5,127
6.990 general business conditions. Mr Ittleson states "Collections have been
Diva. rec. on atm.
Accr. div. on pre!.
satisfactory and the amount of repossessions at June 30 1931 is less than at
sell., ex-div
15,502 stock
12,585
105,858
43,333 either June 30 1930 or Dec 31 1930 Funds in foreign countries are valued
Aeon int. recelv
1,833 Res. for Fed. inc.
according to the rates of foreign exchange on June 30 1931 all depreciation
Treas.stk.(iit cast):
taxes
13,396 thereon having been deducted from reserves heretofore created for that
Pref.(1,573shs.)
153.489 Preferred stock- 2.674,300 4,000,000 purpose.
Corn.13,200 she.)
57,568 Common stock
57.568
x160.000
-Excellent progress has been made during the past six months in reducing
160,000
Pt. purch, for ret.
Surplus
y2,095,732 3,185,523 expenses without impairing the efficiency of the oriraniration."
(2,449 shs.)
181,935
volume of the corporation's business in its several departments for the
2,674
Deferred chargesBret six months of 1931, as compared with the year 1930. follows:
Year
6 Aim. End.
85,049,267 87,409,382
Total
Total
1030.
June 30 1931.
$5.049,267 $7,409,382
29 07%
x Represented by 160.000 no par shares. y The cost of securities owned Retail auto notes
27.73
16.80%
on June 30 1931 exceeded the market value, or estimated fair value in the Wholesale auto notes
17.54%
9
27.55%
absence thereof at that date by $2.235.487.-V. 133, P. 292.
3 70
Textile factoring accounts
20 45
17.26
Other industrial accounts
us
Chevrolet Motor Co.
-July Output.
6.134
Foreign receivables
4.77%
July production of Chevrolet cars and trucks totaled 66,307 units agianst
During the past six months the corporation retired prof. stock amounting
to 8800.000, serial preference stock amounting to $7,349,700. or a total
84,597 units in June and 58,690 units in July 1930.
?July marked the third successive month in which Chevrolet output of $8.149,700 It also redeemed 6% debentures amounting to U.457,500
has run ahead of the same month of 1930. For the three months ended and reacquired $1,951.000 of its 5)4% convertible debentures. These
with July, Chevrolet production was 264,756 units against 250,349 units changes were part of the company's program for reducing fixed charges
In the corresponding period of last year. The decline in output in July and result in an annual reduction of 81.175.000 -V. 132. P. 3891.
from June was 21% in the current year, while in 1930 July production
-Class A Dividends for Current
Community State Corp.
fell 25% below the June total of 78,472.
For the first seven months of 1931 output totaled 588,539 units.
Year.
"Chevrolet is continuing production into August, at a seasonal rate
The directors have declared a dividend for the second quarter of 13.e5'
and with no summer shut-down planned. Current employment is around On the class A stock, payable Aug. 15 to holders of record Aug. 1 ,0 and
-V. 133, p. 804, 126.
33,000 men," said President W. S. Knudsen.
have also declared and set aside dividends of 1 %each for the Baird and
fourth quarters of the current year. the third dividend being payable
-Deliveries to Dealt s Increased.
Chrysler Corp.
'
,
Sept. 30 to holders of record Sept. 23 and the fourth on Dec. 31 to holders
Deliveries to dealers of Chrysler Imperial Eights. Chrysler De Luxe of record Dec. 23. A dividend of 2)4%, representing payments of 1)4
Eights and Chrysler Six cars in June were 34% greater than those in like each for the first and second quarters has been declared on the class 7
B
1930 period, according to J. W.Frazer, general sales manager of the Chrysler stock. payable Aug. 15 to holders of record Aug. 10.
-V. 133, p. 647, 292.
Sales Corp.
The last quarterly_ distribution of 1U% on the class B stock was made
on Dec. 31 1930.-V. 133, 1?• 805.
-Rescinds Quarteny Dividend.
Churngold Corp.
The company has decided to omit the payment of the quarterly dividend
-Bonds Called.
Continental Baking Corp.
of 35 cents a share due Aug. 15. At a meeting in January, the directors
The National City Bank of New York, as successor of the Peoples
declared a dividend of $1.40 for the year, payable in four quarterly in- Co.. has notified holders of Shults Bread Co. (Continental BakingTrust
Co..
stallments. Two payments of 35 cents each have already been made.
- Inc.) 6% 30
-year gold mortgage bonds, due March 1 1940, that 1,000 or
See V. 132, p. 1038.
the bonds have been drawn by lot for redemption. These bonds will be
pald, with accrued interest, upon presentation and surrender, with subseCincinnati Advertising Products Co.
-Earnings.
-quent coupons attached, at the bond redemption department of The NaFor income statement for six months ended June 30 see "Earnings De- tional City Bank, 22 William St. N. Y. City, on and after Sept. 1, after
partment" on a preceding page.
-V. 132. p. 3532.
which date interest on the drawn'bonds will cease.
-V. 133. P. 293.
FINANCIAL CHRONICLE
960
-Earnings.
Continental Oil Co. (Del.).
For income statement for six months ended June 30 see "Earnings Department" on a preceding page.
Consolidated Balance Sheet June 30.
1930.
1931.
'1930.
1931.
Liabilities
$
Assets:Fixed assets__102,866.639 108,368,821 Capital &Burp-7141.592,403 153.506,586
6,486,072 9,001.860 Funded debt_ _ - 18,149,578 28,665,877
Cash
Govt.sec.. &c_ _ 4,024,000 4,808,625 Funded debt due
411,263
347,326
hi six months_
Notes&accts.rec. 5,636,780 9,502,402
Accts. payable_ 3,414,026 4,916,805
Crude oil & ref.
757,822
843,284
18,636,182 30,225,761 Misc. accr. liab_
products
525,185
467,933
860,032 1,269.222 Minority int.Mans &supplies
180,267 Contingent res. 1,999.062 1,617,346
138,374
Misc.curr.assets.
495.878
495,878
Inv. & advances 24,097,768 24,216,190 Res.for annuities
Empl. stk. acct. 1,429,138
Unadjust. debits
& sundry assets 1,910,633 1,481,714
Deferred charges 1,223,962 1,841.900
167,309,580 190,896,762
Total
167,309,580 190,896,762
Total
x After depreciation, depletion, &c. y Represented by 4,743,107 no
-V. 132, p. 3533.
par share.
-Earnings.
Cooper-Bessemer Corp.
For income statement for six months ended June 30 see "Earnings
Department" on a preceding page.
Balance Sheet June 30 1931.
Liabilities
Assets
3144.569
$404,557 Accounts payable
Cash
90,853
679,215 Accrued liabilities
Notes & accts. roc
54,236
3,804,560 Reserve for contingencies__
Inventories
4,900,000
29.720 Preferred stock
Employees notes & accts. reo
y3,260,000
252,944 Common stock
Investments
886,909
98,083 Surplus
Real estate & mortgages__
Cash surrender value life Ins.
34,992
policies
10,635
Employees exp. advances
x4,001,648
Permanent assets
20,209
Deferred assets
$9,336,568
Total
$9,336,568
Total
,
x Less reserve for depreciation, 81.499,885. 3 Represented by 200,000
shares of no par value.
-V. 133, p. 486.
-2% Liquidating Div.
Cornell Mills, Fall River, Mass.
The company has paid another dividend of 2% in liquidation, making
a total of 7% to date.
-V. 132. IL 3155.
Crosley Radio Corp.-Bal. Sheet June 30.1931.
1930.
AssetsxProp., plant and
$2,311,267 $2,500,346
equipment
28,544
20,170
Pats..ft licenses-.
90,817
746,240
Cash
606.493
Accts.& notes rec. 701,526
126,545
Government bonds 126,545
631,129 1,973,468
Inventories
Advances on pur98,274
chasable contr.
64,674
121.244
Deferred assets
1930.
1931.
Liabilities83,000.000 $3,000,000
Capital stock
168,576
Accts. payable, &o 145,494
56,859
20,331
Accrued taxes.21,587
35,000
Accrued royalties_
101,868
71,539
Other reserves1.385,757 2,138,271
Surplus
Total
$4,658,121 $5,487,161
Total
-V. 133, p. 806.
z After depreciation.
$4,658,121 $5,487,161
-Balance Sheet June 30.Crown Cork & Seal Co.,Inc.
1931.
Assets
:Land, buildings,
machinery,&a__
Cash
Notes dr accts. rec.
Inventories
Prep. ins. & cash
surrender value_
Treasury bonds
Invest. In subs. &
affiliated cos
Stock purch.for resale to empl
Patents. &c
Bond discount ev
deferred eau's
1930.
7,435,292 5,495,016
1,421,032
668,810
2,175,730 2,027,354
3,191,218 3,689,722
91.593
495,500
69,808
445,000
1931.
Ma/WinesPreferred stock-- 6,137,855
Common stock...71,918,640
Accounts payable,
accruals, &c_-__ 817,956
90,630
Notes & sund. res.
5,035,000
Funded debt
Res., including
35,273
minority int_
4,018,103
Surplus
1930.
6,180,355
1,368,067
670,445
36,720
4,990.000
28,853
3,745,126
2,493,124 2,849,076
208,872
1 1,254,877
541.095
519,003
18,053,457 17,019,566
Total
18,053,457 17,019,566
Total
x After depreciation. y Represented by 383,728 shares of no par
-V. 133, P. 806.
common stock.
-Six Months' Results.
Crucible Steel Co. of America.
H,S. Wilkinson, Chairman of the board of directors, Aug. 5, said in part:
The net earnings for the past six months of 1931 were $482,s3o. During
the first quarter the company had about 50% of normal business. Since
then orders and production have declined with the general decline in the steel
Industry, until the business has reached the lowest volume it has had since
1921.
We are continuing to pay dividends on the preferred stock as we did in
1921, using a sufficient amount of our surplus to enable us to do so In the
belief that this period of depression will not last long enough to warrant
its discontinuance, and as company is in a strong financial position we believe this action on the part of the management will meet with the approval
of its stockholders.
The customers and users of steel products have been reducing their inventories, not only of the steel which they had on hand at the beginning of
the depression but also very largely the usual stock of finished goods which
they generally carry when the business of the country is normal. As soon
as business begins to move forward again it will be necessary for the steel
industry to supply its customers, not only with their normal requirements,
but with an additional amount necessary to replace the exhausted finished
stocks.
In the depression of 1921 the steel industry of the country had a large
Inventory to liquidate, which is not the case at the present time. Costs of
manufacture have been greatly reduced and the plants are in good condition to move forward when the buying starts again.
Up to the present time we have made no attempt to change the wages of
labor, but in January a reduction of 20% was made in the salary Payroll.
This affected, without exception, all salaried officers and employees of the
company. This action was believed to be just and fair in line with the attempt to give work to as many as possible during this time of unemployment.
We believe the extent of this depression through which we are passing is
now only a question of a few months before our Lousiness will start forward
again, and that we will advance from that time in until we reach normal
conditions.
Depletion of inventories and the withholding of much needed improvements, awaiting changed conditions, will soon cause a shortage of material
and create a demand which, similar to previous depressions, has produced a
large demand for steel products and permitted the factories to resume
satisfactory production and results.
Consolidated Balance Sheet June 30.
1931.
1930.
1930.
1931.
,
LiabilitiesAssetsProperty
91,694,484 91,332,711 Preferred stock- 25,000,000 25,000,000
Investments
3,882.742 5,558,055 Common stock- 50,000,000 55.000,000
13,500.000 13.750,000
Mat Is et supplies 19,633,215 17,481,341 Bonds
1,318,252 3,153,385
pay
Unexpired taxes,Accts.
2,000,000
Int. & insur
787.762 Notes payable
779,531
435,782
750,457
Notes receivable
98,694 Accr. its. & tax.
128,073
Accts,receivable,687,500
Spurivisiluspayable29,712,836 29,632,929
less reserves... 2,979,654 5,432,031
Cash
2,869,171
7,283.674
121,966.870 127,074,271
Total
Total
121,966,870 127,974,271
-V. 132, p. 3156.
[VOL. 133.
-To-Form Protective Committee.
Continental Shares, Inc.
George L. Gugle, as a stockholder of the company, in a letter to stockholders asks them to meet in Columbus, 0., on Aug. 12 to organize a protective committee "which should be entirely free from any alliance of any
kind with Cyrus S. Eaton, Otis & Co. or any of the banks which are
creditors of either Eaton or Otis & Co."
-V. 133, P. 808.
-Initial. Dividend.
Continental Tobacco Co., *Inc.
This company, over 99% of the stock of which is owned by PhilipMorris Consolidated, has declared an initial dividend of 37;4c. a share,
payable Aug.31 1931 to holders of record Aug. 15.-V. 125, p. 2535.
-Reorganization Plan.
Cuban Dominican Sugar Corp.
Announcement was made in our issue of July 25 of a plan
for the reorganization of the corporation and certain of its
constituent and controlled companies. The plan has been
prepared, adopted and promulgated by the reorganization
committee (below) and has been adopted and approved by
the protective committees representing the following bond's
and preferred and common stocks.
(1) Bondholders' Protective Committee, Cuban Dominican Sugar Corp.
The committee which represents the 1st lien 20
-year sinking fund 734%
gold bonds due Nov. 1 1944, consists of Joseph P. Ripley, Chairman; Edward N. Jesup; Ray W. Stephenson; Ralph T. Crane, and Gilbert G.
Browne, with Davis. Polk, Wardwell, Gardiner & Reed, Counsel, and
Nelson Stuart, Secretary.
(2) Bondholders' Protective Committee, Sugar Estates of Oriente. Inc.
This committee, which represents the 1st mtge.7% sinking fund gold bonds
of Sugar Estates of Oriente, Inc., due Sept. 1 1942. consists of F. Shelton
Farr, Chairman; Joseph P. Ripley; Roswell 0. Tripp, and Horatio L.
Whitridge, with Hornblower. Miller, Miller & Boston, Counsel, and
Nelson Stuart. Secretary.
(3) Stockholders' Protective Committee, Sugar Estates of Oriente. Inc.. and
Cuban Dominican Sugar Corp.
-This committee represents the 8% cumulative preferred stock of Sugar Estates of Oriente, Inc., and common
stock of Cuban Dominican Sugar Corp., and consists of Frederick B.
Adams, Chairman-Robert K. Cassatt: Charles G. Meyer; Godfrey S.
Rockefeller, and George H. Walker, with Chadbourne, Stanchfield &
Levy, Counsel, and Arthur Kirstein Jr., Secretary.
Reorganization Committee.
-Joseph P. Ripley. Chairman; Frederick B.
Adams; Gilbert G. Browne; Ralph T. Crane; F. Shelton Farr: Edward N.
Jesup, and Ray W. Stephenson, with Nelson Stuart, Sec., 22 Williams St.,
N. Y. City, and Davis, Polk, Wardwell, Gardiner & Reed, Counsel, 15
Broad St., N. Y. City.
-The City Bank Farmers Trust Co., 22 William St., N. Y.
Depositary.
City, Is depositary for the foregoing bonds and stocks.
An introductory statement to the plan of reorganization
states in part:
Cuban Dominican Sugar Corp. (Md.) Is a holding company owning
and controlling through constituent and controlled companies 12 sugar
estates of which 7 are located in Cuba and 5 in the Dominican RepubPe,
having an aggregate normal capacity of approximately 2,500,000 bags
(320 lbs.) of sugar per crop.
The long-continued depression in the sugar Indust/9 and the unprecedented low prices obtaining for raw sugar as a consequence of world-wide
overproduction have seriously affected the earnings of the company and
its constituent and controlled companies. Company's working capital
has been critically depleted and its borrowing power consequently impaired,
thus adversely affecting its financial condition. Company finds itself
unable to borrow the necessary funds for cultivation of the 1931-1932
crop. The foregoing state of affairs has brought about the following
defaults. Company has defaulted in the payment of the interest Instalment
-year sinking fund 734%
which became due May 1 1931. on 1st lien 20
gold bonds and has also defaulted in the payment of interest which became
due May 1 1931, on its secured 7% serial gold notes and its secured 7%
gold note; Sugar Estates of Oriente, Inc., a constituent company, has defaulted in the payment of the instalment of interest due March 1 1931
upon its 1st mtge. 7% sinking fund gold bonds, and other defaults have
occurred In certain purchase money mortgages and other obligations of
certain constituent and controlled companies.
It is expected that appropriate proceedings shortly will be instituted
to foreclose upon the collateral subject to the lien of the trust indenture
dated as of Nov. 1 1924, and for the foreclosure of the mortgage securing
the 1st mtge. 7% sinking fund gold bonds of Sugar Estates of Oriente,
Inc. The common stock of this constituent company as well as stocks and
obligations of other constituent and controlled companies owned by the
company are directly or indirectly subject to the trust indenture securing
-year sinking fund 734% gold bonds. In view of the fact that
the 1st lien 20
all of the funded debt and stock (except in some instances directors' qualifying shares) of certain of the constituent and controlled companies are
owned by the company. It is deemed unnecessary specifically to include the
obligations and stock of such companies in the plan. The reorganization
committee, however, retains full power and authority to deal with the
obligations and stock of such wholly owned constituent and controlled
companies as In its discretion it may deem advisable.
-The names of the operating conConstituent and Controlled Companies.
stituent and controlled companies, the properties owned by each, and the
1931 production of each, are as follows.
Production
Cuban Properties.
Crop Year 1930-31
(Bags of 320 Lbs.),
CompanySugar Estates of Oriente, Inc., owning centrals CuPey, Alto Cedro
and Palma
571.574
Compania Central America, owning central America
136,659
Santa Ana Sugar Co., owning centrals Santa Ana and Hatillo
142,380
Compania Central Altagracia, owning central Altagracia
102.685
Total in Cuba
953,258
Dominican Properties.
por A, owning centrals QuisCompania Azucarera Dominicana,
queya, Consuelo, Las Pajas and San Isidro (estimated)
Barahona Sugar Corp.. owning Ingenio Barahona,0 per A., and the815,000
Barahona Co. Inc.. together owning the mill and lands of central
Barahona (estimated)
335,000
Total in Dominican Republic (estimated)
950.000
-The Cuban production for the crop year 1930-31 was restricted
Note.
bylaw.
•*4
In addition the company owns all of the capital stock of Cuban Dominican
Sales Corp., a selling company, and Cia de Semovientes, Almacenes y
Comercial de Oriente S. A., owning cattle and miscellaneous equipment
and supplies.
Digest of Plan of Reorganization
Outstanding Securities to Be Dealt with Under the Plan.
The securities of the company and of its constituent and controlled
companies to be dealt with under the plan are substantially the following,
and are to be left undistrubed or to be adjusted as follows:
Amount Outstanding
(1)To Be Left Undisturbedin Hands of the Public,
aSugar Estates of Oriente, Inc., Purchase money mortgage
due serially until 1933
8980,089
aCompania Central America, purchase money 12
-year
sinking fund 8% bonds due 1935
1.197,000
aSanta Ana Sugar Co., 1st mtge. 8% sinking fund bonds
1,030,000
due March 31 1931
bBarahona Sugar Corp., 8% cony. pref. stock (8100 par)
4,000,000
(2)To Be Adjusted
Cuban Dominican Sugar Corp. 1st lien 20
-year sinking fund
13,597,000
73'gold bonds due Nov.1 1944
Sugar Estates of Oriente, Inc., 1st mtge. 7% sinking fund
5.300.000
gold bonds due Sept. 1 1942
Sugar Estates of Oriente, Inc.,8% cum.pref. stock ($100 par)
2,443.500
Cuban Dominican Sugar Corp. secured 7% serial gold notes,
series C, due Nov. 1 1931, series D due Nov. 1 1932, and
series E due Nov.1 1933
960.000
Cuban Dominican Sugar Corp.secured 7% gold note due Nov.
320.000
1 1934
Cuban Dominican Sugar Corp. common stock (no
1.142.833 shs.
a These purchase money mortgages and bonds may or may netTbe
assumed, paid or adjusted by the new company, or one or more of its7con-
AUG. 8 1931.]
FINANCIAL CHRONICLE
stituent companies, as the reorganization committee may determine.
b Upon consummation of the plan the Cuban Dominican Sugar Corp.
will be dissolved and the right to convert this stock into common stock
of such company will therefore be eliminated.
New Company to Be Organized.—The new company to be organized is
to acquire all or such part of the properties of the company and the properties or securities of its constituent and controlled companies, including
bonds, stocks and other securities and claims belonging to the company
or to constituent or controlled companies, as the reorganization committee
shall determine, and is to assume, or to cause one or more of its constituent
or controlled companies to assume, all or such of the obligations of the
company and the constituent and controlled companies not to be adjusted
under the plan, including contingent obligations of the company or of
its constituent and controlled companies, all as shall be determined by the
reorganization committee. It is intended that the properties of the
company and some of its constituent and controlled companies shall be
sold either with or without proceedings in courts of competent jurisdiction
in the United States and in the case of certain constituent and controlled
companies in Cuba and (or) the Dominican Republic or otherwise transferred and conveyed by the company and its constituent and controlled
companies, or otherwise, to the new company and (or) its constituent
and controlled companies in such manner as the reorganization committee
shall determine.
If the reorganization committee shall so determine, however, any of
such properties may be acquired upon such terms and conditions as the
reorganization committee shall approve by one or more existing or new
constituent companies, all of the stock of which (or all except directors'
qualifying shares) shall be held by the new company. The reorganization
committee shall also be empowered to effect such mergers or consolidations
of constituent or controlled companies as It may deem advisable to organize
or utilize one or more constituent or controlled companies for the purpose of
acquiring or holding any of the properties or securities subject to the reorganization or acquired under the plan, and to sell or otherwise dispose of
the securities and (or) properties of any of the constituent or controlled
companies which may be deemed by it to be unprofitable or otherwise
undesirable for the purposes of the plan.
The reorganization committee shall also be empowered to enter into
agreements with the several committees representing stock or obligations
of the company and the constituent and controlled companies to be dealt
with under the plan, or with holders of such stock or obligations, for the
purpose of effecting exchanges, releases or acquisitions of property or
securities or other adjustments which may be required by any such committee or any such holders as a condition of their approval and adoption
of the plan.
Securities to Be Issued by New Company.
1st Mtge. (Collateral) Gold Bonds.—New company is to create an Wale
of 1st mtge. (collateral) gold bonds in a total authorized amount of $15,000.000 at any one time outstanding, to be issued in one or more series,
and to be secured by a trust agreement under which will be pledged mortgage
bonds constituting first liens; which may be subject to present or future
crop liens, on such parts of the properties of the new company and of all
or such of its constituent and controlled companies (with the exception of
the properties of the Barahona Sugar Co.), and common stock, except
directors' qualifying shares, of all or such of its constituent and controlled
companies, as the reorganization committee shall determine.
The new company is to authorize under the plan an initial series of
such bonds in a principal amount of not. exceeding $7,500,000. $6,000,000
of the bonds of such series are to be sold to depositing security holders
exercising subscription rights or to the underwriters. All or any part of
the balance, namely $1,500,000 may be sold by the new company with the
approval of the reorganization committee, or may be sold by the committee.
with or without common stock of the new company, for a consideration in
Money or property no less favorable to the new company than the consideration to be received by it on the sale of the $6.000.000 of new bonds
in order to Provide cash for the purposes of the plan, or may be utilized
by the committee in acquiring properties deemed by it to be advantageous
to the new company, or in effecting adjustments deemed by it to be desirable or expedient for the consummation of the plan. The balance of the
bonds of such series not sold or utilized as above provided may be issued
bY the new company from time to time for its lawful corporate purposes.
Subject to the power reserved to the reorganization committee to make
such changes, &c., in the provisions of the bonds of such Initial series.
the bonds of such initial series shall be known as the "first mortgage (collateral) gold bonds, 6% convertible series, due 1946," to be dated Oct. 1
1931, to mature Oct. 1 1946. Denoms. $1,000, $500. $100 and
.
Entitled to interest at rate of 6% per annum from Oct. 1 1931, $50c5
annually to and incl. Oct. 1 1934, and thereafter semi-annually onpayable
April 1
and Oct. 1, such interest payable after Oct. 1 1934. to be a fixed charge
whether earned or not., Interest payable for the years ending Oct. 1
1933 and 1934 will be payable on the new bonds on Jan. 1 of each of the 1932.
years
1933, 1934 and 1935, but only to the extent that consolidated net earnings
of the new company and its constituent and controlled companies, available
for Interest in each of the fiscal years 1932, 1933 and 1934, respectively,
ended Sept. 30 preceding such Jan. 1, are realized by the new company
and its constituent and controlled companies, and to the extent payments
are not made at the rate of6% per annum in any ofsuch years, the deficiency
shall accumulate and be payable, but without interest thereon, on Oct. 1
1936. Interest will be payable without deduction for any Federal income
tax not in excess of2% ofsuch interest which the new company or the trustee
may be required or permitted to pay thereon or to retain therefrom under
any present or future law of the United States of America. Red. all at
any time upon 60 days' prior notice, or in part on any interest date (Jan. 1
1933, 1934 and 1935, and each April 1 and Oct .1 thereafter) upon 30
days' notice, at 105 if red, on or prior to Oct. 1 1936; at 104 if red, thereafter and on or prior to Oct. 1 1941; at 103 if red. thereafter and on or prior
to Oct. 1 1945,and at 100 if red, thereafter prior to maturity, in each case
Plus interest whether earned or not.
The trust agreement will contain a covenant OD the part of the new
company to reimburse to owners of new bonds resident in the respective
States, upon proper application, the amounts of the following taxes paid
in respect to the new bonds or the interest thereon; the 4 mills tax in Penn.;
any securities taxes in Maryland not exceeding in the aggregate 45c. on
each $100 of assessed value in any year; any personal property or exemption
tax In Conn, not exceeding 4-10ths of 1% of the principal in any year,
and any Mass, income tax not exceeding in any year 6% of the interest
on such bond.
New bonds will be convertible at any time prior to maturity, or, if called
for redemption, 5 days prior to redemption date, into common stock of the
new company at the rate of 60 shares of such common stock for each $1000,
of new bonds. No adjustment of interest or dividends will be made at
the time of the conversion except upon conversion of bonds called for redemption. The trust agreement will provide for adjustment of the conversion ratio in the event that the outstanding common stock is increased
or decreased through consolidation i shares, stock dividends, stock split_
ups, or the issue of common stock for cash at a price below the then existing
conversion price.
No sinking fund is to be provided for the retirement of new bonds.
However, the trust agreement will provide that so long as any of the
new bonds are outstanding, the new company will not declare or pay any
dividends on its common stock or utilize any of its corporate funds, or
cause or permit any of its constituent or controlled companies to utilize
any of their corporate funds, in the purchase of the common stock of the
new company. The reorganization committee in its discretion may
determine whether the new bonds shall bear interest from their date or
from the date of the delivery of such new bonds under the plan, and the
foregoing provisions of the plan may be modified accordingly.
Common Stock—The common stock (no par) of the new company shall
be an authorized Issue of shares in an amount to be determined by the
reorganization committee, not exceeding 2,000,000 shares. Stock shall
not no entitled to any dividends until all of the outstanding 1st mtge.
(collateral) gold bonds, 6% convertible series, duo 1946. shall have been
retired. Stock shall have full and equal voting rights, share for share.
482,110 shares of the common stock of the new company are to be presently
issued and delivered under the plan in exchange for existing securities or
obligations of the company and certain of its constituent and controlled
companies: 360,000 shares are to be issued in conjunction with the sale of
$6,000,000 now bonds, and 360.000 shares are to be reserved for conversion
of such new bonds. In addition 50,000 shares are to be reserved for option
or sale to employees of the new company and (or) its constituent or controlled companies on terms to be approved by the reorganization coin_
Mitts°.
Treatment of the Bonds, Notes and Stocks to Be Adjusted Under the Plan.
Distribution.—Holders of the bonds listed below, or certificates of dePosit therefor, who shall be entitled to the benefits of the plan will be
entitled to receive common stock of the new company as hereinafter stated.
961
(a) The holders of the outstanding $13,597,000 Cuban Dominican
Sugar Corp. 1st lien 20
-year sinking fund 755% gold bonds (with or without stock purchase warrants) will be entitled to receive for each $1.000
principal amount of such bonds. 30 shares of the common stock of the
new company. (Holders of such bonds in the denoms. of $500 will be
entitled to receive 15 shares of common stock.)
(b) The holders of the outstanding $5,300,000 Sugar Estates of Oriente,
Inc., 1st mtge. 7% sinking fund gold bonds will be entitled to receive
for each $1,000 principal amount of such bonds 14 shares of the common
stock. (Holders of such bonds in the denoms. of $500 will be entitled
to receive 7 shares of the common stock.)
In the foregoing statement of distribution the mention of principa
amount of bonds shall include all interest accrued and unpaid in respect
thereof, it being the intention that the distribution of the common stock
of the new company In the amounts and proportions specified shall be in
full settlement and discharge of all such interest.
Subscription Rights.—Holders of the bonds, notes and stocks listed
below, or certificates of deposit therefor. who shall be entitled to the
benefits of this plan will be entitled to subscribe for new bonds and common
stock of the new company,on a when,as and if issued basis, on the following
terms and conditions.
(1) Bonds.—(a) The holders of the outstanding $13,597,000 Cuban
Dominican Sugar Corp. 1st lien 20
-year sinking fund
% gold bonds
will be entitled to receive for each $1,000 of subscription rights calling
for $300 of new bonds and 18 shares of the common stock of the new company upon payment of $240, being equivalent to a price of $80 (flat) for
each unit consisting of $100 of new bonds and 6 shares of common stock so
subscribed for. (Holders of such bonds in the denoms. of $500 will be
entitled to receive subscription rights calling for $150 of such new bonds
and 9 shares of the common stock upon payment of $120, being equivalent
to a price of $80 (flat) for each unit consisting of $100 of new bonds and 6
shares of common stock se subscribed for.)
(b) The holders of the outstanding $5,300,000 Sugar Estates of Oriente,
Inc., 1st mtge. 7% sinking fund gold bonds will be entitled to receive for
each $1,000. Subscription rights calling for $300 of new bonds and 18
shares of the common stock of the new company upon payment of 3240,
being equivalent to a price of $80 (flat) for each unit consisting of $100
of new bonds and 6 shares of common stock so subscribed for. (Holders
of such bonds in the denom. of $500 willibe entitled to receive subscription
rights calling for $150 of such new bonds and 9 shares of the common
stock upon payment of $120, being equivalent to a price of $80 (flat) for
each unit consisting of $100 of new bonds and 6 shares of common stock
so subscribed for.)
(2) Notes and Stocks.—(a) The holders of the issued and outstanding
shares of 8% cum, pref. stock of Sugar Estates of Oriente, Inc., will be
entitled to receive under the plan pro rata in accordance with the number
of such shares held. Subscription rights calling for such principal amount
of new bonds and shares of common stock of the new company as shall net
be subscribed for by holders of the outstanding Sugar Estates of Oriente,
Inc., 1st mtge. 7% sinking fund gold bonds under the provisions of subdivision (b) above, upon payment of a price of $80 (flat) for each unit
consisting of $100 of new bonds and 6 shares of common stock of the new
company.
(b) The holders of the secured 7% serial gold notes and secured 7%
gold note of the company will be entitled to receive under the plan pro rata
in accordance with the principal amount of such notes held. Subscription
rights calling for such principal amount of new bonds and shares of common
stock of the new company as shall not be subscribed for by holders of bonds
and preferred stock as provided above, upon payment of a price of $80
(flat) for each unit consisting of $100 of new bonds and 6 shares of common
stock of the new company.
(c) The holders of the issued and outstanding shares of common stock
of the company will be entitled to receive under the plan pro rata in accordance with the number of such shares held. Subscription rights calling for
such principal amount of new bonds and shares of common stock of the
new company as shall not be subscribed for by holders of bonds, notes
and preferred stock as provided above, upon payment of a price of $80
(Hat) for each unit consisting of $100 of new bonds and 6 shares of common
stock of the new company.
Unless the reorganization committee shall otherwise provide, the subscription rights will become available only to registered holders of certificates of deposit issued under or becoming subject to the plan, of record
Aug. 35, or such later date as the reorganization committee may fix.
Registered holders will be entitled to exercise such subscription rights
at the office of City Bank Farmers Trust Co., the depositary, before the
close of business on Sept. 17 1931, or such later date as the reorganization
committee may fix.
Arrangements have been made to underwrite the sale of the $6,000,000
1st mtge. (collateral) gold bonds, 6% convertible series, due 1946, and
360,000 shares of common stock, of the new company, offered under the
subscription rights.
Schedule of Participation in Distribution of New Securities by Holders of
Existing Securities Participating in the Plan.
Exist, Securities— Outstanding.
-Will Receive
Distribution of—xSubscription Rights—
Common Stock. New Bonds. Common Stock.
Cuban Dom. Sugar
$13,597,000 407.910 shs. $4,079,100 244,746 shs.
2 till)
r
c
8
00
18 shs.
30 slis.
$300
Sugar Bet. of Or.,
Inc.. 1st 7s
74.200 shs. 1,590,000
95,400 shs.
5,300.000
Each$1.000---300
14 shs.
18 shs.
Cuban Dom. Sug.
Corp. serial 7%
notes
960,000
7% notes
320.000
Sug. Est. of Or.,
Inc. 8% pref.
stock
a
2,443,500
Cub. Dom, Sug.
Corp. com. stk.1,142,833 shs
Odd amounts
330,900
19.854 she.
Total
d482,110 shs. $6,000,000 d360.000 shs.
x Subscription price to the new 1st mtge. (collateral) gold bonds, 6%
convertible series, due 1946, and common stock of the new company, will
be $80 (flat) per unit consisting of $100 principal amount of such bonds
and 6 shares of such common stock. a Subscription rights not exercised
by the depositing holders of Sugar Estates of Oriente, Inc., 1st mtge.
7% gold bonds will accrue to depositing holders of Sugar Estates of Oriente,
Inc., 8% cum, pref. stock. b Subscription rights not exercised by the
depositing bondholders and, to the extent offered. by Sugar Estates of
Oreinte, Inc., pref. stockholders will accrue first to depositing holders of
the company's secured 7% serial gold notes and secured 7% gold note,
and then to depositing holders of the common stock of the company.
c To be offered to depositing security holders in the priorities under which
subscription rights are offered, subject, however, to allotment. d In addition 360,000 shares are to be reserved for conversion of the new 1st mtge.
(collateral) gold bonds,6% convertible series, due 1946, and 50,000 shares
are to be reserved for option or sale to employees.
Provision for Other Obligations of the Company and Its Constituent and Controlled Companies Not Included in the Plan.
The new company and (or) Its respective constituent and controlled
companies will assume or pay all of the bank loans secured by crop liens
and (or) other assets of the company and (or) its respective constituent
and controlled companies and also other advances or liabilities, including
guarantees, which are now secured, or which may become secured, by prior
liens on assets of the company and (or) its constituent and controlled
companies, and such other crop liens and (or) advances or other liabilities.
including guarantees, as shall be determined by the reorganization committee. The new company or any of its constituent or controlled companies, with the approval of the reorganization committee, may assume
or pay such other indebtedness or liabilities of the company or any of
its constituent or controlled companies as the reorganization committee
may determine, and (or) the reorganization committee in its discretion
at such time or times and upon such terms and conditions as it may determine, may make or cause to be made adjustments of such other indebtedness or liabilities of the company or of any of its constituent and
controlled companies deemed by it to be desirable or expedient for the
consummation of the plan and in consummating any such adjustment
may use any of the new bonds and (or) common stock of the new company issuablo as provided in the plan and not required for delivery to
depositors pursuant to the elan, or any cash proceeds thereof, or any cash
available for such PurPeeeeZnr, in it discretion, as hereinbefore provided.
962
FINANCIAL CHRONICLE
It may Procure the issuance of additional new bonds and (or) shares of
common stock of the new company.
Underwriting of the First Mortgage Bonds and Common Stock to Be Offered
Under Subscription Rights.
The reorganization committee has arranged with the National City Co.
to underwrite the sale of the 36,000.000 1st mtge. (collateral gold bonds,
6% convertible series, due 1946. and 360.000 shares of commoe stock
of the new company offered under the subscription rights at a price of $80
(flat) for each unit consisting of $100 of new bonds and 6 shares of common
stock of the new company. The underwriting agreement gives the Underwriters the right in their discretion to terminate their commitment thereunder under certain conditions. including a right to terminate in ease the
plan shall not have been declared operative on or before Aug. 26 1931, or
such later date as shall be approved by the underwriters. No compensation or commission shall be payable to the underwriters for their services
in undertaking this underwriting, but this shall not be construed as excluding such profit, if any, as they may realize on any new bonds and
common stock underwritten and received by them.
The underwriters have given an option, good until the close of business
on Sept. 17 1931, or such later date as the reorganization committee may
fix for the exercise of subscription rights to be offered under the plan, to
the committee representing the 8% cum. pref. stock of Sugar Estates of
Oriente. Inc., and the common stock of Cuban Dominican Sugar Corp.
to subscribe for one-half (not exceeding 180.000 shares) of the total amount
of common stock of the new company which may be delivered to the underwriters by reason of the aforesaid underwriting, at a price of $5 per share,
payable in cash against the delivery of said shares.
Cash Requirements.
-The expenses and obligations under the plan, including the obligations and the expenses of court proceedings, If any,
reorganization expenses, adjustments and other items which under the plan
are to be paid in cash, to the extent not paid out of moneys coming into the
hands or under the control of the reorganization committee, are to be paid
or assumed by the new company.
Consolidated Balance Sheet March 31 1931.
(Cuban Dominican Sugar Corp. and Its Subsidiaries.]
(tIes510511
Assets
$8,706.573
$372,355 Bank loans
Cash
259.399
226,847 Notes& accept. payable____
Accounts receivable
1,153,366
Sugar on hand & In lIquidat'n 5,555,657 Accountspayable
123,309
311,625 Wages accrued
Molasses on hand & In llauld.
918.148
Interest, rent dt taxes acced.
Materials. supplies & mer278,958
1,956,136 Defaulted Interest
chandise In stores
287.409
Colones' accts. & grow.cane 6.835.190 Other Indebt. not funded__ 23,384.080
1.670.414 Funded indebtedness
Investments
51,142
60,602.877 Reserve for contingencies_Capita! assets
74,941 Sugar Estates of Oriente
Deposit with trustee
2,443.500
Inc., pref. stock
990,037
Deferred charges
Barahona Sugar Corp. 8%
4.000.000
pref. stock
Corn.stock (1,142.833 she.)- 40.000.000
3.109,812
Capital surplus& deficit
For.,. 133.
It also includes at their face amount bonds and purchase money mortgages which cover specific assets belonging to certain constituent companies of the present corporation. These may or may not be assumed,
paid or adjusted by the new company or one or more of its constituent or
controlled companies. A substantial reserve has been set up to meet possible losses on net book equities of these assets in case the reorganization
committee decides to abandon one or more of them.
Profit amounting to $119.000. arising from open hedging contracts,
based on prices of July 20 1931. is not reflected in this statement.
-2(100 000 shares (no
a Common stock of no par value. Authorized
-V. 133. p. 648.
Par); issued-842,110 shares.
-Earnings.
Cushman's Sons, Inc.
For income statement for 12 and 28 weeks ended July 11 see "Earnings
-V. 132, p. 3720.
Department" on a preceding page.
-Earnings.
Davenport Hosiery Mills, Inc.
three and six months ended June 30 see "Earn-V. 132, p. 2776.
ings Department" on a preceding page.
For income statement for
-Acquires Control of
Dayton Airplane Engine Co.
American Aeronautical Corp.
The Dayton Airplane Engine Co. has acquired control of American
Aeronautical Corp. through the exchange of more than 60% of the capital
stock of the latter concern, Vice-President Enea Bossl of the Dayton
company states.
Operations of the company and its subsidiaries are being concentrated
at Port Washington. L. I., where the company has extensive facilities
for the production, testing and operation of amphibians and seaplanes,
-V. 132, p. 4249.
Mr. laciest said.
-Merchandising Agreement.
Detroit Michigan Stove Co.
A joint merchandising arrangement has been reached between the Silent.
-Michigan Stove Co., calling for merAutomatic Corp. and the Detroit
chandising by the latter of a complete warm air heating unit consisting of a
specially designed warm air furnace and a standard Silent Automatic burner.
-V.132. p.318.
--Earnings.
Detroit Steel Products Co.
For income statement for six months ended June 30 see "Earnings Depart-V. 133, p. 294.
ment" on a preceding page.
-Shareholders Offered PriviDevonshire Investing Corp.
lege of Exchanging Stock for Railway & Light Securities Co.
Warrants.
A. special meeting of the stockholders has been called for Aug. 21, to vote
Co. to
upon (1) acceptance of an offer from the Railway & Light Securities
acquire all property and assets, assuming all liabilities. of Devonshire Investing Corp.;(2) distribution of the proceeds of the sale to the Devonshire
Investing stockholders as a dividend in liquidation;(3) dissolution of Devonshire Investing Corp.
A circular to the stockholders (signed by Roger Amory. Roger Pierce and
378.496,081 Willard T. Carleton, a committee of directors who are neither directors nor
Total
$78.496,081
Total
stockholders of the Railway & Light Securities Co.) states that tho latter
Contingent Liability under guarantee for Colones advances 3490.419.
company offers Railway & Light Securities warrants for the assets of the
warrant for each Devonshire
Estimate of Consolidated Earnings as Applied to Consolidated Capital Devonshire company on the basis of one the holder to receive securitiescommon share. Each warrant will entitle
the New Company.
Structure of
Co.under one of the two following options:
Assumed Price Realization per Lb. for Sugar f.o.b. of the Railway & Light Securities & Light Securities 6% pref. stock, eerie&
share of Railway
(1) Option A,
Cuban and Dominican Ports.
A, par 8100, plus 4e-share Railway & Light common stock, no par value:
3c.
2ti c.
2c.
13c.
and (2) option B, 1-3-share of Railway & Light6% pref.,series A,par $100•
-bags
Estimated output
Option B must be exercised and warrants,so exercised,surrendered within
2,020.060
2,020,000
2,020.000
2,020,000
(320 lbs.)a
45 days after the issue date of the orginal warrants. If not exercised and
Estimated operat. profits
period,option B will become null and void
depreciation) _ 31.249,000 34.189,500 36.899.200 $9.571,100 warrants surrendered within such apply.
(before
.
'
and there fter only option A will
Depreciation on revised
The offer contemplates that upon the completion of the transfer of the
1,193,200
1,193.200
1.193,200
plant values
1,193,200
assets of the Devonshire Corp. its assets which will then consist of Railway
Est. Inc. avail, for int.,
8,377.900 & Light warrants, will be distributed among stockholders as a dividend be
5,706,000
2,996,300
b55,800
&c. (after deprec.)_ _ _
liquidation and Devonshire Investing Corp will be dissolved.
on fund. debt., &c..
Int.
it Ware of asset value based on fair values (determined by actual
A
(coll.)
Int. on 1st mtge.
asset
c360,000 markets wherever possible) on June 30 1931 shows that the combined
c360,000
c360,000
c360.000
gold bonds
value of Se-share of Railway & Light 6% pref.. series A, taken as $100 Per
money
Int. on purch.
of
plus 34 con common share, was $34.87. The asset value of stock
share,
-year sinking fund
12
was
Devonshire Investing Corp. taken on the same basis on June 30 1931,
gold bonds of Cia.
71.820 $33.72 per share.
71.820
71.820
Cent. America.S.A.e
71.820
In the opinion of counsel, there will be no gain or loss to Devonshire InInt. on Sugar Estates
vesting stockholders for Federal income tax purposes if the offer is accepted
of.Oriente, Inc.. purch,
of
and the plan consummated. The holders of approximately 14.000 shares
money mtge. Mato
68.606 the 34,000 shares outstanding shares have signified their approvalinformallY.
68.606
68,606
68,606
del Mediole
-V.133, p.486.
Ana Sug.
Int. on Santa
Co. 1st mtge. 8%
-Probable Acquisition.
Diamond Match Co.
sinking fund bonds
The company is reported to be negotiating for the purchase of all the
(prin. & int. in dePulp & Paper Co., Inc., which are valued at
82,400 properties of the Saranac
82.400
82.400
82.400
fault).
-year contract with the
approximately $1,750.000. The latter now has a 20
Annual di v. require. of
Saranac River Power Corp. for the purchase of electric energy at a yearly
.
Barahona Sug Corp.
d320.000 rental of $80,000.
d320,000
d320,000
d320,000
pref. stock
The company now owns tracts of timber In Massachusetts. Connecticut,
Estimated int. on cur125.000 New Hampshire, Vermont, Maine, Georgia, California, Idaho and Wash125.000
125.000
125,000
rent borrowings
ington. The company has match factories at Oswego, N. Y., Barberton,
Savannah, Ga.-V. 133, p.049.
Total
$1,027,826 $1.027.826 $1,027.826 31.027.826 Ohio, Chico. Calif., and
Estimated consol. net
-July Production.
Dome Mines, Ltd.
interest
earnings after
July 1931. June 1931. May 1931. June 1930.
Month ofcharges' and Barahona
7,350.074 Value of output
$300,390
$328,700
$320,626
4.678.174
3299.280
1,968,474
-972,026
pref. dividend
920.409 -V. 133. p. 486, 294.
599.781
274.617
Income taxes (4 12%Estimated consolidated
-Earnings.
Dominion Stores, Ltd.
$1,693,857 $4,078,393 36,429,665
net income
For Income statement for six months ended June 30 see "Earnings
Equals per share on 842.-V. 133. p. 294.
$7.
Department" on a preceding page.
$4.84
$2.01
110 shares
-Sales Higher.
a Of which 960,000 bags are from the Cuban properties and 1,060,000
Douglas Aircraft Co., Inc.
bags are from the Dominican properties. b Representing a profit of $1,1930.
1931.
Cuban
8 Months Ended July 31141.800 from Dominican operations and a loss of $1.086.000 fromlb., the Sales
33,044,071 32.861,970
operations. If the price of sugar were to remain at 1 eec. per
-V.132.p.4772.
Sales in July 1931 totaled 5632.600.a record volume.
of the
Cuban operations might be curtailed or suspended with a reduction
loss from those operations. c Payable, during the first three years after
-Balance Sheet.(W. L.) Douglas Shoe Co.
Issuance, to the extent earned. d Cumulative to the extent earned.
June30'31. Dec.31'30,
Juse30'31. Dee.31'30.
Which may, or may not, be assumed, paid or adjusted by the new ComAssets5560.806 Preferred stock$3.800.000 $3,800,000
or more of its constituent companies.
pany or one
Plant st fixtures-- 3560,740
933.033 Common stock.__ 1,540,000 1,540.000
933,034
Good-will
Balance Sheet as of March 31 1931.
Pro Forma Estimated Consolidated
53,945
79,203
502.960 Accounts payable.
824,467
Cash
Reserve for taxes,
(Giving Effect to Proposed Plan of Reorganization and Completion of Customers' accts.
1930-31 Crop.]
44,527
42.666
coating.,&c____
270.021
and notes reed's/. 290.808
617.310
117,310
2,518.162 2,845,125 Surplus
Inventories
LtabititiesAssets15.227
$6,896,993 Treasury stock19.860
$372.355 Bank loans
Cash In banks & on hand237,526
259.399 Prepaid expense- 231,716
226,647 Notes & accept. payable.-Accounts receivable
36.760
1,268.366 Sinking fund
Busier on hand & In liquid's'. 7,797,883 Accounts payable
090,982
663.633
123,309 Sundry assets
372,608 Wages accrued
Moiassea on hand & in Meld
448,964
Int., rent & taxes accruedMaterials. supplies & merTotal
46,079,180 56.055.782
$6.079,180 16,055,782
1,956,136 Notes payable, due nubileTotal
chandlse in stores
245.409 -V. 132, p. 2398.
qu.nt to Dec 31 1931.Colones' accts. & grow. cane 6.835.190 Land purchase mortgage42.000
1.641.541
Investments
6,000,000
37.533,275 Funded Indebtedness
-Sues on Patent.
Dubilier Condenser Corp.
Capital assets
1,121 Bonds & purchase money
Deposit with trustee
Three patent infringement suits have been filed in the U. 8. District
mortgagee covering speci551,038
Del.. by the company against Radio Corp.of America,
charges
Deferred
3,207.089 Court at Wilmington,
fic'ogees only
National Union Radio Co. and Perryman Electrical Co. The bill of comRes. for Barahona Sugar
with Infringement of the Houck patent
320,000 plaint charges the three companies
Corp. pref stock dividend
for improvement to electron tube apparatus which increases the efficiency
Res. for possible Imes on
of radio tubes used in sets operated by house current. The patent was
mortgaged properties if
5.000,000 wanted to Dubilier in March 1931.-V. 133, p. 807.
abandoned Or conting
Barahona Sugar Corp. 8%
-Prices Again Reduced.
Du Pont Cellophane Co., Inc.
4,000,000
pref. stock
The company has made a further reduction of approximately 10% in
Equity available for stated
plain and moistureproof cellophane effective Aug. 1
the prices of both
value of common stook,
pound from 50
been
reserves. dr capital surplus .29,476,765 1931. The price on plain has cents reduced to 45 cents a
from 75 cents.
cents and moistureproof to 70
reduction since the manufacture of cellophane was
$572148294
This makes the 13th
Total
$57.288,294
Total
started by the du Pont organization seven years ago.
projected bank borrow
Note.-Tho foregoing gives effect to additional of estimated additional
In commenting on the announcement, officials stated the lower prices
and to the value
recent wide adoption of cellophane in the cigarette
lags to complete the 19301-31 crop
1930-31 crop, priced re- were made possible by the
sugar and molasses production to the end of the f.o.b. tanks, at Cuban field, as well as the increased usage by the baking, textile and other inper lb.. and 234e. Per gal.
spectively at 1.375c.
dustries.
and Dominican ports.
AUG. 8 1931.]
FINANCIAL CHRONICLE
A new plant is under construction at Buffalo, N. Y., at this time to provide additional production capacity.
-V. 132, p. 4249.
(E. I.) du Pont de Nemours & Co.
-To Acquire Dyestuffs and Chemical Business of the Newport Co.
See Newport Co. below.
-V. 133, p. 807.
Eagle-Picher Lead Co.
-Earnings.
-
For income statement for six months ended June 30 see "Earnings
Department" on a preceding page.
-V. 132, p. 3720.
Economy Grocery Stores Corp.
-Annual Report.
-
Years End. June 301931.
1930.
1929.
1928.
Sales
813,661.195 $13.827,429 110,561,097 $9,070,129
Less cost
10,237.687 10,862,338 8.283.997
7,215,675
Gross profit on sales- $3,423.508 82.965.091 $2,277.100 81,854.453
Other income, &c
86.426
90.250
75,657
82.388
Gross income
1,509.934 $3,055,341 $2,352,758 $1,936,842
Deduct.oper.exps.(incl.
Fed. taxes & deprec.)_ 3,227.501
2,719,293
2,081,207
1,791,792
Net income
8282.433
8336.046
1271.551
$145.049
Dividends paid
120,000
109.996
100.000
100,000
Balance, surplus
8162.433
8226,050
8171.551
$45,049
Sits. cap. stk.(no par)
120:000
120.000
100.000
100,000
Earns, per share
$2.35
$2.80
$2.72
$1.45
Balance Sheet June 30.
Assets-1931.
1930.
McMillin1931.
1930.
xFixed assets
$1,012,718 $914,307 Capital stock_ ___y$1,350.000 $1,350,000
Cash on hand and
Trade creditors__ 611.167
615,998
in banks
426.545
473.631 Other accts. pay__
30,334
36.406
Investments
11.863
7,852 Reserve for Federal
Inventories
1,210.461 1,155,905 & State taxes_
25.120
29.582
.Accts. receivable
77,397
64.341 Res.for accr. exps.
8,625
4,314
Organization exp_
7,341
7,341 Surplus
746,238
609,487
Deferred charges to
operation
25,159
22,409
Total
$2.771,485 $2,645,787
Total
$2,771,485 $2,645,786
x After deducting depreciation. y Represented
by 120,000 shares of no
par value stock.
-V. 132, p. 3721.
Edison Bros. Stores, Inc.
-Sales Increase.
-
Sales for Month and Six Months Ended July
31.
1931-July-1930.
Increase.,I 1931-6 Mos.-1930.
Increase.
$445.169
$271.862
$173.3071113,418,122 82,302,260 $1,115,862
-V. 133. p. 128.
Electric Auto-Lite Co.
-Earnings.
-
Electric Controller & Mfg. Co.
-Earnings.
-
For income statement for 6 months ended June 30
see "Earnings Department" on a preceding page.
The profit and loss surplus account as of June
30 1931 is $1,139,154 as
against 81.306 849 as of Dec. 31 1930.
Current assets amount to $2,165,874, of
consists of rash and U. S. Government and which amount 11 ,508.466
Federal Land Bank bonds.
Current liabilities amount to 5227,185.-V. 132. p.
1810.
Endicott Johnson Corp.
-Comparative Consol. Bal.
2,057,425
498,654
186,626
2,448,750
4
Sheet.
July 3'31. July 5'I0.
$
Preferred stock__ 8,369,100 10,274.300
Common stock_ _y20,268,000 20,208,000
Notes payable__ _
647,441
Accounts payable. 760,071 1,505.009
533,059
Sundry credit &
accrued wages__ 802,598
536,577
Federal tax
209.068
168.910
Tax reserve, &o___ 843,917
779,527
Approp. surplus__ 4,950.000 4,500,000
Surplus
7,837,848 11,057,207
Total
45,185,043 49,622.649
Total
45,185,043 49,622,649
x After depreciation. y Represented by 405.360
shares par $50.
-V. 133, p. 807.
Engineer Gold Mines, Ltd.
-Dealings Suspended.
-
/Pr
The Board of Directors of the New York Curb Exchange
dealings in the capital stock of the company until further July 30suspended
notice.
Eureka Vacuum Cleaner Co.
-Earnings.
For income statement for six months ended June 30
see
Department" on a preceding page.
-V. 132. p. 1626.
Evans Products Co.
-Debentures Called.
This company,
H.) Fishman Co., Inc.
-Sales Increase.
1931-July-1930.
Increased 1931-7 Mos.-1930.
Increase.
$227.965
$197,274
$30,691 111,259,998 $1,022,425
$237.573
-V. 133. p. 128.
Income Account for Year Ended May 311931.
Earnings of the subsidiary companies
Depreciation and maintenance of building, machinery & equip-
$653.213
236.236
Net earnings of sub. cos. before prov. for Fed. income tax
Interest (net)
Provision for Federal income tax
$416,978
235.784
21.000
Net earnings for year
8160.193
Balance Sheet May 31 1931.
Assets
1401,11tIlesCash
$2,177,096 Accounts payable
175.980
Drafts on hand and in banks
Accrued Interest, insurance
for collection
168,422
and taxes
105,005
Marketable securities
205.540 Reserve for Federal Income
Notes receivable
22.979
tax
21,000
Accounts receivable
271,233 Reserves
382,099
Mutual insurance deposits
31,893 Bonded debt
Inventories
919,043 38 preferred stock
y2,509,000
Fixed assets
7,743,508 Common stock and surplus.- I4.859.203
Other assets
83,487
Total
$11,623,294
Total
$11,623,294
x Represented by 331,215 shares of no par value. y 25.000 shares of
no par value.
-V. 132. p. 4420.
Ford Motor Co. Detroit.-Opens New Assembly Plant.-
The new $5,000.000 branch assembly plant of the Ford Motor Co. at
'
Richmond. Calif., which will supply Ford products to northern and central
California as well as the Hawaiian Islands. American Samoa, Society
Islands, Tahiti. and Guam. was scheduled to be formally opened on Aug. 1.
The plant is another unit in the company's $60000.000 world-wide expansion program which was announced last year. It replaces the Ford brands
In San Francisco.
The Richmond plant is the second large Ford water-front factory to be
completed on the Pacific Coast. The first, at Long Beach, near Los
Angeles, was put in operation in 1930. A third, at Seattle, will be ready
about Dec. 1. The largest such plant, at Edgewater. N. J.. was opened
last year.
The Richmond plant is located on a 72
-acre site. The main building is
960 feet long by 320 feet wide with a second story of the same length and
160 feet wide. The assembly line will have a capacity of 400 cars in eight
hours, with an additional eight
-hour shift in the body shop required to
maintain this schedule. When operating at capacity the plant will employ
2,600 men. A force of 1.000 men is being employed at the opening.
-V.183.
p. 808.
• Formica Insulation Co.
-Earnings.
-
For Income statement for 6 months ended June 30
1931, see "Earnings
Department" on a preceding page.
-V. 132, p. 4249.
July 530.
$
10,552,957
7.000,000
16,352.288
10,525,945
(M.
Flour Mills of America, Inc.(& Subs.).
-Earnings.
-
Durham Hosiery Mills.---'Earnings.-
For income statement for six months ended June 30 1931 see "Earnings
Department" on a preceding page.
-V. 132, p. 1809.
July 3'31.
Assets$
:Property acct..- 9,311,679
Goodwill
7,000.000
Inventories
11,902,392
Accts receivable- 8,591,942
Employees building fund, &e
2,141,498
Sundry debt
561,242
U. S. treas. bds..- 125.000
Inv.in sub. oo
156,816
Emp. stock scot_ 389,344
Cash
5,005,126
Deferred charges
4
963
"Earnings
successor to the Evans Auto Loading
to redeem on Aug. 15 next $100.000 of 6% cony, gold Co.,Inc., has elected
debentures. due Aug.
15 1938. at 102 and int. Payment wW be made at the
Detroit Trust Co.
Detroit, Mich.
-V. 133, p. 807.
For income statement for six months ended June 30 see "Earnings
Department" on a preceding page.
-V. 133. p. 295.
Founders Investment Trust, Ltd.
-Dividends Earned.
In a letter to the preferred shareholders explaining the action of the board
of directors in deferring the quarterly dividend of 75c. per share due July 15
on the 6% cum. pref. stock. par $50, it was pointed out that although the
income from interest and dividends from the existing portfolio was more
than sufficient to meet the requirements for dividends on the pref. stock,
after payment of all charges, the omission was thought advisable in the
Interests of all concerned at the present time.
Outstanding capitalisation of the trust consists of $39,150 6% cumul.
prof stock. and 11.950 no par value common shares. Regular quarterly
dividends on the pref. stock have been paid since April 1928. When the Initial
disbursement was made.
-V. 133. p. 650.
Francisco Sugar Co.
-Earnings.
(Including Compania Azucarera Ella.)
Years End. June 301931.
1930.
1929.
1928.
Operating income
82,655.607 34,653.924 85.457,163 36.092.690
Operating expenses
2.236.226
3,833.267
4.4.37.162
5.024.665
Operating profit
$419.381
$820.657 $1,020.000 $1,068.025
Interest received
198.094
162.733
150.489
151.442
Profit on sec., &c
45,698
6,477
66,600
Bal. of sugar & molasses
acct. of previous crops
100.169
Total income
Deprec.of plant 8c equip.
Depreciation of working
capital assets
Interest charges
Reserve for U. S. and
Cuban taxes
Loss on securities
Prem, on bonds purch.
& deliv. to sink. fund_
Propor. of [Met. & exp.
on bonds
Proper, of disc. &. exis.
on 3
-year notes
Uncollectible accounts_
$763.342
418,000
44.605
426,290
8989.866 11,170,490 $1,286.067
288,000
295.000
291,000
30.137
507.289
20.597
452.924
21,157
505,364
25.000
6.253
16,994
26.217
23,403
25.461
27.519
29.577
14,815
29,627
308
29.627
7.917
14,813
Balance
def$163,771
1109,043
$288.657
5397.906
Shares of cap. stk. outstanding (par $100)50,000
50,000
50,000
50.000
Earns.per sh.on cap.stli.
Nil
$2.18
$5.77
$7.95
Sales .for Month and Three Months Ended July
31.
Comparative Consolidated Balance Sheet June 30.
1931-July-1930
Decreased 1931-3 Mos.-1930.
Decrease.
8405.857
1479.724
(Including Compania Agricarera Elea.)
573.867111.305,681
81,541.215
$235,534
-V. 133. p. 294.
1931.
1930.
1931.
1930.
$
AssetsI Liatrilities$
S
Fairbanks, Morse & Co.
Property dr plant_13,702.403 13,756,985 1 Capital stock
-Earnings.
5,000,000 6,000,000
income statement for 6 months ended June 30
For
222,997 1st mtge. bonds__ 2,880.000 3,146.000
816,780
see "Earnings Depart- Invtments
ment" on a preceding page.
Mans & supplies_ 385,136
430,093 3-yr. 6% notes__
-V. 132. p. 2399.
2.000 2,000,000
Colones accounts_ 2,613,373 2,198,496 Pur, money mtces. 106,571
106.571
Federated Metals Corp.
Co. colones growDerd payments__
114,625
145,875
-Earnings.
lag cane
632,710 Adv. against sugar 1.860.775 2.571,279
160,500
For income statement for six months ended May
31 see "Earnings Accts. receivable
Department" on a preceding page.
78,192 Loan agninstCub.
64,769
Cash
845,316
343,137
bonds
The balance sheet as of May 31 1931 shows total
750,000
current assets of Sugar and molasses
$6,966,752, including cash of $689,374, compared
Draft payable.,..,
5,600
761
with total current
not liquidated 2,552,255 3,906,001 Accts. payable- 1,474,678 1,009.705
liabilities of $471,528.
Balance pending on
Res. for U. S. &
In connection with this report Ivan Reider, Vice-Pres.,
says: "General
sugar contracts_
business conditions during the six months ended May
317 1.291.466 Cuba taxes
24,226
considered to have been about the worst experienced 31 are generally Deposit to pay 1st
Accrued interest
40,210
110.768
mtge, bond int_
68.606 Res. for Colonos
5,100
a great many years. This company's situation was no in our industry in
different than that Depths, for bond
of other similar companies and it is my opinion that our
account
2,289,855
263,345
showing for the
Res. for accts.,ree.
s. f. & gold notes
2,000
period will not suffer by comparison with showings
8.407
cerns in this line. We have continued to effect made by other con- Deterred charges_ 196,806
4,039,137 3.628.249
304.353 Res. for depreo
economies consistent
Res.tor sug. contr.
with efficient operations. The values of our inventories, of
84.927
863.063
course, have
been affected by the decline in metal prices during the
Surplus
2,194.197 4.857.969
We believe, however, that the reserve set up for market period covered.
fluctuations will
be more than ample for the absorption of any losses in that
cohnection."20,842.576 23,735,218
Total
Total
V. 132. p. 2973.
.576 23.735,211
20.842
-V. 132. p. 136.
Exchange Buffet Corp.
-Sales Decrease.
-
Ferro Enamel Corp.
-Sells Interests in Louisville, Ky.,
Plant.
McBride of the Louisville Enameled Products CO.
p.
of
-July Shipments.
(H. H.) Franklin Mfg. Co.
-
Shipments of Franklin automobiles in July showed an increase of 86%
Ky., with some Louisville associates, has purchased the
Louisville. over June, according to President H. H. Franklin. More
controlling stock as many dealer orders were received during the month as in than 234 times
and complete interests of the Ferro Enamel Corp. in the latter's
June, while the
plant. About a year ago, the Louisville company purchased the Louisville last week's business showed more than 51.000.000 worth of merchandise
and business of the Wabash Sanitary Co.. and built a separate equipment sold.
In order to keep pace with increased consumer demand,
take care of the presses and equipment used in the manufacture building to
of sanitary production schedule Is being stepped up considerably over August factory
products.
-V. 132. p. 4066.
that maintained
in July.
-V.132. p. 4597.
964
FINANCIAL CHRONICLE
[Vol.. 133.
Power Co. of Illinois as part of an order for more than $1,000,000 worth of
equipment. Delivery of the 20 transformers involved is expected early
in 1932.
The transformers will be used on both ends of a new 220,000-volt transmission line extending about 100 miles from Powerton to the Crawford Ave.
station of the Commonwealth Edison Co. at Chicago. For the receiving
end, there will be required four 67,500-kva. power transformers and four
regulating transformers. The power units, the heaviest.
1 1946, 50.000-kva.
1932
-V. 133. P. 650, 488.
will weigh 491.000 pounds each, filled with oil.
lys Dated Sept. 1 1931: due $83.000 each Sept. 1 & S. to Sept.
Certificates and
both inclusive. Dividend warrants payable M. of New York, trustee.
-Reorganization.
General Laundry Machinery Corp.
First National Bank
dividend warrants payable at
.
Denom. $1,000c5
A digest of the plan of reorganization dated July 31 was given in our
Pres. of the Company.
issue of Aug. 1. p. 808. A more detailed summary of the plan follows:
Data from Letter of H.B.Spencer,
18 1920, to
The plan has been adopted and is being promulgated by the reorganization
--Company was incorp. in Delaware on MarchRiver for the
Business.
n agreement dated July 31
Mississippi
furnish refrigerator cars to railroads east of the perishable commodities. committee constituted under the reorganizatio
1931: Frank Maumn Jr., Chairman; Bartholomew C. Kelleher, Vicetransportation of fruits, vegetables and other
shops for the building and repair of its cars Chairman; James H. Brady Jr.; Donald M. Liddell; Robert E. Miller: and
Company owns adequate car
places in the Henry F. Whitney with M. E. Maloney, Sec., 120 Broadway, N.Y. City
and has established improved icing facilities at numerous
18,138 cars
The following committees have also approved and adopted the plan:
territory that it serves. As of July 1 1931, the company had
(1) Debenture-Holders' Committee constituted under the deposit agreecontrol the company through
in operation. The following railroads
-year sinking fund gold
ment, dated March 9 1931, representing 6%% 10
ownership of the entire capital stock:
debentures. Donald M. Liddell, Chairman.
Norfolk Southern RR.
Atlantic Coast Line RR.
Unsecured Creditors' Committee, Bartholomew 0. Kelleher, Chair(2)
Norfolk & Western By.
Baltimore & Ohio RR.
New York, New Haven & Hartford man.
Central of Georgia Ry.
Summary of Reorganization Plan.
RR.
Chicago & Eastern Illinois By.
-Corporation acquired In 1927 substantially all the
Present Situation.
Pennsylvania RR.
Florida East Coast By.
Richmond Fredericksbg & Pot. RR. assets of Tolhurst Machine Works and of Willey-Ellis Co.
Louisville & Nashville RR.
The Tolhurst division was founded in 1852 and its business has consisted
Seaboard Air Line By.
Mobile & Ohio RR.
principally of the manufacture of centrifugal machinery for the chemical.
Southern By.
Nashville Chat. & St Louis By.
ly textile, railroad, sugar, paper pulp, laundry and certain other industries.
-These certificates are to be issued to provide for approximate of The Tolhurst division has been operated since 1928 by Tolhurst Machine
Security.
total cost
75% of the purchase price of 750 now refrigerator cars. The
of which Works, Inc. All of the stock of the latter company is owned by the General
the cars, upon completion, will be approximately $1,650,000, or about corporation. The two plants of the Tolhurst division are located at Troy
cash,
Fruit Growers Express Co. will pay $405,000 in equipment will and Green Island, N. Y.
amount
equipment. Title to this
25% of the total cost of this
The Willey-Ellis division has consisted principally of the manufacture
to be
be vested in the trustee, to be held as security for all certificates the of machinery for the laundry industry. The two plants of the Willey-Ellis
lease
outstanding, without preference or priority. The trustee will amount division were located in Columbia, Pa. and Chicago, Ill. In June. 1930.
the face
equipment to the company at a rental sufficient to pay
In addition, the greater part of the Willey-Ellis division was sold to the American
of the certificates and dividend warrants as they mature.
secured Laundry Machinery Co.
to this issue, the company has outstanding $8,433,560 certificates
Towards the end of 1930 it became apparent that the Tolhurst division,
by title to 12,452 cars.
the only remaining operating division would be unable to hear the burden
-The net earnings for 1930 available for interest charges before of its outstanding debt. Accordingly, on Jan. 8 1931, receivers were apEarnings.
for maintenance and depreciation of pointed.
Federal taxes but after providing
dividend
-year sinking fund
equipment were nearly twice the annual requirements of maturingincluding
The corporation has outstanding $1,521.000 645% 10
Installments for all equipment trust certificates of the company,
gold debentures. These debentures are unsecured and rank equally with
-V.127. p. 416.
this issue.
other unsecured creditors.
The comptroller for the receivers for the Northern District of New York
-Earnings.
has reported to the reorganization committee that there are outstanding,
Gannett Co., Inc.
June 30 see "Earnings De- as of June 30 1931. the following amounts of debt of the corporation of
For income statement for 6 months ended
which he has any knowledge:
partment" on a preceding page.
$54,514
Taxes and other prior lien claims
Consolidated Balance Sheet June 30 1931.
x41.362
Miscellaneous secured claims (net)
Liabilities
192.933
Assets$192,079 Secured by attachments
5257,407 Accounts payable
328,721
Cash
130,811 Unsecured claims
798,033 Notes payable
Accounts & notes receivable._
198,471
4,105 Accrued liabilities
5617,531
Sundry accounts receivable__
144,798
Res.for Federal & State taxes
1.521,000
Cash surrender value of Maur90,207 Debentures
56,976 Subscriptions paid In advance
ance policies
40.500
companies..
95,238 Due to controlled
$2,138,531
Inventories
Total
9,221,000
9,633 Long-term indebtedness
Cash In sinking fund
x After deducting realizable value of collateral as estimated by comptroller
5,614
Reserve for contingencies____
Investments in & advances to
of receiver, amounting to $61,155.
10.127,389 Pref, stock of sub. companies
controlled companies
25,000
Contingent Liability as guarantor of notes discounted of $1,250,089.
In hands of public
Other investments & long1.105,085
It is of course possible that certain of the above amounts may vary prior
217.614 Preferred stock
term notes
1,420,240 to the final proving of claims and distribution.
Common stock
buldIngs. machinery ttz
Land,
-The plan contemplates
Treatment of Debenture-Holders and Creditors.
x2,711,477 Capital surp. arising through
equipment
5,899.687 that there will be available for dIstribtulon to debenture-holders and credrevaluation of assets
Associated press membership
4,112,112 itors pro rata the entire authorized issue of 33,000 shares of common stock
good-will, &c__ 8,055,000 Earned surplus
circulation,
of Columbia-Troy• Corp. or at the rate of approximately 14i shares of
252,733
Deferred charges
common stock of Columbia-Troy Corp. for each $100 of debentures or
522,585,606 unsecured claims. Columbia-Troy Corp.. in addition to owning the assets
Total
522,585,606
Total
referred to below, will own 22,000 voting trust certificates of American
Less reserve for depreciation, 62,711,477.-V. 133, p. 808.
Machine & Metals, Inc. or at the rate of approximately one such voting
trust certificate for each $100 of debentures or unsecured claims.
-Earnings.
Garlock Packing Co.
iThe pro rate amounts mentioned in this paragraph are based upon the
30, see "Earnings De- above figures as of June 30 1931, upon no further liability with respect
For income statement for 6 months ended June
partment" on a preceding page.
to the contingent liability as guarantor of notes discounted of $1,250,088,
upon the deposit of all debentures and claims under the plan, and upon the
Comparative Balance Sheet June 30.
1930.
1931.
assumption by Columbia-Troy Corp. of the taxes and other prior lien
Liabilities1930.
1931.
Assets56,767 claims referred to above.]
payable_ 540.155
5693,526 $388,436 Accounts
Cash
-Arrangements
60.493
60,494
Arrangements with American Machine & Metals, Inc.
665,854 Dividends payable
Marketable securs. 760.936
130,868 have been made with American Machine & Metals, Inc., whereby the
102,383
530,497 Accruals
451,683
Receivables
89,787 Machine company, in the event of the consummation of the reorganization
43.765
1,070.916 1,364,148 Tax reserve
Inventories
32,000 prior to Sept. 1 1931, including the transfer to the Machine company of
32.000
406,050 Her. contIng., &c_
Deferred charges-- 361,948
certain good will items as described below, and subject to the listing thereof
Note pay, to bank 200.000
of the
x Land, buildings,
2,953,000 2,953,000 on the New York Stock Exchange, will deliver to or upon the order 22,000
equipment,&c__ 2,054,891 1.915,948 Funded debt
201,645 reorganization committee voting trust certificates representing
y201,645
31,187 Common stock
25.000
Trade-marks,&c__
1,785,460 1,827,561 shares of the common stock of the Machine company, issued under the
Surplus
voting trust agreement dated Dec. 5 1930, under which Henry 0. Holt,
55,418.901 $5,302,121 Robert E. Miller and George L. Le Blanc are voting trustees.
Total
$5,418,901 55,302,121
Total
In consideration of the 22,000 voting trust certificates, there will be
by 201.645
Less reserve for depreciation of $1,294,762. y Represented
transferred to the Machine company all of the capital stock of a cor-V. 132, p. 2779.
poration, to be formed, to be known as Tolhurst Machine Works. Inc..
no par shares.
or some similar name. The properties to be transferred to the new Toliturst
-Earnings.
General Asphalt Co.
Company (and therefore to be the indirect consideration for the 22.000
statement for 6 months ended June 30 see "Earnings Depart- voting trust certificates above referred to) will consist exclusively of goodFor Income
will, patents, trade-marks, and other good-will items (with the exception
ment" on a preceding page.
of relatively unimportant accompanying tangible items). These properties
The following statement was issued:
earnings is due largely to prevailing low value for crude may be described as consisting of the good-will, name, business, trade"The disparity in
In the receipts of royalty oil resulting from the marks, trade-names, processes, licenses, customers' lists, copyrights,
oil and the sharp decline production in Venezuela •
patents, patent applications, patent applications in preparation, shop
voluntary curtailment of
have shrunk to extreme lows rights, rights of action for infringement of trade-marks and patents and
"The prices for petroleum and its products
on This situation, in general.
now in suit, judgment for patent and
the weight of excessive overproductientire oil industry and measures unissued patents, whether or not hand, dies, jigs, special tools, drawing
under
by the
trade-mark infringement, orders on
is at last understood and appreciated beginning to show improvement.
specifications, parts list, patterns, index
taken by the oil companies are already year and not fully effective and the cabinets and files, drawings, records, correspondence and books of the
data,
"Due to the economies instituted last ng business, the last few months files, cost and production the existing Tolhurst company which are used in
General corporation or of
moderate continuance of its manufacturi
so-called Tolhurst division. In addition, the
were profitable despite the lower prices prevailing
of the six months' periodwhich are an important factor in the company's the operation of the present directly or through a subsidariy corporation,
new Tolhurst company, either
for petroleum products
closing date two license agreements from Centrifugal
business.
Cash on hand shall own at the
financial position.
Engineering & Patents Corp., dated Dec. 12 1929 and the agreement
"The company is maintaining a strong
with $1.390,000 a year dated March 15 1930, between Centrifugal Engineering & Patents Corp.,
as of June 30 1931. was $2,150,000 as contrasted
Canadian Ingersoll Rand Co., Ltd.. Bird Machine Co. and the existing
-V. 132, p. 3156.
ago."
Tolhurst company.
-Balance Sheet June 30.In addition the Machine company has agreed to purchase from ColumbiaGeneral Cigar Co., Inc.
1931.
1930.
Troy Corp. referred to below certain machinery and other assets and to1930.
1931.
advance to Columbia-Troy Corp. the sum of $50,000 on terms to be.,1 aD
$
Assets
7% cum. pref.stk. 5,000,000 5,000,000 proved by the reorganization committee. its discretion cause the stock of
Land. bldgse maThe reorganization committee may In
5,089,502 Common stock__ _y5,298,410 15,298,410
company.
chinery,
Capital surplus__ 3,899.658 4,970,931 the existing Tolhurst company to be transferred to the Machine descrip-All the remaining assets of every
63,250
60,000
Cost of licenses to
Columbia-, Corporation.
Mtges. payable-use cigar machs.
capital res. 1,000,000 1,000,000 tion, both tan ble and intangible, owned by the General corporation or
2,235,332 Special
under contract_ 2,015,715
3,500,000 4,200,000 the existing olhurst company, together with the 22,000 voting trust
Gold notes
Goodwill, patents,
1,500,000 certificates of the Machine company, will be transferred to a corporation
1 Accept. payable_
1
trade-marks,&c.
489,084 to be known as Columbia-Troy Corp. or other name to be approved by
90,000 Sive:lends payable_
81,000
Mtge.receivable..
the reorganization committee. All of the stock of Columbia-Troy Corp.
Accounts payable,
1,103.390 1,852,341 will be available for distribution to debenture-holders and creditors. CoCo. common stock
&c..
payrolls.
subscr.
467,871 lumbia-Troy Corp. will own, among other things, the real estate, machinery
339.925
purch.or
1,083,472 Fed, tax provision 500,000
500,000 and equipment located at Troy and Green Island, N. Y., and at Columbia,
for by employees
Insurance reserve_
against or
materisJs.sup13,304,392 12,420,012 Pa., the inventory and accounts and notes receivable, claims Machinery
Raw
21,733.467 23,786,306 Surplus
hold backs from finance companies and the American Laundry
plies, &c
42,050
18,000
Co.and all other assets ofevery nature offormer General Laundry Machinery
Notes & loans rec.
