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The
REQ. U S
VOL. 131.
,financial
liTunide
SATURDAY, AUGUST 9 1930.
finantial Chronicle
NO. 3398.
was for the American farmer to take the bull by
the horn and, all by himself, cut down acreage and
thereby reduce the crop 200,000,000 bushels or more.
Terms of Subscription—Payable in Advance
Including Postage-Both Mr. Legge and Mr. Hyde, besides giving radio
12 Mos.
Mos,
Within Continental United States except Alaska
$5.0a
810.00
In Dominion of Canada
11.50
6.75 talks, were making a tour of the Western States
Other foreign countries, U. S. Possessions and territories
13.50
7.75
The following publications are also issued. For the Bank and Quota- delivering speeches and addresse
s in which they
tion Record the subscription price is $6.00 per year; for all the others is
*5.00 per year each. Add 50 cents to each for postage outside the United sought to convince the farmers,
pleading almost piteStates and Canada.
(301IPSNDIUM5-ously with them, that there was absolutely no alterI MONTHLY PUBLICATIONS
PUBLIC UTILITY—(.8HLI-annually)
BANK AND QUOTATION RZCORD
RAILWAY SC INDITSTRIALfOUr & year) I MONTHLY EARNINGS RZCORD
native but to reduce acreage and production in the
EITATZ AND MUNICIPAL--(seml-ann.)
most drastic manner.
Terms of Advertising
Transient display matter per agate line
These record low prices—the lowest for 16 years,
45 cents
Contract and Card rates
On request
or since 1914—were reached only last week. The
Onscsao Osnos—In charge of Fred. H. Gray; Western Representative,
208 South La Salle Street. Telephone State 0613.
LoNDox Orrica—Edwaris & Smith. 1 Drapers' Gardens. London,
B.0. present week we find all this changed, as if in the
WILLIAM B. DANA COMPANY, Publishers,
twinkle of an eye. The latter part of last week corn
William Street, Corner Spruce, New York.
prices had been rising slowly, owing to reports of
Published every Saturday morning by WILLIAM B. DANA
COMPANY. damage to the growing crop, with the result that on
President and Editor, Jacob Seibert; Business Manager, William
D. Riggs;
Treas., William Dana Seibert; See., Herbert D.Seibert. Addresses of
all. Office of Co. July 31 some of the future options on corn actually
sold higher than the corresponding options for
wheat, a very anomalous state of things, having few,
parallels in the past. This week we find all the
Change of Address of Publication.
different grains rising with great rapidity and the
The Commercial & Financial Chronicle,
wildest kind of a speculation raging with outside
having long suffered from inadequate
participation on a hugh scale.
facilities for handling its growing size
There has come a sudden realization that the
and vowing subscription list, has moved
greater part of the country, and the agricultural
Into new and larger quarters, and is now
sections of the West and South in particular, have
located at
been for months in the grip of a drouth which ranks
among the severest in the country's history—not
William Street, Corner Spruce,
only has the corn crop been burning up, but the pasNew York City.
tures also, and the supply of fruits, milk, poultry,
P. 0. Box 958, City Hall Station.
eggs, livestock, &c., endangered. The seriousness of
the situation has been stressed and emphasized by the
appeals which have come to the President from the
The Financial Situation.
farming regions, to which appeals he indicated his
"Man proposes, God disposes." One cannot help purpose
to make quick response. As a first step he
being impressed with the truth of this statement as
has asked the railroads to aid in getting livestock out
one contemplates the startling transformation that
of the famished regions and to assist in other ways
has occurred in our grain markets during the last
the carrying out of measures of relief which are
10 days. For weeks and months the grain markets evidentl
y urgent in the extreme. Accordingly, the
have been steadily declining, wheat in particular wildest
kind of a speculation has developed and
plunging downward at a perfectly alarming rate prices
have advanced by leaps and bounds,the rise in
until on Wednesday of last week the July option at wheat being
as pronounced as in corn. Secretary
Chicago touched 83%c., which was over 160c. a Hyde and
'Chairman Legge have returned to Washbushel less than at the corresponding date a year ington
to advise with the President.
ago. In the effort to arrest the downward moveA few illustrations will suffice to show how the
ment the Federal Farm Board has during the last grain markets
have been rising, in sharp contrast
six months become loaded up with 69,000,000 bushels with the previous
long-continued declines, the whole
or more of wheat, most of it bought at $1.25 a bushel. constituting one of the
most startling transformaThe Farm Board finally found itself obliged to con- tions ever witnesse
d. Day after day this has been
fess failure and give up efforts to control market
going on, as accounts have been coming in testifying
values as a hopeless job.
to the severity of the losses sustained, some of the
Thus circumvented, Alexander Legge, Chairman accounts
being unquestionably exaggerated and yet
of the Farm Board, accompanied by Arthur M.Hyde, contributing their part to
fan the excitement and to
Secretary.of Agriculture, both of whom had for intensif
y the speculative lure. The September
months been preaching the doctrine that this coun- option for wheat
in Chicago, which on July 30 sold
try and the world at large was suffering from over- down to 85%, on Thursday
of this week touched
production, and that the only solution of the problem 99%c., with the close
yesterday at 96%c., and the
PUBLISHED WEEKLY
828
FINANCIAL CHRONICLE
December option, which on Thursday of last week
/
sold at 90%c., advanced to $1.0512 on Thursday of
/
with the close yesterday at $1.0214
the present week,
advance of, roughly, 15c. a bushel in both in—an
stances inside of 10 days. In corn the upward flight
has been even more marked; here there was an advance (taking the September option at Chicago for
/
78c.
illustration) from 72/ July 1 to 8734c. July 31,
while the present week this same September option
touched$1.0234 on Thursday, with the close yester/
day at 97%c. In other words, besides a 15c. advance,
roughly, during July, there was a further rise of 15c.
a bushel during the current month, making 30c. a
bushel altogether since the beginning of July, of
which 25c. had been retained at the close last night.
Who now would urge that the country has too
much wheat, and that it is the bounded duty of the
farmer to cut down his acreage and reduce the size
of his wheat production, which constitutes his money
crop? Whatever surplus of wheat there may be, and
recent events have not served to reduce it very
materially, since the winter wheat crop has already
been raised, though the spring wheat crop has unquestionably been somewhat reduced—whatever surplus of wheat there may be will go only part way to
meet the deficiency in corn.
Is there not a lesson in all this? Does it not teach
that meddling of any kind on the part of Government, or any outside agency, is fraught with great
possibilities of mischief? Is it not evident, too, that
there is more to this wheat problem than a mere
question of acreage or the size of the crop? The
pranks of nature have to be reckoned with, and all
experience teaches that crop failures, partial or
complete, always succeed periods of bounteous harvests. Nature serves unerringly to restore the equilibrium where there is not interference by human
folly. The country has more to fear from the latter
(as the 'well-meant efforts of the Farm Board so
clearly show) than from redundancy of yield where
the latter is not the result of interference with the
operation of economic law. Had the Western
farmer, six months ago, heeded the injunction to
reduce acreage, would he not now regret the fact
and have reason for so doing?
We do not mean to imply that Nature's cutting
down of the corn crop has necessarily solved the
wheat problem. Nor that no surplus of wheat will
remain to bless the country for the immediate
future. On that point It is obviously out of the
question for anyone to speak with confidence at
this time. We wish merely to point out that in view
of the damage done by the drouth, if a surplus of
wheat now remains, it will be welcome as an offset
to the shortage in corn and the reduced agricultural
yield generally. In such surplus we have assurance
against the possibility of actual famine.
A crop disaster is not a thing to rejoice over, and
is not in the least calculated to revive business
activity, for which we are all so earnestly praying.
But, at least, it will have one attendant benefit,
namely, that it has helped, to some extent, to restore the market value of wheat, the great money
crop of the Western farmer. There has been moderate rainfall the present week in some of the drouthstricken regions of the West. This will relieve the
situation to some extent, especially if other rains
should follow, of which there are indications. However, it cannot restore the growing corn which has
been irrevocably destroyed, and there can be no ques
[Vox,. 131.
tion that the corn crop this year will be short, possibly very largely 60. On the other hand, we are
assured of good yields of both wheat and oats, and,
this being so, the harm which has befallen the Western farmer will not partake of the nature of a general crop disaster, even though the farmer will be
seriously crippled in other respects. On July 1 the
Bureau of Agriculture estimated the oats crop the
present year at 1,329,000,000 bushels as against an
actual harvest last year of 1,234,000,000 bushels, and
the wheat crop, spring and winter wheat combined,
at 807,000,000 bushels against 806,000,000 bushels
last year. These totals are not likely to be greatly
changed in the report due the coming week showing
the condition and the probabilities as of Aug. 1.
Estimates as to the size of the growing cotton crop
were made public by the Agriaultural Department
yesterday, and 'the forecast is of a crop of 14,362,000
bales the present year against 14,828,000 bales last
year. Barring the shortage in corn,, therefore, the
country will not be so badly off after all, though the
agricultural community will nevertheless have much
to regret as the consequences of the long period of
drouth.
The gold outflow to Europe has continued the
present week, and the total of the export shipments
of the metal up to the present time are put at $53,000,000, not counting the movement to Canada, and
there can be no doubt that this heavy outflow of the
metal is the result of the easy money policy of the
Federal Reserve Banks in the carrying out of which
the Federal Reserve authorities have reduced the
buying rate for acceptances to the ridiculously low
figure of 178% discount per annum. This caused all
/
the leading foreign exchanges to turn against New
York during the past month. So much so was that
the case that the "Monthly Review" of the Federal
Reserve Bank of New York, issued on Aug. 1, was
moved to say: "Following a general advance during
July, all the active European exchanges with the exception of the Italian lira, stood at a premium over
the dollar at•the close of the month. The French,
Belgian, and Austrian currencies were above the
estimated outgoing gold points, and the Swiss exchange closely approached the export point. Sterling became progressively stronger during the
month, gaining 1c. between the end of June and
July 29."
The 17
8% buying rate for acceptances was put
into effect on the 1st of July, and the discount rate
of the New York Reserve Bank had the previous
/
1
2
month been marked down to 2 %. The effect of all
this was to create an unusual and an artificial state
of ease which was bound sooner or later to expel
gold. Owing to the extremely low rates for money
ruling here, remunerative employment for capital
and for bankers' balances, and for idle funds generally, could not be found on this side, leading to the
transfer of more or less of all of these to the other
side. Gold exports inevitably followed.
Now comes the surprising part. Having induced
the outflow of gold, the Federal Reserve is now,
if the daily papers are to be believed, going to
proceed -to offset the effects. It was announced
Wednesday afternoon that the Federal Reserve
Banks would now again resume the pftrchase of
United States Government securities with a view to
offsetting the effects of gold exports. The decision
of the local bank, acting for the system, to re-enter
'91930.]
Ai.
FINANCIAL CHRONICLE
the Government securities market was based, it was
stated, an the fact that the gold exports since the
middle of July had cleaned up the excess of Federal
funds, a development which had imparted an appreciably firmer undertone to the money market,
and that it was the.duty of the Reserve Bank to step
in with a new supply of Reserve credit. The purpose
of the purchase of Government securities, newspaper
accounts stated, was "to restore conditions to their
former basis by the addition of more of its (the Reserve Bank's) own funds to the market. The effect
of the action, it was pointed out, would be the continuance of the gold exports for several more weeks
—indeed, it might broaden the export movement of
the metal so that Great Britain could participate
in it.
Let the reader well note the effect of all this.
The Federal Reserve Banks produce an artificial
state ,of ease, with the intention of promoting gold
exports, and when the gold exports occur, instead
of letting the movement provide its own corrective
in raising rates, as would happen if there were no
intervention by the Federal Reserve, the latter immediately steps in to put out some more Reserve
credit, to create a new state of artificial ease, so
as to induce a new outflow of gold. This obviously
is a process which can be continued indefinitely, the
effect meanwhile being to substitute Reserve notes-a paper emission—for the outgoing gold, inasmuch
as the operation of buying United States Government securities (or of bankers' acceptances, for that
matter, either) is to put out (or to keep out) Federal Reserve notes.
The Federal Reserve authorities are repeating their
performances of 1927-1928, when, in like manner,
they reduced their rediscount rate to an unwarrantably low level, and at the same time added enormously to their holdings of United States Government securities, starting the gigantic stock speculation which eventuated in the crash of last autumn.
What the effect on this occasion will be cannot be
said, but that all these things are outside the legitimate functions of the Federal Reserve System, and
constitute an abuse of the power of the System, of
that there can be no doubt. And for whose benefit
are the gold exports to be? Merely to pour some
more gold into the French sink hole.
The Federal Reserve was never intended to be a
central bank operating along the lines of the central
banks of Europe, and to conduct it as if it were
involves grave possibilities. The 12 Reserve Banks
to-day hold $576,224,000 of United States Government securities, which compares with only $157,600,000 at the corresponding date a year ago. If
now $50,000,000 to $75,000,000 more are to be added
to the total and the process is to continue 60 long
as the Reserve authorities see fit arbitrarily to encourage an outflow of the metal, it will not be long
before the Reserve Banks' holdings of Government
securities will reach $1,000,000,000, and even more.