3,736
Corp. or of the existing Tolhurst company except those to be transferred,
Adv. to employees 3,256,161 3,928,036
Acets.receivable
directly or indirectly, to the Machine company as above described. Coor
1,895,795 1,284,490
lumbia-Troy Corp. shall not have the right to use the name Tolhurst
Cash
222,710
184,677
to carry on business under that or any similar name. Columbia-Troy
Deferred charges
borrowings
34,005.776 37,701,899 Corp. will be subject on the closing date to such liabilities for certificates
Total
34,005,776 37,761,899
for the purpose of obtaining funds to retire outstanding receivers'
Total
y Represented by 472.982 shares for additional working capital for Columbia-Troy Corp. and to pay court
x After depreciation of $2.704,361.
and receivership charges and reorganization expenses, as shall be approved
of no par value.
account was given in V. 133. p. 785. by the reorganization committee, such amounts not to exceed $225,000
Our usual comparative income
plus such amounts as shall be paid or assumed in connection with the taxes
133, p. 808.
-V.
claims referred to above.
Transformers.
-To Build Largest the largest machines and other preferredon committee may in its discretion cause the 22,000
The reorganizati
General Electric Co. by thousands of pounds
to
voting trust certificates to be made available for direct distribution
s that will exceed
Transformer
of the General Electric Co. have debenture-holders and creditors.
ever built at the Pittsfield. Mass., works
Co. of Chicago and the Super
Edison
been ordered by the Commonwealth
-Equip. Trusts Offered.
Fruit Growers Express Co.
First National Bank, the National City Co., Clark, Dodge
ItiCo., and Freeman & Co. are offering at prices to yield
from 3% to 43% according to maturity $1,245,000 4%
gold certificates, series I. Issued under the Philadelphia plan.
AUG. 8 1931.]
FINANCIAL CHRONICLE
Distribution of Stock of Columbia-Troy- Corp. to Debenture-Holders and
Creditors.
-All of the stock of Columbia-Troy Corp. will be available for
distribution under the plan to the debenture-holders and creditors of the
corporation pro rata. The reorganization committee reserves the right in
its discretion to withhold such distribution until such time as the amount
of the contingent claims against the General corporation may be established.
Non-Assenting Debenture or Claim Holders.
-The plan makes no provision for holders of debentures or creditors who do not participate in the
plan. Any shares of stock of Columbia-Troy Corp. or of the Machine
company which would be deliverable under the plan to such holders had
they participated may be disposed of by the reorganization committee
for the purposes of the reorganization.
Method of Participation in Plan.
-Holders of debentures not heretofore
deposited, who desire to assent to and become parties to the plan must
on or before Aug. 25 1931, or such further period as may be fixed by the
reorganization committee, deposit with Empire Trust Co.. 120 Broadway,
N. Y. City, as depositary, their debentures. Debentures must be accompanied by the coupons maturing on and after June 1 1931.
Holders of unsecured claims, whether matured, unmatured or contingent,
who have not heretofore assigned their claims to the unsecured creditors
committee, may do so by executing forms of assignment which may be
obtained from B. C. Kelleher,.32, Broadway, N. Y. City, on or before the
close of business Aug. 25 1931, or such further date as may be approved
by the reorganization committee.
-V. 133, p. 808.
General Motors Corp.
-Declares Regular Dividends.
-
The directors on Aug. 5 declared on the outstanding common stock
regular quarterly dividend of 75 cents a share, payable Sept. 12 1931the
to
holders of record Aug. 151931. In addition, the regular quarterly dividend
of $1.25 a share was declared on the $5 pref. stock, payable NoV. 2 1931
to holders of record Oct. 5 1931.
Quarterly distributions of 75 cents a share have been made on the
mon stock since and incl. Mar. 12 1929. In addition, the company comextra dividends of 30 cents per share on July 2 1929 and Jan. 3 1930.paid
Buick Motor to Take Inventory in September.
-
965
During the period directors have made very drastic changes in the interne
organization of the company, which included a complete re-organization
of the personnel of the active executive management and the production,
sales, and purchasing divisions, which was effective in January last. In
this change B. J. Grigsby resumed active duties as president and Don M.
Compton was elected hxecutive Vice-President and General Manager,
the result being economies in operation at the rate of more than $2,000,000
per annum. A profit from operations was earned for the four final months
of February to May inclusive.
In March last the company acquired the net assets, amounting to $7.964,720, of its affiliate, the Majestic Household Utilities Corp., manufacturing the "Majestic refrigerator," in consideration of the issuance of
375,000 shares of no par value common stock and the cancellation of
125,000 shares of Majestic's capital stock held by Grigsby. In connection
therewith the company issued $3,092,800 1st mtge. gold bonds at the
offering price of $97.50 of par, of which $2.249,400 were issued to creditors
of Majestic Household Utilities Corp. and $843,400 were sold to officers,
stockholders and distributors. The acquisition of this affiliate was made
on a basis very advantageous to the stockholders of both companies, and
the "Majestic refrigerator" bids fair to be a most popular item in its class
of manufacture.
The sales for the fiscal year ended May 31 1931. amounted to $28,350,881
approximately $2,700,000 of these sales represents refrigerator sales during
May and the latter part of April, 1931, as a result of taking over the business
of the former affiliate.
Earnings Years Ended May 31.
1931.
1930.
1929.
1928.
Sales
$28,350,881 $61,330,217 $49,318,669 $5,861,225
Royalties
3.416,644
3,787,489
1,427,384
46,338
Cost of sales
)22,557,365} 46,352,2861 36,293,885
3.939,344
Depreciation
1
84,684
232.743
Gross profit
$4.366,133 $11,561,287 $9,004,551 $1,790,858
Adv. & sales promotion,
selling & adm. expense 4,994,146
8,538,774
979,876
2,682,767
The annual inventory at the plant of the Buick Motor
will be taken in September instead of December as Co., a subsidiary,
Net profit
heretofore. This
loss$628,013 $3,022,513 $6,321,785
$810,983
change was made to conform with the previously announced change
in Other income
275,228
379,993
17,546
372.725
the new model policy of the company under which new Buick
models
will be brought out in December instead of mid-summer.
Total income
loss$352,785 $3,402,506 $6,694,510
$828,529
The change in inventory period will be of benefit to the Buick working Interest paid
1 1,816,976
1,531,858j
10,013
21,558
force, as it will enable a continuance of employment throughout the winter. Sales discts. oth.
exp.,
&
997,022
1
105.561
In the meantime, he said, the usual summer production rate will
be
maintained.
-V. 133. p. 650. 295.
Net profit
10842,169,761 $1,870,648 $5,675,930
$712,955
Month ofSpecial credits
July 1931. June
11,617
47,898
Shipments by Buick Motor Co._ _ 5,320 cars. 6,4791931. July 1930.
cars.:15,600 cars.
Total
x Approximately.
10642,169,761 $1.870,648 $5,687,547
$760.853
1,935
44,647
The Buick Motor Co. added 40 new dealers in the past three months, Special charges
Res, for inc. tax accrued
125,000
571,000
100,000
it was stated.
-V. 133, P. 650, 295.
Net profit to surplus
Goodyear Tire & Rubber Co.
-Earnings.
loss$2,169,761 $1,745,648 $5,114,612
account
$616,206
For income statement for six months ended June 30 see
2.310,068
925,980
"Earnings Cash dividends
Department" on a preceding Page.
Stock dividends
171,975
Consolidated Balance Sheet June 30.
Balance
loss$2,169,7611ess$564,420 $4,188,632
$444,231
1931.
1930.
1931.
1930.
Shs. outst. at end of per. 2.372,897
1,997,897
437,040
Assets69 000
$
t
Earnings per share
Nil
Prop.& plants_a 97,964,834 102,874,707 87 lst pretstk__ 78,457,900
$11.70
$8.93
$0.87
Investments ___ 6,649,062 6,863,614 Common stock_ 61,605,540 79,618,700 Statement of Consolidated Surplus for the Year Ended May 31 1931.
1,587,762
Inventories ____ 53,668,497 73,579,410 Cap.stk.ot subs.
Capital
Earned
Accts. & notes
not held
Surplus.
Surplus.
Total.
rec.(Itm res.). 25,787,166 31,420,167 1st mtge. & 0011. 17,636,383 17,934.140
Balance, surplus, May 31 1930
$2,360,022 $3.308.181 def$948,160
Call loans
3,807,007 1,595,000
trust 5s
56,249,500 57,338,000 Credits arising from acquisition as of
Cash
28,758,575 24,824,958 Funded debt of
Mar. 10 1931, of net assets of Marj. S. Govt. sec_ 3.977,000
subs.. Inci.real
jestic Household Utilities Corn.
0'd-will, patents
est. mtges. &
representing the excess of book
& trademarks.
1
1
Pur. mon. obl. 6,535,327 9,689,258
value of net assets acquired over a
Deferred charges 3,315,388 3,898,133 Accts. pay.,Ind.
stated value of$5 per share on 375.res.for current
000 of Grigsby-Grunow Co. stock
Federal taxes_ 12,354,119 13,557,596
issued in exchange therefor and the
Rubber In trans.
494,505 1,083,420
amount of the investment in MaAccr. dies. & Mt 1,737,404 2,605,039
jestic Household Utilities Corp.
Reserves
4,179,516 9,421,921
capital stock represented by 125,000
Surplus
c44,677.336 52,320,154
shares which did not participate in
the exchange
2,964,720
Total
223.927.531 245.055,990
Total
223.927.531 245,055,990 Portion of prior year provision for 2,964,720
a After depreciation of $60,923,998. b Represented by 1,435,136
Federal income tax, restored
of no
34,704
34,704
par shares. c Including $21,518,619 capital surplus and
$23,158,717 earned
aersaus.-v. 133, p. 296.
Gross surplus
$5,359,445 $6,272,901 def$913,456
Loss for the period from June 1 1930
Graham-Paige Motors Corp.
-Earnings.
to Mar. 10 1931
2,282,136
For income statement for 3 and 6 months ended June 30, see "Earnings Deferred charges and other assets 2,282,136
Department" on a preceding page.
written off as of Mar. 10 1931.
Current assets as of June 30 1931, amounted to $9,095,931 and
Patents, trade name, and good will
55,682
55.682
current
liabilities $2.895.643. comparing with $14,355,599 and $3.652,143
Licenses (unamortized portion)._
716,859
716,859
respectively on June 30 1930.
Def. engineer. & tube develop. exp. 1.246.983
1.246.983
July Production.
The company,it is stated, produced 1,512 cars during July 1931.-V.
133.
p. 651. (F. & W.) Grand-Silver Stores Inc.
-Sales Decrease.-
1931-July-1930.
$2,734,403
$2.838,284
-V. 133, p. 296.
Decrease.
1931-7 Mos.-1930.
Decrease.
$103,8811$19,437,658 $19,585,296 $147,638
Grand Union Co.
-Transfer Agents.
-
Notice has been received by the New York Stock Exchange of the,.
pointment of this company, with offices at 233 Broadway, N. Y.
as transfer agent for its convertible preference stock, effective as City,
of the
close of business July 31 1931.
Earnings.
-
Balance, surplus, March 10 1931.. $1,057.785 $4.253.376def3.195.596
Deficit at Mar. 10 1931, transferred
to capital surplus (date of acquisition of the net assets of the Majestic
Household Utilities Corp.)
3.195.591
3,195,591
Add profit for the period from Mar. 11
to May 31 1931
112,374
112,374
Profit on 1st mtge.6% sinking fund
convertible gold bonds retired22,850
22.850
Total
$1,193,009 $1,057,785
Less. Investment in Volkmer Radio
Products Corp.capital stock written
down to less than book value
212,500
212,500
$135,224
Balance, May 31 1931
$845,285
$135,224
$980,509
Consolidated Balance Sheet May 31.
1931.
1930.
1931.
1930.
Granite City Steel Co.-Ecunings.Assets
LiaCtitifes$
$
$
$
For Income statement for 6 months ended June 30, see "Earnings
Arcs, payable- 1.532,795 1,514,910
De- Cash in banks and
partment" on a preceding page.
-V. 132, p. 4251.
on hand
2,364,655
936,850 Notes payable__ 202,898 1,000,000
Notes & accts. rec_ 2,648,486 3.606.469 RoYalt/es
574,172
623,055
(W. T.) Grant Co.
-Sales Increase.
Inventories
2,985,699 4,591,079 Funded debt
3,025,200
1931-July
--1930
Prepaid expensesIncrease.] 1931-7 Mos.-1930.
115,691 Liability (astir. and
Increase. Investments
85.227,187 $4,816,355
$410,8321$38,314,991 $34,823,773 $3.491,218
654,955
238.680
local taxes, &c
643,379 3,965,315
-V. 133, p. 130.
Fixed assets
14,815,365 7,507.871 Fesrl income tax_
125,000
Deterred charges &
MM.stkhold's int.
Great Lakes Paper Co., Ltd.
other assets _ _
-Protective Committee.
In cap, stock of
421.540 2,751,918
Louis L. Lang, President of Lang Tanning Co. of Kitchener.
Anticipated refund
Maj. DistrIbut.
been appointed an additional member of bondholders' protective Out, has
of Fedi income
Corp. of Cleve_
124,000
committee
for first mortgage bonds, series "A • to represent on the committee
tax
536,000
910,926
538,000 Res, for coating.
Canadian insurance companies which hold a substantial proportion several Patents,trade name
299,116
Res.for Contr. liab
of the
outstanding bonds.
-V. 133, p. 651, 489.
and good-will..... 3,125.000
57,261 Corn. stk.
(no padx19,658,672 17,783,672
Capital surplus__ 845,2841 2,360,022
Grigsby-Grunow Co.-Annuat Report.
Earned surplus... 135,2241
.
B. J. Grigsby, Chairman and President in his remarks to
stockholders
Total
says:
27,540,127 24,068,455
Total
27.540,127 24.068,455
Directors have taken the opportunity at the close of the year to
x Represented by 2,372,897 no par shares.
-V.133, p. 296.
create
substantial contingent reserves in order that earnings in future years may
be more adequately reflected. Inventories which do not include any
Hancock Oil Co. of Calif.
-Earnings.
nonusuable materials have been priced at the currently low value
For income statement for 3 and 12 months ended June 30, see "Earnings
brought
about by the general decline in commodity prices. As a result, the
-V. 132, p. 3896.
is clean" and the company's financial condition is the strongest "slate Department" on a preceding page.
in its
history.
Harbison-Walker Refractories Co.
-Reduces Div.
Net loss for the year amounts to $2,169.761. In this loss are non
-recurThe directors have declared a quarterly dividend of 25 cents per share
ring items aggregating $2.020,389 resulting from various extraneous
charges on the common stock of no par value, payable Sept. 1 to holders of record
consisting of allowances amounting to $981.572 for reduction in
of tubes sold to distributors. $516,521 for amortization of licenses, prices Aug. 22. Quarterly distributions of 50 cents per share were made on
patents this issue from Dec. 1 1928 to and incl. June 1 1931, and, in addition,
and tube development, and $519,296 which includes the
certain patent litigations and the cancellation of contracturelsettlement of extra dividends of 25 cents each were paid on Dec. 2 1929 and on Mar. 1
commitments and June 2 1930.
advantage to the company under present
found not to be of
operating
The regular quarterly dividend of $1.50 per share on the pref. stock
conditions.
By a policy of careful management, reduction of expenses and liquidation has been declared, payable Oct. 29 to holders of record Oct. 19.
In connection with the reduction in the dividend basis on the common
of the factory's branches, the cash on hand at the close of the year
amounted stock, President J. E. Lewis stated that this action Is dictated by conto $2,364,656, with no bank loans, as compared with the condition a
Year servatism in maintaining a strong financial position In view of the present
ago of cash amounting to $936,850 and bank loans of $1,000,000.
situation.
For income statement for 6 months ended June 30, see "Earnings
Department" on a preceding page.
-V. 133, p. 296.
966
FINANCIAL CHRONICLE
[VOL. 133.
The directors anticipate that by June 30 1935, a fund will be available
"The company's invested surplus might be drawn on to make up the
offered subscribers who thereafter retain
deficiency of earnings for the regular dividend, he said, "but, with the from which further benefits may beand remain in the company's employ.
in- the stock acquired under this plan
present levels of security values the directors feel that stockholders'
In the case of employees temporarily laid off on account of lack of work,
terests will be best conserved by distributing only the present earnings."
the treasurer may extend the period of subscription for such time as he
may deem reasonable to enable such employees to enter subscriptions
Earnings.
-V. 132. p. 4600, 4423.
for 3 and 6 months ended June 30,see "Earnings when reemployed.
For income statement
-V. 132, p. 3158.
Department" on a precding page.
-Earnings.
Heywood-Wakefield Co.
For income statement for six months ended June 30 see "Earnings
Department" on a preceding page.
Sales volume declined 45% from the same period a year ago. Inventories at $3,229.987 have been reduced over 14% since Jan. 1 and now
stand at 43% less than the balance reported a year ago. The balance
sheet as of June 30 1931 shows total current assets of $7,723,163 and
current liabilities of $267,997, giving working capital of $7,455,166, against
net quick of $8,968,616 at the close of 1930.
Cash at mid-year amounted to $2,661,293, compared with $3,213,546
at the beginning of the year. Depletion in cash reflects purchase of 13,990
shares of first preferred stock for the treasury, the contingent profit arising from the purchases being credited to surplus.
The balance sheet shows $2,161,100 of first preferred stock outstanding, but this does not reflect additional purchases of 7,469 shares accepted
from tenders received in response to letter to stockholders dated June 29.
President Richard N. Greenwood says: "The management continues
its policy of eliminating unprofitable warehouses and reducing excessive
manufacturing capacity, the favorable effects of which cannot be fully
enjoyed until an improved real estate market permits the disposition of
idle properties. The major portion of loss shown to date is occasioned
by charges for depreciation, carrying costs on properties now for sale or
lease and non-recurring items of expense arising from reorganization of
manufacturing and distributing facillties."-V. 133, p. 131.
-Smaller
International Nickel Co. of Canada, Ltd.
-The directors have declared a quarterly dividend
Dividend.
of 10 cents per share on the common stock, no par value,
payable Sept. 30 to holders of record Aug. 31. This compares with quarterly distributions of 15 cents per share made
on March 31 and June 30 last and 25 cents per-share each
quarter from Sept. 30 1929 to and including Dec. 31 1930.
The company issued the following statement:
While the management believes that the company's business will show
improvement during the last half of this year, there is at present a restricted
demand for nickel due to the drastic curtailment in the steel and automobile industries and the price of copper is abnormally low.
Because of the uncertainty of industrial conditions coupled with the
current cash expenditures which will fully complete the construction program by the end of this year, the board of directors decided it to be in
the best interest of the stockholders to conserve the company's strong cash
position.
Many plant economies have already been effected and with the completion or plant construction further reduction in production costs will be
promptly realized.
New Director.
John F. Thompson, Vice-President, has been elected a director and mem-V.133.
ber of executive committee in place of the late John L. Agnew.
The directors have declared a dividend of $1 a share on the class B and p. 653, 296.
management stock and the regular quarterly dividend of 50c. a share on
class A stock, payable Sept. 1 to holders of record Aug. 15. The directors
-To Acquire American
International Utilities Corp.
also declared the regular quarterly dividend of 50c. a share on the class A
stock for the fourth quarter of 1931, payable Dec. 1 to holders of record Equities Co.
15.
Nov.
The International Utilities Corp., through negotiations with certain
During 1930 the following dividends were paid on the class B and manage- large stockholders of American Equities Co. has acquired or agreed to
ment stock: $1 per share on Sept. 2 and $1 per snare on Dec. 1.-V. 131, acquire 328,129 shares of the outstanding stock of the latter company.
P. 3337.
International is offering to acquire all stock of the American company
tendered to it on or before Sept. 11931, and to deliver in exchange for each
-New Chairman, &c.
Holland Furnace Co.
share so acquired, securities of International as follows (being the same
A. H. Landwehr has been elected Chairman of board to succeed C. M. amounts per share issued or to be issued in respect of the stock of American
McLean, deceased. Mr. Landwehr who has been President since organiza- which International has acquired or agreed to acquire, except a small
tion in 1906 is succeeded by his brother C. H. Landwehr, formerly Vice- amount purchased in the market): 7-100ths share of prior pref. stock,
President and General Manager, E. G. Landwehr was elected 1st Vice, $3.50 series; 1-25th share of pref. stock, entitled to dividends at the rate
of 31.75 per share per annum; 3.6 share of class B stock, and warrant to
President.
J. P. Kona, inventor of the original Holland furnace, has been elected purchase 1-5th share of class B stock at $10 per share up to Dec. 11932. and
2d Vice-President. E. H. Sulkers and A. W. Wrieden have been re-elected at 315 per share thereafter, up to and incl. Dec. 1 1937. Stock desiring to
-V. 133. ro• 489.
accept this offer must be delivered to Empire Trust Co. at 120 Broadway,
as Secretary and Treasurer, respectively.
New York City, on or before Sept. 1 1931.
-Earnings.
Houston Oil Co. of Texas.
As more specifically shown in the following letter to stockholders of the
For income statement for three and six months ended June 30 see "Earn- American Equities Co.. the acceptance of this offer will give the stockholders
-V. 132, p. 3537.
of American, in respect of each share of stock of American exchanged,
ings Department" on a preceding page.
securities having an indicated market price of about $8 including•preferred
-Jug Shipments.
Hupp Motor Car Corp.
stocks entitled to $.31 3.4 in annual dividends, as against their present
July 1931. June 1931. market price of $5.25, and no immediate prospect of dividends.
Month of1,631
1,257
Shipments (no. of cars)
The letter in part follows:
A subsidiary of International has assumed subscription agreements of
-V.133,p. 810, 652.
certain large stockholders and certain employees of American, providing
-Obituary.(Geo. P.) Ide & Co. Inc.
for the purchase at $19 per share of 52.632 shares of stock of American on
President Herbert S.Ide died at Troy,N.Y.,on Aug.6.-V.126, p.3937. or before Dec. 31 1931, and 17,750 shares of American on or before Aug. 1
1934, has offered to putchase forthwith the stock covered by such sub-Increases Investments.
Incorporated Investors.
scription agreements, making payment of the balance due on said stock in
,
6
declared a 2.; % stock dividend and the regular 1st lien and collat. 6; % gold bonds of Dominion Gas & Electric Co. or
,
6
The directors have
quarterly cash dividend of 25 cents per share, both payable Oct. 15 to in notes of said Dominion Gas & Electric Co., and has paid to certain of
said subscribers,in said bonds of Dominion Gas & Electric Co.,the $200,000
holders of record Sept. 21. (Compare V. 132, p. 1628.)
of the weakness in stock prices previously ',aid on account of their subscriptions, in respect of which no
ig,The management has taken advantage
purto purchase additional stocks for the portfolio. The trust has juststock stock has been issued.
Stroud & Co., with whom is associated Edward B. Robinette, a director
chased 7,000 additional shares of Bethlehem Steel Corp. common
and has available approximately $1,000,000 cash to increase its commit- and member of the finance committee of International and formerly a
-V. 133, director of American, expects to receive compensation from International
ments in the event that more favorable prices become available.
for initiating the transaction with American stockholders and for services
P. 652.
connection therewith.
-Meeting Again Ad- in Stockholders who desire to avail themselves of this offer will share in
Insuranshares Certificates, Inc.
the future of the combined enterprise which, in our Judgment, presents
journed.not only in present enhanced market value, but in
The postponed special stockholders' meeting, scheduled for Aug. 5 material advantages alliance between the two companies, particularly if
for action on proposals to reduce the stated value of the no par common future prospects. An in American becomes large, should be of great
interest
to authorize directors to set up reserves against depreciation International'sboth because such alliance will provide increased capital
stock and
advantage to
of securities, has been deferred until Sept. 15.-V. 132, p. 652.
resources for development and expansion, will make available to both
-Adjusts Price of Stock companies the advice and assistance of those interested in the two comInternational Harvester Co.
panies and should enable each company to reduce its operating expenses.
exchanged, former stockholders
Offered to Employees.
Co. If all stock of American were immediately
Because of the decline in the market price of International Harvester em- of American would receive approximately 485' of the outstanding class B
stock in the past year which, resulted in a disadvantage for
warrants of International after allowing for the concommon
company stock and 1927-1937
ployees who subscribed for shares last year at $75 a share, the
version of the $7 prior preferred and class A stocks.
As of July 15 1931, the capitalization of International, giving effect to
has taken action permitting employys to cancel their 1930 subscription.
offered employees the privilege of purchasing stock at the acquisition of 328,129 shares of stock of American above referred to
The company has
their 1930 allotments was as follows:
$50 a share. It was necessary for employees to cancel Subscriptions closed
Outstanding in
before entering subscriptions for the stock at $50.
Hands of Public.x
Authorized.
July 31.
Stock1935, the
600,000 shares
Another feature is that instead of taking stock on June 30
Prior preferred, no par
amounts paid in
cash all
30.266
shares
$7 series
subscriber has the option of getting back inexclusive the
of any special allow26,912.68 shares
$3.50 series
by him, together with 5% interest thereon, this option does not apply to
1,000,000 shares
15,158.96 shares
credited by the company. However, subscriber.
Preferred, no par
ances
to the
154,708 shares 148.086
shares
stock which was previously delivered have until June 30 1935, to pay for Class A. no par
2,500,000 shares 838,063.25 shares
Under the new plan employees will
provides Class B, no par
To assist subscribers in acquiring stock the plan
$7 series prior pref.
the shares taken.
x The corporation held in its treasury: 1.158 shares
on the purchase price.
for four special annual allowances to be credited
stock; 5,485 shares class A stock, and 13,500 shares class B stock.
These allowances are:
On said date there were also outstanding options, expiring Sept. 5 1931,
of $2.50 on each share, being 5% of the for the
(a) A special annual allowance
purchase of 39,332 shares of class B stock at prices ranging from
credited at the end of the
subscription price; provided no allowance will be up to that time.
$6.75 to $10.75 per share, and warrants for the purchase of 356,425.8
terms as the warrants to be delivered
fourth year on any shares sold by the subscriber
on monthly balances standing to shares of class B stock, on the same
(b) Interest at the rate of 5% per year
to stockholders of American accepting this offer.
of the subscriber's account. during the preceding year on stock
stock of the $7 dividend series is convertible
the credit
Each share of the prior pref.
on or before Sept. 22 1931, or such later date as the board of directors of
(C) All dividends received by trustees
held by them for subscriber's account. may be required to make the total International may fix, into two shares of the prior preferred stock of the
amount,if any,as
B stock; and each share of
(d) Such additional
year on all the subscriber's $3.50 dividend series, and one share of class into two shares of the Pref.
interest and dividend credits equal 5% per
class A stock is convertible within the same period
and one-quarter of a share of class B
and credits.
payments
each of the four years ended stock of the $1.75 dividend series
These credits will be made on June 30, of company's employ and has stock. Giving effect to such conversion and to the acquisition of all outthe
with 1935 to each subscriber who is still in
standing stock of American on the terms aforesaid, the outstanding stock
the requirements of the plan.
complied with all
of International would be as follows:
162,136.01 share
plan says in part: securities, including Prior preferred stock ($3.50 series)
The notice of the new
354,011.72 shares
values of
Owing to the general decline in market stock ownership and savings Preferred stock
1,438,860.25 shares
Class B stock
Co. common, the
International Harvester
not
609,161.60 shares
was offered at $75 a share, is not
plan of 1930, under which stockOfficers and directors have, therefore, Warrants and options for class B stock
International was organized in 1924 and thereafter was engaged in the
a.dvantageous to subscribers. common stock on the basis of $50 a share.
utility properties, principally in
decided to make a new offer of
employees is limited, it will be acquisition and management of publicresult of its management and the
sale
Canada. As a
As the amount of stock available fortheir to
subscription under the plan of Kentucky and Westernit was able to dispose of these properties in 1930 at
cancel
necessary for employees to
offer. This plan, which is issued conduct of its business,
and partly in securities.
1930 before subscribing under the new
the annual meeting May 9 profit of $11,900.000 realized partly in cash
Market quotations for the outstanding stock of International indicate a
under authority granted by the stockholders at
accumulate savings,receive interest thereon, probable combined market value of about $8 for the securities which will
1929, will enable subscribers to
on a favorable basis.
stock
share of stock of American, as compared
and acquire International Harvester common
subscribe for stock and pay for be issued in exchange for each $5.25 per share for American stock.
Briefly, the plan permits an employee to
of four years ending with a present market value of
holdings,
It by regular deductions from wages over a period
Estimated _pro forma consolidated figures based on investment
the plan further
acquiring stock
International of all
June 30 1935. To assist subscribers in
the purchase as of April 30 1931, giving effect to the acquisition by
allowances to be credited on will be issued stock of American, indicate that the earnings of International on an annual
Provides for four special annual
fully paid for
to be
Price of the stock. At least once a year stock 30 1935. stock certificates basis will amount to 4234 cents on the combination of securitieswhich,
to trustees, and as soon as practicable after June at that time some further exchanged for each share of American (exclusive of stock dividends
and
may be given for those delivered to subscribers, who thereafter retain their at current prices, aggregate $153,534). The combined preferential dividends
on the prior pref, and pref. stocks of International to be issued on the
benefits may be announced for those subscribers
securities to be exchanged
stock.
paid for on June 30 1934, exchange amount to 3134 cents in respect of the
the one-half
Advance delivery of certificates for shares fully
after that for each share of American stock, leaving earnings of 3.11 on
on and
upon written request by any subscriber to receive back, share of class B stock to be received for each share of American, so that
may be obtained
option
date. Instead of taking stock, a subscriber has the 5% interest thereon, stockholders who exchange American stock will be entitled to preferential
with
and will
in cash, all amounts paid in by him, togetherby the company, but this dividends at the annual rate of 3134 cents per share of American share of
exclusive of any special allowances credited
have earnings applicable to the class B stock of 11 cents for each
the subscriber.
option does not apply to stock previously delivered to
-Dividends.
(Charles E.) Hires Co., Philadelphia.
AUG. 8 1931.]
FINANCIAL CHRONICLE
American. It is estimated that for the year 1931 the earnings of American
(exclusive of stock dividends, amounting at current prices to $30,721) will
be 42 cents per share. The comparison, therefore, is between 42% cents
earned on the securities of International, of which 31% cents is representea
by preferential dividends and 42 cents per share on the stock of American
with no present indications of dividend payment.
Conservative valuations made by the officers of International of the
assets of American based upon market values for marketable securities as
of June 26 1931, but substituting the appraisal of such officers for book
values of other assets, indicate an asset value for American stock of $9.97
per share, after giving effect to the payment under the aforesaid subscription agreements and the issue of the stock called for thereby. In computing
this asset value no amount whatever has been included for the class B
common stock of General Water Works & Electric Corp., and Intercontinents Power Co. With the present unfavorable financial situation,
emphasized by the severe depression in the principal activities in the southwestern part of the country, and with the depreciated value of South
American currencies, it is practically impossible for these companies to
finance themselves. Similar valuations of the assets of International and
American on a consolidated basis, assuming the acquisition of all stock of
American and the conversion of all $7 prior pref. and class A stock (but
without making allowance for commissions and expenses in connection with
this transaction and in connection with the recapitalization of International
and the conversion of the pref. and class A stocks) show asset value of
$9.01 for the stock of International to be issued in exchange for each share
of stock of American. In making this calculation, the pref. stocks, heretofore indicated as outstanding upon completion of conversion, are assigned
their liquidating values.
Combined Income Account of International Utilities Corp. and Utility Share
holdings Corp., Ltd. (Subsidiary)for the 12 Months Ended April 30 1931.
Profit on sale of investments in subsidiary and other companies
(net)
$3,155,932
Cash dividends received from subsidiaries, $168,962 and from
other investments, $203,987: total
372,949
Interest received
909,632
Administrative income from subsidiaries
24,750
Total income
$4,463,264
Expenses-Salaries, transfer agency fees, legal and miscell. exp176,174
Investigation expenses
9,700
Interest paid
239.814
Estimated Dominion of Canada income tax
55,852
Balance
$3,981,724
Reserve for deprec. of invest, set up in accordance with resolution of board of directors
3,000,000
Net income
$981,724
Note.
-The corporation has received during the period as regular periodical stock dividends and as special stock dividends shares having market
values at April 30 1931 of 585,876, and $58,080 respectively. These
amounts have not been included in the above income account.
Combined Balance Sheet of International Utilities Corp. and Utility Shareholdings Corp., Ltd. (Subsidiary) as at April 30 1931.
Assets-Loans payable, banks and
IneestmentsMarketable securities
a$7,513,853
brokers (secured)
52,534,587
Other Investments
b9,500,038 Accts. payable and accrued
Invest. & adv, to subs. cos
2,120,257
expenses
d125,817
Cash
282,982 Reserve for Federal & Dom.
Loans receivable (secured)._
of Canada Income taxes__ _
541,839
601,367
Notes, accts. & dep. receiv
34,009 Reserve for taxes and other
Cash divs. & accr. int. rec..
213,976
liabilities under contr, for
Special deposits under contr.
sale of former subs. (per
for sale of former subs.(per
contra)
275,000
Contra)
275,000 e Capital stock
10,362,753
Capital stock repurchased and
Earned Surplusavailable for sinking fund
Approp. for purchase of
or retirement, at cost
c106,327
treasury stock
106,327
Furn.& fist., less depreciation
Unappropriated5.107
Internat. Utilities Corp_ 1,591,926
Utility Shareholdings
Corp., Ltd
4,995,810
Total
520,593.388
Total
$20,593,338
a After deducting reserves totaling $3,000,000 (estimated market value
at April 30 1931 was 38,176,488). b Securities received in connection with
sale of Kentucky and Canadian subsidiaries. c 233 shares $7 pref. stock
and 2,025 shares of class A stock. d Incl, liability for securities purchased
and undelivered. e Represented by $7 cumul. pref. stock, 32,118 shares of
no par value entitled to $100 per share in involuntary liquidation; class A
stock, 154,708 shares of no par value entitled to $60 per share in involuntary liquidation. and class B stock. 678 812 shares of no par value outstanding and 333,832 shares reserved against warrants and options.
Note.
-The corporation had commitments to purchase $2,285,000 additional capital stock of subsidiary companies callable as required for purposes
of such subsidiaries.
No reservation has been made in the above balance sheet for commissions
and expenses in connection with the acquisition of stock of American
Equities Co., recapitalization of International Utilities Corp. and the
conversion of its preferred and class A stocks.
Income Account of American Equities Co.for the Year Ended April 30 1931.
Income
Interest earned
$664,051
Cash dividends
479,101
Miscellaneous
1,281
Total
Less
-Net loss on syndicate participations
Net loss on sales of securities
Balance
Expenses
Operating expenses
Interest
Organization
$1,144,433
48,444
169,$49
$926,438
$217,155
37.640
1.670
Net income
3669,973
Note.
-The corporation has received during the period as regular
cal stock dividends and as special stock dividends shares having periodimarket
values at April 30 1931 of $31,789 and $20,592 respectively. These amounts
have not been included in the above income account.
Balance Sheet of American Equities Co. April 30 1931.
Assets1 DiabilUiesbanks
Cash In
$952,268' Accounts payable, accrued
1,716,318
Loans receivable
expenses dc def. Income-- 551,829
Marketable securities reduced
Subsc. to capital stock
x1,513,350
4,748,159 Capital stock and cap.surplus*33.960,351
to market values
Invest. in subs, and in cos.
Earned surplus
1,513,215
substantial minority
where
Interests are held, at cost__ 25,908,535
Investments In stocks subject
to syndicate agreements
1,501,818
at cost
Accts. rec., accruals and other
243,347
assets
Subscribers to capital stock_ x1,313,350
7654,851
Treasury stock
967
Interstate Dept. Stores, Inc.
-Sales Increase.
1931-July
-1930
$1,604,596 51,525,424
-V. 133, p. 296.
1931-7 Mos.-1930
Increase.
579,1721512,211,596 511,496,424
Increase.
5715,172
Investment Trust of New York, Inc.
-24o. Dividend.
Collateral Trustee Shares, through Empire Trust Co. trustee, has
announced its seventh semi-annual dividend payment. Tlie current disbursement, amounting to 24 cents will be made Aug. 31 to holders of
record July 31. The dividend carries with it reinvestment rights at 50 cents
below the market price, exercisable until Sept. 30.
A semi-annual dividend of 30 cents per Collateral Trustee Shares was paid
on Feb. 28 last. In 1930, the following distributions were made on these
shares: 38X cents on Feb. 28 and 34X cents on Aug. 31.-V. 133, p. 811.
-90% of
Jackson & Curtis Investment Associates.
Stock Acquired by Atlas Utilities Corp.
-See latter above.
-V. 133, p. 653, 297.
Jaeger Machine Co.
-Meeting Adjourned.
The directors' meeting has been adjourned until Aug. 18 next for action
on dividends due to be payable Sept. 1.
A quarterly distribution of 20 cents per share was made on June 1 last,
as compared with 313i cents previously every three months.
-V. 132.
P. 3897.
Jordan Marsh Co.
-New Vice-President, &c.
Edward R. Mitton, son of George W. Mitton, has been elected VicePresident in charge of merchandising. This election completes the Almon
management control of the Jordan Marsh Co. The resignation as Executive
Vice-President of R. C. Hudson who returns to Baltimore as President of
O'Neil & Co., has been announced.
George W. Mitton remains as Chairman of the Board and will again take
an active part in the business. Richard Mitten will be President and
directly in charge of all operations of the business. Thomas F. Lockney
will be Vice-President in charge of supplies, maintenance, equipment and
all store properties.
Harry F Twomey, publicity director, has been elected a director to fill
the vacancy caused by Mn. Hudson's resignation.
-V. 127, p. 3408.
Jordan Motor Car Co., Inc.
-Receivers to Borrow.
The receivers have been authorized by Common Pleas Court Judge
John B. Harris to borrow $100,000 on receiver's certificates, which will
become a first lien on the assets of the company except for statutory claims.
The receivers also have been permitted to manufacture 262 automobiles
for Felz Motor Sales, Inc.
-V. 132, P. 3726.
Kelvinator Corp.
-Notes Called-Shipments.
The corporation has called for redemption on Sept. 30, all of its outstanding 6% cony, gold notes at 105 and int. This will leave the corporation without any outstanding bonded indebtedness, except its building
bonds.
Commenting on the action of the board of directors. President G. W.
Mason pointed out that the corporation shows working capital of 57,432.000
and ratio of current assets over current liaollities of 9.8 to 1. Discussing
further the conditions which made possible the action of the board,
Mr. Mason said: "Each year since 1928 has shown a substantial increase
In net profits over the preceding year, despite the decidedly opposite trend
in general business conditions. During the quarter ended June 30, the
third of our fiscal year, we saw the fulfillment of predictions relative to a
retarded heavy buying season in 1931. Shipments for June were 40%
tel excess of the same month last year and July will show even greater
Improvement over July 1930. Our recent statement showing net earnings
for the quarter ended June 30 1931 to be $1,714,407, or $1.44 a share,
after all charges except Federal income taxes as against $1.26 a share for
the smae period In 1930, clearly indicates a steady gain."
-V. 133, p. 811.
Keyes Fibre Co. Inc.
-Defers Preferred Dividend.The directors have voted to defer the regular quarterly dividend of 75
cents per share due Aug. 1 on the $3 cum. cony. class A stock, no par
value. The last quarterly payment on this issue was made on May 1 last.
President Walter S. Wyman stated:
During the past two years fundamental changes have been made In
the character of the product which the company is manufacturing and
selling. These changes are still going on. They have already necessitated
the spending of large sums of money on machinery and factory changes.
Very considerable sums of money still remain to be spent. On Sept. 1
1931 the company's 1st mtge. bonds begin to fall due at the rate of $250,000
a year. For these reasons it seems best to conserve cash.
During the first six months of 1931, we shipped nearly as large a volume
of goods as in the same period of last year. If we had been able to fill all
orders received from Jan. 1 to June 30, our shipments would have exceeded those made in the first half of 1930.-V. 130, p. 297.
Kildun Mining Corp.
-Stock Sold.
-
The recent offering to stockholders of 28.000 shares of trasurY stock
at $5 a share was fully subscribed and the money has been fully paid into
the company's treasury,as there was no underwriting fee involved.
-V.132.
P. 4775.
Kline Brothers Co.
-Sales Increase.
1931
-July------1930
8382.125
8308.720
-V. 133. p. 132.
Increased 1931-7 Mos.-1930.
873,405132.783.871 82,336,275
Increase.
$447,596
(S. S.) Kresge Co.
-Sales Decrease.
1931-July
Decreased 1931-7 Mos.-1930.
-1930
Decrease.
$10,721.890 $10,882,426 $160.5361577,960,492 378,340,038 $379,546
At the end of July 1931 the company had 663 American and 33 Canadian
stores In operation.
-V. 133, P. 297.
(S. H.) Kress & Co.
-Sales Increase.
1931-July--1930.
$5,103,930 55,060,990
-V. 133, p. 297.
Increased 1931-7 Mos.-1930.
842.9491535.947,287 535,375,674
Increase.
$571,613
Lake Superior Corp.
-New President.
Alex Taylor, Vice-President. has been elected President of this company,
and of the new holding company, Algoma Consolidated Corp., to succeed
Frank B. Common, resigned.
Mr. Common will continue as a director of the Algoma Consolidated
Corp. and as general counsel.
-V. 133, p. 8F2.
Laura Secord Candy Shops, Ltd.
-Balance Sheet.AssetsJune 3031. Dec. 3030.
Fixed assets
x6331.051 5367,579
Good-will
1
I
138.994
Cash
95,137
Bonds
1,155,193 1.103,442
82.056
Stocks in assoc.cos.
94,315
6,874
7,051
132,180
137.031
Inventories
Receivables4,703
Prep'd* del. chgs.
.6
LiabilitiesJune 30'31. Dec. 20'30
Preferred stock__
$1,200
Common stock__ y904,464
903,264
Payables
24,221
21,311
Tax reserves
23,879
49,000
Surplus
859,534
873,493
Total
Total
$1,812,099 51,848,268
$1,812,099 51,848,268
x After deducting depreciation of $385,374. y Represented by 57.500
no par shares.
-V. 132. p. 4253.
Leaders of Industry Shares.
-Sales Increase.
-
Sales of Leaders of Industry Shares, fixed investment trust sponsored
by General Shares Corp.. for the first six months of this year were 347%
greater than those for the last six months of 1930. Sales for the first six
months of 1931 were 1046% ahead of those for the corresponding period
of last year, President August Gatzert announced. Mr. Gatzert stated
that he considered these gains indicative of the steadily growing trend for
investors to purchase securities with minimum speculative risk. A
Portion of these gains, he said, was the result of a greater number ofmajor
small
purchasers buying for permanent investment.
-V. 133. P. 812,
$37.038,746
Tend
Total
$37,038,740
x After deducting $200,000 payments on account. y 61,683 9-38 shares
cost. z 79,650 shares. • 1,457.982 shares of no par value.
at
-The items of loans receivable, marketable securities and
Note.
receivable reflect a net deduction from book values of $2,899,064;accounts
reserves
amounting to $3.360,049 have been appropriated by the directors from
capital surplus and adjusted by us in an amount of $460,985 to reflect
the condition as at April 30 1931.
Lerner Stores Corp.
-July Sales.The company has definite contracts for the investment of additional
Decreased 1931-7 Mos.-1930.
1931-Julv-1930
funds aggregating a possible total of $264,489 and contingent commitments
Increase.
81,897,645 32,050.062
$152,4171$14.466,.616 513,347,325 $1,119,291
amounting to $270,164.-V. 133. p. 811.
-V. 133, p. 812. 297.
FINANCIAL CHRONICLE
968
-To Reduce
Leslie-California Salt Co., San Francisco.
Stated Capital.
requesting consent
[VOL. 133.
-Sales Decrease.
Melville Shoe Corp.
Decrease.
Decreased 1931-7 Mos.-1930.
$293,898 I 815,944,637 $16.796,583 $851,946
The company has mailed a letter to the stockholders
the corporation from $3,637,607
Earnings.
to a reduction of the capital and surplus of
For income statement for 6 months ended June 30 see "Earnings Departto $2,721,845. This action is incident to concentration of the company's
-V. 133, p. 298.
production area and manufacturing facilities as nearly as possible into one ment" on a preceding page.
activities of the
unit, primarily through transferring the manufacturing
San Mateo plant to Alvarado.
-Dividend Reduced.
Metropolitan Paving Brick Co.
this opportunity to charge off certain
In addition, the company is taking
The directors have declared a quarterly dividend of 25 cents per share
real estate,
other non-operating items on its balance sheet, such as umlaut equipment, on the common stock, payable Sept. 1 to holders of record Aug. 15, placing
reserve for leasehold rentals, obsolete and abandoned plant and
the stock on a $1 annual basis, against $2 previously. The regular quar&c.
necessary to terly dividend of $1.75 per share on the pref. stock also was declared
Through elimination of these items, for which it has beenamortization, payable Oct. 1 to holders of record Sept. 15.-V. 132, p. 4777.
for maintenance, depreciation and
make operating charges
the directors estimate that there will be an increase in net earnings of at
-InvenMinneapolis-Moline Power Implement Co.
least $50,000 per annum. It is also intended that the balance sheet shall
show only those items that are of direct operating value to the company. tories Reduced.. Commenting on the action of the directors in omitting payment of the
(San Francisco "Chronicie.").-V. 131, p. 3718.
dividend on its cony. $6.50 cum. pref. stock due Aug. 15, President W.0.
-Earnings.
MacFarlane said:
Lily Tulip Cup Corp.
"This action was taken in keeping with general business conditions.
For income statement for 12 months ended June 30 see "Earnings
and more particularly the very unusual conditions existing since the middle
-V. 132, p. 4776.
Department" on a preceding page.
of 1930 in our industry.
-Wage Reduction.
"Due to these conditions, the company showed a shrinkage in sales for
Link-Belt Co.
10%
Wages of factory employees of this company have been reducedbasis, the first half of 1931, both in domestic and export business, the decrease
In the latter being proportionately much larger than the former. This
of its factories and offices have been placed on a five-day week
and all
effecting a further reduction In payrolls of 8%. While office salaries were sales shrinkage, of course, materially affected earnings. to expect an im"With farm prices at record low levels, it is impossible
reduced 10% on Jan. 1 1931, factory wages have been maintained up
provement in the farmers' buying ability until he receives better prices
-V. 133, p. 812.
to the present time.
for his products: and until that occurs we do not anticipate decided improveLit Brothers,Philadelphia,Pa.-Bal. Sheet Jan.31'31.- ment in our sales.
"Our current position continues as favorable as heretofore, our inventory
Liabilities
Assets
$1,247,663 has been substantially reduced since Jan. 1, and the company is borrowing
$1,844,372 Accounts payable
Cash
-V.133, D.654; V. 132,
514,265 less money from the banks than it was a year ago."
x5,444,956 Accrued accounts
Accounts receivable
7,275,000 p.3540.
Merchandise inventories-- 3,078,534 Mortgages
for redemption of
151,421 Reserve
Marketable securities
-Sales Decrease.
204,000
Montgomery Ward & Co.
trading stamps
Sundry inv. & accrued Int y1,268,133
Decrease.
11,949,204
Decreased 1931-7 Mos.-1930
-1930
1931-July
Land, bldgs., fixtures & eq__x15,964,249 1st pref.6% stock
b999,145 $15,320,000 $18,668,623 $3,348,6231$123,111,841$148,853,72625,741,885
305,321 Common stock
Deferred charges
a5.857,710 -V. 133. P. 813, 654.
Surplus
1931-July
-1930.
$2,003,335 $2,297,233
$28,048,988
-Sales and Earnings Improve.
Total
(Philip) Morris & Co., Ltd.
$28.046,988
Total
and
Substantially increa...ed sales of Marlboro cigarettes by this company in
a Including $51,651 appropriated to first preferred stock par).common
x Less the first three months of the current fiscal year which began April 1, restock held for retirement or resale. b 999,945 shares (no
period as compared
allowance for doubtful accounts, $420,000. y Less allowances for possible suited in an increase of about 66% in earnings tor theyear. Earnings are
losses of $205,000. z Less allowance for depreciation of $3,470,833.- with the corresponding period of the previous fiscal
-V. 132. p. 3727.
reported only semi-annually.
V. 129. p. 2398.
-Further Adjournment.
(P.) Lorillard Co.
The adjourned annual meeting of stockholders which was to have been
held Aug. 4 in Jersey City., N. J., was again adjourned until Sept. 1 pending decision of the New Jersey Court of Errors and Appeals on the injunction restraining the stockholders from voting on the proposed change
In the bonus by-law and revision of the price of stock offered to officers
-V. 133, p. 298.
and employees.
-Earnings.
Louisiana Oil Refining Corp.
For income statement for three months ended Mar. 31 see "Earnings
-V. 132. p. 4424.
Department" on a preceding page.
-Earnings.
McCord Radiator & Mfg. Co.
For income statement for six months ended June 30 see "Earnings
Department" on a preceding page.
the
Company has no bank loans or other obligations other than date deto
benture issue. Sufficient debentures have been purchased to
satisfy sinking fund requirements through 1932.-V. 132, p. 2005.
-July Sales.
McCrory Stores Corp.
Increase.
1931-July---1930. Decreased 1931-7 Mos.-1930.
$56,547
$118,529 422,589.318 $22.532.771
$3,122,670
had 242 stores in operation in July 1931 compared with
The company
240 stores In July 1930.-V. 133, p. 298.
$3.004,141
-Earnings.
McQuay-Norris Mfg. Co.
For income statement for six months ended June 30 see "Earnings
Department" on a preceding page.
W. K. Norris. President, says:
The financial position of the company continues to be extraordinarily
strong. Current assets at June 30 1931, were more than 10 times current
liabilities. Cash and securities alone were more than four times current
debt. Company has no bonds or bank loans. A small issue of preferred
stock of one of its subsidiaries was reduced from $159,000 as of Dec. 30
1930, to $149,000. Working capital was increased.
Insofar as dividend requirements for the entire year are $3 a share, the
for the first
six months' earnings of $244 not only provided the dividendssecond half.
half, but all but $0.56 of the dividend requirements for the that for the
almost entirely earned in July, so
This latter amount was
first seven months the company has had the pleasant experience of having
requirements.
earned all but a nominal amount of its entire 1931 dividendremaining five
It is of course, hazardous to make predictions for the
of
months of 1931. We feel, however, that we have excellent prospects to
is due
in
ending the year of 1931 with greater earnings thanand1930. Thisintroducthe recent
the continued active sales on our present productsis meeting with excellent
-Unit Pressure Superoyl Ring, which
tion of a Hi
and valve springs
trade response. Sometime in September, valve guides introduce cylinder
will be offered to the trade. About Nov. 1, we will
leeves.-V. 132, p. 2005.
-Earnings.
Mack Trucks, Inc.
June 30 see "EarnFor income statement for three and six months ended 3540.
-V. 132, p.
ings Department" on a preceding page.
Calculating Machine Co.-Eatnings.-
Marchant
June 30 see "Earnings
For income statement for six months ended
Department" on a preceding page.assets to current liabilities was apAs of June 30 the ratio of currentappreciably in excess of total current
proximately 1500 1, cash alone being
12 to 1 on Dec. 31
liabilities. The company's current ratio was about
1930.-V. 132. p. 3354.
-New Directors.
Corp.
Marine Midland
been elected directors.
Floyd L. Carlisle and H. Edmund Machold have Hudson Power Corp.
Niagara
Mr. Carlisle is Chairman of the board of the & Co. Both are also direcis Vice-President of F. L. Carllsle
Mr. Machold
Trust Co., of Oswego, N. Y.
tors of the First and Second National Bank &
-V. 133. P. 492,
group.
which was recently acquired by Marine Midland
298.
-Earnings.
-Rockwell Corp.
Marlin
months ended June 30 see "EarnFor income statement for three and six-V. 132. p. 3540.
ings Department" on a preceding page.
-Earnings.
Mengel Company.
June 30 see "Earnings
For income statement for 3 and 6 months ended
Department" on a preceding page.
Sheet June 30.
Consolidated Balance
1930.
1931.
1930.
1931.
$
Assets-Preferred stock___ 3,360.300 3,360,300
xLand, bidgs., maCommon stock__ 8,000,000 8,000,000
y
chinery, &c.--- 7,707.
350 8,366,798 Funded debt
3,000,000 3,000.000
Timberlands and
400,000
for pay
1,198.439 1,130,532 Eids. Called payable
timber
160,000
625,374 1,263,776 Dividends
Cash
20,094
10,857
1,063,987 1,012,867 Minority interest_ 385,102
Accts & notes reo_
474,148
Current liabilities_
4,525,354 5.033,680
Inventories
80,282
181,002
405,501 Reserves
Invest. in subsid.... 229,709
111,682
2.742
153,686 Deterred liabilities x977,414
124.223
Deferred charges
2,299,553
539,219 Surplus
442.983
Other osseta
15,917.419 17,906,059
Total
15,917,419 17,906,059
Total
shares, z Inx After depreciation. y Represented by 320,000 no par 132, p. 3727.
-V.
properties.
cludes $802,185 aPPredationfrom appraisal of
-Minority
Moto Meter Gauge & Equipment Corp.
Stockhoiders Seek to Have Alleged Secret Salary Contract
Cancet&ed.An action has been filed in Brooklyn Supreme Court by minority stock
holders, who seek to have an alleged secret salary contract between direc
tors and Royce G. Martin, President, cancelled.
Under the terms of the contract, entered into on May 1 1930, Mr.
Martin receives a salary of $50,000 annually for five years. The complaint charges this amount is unreasonably excessive and an unwarranted
financial burden on all stockholders. It charges that Mr. Martin is Incompetent, has neglected his duties, permitted certain acts detrimental
to the welfare of the corporation, and, since its organization in June 1929,
and its subsequent merger with Safe-T-Stat Co. in July 1929, has conducted
the business at a loss. All these facts were known to the directors, the
-V. 133, p. 813.
plaint states.
-Statement by NoteMinnesota & Ontario Paper Co.
-Financial
-Status and Outlook
holders Protective Committee.
Statement.
-year 6%
The protective committee for the holders of the $3,500,000 5
gold notes (Storer P. Ware, Chairman) July 31 states:
The committee feels that you will be interested in certain aspects of the
present situation and of the prospects of the company. The notes have been
In default in respect of principal as well as interest since Mar. 1 1931.
They rank pari passu with other unsecured debt of the company but are
junior to the lien of $24,400.000 first mortgage bonds.
After delays over which this committee had not control, we have Just
received financial statements prepared by Peat, Marwick, Mitchell Jt Co.
as of Feb. 28 1931. These statements reflect a marked change in the condition of the company. Subject to the comments and explanations contained
in the reports of the auditors, consolidated net income of the company and
Its subsidiaries. including National Pole & Treating Co., for the year 1930
amounted to $3,247,517, before charging interest, depreciation, amortization and taxes on profits, whereas operations for the two months ended
Feb. 28 1931, showed a consolidated loss of $283,054 on the same basis.
After such charges the deficit for the two months amounted to $822,618.
even without taking into consideration certain inventory and other writeoffs charged to surplus. Furthermore, there is some reason to believe that
naUfficient amounts have been charged for depreciation.
The consolidated balance sheet of the company and subsidiaries, including
National Pole & Treating Co., as of Feb. 28 1931, showed total current
assets of $12,171.415, and total current liabilities of $9,412,529. Such
current liabilities, however, do not Include $6.300,000 principal amount
of funded debt already due and coming due during 1931. Treating such
debt as a current liability would result in a deficit In working capital of
Minnesota
53,541.11400 a consolidated basis. The corresponding deficit for&
Treating
& Ontario Paper Co. and subsidiaries, excluding National Pole
ould be $7.781,117.
Co.,We feel that many of the noteholders have not realized before the seriousness of the situation and have assumed that the existing defaults would be
cured and maturities met and interest payments resumed promptly. It
seems clear that such assumption is not justified and that the noteholders
must assert their interests energetically if they are to receive adequate
consideration in any final outcome.
We believe it to be the unanimous opinion of all who have investigated
the situation that the adequacy of the eventual outcome for the noteholders, is dependent upon conditions affecting the newsprint industry and
general business as well as the company itself. Competitive conditions in
the newsprint business have been very severe and prices have been generally
reduced during recent months. Until conditions in the industry are
stabilized it is impossible to predict what may happen to other newsprint
paper companies,some of which,as you may know, are already in financial
difficulties. Hence it is unlikely that the difficulties of the company can be
solved by disposal of the properties to other interests at this time either
through a negotiated sale or under foreclosure. In other words a reorganization appears to be the only course open to security holders. Moreover,
until general business conditions improve, it is unlikely that there will be
any material increase in newspaper advertising, which directly affects the
demand for newsprint. This, when added to other factors, will unquestionably result in the demand for newsprint remaining for some time far below
productive capacity, particularly In view of the marked expansion in such
capacity during recent years. .Aside from conditions affecting the newsprint industry and general business, the noteholders are also vitally affected
by the problems of this particular company. At present the company's
output of newsprint and other forest products is far below previous years.
and newsprint production of the company is substantially less than the
average for the industry.
We feel that we should point out to all holders of the notes who have
not yet deposited their notes that possible rehabilitation of the business of
the company through a reorganization is handicapped by the failure of the
holders of some 50% of the issue to deposit their notes. Until substantially
all of the noteholders do deposit it is impracticable to make real progress
and in the meantime, as indicated above, the situation of tho company
Is showing few signs of improvement, which in turn means that the prospects
for the noteholders are becoming less and less favorable.
We therefore urge all noteholders to protect their interests by allying
themselves with the holders of nearly 50% of the outstanding Issue and to
forward their notes to Guaranty Trust Co., 140 Broadway, N. Y. City,
depositary.
Deposited notes should be accompanied by the coupon duo Mar. 11931.
The committee has agreed that it will not participate in any plan of reorganization without giving depositors who may not approve such plan
the right to withdraw from the noteholders' protective agreement.
AUG. 8 1931.]
FINANCIAL CHRONICLE
Consolidated Balance Sheet as at Feb. 28 1931.
[And subsidiaries, Including National Pole & Treating Co.]
& 0.P.Co.
Cons°Mat',
Assets;
& Substd. N.P.& T. Co.EliminaVns. Consol.
Cash in banks and on hand
$5,934
$62,091
$68,025
Notes receivable & warrants(Incl.
accrued interest)
199,491
898
200,390
Accounts receivable:
Newsprint, insulite, lumber, &c 1,088,313
360,952
1,449,265
Sundry accts. & advances
191,585
2,756
194,342
Employers' accounts
70,078
508
70,587
Reserve for bad & doubtful debts. Dr.324,097
Dr.2.937
Dr.327,004
-deposit
Mutual Ins. co.
88,323
88,323
Inventories: Forest products_
2,633,926
2,087,041
4,721,867
Lumber & lumber products_ - - 3,557.400
3,557,400
Manufact. paper, pulp, Insulite,
(kc
264,339
264,339
Mfg., oper. &c. supplies
998,497
43,142
1,041,639
Advances on logging operations &
Pole purchases
238,087
604,149
842,237
Special cash deposit with trustee
for bonds a
350,000
350,000
Property sales contracts, claim
against U. S. RR. Adminis. &
dep. on State & Govt. timber
229,153
1
229,154
Notes & accts. reedy.(slow):
Newsprint accts. (less reserve,
$420,816)
872,089
872,089
Other notes & accounts
268,980
16,395
285,376
Investments In other companies_ 1,845,107
34,621
1,879,728
Advances to, & investls in, subsidiary & affiliated cos.:
Great Lakes Paper Co., Ltd.
preferred stock
4,934,900
4,934,900
Nat.Pole & Treat. Co.
-stock. 1,784,318
$1,784,318
Insulite Products Corp., Ltd.
-stock and advances
18,374
18,374
Insulite Co. of Finland-stock
and advances
1,922,283
1,922,283
Accts. with affiliated cos
324,541
3,721,160
3,721,160
324,541
Property and plant:
Power plants, mills & timber,
&c., as appraised at Nov. 30
1924, plus subsequent additions at cost, less depletion
69,636,208
1.268,276
70,904,485
• Water power lease No. 28
1
1
Railroad & equip., logging railroads, spurs & logging equip.
(depreciation)
2,582,538
2,582.538
Bond dIsct.& expense & organization expenses (unamortized)
1,310,408
19,076
1,329,485
Prepaid insur.. int., rents, &c
112,875
28,513
141,388
Other deferred charges
279,431
6,766
286,197
C
Total
$95,483,125 58,254.313 $5,505,479 $98,231,959
Liabilities
Notes Payable: Banks & brokers- $3,746,444
53.746.444
Backus Brooks Co
435,973
435,073
Others_
7,000
7,000
Outstanding checks(Minnesota &
Ontario Paper Co.)
46,317
46,317
Accounts payable
764,824
$146,739
911,563
Amount due for (tate stumpage &
crown dues (soured by lien on
forest products)
350,001
350,001
Consumers' de; eels
6,489
6,489
Coupon liability.
2,241
2,241
Accts. with subs. & aftU. cos.:
National Pole & Treating Co
2,843,364
$2,843,364
Nat. Pole & Treat. Co.(note).
500,000
500,000
Great Lakes Paper Co., Ltd_ _ 2,176,423
2,176,422
Accts. with other affil. cos
164,158
377,796
377,796
164,158
Accrued pay roll
77,831
77,831
Accrued interest
639,193
30,000
669,193
Accrued taxes
643,565
86,125
729.690
Prov. for price adj. of newsprint_
89.206
89,205
First mtge.6% gold bonds
24,400,000
24,400,000
5
-year 6% gold notes, due 1931
3,500,000
2,000,000
5,500,000
Town of Kenora debentures
335,000
335,000
Reserves: For deprec. of power
plants, mills, &c.(accr. since
Nov. 30 1924)
5,002,194
364,914
5,367,108
For additional depl.& deprec
1,082,697
1,082,697
Liability insurance fund
209,083
209,083
Sick benefit fund
58,243
58,243
Miscellaneous
73,821
10,801
84,422
For loss on pole purch. contr_
75,000
75,000
Minority stockholders' interest In
National Pole & Treating Co.
616,995
616,095
Patio. cum.6% pref. stock
4,036,000
3,000,000
3,000,000
4,036,000
Corn. stk.-issues 011909, 1924 &
1930(cum. div. 01 6% per ann.
accrue from respective dates of
issue)
10,092,000
10,092,000
Surplus, including appreciation &
acquired surplus
2.163,138
34,201,058
598,687 36,962,882
Total
595.483,125 58,254,313 55.505,479 $98,231,959
a To socuro paymsnt of Town of Kenora Debentures, $335,000 per
contra.
Note (1)
-Stocks and bonds of the wholly owned subsidiary companies are pledged
as collateral to the first mortgage 6% gold bonds of the Minnesota & Ontario Paper
Co., with the following exceptions: Bonds of Minnesota, Dakota & Western Railway
stocks of The Insulite Co., Minnesota de Ontario Provision Store, Inc., Falls Lumber
& Coal Co.. Fort Frances Pulp & Paper Co., Ltd. and Keewatin Lumber Co., Ltd.
Note (2)
-Dividends on the participating cumulative 6% preferred stock have
been paid to Dec. 31 1930; provision has not been made for the dividend accrued
for the two months ended Feb. 28 1931.
Consolidated Pro/ft and Loss Account for the Year Ended Dec. 311930.
Consolidating,
M.& 0
.P.Co. N.P.& T.Co ElinanaPns. Consol.
Net sales
$16,681,874 $3,479,470
Cost of sales
13,004,710
2,840,677
Gross profit
$3,677,164
Sell., general & adminis. expenses 1,865,458
Other income
$1,811,705
935,211
Net Income
$2,746,917
Int. on let mtge. bonds & Int, on
notes of co. & current debt of
National Pole & Treating Co
1,473.000
Other interest of M.& 0.P. Co_
478,025
Amortiz. of bond & note dlsct. &
expense, & organization exps
146.729
Depreciation
Taxes on profits
779,498
$638,792
244,591
$4,315,957
2,110,050
5394,201
52,205,906
264,888 Dr.5158,400
1,041,609
$659,089 Dr.$158,490
121,131
$3,247,516
1,594,131
478,025
25,435
172,165
68,678
50,000
848,177
50,000
Balance
loss$130,336 sur$393,843 Dr.$158,490 sur5105,017
*Proper thereof applic. to min,
stockholders of N.P.& T. Co
*39,358
*39,358
$130,336 sur3354,485 Dr.1158,490 sur$65,659
Net loss
Min. lot, in N. P. & T. Co. not
owned directly or indirectly by
M.& O. P. Co
(m of Dec. 31 1930)* 9.9933%
. *The entire capital stock or National Pole & Treating Co. Is now owned by
Minnesota & Ontario Paper Co. and oneof its subsidiaries,
969
Condensed Consolidated Surplus Accountfor the Year Ended Dec.31 1930.
Surplus, as at Dec. 31 1929 (intl.
$589,254 $39,601,071
apprec. & acquired surplus)___$36,769,753 $2,242,062
Acquired surplus on 587 shs. of N.
P. & T. Co. stk. p*
-ch. during
99,048
year
99.048
f x158,4901
Net profit (loss) for the year end.
393,843
130,336
y39,3581
Dec.31 1930
65,659
Rm. for loss on posts established
In 1927. now written back as
loss absorbed In oper. for 1928
y4,998
45,001
50,000
and 1929
536,639,417 52,685,906
180,000
225,360
Deduct: Div. on pref. stock
Fed. & Candn. taxes on profits.
& expo.re-lawsuits for prior yrs.
Adjust. In purch. price of Candn.
properties per agreements of
Nov. 30 1924
Prov. for loss on sundry invest. &
adv., applic. to prior years....
5485,456 539,810,780
225,360
f x158,4901
1 y21,5101
79,329
79,329
979,846
979,846
36,345
36,345
1,320,881
180,000
180,000
1,320,881
Surplus, as at Dec. 311030 (inMud. apprec.& acquired surp15535,318,535 52,505.906
$665,456 $38,489,893
x Dividend on preferred stock owned by Minnesota & Ontario Paper Co. y Proportion accruing to minority interests in National Pole & Treating Co.
Consolidcaed Profit and Loss Account Two Months Ended Feb. 28 1931.
Cot:solider('
M.& 0 .Co. N.P.& T.Co.Elisninans. Consol.
.P
$1,412.224
Net sales
$363,797
1,422,372
Cost of sales
315,116
Gross profit
Sell., general & adminis. expense_
$10,148
338,701
538,532
375.203
548,680
36,501
loss$348,849
53,224
1oss$336.670
512.178
33,581 Dr.533,188
53,616
loss$295,625
Net Income
Int, on 1st mtge. bonds of M. &
0.P. Co.& int. on notes & cur244,000
rent debt of N. P. ,k T. Co._
139,974
Other int. of M.& 0. P. Co
Amortiz. of bond & note died. &
27,091
exp., & organ's. expenses
124.293
Depreciation
Taxes on profits
$45,760 Dr.333,188 loss$283,053
Balance
Other Income
def$830,985
Balance
*Proper. thereof applic. to mm.
stockholders of N.P.& T. Co_
20,018
264,018
106,785
33,188
4,239
12,000
31,331
136,293
$9,502
def$821,482
•1,135
*1,135
$822,618
$830,985 sur$8,367
Net loss
Min. Int. In N. P. & T. Co. not
owned directly or Indirectly by
11.95%
(As of Feb.28 1931)•
M.& P. Co
The entire capital stock of National Pole & Treating Co.Is now owned by Minn.
& Ontario Paper Co. and one of its subsidiaries.
Condensed Consolidated Surplus Account Two Months Ended Feb.28 1931.
Surplus, as at Dec. 31 1930 (incl.
$665,458 338,489,898
apprec. & acquired surplus)__ 335,318,535 52,505,906
Transfer from res. for other contingencies-sundry balances not
89,582
89,582
now required
Net loss for the 2 months ended
71,135
830,985 prof.9.502
822,618
Feb. 28 1931
$34,577,132 $2,515,409
Total
Deduct: Additional prov. for loss
on disputed newsprint accts.
225,000
receivable
Hard board experimental exp.
35,009
written off
Provision for legal expenses54(500
Additional prov.for loss on Inv.
& other adjust. incl. loss on
Insulite Products Corp., Ltd.
61,565
to Dec. 31 1930
National Pole & Treating Co.:
Reduct. in inventory valuation as at Feb.28 1931, due
to market decline
276,571)
Prov. for lesson pole pure:.
contracts & minor adjust.
. 75,700j
Propor, of surplus at Dec. 31
1930 on 587 shs. of N.P.&
T. acquired in 1930-purchase cancelled In Feb.'31.
Surpl., incl. apprec. & acquired surplus, Feb.28 '31.534,201,057 $2,163,137
-V. 133, p. 493.
$664,321 $337,756,863
225,000
35,009
54,500
61,565
y42,096
310,174
107,731
107,731
$598,686 536,962,881
-Off List.
Mock, Judson & Voehringer Co., Inc.
The common stock has been stricken from tho list of the Philadelphia
Stock Exchange.
-V. 132, p. 4426.
-Earnings.
Mohawk Carpet Mills, Inc.
For Income statement for 6 months ended June 30 1931, see "Earnings
-V. 132, p. 4074.
Department" on a preceding page.
-Certificates Called.
Municipal Investment Trust.
A total of $692,500 of certificates of beneficial interest, dated Oct. 1
1929, have been called for payment Sept. 1 at 101 and int. ab the Fidelity
-V. 131, p. 3540.
Trust Co., trustee, Detroit. Mich.
-Sales Increase.
(G. C.) Murphy Co.
1931-July-1930
$1,475,136 81.319,447
-V. 133, p. 299.
Increase.1 1931-7 Mos.-1930
$155,6891$9,936,928 58,420,461
Increase.
51,516,467
Murray Corp. of America.-Bal. Sheet June 30.1931.
1930.
1930.
1931,
AssetsLand,b1dgs.,/nach.
y20.180,375
& equip
2,779,358
Cash
Customers sects_ _x2,278,935
2,890,970
Inventories
Inv.in Dietrich,Inc
22,474
Sink,fund deposits
405,307
Miscelaccts.&divs
774,462
Dies & patterns.._
301,329
Goodwill
242,875
Deferred charges
Liabilities$
$
8% pref.stock_ _ _ - 210,900
212,400
Common stock__ z22,704,487 22,828,725
Accts.,k notes pay_
913,818
838,800
Accr. Int., tax, &a_
89,303
178,974
Purch, money oblig 645,288
607,122
Funded debt
2,715,000 3,005,000
Ito. for cont., drc.. 629,184
607,546
Federal tax
4,000
90,725
Appropr. surplus_
395,705
303.512
301,329 Unapprop. surplus 1,568,401 2,148,018
435.999
20,378,152
3,240,729
2,142,819
3,394,190
498,980
49,334
379,290
Total
29,876,087 30,820,822
29,876,087 30,820,822
Total
x After all-)wances for doubtful accounts of 568.646. y After depreciapar sharcs.-V. 133, p. 813.
tion. z Represented by 761.491 no
-No Preferred Dividends.
Mutual System Corp.
The company recently voted to omit the quarterly dividends due Aug. 1
on the 1st and 2,1 pref. stocks, par $25. Quarterly distributions of 373.
cents per share were made on .May 1.
Nash Motors Co.
-July Shipments Higher.July shipments amounted to 6,039 cars as compared with approximately
the same number in June. Shipments of about 12,000 cars_thus far in
970
FINANCIAL CHRONICLE
[VoL. 133.
for this remarkably consistent growth
Nash's third quarter, which includes the months of June. July and August, two investment trusts account the principles of supervised diversification
large public acceptance of
compare with shipments of around 11,000 cars in the entire third quarter by the is a feature of each of these restricted management trusts.
which
of last year.
Nation-Wide B contains in its portfolio the securities of 77 companies
-V. 133.
Unfilled orders for 990 cars were carried over into August.
diversified among industrials, utilities, rails, banks and insurance comP. 299.
panies. Uselps 13 Is a utility trust containing in the portfolio the securities
-V. 133.
of 44 public utilities, largely electric light and power companies.
-Sales Decrease.
National BeIlas Hess Co., Inc.
Decrease. P. 493, 134.
1931-7 Mos.-1930.
Decrease.
-1930
1931-July
$511,5471$19,517,909 $20,692,899 81,174,990
$2,412,454
81,900,907
-Reorganization Plan Operative.
Nedick's, Inc.
-V. 133, P. 654, 134.
The plan of reorganization of Nedick's. Inc. and its subsidiary Burnee
Corp. dated April 28 1931, was declared operative July 22. The new
--Earnings.
Candy Co.
National
company contemplated by the plan has been organized in Delaware with
For income statement for 6 months- ended June 30 see "Earnings De- the name Nedick's Corp. The corporation has contracted to acquire
-V. 133, p. 493.
partment" on a preceding page.
the entire issued and outstanding capital stock of Burnee Corp. Over 85%
of the 10
-year collateral trust bonds of Nedick's Inc., over 75% of the
-Earnings.
National Dairy Products Corp.
the claims of bank,
common
statement for 6 months ended June 30 see "Earnings De- landlord,stock of Nedick's, Inc., and over 70% of
For income
merchandise and other creditors were deposited under the plan.
-V. 133, p. 654.
partment" on a preceding page.
(Compare plan in V. 132, p. 3729.)
-Distribution No. 2.
National Distributors Corp.
Payment to Undeposited Bondholders.
This corporation, the depositor company for New York Bank Trust
City Bank Farmers Trust Co.,as trustee, is notifying holders of Nedick's
shares, announces a semi-annual distribution on the trust shares of 13.8 Inc. 10
fund gold bonds that, the inden-year 6%
against coupon No. 2 by the Guaranty ture under whichcollateral trust sinking having been foreclosed and the
cents per share, payable Aug. 15
these bonds were issued
Trust Co., New York, trustee. An initial distribution of 14.6 cents per pledged collateral having been sold at public auction, City Bank Farmers
-V. 132, p. 2404.
share was made on Feb. 15 last.
Trust Co. is prepared to pay the ratable share of the net proceeds of such
-Earnings. sale on presentation of bonds for notasion thereon of the amount paid on
National Enameling & Stamping Co., Inc.
-V. 132. p. 4779.
account thereof.
For income statement for six months ended June 30 see "Earnings
Department" on a preceding page.
-Sales Increase.
Neisner Bros., Inc.
Sheet June 30.
Balance
Increase.
Increase.1 1931-7 Mos.-1930
-1930
1931-July
1930.
1931.
1930. I
1931.
8473.953
$1,293,925 $1,244,484
$49,441 188,850,688 $8,176,735
Liabilities$
3
$
Assets-V. 133, p. 134.
Common stock....b12,850,000 15,591,800
a Real est., plant,
324,128
goodwill, &c___13,211,692 13,244,287 Accts. pay., &c___ 112,069
-To Sell Dyestuffs and Chemical
(The) Newport Co.
191,979
123,405
231,118 Reserves
231,318
Investments
54.143
112,070 Business.
2,561,620 3,312,767 Federal tax
Inventories
c4,162,300 2,484,282
757,669 Surplus
Notes receivable__ 574,946
The E. I. du Pont de Nemours & Co. nas entered into an agreement to
942,983
636,537
Cash
purchase the dyestuffs and chemical business of the Newport Co.. subject
146,861
154,378
Deferred charges
to the approval of the stockholders of the latter company. The wood
distillate division of the Newport Co. does not figure in the transaction.
17,370,491 18,635,685
Total
17,370,491 18,635,685
Total
The Newport company plants involved are at Carrollville (Wis.). New
a After depreciation. b Represented by 128,500 no-par shares. c In- Brunswick (N. J.) and Passaci (N. J .1. It is the intention that this addicludes $2,212,068 difference between stated value and cost of company's tional dyestuffs and organic chemical business shall be consolidated with
-V. 133. P. 655.
tho dyestuffs business of the du Pont company. It is also the intention
shares reacquired.
that the policies and operations of the acquired industries shall be continued
-Dividend No. 2.National Food Shares Corp.
substantially as heretofore.
The board of directors of the Neu port company on July 31 declared
A distribution of 25 cents per share has been declared on the Trustee
Shares, series A, payable Aug. 15. An initial distribution of like a regular quarterly dividend of 75c. a share on the class A convertible
Food
amount was made six months ago (see V. 132, p. 1434).-V. 132, p. 3728. stock, and 25c. a share on the common stock, payaole dept. 1 1931, to
holders of record Aug. 25 1931.
-Accumulated Dividend.
National Gypsum Co.
Earnings.
The directors have declared a dividend of $1.75 a share on the $7 cum.
For income statement for 3 and 6 months ended June 30 see "Earnpref. stock, payable Oct. 1, to holders of record Sept. 15. Dividends in
to $23.50 a share on the ings Department" on a preceding page.
arrears, after payment of this dividend, amount
$4,606,000, against $5,603,101
stock. This is the first dividend since Jan.2 1931 when $1 a share was paid. In Net sales for the first half of 1931 were
first half of 1930.
-V. 131, p. 4225.
Current assets on June 30 last amounted to $5.182,000 and current liabilities $529,000, a ratio of almost 10 to 1.-V. 132. P. 3729.
-Earnings.
National Radiator Corp.
For income statement for 12 months ended June 30 1931 see "Earnings
-Earnings.
Niagara Share Corp. of Maryland.
Department" on a preceding page.
For income statement for six months ended June 30, 1931 see "Earnings
Comparative Balance Sheet.
June 30'31. Dee. 31 '30 Department" on a preceding page.
June 30'31. Dec. 31 '30.
Consolidated Statement of Capital Surplus and Reserve for Fluctuation in
Assets
Market Value of Investments June 30 1931.
Capital stock__ __610,000,000 10,000,000
Real estate, mach.,
55,652
29,532
payable_
Capital Surplus
patterns, Stc.....a6,860,921 7,098,692 Accounts
$33,091.480
120,054 Capital surplus Jan. 1 1931
Accrued taxes, &e.. 143,779
Good-will, trade1,488,617
290,225 Surplus from realized security profits Jan. 1 1931
marks & patents 6,634,502 6.709,502 Accrued interest__ 638,197
981,296 1,707,416 Deferred notes
Cash
$34,580,098 .
payable and In985,773
Total
Notes & accts. rec. 868,570
67,200
78,415
terest
Credits
2,644,972 2,498,951
Inventories
22,325 Adjustment to conform with market value of securities held
Other reserves.
Invest. St adv. as6.706,377
10,711,000 10,716,000
111,990 Funded debt
on June 30 1931
. 449,789
sociated co's__
2,805,088 1,915,519 Reserve for fluctuation in market value applic. to investm'ts sold 3,985,169
83,749 Deficit
118,749
Investments
3,179,939
16,135
32,797
Net loss on sales of investments based on original cost
Special deposits..._
2,603
127,067
Miscellaneous
Deferred charges- 220,901
18,795,835 19,355,937
18,795,835 19.355.937 Total
Total
a After depreciation. b Represented by 58,646 no par shares of $7 pref.
-V. 132. p. 3899.
stock and 272,708 no par shares of common stock.
-Completes Expansion Program.
National Steel Corp.
The corporation on Aug. 5 completed its $36,500,000 rebuilding and expansion program, when the last unit of its new Great Lakes Steel Corp.
-inch merchant bar mill, was successfully started'up.
plant at Detroit, a 10
The program was begun in 1929 and included, besides the construction of a
completely integrated steel manufacturing and finishing plant
$29,000,000
at Detroit. the purchase of 800 acres of lake-front land in Chicago district
for a future plant site and the enlarging of the Weirton Steel Co. plant at
Weirton, W. Va., to secura further diversification of products. In addition
the company also acquired the .steel finishing plant of the Michigan Steel
-V. 133. p. 814.
Co. at Detroit.
Total
Charges
Reserve for contingencies
Expenses applied to sales of investments
Miscellaneous
$42,094,307
1,000,000
46,967
8,572
241,038,768
Capital surplus June 30 1931
Reserve for Fluctuation in Market Value of Investments.
$63,401,038
Balance of reserve Jan. 1 1931
Charges
Adjustment to capital surplus to conform with market value of
6,706,377
securities held on June 30 1931
Reserve applicable to investments sold during 1931 restored
3,985,169
to capital surplus
$52,709,492
Balance of reserve June 30 1931
Consolidated Balance Sheet June 30 1931.
Liabilities
Assets
$770,080
82.165,299 Accounts payable
Cash
c7.645.000
Accts. and notes receivable._ 2,448,671 Notes payable
335,879 Dividends and interest pay.940.605
Int. and (lb's. receivable....
14,950,000
7,960,000 20-yr. 5)4% cony. debs
Long term notes receivable__
a134,931,536 1st mtge. bonds of subsidiary
235,000
Stocks and bonds
61,687,359 Mtges. payable on real estate
Mortgages and real estate
632,115
owned
512,687
Office bldg. and equipment
198,087
9,700,000 Reservesfor Fed.& State taxes
Divest. bkg. house good-will_
75,069
53,777 Res.tor unearned fees & discts
Office furniture and equipm't
e3,041,500
719.539 $6 preferred stock
Unamort.bond disct.&exp-36,771,443
38,713 Common stock (par $5)
Miscellaneous assets
d6,160
Scrip outstanding
1,000,000
Earnings.
Reserves for contingencies
Reserve for fluctuation In
For income statement for 3 and 6 months ended June 30 1931,see "Earnmgt, value of Investments. 52,709,492
ings Department" on a preceding page.
41,038,768
Capitalsurplus
Cornparatlre Balance Sheet.
540,175
Earned surplus
June 3031. Dec. 31 '30.
31 '30.
June 30'31. Dec.
Liabilities
$
$
Assets-$160,553,483
Total
$160,553,483
Total
Preferred stock _ _ -16,798,023 16,752,331
plant,
Land,
a Market value, $82,241,444. b Depreciation In value covered to the
machinery. Sec.:29,470,783 29,879,634 YCommon stock_ _19,566,830 19,543,984
3,849,207 6,283,312 Spang,Chalfant bds 8,448,000 8,459,000 extent of $19,399 by reserves for fluctuation in market value of investments.
Cash
c Secured to the extent of $7,500,000 by the deposit of miscellaneous stock
2,503,873 Spang,Chalfant
Marketable secur_ 2,503,873
preferred stock-13.195,200 13,328,800 exchange collateral. d Scrip expiring July 1 1931 is exchangeable into
Notes & accts. rec. 9,590,068 10,749,324
56 shares preferred stock, 112 shares common stock and 336 warrants to
22,326.802 23,593,508 Sup. Engine Co.
Inventories
780,200 subscribe to an equal number of common shares at $32. per share on or
780,200
pref.stock
_
Treasury stock... 592,377
-V. 133
4,412,123 2,847,880 Accounts payable_ 1,578,223 1,642,920 before March 1 1933. •Represented by 30,415 no par shares.
Investments
159,863 P. 814.
489,302 Accr.tax.wages,Ste 481,608
Employ,stock acct
202,030
99,945
101,849 Federal taxes
92,553
Deferred charges
(The) Nomura Securities Co., Ltd., Osaka, Japan.
4,676,552 4,662,358 laser. and pension
Goodwill
1,710,470 1,849,246
reserve, &c
Balance Sheet May 30 1931.Min. Int., Spang,
212,979
Yen.
147,825
Yen.
LiabilitiesAssets
Chalfant
10,000,000
14,708.014 18,179,687 Capital callable
3,750,000 Authorized Capital
Surplus
1,020,000
5,672,749 Surplus
Government securities
77.514,338 81,111,040 Japanese external bonds
731,340 Reserve for empl. retirement- 155,000
Total
77,514,338 81,111,040
Total
30,448,821
674,904 Bills sold
Municipal bonds
x After depreciation of $10,946,520. y Par $50.-V. 133, p. 655.
27,762,407
8,349,104 Money borrowed
Corporation securities
account received.... 571,027
Decrease.
In transit
Suspense
Securities
-Sales
National Tea Co.
Decrease. Bills bought
54,212
30,448,821 Interest payable
Decreased 1931-7 Mos.-1930
1931-July-1930
$247,2701$44.995,882 549.696,617 $4,700,735 Bills secured by collateral_18,960,303 Balance brought forward from
86.335,018 86,582,288
201,827
Bank deposits
199.581
last term
-V. 133. p. 814. 299.
320,650
353,272 Net profit
Suspense account paid
-Trust Shares Show Con- Guaranty fund In Stock Exch. 42,667
Nation-Wide Securities Co.
Accrued int. receivable
88,333
Period.
sistent Growth Over Seven Months'
Premises, bldg. & furniture 1,154,888
Sales of Nation-Wide trust certificates series 13 and United States Electric Cash on hand
20,055
Light & Power Shares, Inc. (Uselps. B) to Aug. 1 have shown an increase
4
for every month of 1931 as compared with the corresponding months
70,533.94
Total
Total
70,533,944
increased 34.96% over July 1930,
in 1930. In July Nation-Wide B sales
Rate of exchange: 1 yen is approximately 493.6 cents.
and Uselps B sales increased 90-64%. Calvin Bullock. sponsors of these
-Div. Statement.
National Supply Co. of Delaware.
In connection with the omission of the common dividend, President
John M. Wilson, July 25, issued the following letter to the stockholders:
"At the meeting of the board of directors on July 23 no action was taken
with reference to the usual quarterly dividend on the common stock.
"The directors felt that in view of the general business depression, and
particularly, the condition of the oil industry on which this company is so
largely dependent, and further, in view of the fact that dividends thus far
this year on the common stock to the extent of $2.25 per share have been
paid, it would be to the best interest of the company to defer further
dividends on the common stock.
"A dividend of $1.75 per share, was declared on the pref. stock, payable
Sept. 30 1931, to pref. stockholders of record Sept. 19 1931."
Atm. 8 1931.]
FINANCIAL CHRONICLE
(J. J.) Newberry Co.
-Sales Increase.
1931-July-1930
$2,312,563
-V. 133, P. 814. 299.
$2,460,940
Increased 1931-7 Mos.-1930
$148,3771315.278.907 $14.510.949
Increase.
$767.958
Norfolk-Portsmouth Bridge Corp.
-To Pay Aug.1 Interest on 1st Mtge. Sinking Fund 6. % Gold Bonds.
4
1
-
The protective committee for the 1st mtge. sinking fund 634% gold
bonds, A Raymond Bishop, Chairman, in a circular, dated Aug. 5 states:
"We are pleased to advise that in accordance with our letters of May 1
and May 9 we have been co-operating with the bridge management and the
present receiver, and confirming our judgment in this respect, the operation
of the bridge in the intervening period has been highly satisfactory. The
earnings have been all that could be expected under present general conditions and are more than sufficient to provide for the payment of the
Interest due Aug. 1 1931 on the bonds. The U. S. District Court has
authorized the payment of this interest, and the same will be remitted to
the bondholders who have deposited with this committee, by the FidelityPhiladelphia Trust Co.. the depositary, upon receipt of income tax ownership certificate in the usual form.
"In view of the fact that you have recently been circularized by the socalled Peirce-Gillet committee, by letter dated July 29 1931, in which
certain unwarranted and misleading statements are made, this committee
feels obliged to call your attention to the fact that it has up to the present
time believed your interests would be best served by co-operating with the
management and the receiver, and has heretofore emphatically so stated.
On the contrary, the Peirce-Gillet committee have stated that they were
net in sympathy with the management and were in fact hostile to it. You
will recall that the receiver for the corporation was appointed with the
co-operation and acquiescence of this committee, for your better protection and to prevent antagonistic action.
"We would have you understand that the present satisfactory condition
of the company is not due to any action or co-operation on the part of the
Peirce-Gillet committees, but rather in spite of them. Their letter of July
29,
is so framed as to lead the uninformed to believe otherwise. Notably, they
admit that certain economies in operation have been effected under the
management of the receiver, and yet heretofore at all times they were
opposed to the appointment of the receiver.
'The committee has been gratified by the support of the bondholders
who have deposited with it, and suggest under the circumstances that if
you have not already deposited your bonds, you do so at once, by sending
the same to the Fidelity-Philadelphia Tr ist Co., 135 South Broad St.,
Philadelphia, the depositary for the committee.
-V. 132, D. 4075.
North American Aviation, Inc.
-Earnings.
For income statement for six months ended June 30 1931 see "Earnings
Department" on a preceding page.
Balance Sheet June 30.
1931.
1930.
1031.
1930.
Assets
Liabilities$
$
Cash Ze call loans_ 2,210,179 3,781,918 Capital stock__..:26,486,987 26,250,000
Oper. mark secur.,
Accounts payable.
83,716
41,839
at cost
Y 14 422,27 14,651,713 Reserve for taxes_
0
,
74,037
Other investments 165,790
Reserve for continInvest. in wholly
gencies
311,695
250,000
owned cos. at
Surplus
4,098,970 2,546,353
cost, plus earns.
since date of acq.12,846,559 8,779,442
Invest. in partly
owned cos
1,278,073 1,420,395
Notes recelv. from
wholly owned co
511,250
Accts.& notes rec.
18,466
35,515
Fern. and fixtures
1,988
1,895
Deferred charges
38,043
Total
30,981,368 29,162,229
Total
30,981,368 20,162,229
x Represented by 2,118,959 no par shares. y Market value on June
1931. amounted to $4.647,279 and on June 30 1930, $7,219,144.-V. 30
133.
p.493.
North American Oil Consolidated.
-Earnings.
Income Account for the Year Ended Dec. 31 1930.
Total revenues
Expenses, taxes, royalties. &c
Depreciation and depletion
Net income
Dividends
$2,038.676
956,399
355,111
$727,165
339,791
Balance, surplus
$387,375
Balance Sheet Dec. 311930.
Assets
Liabilities
cash
$209,281 Accts. pay. (various)
$124,376
Interest bearing deposits_ 301,074 Accts. pay.(F. E. Dunlap)..
9.458
Accounts receivable
120,285 Audited payroll
9,945
Advanced expenses
55,639 Capital stock (283,159 shs.)_ 2,831,590
Land & wells
4,176,398 Surplus
1,982,875
Improvements & equipment_
95,366
Total
-V. 124, p. 2920.
$4,958,043
Total
54.958,043
North & South American Corp.
-Off List.
-
The class A stock has been dropped from the Boston Stock
Exchange
list the Boston transfer and registration agencies having been
discontinued.
-V. 132, p. 4255.
Ohio Finance Co.
-1% Stock Dividend.
-
The directors rEcer.tly declared a quarterly dividend of 1% in
the usual quarterly dividend of 511 cents per share, both payablestock and
July 1 to
holders of record June 10. Like amounts were paid on Jan. 1 and
April 1
last
.-V. 132. p. 2008.
Ohio Oil Co.
-Reported Sale of Oil Leases.
-
This company is reported to have sold its oil leases in the East
Texas
district to the 'Ma Water Associated Oil Co. The properties
consist of
2,200 acre; of oil leases, together with 25 producing
wells, a pipe line
gathering system, steel tankage and crude oil in storage.
-V. 132, p. 4255.
J
\
Ontario Bakeries, Ltd.
-New President, &c.\.. II. Monteith has been elected President, succeeding E. C.
Drury.
.1. Arnold became Vice-President.
Boyd, W. R. Sweeney and Hon. Lincoln Goldie have
been elected
,ctors, succeeding Mr. Drury, T. W. Foran and H. W.
Johnston.
r. Monteith and Mr. Arnold were re-elected to the board.
-V.133. p.494.
Ontario Steel Products. Co., Ltd.
-20c. Dividend.
-
The directors have declared a dividend of 20 cents per share on
the
common stock, payable Aug. IS to holders of record July 31.
The company recently reduced the common dividend rate from $1.60 per
with the quarterly payment of 20 cents per share on May 15 last. annum
-V. 131'.
D. 1432.
Otis Steel Co.
-Competes New Installation.
-
The company has completed the installation of a new hot bed
for
20
-inch strip mill department at a cost of $400,000, it is announced. the
new equipment, which is being placed in use, is designed to increaseThe
the
efficiency of the strip mills. Specially designed flying shears
and piler
are being constructed for this department also. The work on the
installation of the hot bed was started early in June. Satisfactory
progress is
being made in the construction of the new 72
-inch continuous
Which the company expects to have in operation late this year, strip mill
according
to President E. J. Kulas.-V. 133, p. 494.
971
Pacific Associates, Inc.
-Transfers Assets to New Company-Aug. 15 Dividend Not to Be Paid.
A special meeting of the stockholders will be held on Aug. 14 to vote
on the dissolution of the company's assets, which are to be transferred
to Pacific Associates, Ltd., of Delaware.
As dividends on the new stock probably will be paid January. April,
July and October 1, directors will be able to decide on a dividend Policy
before the next quarterly date, thereby preventing the omission of one
quarterly payment.
Pacific Associates' dividend, due Aug. 15, will not be paid. Instead,
the next quarterly payment probably will be made Oct. 1 to holders of
record Sept. 20.
The amount of the dividend on the new stock (the new company took
over Pacific Associates' assets on a basis of one new share for five old)
has not been determined. The old stock was on a $1 annual dividend
basin ("Wall Street Journal").
-V. 132. D. 671.
Pacific Greyhound Corp.
-Earnings.
Income Account
-Year Ended Dec. 31 1930.
Earnings from operations
Expenses, including taxes, depreciation, &c
38,808.783
8,339,908
Net earnings from operations
Other income
$468.878
366,406
Total income
Interest on funded debt
Other interest
Rentals
Other fixed charges
$835,284
167,221
37,660
10,042 .
206,453
Net income
Preferred dividends
$413,907
87.500
Surplus for year
Previous surplus
Surplus adjustment
$326,407
44,892
13.881
Total surplus
Assets
Cost of properties
Cost of equipment
Stocks owned
Materials & supplies
Cash
Notes receivable
Accounts receivable
Unadjusted debits
Deferred debit Items
Prepaid expenses
$385,180
General Balance Sheet Dec. 31 1930.
Liabilities
$11,946,911 Common stock
08.400.000
6,374,099 Preferred stock
94,500.000
1,351,525 Funded debt
919,148
181,015 Equipment obligations
1,560,000
363,289 Notes payable
723,682
22,985 Accounts payable
434,912
507,297 Interest accrued
43,057 •
3,370 Other current liabilities
71.165
99,972 Reserve for taxes
138,770
81,935 Unadjusted credits
12,203
Deferred credit items
43,970
Reserve for depreciation._ 3,700,311
Profit & loss surplus
385,180
Total
$20,932,398
Total
$20,932,398
x Represented by 420,000 shares no par). y Represented by 100,000
shares (no par).
•
The corporation was incorp. Jan. 11 1929 in Delaware. Corporation
was known as the Pacific Transportation Securities, Inc., until April 1
1930 at which time name was changed to Pacific Greyhound Corp. Corporation owns entire capital stock of the following companies: Pacific
Greyhound Lines, Inc., Union Auto Transportation Co., and California
Parlor Car Tours Co.
It also owns the entire capital stock of the following inactive companies.
California Transit Co. Pickwick Stage System, Pacific Auto Stages.
Peninsula Rapid Transit Co., Southern Pacific Motor Transport Co..
Oregon Stages, Inc. Transit Investment Co., Golden Gate Stages, and
the Kern County Transportation Co.
Line of road extends from Portland, Ore., to El Paso, Texas. Passing
through the following cities and towns via San Francisco and Los Angeles,
and from San Francisco to Salt Lake City. Utah. Equipment
-motor
coaches. Passenger 575; trucks 13; service and other automotive cars, 74.
CapitalizationAuthorized. Outstanding.
Common stock (no par)
500,000 shs. 420,000 shs.
Preferred stock $3.50 cumul. tile par)
200,000 shs. 100,000 shs.
Directors. T. B. Wilson, Pres.; C. E. Wickman, Chairman of Board &
V.-Pres.; C. F. Wren, V.-Pres.; C. R. Harding, V.-Pres.: F. W. Webster;
G. W. Trear, Jr.; M. McKinstry, Sec. & Treas.; W. E. Travis; and II. 0.
Lucas. Office, San Francisco.
Pacific Western Oil Corp.(& Subs.).
-Earnings.
Calendar YearsGross operating income
Non-operating income
1930.
1929.
$8.845,500 $7.284.050
98,258
63,438
Total income
$8,943,758
Costs, operating & general expense (incl. all taxes) 3,159,561
Abandoned leases, wells & equipment
513,698
Depletion & depreciation
1,992.248
Interest on funded debt
Net profit for year
Earned surplus
-at beginning of year
961,706
37,347,488
2.764,725
403,582
1,369,968
992,227
$2,316,544 $1,816.085
1,979,800
162,815
Earned surplus (unappropriated) at end of year $4,296,344 51,979.800
Shs. of capital stock outstanding (no par)
1,000,000
1,000,000
Earnings per share
$2.32
$1.82
Consolidated Balance Sheet Dec. 31.
1930.
1929.
1930.
1929.
Assets
Liabilities$
S
$
$
Cash
2,128,727
721,530 Accts. payable_
91,C96
479,328
Notes receivable &
Accrued taxes____ 353,090
181,256
accrued interest
3,269
5,247 Other accrued Ilabs 295,014
308,918
Accts. receivable. 362,124
733,698 Funded & long011
31,834
term debt
29,163
14,748,000 15,132,000
Matls. & supplies 199,951
315,994 Deterred credits
4,082
31,306
Accts. reel.: RichCorn. cap. stock.3.10,000,000 10,000,000
field Oil Co. of
Cap.sutp.(paid-in) 2,533,935 2,502,852
California
847,466
Earned surplysSinking & special
(unapprop•M___ 4,296,344 1,979.800
trust funds
254,519
48,902
Fixed(cap.) assets:28,264,883 28,617,767
Prepaid charges
229,460
140,483
Total
32,319,561 30,615,455
Total
32,319,561 30,615,455.
x After depletion & depreciation of 53.592,252. y Represented by
1,000,000 shares (no par).
-V. 132, p. 671.
Packard Motor Car Co.
-Earnings.
-
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 133, p. 655.
Pan American Petroleum & Transport Co.
-To Expand
Its System of Barge Line Transportation.
Establishing an accounting department of sufficient size to handle al/
its business in the South, the company has abandoned several accounting
divisions maintained in other cities. The corporation will also expand
its system of barge line transportation on the Mississippi River for concentration of its products at distribution points.
-V. 133, p. 655.
Panhandle Producing & Refining Co.
-Earnings.
-
For income statement for six months ended June 30 see "Earnings
Department" on a preceding page.
-V. 132, p. 3703.
Paragon Refining Co.
-$1 Liquidating Dividend.
-
The directors have declared a liquidating dividend of $1 per share on
common stock, payment to be made on or after Aug. 10 upon presentation
of certificates at the Fifth-Third Union Trust Co. of Cincinnati, or
at the
Guardian Trust Co. of Cleveland.
972
[VOL. 133.
FINANCIAL CHRONICLE
This dividend is the third to be paid, the first having been for $10 per
-V.132, p. 867.
share and the second for $2 per share.
Parke, Davie & Co -Proposed Acquisition.
A special meeting of stockholders has been called for Aug. 21 to vote
on a proposal to acquire the Bay Co. The acquisition will be consummated
through the exchange of 113,025 shares of Parke, Davis stock for the outstanding $244,800 preferred and 103,025 shares of common stock of the
Bay Co.
The Bay Co. manufactures and distributes to the retail and wholesale
drug trade, the physician-supply trade and to hospitals, a complete line
of surgical dressing, consisting mainly of absorbent cotton, bandages,
surgical gauze and surgical plasters.
Charles U. Bay will be added to the board of directors of Parke, Davis
de Co. and will continue in the management of the Bay Co. business. &
Davis
"It would appear," says Oscar W. Smith. President of Parke,and VerCo., "that the Bay Co.'s manufacturing plants at Bridgeport
additional investment approximately double
sailles, Conn., can with slight
their output, thus bringing about still lower production costs and resulting
In further profits, since it is conservatively anticipated that through the
co-ordinated sales facilities of both companies the doubling of the present
Bay volume will be a reasonable expectation in the not-distant future."
-V.132, p. 4076.
-Earnings.
Park Utah Consolidated Mines Co.
For income statement for six months ended June 30 see "Earnings
-V. 132. p. 4428.
Department" on a preceding page.
-Earnings.
Pathe Exchange, Inc.(& Subs.).
For income statement for nine weeks ended July 4 see "Earnings De-V. 133, p. 135.
partment" on a preceding page.
Patino Mines & Enterprises Consolidated,. Inc.Earnings.
For income statement for six months ended June 30 see "Earnings
-V. 133, p. 135.
Department on a preceding page.
,
-Neu Director.
Peck,Stow & Wilcox Co.
Edwin S. Todd has been elected a director, succeeding Marcus H. Hol-V. 129, p. 980.
comb.
-New Unit.
Peerless Motor Car Corp.
The corporation has sold all of the parts for the present Peerless cars
to a new company, Peerless Motor Service Co., formed for that purpose.
This is said to be preparatory to the Peerless corporation entering a new
field in automobile building. The corporation is planning to introduce,
within a few months, new 12- and 16-cylinder cars. The new cars will
Incorporate many features now not present in automotive design, chief
among which will be their construction throughout of aluminum.
The Peerless corporation will construct the entire new cars, building the
bodies and motors as well as other parts in their own plants. All parts
will be made of special heat-treated aluminum alloys prepared by the
Aluminum Co. of America and called duraiumin. This includes motors,
pistons, frames, connecting rods, &c. While various other manufacturers
have made cars using aluminum in certain parts, Peerless will be the first
to use this metal throughout.
The Peerless Motor Car Corp. has transferred all parts, &c.,for the present and past models to the new company, which, although controlled
by Peerless, will be managed by the General Parts Corp. In this way
all Peerless cars now running will be assured of service indefinitely.
A reason for the change in service of the new cars is because of the eliminathreetion of this item on the new cars. The coming models will carry a during
year guarantee and will be taken care of by the company direct
-V. 132, p. 3544.
that period.
-Earnings.
(David) Pender Grocery Co.
For income statement for period ended June 27 1931 see "Earnings Department" on a preceding page.
Comparative Balance Sheet.
June 2731. June 2830.
June 2731. June 28'30.
i
$
AssetsClass A & B stockx$1,517,065 $1,517,065
Land, buildings,
367,542
$796,912 Accts. payable__- 390,048
equipment, dee.y $710.737
295,000
200,000
219,680 Notes payable_ 504,728
Cash
92,250 Res. for Federal de
Notes & accts. rec.z 93,784
19,609
8,211
8.788
8,563 State tax
Inv. In other cos
8,810
8.810
1,386,222 1,627,837 Divs. accrued..___
Inventories
14,628
20,482
100,570 Insurance fund-88,729
Deferred charges...
648,718
673.120
20,482
14,628 Surplus
fund
Insurance
Cash surr. value
700
4,265
life Insurance_ __
10,225
Suspense account_
1
1
Good-will
52.817,737 52,871,373
52.817,737 $2,871,373 Total
Total
x Represented by 30.207 shares of class A no par pref. stock and 65,070
shares class B no par common stock. y After deducting $1,018,444 reserve
for depreciation and amortization. z After deducting $12,809 reserve.
-V. 132, p. 4428.
-Protective CornPennsylvania Dock 8c Warehouse Co.
mittee.sinking
Treasurer, J. L. K. Snyder, a director of the Bakes' company; Secretary, L.
A..Smith, also Secretary of the Pennsylvania company; Assistant Secretary,
R. A. Clark; and Assistant Treasurer, Charles W. Bowden.
While the new company will concentrate on the production of carbon
tetrachloride, it was stated that the business of the old Taylor company in
producing and selling carbon bisulphide at its plant at Cascade Mills,
near Penn Van, N. Y., will be continued without interruption. Formation
of the new concern, it was explained was influenced by the fact that both
the Baker Chemical and the Pennsylvania Salt companies had long been
distributors of carbon tetrachloride through not producing any at their
own works. Inasmuch as the Baker company through the old Taylor
Chemical Corp. of New York, of which it owned 72% of the common
stock, was producing carbon bisuiphide and the Pennsylvania Salt company
was producing liquid chlorine, both basic ingredients of carbon tetrachloride, it was deemed sound business policy to combine those phases of
-V.
the business for mutual benefit. ("Oil, Paint & Drug Reporter.")
133, p. 135.
Phillips Petroleum Co.
-Comment on Operations.
President Frank Phillips in his remarks to stockholders covering the
operations for the half
-year says:
Net operating profit for the first six months amounted to $5,300,876
after all operating and maintenance charges including interest and taxes.
Reserves for depreciation, depletion and retirements amounting to $7,975.
029 were the cause of the earnings deficit of $2,674,153. Reserves were,
of course, increased in proportion to the increase in size and value of the
company's properties. Earned surplus was accordingly reduced to $27,981,589. Inventories offinished products were adjusted to market monthly.
but crude oil inventories have not been adjusted since they were written
down to market at the end of 1930.
Operating expenses have been reduced and economies have been effected
nail directions. Many of these economies will prove of permanent benefit.
The item of expense showing an increase over last year, should be understood as resulting from greatly increased volume and includes cost of
material and manufacture on more than double the quantity of products
sold in the corresponding period last year.
Never before has the oil industry suffered such intense depression as
has prevailed in this period, and the worst part of the half year was the
second quarter. Prices have ranged from 60% to 75% below those preveiling in 1930, which was itself a year of low prices.
At present conditions are somewhat improved, though still far from
satisfactory. Following a decline in the early part of July, crude prices
have resumed a slightly higher level than those of June 30. Over-production of crude in East Texas from the largest pool ever discovered in the
United States has been the chief cause of low prices, and the Legislature
of Texas is now in session called for the purpose of bringing East Texas
production under control as in other States. Wholesale gasoline prices
have increased slightly. There is no serious surplus of gasoline stocks
at refineries.
The expansion program embarked upon by the company in 1930 is now
virtually completed. In addition to direct capital expenditures more than
$16,000,000 was advanced during this time to affiliated companies for the
construction of new facilities, transportation system, &c., which amount
Is not carried in current assets. This heavy drain on the treasury resulted
in current assets and liabilities being practically equal on June 30 1931.
It is anticipated, however, that the company's cash and current position
will be improved by the end of the year even if demoralized prices and
conditions continue as they are to-day.
The unprecedented acceptance by the public of Phillips "66" gasoline
s worthy of special comment. Sales for the first half of 1931 through company owned or controlled stations were 140% greater than for the corresponding period last year. The number of company owned or controlled
stations has been nearly doubled and the average gallonage per station
shows an increase of 22%.
Gasoline deliveries through Phillips Pipe Line Co.'s line are being made
to St. Louis. Deliveries through the line are nearing capacity to Wichita
and Kansas City; and it is anticipated that the line will soon be in full
operation to St. Louis,
Philfuels Co., a subsidiary, is having its most successful year. Both
sales and profits have increased.
The percentage of the floating supply of company stock in brokers'
names is constantly decreasing as evidenced by the increase in the number
of stockholders from 27,000 to 36,000 during the last six months.
Company has developed its properties at Oklahoma City to a point where
the management feels justified In saying that the enhancement in the
value of thess properties alone, largely exceeds any deficits which have
occurred or can occur in the year,including possible inventory adjustments.
The potential net production of crude oil by this company now exceeds
2,250,000 barrels daily by the gauge of field umpires. The major portion
or this is flush production, and it should be understood that the companY
could not maintain a reguair daily flow of so great a quantity over any
considerable period of time from present wells. Nevertheless, it is an
Important proportion of total potential production in the United States.
Actual net production of the company, refined at its plants or sold during
the six months, amounted to 7,879,000 barrels under proration, as compared with 6,061,000 barrels in the first half of 1930. The company recently shut in most of its production because of its unwillingness to sell it
at the low prices prevailing.
Perhaps the most favorable fact, viewed from the standpoint of the industry at large and having a tendency toward economic stabilization, is
the decrease in drilling. Search for new pools has almost ceased. Companies have surrendered leases in the least attractive areas rather than
pay rentals or drill. These must ultimately bring a balance between
crude supplies and consumption. Domestic consumption of gasoline
will 'probably show a slight Increase for the year. This fact is outstanding,
in view of the general decline in business. Only the restoration of fair
-V. 133. p. 814, 494.
prices is needed in the oil business.
Notice has been sent to holders of the leasehold mortgage 6%
fund gold bonds, due Aug. 11949, announcing the formation of a protective
committee to safeguard the rights of these bondholders in view of the
appointment on July 29 of custodial receivers of the properties and business
and failure on the part of the company to pay the semi-annual interest
-Receives Contract.
Pittsburgh Plate Glass Co.
installment on the bonds due Aug. 1. Pierpont V. Davis, Vice-President
The company has received a contract from the Metropolitan Square
of the National City Co., is Chairman of the committee which comprises Corp., financial sponsor of the mid-town construction project in tho three
Co,,• Robert G. Payne of Dillon, Read &
Robert K. Cassatt of Cassatt &
blocks from
to 51st Streets, between Fifth and Sixth Avenues, New
Co., and Harold G. Hathaway of E. B. Smith & Co. Nelson Stuart. York City. 48th total contract involves approximately 1,000,000 square
The
22 William St., New York, is Secretary, and Cotton, Franklin, Wright & feet of glass.
-V. 132, p. 4076.
Gordon are Counsel.
The committee urges bondholders to deposit their bonds with City Bank
-The
-Defers Preferred Dividend.
Pittsburgh Steel Co.
Farmers Trust Co., depository, or the Pennsylvania Co. for Insurances on
-V.133, p. 814. directors on Aug. 1 decided to defer the quarterly dividend
Lives & Granting Annuities, Philadelphia, sub-depositary.
-Comparative Balance Sheet.Perfect Circle Co.
June 30 '31. Dec. 31 '30. Liabilities- June 30 '31. Dec. 31 '30.
Assets532,011
$320,673 $310,333 Accounts payable_ 542,363
Cash
81,318
81,250
Dividends payable
U. B. 4th Liberty
278,832 Accrued salaries,
515,187
loan bonds
comma., taxes &
2,488
Accrued interest101,374
122,279
108,283 Insurance
Notes & accts. rec.. 136,306
67,640
1,126,037 1,044,483 Reserves
Inventories
Common stock- _y1,625,000 1,625,000
Realty stooks de
1,478,857 1,147,909
15,255 Surplus
contracts
50,440
Other assets
Plant sites, bides.,
mach'y &equip.,
659,138
x653,561
Prep. advertising,
91,982
97,656
Insurance, &o._
Patents, licenses Se
497,924
496,424
goodwill
$3,396,287 $3,008,517
Total
$3,396,287 53.008,517
Total
x After reserve for depreciation. y Represented by 162,500 no pa
-V. 133, p. 656. 814.
shares.
-New Unit.
Pennsylvania Salt Mfg. Co.
This company and the J. T. Baker Chemical Co., Phillipsburg, N. J.,
have jointly organized the Taylor Chemical Corp. of Delaware, which latter
Corp. of
has succeeded to the assets and business of the Taylor Chemical organizaNew York. Each company will hold a 50% interest in the new
tion which, it has been stated, will concentrate largely on the production of
carbon tetrachloride, for the production of which a new plant has been
completed and put in operation at Wyandotte, Mich.
The board of directors of the new company is composed of Leonard T.
Beale, L. A. Smith, Charles W. Bowden, and Paul Freediey, all of the
Pennsylvania company and H. H. Garis, J. L. K. Snyder and It. A. Clark,
of the Baker company. Officers of the new company are as follows. President, Leonard T. Beale, who is also President of the Pennsylvania company;
Vice-President, H. H. Gads, who Is President of the Baker company;
of 1%% due Sept. 1 on the 7% cum. pref. stock, par 8100.
The last quarterly payment on this issue was made on ;June
1 1931.-V. 132, p. 4428.
-Earnings.
Pittsburgh United Corp.
For income statement for six months ended June 30 see "Earnings
-V. 132, p. 3731.
Department" on a preceding page.
-Tenders.
Pocahontas Corp.
The Union Trust Co. of Pittsburgh, trustee, will until Aug. 10 receive
bids for the sale to it of 6% gold bonds, dated Dec. 15 1923, to an amount
sufficient to exhaust $200,367.
Procter & Gamble Co.
-Balance Sheet June 30.1931.
Assets
-s
Real est.. bides.,
mach.,plant&
equipment_ _ - 81,590,563
Good-will, pats..
I icenses, &o.
1
Mdse. & mateel 49,055,496
Debt & notes re° 12,340,947
Other invesets- 9.192.878
Loans against securities
9,841,369
Cash
6,373,482
Deterred charges
633,095
1930.
$
67,700,169
1
45,922,757
14,451,720
10,560,723
10,870,243
5,835,003
531,939
1931.
Lia
LiabilitiesCommon stock- 25,640.000
Pref. stocks-- 19,472.260
20-yr. 43-5% gold
10,000,000
debs
Accts. pay.. &c.. 7,147,144
Depree., repairs,
1n.sur.. &c.,re32,371,392
serve
Surplus & undivided profits_ 73,796.835
1930.
25,640.000
14,815,000
10,700,000
6,452,496
29,888,083
68,382,07e
169,027,631 155,878,554
Total
Total
169,027,631 155,878,554
Our usual comparative income statement for the year ended June 30
was published in V. 133, p. 658.
Acquisition.
The company on July.24 announced the purchase of the assets of Sabatee
S en C of Havana. Cuba, large soap and candle manufacturers. Products
AUG. 8 1931.]
FINANCIAL CHRONICLE
of Procter & Gamble Co., in addition to those of Sabates, now will be
manufactured there. In the past their business in Cuba was restricted by
the Cuban tariff.
A perfume and cosmetic business, a subsidiary of Sabates S en C, the
Perfumeria Thesalia S. A. was included in the transaction. Juan Sabates,
chief owner and head of the company, will remain as President and General
Manager of the new organization which will be known as Sabates S. A.—
V. 133, p. 656, 494.
Providence Mortgage Co.—Dividend Decreased.—
The directors recently declared a quarterly dividend of 75c. per share
on the common stock, payable Aug. 1 to holders of record July 28. A
quarterly distribution of $1.50 per share was made on May 1 1931.
Pullman, Inc.—Earnings.—
For income statement for three and six months ended June 30 see "Earnings Department" on a preceding page.—V. 132, p. 3902.
„
Punta Alegre Sugar Co. and Corapania Azucarera
Baragua.—Plan of Reorganization.—
The reorganization committee of Punta Alegre Sugar Co., formed under
a deposit agreement dated April 15 1931 at the Instance of holders of various
classes ofsecurities of Punta Alegre Sugar Co.(Del.), and the reorganization
committee of Compania Azucarera Baragua, formed under a reorganization agreement dated July 15 1931 at the instance of the holders of 1st
mtge. 15
-year
% sinking fund gold bonds, and of various classes of
indebtedness of Compania Azucarera Baragua (Cuba), have formulated
the following plan for the reorganization of Punta and of Baragua. The
Punta reorganization committee and the Baragua reorganization committee
respectively will represent all holders of the securities and indebtedness of
Punta and of Baragua, as the case may be, who become parties to the plan.
The reorganization committees have appointed the Chase National blank
of New York as depositary under the plan and the Punta deposit agreement
and the Baragua reorganization agreement, respectively.
Reorganization Committee of Punta Alegre Sugar Co.—Eugene V. R.
Thayer, Chairman; Richard F. Hoyt, E. B. Parry.
Reorganization Committee of Compania Azucarera Baragua.—Clarkson
Potter, Chairman; Ralph T. Crane, George Ramsey.
Punta Alegre Sugar Co. Debenture and Noteholders' Committees.—Charles
Hayden, Chairman, and Louis Curtis Jr.
Stockholders' Committee.—J, Bradford Hardon, Chairman; Jams D.
Callery and E. R. Tinker.
Digest of Reorganization Plan, Dated July 15 1931.
Organization of New Companies.
New Punta. Co.—A new corporation (termed the "New Punta Co.")
will be organized with such name and under the laws of such State of the
United States or of Cuba or of such other country as may
by the Punta reorganization committee to acquire, upon be determined
foreclosure or
other judicial sale thereof or through such other means as the Punta
reorganization committee may determine, all or substantially all of the
assets and business of Punta subject to its liabilities, except those
after mentioned, and except any liability under guaranties made by hereinPunta,
except such liabilities, if any, as the U. S. District Court for the Southern
District of New York may deem it inequitable for the new punts company
to assume as to which such provision may be made as shall be approved
by the Court. The new Punta company will have the following capitalization:
Authorized.
To Be Outstanding.
3-yr. 6% collateral trust notes
$3,000,000
43,000,000
Common stock
200,000 shs.
ac88,050 slas.
The new Punta company will also be obligated under the following
guaranties:
Guaranty of 15-year participating income debentures of the new
Baragua company
$2,882,100
Guaranty of 10
-year income notes ofsubsidiaries
2,281,000
New Baragua Co.—A new corporation (herein termed the"new Baragua
company") will be organized with such name and under the laws of such
State of the United States or of Cuba or of such other country as may be
determined by the Baragua reorganization committee to
upon
foreclosure or other judicial sale thereof, or through suchacquire,means
other
as the Baragua reorganization committee may determine, all or substantially all of the assets and business of Baragua subject to its liabilities, except
those hereinafter mentioned, and except any liability under guaranties
made by Baragua, and except such leases as the Baragua reorganization
committee or the board of directors of the new Baragua company shall
deem unfavorable,as to which such committee and the Punta reorganization
committee and (or) such board of directors shall have full power to
such settlement,if any, by way of cash, securities or stock as they may inake
deem
advisable. The new Baragua company will have the following capitalization:
3
-year 6% note
,000.000
-year participating income debentures
15
2,882,100
20
-year income note,series A
6644200
113-year income note,series B
6142,200
Common stock
1,000 shs.
Issuance of New Securities by Compania Azucarera Florida and Campania
Azucarera Punta Alegre, S. A.
Compania Azucarera Florida and Compania Azucarera Punta Alegre,
S. A., Cuban corporations will be continued as subsidiaries of the new
Punta company. Upon consummation of the plan such companies will
have outstanding the following joint obligations:
3
-year 6% note
a52,000.000
10-year income note, series A
131,071,800
10
-year income note, series B
6422,800
a $3,000,000 principal amount of collateral trust notes and 30,000
shares
of common stock are to be underwritten, if the plan is consummated,
at the principal amount of such collateral trust notes. plus accrued
but the amounts of such issues and of the loans to be made from interest,
the proceeds thereof to the subsidiaries of the new Punta company
to increase if more than such amount of such notes and stock isare subject
subscribed
for under the plan. b Subject to adjustment. c Including 12,995
shares
reserved for holders of guaranteed Colonos or other notes as
provided and subject to increase if stock is issued in settlement hereinafter
of
ligations not assumed by the new Punta company or the new any ob13araguti
company.
Elimination of Intercompany Accounts.
No intercompany accounts are reflected in the above statements
of
capitalization of the new Punta company and its subsidiaries.
Upon
consummation of the plan all such intercompany accounts then existing
will, in the discretion of the Punta reorganization committee,
either be
eliminated or subordinated in all respects to all other indebtedness
(and
to all payments on account of interest, sinking fund and principal
of the new Punta company and of its subsidiaries respectively. thereof)
Description of Securities of Nice Punta Company.
3
-year 6% Collateral Trust Notes will be dated the 45th day
the date of consummation of the plan and will mature three yearsfollowing
from
date thereof, will bear interest payable semi-annually at the rate of the
6%
per annum,and will be secured by an indenture under which will be
pledged
a three-year 6% note, of the new Baragua company for the
amount advanced to it, and a similar three-year 6% note of Florida and Punta
S. A..
jointly, for the aggregate amount advanced to them, by the new Punta
company out of the poroceeds realized upon the sale of such collateral trust
One-third of such proceeds will be advanced by the new
notes.
Punta
company to the new Baragua company and two-thirds to Florida
and
Punta S. A. jointly. [Certain provisions of the indenture are given
in
the plan.]
•
Cotnmon Stock.—Shall have such par value or shall be without par value,
reorganization committee shall determine. Each share
as the Punta
will
be entitled to one vote. The certificate of incorporation shall contain
such provisions as the Punta reorganization committee shall deem advisable,
including a provision that stockholders shall not be entitled as a matter
Of right to subscribe for additional shares of stock or securities
convertible
Into stock of the new Punta company.
Description of Securities ofthe New Baragua Company,Florida and Punta,S.A.
0
Three-year 137 Notes.—The three-year 6% notes of the new Baragua
company and of Florida and Punta S. A., jointly, will be dated the 45th
day following the date of consummation of the plan; will mature three years
from the date thereof and will bear interest payable semi-annually at the
rate of 6% per annum. By public documents under the laws of Cuba the
three-year 6% notes will be made expressly prior to all other obligations
of the respective companies humble under the plan and to all present or
973
future obligations of such companies respectively whatsoever except obligations hereinafter referred to as "prior indebtedness' which shall comprise (a) all now existing mortgages (other than the mortgage securing the
Baragua bonds), liens (other than crop liens) and other charges and all
obligations under title retention or conditional sale contracts. (b) purchase
money mortgages and mortgages subject to which property is acquired
and (or) (c) credits or loans (hereinafter termed "prior credits or loans")
for advances to planters, the planting and cultivation of administration
cane, the maintenance of properties, the manufacture, transportation
and (or) sale of sugar and molasses and (or) other products and (or) for
sale,
such other
and in such amounts as shall be approved by the
boards of directors of the respective companies.
The aggregate amount of indebtedness under clauses (b) and (c) next
above, at any time outstanding, to which the three-year 6% notes aym
be subordinated, shall not ostmed $1,000,000 in the case of the new Baragua
company or an aggregate of $2.000,000 in the case of Florida and Punta
S. A., provided, however, that such limitation shall not prevent such
companies or any of them from creating indebtedness in excess of such
amounts respectively, specifically secured by a pledge or other charge or
lien (other than crop liens or any liens upon cane plantings or growing cane)
prior to any or all other indebtedness of such companies, upon any sugars
and (or) molasses and (or) other fruits or products of their respective
lands; and provided further, however, that in no event shall there be
created any crop liens or any liens upon cane plantings or growing cane.
The public document relating to each such three-year 6% note provides
certain provisions which are given in the plan.]
The public document relating to the three-year 6% note of the new
Baragua company will also provide that so long as its three-year 6%
note or any part thereof is outstanding no amount shall be paid on account
of the principal of its debentures or on account of interest thereon except
up to 6% of the principal amount thereof per annum and then only if
and to the extent that after the payment thereof such consolidated net
current assets of the new Baragua company as at the Sept. 30 next preceding such interest payment date would be at least equal to the principal
amount then unpaid on its three-year 6% note or the sum of $1,000.000.
whichever is greater.
15
-pear Participating Income Debentures of New Baragua Company.—
Will be dated first day of the month in which shall occurr the date of
consummation of the plan and will mature 15 years from date. The holders
of the debentures in preference to holders of all other indebtedness of the
new Baragua company (except its prior indebtedness and its three-year
6% note) will be entitled, except as hereinafter provided, to receive interest upon the debentures semi-annually at the rate of 6% per annum,
but only to the extent that the consolidated net earnings of the new Baragua
company after interest paid or accrued during and applicable to such fiscal
Year on all obligations other than its debentures and its 10
-year income
notes, series A and B, and after depreciation, taxes and other charges
for the fiscal year ended Sept. 30 next preceding the respective interest
payment dates shall suffice for such payment.
After retirement of the three-year 6% note of the new Baragua company,
additional interest on such debentures up to 1 % of the principal amount
thereof shall be paid semi-annually in each year if so earned during said
preceding fiscal year after provision for interest (including all accumulated
Interest theretofore unpaid) on the 10
-year income notes series A and B
of the new Baragua company outstanding at the end of such preceding
fiscal year, to the last interest payment date in the fiscal year in which
such payment is to be made.
Interest on the debentures, even if earned, shall be paid only if and to
the extent that after the payment thereof the consolidated net current
assets (as defined in the debenture indenture) as at the Sept. 30 next
Preceding such interest payment date, would be at least equal to the principal amount then unpaid on the three-year 6% note of the new Baragua
company or the sum of $1,000,000, whichever is greater. Interest on
such debentures (whether or not earned) shall be non-cumulative until
2.14 years from the date thereof and cumulative thereafter at the rate
of 6% per annum.
The additional 1 % interest, payable if earned,shall be non-cumulative
at all times. Consolidated net earnings of the new Baragua company
for any fiscal year ended Sept. 30 available for interest on the debentures
at the rate of 6% per annum and any sums available for additional interest
at the rate of 13•5% per annum as hereinabove provided, shall be applied
first to the payment of semi-annual interest at such rates respectively
on the first interest payment date in the fiscal year in which such payment
is to be made, and the balance, if any, to the payment of semi-annual
interest at such artes respectively on the last interest payment date in
such year. Interest will not be paid in amounts of less than, or except
In multiples of, 1(%.
Payment of the principal of and accrued interest on all outstanding
debentures at maturity thereof (whether on the date therein specified or
by acceleration of maturity or otherwise) will be unconditionally guaranteed by the new Punta company but such guaranty will be subordinate
to the collateral trust notes. ,Certain provisions contained in the indenture are given in the plan.)
10
-year Income Notes, Series A.—The 10
-year income notes, series A
of the new Baragua company and of Florida and Punta A. S., jointly,
will be dated the first day of the month within which shall occur the date
of consummation of the plan will mature 10 years from their respective
dates,and may be secured by a pledge of all of the capital stock of Camaguey
Warehouse Co. and of Punta Alegre Sugar Sales Co.
Holders of series A notes, subject to the prior rights of the holders of
prior indebtedness, the three-year 6% notes and, in the case of the new
Baragua company, the debentures will be entitled, except as herein otherwise provided, to receive interest on the series A notes semi-annually at
the rate of 6% per annum, but only to the extent that the consolidated
net earnings a the respective makers thereof available for interest on the
series A notes of such respective makers, after depreciation, taxes and
other charges, and after interest on all indebtedness of such makers paid
or accrued during, and applicable to, such fiscal year, on all obligations.
other than on its 10
-year income notes, series A and B, and in the case
of the now Baragua company, its debentures (as such consolidated net
earnings available for interest shall be defined in the indentures under
which the series A notes are issued, for the fiscal year ended Sept. 30 next
Preceding the respective interest payment dates, shall suffice for such
payment.
The consolidated net earnings available for interest on the series A notes
of the new I3aragua company for any fiscal year shall mean consolidated
net earnings of such company as defined in the debenture indenture less
the amount of all interest (at the rate of 6% per annum) which shall have
accumulated or shall be due on the debentures to or on the last interest
payment date in the ensuing fiscal year and which shall not have been
previously paid.
The Interest on the series A notes, even if earned, shall be paid only
If and to the extent that, after payment thereof (and in the case of the new
Baragua company after payment of interest at the rate of 6% per annum
accumulated on the debentures to the last interest payment date of the
fiscal year in which such payment is to be made), the consolidated net
current assets (as defined in the series A indentures) as at the Sept. 30
next preceding such interest paymedt date would be at least equal to $1.000,000 in the case of the new Baragua company and to an aggregate of
52,000,000 in the case of Florida and Punta, S. A.
Interest on such series A notes shall be cumulative. Payment of the
principal of and accumulated interest on the series A notes at maturity
(whether on the dates therein specified or by acceleration of maturity
or otherwise) will be unconditionally guaranteed by the new Punta company.
Such guaranty will be on a parity with the now Punta company's guaranty'
of the Baragua debentures, but will be subordinate to the collateral trust
notes. [Each series A indenture contains provisions which are given in
the plan.]
-year Income Notes, Series B.—The 10-year income notes, series B
10
of the now Baragua company and of Florida and Punta S. A., jointly
will be dated first day of the month within which shall occur date of consummation of plan; will mature 10 years from their respective dates,
and will be secured by a pledge of all of the shares of capital stock of Falkiner
Cane Harvester Corp. of America owned by Punta S. A., subject to such
company's agreement with respect thereto with It. S. Falkiner. dated
Nov. 6 1930.
The holders of series B notes, subject to the prior rights of the holders
of prior indebtedness, the three-year 6% notes, the series A notes and,
In the case of the new Baragua company, the debentures, will be entitled
(except as otherwise provided) to receive interest on the series B notes
semi-annually at the rate of 8% per annum, but only to the extent that
the consolidated net earnings of the respective makers thereof available
for interest on the series B notes of such respective makers, after depreciation, taxes and other charges and after interest on all indebtedness of such
makers other than its 10
-year income notes series A and B, and in the case
of the new Baragua company its debentures for the fiscal year ended
974
FINANCIAL CHRONICLE
Sept. 30 next preceding the respective interest payment dates, shall suffice
for such payment.
The consolidated net earnings available for interest on the series B
notes for any fiscal year shall mean consolidated net earnings of such
maker or makers as defined in the series A indentures, less the amount
of all interest (at the rate of 6% per annum) which shall have accumulated
on the series A notes to the last interest payment date in the ensuing fiscal
year a..id which shall not have been previously paid.
The interest on the series B notes, even if earned, shall be paid only!
the
and to the extent that after payment thereof and of all interest (at the
due on
rate of6% per annum) which shall have accumulated or become debentures
new Baragua company on its
series A notes (and in case of the
to the last interest payment date in the fiscal year in which such interest
B
defined
is to be paid, the consolidated net current assets (as interest in the series
payment date
indentures) as at the Sept. 30 next preceding such
would be at least equal to $1,000,000 in the case of now Baragua company
and to an aggregate of $2,000,000 in the case of Florida and Punta S. A.
Interest on such series B notes shall be cumulative. Payment of the prinbe
cipal of and accumulated interest on the series B notes at maturity will
but the rights
unconditionally guaranteed by the new Punta company, the new Punta
under such guaranty shall be subordinate to those undernotes as well as
company's guaranties of the debentures and the series A
to the callateral trust notes. 'Each series B indenture contains certain
provisions which are given in the plan.)
Offer to Holders of Securities and Debts.
Hollers of Baroque Bonds.—The holders of Baragua bonds, of which
there are outstanding $2,882.100, who shall deposit under the plan on or
coupons
before the last date for deposits, their bonds, with all interestexchange
becoming due on and after July 15 1931, attached, will receive in
therefor, upon consummation of the plan:
(a) An equal principal amount of debentures of the new Baragua company, guaranteed by the new Punta company.
-day rights to subscribe at $100 for $100 of collateral trust notes,
(b) 45
and one share of common stock of the new Punta company for each $300
of bonds deposited.
No fractional rights to subscribe for collateral trust notes or common
stock of the new Punta company will be issued
in
Holders of Notes and (or) Drafts Issued Under the Credits Extended
Connection with the 1930-1931 Crop.—The holders of such notes and (or)
interest after adjustments as at June 30
drafts, aggregating with accrued
case of
1931, according to the books of the companies, $1,755,824 in the Punta
and
Baragua, and an aggregate of $2,699,126 in the case of Floridaof Baragua
in the case
S. A. (and aggregating approximately $644,200
S. A.,
and approximately $1,071,800 in the case of Florida and Punta taking
after deducting the value of the sugar pledged as security therefor,
deducting
unsold sugar at 1.23 cents per pound f.o.b. Cuba, and afterso pledged
the estimated net receipts with respect to sugar and molasses
transfer and
sold prior to that date) in consideration of the assignment, (a) of such
the
delivery prior to the date of the consummation ofJune plan1931 and all
30
and of such indebtedness to
notes and (or) drafts
as thereunpaid interest then accrued thereon, less such amount thereof sale of
the
tofore shall have been paid through receipts on taccount of (b) of all
ed
o
(
dra e pa
s
noecure thits agen otlinreogieand
tera Tlolasses pledged to
sugr anfit ien
of
notes, drafts and
any proceeds of or rights under any guaranties of such
the Baragua reorganization com(or) indebtedness, to or on the order of Punta reorganization committee
mittee in the case of Baragua. or the
upon consummation
in the case of Florida and Punta S. A., will receive,
of the plan:
secure notes
The transfer and assignment of all sugar pledged to the right to
(a)
and (or) drafts issued under the 1930-1931 credits, and of
so pledged.
receive the proceeds of prior sales of sugar and molassesnew Baragua com(b) $644,200 principal amount of series A notes of the
and
pany and $1,071,800 principal amount of series A notes of Florida
inta S. A., jointly, subject in each case to adjustment as hereinafter
stated.
pledged
On the date on which payment for the final sale of sugar now mutual
under the 1930-1931 credit shall be received, or prior thereto upon
later than Dec. 31 1933, an adjustment
agreement of the parties, but not
will be made as follows:
account of sales
(I) If the aggregate of all receipts after June 30 1931 on
issued
of sugar and molasses pledged to secure the notes and (or) drafts and
case all selling
by Baragua under the 1930-1931 credit (after in eachthe rate of 6% per
and landing expenses) plus interest at
(or) shipping
to
annum on such net receipts from the respective dates thereof or the 1930discounts
1931 date of adjustment plus the amounts of any interestto said date
drafts paid or withheld from June 30 1931
on said notes or
thereto)
of adjustment (or prior to said period to the extent applicable thereon
shall exceed an amount equal to the sum of $1,111,624 with interest interest
said date of adjustment plus
at the same rate from June 30 1931 to
series A notes
at such rate on $644,200 from June 30 1931 to the date of thenotes will pay
series A
of the new Baragua company, the holders of such will return to such comto such company the amount of any such excess or principal and accumupany series A notes of such company aggregating In
lated interest such amount.
account of
(ii) If the aggregate of all receipts after June 30 1931 on
issued
(or)
sales of sugar and molasses pledged to secure notes and(afterdrafts case
in each
credit
by Florida nad Punta S. A. under the 1930-1931
the
plus interest
all selling and (or) shipping and landing expenses) the respectiveat
dates
rate of 6% per annum on such net receipts from amounts of any inthereof to the 1930-1931 date of adjustment plus the
June 30
or withheld
terest or discounts on said notes or drafts paidperiod to the from applicextent
1931 to said date of adjustment (or prior to said
thereto) shall exceed an amount equal to the sum of $1,627,325, with
able
date of adjustinterest thereon at the same rate from June 30 1931 to said 30 1931 to the
June
ment plus interest at such rate on $1,071,800 fromthe holders of series A
series A notes of Florida and Punta S. A.,
date of the
jointly the amount
notes of such companies will pay to such companies
A notes of such
of any such excess or will return to such companies series such amount.
principal and accumulated interest
companies aggregating in
there is a deficiency,
(iii) In each case, if, instead of there being an excess
amount sufficient
series A notes of such company or companies in principal interest from said
to cover such deficiency will be issued, such notes to bear
of adjustment.
date
(or) molasses remaining
Upon any such adjustment all such sugar and prior sales of sugar and
unsold and the right to receive the proceeds of Baragua company or to
will be assigned to the new
molasses so pledged
Florida and Punta S. A., jointly, as the case may be.
Connection with
Holders of Notes Issued Under the Credits Extended in
notes aggregating with accrued
the 1929-1930 Crop.—The holders of such 1931, according to the books of
adjustments, as at June 30
Interest, after
an aggregate of
the companies. $728,996 in the case of Baragua, and
aggregating approxi$1.309,682 in the case of Florida and Punta S. A.(and
of Baragua and approximately $422,800 in the
mately $142,200 in the case
the value of the deposit
ease of Florida and Punta S. A., after deducting bonds and certificates
receipts, representing Cuban Sugar Stabilization rights therein or arising
and of any
of participation issued with such bonds such bonds at par and assigning
therefrom securing such notes, taking
after deducting estimated
no value to the certificates of participation and
pledged and sold prior
net receipts with respect to sugar and molasses`so transfer and delivery
date) in consideration of the assignment, of such notes and of
to that
of the plan (a)
prior to the date of consummation
interest then accrued
such indebtedness to June 30 1931 and all unpaid have been paid thereon
thereon,less such amount thereof as theretofore shall and (or) bonds reproreceipts
through receipts on account of such deposit
and on account of
senti thereby and (or) certificates of participation of all collateral then
pledged sugars and molasses theretofore sold, and (b)
of or rights
securing such notes and (or) indebtedness and of any proceeds or on the
indebtedness to
under any guaranties of such notes and (or) in the case of Baragua or
order of the Baragua reorganization committee
and Punta S. A.,
the Punta reorganization committee in the case of Florida
will receive, upon consummation of the plan:
deposit receipts and (or)
(a) The transfer and assignment of all such
securing notes
bonds represented thereby and certificates of participation, rights arising
therein or
issued under the 1929-1930 credit and of any rights
all prior sales of
therefrom, and of the right to receive the proceeds ofby the holders of
sugar and molasses so pledged, subject to an agreement deposit receipts,
such notes that they will not sell or otherwise dispose ofsuch
first, by 10 days'
bonds or certificates of participation without havingPunta company on
written notice, offered the same for sale to the new
other disposition is to
terms as favorable as those upon which such sale or such deposit receipts,
be made and that any pledge by such holders of expressly subject to
bonds or certificates of participation will be made
the same agreement.
[vm.. 133.
(b) $142,200 principal amount of series B notes of the new Baragua
company and $422,800 principal amount of series B notes of Florida and
Punta S. A., jointly, subject in each case to adjustment as hereinafter
stated.
On the date which the last of the deposit receipts (or Cuban Sugar
Stabilization bonds issued on account thereof) and certificates of participation now pledged to secure the notes issued under the 1929-1930 credit,
shall be sold, paid or redeemed, or prior thereto upon mutual agreement
of the parties, but not later than Dec. 31 1936, an adjustment will be
made as follows:
(i) If the aggregate of all receipts after June 30 1931, on account of
interest on and the sale, redemption or payment of such deposit receipts
and (or) bonds and certificates of participation, pledged to secure the
payment of notes issued by Baragua under the 1929-1930 credits and on
sugars and molasses so pledged, (after, in each case, all selling and (or)
shipping and landing expenses), plus interest at the rate of 6% per annum
on such net receipts from the respective dates thereof to the 1929-30 date
of adjustment plus the amount of any interest paid on said notes and (or)
Indebtedness from June 30 1931 to said date of adjustment (or prior to
said period to the extent applicable thereto) shall exceed an amount equal
to the sum of $586,796 plus interest at the same rate from June 30 1931,
to said date of adjustment and plus interest at such rate on $142,200 from
June 30 1931 to the date of the series B notes of the new Baragua company
the holders of such series B notes will pay to such company the amount
ofsuch excess or will return to such company series B notes ofsuch company
aggregating in principal and accumulated interest such amount.
(ii) If the aggregate of all receipts after June 30 1931, on account of
Interest on and the sale, redemption or payment of such deposit receipts
and (or) bonds and certificates of participation pledged to secure the payment of notes issued by Florida and Punta S. A. jointly, under the 19291930 credits and on sugars and molasses so pledged, (after, in each case
all selling and (or) shipping and landing expenses), plus interest at the
rate of6% per annum on such net receipts from the respective dates thereof
to the 1929-30 date of adjustment plus the amount of any interest paid on
said notes and (or) indebtedness from June 30 1931 to said date of adjustment (or prior to said period to the extent applicable thereto), shall exceed
an amount equal to the sum of $886.882 plus interest at the same rate from
June 30 1931, to said date of adjustment and plus interest at such rate on
$422,800 from June 30 1931, to the date of the series B notes of Florida
and Punta S. A., the holders of series B notes of such companies will pay
to such companies jointly the amount of any such excess or will return to
such companies jointly series B notes executed by such companies aggregating in principal and accumulated interest such amount.
(ill) In each case, if, instead of being an excess there is a deficiency,
series B notes of such companies in principal amount sufficient to cover
such deficiency shall be issued, such notes to bear interest from said date
of adjustment.
Upon any such adjustment all such deposit receipts and (or) bonds and
(or) certificates of participation and all interests therein or in the proceeds
of such pledged sugars and molasses, will be assigned to the new Baragua
company or to Florida and Punta S. A., jointly, as the case may be.
Holders of Unsecured Notes of Baragua. Florida and Punta S. A.—The
holders of unsecured notes issued by Baragua, Florida and Punta S. A.
guaranteed by Punta, aggregating, according to the records of such companies, $546,016 in principal amount, in consideration of the assignment,
transfer and delivery of such notes prior to the date of the consummation
of the plan to or on the order of the Punta reorganization committee will
receive upon consummation of the plan one share of common stock of the
new Punta company for each full $100 principal amount of such notes.
Holders of Guaranteed Notes of Colonos or Others.—Holders of notes of
Colones or others guaranteed by Punta and (or) by Baragua, Florida or
Punta S. A., aggregating, according to the books of such companies.
$1,300,171 in principal amount, including notes authorized by an order
of the U. S. District Court in the receivership of Punta, dated July 20
1931, to be issued in replacement of notes of evicted Colonos by an Agricola
company to be substituted as lessee in place of such Colones, in consideration of the release of such guaranties prior to the date of the consummation
of the plan, will be given upon consummation of the plan the right to receive
at any time on or before Aug. 15 1934, upon assignment to the new Punta
company of such notes, or of so much thereof as shall remain unpaid, one
share of common stock of the new Punta company for each full $100 of
unpaid principal amount of such notes.
Holders of 7% Sulking Fund Convertible Debentures and 6% Gold Notes
of Punta.—The holders of 7% sinking fund convertible debentures and 6%
gold notes of Punta who shall deposit under the plan and Punta deposit
agreement, on or before the last date for deposits hereinafter defined,
their debentures or notes with all interest coupons becoming due on and
after July 1 1930, in the case of debentures, and April 1 1930, in the case of
notes, will receive in exchange therefor, upon consummation of the plan:
(a) One-half share of common stock of the new Punta company for each
$100 principal amount of such securities so deposited;
-day rights to subscribe at $100 for $100 principal amount of
(b) 45
collateral trust notes and one share of common stock of the new Punta
company for each $300 principal amount of such securities so deposited.
Non-voting and non-dividend bearing common stock scrip will be issued
In lieu of fractional shares of common stock of the new Punta company
distributable under the plan.
No fractional rights to subscribe for collateral trust notes orcommon
stock of the new Punta company will be issued.
Holder of Common Stock of Baragua.—Punta Alegre Sugar Co. is the
holder of all of the common stock of Baragua. Upon consummation of
the plan the new Punta company will receive all the common stock of the
new Baragua company.
Holders of Common Stock of Punta.—The holders of common stock of
Punta who shall deposit under the plan on or before the last date for deposits, their stock certificates, will receive in exchange therefor, upon
consummation of the plan, the right to subscribe, at the principal amount
of any collateral trust notes subscribed for, for any collateral trust notes
and common stock not purchased by the holders of Baragua bonds and
of Punts debentures and notes under the rights referred to above. All
stockholders desiring to exercise this right must send in their subscriptions.
together with the amount payable thereon, and upon ascertainment of
the amount of the collateral trust notes and common stock offered to
and not purchased by the holders of Baragua bonds and Punta debentures
and notes, the balance of such securities will be apportioned among the
subscribing stockholders in proportion to the amount of their subscriptions,
provided that before any stockholder shall be entitled to receive in excess
of such proportion of such balance of collateral trust notes and common
stock as the number of shares of common stock of Punta with respect to
which he has become a party to the plan bears to the total number of
shares of common stock of Punta with respect to which the holders thereof
have become parties to the plan, each other stockholder subscribing therefor
shall be entitled to purchase his proportion of such balance of collateral
trust notes and common stock, determined on the same basis.
In making such apportionment no consideration shall be given to fractions
of $100 principal amount of collateral trust notes or of shares of stock.
No certificates will be issued to evidence the right to subscribe given to
the stockholders under the plan but stockholders will be advised of the date
of consummation of the plan.—V. 132, p. 4076.
Quincy Mining Co.—Suspends Operations.—
The company recently decided to suspend copper production for five
weeks, starting Aug. 1. Work in all departments will resume Sept. Et.
-down
Only construction and maintenance work will no done during the shut
which will affect mine, mill and smelter.
The company recently resumed operations after a suspension of three
weeks. The new stop is taken in view of the continued depression in the
copper market. The company has been working five days a week, with a
largely reduced force, but when operations are resumed Sept. 8. the men
will be employed six days, it is expected. This, with lay-offs will put the
company on virtually a four-day a week basis, the same as the other mines
In the Michigan district.—V. 131, p. 1269.
Radio-Keith-Orpheum Corp.—Earnings.—
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.—V. 133, P. 815.
Railway & Utilities Investing Corp. —Annual Report.—
Joseph R. Warner, President, says in part:
"The statement below gives effect to the adoption as of July 1 1930 of
average costs in the computation of profits and losses on securities sold.
Previous years have been reported on the same basis as tax returns. viz,
actual costs. The depreciation in market value of securities owned at
the close of the last fiscal year amounted to 81,928.972 which compares
with $466,149 at the close Of the preceding fiscal year.
AUG. 8 1931.]
"Company was not organized as an investment trust in the heretofore
accepted sense of that term, and diversification is not a primary object.
Nevertheless, in the normal course of business a substantial degree of
diversification has resulted. Based upon market values as of June 30 1931
the largest holding in the securities of any one company was approximately 7M % of gross assets. The rail and utility holdings, at current
market values, were substantially equal in amount.
"Dividends and Change in Capitali7atitm.-Regular dividends were
declared and paid on the convertible preferred stocks up to and including
the dividend payable Mar. 1 1931. As the shareholders were advised,
action on the dividend which would have been payable June 1 was deferred pending the vote of the stockholders on the proposed change of the
convertible preferred stocks and common stocks from shares of par value
to shares without par value, and the transfer from capital to paid-in surplus of that portion of the paid-in c,apital exceeding $25 per share of convertible preferred stock and $1 per share of common stick. These changes,
as well as the reduction in the authorized unissued shares, were duly approved by the stockholders,and on June 12 the directors declared a dividend
on the convertible preferred issues at one-half the regular rate for the
quarter ended June 1 1931. The dividend was declared payable on July
9 to holders of record June 27. The payment of this dividend for the
quarter ended June 1 at one-half the regular rate left an accumulation
of 4331c. per share on the $3.50 series, and 37)4c. on the $3 series, or a
total sum of $17,535 accrued and undeclared on the shares outstanding
in the hands of the public at the end of the fiscal year.
Subsequent to the close of the fiscal year, the directors declared a dividend of 43 Uc. per share on the convertible preferred stock $3.50 series
and 373§c. per share on the convertible preferred stock $3 series, payable
Sept. 1 to holders of record Aug. 15 1931.
Earnings Years Ended June 30.
1931.
1930.
1929.
1928.
Profit on securities sold _loss$211,453
$290,845
$226,979
$43,378
Interest and dividends-104,570
153,362
46,239
22,464
Total
loss$106,882
Expenses
27,063
Int. (incl. amt. paid on
subscription receipts_
Taxes Inc!. reserves_ _ _ 4,461
Preferred dividends
127,720
975
FINANCIAL CHRONICLE
$443,908
34,808
$273,218
17,432
$65.842
13.581
7,826
50.832
115,922
13,970
33,569
7,186
-3%.
-Salaries Reduced 16 2
Republic Steel Corp.
Salaries of this company's officials, mill executives, department heads and
brackets, have been reduced by 16 2-3%.
employees in the higher income
effective Aug. 1
Salaried men have been receiving five days' pay and five days' work each
week. There has been no change in the basic salary rate, official say, but
hereafter the number of working days a week may be increased to six,
depending on mill and sales activity, with the one day's cut in pay continuing
In effect.
While all salaried men in the company's various plants have been reduced
-V.133.
In income, the basic wage scale for labor has remained untouched.
P. 816, 136
-Comparative Bal. Sheet.
Revere Copper & Brass, Inc.
June 30'31.Dec.31'30.
June 30'31.Dec.31'30.
$
Assets$
7% pref.stock_ ___10,000,000 10,000,000
Property, plant &
equipment
25,939,854 25,794,189 Class A & corn stk _ x9.981,551 9,981,551
9,636,500 9,757,500
1
1 Bonds
Good-will
Cash
3,071,214 4,463,934 Accts. pay. & accrued expenses__ 864,373 1,239,172
U. S. Govt. secur188,790
186,290
ities,&c
736,055
855,262 Interest accrued__
167,870
Notes & accts.rec_ 2,156,273 2,205,883 Dividend payable- 167,870
7,384,316 6,937,085 Res. for plant &
Inventories
3.728,838 3,728,838
equipment
Insur., taxes, &o.,
203,746
222,770 Res. for depreciaunexpired
.
tion since July 1
989,916
Treasury stock_ _ 1,083,122
3,208,282 2,622,310
Corp. bonds held
1928
4,273,009 4,757,971
for sink, fund
Surplus
308,412
326,641
purposes
Miscell. invest. &
1,163,720
648,341
advances
42,046,713 42,444,002
42,046,713 42,444,002
Total
Total
x Represented by 250,876 no par shares of class A stock and 509.591
-V.133, p. 815.
no par shares of common stock.
-To Refund
Rigby Ranch Co.
Accrued Interest.
-
Bonds-Paument
of
Plans have been completed for the refunding of company's 1st mtge.
def$266,127
$234,518
$45,075
$208,246
4% bonds and the paynient of two years' past due interest, according
73
,
Comparative Balance Sheet June 30.
to an announcement by James Sheldon Riley, Vice-President of Smith,
Camp & Riley, Ltd., and Chairman of the bondholders' reorganization
LiabilitiesAssets1931.
1930.
1931.
1930.
Investments at
Provision for tax- _
$4,300
$48,486 committee.
A new issue of 1st mtge. 734% sinking fund bonds is being distributed
cost
a$4,179,502 $4,378,553 Due against delivin exchange for the present serial bonds. Payment of back interest on
ery of securs
Cash
30.872
204,104
3,300
the bonds covers the redemptidn of four coupons, including the one due
Dividends receiv.._
9,687
15,250 Accrued exp. est__
4,514
July 1 1931.
Dividends payable
Corp. preferred at
17,578
The California Trust Co., as depositary, is now prepared to complete
cost
113,883
21,649 Cony.6% pref.stk
484,850
the exchange and payment.
Prepaid expense
100 Cony.7% pref.stk
Tax refund rec._
series A
4,705
1,741,850
Cony. $3 pref. stk b242,175
Robertson Bleachery & Dye Works, Inc., Milford,
Cony. $3.50 pref.
-Preferred Dividends of $10 Per Share.
Conn.
stock
c870,925
Class A corn. stock dI45,939 1,459,390
Dividends totalling $10 per share have been declared by the directors
Class B corn. stock el0,000
100,000 on the pref. stock, payable $2.50 quarterly, the first disbursement to be
Prem,on cap. stk_
278,735 made on Aug. 1. This represents an annual dividend of 7% and 3% on
Earned surplus
3,039,920
506,845 account of arrearages. The directors also announce that the preferred
stock, which totals 5,000 shares, has been made participating and will
Total
$4,338,650 $4,619,656
Total
$4,338,650 $4,619,65s share with earnings on the common after the 7% has been paid. The
a Approximate market value, $2,250,530. b Represented by 9,687 company, whose plant is in Milford, Conn., specializes in vat dyeing.shares (no par). c Represented by 34,837 shares (no par). d Represented by 145,939 shares (no par). e Represented by 10,000 shares
-Preferred Dividend Deferred.
Roovers Bros., Inc.
(no par).
The directors have voted to defer the semi-annual dividend of 334% due
Note.
-There are outstanding option warrants, entitling subscription to Aug. 1 on the 7% cum. pref. stock, par $5. The last previous disbursement
50,000 shares of class A common stock up to June 30 1934.-V. 132, of 17%c. per share was made on Feb. 11931.-V. 129. p.3024.
p.4605.
Balance, surplus
Railway & Light Securities Co.
-Proposed Acquisition.
See Devonshire Investing Corp. above.
Earnings.For income statement for 6 months ended June 30 1931 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet June 30.
1931.
1930.
1931.
1930.
Assets$
Liabilities$
$
$
Bonds & notes- -- - 4,969,388 4,279,695 Preferred stock-- 1,530,200 1,530,200
Stocks
10,174,066 12,193,339 Prof. stock res. for
Misc. securities
22,695
82,980
exchange
1,000
1,000
Call loans
1,100,000 Collateral tr. bds__ 5,478,000 5,500,000
Cash
1,269,340
69,452 Accounts payable_
84,435
18,131
Accept. notes
700,000
Coupon int. accr_ _
43,150
43.217
Accts. receivable__
6,310
Tax liability
18,238
178,654
Bond int. recelv_
72,039
79,765 Int. rec. In adv..' 2,978
Note int. received_
8,650 Suspense
10,100
50
Misc, interest rec_
809 Contract with R.&
lJnamort. debt disL.Sec. Co.(Me.)
1,000
1,00)
count & expense 355.896
373,586 Coin.stk.(no par) 7.994,682 7,994,682
Pref.stk. to be acq
1,000 Earned surplus
1,000
2,427,103 2,939,144
Reacquired secur_
14,000
Suspense
2,750
Total
17,580,834 18,206,027
-V. 132, p. 3357.
Total
17,580,834 18,206,027
(Daniel) Reeves, Inc.
-Sales Decrease.
Sales for Five Weeks and Seven Months Ended Aug. 1.
1931-5 Wks.
-1930
Decrease.] 1931-7 Mos.-1930
Decrease.
$148,6141$19,277,410 $20,901,142 $1,623,732
82.549,824 $2,698,438
-V. 133. p. 301.
Reliance Manufacturing Co. (Ill.).
-Earnings.
-For income statement for three and six months ended June 30 see "Earnings Department" on a preceding page.
-V. 132, p. 3358.
Remington Rand, Inc.
-Earnings.
-
-To Increase Preferred Issue.
Safeway Stores, Inc.
The stockholders will vote Aug. 26 on changing the pref. stock so that
$21.000,000 will be authorized and on approving a plan for the acquisition
-V.133,p. 815.
of the assets and business of MacMarr Stores, Inc.
-Earnings.
St. Joseph Lead Co.
For income statement for six months ended June 30 see "Earnings
-V.133, p. 302.
Department" on a preceding page.