And what will happen when the Federal Reserve
authorities undertake to unload their excessive holdings of United States Government securities? In
1928, when they did their unloading, with the intention of stopping the stock market excesses which
had developed as a result of the enormous amount
of Reserve credit they had put out (and failed in
the attempt), the effect was to completely demoralize the Government bond market, and with it the
bond market generally. The bond market never re-
829
covered from the blow it received on that occasion.
Do the Federal Reserve authorities intend that the
country shall be called upon to endure another strain
of the same kind, or have they given no consideration
whatever to that phase of the matter? A recovery
in the bond market is an indispensable prerequisite
to a revival of trade activity, but no recovery can be
counted upon if such a menace is to be hanging over
the market and to grow steadily in magnitude.
The "Wall Street Journal" is to be congratulated
upon having been able to re-engage the services of
Thomas F. Woodlock, who has just resigned as a
member of the Inter-State Commerce Commission.
Mr. Woodlock gained his early distinctions as a
member of the editorial staff of the "Wall Street
Journal," and the latter does not exaggerate when
it says the ranks of journalism are strengthened by
Mr. Woodlock's return to his profession. Mr. Woodlock is to be a contributing editor. Some of his
early contributions, it is stated, will probably be his
impressions of the work of the Inter-State Commerce
Commission, its problems, its difficulties, and the
defects of the law. This is certain to be something
instructive and constructive. Mr. Woodlock is eminently fitted for such a task, not only because of his
connection with the Commerce Commission, but because in his early days he made an intimate study
of the subject of railroad transportation. In 1895
he wrote a book on "The Anatomy of a Railroad
Report." In 1899 he wrote another book entitled
"Ton-Mile Cost." Mr. Woodlock is broad-minded
and impartial. The Commerce Commission has lost
a most capable man. The "Wall Street Journal"
is fortunate in having gained his services.
The Federal Reserve statements this week are
again colorless and call for little comment. Brokers' loans now, after the big contraction which occurred in June incident to the break in the stock
market, show only comparatively slight changes
from week to week, rising a few millions one week
and declining a few millions the next week. This
week the total stands at $3,214,000,000 against
$3,228,000,000 last week, thus showing a decrease of
$14,000,000; last week there was an increase
of $2,000,000, the week before a decrease of $17,000,000, and the week before that an increase of
$40,000,000, which last followed a contraction of no
less than $898,000,000 in the five weeks preceding.
As far as loaning under the different categories
is concerned, the changes are along the same lines
as those in previous weeks, and show an increase in
the loans made by the reporting member banks in
New York City on their own account, the amount in
this category having further risen from $1,669,000,000 to $1,719,000,000. On the other hand, loans
under the other categories register further decreases
—the loans for account of out-of-town banks having
fallen from $745,000,000 to $694,000,000, and the
loans "for account of others" from $814,000,000 to
$801,000,000.
Only slight changes appear in the figures of the 12
Reserve Banks in their own returns. Member bank
borrowing has slightly increased, the discount holdings being $205,923,000 this week against $197,101,000 last week. Holdings of acceptances
also
show a relatively small change, the amount
this
week at $133,571,000 comparing with $130,762,000
last week. The total of United States Govetnment
830
FINANCIAL CHRONICLE
securities stands at $576,224,000 against $576,368,000. As a result of these changes in the individual items, the grand total of the bill and security
holdings stands at $922,990,000 this week as against
$911,554,000 last week. The amount of Federal Reserve notes in circulation has increased during the
week from $1,335,141,000 to $1,338,774,000. Gold
Reserves again reflect the large takings for export,
the amount being down from $3,004,982,000 last week
to $2,961,178,000 this week.
Commercial failures in the United States for July
this year were quite as numerous as in the earlier
months of the year, and while the liabilities were
somewhat reduced as compared with the preceding
months back to October last, they were still quite
heavy. According to the records of R. G. Dun & Co.,
2,028 mercantile insolvencies occurred in the month
just closed involving $39,826,417 of indebtedness.
These figures compare with 2,026 similar defaults
in June for $63,130,762, and 1,752 failures in July
of last year owing $32,425,519. The increase in July
over a year ago in the number is 15.8%, and in the
indebtedness 22.8%.
For the seven months of 1930, 15,799 mercantile
defaults have been reported, involving $376,915,000,
while for the corresponding period of the preceding
year the number was 13,924 and the indebtedness
$264,554,455, the increase in the number being 13.5%
and in the liabilities 42.5%. These ratios show that
as to the number of defaults, July makes rather a
more unsatisfactory showing than for the earlier
months of the year, whereas the liabilities for July
make the least unfavorable comparisons. This latter
fact can be accounted for by a notable improvement
for the month just closed as to the number of large
failures.
One feature of the record of insolvencies for July
is the reduction in the number of failures in the
manufacturing division. Practically all of the increase for July is in the trading class. Not only
is the number of trading defaults much larger in
July than a year ago, but the trading liabilities
for that month are also very much heavier. There
were 1,481 trading failures in the month just closed,
involving $21,571,609 of indebtedness; in July of last
year the number was 1,190, for $14,605,398. In the
manufacturing division 425 insolvencies in July this
year for $13,368,613 compare with 461 similar defaults a year ago involving $12,767,465, while in the
third section, embracing agents and brokers, 122
failures last month for $4,886,195 compare with 101
a year ago owing *5,062,666. The increase for the
trading division may have some significance. It
chiefly affects some of the larger trading classes,
both as to the number and liabilities. First may
be mentioned the clothing section, and next dry
goods, furniture, hardware, drugs, general stores,
dealers in books and stationery and in furs, hats
and gloves. For all of these classes in the trading
section the number this year shows an increase
and the liabilities for most of them are heavy. For
the failures included in the grocery division, also,
for hotels and restaurants,for shoes, and for jewelry,
the number, while important, does not compare so
unfavorably with the figures of last year. In the
grocery section, which tops the list, as usual, there
is an increase of one only over a year ago, whereas
for many months past this division has been showing
quite a reduction in the number of defaults.
[VoL. 131.
Insolvencies last month in manufacturing lines
were reduced mainly for the four classes embracing
iron and foundries, the large lumber manufacturing
division; also for clothing, which is one of the leading manufacturing sections, and for furs, hats and
gloves. On the other hand, there is an increase in
the manufacturing end of the report for machinery
and 'tools, both in the number and liabilities; for
printing and engraving, and for bakers. Liabilities
are much heavier for July this year in the two
divisions embracing machinery and tools, and printing and engraving.
As to the large failures in July, that is, those
where the liabilities in each instance are $100,000
or more, there were 58, involving a total of $16,465,398. For each month this year the number and
liabilities for the larger defaults have been very
much higher than in July. In that month a year
ago there were 51 such insolvencies, involving $13,126,616. The increase for July this year was mainly
for the trading section, where 23 such defaults for
$6,258,805 compares with 16, involving $3,113,443,
in that month a year ago.
The Government estimate on cotton, issued at
noon yesterday, contained a surprise for the trade.
In view of the reports of serious and extensive damage to the crop, a yield of 14,362,000 bales was not
expected. Yet that is the Agricultural Department's
estimate. This figure is not far short of the harvest
of last year, which amounted to 14,828,000 bales.
The Aug. 1 condition of 62.2% of normal is seven
points lower than the Aug. 1 condition last year,
which was 69.6% of normal, and compares with the
10-year average of 69.6%. There are other favorable
features, however,for the indicated yield per acre for
this year is put at 155.3 pounds, as compared with
the actual harvest last year of 155 pounds per acre,
and a 10-year average of 155.1 pounds.
Furthermore, the hot, dry weather of July in the
belt from Alabama west, which was particularly
severe in parts of Arkansas and Louisiana, and
which also affected Oklahoma, Tennessee, and Missouri, has resulted in the presence of a very small
number of weevil in these States, and this may prove
very beneficial before the close of the season.
The
injury occasioned in these very important cotton
States by the drouth is estimated by the Department to threaten a loss in production of 23%
below
last year's yield. This loss is particularly heavy
in
Mississippi, Louisiana, Arkansas, and Alabama, and
also affects Oklahoma, Tennessee, and Missouri
.
Should there be sufficient rainfall, however, during
the rest of the season, more than average improvement may be expected in these States because of the
relatively small presence of the weevil. A recovery
during the next month or six weeks, which is the
crucial period for the crop, may result in a considerable addition to the present estimate of yield.
The forecast for Texas of 4,496,000 bales shows an
increase of 556,000 bales over the short crop of last
year in that State. This year's estimate is based on
a yield per acre for that State of 128 pounds, which
compares with a yield last year of only 108 pounds,
and the 10-year average yield for Texas of 135 pounds
per acre. The Aug.1 condition for Texas this year is
only 61% of normal, and compares with 61% for Aug.
1 1929, and 65% the 10-year average. These figures
all of them show room for some further improvement
in the large production to be expected in Texas.
Auo. 9 1930.]
FINANCIAL CHRONICLE
In the South Atlantic States there has been ample
rainfall, and in these States the yield now promises
to be well up to, or in excess of, last year's. The
Department indicates, however, that frequent rains
hereafter in this section may prove injurious, rather
than helpful, because the boll weevils are relatively
most numerous at this time.
With usual weather during the remainder of the
season, weevil damage thoughout the South, it is
expected, will be less this year than it was last year.
It may be about equal to the damage of 1924 and
1926, the loss in those years attributable to the
weevil having been, respectively, 8.1% and 7.1%.
Only in one year, 1925, when the weevil damage in
the whole cotton belt was estimated as low as 4.1%,
has the loss from this cause during the past 10 years
been below that of 1926. Low temperatures last
winter, as well as the recent hot, dry weather, has
been helpful in the reduction of weevil in the section
of the belt west of Alabama. In the Southeastern
States also weevil conditions are better than they
were last year.
The stock market this week showed rallying tendencies the early part, which were not maintained
the latter part, and eventuated in a sharp break
on Friday. On Saturday last the market was
slightly higher, and on Monday showed quite a
strong upturn on a narrow volume of business. The
improvement continued on Tuesday. The better feeling on these days seemed to be based mainly on the
spectacular rise in the grain markets, the advance
in wheat particularly being viewed with a great deal
of satisfaction after the long antecedent period of
shrinking in wheat values. As to the speculation
in the grain markets this was based largely on the
damage done to the corn crop by the widespread
drouth, which also did a large amount of damage
in many other ways to the agricultural fields. The
market now manifested weakness. It began to dawn
upon the minds of traders that the grain specula.
tion really betokened much damage to the corn crop,
and thereby assumed the dimensions of a severe infliction in the agricultural world, and furthermore
that a crop disaster was hardly a legitimate basis
for a bull speculation in the stock market. On Wednesday the market turned reactionary, when it appeared that there had been some falling off during
the week in the working schedules of the steel mills.
From that time on the tendency of prices was reversed and considerable declines occurred in a number of active specialties, the effect of which was to
carry the whole market down. On Friday the market broke badly all through the list, the chief depressing influence being a further shrinkage in the
working capacity of the steel mills. A sharp decline
in Warner Bros. Pictures on the passing of the common stock dividend also had an unsettling influence.
Call loan rates on the Stock Exchange were somewhat firmer, rising from 2% to 2/ ,but on Friday
12%
getting back to 2%. In the following we show the
stocks which the present week touched new low figures for the year:
STOCKS MAKING NEW LOWS.
Railroad.—
Industrial and Miscellansouo-Chicago & Alton
American Beet Sugar
Chicago & Alton preferred
American La France & Foamite
Chicago & Eastern Illinois preferred Atherican Locomotive
Chicago Rock Island & Pacific
American Machine & Foundry
Louisville & Nashville
Atlas Tack
Autosalni Corp.
Missouri-Kansas-Texas preferred
Belding Hemingway
Seaboard Air Line
Bullard Co.
Southern Hallway
Byers & Co.common
Wabash
831
Indus. and Missal.(Con.—
Industrial and Miscell. (Concl.)—
Byers & Co. preferred
Maytag Co.
Cavanagh-Dobbs preferred
Maytag Co. prior preferred
Chickasha Cotton Oil
National Cash Register "A"
N.Y.Air Brake
Congress Cigar
Corn Products Refining
North German Lloyd
Parmelee Transportation
Debenham Securities
Phillips-Jones preferred
Electric Boat
Pitts. Coal of Penna. preferred
Electric Power & Lt. pref. (6)
Porto Rican Amer. Tobacco class A
Follansbee Bros.
Safeway Stores pref. (6)
Gobel (Adolf)
Sharp & Dohme
Goodrich Co.(B. F.)
United Cigar Stores
Gulf States Steel
Universal Leaf Tobacco
Hartman Corp.class A
Hartman Corp.class B
U. S. Express
International Printing Ink
U. S. Industrial Alcohol
Interstate Dept. Stores pref. ex-war. U.S. Rubber 1st preferred
U. S. Rubber common
Karstadt (Rudolph)
Kayser (J.) Co.
Walworth Co.
Warner Bros. Pictures
Lehigh Portland Cement pref.
Webster-Eisenlohr
Libby-Owens Glass
Yale & Towne
Long Bell Lumber class A
Trading has continued light in volume, until the
break on Friday, when the volume doubled. At the
half-day session last Saturday the dealings on the
New York Stock Exchange were 366,090 shares; on
Monday they were 1,201,810 shares; on Tuesday,
1,221,490 shares; on Wednesday, 1,317,370 shares;
on Thursday, 1,450,890 shares, and on Friday,
3,312,520 shares. On the New York Curb Exchange
the sales last Saturday were 132,100 shares; on Monday, 302,900 shares; on Tuesday, 391,900 shares; on
Wednesday, 378,300 shares; on Thursday, 387,900
shares, and on Friday, 614,500 shares.