-Proposed Sale.
St. Louis Independent Packing Co.
The stockholders will vote Aug. 12 on ratifying a proposal, approved by
the directors of the company to sell the property to Swift & Co. The offer
of the Independent company to sell to the Swift company, includes an
agreement to sell its plant. real estate and equipment for $1.500.000 cash.
Inventories are to be purchased by Swift Sz Co. at market quotations on
the date of sale and supplies at a figure to be agreed on between the two
companies.
-V. 127, p. 2383.
-Sale Probable.
Saranac Pulp & Paper Co., Inc.
-V. 132, p. 1241.
See Diamond Match Co. above.
-The
-Bonds Offered.
Salina Theatre Building Co.
Wheeler Kelly Hagny Trust Co., Wichita, are offering
8150,000 guaranteed 6% first mortgage bonds.
Dated April 1 1931; due serially Oct. 1 1932 to 1941 incl. The Commerce Trust Co., Kansas City, /do., trustee.
Securily.-This issue of bonds is secured by a direct closed 1st mtge.
on a corner site 100x120 feet, located on one of the principal intersections
in the retail business district of Salina, Kan., together with the new FoxWatson Theatre and office building, which covers the entire site. The
mortgage also includes all theatre equipment and fixtures in the building.
Guarantee.
-These bonds are unconditionally guaranteed, both as to
interest and principal, by the Fox-West Coast Theatre Corp., who owns
and operates more than 500 theatres in the Middle West and Pacific Coast
States, and is one of the largest and strongest corporations in the moving
picture industry.
-The appraisal committee of the Salina Board of Realtors has
Value.
valued the corner location on which the Fox-Watson Theatre is located at
$144.000. The bankers have placed the following values on this property:
Land, $100,000; building (actual cost), $200,000; equipment (actual
cost), $63,000; total, $363,000.
-These bonds are exempt from all State, local and intangible
Tax Exempt.
tax to residents of Kansas, the registration fee having been paid at the time
the mortgage was placed of record.
For income statement for three months ended June 30 see "Earnings
Department" on a preceding page.
Consolidated Balance Sheet June 30.
1931.
1930.
1931.
1930.
LiabilitiesAssets$
$
$
-Sales Increased.
Schiff Co.
7% let pref.stock.15,805,100 15,881,460
:Land, buildings,
Increase.
Increase.1 1931-7 Mos.-1930.
1931-July-1930.
equip_ _13,003,428 13,580,521 8% 2d pref. stock. 1,855,400 2,124,045
mach.&
$249,643
$54,478 $5,828,026 $5,578,383
$883,127
Goodwill,pats., &c17,818,886 17,818.886 Common stock__ _17,241,702 17,752,566 $937,605
-V. 133, P. 657, 302.
Rental machines__ 1,608,867 1,671,341 Funded debt
20,529,000 21,443.000
7342,416 7,791.079 Min. int. in cap. &
Cash
& surp. of subs_
-Earnings.
Notes receivable &
Seaboard Public Service Co.
5.094
9,332
1,082,147 1,399,809 Accounts payable_ 568,563
drafts
for
For income statement for three and twelve months ended June 30 see
658,901
Accts.receivable_ 8,411,785 11,083,826 Accrued MPS" &c
-V. 132, p. 3886.
738,260 1,393,844 "Earnings Department" on a preceding page.
12,776,989 14,723,966 Accrued taxes__
Inventories
210,495
268,925
1,026,706 1,053,197 Accrued interest_ _
Other assets
188.183
-Six Months Earnings.
196,561
Sears, Roebuck & Co.
Dividends payable 313,697
Subscr. due from
857,873
In the first interim report it has ever issued, company reports for the
118,781
834,322 Fed, tax reserve
empl
600,073 first seven 4-week sales periods ended July 16, a profit of $6,008,483 before
Deferred charges_ 1,367,944 1,361,141 Sundry reserves__ 2,384,260 2,863,658
Initial surplus_ _ _ 1,855,606 1,855,606 Federal taxes, but after depreciation, &c., and extraordinary contribution
Earned surplus__ 2,735,889 5,412,244 of $259,000 to unemployment relief. This compares with $5,617,567 before
taxes, but after all other charges, in the corresponding period of 1930.
Notes payable as of July 16 1931 amounted to $28,020,000 compared
64,557,949 71,318,088
Total
Total
64,557,949 71,318,088
with $37,090,000 as of like date a year ago. Inventories totalled $65,-V. 133, P. 657.
x After depreciation.
161,266, against $73,294,033.
Commenting on the report, General R. E. Wood, President. says:
-July Shipments."Better management in the management of our retail stores has been
Reo Motor Car Co.
the principal factor in our improved showing over last year. Our retail
llionth ofJuly 1931. June 1931.
management is improving all the time, and so far we haven't lost any merShipments (no. of cars and trucks)
1,812
1,739 chandising profits because of declining prices over the past year
Export shipments for July were more than double those for June which However, declining profits make it more difficult to show anand a
operating
half'
was the previous high mouth for 1931.-V. 133,p. 136.
profit
976
FINANCIAL CHRONICLE
"The increase of $391.916 in profit for the seven periods this year over like
period last year was made despite a decrease in sales of 313,555,801. or
6.8%. Actually, we showed an increase of 8650.000 in profits before giving
effect to an extraordinary contribution of $259.000 to unemployment relief
In the first part of this year
"We roughly figure that our selling prices were about 15% under last
year. On this basis, there was some increase in physical volume. The
decline in inventory prices in the first seven periods this year was about
the same as in the corresponding period of 1930. For this time of year
Inventories are lower than they haw been for five years at least.
"Sales in the current or eighth period, will compare favorably with the
seventh when sales tota11.4 $25,738.837 or only 1% b_low tins like 1930
period. Sales in the eighth period of last year amounted to $25,344,275."
-of course, like every other retail business, our large profit is realized in
the last three months of the year. Company has not cut wages or salaries.'
[VOL. 133.
The declaration is designated as a "dividend." It is equivalent to.
$1 on the stock of the Vacuum Oil Co.. which on June 20 this year paid
a quarterly dividend of 50 cents, marking a reduction from the previous
$1 quarterly rate.
-V. 133. p. 815.
Southern Sugar Co.
-Time for Deposits Extended.
The plan and agreement, dated April 1 1931 for the reorganization of the
company has been approved by more than 80% of the secured creditors and
by more than 70% of its unsecured creditors. More than 70% of each class
of stock of the Southern Sugar Co. and of the Clewiston Co. have been
deposited under the plan and additional deposits are being received daily.
In view of the widespread acceptance of the plan by all classes of interesta
the reorganization managers desire to make it possible for all creditors of the
company and all stockholders of that company, the Clewiston Co. and
Dahlberg Corp. of America to have the benefits of participation under the
plan. Therefore, the time within which creditors and stockholders may
Tries New Field.
without penalty, deposit claims and stock, and within which stockholders
The company is establishing an experimental automobile service station of the Southern Sugar Co. and stockholders of Dahlberg Corp. of America
In the parking lot adjacent to its store in its Chicago mail order house. may exercise the rights of subscription to securities of the now company
The success of this station will determine whether or not the company will as contemplated by the plan has been extended until the close of business on
later establish similar service stations in the parking lots which Sears Aug. 18 1931.
Claims and stock must be deposited with the following depositaries:
maintains for its customers at all its 46 class A stores.
Equipment claims, unsecured claims and receivers' certificates, Central
The experimental station will render service as complete as that obtainother service station. If the experiment is successful and Sears Hanover Bank 83 Trust Co., 70 Broadway, N. Y. City.
able at any
Land claims, Central Farmers Trust Co., West Palm Beach, Fla.
establishes a chain of service stations, the company will market, through
Stock of all classes of the Southern Sugar Co. Central Hanover Bank &
them, its own brands of gasoline and oil as well as its present line of tires
Trust Co.. 70 Broadway, N. Y. City, or Union Guardian Trust Co., Con'
and automobile accessories.
gress and Griswold Streets, Detroit, Mich., or California Trust Co., 629
South Spring St., Los Angeles, Calif.
New Building Expansion.
Immediate expenditure of $535,000 for new construction was announced 80Stock of all classes of the ClewLston Co., County Trust Co. of New York,
Eighth Ave., N.Y. City. (Compare plan in V. 132, p. 4606.) V• 133
.
by the company on Aug. 6. A $300,000 addition to the Detroit retail P. 303.
stores will be built, and the Indianapolis store will have a $175,000 addition.
In Chicago the company will spend $60.000 on an automboile service
South Penn Oil Co.
-Expansion.
station. In the Detroit and Indianapolis buildings space will be provided
The New Domain Oil & Gas Co., a subsidiary, is reported to have pur--V. 133, p. 8.15.
for units of the Kroger grocery stores.
chased approximately 250 producing wells in Estill and Powell counties,
-V. 132, p. 2791.
-Offering New Ken., from the Kentucky Natural Gas Co.
Segal Lock & Hardware Co., Inc.
"Unimatic" Razor.
The company is placing on the market a new "Unimatic Segal Razor,"
it is announced. It is a one-piece razor taking a double-edged blade.
President Louis Segal says: "Our production schedule of the new razor
calls for an output of about 10.000 a day as compared with 5.500 daily,
the schedule maintained on the old razor. Our plant is operating 24 hours
a day to meet the demand for Segal blades. We are installing several
new high-speed automatic units for the manufacture of these blades, one
of which units should be In operation in a few days, and two additional ones
within the next two months, bringing the total to six. By the end of the
year we expect to have 10 units in operation, with a production of not less
than 600,000 to 800,000 blades daily.
"Trend of the company's earnings is decidedly upward, and, while we
do not publish interim reports, results for the first six months more than
covered dividend requirements on approximately 446,000 common shares
outstanding." For the full year 1931, Mr. Segal stated, net profit should
exceed considerably the $201,907 after all charges and Federal taxes reported for 1930, which was equal, after preferred dividends, to 78 cents
a share on 212,327 average number of no par common shares outstanding
-V. 132, p. 4782.
during the year.
(A. G.) Spalding & Bros.
-Dividend Rate Decreased.
The directors have declared a quarterly dividend of 25c. per share on
the common stock, no par value, payable Oct. 15 to holders of record
Sept. 30, and the regular quarterly dividends of $1.75 per share on the 1st
pref. stock and $2 per share on the 2d pref. stock, both payable Sept. 1
to holders of record Aug. 20. From Oct. 1929 to and including July 1931
the company paid quarterly dividends of 50c. per share on the common
stock.
The company states, "A reduced sales volume of 15%. coupled with
the uncertainty in general business, influenced the directors to take this
action for the best interests of the company, and for the maintenance of
its present favorable cash position,"
-V. 132, p. 508.
-Earnings.
Spiegel, May, Stern & Co., Inc.
For income statement for six months ended June 30 see "Earnings
Department" on a preceding page.
Consolidated Balance Sheet June 30.
1930.
1931.
1930.
1931.
Assets
Liabilities$
6 Le % pref.stock__ 7,000,000 7,000,000
:Land, buildings,
-Earnings.
Union Oil Corp. (& Subs.).
Shell
,
fixtures, ea-. 1,454,884 1,656.780 Common stock...4 5,000,000 5,000,000
For income statement for 3 and 6 months ended June 30, see "Earnings Cash
3,010,000
697,036 1,263,687 Notes Pantie-V. 132. p. 4078.
Department" on a preceding page.
407,847
Accts.receivable__ 8,880,446 12,404,147 Accts. payable, &c 1,088,403
114,679
73,287
1,106,230 1,767.768 Accrued taxes____
Inventories
-Comparative Bal. Sheet.Shenandoah Corp.
884,173
9,283 Rte. for conting__ 300,000
64,956
Sur. val. Ins. poi._
690,927 z1,494,336
809,370 Deficit
647,211
Deferred charges
[Inc,uding Wholly Owned Subsidiaries.]
June 30'31. Dec. 3130.,
June 30'31. Dec. 3130.
Total
12,750,763 17,911,035
12,750,763 17,911,035
Total
Assets
x After depreciation. y Represented by 175,000 no-par shares. e stirLoans payable,
:Capital invest.
plus.
-V. 132, P. 1242.
secured
by
In controlled
collateral_ - 4,500,000 5,000,000
& MM. corn116,685
40,112
-Earnings.
Standard Oil Co. of California.
panics, at cost 85,832,590 87,500,000 Res.for seer.exp
80,000
121,454
Res. for conting
:Other Invest.
For income statement for three and six months ended June 30 see "Earn128,793
Accts. payable__
at cost, less
-V. 132. p. 3545.
ings Department" on a preceding page.
29,931,000 32,611,250
25,439,319 27,694,278 Pref.stock
reserve
4155,014 Common stock_ 5,897,313 y5,897,001
99,517
Divs. receivable
-The
Standard Oil of Indiana.-Decl eases Dividend.
669,373 Capital surplus- 70,986,444 71,464,925
232,991
Cash
848,804 directors on Aug. 3 declared a quarterly dividend of 25
47,828
26.526
Operat.surplusAmite.re•colvable
cents per share on the outstanding 3421,878,094 common
111,630,942 116,018,665
Total
111,630,942 116,018,665
Total
stock, par $25, payable Sept. 15 to holders of record Aug.
a Includes accrued interest. x The value of the above assets on June 30
1931, taking (a) holdings of common stock of Blue Ridge Corp. at the value 15. Quarterly dividends of 50 cents each were paid on
of its underlying assets based on market prices for listed securities (over June 15 and March 16 last, while from June 15 1929 to and
97% of total) and the remaining securities at estimated fair value, less
reserves, and (b) holdings of other securities at market prices, and aft3r including Dec. 15 1930, the company made quarterly
-holding reserves, was $52,269,703. y Represented by distributions of 62M cents per share, and, in addition, on
deducting cross
5,897,313 no par shares Common stock reserved for (a) conversion of pref.
stock, 897,930 shares. (b) dividends on pref. stock, 939,089 shares and Dec. 16 1929 made an extra payment of 25 cents per share.
(e) executive options, at $16.90 per share, accruing at the rate of 100,000
President Edward G. Seubert stated:
shares per year for five years, and expiring as to part annually and wholly
We hope and believe the reduction will be temporary only. We decided
on Dec. 31 1935.-V. 133, p. 815.
upon the lower rate. in furtherance of our conservative policy of maintaining
a strong position during adjustments such as the business world is now
-Plan Promulgated.
Shubert Theatre Corp.
witnessing.
A plan for readjustment of the indebtedness of corporation, represetned
by pessimism regarding the outlook.
Our
gold debentures due June 15 1942, has been promulgated by though action is not occasioned what lies ahead for business in general,Alby the 6%
we
it still is difficult to see
been recomthe board of directors of the company and its acceptance has
have confidence in the future. The prospect of betterment in the oil inmended by J. & W. Seligman & Co., and Chase Securities Corp.
of the debentures have already been deposited dustry is stronger at present than it has been for many months.
A substantial proportion
The company's own business is showing developments which must be
under the plan. Holders are urged to deposit their debentures before regarded as encouraging. The trend as to volume of sales is better than it
N. Y.
Aug. 15 1931. with Chase National Bank, 11 Broad St. See planCity, from has been for some time, though with lower price realization. The success
in V. 133.
'
which copies of the plan may be obtained upon request.
of our "blue" gasoline In meeting a popular demand is particuarly gratifying.
P. 137.
Motor oils are registering improvement, and a better relative demand for
factory lubricants is an indication of hope for greater movement of the wheels
-Earnings.
Skelly Oil Co.
of industry at large.
ended June 30 see "EarnFor income statement for three and six months
We have proceeded in the belief that we can best serve the long time in-V. 132, p. 4782.
ings Departmeut" on a preceding page.
-V. 133,
terests of stockholders by reducing the dividend at this time.
p. 657; V. 132, P. 3734. 3704.
Sloane-Blabon Corp.-Sloane-Blabon and Certain-Teed
Form $18,000,000 Manufacturing Corporation.= Oh. and the
George W. Blabon &
w. & J. Sloane Manufacturing Co.: Products Corp. have merged their
floor covering division of Certain-teed
respective businesses under the title of the Sloane-Blabon Corp. capital of
The new corporation will start operations with an authorized
318,000,000, making it one of the largest concerns in the floor covering field.
It will be well equipped with every facility for the economic manufacture
on an extensive scale of all grades of inlaids, printed and plain linoleum,
felt base yard goods and rugs and allied products.
The officers of the Sloane-Blabon Corp. will be as follows. John Sloane,
Chairman of the Board; W.E. S. Griswold, President; Edward C. Deardon,
John Tomec and C. J. Stovel, Vice-Presidents: William A. Sale, Secretary,
and Edwin B. Hayes, Treasurer.
Directors are John Sloane, W. E. S. Griswold, Edward C. Deardon,
C. J. Stovel, John Tomec, George M. Brown, Edwin L. Blabon, Thomas
Ewing Jr., William D. Gardner and A. W. Whittemore.
The entire output will be handled by W.& J. Sloane, who will act as sole
sales agents.
Executive and sales office will be located in the Sloane Building, 575
Fifth Avenue. Branch offices and warehouse stocks will be maintained at
the various distributing points.
(W. & J.) Sloane
Manufacturing
Sloane-Blabon Corp. above.
-Merger.
Co.
-See
-Initial Dividend.
Socony-Vacuum Corp.
The directors have declared an initial dividend of 40 cents per share,
payable Sept. 15 to holders of record Aug. 21. This is the same as the
previous quarterly rate paid by the Standard 011 Co. of New York. The
stockholders of both the Standard Oil Co. of New York and Vacuum
Oil CO. approved the merger of the two companies at meetings July 30,
the terms being Zee shares of the new Socony-Vacuum Corp., the new
company, for each share of Vacuum and a share for share basis for the
Standard shares.
Standard Oil Co. of Kansas.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings DePartment" on a preceding page.
-V. 132, p. 3903.
Standard Oil Co. (New Jersey).
-Extra Dividend.
The directors have declared the usual extra dividend of 25 cents per
share and the regular quarterly dividend of 25 cents per share on the $25
par value capital stock, both payable Sept. 15 to holders of record Aug. 17.
Like amounts have been paid quarterly since and including June 15 1929.
-V. 133, P. 657, 138.
-Name Changed, &c.
Standard Oil Co. of New York.
The company on July 3 filed a certificate at Albany, N. Y., increasing
Its authorized capital stock from $450,000,000 to $1.000,000,000 and changing its name to Socony-Vacuum Corp.
-V. 133, p. 815.
Starrett Corp.
-Earnings.
For income statement for six months ended June 30 1931 see "Earnings
-V. 133, p. 496.
Department" on a preceding page.
Sterling Securities Corp.
-Defers Dividend.
The directors have decided to defer the regular quarterly dividend due
at this time on the 31.20 cum. pref, stock, no par value. The last quarterly
distribution of 30 cents per share was made on June 1 1931.
The directors, however, declared the regular quarterly dividend of 76
cents per share on the cony, let pref. stock for the three months ended
Aug. 31, payable Sept. 1 to holders of record Aug. 14.
New Control.
-See Atlas Utilities Corp. above. V. 133,
p. 496.
-Receivership.
(Nathan)Strauss, Inc.
Following the filing of a petition in bankruptcy Aug. 6 against the conspany, butchers conducting a chain of retail stores in New York, Connectl.
AUG. 8 1931.1
FINANCIAL CHRONICLE
977
cut and New Jersey, Judge Marcus B. Campbell in the Federal Court in
Originally, there was no relationship between the above company and
Brooklyn appointed former Supreme Court Judge Stephen Callaghan the Canadian Truax-Traer Companies, excepting that this company held a
as receiver.
management contract and some of the stockholders were identical, but the
The petition was filed by Samuel 0. Duberstein, a lawyer of 32 Court St., Canadian company was not a subsidiary.
Brooklyn, on behalf of three petitioning creditors. Max Levine, a real
The original set up as to the Canadian Companies consisted of Truaxestate agent of 352 Flatbush Ave., Brooklyn, with a claim of $2,300; Traer Coal Co. of Canada, a Delaware corporation, owning 100% of the
Irving J. Schweitzer of 185 Franklin St., Manhattan, $1,567, and Harry stock of a Canadian operating company called Truax-Traer Coal Co., Ltd.
Silverman, Inc., of 5 Beekman St.. Manhattan, $500.-V. 132. P. 3735.
Truax-Traer Coal Co. of Canada has recently changed its name to TruaxTraer Lignite Coal Co. and has increased its authorized capital stock from
100,000 shares to 300,000 shares. Its subsidiary, Truax-Traer Coal Co.,
Estates of Oriente, Inc.
Sugar
-Reorganization Plan.
- Ltd., has not
-V. 133. P. 816.
changed its name nor its capitalization.
See Cuban-Dominican Sugar Corp. above.
-V.132, p. 3735
Sun-Glow Industries Inc.
-Omits Dividend.-
The directors recently decided. to omit the quarterly dividend ordinarily
iyable about Aug. 1 on the common stock. From Aug. 1 1929 to and incl.
May 1 1931 the company made regular quarterly distributions of 50 cents
-V. 128, p. 4174.
•each on this issue.
Truscon Steel Co.
-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
-V. 132, p. 4431.
Department" on a preceding page.
-New Control.
Ungerleider Financial Corp.
With regard to the acquisition and control of this corporation by Atlas
Utilities Corp., Samuel Ungerleider, president of the Ungerleider Financial
Sun Oil Co.
-Debentures Called.
Corp., made the following comment:
The company has called for redemption as of Sept. 1 next $20,500 of
"For a period of about a year, it has been our conviction that the future
15
-year 535% sinking fund gold debentures,due Sept. 1 1930 at 101k and of the management type of investment trust lies in its being grouped
,
int.Payment will be made at the Chase National Bank 11 Broad St., N.Y. or affiliated with larger independent investment units.
.City, or at the option of the holders at the offices of Lee, Higginson & Co..
"It costs about as much to administrate a large fund as it does to ad37 Broad St., N. Y. City, 70 Federal St., Boston, Mass., or 137 West ministrate a small one, and Samuel Ungerleider & Co., as managers, are
Jackson Boulevard, Chicago, Ill. V, 133. p. 816.
co-operating with the Atlas Utilities Corp. on the most active and friendly
terms, and already have effected reductions in operating costs through
Swift & Co., Chicago.
-Proposed Acquisition.
co-operation.
See St. Louis Independent Packing Co. above.
"No corporate changes are in prospect for the present and the stock-V. 132. p. 4608.
holders' position remains unchanged."
See also Atlas Utilities Corp. above.
-V. 132, p. 3735.
Syracuse Washing Machine Corp.
-Earnings.
For income statement for six months ended June 30 see "Earnings
United Cigar Stores Co. of America.
-Earnings.
Department" on a preceding page.
-V. 132, P. 4079.
For income statement for 6 months ended June 30 1931 see "Earnings
Department" on a preceding page.
-Eatnings.--V. 133. P. 658.
r Thatcher Mfg. Co.
r For income statement for 6 months ended June 30, see "Earnings DeUnion Cotton Mfg. Co.
-Sale Adjourned.
partment" on a preceding page.
-V. 132. p. 1243.
The real estate and buildings of this company were offercd for sale at
(John R.) Thompson Co.
public auction on Aug. 5 as a further step in the liquidation of the affairs
-Earnings.
-For income statement for three and six months ended June 30 see "Earn- of the mill, and, although an initial bid of $50,000 was received for the
property, no other bid was made, and the sale was adjourned.
ings Department" on a preceding page.
-V. 132, P. 4431.
The single bid was made by Edward L. Hinchey, Treasurer of the Union
Manufacturing Co. The property was offered for sale subject to this year's
Tide Water Associated Oil Co.
-Expansion.
taxes, and it included about six acres of land only five blocks from the
See Ohio Oil Co. above.
-V. 133, p. 304, 139.
center of the city, three large stone mills, one brick mill, picker and boiler
-V. 132, p. 3735.
houses, cotton sheds and office building.
(W.E.)Tillotson
Manufacturing Co.-BaL Sheet Dec.31,
Assets1930.
1929.
Real estate, mach_ 51,428,051 $1,434,900
492,184
Merchandise
117,872
Furniture, fixtures
11,719
& tools
11.719
Motor vehicles_ _ _
9,005
2,892
Notes
262
262,101
Accounts receivable 113,432
65,453
81,609
Cash
9,824
Deferred expense_
2,257
Goodwill
750,000
750.000
Mortgages
1,800
38,156
38,156
Non-durable access
Total
$2,539,442 $3,092,390
-V.116. P. 626.
Liabilities1930.
1929.
Capital stock
5175,000 $175,000
Mortgages
178,000
201,500
Accounts payable_
67,146
300,000
Notes payable..- 225,000
87,531
Surplus
1,537,650 1,947,210
Reserves
346,063
368,311
Accrued items__
10,581
12,830
-Earnings.
United Business Publishers, Inc.
For income statement for three and six months ended June 30 see "Earn-V. 132, P. 4080.
ings Department" on a preceding page.
-Earnings.
United Piece Dye Works.
For income statement for six months ended June 30 see "Earnings
-V. 132, p. 1441.
Department" on a preceding page.
-Acquisitions.
United States Capital Corp,
Total
$2,539,442 $3,092,390
Timken Detroit Axle Co.
-Earnings.
For income statement for 6 months ended June 30 1931, see "Earnings
Department" on a preceding page.
Consolidated Balance Sheet June 30.
1931.
1930.
1931.
1930.
Assets$
$
LiabilUies$
Land, bidgs., &c.,
7% pref stock _ __ _ 2,793,000 3,549,800
.
deprecia'n__ 7.571,068 7,934,260 Common stock__ 9,920,960 9,920,960
is
Goodwill & patents
1
1 Accr. exps.. incl.
Dos, jigs, fixtures
Federal Inc. tax_
149,940
328,488
and patterns_ _ _
1
1 Accounts payable_ 602,690
856,827
04,sh
1,455,792 1,575,514 Other reserves_ - __ 398,190
436,275
Notes de accts. rec. 2,549,660 2,773,579 Int. on installment
Inventories
2,814,100 4,278,421
accounts
37,619
31,785
Sinking fund
144,200 Surplus
3,497,213 4,383,091
Govn.& other sec_ 281,215
4% demand ctfs.
on deposit and
interest thereon_ 1,371,367 1,503,250
.
Miscellaneous_ __ 1,248,841 1,193,050
108.468
Deferred assets_ _ _
104,940
The corporation on Aug. 3 announced acquisition of control of three
corporations, viz.: the Whitehead Hosiery Mills, Inc; the Mohawk Hosiery
Mills, Inc. of Burlington, N. C., and the General Instrument Corp. of
New York. The latter will be merged with the Television Products Corp.
These acquisitions make a total of 13 since Jan. 1.
The United States Capital Corp. has offices at 185 Devonshire St..
Boston, Mass.
-V. 130, p. 3171.
United States Electric Light & Power Shares, Inc.
Smaller Dividend.
The corporation announces a quarterly cash distribution of 9 cents per
rust certificate, series B, payable Aug. 15 to holders of record July 31.
A quarterly dividend of 10 cents per share was paid on May 15 last, while
from May 15 1930 to and incl. Feb. 15 1931 the company made regular
-V. 133, p. 497.
quarterly distributions of 16 cents per share on this issue.
United States Playing Card Co.-Earning8.For income statement for six months ended June 30 1931 see "Earnings
-V. 132, P. 1827.
Department" on a preceding page.
-Earnings.
United States Rubber Co.
For income statement for six months ended June 30 1931 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet.
June 30'31. Dec. 31 '30.
Assets-June 30'31. Dec. 31 '30.
Plants, property,
Sce
90,918,284 94,056,883 Preferred stock_ 65,109,100 65,109,100
17,400,513 19,507,226
Total
Total
17,400,513 19,507,226 Cash
10,354,862 8,926,147 Common stock.a28,029,980 32,690,182
-v. 132, P. 4783.
Accts.& notes rex
MinorityDomin(customers)._ 25,441,809 31,171,398 ion Rub. Co.,
Timken Roller Bearing Co.
-Dividend Decreased.
Inventories.... 38,594,945 44,050,097
Ltd. stock __
338,700
338,700
The directors have declared a quarterly dividend of 50c. a share on the Due from affil.
Accts. payable
no par value common stock, payable Sept. 5 to holders of record Aug. 20.
companies
incl. accept's
2,906,552
This compares with 75c. paid each quarter from March 1929 to and includ- U.S.Rub.Planpayableforiming June 1931.
portations of
tations. &c
26,193,639 25,982,620
U.S. Rubber Co.
crude rubber- 6,203,831 5,837,514
Receives $400,000 Orderfor Electric Locomotive Bearings.
notes & bonds
1,719,367 Accr. int.&!lab. 3,904,110 3,667,492
Announcing an order from the Pennsylvania RR.for $400,000 of bearings Other securities. 5,323,021 2,816,310 63-'% ser. notes
for equipping 150 new electric locomotives, Chairman II. H. Timken Prepaid and dedue 1932 _ _
1,004,000
stated that the company now felt satisfied that it had solved nearly all the
ferred assets
3,241,219 3,067.994 Installment on
problems of the application of Timken bearings to railroad work of all kinds.
lo.,n of subsid.
500,000 2.000,000
"Heretofore electric locomotives have been equipped with plain bearings, •
Fumed debt- __ 90.044.930 95,176,400
he explained. "Therefore, the fact that this railroad after testing Timken
7,239,680 6,971,429
Reserves
bearings on their electric locomotives has specified them is strong evidence
that hereafter all electric locomotives for railroads will be mounted on
202,974,331 211,790,817
Total
202.974,331 211,790,817
Total
anti-friction bearings. This is the largest order for anti-friction bearings
a Represented by 1,464,371 no par shares.
-V. 132, P. 3736.
that has ever been placed by any railroad at one time.
"At the present time we have Timken bearings on over 236 locomotives,
-Salaries Cut.
-"Steel" of
United States Steel Corp.
either on lead trucks, trailer trucks, or tenders. In addition our Timken
bearings have been used on several thousand Pullman, passenger and freight Aug.6 says:
cars. With this wide use of Timken bearings, the records; show that no
Effective Aug. 15 employees of this corporation receiving salaries of
car or locomotive has ever been held up by reason of a defective or broken
$1,800 to $5,000 annually will receive a reduction of 10%. On salaries
'Timken bearing.
%. and over $10,000 it will be
"We feel that when business picks up with the railroads we may look from $5,000 to $10,000 the cut will be 123i
forward to an extensive And large use of our bearings on railroad equip- 15%.
A further adjustment, affecting higher-salaried employees with greater
ment. We are retaining all of our old automotive customers and general force,
will be the omission of any bonus this year. The reduction in the
Industrial customers, and adding many new industrial customers
that as soon as general business picks up we will have an increasingand feel common stock dividend from a $7 rate to $4 also affects those employees
,
volume Purchasing stock on the corporation's purchase plan.
-V. 133, P. 817.
of business from these sources.'
Mr. Timken said the company had effected many economies in the way
-Status, &c.
United Verde Extension Mining Co.
of reducing overhead but had not cut labor rate wages, hoping that business
July 1 '31. July 1 '30. July 1 '29.
conditions would improve before long so that no such action would be
$1,423,308
$832,406
Cash on hand
$649,301
required.
x5,094,726
5,057,148 4,532,500
-For income statement for 3 and 6 months ended June 30, Investments
Earnings.
see "Earnings Department" on a preceding page.
x Market value, $2,984,182.
-V. 132, p. 3545,
The output for the second quarter of this year was: April 3,074,758
Trico Products Corp.
-Earnings.
lim• copper; May 3,369,080 lbs. copper; June 3,284,984 lbs. copper.
For income statement for three and six months ended June 30 1931
Prospecting at the Vulture property has failed to disclose any comsee "Earnings Department" on a preceding page.
mercial ore. All work has ceased except some diamond drilling which IS
-More than $1,000,000 has been added to the now being carried on. Prospecting work in the Haynes group at Jerome
Current Asset Position.
disclosed promising mineralization. Too little is known as yet to warrant
during the last 12 months of operation.
current asset position
-V. 133,
conclusion that further development will disclose a valuable ore.
Cash & U. S. Government bonds
69%
p. 304.
Accounts receivable
10
Inventories
12%
-Bonds Offered.
-First Detroit
University of Detroit.
Other assets
8
-1,t, 132, p.4080.
100 %
Truax-Traer Coal Co.
-Correction.
Regarding the ite ion the Canadian company (see last week's "Chronicle"
D.816). we havelbeen informed that it is not quite correct. The matter of the
various Truax-Traer Coal Companies (while somewhat confusing) is outined by an official of the company as follows:
1
Co., Inc., Detroit, are offering at 9936 and Mt. $600,000
1st mtge. sinking fund series C 5% gold bonds.
Dated July 1 1931; due July 1 1936. Denom. $1,000 and $500 cs.
$100.000 par value of bonds redeemable for sinking fund on July 1 1934,
and a like amount on July 1 1935 at par and int. All bonds redeemable
at any other time upon 30 days' notice, as a whole far in part by lot, at
101 and int. Principal and int. (J. & J.) payable at the office Of Fidelity
Bank & Trust Co., Detroit, trustee.
[VOL. 133.
FINANCIAL CHRONICLE
978
-Earnings.
Western Reserve Investing Corp.
History -The University of Detroit was founded in 1877 as Detroit
For income statement for six months ended June 30 see "Earnings
College by the Society of Jesus, more generally known as the Jesuit Order,
-V. 133, P. 141.
offering only one course, the arts and science. Enrollment at that time Department" on a preceding page.
adding
included 81 pupils. In 1911 it became the University of Detroit, offered
-Enters
shortly thereafter the engineering and law courses. The degrees now
Westinghouse Electric & Manufacturing Co.
now include arts, science, philosophy, law, and embrace
by the university
special Household Electrical Washing Machine Field.
all the different branches of engineering. The faculty, including
for
-V. 133, p. 659, 305.
See Altorfer Bros. Co. above.
ecturers, now numbers in the neighborhood of 160. The enrollment
1930-31 was approximately 4,000 students.
54 acres, is
The new campus of the University of Detroit, comprising university
Westvaco Chlorine Products Corp.-Bal. Sheet.situated at the Six Mlle Road and Livernois Avenue. The
yJune27'31. Dec.27'30.
AssetsyJune 2731. Dec.27'30
Avenue, East,
also owns extensive property and buildings at Jefferson the law school, Cash
$35,651
$471,773 $173.280 Accounts payable- $124,605
adjacent to the downtown business district, and comprising
38,405
38,406
250,301 Dividends payable
386,753
Accts. receivable
present high school and the faculty residence.
night school, the
369,807
1,033 United Chem.,Inc.
996
of the University of Interest receivable
Security -These bonds are the direct obligation first mortgage upon Temporary invest_
19,569
34,851
110,042 Deferred credits- Detroit, a Michigan corporation, and are secured by a
92,062
94,682
763,870 Res.for Fed. taxes
E. Fitts, Inventories
793,056
real property of the corporation in Detroit appraised by Leverett Detroit Employee adv_ _
18,400
Res. for royalties720
Kies of the
of the Fidelity Bank Sz Trust Co.. Detroit, and George of this financing Deferred charges__ 206,598
22,000
-year notes
182,070 10
Trust Co.. Detroit. at $5,399,810. Upon completion
-year 54% debonds, Bond sinking fund 111,906
106,717 10
there will be outstanding a total of $2,315.000 first mortgage gold
1,831,000 1,929,000
bentures
2,000
2,000
and $600.000 Permanent invest_
of which $1.340.000 are known as series A,$375.000 as series B
B bonds Fixed assets
x6,196,694 6,037,978 7% preferred stock 2,194,600 2,194,600
(this issue) as series C. The combined total of series A and series
417,067 Common stock_ __14 243,1121 2,041.276
originally issued amounted to $1,900,000, of which $185,000 have been Contr. as processes 390,760
1 1,283,588
Earned surplus_ __
retired to date.
-Proceeds are to be used for the construction of a new high
, Purpose.
$8,561,256 $8,044,359
Total
Total
$8,561,256 $8,044,359
Mile Road and
school building and faculty building situated at Seven
-V. 124, p. 3787.
X After deducting reserve for depreciation.
y Adjusted to give effect
Outer Drive. Detroit.
-V. 133. p. 818.
to sale of 59.807 shs. of stock.
-Exchange of Stock.
Vacuum Oil Co.
-Earnings.
Wheeling Steel Corp.
Secretary George V. Holton, Aug. 1, in a letter to the stockholders,
For income statement for three and six months ended June 30 see "Earnsays in substance:
by a vote
-V. 133, p. 818.
At a special meeting held on July 30 1931 the stockholders, a contract ings Department" on a preceding page.
of more than 80% of issued stock, signified their approval ofto Socony(J. G.) White & Co.
-Defers Preferred Dividend.
providing for the transfer of the properties of the company
Vacuum Corp., and they directed that the Vacuum Oil Co. be dissolved
The directors have voted to defer the quarterly dividend of 1 % due
in due course. Pursuant to the contract the properties of the Vacuum Sept. 1 on the 6% cum. pref. stock, par $100. The last quarterly disstockholder of the latter tribution at this rate was made on June 1 1931.-V. 132, p. 2017.
Oil Co. have now been transferred and each
company is now entitled to receive shares of the capital stock of Soconyof
Vacuum Corp. equal in number to 24 times the number of shares
White Sewing Machine Corp.
-Earnings.
stock of the Vacuum Oil Co. held by him and surrendered to Vacuum Oil
For income statement for 3 and 6 months ended June 30 see "Earnings
Co. for cancellation.
-V. 132, p. 3736.
corporation under the name of Vacuum Department" on a preceding page.
There has been organized a new
heretoOil Co., Inc., which will be utilized in carrying on the businessmanage-Closes Spencer Plant.
Wickwire Spencer Steel Corp.
fore conducted by the present Vacuum Oil Co. and under the same
Effective August 1, the corporation discontinued the manufacture of wire
ment. The stock of the new Vacuum Oil Co., Inc., will not be distributed
all be owned at its Spencer. Mass., plant and moved the equipment to the Worcester
to the shareholders of the present Vacuum Oil Co., but will
-V. 132, p. 2018.
and Palmer, Mass.,and Buffalo, N. Y., plants.
by Socony-Vacuum Corp.
be issued,
No fractional shares of stock of Socony-Vacuum Corp. will of merger
-Notes Offered.
Wisconsin Lumber Co., Des Moines, la.
lieu thereof and in accordance with the above contract
but in
of cash
Socony-Vacuurn Corp. will provide for payment to stockholdersthe rate -Iowa-Des Moines Co., Des Moines, Ia. is offenng at
at
representing the value of such fractional shares computedat which the
share
prices to yield from 53'% to 6.15% according to maturity
of $18.25 per share, this being tho highest price per
1931.
stock sold upon the New YorkStock Exchange on July 31 Trust Co., $160,000 6% serial gold notes.
Certificates of stock should be sent to City Bank Farmers
Dated June 11931; due annually Dec. 1 1932 to 1941. Interest payable
depositary, 22 William St., N. Y. City.
their cer- J. & D. at office of Iowa
-Des Moines National Bank & Trust Co., Des
Stockholders are urged. In their own interest, to surrender
that no
. Red. all or pars
in the Vacuum Oil Co. at once for the reasonthe stock Moines, Ia., trustee. Denoms. $1,000 and 13500c5
tificates of stock
on any interest date, upon 30 days' notice, at a premium of 3 of 1% for
is not expected that
further dividends will be paid thereon and it
and date of
thereof between date of
will be dealt in on the New York Curb Exchange after Aug. 20 1931- each year, or fractionguaranteed unconditionallyredemption
as to principal and inmaturity. Notes are
V. 133, P. 817.
terest by endorsement by Roger S. Finkbine and Frank M. Finkbine.
-Smaller
Data from Letter of R. S. Finkbine, Vice.Pres., June i.
Vapor Car Heating Co., Inc., Chicago, Ill.
Business.-Oompany was organized by 0. A. Finkbine in 1881 and
Dividend.
per share was incorporated in Iowa in 1884. Principal business is the retail distriThe directors have declared a quarterly dividend of $1.50 of record
bution of lumber, building materials and fuel. It operates yards in 13
on the common stock, no par value, payable Aug. 10 to holders
distributions cities and towns in Iowa including Cedar Rapids, Storm Lake. Jefferson,
Aug. 1. Previously, the company made regular quarterly
Lake City Manson and Montezuma. Its head office is in Des Moines.
of $2.50 per share on this issue.
Iowa. It is. at this time, acquiring 6 additional yards in eastern Nebraska.
These yards have been in operation for more than 30 years and are well
-Up for Sale.
Victory Building, Toronto.
Richmond St. West, Ltd. which consist established in their communities.
Judicial sale of the assets of 80
Earnings.
-Company has made a profit in every year since organization,
in Toronto,
Building
ofthe uncompleted office building known as the Victory
reporting except one, and has paid annual dividends on its common stock without
is announced for Aug. 20. The "Financial Post- of Toronto in
-year
building was discontinued late In interruption since incorporation in 1884. Net earnings for the 5
the matter further states: Work on the
made since period ended Dec. 31 1930, after depreciation and before Federal income
1929 due to lack of funds and despite numerous negotiations
interest
$25.105, or more than 2.6
for raising the necessary money has gone through. The taxes have averaged of notes. Such earnings fortimes maximum been as
that time no plan
each year have
charges on this issue
present announcement would indicate that the trustee has some possibility follows 1926. $5,737; 1927. 515,916: 1928. $40,270; 1929, $29,580: 1930.
of arranging a sale.
Montreal, Is also calling a meeting of first mortgage $334,020.
The Royal Trust Co.,
Earnings of the 6 yards being acquired are reported to have averaged
bondholders to consider plans for the re-financing of the building. It is $26,375 annually for the past 5 years, making a total of $51,480, or more
understood that the meeting will be held about August 26.
outstanding. Liens against than 5.3 times maximum Interest requirements on this issue of notes. inThere is $546,800 of first mortgage bonds
Purpose.
-Proceeds will be used to acquire yards, buildings and
refinancing
the property totalling some $114,000 have been a handicap to
ventories of the 6 new yards being now purchased from the Bauer-Beery
in the past but it is understood that all lien holders are willing to permit Lumber Co.
the proposed re-financing to go through.
will be
If present plans go through it is probable that the bondholders earning Pro Forma Balance Sheet Dec. 31 1930(Adjusted to Give Effect New Financing).
any
LiaMZftiesvery much better off than at present with the building lacking ever been
power and carrying charges increasing daily. No hope has
$4,485 Accounts payable
$30,189
could Cash
held, in investment circles, that the first mortgage bondholders been Notes receivable
14,440 Accrued items
10,951
optimistic feeling has
retain their preferred position. The most
145,946 6% serial gold notes
160,000
Accounts receivable
mortgage bonds in
193 Deferred income
that the first mortgage bonholders might get second
2,644
-V. 132, County warrants
possibly some common stock.
224,340 7% preferred stock
50,000
Place of their present bonds and
Inventories-merchandise
13,000 Commonstock
216,500
p. 1442.
Investments
126.691 Surplus-earned
Fixed assets
69,040
-Sales Decrease.
10,228
Waldorf System, Inc.
Decrease. Deferred charges
Decrease 1931-7 Mos.-1930.
.
--1930
1931-July
8219,378
59,259,511
$8,151159.040.133
Total
$539,326
Total
$539.326
$1 242,088 $1,250,239
-3ir. 133, p. 659, 305.
-Sales Increase.Walgreen Co.
1931-7 Mos.-1930.
1931-July-1930.
$4,861.897 $4,328,890
-V.133, p. 818. 305.
-July Sales.
(F. W.) Woolworth Co.
1931-July-1930.
Increase.
Increase.1
$2__,1 079,169 $20,738,355
$533,0071$32,083,558 530.268,075 $1,815,483 -V.13, p. 818.
Increased 1931-7 Mos.-1930.
Increase.
$340,8141$151,355,359 $152,051,842 $696.483
Worthington Pump 8c Machinery Corp.
-Balance
-Releases.
Warner Bros. Pictures, Inc.
Inc., have just announced Sheet June 30.corporation and First National Pictures,
This
13 productions offered by the
jointly national release dates on the first production season of 1931-32,
of,
the
affiliated companies on their program for Witness:" on Aug. 29,
"Bought" and "The Star
viz: On Aug. 22,
on Sept 12, "Alexander Hamilton;'
Lane:" on Sept. 5,"The Last Flight:" 26, ."The Road to Singapore;" on
Sept.
on Sept. 19, 'The Bargain:" on Cr. 10, "Five Star Final;' on Oct. 17.
Oct. 3, "Penrod and Sam;" on
Voice:" on Oct. 31. 'Side
"Expensive Women:" on Oct. 24, 'The Ruling All of these films are fullGenius."
Show:" and on Nov. 7, "The Mad Warner Bros. productions, while the
length feature pictures. Nine are
National. Each company has
remaining four are sponsored by First
program.
35 full-length feature pictures on its
New Contract.
National Pictures, Inc., have
This company and its subsidiary, First
the complete Paramount-Publix
signed a contract for exhibition of films in
-V. 133, p. 141.
theatres.
chain of 1,200
-
-Tenders.
Warner Co.
Co., trustee, Phila.. Pa., will
The Tradesmero National Bank St Trust of 1st mtge. 6% sinking fund
Aug. 27 receive bids for the sale to it sufficient to exhaust 6105,000
until
to an amount
bonds, dated April 1 1929,
-V. 133. p. 818.
at prices not exceeding 105 and Interest.
Assetsa Property, plant
& equipment__
Foreign securities.
Cash
Govern. securities
Pref. stk. in treas.
Miscell. securs
Accts. St notes rec.
Inventories
Current accounts,
affiliated cos_
Misc. cure. assets
Deferred charges
1931.
$
1930.
$
8,841,956
2,803,586
7,096.763
150.183
1,430,507
482,501
3,281,322
4,321,322
9,006,706
2,803,586
4,770,378
c2,150,183
403,720
435.677
3,514,079
5,662,734
136,507
532,839
56,080
216,765
1930.
1931.
$
$
Capital stock__ b20.951,000 20,951,000
Accts. payable, dro 324,178
391,288
Fed, tax reserve__
190,517
143,875
138,519
184,634
Miscell. curr. nab_
Pref. dive. payable 252,700
505,399
General reserve___ 978,573
978,573
122,729
Coining. reserve__
123,228
573,120
Special reserve... 441,536
Profit & losanurp_ 5,145,422 5.701,103
28,544,647 29,552,747
Total
Total
28,544,647 29,552,747
a After depreciation. b Represented by $5,592,833 class A 7% pref.,
$10,321,671 class B 6% pref. and $12,992,149 enna, stock. c Includes
call loans.
-V. 133, P. 818.
Yale 8r Towne Mfg. Co.
-Earnings.
-Earnings.
For income statement
Webster Eisenlohr, Inc. months ended June 30 see "Earnings ings Department" on a for three and six months ended June 30 see "Earn-V. 132, p. 3363.
preceding page.
for 3 and 6
For income statement
-V. 132. p. 4433.
Department" on a preceding page.
-Dividend Rights ReYoungstown Sheet & Tube Co.
-Extra Dividend of 25c.
Welch Grape Juice Corp. dividend of 25c. per share on the stored to Dissenters.
The directors have declared an extra
quarterly dividend of 25c. per
common stock in addition to the regular
Aug. 15. An extra of 25c.
share, both payable Aug.31 to holders of record
Feb. 28
Aug. 30 and Nov. 29 1930 and on on May
Per share was paid on Feb. 28.
share was distributed
and May 29 1931, and an extra of $2.25 per
3559.
30 1930.-V. 132, p.
-Earnings.
Products Co.
Western Dairy
June 31 see "Earnings
For income statement for six months ended 3362.
-V. 132, P.
Department" on a preceding page.
Under an amendment to the Ohio corporation code which became effective
July 23, holders of common stock who dissented to the proposed merger
with the Bethlehem Steel Corp., will again share in the company's dividends.
They lost their dividend and voting rights when they opposed the merger;
the amendment does not restore voting rights.
Dividends withheld amounted to 21.732.500, and the courts may be
asked to determine whether the stockholders are to receive this money,
Sheet it Tube in 1930 placed $1.250.000 in a special fund to meet the divi-V. 13.3, P. 818. 659.
dend payments, when, and if, ordered.
AUG. 8 1931.]
FINANCIAL CHRONICLE
979
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES-METALS
-WOOL-ETC.
-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.
Friday Night, Aug. 7 1931.
COFFEE on the spot was quiet with Santos 4s at one
time 83 to 9c. and Rio 78 574 to 6c. Spot coffee on the
%
4th inst. was still quiet with Santos 4s off 83è to 83/sc.,
/
,
and Rio 7s 53/s to 53/sc., with the possibility that the outside
price would be shaded. Fair to good Cucuta 123/s to 123jc.;
,
prime to choice, 14 to 150.; washed, 143./s to 163/sc.; Colombian, Ocana, 12 to 123/sc.; Bucaramanga natural, 13 to
133/sc.; washed, 153 to 163/sc.; Honda, Tolima and Giradot,
%
153/s to 160.; Medellin, 17 to 173/sc.; Manizales, 153/s to 16c.;
Mexican washed, 163/i to 18c.; Ankola, 23 to 24c.; Mendheling, 23 to 32c.; genuine Java, 23 to 24c.; Robusta washed,
8% to 900.; Mocha, 153/s to 16c.; Harrar, 143./s to 15c.;
Abyssinian, 11 to 1134c.; Salvador natural, 12c.; washed,
143 to 163/sc.; Nicaragua natural, 93/i to 100.; washed,
%
13 to 133/sc.; Guatemala prime, 173/s to 173jc.; good, 15
,
to 153/sc.; Bourbon, 13 to 133/sc.; San Domingo washed,
143./s to 15c. On the 3d prompt shipment Santos Bourbon,
2-3s were quoted at 8.85c.; 3s at 83/s to 8.700.; 3-4s at 8.15
to 8.60c.; 3-5s at 7.95 to 8.50c.; 4-5s at 7.90 to 8.55c.; 5s
at 8 to 8.20c.; 5-6s at 8 to 8.10c.; 6s at 7.70; 7s at 7.700.;
Peaberry 4s at 8.10 to 8.400.; 4-5s at 8.25 and 6s at 7.900.
There appeared to be only one shipper offering Rios and
Victoria for prompt shipment and his prices were 10 points
higher. They were 6.20c. for Rio 7s, 6.10c. for 7-8s, 6.05
for 8s, 5.85 for Victoria 78 and 5.65 for Victoria 7-8s. Well
described Santos 3s, 4s and 5s were offered for prompt
shipment at 8.20 and 2-3s, 3s and 6s at 8.65e. On the 4th
inst. cost and freight coffee prompt shipment, 10 to 20
points lower. Santos Bourbon 2s at 9c.; 2-3s at 8.35c.;
3s at 8 to 8.550.; 34s at 8. to 83/sc.; 3-5s at 7.85 to 83/sc.;
4-5s at 7.90 to 8.100.; 5s at 7.85 to 7.90c.; 5-6s at 73/sc.;
,
7s at 7.45c.; part Bourbon 3-5s, 8c.; Peaberry 4s, 7.90 to
,
8.10c.; 6s at 73/sc.; Victoria 7s at 5.85, and 7-8s at 5.550.
On Aug. 5 cost and freight 10 to 20 points lower. Prompt
Santos Bourbon 2-3s were offered at 8.45 to 83/sc.; 3s 8.00
3
to 8.40; 3-4s at 7.90 to 8.45c.; 3-5s at 7% to 8.100.; 4-5s at
78% to 8.20c.; 5s at 7.70 to 7.80c.; 5-6s at 7.60 to 7.95c.;
7s at 7.30. Part Bourbon 2s at 8%c.; 2-3s at 83/se.; 3s at
8.55c. Peaberry 4s at 73/s to 7.80c. 6s at 7.65. Victoria
7s at 5.60 and 7-8s at 5.45. On Aug. 1st a cable to the New
York Exchange said: "National Coffee Council destroyed
9,000 bags Santos Coffee. Also 4,000 bags Rio coffee." On
this and reports previously received, it is estimated that the
Council had destroyed to date 959,000 bags of Santos and
54,000 bags of Rio coffees. A total of 800,000 bags of coffee,
or 105,6000,000 pounds had been destroyed under the direction of the National Coffee Council of Brazil by July 25th,
according to cables received by the New York Coffee &
Sugar Exchange. The destruction started early in April as
a part of the Brazilian Government's plan to reduce Brazil's
great over-supply of coffee. The coffee is purchased by the
Government from farmers and the favorite method of destruction is the burning of the coffee in the swamps outside
of the City of Santos. The coffee is poured into the swamps
and then ignited with burning oil, according to reports.
On the 3rd inst. prices ended 15 points lower to two higher.
Opening prices advanced three to 11 points with cables
steady. The later decline came as Brazil weakened. The
sales were 19,000 bags of Santos and 8,000 of Rio.
On Aug. 3 the Exchange here stated that the world's
visible supply of coffee excluding interior stocks in Brazil
showed an increase of 266,158 bags over the July figure and
an increase of 1,612,037 bags over the total of Aug. 1 1930.
The supply on Aug. 1 amounted to 6,989,952 bags compared
with 6,723,794 bags on July 1 and 5,377,915 on Aug. 11930.
Stocks in the United States and Europe show a large increase
during the year, the U. S. stock having increased from
861,083 bags on Aug. 1 1930 to 1,490,514 bags on Aug. 1
of this year. The European supply is now 2,428,538 bags
compared with 2,062,932 bags on Aug. 1 1930. On Aug. 3
Rio cabled the New York Exchange: "National Coffee
Council destroyed 12,000 bags Santos coffee, also 5,000 bags
Rio coffee and 7,000 bags Victoria coffee." On the 4th
inst. futures declined 21.to 29 points, Rio falling 23 to 29
and Santos 21 to 25 points, with sales of 47,000 bags of
Santos and 27,000 Rio. Much of the business was in
switches. On the 4th the New York Exchange stated the
world's visible supply on Aug. 1 was 6,989,952 bags against
6,723,794 bags last month and 5,377,915 last year. On
the 4th Santos exchange at the New York opening was3
-32d. lower from the previous close. Rio,exchange was.
3i lower; dollar buying rate 550 reis higher. Deliveries ot
mild coffee in the United States in July totaled 303,895 bags.
E. Lanenville of Havre, cabled the Exchange Aug. 4:
"World's visible supply 7,017,000 bags on Aug. 1st against
6,384,000 last month and 5,377,000 last year. Arrivals in
Europe during July were 928,000 bags in the U. S. 591,000.
Deliveries during July, 1,863,000 against 1,687,000 the
previous month, and 1,740 last year."
G. Duuring & Zoon cabled their July statistics as follows:
Arrivals all kinds, 914,000 of which Brazilian, 522,000;
deliveries all kinds, 876,000 of which Brazilian, 465,000;
stocks in Europe Aug. 1, 2,455,000; World's visible Aug. 1,
7,014,000. Futures on the 5th inst. advanced 5 to 17 points,
on covering despite lower early cables from Brazil. Brazil
and Europe later bought. Spot Santos 4s, 83s to 83/s04
/
Rio 7s, 534 to 53/sc.; cost and freights declined 10 points.
,
On the 5th. Santos exchange opened I-64d. lower at 3 21-64d.
with the dollar buying rate 100 reis higher at 14$900. Rio.
exchange opened 3-64d. lower with the dollar buying rate.
320 reis higher at 15$100. Comtelburo cabled from Rio to
the Coffee Exchange: "Institute de Cafe do Estado de Sao.
Paulo has withdrawn 13,000 bags from the Santos stock.
National Coffee Council destroyed 10,000 bags Santos
coffee." On the 6th inst. futures declined 8 to 23 points.
withthe cables off and Brazil and Europe selling though one
large Brazilian interest bought. The sales were 17,500 bagsof Santos and 9,000 of Rio. On the 6th Santos exchange
rate had eased 1-32d. from the opening but was still 1-64d.
net higher at 33/sd. with the dollar buying rate 100 reis
,
lower at 14$700. Rio exchange opened I-64d. lower at
3 23-64d.; dollar 60 reis higher at 148750. To-day futures
closed unchanged to 10 points lower on Rio with sales of
11,000 bags and 11 to 22 points lower on Santos with sales
of 25,000 bags. Final prices show a decline for the week of
11,000 bags and 11 to 22 points lower on Santos with sales
of 25,000 bags. Final prices show a decline for the week of
24 to 32 points on Rio futures an 51 to 64 on Santos.
Rio coffee prices closed as follows:
Spot unofficial
September
December
I March
g12
5.26@nom July
Santos coffee prices closed as follows:
Spot unofficial
September
December
8% §
7.51
7.70
March
May
July
518in!!
6
5.55 nom
7.871 --
COCOA to-day closed 5 points lower to 2 pointS higher
u
78:S26
with sales of 110 lots. Sept. ended at 4.88c.; Oct., 4.97o.;
Dec., 5.12o.; Jan., 5.42c.; March, 5.400.; May, 5.54c.;
June, 5.64c., and July 5.74c. Final prices are 16 to 18
points lower than a week ago.
SUGAR.
-Spot Cuban raws were 1.50 to 3.50c. early
in the week and refined 4.75c. Re-sale granulated at one
tune was 4.650. On the 3d inst. futures after opening 1 to 2
points up closed 1 to 2 points lower in light trading. Cuban
interests bought early but sold later. On. Aug. 3 London
and Liverpool were closed owing to the bank holidays.
On Aug. 3 Havana cabled the particulars of the Cuban crop
movement during the week ending Aug. 1 as follows: Recoipts, 40,217 tons; exports, 104,258 tons; stock, 1,149,549.
Shipments were: New York, 38,916 tons; Philadelphia,
12,522; Boston, 2,838; Baltimore, 5,927; New Orleans,
20,267; Savannah, 1,655; Galveston, 3,701; Norfolk, 3,123;
interior U. S., 102; United Kingdom, 11,892; France, 3,315.
Willett & Gray said Aug. 3: "Based on the calendar year,
we now calculate the world's consumption of sugar for 1930,
at 25,230,319 long tons, a decrease from the previous year
of 849,784 tons, or 3.26%. This world's decrease of 3.26%
seems to compare with the decrease noted by us in the United
States of 3.64% during 1930. A comparison of five years'
consumption is as follows (in tons): 1930, 25,230,319; 1929,
26,080,103; 1928,24,313,773; 1927,22,967,701;1926,25,004,r
712. Futures on the 4th inst. ended unchanged to 1 point
lower with sales of 16,000 tons. Cubans bought 40 lots
of Dec. Local interests sold Dec. and bought March.
Cubans sold next year deliveries. Spot raws were 1.50 to
3.50c.
On Aug. 4 London cabled early a quiet market. The 195
notices were stopped by refiners chiefly. Raw sugar was
offered for Sept. shipment at 6s. 6d. equivalent to 1.253/sc.
f. o. b. Cuba market chill. Havana cabled: "Industry was
paralyzed throughout Cuba to-day in a 24 hour general
strike which caused one of the worst labor tie-ups in the
recent troubled history of the Republic. The strike was effective at mid-night. It was called in sympathy with striking
street car workers. At least 150,000 workers in Havana
were affected. The Labor Union indicated they would
continue the strike unless the Street Car ,Co. complied with
the worker's demand." On the 4th the Sugar Institute Inc.
said: Total melt and deliveries of 14 United States Refiners
up to and including the week ending July 25 1931 and same
period for 1930 were as follow: Melt: 1931-Jan. 1 to July
-Jan. 1 to July 26, 2,795,000.
25, 2,460,000 long tons; 1930
-Jan.
Deliveries: 1931-Jan. 1 to July 25, 2,270,000; 1930
1 to July 26, g,615,000. On the 4th London opened % to
ld. lower than Friday. Liverpool was unchanged to 14
lower at tile opening compared with last Friday's close. On
the 5th inst. futures declined 1 to 3 points on liquidation of
Sept. and Dec. supposedly by the pool. Switching to July
was large enough to attract attention; sales were 22,300 tons.
On the 5th inst. spot raws advanced from 1.51 to 3.51c.;
refined was 4.75e. with good withdrawals; resales on the
4.65c. contracts were offered at 4.70c. without buyers;
4,200 tons of Porto Rico sold at 3.51e.; 19,000 bags of Cuba
sold on the 4th inst. at 1.50c. On the 5th early London
cables reported the market quiet and steady with raws
offering at 6s. 6d. o. i. f. equal to 1.253/sc. f. o. b. Cuba.
On the 5th one statistician said: "The average price of
raw sugar cost and freight at New York for the month of
July 1931 was 1.49c. This is the highest monthly average
price for raw sugar since April 1930, 15 months ago, an
average price of 1.67c. The average price of refined sugar,
net cash at New York for the month of July 1931, was
4.58c. This is the highest monthly average price for refined
sugar since January 1931, when it was 4.58d. This' price
was exceeded in November 1930 with an average of
4.61c." On the 5th it was stated that the average production of the 140 mills that operated in Cuba this year
approximated 153,635 bags of 325 pounds each. Central
Vertientes, with an outturn of 569,000 bags, manufactured
the largest quantity, while Central Amazonos, with 13,850
bags, produced the least. Last year the average production
of the 157 mills was 205,067 bags. Central Vertientes,
830,320 bags, led the list, while Central Occidente, with
10,314 bags, manufactured the least. On the 5th London
opened unchanged to Yid. higher. Liverpool opened unchanged to ld. lower. On the 6th inst. futures advanced
2 points on covering of hedges and other buying with sales
of 14,900 tons. Spot Cuban raws were 1.51 to 3.51c.
Refined 4.75c. with withdrawals good against 4.65c. contracts; resales 4.70c. and quiet. On the 6th early London
cables attribute the easy tone of the terminal markets to
the general financial situation. Holders of raws are not
pressing them and quoting 6s. 6d. c.i.f. for August shipment cargoes, while some parcels are available at 6s. 53d.
c.i.f. Refiners are said to be buyers at 6s. 43'd. Exports
of sugar from Java in July amounted to 135,000 tons, which
compares with 140,000 tons exported in that month last year.
To-day futures closed 1 to 2 points higher with sales of 5,250
tons. Final prices are unchanged to 2 points lower for
the week.
Closing quotations follow:
Spot unofficial
September
December
January
March 1.51
May
1.45
July
1.47
1.48 nom
1.50Inom
1.55 nom
1.62 ---
LARD on the spot was steady after a decline; Prime
Western, 8 to 8.10c.; Refined Continent, 83c.; South
%
American, 83c.; Brazil, 9Mc. Spot lard was 7.80 to 7.90c.
later for prime Western; refined to Continent, 8c.; South
America, 834c.; Brazil in kegs, 9c. Futures on the 1st inst.
ended unchanged to 13 points net higher. Weaker hog
prices were neutralized by higher corn. Hogs fell, 10 to
25c. Contract stocks of lard at Chicago on July 31 were
49,950,000 lbs. against 40,205,000 on June 30 and 47,020,000 at the end of July last year. On the 3rd inst.
futures ended unchanged to 5 points off though hogs were
up 15 to 25e. Futures on the 4th inst. declined 18 to 20
points with stocks at the West rather large. A rise of 15
to 250. in hogs was ignored. Cash lard was dull at 7.80 to
7.90e. for prime Western. On the 5th inst. futures ended
unchanged to 2 points higher. October at one time was up
15 points with hogs 10 to 15e. higher. Declines in grain hit
lard prices later. Receipts of hogs at Chicago were only
13,000 with 67,000 at all 'Western points against 84,000 last
year. Liverpool lard was 6d. to is. lower. Exports from
New York were 83,000 lbs. to Rotterdam. Futures on
the 6th inst. declined 18 to 20 points net with grain lower
offsetting firmness of prices for hogs; cash prime Western,
7.60 to 7.70c.; Refined Continent, 7%0.; South American,
8
83/c.; Brazil, 8 8e. To-day futures closed 5 points lower
to,3 points higher. Final prices are 37 to 38 points lower
than a week ago.
CHICAGO.
DAILY CLOSING PRICES OF LARD FUTURES IN
Wed. Thurs. Fri.
Mon. Tues.
Sat.
7.10
7.15
7.37
7.37
7.55
7.60
September
7.02
7.05
7.30
7.30
7.50
7.50
October
6.40
6.37
6.47
6.45
6.62
6.62
December
Season's Low and When Made
Season's High and When MadeAug. 7 1931
7.10
September
Mar. 17 1931
9.60
September
Aug. 7 1931
7.02
June 22 1931 October
8.42
October
Aug. 6 1931
6.37
July 1 1931 December
7.90
December
PORK steady; mess, $21.75; family, $25.50; fat back,
$17.50 to $18.50. Ribs, Chicagd, cash, 7.50c., basis of
50 to 60 lbs. average. Beef quiet; mess nominal; packet
nominal; family, $12 to $13.50; extra India mess nominal;
No. 1 canned corned beef, $2.25; No. 2, $4.75; six pounds,
South America, $16; pickled beef tongues, $60 to $65 a bbl.
Cut meats steady; pickled hams, 10 to 16 lbs., 149e. to
[VOL. 13:i.
FINANCIAL CHRONICLE
980
15%c.; pickled bellies, 6 to 12 lbs., 13M to 15%c.; bellies,
clear dry salted, boxed, 18 to 20 lbs., 9 2c.; 16 to 18 lbs.,
4
93 c. Butter, lower grades to high scoring, 21M to 273 e.
%
Cheese,flats, 14 to 23c.; daisies, 19 to 20c.; young American,
153 to 16c. Eggs, premium marks, 253. to 27c.; closely
selected heavy,24 to 25c.; extra or average best,22 to 233/zc.;
seconds to extra firsts, 17 to 213'c.
OILS.
-Linseed was rather quiet and down 2c. at one time
due to lower seed markets. Later on the price declined 4
points more to 8.2e. for raw oil in carlots, cooperage basis.
The drop in flaxseed again was responsible. Cocoanut,
Manila coast tanks, 33 0.; spot, N. Y. tanks, 4 Mc. Corn,
/
crude, tanks, f.o.b. mills, 63'c. Olive, Den., 82 to 85e.
Chinawood, N. Y. drums, carlots, spot, 7%c.; tanks,
6% to 61 2e.; Pacific Coast tanks, 6c. Soya bean, carlots,
/
drums, 7.1c.; tanks, Edgewater, 6.5c.; domestic tank cars,
f.o.b. Middle Western mills, 6c. Edible olive, 1.50 to 2.15e.
Cottonseed oil sales,including switches, 10 contracts. Crude
S. E., nominal. Prices closed as follows:
Spot
August
September
October
5.75@
5.8050
5.80©5.99
5.7054
November
December
January
March
5.43@5.70
5.5005.75
5.59©5.69
5.6805.75
PETROLEUM.
---There was a better export demand for
both gasoline and kerosene of late. Most of the distressed
low-priced gasoline has been cleaned up and leading refiners
in the Gulf section have advanced prices. For 61-63 and
64-66 gravity gasoline quotations were marked up 3..3.,
while the outside prices for U. S. motor and 60-62 gravity
were raised a fraction. Several sales were said to have
been made, but prices have been withheld.' French buyers
were said to be inquiring for cargo lots. The local demand
has been good and prices are steady, with leading refiners
asking 53i to 5Mc.for U.S. motor in tank cars at refineries.
Jobbing demand increased. Later on bulk gasoline was
slightly easier and there were reports that some refiners
would do business under 5e. on a firm bid. Generally, however, 534c. was quoted. The strength of the Gulf market
has tended to improve sentiment to a certain degree. The
easier tendency here was a surprise to many. Export demand was better. California gasoline was scarce; 6c. was
quoted in tank cars at terminal. Kerosene,though rather easier, has shown signs of improving before long. Water white
41-43 gravity was still held at 49c.in tank cars at refineries.
Bunker and Diesel oils lowered 5c. by the Standard Oil Co.
of New Jersey at New York, Boston, Baltimore, Norfolk,
Charleston, S. C., Baton Rouge and New Orleans. The
new price for grade C bunker fuel oil at New York Harbor
terminals will be 70c., while Diesel oil will be available on
spot at $1.40 refinery.
Tables of prices usually appearing here will be found on an earlier page in
our department of "Business Indications." in an article entitled "Petroleum
And Its Products."
-On the 1st inst. prices changed very little.
RUBBER.
Some months fell a point or two in very small trading. No.1
standard contract closed with Sept. 5.74c.; Dec., 5.98 to
60.; sales, 20 tons; new "A" Aug., 5.65c.; Sept., 5.720.;
old "A" Sept., 5.70c.; sales, 112 tons. Outside prices:
-Dec., 5% to 6e.;
Spot, Aug. and Sept., 5% to 5 8e.; Oct.
spot first latex thick, 6Mc.; thin pale latex, 63'e.; clean
thin brown No. 2, 5%e.; rolled brown crepe, 558c. On
/
the 3d inst. prices ended 1 to 4 points lower. July export
figures from Ceylon showed good reductions from the
previous month. The well-known plantation interest, the
Anglo-Ceylon & General Estates, Ltd., reported rubber recently has been produced by the company at a loss, but that
they had ceased tapping for the time being on some estates.
The report added that the Government had agreed to
abolish the export tax of 1 Me. per pound, which together
with a reduction in wages made a considerable difference
in the cost of producing, but not sufficient to justify resumption of tapping with the market at its present level.
No. 1 standard closed here on the 3d inst. with Aug. 5.660.;
Dec., 5.97 to 5.99o.; March, 6.19c.; May, 6.35o.; July,
6.55e.; sales, 530 tons; New "A" Aug., 5.640.; Sept., 5.71c.;
old "A" Aug., 5.60 to 5.70e. Outside prices: Spot and
Aug.,5% to 53c.;Sept., 53/i to 5Mc.; Oct.
-Dec.,5% to 6c.;
spot first latex thick, 6Mc.; thin pale latex, 63e.; clean
thin brown, No. 2, 5%c.; rolled brown crepe, 5%c.
On Aug. 3 it was stated that Ceylon exports in July were
4,282 tons, of which 3,033 to the United States, against
5,242 in June, of which 3,513 to the United States, and
4,070 in July 1930, including 1,808 to the United States.
London and Singapore were closed for the bank holidays.
Both markets were reopened on Aug. 4. On the 4th inst.
prices closed 6 to 10 points off with sales of 300 tons of No. 1
standard, none of new "A" and only 15 of old "A." Malayan exports were bearish. The wonder is that they had so
little effect. Gross exports of crude rubber by Malaya
during July totaled 43,658 tons, against 39,397 tons in June
and 41,347 tons during July last year. The Island of Ceylon, a less important factor in production, exported a total
of 4,212 tons during July as compared with 5,242 tens in
June and 4,070 tons in July 1930. Of the Ceylon total
3,035 tons were exported to the United States last month
against 3,513 tons in June and 1,808 tons in July last year.
No. 1 standard contract closed on the 4th inst. with September 5.67e.; December, 5.90 to 5.920.; March, 6.11 to 6.12e.;
new "A" August, 5.54c.; September, 5.65c.; old "A" August,
6.50e.; September, 5.60c. On the 4th Singapore closed
AUG. 8 1931.]
FINANCIAL CHRONICLE
-Dec., 2%d.;
dull, 1-16d. advance; August, 23,d.; Oct.
%
-March, 23d.; amber crepe, 2 5-16d., up 1-16d. LonJan.
don rubber market opened quiet, unchanged to 1-16d. decline, and at 2:37 p. in. was quiet, 1-16 to %d. decline;
/
August, 258d.; September, 2 11-16d. London stocks on
Aug. 1 1930 were 81,335 long tons, an increase of 231 tons
over the previous week. Liverpool's stock of 54,881 tons
showed an increase of 546 tons. The combined total increase of 777 tons was in sharp contrast with unofficial
estimates on Friday pointing to a decrease of 400 tons.
On the 4th London closed quiet at 1-16 to %d. decline,
/
with August trading at the previous record low of 258d.
September closed at 2 11-16d.• October, 2%d.; Oct.
-Dee.,
-Mar., 2 15-16d.; Apr.
-June, 3 1-16d.; July2 13-16d.; Jan.
September, 3 3-16d.
On the 5th inst. prices dropped to new lows in all markets.
Manufacturers sold. The selling side was the popular one.
August fell to 5.400. Details of the Malayan exports for
July showed shipments to the United Kingdom totaled
27,645 tons against 27,713 tons during June, or 63.4% of
the gross rubber shipped against a United States percentage
of 70.5% in the June figures. Exports to the United'
Kingdom British possessions, the Continent,Japan and other
countries were higher in July compared with June. Those to
Japan were doubled 3,424 tons against 1,727 tons in June.
No. 1 standard contract here on the 5th inst. closed with
Sept., 5.53 to 5.56c.; Dec., 5.77c.; March, 5.97 to 5.98c.;
May, 6.13 to 6.1504 July, 6.35c.; sales 970 tons; New "A"
August, 5.50c.; Sept., 5.510.; Oct. 5.61c.; Old "A" Aug.,
5.50 to 5.60c.; Sept., 5.50 to 5.60c.; Oct., 5.60c.; Dec.,
5.70 to 5.80c.; sales 162 tons. Outside prices: spot, August
and Sept. plantation sheets 53/ to 5%c.; Oct.
-Dee. 53 to
/
5 Mc.; spot, first latex, thick, 578c.; thin, pale latex, 63'
to 64c.;clean thin brown No.2,53'c:; No.2 amber,5 7-16c.
nominal; No. 3, 538c.; No. 4, 5Kie.; Paras, up-river fine
/
spot, 8 to 83/ic.; Acre fine spot, 8% to 93c. On the 5th
London opened unchanged to 1-16d. decline and at 2.34
p.m. was quiet, 1-16 to Md. decline, with Aug. at a new
record low of 2 9-16d.; Sept., 2 9-16d.; Oct. 2 11-16d.;
Oct.
-Dec., 2 11-16d. Singapore closed dull, 1-16d. decline.
'
-Dec., 2 9-16d.; Jan.
Aug. 2 7-16d.; Oct.
-March, 2 11-16d.;
No. 3, Amber crepe, 230., off 1-16d.
On the 6th inst. prices reached new lows early at 5.30c. for
Aug. but later came a rally. The cables were lower.
London was off to 2 7-16d. an all-time low, but rallied later.
Manufacturers were buying more freely as the price dropped
to an unheard of level. Small wonder. No. 1 standard
contract closed with Sept. 5.65 to 5.60c.; Dec., 5.82 to
5.84c.; March, 6.03 to 6.040.; May, 6.18c.; sales, 550 tons;
new "A" Aug., 5.46e.; Sept., 5.53c.; no sales; old "A" Aug.,
5.30 to 5.40c.; Sept., 5.50c.; Nov., 5.600.; Dee., 5.70c.; no
sales. Outside prices: Spot, Aug. and
M to 5%c.;
Sept.,e% to 5 13-16c.;
Oct.
-Dec.,5% to 5Mc.;spot first latex thick,
thin pale latex, 5% to 63/sc.; clean thin brown No. 2, 53
to 5Mc.; rolled brown crepe, 43/2 to 4%o.; No. 2 amber,
534c.; Paras, upriver fine spot,, 83,4 .to 83.c. On Aug. 6
London closed steady and unchanged with Aug. at 2 9-16d.;
/
-Dec., 2 11-16d.; Jan.
Sept., 2 9-16d.; Oct., 258d.; Oct.
March, 2 13-16d.; April-June, 2 15-16d.; July-Sept., 338d.
/
To-day futures closed 11 to 15 points lower on No. 1
standard and new "A" and unchanged to 10 off on old "A,"
with sales of 80 lots of No. 1 standard and 11 lots of old
"A" and none of new "A." Final prices are 28 to 32 points
lower than a week ago. To-day London closed dull, 1-16d.
decline. Aug., 23d.; Sept., 234d.', Oct. 2%d.; Oct.
-Dec.,
2
2%d. Jan.
;
-March, 2%d.; April-June,' Md.; July-Sept.,
3 1-16d.
HIDES.
-On the 1st inst. prices declined 5 to 10 points,
with ales of 600,000 lbs.; sales on the Hide Exchange
here for the seven months ended July 31 showed a net
increase of approximately 50% over the corresponding
period last year. During the first six months of this year
the production of shoes showed a net gain of 284,000 pairs
over the same time last year, although at the end of Kbruary
the output was 8,572,000 pairs behind the first two mont s
of 1930. On the 1st inst. a lot of 5,000 July frigorifico steers
sold at 103/80. On the 3d inst. futures closed unchanged
to 5 points higher with sales of 880,000 lbs. closing with
'
Aug., 10.200.; Dec., 12 to 12.05c.; March, 12.90 to 12.95e.;
May, 13.40c.; June, 13.70 to 13.85c. On the 5th inst.
prices were 62 to 67 points lower ,a decline unexampled in
the New York records. It was due to bearish foreign news
and a decline of Mc. in Chicago and Mc. in Argentina.
Shoe prices have been low. Germany has in the past been
a large buyer of hides. It buys considerably less now.
At a pinch people can economize on shoes by mending.
The sales at the Exchange were 2,800,000 lbs. On the 5th
inst. sales reported in the West and the Argentine included
4,000 frigorifico steers July at 10%c.; 3,000 heavy native
steers, June, at 113'.c.; 900 butt branded steers,
11%c.; 950 Colorados, May-June-July at 110.,June-lyat and 2,löó
branded cows, June-July, at 103c. On the 5th inst. futures
closed here with Sept., 9.95c.; Dec., 11.33 to 11.40e ;
March, 12.33' to 12.34c.; May, 12.85c.; June, 13.15e.
Common dry Cucuta, 15c.; Orinocos, 12e.; Maracaibo
and Santa Marta, 11c.; Central American, La Guayra,
Ecuador and Savanillos, 103c.; Puerto Cabello, 103.c.;
packer native steers and butt brands, 12c.; Colorados, 113'o.;
Chicago, light native cows, July, 12c.; N. Y. City calfskins, 5-75, 1.10c.; 7-9s, 1.60c.; 9-12s, 2.373c.
981
On the 6th inst. prices fell 8 to 25 points with Chicago
lower at 110. for light native August cows. Stocks in the
Central West have been increasing. The trading at the
Exchange here was 2,720,000 lbs., closing with September,
9.75 December, 11.25 to 11.300.; March, 12.190.; June,
12.90 to 13c. To-day prices closed 15 to 30 points lower
'
with sales of 70 lots. September ended at 9.45c.• December at 10.95c.• March at 11.95 to 12c.; May at 12.50c., and
June at 12.75 to 12.850. Final prices show a decline for
'
the week of 155 to 171 points on September and December.
-Rates unchanged. Trade good
OCEAN FREIGHTS.
with the Black Sea.
CHARTERS included grain 35,000 qrs. Montreal, Aug. 15, AntwerpRotterdam, 6c. and Oic., United Kingdom, Is. 6d. and Is. 7Mcl. and
-Five
United Kingdom-Continent, Is. 73id. and 63id. Grain Booked.
loads Havre-Dunkirk at 8c.; 455 loads to Liverpool at Is. 6d. Coal.
Hampton Roads, August to Pernambuco, $2.40; Hampton Roads, August
to Genoa, $1.90. Time.
-Prompt trip down Canada redelivery North
Hatteras, 80c.; trip up, prompt via Gulf, redelivery Hampton Roads, 85c.
Tankers.
-Gas oil, Black Sea-Rotterdam, August, 7s. 6d.; clean, Black
Sea, October, 2, 4 or 8 tripe: French Mediterranean, 9s. 3d. with options:
clean, Black Sea, French Atlantic, 6s. 9d. with options; Constanza, Alexandria Piraeus, 48. 9d. one and 58. 3d. two ports, September. Tankers.
-Continent including Ireland,
Clean, Batoum or Novorossisk or Kotze, U.K.
78. August 20-31.
TOBACCO has remained quiet in its mid-summer rut.
Six thousand acres in Connecticut were recently damaged by
storms, it is estimated, to the extent of $1,250,000. Havana
cabled: "The first important transaction in new Vueltas
has just been consummated by the firm of Max Schwarz in
the purchase of the two very famous vegas Esperanza and
Santa Fe, comprising over 800 bales." The sales for the
week ending July 27 were 3,647 bales. Tobacco auctions
are beginning with the opening of Georgia markets. A
sharply curtailed crop leads Georgia growers to hope for
better prices. The new Federal price report system is
inaugurated. Douglas, Ga., wired: "The first million
dollars that the season will bring began to flow into the
pockets of the Georgia tobacco growers as 1931 auctions
opened throughout the belt recently. Growers are optimistic
for better prices on improved quality, with a crop curtailed
sharply by drouth and other factors. Buyers are prepared
for the opening of the market and growers were moving
quantities of bright leaf to the warehouses. Fifty-six warehouses in 21 markets began sales Tuesday. Thomasville is
the only 1930 market that did not reopen yesterday as a
result of delay of maturity of tobacco. Tobacco men agree,
however, that some warehouses may be kept open longer
than the customary four weeks if necessary to care for the
late crop. Several warehouses have consolidated or been
sold. A Government forecast of a production of approximately 51,000,000 lbs. compared with 106,000,000 lbs.
last year and improved quality encouraged hopes of better
prices. The crop in the Douglas section is estimated as
25 to 30% smaller than last year's."
Washington wired Aug. 3 that the Department of Justice
had nine complaints about the almost simultaneous action
of four major tobacco companies in increasing the price of
popular brands of cigarettes and that the anti-trust division
was pushing its investigation. Wholesale dealers declared
their business was affected by the increased prices, one
complaint coming from the American Wholesale Grocers
Association. The action complained of was taken about
the same time, it is stated, by the American Tobacco Co.,
Liggett & Myers, the R. J. Reynolds and P. Lorillard Tobacco companies. All announced an increase of 45 cents
a thousand, bringing cigarette prices to $6.85 a thousand.
COAL was quiet. Slack has sold, it seems, at as low as
300. Philadelphia dealers say anthracite sales are a little
larger; not so in the bituminous department. The Kanawha
strike has had no price effect. Steam run of mine, West
Virginia, ranges from $1 to $1.25. Cincinnati high volatile
domestics are weak,egg selling at $1 to $1.25. The Southern
low volatiles are firm, spot egg at $3 to $3.25. Chicago
smokeless domestic has been advanced to $3 to $3.25 for
egg and $2.50 for stove. The mine run August price stays
at $1.75, but there is no snap in the trading. Boston is
quiet. Buffalo trades in only small lots. Output is steady
and not much changed. Trade moderate. Bituminous
output is held to 6,750,000 tons weekly. That was the
forecast for last week. Tonnage as revised for the July 18th
week stood at 6,744,000 tons and for the week before 6,784,000 tons. Hampton Roads steamers took 93,238 long tons
over Saturday-Sunday and only 28,613 long tons Monday.
New York tidewater is a little more active than it was.
June consumption totaled 24,690,000 tons. This the
agents stated is 16% under June 1930. May consumption
was 26,431,000 tons. June production exceeded consumption by over 11,000,000 tons. The rails burned less coal in
June than May, so did the utilities in the aggregate. The
majority of gas plants used more coal. Bunker prices are
nominally unchanged but in actual business it is said there
is a slight decline. There was a cut of 250. a ton at Cristobal.
SILVER to-day closed with September, 27.80c.; December, 2802c.; May,28.17c.; June, 28.20c., and July, 28.23c.;
.
sales, 25 lots or 625,000 ounces.
COPPER was reduced Mc. to 8c. for export, a new low
record. It is now closer to the domestic price which has
been between 73/2 and 8c. for several days. Some copper
was offered at 73,d. by custom smelters, but other smelters
4
were quoting 73 0., while primary producers were holding
to the 8e. level, but apparently are out of the market, as
there is no demand at that price. In London on the 6th
FINANCIAL CHRONICLE
982
[VOL. 133.
Receipts atinst. standard copper fell is. 3d. to £32 13s. 9d. for spot and
Sat.
Mon. Tues. Wed. Thurs. Fri.
Total.
£33 11s. 3d. for futures; sales, 50 tons spot and 310 futures, Galveston
25f/
175
121
41
593
6
10.s asked; at Texas City
electrolytic unchanged at £35 bid and £36
1
1
Houston
134
355
361
393 1,576
237
96
the second session there standard copper unchanged with Corpus Christi
969
503
712
541
795 1,639 5,159
sales of 50 tons spot and 25 futures.
New Orleans__ _ _
90
40
49
151
375
122
827
Mobile
9
38
-_
25
-___ 2,640
2,568
1
1 e
68
910
105
TIN declined to near the low point of recent swings.'1 - Savannah
ii
1 1.122
27
28
13
88
129
---price recently was down to 24.35c.for spot Straits. Demand Charleston
Wilmington
1
was extremely quiet. All tin descriptions were down M. Norfolk
149
ii6 ------------64
419
519
519
in London on the 6th inst. Trading on the National Metal Baltimore
Exchange here amounted to 40 tons, all switches; four lots Totals this week_ 1.436 2.254 1.642 1.099 3.797 2.758 12.0813
of August were crossed with an equal quantity of NovemThe following table shows the week's total receipts, the
ber at 30 points premium. Futures closed 5 to 15 points
lower with the market dull. Tin afloat was 7,160 tons; total since Aug. 1 1931 and stocks to-night, compared with
arrivals so far this month: Atlantic ports, 325 tons; Pacific last year:
ports, nil. In London on the 6th inst. standard closed at
1931.
1930.
Stock.
£108 10s. for spot and £111 for futures; sales, 100 tons spot
Receipts to
This Since Aug This Since Aug
Aug. 7.
and 200 futures; spot Straits ended at £109 15s.; Eastern
Week. 1 1931. Week. 1 1930.
1931.
1930.
c.i.f. London, £113 15s.; sales, 175 tons.
Galveston
593 1,442
593
1,442 398,429 180.803
LEAD was rather quiet and unchanged at 4.40c. New York Texas City
1
1
9,926
3.082
Houston
1,576
1,576 13.095
13,095 711,788 522.973
and 4.2250. East St. Louis. Automobile production for Corpus Christi.-- 5,159
5,159 44,344
33.968
62,915
44.457
July was 221,489 cars and trucks in the United States and Beaumont
585
172
827
827 2,448
Canada and the prediction for August is 160,000 units. In New Orleans
2,448 566,760 316,189
Gulfport
London on the 6th inst. prices fell 3s. 9d. to £12 2s. 6d. for Mobile
2,640
2,640
559
9,170
559 211,143
spot and £12 6s. 3d. for futures; sales 300 tons of spot and Pensacola
16,600
169
169
Jacksonville
1.348
867
200 futures.
Savannah
1,122
1,122
294
313 343.970 103.603
Brunswick
ZINC was quiet but firm at 3.85c. East St. Louis for Charleston
129
129
93
93 154,119
63,449
3,925
August and 3.900. for Sept. shipment. July statistics were Lake Charles
140
Wilmington
1
1
2
2
3,681
4.161
favorable. Surplus stocks of refined zinc decreased 7,095 Norfolk
419
419
22
119
53,916
46,799
N'port News,
tons in July, the third successive decrease and for three New York &c228,345 238.480
months shipments have been progressively increasing. Boston
9
2,854
9
5.841
519
Stocks of zinc at the end of July, according to the American Baltimore
519
32
500
32
751
5.176
5,293
Zinc Institute were 131,833 tons against the high point of Philadelphia
Totals
145,139 tons at the end of November. The American Zinc
12,986
12,986 62,509
62.738 2,747,150 1.564.571
Institute has announced weighted average prices on sales
In order that comparison may be made with other years,
during July. For July delivery the price was 3.896c. per we give below the totals at
leading ports for six seasons:
pound, East St. Louis; for subsequent delivery, 1,898 tons
at 3.926e. The price of brass special was 4.015c. on sales Receipts at- 1931.
1930.
1929.
1928.
1927.
1926.
of 226 tons for July delivery; for subsequent delivery 4 le
Galveston____
593
1.442
2,850
5,778
13,401
22.382
on sales of 100 tons. London on the 6th inst. dropped 3s. Houston
1,576
13.095
1,848
5.858
29.535
30.584
9d. to £11 for spot; futures off 2s. 6d. to £11 13s. 9d.; sales New Orleans_
827
2,448
4,975
6,712
9,029
14.041
Mobile
2.640
559
949
124
655
175 tons spot and 275 futures.
333
Savannah..-._
1.122
294
443
639
4,131
1.936
to Brunswick..
STEEL has been slow. The average operation is said
129
93
207
583
3.578
1,487
be 30%, a decrease of 2%. Automobile output is low. Charleston
Wilmington
1
2
16
44
118
87
Norfolk
419
22
418
330
Railroads are not in the market. Pipe lines are doing noth- N'port News_
470
2.217
ing. Structural steel sells the best but there is nothing as a All others____
5,679
44.554
38.128
997
23,105
803
rule that is at all striking in this particular line either.
The U. S. Steel Corp. has cut salaries 10 to 15%. Steel Total this wk. 12,986 62,509 49,834 21,074 84,022 73,869
prices are nominally steady. Steel scrap, it is intimated, is Since Aug.1-- 12,986 62.738 52,522 26.376 116.000 104.971
weaker. The whole market is untested. What a real test
The exports for the week ending this evening reach a
would reveal as to actual prices is purely a matter of contotal of 25,445 bales, of which 939 were to Great Britain,
jecture.
437 to France, 3,460 to Germany, 3,578 to Italy, nil to
PIG IRON has remained dull. The output fell 15% in Russia, 13,645 to Japan and China and 3,386 to other
July That fact has a gloomy eloquence of its own. Prices destinations. In the corresponding week last year total
.
.
are irregular and supposedly none too steady under compe- exports were 29,995 bales. For the season to date aggretition. There was a drop in production in June of 18%. gate exports have been 25,445 bales, against 31,514 bales
There was a net loss for July of nine active furnaces and in the corresponding period of the previous season. Below
production for the month was the lowest since November are the exports for the week:
1921. Pig iron production last month was 1,463,220 tons,
or 47,201 tons daily as against 1,638,627 tons or 54,621
Exported to
Week Ended
tons daily in June. The daily rate for last month was well
Aug. 7 1931.
Great
GerJapan&
the production of last December.
below
Exports from
- Britain. France. many. Italy. Russia. China. Other. Total,
-Boston wired a Government report on Aug. 6, Galveston
WOOL.
984
2,154
3.138
932
437
703
9,191 3,186 14,449
which said: "Demand is somewhat quieter than last week HoustonChristi
Corpus
100
100
on fine and half-blood domestic wools, but spot offerings New Orleans._
2,875
"733
100 4,902
Norfolk
136
350
1:565
of the lower grades are quite active. Practically no good Los Angeles....
1,786
70
1,000
1,070
56s strictly combing fleeces are available at less than 23c.,
437 3,460 3,578
Total
939
13,645 3,386 25,445
with some firms asking up to 24c. in the grease. Strictly
combing 48-50s fleeces sell readily at 21 to 22c. in the grease. Total 1930
5,012 6,388 6,947 2,488
9,160
4,035 2,456 9.978 2,089 4.900 4;ii5 4,555 29,995
Low quarter blood 46s fleece wools are strong at 20 to 21c. Total 1929
32,459
grease, or 33 to 37e. scoured basis, while territory
in the
From
Exported to
quality are strong at 37 to 40e. scoured basis. Aug. 1 1931 to
wools of 46s
Get'Japan&
Wool tops futures were irregular early to-day. The open- Aug. 7 1931. Great
ing bids were unchanged to 150 points lower compared with Exportsfrom Britain. France. many. Italy. Russia.; China. Other. Total.
98the January and February deliv- Galveston_
Thursday's opening, but
2,154
3,138
437
932 -5176
9,191 3,186 14,449
eries sold at 74.20e. up 20 points from yesterday. The Houston
Corpus Christi
ioo
100
733
1,19 2,875
was unchanged to He. off and New Orleans.
market was quiet, Antwerp
loo 4,902
Norfolk
136
350
1;5(55
1,780
Roubaix was off 40 to 50 centimes. Futures here closed Los Angeles....
70
1,000
1,070
10 points higher for the day. All deliveries closed at 74.20
Total
939
43
3,460 3,578 ---- 13,645 3,386 25,445
nominal. Boston was unchanged on the spot.
5,981
6,947
550
SILK to-day closed unchanged to 3 points higher with Total 1930_ 7.834 6,388 12,327 2.488.._._ 9,240 9,160 31,514
Total 1929._ _
3,202
4,463 4.900
5.703 47,669
sales of 91 lots or 910 bales. August closed at 2.27 to 2.300.;
In addition to above exports, our telegrams to-night also
September, 2.28e.; October and November, 2.26 to 2.28c.;
December, 2.25 to 2.26c.• January, February and March, give us the following amounts of cotton on shipboard, not
,
2.25c. Final prices are 1 to 2 points lower for the week on cleared, at the ports named:
'
September and December.
On Shipboard Not Cleared for
-
COTTON
Friday Night, Aug. 7 1931.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening, the total receipts have reached
12,986 bales, against 40,927 bales last week and 16,304
bales the previous week, making the total receipts since
Aug. 1 1931, 12,986 bales, against 62,738 bales for the same
period of 1930, showing a decrease since Aug. 1 1931 of
49,752 bales.
Aug. 7 at
Galveston
New Orleans
Savannah
Chat leston_
Mobile
Norfolk
Other ports *
GeeGreat
Other CoastBritain. France mans'. Foreign wise.
700
1,494
700
1,282
1.500
655
3.500
2.624
6,500
Total.
Leaving
Stock.
500
800
539
250
209
1.500
500
1.500 16,000
6.900 391.529
6.855 559.905
6.500 337,470
154.119
998 210.145
53.916
500 20,000 998.813
Total 1931..- 4,233
Total I WO.
- 2,558
Total 1929
3.236
•Estimated.
2.732
2.016
2,400
3,655 28.833
3,113 22.230
6,047 14.429
1,800 41.253 2.705.897
521 30,440 1,534.131
2.192 28,304 489.312
FINANCIAL CHRONICLE
AUG. 8 1931.]
Cotton prices steadily fell to new lows, with crop and
weather reports good and trade dull. Contradictory reports
about sales to Germany had some effect. On the 1st inst.
prices declined 15 points or more, with the weather good,
stocks irregular, and a tendency to estimate the crop at
about 14,000,000 bales against 13,932,000 last year and the
condition at about 71.5 against 62.2 a year ago in the Gov-year average. Liverpool,
ernment report and 67.5 the 10
Alexandria and Bombay were closed for holidays. Bremen
was lower. There were no exports. Worth Street was dull.
The weather and weekly forecast were considered mostly
favorable.
On the 3rd inst. prices advanced 20 to 25 points early, but
reacted sharply and ended 4 points lower to 1 point higher
as demand to cover died down and offerings increased. The
carryover was stated by New Orleans as 8,711,000 bales of
lint cotton, the largest ever known. The crop advices were,
in the main, favorable, and estimates tended to mount to
around 14,000,000 bales in some cases against 13,932,000
last year, whereas a very sharp reduction from last year's
yield was needed. Few seem to expect any very marked
increase in the world's consumption of American cotton.
Last season one report says it was about 11,050,000 bales.
On the 4th inst. prices advanced a few points net, but
rallied sharply from the early low as contracts became
scarce. Crop estimates were issued of 14,150,000 to
14,218,000; the average of six estimates was 14,622,000
against 12,838,000 at the end of June. On the 5th inst.
prices declined 20 points or more, with the weekly report
mostly favorable, the weather generally good, the cables
lower than due, and the stock market lower. Contracts
were more plentiful. Liverpool, the Continent, Wall Street
and the South sold. Liverpool reported large selling for
Bombay and the Continent. There was an unconfirmed
rumor of a failure in Bombay. Liverpool was weakened
partly because the New Orleans Exchange protested against
the proposed sale of 1,000,000 bales of the Farm Board's
holdings of 1,300,000 bales to Germany on the ground that
such sales would cut down the exports to Germany this
season. Last season, according to the "Chronicle," the exports from America to Germany were 1,718,012 bales, Germany being the largest importer of American cotton. Cotton goods were dull.
On the 6th inst. prices were at one time 6 to 8 points
higher, with Liverpool cables higher than due, offerings
smaller, and shorts and the trade buying. Later the rise
was lost on good crop reports and general selling. Arkansas,
Georgia and the Carolinas had heavy rains, but they did
not affect the price. Crop estimates were mostly smaller
than recently, but nevertheless they were all to large for
the needs of the world. The average estimate of 72 members
of the Exchange was 13,813,000 bales. The American Cotton
Crop Service estimated it at 13,456,000, and, it was reported,
Procter & Gamble put it at 13,750,000, and the Cochran
Bureau at 13,977,000 bales. The Memphis "Commercial Appeal" stated it at 14,117,000 bales, and the condition at 73.4%
as against an average of late of 71.6 and 62.2 in the Government report of a year ago and 67.5 the 10-year average.
To-day prices at one time were 10 to 12 points lower, owing
to the fact that the demand to cover was smaller than had
been expected. Stocks were lower. The South, Wall Street
and local interests were selling. Crop reports for the most
part were favorable. But later on there was a rally on
week-end covering. The Dallas, Tex., "News" weekly report
was not altogether favorable. It stressed the fact that in
parts of that State the growth is rank. There has been too
much rain in some parts of that State. Some portions of
Oklahoma are not getting rain enough, and others too much.
Heavy rains in Georgia and parts of the Central belt excited
remark. On the whole, the market acted very well, although
It has been steadily declining during the week. The technical position is undoubtedly better. Some think a crop
report of 14,000,000 bales has been discounted in the recent
very drastic liquidation and sharp decline in prices. Final
prices show a decline for the week of 35 to 39 points. Spot
cotton ended at 7.95c. for middling, a decline for the week
of 30 points.
•
The official quotations for middling upland cotton in the
New York market each day for the past week has been:
Aug. 1 to Aug.7Sat. Mon. Tues. Wed,
Fri.
=clang upland
8.15
8.10 8.15
8.00 Thurs
7.95. 7.95
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot Market
Closed.
Futures.
Market
Closed.
Saturday_ __ Quiet, 10 pts. dec.- Easy
Quiet. 5 pts. dec_ _ Steady
Monday
Tuesday __- Steady,5 pts. adv.. Steady
Wednesday- uiet, 15 pts. dec. - Steady
Thursday - Quiet.5 pts. dec.. Barely steady_ _
ulet,unchanged..._ Very steady
Friday
Total week_
Since Aug. 1
SALES.
Spot. Contr't. Total.
300
300
100
100
100
100
500
500
500
500
983
NEW YORK QUOTATIONS FOR 32 YEARS:
1931
1930
1929
1928
1927
1926
1925
1924
7.95c.
13.lSc.
18.95c.
19.65c.
17.15c.
18.75c.
24.55c.
31.100.
25.15c. 1915
21.10c. 1914
13.50c. .913
39.50c. 1912
31.50c. 1911
31.45c. 1910
28.00c. 1909
14.10c. 1908
1923
1922
1921
1920
1919
1918
1917
1916
9.45c.1907
12 50c. 1906
12.00c. 1905
12.65c. 1904
12.75c. 1903
15.90c. 1902
12.50c. 1901
10.85c. 1900
13.20c.
10.85c.
10.45c.
12.75c.
8.94c.
8.00c.
9.69c.
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
Aug. 1.
Tuesday, Wednesday, Thursday,
Aug. 6.
Aug. 5.
Aug. 4.
Monday,
Aug. 3.
Friday,
Aug. 7.
elug.Range__
Closing. 7.97- 7.93- 7.95
7.79- 7.74- 7.73Sot.
Range__
--8.10 8.20
Closing_ 8.11- 8.07- 8.09- 7.93
7.88- 7.87a.
o Range__ 8.25 8.33 8.18 8.44 8.11 8.25 8.03 8.13 7.99 8.13 7.91- 8.05
Closing_ 8.25 8.27 8.21- 8.23 8.25 8.07
8.02 8.03 8.01- 8.03
Nos.8.24
Range-8.16
Closing. 8.38- 8.34- 8.36- 8.20- 8.15
834Dee.
Range__ 8.45 8.57 8.38 8.66 8.33 8.46 8.25 8.35 8.23 8.37 8.12- 8.28
Closing_ 8.45 8.48 8.43- 8.46
8.29 8.30 8.25 8.26 8.24- 8.25
Jan.
Range.. 8.55 8.67 8.50 8.74 8.43 8.56 8.36 8.43 8.35 8.47 8.24- 8.39
Closing- 8.55 8.57 8.53- 8.56- 8.40
8.36 8.38 8.35Pet.
Range...
Closing. 8.65- 8.65- 8.67
8.50- 8.46- 8.45Mar.Range- 8.76 8.89 8.71 9.00 8.66 8.80 8.56 8.68 8.52 8.66 8.44- 8.51
Closing_ 8.76 8.79 8.77- 8.79 8.80 8.60- 8.56- 8.55April
Range__
Closing. 8.85 --- 8.85 -- 8.86- 8.67- 8.64- 8.63MayRange- 8.94 9.04 8.86 9.14 8.80 8.96 8.74 8.84 8.70 8.82 8.62- 8.71
Closing_ 8.94 8.96 8.93- 8.94 8.96 8.75 8.76 8.73- 8.72 -JuneRange__ 9.16
Closing_ 9.02- 8.99- 9.00- 8.81- 8.79- 8.80July-Range__ 9.14 9.15 9.10 9.15 8.93 9.06 8.83 8.92 8.85 8.95 8.75- 8.81
Closing.. 9.10- 9.06- 9.06- 8.88- 8.85 8.861[8.88 --
Range of future prices at New York for week ending
Aug. 7 1931 and since trading began on each option:
Range Since Beginning of Option.
Range for Week.
Option forJuly 1931
Aug. 1931Sept. 1931_
Oct. 1931-Nov. 1931__
Dec. 1931_
Jan. 1932_
Feb. 1932
Mar. 1932_
April 1932__
May1932_
June 1932_
July 1932_
8.10
7.91
8.16
8.12
8.24
Aug.
Aug.
Aug.
Aug.
Aug.
3
7
7
7
7
8.20
8.44
8.24
8.66
8.74
Aug.
Aug.
Aug.
Aug.
Aug.
3
3
4
3
3
8.16
8.36
8.10
7.91
8.16
8.12
8.24
June
June
Aug.
Aug.
Aug.
Aug.
Aug.
8 1931 13.82
2 1931 12.15
3 1931 12.57
7 1931 12.31
7 1931 9.97
7 1931 12.32
7 1931 12.42
Aug. 7 1930
Oct. 28 1930
Oct. 28 1930
Nov. 13 1930
June 22 1931
Feb. 25 1931
Feb. 25 1931
8.44 Aug. 7 9.00 Aug. 3 8.44 Aug. 7 1931 11.59 Apr. 6 1931
8.62 Aug. 7 9.14 Aug. 3 8.62 Aug. 7 1931 11.40 June 27 1931
9.16 Aug. 1 9.16 Aug. 1 9.16 Aug. 1 1931 9.74 July 27 1931
8.75 Aug. 7 9.15 Aug. 1 8.75 Aug. 7 1931 9.15 Aug. 1 1931
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 7.
Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks
1931.
bales 779.000
1930.
697.000
1929.
770,000
1928.
690.000
187,000
115.000
91.000
59.000
966,000
812.000
861,000
749,000
344.000
288,000
13.000
84,000
47,000
255,000
154.000
9.000
79,000
18.000
235.000
128.000
4.000
43.000
33.000
337.000
176.000
6.000
97.000
42.000
776.000
515,000
443.000
658,000
1,742,000 1,327.000 1.304.000 1,407,000
Total European stocks
India cotton afloat for Europe_.. 63,000 149.000 151.000
98.000
American cotton afloat for Europe 68.000 106.000 127.000 178.000
90.000 128.000 120.000
Egypt,Brazil,&c.,afloatforEurope 100.000
589,000 473.000 205.000 192.000
Stock in Alexandria, Egypt
675.000 895,000 964.000 1.151.000
Stock in Bombay. India
2,747,150 1,564.571 517.616 509.924
Stock In U. S. ports
776,015 548,784 196,207 286.255
Stock in U. S. interior towns
1,070
U.S. coons to-day
3.500
6.761.235 5,153.355 3.592,823 3.945.679
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
346.000 239.000 365.000 429.000
65.000
48.000
Manchester stock
51.000
40.000
Continental stock
681.000 381.000 366,000 603.000
American afloat for Europe
68.000 106.000 127.000 178,000
U. S. port stocks
2,747.150 1,564,571 517.616 509.924
U.S. Interior stocks
776.015 548.784 196.207 286.255
U. S. exports to-day
1,070
3.500
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brasil. &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
4.684.235 2,887.355 1.622.823
2,019.679
433.000
458.000
405.000
122.000
95.000
63.000
100,000
589.000
675,000
67.000
134.000
149.000
90,000
473.000
895.000
40.000
19.000
77.000
55.000
151.000
98.000
128.000 120.000
205,000 192.000
964.000 1.151.000
261.000
2,077.000 2.266.000 1.970.000 1,896.000
4.684.235 2.887.355 1.622.823 2.049.679
Total visible supply
6,761.235 5,153.355 3.592.823 3.945.679
.,.., 4.29d.
Middling uplands. Liverpool
7.54d. 10.164. 10.334.
7.95c.
Middling uplands, New York
12.55c.
18.10c.
19.30c,
Egypt, good Sakel. Liverpool...-. 7.704. 13.45d. 17.50d. 19.10d.
Peurvian. rough good. Liverpool14.504. 13.004.
Broach, fine, Liverpool
3.634.
5.10d.
8.45d.
8.954.
Tinnevelly, good, Liverpool
4.28d.
6.50d.
9.600.
9.90d.
. Estimated.
.
1
FINANCIAL CHRONICLE
984
Continental imports for past week have been 56,000 bales.
The above figures for 1931 show a decrease from last
, week of 130,859 bales, a gain of 1,607,880 over 1930, an
increase of 3,168,412 bales over 1929, and again of 2,815,556
bales over 1928.
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year, is set out in
detail below:
Movement to Aug.? 1931.
Towns.
Ala., Birm'ham
Eufaula
Montgomery.
Selma
Ark.,Blytheville
Forest City.
Helena
Hope
Jonesboro_
Little Rock
NewportPine Bluff__ _
Walnut Ridge
Ga., Albany_
Athens
Atlanta
Augusta
Columbus_
Macon
Rome
Ls., Shreveport
Miss., Crksdale
Columbus_ _
Greenwood_ _
Meridian.-Natchez__ Vicksburg_
Yazoo City_
Mo., St. Louis_
N.C.,Greensteo
Oklahoma
15 towns*
S.C., Greenville
Tenn.,Memphis
Texas, Abilene_
Austin
Brenham_ _
Dallas
Paris
Robstown_ _ _
San Antonio_
Texarkana
Waco
Movement to Aug.8 1930.
Receipts.
Ship- Stocks
ments. Aug.
Week. I Season. Week.
8.
Ship- Stocks
menu!. Aug.
7.
Week. Season. Week.
Receipts.
248
24e
61
31
93
4
4
a
31
93
4
4
62
121
12
340
6971
2,744
340
897
2,744
3s0
380
81
16
46
46
Lti
2
30
52
2
30
1,020
1,285
1,020
1,285
320
1,000
4,744'
3,557
433
519
170
645
57
140
27,537
57
6,854
22
46.911
13
33,782
10,755
1,944
8,308
1,
361
109
865
545 12,945
8 2,249
253 7,688
38 1,423
1,100
1
12
200 23,106
1,174167,208
158
497
2,513 64,012
5,300
801
147!
193 27,751
300 4,002
92
1,085 57,899
123,
537 9,511
2,873
98
811 17,003
12
383 18,557
142,
107 4,437
212 3.320
119 3,144
1,020 3,936 1,098
1,8521 33,492
320
1,000
4,744
3
3
1,928
147
1
37
34
1,183
5,204
799 17,783
2,000 34,389
9,761 97,496
124
38
279
3
10 3,621
268 5,914
238
1,928 2,021 1,303
104 1,421
147
474 2,036
37
78 3,144
40
86
2,166
384
17
57
22
13
1
29
30
1
12
158
547,
80
14/
92
123
1
98
12,
142
1,182
8,824
4,475
16,477
12,478
9,887
4,975
8,746
768
1,508
84 6,163
1,016
147 14,073
7 2,362
17
200 10,971
803 46,794
1,116 46,611
25 1,202
200 10,787
1,866
189 35,028
640 14,498
2,361
162 40,457
89 3,295
64 3,451
147 4,582
42 4.377
1,631 6,932
7,683
52
93
39
1,090
215
157
157
34 2,152 26,673
1,183 2,141 21,246
5,673 10,911 143,250
313
-557
86
38 2,470
40 10,472
1,654
2,166
2,900
888
384 --_1,953
61 5,763
17
Week Ended
Aug. 7.
Galveston
New Orleans _
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
_Little Rock _ _
Dallas
Fort Worth
[VOL. 133.
Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Wed'day. Thursdy. Friday.
8.05
8.01
7.25
7.66
7.88
• 8.10
7.81
7.15
7.95
7.05
7.60
8.00
7.97
7.25
7.61
7.88
8.10
7.75
7.10
7.90
7.05
7.55
7.55
8.05
7.97
7.25
7.64
7.78
8.05
7.81
7.10
7.95
7.10
7.60
7.60
7.90
7.83
7.10
7.47
7.75
8.00
7.63
6.95
7.80
6.92
7.40
7.40
7.85
7.83
7.05
7.42
7.69
8.00
7.56
6.90
7.75
6.88
7.35
7.35
7.85
7.83
7.05
7.42
7.69
7.90
7.56
6.90
7.75
6.88
7.35
7.35
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Aug. 1.
Monday,
Aug. 3,
August__ _
September
October __ 8.25 8.27 8.21 8.22
November
December_ 8.49 8.50 8.42 8.43
Jan.(1932) 8.60- 8.52 8.53
February _
March__
8.79 -- 8.75April
May
8.95- 8.90 8.91
June
July
August_
Tone' Quiet.
Spot
Quiet.
Options._ Barely istdy Steady.
Tuesday, Wednesday, Thursday,
Aug. 4.
Aug. 5.
Aug. 6.
Fr ay,
As • 7.
8.23 8.25 8.07 8.08 8.04 8.05 8.0 8.05
,
8.46 8.47 8.29 8.30 8.25- 8.21 - 8.27
8.56 Bid. 8.40- 8.35- 8.31 Bid.
8.80- 8.50 Bid. 8.56- 8.51
8.95 Bid. 8.75 Bid. 8.73 8.74 8.71 Bid.
8 9( Bid.
Quiet.
Steady.
Quiet,
Steady.
Quiet.
Steady.
Qt et.
Ste ady.
LOUISIANA'S FIRST 1931 BALE.
-The New Orleans
"Times Picayune" of Aug. 1 reported Louisiana's first 1931
bale of cotton as follows:
Louisiana's first bale of 1931 cotton was brought to New Orleans Friday
afternoon by Robert Morrison of Clovelly Farms at Cut Off, Lafourche
Parish.
The arrival of the State's first bale was followed by an announcement
that the first Florida bale to reach New Orleans will be sold to the highest
bidder, and the proceeds will be given to the welfare committee. The
bale, donated by John M. Parker Co. to the committee, arrived here
several days ago.
The Louisiana bale weighted about 400 pounds. was strict middling in
grade and had a 134-inch staple. It was consigned to the Louisiana
Cotton Co-Operative Association, and Sam Bass, Secretary-Treasurer
of the association, announced later that the price paid was 30 cents a
Pound, or $120 for the bale, which was sent to the public cotton warehouse.
FORT BEND COUNTY, TEX., FIRST BALE.
The Houston "Post" of July 29 reported the ginning at
Richmond of the first bale from Fort Bend County as
follows:
Total, 56 towns 15,255 15.255 32,499776,015 11,721 12,328 23.161548.784
First bale of cotton in Fort Bend County, and probably the first in
southeast Texas was brought to town late Monday, July 27, by Ernest
•Includes the combined totals of 15 towns in Oklahoma.
Clark, negro, who grew it on the Henry Miller farm, about 12 miles south
The above total shows that the interiorrstocks have of
the Richmond
Thehrad.
Ric baln
e
Co. and
decreased during the week 14,872 bales and are to-night Pounds. oIt was ginned at middling with aCotton staple. weighed 44()
1-inch
was classed as
227,231 bales rcore than at the same period last year. The
The first bale in Fort Bend County last year was brought in July 24,
receipts at all towns have been 3,534 bales more than the four days earlier than the initial bale this season.
same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening denote that the weather in the
cotton belt during the week has been mostly favorable.
Rainfall has been light and scattered. There have been
some complaints of shedding and weevil damage.
Texas.
-Progress of cotton in the northern two-thirds of
this State continues good, but in the south there has been
some shedding and rotting of bolls.
Mobile, Ala.
-Condition of cotton is unfavorable due to
shedding and boll weevil damage.
Memphis, Tenn.
-Condition of cotton continues excellent.
-1930Since
Week. Aug. 1
1,715
1,631
904
784
60
60
307
307
186
r3,067
186
3.567
3.620
3,620
2.202 Galveston, Texas
2,202
2.600
2,600
Abilene, Texas
8,755 Brenham,Texas
8.051
7,580
7,580
Total gross overland
Brownsville, Texas
Deduct Shipments
41 Corpus Christi, Texas
41
519
519
Overland to N. Y., Boston, &c
316 Dallas, Texas
247
298
298
Between interior towns
2,776 Henrietta, Texas
2.258
3.710
3,710
Inland, &c.,from South
Kerrville, Texas
3,133 Lampasas, Texas
2.546
4,527
4,527
Total to be deducted
Longview, Texas
5,622 Luling, Texas
5,505
3.053
3,053
Leaving total net overland *
Nacogdoches. Texas
Palestine, Texas
•Including movement by rail to Canada.
Paris. Texas
P* The foregoing shows the week's net overland movement San Antonio, Texas
this year has been 3,053 bales, against 5,505 bales for Taylor, TexasTexas
Weatherford,
the week last year, and that for the season to date the Ardmore. Okla
Altus, Okla
decrease from a year ago Muskogee, Texas
aggregate net overland exhibits a
Oklahoma City, Okla
of 2,569 bales.
Brinkley, Ark
1930
-1931
Since Eldorado,Texas
Since
In Sight and Spinners'
Aug. 1. Little Rock, Ark
Week.
Aug. 1.
Week.
Takings.
62,738 Pine Bluff, Ark
62,509
12,986
12,986
Receipts at ports to Aug. 7
5.622 Alexandria, La
3,053 7 5,505
3,053
Net overland to Aug 7
100.000 Amite, La
85,000
100,000
Southern consumption to Aug.7 100,000
New Orleans, La
168.360 Shreveport, La
116.039 153.014
-116,039
Total marketed
*12,911 Columbus, Miss
*14,872 *11,470
*14,872
Interior stocks in excess
Greenwood, Miss
Vicksburg, Miss
1." 141.544
Came into sight during week......101,167
Mobile, Ala
155,449
101.167
Total in sight Aug.7
Decatur, Ala
Montgomery, Ala
11.385 1, 9.831 t.. 9,831 Selma, Ala
North. spin's' takings to Aug. 7-- 11.385
Gainesville, Fla
*Decrease.
Madison, Fla
Savannah, Ga
Movement into sight in previous years:
Athens, Ga
Bales.
WeekBales. I Since Aug. 1200.937 Augusta, Ga
1929
-Aug. 11
168.83611929
140,598 Columbus, Ga
95.509 11928
1928
-Aug. 12
327,453 Charleston, S.0
189,19511927
1927
-Aug.13
Greenwood, S. 0
Columbia,8.0
QUOTATIONS FOR MIDDLING COTTON AT Conway, 8.0
quotations Charlotte, N. C
-Below are the closing
OTHER MARKETS.
for middling cotton at Southern and other principal cotton Newbern,N.0
Weldon N.0
Memphis, Tenn
markets for each day of the week:
-1931
Aug. 7.ShippedVia St. Louis
Via Mounds. &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Week.
1,020
154
Since
Aug. 1.
1.020
154
•
Rain. Rainfall.
Thermometer
2 days 0.12 in. high 98 low 80 mean 85
dry
high 100 low 74 mean 87
2 days 0.03 in. high 94 low 74 mean 84
2 days 0.16 in. high 92 low 75 mean 84
2 days 0.03 in. high 90 low 76 mean 83
dry
high 96 low 74 mean 85
dry
high 102 low 72 mean 87
1 day 0.01 in. high 92 low 64 mean 78
dry
high 98 low 68 mean 83
dry
high 96 low 66 mean 81
1 day 0.02 in. high 98 low 72 mean 85
2 days 1.82 in. high 94 low 68 mean 81
3 days 0.11 in. high 94 low 72 mean 83
dry
high 96 low 70 mean 83
1 day 0.08 in. high 94 low 72 mean 83
dry
high 96 low 72 mean 84
dry
high 100 low 72 mean 86
dry
high 99 low 77 mean 88
2 days 1.10 in. high 97 low 72 mean 85
3 days 3.11 in. high 99 low 72 mean 86
2 days 0.35 in. high 99 low 72 mean 86
4 days 1.51 in. high 95 low 70 mean 83
1 day 0.13 in. high 96 low 72 mean 84
3 days 0.23 in. high 93 low 72 moan 83
2 days 0.08 in. high 93 low 71 mean 82
1 day 0.35 in. high 101 low 71 mean 86
3 days 0.68 in. high 93 low 67 mean 80
4 days 1.02 in. high93 low 75 mean 85
2 days 2.48 in. high 96 low 72 mean 84
1 day 0.08 in. high 99 low 72 mean 88
3 days 0.26 in. high 97 low 72 mean 85
2 days 0.96 in. high 92 low 70 mean 81
1 day 0.06 in. high 96 low 74 mean 84
2 days 1.16 in. high 99 low 70 mean 85
3 days 1.05 in. high 96 low 74 mean 85
2 days 0.75 in. high 98 low 73 mean 86
1 day 0.25 in. high 96 low 72 mean 84
2 days 1.03 in. high 99 low 72 mean 86
2 days 0.60 in. high 97 low 72 mean 84
dry
high 101 low 73 mean 87
1 day
1.72 in. high 101 low 73 moan 87
2 days 0.82 in. high 102 low 73 mean 88
2 days 0.05 In. high 91 low 74 mean 83
3 days 0.37 in. high 100 low 70 mean 85
2 days 0.05 in. high 98 low 70 mean 84
2 days 2.38 in. high 96 low 70 mean 83
5 days 2.61 in. high 100 low 71 mean 85
3 days 1.39 in. high 97 low 71 mean 84
4 days 2.48 in. high 99 low 67 mean 83
3 days 0.19 in. high 91 low 71 mean 82
985
FINANCIAL CHRONICLE
AUG. 8 1931.]
-Weather very favorable for past week,
Blytheville (Mississippi Co.).
The following statement we have also received by teleplant has
no
graph, showing the height of rivers at the points named at hot and dry with and rains. Condition of crop very good, any kind,
fruiting satisfactorily. No insects of
tap root
excellent
8 a. m. of the dates given:
no root rot, no shedding, bolls one-quarter to one-half grown. Fields
Aug.? 1931.
Feet.
2.1
3.9
7.3
7.7
11.0
Aug.81930.
Feet.
1.3
2.6
6.6
6.6
6.6
all clean with 90% laid by. Cotton now on, continues to hold its own
and with no rain, we will have a bumper crop. Date about same as last
year.
-Past week's weather favorable and all
Magnolia (Columbia Co.).
crops made rapid progress. A little too much rain in spots, but very
little damage. Slight infestation of insects, but no damage to date from
Dallas Cotton Exchange Weekly Crop Report.
this cause. Looks now like a bumper crop of all farm products. Weather
warm weather to insure a
The Dallas Cotton Exchange each week publishes a very ideal to-day. Need 10 to 15 days more fair
big cotton yield.
comprehensive report covering cotton crop
elaborate and
-We had 16 days of cloudy, rainy weather.
Pine Bluff (Jefferson Co.).
conditions in the different sections of Texas and also in During July, 8.60 inches of rain, Thursday, Friday andofSaturday,
cotton in
we get a dry August the yield
Aug. 1, all beautiful days.
Oklahoma and Arkansas. We reprint this week's report, this, Jefferson County andIf
southeast Arkansas will be large. As yet
which is of date Aug. 3, in full below:
weevils and worms have done no damage.
-We had quite a bit of rain last week, but this
Searcy (White Co.).
TEXAS.
has been a good week on cotton in this territory. The rain caused the
WEST TEXAS.
plant to grow too rapidly and retarded the fruiting, but past week it put
-Cotton still doing fine. No rain last week, but on the fruit. No complaint of damage from insects, but the farmers have
Abilene (Taylor Co.).
expressed fear of prospect for them. With two weeks of good hot sunshine
plant still growing and full of blooms every morning. Have passed the
danger from insects, but would like to see lots of rain this month to we will make a bumper crop.
mature this crop of bolls and make the staple. Don't think anything can
-The folRECEIPTS FROM THE PLANTATIONS.
keep us from making a fair crop.
each week from
Floydada (Floyd Co.).
-Most of the past week was dry and hot, lowing table indicates the actual movement
general showers later part very beneficial to growing crops. If can keep the plantations. The figures do not include overland reon getting good showers the small cotton may come out. Older cotton ceipts nor Southern consumption; they are simply a statesquaring and blooming right along.
ment of the weekly movement from the plantations of that
Haskell (Haskell Co.).
-Some complaints of damage from boll worm part of the crop which finally reaches the market through
and lice. Weather past week ideal. Need some rain to wash lice off the outports.
cotton.
Stamford (Jones Co.).
-Crop is making fair progress. A good rain
Stocks at Interior Towns. ReceiptsfromPlantatioru.
Receipts at Forts.
would be beneficial. General prospects are fair to good, about one
week late.
1931.1 1930. 1929. 1931.1 1930. 11929. 1931. . 1930. 1929.
Turkey (Hall Co.).
-Cotton holding its own this week, no rains and
1
1
weather has been favorable. However, general rain is needed. Some age.
Nil 6.393 25.368
24.- 33.372, 50,239 56,917 1,175.730 980.2791 695.322
sections will begin deteriorating next week unless we get rain. Under- ti
1, 50.024 51.241 1,136.5941I 940.998 564,846 37.195i 10.7
765
ground season good, cool and cloudy weather prevailed past few days.
37.729
NU
8_ 31,266, 49,161 40,133 1.112.593i 893,425 512,890 6,7311 1.591
Cotton acreage has been reduced about 15% and planted to feed.
Nil
27,481 74,768 27,000,1,091,370 843.575 481,15 6,258 24,910
15_
NU
Nil 80,716
22_ 20,516 64.642 31,1291,060.746 809,649 446,20
NORTH TEXAS.
Nil, 5.367 2.319
29.. 18.9111 36.228 30,429:1.037.599 778.788 418,59
-While we had showers during past week that in JuneParis (Lamar Co.).
1
NU
Nil 4.368
many cases were not needed and created a further fear of weevils, as
20,902 42,838 24,36811.009,231 740,002 381,20
Nil
Nii, 6.277
12.. 18.600 31,419 17.3181 973.0711 714.860 352.656
yet there has been no material damage, and the cotton crop is very
Nil
Nil, 9.632
19- 18,9771 36,511 18.466, 943,151 687,981 324,57
promising.
NI1
Nil 10.145
26.. 21.134 32.659 13.090 910,874 665,467 303,80
Sherman (Grayson Co.).
-Conditions in this section are good. Plant JulyNil
Nil
NI1
Is heavily loaded with fruit, and about 40% is safe from insects. Some
3-- 17,602 19,256 10.7691 877.605I 644,225 276.723
Nil
Nil 6,200
10- 13,152 10,899 30.368 854,340 619,981 252,555
late planting will need rain this month, but as a whole dry weather will
Nil
Nil
Nil
599.179 234.392
17- 16.170 13.098 13.203 833,586
be better from now on. Indications are that this section will produce
Ni 6.007
24_ 16,3011 12,297 15,609 818,425 579,770 224,790 1,143
one-third more cotton than last season.
31_ 40,927, 34,308 38,730 798,241 560,254 197,552 20,743 14,792 11,492
Wille Point (Van Zandt Co.)
.-Crop has developed into a very spotted Aug.
1
1
1 776,0151 548,784. 196.20
Nil 51,039 48,489
__ 12,986 82,509 49,834
condition. In the sandy section and bottom-lands it now looks like a
bumper crop, the plant showing a large growth and is full of fruit. On the
The above statement shows: (1) That the total receipts
prairie the hot weather has retarded growth and the fleas are doing lots
plantations since Aug. 1 1931 are nil bales;
of damage. Production probably cut 10 to 15% on the prairie, but in the from the
in 1930 were 51,039 bales, and in 1929 were 49,120
sand and bottom lands it now looks like a big increase over last year.
bales. (2) That although the receipts at the outports the
CENTRAL TEXAS.
past week were 12,936 bales, the actual movement from
Austin (Travis Co.).
-Showers this week not so favorable, but cotton plantations was nil bales, stock at interior towns
doing well. Insect complaints negligible, but more rains might change
having decreased 14,872 bales during the week. Last year
present prospects quickly.
51,039
Brenham (Washington Co.).
-Crop making fairly good progress receipts from the plantations for the week were
though shedding from recent rains. Need two weeks more of dry, hot bales and for 1929 they were 48,489 bales.
weather, then we think an average yield will be made. Some weevil,
WORLD'S SUPPLY AND TAKINGS OF COTTON'.
but not doing much harm. First bale expected next week.
Cameron (Milam Co.).
-Cotton deteriorated same the past week,
1930.
1931.
Cotton Takings
having shedding and root rot more than usual. Showering to-day.
Week and Season.
Can't be beneficial.
Season.
Wee/c.
Week.
Season.
-Condition 73%. Fields fairly clean. MoveLockhart (Caldwell Co.).
6,892,094
5,229,606
Aug. 1
ment two weeks late. Too much rain, need dry hot weather. Plant 24 Visible supply
5.302,014
6.892.094
inches high and fruiting well. Some complaint of leaf and boll worm, Visible supply Aug. 7
155,449
101.167 141.544
American in sight to Aug. 7..... 101,167
however, not doing much damage. Labor plentiful.
10,000
15.000
15,000
10.000
Bombay receipts to Aug 6
4.000
7,000
7.000
4,000
-Crop generally in this section doing fairly Other India ship'ts to AU.6
Navasota (Grimes Co.).
200
200
17.400
17,400
receipts to Aug. 5....
well though there are fair parts of the territory that did not get rain. Alexandria
10,000
10.000
8,000
8,000
These need it, as weed rather small, but average of crop fair. Insects Other supply to Aug. 5*b
numerous in some places, but damage appears small.
7.042.661 7.042.661 5.393.350 5,479,663
Total supply
Palestine (Anderson Co.).
Deduct
-Crop continues to make excellent progress
6,761,235 6,761.235 5,153.355 5,153,355
Visible supply Aug. 7
under good weather conditions. No more moisture is needed, crop
looks better at present than it has for several years. This territory will Total takings to Aug. 7_a
281.426 239.995 326,308
281,426
185,026 170,795 257.108
make good crop if we can escape insect damage from now on. Con185,026
Of which American
69.200
96.400 69,200
96,400
Of which other
tinuation of present hot dry weather should keep insect activity in check.
Clear and hot to-day.
* Embraces receipts in Europe from Brazil, Smyrna, West Indies. drc.
San Marcos (Hays Co.).
-Past week has been fayorable and crop has
a This total embraces since Aug. 1 the total estimated consumption by
-takings
put on lots of fruit. Insects are doing some damage and hot dry weather Southern mills, 100,00C bales In 1931 and 100,000 bales in 1930
not being available-and the aggregate amounts taken by Northern and
is badly needed for the next few weeks to hold them in check.
226,308 bales in 1930, of
foreign spinners, 181,426 bales in 1931 and
which 85,023 bales and 157,108 bales American.
EAST TEXAS.
S Estimated.
Jefferson (Marion Co.).
-Past week has been most favorable for
INDIA COTTON MOVEMENT FROM ALL PORTS.
growing crop. Showers first of week latter part hot. Crop about 35%
matured, some weevils and worms in parts of county, but no damage The receipts of India cotton at Bombay and the shipments
to speak of.
from all India ports for the week and for the season from
SOUTH TEXAS.
Aug. 1, as cabled, for three years, have been as follows:
Gonzales (Gonzales Co.).
-Cotton crop badly spotted. Would estimate
1929.
1930.
1931.
yield possible one-half of last year. Weevil very destructive at this time
Aug. 6.
and lots of cotton dying from root rot. Bought first bale July 30, but
Since
Since
Since
Receipts at
movement will be late for this county. Not much before Aug. 20.
Week.lAug.1. Week. Aug. I. Week.lAug. 1.
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gauge..
Above zero of gauge..
Above zero of gauge..
Above zero of gauge_
OKLAHOMA.
15,000
15,000 10,000
Bombay
-Cotton crop condition almost ideal. Few
Frederick (Tillman Co.).
For the Week.
spots need rain, but taken as a whole it would be hard to improve upon.
Exports
Great I
-History repeats itself, continued rains has
I Great1 Coati-'Japan&
from- Hugo (Choctaw Co.).
Britain! nest. China.' Total. Britain. I
produced rank growth and excessive shedding. Boll weevils are inrapidity, especially along the rivers. Half grown bolls and Bombay
creasing
- I
1
I 40,000 lo.000
punctured squares on the ground have transformed a bale per acre to a
1931
_1 25,000 22,000 47,000
1930
doubtful quarter. The worst condition along Red River is estimated
2,000,
2.000 25,000 29,000 56,000
1929
now at bale to 10 acres. Boll worms are reported in places, but not Other India1
4.000
verified. It is only a matter of time now until the weevil destruction
7,000
'
1931
4,000 3,000,
-1I 4,000
_,
4,000,
1930
I
will be general.
1,000
1 30.000
1929
1,000 29,000,
ARKANSAS.
-Four to eight inch rain over this county
Ashdown (Little River Co.).
first part of week that was very,damaging, causing cotton to turn yellow
and shed badly. About 2% loss in acreage caused by overflow.
Total allI1
4,000 3,000 40,000 47,000
1931
1 29.000 22.000 51,000
1930
1929
3,000 54,000 29.000 86,000
4,0001
3,000
10.000 19,000
23.000
Since Aug. 1.
Continest.
25,00
27,000
Japan &
China.
40.000
22,000
34,000
3,000
4,000
29,000
3,000
29,000
56,000
Total.
40,000
47.000
63,000
7,000
4,000
30,000
40,000
22,000
34,000
47.000
51,000
93,000
FINANCIAL CHRONICLE
986
(Vox,. 133.
According to the foregoing, Bombay appears to show an
Spot.
Saturday. Monday.
increase compared with last year in the week's receipts of
Market. i
5,000 bales. Exports from all India ports record a decrease
12:15
P.M.
of 4,000 bales during the week, and since Aug. 1 show a
decrease of 4,000 bales.
Mid.1,1prds HOLI
HOLI
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We Sales
now receive weekly a cable of the movements of cotton at
Futures.{
Alexandria, Egypt. The following are the receipts and Market
opened
shipments for the past week and for the corresponding week
of the previous two years:
Market, {
Alexandria, Egypt,
Aug. 5.
1930.
1931.
1929.
87.000
87,000
1.000
1.000
This Since
This Since
This Since
Week.Aug. 1. Week.Aug. 1. Week.Aug 1
Exports (bales)
-
To Liverpool
4.000 4.000 1,000
To Manchester,&c
4.000 4.000 3.000
To Continent and India_ _ 18,000 18,000 4.000
To America
1,000 1,000 1.000
3,000 3.000 3,000
4,000 11,000 11.000
2,000 2,000
Total exports
26,000 26,000 8,000 8,000 17,000 17,000
Note.
-A canter is 99 lbs. Egyptian ba es weigh about 750 lbs.
This statement shows that the receipts for the week ended Aug. 5 were
87.000 canters and the foreign shipments 26,000 bales.
MANCHESTER MARKET.
-Our report, received by
cable to-night from Manchester, states that the market in
both yarns and in cloths is quiet. Demand for China is
improving. We give prices to-day below and leave those of
previous weeks of this and last year for comparison:
1931
1930
831 Lbs. Shirt- Cotton I
8% Lbs. Shirt- Cotton
828 Cop trigs, Common MIMS' 328 Coy inc.. Common Madre
Twist.
Beds.
to Finest.
to Finest.
was. Twist.
2e
July
3____
10.17.-24____
31.....
Aug.7_-
d. s. El.
s. d.
d.
4 0 0
8%0103j
d. I. 6.
tl.
CI.
d.
5.62 12 013 1 1 Q10 5
emettoss
41.
8.74
iLris
8.53
8.54
8.67
8.58
814010%
8%010
14.1 et 9%
8 0 93-1
4
4
4
4
2
0
0
0
0
0
0
0
0
0
6
5.46
5.89
5.26
5.12
4.80
12 013 1 1 010 5
11%012% 1 0 Q10 4
11%012% 1 0 010 4
11%012%
7 010 3
7 010 8
11%012%
8 0 9%
7140 914
7%0 914
81401034
1
1
1
1
0
0
0
0
5
5
5
5
4.78
4.75
4.75
9.43
11%012%
1134012%
11 012
11 012
7
6
5
5
010 8
010 2
010 1
010 1
8.34
7.98
7.81
7.74
814010%
834010
8540 934
8340 gyg
7%0 914
1
1
0
0
0
0
0
0
0
0
5
5
4
4
4
5.48
5.05
5.17
4.98
4.62
113401234
11 012
11 012
101401134
103401114
5
5
5
5
5
010 1
010 1
010 1
010 1
010 1
7.63
7.73
7.68
7.47
7.22
7340 9
6 0
2
4.29 103401114
5 010 1
7.54
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 25,445 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
-To Japan-Aug.1-Agamemnon,1.300
NORFOLK
-Clairton, 136
To Manchester-Aug. 4
-Hanover,350
To Bremen-Aug.4
HOUSTON-To Barcelona-July 31-Nishmaha, 1.737
To Malaga-July 31-Jomar, 156
To Genoa-July 31-Marina, 703
-July 31-Nishmaha, 405
To Ghent
To Bremen-July 31-West Quechee. 676---Aug. 30-Hohen leis. 256
To Rotterdam-July 31-West Quechee.85;Ivar.403
To Copenhagen-July 31-Ivar, 400
To Flavre-July 31-Nishmaha, 437
To Japan-Aug. 4-Sangstad, 8.862
To China-Aug.4-Sangstad. 329,
GALVESTON-To Japan-Aug. 1-Sangstad, 1.613
To China-Aug. 1-Sangstad,541
To Bremen-Aug. 1-Hohenfels, 984
-Aug.3-Iriona. 100
NEW ORLEANS-To La Paz
-Aug.1-Abercos,488
To Liverpool
To Manchester-Aug. 1-Abercos,245
-Chester Valley, 2,575
To Genoa-Aug.3
-Chester Valley.300
To Venice-Aug.3
To Bremen-Aug. 1-Narbo, 1,194
-Deer Lodge, 100
-To Ghent-Aug.3
CORPUS CHRISTI
-Pacific Reliance,70.--To Manchester-Aug.2
LOS ANGELES
Japan-Aug. 3-Tatsuta Marti, 500
To
To China-Aug. 3-Tatsuta Marto. 500
Bales.
1.300
350
1,737
156
703
405
932
488
400
437
8,862
329
1.613
541
984
100
488
245
2.575
300
1,194
100
70
500
500
25,445
Total
-Current rates for cotton from
COTTON FREIGHTS.
New York, as furdshed by Lambert & Burrowes, Inc., are
as follows, quotations being in cents per pound:
High StandDensity. ard.
Llverpoo! .450. .60e.
Manchester.45o. .60e.
Antwerp .45c. .60e.
Havre
.31e. .460.
Rotterdam .450. .60c.
Genoa
.400. .55a.
Oslo
.650.
Dull.
Quiet.
4.49d.
DAY.
3,000
4.35d.
4,000
Quiet.
4.40d.
6,000
Friday.
More
demand.
4.296.
13,000
Quiet,
Quiet unQuiet,
Quiet but
18 to 21 pts ch'gd to 11 pt. dec. tdy.4 pts.
decline.
pt. dec. to 1 pt adv. decline.
Barely stdy Barely stdy Quiet,
Quiet.
25 to 26 pta 9 to 10 pts. 2 to 3 pts. 3 to 4 pts.
decline.
'decline, advance. decline.
4
P. M.
Prices of futures at Liverpool for each day are given below:
Receipts (cantors
Thin week
Since Aug. 1
April24......_
May
1____
8____
15._
22__
29-June
5...,..
12._
19____
DAY.
Tuesday, Wednesday. Thursday.
High &andDouai(' red.
.
Stockholm 00e. .750.
.65e.
Triesto
00. .65e.
Fiumt
450. .600.
Lisbon
.600. .750.
Oporto
Barcelona .400. .550.
.400. .550.
Japan
Shanghai
Bombay
Bremen
Hamburg
Piraeus
Salonlen
Venloo
High
Density.
.45e.
.40e
.45e.
.45o.
.750.
.75e.
.50e.
Stand.
ard.
.60e.
55e.
.60e.
.1100.
.900.
.90e.
.65e.
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
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
.
July 17 JO/ 24. July 31. Aug. 7.
21,000
24.000
28.000
26,000
9,000
8,000
10,000
13,000
2,000
1.000
1,000
1.000
35.000
39,000
30,000
38,000
793.000 785.000 774,000 779.000
379,000 369,000 357,000 346.000
52,000
18.000
17,000
32,000
2.000
3.000
2,000
11,000
84,000
97,000 103,000
78.000
10,000
11,000
11,000
9,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Aug. 1
to
Aug. 7.
Sat.
I
Mon.
Tues.
Wed.
Thurs.
Fri.
12,15 12.30 12.1. 4.0012.15 4.00 12.1. 4.0012.184.00 12.1. 4.00
p. m.p. m.p. m.p. m.p.m.p. m.D. m.o. m.p. m.p. m.p. m.p. m.
New Contract. d. d.
August
September....
October
November.,...
December
January (1932) HOLTFebruary
DAY.
March
April
May
June
July
August
d.
d.
HOLTDAY.
d.
4.34
4,38
4.43
4.46
4.50
4.54
4.58
4.83
4.67
4.71
4.74
4.77
4.79
d.
4.27
4.31
4,36
4,39
4.4
4.47
4.51
4.58
4.60
4.64
4.67
4.70
4.72
d.
4.20
4.23
4.28
4,31
4.36
4.40
4,
4.48
4.52
4.56
4.59
4.82
4.64
d.
4.18
4.21
4.26
4.29
4.34
4.38
4.42
4,47
4.51
455
4.58
4.61
4.63
d.
4.2
4.28
4.33
4.38
4.41
4.45
4.49
4.57
4.57
4.61
4.6
4.87
4.69
d.
4.21
4.24
4,29
4.32
4.37
4.41
4.45
4.49
4.53
4.57
4.60
4.63
4.66
d.
4.14
4.17
4.22
4.25
4.30
4.3
4.38
4.42
4.46
4..1
4.53
4.56
4.59
d.
4.18
4.21
4.26
4.29
4.33
4.37
4.41
4.46
4.49
4.53
4.56
4.59
4.62
BREADSTUFFS
Friday Night, Aug. 7 1931.
Flour was quiet and more or less nominal. Prices were
on a new crop basis, and all winter wheat descriptions were
unsettled or weak. Trade was dull, and on the 5th inst.
prices declined 10 to 15c. At mill centers a good business
was reported.
Wheat prices declined on bearish news generally,
especially big offerings of Russian and Danubian wheat to
Liverpool, which declined under the strain. New lows were
reached. On the 1st inst. prices at Chicago ended %c.
higher. Export business was quiet. Portland, Ore., had a
report that three cargoes and several parcels of red winter
wheat had been sold there to China for August, September,
and October shipment. Most of the export business done by
Portland of late has been with Japan. It was asserted that
a much better business for export was being done in Manitoba wheats at Winnipeg direct than was being reported.
Many were bearish on the outlook, but some houses were
not inclined to advise selling the market at this level of
prices. The Occidents might favor the bulls. Little attention was given to the Washington report that all or part
of the holdings of the Grain Stabilization wheat had been
offered to Germany on long-term credits. The German harvest this year is said to be very good.
On the 3rd inst. Chicago ended % to %c. lower. The
average private winter wheat estimate was 743,000,000
bushels against 604,000,000 last year, but of spring only
131,000,000 against 247,000,000 last year. Canadian crop
estimates averaged about 222,000,000 bushels against nearly
400,000,000 last year. Trading was light. Export business
wits very dull. The United States visible supply increased
6,457,000 bushels to a total of 212,675,000 against 155,192,000
a year ago. On the 4th inst. prices ended 5/ to %c. lower
4
with Chicago, Danubian and Rotterdam offerings in Liverpool, which ended 1 to 1%d.lower. On this side export business was small. Big stocks of American Wheat and sharp
foreign competition tell the story. On the 4th inst. prices
fell to 48%c. for cash wheat, the lowest in 36 years. In
May 1851 it sold at 28c. Futures all sold off lc. to new low
levels for the season, with a pressure on foreign markets,
big stocks, and no export demand. The spring wheat crop
Is short in the United States and Canada, but no attention
Is paid to it.
On the 5th inst. prices went to the lowest ever seen in
Chicago. Tired bulls let go. Prices fell 1 to 114c. net. The
/
state of foreign finances had some influence, but a decline
in Liverpool of 1%d. was due to selling by the Continent.
Pressure of Russian and Danubian wheat at lower prices
also told plainly. Export trade was dull. That was another
sore point and an old one. In Chicago, on the 5th inst.,
wheat fell to 45c. for No.2 hard, the lowest ever quoted there.
On the 6th inst. prices declined %c. net to new lows.
Pressure of foreign wheat in Europe was still felt. Liverpool declined 1 to 1%d. to a new low. Winnipeg closed only
% to %c. lower. But Russian exports of 3,080,000 bushels
for the week, with further pressuie of Danubian and Rus.
AUG. 81931.]
987
FINANCIAL CHRONICLE
sian wheat hit Liverpool hard. Hedging sales by the Continent also told. Central Europe and Russia want money
badly, and this explains their anxiety to sell. Buying
against bids and a little short covering checked the decline
In Chicago. There were reported sales of 2,500,000 to
3,000,000 bushels of American and Canadian wheat on the
Pacific Coast to China. The American wheat is said to
have been sold at 46 to 47c. f.o.b. The demand from Europe
was poor. Chicago wired: "Reports state that owing to
extreme cheapness United States wheat was being used for
every possible purpose from flour to alcohol. Large purchasing of wheat by feed manufacturers, put at 100 carloads,
was noted in Cincinnati, with deferred orders refused. Advices from Nebraska also said the wheat was selling for
feed in parts of the State at prices considerably above spot
prices in Omaha."
To-day trading was active, with Chicago ending 23, to
2%c. higher, Winnipeg 2% to 3c., and Minneapolis 2% to
2%c. up. It was the biggest advance witnessed in some
time. Big professionals were buying. The Southwest and
elevator interests also bought. The Orient was reported
to have been a big buyer the last few days, taking, it is
estimated, about 3,700,000 bushels, of which about 1,000,000
bushels were No. 3 Manitobas and the balance United States
wheat. World's shipments are estimated at about 14,000,000
bushels. Liverpool ended
to %d. lower. Some large
houses which were recently bearish are now advising purchases. The technical position was stronger. Final prices
show an advance on September for the week of %c., while
December is that much lower.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 yellow
7434 7434 7434 7334 71% 7234
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
13.4 5034 52
September
1% 40%
December
44%, 4234 44
March
1B,1, ,4 1 4
17: 6X 44% 46
48% ,4
May
Season's Low and When Made
Season's High and When Made
July 28 1931
49
September
73%
Jan. 15 1931 September
Aug. 7 1931
April 1 1931 December . 4034
December
5634
Aug. 6 1931
42%
March
Aug. 1 1931 March
4634
Aug. 6 1931
May
Aug. 3 1931 May
49
44%
234 234 230 2
41
1
Oats followed other grain downward. On the 1st inst.
prices closed 1% to %c. higher, with corn up sharply. On
4c. lower, with corn off.
the 3rd inst. prices ended % to 3
The United States visible supply increased 904,000 to
7,392,000 hushels against 8,467,000 last year. On the 4th
inst. prices closed % to %c. lower, with prices for near
months and May at new lows. On the 5th inst. prices fell
% to lc. to new lows. Hedge selling was one explanation.
/
September was down to 22c., or within 14c. of the low price
made in September 1900. In September 1896 the price was
down to 14%c. Cash No. 3 white at Waterloo, Iowa, sold
at about 8%c., allowing 2%c. threshing costs.
On the 6th inst. prices declined yi to %c. early on hedge
selling, then rallied sharply on covering and buying by the
4c.
Northwest, then reacting and closing unchanged to 2
lower. They acted well, but new lows were reached early.
To-day prices closed % to %c. higher in sympathy with the
advance in corn. Final prices show a decline for the week
of 14 to 1%c.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Fri.
Wed. Thurs.
Mon. Tues.
Sat.
IN NEW YORK.
3634-37 36-3634 36-3634 35-3534 35-3534 343445
Wed.Thurs. Fri.. No.2 white
5634 563-4 5834
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
5834 57% 60
Sat. Mon. Tues. Wed. Thurs. Fri.
22% 2234 2134 2134 22
24
September
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
2334 2334 24
2634 2534 25
December
----------2534 25
27
Sat. Mon. Tues. Wed. Thurs.Fri. March
2834 2834 27% 2634 2634 26
No. 2 red
6534 6434 6434 6434 6334 63
May
Season's Low and When Made
Season's High and When MadeDAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO
Aug. 6 1931
2134
Feb. 20 1931 September
September
3334
Sat, Mon. Tues. Wed. Thurs. Fri. December
Aug. 6 1931
2334
June 29 1931 December
3434
September
Aug. 7 1931
50% 49% 49
4834 47X 5034 March
2534
Aug. 1 1931 March
2734
December
5434 54
53
5234 51
Aug. 6 1931
2634
54
Aug. 1 1931 May
May
29
March
5734 5634 56
55
--54
57
59% 59
May
5834 5734 5634 59
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Season's High and When MadeSat. Mon. Tues. Wed. Thurs. Fri.
Season's Low and When Made
September
7234
30
28g 27%. 26% 28g
Dec. 18 1930 September
30
4734
Aug. 6 1931 October
69
December
June 3 1931 December
28
27% 26X 253-4 27%
28
5134
Aug. 6 1931 December
Aug. 1 1931 March
March
5734
5434
Aug. 6 1931
5934
Aug. 1 1931 May
5634
May
Aug. 6 1931
Rye followed the downward trend of wheat. On the 1st
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG
Inst. prices advanced % to %c., with wheat higher. On the
Sat. Mon. Tues. Wed. Thurs. Fri.
October
3rd inst. prices declined % to %c. net, with wheat prices
December
gr%
61
61
59 4 58
May
57
60% lower. The United States visible supply decreased 167,000
DAILY CLOSING PRICES OF BONDED WHEAT
Sat. Mon. Tues.
October
5834 58
5734
December
60
60
5934
March
646434
224 224 q 234 23H
Indian corn prices declined for later months, though at
times September acted strong under prominent leadership.
New lows were touched. On the 1st inst. September advanced 3%c. July bulls are said to be buying September.
Other, months were unchanged to %c. net higher. Rains
occurred, but they were not sufficient. Also smaller receipts were expected. On the 3rd inst. prices fell % to 1%c.
net, with beneficial rains or showers over much of the belt.
Private crop estimates averaged 2,800,000,000 bushels
against 2,094,000,000 last year. The United States visible
supply increased last week 1,370,000 bushels to 8,183,000
against 3,656,000 a year ago. On the 4th inst. prices declined early, but rallied and closed % to 14c. September
/
acted more or less tight, and it is held closely. There are
said to be few hedges in September.
On the 5th inst. prices fell 2%c. on September to a new
low, but it rallied later some 1%c. or more, on covering and
other buying. The list ended %c. lower on September and
1% to 1%c. on other months. The forecast was for showers
and cooler weather over the entire belt. On the 6th inst.
1
prices ended some 11 2 to 2c. lower on new crop. September
was down %c. net. It acted very well. It did not fall to
new low levels like all the other months. The cash sales
were 100,000 bushels. That was an improvement. Large
interests gave support. Leading interests are credited with
controlling 8,000,000 bushels. They sharply denied a report
from Des Moines, Iowa, that they had sold July short earlier
in the year from 87%c. down to 54c., and declared they had
been buying all during the season. To-day prices advanced
14 to 1%c., following wheat upward. The weather was
favorable, however. Cash corn was in only fair demand,
and the country movement was small. December went to a
new low early in the day. Final prices show an advance
on September for the week of 1%c., while December is
1%c. lower.
bushels to 9,070,000 bushels against 11,618,000 a year ago.
/
On the 4th inst. prices declined % to 24c., with other grain
4c., with
declining. On the 5th inst. prices declined % to 1
the Northwest both buying and selling and wheat off. On
/c.
4
the 6th inst. prices declined 13 to new lows in response
to lower quotations for other grain. To-day prices ended
% to 1%c. higher in response to the advance in other grain.
Final prices are % to %c. lower than a week ago.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Frt.
34
34
353-4 34
September
37% 36
'4 38
38
40g
38
39
December
39% 39% 420
42
March
4034
4234 42
May
'
Season's Low rind When Made--Season's High and When Made
Aug. 6 1931
32
Feb. 20 1931 September
September
34%
36
Aug. 6 1931
June 29 1931 December
December
4534
Aug. 7 1931
38
Aug. 4 1931 March
42
March
Aug. 6 1931
40
Aug. 4 1931 May
4234
1~;*-Intlanerreo-
Closin,g quotations were as follows:
GRAIN.
Oats. New York
Wheat, New York
No. 2 white
343-4035
63
No.2 red, f.o.b., new
3134032
No. 3 white
Manitoba No.1,f.o.b. N.Y. 63
38X
Rye
-No.2,f.o.b. N.Y
41
Chicago. No,2
Corn, New York
yellow, lake and rail- 72x Barley
No. 2
No.2 c.i.f. N. Y..
No.3 yellow, lake and rail- 71 X
36052
Chicago. cash
FLOUR.
$3.15153.65
65 Rye flour patents
Spring pat. high protein $4.30054.
15
3.90 4. Seminole, bbl. Nos. 1-3 4.50 5.05
Spring patents
1.85 1.90
3.90 4 20 Oats goods
Clears.first spring
1.900 1.95
Soft winter straights3-00 3.30 Corn flour
3.10 3.50 Barley goods
winter straights
Hard
Coarse
3.200
3.50 4.00
Hard winter patents_
Fancy pearl, Nos. 2,
2.85 3.35
Hard winter clears
6.150 6.50
4 and 7
Fancy Minn. patents 5.60 6.35
5.20 6.05
City mills
All the statements below regarding the movement of grain
-are prepared by us
-receipts, exports, visible supply, &c.
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
•
Receipts at
-
f
FINANCIAL CHRONICLE
988
Flour.
Wheat. I
Corn.
Oats.
Barley.
Rye.
.
bbls.1961bs. bush.60 lbs. bush.56 lbs. bush.32 lbs. bush.481bs bush.561bs
16,000
624,000
97,000
254,000 6,687,000 3,309,000
Chicago
213,000
288,000 329,000
69,000
2,028,000
Minneapolis61,000
5,000
13,000
19,000
Duluth
580,000
6,000
846,000 205,000
89,000
11,000 2,437,000
Milwaukee14,000
1,000
21,000
695,000
Toledo
12.00
7,000
8,000
5,000
69,000
Detroit
366,000
462,000
535,000
Indianapolis_ 402,000
20,000
268,000
115,000 2,711,000
St. Louis_
83,000
1.000
309,000
98,000
151,000
56,000
Peoria
78,000
319,000
4,285,000
Kansas City_
328,000
174,000
1,782,000
Omaha
28,000
112,000
1,164,000
St. Joseph...
2,000
6,000
1,032,000
Wichita
2,0
38,000
17,000
280,000
Sioux city_
Total wk. '31
Same wk. '30
Same wk. '29
436,000 24,428,000
429,000 29,858,000
406,000 37,382,000
4.968,000
5,039,000
5,267,000
3,118,000 812,000
4.500,000 1,096,000
3,647,000 1,526,00
248,000
472,000
269,000
Since Aug.I1931
1930
1929
436,000 24,426,000
429,000 29,858,000
406,000 37,382,000
4.968,000
5,039,000
5,267,000
3,118,00
812,000
4,500,000 1,096,000
3,647,000 1,526,600
248,000
472,000
289,000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Aug. 1 1931 follows:
-I Flour.
Receipts at
Wheat.
Corn.
Oats.
Barley.
Rye.
bbla.196168. bush.60 lbs. bush.56 lbs.bush. 32 lbs. bush.481bs. bush.561bs.
214,0
1,676.000
28,001
18,000
New York_ _ _
t::
865,000
26,000
Philadelphia__
834,000
7,000
13,000
Baltimore__ __
21,000
57,
96,000
18,000
24,000
New Orleans*
942,000
Galveston.,
40,000
195,000 400,000
53,
885,000
Montreal_ _
8,000
28,
Boston
408,55: 5,298,
Total wk. '31
Since Jan.11112.062,00 104,559,000
53,000
1,879,000
40,000
284,000
400,000
7,202,000 17,689,000 1,793,000
12,000
93,000
146,000
3,051,000 500.000 411.000
• Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
Week 1930_ _
506,000 6,397,000
Since Jan.F3014,493,0
82,146.000
124,000
2,908,000
Note -Bonded grain not included above: Oats, New York. 2,000 bushels
,
Buffalo, 11,000; Canal, 25,000; total, 38,000 bushels, against 146,000 bushels in
1930. Barley, Buffalo, 116,000; Duluth, 3,000; total, 119,000 bushels, against
1,838,000 bushels in 1930. Wheat, New York, 1,164,000 bushels; New York afloat
706.000; Baltimore, 46,000; Buffalo, 4,008,000; Buffalo afloat, 310,000; Duluth.