As compared with Friday of last week, smart de/
clines appear. Fox Film A closed yesterday at 421 8
against 45% on Friday of last week; General Electric at 66% against 69%; Warner Bros. Pictures at
/
281 against 3678; Elec.Power & Light at 62 against
/s
,/
1s;
69; United Corp. at 295s against 32/ Brooklyn
Union Gas at 117% against 124; American Water
/
1
2
Works at 81% against 90 ; North American at 95
against 98%;Pacific Gas & Elec. at 54 against 55%;
Standard Gas & Elec. at 88% against 94%; Con/
solidated Gas of N. Y. at 10134 against 104%; Co-lumbia Gas & Elec. at 58% against 62%; International Harvester at 78% against 82; Sears, Roebuck & Co. at 63% against 67; Montgomery Ward &
Co. at 33% against 35%; Woolworth at 57% ex-div.
/
against 5978; Safeway Stores at 59% against 62%;
Western Union Telegraph at 164% against 169%;
American Tel. & Tel. at 202% against 209%; Int.
Tel. & Tel. at 42% against 45%; American Can at
117% against 128%; United States Industrial Alcohol at 60 against 67%; Commercial Solvents at 23%
against 25%; Corn Products at 85% against 95%;
Shattuck & Co. at 35 against 38, and Columbia
Graphophone at 1614 against 17%.
/
Allied Chemical & Dye closed yesterday at 251%
against 264 on Friday of last week; Davison Chemical at 26 against 26; E. I. du Pont de Nemours at
107% against 114%; National Cash Register at 42
against 46; International Nickel at 21% against
23%; A. M. Byers at 64% against 71; Sim/
mons & Co. at 2338 against 25; Timken Rol/
/
ler Bearing at 6314 against 6514; Mack Trucks
/
at 54% against 5658; Yellow Truck & Coach
/
at 21 against 25; Johns-Manville at 8178 against
84%; Gillette Safety Razor at 77% against 82%;
/
National Dairy Products at 5114 against 53; National Bellas Hess at 9% against 95/s bid; Associ/
1
2
/
ated Dry Goods at 32 against341 8; Texas Gulf
Sulphur at 57 against 58%, and Bolster Radio at
278 against 3.
/
The steel shares were higher early in the week, but
later weakened when it appeared that steel mills
were again operating at reduced capacity. United
States Steel closed yesterday at 161 against 1651/4;
832
FINANCIAL CHRONICLE
[VOL. 131.
on Friday of last week; Bethlehem Steel at 80 unemployed out of the 11,000,000 registered British
against 81, and Republic Iron & Steel at 41 against workpeople. This compares with a total of 1,473,453
%. The motor stocks have been rather quiet. 402 at the start of this year, and with 1,154,129 at
General Motors closed yesterday at 44 against 45% this time last year. Attainment of the 2,000,000
on Friday of last week; Nash Motors at 34 against mark gains added significance because it was not
/
1
2
3512; Chrysler at 2714 against 2918; Auburn Auto generally expected that this figure would be reached
/
/
/
at 110 against 118; Packard Motors at 1378 against before the autumn or winter months. German
/
14%; Hudson Motor Car at 3118 against 33, and figures, based on trade union returns, show a total
/
Hupp Motors at 13 against 13 . The rubber stocks of 2,774,000 unemployed in that country, with the
/
1
2
have moved lower. Goodyear Rubber & Tire closed recent trend upward. Unemployment is negligible
yesterday at 59 against 623 on Friday of last in France, but labor troubles in the northern Depart%
/
1
4
week; B. F. Goodrich at 22 against 2512; United ments have caused some anxiety. Approximately
/
1
4
/
States Rubber at 1914 against 21, and the preferred 135,000 workers are on strike in the metal and tex/
at 39 against 41 .
/
/
1
2
1
4
tile industries, in protest against the application of
The railroad stocks have again showed more or a new insurancelaw whereunder employers withdraw
less weakness. Pennsylvania RR. closed yesterday from wages the amount of assessment levied for such
/
at 71% against 7478 on Friday of last week; New insurance. The heavy gold movement to Paris from
York Central at 160 against 162; Erie RR. at 38 London and New York caused more anxiety in
against 411 8; Baltimore & Ohio at 103 against France this week than in the other countries con/
%
104 ; New Haven at 993 against 104 ; Union cerned. Full opening of the foreign securities mar/
1
4
/
1
2
Pacific at 2101 8 against 216 bid; Southern Pa- ket is urged in Paris, a report to the New York
/
/
1
2
/
cific at 11518 against 118; Missouri-Kansas-Texas "Times" states, "in order to relieve the gold glut
at 36% against 393 ; St. Louis-San Francisco at 87 from which the country is beginning to suffer."
%
against 88; Southern Railway at 77% against 87%;
The London Stock Exchange was closed Monday in
Rock Island at 91 against 102; Great Northern at observance of the August bank holiday with which
/
1
4
79 against 82 bid, and Northern Pacific at 70 the most popular vacation season is inaugurated.
against 73.
When business was resumed Tuesday, an undercurThe oil shares have moved up and down with the rent of optimism was apparent, according to the
general market. Standard Oil of N. J. closed yes- reports, although business was very slow. Giltterday at 68 against 72 on Friday of last week; edged securities remained firm, while international
Standard Oil of Cal. at 61 against 62 ; Simms stocks moved upward on the basis of favorable week/
1
4
/
1
2
Petroleum at 20 against 21 ; Skelly Oil at 28% end dispatches from New York. British industrials
/
1
4
/
1
2
against 30%; Atlantic Refining at 35
/ against attracted little interest and price changes were nomi1
4
371 8; Texas Corp. at 51% against 52%; Pan Amer- nal. The London market improved further Wednes/
ican B at 581 8 against 58%; Richfield Oil at 15% day, with many firm spots noticeable among home
/
against 17 ; Phillips Petroleum at 32 against 33; industrial issues, while gilt-edge securities retained
/
1
2
Standard Oil of N. Y. at 3138 against 32, and Pure their firm tone. Home rails were out of favor, how/
Oil at 211 8 against 21%.
/
ever, as traffic returns were again poor. Rubber
The copper stocks have fluctuated within narrow stocks were the weakest in the list following a drop
%
limits. Anaconda Copper closed yesterday at 493 in the commodity to a new low record. The tone
against 501 2 on Friday of last week; Kennecott Cop- Thursday was irregular, due partly to declines in
/
per at 38 against 39; Calumet & Hecla at 1478 international issues on the basis of unfavorable dis/
against 15 ; Calumet & Arizona at 53% against patches from New York. Gilt-edged issues did
/
1
2
5512 bid; Granby Consolidated Copper at 23% well, however, while rubber shares improved a little
/
against 24; American Smelting & Refining at 64
/ on a slight rally in the commodity. Home rails and
1
2
against 6678 and U. S. Smelting & Refining at 19 British industrial issues moved against the holders.
/
,
against 20.
Gilt-edged issues were firm in a further quiet market yesterday. Gramophone stock featured the marStock exchanges in the important European finan- ket, however, these issues rising sharply on good
cial centers continued their quiet and irregular earnings reports.
courses in all sessions of the current week. Price
Selling on a fairly heavy scale was started on the
movements were very, small on the London Stock Paris Bourse at the opening of business Monday, and
Exchange, where public interest diminished per- prices moved downward sharply under the pressure.
ceptibly owing to the general vacation exodus from The move was attributed to professional operators,
London. The Paris and Berlin markets were dull who were said to have chosen a dull moment for their
and inclined to seek lower levels. Trade develop- attacks on values. No surface reason for the weakments, strikes, unemployment and gold movements ness was apparent, dispatches said, particularly in
absorbed almost all the interest of stock traders as view of the Finance Minister's hopeful summary of
well as the general public in all markets. European the French situation. A partial recovery followed
sentiment has become somewhat more hopeful in its Tuesday, but the gains were not maintained and
attitude toward the prospects for autumn improve- prices receded at the close almost to the levels of
ment in trade and industry, notwithstanding con- the previous session.
Trading was very moderate,
tinually poorer current reports. Undue optimism is with many shares not dealt in at
all. A further dull
deprecated, but a slow recovery in the new season session Wednesday brought no notable change in
is now considered more than a possibility in many the French market.
Transactions were few while
quarters.
selling orders predominated, causing further slight
Steadily increasing unemployment figures in losses. In Thursday's session
the Bourse was again
Britain, meantime, furnish the most widely recog- reported "completely
stagnant," and "entirely denized index of conditions in that country. The void of interest." Activity was
limited to the execuofficial figures this week show a total of 2,011,467 tion of a few orders in the morning, with stocks de-
AUG. 9 1930.]
FINANCIAL CHRONICLE
dining a little in the meanwhile. The tone of the
Paris market improved to a degree in yesterday's
dealings.
Exceptionally dull conditions prevailed also on the
Berlin Boerse, when that exchange was opened for
business Monday. A small volume of selling proved
sufficient to depress the market, but the losses remained moderate. Artificial silk shares were the
heaviest issues, owing to the circulation of rumors
affecting the companies. Tuesday's session was distinguishable from the earlier period only by a
greater degree of weakness. Small sales proved sufficient to bring about losses of a few points, and the
general level declined substantially. The banking
section was particularly weak, Reichsbank shares
dropping more than four points. The steady drop in
quotations brought out more stock from nervous
holders Wednesday, dispatches said, and prices
again dropped sharply, with losses reaching ten
points in some instances. Potash, brewery and bank
stocks were among the heaviest issues. The downward movement on the Boerse was halted Thursday,
partly through the intervention of the banks. Supporting orders were placed in important issues and
improvement was also fostered by the covering of
short sellers. The general level showed small improvement, however, as orders from the Provinces
were still mainly on the selling side. With the trading volume again small yesterday, prices turned
slightly firmer.
833
sidered definite limitation of the fleets of the three
largest naval powers "practically an accomplished
fact." Admitting that the treaty might well have
embodied additional steps toward limitation, he
added that his purpose was not to deal critically
with the London instrument but rather to consider
how its ratification effects the general cause of disarmament and peace. "To have limited the navies
of the oceanic powers will not in itself conjure away
the menace of war," he continued. "In the last hundred years no war has begun as a naval war, nor
was it the rivalry of European fleets which created
the atmosphere out of which the great World War
sprang. The naval treaty is a great and essential
preliminary to the work of permanent peace, but it
is only preliminary. The real task of exorcising the
war spirit still is before us. Until we have limited
the land and air forces of the world we cannot hope
to put an end to the recurring threat of war." Lord
Cecil also sketched the tasks which the Preparatory
Disarmament Commission of the League of Nations
will face at its next meeting in November.
Agitation in this country regarding imports of
Soviet Russian products died down this week almost
as quickly as it arose, owing chiefly to the speedy
action by the Treasury Department in lifting its embargo on Russian pulpwood. Treasury officials, in
addition, issued a clear statement of policy indicating that future complaints on imports from Russia
must be backed, in order to receive consideration, by
Although ratification of the London naval treaty competent evidence that entry would violate proof 1930 by the Japanese Government is still lacking, visions of the American tariff laws. Assurances
favorable action by Tokio is expected by the Navy were given, finally, that investigations into comDepartment in Washington, which has already ar- plaints that convict labor is used in Russian coal
ranged for important changes in accordance with and manganese mines and in the lumber areas will
the terms of the new instrument. President Hoover be continued through Department sources. "But
affixed his signature to the treaty July 22, while the inference was apparent," a Washington dispatch
announcement that Bing George V had signed the to the New York "Times" said, "that even governinstrument of ratification for Britain was made ment officials must present adequate cases before
July 31. Emperor Hirohito of Japan has trans- action will be taken." These announcements folmitted the treaty to the Privy Council for considera- lowed shortly after a White House statement that no
tion, and all observers in Tokio are convinced that discriminatory action against Russian merchandise
a report favorable to ratification will be made to has been or will be undertaken by the Government.
the Emperor by that advisory body. In Washing- With the policy of the Administration thus defined,
ton, decision was reached by the Navy Department attempts to secure both general and specific emlast Saturday for retirement of the battleships Utah, bargoes on Russian goods suddenly vanished. Such
Florida and Wyoming from the fleet before Oct. 1, attempts were made last week by representatives of
notwithstanding the treaty right to keep two of these labor groups and by agents of certain industries,
ships in commission for a year and the third for 18 largely in consequence of the activities of a Conmonths after the treaty goes into effect. "The action gressional investigating committee, which focused
was decided upon under the conviction that the its attention on Soviet commercial agents in this
treaty would be ratified by Japan and accordingly country in its inquiry into charges of the spread of
go into effect," a dispatch to the New York "Times" subversive communistic propaganda. Statements
said., By means of this early retirement savings of were widely circulated that convict labor was emabout $4,000,000 will be effected, it is said, while ployed in the Russian pulpwood industry, and Asthe move will also serve as a gesture of international sistant Secretary of the Treasury Seymour Lowman
confidence. The retirement of these ships will re- promptly issued instructions to customs officials to
duce the number of such capital vessels in the prevent the entry of pulpwood.
American fleet to 15, which is the maximum perThe embargo on Russian pulpwood, which was
mitted under the terms of the London agreement.
applied July 25, was lifted late Aug. 1, after a hearAn important further step in general disarmament ing in Washington, during which pleas were prewas advocated in an international radio address last sented by officials of the Amtorg Trading Corp.,
Sunday by Viscount Cecil, British representative in Soviet commercial agents in this country, and by
the League of Nations. The naval treaty is a great representatives of the International Paper Co. and
achievement for peace, Lord Cecil said, but he de- the shipping lines handling the cargoes. In connecclared that great powers should now go forward tion with this change in front, Mr. Lowman issued
and limit their air and land armaments also. Like the following statement: "Section 30'7 of the Tariff
other observers, Lord Cecil took Japanese ratifica- Act of 1930 prohibits the importation of goods,
tion of the naval treaty for granted and thus con- wares, articles, and merchandise produced wholly
834
FINANCIAL CHRONICLE
rirou 131.
or in part in any foreign country by convict labor, written, of course, by the
party in office. British
and in view of the fact that certain information foreign affairs were viewed
in the speech with "prohad been given indicating that the pulpwood may found satisfaction," and
particular gratification was
have been produced by convict labor in a foreign expressed over the results
of the London Naval Concountry the cargoes have been denied entry pending ference, the evacuation
of the Rhineland by British
a determination as to whether the pulpwood had troops, and the reparat
ions settlements at The
been so produced. Hearings were held, but the evi- Hague. Grave anxiety
was admitted, on the other
dence adduced was conflicting and inconclusive and hand, regarding
Britain's unemployed, who now
has not been found to be sufficient to establish the number more than
2,000,000 as compared to about
fact that the pulpwood was produced by convict 1,150,000 a year ago.
The spread of unemployment
labor. Accordingly, the Treasury Department has was attributed
largely to the general industrial deissued instructions to the collectors of customs that pression throug
hout the world.
the detained shipments may be permitted entry. It
The Parliamentary business, which was completed
may be stated, in this connection, that the Treas- just before proroga
tion, included the acceptance on
ury Department intends to enforce strictly the pro- its third readin
g of the finance bill, which provides
visions of Section 307 of the Tariff Act of 1930 pro- for expenditures
of close to /4,000,000,000 for the
hibiting entry to any goods, wares, articles, or mer- current fiscal
year. The division on the budget bill
chandise mined, produced, or manufactured, wholly resulted in its
approval by a vote of 223 to 185, the
or in part,in any foreign country by convict labor." smallness of
the Government's majority causing
The statement that only specific complaints,
ac- some surprise. Prime Minister MacDonald, in his
companied by competent evidence, will cause em- last party pronou
ncement before the end of the sesbargoes to be laid upon Russian products
in the sion, admitted candidly that the first 15 months of
future, was made in Washington, Aug. 2.
"The the Labor Government were "not quite so full of
Treasury," a dispatch to the New York "Heral achievement
d
as we should like." He placed great
Tribune" said, "is not to depend in the future
on emphasis, however, upon the naval agreement.
hearsay evidence as in the case of Russian pulpwo
od Stanley Baldwin, leader of the Conservatives, made
destined to American paper manufacturers. The a speech on
the same day warning the Laborites that
spectacle of indecision in the pulpwood case is alien the voters' wrath
could not be turned by any attempt
to the Treasury's way of doing business, it was
indi- to fall back on "world causes." Mr. Baldwin inticated, and probably will ndt be repeated. By
what mated that the Labor Government, which is a mimethod the Treasury will gather data on the
true nority regime, might be overthrown within six
origin of hundreds of Russian articles and
products months. The British Parliament will not reassemble
offered to American trade is not disclosed." It
was until Oct. 28, and in the meantime important probalso indicated, however,that the revocation of
orders lems will be faced by the Government at the Imdetaining pulpwood is not to be construed as
a perial Conference, which meets at London in Sepprecedent. American importers are obliged to pro- tember. Of much importance also will be the
Indian
tect themselves in ascertaining whether Russian
or round-table conference, to be held in London during
other foreign goods are convict made, Washington October.
reports said, and. since the Treasury is expected to
have its own information hereafter, embargoes are
A new commercial treaty between Italy and the
likely to be final, when applied. With the question Russian Soviet Government was signed in Rome,
of Soviet-American trade relations thus readjusted Monday,to the gratification both of the
Italian busion their previous basis, inquiry was made at the ness community and Soviet officials.
Full details
State Department in Washington, Wednesday, re- of the agreement were not reported. It was
made
garding diplomatic relations. Assistant Secretary known in Rome, however, that the compact not only
of State Castle indicated, an Associated Press dis- consolidates the commercial relations
which have
patch said, that the official American attitude re- been built up in the last two years, but
sets up
mains as it was enunciated in 1923 by Charles E. conditions favorable for an intensive develo
pment of
Hughes, who was then Secretary of State. Mr. the economic relations of the future. In a Moscow
Hughes at that time raised the question of Com- dispatch to the New York "Times" it was
indicated
munistic propaganda in this country, and also stated that the Italian Government, under the agreem
ent,
that some adjustment must be made of old financial guarantees credits on Soviet orders up
to 75% of
obligations to the United States before relations can the value. This provision, it was said, will
permit
be renewed.
the amount of orders to be placed in Italy during
the next 12 months to be doubled, as compared with
Prorogation of the British House of Lords and the period now ending. Assistant Commissar
LiuHouse of Commons by Xing George on Aug. 1 bimof, who signed the agreement for the
Moscow
brought to an end for the summer the last of the Government, declared that Russia's purcha
ses in
Parliaments of the great democratic countries. The Italy have already increased 50% in the last
year,
American Congress and the French Parliament both while the chartering of Italian ships by
Russia had
terminated their labors in the first half of July, after doubled in the same period. He cited an
urgent
unusually lengthy sessions, while the German Parlia- need in Italy for Soviet merchandise, and
added that
ment was dissolved arbitrarily on July 18 following Russia needs to buy an ever-increasin
g quantity of
the failure of the Bruening Cabinet to get legislative machinery and industrial produc
ts abroad.
support for needed financial reforms. The session
of the British Parliament was also a protracted one,
The organized banditry that is never absent in
as it began on July 2 last year, shortly after the China has developed to such
menacing proportions
Labor Government tnok office. In the colorful cere- in the last two weeks that steps
for the protection
mony of prorogation the most important incident of the lives and property of foreign
ers in the lower
was the reading of the King's speech, which was Yangtze River valley have been conside
red advisable
AUG. 9 1930.]
FINANCIAL CHRONICLE
835
by the United States, British, and Japanese Govern- Lindsay, British Ambassador, and William R.
ments. With the Nanking Nationalist forces en- Castle, Jr., Assistant Secretary of State. That all
gaged in a struggle with the Northern Alliance of possible steps will be taken for the protection of
warlords for control of the land, banditry has spread foreigners was indicated by numerous reports from
virtually unchecked. The marauders are operating Shanghai and Hankow telling of the dispatch of
in bands of 10,000 men each, according to statements American, British, and Japanese warships to the
made by Far Eastern experts of the Department of Yangtze River ports. A number of American deState in Washington, and their chief tactics are stroyers augmented the river gunboat fleet which
those of looting, burning and destroying public prop- usually operates on the Yangtze. Available British
erty, and confiscating the property of wealthy men. vessels of the necessary shallow draft also were sent
Many wealthy Chinese, and occasionally foreigners up-stream, while an additional Japanese destroyer
as well, are held for ransom by the bandits. The flotilla was ordered to Hankow. The Japanese Govlong continued turmoil of succeeding revolutionary ernment made it plain that marines will be landed
movements in China has made such operations in Hankow if such steps are considered necessary
almost a matter of course in many parts of the for the protection of the lives of Japanese nationals.
country, but never before have the gangs been so A detachment of British troops was sent to Hankow
large or so well led. The hordes were formerly re- late 'this week, and with numerous foreign warships
cruited chiefly from the unpaid soldiery, who live already in the vicinity, threats of the capture of the
on the land in any case and switch their allegiance city by the so-called Communist bandits were conreadily to the side that promises the most loot. Of sidered greatly diminished.
late, however, impoverished peasants are said to
have joined the bands in large numbers, swelling the
Steady pressure for cessation of the campaign of
ranks to formidable proportions. The leaders of the civil disobedience to British rule in India has been
bands profess Communistic aims and principles, exerted the past month, not only by British authoriwhile a further Red tinge is imparted by the teach- ties but by native leaders as well. Negotiations have
ings of shrewd Chinese Communists who declare that been carried on steadily among the leaders of difsocial equality and material prosperity will be ferent factions of Indians, and in the meantime few
achieved by the methods of banditry. The movement untoward incidents have been reported. The boyis thus well characterized in a Shanghai dispatch cott against foreign goods, and particularly British
to the New York "Herald Tribune" as a "Red wave articles, has been well maintained, however, and
of Communist banditry,"
official reports issued this week in London indicate
Reverberations of the capture and looting of the that Government revenues have been seriously curimportant interior city of Changsha on July 28 by tailed by the movement. "Despite the arrest of most
one of these bands were still apparent this week. of the independence leaders, the movement has
Several reports of the "recapture" of Changsha were rapidly increased its threat to business and industry
issued in Shanghai, but these were considered un- as well as Government revenues in the last few
trustworthy in view of the absence of any sizable weeks," a London report to the United Press states.
body of Nationalist troops. In a Washington state- Fresh trouble has developed with hostile Afghan
ment summarizing Consular reports it was indicated tribesmen in the northwest.frontier region, Simla
'that most of the Communist bandits left the city dispatches indicate, while the situation remains
within a few days. Indeed, it appeared that the tense in many important cities owing to clashes of
bandits swept unchecked through the Yangtze Val- Hindus and Moslems. In continuation of the pracley and that their next objective might be Hankow, tice of imprisoning the successive leaders of the nonwhere important foreign settlements are located. co-operation movement, Vallabhal Patel, who headed
Fears were also entertained that they might enter the campaign in the last few weeks, was sentenced
and loot Nanchang, capital of Kiangsi Province, and to three months' imprisonment Thursday. He
other important cities. After some early confusion named as his successor as President of the all-India
it was established that all foreigners in Changsha Congress Mulana Abdul Kalam Azad. Rival facescaped the bandits, while foreign property, which tions have developed within the Congress, however,
is located on an island in the river, also escaped and the entire movement appears less threatening at
damage other than looting. Foreigners throughout the moment than it did some weeks ago. Moderate
the large affected area have been urged by their elements in the Congress have demanded that Marespective Consuls to proceed to Hankow or Shang- hatma Gandhi discontinue the campaign in view of
hai and most of them have already withdrawn to the approaching round-table conference on Indian
these protected ports. In Fukien Province in south- affairs in London. Pleas for peace were conveyed
ern China, bandits captured two elderly British fe- late in July from the Pandits Motilal and Jawarmale missionaries and demanded a ransom of halal Nehru, who are both in jail at Poona, to Mr.
$100,000 in native currency (gold, $38,000). This Gandhi, who is confined in a military prison at
incident caused much indignation in London, and Yerovda. Although silence has been maintained on
British representatives in China made strong repre- the developments, it would appear that some progsentations to the Nationalist authorities for release ress has been made, as the principals in the moveof the captives. A mission society in London author- ment were brought together this week and allowed
ized the payment of tie demanded ransom.
to confer directly. British officials in Simla, howPrompt and effective steps for the relief of the ever, were said to be far from optimistic that any
city of Changsha and the protection of American concrete results will follow the meeting.
property in that city were demanded late last week
There were no changes in the discount rates of
by Nelson T. Johnson, American Minister at Peking,
in a note to the Foreign Minister of the Nanking any of the central banks of Europe during the week,
regime. Early this week conversations on the devel- but on Monday the Reserve Bank of Peru raised its
opments were held in Washington by Sir Ronald discount rate to 9%, after having on July 26 raisej
836
FINANCIAL CHRONICLE
its rate from 7% to 8%. Rates remain at 6% in
Spain; at 512% in Austria, Hungary, and Italy;
/
at 4 % in Norway; at 4% in Germany, Denmark,
/
1
2
and Ireland; at 3 % in Sweden; at 3% in England
/
1
2
and Holland, and at 2 % in France, Belgium, and
/
1
2
Switzerland. In the London open market discounts
for short bills yesterday were 214@2 5/16% against
/
21 4% on Friday of last week, and at 2 5/16% for
/
long bills against 21 4@25/16% the previous Friday.
/
Money on call in London yesterday was 1%%. At
Paris the open market rate continues at 2 %, and
/
1
2
in Switzerland at 1' 8%.
/
7
The Bank of England statement for the week
ended August 6 shows a gain of £344,444 in bullion
which brings the total up to £153,594,839 as compared
with £141,431,583 a year ago. Reserves however
fell off £4,257,000 since circulation expanded £4,601,000. Public deposits decreased £222,000 and
other deposits £36,000. The latter include bankers
accounts which rose £581,301 and other accounts
which fell off £617,526. The reserve ratio dropped
to 37.88% from 41.75% a week ago. A year ago the
ratio was as low as 22.41%. Loans on Government
securities increased £1,480,000 and those on other
securities 0,541,648. Other securities consist of
"discounts and advances" and "securities." An increase of £1,219,337 was shown in the former and of
£1,322,311 in the latter. The discount rate is unchanged at 3%. Below we give a comparison of the
different items for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1928
1927
1928
1929
1930
Aug. 11.