1,000; on Lakes, 632,000; Canal, 1,278,000; total, 8,145,000 bushels, against 18,"
419,000 bushels in 1930.
Canadian
Montreal
7,505.000
Ft. William St Pt. Arthur 45,702,000
Other Canadian
9,433,000
636,000
644,000
705.000
2,138,000 9,003,000 6.543,000
1,185,000
999,000
376,000
Total Aug. 1 1931
62,640,000
Total July 25 1931._ 60,814,000
Total Aug. 2 1930- 56,882,000
3,959,000 10.646,000 7,624,000
3,934,000 10,343,000 8,208,000
4,033,000 7,021,000 15,357,000
Summary
American
Canadian
212,675,000 8,183,000 7,392,000 9,070,000 3,434,000
3,959,000 10,646,000 7,624,000
62,640,000
Total Aug. 1 1931_215.315,000 8,183,000 11,351,000 19,716,000 11,058,000
Total July 25 1931-267,032,000 6,813,000 10,422,000 19,570,000 11,673,000
Total Aug. 2 1930_212,074,000 3,656,000 12,600,000 18,639,000 19.335,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, July 31 and since July 1 1931 and 1930.
Wheat.
Exports.
Week
July 31
1931.
Since
July 1
1931.
Corn.
Since
July 1
1930.
I Week
I July 31
1931.
Since
July 1
1931.
Since
July 1
1930.
Bushels.
Bushels. I Bushels. I Bushels. Bushels.
Bushels.
North Amer_ 4,584,000 27,815,000, 40,614,000
117,000
20,000
294,000
Black Sea-. 912,000 2,184,000; 1,544,006 102,000
238,000 10,133,000
Argentina._ _ 1,208,00
9,365.0001 4,896,00010,287,000 47,794,000 21,971,000
Australia _ _ _ 2,376,000 15,784.000 6,320,000;
India
8,00
296,0001 2,448,000,
0th. countr's 960,000 5,192,000 4,118,000, 280,000 1,429,000 4,134.000
Total -
10,048,000 60,636,0001 50,940,00010,689,000 49,578,000 36,532,000
The exports from the several seaboard ports for the week
WEATHER REPORT FOR THE WEEK ENDED
ending Saturday, Aug. 1 1931, are shown in the annexed
AUG. 4.
-The general summary of the weather bulletin
statement:
issued by the Department of Agriculture, indicating the inBarley,
Rye.
Oats.
Flour.
fluence of the weather for the week ended Aug. 4, follows:
Wheat.
Corn.
ExportsfromThe week brought much cooler weather to the Northwest, and temperatures were moderate in the Southern States, but in central valley districts,
the East-Central States and far West abnormally high temperature
4,000
continued.
3,000
5,000
The outstanding feature of the week's weather, however, was the generous
1,000
40,000 400,000 rain that occurred over the Northwest and Rocky Mountain area where
53,000 195,000
serious drouth had prevailed. The States most benefited include Iowa.
107,848 198,000
40,000 501,000 Minnesota, North Dakota, Montana and the Rocky Mountain area to the
Total week 1931_ 2,522,000
F Same week 1930_ 5.979.000
46.000 228.668
75.000
11.000 163.000 southward. In these helpful rains were rather general, with much benefit
to growing vegetation, especially late truck, garden crops and pasture lands.
The destination of these exports for the week and since There were good showers also in other less extensive areas, including parts
of South Dakota,eastern Kansas,Oklahoma, northwestern Texas, Arkansas,
July 1 1931 is as below:
considerable portions of the South and some east-central districts, notably
West Virginia and nearby sections. Missouri and Nebraska were largely
Flour.
Wheat.
Corn.
missed, and most growing crops continue to deteriorate, while the Ohio
Exports for Week
Valley received only scattered showers.
Week
Since
and Since
Week
Since
Since
Week
Aug.1
AR'. 1 July 1
July 1
Aug. 1
July ItoJuly 1
Considerable areas of Kentucky and Tennessee are needing rain, and
1931.
1931.
1930.
1931.
1930.
1930.
local sections to the northward as far as southern Michigan are becoming
very dry. The Atlantic area continues in fairly favorable condition.
Barrels. Barrels. Bushels.
Bilshels.
Bushels. Bushels.
333,609 1,646,000 6,828,000
United Kingdom 68,028
17,000 though local sections need moisture, principally southern New Jersey
156,516
28.470
836,000 7,665,000
Continent
eastern Maryland and Delaware; excellent growing conditions continue
82,453
____
20,000
So.& Cent. Amer_
in the more northeastern States. A good general rain is needed from the
101,914
4,000
22,000
9,000
West Indies
ower Missouri and central Mississippi Valleys eastward to the Atlantic
962
Brit.No.Am.Cols.
40,000
29,065
289.000
Ocean, and also in the west-central Great Plains.
Other countries... 7,350
It continued extremely hot and dry in the Great Basin of the West, with
704,519 2,522,000 14,824,000
107,848
26,000
Total 1931
46,000
228.668 1.082,287 5,979.000 26,333,000
94.000 reports of irrigation water exhausted and hauling necessary for livestock and
Total 1930
do nestle use. Throughout the central and western portions of the country
pastures are generally short, with livestock being fed in many places.
comprising the stocks
New York
Philadelphia
Baltimore
New Orleans
Galveston
Montreal
Houston
Bushels. Bushels.
515,000
40,000
112.000
137,000
793,000
885,000
40,000
Barrels. Bushels. Bushels.
44,848
Bushels.
101,000
k;
in
The visible supply of grain,
granary at principal points of accumulation at lake and
seaboard ports Saturday, Aug. 1, were as follows:
GRAIN STOCKS.
Rye.
Barley,
Oats,
Corn,
Wheat
bush.
bush.
bush.
bush,
hush.
StatesUnited
65,000
61,000
40,000
1,207.000
New York
3,000
" afloat
3,000
2,000
Houton55,000
5.000
28,000
2,080,000
Philadelphia
15,000
30,000
64,000
17,000
5,146,000
Baltimore
453,000
Newport News
56,000
115.000
24,000
2,588,000
New Orleans
6.751.000
Galveston
3,000
34,000
545,000
45,000
10,283,000
Fort Worth
373,000
492,000
523,000
738,000
16,204,000
Buffalo
95,000
543,000
afloat
1,000
6,000
199,000
13,000
2,727,000
Toledo
8,000
21,000
18,000
12,000
85,000
Detroit
442,000
903,000 2,033,000
27,830,000 5.961,000
Chicago
774,000
111,000
" afloat
140,000
64,000
211,000
504,000
49,000
5,736,000
Milwaukee
2,218,000
231,000
85,000 1,802,000
26,881,000
Duluth
27,000 1,196.000 3,234,000 1,768,000
29,136,000
Minneapolis
14,000
39,000
39,000
1,156,000
Sioux City
7,000
6,000
238,000
99,000
St. Louis
7,831,000
76,000
93,000
14,000
114,000
33,735,000
Kansas City
3,000
1,451,000
Wichita
6,298,000
Hutchinson_
78.000
St. Joseph, Mo
350,000
6,239,000
338,000
Peoria
16,000
18,000
8,000
313,000
242,000
Indianapolis
1,490,000
14,000
31,000
294.000
Omaha
204,000
15,301,000
52,000
On Lakes
1,052,000
56,000
On Canal and River.... 227,000
20.000
Total Aug. 1 1931._ _212,675,000 8,183,000 7,392,000 9,070,000 3,434,000
Total July 25 1931...208,218,000 6,813,000 6,488.000 9,237,000 3,465,000
Total Aug. 2 1930...155.192,000 3,653,000 8,467.000 11.618,000 3,978.00
http://fraser.stlouisfed.org/ •
Federal Reserve Bank of St. Louis
COTTON.
-Warm weather prevailed in the eastern cotton belt, but
otherwise temperatures were mostly moderate, and rainfall was largely of
a local character, through rather heavy in some central and northeastern
sections of the belt. In general, the weather was rather favorable, except
for too much moisture in parts of the Mississippi Valley and locally elsewhere, which was favorable for weevil activity, rank growth at the expense
of fruiting, and some shedding.
In Texas progress continued good in the northern two-thirds of the State,
but less favorable in the south where there is some shedding and rotting of
bolls. In Oklahoma plants are mostly fruiting nicely, but more moisture is
needed in central and western districts. In parts of the central belt there
was considerable complaint of rank growth and rather poor fruiting because
of too much moisture in some areas. In the Atlantic States conditions continued mostly favorable, with cotton doing well rather generally.
The Weather Bureau furnishes the following resume of
the conditions in the different States:
Virginia.-Rlehmond: Temperatures considerably above normal; rainfall
heavy locally, but more urgently needed in many places. Cotton doing well;
corn earing. Wheat and oats heavy; threshing delayed by rain. Potatoes
mostly excellent. Tobacco somewhat uneven from dry weather;some curing
begun. Truck, meadows and pastures good.
North Carolina.-Raleigb: Temperatures averaged considerably above
normal;lightto heavy,unevenly distributed rains. Corn, tobacco,sweet potatoes. peanuts, truck and fruit doing well, except in some scattered areas
where too dry. Advance of cotton mostly good, though varying from fair
to very good. Most of week favorable for farm work.
South Carolina.
-Columbia: Abnormal heat, abundant sunshine and
scattered showers, but cotton progress and condition still very good, with
bloom and bolls forming freely. Corn,sweet potatoes,truck and pastures improved, although rain needed in spots. Tobacco quality generally good and
curing very active. Fall plowing progressing where soil conditions permit.
Georgia -Atlanta: Local moisture diminishing, with increasing beat
toward close, and dry again in scattered counties, but, owing to previous
rains, crops continue to improve in most sections. Progress and condition
of cotton good; fruiting well and opening rapidly in southern division, with
picking and ginning under way. Progress of late corn on lowlands very
good;laying by both cotton and corn.
AUG. 8 1931.]
FINANCIAL CHRONICLE
Florida.—Jacksonville: Rains irregular, but sufficient over small areas
and large portions need moderately heavy rains for late corn,sweet potatoes,
strawberries, cane and seed beds. Citrus fair to good, but some dropping
where rains spotted and insufficient. Progress of cotton fair;condition fairly
good; much shedding; weather favorable for weevil activity in west.
Aiabanta.-J-Montgomery: Warm; showers quite general. Crops generally
improved. Condition of late corn, sweet potatoes, ranges, pastures, fruit
and miscellaneous crops mostly fair to good. Truck mostly poor to good.
Progress of cotton mostly fair to good; condition ranges from poor to excellent, but mostly fair to good: blooming at top and shedding in a few
scattered localities; opening in southern fourth and first bale ginned reported from Geneva County.
Mississippi.—Vicksburg: Frequent showers rendered cotton progress
rather poor to only fair, with considerable shedding and scanty squares;
occasional opening reported in extreme south. Progress oflate corn mostly
fair to very good, with progress of early generally poor.
Louisiana.—New Orleans: Good rains in east and extreme south, but
light in west-central and portions of northwest where drouthy locally.
Progress of cotton generally good, though growth rank in east, with some
shedding and plants small in some western sections, condition fair to good.
fruiting fairly well and.beginning to open. Late corn continued improvement; condition fair to very good.
Texas.—Houston: Temperatures moderate, with good rains in Panhandle
and portions of west, but light or none elsewhere. Progress and condition of
pastures, late corn, truck and feed crops mostly good. Condition of citrus
and rice good. Progress and condition of cotton good in northern two-thirds
where fruiting satisfactorily, but poor in much of southern third where local
complaints of shedding, rank growth and bolls rotting; picking made fair
progress in south and first bales reported northward to south-central,
Oklahoma—Oklahoma City: Early part of week hot and dry; latter part
cooler, with quite general, light to heavy rains. Drouth relieved, except in
scattered areas of central and west. Progress and condition of corn generally
very good in east and poor to fair on bottoms of central and west, but very
poor or failure on most dry uplands. Progress and condition of cotton generally good; blooming and fruiting nicely in most sections; needs more rain
in central and west; very little shedding or insect damage.
Arkansas.—Little Rock: Progress of cotton very good to excellent,
except in some central-northern portions where continued rains causing
rank growth and shedding; elsewhere bloom and bolls setting rapidly; condition fairly good to excellent. Progress and condition of corn very good
to excellent; little more rain needed for maturing.
Tennessee.—Nashville: Progress and condition of corn fair to excellent,
but moisture needed over large areas. Threshing wheat continuing; yields
very good to excellent; record crop in north-central. Progress and condition
of cotton fair in east and fair to excellent in west, except in sections where
too much rain; fruiting lightly to heavily; many grown bolls per stalk.
lientucky.—Louleville: High temperatures; no rain of consequence. Dry
areas expanding in west and damage increasing. Pastures very poor. Progress and condition of corn poor in lower Green River Valley and deteriorated
and seriously injured on uplands in that district; beginning to be damaged in
most central and western uplands, but bottoms still good growth. Tobacco
stationary; condition varying greatly with degree of soil resistance to
drouth. Much corn in critical stage and needs rain at once to save it.
THE DRY GOODS TRADE
New York, Friday Night, Aug. 7 1931.
Dry goods markets in general have continued in the grip
of summer dullness, with unfavorable developments in Wall
Street and declining tendencies in most commodity markets,
and notably in cotton, adding to the hesitancy of buyers.
All eyes, as in financial markets and industrial quarters
generally, are turned on the outlook. The present, while
fertile enough in discouraging tendencies, is not being regarded as a final indication of what may be expected in the
future, and there is considerable though qualified hope that
autumn will usher in enough expansion in business to give
dry goods producers some relief, and at the same time display signs that an underlying uptrend is beginning to govern
business as a whole. While dissenters from this point of
view are not lacking, and there appears to be little doubt
that a hard winter is ahead, it is still thought more than
possible that textiles may prove to be one of the industries
which will lead the way out of the valley of depression, and
that the process may conceivably begin during the next six
months. While business is not expected to be normal during
what remains of the present year, the point is made that
unwieldy accumulations of textile stocks are rare, and that
there has been such a drastic downward revision in prices,
both at the producing and distributing ends of the trade,
that public purchasing power may prove adequate to
a
relatively large consumption. In the meantime cotton goods
have been very quiet, but it is thought that the very extensiveness of the delay in filling fall needs will accentuate fall
activity when it materializes. The woolens and
worsteds
division, with a record of comparatively intense
activity
immediately behind it, Is now operating with an
average
of six weeks' business in hand, it is estimated, and hopes
are that this relatively high level will be maintained
throughout 1931. Rayons have continued to retain a good
989
position. Business during July exceeded that of June,
though the latter month was an unusually good one for this
season. The price situation in this connection is, of course,
unsatisfactory, but a narrow margin of profit is being shown
in most quarters, and rayons at least appear to be advantageously placed for benefiting from general business improvement, when it appears.
DOMESTIC COTTON GOODS.—Dullness in cotton goods
markets has become accentuated during the past week, in
most quarters. Print cloths have sold off again slightly, and
other lines, notably materials used for work clothing, have
tended downward. Buyers have been showing a general
disposition to wait for the Government crop estimate, due
to-morrow. Meanwhile market observers note an undercurrent of interest on the part of buyers which is not being
reflected in the amount of business going forward. They
contend that substantial quantities of print cloths could be
moved at the present time if sellers were willing to acquiesce
to buyers' insistent pressure for concessions. However,
sellers are resisting the forces working for still lower prices
with practical unanimity, and they hope that, backed up by
the low level of supplies in primary channels, they may be
able to prevent much further weakness until fall buying
develops. Seen in review, the past few weeks are estimated
in many quarters to have been as quiet, or even quieter than,
any corresponding period in the past few years. New business in all the major cotton goods divisions has been extremely light. The substantial volume of goods moved as a
result of the stimulation afforded to sentiment by the Hoover moratorium proposal is regarded as partly responsible
for the severely restricted current demand, which, combined
with renewed declines in raw cotton and the dissipation of
confidence following on the discouraging developments in
the foreign situation, made recent weakening in goods prices
unavoidable. Values in many instances have sought new
lows, and the improved tenor of sentiment visible at the
end of June has been, as in other industries, largely wiped
out. Meanwhile serious accumulations of stocks are being
avoided, and actual reductions continue to be made in some
divisions, notwithstanding the meagerness of buying.
Toward the end of August buyers are expected to come into
the market for expanded volume of fall goods, and the outlook for ensuing months is regarded as relatively favorable.
Print cloths 27-inch 64x60's constructions are quoted at 3%c.,
and 28-inch 64x60's at 3%c. Gray goods 39
-inch 68x72's
constructions are quoted at 5c., and 39
-inch 80x80's at 5%c.
WOOLEN GOODS.—The excellent conditions obtaining
in woolen and worsted goods markets have not been materially lessened by the slackening in the recently active fall
demand for men's wear fabrics. To compensate for the
somewhat less urgent demand, dress goods orders are being
received in improved volume and cutters are apparently
taking in good part mills' determination not to bear the
burden of manufacturing in anticipation. The former are
thus showing more inclination to contract into the future.
At the same time the demand for tropicals has continued
active when a slump might normally have been expected,
and, with a heavy volume of those fabrics already moved,
mills are generally sold ahead, in a number of instances as
much as a month. The new business being received for
tropicals is particularly gratifying in view of the fact that
fall demand has been tending to fall off, while the spring
season cannot be said to have begun as yet. Men's wear
producers of fall suitings and topcoatings are meanwhile
continuing to receive a satisfactory amount of orders, and
In more than one case have still to turn down orders for
prompt delivery which they are unable to fill. Buyers state
that desirable merchandise in this respect is signally rare,
though some mills have staples such as serges and oxfords
for spot delivery which are being taken avidly by some
buyers. Prices on all types of men's wear are firm.
FOREIGN DRY GOODS.—While piece goods business has
fallen off somewhat in various sources, there is otherwise
no essential change in local linen markets. Importers have
passed through a season which, as far as clothing linens is
concerned, has been very satisfactory as to volume, if not
as to price. Burlaps have been quiet and are slightly earier.
General industrial conditions are considered to be the primary cause of the protracted dullness, with most manufacturers apparently well supplied with goods. Light
weights are quoted at 3.75c., and heavies at 4.95c.
990
FINANCIAL CHRONICLE
ffitatz an Txty peparintent
MUNICIPAL BOND SALES IN JULY.
State and municipal bond disposals during the month
of July were on a slightly diminished scale from the awards
during the preceding month, but compare quite favorably
with the disposals effected in July 1930. According to our
records the total for the month under discussion stands at
$99,941,133, as contrasted with $120,519,321 in June 1931
and with $112,358,085 in July a year ago. The total in
July 1931 was augmented as a result of the sale by New York
City of $5,000,000 3% assessment bonds, due on or before
July 23 1941, to the Sinking Fund Commissioners. In the
past month of June similar financing by the City amounted
to $6,725,000. During the first seven months of 1931 sales
of State and municipal obligations have amounted to $950,480,569, as compared with $877,894,667 for the similar
period in 1930; $755,497,820 in 1929; 59,218,515 in 1928;
$968,849,278 in 1927;$838,257,412 in 1926,and 96,468,767
in 1925.
Municipal financing during July, as was the case in the
month of June,was devoid of any exceptionally large flotations
—the heaviest award made being the $15,000,000 State of
Arkansas sale. In June, this distinction was held oy the
State of Louisiana, whose Contribution of $15,000,000 to the
month's total constituted the largest single issue sold.
Moreover, during July several large offerings met with no
success, as a result of the rejection of bids received by
municipal officials as unsatisfactory. The more conspicuous
instances of this nature are briefly summarized as follows:
The State of New Jersey, for the second time within a
month, on July 17 rejected the bids received for $20,000,000
334% serial highway bonds. Two "all or none" syndicate
offers were rejected, one being a price of 95.659 and the
other a price of 95.45. Numerous bids made by New Jersey
banking institutions also were rejected. On June 16 State
officials had rejected the single group offer submitted,
which was at a price of par for only the earlier maturing
bonds of the issue. The issue is expected to be again reoffered later in the year. V. 133, p. 515. The State of
South Carolina also was unsuccessful in two attempts to
market an issue of $5,000,000 long-term highway indebtedness certificates, once on July 1 and again on July 23.
In each instance, the bids received were turned down as
unsatisfactory. The State, however, did sell an issue of
$5,000,000 3)4% 1-year highway notes, at an interest cost
basis of about 3.46%. V. 133, p. 679. Boston, Mass.,
asked for bids until July 22 for $1,150,000 3 % and $1,088,000 354% bonds. The single offer received, a price of par
for the 3%% bonds only, was rejected. On the following
day the city sold a $2,000,000 temporary loan, due Oct. 6
1931, at 1.23% discount basis. V. 133, p. 672. That
obligations of short duration continue to be very much in
demand is amply illustrated further on in this article where
a review is made of the temporary borrowing effected in
July.
In the following an account is given of each municipal
award of $1,000,000 or over that occurred during the month
of July:
from
315,000,000 Arkansas (State of) 5% highway bonds, due serially man1936 to 1967 incl., purchased on July 9 by a syndicate price
New York. The
&
by Halsey. StuartnotCo.. Inc., ofBids for the issue were
aged
divulged.
paid for the issue was
the
originally invited until June 24, but actual award of was bonds
made
until the later date. Public offering
was not made
at par and interest for all maturities.
Highway Dist., Calif., 4;1% bridge
Gate Bridge
6,000,000 Goldenpurchased by andgroup composed of the Bankamerica
a
bonds
of San Francisco:
Securities
Co., and the AmericanCo., of LosCo , bothat 100.125, a basis
Angeles.
also R. H. Moulton & annually from 1941 to 1970 incl. The
Due
of about 4.74%.conditioned upon the establishment of the
bid was made
validity of the bonds by the California Supreme Court, also
subject to the right of the group to purchase prior to Nov. 16
of
1932 an additional $9.000,000 bonds at a pricepar 102. aThe
plus $1
District previously had received an offer of San F'rancisco,
by Dean Witter & Co. of
premium for the issue
issue of $6.000.000
which bid embraced not only the initial amounting to $35,but the entire bond financing program
000.000. The offer was rejected.
extension
5,500,000 Allegheny Co., Pa.,4% road, bridge and workhousefrom 1932
serially
bonds, comprising six individual issues, dueof the Union Trust
1961 incl., awarded to a group composed of New York, also
to
Co. of Pittsburgh, the Guaranty Company
the Bankers Company of New York, at 103.93,a basis of about
3.64%.
5.000,000 Mississippi (State of) 434% bonds, issued to reimburse holders
of -State guaranty of deposit certificates." tentatively sold
to be taken by a syndicate
at a price of par, with $3.000.000 Inc.. of Memphis, and the
headed by Saunders & Thomas,
The
remaining $2.000,000 by State banking institutions.When
bonds are to mature serially from 1932 to 1951 incl. failed
on July 15. the State
offered at competitive bidding which resulted in
to receive an offer for the issue,officials and local the opening
investment
of negotiations between State
of the
houses and banks for the sale issue bonds at par. The
failure to receive an offer for thebondsat competitive sale was
are callable on any inattributed to the fact that the
terest payment date and that interest payments are to be
made annually.
[Vox,. 133.
bonds, due in equal annual
5.000,000 Missouri (State of) 334% road awarded to a group managed
amounts from 1938 to 1942 incl.,
by the Guaranty Company of New York at 96.399. a basis of
about 3.77%. It is pointed out that Missouri is one of the
few States whose obligations may be sold at less than par.
5,000.000 New York, N. Y., 3% assessment bonds, due on or before
July 23 1941, sold to the Sinking Fund Commissioners.
2,608.000 Trenton, N. J., 4% bonds awarded on July 22 to a group
headed by the Guaranty Company of New York. as follows:
incl., sold
$2.511,000 funding bonds, due from 1933 to 1956assessment
at 101.24, a basis of about 3.88%; $97,000 St. at
101.83.
funding bonds, due from 1932 to 1941 incl., sold
a basis of about 3.62%.
Ohio. bonds, comprising three issues, due from
2,500,000 Cleveland,
1932 to 1956 incl., sold as 4s and 434s to a group managed
by Halsey. Stuart & Co., of New York, at 100.11, the net
interest cost of the financing being about 4.10%•
of which
2,490,000 Houston, Tex., bonds, comprising 14 issues,from 1934$2,410.to 1956
000 are 4;48 and $80,000 are 5s. due serially
incl., award to a group headed by Halsey. Stuart & Co.
awarded
of New York, at 101.62, a basis of about 4.30%•
N. Y.. 334% general impt. bonds sold to a group
2,350,000 Erie
Co.,
headed 13K Estabrook & Co. of New York, at 100.099. a basis
of about .74%. Due serially from 1951 to 1961 incl.
from 1932 to 1951
2,350,000 Pittsburgh, Pa.. 334% funding bonds, duePittsburgh and the
incl., purchased by the Union Trust Co. of
Guaranty Company of New York, jointly, at 101.01, a basis
of about 3.62%.
2,096,500 Montana (State of) 434% institution building bonds, due
July 1 1961, optional on or after July 1 1941, purchased by
a group headed by the First National Old Colony Corp. of
New York at 101.80,a basis of about 4.03% to optional date.
for
to 1941
2,000,000 Luzerne Co., Pa., bonds, due from 1932as Ths onincl., 14,
July
which no bids were received when offered
were subsequently purchased as 3345, at par and interest,
by E. H. Rollins & Sons of Philadelphia.
1941 to
1,753.000 California (State of) 4% park bonds, due fromNational 1948
City
incl., awarded to a syndicate headed by the
Co. of New York at 102.87. a basis of about 3•71%.
awarded to a group headed by
1,747.000 Kearny. N. J.. 434% bondsNew York, as follows. 3587.000
B. J. Van ingen & Co. of
assessment bonds, due from 1932 to 1938 incl., sold at 100.30,
a basis of about 4.425%; 3528,000 impt. bonds, due from 1933
to 1955 incl., sold at 100.59. also a basis of about 4.425%;
at 100.57,
$479,000 schools, due from 1933 to 1954 incl.. sold1949 incl.,
to
while $153.000 library bonds, due from 1933 the issues
Just
the interest cost basis for
were sold at 100.59.
mentioned being 4.44%.
due from 1936 to 1951
1,500,000 St. Louis County, Mo.,4% road bonds, Continental Illinois
incl., awarded to a group managed by the
Co. of Chicago at 99.53, a basis of about 4.04%.
to
1.300.000 Salt Lake City, Utah,4% water bonds, due from 1934& Trust
196incl.,
sold to a syndicate headed by the Walker Bank
Co. of Salt Lake City. Price paid for the issue was not made
public.
1,100,000 San Antonio, Tex., 4349' funding bonds, due serially in from
1 to 32 years. purchased by George L. Simpson & Co. of Dallas. Price paid for the issue was not made public. (Notice
of th,filing of a suit for an injunction to restrain the issuance
of these bonds was given in V. 133. P. 831.)
general construction bonds,
1,055.000 Montgomery County, Md..4349' to a group managed by the
due from 1933 to 1962 incl., sold
Mercantile Trust Co. of Baltimore at 98.75, a basis of about
refunding bonds. due July 1 1933.
1,052,400 Cook County, ill., 5%par by a group headed by the Contipurchased at a price of
nental Illinois Co. of Chicago.
1,000.000 Iowa (State of) 334% sinking fund anticipatory warrants.
purchased by local banks. Due Jan. 1 1933.
$500.sold as
1.000,000 New Mexico (State oil highway bonds,as 434s follows:by the
at par
000, due in 1933 and 1934, purchased Co. of Denver and the
the International
State Sinking Fund,
of Kansas City, jointly, paid a price
Fidelity National
em
Corp.
of 100.02 for 3250.000 of the raining bonds, due in 1939.
as 534s. and $250,000. due in 1940. as 4s, the net interest
cost of the financing being about 5.15%•
Temporary financing during the month of July amounted
to $67,592,970, to which total the City of New York contributed $24,000,000 as a result of the sale of various corporate stock note issues. The City also sold $5,000,000 3%
long-term assessment bonds. Several large short-term loans
were negotiated during July, such as the $5,500,000 New
York State sale; Westchester Co., N. Y., $5,549,350; State
of South Carolina, $5,000,000; Elizabeth, N. J., $4,550,000;
also an issue of $3,385,000 by Rochester, N. Y. The New
York State sale consisted of an issue of notes, bearing
interest at 0.85% and due Oct. 5 1931. The bankers concerned were Salomon Bros. & Hutzler, of New York City,
The South Carolina issue bears interest at 3M%, is due
July 15 1932, and was purchased by a group headed by Halsey, Stuart & Co. of New York, at 100.035, a basis of about
3.46%. The State also asked for bids for an issue of $5,000,000 highway certificates, due from 1939 to 1953 incl.,
but rejected the offers submitted. The Westchester County
obligations bear interest at 1.88%, are due June 5 1932,
and were purchased at par by the Guaranty Company of
New York and R. W. Pressprich & Co. of New York,
jointly. The bankers resold the entire issue prior to the
close of business on the day of the purchase at a price to
yield 1.65%.
Canadian municipal bond awards during July were on a
much-diminished scale in comparison with the sales during
the preceding month, the volume of financing during the
current period being only $6,949,750, while in June the
figure was $47,463,396. Only one award in excess of
$1,000,000 was made during July, this being the sale of the
$5,000,000 Province of Manitoba 4% bonds to a group
headed by Wood, Gundy & Co. of Toronto. The price
paid for the bonds was not made public. No bonds of this
issue have been placed in the United States.
No financing during July was undertaken by any of the
United States Possessions.
Below we furnish a comparison of all the various forms of
securities sold in July during the last five years:
Aua. 8 1931.]
FINANCIAL CHRONICLE
1931.
1929.
1928.
1930.
1927.
$
$
$
$
11
Perm't loans U.S.) 99,941,133 112,358,085 85,114,065 80,799,070 86,028,558
*Temp.loans U.S.) 67,592,970 181,733,031 58,596.000 59,733,000 11,059,000
Can,loans perm't):
834,553
920,730 2,122,139
Placed In Canada 5,000.000 7,295,231
None 2,600,000
None
Placed In U. S..None
None
None
None
None
400,000
Bonds U. S. Poss'ns
None
None 3.500,000 1,400,000 7,500.000
None
Gen.M.bds. N.Y.C.)
172,534,103 303,986,347 148.044,618 143,252,800 106,709,697
Total
* Including temporary securities Issued by New York City $24,000,000 in July
1931, $130,000,000 In July 1930, 87,150,000 In July 1929, 845,965,000 In July 1928,
none in July 1927.
The number of municipalities emitting long-term bonds
and the number of separate issues during July 1931 were
317 and 446 respectively. This contrasts with 399 and 514
for June 1931 and with 483 and 686 for July 1930.
For comparative purposes we add the following table,
showing the aggregates for July and the seven months for a
series of years. In these figures temporary loans, and also
issues by Canadian municipalities, are excluded.
1931
1930
1929
1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
1913
1912
For the
Month of
Seven Mos.
July.
$99,941,133 8950.480,569 1911
112,358.085
877,894,667 1910
85,114,065
755,497,820 1909
80.799,070
859,218,515 1908
86,028,558
968,849.278 1907
89,270,476
838,257,412 1906
144,630,193
896,468.767 1905
117,123,679
905,868,652 1904
67,776,833
652,577,756 1903
94,616,091
749,702,241 1902
104,584,124
570,999,611 1901
57.009.875
379,671,407 1900
83,990.424
389,641,263 1899
23,142,908
174,909,192 1898
92.828,499
314,407,599 1897
37.611,448
321,076,020 1896
33,899,870
356,818,480 1895
26,776.973
384,334,150 1894
23,477,284
242,356,554 1893
30,479,130
276,768.423
Month of
July.
842,231,297
35,832.789
20,120,647
21,108.678
16,352.457
25,442,095
10,878,302
33,233,254
16,670,240
12,861.550
8,262.495
8,104.043
18,613,958
7,868,563
17,389.859
5,313,495
15,375,660
8,253,237
1,691,600
For the
Seven Mos.
8265,493,667
198.678,899
227,245,964
190.191,257
131,700,346
127,780,340
122,601,356
171,102.409
95,246,674
100.489,945
69,485,555
86,047,708
81,959,334
61,947,110
90,665,236
48.490,459
72,366,273
74,680,229
34,354,175
Ine the following table we give a list of July 1931 loans
in the amount of $99,941,133, issued by 317 municipalities.
In the case of each loan reference is made to the page in the
"Chronicle" where accounts of the sale are given:
Page.
Rate. Maturity. Amount.
Name.
509. Adams County, Ind
4
$25,000
509__Akron, Ohio (2 issues)„..43( 1932-1941 864.911
509_ _Akron, Ohio
4
1932-1951 201.359
326_ _Allegheny Co.,Pa.(6 is.)-4
1932-1961 5,500.000
509_ _Alma Con. S. D., Ark.,.-6
47.000
509_ _Amherst, N. Y
6
1932-1947
60,000
672__Andorson Co., Tenn
65,000
509__Androws County. Texas_
200.000
326__Arenac County, Mich ._6
1-10 yrs.
36,000
826- _Arkansas Tate of)
5
1935-1967 15000,000
__
o
1935-195080,000
.Ashland, Ohio a
672..
4X 1932-1941
46.000
831_Attleboro, Maas
3X 1932-1941
40.000
509__Audubon Iowa
4
1-20 yrs.
40,000
832 .Bangor, Me
4
1932-1948 r250,000
1332„Barberton, Ohio
43( 1932-1940
30,712
509__Bellmap County, N. H-.4
1932-1941
65,000
672__Bent Co. S. D. No. 1,
Colo
4
1-15 yrs.
r50,000
995__Benton Co.. Ind
6
1932-1941
9,696
832__Berrien County, Mich__ -4X
201,821
509._Bexley, Ohio (3 issues)-434 1932-1940
79,500
,Texas
509_ _Big 8p
5
1932-1971 200,000
326__Blair, Neo
4,850
510__Bloomington. Ind
43( 10-20 yrs.
110.000
832__Blytheville, Ark
70,000
832Boone, N. C
6
1932-1960
28,000
334 1932-1961 444,000
832__Braintree, Mass
326__Bridgeport, Conn.(2 is.)_4
1932-1961 300.000
.Bridgewater Paris and
673.
Brookfield S. D. No. 1,
N. Y
5
1932-1963 125,000
673„Brownsville Ind. S. D.,
Texas
5
1-40 yrs.
80,000
995....Brook Park, Ohio
1932-1938
7,320
510__Bucyrus City S. D.,0...-4
1932-1946
74.000
510__Bunide,La
5J, 1932-1951
50.000
510__Burlington, N.J
66,000
43.1 1933-1945
832„Callfornia, State of
1941-1948 1,753,000
4
673__Cambridge, Ohio (2 iss.).4
1932-1941
46,103
326_ _Cambridge, Mass
33 1932-1941 100,000
326_ _Cambridge, Mass
1932-1936 100.000
33
510_ _Camden,Ark
1943
431
26,000
996__Campbellsburg Sch. City,
Ind
434 1933-1951
8,500
673„CassvIlle, Mo
12,500
510_ _Cazenovia, N.Y
4X 1932-1951
55,000
326__Chardon, Ohio
1932-1935
5
2,000
832__Chandler S. D., Okla
5
1935-1944
12,000
832__Chandler S. D., Okla
4
1935-1944
3,000
326__Charles County, Md
1938-1960
23,000
156__Charleston, N.0
1933-1942
12,000
832-Cheektowaga. N. Y. (6
issues)
6
1932-1941 621,060
510__Chicopee, Mass.(2 iss.) 3
1932-1936 184.000
510_Chiliicothe City S. D.,0_4
1932-1951 480,000
833.._Cleveland. Tenn
534 1933-1942
60.000
.Cleveland, Ohio (2 iss.)...4
511.
1932-1956 1.500,000
511__Cleveland, Ohio
434 1932-1956 1,000,000
511__Coahoma County, Miss 5
58,000
673 Cold Spring, N.Y
434 1932-1951
10.000
511__Collingsworth Co., Tex_
150,000
156__Columbia, S. C
434 1932-1934 135,000
833_Columbus, Ohio
4
1933-1957 750,000
833__Concord, Mass.(2 iss.) 14 1932-1946
51,000
833__Cook County, Ill
1933 r1,052.400
511__Corsicana Ind. S. D.,Tex...
30,000
434 1932-1961 r142,600
673_ _Covington, Ky
511__Crawford County, Wis.--4 X
1933
70,000
-Crete, Neb
327.
r22.000
434 1932-1951 160,000
156- _Danville, Va
511-Davenport Twp. S. D.,
Iowa
434
4,000
1-20 yrs.
673--Decatur S. D. No. 61,111-4
150,000
334 1932-1941 240.000
833- -Dedham, Mass
431 1932-1939
511--Defiance, Ohio
16,000
5
156--Delaware, Ohio
1933-1940
16,000
833--Delta Co. S. D. No. 18,
Colo
431 2-8 yrs.
8.000
833De Witt James St. Terrace Water Dist.,N.Y.4.40 1936-1951
16,000
611__Douglas County, Wis.- 434
1935
88,000
674_ _Douglas County, Neb._ _4
1947-1948 300,000
331 1932-1950 570.000
327--Duluth, Minn
6
327-Dundee R. D., Miss
r5,000
833-Eastchester S. 13. No. 2,
N. Y
4.20 1941-1958 180,000
Price. Basis.
101.40 3.75
100.42 4.15
100.14 3.98
103.93 3.64
100
97
100
100.64
100.59
100.28
100.12
102.33
100.12
100.72
100
100
100.80
100.33
ic.(si
/.66
165
4.12
3.40
3.99
3.73
4.24
3.85
oöO
4.75
4.32
4.97
103.58 Y5
100
100
6.61)
101.15 3.41
101.51 N,3.77
100.67
4.94
97.75
100
100.44
100.10
101.98
102.87
100.13
100.01
100.48
87
5.18
6.00
4.18
5.49
4.70
3.71
4.22
3.49
3.33
6.32
101
4.37
100.005 - 24
4:- ,
100
5.00
106.29
98.78
1:66
100
100.71
101.09
100
100.11
100.11
6.00
3.25
3.95
5.50
4.10
4.10
100
100.64
100.01
100.60
100.73
100
4.74
3.94
3.39
5.00
100.31
100.39
- 72§
4
4.05
4.80
4.50
101.10
1756
101.47
100.19
100.81
100.10
103.50
--3.98
3.33
4.72
4.28
100.07
102.53
108.47
100.19
4.39
3.80
3.84
3.71
100.32
4.17
991
Page.
Rate. Maturity. Amount. Price. Basis.
',/
' 0 Name.
"9"
51l__Egg Harbor City, N.J--534 1933-1944
69,000 100.35 5.19
1933-1971
511--Egg Harbor City, N.J..-5
46,000 100
5.00
327-Ellis County, Okla
4X 1934-1942
90,000
327__Ellis County Okla
4li
120;50000
0
1943
997__Elliott, Iowa
5
10 years
100
5.00
511__E1 Paso, Texas
434 1932-1951 r30,000 100.35 4.46
511 _ _El Paso, Texas
4
1932-1951 176,000 100.35 4.46
327--Erie County, N.Y
354 1951-1961 2,350,000 100.09 3.74
1934-1950 175,000 103.19 3.71
833- _Erie S. D., Pa
4
674-Evanston Twp. H. S. D.,
Ill
4.50
434 1937-1951 285,000 100
38,000 106.58 4.03
1932-1946
511-Fairfield Sch. Twp.,Ind-5
5.00
1934-1942
674--Fairland S. D.,(3kla
5
8.000 100
674__Farmingdale, N.Y
4.20 1932-1951
90,000 101.16 4.03
327__FloydCounty, Ind
19,500 101.29 3.83
1932-1951
4
4.00
30,000 100
1933-1952
674-Fonda, N. Y
4
65.000 100.76 3.91
1932-1950
8.33-Fond du Lac. Wis
4
150,000 99.57 --833_ -Forrest County, Miss_
15,000
1933-1937
674-Freeport, Texas
5
512-Gallatin, Tenn
33,000
1932-1951
834-_Genoa, Ohio
21,698 100.26
531
1932-1949
157-_Geneva, N. Y
18,000 102.76
4 5
7
.6
834--Glen Rock, N. J
1932-1937 112,000 100.28 1 i:1
834--Glen Rock, N. J
431 1933-1971
93.000 100.22 4.73
834__Glen Ullin, No. Dak
5
3.000 100
1932-1941
5.00
674__Gloucester, Mass
25,000 100.17 3.47
334 1932-1941
834_01oucester. N. J
5.97
1933-1947 323,000 100.21
6
.Golden Gate Bridge and
512.
Highway Dist., Calif_ _43( 1941-1970 6,000,000 100.12 4.74
834-_Grand Forks Ind. S. D.
No. 1, No, flak
1934-1951 200,000 101.50 4.34
4
674__Grand Rapids, Mich....
1942-1961 290,000 100.08 3.90
674__Grand Rapids, Mich....
1932-1941 145,000 100.08 3.90
834__Grand Rapids, Mich
3
1932-1934 300,000 100.50 3.09
834__Grand Rapids. Mich.
54,000 100.50 3.09
1932-1941
4
rgh
512__Greentes , N. Y
u )
1934-1951 527,000 100.18 3.98
4
834__Greene County, Ind
4X 1932-1941
18,800 103.85 3.72
834-Greene County, Ind_ _ _ _4 X 1932-1941
1,540 102.59 3.97
328. Hamburg Pa
4
1-10 yrs.
15,000 100.008 3.99
998__Hammond, Ind
1942-1956 462.000 100.13 3.99
4
675-_Hancock County, Ohio. 434 1932-1936
5,750 100.01 4.49
675__Hanover Sch. Dist., Pa 4
1934-1960 225.000 104.21 3.68
157„Harrison, N.Y.(4 Les.) 43‘ 1932-1949 304.000 100.35 4.21
158...Hartford. Va
4
1935-1950 r78.500 100.25 3.97
998__Haskell, Okla
6
1934-1948
6.00
45,000 100
1933-1934
675__Haywood County, N. 0-6
65.000 100.25 5.89
998__Hendricks Co.,
Ind103.90 3.70
434 1932-1942
.
328__Houston, Tex. (12 iss.)-AX 1934-1955 2,410,000 101.62 4.30
1934-1943
328_Houston, Tex. (2 iss.) 5
80,000 101.62 4.30
434 1932-1946
27,000 100.06 4.49
675.-Hubbard, Ohio
513__Huntington & Babylon
85,000 100.22 4.23
Sch. Dist. No. 16, N.Y.434 1937-1971
328-Huntington Sewer Dist.,
49.500 100.16 4.22
N.Y
43.( 1936-1961
32,000 100
834__Huron, So. Dak
6
6.00
14.995 100.22 5.46
1938
534
329 _Independence Kan
1932-1951 245.000 103.06 3.63
'
329__Indianapolls, Ind
4
834__Inlet Water DLst.. N. Y-5.20 1936-1957 110,000 100.18 5.18
329__Irvington. N. Y.(3 iss.)-4.20 1932-1947 240,000 100.29 4.15
158__Iowa, State of
1933 1,000.000
334
675.. _Ironwood Twp., Mich .550,000
434 1932-1951
65.000 100.56 4.18
513„Islip, N. Y
1934-1947 147,000 100.09 3.98
.Jackson, Mich
4
675.
834__Jackson, Miss
150.000 101.73 ---5
834__Jackson, Miss
40,600
43.1
1932-1943
31,000 103.56
998_ _Jackson Sch. Twp..Ind- _4
Tenn
4.50
1932-1952
4
60,000 100
10.73965_Jackson
834__Jamestown, N. Y.(3 iss.)41 1932-1941
94,676 10016 4.07
9118_ _Jasper Co., Ind
10,600 103.81 3.72
434 1932-1942
1933-1942
30,000 102.43 3.75
834-Junction City, Kan
1932-1938 587,000 100.30 4.42
513Kearny, N.J
4
513_ _Kearny, N.J
434 1933-1955 528,000 100.59 4.42
513__Kearny, N.J
43. 1933-1954 479,000 100.57 4.44
1933-1949 153,000 100.59 4.44
4
513_ -Kearny, N.J
1932-1941
513__Kenton, Ohio
4
40,000 100.37 4.17
5,000 100
1934-1938
5.75
675- _Kinta Sch. Dist., Okla__ -5
675__Kinta Sch. Dist., Okla_.,534 1939-1943
5.50
5.000 100
835--Ktt Carson Co. S. 1). No.
434 1933-1949 r17,000
675__Kose1uskrCo.. Ohlo___4-4X 1932-1942
37, Co
41.600 103.48
513-La Crosse, Wis.(2 Iss.)-4 .1 1932-1941 100.000 100.65 Ille
4,800 105.93 3.30
513-La Grange County. Ind_4X 1932-1042
3.90
1932-1942
835-Lake County,Ind
5
10.000 105.41
513-Lake County, 0.(2 iss.)-5X 1932-1941 211.495 100.08 5.73
1932-1941
835--La Porte County, Ind....5
18.000 105.51 3.88
27.000 105.74 3.82
1932-1942
835--La Porte County, Ind- 5
1932-1942
835--La Porte County, Ind- 5
22.000 105.90 3.80
676-Lauderdale Co., 1...__53'(
100.34 r37.500
329__Laurinburg, N.01933-1949 300.000 100.02 5.74
329„Laurinburg, N. C
1933-1949
48:0
2 1 5%) 100.02 5.74
329_ _La Ward S. D., Texas329__Lavrrence, Kan
4
1932-1941 115.475 101.33 3.73
4
4.00
17.000 100
1932-1941
329-Lawrence, Kan
513-Leflore County, IVIiss
150 000 101.27 4.81
5
1-15 yrs.
159_ Lewis County, N. Y
434 1932-1951
60.000 102.92 4.14
1936-1946
50,000
676-Liberty Rural S. D., Neb.5
: 0 102.12
040
513-Lincoln County, Wis- -434
6555
1933-1952
100 35 Yei
835-Litchfield, Conn
4.40 1933-1935
14.850 100.07 4.36
676-Lockport, N.Y
15.000 101.06 4.84
1932-1946
5
835-Los Banos, Calif
4.57
2,000 102
1932-1941
999Loveland, Ohio
5
4.99
1946-1951 d30.000 100.11
6
329-Ludlow. Ky
3.75
835_ Luzerne County,Pa
331 1932-1041 2,000.000 100
334 1932-1946 325.000 100 34
835__Lynn, Mass
35.000 102.17 'Zia
1937-1961
5
676_ _McDonough, Ga
21. 0
00
836_ McKinley, Minn
534 1932-1942 r46,500
330__Madison, Neb
3.76
21,700 103.61
676__Madison Co.,Ind.(3 Is.)-4X 1932-1942
13.600 103.78 3.73
676_ _Madison County. Ind--4X 1932-1942
836_ _Manchester Eighth School
1932-1950 r100.000 101.51 3.82
)
& Utilities Dist.. Conn_4
iii,ues
676-Mamaroneck, N. Y. (3
43.4 1932-1951 138.114 100.83 4.10
434 1932-1951 450,000 104.58 3.94
676- _Manitowoc. WIs
514--Manlius S. D. No, 11,
N. Y
43 1935-1971 424 000 101.58 4.40
32.500 100.18 4.22
1933-1942
4
676--Marietta, Ohio
32,000 103.86 4.54
5, 1932-1939
676-Marietta, Ohio
7,500 102.82 3.68
19324942
4
676-Marion County,Ind
85.000
677-Marshall S. D., Minn
5.00
28,000 100
1932-1941
677-Maryville. Tenn.(2 iss.)-5
677-Mason Co. S. D._.o,309,
434 2-30 yrs.
Wash
75.000 100.07 4.49
4
30,000 100
1932-1941
4.00
514-Mayville, N. Y
4
1932-1956 122.000 102.66 3.73
514-Meriden, Conn
160__Miami County, Ind
434 1932-1942
7.300 103.72 4.75
514-Middlesex County, N. J.
434 1933-1958 989.000 101.81 4.04
1
4
1933-1949 260 000 101.80 3.77
677-Middletown, Conn
4X 1932-1951d5,000,000 100
836-Mississippi (State of)
4.50
334 1948-1952 5,000.000 96.39 3.77
330__MIssouri (State oil
677--Monroe County. N.Y 3.60 1933-1947 375.000 100
3.60
514__Monroe Graded S. D.,
5X 1934-1953
30.000 100.75
N. C
5.17
4X 1941-1961 2.096.500 101.80 4.03
160_ -Montana (State of)
1932-1941 299.041 101.07 419
836-Montgomery Co., Ohio--5
434 1933-1962 1,055.000 98.75 4.60
514--Montgomery Co., Md
3 941
6H 19 21972
4
62 000 100
2 :000
0
677__Moore County. Tenn
01.21
48
5 0
.49
330--Mount Holly. N. J
4
1941-1961
515-Mount Joy, Pa
40.000 104.11
3.71
1000__Morgan Co.,Ind.(2 iss.)-4X 1932-1941
18.090 103.82 3.72
330 .Multnomah County, Ore.4X 1937-1939
60.000 100.03 4.08
515--Multnomah Co. S. 13.
No. 1, Ore
434 1934-1940 196.000 100.02 4.07
E4
992
Rate. Maturity. Amount.
Page.
Name.
1940-1946 140,000
330-Multnomah County, Ore-4
515-Multnomah Co. S. D.
1941-1951 304,000
No. 1, Ore
4
836-.Multnomah Co. S. D.
36.000
No. 51. Ore
434 1932-1949
15,000
2-25 yrs.
677__Naches, Wash.(3 iss.)__.5
65.000
434 1-10 yrs.
515_ _Neodesha, Kan
1933-1942 d29,016
5
836_ _New Iberia, La
331__New Madrid Co. Con. S.
15,000
6
D. No. 8, Mo
1932-1971 175,000
4
677_ _Newport, R.I
d18,000
1-20 yrs.
677....New Prague, Minn
25,000
677_ ..New Prague, Minn
50,000
515_ _ Newton, Mass.(2iss.)-- -334 1932-1951
515....New Trier Twp. H.S. D.
1932-1943 420,000
4
No. 203, Ill
1933-1934 500.000
836...New Mexico. State of_-4
250,000
1939
836_ _New Mexico,State or.... -5
250,000
1940
836_ _New Mexico. State of.... _ _ 6
12,782
434 1932-1936
836_ _Niles, Ohio
836_ _North Castie,N.Y.(9 iss.)4.40 1932-1963 442,858
_North Castle F. D.No.2,
836_
16,000
4.60 1932-1941
N. Y
37,000
331_ _North Hempstead, N. Y-434 1932-1941
53,000
837_ _Northfield, N.J.(2 iss.)-5g 1931-1937
836....North Bellmore F. D.,
30,000
434 1932-1941
N. Y
1951-1967 900,000
836__North Carolina (State of)4
13.500
334 1932-1936
678_ _Norwood, Mass
40,000
1933-1952
6
837_ _ Onslow Co.,N.C
14,500
1932-1951
5
331__Orange Co., Ind
5,200
1932-1942
331....Orange Co., Ind
3,200
1932-1942
331_ _Orange Co., Ind
678__Orange Co. W. W. Dial.
31 650
1935-1964
6
No.5,Calif
30.000
.
837_ _Oriw igsburg S.D.,Pa_ _ 434
31,277
1932-1940
515__Painesville, Ohio
434 1932-1954 840,000
837-..Passaic Co., N. J
18,000
1933-1950
837_ _Pelham Manor.N.Y__ --4
30.000
534 1936-1950
1000__Perry Co., Tenn
1932-1943 r18,000
5
678_ _Perry. Iowa
11,218
4
837_ _Pike Co., Ind
77,000
43j 1933-1957
837-Pitman, N. J
33j 1932-1951 2,350,000
516_ _Pittsburgh, Pa
r80,000
334 1-40 yrs.
678_ _Plainview, Tex
678-Platte Co. S. D. No. 8,
15,000
N.Y1933-1957
50,000
..
678.Pleasantville, N. J
;1 1932-1956
g3
56,100
1932-1941
5
678-Portage Co., Ohio
516_ _Pt. Chester, N.Y.(2 iss.)-4g 1932-1952 340,000
12,500
434 1932-1941
837„Porter Co., Ind
8,500
1932-1941
837_ _Porter Co., Ind_
1934-1946 100,000
4
516...Portland, Ore
334 1932-1961 180.000
516....Portland, Me
6,600
1932-1942
678_ _Posey Co.,Ind.(2las.)-24,000
1936-1947
678_ _Poteau S. D.,Okla
434 1940-1950 4r23,000
678__Potter Neb
331_ _Psighiceepsie S.D.No.7,
15.000
1934-1948
5
.Y
1933-1971 450,000
331-Raleigh, No.Caro.(3 iss.)5
679-Real Co. Road Precinct
85,000
No. 3, Texas
85,000
516-Redwood City S. D.,Calif.434 1932-1961
331.-Reldsville School District,
1934-1955 110,000
5
No. Caro
6,000
679-Richland County, Ohio--434 1933-1935
83,000
679-Richland County. Ohio-434 1933-1937
90,000
1935-1938
516--Richmond Sch. City, Ind.4
16,800
434 1932-1942
679-Ripley County, Ind
210,000
331--Roane County, Tenn_ __ _6
331__Roanoke Rapids Graded
50,000
1934-1958
5
S. D., No.Caro
50,000
434 1937-1955
163-Rockville, Md
30.000
1-20 yrs.
5
837-St. Clair, Mo
90.000
434 1932-1946
332-St. Clair, Pa
1936-1951 1,500.000
679- _ St. Louis County, Mo---4
1934-1959r1,300,000
679-Salt Lake City, Utah--4
1,100,000
679__San Antonio, Texas
50,000
434 1933-1949
516_ _Sandusky, Ohio
10,230
454 1933-1937
679....Sandusky, Ohio
838_ _Saranac Lake, N. Y.
4.20 1932-1966 154,000
(2 issues)
1936-1951
80,000
679-Schroon Lake 1J. D.,N.Y.5
331 1932-1961 750.000
679...Scituate, Mass
5
1932-1935 r20,000
516-Sevier County. Ark
1937-1961 250.000
1001__Shaler Twp.S. D. Pa__ _4
516-Shelby Special Charter
26,000
S. D.No.33, No. Caro.534 1934-1942
434 1933-1950 r90,000
163- _Shelton, Conn
1941-1951 d40,000
5
1001...Shelbyville, Tenn
332-Sheridan Co. S. D., No.
1936-1951 455.000
5
20, Mont
434 1-30 yrs rd120,000
516-Sheridan, Wyo
25,000
1934-1958
516_ _Shiloh S. D., No.Caro---6
332-Slidell Sewerage Dist. No.
40.000
1935-1954
35.000
434 1941-1961
Md
679.-Smithsb
50.000
1941
.S. D.,Pa-4g
838_ _Snowden
5,000
1932-1041
5
Ohio
679-Somerset,
60.000
1932-1946
5
679-Somersworth N. H
3,900
434 1932-1942
332_ _Spencer Co.,lad
1932-1941 113.792
4
838..-Springfield, Ohio
19364941 440.000
-Springfield Twp., Pa--A
679.
517-Spring Garden Township
35.000
19334950
School District, Pa......4
1932-1951 200,000
4
333-Spring Lake, N J
6,700
19324942
838-LSteuben Co., Ind. (2 iss.)4
3,000
1932-1942
-4
838.-Steuben County, Ind.
48.000
1932-1946
4
-Steubenville, Ohio
6801952-1961 716.000
4
680--Stockton, Calif
6,000
1939-1950
517__Stone Corral S. D., Calll'.5
331 1932-1951 404,000
680-Suffolk Co., N.Y
56,000
1932-1951
838__Sudbury. Maas.(2 iss.)-3
19324950 150,000
517-Sumner County, Tenn 4
90.000
1936-1944
4
680-Sussex County, Del
19,000
1932-1950
1002_ _Summit Twp.S.D.,Pa--4
30,000
.
1-25 315.
Miss-5
517„Sunflower County',
1932-1936 r100,000
517-Sweetwater Co., Wyo_..4
80.500
838-Tarrytown, N. Y.(2 iss.)43( 1932-1951
21,500
333- _Tilden Twp. S. D. Pa---4g
1002__Tillamook Co. S. D. No.
16.000
1933-1940
5
2, Ore
286.000
1932-1950 .
4
517__Toledo, Ohio
19324961 229,500
4
517--Toledo, Ohio
50.000
1942
431
680-Tonawanda. N. Y
33.000
1956-1961
5
517- _Todd County, Ky
19324941 120,977
issues)-4
838_ _Topeka, Kan. (2
r15,000
434
680_ _Tremonton, Utah
1933-1956 2,511,000
4
880....Trenton, N. J
97.000
1932-1941
4
680--Trenton, N. J
15,000
4g 1932-1941
517-Troy, Ohio
20,000
Sch. Dist., Tex.
517-Tyler Ind.
1932-1961 160,000
517__Union, S.0
90,000
1932-1943
333__Union County,N.C
120,532
1-20 yrs.
681_ _Union Co., Ark.(2 iss.).-6
838.-Union Common S. D.
37.000
4g 1932-1958
No. 15, N.Y
681-Upper Moreland Twp.,
1936-1961 235,000
4
Pa
29,200
1932-1942
838-Vigo County, Ind
5,400
1932-1942
681_..Wabash County, Ind_ _ _
1932-1957 226,000
517_ _Wallington,N..1
1932-1934 108.000
4
517-Wallington, N.J
80,000
1933-1944
839....Warren. Conn
4
1932-1933 r25.000
517--Warren Twp., Mich
6
[VoL. 133.
FINANCIAL CHRONICLE
Name.
Price. Basis. Page.
Rate. Maturity. Amount. Price. Basis.
7,700 102.62 3.97
839_ _Washington Co., Ind....4
100.03 4.08
6,600 103.60 3.77
839-WashIngton Co., Ind...„4
1932:1942
8,400 103.30 3.82
839-Washington Co., Ind_ _ -1932-1942
100.002 4.07
2,500 102.44 4.00
839--Washington Co., Ind----4
1932-1942
4.25
333....Watertown, S. Dak
1933-1950 225,000 100
101.16 4.34
4
333_ _Wayne Co., N.C.(2 is.)-5
100
5.00
1933-1958 200,000 100.24 4.97
9,000 100.66 4.41
518_ Wellsville Ohio
434 1932-1949
165 _Westfield, Mass
1933-1941 104,000 100.22 3.45
97.40 5.51
3
334_ _West Allis, Wis.(5 iss.) 4 4 1941-1951 172.000 102.12 4.07
4.25
839-Westwood, N. J
270,000 100
4
,
43 Aug. 1932
100.03 3.99
518-Wilkes-Barre, Pa
1933-1942 290,000 100.83 3.85
4
3.99
334_ _Wilkes-Barre S. D. Pa--4
100
45,000 100.11
1933-1941
101.32
681_ _Williston Park, N.IC.---4.40 1933-1942
15,000 100.03 4.39
100.59 3.42
518-Willoughby, Ohio (2 iss.)-5
1932-1941 212.445 100.09 5.48
334....Winchester, Maas
ester,
334 1932-1946 347,000 100.66 3.40
4.50 839-Woodbury, N. J
100
25,000 100.44 4.42
1932-1941
4
4.00
100
4.50
334__Woodbury County,Iowa_4
1937-1946 4315,000 100
100.02 5.15
334__Woodridge, N. Y
20,000 106.29 5.16
1932-1951
6
100.02 5.15
518_ _Worcester, Westford, De100.35 4.37
catur & Maryland Sch.
100.41 4.34
Dist. No. 8, N. Y
4.80 1932-1961 213,000 100.05 4.79
518-Wyomissing Pa
155.000 102.64 ---4
100.25 4.54
518-Wyomissing, Pa
55,000 103.96
4
681_ _Wythe S. D., Va
4.20
100.21
39,000 101.09 TO
434 1-30 yrs.
5.00
5.68
100.11
839„Yaktma, Wash
1937-1956 200,000 100
5
518__Yorkville, N.Y
8,500 101.63 4.60
1932-1939
5
100.50 4.40
839„Zanesville, Ohio
4g 1933-1942 150,000 100.78 4.11
4.00
100
839-Zaneaville, Ohio
5,000
43.4 1933-1942
3.50
100
Total bond sales for July (317 municipalities
6.00
100
4.40
covering 446 separate issues)
105
$99,941,133
103.73 3.75
d Subject to call in and during the earlier years and to mature in the later
103.70 3.75
year. k Nor including $67,592.970 temporary loans. r Refunding bonds.
101.16 5.88
The following items included in our totals for previous
102.50
4.21 Tion.ths should be eliminated from the same. We give the
100.21
101.25 4.12
100.20 4.23 page number of the issue of our paper in which reasons for
5.50 these eliminations may be found.
100
Name.
Rate. Maturity. Amount. Price. Basis.
103.04 3.84 Page.
834_ _Gretna, La.(June)
150,000
101.07 4.63
329_ _Jackson, Mich.(June).
147.000
101.01 3.62
We have also learned of the following additional sales for
previous months:
5.50 Page.
Rate.
Name.
4.91
509...Anderson County,Tex-- 4.10
5
510...Calmar, Iowa
3.69
328.. Gonzales. La
6
3.73 328...Hendricks County, Ind_ _6
4.00
329...Lakeville S. D., Ohi0_ __ _434
3.69
534
515._Niles. Ohio
3.99
331__North Muskegon, Mich.
(February)
5
4
101.56 -7.31
-Oklahoma County S. D.
678.
No. 53, Okla
534
103.32 4.26
5
515_ _Oneida County Wis
101.17 4.90
5
331_Pismo S. D., Calif
678_ _Pulaski County Special
100
School District, Ark
__
103.83 4.17
332...Roosevelt Co. S. D. No.
6
40. N. M
100.73 4.92
332__San Joaquin Co. S. D.,
101.53 3.95
5
Calif
102.01 3.95
434
516_ _Shelby, Ohio
101.77 3.62
680„Tillamook Co. S. D. No.
103.20 3.83
5.34
48, Ore
100.13
164_ _Tinicum Twp.,Pa.(Mar.)434
517_Toole Co. S. D. No. 2,
100.87 4.91
5).6
Mont
101.42 4.38
681__Trousdale County, Tenn.
98.49 5.20
(March)
5
100.009 4.49
333 ..Union County S. D. No.
99.53 4.04
6
22, N M
100
100.39
101.21
104
103.82
100.00
97.75
102.51
100.89
100.34
4.14
4.15
100.36
101.31
101.27
4.17
4.83
3.64
100.85
3.94
100.22
103.78
100
5.21
3.80
5.00
100 •
5.00
Maturity.
1932-1941
1931-1950
1932-1941
1-18 yrs.
1932-1933
Amount.
60,000
3.000
10,000
1.597
36,000
2,638
Price. Basis.
100.35
100.00 5.00
6.00
100
103.45 5.32
100.60 4.44
100
5.50
1932-1941
12,000 100.18
4.97
1934-1936
1932-1941
1933-1952
12,000 100.01
73,000 101.02
30,000 102.43
5.24
4.79
4.71
r59,000
1932-1945
7,000 100
6.00
1-15 yrs.
1933-1937
15,000 102.51
5,000 100.46
4.62
4.13
5 years
1941-1961
15.000 100
200,000 109.14
1936
20,000 100
5.50
---5.50
1932-1961
100,000 100
5.00
6.00
All of the above sales (execpt as indicated) are for June.
These additional June issues will make the total sales (not
including temporary loans) for that month $120,519,321.
1934-1948
15,000 100
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN JULY.
Rate. Maturity. Amount. Price, Basis.
Name.
Page.
1-30 yrs.
86,580 103.52 4.61
334__Almonte, Ont.(2 iss.)___5
22,000
1-20 yrs.
5
4.87
681-Ayr. Ont
23.500 100.27 4.97
10 y•ears
5
100X_Chilllwack, B.0
20,000 99.07 5.59
534 1931-1960
681__Cote St. Luc, Que
113,500 98.90 4.59
1950
334_ _Dartmouth. N. 8
434
1951
150,000 99.60 4.53
518__Grey County, Ont
434
1-30-yrs.
45,000 103.25 4.71
S
334_ _Grimsby, Ont
839-Lenox and Addington
59,500 101.77 4.63
10 years
5
(County of), Ont
29,697 102.45
5
334_ _Lindsay, Ont
25,000 101.58 4.76
1-15 yrs.
5
681_ _Listowel, Ont
681_ _Manitoba, Prov. of(2 las.)434 1941-1951 5.000,000
1-15 yrs.
12,012 101.35 -4
518_Markham Twp., Ont....5
.g6
5
40,000 103.27 4.75
1951
518_ _Moncton, N. B
1956
434
90,000 98.27 4.62
334__New Glasgow, N. S
1002.._Notre Dame De La Doree,
6,000 96
Que
531
10,000 101.73 1.7a
10 years
5
1002__Oak Bay, B. C
518__Parish of Notre Dame,
434 19324961 430,000 99.38 4.56
Que
1-15 yrs.
85,000 102.08
334_ _Penetanguishine, Ont_ _ _ _5
1-15 yrs.
6,000 102.08
334_ _Penetanguishine, Ont_ __ _534
10-15 yrs. 159,961 100.17 4.98
839_ _Port Colborne,Ont (3iss.)5
.
1931-1970 490,500 100.68 4.94
681- _Shawinigan Falls, Que.._ _5
20 years
5
28.500 102.70 4.78
839__Summerside,P.E I
30 years
434
17.000 99.50 4.63
681--Truro, N.8
Total amount of debentures sold in July 66,946,750
104.26
5.58
100
100
102.39
100
6.00
4.50
3.95
5.00
103.70
100.04
102.08
3.78
3.99
3.75
102.896
100.62
103.20
102.53
100.80
106.25
100
100.79
100.55
100.88
102.87
103.27
101
100.02
4.14
4.42
3.83
3.98
4.12
4.10
0.00
3.66
3.68
4.41
CANADIAN DEBENTURE SALES FOR PREVIOUS MONTHS.
4.12 Page.
Rate. Maturity. Amount. Price. Basis.
Name.
4.08
10-30 yrs.
104,072 103.13 -__ _
334_ _Orillia, Ont.(June 6 iss.)-5
4.90
518__Waterloo, Ont. (2 iss.
3.99
'434
1-30 yrs. 194.026 100.07 4.61
June)
518...Waterloo, Ont. (4 les.,
1-20 yrs. 107,005 100.07 4.61
5
June)
5.00
3.98
3.98
4.96
4.98
-Governor Refuses to Call Special Legislative
Arizona.
3.62
105.72
100
100.19
100.19
100.37
100.30
101.86
98
101.24
101.83
100.08
101
100.10
100.30
100
NEWS ITEMS
3.62
4.23
5.20
6.00
100
4.25
101.57
103.97
103.70
100.88
100
3.84
3.70
3.7.5
5.16
4.50
100
6,ao
--
-According to press dispatches from Phoenix on
Session.
July 31 Governor Hunt has refused to call a special session
of the Legislature to appropriate funds for the operation of
13 road inspection stations which were recently closed due to
lack of funds, as a means of avoiding the State -wide embargo
on cotton planned by the U. S. Department of Agriculture
to prevent the spread of the pink boll worm. The Governor
is said to have declared that he would not call a special
session for any reason.
-Formation of Bondholders' ProDelray Beach, Fla.
-In a letter issued on July 15
tective Committee Announced.
to the holders of bonds of the above named city it is an-
AUG.8 1931.]
FINANCIAL CHRONICLE
flounced that a Protective Committee has been formed to
guard the interests of holders of approximately $1,240,000
bonds on which default occurred Oct. 1 1929, since which
time there has been very little principal or interest paid.
The newly formed committee urges prompt co-operation by
all bondholders, stating that it considers the city has wholly
ignored the rights of such holders in its recent insufficient
tax levy. The text of the letter reads as follows:
To the Holders of City of Defray Beach, Fla., Bonds.
The City of Delray Beach in Palm Beach County, Fla., has outstanding
approximately $1,240,120 bonds. The city paid all interest and principal
up to Oct. 1 1929 when the initial defaults occurred. Since that time very
little principal or interest has been paid.
A large part of the outstanding bonds, all of which are believed to be
payable from an unlimited tax levy upon all of the taxable property of the
city, was intended to be paid from collections of special assessments.
Heavy defaults of property owners in the payment of the special assessments have thrown a burden on the city which the city officers have not
been willing to recognize by sufficient tax levies.
In our opinion, all of the holders of bonds of the City of Delray Beach
should unite for concerted action for their protection. A more thorough
investigation of the affairs of the city should precede any positive course to
be taken, whether it be litigation of one class or another, or a settlement
without litigation.
At the request of owners of a large amount of Delray Beach bonds, the
undersigned have consented to act as a bondholders' protective committee.
In our opinion, prompt and concerted action is necessary and desirable if
the rights of the bondholders are to be preserved and enforced. In order
that no time be lost, this committee was formed and L'Engle & Shands, one
of the leading law firms of Jacksonville, has been employed to look after
legal matters. This firm and the committee have been giving considerable
attention to this matter for the past several months.
The committee is constituted as follows:
James R. Easton; Spitzer, Rorick & Co., Toledo, Ohio,
William F. Hunter; A. C. Allyn & Co., Chicago, Ill.
Albert C. Mittendort Prudden & Co., Inc., Toledo, Ohio.
We urge the immediate deposit of all bonds with unpaid coupons, regardless of their maturity, with the Toledo Trust Co.of Toledo, Ohio, under the
terms of the deposit agreement dated June 15 1931, a copy of which is
enclosed herewith. The depositors should transmit their bonds by registered mail to the depositary, accompanied by a letter of transmittal, a
form of which is enclosed.
In the opinion of the committee, the city officials have wholly ignored the
rights of the bondholders and over the protest of the bondholders levied a
tax for 1930-31 which was wholly inadequate to meet the maturing principal
and interest on outstanding bonds and they have been very lax in their
efforts to encourage or enforce tax collections.
The committee will not receive bonds for deposit after Sept. 15 1931,
unless at that time,in the judgment of the committee,it shall seem advisable
to extend the period of deposit.
Respectfully submitted.
JAMES R. EASTON.
WILLIAM F. HUNTER,
ALBERT C. MITTENDORF,
Committee.
Address.
A.P. Runnels, Secretary,
408-416 Home Bank Bldg.,
Toledo, Ohio.
993
residents to relieve economic distress has not been considered in this tabulation on the theory it was a wholly exceptional expenditure.
For this purpose, $18,000,000 was spent during the fiscal year ended
June 30. The bills for the money so distributed have not yet begun to
appear in the tax levies, being carried by the city in the form of deficits
financed by short-term borrowings.
The City of Detroit is the most expensive of the three governments
residents of the city support. Counting the special taxes for street and
alley pavings, sidewalks and similar improvements levied last year, it
cost them $84,212,380 or $52.86 per person.
$40,000,000 in Other Collections.
This sum although so large as to stagger the imagination, does not
represent the while picture, for the city also collected in the form of water
bills, license fees, permits to do business. &c., approximately $40,000.000
more, all of which was expended in the normal course of carrying on the
government.
The smallest bill is the one Wayne County Presents to Detroit taxpayers, which amounts currently to $18,306,834 a year, or $11.63 per capita.
The State of Michigan, it is estimated, collected $42,114,727 from the
residents of the city during 1930. or $26.76 from each one.
The State's share of Detroit's annual tax bill is levied in several ways,
the best known of which are the property tax and the gasoline and weight
taxes.
State Taxes Estimated.
A tabulation of the estimated portions Detroit paid into the hands
of the State during the year ended June 1930 (the most recent for which
figures are available), is as follows:
Property tax
$11,800.000 Gasoline tax
58.746.382
Utilities tax
6,257,455 Auto license (weight
Corporation tax._
— 3,170,928
taxes
7.053.094
Insurance tax
1.708,683 Malt tax
509,874
Inheritance tax
2.384,888
Bond and mortgage
Total
483.423
$42,114,727
Five Year Financing Plan Proposed.—On Aug. 3 the
Common Council of the City in special session voted to
petition the State Loan Commission for permission to
issue $45,000,000 in five year serial bonds, and to use the
money to take up a part of the city's $59,400,000 indebtedness in short-term notes. The action of the Council was
approved by Mayor Frank Murphy, paving the way for
the City Comptroller to open negotiations at once with
the Loan Commission. The "Wall Street Journal" of Aug.
4 commented on the plan as follows:
New financing, designed to effect a sound and permanent solution of
Detroles financial problems, is under consideration and probably Will
be completed within 10 days in the form of an issue of $30.000.000 one
to five-year bonds. This amount is part of a total authorization of
$45,000,000 to be requested from the State Loan Board under terms of
an act passed by the recent legislature. The city council has authorized
the Detroit City Sinking Fund to purchase an additional $5,500,000.
Syndicates are being organized to bid on the $30,000,000.
This financing is part of the program worked out between New York
and Detroit bankers and the city officials to meet short-term indebtedness maturing within the next few weeks. This debt has been incurred
for various purposes, including advances for capital improvements, welfare relief and in anticipation of tax collections.
Short-Term Debt.
Connecticut.—Bonds of Virginia Barred from Legals List.
Arrangements also
with Detroit and
—A ruling has recently been given by the State Bank Com- and certain industrieshave been madethe payment of allNew York bankers
to provide for
outstanding shortmissioner in which he states that the bonds of the State of term indebtedness and the current requirements of the city, subject to
behalf of
Virginia cannot be admitted to the list of securities con- compliance onCommitteethe city with the economy program recommended
on city finances.
the State
sidered legal investments for savings banks and trust funds byIt is reported that tax collections since July 15, when the 1931-32 taxes
been practically the
as
same
for the
in Connecticut because it has never satisfied an outstanding became due, have portion of the notes samebe the out of period tax colprevious year. A
these
met
debt of $400,000 in bonds. A special dispatch from New lections, including the $5,500,000 to bewill
purchased by the sinking fund.
The funding of a substantial portion of the indebtedness into one to
Haven to the "Herald Tribune" of Aug.6 reports as follows:
the city officials to include
"Because Virginia still owes about $400.000 on the bonds which were five year bonds obligatesbudget for the next five one-fifth of the amount
so funded into the tax
years. Taxes levied for
canceled when West Virginia became a separate State,
its bonds may not debt service must come before the
be purchased by Connecticut banks and insurance companies, the bond assures the prompt payment of theother requirements of the city, which
bonds and the definite retirement of
department of the office of the State Banking Commissioner has ruled. this burden of floating indebtedness.
Virginia State bonds are now recognized for legal reserve and security
purposes by all States except Connecticut.
Increased Detroit Taxes Planned.
"Explaining the situation, John M. Purcell, State Treasurer of Virginia
• Detroit City Council in special session has adopted a definite financial
has written to William P. Landon, Manager of the bond department of
program which contemplates increasing taxes and providing for sharp
the office of the Bank Commissioner of Connecticut, in part as follows
"'Up to the present time there is little over $400,000 of outstanding reduction in city expenses. Council adopted a formal petition to the State
bonds which have not been funded, although entitled to be under the loan board to authorize the city controller to refund $45,000,000 of the
1892 Act. The mason that this has not been done is simply because it floating debt with serial bonds, as authorized under the Woodruff Act.
has never been properly presented to the State to be redeemed and the A resolution also was adopted authorizing the controller to extend for 90
State has no power to force the holders to make a proper presentation. days $12,000,000 short-term notes bought by Bankers Co. Of that
"It is a general belief that the original holders of most of this unfunded amount, $6,_000,000 will be carried until Nov. 3 by Bankers Co., $500,000
debt are dead and that bonds or certificates are lost, and the heirs or by Detroit Trust Co., and $5,500,000 by the city through its sinking fund.
City Controller G. Hall Roosevelt recommended that the city tax levy
assigns know nothing about them.
"
'The State has from time to time opened its funding account to allow be raised next year to $79,000,000 from its present level of $76,000,000,
this old and unfunded debt to be funded, and at the present time the despite reduction from $23,000,000 to $18,000,000 in departmental operations; and after maintaining the $79,000,000 level for two years, the tax
funding is open and as late as last week some of this debt was funded.'
levy must then be jumped to $82,000,000 for three years, and then recede
"Action of the Connecticut authorities in this matter has not
the market value of Virginia securities, Mr. Purcell said, and . lowered In the fiscal year 1936-37 to $81,000,000.
V2e
and other obligations of this State continue in strong demand," bonds
Detroit, Mich.—Yearly City Tax Bill of $144,633,941
Shown by Survey.—According to a survey from the latest
governmental figures available, the annual total in city,
county and State taxes that are paid by the residents of the
city is $144,f)33,941, a rate of $91.25 per person, reports
an article written by James M. Haswell in a recent issue
of the Detroit "Free-Press." We quote in part from Mr.