Aug. 10.
Aug. 8.
Aug. 7.
Atty. 6.
Circulation
372,977,000
Public deposits
7,865,000
Other deposits
98,339,647
Bankers' accounts 61,552,286
Other accounts ...- 36.787,381
Govemm't securities 53,145,547
Other securities_ _ _ - 31,574.428
Disct. dc advances 7.960,057
Securities
23,614.359
Reserve notes & coin 40,616.000
Coin and bullion_ _ _153,594.839
Proportion of reserve
to liabilities
37.88%
Bank rate
3%
376,202,000
8.270.000
104,225,749
67.127.342
37,128,407
74,266,855
31,163,431
6.834.541
24,328,890
25,228,000
141,431,583
22.41%
514%
136,777,000 137,492.340 141,321,420
12.913,000 11,789,989 11,003.970
104,531,000 101.641.232 112,162,279
29,062,000 47,441,999 36,809.994
49.099.000 49,160,083 72,196.124
57,405,000 34.957,735 32,296,301
174,432,054 152,700,075 153,867,727
48.88%
444%
30.50%
444%
26.22%
5%
a On Nov.29 1928 the fiduciary currency was amalgamated with Bank of England
note issues, adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
The Bank of France in its statement for the week
ended Aug. 2 shows a gain in gold holdings of 778,199,217 francs. The total of gold held now amounts
to 46,061,058,118 francs, compared with 38,109,644,344 francs at the corresponding week last year
and 30,093,385,798 francs in 1928. A decrease
appears in credit balances abroad of 37,000,000
francs and in bills bought abroad of 34,000,000
francs. Owing to a large decline in French commercial bills discounted, namely, 1,306,000,000
francs, the item now aggregates 4,759,014,470 francs.
Notes in circulation rose 1,898,000,000 francs, raising the total of notes outstanding to 74,008,027,455
francs as compared with 65,680,181445 francs the
same date a year ago. Advances against securities
increased 159,000,000 francs, while creditor current
accounts dropped 1,706,000,000 francs. Below we
give a comparison of the various items for the past
three years:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
for Week.
Aug. 2 1930. Aug. 3 1929. Aug.4 1923.
Francs.
Francs.
Francs.
Francs.
Gold holdings._ _ _Inc. 778,199,217 46.061.058,118 38,109.644,344 30,093,385,798
Credit bals. abr'd_Dec. 37,000.000 7.067,672,426 7,302,378,319 16,810,425,734
French commercial
bills discounted _Dec.1308000.000 4,759.014.470 8,190.278.297 3,504,105.601
Bills bought abr'd.Dec. 34.000.000 18.918.082.657 18,523,146,341 13,604,838,873
Adv.agst. securs_ _Inc. 159.000.000 2,840,894.225 2,519,464,900 1,903.459.023
Note circulation_ _Inc.1898.000.000 74,008.027.455 65,680,181.345 61,345.279.510
Cred. curr. acctsDec.1706000,000 15,888.950.099 17,399,690,903 15,185,595,744
[Von. 131.
The statement of the Bank of Germany for the
last week of July shows a gain in note circulation
of 671,691,000 marks. The total of note circulation
now stands at 4,637,559,000 marks, as compared
with 4,725,526,000 marks last year and 4,569,272,000
marks two years ago. An increase appears in other
liabilities of 2,222,000 marks and a decrease in
other daily maturing obligations of 269,326,000
marks. On the asset side of the account gold and
bullion increased 30,182,000 marks, reserve in foreign
currency 79,229,000 marks and bills of exchange and
checks of 368,602,000 marks, while deposits abroad
remained unchanged. A decrease is shown in silver
and other coin of 30,389,000 marks, in notes on
other German banks of 18,569,000 marks, and in
other assets of 69,874,000 marks. Advances rose
75,620,000 marks and investments declined 2,000
marks. The Bank's gold holdings now amount to
2,648,910,000 marks, which compares with 2,148,333,000 marks the same time a year ago. Below we
furnish a comparison of the various items for the
past three years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes for
Week:
July 311930. July 311929. July 31 1928
Assets—
Retchsmarks.
Retchsmarks, Reichsmarks. Reichsmarks.
Gold and bullion
Inc. 30,182,000 2,648,910,000 2,148,333,000 2,199,655,000
Of which depos. abr'd.Unchanged 149,788,000
142.887,000 85,676,000
Reeve in torn curr_ __ -Inc. 79,229,000 260,867.000 339,882,000 183,688.000
Bills of exch. & checks_Ine.368,602.000 1,913,477,000 2,688,708,000 2,516,486.000
Silver and other coin_ __Dec. 30,389,000 150,303.000 125,455,000
93,234,000
Notes on 0th. Ger. bks_Dec. 18,569,000
5,441,000
5,146,000
10.075,000
Advances
Inc. 75,620,000 133,178,000 109,121,000
76.876,000
Investments
Dec.
2,000 101,015,000
92,891,000
93,968,000
Other assets
Dec.69,874,000 683,676,000 518,525,000 578,922,000
LfabUules—
Notes in circulation_ _ _Inc.671,691,000 4.637,559,000 4,725,526,000 4,569,272,000
0th. daily mater. obUg.Dec269,326,000 397,644,000 515,863,000 561,528,000
Other liabilities
Inc. 2,222,000 219,853,000 338.276.000 236,860,000
Money market conditions changed perceptibly in
the week now ending, with the result that call money
rates tightened slightly. The official level of call
loan rates was not much changed, as the quotations
this week ranged between 2% and 2 %, as against
/
1
2
the flat rate of 2% all of last week. A greater demand for funds was evident early in the week, however, and it was accentuated by bank withdrawals
of $75,000,000 Monday and $10,000,000 Wednesday.
The unofficial "Street" trading wherein much business was done last week at 12 was scarcely in
/
1
%
evidence this week. It appeared only when the
official rate was 2 %, and the concession of /
/
1
2
1
2
%
brought the unofficial level down only to 2%. Time
money rates were unchanged. Exports of gold were
again substantial in the early days of the week. A
shipment of $2,000,000 was made to Montreal Monday, bringing the total movement to Canada since
the middle of July to $14,500,000. A shipment of
$10,000,000 to France followed Tuesday, making the
total outflow to that country in the same time
$53,000,000. Total gold exports since the movement
was inaugurated on July 16 are thus $67,500,000.
Additional losses are indicated by the current level
of the related exchanges. Two rediscount rate reductions were announced by regional institutions
this week, the St. Louis and San Francisco banks
both lowering their rates from 4 to 3 %. Tabula/
1
2
tions of brokers' loans against stock and bond collateral were issued both by the New York Stock
Exchange and the Federal Reserve Bank of New
York. The comprehensive Stock Exchange tabulation showed a reduction for the full month of July
of $38,228,992, while the Federal Reserve compilation covering the week ended Wednesday night registered a reduction of $14,000,000.
FINANCIAL CHRONICLE
Aua. 9 1930.]
Dealing in detail with the call loan rate on the
Stock Exchange from day to day, all loans on Monday were at 2%, including renewals. On Tuesday,
after renewals had been effected at 2%, there was
/
1
2
an advance in the rate for new loans to 2 %. On
/
1
2
Wednesday all loans were at 2 %, including renewals. On Thursday, after renewals had been put
/
1
2
through at 2 %, there was a drop in the rate for
new loans to 2%. On Friday all loans were at 2%.
Time money has remained inactive. Quotations all
14%
week have been 2@2/ for 30 days;2 @2 % for
/ /
1 1
4 2
/ 34%
/
60 days; 212@2/ for 90 days; 234@3% for four
/
1
4
months, and 3@3 % for five and six months.
Prime commercial paper in the open market has continued in excellent demand. Extra choice names of
four- to six-month maturity continue to be offered
at 3%, while names less well known are quoted at
31%.
2
3
%@ /
Prime bank acceptances are discernible in larger
quantity than for some time past. The 12 Reserve
Banks further increased their holdings of acceptances during the week from $130,762,000 to $133,571,000. Their holdings of acceptances for foreign
correspondents increased from $478,027,000 to $483,454,000. The posted rates of the American Acceptance Council continue at 2% bid and 178% asked
/
for bills running 30 days, and also for 60 and 90
days; 2 % bid and 2% asked for 120 days, and
/
1
2
/
2%% bid and 214% asked for 150 days and 180 days.
The Acceptance Council no longer gives the rates for
call loans secured by acceptances, the rates varying
widely. Open market rates for acceptances also
remain unchanged, as follows:
Prime eligible bills
Prime eligible bills
SPOT DELIVERY.
—180 Days— —150 Dan-- —120 Days—
Bid. Asked.
Bid. Asked.
Bid. Asked.
234
234
234
234
234
2
—90Days— —60Days— —30Dads—
Bid. Asked.
Bid. Asked,
Bid. Asked.
2
134
2
174
2
lyi
FOE DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
234 bid
254 bid
The rediscount rates of the St. Louis and San
Francisco Federal Reserve Banks were this week
reduced from 4% to 312%. The announcement in
/
the case of the St. Louis Bank was made on Aug. 6,
the lower rate becoming effective Aug. 7. The
change in the rate of the St. Louis Federal Reserve
Bank was announced on Aug.7, the 3 % rate going
/
1
2
into effect on Aug. 8. There have been no other
changes this week in the rediscount rates of any
of the Federal Reserve Banks. The following is
the schedule of rates now in effect for the various
classes of paper at the different Reserve Banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLArS15821
AND MATURITIES OF ELIGIBLE PAPER.
IPederai Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Si. Louie
Minneapolis
Nausea City
Dallas
Ban Francisco
Rate in
Effect on
Aug. 8
3
234
334
334
334
334
394
334
4
4
4
334
Date
Established.
Previous
Rate,
July 3 1930
June 20 1930
July 3 1930
June 7 1930
July 18 1930
July 12 1930
June 21 1930
Aug. 7 1930
Abr. 15 1930
Feb. 15 1930
Apr. 8 1930
Aug. 8 1930
3 si
3
4
4
4
4
4
4
434
494
4,4
4
Sterling exchange is dull and irregular, but on the
whole continues firm for this season. The market
was practically at a standstill on Saturday and on
Monday; there was no market in London as the first
837
Monday in August is a bank holiday. On Tuesday
and Wednesday the market was active in New York,
but on Thursday there was a reaction and sterling
gave evidence of ease and there was a further decline
on Friday. The range this week has been from
4.86 13-16 to 4.87 1-16 for bankers' sight bills, compared with 4.863' to 4.87 last week. The range
for cable transfers has been from 4.87 1-32 to 4.87 5-16
1
compared with 4.86Y to 4.87 9-32 the week before.
The underlying factors in the foreign exchange market was unchanged from the past few weeks, and
the slight recession in sterling this week is attributed
to the completion of transfers in connection with
month-end requirements. In some quarters it is
thought that the present easing off in rates is only
temporary and that further firmness is likely to
develop soon in view of the prospect of gold exports
from New York to London. It is pointed out that
gold could be profitably shipped from here to the
other side with sterling cables at 4.873/2. Others
estimate the gold export point at nearer to 4.88.
It was asserted in Wall Street that one banking
house has engaged to ship gold when sterling cable
transfers are reasonably steady around 4.873-i. The
fact that the Bank of England is now insisting on
paying out to Paris only standard gold instead of
surrendering fine bars creates considerable doubt as
to what the real gold points are, but it is thought in
many quarters that gold cannot be shipped from
this side unless sterling exchange goes much nearer
to 4.88 for cable transfers. That it is likely to do so
also seems questionable, as with the approach of
September exchange normally turns against London
and in favor of New York.
This week there were evidences of slight firming in
money rates in New York, a fact which should
militate against the probability of higher sterling,
unless artificial means are taken by central banks to
keep money on this side abnormally easy. It is
currently reported in Wall Street that such attempts
will be made, especially to make the financing of
commercial transactions attractive through American
dollar acceptances, and should such a policy become
effective it is not possible to say that gold may not
leave New York for London. According to London
dispatches the renewed rise of sterling at New York
is creating fresh hope because it coincides with the
belief ascribed to American bankers and not very
widely held in London, but nevertheless acceptable
there, that gold will probably be shipped from New
York to London some time in the near future.
Exactly why such a movement should be anticipated
is not clear to financial London, but there is no doubt
that American deposits are now being freely offered
in the London market and American buying of sterling bills on a large scale is reported.
The inference drawn from this in London is that
American bankers are taking an unfavorable view of
their own outlook for business activity and are
endeavoring to find more profitable use for their
funds in the London and other foreign markets.
Paris continues to draw down gold from London,
although the sterling-franc rate is now less favorable
to such operations, except when the gold is taken from
the London open market. It is believed that these
French gold consignments in London were engaged
weeks ago, when the rate was strongly in favor of
Paris, and that they represent belated shipments
owing to the limited capacity of the London refineries.