Haswell's article as follows:
Detroit residents are paying $144,633,941 annually in city, county and
State Board Vetoes Bond Issue Plan as Illegal.—On Aug. 4
the State Loan Committee ruled that the city cannot immediately issue in excess of $22,019,310 in five year serial
bonds. The decision, announced by Howard C. Lawrence,
State Treasurer, rejected the city's plea for the right to
issue $45,000,000 in short-term bonds as proposed by
G. Hall Roosevelt, City Comptroller, and approved by
Mayor Frank Murphy and the Common Council, The
Detroit "Free Press" of Aug. 5 stated that Mayor Murphy
was uncertain as to how the city would refinance its maturing
short-term debt. The newspaper report quoted him as
stating that a conference in Lansing between city and State
officials would probably be necessary.
State taxes, a survey of the latest available figures from governmental
sources discloses. 'lids is at the astonishing rate of $91.25 for
every
man. woman and child within the corporate limits of the city.
For each of the 534,310 registered voters, it represents $270.69
For each of the 315,000 who pay real property taxes, it represents a year.
$459.12
a year.
Street, Road Tax Heavy.
The largest portion of this money. 543,828.484. or $27.85 per capita,
Lake Worth, Fla.—Bondholders' Protective Committee
is
spent every 12 months in keeping up the streets, maintaining sowers, Issues Statement on Default.—A letter was sent to the holders
and carrying on county and State highway programs. Of this amount
the State spends $15,799,476, the county $8.179,824 and the city $19,- of the 6% improvement bonds of this city now in default
849_,184.
by the Protective Committee on Aug. 1 in which it seeks to
The next largest single item is education, which annually
residents 529,415,738, or $18.69 for each person in the city. costs Detroit give a concise and clear picture of the situation as it now
The Detroit
public schools receive 516,269.413 of this directly from the city, and
exists with regard to the steps which have already been taken
57,000,000 from the State primary school fund. The rest of theanother
goes toward the county's educational costs, and for the upkeep money and measures contemplated for the future to arrive at a
of the
University of Michigan, the Michigan State college and other
settlement with the city officials.
institutions mutually amicable plan of
of higher learning.
The text of the letter reads as follows:
A third large fixed expense is the sinking and interest funds to
pay
for the bonds issued in past years. For Detroit. and Detroit's share of To the Hollers of City of Lake Worth, Eli.,6% Improvement Bonds
of the several issues bearing various dates,the earliest of which
Wayne County, this amounts to 521,188,327 a year, or $13.47 Per
capita.
is May 15 1926,and the latest of which is March 20 1927:
Dole Excepted in Tabulation.
Your committee desires to summarize as briefly as possible the present
The item of public welfare, considered in its broad aspects as including
the upkeep of hospitals, sanatoriums and similar institutions, the carrying status of the City of Lake Worth, Fla., bond situation, as well as to communicate to you several developments in which you will be interested.
prevention programs, and health education, proves to
on disease
wore instituted
You
fourth largest activity of government to-day. For Detroiter's, thisbe the Worth will recall that various suitsthe bonds and against the City of Lake
repreto establish the validity of
sents an annual expenditure of $13,758,352, or $8.74 Per capita, divided above-mentioned issues, and that judgment was coupons of certain of the
entered in those suits by
$3.245,322 to the State. $6,812,770 to the county and $3.700,260 to
the which the validity of the bonds and coupons involved was sustained. You
city.
will also recall that various other stilts were instituted and decrees entered
Although popularly known as welfare activity, and administered
the committee collected. from
therein, pursuant
the welfare department in Detroit, the "dole" currently being paid by respect to certainto whichcoupons and accrued interest time to time, in
to
bonds,
thereon, certain
994
FINANCIAL CHRONICLE
sums in cash which are being held oy the committee su Jject to the terms of
the deposit agreement, the decrees providing for additional payments to be
made by the city upon the bonds and coupons from time to time as and if
cash is available for that purpose.
Since the accomplishment of the above steps of primary importance, the
Committee has directed its attention toward the financial condition of the
city to the end that a workable refunding plan might be consummated and,
pending the working out of such a plan, that the financial affairs of the city
would be operated upon a basis deemed most advantageous from the standPoint of the several classes of creditors of the city as well as from the standpoint of the city and its taxpayers. In contrast to the attitude which has
been displayed by a number of other Florida municipalities in which progress
In the solution of financial problems may appear to have been more rapid,
the City of Lake Worth has displayed an attitude which has impeded and
made more difficult the efforts of the committee with the result that considerably more time, effort and expense have been required than would
have otherwise been the case.
When A. L. Michler was elected mayor of the city, he seemed to realize
the obligations of the city to its bondholders and in co-operation with your
in
committee was making very good progress in moulding public sentiment of
the right direction, in developing in Lake Worth a long-dormant feeling
local pride and confidence in the future of the city and in effecting economies
in operation, when,unfortunately, he died very sudden.y a few months ago.
J. W. Hammond is now mayor and it is hoped that he will carry on these
constructive policies of his predecessor.
You will be interested in some of the figures which afford a general picture
of the financial conditlion of the city. The assessed valuation for city tax
purposes was $30,142,974 in 1926,$30,245,972 in 1927:$17.639,963 in 1928:
$11,320,783 in 1929 and in 1930 was reduced to $5,204,140, making the per
capita assessment about $880. The total outstanding debt of the city, as
of June 26 1931, was 85,686,823.02, or about $960 per capita. The total
amount required for the year 1931 to meet principal and interest on all bonds
Is $485,843.65. In 1929 the total taxes levied amounted to 8316,984, of
which approximately 52% has oeen collected. In 1930 the total taxes
levied amounted to $145,815, of which approximately 47% had ben1 collected as of April 30 1931. As of June 25 1931. 82,253,217.6C! wancipal
amount of improvement bonds were outstanding and the city held, for the
benefit of these improvement bonds, special assessment liens amounting
to approximately $2,668,940.50.
These figures will indicate to you the problem with which the city is confronted and with which the committee must deal in its efforts to protect
their bonds.
and futher the interests of the bondholders who have depositedcorrection of
The city has, however, taken some steps looking toward the
its financial troubles. For instance, the operating expense budget for the
operating
fiscal year ending Oct. 31 1931. is only about one-half of the results for
expense budget for the previous fiscal year and actual operating expenses
months of the current fiscal year indicate that actual
the first six
will be less than the amount provided in the budget. The committee also
understands that the city has retired approximately $270,000 of its debt oy
accepting its obligations from property owners in payment of past due
taxes, when accompanied by the payment of current taxes in cash.
will
Several steps are now being taken which the committee believes inbe
bring beneficial results. It has caused mandamus -proceedings to
one
stituted to compel the city to foreclose delinquent special assessments inthat
of the principal taxing districts. Counsel for the committee believe inthe proceedings will be successful and that it will not be necessary to
districts
stitute further mandamus proceedings with respect to other taxing assessbut that the city will proceed in demanding payment of delinquent
brought
ments in those other districts. The mandamus proceedings were
to impress upon the taxpayers the necessity for the payment of delinquent
the past due and
assessment liens. Suit has also been brought upon all of
thereon
unpaid bonds and coupons held by the committee and judgment to the
has been asked. The city has indicated a willingness to consent
entry of judgment.
Within the near future the committee will have under consideration with
inthe city the matter of its budget for the coming fiscal year. This will
volve the amount of the tax levy to be included therein for bond purposes,
connection it may be that the city will again force the committee
and in this
to resort to litigation.
Since the committee's last communication to you, the courts of Florida
rights
have rendered several very favorable decisions with respect to the
and remedies of the holders of bonds of Florida municiplaities, particularly
respect to the nature of the obligations evidenced thereby and the
with
to
extent to which the muncicipalities must go in levying taxes in order
realize revenue with which to meet such obligations.
General Session of the Floriada Legislature passed several laws
The 1931
which are considered to be of direct benefit to Florida municiplaities and
detheir bondholders. A general refunding law was enacted which was in
met
signed to remove some of the restrictions formerly required to be flexible
refunding operations and to make refunding operations much more terms.
than theretofore. The law is very broad and comprehensive in its
in
In fact, the charter of the City of Lake Worth and the refunding laws
not
effect prior to the enactment of tnis new general refunding law would
which
a refunding by the City of Lake Worth upon terms enacthave permitted
would have been practicable in view of its financial condition. The comment of the general refunding law is, therefore, considered by the make
to
mittee to be particularly advantageous and the committee intends preserve
every effort to cause the city to adapt a refunding plan designed to in view
fullest extent possible the rights of its bondholders having
to the
The
both the present and future ability of the city to meet its obligations.
relating
1931 General Session of the Florida Legislature also enacted a law
taxes and special assessments by any incorporated city
to the enforcement of
which will greatly expedite the enforcement
or town in the State of Florida assessments.
of delinquent taxes and special
that, irrespective of its continued efforts. It has
The committee regrets
difficulties
not been possible as yet to consummate a definite solution of the ultimate
tend toward
in this situation but feels that the above developments be evolved which will
success and hopes that some practicable plan can soon to all concerned.
dispose of the matter satisfactorily and advantageouslydespoisted with the
Bonds of the several issues above-mentioned may be
fixes a date
committee until such time as the committee, in its discretion
The committee has
beyond which no additional deposits will be accepted. additional two-year
an
extended the duration of the deposit agreement forextension or extensions,
period to expire on April 8 1933,suoject to a further deposit agreement.
in the discretion of the committee,as provided in the
Very truly yours,
JOHN R. BRANDON. Chairman, !HAROLD 0. PAYSON.
HARRY E. TOWLE,
JAMES D, FLA HERTY,
Committee.
Merced Irrigation District, Calif.—Bondholders' Protective Committee Issues Statement on Interest Default.—On
July 24 a statement was issued to the bondholders by the
recently formed Protective Committee—V. 132, P. 4798—
urging the deposit of interest coupons in order to expedite
their payment. The text of the official statement reads as
follows:
To the Holders of Bonds of Merced Irrigation District:
pay all of the
Due to unsufficiency of the funds of the above District to
have
Interest coupons due July 1 1931, on its bonds, none of said coupons
Bondholders
as yet been paid. The undersigned Merced Irrigation Districtthe purchase
has, therefore, made arrangements for
Protective Committee
the use
and registration of an amount of said coupons which will permit of
coupons. Bondholders
of the funds of the District in paying the remaining the District at Merced,
coupons to
are, therefore, requested to present their
payment
California. through their usual banking connections, in order that
thereof may be made promptly.
representatives of the
The Committee, together with the directors and
plan for
District, are conferring with a view to formulating a permanent
the District, and
the refunding of the present outstanding obligations of shortly to submit
It is believed that the Committee will be in a position
such plan to the bondholders.
Fred W. Kiesel,
Livingston B. Heplinger, Chairman,
California National Bank,Sacramento.
Transamerica Corp., San Francisco.
Charles McLean, Anglo & London Pans
Thomas W. Banks,
National l3ank, San Francisco.
Banks, Fluntley Si Co., Los Angeles.
C. A.Sheedy,
Bernard W. Ford,
M. H. Lewis Si Co., Los Angeles.
Tucker Hunter DulinCo.,SanFranclsco
Frank Weeden,
M. VIlas Hubbard,
NVeeden & Co., San Francisco.
Citizens Savings Bank, Pasadena.
Office of the Committee: Room 405,485 California St., San Francisco.
[VoL. 133.
Missouri.—Drainage Refunding Bonds Upheld by State
Supreme Court.—On July 29, the State Supreme Court,
sitting en bane, upheld a law enacted in 1929, which gives
drainage districts the authority to issue and sell refunding
bonds, according to press reports from Jefferson City. The
suit in question involved the issuance of $217,000 of such
bonds by Drainage District No. 28 of New Madrid County.
The State Auditor was directed by the Court to register
these bonds.
Refunding of Judgment Indebtedness Denied.—It is also
reported that on the same day the Court refused to grant
permission to Greene County Consolidated School District
No.4 to issue $11,500 in refunding bonds to pay off judgment
indebtedness, thus upholding the decision of a lower court.
The suit was instituted by local taxpayers who contended
that the issuance of such bonds would be unconstitutional
and that the tax levy would have to exceed the legal limit.
North Bergen, N. J.
--Township Creditors Agree on
Note Exchange.—At a meeting held in New York on Aug. 3
between the State officials, municipal bond attorneys and
representatives of holders of over $8,000,000 worth of shortterm securities of this township now in default, it was
tentatively agreed by the holders of these notes to exchange them for 6% notes to be issued with the approval
of the State Finance Committee, maturing in six months
and callable with 30 days' notice. Regarding this move
to aid the township out of its financial plight, the New
York "Times" of Aug. 4 had the following to say:
Plans for lifting the township of North Bergen, N. J., out of its financial difficulties were discussed yesterday at a meeting in the offices here
of the law firm of Hawkins, Delafield & Longfellow, who have issued
approving opinions on various obligations of the township. The meeting
was attended by the New Jersey State Municipal Finance Commission,
comprising Walter Darby, State Commissioner of Municipal Accounts:
Thayer Martin, State Tax Commissioner, and William A. Stevens, State
Attorney-General: representatives of bondholders and of the holders
of $8,000,000 of the township's short-term obligations, and Mayor Julius
L. Reich.
The first default in the township's short-term debt occurred on Dec.
24 1929.
The plans, which received the tentative approval of all concerned,
call for the issuance of new six months'6% notes, which shall be exchanged
for the short-term obligations outstanding. It is proposed that the new
notes shall be callable on 30 days' notice.
All the short-term obligations were sold through the now closed Steneck
Trust Co. of Hoboken, which bank is said to hold about $4,000,000. Thus,
it was comparatively easy to get in touch with all the noteholders.
The State Municipal Finance Commission was created by the Legislature on April 28 last through a new statute giving it power to supervise the finances of all of the State's municipalities that are in financial
difficultues. The Commission started work on the North Bergen situation on June 11.
Refinancing Plan Deferred to Sept. 1.—It was announced
on Aug. 4 by Walter R. Darby, Chairman of the State
Finance Commission, that the plans, as outlined above,
to refinance the temporary notes would be deferred until
Sept. 1. A Trenton dispatch to the Newark "Evening
News" of Aug. 4 reads as follows:
"Walter R. Darby, Chairman of the State Finance Commission, to-day
said plans to refinance North Bergen's temporary notes would be deferred,
probably to Sept. 1.
"The Commission, created by the 1931 Legislature to assist the township in rehabilitation of its finances, examined short-term obligations in
Jersey City and New York yesterday and to-day. Notes totaling $8,000,000 were presented and, with others to be produced at meetings of the
Commission In the next two weeks, the total is expected to be about $8,100.000. Bankers and individual holders were expected to come before
the Commission.
"The Commission planned to sell a bond issue to cover the obligations
on Aug. 1 and to renew the notes for six months. The question of obtaining funds to finance the issue and other obligations was before the
Commission to-day."
Pensacola, Fla.—City Manager Form of Government
Adopted.—It is reported that this city has recently adopted
the City Manager form of charter and dispensed with the
old City Commission system.
San Antonio, Tex.—Attorney-General Refuses to Approve
Funding Bonds.—It is stated that approval was refused by
the Attorney-General of the $1,100,000 issue of funding
bonds that was recently sold—V. 133, p. 679—because he
maintains that the special law passed by the 1931 Legislature which authorizes the floating of bonds by a municipality without a referendum—V. 133, p. 831—did not
abrogate the provision contained in the charter of San Antonio
giving the voters the right to pass on proposed bond issues.
Another objection advanced by the Attorney-General was
that a suit is now pending in the District Court, seeking to
restrain the paying out of any money by the city for interest
or charges on the funding bonds until all of the current obligations have been met.
Virginia.—$1,000,000 Road Loan for Unemployment
Relief Proposed.—In order to continue with the extensive
road building program which has been in prorgess this year
and to avert the laying off of between 3,000 and 4,000 workers
who have been employed on the highway projects, it is proposed by Governor Pollard to float an emergency loan of
$1,000,000 or more in the near future. The Richmond
"Dispatch" of July 31 carried the following on the subject:
"Governor Pollard plans to borrow upwards of $1,000,000 to provide
employment for between 3,000 and 4,000 workers on State highways,
according to a telegram received yesterday by Capitol officials from the
Chief Executive while en route to the Virginia Bar Association convention
at White Sulphur Springs.
"The Governor indicated that under the provisions of the emergency
loans of the United States Government, work done with the proceeds of the
loan must be completed by Sept. 1.
"It would be a public calamity, the Governor said, to throw thousands
of men out of work at this time.
"The Chief Executive pointed out the speed with which the road Program has been pushed this year. On July 1, the end of the last fiscal Year.
he said, the State had spent more money on roads than in any fiscal year
its history.
"The Governor is empowered under thelaw to make short-term loans sues
as that contemplated by Governor Pollard.
AUG. 8 1931.1
FINANCLA_L CHRONICLE
"H. G. Shirley, State Highway Commissioner, said he had not been
officially notified of the telegram from the Governor, but that it would require at least $1,000,000 to run the highway department for the remainder
of the year.
"Virginia has attempted to relieve depressed economic conditions by
giving employment to thousands on its road system. Good weather has
aided in construction work during the year.
"The Governor's telegram was sent to his own office and was received by
Miss Violet McDougall, his executive secretary.
"The Governor's decision to borrow a large amount of money was not
unexpected. Mr. Shirley recently stated that construction had progressed
so rapidly that road money was approaching the vanishing point. He said
that road funds available for the fiscal year ending June 30 1932, would be
all used by Jan. 1 1932.
No Difficulty Expected.
"John M. Purcell, State Treasurer, has expressed the opinion that the
condition of the State treasury was such that he would not be surprised if
the State had to borrow a considerable amount before the fall taxes come in.
"Mr. Purcell said yesterday that the Governor had not officially authorized him to borrow the $1,000,000, but he expected no difficulty in
negotiating the loan."
BOND PROPOSALS AND NEGOTIATIONS.
ALLEGAN SCHOOL DISTRICT NO. 1, Allegan County, Mich.
-H. E. Vaupell, Secretary of the Board of Education,
BOND OFFERING.
will receive sealed bids until 7.30 P. m.(Eastern standard time) on Aug. 10
for the purchase of $12.000 5% high school building bonds. Dated Aug. 1
1931. Due $2.400 on Aug. 1 from 1932 to 1936 incl. Int. is payable
semi-annually in February and August. The successful bidder will be
required to print and furnish the bonds.
ALLIANCE, Box Butte County, Neb.-BOND SALE.
-A $44,500
issue of 4X,% semi-ann. paving district No. 14 bonds is reported to have
been purchased at par by the State of Nebraska. Due in 20 years and
optional in one year.
P" ARIZONA, State
995
BENZINGER TOWNSHIP SCHOOL DISTRICT (P. 0. St. Marys),
Elk County, Pa.
-BONDS NOT SOLD.
-The issue of $25.000 434%
school improvement bonds for which sealed bids were invited until Aug.
-was not sold, as no offers for the loan were submitted.
3-V. 133. p. 832
BERKLEY, Oakland County, Mich.
-BOND OFFERING.
-Sealed
bids addressed to William 0. Chambers. Village Clerk, will be received until
8 p. m. (Eastern standard time) on Aug. 13 for thr purchase of $136,_000
not to exceed 6% interest refunding special assessment bonds. Due
serially over a period of 10 years. Interest to be payable semi-annually.
A certified check for $1,000 must accompany each proposal.
BERRIEN COUNTY (P.0. St. Joseph), Mich.
-BOND OFFERING.
Sealed bids addressed to the Board of County Road Commissioners will be
received until 9.30 a. m. (Central standard time) on Aug. 14 for the purchase of $7,300 special assessment road district bonds. Dated Aug. 1
1931. Due serially over a period of 10 years. Interest is payable semiannually in May and Nov. A certified check for $500. payable to the County Treasurer, must accompany each proposal.
BESSEMER TOWNSHIP, Mich.
-BONDS VOTED.
-BIDS INVITED
POR ISSUE.
-At a special election held recently the voters authorized the
Issuance of $100.000 in bonds for various improvement purposes to provide
work for the unemployed. The measure was approved by a vote of 351
"for" and 329 "opposed."
BOND OFFERING.
-Sealed bids for the purchase of the above issue,
bearing interest at 5%, will be received by August Llikanen, Township
Clerk, until 7 p. m. on Aug. 17. Dated Sept. 1 1931. Due $20,000. March 1
from 1933 to 1937 incl.
BEVERLY, Essex County, Mass.
-LOAN OFFERING.
-John C.
Lovett, City Treasurer, will receive sealed bids until 5 p. m. (daylight
saving time) on Aug. 13 for the purchase at discount basis of a $100,000
temporary loan. Dated Aug. 13 1931. Due Dec. 29 1931. The notes will
be certified as to genuineness and validity by the First National Bank, of
Boston, under advice of Ropes, Gray, Boyden & Perkins, of Boston.
BIG SPRING, Howard County, Tex.
-BONDS REGISTERED.
-The
$200,000 issue of 5% fire station, auditorium and jail bonds that was sold
recently
-V. 133, p. 509
-was registered by the State Comptroller on
Aug. 1. Due from 1932 to 1971. inclusive.
of (P. 0. Phoenix).
-PROPOSED BOND SALE.
It is reported by Mit Simms, State Treasurer, that the State will call for
bids on a $2,000,000 issue of tax anticipation bonds about Aug 10, to be
BIRMINGHAM, Oakland County, Mich.
-CITY SEEKS TO REabout Aug. 13. and to be delivered about Aug.21 1931.
opened
TIRE $50,000 NOTES.
-A notice signed by Charles Plumstead, Treasurer,
states that the village will redeem, prior to maturity, all or any portion
ARKANSAS, State of (P. 0. Little Rock).
-BOND SALE.
-It is of an issue of $50,000 43j% tax anticipation notes, dated Nov. 1 1930
now reported that the $1,500,000 issue of general obligation bonds that and due Nov. 1 1931, at the office of the First Detroit Co., Detroit, at
was offered for sale without success on June 24-V. 133. p. 326
-has since par or market, to yield not less than 4%.
been purchased by a group of Wichita (Kan.) bond houses. Dated July
1 1931. Due from Sept. 1 1932 to 1941.
BLACKFORD COUNTY (P. 0. Hartford City) Ind.
-BONDS NOT
SOLD.
-Luther Speidel, County Auditor, reports that the issue of $10,ARLINGTON COUNTY (P. 0. Rosalyn), Va.-BOND OFFERING.
bonds for which bids were invited until Aug.4-V.133. p.672
Sealed bids will be received by Fletcher Kemp.,Superintendent of Public 612.106%
was not sold, as no offers were submitted for the issue.
Schools, until 2:30 p. m. on Aug. 11, for the purchase of a $52,000 issue
of 434% semi-ann. school construction and refunding bonds. Denom.
BOUNTIFUL, Davis County, Utah.
-BONDS VOTED
.-A $30,000
$1,000. Dated July 1 1930. Due on July 1 as follows: $2,000 in
1949 issue of water bonds is reported to have been voted at an election held
and $5,000 from 1950 to 1959 incl. The approving opinion of Thomson, on Aug. 1 by a count of 78 "for" to 18 "against".
Wood dr Hoffman of New York, will be furnished. A certified check for
BOURBON COUNTY (P. 0. Fort Scott), Kan.
-BOND OFFERING.
2% of the par value of the bonds bid for, payable to the County Treasurer,
-Sealed bids will be received by W.I. West, County Clerk, until 2 p.m.
is required.
on Aug. 11, for the purchase of a $60,750 issue of 4K % coupon semi-ann.
ASHTABULA COUNTY (P. 0. Jefferson), Ohio.
road improvement bonds. Denom. $500, one for $250. The bonds are
-BOND
Thr $27.140 coupon road impt. bonds offered on Aug. 3-V. 133,SALE.- issued in three separate issues of $28,000. $26.750 and $6.000. Dated
p.
were awarded as 434s to the McDonald-Callahan-Richards Co. of 335
Cleve- July 1 1931. Due serially in 10 years. The bonds are ready for immediate
land, at par plus a premium of $138,equal to 100.50, a basis of about
4.13%. delivery. A certified check for 2% of the bid, payable to the Board of
The bonds are dated Aug. 1 1931 and mature semi-annually as follows: County Commissioners, is required.
$1.140 April 1 and $1,000 Oct. 11932: $1,000 April and Oct. 1 in 1933
and
BOWLING GREEN CITY SCHOOL DISTRICT, Wood County,
1934, and $1,500 April and Oct. 1 from 1935 to 941 incl. The following is
en official list of the bids submitted at the sale:
Ohio.
-E. M. Fries, Clerk of the Board of Edu-BOND OFFERING.
BidderInt. Rate. Premium. cation, will receive sealed bids until 730 p. m. on Aug. 17 for the purchase
McDonald-Callahan-Richards Co.(successful bidder)_ _4 X 7
of $115,000 434% school bonds. Dated Aug. 1 1931. Denom. $1,000. Due
$138.00 $3.000. March, and $2,000. Sept. 1 from 1932 to 1936 incl., and
Seasongood & Mayer
$3.000,
4
112.00 March
Davies-Bertram Co
incl.
and semi
4
108.00 interest and Sept. 1 from 1937 to 1951 at the Principal the Clerk annual
RancOhlo Securities Co
(March and
are payable
office of
97.20 Board of Education. Sept) for the bonds to bear interest at a rateof the
Rohmer-Reinhardt & Co
Bids
other
4 X 7:
51.42 than 434%, expressed in a multiple of
Mitchell, Herrick & Co
434%
43.00 certified check for $2,000, payable toX of 1%, will also be considered. A
Title Guarantee Securities Corp
above-mentioned
4 of
35.30 Clerk, must accompany each proposal. the order of theopinion
Well, Roth & Irving Co
The approving
of Squire,
4X 7
33 00 Sanders & Dempsey, of Cleveland., will be furnished at the
Guardian Trust Co
expense of the
19.00 purchaser. The Board of Education will have the
provident Savings Bank & Trust Co
bonds printed. These
'41 q0
8.15 bonds were voted at the general election in
yan, Sutherland & Co
Nov. 1930 and are payable
R
287.00
Otis & Co
250.00 from taxes levied outside of tax limitations.
Breed & Harrison, Inc
434
152.00
BRAZOS COUNTY (P. 0. Bryan), Tex.
-BOND OFFERING.
AURORA UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
Sealed bids will be received until 10 a. m. on Aug. 21, by A.S. McSwain,
East
Aurora), Erie County, N. Y.
-BOND SALE.
-The $350.000 coupon or County Judge, for the purchase of an issue of $100,000 5% road. series
registered school bonds offered on Aug. 4-V. 133. P. 831-were
F bonds. Denom. $1,000. Dated Aug. 15 1931. Due on Feb. 15
awarded
as 4.208 to the Bank of East Aurora at par Vus a premium of $1,116.50, as follows: $2,000, 1933 to 1937; $5,000 in 1939, 1942. 1945, 1948, 1951.
equal to 100.319, a basis of about 4.17%. The bonds are dated
1954, and $10,000 in 1957, 1960, 1963. 1966. 1969 and 1970. The apAug.
1931 and mature Nov. 1 as follows: $10,000 from 1933 to 1943 incl., 1 proving opinion of Chapman Sr Cutler of Chicago will be furnished. A
and certified check for $1.000, payable to the County
$20,000 from 1944 to 1955 inc.].
Treasurer, must accompany the bid.
AVOYELLES PARISH CONSOLIDATED SCHOOL
DISTRICT
NO. 1 (P. 0. Marksville) La.
-BOND OFFERING.
-It is reported that
BRIDGEPORT, Fairfield County, Conn.
-BOND SALE.
-The
sealed bids will be received until Aug. 25, by C. E. Laborde. Secretary
of following issues of 4X% coupon or registered bonds aggregating $200.000
the Parish School Board, for the purchase of a $20,000 issue of
-were awarded to M. M Freeman &
school offered on Aug. 3-V. 133. p. 832
bonds. Int. rate is not to exceed 6%. payable sem.-annually.
Co., Inc., of New York, at par plus a premium of $4.176, equal to 102.088,
a basis of about 5.99%:
BACA COUNTY SCHOOL DISTRICT NO. 4 (P. 0.
Springfield) $175,000 series II school bonds. Due Aug.15 as follows: $9,000 from 1933 to
Colo.
-BONDS VOTED.
-At an election held on July 20. the
1950 incl.. and $13.000 in 1951.
stated to have unanimously approved the issuance of $20,000voters are
in 4 X%
25,000 series 0 park bonds. Due Aug. 15 as follows: $2,000 from 1932 to
serial refunding bonds. It is reported that these bonds have already
been
1936 incl.. and $3,000 from 1237 to 1941 incl.
sold.
Each Issue is dated Aug. 15 1931.
BAY COUNTY (P. 0. Bay City) Mich.
The successful bidders are reoffering the securities for public invest-BOND OFFERING.
-Otto
R. Garber, Chairman of the Finance Committee, will receive
sealed bids ment, priced to yield 2.75% for the 1933 maturity; 1934, 3%: 1935, 3.50%;
until 2 p. m.(Eastern standard time) on Aug.20 for the purchase of
/355.000 1936, 3.60%: 1937 and 1938. 3.75%; 1939 to 1941,incl., 3.80%. and 3.85%
4% court house construction bonds. Dated July 1 1931. Due July
for the maturities from 1942 to 1951, incl. In the opinion of the bankers.
follows: $20,000, 1933: $22,000 in 1934 and 1935;$24,000 in 1936 and 1 as the bonds are legal investment for savings banks and trust funds in the
5,000, 1938: $27,000 in 1939 and 1940; $28.000, 1941; $30,000, 1937; States of New York, Massachusetts and Connecticut. An official list
'31,000. 1943; $32,000 in 1944, and $43,000 in 1945. Principal and 1942; of the bids received at the sale follows.
interest
Jan. and July) are payable in Bay City, or at option of
BidderPremium.
Purchaser
to furnish and pay for printing of the bonds. A certifiedbuyer. for
check
$4.176
$2.500 M. M. Freeman & Co., Inc. (successful bidders)
must accompany each proposal. Legal opinion by Can H.
Smith, prose- Roosevelt & Son
3,874
cuting attorney of the county: if other opinion is desired, same is
2.680
to be H. L. Allen & Co.
Paid for by the purchaser. These bonds are part of an issue of
2.134
$375,000 H. M. Byllesby & Co.
authorized at an election held April 6 1931.
Bridgeport City Co.
1,180
BEAUMONT, Jefferson County, Tex.
-ADDITIONAL DETAILS.
BROCKTON, Plymouth County, Mass.
-TEMPORARY LOAN,
The $900,000 issue of railroad grade crossing and track
elevation bonds
The Home National Bank purchased on Aug. 6 a $400.000 temporary
that was approved recently-V. 133. p. 832
-was voted by a
loan
3,069 "for" to 2,076 "against." It is stated that the bonds will count of for at 1.61% discount basis. The loan matures Jan. 12.1932 and was bid
bear int.
by the following:
at
and will mature in 40 years.
Bi
Discount Basis,
HOMO National Bank (purchaser)
BELOIT, Rock County, Wis.-BOND SALE.
1.61
-The two
coupon bonds aggregating $56,000, offered for sale on Aug. issues of 4% Brockton National Co
1.83
3-V. 133, p. Plymouth County Trust Co.(plus $1 premium)
832
-were awarded to the Harris Trust & Savings Bank of Chicago,
1.83
paying S. N.Bond & Co
a premium of $591. equal to 101.05, a basis of about 3.87%.
2.10
The issues
are divided as follows:
-BOND SALE.
BROOK PARK, Ohio.
-The $7,319.58 village's por$45.000 sanitary sewer bonds. Dated July 15 1931. Due from
July 15 tion paving bonds offered on July 27-V. 133. p. 326
-were awarded as
1939 to 1947.
6s at a price of par to the Lorain Street Savings & Trust
11,000 Turtle Creek bridge bonds. Dated March 1 1931.
Due from the only bidder. The bonds are dated June 1 1931 and Co. of Cleveland,
March 1 1932 to 1936.
mature Oct. 1 as
follows. $1,319.58 in 1932 and $1,000 from 1933 to 1938 inclusive.
The following is an official list of the other bids received:
Bidder
Premium.
BRUNSWICK, Frederick County, Md.-BONDS VOTED.
Debit State Bank
-At an
$563.00 election held on Aug. 3 the voters approved of the issuance of $60,000
Hill-Joiner & Co
467.00 in bonds for water supply improvement bonds, the measure having reWhite-Phillips Co., Inc.
380.00 ceived a favorable majority of 385 votes. Issuance of the bonds will be
Beloit Savings Bank
365.00 made immediately.
First Trust & Savings Bank of Beloit
354.25
Central Republic Co.
345.00
BURLINGTON, Alamance County, N. C.
Wells-Dickey Co
-ADDITIONAL DE59.00 TAILS.
-The $30,000 issue of notes that was purchased at par by the First
BENTON COUNTY (P. 0. Fowler) Ind.
National Bank of Burlington
-V. 133. p. 326
-bears interest at 6% and
-BOND SALE.
-The matures on Sept. 21 1931.
$9,696.60 6% coupon drain improvement bonds offered on July
31-V.
P. 673 were awarded to A. E. Kyle, a local investor, at a price of 133.
par.
BURLINGTON, Alamance County, N. C.
The bonds are dated July 6 1931 and mature $969.66 on Nov. 10
-BOND OFFERING.
-from 1932 Sealed bids wi I be received until 10 a. m.on Aug.18, by
o 1941 incl. Only one bid was received at the sale.
Chas. M.
Director of the Local Government Commission, at his office in Johnson
Raleigh,
g
1.2
634%,
996
FINANCIAL CHRONICLE
[Vol.. 133.
Carthage Nat'l
for the purchase of two issues of coupon bonds aggregating $140,000, as the bonds. Prin. and annual int. (July 1) are payable at theto the order of
Bank in Carthage. A certified check for $500, payable
follows:
Sept. 1 as follows: $2,000, the Supervisor, Is required. The approving opinion of Clay, Dillon &
$120,000 corporate purpose bonds. Due on
1933 to 1940; $3,000, 1941 to 1943, and $5,000, 1944 to 1962, Vandewater of New York will be furnished without cost.
all incl.
Financial Statement.
20,000 water bonds. Due $1.000 from Sept. 1 1934 to 1953, incl.
Valuations
$3,766,279
Interest rate is not to exceed 6%, payable 1VI. & S. A separate bid Full valuation, real and personal property
and all ponds must bear the same rate Assessed valuation, real estate and special franchise
for each separate issue is required,
2,900,035
of interest in multiples of % of 1%. Denom. $1,000. Dated Sept. 1 Assessed valuation, personal property
14,300
1931. Prin. and int. payable in giald in New York. The corporate pur- Total assessed valuation
2,914.335
for necessary city
pose bonds are issued to pay indebtedness incurred
Debt
934.000
expenses. Delivery of bonds on or about Sept. 8, at place of purchaser's Bonded debt outstanding
20,000
choice. The approving opinion of Masslich & • Mitchell, of New York, This issue
will be furnished. A certified check for $2,800. payable to the State
Treasurer, must accompany the bid.
$54,000
bonded debt, including this Male
Total
Population-1920 Federal Census, 2.704; 1930 Federal Census, 3,002.
-BONDS OFFERED FOR
CALIFORNIA,State of(P.O.Sacramento).
CHANNING INDEPENDENT SCHOOL DISTRICT (P. 0. Chan-The $1,'753,000 issue of 4% coupon or registered State
INVESTMENT.
-A $60.000 isue of school
-BOND SALE.
park bonds that was purchased on July 30 by a syndicate headed by the ning), Hartley County, Tex.
National City Co. of New York, at 102.87, a basis of about 3.71%- building bonds is reported to have been purchased at par by an undisclosed
by the successful bidders for public sub- investor.
-is being offered
V. 133, p. 832
scription, priced as follows: 1941 maturity is to Yield 3.55%; 1942 to 1944
CHEEKTOWAGA UNION FREE SCHOOL DISTRICT NO.9 (P. 0.
maturities will yield 3.607, and the 1945 to 1948 maturities are priced
to yield 3.65%. Prin. and int. (J. dr J. 2) payable in gold at the office 97 Hallstead Ave., Sloan, Station A, Buffalo), Erie County, N. Y.
-The issue of $342,000 coupon or registered school
of the State Treasurer in Sacramento, or at the Bank of America National BONDS NOT SOLD.
Association in N. Y. City. Legality to be approved by Orrick. Palmer & bonds offered at not to exceed 6% interest on July 30-V. 133, p. 510'
was not sold, as all of the offers submitted were rejected. The bonds are
Dahiquist of San Francisco.
to 1966 incl.
Financial Statement(As Officially Reported by the State Treasurer July 3 1931). dated Jan. 1 1931 and mature serially on Jan. 1 from 1937
$10,143,131.534
Assessed valuation for taxation
CHERRY VALLEY, MIDDLEFIELD & ROSEBOOM CENTRAL
131.192,500 SCHOOL DISTRICT O. 1 (P. 0. Cherry Valley) Otsego County,
Total debt (this issue included)
Population: 1930 census, 5,677,251; 1920 census, 3.426.861.
N.Y.
-The $75,000 454% coupon or reistered school bonds
-BOND SALE.
-were awarded to Batchelder & Co. of
offered on Aug. 3-V. 133, p. 673
The following is a complete official list of the bids received.
Premium. New York, the only bidders,at 100.02. a basis ofabout 4.74%. The bonds
Name of Bidderare dated June 30 1931 and mature June 30 as follows: $1,000. 1933;
Harris Trust dr Savings Bank,
*National City Co.of California,
52,000, 1934 to 1941 incl.; $3,000, 1942 to 1947 incl.; $4,000. 1949 to 1951
Continental Illinois Co., Weeden & Co.. Heller Bruce &
$50,417.00 incl.; $3,000, 1952 to 1957 incl.; $2,000, 1958 and $1,000 from 1959 to 1962
Co., Wm. R. Stasis Co
incl.
Anglo London Paris Co., Bankamerica Co., Eldredge & Co..
40,512.00
First National Bank, First Detroit Co., Inc
-It is reported
-BOND SALE.
CHEWELAH, Stevens County, Wash.
39.110.00
Co., R. H. Moulton & Co
California National
that a $30,000 issue of 54% semi-ann. sewer bonds has been purchased by
Chase Harris Forbes Corp., Roosevelt & Son, F. S. Moseley'
38,373.17 Richards & Blum of Spokane. Due from 1933 to 1949.
& Co.
Halsey, Stuart & Co., A. B. Leach & Co., Inc., Geo. B. Gibbons
-The $270,CLAY COUNTY (P. 0. Spencer), Iowa.
-BOND SALE.
38,057.63
& Co., Inc., Wells Fargo Bank & Union Trust Co.
000 issue of coupon ann. primary road bonds offered for sale on Aug. 1
Guaranty Co. of New York; R. L. Day & Co.; Wallace,
-was awarded to Ames, Emerich 8: Co. of Chicago, and
-V. 133, p. 832
Wisconsin
Sanderson & Co.; Hannahs, Ballin & Lee; First
associates, as 4s, paying a premium of $1,310, equal to 100.485, a ba...la of
Co.; First Securities Corp. of Minnesota; Mercantile Comabout 3.90'7 (to optional date). Due from May 1 1937 to 1946 and optional
merce Co., St. Louis; Wells Dickey Co.; First National
1935. The other bids were as follows:
after May 1°
Co., St. Louis; Stern Bros. & Co., Kansas City; Smith,
Premium.
Rate Bid,
Bidder36,795.47
Camp & Riley Ltd.
$1,300
47
Geo. M. Bechtel & Co
Hutzler, Darby
Anglo California 'Fruit Co., Salomon Bros. &
805
45
Glaspell, Vieth & Duncan
31,185.87
& Co., Central Republic Co.
Corp.. First National Old Colony Corp..
Bancamerica-Blair
-BOND SALE.
-The $25,000
CLAY COUNTY (P. 0. Brazil), Ind.
23,157.13
Kountze Bros., Northern Trust Co., Chicago
-were awarded as
% coupon bonds offered on July 28-V. 133, p. 510
* Successful syndicate.
follows:
319,600 Brazil Twp. road bonds sold to the Citizens National Bank of
-BOND OFFERING.CAMBRIDGE, Middlesex County, Mass.
Brazil, at par plus a premium of 51.085.20, equal to 105.53. a
William J. Shea, Citif Treasurer, will receive sealed bids until 12 m. on
basis of about 3.39%. Due $490 July 15 1932; 9490 Jan. and
Aug. 12 for the purchase of $590,000 33.6% coupon water bonds. Dated
July 15from 1933 to 1951 incl.,and 9490 Jan. 151952.
Aug. 11931. Denom. $1,000. Due Aug. 1 as follows: $24,000 from 1932
5,400 Jackson Twp. road bonds sold to the Brazil Trust Co. of Brazil,
to 1946 incl.. and $23,000 from 1947 to 1956 incl. Principal and interest
at par plus a premium of $168.80. equal to 103.12, a basis of about
are payable at the National Shawmut Bank, Boston. Legal opinion of
3.847. Due $270 July 15 1932; $270 Jan. and July 15 from 1933
Ropes, Gray, Boyden & Perkins, of Boston. will be furnished the purchaser.
to 1941 incl., and $270 Jan. 15 1942.
Bids must be for all of the bonds offered.
Each issue is dated July 7 1931. Bids received at the sale were as follows:
Issues: $19,600-$5,400
Financial Statement (April 11931).
$3.582,950.00
Premiums Bid
BidderFunded city debt
2,692.686.29 Citizens National Bank, Brazil
91.085.20
Sinking fund for funded city debt
890,263.71 Brazil Trust Co.,Brazil
$168.80
Net funded city debt
7,641,850.00 Fletcher Savings & Trust Co.,Indianapolis
1,083.50
166.00
Serial city debt
8.532,113.71 Merchants National Bank, Muncie
162.62
727.27
Net city debt
420,767.35
Sinking fund for funded water debt
397,500.00
-BOND OFFERING.
CLINTON COUNTY (P. 0. Frankfort), Ind.
Funded water debt
23,267.35 Arthur J. Spurgeon, County Auditor, will receive sealed bids until 10 a. in.
Water sinking fund surplus (excess)
425,500.00 on Sept. 1 for the purchase of 93,796.94 6% drain construction bonds.
Serial water debt
425,600.00 Denom.$379.69. Due $379.69 on July 15from 1932 to 1941 incl. Interest
Net water debt
109,456
-yearly on Jan. 6 and July 6. A certified check for $200.
is payable half
Population, 1920 census
120,054
payable to the order of the County Treasurer, must accompany each
Population 1925 census
113,643
proposal.
Population, 1930 census
$188,456,300.00
Assessed valuation 1930
COBLESKILL, CARLISLE,SEWARD,MIDDLEBURGH,FULTON,
CAMPBELLSBURG SCHOOL CITY, Washington County, Ind.- RICHMONDVILLE, DECATUR AND ROSEBOOM CENTRAL
% coupon school improvement bonds of- SCHOOL DISTRICT NO. 1 (P. 0. Cobleskill), N. Y.
-The $8,500
-BOND SALE.
BOND SALE.
Campbellsburg The $475,000 coupon or registered school bonds offered on Aug. 4-V. 133.
-were awarded to the
fered on July 30-V. 133. p. 510
State Bank at par plus a premium of $85, equal to 101, a basis of about p. 833
-were awarded as 43.fs to George B. Gibbons & Co., Inc., of New
4.37%. Dated July 1 1931. Due 9425 annually on Jan. 1 from 1933 York, at a price of 100.125, a basis of about 4.74%. Dated Sept. 1 1931
and due serially on Sept. 1 from 1936 to 1966 incl. Only one bid was reto 1951 inclusive and $425 July 1 1951.
ceived at the sale.
-The $50,000
-BOND SALE.
CANTON, Norfolk County, Mass.
-were
-BOND SALE.
-The
COCHFtAN COUNTY (P. 0. Morton), Tex.
• % coupon sewer impt. bds. offered on August 4-V.133, p.832a basis
of road bonds offered for sale on Aug. 3-V. 133. p. 673
awarded to the Chase Harris Forbes Corp.. of Boston, at 100.56,
$5,000 on $100,000 issue
of about 3.387. The bonds are dated Aug. 1 1931 and mature as follows: was purchased by H. C. Burt & Co. of Houston at par.
August 1 from 1932 to 1941,incl. Bids submitted at the sale were Rate Bid.
-BONDS AUTHORIZED.
BidderCOEUR D'ALENE, Kootenai County Ida.
100.56
Chase Harris Forbes Corp. (successful bidder)
of 43i% semi-ann. refunding bonds is reported to
100.556 -A $60,000 issuerecently by the City Council. Denoms. $1,000 have
and
Atlantic Corporation
100.533 been authorized
National City Co
$500. Dated Aug. 1 1931. Due on Aug. 1 as follows: $2,000. 1933 to
100.42
Stone & Webster and Blodget, Inc
1936; $2,500. 1937 to 1939; $3,000. 1940 to 1943; $3,500, 1944 and 1945;
100.37
First National Old Colony Corp
$4,000, 1946 to 1947, and $4,500, 1949 to 1951.
100.16
Merchants National Bank of Boston
100.09
CONVERSE COUNTY SCHOOL DISTRICT NO.17(P.O. Douglas),
R.L. Day & Co
-It is reported that the entire issue of 6%
.-The following Wyo.-BONDS CALLED.
-BOND SALE
CANTON, Stark County, Ohio.
school bonds maturing in 1943 have been called for payment as of Aug. 1.
9154,438.60 offered on Aug.
Issues of coupon bonds aggregating
Cin-were awarded as 4318 to the Guardian Trust Co., of
133. p. 673
CONVERSE COUNTY SCHOOL DISTRICT NO.17(P. 0. Douglas,
a basis of about
-We are informed that bids will be received
cinnati, at par plus a premium of $713, equal to 100.46,
Wyo.-BOND OFFERING.
until Sept. 1, by Raymond White, Superintendent of Schools, for the pur4.13%;
Aug. 1 1931. One
school bonds. Dated Aug. 1
$89,945.71 property portion impt. bonds. Dated
$1,000. Due Feb. 1 as follows: chase of a $65,000 issue of 434% semi-ann. (These are the bonds that
bond for $945.71. others for
1931. Due $6.500 from 1932 to 1941 incl.
to 1937, incl.
$17,945.71 in 1933. and $18,000 from 1934 1931. One bond were scheduled to be sold on Aug. 1-V. 133. p. 156.)
impt. bonds. Dated Aug. 1
27,674.67 property portion
$2,674.67
-BONDS TO BE REDEEMED PRIOR
CONNECTICUT
for $674.76,others for $1,000. Due Feb. 1 as follows:
$3,000 TO DUE DATE. (State of). called to the official advertisement on
-Attention is
in 1933; 52,000, 1934; $3,000, 1935; $2,000, 1936, and
holders of outstanding 334% State bonds
page vii of
from 1937 to 1942, incl.
2 1931. One of the issue this issue, informingand bearing the maturity date of April 1
Dated Feb.
dated April 1 1909
18.931.65 property portion impt. bonds. $500 and others for 51,000.
intention of the State Treasurer to redeem these bonds on
1934,
bond for $431.65; one bond for
$2,000, 1934; $1,500, Oct. 1of the after which date int. will cease to be paid on the obligations.
19314
Due Feb. 2 as follows: $1,431.65 in 1933;
obligations
1935. and $2,000 from 1936 to 1942, incl.
Aug. 1 1931. One Bonds involVed amount to $2,955,000 and constitute all State
12,886.57 property portion impt. bonds. Dated $500. Due Feb. 1 as bearing int. at 3H% since all carrying that rate are of the issue of 1909.
and
bond for 9386.57, others for 31.0001934; $1,500, 1935; $1,000, subject to call Oct. 1 1931 as already stated. In announcing the imWilcox said: "In
pending plan of retirement, State
follows: $1,386.57 in 1933; $1.000,
1939; $1,000 lu 1940, keeping with the sound financial and Treasurer Roy C.
business policies which have Prevailed
1936; 81,500. 1937; $1,000, 1938; $1,500,
In the government of Connecticut, beginning with the administration of
$1,500 In 1941 and 1942.
and
Feb. 2 1931. Denom. Governor Marcus Holcomb, the State Treasurer, will retire as of its next
5,000.00 fire hydrant purchase bonds. Dated to 1937. incl.
int. date. Oct. 11931, the entire issue of the State's 334% bonds of 1909,
$1,000. Due $1,000 Feb. 2 from 1933
.-A of which there is outstanding $2.955,000.
-BOND SALE
Tex.
CARSON COUNTY (P. 0. Panhandle), have been purchased re"Retirement of these bonds is being undertaken two years and six
$250,000 issue of highway bonds is reported to Due in 10 years.
months in advance of their maturity date of April 1 1934, because it is
cently at par by D.E. Dunne & Co. of Wichita.
possible to realize a substantial profit by the transaction."
-The 813.300
-BOND SALE.
-At a
CASS COUNTY(P.0.Logansport)Ind.
-BONDS AUTHORIZED.
DALLAS, Dallas County, Tex.
comprising two issues, offered
4h% coupon road improvement bonds,to the Logansport Man Sr Trust meeting held on July 29 the City Council authorized the issuance of $800,issue
-were awarded
on Aug.4-V. 133, p. 673
103.02, a basis of 000 in 434% bonds for various civic improvements. The $300,000bonds
to
Co., of Logansport. for a premium of $503.25, equaleach six months from of Love Field (airport) bonds will mature in 30 years and the other
about 3.637. Dated July 15 1931. Due one bond
will be due in 40 Years.
July 15 1932 to Jan. 15 1942.
-The $1,750,000
-BOND SALE.
-It is reported
DAVENPORT, Scott County, Iowa.
-BONDS VOTED.
on May 11
CAYCE, Lexington County, S. C.
approved a proposal to issue issue of bridge construction bonds that was voted at an election Stranauan,
that at an election held on July 30 the voters margin.
-V. 132, p. 3754
-is reported to have been purchased by
$36,000 in water works system bonds by a small
subject to the approval
Harris Co., Inc., of Toledo, prior to that election,
-Wesley of the voters.
-BOND OFFERING.
CHAMPION, Jefferson County, N. Y.
until 2 p. m.(Eastern
-The $550,000
B. Graves, Town Supervisor, will receive sealed bids
-BOND SALE.
DAYTON,Montgomery County, Ohio.
not to exceed 5%
standard time) on Aug. 13 for the purchase of $20,000 1 1931. Denom. coupon bonds, comprising two issues, offered on Aug. 6-V. 133, P. 833
July
Interest coupon or registered highway bonds. Dated Rate of interest to be were awarded as 34s and 4345 to Phelps, Peon & Co. of New York, and
$1.000. Due 51,000 July 1 from 1932 to 1951 incl. be the same for allot Merrill, Hawley & Co. of Cleveland jointly at par plus a premium of
of 1% and must
expressed in a multiple of y, or 1-10th
Ara.8 1931.]
FINANCIAL CHRONICLE
997
trust funds and funds in probate in the State of Illinois, according to the
bankers. Legal opinion of Chapman & Cutler of Chicago.
Financial Statement.
*54,540,947
Assessed valuation. 1929
1,014.000
Total bonded debt,incl
Population: 1930 census, 38,917.
SALE.
-The $155,-BOND
FALMOUTH, Barnstable County, Mass.
-were
000 3;5% coupon school bonds offered on Aug. 3-V. 133, P. 833
DEARBORN COUNTY(P.O. Lawrenceburg),Ind.
-BOND SALE.
- awarded to the National City Co. of Boston at 100.52, a basis of about
The $13,000 415% coupon township road improvement bonds, comprising 3.37%. The bonds are dated Aug. 1 1931 and mature Aug. 1 as follows:
two issues, offered on Aug.4-V. 133. p. 511-were awarded to the Fletcher $20.000 from 1932 to 1938 incl. and *15.000 in 1939.
Savings & Trust Co. of Indianapolis at par plus a premium of $350. equal to
Bids received at the sale were as follows.
Rate Bid.
102.69 a basis of about 3.95%. Due one bond each six months in from
Bidder1 to 16 years.
100.52
National City Co. (successful bidder)
100.42
First National Old Colony Corp
DEFIANCE COUNTY (P.O. Defiance), Ohio.
-BOND OFFERING.
- Chase Harris
100.377
Henry H. Reineke, County Auditor, will receive sealed bids until 2 p. m. Atlantic CorpForbes Corp
100.344
on Aug. 17 for the purchase of $32,500 5% property owners' share improvement bonds. Dated July 1 1931. One bond for $1,500. others for $1,000.
-The
-BOND SALE.
FAYETTEVILLE, Lincoln County, Tenn.
Due Sept. 1 as follows. $8,000 from 1932 to 1934 incl. and $8,500 in 1935. $40,000 issue of 5% coupon semi-ann. refunding bonds offered for sale on
Principal and interest (March and September) are payable at the County Aug. 4-V. 133, p. 833
-was jointly purchased by I. B. Tigrett & Co.
Treasurer's office. Bids for the bonds to bear interest at a rate other than of Jackson and the American National Co. of Nashville, for a Premium
5%, expressed in a multiple of RI. of 1%, will also be considered. A cer- of $175, equal to 100.43, a basis of about 4.95%. Due in 20 years and
tified check for 5% of the issue, payable to the order of the County Treas- optional in 10 years.
urer, must accompany each proposal. Bidders will be required to satisfy
The next highest bidder was Saunders & Thomas of Memphis. offering
themselves of the legality of the issue of said bonds. A full transcript is a premium of $156 followed by J. W. Jakes & Co. of Nashville with a
on file with the County Auditor and all bids will be considered unconditional. tender of $27 premium.
-Sealed
-BOND OFFERING.
FERNDALE, Whatcom County, Wash.
DELAWARE RIVER PORT AUTHORITY.
-INITIAL FINANCING OF LEGISLATIVE BODY TO CONSIST OF $40,000,000 BOND bids will be received by W.L. Selby, Town Clerk, until 8 p. in. on Aug. 18,
-The initial financing venture of the Delaware River Port Author- for the purchase of a $20.000 issue of water department bonds. Int.
ISSUE.
ity, brought into being as a result of the enactment of legislation by the rate is not to exceed 6%. payable J. SZ J. Denom. not less than $100
States of New Jersey and Pennsylvania, to supervise transportation de- nor more than $1,000. Dated July 1 1931. Due in from 2 to 25 years.
velopment between Camden, N. J. and Philadelphia, Pa.
-V. 133, p. 154 Prin. and int. payable at the office of the Town Treasurer. A certified
-will consist of an offering shortly of $40,000.000 bands, according to check for $1,000, payable to the Town, must accompany the bid.
the New York "Times" of Aug. 6. Of the proceeds of the issue, a total of
-John
-BOND OFFERING.
FLORAL PARK, Nassau County, N. Y.
$33,226,076 will be used to reimburse the States of New Jersey and Pennsylvania and the City of Philadelphia for the sums advanced by them Biome, Village Clerk, will receive sealed bids until 8.30 p. m. (daylight
to finance the construction of bridge now linking Camden and Phila- saving time) on Aug. 18 for the purchase of $100,_000 5% street impt.
delphia. The remainder of the issue will be used to pay the cost of addi- bonds. Dated Sept. 1 1931. Denom. $1,000. Due $5,000 Sept. 1
tional improvements to the structure. Similar financing was undertaken from 1932 to 1951 incl. Int. Is payable semi-annually in March and Sept.
during March of this year by the Port of New York Authority to pay back Bids will also be received for the bonds to bear interest at a rate of int.
the sums advanced by the States of New York and New Jersey in the Tower than 5%. A certified check for 2% of the bonds bid for, payable
to the order of the Village Treasurer, must accompany each proposal.
construction of the Holland Tunnel. V. 132, p. 2047.
The approving opinion of Thomson, Wood & Hoffman of New York,
DETROIT, Wayne County, Mich.
-BOND OFFERING.
-Sealed bids will be furnished the purchaser. (These are the bonds mentioned in
addressed to G. Hall Roosevelt, City Comptroller, will be received until V. 133, p. 674.)
Aug. 13 for the purchase of $30,000,000 refunding tax note bonds, of which
-It is
FORT DODGE, Webster County, lowa.-BOND OFFERING.
$22,000,000 will mature in from 1 to 5 years and $8,000,000 in from 1 to reported that sealed bids will be received until 10 a. m.on Aug. 12 by Mayor
3 years.
C. V. Findlay for the purchase of a $10,000 issue of water works bonds.
DELPHOS, Allen County, Ohio.
-BOND ORDINANCE ADOPTED.
-BOND SALE.
-The two
FORT SMITH, Sebastian County, Ark.
The City Council recently adopted an ordinance providing for the issuance Issues of 5% semi-ann. bonds aggregating $125,000, offered for sale at public
of $61,000 sewer improvement bonds, to be dated Nov. 1 1932 and bear
-were awarded to the City National
auction on Aug. 3-V. 133, p. 512
interest at 5%. Denom. $1,000. Due in semi-annual installments over Bank of Fort Smith, as follows:
a period of 10 years.
$100,000 fire equipment and apparatus bonds, at a price of 100.15, a
basis ofabout 3.98%. Due 310.000 from Aug. 1 1935 to 1944 Incl.
DIMMIT COUNTY (P. 0. Carrie° Springs), Tex.
-BOND SALE.
25,000 fire department building_ repair bonds, at a price of 100.152.
An issue of $100.000 514% court house funding bonds is reported to have
a basis of about 3.98%. Due $2,500from Aug. 11936 to 1944 incl.
Co., Inc., of San Antonio.
been purchased by Graham &
$167 equal to 100.03 the net interest cost of the financing being about
3.85%. The following issues were included in the award:
*350.000 water works extension and impt. bonds sold as 3;is. Due
*14.000 Sept. 1 from 1932 to 1956 incl.
200.000 emergency poor relief bonds sold as 4;5s. Due Sept. 1 as follows:
$33,000 from 1932 to 1935 incl. and $34,000 in 1936 and 1937.
Each Issue is dated July 15 1931. The successful bidders are reoffering
the bonds for general investment at prices to yield from 2.50 to 3.90%
according to maturity.
-BOND OFFERING.
FRANKLIN COUNTY(P.O. Brookville), Ind.
DIXON COUNTY SCHOOL DISTRICT NO. 62 (P. 0. Dixon),
-A $14,000 issue of 4;5% semi-ann. school bonds is Frank G. Blitz, County Treasurer, will receive sealed bids until 1 p. m.
Seb.-BOND SALE.
stated to have been sold to an undisclosed purchaser. Dated Sept. 1 on Aug. 17 for the purchase of $6,000 434% Ray Twp. road Improvement
1931. Due $1,000 from 1932 to 1945 incl. (These bonds are reported bonds. Dated Aug. 17 1931. Denom. $150. Due 3300,July 15 1932:
$300, Jan. and July 15 from 1933 to 1941 Ind., and $300. Jan. 151942.
to have been voted on July 31.)
-BOND SALE.
-It is reported
FREEPORT, Brazoria County, Tex.
that a $25,000 issue of street impt. bonds has been purchased at par by
H. C. Burt & Co. of Houston. (These bonds are said to be part of a total
Issue of $80.000.)
GALLATIN COUNTY SCHOOL DISTRICT NO. 1,(P.O. Bozeman)
-Sealed bids will be received until 2 p. in.
-BONDS REGISTERED.
DUMAS, Moore County, Tex.
-BOND OFFERING.
-The State Mont.
Comptroller registered on Aug. 1 a $40,000 issue of 6% sewer bonds. on Aug. 29, by Margaret A. Brown. District Clerk, for the purchase of a
$10,000 issue of refunding bonds. Int. rate is not to exceed 5%, payable
Denom. $1,000 Due serially.
J. Sz J. Dated July I 1931. Amortization bonds will be the first choice
-BOND SALE.
ELKHART COUNTY (P. 0. Goshen), Ind.
-The and serial bonds will be the second choice of the said School Board. If
$3,800 415% coupon road improvement bonds offered on Aug. 5-V. 133. amortization bonds are sold and issued, the entire issue may be put into
-were awarded to the American State Bank of Ligonier at par plus one single bond or divided into several bonds, as the Board of Trustees
p. 833
a premium of $230. equal to 106.05, a basis of about 3.02%. Dated may determine upon at the time of sale, bothaprincipal and interest to
period of 10 years from
July 15 1931. Due $190,_ July 15 1932; $190, Jan. and July 15 from 1933 be payable in semi-annual installments during
to 1941 incl., and $190, Jan. 15 1942. Bids received at the sale were as the date of issue. If serial bonds are issued and sold, they will be in the
amount of $1,000 each; the sum of 31.000 of the said serial bonds will
follows.
Premium. become payable on July 1 1932, and a like amount on the same day each
Bidder$230.00 year thereafter until all of such bonds are paid. A certified check for
American State Bank, Ligonier (successful bidder)
57.00 $1,000 payable to the Clerk, must accompany the bid.
Exchange State Bank, Wakarusa
Savings & Trust Co
Fletcher
-BOND- - LE.
SA
-It is re183
13:01
GALVESTON, Galveston County, Tex.
City Securities Co
161.40 ported that a $12,000 issue of pisving bonds has been purchased recently by
Salem Bank & Trust Co
98.00 Broussard, Wartield & Co. of Beaumont, at par.
City National Bank (Goshen)
-BOND SALE.
-Charles H.
ELLISBURG, Jefferson County, N. Y.
-BONDS NOT SOLD.
-Joseph Farizel,
GARFIELD HEIGHTS, Ohio,
Williams, Town Supervisor, informs us that an issue of $14,595.28 coupon City Clerk, informs us that the two issues of 6% special assessment imjudgment bonds was awarded on Aug. 1 as 4;5s to the Watertown Savings provement bonds aggregating $36.388.02, for which sealed bids were in-were not sold.
Bank of Watertown at par plus a premium of $15, equal to 100.10, a basis vited until July 13-V. 133, p. 157
of about 4.49%. Due Feb. 1 as follows: $595.28 in 1932 and $2,000
from 1933 to 1939 inclusive.
COMMON SCHOOL DISTRICT NO. 1 ,(P. 0. Syracuse),
GEDDES
-Roderic M. Wilder,
-BOND OFFERING.
-BOND SALE.
-The $2,500 Onondaga County, N. Y.
ELLIOTT, Montgomery County, Iowa.
sealed bids until 4 p. m.(Eastern standard time)
District
Issue of 5% semi-ann. funding bonds offered for sale on July 20-V. 133, on Aug.Clerk, will receive Bldg., Syracuse, for the purchase of $55,000 not
14, at City Bank
purchased at par by the First National Bank of Shannon City.
p. 511-was
to exceed 6% interest coupon or registered school bonds. Dated July 1
Dated June 30 1931. Due in 10 years. No other bids were received.
1931. Denom.$1,000. Due July 1 as follows: $1,000, 1932 to 1934, incl.;
-BONDS REGISTERED. $2,000, 1935 to 1939, incl.; $3,000, 1940 to 1947, incl.; $4.000 in 1948 and
EL PASO COUNTY (P. 0. El Paso), Tex.
to
issue of 5% Consolidated School District No. W-4. bonds 1949, and $5,000 in 1950 and 1951. Rate of interest for be expressed in a
-A $60,000
all of the
or 1-10th of 1% and must be the same
was registered on July 28 by the fittae Comptroller. Denom. $500. Due multiple of ;I interest (Jan. and July) are payable at the Syracusebonds.
Trust
Principal and
serially.
Co. Syracuse. A certified check for $1.000, payable to John C. Mitchell,
-It is announced by Collector, must accompany each proposal. The approving opinion of Clay.
-BOND CALL.
EL PASO, El Paso County, Tex.
Mayor R. E. Sherman that the following 5% semi-ann bonds are called Dillon & Vandewater of New York, will be furnished the purchaser.
for payment at par and accrued int., at the office of the City Treasurer,
-MATURITY.
-The $21,697.58
GENOA, Ottawa County, Ohio.
.or the Chemical Bank & Trust Co. In N. Y. City on Sept. 1, on which date
the int. shall cease: $294,000 funded Indebtedness, series No. 2, Nos. 1 coupon water works system impt. bonds sold recently as Ms to Ryan,
to 294, and $50,000 school, series No. 8, Nos. 1 to 50. Denom. $1.000. Sutherland & Co. of Toledo, at 100.26, a basis of about 5.70%-V. 133,
-mature Oct. 1 as follows. $1,697.58 in 1932; *2,000 from 1933 to
Dated Sept. 1 1911. Due on Sept. 1 1951, optional at the time any coupons P. 834
1939 incl., and $3.000 in 1940 and 1941.
fall due after 20 years from date thereof.
-BOND SALE.
-BOND OFFERING.
-John R. Sargent, Village
-An
ERATH COUNTY (P. 0. Stephenville), Tex.
GLEN PARK, N. Y.
Issue of $150.000 5i% semi-ann. county bonds is reported to have been Clerk, will receive sealed bids until 7.30 p. m. (Eastern standard time)
on Aug. 17 for the purchase of $36,600 not to exceed 5% interest coupon or
Purchased by H. C. Burt & Co. of Houston. Due in 40 years.
registered street improvement bonds. Dated Aug. 1 1931. One bond
-TEMPORARY LOAN.- for $600, others for $1,000. Due Aug. 1 as follows: $2,000 from 1932 to
ESSEX COUNTY (P. 0. Salem), Mass.
R. W. Pressprich & Co. of New York purchased on Aug. 4 a $75.000 1948, incl. and $2,600 in 1949. Rate of interest to be expressed In a
tuberculosis hospital maintenance loan at 1.67% discount basis, plus a multiple of )( or 1-10th of I% and must be the same for all of the bonds.
'6
premium of $4. The loan matures April 1 1932 and was bid for as follows. Principal and interest (Feb. and Aug.) are payable at the Watertown
Discount Basis. National Bank, Watertown. A certified check for $800, Payable to the
Bidder1.67
R. W.Pressprich & Co., Plus $1 premium (purchaser)
order of the Village, must accompany each proposal. The approving
1.70
Salem Trust Co
opinion of Clay, Dillon & Vandewater, of New York, will be furnished the
1.72
Cape Ann National Bank
purchaser.
1.78
Merchants National Bank (Salem)
-BOND SALE.
GLOUCESTER COUNTY (P. 0. Woodbury), N. J.
1.96
Danvers National Bank
2.00
J. S. Rippel & Co., of Newark, bidding for $397,000 bonds of the $400,000
Gloucester National Bank
Bank
2.00
4% coupon or registered road issue offered on August 4-V. 133, 33.
Beverly National
2.00
-were awarded the former amount of securities, paying therefor
Naurakeag Trust Co
674
2.00% $400,065.26, equal to 100.77. a basis of about 4.14%. Dated Aug. 1
Warren National Bank
1931. Due August 1 as follows: $20.000 in 1933 and 1934; $330,000 from
EVANSTON SCHOOL DISTRICT NO. 76 (P. 0. Evanston) Cook 1935 to 1945, incl., and $27,000 in 1946. Bids submitted at the sale were
-The Channer Securities as follows:
-BONDS PUBLICLY OFFERED.
County. III.
No. of Bds.
investment an issue of $225,000
Co. of Chicago is offering for public school building bonds, dated 05%
Bid For
. Amount Bid.
Bidder(registerable as to principal)
J7 1
coupon
397
$400,065.26
1931 and due $15,000 on July 1 from 1932 to 1946 incl., at prices to eld J. S. Rip el & Co. (successful bidders)
397
for the 1932 maturity; 1933, 3.50%; 1934, 4.00%, and 4.25 for Dewey, Bacon & Co
2.50%
' '
& Co., B.J. Van Ingen & Co., and
1946 incl. Prin. and int.
the bonds due from 1935 to & Trust Co., Evanston. (J. & J.) are payable 0.0.Collings& Co.,jointly
400
Legal investment for
H.L. Allen
400,527.00
at the City National Bank
DONNA INDEPENDENT SCHOOL DISTRICT (P. 0. Donna)
Hidalgo County, Tex.
-The $195,000 issue of
-BONDS REGISTERED.
5% semi-ann. school bonds offered for sale without success on May 14V. 132, p. 3929
-was registered by the State Comptroller on July 31.
Denom. $1,000. Due serially.
998
FINANCIAL CHRONICLE
GRANT COUNTY SCHOOL DISTRICT NO. 18 (P. O. Carson),
No. Dak.-BOND DETAILS.
-The $10,000 issue of coupon funding
bonds that was purchased by the First National Bank of Carson as 535s
dated June 9 1931. Denom. $1,000. Due
-is
at par
-V. 133, P. 157
from 1933 to 1943. Interest payable J. & D.
-BONDS REGISTERED.
COUNTY (P. O. Pampa), Tex.
GRAY
Three issues of 554% serial road bond.,., aggregating $531,000, were registered
by the State Comptroller on Aug. 27. The issues are divided as follows:
$50,000 series A, $131,000 series It, and $350,000 series C bonds. Denom.
$1,000.
-ELECTION REPORT.
GREGG COUNTY (P. 0. Longview), Tex.
We are now informed that the election on the two issues of bonds aggregating $850,000, will be held on Aug.22, not on Aug. 18, as previously reported in V. 133, P. 675. The bonds are divided as follows: $650.000 road,
and $200,000 court house and jail bonds.
-Sealed bids
-BOND OFFERING.
GREENVILLE, Pitt County, N. C.
will be received until 10 a.m. on Aug. 18, by Chas. M. Johnson, Secretary
of the Local Government Commission, at his office in Raleigh, for the purchase of an issue of $100,000 coupon or registered gas plant bonds. Int. rate
Is not to exceed 6%, stated in multiples of X of 1%. Denom. $1,000.
Dated July 1, 1931. Due on July 1 as follows. $3,000, 1934 to 1939: $5,000.
1940 to 1945: $7,000, 1946 to 1951, and $1.000, 1952 to 1961, all incl. Prin.
and int.(J.& J.) payable in gold in New York City. The approving opinion
of Masslich & Mitchell of New York. will be furnished. Delivery to be
on Sept. 8, 1931, at place of purchaser's choice east of the Mississippi River.
These bonds were voted by a count of 472 "for" to 79 "against," at a recent
election. A $2,000 certified check, payable to the State Treasurer, must
accompany the bid.
-Sealed bids
-BOND OFFERING.
GRETNA, Jefferson Parish, La.
will be received until 7:30 p. m. on Aug. 18. by Chas. F. Geibke, Mayor,
for the purchase of an issue of $150.000 sewer and sewerage disposal bonds.
Int. rate is not to exceed 6%, payable M. & N. Denom. $1,000. Dated
May 5 1931. Due from May 1 1032 to 1966, incl. A certified check for
$3,500, payable to the above official, must accompany the bid.
(This report supplements that appearing in V. 133. P. 894.)
-The $42,000 4%%
-BOND SALE.
HAMMOND, Lake County, Ind.
-were
coupon Park District bonds offered on Aug. 5-V. 133, p. 675
awarded to the Commercial Bank of Crown Point. at par plus a premium
to 102,23.a basis of about 4.23%. Dated Juno 1 1931. Due
of $937,equal
32,100 on Jan. 1 from 1933 to 1952, incl. Kent, Grace & Co., of Chicago,
bid par plus a premium of $222 for the issue.
-The $162,000 4%
-BOND SALE.
HAMMOND, Lake County, Ind.
coupon city hall building construction bonds offered on July 30 (V. 133, p.
composed of Ames, Emerich & Co., Inc.,
512) were awarded to a syndicate
and the Northern Trust Co., both of Chicago; the Fletcher Savings & Trust
Co. and the Union Trust Co., both of Indianapolis, at par plus a premium
of $605, equal to 100.13, a basis of about 3.99%. Only one bid was received for the issue. The bonds are dated July 30 1931 and mature July 30
as follows. $25,000 from 1942 to 1951, incl.; $50,000 from 1952 to 1955.
incl.and $12,000 in 1956. Members of the successful group are reoffering the securities for public investment priced to yield 3.80%. They are
legal investment for savings banks and trust funds in New York State,
according to report, and are direct and general obligations of the entire
City of Hammond, which reports an assessed valuation, realty only, of
8104,788.950. and a net debt of $795,392.
[VOL. 133.
to 1941, incl., and $450 Jan. 15 1942. Bids submitted at the sale were
as follows.
BidderPremium.
Pfaff & Hughel, Inc. (successful bidders)
$351.50
City Securities Corp
261.00
First National Bank (Danville)
282.00
250.00
Clayton Bank & Trust Co., Clayton
Fletcher American Co
335.70
Breed, Elliott & Harrison
300.00
HINTON SCHOOL DISTRICT (P. 0. Hinton), Caddo County,
Okla.
-BOND SALE.
-It is reported that a $1,500 issue of 6% school
impt. bonds has been sold recently to an undisclosed investor.
HOBART, Lake County, Ind.
-The Board of
-BOND OFFERING.
Trustees will receive sealed bids until 7.30 p.m. (daylight saving time) on
Aug. 10 for the purchase of $12,500 431% school improvement bonds.
Dated July 1 1931. Due July 1 as follows: $2,000 from 1937 to 1942.
incl., and $500 in 1943. Principal and interest are payable at the First
State Bank, Hobart. A certified check for $100 must accompany each
proposal.
HONEY CREEK SCHOOL TOWNSHIP, Vigo County,Ind.
-BONDS
-The Board of Township Trustees recently authorized
AUTHORIZED.
the issuance of 825.0004% judgment funding bonds. Due $500, Jan. and
July 15 1934, and $500. Jan. and July 15 from 1935 to 1946, incl.
HURON, Beadle County, S. Dak.-BOND SALE.
-The 832,000 issue
of coupon street impt. special assessment bonds offered for sale on July 28
-was sold to Booth & Olson, Inc., of Sioux City (Contractors)
V. 133, p. 329
as 6s, semi-annual at par. Denom. $1,000. (This report corrects the
report of sale given in V. 133, P. 831.)
INDIANAPOLIS,Marion County,Ind.
-The $245,000
-BOND SALE.
municipal judgment funding bonds offered on Aug. 6-V. 133, p. 834
were awarded to the Harris Trust & Savings Bank of Chicago, which paid a.
price of par and interest for $173000 bonds as 334s due $12,000 on July I
from 1932 to 1915 incl. and $5000 July 1 1946 and $72,000 bonds as 34s
due $7,000 July 1 1946 and $13.000 on July 1 from 1947 to 1951 incl. The
average interest cost basis of the financing to the city is about 3.63%. The
bonds are dated Aug. 1 1931. A group of Indianapolis banks consisting
of the Fletcher Trust Co., the Union Trust Co., the Fletcher American Co.,
the Indiana Trust Co., and the Merchants National Bank, submitted the
only other bid, a price of par plus a premium of $113 for all of the bonds as
354,s.
IOWA CITY, Johnson County, Iowa.
-BOND SALE.
-The $21,852.36 issue of coupon paving impt. bonds offered for sale on Aug. 1V. 133. p. 834
-was purchased by the Iowa City Savings Bank of Iowa
City, as 5s, at par. Denom. $500, one for $852.36. Dated July 3 1931.
Due from 1932 to 1941. Optional on any interest paying date. Int.
payable May 1. There were no other bids received.
-It is
IOWA CITY, Johnson County, 10w11. BONDS OFFERED.
reported that sealed bids were received until 9 a.m. on Aug. 8. by E. D.
Raymond, City Treasurer, for the purchase of two issues of bonds aggregating $54,299.66, divided as follows: $49,573.76 paving, and $4,725.90 sewer
bonds.
-W. H.
-BOND OFFERING.
IRVINGTON, Essex County, N. J.
Jamouneau, Town Clerk, will receive sealed bids until 8 p. m. (Daylight
saving time) on Aug. 18 for the purchase of $1,101,000 434, 434 or 434%
coupon or registered bonds, divided as follows:
$587,000 impt. bonds. Due Sept. 1 as follows: $30,000 from 1932 to
1950, incl., and $17,000 in 1951.
514,000 sewer bonds. Due Sept. 1 as follows. $10,000 from 1932 to
1940. incl.; $15,000 from 1941 to 1968. incl., and $4,000 in 1969.
Each issue is dated Sept. 1 1931. Denom. $1,000. Principal and
Interest (M. & S.) are payable at the Merchant's & Newark Trust Co..
Newark. No more bonds are to be awarded than will produce a premium
of $1,000 over the amount of each issue. A certified check for 2% of
the bonds bid for, payable to the order of the Town, must accompany
each proposal. The approving opinion of Hawkins, Delafield & Longfellow, of New York, will be furnished the purchaser.
JACKSON SCHOOL TOWNSHIP (P. 0. Millgrove), Blackford
-The $31,000 434% school construction
-BOND SALE.
County, Ind.
-were awarded to the Fletcher
133. p. 329
bonds offered on
-BONDS Savings & Trust July 39-V.
County, Pa.
HANOVER SCHOOL DISTRICT, York
Co. of Indianapolis at par plus a premium of 81,106,
PUBLICLY OFFERED -Public offering of an issue of $225.000 4% school equal to 103.56, a basis of about 3.91%. The bonds are dated July 15
1931 and due $15,000 from 1034 to 1936: $5.000 in 1931 and mature Dec. 15 as follows: $2,500 from 1932 to 1913 incl..
bonds, dated July 15
is being made and $3,500 in 1943.
1937. and the remaining $205,000 from 1938 to 1960,
incl..
by Stone & Webster and Biodget, Inc. of Chicago. priced to yield 3.50%
3.60%
for the 1934 to 1936 bonds: 3.55% for'the bonds due in 1937, andopinion
-The
-BOND SALE.