The change in the monetary situation and the heavy
838
FINANCIAL CHRONICLE
losses of gold by London to Paris have made bankers
confident that a rise in the official rediscount rate
of the Bank of England is in prospect before the end
of autumn, but it is believed that such a change will
be deferred as long as possible.
This week the Bank of England shows an increase
in gold holdings of £344,444, the total standing at
£153,594,839, which compares with £141,431,583 a
year ago and with the minimum of £150,000,000
recommended by the Cunliffe committee. The
increase in the Bank's gold holdings this week is
attributed to the receipt in London last week of
£600,000 from Brazil. On Saturday the Bank of
England sold £8,746 in gold bars. On Tuesday the
Bank sold £83,909 in gold bars. According to
London bullion dealers, on Tuesday a total of
£908,000 South African gold arrived in London, but
only £680,000 was available in the open market, as
£228,000 had previously been sold to France.
France also purchased all the open market metal
except £30,000 taken by the trade and India. The
price of the gold was 84s. 11 7 d. On Wednesday the
A
Bank of England bought £13 in foreign gold coin,
received £63,000 sovereigns from abroad, released
£100,000 in gold bars, and sold £48,885. On Thursday the Bank released £100,000 in sovereigns and
sold £27,951 in gold bars. On Friday the Bank
received £429,000 sovereigns from abroad, sold
£15,718 gold bars and exported £4,000 sovereigns.
At the Port of New York the gold movement for
the week July 31—Aug. 6, inclusive, as reported by
the Federal Reserve Bank of New York, consisted
of imports of $1,348,000, of which $1,000,000 came
from Uruguay, $146,000 from Brazil, $117,000 from
Ecuador, and $85,000 chiefly from other Latin
American countries. Exports totaled $26,000,000,
of which $23,000,000 was shipped to France and
$3,000,000 to Canada. There was no change in gold
earmarked for foreign account. In tabular form the
gold movement at the Port of New York for the
week ended Aug. 6, as reported by the Federal
Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK, JULY 31
-AUGUST 6,
INCLUSIVE.
Exports.
Imports.
823,000,000 to France
81,000,000 from Uruguay
3,000,000 to Canada
146,000 from Brazil
117,000 from Ecuador
85,000 from other Latin American countries
81,348,000 total
826,000,000 total
Net Change in Gold Earmarked for Foreign Account.
None
The Federal Reserve Bank of New York reported
that on Wednesday $878,000 gold was received at
San Francisco from China and on Thursday $100,000
more was received at San Francisco from China.
Canadian exchange continues firm, with Montreal
funds at a premium. As a result of the premium on
Montreal the total of gold shipped from New York
on the present movement amounts to approximately
$14,500,000. There are no indications as yet of a
cessation of this movement and all factors combine
to favor Canadian dollars. The new Canadian
Government is expected to put into effect a new
tariff schedule. If this becomes effective it should
tend to reduce imports from this country and would
lend an additional element of strength to Canadian
exchange. One Canadian authority states that the
present movement of gold to Canada may reach
$50,000,000 or $60,000,000 before it runs its course.
Referring to day-to-day rates, sterling exchange on
[VOL. 131.
Saturday last was irregular. Bankers' sight was
4.87@4.87 1-16, cable transfers 4.87 3-16@4.87 5-16.
On Monday sterling was dull, as there was no market
in London owing to the bank holiday which falls
on the first Monday in August. The range was
4.87@4.87 1-16 for bankers' sight and 4.87 3-16(4)
4.87 3-16 for cable transfers. On Tuesday the
market was active and sterling was in demand.
The range was 4.87@4.87 1-16 for bankers' sight
and 4.873-16@4.87M. for cable transfers. On Wednesday the market was steady. Bankers' sight was
4.87@4.87 1-16, cable transfers 4.873i On Thurs.
day sterling was irregular and inclined to ease. The
range was 4.86 27-32@4.87 for bankers' sight and
4.87 1-32@4.87 3-16 for cable transfers. On Friday
there was further easing; the range was 4.86 13-16(4)
4.86 31-32 for bankers' sight and 4.87 1-32@4.873/
for cable transfers. Closing quotations on Friday
were 4.86 29-32 for demand and 4.87 3-32 for cable
transfers. Commercial sight bills finished at 4.86k,
sixty-day bills at 4.84 11-16, ninety-day bills at
4.83 11-16, documents for payment (sixty days) at
4.84 11-16 and seven-day grain bills at 4.8631.
Cotton and grain for payment closed at 4.86%.
3
Exchange on the Continental countries continues
firm and unchanged in all important respects from
the past few weeks. Quotations for French francs
barely reflect the heavy gold shipments from New
York during the past few weeks. This week, as
noted above, the Federal Reserve Bank of New
York accounts for a shipment of $23,000,000 gold to
Paris, which follows a shipment of $8,000,000 last
week, and one of 818,001,000 the week before. The
very volume of the movements of funds to Paris,
which are capable of upsetting the normal course of
the exchanges gives proof of the enormous amounts
of capital which France exported only a few years
ago during the "flight of the franc." The present
firmness and movement of funds is no doubt due
largely to heavy tourist and commercial transactions
but it is also due to a continuation of a movement
begun a few years ago of the withdrawal of French
funds from other markets, when the French began to
have increasing confidence in their own financial
structure. No official figures have been made public
regarding amounts held in London and New York,
but it is believed that in addition to the Bank of
France, which reports sight balances abroad of 7,104,000,000 francs and negotiable bills bought abroad of
18,918,000,000 francs, the French public has enormous balances abroad which may be called home at
any time. The total shipments of gold to France
from this side on the present movement have reached
approximately $50,000,000. Some bankers are inclined to believe that the movement may reach a
total of $100,000,000. According to Paris dispatches,
however, it is recognized that France will have to
import rather large quantities of wheat this year in
order to meet the deficiency in its own crop. These
purchases abroad should reduce the balance of payments and the foreign credits, so that it is to be
expected that gold imports will at least be smaller
hereafter than they have been in the past few weeks.
On the other hand, other opinions in French financial circles state that unless a substantial rise in interest rates should occur at New York and London,
imports of French capital from abroad will continue
during the next few weeks, with further gold imports
as a consequence. The opinion prevails in French
Atm 9 1930.]
839
FINANCIAL CHRONICLE
banking quarters that there is virtual "intervention" francs closed at 19.443 for bankers' sight bills and
in New York in favor of sterling which is causing at 19.453/2 for cable transfers, in comparison with
the advance in New York exchange on London and 19.423/2 and 19.43%. Copenhagen checks finished
that this intervention has had the immediate result at 26.803/2 and cable transfers at 26.82, against
'of shifting from London to New York the control 26.813, and 26.83. Checks on Sweden closed at
which France exercises on England's gold market, 26.89 and cable transfers at 26.913/, against 26.90
2
owing to favorable exchange rates. This week the and 26.913/; while checks on Norway finished at
2
Bank of France shows an increase in gold holdings of 26.793/, and cable transfers at 26.81, against 26.803/2
2
778,199,000 francs, the total standing at 46,061,- and 26.82. Spanish pesetas closed at 11.12 for
000,000 francs on Aug. 2, which compares with bankers' sight bills and at 11.13 for cable transfers,
38,109,000,000 francs a year ago and with 28,935,- which compares with 11.25 and 11.26 a week earlier.
000,000 francs reported in the first statement of the
Bank of France following the stabilization of the
Exchange on the South American countries confranc in June 1928.
tinues dull, with a generally weak undertone, •alGerman marks are fractionally lower. Berlin money though on balance Argentine paper pesos show a
market remains as easy as ever. In German bank- slight improvement over last week. This is a time
ing circles it is felt that the Bank of England may when exchange is ordinarily unfavorable to Argenhave to advance its official rediscount rate in order tina, but the situation is aggravated at the present
to check the persistent outflow of gold to France, time owing to the fall in world prices of raw materials,
and the probability of such a change in the Bank of which has had a strongly adverse effect on Argentine
England rate prevents any official rate reduction at producers. Brazilian milreis are extremely dull and
Berlin. Berlin bankers state that movement of gold on average ruling slightly easier than a week ago.
either into or out of Germany is not expected.
The depressed condition of the coffee market is largely
The London check rate on Paris closed at 123.77 responsible for the weakness in Brazilian exchange,
on Friday of this week, against 123.81 on Friday of and steady shipments of gold from Rio de Janeiro
last week. In New York sight bills on the French to New York and London are constantly required
centre finished at 3.93%, against 3.93 7-16 on Friday to prevent the milreis from sagging further. As noted
of last week; cable transfers at 3.9332 against above, last week London received £600,000 in gold
,
3.93 9-16; and commercial sight bills at 3.933, from Brazil and shipments have been reaching
.
against 3.9332 Antwerp belgas finished at 13.99 for New York from week to week for several months
checks and at 14.00 for cable transfers, against 13.99 past. Argentine paper pesos closed at 36 11-16 for
and 14.00. Final quotations for Berlin marks were checks, as compared with 36 3-16 on Friday of last
23.89 for bankers' sight bills and 23.90 for cable week; and at 36% for cable transfers, against 363..
transfers, in comparison with 23.903/2 and 23.91% a Brazilian milreis finished at 10.40 for bankers' sight
week earlier. Italian lire closed at 5.23 13-16 for bills and at 10.45 for cable transfers, against 10.47
%
bankers' sight and at 5.23 15-16 for cable transfers, and 10.50. Chilean exchange closed at 121 for
against 5.233 and 5.23% on Friday of last week. checks and at 12 3-16 for cable transfers, against
%
Austrian schillings closed at 14.14, against 14.133/2; 12 1-16 and 121 8 Peru at 37, against 37.
/
;
2
exchange on Czechoslovakia at 2.963/,against 2.963/2;
%
on Bucharest at 0.5932, against 0.593 ;on Poland at
Exchange on the Far Eastern countries is prac11.22, against 11.22; and on Finland at 2.513 , tically unchanged in all important respects from the
%
against 2.51%. Greek exchange closed at 1.295 past few months. Japanese yen at times have been
%
for bankers' sight bills and at 1.29% for cable trans- FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
fers, against 1.29 9-16 and 1.29 13-16.
AUG. 2 1930 TO AUG. 8 1930, INCLUSIVE.
Exchange on the countries neutral during the war
continues firm, although transactions have been only
moderate. Firmness is due in part to seasonal factors,
of which tourist requirements are important, but
it is also due to sympathetic relation with sterling
exchange. Holland guilders have been exceptionally
firm and in addition to seasonal factors the demand
for guilders is attributable largely to the withdrawal
of Dutch funds from this side owing to the uncertainty
of the business situation here. The firmness in the
Swiss franc is attributed partly to the same causes
that lend tone to the other neutral exchanges, but
is due chiefly to transactions in connection with the
Bank for International Settlements, which transactions may be expected to lend a continuously
steady tone to Swiss exchange. Spanish pesetas
are an exception to the general list and fluctuate
widely and on balance show a decline from last week.
As frequently stated, the weakness in Spanisn exchange is due to the evident hesitation of the Madrid
authorities with respect to the stabilization program.
Bankers' sight on Amsterdam finished on Friday
at 40.28, against 40.273 on Friday of last week;
cable transfers at 40.30, against 40.283., and commercial sight bills at 40.25, against 40.24. Swiss
cousin, and Monetary
_
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
Aug. 2. Aug. 4. Aug. 5.
Aug. 6.
Aug. 7. Aug. 8.
$
.141111
.139956
.007213
.029652
.268227
$
.141239
.139946
.007212
.029656
.288247
$
.141321
.139939
.007212
.029652
.288211
$
EUROPE-141136
Austria,schillln"
139937
Belgium, belga
007212
Bulgaria, lee
Osechoslovakia. kron 029650
268237
"seamark. krone
Ragland, pound
4 871746
sterling
025177
Finland. markka
.039345
Prance. franc
0ermany. relcbstnark .239056
012967
Greece, drachma
.402789
Nolland, guilder
.175267
Bastifsgg• Peng°
052385
Hai,. nra
.268159
Nerway, krone
.112013
Poland. slotY
045112
pertuga1, escudo
.005952
Rumania, leu
.111895
Spain, peseta
269093
Sweden, krona
.194341
Switzerland, franc
.01/715
y38oslavia, dinar
ASIA.388541
Ckina-Chefoo tael
.887031
Miaow tael
.374375
Shanghai tact
.392708
Tientsin tact
Hong Kong dollar- .314821
Mexican dollar---- .270937
Tientsin or Peiyang
272916
dollar
.269583
Yuan dollar
360339
Sidle. rupee
493543
Japan. yen
stugapore (S.S.) dollar .559375
NORTH AMER.
1.001435
Canada. dollar
.999406
Cuba. POO
.475025
Mexico. peso
Newfoundland, dollar .998870
SOUTH AMER.Argentina, peek (gold) .819393
102325
Brasil, mitres
120927
Chile. Peso
.825609
Uruguay. Peso
965300
Colombia, peso
$
.141142
.139937
.007212
.029647
.268236
4.871688
.025180
.039346
.239053
.012967
.402803
.175217
.052389
.268163
.112005
.045280
.005960
.111561
.269081
.194347
.017713
$
.141189
.139936
.007218
.029658
.268136
4.872260 4.872171 4.870383 4.870590
.025175 .025177 .025176 .025180
.039346 .039342 .039340 .039345
.239058 .239018 .238949 .238879
.012971 .012962 .012969 .012971
.402891 .403111 .402994 .402961
.175282 .175303 .175294 .175321
.052390 .052392 .052388 .052387
.268158 .268188 .268148 .268077
.111920 .112200 .112200 .112010
.045160 .045100 .045140 .045135
.005969 .005953 .005952 .005960
.111208 .111309 .111659 .111560
269088 .269031 .269026
.269094
.194413 .19.460 .194455 .194467
.0.7723 017722 .017725 .017715
.388958
.387343
.374910
.393125
.314821
.271250
.389166
.387500
.376071
.393333
.315892
.271875
.389375
.386093
.376517
393541
.315892
.271875
.389583 .389375
.387812 .387656
.376071 .376339
.393750 .393541
.316250 .316517
.271876 .272187
.273333
.273333
.360439
.493803
.559375
.273750 .273750
.270416 .270416
.360387 .360339
.493850 .493706
.559375 .559375
.273750 .273750
.270416 .270416
.360367 .360463
.493808 .493793
.559375 .559375
1.001495 1.001480 1.001424 1.001328 1.001277
.999406 .999718 .999781 .999718 .999687
.475162 .474387 .474675 .474800 .474050
.998800 .998862 .998812 .998750 .9987.50
.819779
.102977
.120927
.826093
.965300
.820555
.103112
.120931
.830708
.965300
.822567 .830375
.102455 .102940
.121064 .121041
.828854 .831708
.965300 .956300
.829462
.102950
.120915
.833111
.965300
840
FINANCIAL CHRONICLE
slightly easier, but close about the same as last Friday. The yen could hardly be expected to rule so
close to par as it has been doing since January were
it not for the large amounts of gold which have been
shipped since that date from Japan to this side, as
the slump in the prices of silk and other export cornmodites of Japan has been severe and of course the
utterly demoralized state of trade with China makes
the Japanese situation the more difficult. The
Chinese units have been slightly steadier as they
follow strictly the silver quotations, which have been
relatively steady in the past few weeks. Closing
quotations for yen checks on Friday were 49.38@
493 against 49.35@49.50. Hong Kong closed at
A
31%@32 1-16 against 31%@31 13-16; Shanghai at
37%@38, against 37 13-16@37%; Manila at 49%
against 49 8; Singapore at 563@569/ against 563I@
56%; Bombay at 363 against 36h; and Calcutta
at 363 against 3631.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is also no longer
possible to show the effect of Government operations
in the Clearing House institutions. The Federal
Reserve Bank of New York was creditor at the Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, 131onday, 12'uestay, 1Westisettry. Thursday. Friday.
Aug. 2.
Aug. 4.
Aug. 5.
Aug.8.
Aug.6.
Aug. 7.
Agreyals
for Week.
$
$
158,000,000 126.040.100 153,000.101 140,110,111 141,101,001 137.111,104 Cr. 855.114.01
Note.—The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country In he operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations w th the Clearing
House Institutions, as only the Items payable in New York City are represented
In the daily balances. The large volume of checks on Institutions located outside
of New York are not accounted for In arriving at these balances, as such checks
do not Pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
Aug. 8 1929.
Aug. 7 1930.
Banks of
Gold.
Total.
Gold.
Silver.
Total.
England_ _ 153,594,839
141,431,000
153,594,839 141,431.583
France a_ - 368,488,469
368,488,469304,877.1
304,877,154
d
d
Germany b 124,956.100
994,600 101,266,150
c994,600 125,950,700100,271.5
Spain
98.891.000 28,841,000 127.732,000102.533,000 28,808,00 131,341,000
Italy
55,792,00
0
56.323,000
58,323,000 55,792.0
Netherrds. 32,555,000 2,217,000 34.772.000 37,451,
1,751,00 39,202,000
Nat. Belg_ 34,347.000
1,270,000 30.195,000
34,347,000 28,925.
Switzerrd_ 23,780.000
1,412,000 21,285,000
23,780,000 19,873.00
Sweden_ .._ 13,482,000
12,978,000
13,482,000 12,978,0
Denmark _ 9,567.000
419,000 10.007.000
9,567,000 9,588,
Norway
8,154,000
8.142,000 8,154,
8,142,000
Total week 924,126.408 32,052,600 956,179,008 821,874,287 34,654.600856,528.887
Prey. week 918,020,266 3l,945,600949.985.866 816.194,353 34,502,600856,788.953
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year Is £7,489,000. c As of Oct. 7 1924.
d Sliver Is now reported at only a trifling sum.
A New and Serious Situation in China.
The news from China is undoubtedly grave. Even
making all allowance for reports that cannot be
verified and rumors that grow as they spread, it is
apparent that the revolt against the Nanking or
Nationalist Government in at least two important
provinces has attained formidable proportions, and
that pillage and destruction of property, accompanied with considerable loss of life among the
Chinese and the withdrawal of many missionaries
and foreign residents, have taken the place of anything to be described as orderly warfare. It is this
change of character, from civil war to widespread
lawlessness, that differentiates the present phase of
the Chinese political situation from that which has
preceded it.
It can hardly have escaped notice that in the dispatches which have reported the taking of Changsa
For,. 131.
and hostile movements against nearby cities, no
general or war lord has been mentioned as in command of the attacking forces. What is going on, as
far as the news dispatches permit an understanding of the situation, is a great outbreak of armed
and violent lawlessness which for the time being has
given over a large and rich area of China to chaos.
The term Communists which has been applied to
the insurgents is probably a misnomer, although it
is doubtless true that considerable numbers are
more or less animated by Communist views. Experts of the Department of State were quoted on
August 1 as saying that they had seen no definite
evidence that the Chinese Communists are affiliated
formally with the Russian Communists or with the
Third International. The adoption of Communist
slogans, it was said, may have been prompted only
by a desire for gain. Practically, what the Nanking
Government has to contend with is an outbreak of
lawlessness on a vast scale, with Communist catchwords serving as rallying cries.
The outbreak which reached its climax, for the
moment at least, in the capture and pillage of
Changsa found the Nationalist Government unprepared. Throughout June and the larger part of
July it was apparent that the resistance of the
armies operating under the Peking Government in
the North was stiffening, and that Nationalist authority was seriously endangered. On July 26 it
was reported that a "fight to a finish" was shortly
to be launched against the Northern forces in Shantung province, and also against a formidable movement of rebellion that had developed in Honan
province, to the west of Nanking. Two days later,
however, the rebels in Hunan in the South were reported as overrunning that province, and the next
day Changsa, far up on the Yangtse River, was reported to have fallen into rebel hands. The next
few days brought reports of burning and looting in
the city, with the hasty evacuation of foreigners by
American, British and Japanese naval vessels which
were presently compelled to retire because of falling
water in the shallow river. Subsequent reports
have been confusing, but while it does not appear
that any foreign civilians have been killed or injured, and few if any buildings used by missionaries
and others appear to have been destroyed, the general situation seems to have been one of complete
lawlessness as far as governmental or military control of the rebels is concerned.
Under these circumstances, the withdrawal of a
considerable body of Nationalist troops from the
North for use in the rOellious area has played directly into the hands of the Northern forces. The
Nationalists have, however, dispatched some 20,000
troops by sea to Shantung, and a trial of strength
in that province may be looked for at any time.
A restraining factor in the North is the attitude
of Mukden,in southern Manchuria, where a virtually
independent Government, whose support both Peking and Nanking would like to have, maintains a
position of neutrality. The reported recapture of
Changsa by Nationalist forces on Wednesday, while
it testifies to the ability of the Nationalists to carry
on a war successfully on two fronts, adds another
disturbing element to the general situation. The
Shanghai correspondent of the New York "Times,"
in confirming from foreign sources the recapture of
Changsa, reported that the bulk of the rebel forces
were moving toward Kiangsi province, apparently
Ana. 91930.]
FINANCIAL CHRONICLE
with the intention of threatening Nanchang, the
provincial capital, and Kiukiang, in which latter
city foreigners had been ordered to leave, while
others north of Changsa were reported to be advancing upon Hankow. If these reports are true, they
indicate a very considerable extension of the rebel
movement and a possible menace to Canton and
Foochow. A reported mutiny of some Nationalist
troops at Hankow on Friday indicates that Nationalist authority in that important city is at least
unstable.
In the face of these disorders, the foreign governments having interests in China have thus far confined themselves to taking steps to protect their
nationals. That task is difficult and perplexing.
There is a sufficient naval force of Americans, British, French, Italians and Japanese in Chinese waters
to afford ample protection to foreigners in the seaports. River navigation, on the other hand, the
principal means by which large parts of the interior
can be reached, is practicable only for light draught
vessels, and is impeded at this season by low water.
No proposal for direct intervention has yet been reported, and the State Department was represented
on Tuesday as doubting whether a joint naval
demonstration would do any good. The recognition
which has been accorded to the Nanking Government
by the various Powers, including the United States,
would in general entitle that Government to support,
if it asked for it, in the event of a rebellion too serious for it to deal with alone. The report on Thursday of a concentration of international naval forces
at Hankow, intended not only to protect the city,
which is under martial law, but also to aid the
Nationalists in protecting their interior lines of communication, has the appearance of an indirect intervention on the Nationalist side. The view of the
American Government, however, appears to be that
the rebellion is primarily directed against the
Nanking Government and only incidentally against
foreigners, and that it is a movement of scattered
bands of bandits and not of an organized and centrally directed force.
The economic effects of the continued disturbances
in China are hard to determine. It is one of the
anomalies of a confused situation that on Aug. 1,
when the rebels were reported to be advancing toward Hankow, the Peking Government should have
opened with appropriate ceremony the National
Bank of China, intended to rival the bank established by the Nationalist Government at Nanking.
The Peking bank is to have a nominal capital of
$100,000,000, one-fourth of which, it is announced,
is shortly to be paid in, and it will issue $10,000,000
in notes. Dr. Julius Klein, Assistant Secretary of
Commerce, in a letter to Senator Pitman, Chairman
of a subcommittee of the Committee on Foreign Relations which is to investigate the decline in American trade with China, ascribes the decline not only
to the war but also to the decline in commodity
prices the world over and the low price of silver.
The drop in American exports to China, Dr. Klein
reported, amounted to $22,897,000 for the first five
months of this year in comparison with the same
months of 1929. These figures, of course, apply to
a period before the military situation in the North
had again become serious and before the outbreak
of the insurrection in Hunan.
When one remembers that the authority of the
Nationalist Government is practically confined to
841
two provinces and is seriously disputed in one of
those, that Peking is maintaining at least a form
of independent government as is also Canton, and
that the rest of the country is either pursuing a
precarious political existence or else is given over
to rebellion of an unorganized and lawless kind, the
hope that has been entertained of the ultimate ability
of the Nationalists to pacify and reconstruct China
is obviously put to a severe test. It will not do to
say yet that China is incapable of self-government,
or that a form of government suited to its peculiar
needs may not be worked out, but the establishment
of representative institutions and the recognition of
a central authority are unquestionably presenting
enormous difficulties. Theories of government as
hostile as those which prevail in western Europe and
those which obtain in Russia are struggling together
in a country which has neither social, economic nor
political solidarity, which is divided climatically,
historically and socially into a North and a South,
and in which governmental authority is associated
with the arbitrary exercise of force by irresponsible
and corrupt war lords. As far as the United States
and Great Britain are concerned in the matter, it
is their policy to leave the Nationalist Government
free to achieve success if it can, provided always
that it can maintain order and protect foreign lives
and property. The news from China does not yet
indicate that that policy is to be abandoned, but the
events of the past ten days have put the burden of
proof heavily upon the Nationalists to show that
they are equal to the task they have undertaken.
Brand Whitlock on the Law.
In the August "Atlantic Monthly" this well known
"author, diplomatist and lawyer" contributes an
illuminating article on the real nature of The Law,
in which he points out the distinction between laws
and statutes. He begins by reference to an article
in the "Spectator," London, and then proceeds by
saying: "It appears that five thousand bills have
already been introduced in Congress during the
present session, and that four or five times that number are to be expected before the session ends. Not
all of these bills, to be sure, will be passed, but many
of them will be, and meanwhile the various State
Legislatures have enacted 16,900 odd laws, increasing the whole number, Federal, State and municipal,
on the statute books of the United States to some
2,400,000. All of which moved a critic to say that
America has more law and more lawlessness than
any other nation in the world." Investigations of
our own into law and law enforcement in the last
few years have directed the minds of the people,from
another viewpoint, to these startling facts. At one
time the President, in an address, called attention
to the striking contrast between the United States
and other countries, especially England, in the matter of the number of infractions and convictions.
We now have a Commission at work on the subject.
But Mr. Whitlock contends that we are not more
lawless than other peoples under a clear definition
of law which he propounds in his concise analysis
of the term.
He says: "As a matter of fact, we do not deserve
that reputation. We have more statutes, to be sure,
than any other nation in the world, and we have
more crimes defined in them, but it does not follow
that, because we have more statutes, we have more
842
FINANCIAL CHRONICLE
[VoL. 131.
law; nor because we have more crimes defined in Is to make criminal that which in itself is not so.
our statutes, that we have more crime. We seem to But just as ignorance is no excuse for crime, so
have more law because we have more statutes, and the more complicated human relations become, the
we have more statutes because we have more parlia- more necessary it is to name and specify the offenses
ments; other countries have only one, while we have even at the risk of making too many so-called "laws,"
49, running full blast. And then we have more and thus making too many criminals.