JASPER COUNTY (P. 0. Rensselaer), Ind.
for the bonds due from 1938 to 1060. Subject to favorable legal
$10.600 454% coupon road impt. bonds offered on July 30-V. 133, p.
& Munson, of Philadelphia.
of Townsend, Elliott
-were awarded to the Merchants National Bank of Muncie at par
675
about 3.725%.
- plus a riremium of $404.04, equal to 103.81, a basis of 15
OUNTY (P. 0. Belair), Md.-NOTE OFFERING.
HARFORD
and July 15
Dated July 15 1931. Due $530 July 15 1932: $530 Jan.
The Board of County Commissioners of which C. Clyde Spencer is Presi- from 1933 to 1941 incl., and $530 Jan. 15 1942. Bids received at the
purchase of
dent will receive sealed bids until 12 m. on Aug. 17 for theSept. 1 1931 sale were as follows:
Road construction notes dated
Premium.
Bidder$250 000 334% coupon State
any multiple thereof.
$404.04
and due two years after date. Denom. $1,000 orare exempt from State. Merchants National Bank, Muncie (successful bidder)
373.50
Interest is to be payable semi-annually. The notes
Fletcher Savings & Trust Co
be registered as to the principal Union Trust Co., Greensburg
371.00
county and municipal taxation and may
certified chock for 5%
301.00
thereof at the option of the purchaser. A County Commissioners of the City Securities Corp
must
the order of the
notes bid for payable to
--BONDS VOTED.
JEFFERSON COUNTY (P. 0. Beaumont) Tex.
accompany each proposal.
At an election held on Aug. 1 it is stated that the voters approved the issuHARTFORD SOUTHWEST SCHOOL DISTRICT, Hartford County, ance of $150,000 in county building bonds at Port Arthur by a count of
-The $290,000 4% coupon (registerable as to 5,531 "for" and 589 "against."
-BOND SALE.
Conn.
were awarded to
Principal) school bonds offered on Aug. 1 (V. 133, P. 675)of about 3.80%.
-BOND SALE.
-The $46,000
JOHNSTOWN, Fulton County, N. Y.
the National City Co. of New York at 102.21, a basis Feb. 1 from 1933 coupon or registered paving bonds offered on Aug. 3-V, 133, p. 513
Aug. 1 1931 and mature $10,000 on
The bonds are dated
successful bidders, are legal were awarded as 434s to George B. Gibbons & Co., Inc., of New York,
to 1961, incl. The securities, according to the in the States of New York at 100.574, a basis of about 4.14%. The bonds are dated June 1 1931
for savings banks and trust funds
investment
general investment at prices and mature June 1 as follows: $4,000 from 1932 to 1910 incl., and 85,000
and Connecticut, and are being reoffered for
in 1941 and 1942.
to yield from 3.00 to 3.75%. according to maturity.
Bids received at the sale were as follows:
Int. Rate Premium.
-A $45,000
-BOND SALE.
Bidder
HASKELL, Muskogee County, Okla.
$265.00
semi-annual water works extension bonds is reported to have George B. Gibbons & Co., Inc. (Successful bidders)._ 434%
Issue of 6%
151.00
434%
Bank of Claremore, of Claremore, Marine Trust Co. (Buffalo)
been purchased recently by the National from Aug. 1 1934 to 1948. incl.
128 80
44
Dewey Bacon & co.
par. Dated Aug. 1 1931. Due $3,000
at
27.60
0
4
Batcheic*r & Co
45.54
4.40%
HASTINGS-ON-HUDSON.WestchesterCountY, N.Y.-BOND SALE. M. & T. Trust Co. (Buffalo)
on August 4-V. Farson. Son & Co.
290.72
4.50%
-The 8150.000 coupon or registered plaza bonds offered
York.
& Co.,
-were awarded as 1.10s to Phelps, Fennbasis of of New
133, p. 513
about 4.06%•
KALAMAZOO SCHOOL DISTRICT (P. 0. Kalamazoo), Mich.
at par plus a premium of $810. equal to 100.56. a 1965 incl.
-The $10,000 coupon series No. 32 refunding bonds offered
BOND SALE.
1931. Due $5,000 Aug. 1 from 1936 to
Dated Aug. 1
-were awarded as 4s to the First National Bank
-offering the bonds for public investment on Aug.3-V. 133, p. 835
The successful bidders are re
According to & Trust Co. of Kalamazoo, at par plus a premium of $400, equal to 101,
priced to yield from 3.80 to 4.00%, according to maturity.
savings banks and trust
3.75%. Due $5,000 on Aug. 15 from 1932 to 1939, incl.
the bankers, the securities are legal investment for assessed valuation for a basis of about the bids received at the sale follows:
An official list of
an
funds in New York State. The village reports
Int. Rate. Premium.
present issue,
Bidderincluding
$13,563,105 and a total bonded debt, follows: the
1931 of
$400
43
First National Bank & Trust Co., Kalamazoo
of $781,000. Bids received at the sale were as
Rate. Premium. Central Republic Co.,Chicago2
Int.
Bidder
369
$84 .00 Guardian Detroit Co., Detroit
4.10%
'
10
(purchasers)
Phelps, Fenn & Co.
628.35 Grand Rapids Trust Co., Grand Rapids
127
4.10%
44
First National Bank, Hastings-on-Hudson
855.00 Oatis, Hayne Co., Chicago
12
4.20%
H. L. Allen & Co
199.00 First Detroit Co., Detroit
*74
4.20%
Batchelder & Co
287
672.00 Harris Trust & Savings Bank, Chicago
4%
4.20%
M. M.Freeman S: Co
104
264.00 Halsey, Stuart Co., Chicago
4.20%
434%
Roosevelt & Son
495.00 Braun, Bosworth Co., Toledo
68
4.20%
434%
Dewey, Bacon & Co
417.00 John Nuveen Co.,Chicago148
Farson, Son & Co
326
425.50 First Detroit Co., Detroit
:M
Marine Trust Co
220.50
* Discount.
%
444.:222555%%
First Detroit Co
-The
-BOND OFFERING.-.
KLAMATH FALLS, Klamath County, Ore.
0. McDonough), Ga.-BOND SALE.
HENRY COUNTY (P.
offered for sale on Sealed bids will be received until 8 p. m. on Sept. 14. by Roy Fouch,
$150,000 issue of 5% annual road improvement bonds
of fire station bonds.
& Co., Inc., of
Aug. 1 (V. 133, p. 675) was purchased by J. II. Tinsmanof about 4.31%. Police Judge, for the purchase of a $35.000 issue 0. Denom. $1,000.
Interest rate Is not to exceed 57,,, payable A. &
Atlanta for a premium of $10,000, equal to 106.66, a basis
Dated April 11931. Due $5,900 from April 1 1932 to 1938, incl. Prin,
Due from Jan. 1 1934 to 1955, inclusive.
agency of the State in New York. The
and int. payable
- approving opinionat the fiscal
-BOND SALE.
of Teal, Winfree, McCulloch & Shuler, of Portland,
HENDRICKS COUNTY (P. 0. Danville), Ind.
The $9,000 411% road improvement bonds offered on July 31 (V. 133, will be furnished. A certified check for 5% must actompany the bid.
at par plus
-BOND OFFERING.
P• 675) were awarded to Pfaff & Hughel, Inc., of Indianapolis
LA PORTE COUNTY (P. 0. La Porte), Ind.
a premium of $351.50, equal to 103.90, a basis of about 3.70%. Dated Roy W. Leets, County Auditor, will receive sealed bids until 10 a. m,
July 15 1931. Due $450 July 15 1932. $150 Jan. and July 15 from 1043
-The two
-BOND SALE.
HAMMONTON, Atlantic County, N. J.
Issues of 134% coupon or registered bonds aggregating $87.000 offered on
-were awarded to M. M. Freeman & Co., of
3-V. 133, p. 512
August
Philadelphia, as follows:
$62,000 general impt. bonds sold at par plus a premium of $650, equal
to 101.04, a basis of about 4.60%. Due July 1 as follows: $3,000
In 1932 and 1933, and $4,000 from 1934 to 1947, incl.
25,000 water bonds sold at par plus a premium of $110, equal to 100.44.
a basis of about 4.65%. Due July 1 as follows: $2.000 in 1932
and 1933. and $3.000 from 1934 to 1940, incl.
issue is dated July 11031. C. C. Collings & Co., of Philadelphia,
Each
submitted premium offers of $620 and $110 for the issues of $62,000
and 825.000. respectively, while Rufus Waples & Co., of Philadelphia, bid a price of par for the $25,000 water bonds and par
plus a premium of $475 for the 862,000 impt. issue.
AUG. 8 1931.]
FINANCIAL CHRONICLE
(Central daylight saving time) on Aug. 17 for the purchase of $127,000
not to exceed 5% interest township poor relief bonds. Dated Aug. 15
1931. Denom. $1,270.
LAS ANIMAS COUNTY SCHOOL DISTRICT NO.1(P. O.Trinidad)
-On Aug. 25 the voters will be called upon to
-BOND ELECTION.
Colo.
pass Judgment on the proposed issuance of $50,000 in 4% refunding school
bonds. Due from 1932 to 1945 incl.
999
Int. in the case of each issue is payable semi-annually. A certified
check for 2% of the amount of bonds bid for, payable to the order of the
City Treasurer, must accompany each proposal.
MARIETTA, Washington County, Ohio.
-BOND OFFERING.
Sealed bide addresssed to Laura Morse, City Auditor, vrill be received until
12 m. on Aug. 24 for the purchase of 58.500
% flre station building
bonds. Dated Aug. 1 1931. Denom. $500. Due Aug. 1 as follows:
$1,000, 1934 and 1935; $500. 1936: $1,000. 1937 and 1938; $500. 1939;
LEMMON, Perkins County, S. Dak.-BONDS NOT .SOLD.
-The
$20,000 issue of not to exceed
semi-ann. municipal building bonds $1.000. 1940 and 1941; $500 in 1942, and $1,000 in 1943. Interest is
payable semi-annually in Feb. and Aug. Bids for the bonds to bear interest
-was not sold as there were no bide at a rate
offered on July 20-V. 133, p. 329
other than 531%. expressed in a multiple of X of 1%, will also be
received. Dated July 1 1931. Due from July 1 1934 to 1951.
considered. A certified check for $85, payable to the order of the city,
must accompany each proposal.
LEOMINSTER, Worcester County, Mass.
-LOAN OFFERING.
Sealed bids addressed to Charles D. Harnden, City Treasurer, will be
MARION COUNTY (P. 0. Indianapolis) Ind.
-BOND SALE.
received until 11 A.M.(daylight saving time) on August 11 for the purchase
discount basis of a $100.000 temporary loan. Dated Aug. 11 1931. The $14,000 4X% coupon road improvement bonds offered on Aug. 5at
-were awarded to the Fletcher American Co., of IndianaDenoras. $25,000, $10,000 and $5,000. Payable Nov. 20 1931 at the First V• 133, p. 5I4
National Bank, of Boston. This bank will certify as to the genuineness polis, at par plus a premium of $403.20. equal to 102.88,a basis of about
and validity of the notes, under advice of Ropes, Gray, Boyden & Perkins, 3.65%. Elated July 15 1931. Due $700 each six months from July 15 1932
to Jan. 15 1942. Bids received at the sale were as follows:
'
of Boston.
BidderPremium.
LISBON, Columbiana County, Ohio.
-BOND OFFERING.
$403.20
-Lloyd Fletcher American Co. (purchaser)
C. Binsley, Village Clerk, will receive sealed bids until 12 M. on Aug. 22 Fletcher Savings & Trust Co
323.00
Union Trust Co
for the purchase of $20,401.74 534% bonds, divided as follows:
373.00
$9.195.34 village share improvement bonds. One bond for $195.34, others Newton Todd
352.80
for $500. Due Oct. 1 as follows. $195.34 in 1932, and $1,000 Breed, Elliott & Harrison
328.50
from 1933 to 1941 incl.
City Securities Co
367.00
8,538.80 special assessment improvement bonds. One bond for $538.80,
MARYVILLE, Blount County, Tenn.
others for $500. Due Oct. 1 as follows. $538.80 in 1932, and
-BONDS VOTED.
-At the
special election held on Aug. 3-V. 133. p. 677
$1,000 from 1933 to 1940 incl.
-the voters approved the
2.667.60 special assessment improvement bonds. One bond for $267.60, issuance of $20,000 in 5%, sewer line bonds by what was reported to have
others for $300. Due Oct. 1 as follows. $267.60 in 1932, and been a large majority. Due in from one to 20 years. It is stated that
these bonds will shortly be offered for sale.
$300 from 1933 to 1940 incl.
Each issue is dated April 1 1931. Interest is payable semi-annually in
MASONTOWN,Fayette County,Pa.
-BOND OFFERING.
-Charles IT
April and Oct. Bids for the bonds to bear interest at a rate other than
sX %, expressed in a multiple of X of 1%, will also be considered. A Howard, Borough Secretary, will receive sealed bids until 12 M.on Aug. 10
certified check for 5% of the gross amount of the bid, payable to the order for the purchase of $60.000 451% bonds, divided as follows:
of the Village Clerk, must accompany each proposal. Conditional bids $50,000 funding bonds. Due Aug. 1 as follows: $10.000 in 1936 and
and 1941, and $15,000 in 1946 and 1951.
will not be considered.
10.000 municipal building bonds. Due $5,000 on Aug. 1 in 1946 and 1961.
Each issue
1 1931. Denom. $1,000. Interest is payable
LORAIN,Lorain County, Ohio.
-BOND OFFERING.
-A.M.Pollock. semi-annuallyis dated Aug.and August. A certified check
in February
for I% of the
City Auditor, will receive sealed bids until 12 M. (Lorain city time) on
August 24 for the purchase of $17,000 5% fire department equipment par value of the bonds bid for must accompany each proposal.
purchase bonds. Dated June 15 1931. Denom. $500. Due Sept. 15 as
MASSILLON, Stark County, Ohio.
-BOND SALE.
-The $20,000
follows: $2,000 in 1932, and $2,500 from 1933 to 1938 ine.l. Prin. and int. coupon
poor relief bonds offered on Aug. 3-V. 133, p. 677-were awarded
adarch and Sept. 15) are payable at the office of the Sinking Fund Trustees. as
St Mayer of Cincinnati, at
434s to
Bids for the bonds to bear Interest at a rate other than 5%, expressed in a 365, equal Seasongood a basis of about 4.15%. par plus a premium of
to 100.325.
The bonds are dated
multiple of X of 1%, will also be considered. A certified check for 2% of April
1 1931 and mature $5,000 on Oct. 1 from 1933 to 1936 incl. Bids
the Par value of the amount of bonds bid for must accompany each proposal. received at the sale were as follows*
A complete transcript of the proceedings had relative to the bond issue
BidderInt. Rate. Premium
will be furnished the successful bidder on the day of the sale.
Seasongood & Mayer (successful bidders)
4)4%
$65.00
Bohrner-Reinhardt & Co
4 01
32.00
.0
LOS ANGELES COUNTY SCHOOL DISTRICTS (2 O. Los BancOhlo Securities Co
.
4
26.00
Angeles), Cald.-BOND ,SALE.
-The two Issues of coupon or registered Weil, Roth Sr Irving Co
4
17.00
bonds aggregating $1,800,000, offered for sale on Aug. 3-V. 133, p. 835
- Oatis, Moyne & Co
43.4T11.00
were awarded to a syndicate compo.ed of Halsey, Stuart & Co. of New Mitchell,
434
York, the Bancamerica-Blair Corp., the First National Old Colony Corp., ProvidentHerrick & Co & Trust Co
Savings
142..00
13 13
Geo. B. Gibbons & Co. Inc., and Darby & Co.. all of New York, and the Ryan,Sutherland Bank
&
113.00
Milwaukee Co. of Mily'ratge
as 4 .1?, psintf a premium of $10,529.50, Guardian Trust Co Co
41
e
112.00
454 0
about
es ane s
r d eB
Aiilelt
0,00 1
h
strty High School District
3 11 9
0
a
vic ed $PrO s
Lueau
wd
0
MASTODON TOWNSHIP (P. 0. Alpha), Iron County, Mich.
from June 1 1957 to 1961, incl.
-William ii. Ve.eser. Township Clerk, will receive
BOND
000 Los Angeles City School District bonds. Due $161,000 from sealed OFFERING.
805.
bids until 8 P.M. on August 11 for the purchase of $30,000 534%
June 1 1957 to 1961, incl.
BANKERS REOFFER BONDS.
-The successful syndicate is reoffering road bonds, to be dated Aug. 1 1931 and mature $3,000 on Aug. 1 from
the above bonds for public subscription at prices to yield 4.15% on all 1932 to 1941 incl. Denom. $1,000. Interest is payable semi-annually in
maturities. Legality approved by Thomson, Wood & Hoffman of New Feb. and Aug. The offering notice says:
"The Township Board is advised by counsel that all proceedings prior
York City, whose opinion will be furnished upon request. These bonds are
deemed
issue of said
reported to be legal investments in New York, California and other States. to and in the compliance bonds which is of the essential to the validity
thereof are in
State of Michigan relative
with the statutes
thereto, and a certificate of the State Treasurer showing that certain
LOVELAND, Clermont County, Ohio.
-BOND SALE.
-The $2,000 provisions of the statutes of the State of Michigan, prior to the issue of
street impt. bonds offered on July 18-V. 133, p. 159
-were awarded
complied with, is on file in the office of the Township
as ss to John W. Peck of Cincinnati at par plus a premium of $40, equal said bonds have been
to a price of 102, a basis of about 4.57%. The bonds are dated July 1 Clerk." assessed valuation of said Township is
indebtedness..
"The
$2,155,825.00, and there is
1931 and mature $200 annually on Sept. 1 from 1932 to 1941 incl. Only no outstanding bonded
"
one bid was submitted at the sale.
MEDINA COUNTY (P. 0. Medina), Ohio.
-BOND SALE.
-The
LUCAS COUNTY (P. 0. Toledo), Ohio.
-BOND SALE.
-The 362.585,.90 road improvement bonds offered on Aug. 3-V. 133. p. 514
$293.850 road impt, bonds offered on Aug.6-V. 133, p.835
-were awarded were awarded as 431.s to the BancOhio Securities Co., of Columbus, at par
as 4345 to Mitchell, Herrick Ss Co. of Cleveland, at par plus a premium of plus a premium of $142.60. equal to 100.22. a basis of about 4.179'. The
equal to 100.91, a basis of about 4.06%. The bonds are dated bonds are
32,678.
dated Aug. I 1931 and mature Oct. 1 as follows* $12,585.90 in
July 10 1931 and mature Oct. 10 as follows: $30,850 In 1932; $30,000 in 1932: $12,000 in 1933 and 1934, and $13,000 in 1935 and 1936.
1933 and 1934, and $29,000 from 1935 to 1941 incl.
The following is an official list of the bids received (all for 43(s).
MENA, Polk County, Ark.
-BOND OFFERING.
-It is reported that
Name of BidderPremium. sealed bids will be received until Aug. 12 by the City Clerk. for the purSeasongood & Mayer, Cincinnati, Ohio
$2,417 chase ot a $64.000 issue of paving bonds.
Braun, Bosworth & Co., Toledo. Ohio and Central Republic Co.,
Chicago, Ill
1,789
-BONDS REOFFERED.
MERCER COUNTY (P. 0. Celina), Oho.
First Detroit Co., Detroit, Mich
2,242 The $24.000 5% poor relief bonds for which all bids received on July 24
Well, Roth & Irving Co. Cincinnati, Ohio
,
1,678 were rejected-V. 133. p. 836-are baing reoffered for award at 2 p. m.
Mitchell, Herrick & Co.,
Ohio
*2,678 on Aug. 21. Sealed bids for the issue will be received until that time by
Halsey, Stuart & Co., Inc., Chicago, Ill
Louis H. :Becher, Clerk of the Board of County Commissioners. Dated
McDonald-Callahan-Richards Co., Cleveland, Ohio
2,19
17 July 15 1931. Denom. $1,000. Due 54.000 March and Sept. 1 from
7
Ryan,Sutherland & Co., Toledo, Ohlo
p9op0al.
2 to
1.669 lr3 s 1934 incl. A ctified check for $250 must accompany each
certified
stranahan, Harris & Co., Inc., Toledo, Ohio
2,243
•Successful bidder.
METROPOLITAN TRANSIT DISTRICT (P. 0. Boston), Mass.
LYNBROOK, Nassau County, N. Y.
-BOND SALE.
-The
INFORMATION PERTAINING TO FORMATION OF DISTRICT AND
coupon or registered fire department equipment purchase bonds $24.000 STATUTORY POWERS THEREOF.
offered
-In connection with the proposed
-were awarded as 4.10s. at 100.01. a basis of sale on Aug. 10 of $21.000,000 district notes. notice and description of
on Aug. 3-V. 133. p. 676
about 4.09%, to the Estate of James A. Trowbridge of N. Y. City. The which appeared in-V. 133. p. 836
-we publish below the official data rebonds are dated Aug. 1 1931 and mature 32.000 on Aug. 1 from 1932 to garding
the formation of the district and the statutory powers thereof:
)943 incl. Bids received at the sale were as follows:
BidderInt. Rate. Rate Bid.
Summary of Information as to Metropolitan Transit District.
Estate of James A. Trowbridge (purchaser)
IFor complete information reference should be had to the statutes and
4.10%100.01
Batchelder & Co
4.30
other sources referred to below.:
100.02
?arson, Son
o
4.30%
General.
-The District was Incorporated by Massachusetts Acts of 1929.
100.37
d.&T.ThistCo
4.40%
100.089 Chapter 383, and comprises the territory and inhabitants of the following
Sherwood & Merrifield. Inc
4.40%
cities and towns: Arlington. Belmont, Boston, Brookline, Cambridge.
100.27
George B.Gibbons & Co
4.40
100.327 Chelsea, Everett, Malden, Medford, Milton, Newton, Revere, Somerville
Roosevelt diSon100.289 and Watertown.
Dewey, Bacon & Co
The District comprises approximately 139 square miles of territory and
100.08
the total assessed value of the property therein, as last established for
McKINLEY, St. Louis County, Minn.
-PRICE PAID.
-The $21.000 State tax purposes, is $3,321,634,646. According to the Federal census.
issue of 5,1% semi-annual funding bends that was jointly purchased by the population of the District in 1930 was about 1,468.000. The existing
die Wells-Dickey Co. of Minneapolis, and the First & American National corporate debt of the District is not in excess of $10,000.
Rank of Duluth-V. 133 P. 836
-was awarded at par. Due $1,000 on
Management.
-The above-mentioned Act provides that the affairs of
July 15 1932 and $1,000 on Jan. and July 15 from 1933 to 1942 inel.
the District shall be managed by a board etfive trustees, four appointed by
the Governor with the advice and consent of the Council, and one by the
MADISON, EATON AND AUGUSTA CENTRAL SCHOOL DIS- Mayor of the City of Boston. The present trustees are Edward L. Logan
TRICT NO.1(P.O. Madison), Madison County, N. Y.
-BOND OFFER-- of Boston, Chairman: Henry I. Harriman
ING.-Judson N. Burton, District Clerk, will receive sealed bids until Joseph Wiggin of Malden, Treasurer; Robert of Newton, Vice-Chairman;
Bottomly of Boston. Clerk.
8 p. na. (Eastern standard time) on Aug. 18 for the purchase of $98,000 not and Roscoe Walsworth of Revere.
to exceed 6% interest coupon or registered school bonds. Dated
Purpose of Issue.
-The notes are to be issed under Massachusetts Acts
June 1
1931. Denom. $1,000. Due June 1 as follows: $1,000, 1933 to 1943 incl.; 1931, Chapter 333. to purchase bonds of the Boston Elevated Railway Co.
32,000, 1944 to 1954 incl.; $3,000. 1955 to 1962 incl.; $4,000. 1963 to 1967 Under this statute, these "Conpany bonds" will be 40
-year 6% bonds,
incl.: $5,000, 1968 to 1970 incl., and 36,000 in 1971. Rate of interest to be which are to be issued to provide funds for the retirement of the company's
expressed in a multiple of X or 1-10th of 1% and must be the same for all preferred stock, and the District is directed to hold the company bonds
of the bonds. Prineipal and interest (June and Dec.) are payable at the until their maturity or until the retirement of all bonds and notes
National Hamilton Bank, Hamilton, or at the Chase National Bank, District issued to obtain funds to :purchase the company bonds. of the
New York. A certified check for $2.000, payable to Willard T.
Security -I, Tinder Chapter 333 of the Acts of 1931, the amounts
District Treasurer, must accompany each proposal. The approving Taylor,
interest on the company bonds to be held
of Clay, Dillon & Vandewater. of New York, which will refer to theopinion received by the District from the
case of by it and from the special compensation tax there provided for must be
Gardner vs. Ginther, will be furnished the successful bidder.
used by the District for the payment of interest and principal on its notes
and bonds issued under the Act, and any balance is to be accumulated in a
MANSFIELD, Richland County, °Mo.-BOND OFFERING.
Kelley, City Auditor, will receive sealed bids until 1 p. m. on -p. L. sinking fund to be used for such purpose. In drawing the Act it was estimated
for the purchase of 324.700 not to exceed 6% int, bonds, divided asAug. 24 issued that from these sources all the District's notes and bonds to be
follows:
thereunder should be retired in 28 years•
$17.850 city's share impt. bonds. Dated Aug. 1 1931. Denoms. $1,000
The Act extended public control of the company to July 1 1959, subject
and $570. Due $3,570 Oct. 1 from 1932 to 1936 incl.
ever of the company's property and
assessment portion impt. bonds. Dated Sept. 11931. One bond to earlier termination only on a taking eminent
6.850
franchises by public authority through
domain or otherwise. The
for 3250, others for $1,000 and $309. Due $1,000 April and statutes provide that
year from Jan.
51,300 Oct. 1 1932 and 1933; $1,000 April and $1,250 Oct. 1 in control the company'sif in any insufficient to 1 1932 to the end of public
meet the cost of the service
income is
1934.
includbig operating expenses,interest, depreciation and specified dividends.
118
FINANCIAL CHRONICLE
1000
then (subject to exhaustion of the reserve fund, if any, created under
shall be made good
Chapter 159 of the Special Acts of 1918) the deficiencyby taxation on the
by the Commonwealth. which shall reimburse itself
cities and towns served by the company.
pro2. In addition, Sec. 1 of Chapter 383 of the Acts of 1929 expressly
jointly
vides that the territory and inhabitants of the District "shall be
and severally liable for the debts and obligations thereof."
are
3. In addition, the notes are general obligations of the District and
secured by its full faith and credit. Under Section 12 of said Chapter 383
levied
taxes on behalf of the District are to be on an ad valorem basis and
through the State Treasurer.
-BOND OFFERMILWAUKEE COUNTY (P. 0. Milwaukee), Wig. standard time)
INO.-Sealed bids will be received until 11 a. m. (centralthe purchase of
County Treasurer, for
on Aug. 26. by Patrick McManus,
$1,220,000:
the following 4%% coupon bonds aggregating
1951, incl.
000.000 courthouse bonds. Due $40,000 from Sept. 1 1932 to 1 1932 to
420,000 hospital nurses home bonds. Due $21,000 from Sept.
1951 incl.
Denom. $1,000. Dated Sept. 1 1931. Prin. and int.(M. & S.) payable
registered as
at the office of the County Treasurer. These bonds may be
desired
all
to principal only. Bids are requested forthe or none. Any opinion by the
bonds must be paid for
execution of
as to the legality and lawful
purchaser. Bonds are issued under authority of Chapter 67, Wisc. Stat.
furnished by
1929, and acts amendatory thereof. Engraved bonds will be
the County. No deposit required with bids. July 1 1931.
Statement of Bonded Debt Limit
the
The bonded debt limit to be computed on the value of all
County of
real estate and personal property in
Milwaukee as last fixed by the Wisconsin Tax Com-$1,803,146,710.00
mission for the year 1930
5%
Percentage of bonded debt limit
Debt limit
Bonds outstanding: Bonds for County buildings (limit
Bonds outstanding: Bonds for County
buildings (limit 1 % on above valu$7,127,400.00
ation)
-Oak Creek
Special assessment bonds
102.000.00
land acquisition
Bonds for Metropolitan sewerage area.... 21.962,000.00
29,191,400.00
Total bonds outstanding
616,185.34
Less sinking funds on hand
Net bonded debt
Land contracts and mortgages payable..
Gross margin
Less authorized for 1931:
Metropolitan sewerage bonds 4%s---Courthouse bonds 4;is (issue described
herein)
Hospital nurses home bonds 43is (issue
described herein)
NORTHAMPTON,MAYFIELD,EDINBURG AND HOPE CENTRAL
SCHOOL DISTRICT NO.1(P.O. Northville), Fulton County, N.Y.-The issue of $290,000 434% coupon or registered
BONDS NOT SOLD.
school impt. bonds. dated April 1 1931 and due serially from 1937 to 1981
incl., for which sealed bids were invited until Aug. 3-V. 133, p. 677
was not sold, as no offers for the bonds were received.
-BONDS NOT
NORTH TONAWANDA, Niagara County, N. Y.
-J. M. Zimmerman, City Clerk, reports that offers were received
SOLD.
for the purchase of the issue of $25,000 45(, coupon or registered refunding
water bonds offered for sale on Aug. 3-V. 133, p. 837.
28,898,484.66
61,258,850.84
840,000.00
800,000.00
420.000.00
on or before July 23 1941, to the Sinking Fund Commissioners. This
Issue we include in our total of long-term municipal financing during July.
Short-term corporate stock note issues disposed of during July were as
follows.
Int. Rate. Date Issued.
Maturity.
Purpose.
Amount.
July 27
134%
Water supply- Oct. 26 1931
$15,500,000
Revenue bills a
6,000,000
July 23
1%70
July 23 1932
1931
July 27
134
Rapid transit_.... Oct. 26 1931
1,550,000
July 27
1%
Oct. 26 1931
Deck impt
600,000
July 27
134%
Bridge construe- Oct. 26 1931
350,000
-CERTIFICATES AUNORTH ELBA PARK DISTRICT, N. Y.
-Willis Wells. Supervisor of the Town of North Elba, informs
THORIZED.
us that an issue of $150.000 certificates of indebtedness for park purposes
was authorized for sale on July 30. The certificates are to run from Oct. 1
1931 and April 1 1932. Mr. Wells states that bids for the issue will be
considered immediately upon their submission. Bidder to name rate of
Interest. The general bonded indebtedness of the Town is $28,000 and of
the Park District within the Town,$200,000. Valuation, 40% of actual, is
$5.679,975. Actual valuation placed at $14,199.900.
-NORTH HEMPSTEAD (P. 0. Manhasset) Nassau County, N. Y.
-Sealed bids addressed to Charles Snedeker, Town
BOND OFFERING.
SupervLor, will be received until 2:30 p.m. (daylight saving time) on Aug.
18, for the purchase of $90,000 coupon or registered, not to exceed 6 0
fire station and apparatus purchase bonds. Dated Sept. 1 193 •
90.157,335.50 interest, $1,000. Due $18.000 March 1 from 1933 to 1937, incl. Rate of
Denom.
Interest to be expressed in a multiple of % or 1-10th of 1% and must be
the same for all of the bonds. Principal and semi annual interest (Merck
and September) are payable at the Bank of Westbury Trust Co. Westbury. A certified check for $2.000, payable to the order of the Town, must
accompany each proposal. The approving opinion of Clay, Dillon &
Vandewater, of New 'York, will be furnished the purchaser.
$28,575,214.66
323,270.00
Total net debt as of July 1 1931
[Vol.. 133.
2.060,000.00
$59,198,850.84
Net margin for further issues in 1931
Ida.
MINIDOKA COUNTY SCHOOL DISTRICTS (P. 0. Rupert), be
.--CONSOLIDATION.-We are informed that at a special election to
18 the voters of Districts numbered 3 6. 12 and 14 will pass
held on Aug.
judgment on the proposed consolidation into a joint rural high school
district to be known as No. 2.
MINOT, Ward County, N. Dak.-BOND AWARD DEFERRED.
We are informed that the $51,000 issue of not to exceed 6% semi-ann.
-was not sold at that
funding bonds offered on Aug. 5-V. 133_ P. 677
.
time as the award was deferred until Aug. 7
-BOND SALE.
MONROE COUNTY (P. 0. Madisonville), Tenn.
July 27-V. 133,
The 975,000 issue of county bonds offered for sale on Corp.. and Joseph
the Equitable Security
-was jointly purchased by
D. 514
Hutton & Estes, both of Nashville. Due $8,000 from 1941 to 1949, and
$3,000 in 1950.
•
MONTGOMERY COUNTY (P. 0. Rockville), Md.-BONDS NOT
-Berry E. Clark, Clerk of the Board of County Commissioners,inSOLD.
forms us that the Commissioners issued an order on July 23 cancelling the
notice of the proposed sale on August 4 of $100,000 bonds, comprising
-V. 133, p. 514.
a $70,000 4% issue and a $30,000 434% issue.
-BOND SALE.
MORGAN COUNTY (P. 0. Martinsville) Ind.
Walter K. Butler, County Treasurer, informs us that the Martinsville
Trust Co. was awarded on July 31 a total of $18,090 434% coupon bonds.
at par plus a premium of $691.42, equal to 103.82. a basis of about 3.725%.
Award comprised the issues herewith:
$10,730 Adams Twp. road impt. bonds. Denom. $536.50. Due $536.50,
Jan. and July 15 from 1932 to 1941 incl.
7,360 Ashland Twp. road impt. bonds. Denom. $368. Due $368, Jan.
and July 15 from 1932 to 1941 incl.
Each issue is dated Aug. 1 1931. Bids submitted at the sale were as
follows:
Premium.
Bidder6 4
59 02
$ 61. 0
Martinsville Trust Co.(awarded both issues)
Savings & Trust Co
Fletcher
555.50
City Securities Corp
252.00
Pfaff & Hughel, Inc. (bid for 7,360 issue only)
-BOND
OAKWOOD (P. 0. Dayton), Montgomery County, Ohio.
-A. C. Bergman, City Clerk, will receive sealed bids until
OFFERING.
12 m. (Eastern standard time) on Aug. 25 for the purchase of $24,092.11
6% bonds, divided as follows:
$8.629.87 street impt. bonds. Due Sept. 1 as follows. $829.87 in 1932:
$800 from 1933 to 1935 incl.; $1,100, 1936; $800 from 1937 to
1940 incl., and $1,100 in 1941.
7.962.24 storm water relief sewer bonds. Due Sept. 1 as follows. $812.24
In 1932: 5750, 1933: $850, 1934: $750, 1935: $850. 1936; $750,
1937; $850 1938; 5750. 1939; $850 in 1940, and $750 in 1941.
•
6,000.00 motor equipment purchase bonds. Due $1,200 Sept. i from
1932 to 1936 incl.
1,500.00 Shafer Park House impt. bonds. Due $300 Sept. i from
1932 to 1936 incl.
Each issue is dated Sept. 1 1931. Bids for the bonds to bear Mt. at a
rate other than 6%. expressed in a multiple of % of 1%, will also be considered. A certified check for 1% of the bonds bid for, payable to the
order of the City Treasurer, must accompany each proposal. The approving opinion of Squire, Sanders & Dempsey of Cleveland will be furnished
the purchaser.
OGDEN CITY SCHOOL DISTRICT (P. 0. Ogden) Weber County,
-Sealed bids will be received until 5 p. na• on
-BOND OFFERING.
Utah.
Aug. 14, by Viola M. Clancy. Clerk of the Board of Education, for the
purchase of a $75,000 issue of refunding bonds. Bids on the following kinds
of bonds will be considered: Optional bonds, due in 20 years, optional in
10 years,interest to be 334% and 4%. Non-optional bonds, due in 20 years,
Interest to be 3;4% and 4%. Bonds are payable at New York City. Legal
proceedings, blank bonds, attorney's opinion, and all expenses of refunding
operations are to be furnished by the bidders on the bonds without cost to
the School District. Bonds are to be delivered at Ogden. A certified check
for 5% of the bid is required.
Official Financial Statement.
Assessed valuation real estate, personal & other taxable
$40.674,017.00
property equalized for 1930
Total bonded indebtedness. incl, this issue
811,000.00
2,622.99
Amount in sinking fund for redemption of bonds
Population of Ogden City, 1930 census
40,200
11,188
Rate of school tax per $1,000.00 for 1930 Is 11.5 mills.
OMAHA, Douglas County, Neb.-BONDS NOT SOLD.
-We are
Informed that the $2,000.000 issue of not to exceed 6% seml-ann, coupon or
registered O'Hern St. bridge revenue bonds offered on Aug. 1-11. 133.
-was not sold as there were no bids received. It is stated that the
p. 678
bonds may be sold at a private sale. Due in 20 years and optional after
five rears.
-We are now informed that an offer to purchase the
POSSIBLE SALE.
above bonds has since been received by the City from Stranahan. Harris
& Co.. Inc., of Toledo. It is understood that a flat price of 92.00 wa§
- offered to the community, with the privilege of naming the interest rate'
-BOND OFFERING.
NAUGATUCK, New Haven County, Conn.
(daybids until 3
Hugh Hearns Borough Clerk, will receive sealed of $150,000 p. m. trunk
-BOND SALE.
%
-The 83,200
ORANGE COUNTY (P. 0. Paoli) Ind.
purchase
light saving time) on August 18 for the Denom. 91.000. Due annually as 434% coupon highway impt. bonds offered on Aug.3-V.
133, p• 678-werf
line sewer bonds. Dated Sept. 1 1931. 86,000 from 1953 to 1958, incl., awarded to J. V. King, of English, at par plus a premium of $91, equa
$5,000 from 1933 to 1952, incl.;
follows:
Interest (M.& S.) are payable to 102.84, a basis of about 3.92%. Dated Aug. 3 1931. Due $160, July it
and $7,000 in 1959 and 1960. Principal and
Jan. 15
$160, Jan. and July 15 from 1933 to 1941
The approving opinion of
at the Naugatuck National Bank, Naugatuck. be furnished the purchaser. 1932; Bids received at the sale were as follows: incl., and $160.
1942.
Gray, Boyden & Perkins, of Boston, will
Ropes.
BidderPremium
-BOND SALES.-Wachob, J. V. King (successful bidder)
NEBRASKA, State of (P. 0. Lincoln).
recently the Samuel C. King
71.1
Bender & Co. of Omaha are reported to have purchased
81.0
Fletcher Savings & Trust Co
following bonds:
$36,500 Kearney Paving District No. 33 refunding bonds. bonds.
-BONDS NOT SOLD,..
OSCEOLA COUNTY (P. 0. Sibley), Iowa.
-:
County School District No. 21 refunding
9,000 Thurston
The $250,000 issue of ann. primary road bonds that was scheduled Pr
10,000 Fairmont water refunding bonds. refunding bonds.
sale on July 31-V. 133. P. &37
-was not sold as the sale was not held.
Otoe County School District No. 75 31 refunding bonds.
16,000
Is reported that these bonds will be re-offered shortly. Due from 1937
40.000 Webster County School District No.
1946, and optional on or after May 1 1936.
-OFFERING OF
-NO IMMEDIATE RE
NEW JERSEY (State of).
-A S30,0011
-BOND SALE.
PERRY COUNTY (P. 0. Linden), Tenn.
-Harry B. Salter. Secretary of
ISSUE SCHEDULED.
HIGHWAY BOND
semi-annual funding ponds is reported to have been
Aug. 4, that the Commission Issue of 534
the State House Commission, announced on $20,000,000 334% highway chased recently by the Equitable Securities Corp. of Nashville, at Put'
Pa'
definitely decided not to readvertIse the on two occasions.
had
-V. 133, Dated July 1 1931. Due $2,000 from July 1 1936 to 1950, incl. Legalio
bond issue, which was unsuccessfully offered
approved by Chapman & Cutler of Chicago.
515, until "late fall."
P.
-It is
-BONDS CALLED.
PHOENIX SCHOOL DISTRICT NO. 1 (P. 0. Phoenix), MaricopZ
NEW MEXICO, State of (P. 0. Santa Fe).
that the following County, Ariz.
-The County Board of
-REDEMPTION NOTICE.
announced by Warren R. Graham, State Treasurer, for payment at the visors recently authorized this district to buy back $20,000 of its own Super
bonds
Territory of New Mexico are called
bonds issued by the
due in 1939, thereby permitting the district to effect an interest saving o
Chase National Bank in New York City:
Interest
Bond
234% per annum over a period of 8 Years.
Date of
Ceases.
Numbers,
Optional.
Bonds.
IssuePINE SCHOOL TOWNSHIP (P. 0. Chesterton, R. F. D. No. 2)
Sept. 1 1931
All
4% gen.refunding_June 1 1903 June 1 1923
-BOND SALE.
-The $18,000 507 coupon schoo
1 to 10 inc. Sept.1 1931 Porter County, Ind.
1 1909 Mar. 1 1929
4% gen.refunding_Mar.
1924 I 1 to 7 inc.1 Oct. 1 1931 building improvement bonds offered on Aug. 1-.V. 133. p. 331-wort
4% armory bldg__ _Apr. 1 1904 Apr. 1
awarded to the Chesterton State Bank at par plus a premium of $210
110 to 15 inc.j
407 capitol impet_June 1 1907 June 1 1927 11 to 25 inc. Dec. 1 1931 equal to 101.16, a basis of about 4.20%. Dated Aug. 1 1931. DM
1 1927 16 to 31 inc. Jan. 1 1932 94,500 July 1 1932; $1,500 Jan. I and July 1 1933, and $4,500 Jan. 1 1934
4% territorial inst_July 1 1907July
Bids received at the sale were as follows:
-The $4,720
-BOND SALE.
Premium
Bidder(P. 0. Albion) Ind.
NOBLE COUNTY
-were
P. 677
$210.01
434% road improvement bonds offered on Aug. 1-V. 133, a premium of Chesterton State Bank (successful bidder)
200.01
Westchester Finance Co
awarded to the Albion National Bank, of Albion, at par plus dated
*284.0(
July 15 Fletcher American Co
about 2.92%. The bonds are
$373, equal to 107.90, a basis of
•Bid received too late for consideration.
1931 and mature semi-annually as follows: 3236. July 15 1932; $236, Jan.
and July 15 from 1933 to 1941 incl., and $236. Jan. 15 1942.
PIPE CREEK TOWNSHIP SCHOOL DISTRICT (P. 0. Elwood)
-Edgar L. DickcY, trustee
-BOND OFFERING.
-The City of New York. in addi- Madison County, Ind.
NEW YORK.
-JULY FINANCING.
tion to the issuance during July of various temporary issues aggregating wil Ireceive sealed bids until 3 p. m.on Aug. 20 for the purchase of $35,001
$5,000,000 3% assessment bonds, due 4% school improvement bonds. Dated Aug. 1 1931. Denote. $500
$24,000,000, also sold an issue of
AUG. 8 1931.]
1001
FINANCIAL CHRONICLE
Due $1,000 Jan. 15 and $1,500 July 15 from 1932 to 1945 incl. Prin. and of 101.15. The issues are divided as follows: $5.174.29 storm sewer;$2,500
int. (S. & J.) are payable at the Elwood State Bank. A certified check sanitary sewer. and $24,000 paving bonds. Dated May 1 1931. Due in
from 1 to 10 years.
for $500 must accompany each proposal.
-BOND DETAILS.
-The
SAN ANTONIO, Bexar County, Tex.
PORTAGE COUNTY (P. 0. Stevens Point), Wis.-BOND OFFERING.
-It is reported that sealed bids will be received until Aug. 14 by $1,100.000 issue of 4X% funding bonds that was purchased on July 8 by
-is dated July 15 1931.
Gladys Gordon, County Clerk, for the purchase of a $45,000 issue of 43 % Geo. L. Simpson & Co. of Dallas
-V. 133, p. 679
semi-annual alms house bonds. Denom. $500. Due from 1933 to 1937, Due in from 1 to 32 years. Denom. $1,000. Interest payable Jan. &
inclusive.
July 1. (See article on page 994 dealing with this sale.)
-BONDS CALLED.
-BOND SALE.
PULASKI COUNTY (P. 0. Winamac), Ind.
SAN PETE COUNTY (P. 0. Monti), Utah.
-The
% coupon road improvement bonds offered on Aug.
$5.500 44
133, It is announced that an entire issue of 5% school bonds that matures in
-were awarded to the Union Bank & Trust Co., of Winamac, at 1939 has been called for payment as of Aug. 1 1931.
13• 678
par plus a premium of$158,equal to 102.87,a basis ofabout 3.93%. Dated
SANTA BARBARA COUNTY SCHOOL DISTRICTS (P. 0. Santa
Aug. 1 1931. Due $275, July 15 1932; $275, Jan. and July 15 from 1933
-Sealed bids will be received
-BOND OFFERING.
to 1941, incl., and $275,Jan. 15 1942. Bids submitted at the sale were as Barbara), Calif.
until 10 a. m. on Aug. 10, by the County Clerk, for the purchase of two
follows:
BidderPremium. Issues of 5% bonds aggregating $316.000, as follows:
Union Bank & Trust Co.,Winamac (successful bidder)
$158.00 $200,000 Santa Barbara High School District bonds. Due $8,000 from
April 7 1931 to 1955, incl.
Fletcher Savings & Trust Co
157.80
116,000 Santa Barbara School District bonds. Due from 1931 to 1955,
City Securities Corp
141.00
incl.
RACINE, Racine County, Wis.-BONDS AUTHORIZED.
-At a
(This report corrects the preliminary offering report given in V. 133,
recent meeting the City Council approved the proposed issuance of P. 838.)
% coupon water works improvement bonds. Denom.
$150,000 in
$1,000. Dated Aug. 15 1931. Due $50,000 from Aug. 15 1934 to 1936.
SCHOHARIE, MIDDLEBURGH, CARLISLE, ESPERANCE,
incl. Prin. and int. (F. & A. 15) payable in lawful money at the office WRIGHT AND KNOX CENTRAL. SCHOOL DISTRICT NO. 1
of the City Treasurer.
(P. 0. Schoharie) Schoharie County, N. Y.
-BOND OFFERING.
Justus D. Wright, District Clerk, will receive sealed bids until 1 p.m.
RAILROAD SCHOOL AND CIVIL TOWNSHIP (P. 0. San Pierre), (eastern standard time) on Aug. 12, for the purchase of $275,000 not to
-BOND OFFERING.-Willlam J. Solt, Township exceed 4X% interest coupon or registered school bonds. Dated Oct. 1
County, Ind.
Stark
Trustee, will receive sealed bids until 8 p. m. on Aug. 17 for the purchase 1931. Denom. $1,000. Due Oct. 1 as follows: $1,000. 1932: $2,000, 1933;
of $17,500 43 % school construction and equipment bonds. Dated June 21 $7,000 from 1934 to 1939, incl. and $8.000 from 1950 to 1969, incl. Rate
1931. Denom. $175. Due $875, June and Dec. 21 from 1932 to 1941, of interest to be expressed in a multiple of X or 1-10th of 1%. Principal
incl. Principal and interest (June and Dec. 21) are payable at the Bank and interest are payable at the Schoharie County Bank, in Schoharie. A
of San Pierre, in San Pierre.
certified check for $5,000, payable to the order of the Board of Education,
must accompany each proposal. (These bonds were originally offered for
RALEIGH, Wake County, N. C.
-NOTE SALE.
-The $175,000 issue sale on Aug. 5.-V. 133, p. 838.)
anticipation notes offered for sale on July 28-V. 133, p. 678
of bond
-was
ourchased by the Page Trust Co. of Raleigh, as 4Xs, plus a premium of
SCHOOLCRAFT AND PORTAGE LAKE TOWNSHIPS FRAC1,8.75. Dated July 28 1931. Due in 90 days from date without option of TIONAL SCHOOL DISTRICT NO. 1 (P. 0. Lake Linden), Houghton
prior payment.
County, Mich.
-BOND OFFERING.
-Sealed bids addressed to A. F.
until
Keidkamp, Secretary of the Board of Education, will be
RALEIGH,SCHOOL DISTRICT (P. 0. Raleigh), Wake County, 12 m. on Aug. 20 for the purchase of $20,000 refunding received Due
bonds.
-A $55,000 issue of notes is reported to have been $10.000 in 1932 and 1933. A certified check for 2%, payable to the order
It C.
-NOTE SALE.
purchased recently by the North Carolina Corp. of Raleigh, as 4s at par. of the Board of Education, must accompany each proposal.
BAPIDES PARISH ROAD DISTRICT NO. 13
Alexandria),
SCOTT COUNTY (P. 0. Scottsburg), Ind.
-BONDS NOT SOLD
La -BOND OFFERING.
.
-Sealed bids will be received until 11 a. n. on
-OFFERED.
-Stacy
Aug. 13 by Clyde G. Durham, Secretary of the Parish Police Jury,for the ISSUE REthe bids received on F. Coleman, County Treasurer, informs us
Aug. 3 for the purchase of the $13,000 5%
of road bonds. Int rate is not to exceed 6%, that all of
purchase of a $7,000 issue
-V. 133. P. 679-were rejected. Mr.
nsirable F. & A. 15. Denoms. $600,$700 and $900. Dated Aug. 151931. road impt. bonds offered for sale
Due as follows: $600. 1932 to 1935: $700, 1936 to 1938, and $900 from Coleman also advised that new bids for the issue will be received until
Aug. 27. The bonds are dated July 15 1931 and mature $650 each six
1939 to 1941, all incl. Principal and interest payable at the office of the
Parish Treasurer, or at the Guaranty Trust Co. in New York City. A months from July 15 1932 to Jan. 15 1942.
certified check for $250, payable to the Parish Treasurer, must accompany
-BOND OFFERING.
SCRANTON, Lackawanna County, Pa.
the bid.
Sealed bids addressed to Fred K. Derby, Mayor, will be received until
11 a.m. on Aug. 18 for the purchase of $140,000 not to exceed 4% interest
RAWLINS, Carbon County, Wyo.-BONDS CALLED.
-It is announced that a call has been issued for the entire issue of 6% sewer ex- coupon or registered bonds, divided as follows:
$106,000 improvement bonds. Due Aug. 1 as follows: $4,000 from 1932
tension bonds that mature in 1941, as of Aug. 1 1931.
to 1947, incl.. and $3,000 from 1948 to 1961, incl.
34,000 funding bonds. Due Aug. 1 as follows: $2,000 from 1932 to
REFUGIO, Refugio County, Tex.
-BOND ELECTION.
-An election
1935,
and $1,000 from 1936 to 1961, incl.
reported to be scheduled for Aug. 31 in order to have the voters pass
is
Each issue is dated Aug. 1 1931. Denom. $1,000. Prin. and Int.
incl..
on the proposed issuance of $160,000 in bonds for paving and sewer
(Feb. and Aug.) are payable at the office of the City Treasurer. Bids will
Purposee•
also be received for bonds to bear interest at the rate of 3X %. A certiREIDSVILLE, Rockingham County, N. C.
-BOND OFFERING.
- fied check for 3% of the amount of the bid, payable to the order of the City
bids will be received until 10 a. m.on Aug. 18. by Chas. M.Johnson, Treasurer, must accompany each proposal. The bonds will be certified
Sealed
s
Secretary of the Local Government Commission, at his office in Raleigh, as to genuineness by the International Trust Co., New York. 4., san
for the purchase of a $35,000 issue of coupon water and sewer bonds.
-BOND SALE.
-The
SENECA FALLS, Seneca County, N. Y.
Interest rate is not to exceed 6%.stated in a multiple of X of 1%. Denom.
$1,000. Dated Aug. 1 1931. Due $1,000 from Aug. 1 1934 to 1968 incl. $8,927.51 coupon street impt. bonds offered on Aug. 3-V. 133, p. 838
and int. (F. & A.) payable in gold in New York. The approving were awarded as 4s to Dewey, Bacon & Co. of New York, at 100.15. a
Prin.
opinion of Reed, Hoyt & Washburn of New York City, will be furnished. basis of about 4.47%. Dated Aug. 1 1931. Due on Aug. 1 of each year
Delivery n or about Aug. 25 at the place of purchaser's choice. A certified from 1932 to 1940 incl.
$700. payable to the State Treasurer, must accompany the bid.
check foro
SHALER TOWNSHIP SCHOOL DISTRICT (P. 0. Glenshaw)
-BOND SALE.
-The $250,000 4% coupon
Oneida County, N. Y.
-FINANCIAL S2ATEMENT.- Allegheny County, Pa.
-were awarded to the
In connection with the proposed sale on Aug. 10 of $65,000 coupon or school bonds offered on July 13-V. 133. p. 332
registered water bonds, notice and description of which appeared In 'ç', 133, Mellon National Bank, of Pittsburgh, at par plus a premium of $2,147.50,
equal to 100.85, a basis of about 3.94%. The bonds are dated Aug. 1 1931
-we are in receipt of the following:
13. 837
and mature Aug. 1 as follows: $5,000 from 1937 to 1941, incl., $8,000, 1942
Financial Statement.
to 1946, incl.; $10,000, 1947 to 1951, incl.; $12,000. 1952 to 1956, incl.,
Valuations-Actual -valuation, official estimate
$346,334 and $15.000 from 1957 to 1961, incl.
Assessed valuation, real estate and special franchise
173,766
(The same property assessed by the Village on $173.766 valuaSHELBYVILLE, Bedford County, Tenn.
-BOND SALE.
-A $40,000
tion is given as $294,384 on the Town assessment roll.)
Issue of 5% semi-ann. refunding bonds is reported to have been jointly
-Bonded debt outstanding
Debt
Nil
urchased recently by the Equitable Securities Corp. and Robinson,
(water bonds)
This issue
65,000 Webster & Gibson, both of Nashville, at par. Dated Aug. 1 1931. Due
Net bonded debt
Nil on Aug. 1 1951 and optional in 1941.
Population-1930 Federal Census, 437.
SHERIDAN, Sheridan County, Wyo.-PRICE PAID.
-The $120,-A $400,000
RICHMOND, Madison County, Ky.-BOND SALE.
issue of 4 % semi-ann.
Issue of water revenue bonds is reported to have been purchased by Stifel 000 Vallery & Co. of Denver refunding bonds that was purchased by Geo.
W.
516-was awarded at par. Due
-V. 133,
Nicolaus & Co. of St. Louis, at a price of 98.50.
in from 1 to 30 years and optional after March 15 1932.
•
ROANE COUNTY (P. 0. Kingston) Tenn.
-MATURITY.
-The
-BOND OFFERING.-H7Y.
SOLON Cuyahoga County, Ohio.
semi-ann. funding bonds that was purchased
$210,000 issue of 6% coupon
by the Equitable Security Corp. of Nashville, and the Provident Savings Gildard, Village Clerk, will receive sealed bids until 12 m.(eastern standard
Bank & Trust Co. of Cincinnati, at a price of 100.13-V. 133. p. 331-is time) on Aug. 23, for the purchase of $362.025 6% special assessment
improvement bonds. Dated Aug. 1 1931. One bond for $25, others for
due from July 1 1942 to 1961, giving a oasis of about 5.99%.
$1,000. Due Dec. 1 as follows: 925.025 in 1933; $26,000 from 1934 to
Financial Statement (As Officially Reported.)
1938 incl.; $25,000 in
from 1940 to 1946, incl. Principal
Assessed valuation, 1930
$12,730,460 andinterest (June and1939 and $26,000
December) are payable at the Chagrin Falls BankNet bonded debt
1.411.901 ing Co.. Chagrin Falls. Bids for the bonds to bear interest at a rate other
population 1930 census
24,469
than 6%, expressed in a multiple of X of 1%, will also be considered. A
ROUTT COUNTY (P. 0. Steamboat Springs), Colo.
-BOND SALE. certified check for 3% of the amount of bonds bid for, payable to the
$94,010 issue of 4X% serial court house refunding bonds is reported order of the Village Treasurer, must accompany each proposal.
to have been purchased recently by a group composed of the International
-N. B. Crowell, Town
-BOND OFFERING.
SOUTHAMPTON, Mass.
Co.; Boettcher, Newton & Co., and Gray. Emery, Vasconcells & Co.,
Treasurer, will receive sealed bids until 11 a.m. (daylight saving time)
sll of Denver,at a price of 100.50.
on Aug. 19, for the purchase of $58,000 4% coupon water bonds. Dated.
ROWAN COUNTY (P. 0. Salisburg) N. C.
-NOTE SALE.
-It is Sept. 1 1931. Denom. $1,000. Due $2,000 Sept. 1 from 1933 to 1961,
reported that a $35,000 issue of notes has been purchased recently by the Incl. Principal and int. (March and September) are payable a the First
National Bank, of Boston. This Bank will supervise the engraving of the
Cabarrus Bank & Trust Co. of Concord, as 5.85s, at par.
bonds and will also certify as to their genuineness. Legality to be approved
-BOND OFFERING.
ST. JOSEPH, Berrien County, Mich.
-Ira D. by Ropes, Gray, Boyden & Perkins, of Boston, whose opinion will be
Wagner, City Clerk, will receive sealed bids until 8 p. m. on Aug. 10 for furnished the purchaser.
the purchase of $22,000 not to exceed 6% interest bonds, divided as follows:
Financial Statement Aug. 1 1931.
02,000 refunding electric light bonds. Due Oct. 15 as follows: $1,000 Assessed valuation for year 1930
S885,000
from 1933 to 1939 incl.; $2,000 in 1940, and $3,000 in 1941.
The town has no bonded debt. Population, 931.
10,000 refunding Michigan Ave. viaduct bonds. Due Oct. 15 as follows:
$1,000 from 1933 to 1940 incl.. and $2.000 in 1941.
SPARTANBURG, Spartanburg County, S. C.
-The
-BOND SALE.
Each issue is dated Aug. 15 1931. Prin. and int. (April 15 and Oct. 15) $500.000 issue of coupon funding bonds offered for s,ale on Aug. 4 (V. 133,
are payable at the office of the City Treasurer. A certified check for P. 838) was purchased by the South Carolina National Bank of Columbia
10% must accompany each proposal. City will furnish transcript of as 5Xs at a price of 100.75, a basis of about 5.17%. Dated Aug. 1 1931.
proceedings; successful bidder to furnish legal opinion and pay cost of Due from Aug. 1 1933 to 1951, incl. The only other bid received was an
printing the bonds.
otter of $1,250 premium also on 5s by the People's State Bank of
South Carolina.
ST. JOSEPH COUNTY (P. 0. South Bend), Ind.
-BOND OFFERCampbell, County Treasurer, will receive sealed bids
ING.
-Duncan J.
-BOND SALE.
SPENCER COUNTY (P. 0. Rockport), Ind.
-The
until 10 a. m. on Aug. 14 for the purchase of $42,950 43 % bonds, divided $23,900 4i % coupon road improvement bonds offered on Aug. 4-V. 133,
as follows:
-were awarded as follows:
679
$20,035 road impt. bonds. Denom. $1,001.75. Due $1,001.75, May and $15,000 bonds to the Fletcher Savings & Trust Co., Indianapolis, at par
Nov. 15 from 1932 to 1941 incl.
plus a premium of $427.70,equal to 102.85, a basis of about 3.92%.
12,366 road impt. bonds. Denom. $618.25. Due,$618.25, July 15 1932;
Due $750 each six months from July 15 1932 to Jan. 15 1942.
$618.25. Jan. and July 15 from 1933 to 1941 incl., and $618.25.
8,900 bonds sold to the Grandview Bank of Grandview at par plus a
Jan. 16 1942.
•
premium of $410, equal to 104.60, a basis of about 3.585%.
10.550 road impt. bonds. Denom. $527.50. Due $527.50, July 15 1932;
$445 each six months from July 15 1932 to Jan. 15 1942.
$527.50, Jan. and July 15 from 1933 to 1941 incl., and $527.50.
1942.
Jan. 15
STRUTHERS, Mahoning County, Ohio.
-BOND OFFERING.
Each issue is dated Aug. 1 1931. Interest is payable semi-annually Albert G. Jones, City Auditor, will receive sealed bids until 12 m. on Aug.
21, for the purchase of $3,500 6% real estate acquisition bonds. Dated
(May and )ov. 15 and Jan. and July 15).
July 151931. One bond for $500, others for $1.000. Due Oct. 15 as follows:
-BOND SALE.
-The three issues of $1,000 in 1932 and 1933: $500 in 1934 and $1,000 in 1935. Intereet is
SALINA, Saline County. Kan.
public impt. bonds aggregating $31,674.29, offered for Bale on Aug. 3- payable semi-annually in April and October. Bids for the bonds to bear
-were purchased by the City Bank of Kansas City, at a price
V. 133, p.837
nterest at a rate other than 6%. expressed in a multiple
X of 1%, will
(p. o.
REmsEN,
p.
p.
Due
or
1002
FINANCIAL CHRONICLE
[VOL. 133.
WEST MONROE, Ouachita Parish, La.
-BOND OFFERING.
-It Is
reported that sealed bids will be received until Aug. 15 by Leon Wood.
City Clerk, for the purchase of a $75,000 issue of 6% water works bonds.
Due
years. These bonds were voted at an election held on June 2
SUMMIT TOWNSHIP SCHOOL DISTRICT (P. 0. Butler), Butler -V.in 15 p.
132.
4458.
County, Pa.
-BOND SALE.
-The $19,000 4%% school bonds offered on
July 31 (V. 133,P. 680) were awarded to J. H. Holmes & Co. of Pittsburgh
WESTON COUNTY (P. 0. Newcastle), Wyo.-BONDS CALLED.
103.27, a basis of about 4.08%.
at par plus a premium of $622, equal to
It is reported that a call has been issued for road bonds. Nos. 1 to 75 of
The bonds are dated Aug. 1 1931 and mature $1,000 on Aug. 1 from 1932 the issue of
Sept. 11921, bearing 6% interest and maturing on Sept. 11941.
to 1950, inclusive.
The bonds are called for payment at the office of the Guaranty Trust Co.
In New York City, on Sept. 1, at par. Denom. $1,000. Due on Sept. 1
TANGIPAHOA PARISH SCHOOL DISTRICT NO. 107 (P. 0. 1941.
-Sealed bids will be received until
-BOND OFFERING.
Amite) La.
Sept. 1 by C. C.Pittman, Superintendent of Schools,for the purchase of an
WHITLEY COUNTY (P. 0. Columbia City), Ind.
-BOND SALE.
Issue of $110,000 school bonds. Int, rate is not to exceed 6%,payable semi- The $4,720 434% coupon Green Twp. road improvement bonds offered on
annually. Dated Oct. 1 1931. (These bonds were voted at the election Aug. 1-V. 133, p. 518
-were awarded to the Columbia State Bank of
July 28-V. 133, P. 164
-by a count of 132 to 89.)
held on
Columbia City, at par plus a premium of $120, equal to 102.54, a basis of
about 3.98%. The bonds are dated July 15 1931 and mature semi-annually
-The as follows: $236, July 15 1932: $236, Jan. and July 15 from 1933 to 1941
TAYLOR COUNTY (P. 0. Medford), Wis.-BOND SALE.
$38,000 issue of 4%% coupon semi-ann. highway impt. bonds offered for incl., and $236, Jan. 15 1942. Bids submitted at the sale were as follows:
-was awarded to the Wells-Dickey Co.
sale on July 30-V. 133, p. 680
BidderPremium.
of Minneapolis, paying a premium of $536, equal to 101.41, a basis of Columbia State Bank (purchaser)_,.
$120.00
about 3.68%. Dated May 1 1931. Due on May 1 1933. The other bids Fletcher Savings & Trust Co
118.00
were as follows:
received for the bonds
City Securities Corp
117.00
Price Bid.
Names of Other BiddersPremium
$302
First Wisconsin Co
WILSON, Wilson County, N. C.
-BOND OFFERING.
-Sealed bids
205 Premium will be received until 10 a. m.
H. M. Byllesby & Co
327 Premium tary of the Local Government on Aug. 11. by Chas. M. Johnson, SecreThe Milwaukee Co
Commission, at his office in
180 Premium the purchase of three issues of coupon or registered bonds Raleigh, for
First National Bank, Medford
aggregating
$325,000, divided as follows:
TENNESSEE, State of (P. 0. Nashville).
-BOND OFFERING.- $100,000 electric light system bonds.
Due on Aug. 1 as follows: $3.000.
Sealed bids will be received until 11 a.m. on Aug. 20 by the State Funding
1933 to 1937; $5,000, 1938 to 1941; $6,000, 1942 to 1946; and
Board for the purchase of two issues of bonds, aggregating $531,000, as
57.000, 1947 to 1951.
follows.
50.000 funding bonds. Due on Aug. 1 as follows: $2,000, 1932 to 1941,
$500,000 University of Tennessee building bonds. Dated July 1 1931.
and $3,000, 1942 to 1951, all incl.
Due on July 1 1946. Subject to registration as to principal only.
175,000 water bonds. Due on Aug. 1 as follows: $3.000, 1934 to 1941;
31,000 Central Hospital for the Insane bonds. Dated Sept. 1 1931.
54,000, 1942 to 1951; $5,000, 1952 to 1960, and 36,000, 1961 to
Due on Sept. 1 1936.
1971, all incl.
Denom. $1,000. Interest rate is not to exceed 5% payable J. & J.
Int. rate is not to exceed 6%, payable F. & A. The rate must be a
'
Rate is to be in multiples of M, of 17. The bonds will be awarded to the multiple of yi of 1% and must be the same for all of the bonds. Denom.
0
bidder offering to take them at the lowest rate of interest at a price not $1,000. Dated Aug.1 1931. Prin.and int. payable in gold or its equivalent
less than par. Proposals are required on forms to be furnished by the in New York. The approving opinion of Reed, Hoyt St Washburn of New
Funding Board and must be unconditional. Prin. and int. payable at York, will be furnished. A certified check for 2% of the face value of the
the fiscal agency of the State in New York, or at the office of the State bonds bid for, payable to State, is required.
Treasurer. Legality to be approved by Thomson, Wood & Hoffman of
New York, whose opinion will be furnished to the purchaser. A certified
ZANESVILLE, Muskingum County, Ohio.
-INTEREST RATE.
check for 2% of the face value of the bonds bid for, payable to the Commis- We now learn that the issue of $5,000 coupon fire apparatus purchase bon&
sioner of Finance and Taxation, must accompany the bid.
sold at a price of par to the Sinking Fund Trustees bears interest at 43.j%.
not 4(V as previously noted (V. 133, p. 839). Dated July 1 1931. Dime
-The $500 on July 1 from 1933 to 1942, inclusive.
-BONDS REGISTERED.
TEXAS, State of (P. 0. Austin).
following minor issues of bonds were registered by the State Comptroller
during the week ending Aug. 1:
$800 5% Lamar County Cons. Sch. Dist. No. 88 bonds. Denom. $50.
Due serially.
2,500 5% Tarrant County Cons. Sch. Dist. No. 68 bonds. Denom.
$125. Due serially.
CHILLIWACK, B. C.
-BOND SALE.
-Victor W. Odium, Brown &
8,000 5% Horn Hill (Limestone Co.) Rural High Sch. Dist. No. 13 Co. of Vancouver recently purchased an issue of $23,500 5% local improvebonds. Denom. $400. Due serially.
ment bonds at a price of 100.27, a basis of about 4.97%. Due in 10 years.
9,982.50 5%% Dickens County road refunding, series 1931 bonds. Denom. Bids submitted at the sale were as follows:
$1,000, one for $982.50. Due serially.
BidderRale Bid.
100.27
Victor W. Odium, Brown & Co. (purchasers)
-On Royal Financial Corp
-BONDS REGISTERED.
THORNDALE, Milam County, Tex.
99.56
July 30 the State Comptroller registered a $40,000 issue of 5%% water Reed, Henderson & Co
98.52
works bonds. Denom. $1,000. Due serially.
95.25
A. E. Ames & Co
97.708
Pemberton & Sons, Vancouver
TILLAMOOK COUNTY SCHOOL DISTRICT NO. 2 (P. 0. Tillamook), Ore.
-BOND SALE.
-The $16,000 issue of school bonds offered
EAST YORK TOWNSHIP, Ont.-BOND OFFERING.
-Sealed bids
for sale on July 27 (V. 133, p. 680) was purchased by the Tillamook Na- addressed to W. H. Heaton, Comptroller, will be received until 12 In.
tional Bank as 58 at par. Dated July 15 1931. Due $2,000 from July 15 (daylight saving time) on Aug. 17 for the purchase of $199,000 5% public
1933 to 1940, inclusive.
school improvement bonds. Due in 30 years.
also be considered. A certified check for $100, Payable to the order of the
City Treasurer, must accompany each proposal.
CANADA, its Provinces and Municipalities.
TILLAMOOK COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Tillamook), Ore.
-BOND SALE.
-The $11,000 issue of school bonds offered
-is reported to have been purchased
for sale on June 20-V. 132, p. 4632
by the Commerce Mortgage Securities Co. of Portland, at a price of 100.25.
Dated June 11931. Duefrom June 1 1933 to 1940. incl.
HULL, Que.-BOND SALE.
-The $283,500 coupon improvement
bonds offered on Aug.3-V. 133, p. 839
-were awarded as 434s to McLeod,
Young, Weir & Co., of Montreal. at 94.44. a basis of about 4.96%. The
bonds are dated Nov. 1 1930 and mature serially from 1933 to 1970 incl.
Alternative bids were asked for 4%% and 5% bonds. The tenders submitted
were as follows!'
TOPEKA, Shawnee County, Kan.
-Sealed bids
-BOND OFFERING.
BidderInt.Rate.
Rate Sid.
will be received until 10 a.m. on Aug. 11 by F. W. Knapp, City Clerk, for McLeod, Young, Weir & Co.(purchasers)
94.44
4J, %
99.50
the purchase of an issue of $146,000.62 4% internal improvement, Series Provincial Bank of Canada
5
No. 1931-424 bonds. Denom. $1,000 aad one for $1,000.62. Dated A. E. Ames & Co
99.31
5
Aug. 15 1931. Due on Aug. 15 as follows. $15,000.62 in 1932; $15,000, C.H.Burgess & Co.,and Gairdner & Co.,jointly_ _ _ 5
99.25
98.75
1933 to 1937, and $14,000, 1938 to 1941, all incl. Prin. and int. (F. & A. Dyment, Anderson & Co
5
Bonds are printed, will Mead dc Co
15) payable at the office of the State Treasurer.
98.60
50
be registered by the City Clerk and Auditor of State on their date of issue,
have been offered to and purchased by the State School Fund Commission.
JONQUIERE, Que.-BOND OFFERING.
-Sealed bids addressed to
and will be offered for sale on the basis of delivery on Aug. 15 1931 at A. Laberge, Secretary-Treasurer, will be received until 7 p. m. on Aug. 10
Topeka. Kan., subject to the approval of the bond transcripts by successful for the purchase of $31.000 inmt. bonds, payable at Quebec, Montreal and
bidders' own attorneys. Bonds will be sold to the highest and best bidder, Jonquiere. Alternative bids are asked for 10
-year serial bonds with 5 or
the city reserving the right to reject any or all bids. Each bid must be 534% interest, and for 30
-year serial bonds with interest at either 5 or 534%•
accompanied by a certified check equal to 2% thereof.
LEVIS, Que.-BOND OFFERING.
-Sealed bids addressed to L. Le-BONDS NOT SOLD.
Ng TRUMBULL COUNTY(P.O. Warren),Ohio.
mieux, City Clerk, will be received until 4 p. m.on Aug. 11 for the purchase
The Issue of $48,000 4M % road improvement bonds, for which sealed bids of
$125.000 5% impt. bonds, dated July 1 1931 and due serially in from 1 to
were invited until July 30 (V. 133. p. 517) was not sold, as the order
authorizing the sale of the issue was canceled. The bonds are dated Aug. 1 30 years. Payable at Levis, Quebec and Montreal.
1931 and mature semi-annually on April and Oct. 1 from 1932 to 1941, incl.
NOTRE DAME DE LA DOREE, Que.-BOND SALE.
-The $6,900
-A $60,000 53. % coupon water works improvement bonds offered on July 27-V. 133
"VALLEY PARK, St. Louis County, Mo.-BOND SALE.
-were awarded to Dube, Lebioud & Co. of Quebec at a price of 96.
p. 518
issue of 4U% school district bonds is reported to have been purchased The bonds are dated June 1 1931.
jointly by Stern Bros. & Co. and the Fidelity National Corp., both of
Hansas_City.
OAK BAY, B. C.
-BOND SALE.
-Nesbitt, Thomson & Co. of Mon-LOAN AUTHORIZED.- treal recently purchased an issue of $10,000 5% improvement bonds at a
VIRGINIA, State of_(P. 0. Richmond).
price of 101.75, basis
It Is reported by John M. Purcell, State Treasurer, that the Governor and were bid foraby theof about 4.78%. The bonds mature in 10 year
following;
has authorized $1,000,000 highway obligations, to mature in 6 months.
BidderRate Bid.
The loan will be made through State depositories in Richmond, according
Nesbitt, Thomson & Co.(successful bidders)
•
101.75
to,report.
Victor W. Odium, Brown & Co
101.57
- Canadian Bank of Commerce
101.57
WASHINGTON SCHOOL DISTRICT, Washington County, Pa.
101.52
-At an election held on July 28 the voters defeated 0. L. Branston & Co
BONDS DEFEATED.
bonds
101.38
a proposal providing for the issuance of $125,000 in polled, to finance the A. E. Ames & Co Clark, Ltd
463 approved Oliver, Stewart &
101.00
construction of an athletic stadium. Of the votes
Hugh Allan, Ltd
101.00
of the issue and 1,551 disapproved of it.
-The $13,500
WEBB CITY,Jasper County, Mo.-BONDS NOTSOLD.
3-V. 133, P. 681
lame of 5% semi-ann. funding bonds offered on Aug. The lone tender was
received was rejected.
was not sold, as the only bid
an offer of 97.00 for the bonds, submitted by the White-Phillips Co. of
Davenport. Dated Aug. 1 1931. Due from Aug. 1 1933 to 1937.
M7SHIPSHAW,7 Que.-BOND OFFERING.
-Sealed bids addressed to
Eugene Larouche, Secretary-Treasurer, will be received until 10 a. rn. on
Aug. 20 for the purchase of $20,000 5 % improvement bonds, due serially
on June 1 from 1932 to 1951 incl. Principal and interest are payable at the
Banque Canadienne Nationale, in Kenogami. Quebec or Montreal.
-TEMPORARY LOAN.
-Sealed bids addressed to
THESSALON, Ont.-BOND OFFERING.
WELLESLEY, Norfolk County, Mass.
F. S. Moseley & Co. of Boston, purchased on Aug. 3 a $100,000 temporary John 0.Coulter, Town Clerk, will be received until Aug. 17 for the purchase
loan at 1.60% discount basis, plus a premium of $5. The loan matures of 522.0005% hydro-electric light plant bonds, due in 20 years.
March 1 1932 and was bid for by the following:
Discount Basis.
THREE RIVERS (Catholic School Commission of) Que.-ROND
Bidder-Sealed bids addressed to J. M.Gregoire, Secretary-Treasurer,
1.60% OFFERING.
F.S. Moseley & Co.,plus $5 premium (successful bidder)
will be received until 4 p. m. on Aug. 21 for the purchase of $85.000 43 or
1.60
Shawmut Corp
1.73 0 5% bonds, dated May 1 1931 and to mature serially in from 1 to 20 Years.
Wellesley Trust Co
1.80%
Blake Bros. & Co., plus $0.75 premium
1.80,0
THREE RIVERS, Que.-BOND OFFERING.-Janques Denechaud,
Wellesley National Bank
1.82% City Treasurer, will receive sealed bids until 8 p. m. on Aug. 17 for the
First National Old Colony Corp
1.96,
0 purchase of $487,500 5% road improvement bonds, of which $255.500
Faxon. Gade & Co
are dated Nov. 1 1930 and mature annually in from 1 to 40 years; $177,000
30 years, and
are
WEST CHICAGO PARK DISTRICT(P.O. Chicago), Cook County% dated Nov. 1 1931 and due annually in from 1 to 1 to 10 years.$55,000 the
All of
REDEMPTION OF WARRANTS. The Board of Park dated May 1 1931 and mature annually in from
III.
-NOTICE OF
attention to the fact that tax bonds are payable as to both principal and semi-annual interest (May and
Commissioners has issued a notice calling
head office of the Banque Canadianticipation warrants Nos. 101 to 200 incl.in $1,000 denoms.,and numbered November) at the holder's option at thethe branches of said bank,in either
any of
from 201 to 220 incl. in $5.000 denoms.. will be paid with accrued interest enne Nationale in Montreal or atMontreal or Quebec. Denoms. $100 or
of the cities of Three Rivers,
at 6% per annum at the Continental Illinois Bank & Trust Co., Chicago,
the par value of the issues,
on Aug. 5 1931. No interest on the warrants will be paid after that date multiples thereof. A certified check for 1% of
payable to the order of the city, must accompany each proposal.
whether presented for payment or not.
@FedFRASER