The "rules of right living," the "customs" of a
cranks and reformers incessantly trying to improve
and perfect our morals, not by the spiritual means people, must have more definition and more adjudiof persuasion and reason and example, but by the cation. An individualistic government, wherein
profane means of violence. Numerous acts that are there are natural, unalienable rights to be protected,
considered innocent, and even refined, in all other wherein there is initiative, enterprise, competition,
civilized countries in the world are made criminal cannot be left to the conflicting wills of the many.
in America. The result is that not all of these two Our commerce and finance have left far behind the
million statutes are obeyed and respected, and they old common law. Our social embitions conflict and
are not respected or obeyed because they are not confuse us. Our very governments assume to rule
laws; they are simply statutes, and all or most of too much. We must have many of these statutes.
the trouble about the enforcement of law in America But tens of thousands of them are mere specificacomes from the persistent refusal to recognize the tions of those who would rule by laws conceived by
distinction between a statute and a law." . . . mere majorities who impress upon a people not only
"There are certain acts which the conscience of man- their theories but their selfishness and prejudices.
kind, the collective opinion of all civilized nations, True enough!
condemn as wrong. There acts fall into certain
Mr. Whitlock affirms: "Custom is the supreme
easily defined categories. Everyone knows what law in all communities, civilized or savage, and unthey are, and doesn't have to look into the statute less the statute conforms to the custom it is no law—
books to find out; all he has to do is to look into his that is, it is not the law of tile land." We cannot
own heart,for he knows the difference between right object to this in principle. It describes the genesis
and wrong."
of all laws. Our Declaration of Independence,
He adds: "They are acts that no one, anywhere, though not a law, is an expression of the experience
can commit without a feeling of guilt. They are of man in his love of liberty, and declares the relawrong in and of themselves--mata in se, as the tions proper from man to man—but it was necessary
lawyers call them. There is no great difficulty in to write it. In our human relations we do not do
enforcing laws that enact penalties for deeds of this right because of the written laws, but because it is
kind. All men are agreed about them and are united right—this, of course, according to the development
in a common effort to punish those who commit of society and under the spur of the innate conthem. Even those charged with having committed science. So that many of our "statutes" are for
these offenses do not deny the justice of the law; instruction. It is not possible for every man in
they merely deny their culpability, or advance some himself to experience that which establishes "cusexcuse to make their case an exception to the general tom." Be needs the statutes for guidance. How
rule. That is, humanity in general is unanimous, or many men live to old age without ever reading the
practically unanimous, in upholding the codes that statute books—how few own them! They learn by
define these offenses and exact penalties for their what their neighbors do; are taught by their religion
commission. These enactments are the record of the and schools what is right, what wrong; act and live
customary rules recognized by the community as under a sense of righteousness, and do unto others
binding. In the good old phrase they are the lam as they would have others do unto them—and they
of the land, and so far as respect for the law of the may rarely violate the statute law. But, still, it
land is concerned, the American people are as law- must be enacted and written, for reference and enabiding as any in the world."
lightenment. We must separate criminal and civil
While we have no criticism of this definition of law, or statutes in our estimate. If a man never
the law in general, and while the people have en- owns property he rarely knows the laws of property.
meshed themselves in a web of "statutes," thousands
However, we could lop off half our statutes and
of which are unnecessary, and unwarranted by our never miss them. They are too minute, too detailed,
established relations, we cannot quite follow this too much the result of selfish majorities and of
deduction to the end. For, if we enter into a whole- interested interests seeking not protection so much
sale repeal, if we attempt a codification, we will as advantage. They are born of the zeal of rehave difficulty in our reduction. We cannot go formers, as this writer points out. They are pregback to the unwritten laws of a vigilance committee nant with the penalties of pride and prejudice. A
in a new country made by men transplanted from large proportion of our lawsuits could be settled out
civilized regions where many "statutes" are still in of court by arbitrators. Equity in itself is neither
full force. Murder, arson, theft, it is true, are mala law nor statute, but a fitting of circumstances to
in se and contrary to the conscience alike of the independent truth and right by unbiased minds havignorant and the wise. But they are not all. Per- ing the wisdom of experience and knowledge and
haps our very freedom makes it necessary to define acting distinterestedly. But even here it is necesand classify more crimes, or offenses, than we find sary to refer to this common judgment of mankind
in nations ruled by force. In our municipal govern- expressed in the general law. These innumerable
ments not the same degree of arbitrary power is in- statutes are not broad in their directory nature, but
vested in our officers. Our society is more compli- petty, small, trifling—trying to make men "follow
cated. The Golden Rule would go far to lead us the statute," rather than.to state the truth and
into order, sobriety and peace, but who is to define right that they may do right. Who knows how many
it, and how is it to be applied? True it is, never- of the bills that are never passed have no right to
theless, that the tendency of these directory statutes come into existence in comparison with those that
Ara. 9 1930.]
FINANCIAL CHRONICLE
843
to production." . . . "Mr. Kincer said Kentucky has received only 50% of normal rainfall from
March to June, with July rainfall 1.4 inches against
the next previous lowest of 1.7 inches in 1901. West
Virginia had the dryest winter since 1901 and the
dryest spring of record. From Decbmber to June
only 66% of normal rainfall fell. Precipitation continued deficient throughout July. In Maryland the
rainfall was below normal every month from December to June, with only 70% of normal precipitation.
It was the dryest seven months' period of record in
that State. July continued extremely dry."
We regard this report as extremely "bad news."
There is nothing psychological about it, but bare
facts. Heat waves coming on fields lacking in
ground moisture are severely disastrous. Moisture
in the ground is like reserves in the bank—to be
drawn on in emergency. When the ground is already
dry it retains and reflects the excessive heat and
plant life must perish. There is hope that August
will renew the fields for pasturage at least, but the
corn that is destroyed must await another year.
And the vastness of the area affected will make itself
felt upon the general business of the country when
the fall and winter months roll around. Wild as is
some of the legislation offered in behalf of the
farmer, there is no bill presented to bring rain. Corn
is food for man and beast, and livestock not only
suffers bodily from the extreme heat, but will know
the lack of food through the winter. Yet, for all
this, we will produce a crop that will appear tremendous to many European countries. Our self-sufficiency against seasonal deterioration in agriculture is one of our greatest national assets. Though
States, communities, and individuals suffer, there is
The Drouth.
no famine in sight, such as prevails say in parts
The action of the President for relief of the of the wide area of China. We will have almost cerdrought-stricken sections of the country calls atten- tainly a surplus of wheat over our domestic contion to a situation that was already distressingly sumption demand. Yet our development as a people
bad before its prolongation into August made it still is such that we cannot interchange the use of our
worse. The meteorologist of the Department of foodstuffs readily, and wheat will not, because of
Agriculture, J. B. Kincer, on July 30 pronounced the this widespread drought, probably permanently
drought of this year "unparalleled in the records bring the advanced prices conditions might at first
which reach back 40 or 50 years." The winter wheat suggest.
harvest is about completed "without appreciable
We regard this partial failure of one of our leaddamage," it is asserted. Spring wheat shows con- ing crops as a graver disaster than the slump in the
siderable "deterioration." A dispatch of the same stock market last fall, from which we date our
date stated that "farmers who have watched their approach to the present industrial depression. This
crops wither under almost unprecedented tempera- is the real thing; perhaps the magnitude. of the
ture records, accompanying moisture deficiencies, disaster is being exaggerated, but whatever its exparticularly corn, pastures and fall truck crops, re- tent it cannot be repaired for another year. This
ceived no encouragement. The forecast division of affects the large industry we name "agriculture";
the Weather Bureau said no relief was in sight for the stock market smash affected speculative prices
"several days more at least" (July 30). "The in many stocks representing units of industry that
drought has existed in some States since December, continue to function. This creates scarcity in a
and in others since March. In still others the dry real farm product; that did not necessarily create
weather began in the growing months of June and a scarcity in factory products. This kind of a failJuly." "fn addition to the scanty rainfall in July, ure illustrates how dependent the people at large
increasing drought conditions already prevalent are upon our farms. Food comes first in the line of
over large areas, three extremely hot waves followed our necessities, a constant demand of the human
to intensify them. During July, temperatures of organism; while articles of clothing and shelter may
100 degrees or higher were reported on four to six under pressure be extended in use and may in loss
days in the Middle Atlantic area, and from six to be relieved by substitutes. Corn is food for liveas many as 15 days from the northern portions of stock, and the stock markets in the fall months will
Alabama, Mississippi, Louisiana, and northeastern reflect the scarcity. Our main bread is from wheat
Texas, northward over the Ohio and Mississippi Val- —and what with our surplus and the present crop
leys, and plains States to eastern South Dakota."... we will not suffer for food, though we pay higher .
"Corn has been particularly hard hit in some sec- prices for meats. But corn brings money to every
tions. The abnormally high temperatures and lack farmer, however small—and he will be far from
of moisture has prevented the pollenization essential burning it this year.
do? This question illustrates the personal origin
and possible bias, prejudice, intolerance, that exists
in statutes.
Mr. Whitlock writes further: "For that is what
a law is in a democracy—a statute that the people
will back up; indeed, in the long run, that is all
law is anywhere. The laws of a nation or of a community are the recorded customs of that people or
community, and all historic codes—the Mosaic code,
the laws of Solon and Lycurgus, the codes of Justinian and Napoleon, the Civil Law, the English
Common Law, and the legendary taboos of savage
tribes—are but customs that have existed so long
that they have crystallized into law. Men may write
them on parchment,publish them under solemn sanctions, and provide penalties for the small minority
who fail to observe them. But these men do not
invent them any more than grammarians invent a
language. The grammarians merely analyze a language after it has been spoken and used for centuries. In the same way the great lawgivers of the
world did not sit down and think awhile and then
write out the laws they thought ought -to be in force;
they found out what the law already was, and wrote
it down—that is, they collected and codified the
customs of their people. It is not the law that
makes the custom, but the custom that makes the
law, and when statutes run counter to custom they
are impotent."
Nevertheless, and although public opinion, as this
writer avers, constitutes a great and grave direction
and deterrent, we must have written statutes that
state the general customs, but they should not particularize so as to destroy normal liberty.
844
FINANCIAL CHRONICLE
[Vora. 131.
Surmise as we may as to the effect of this un- thing from the pitiless sun. When communi
ties
precedented drought upon the business of the United gather together to pray for rain, it is admissi
on
States, and we do not now know the full measure that the need is desperate. And whatever else may
of our loss nor the direction of the influence, we can come from the dire condition it must show us the
by no twist of the mind make it an economic benefit. worth of the vocation of farming.
We have fallen almost into a habit of psychological
He who furnishes food for a nation is an indisprosperity, and refused to acknowledge our full de- pensable factor in our human economy. He
is enpendence upon the law of supply and demand. We titled to the highest respect of every good citizen.
have cultivated optimism in the very face of ad- To make him the plaything of politics is sacrileg
a
e.
versity. And it may be this is well as far as it goes. We who live in cities under our business rooftree
s
But confronted by hundreds of thousands of farm- suffer from the intense heat, but we are
sheltered
ers deprived by the weather of a considerable part from the sun. But he who works in the open
fields
of their annual income, facing the winter with under the blazing rays of midsummer suffers
more.
scarcely fodder for their animals, we cannot find In this season of drought men have died
at the plow.
good in the situation for anyone, and it ought to Harvesting has been conducted by moonlight. Aniteach us the folly of legislative attempts to over- mals have dropped in the harness, overcom
e by the
come nature; the fallacy of laws to fix prices; and heat in the ceaseless exertions of cultivat
ion. And
the fiction of a Farm Board which practically ad- this farmer takes all the chances of the
season, works
mits its powerlessness to do more than coax the the harder under difficulties of weather
, is subject
farmers to sow less wheat acreage. If this drought to the vagaries of markets and prices, a
heroic figaffected wheat in this year as it is reported it has ure in our business life. Sympathy aids
him not,
affected corn, farmers and the people who eat bread though it goes out to him from thoughtful
men.
would be sorry they did not sow more acres rather And one of the unfortunate conditions of our
times
than less.
and country is that no remedy seems to apply.
A drought In the interior valleys is a national
Certainly, therefore, we must question all theocalamity. None of us are really fully conscious of retical legislative enactments that promise
what
how much we as a people depend upon our vast they cannot perform. The farmer sows, but
must
fertile area between the two mountain ranges. It reap when and as he can. The lesson of this year
of
is our chief economic strength, however far we may drought is to him who looks on from the
vantage
carry our manufactures. More and more it is becom- point of industries that are independent
of wind,
ing our commercial and financial strength. For the rain and sun. Those who help most are
not the ones
surplus of our unconsumed wealth must fall back on who sit in legislatures and make laws, "protect
ive"
the soil that originally produces it. The center of or otherwise. Aid lies in a recognition of
environpopulation constantly moves westward—what it ment and its natural laws—to see that others
are
will be under the new census is not yet disclosed. not unduly favored by statutes which affect
the
Manufactures, also, follow to that interior point freedom of trade, shutting out competition and
inwhere fuel and food meet, where power and raw creasing prices of that which the farmer must buy.
material join together, and where transportation to If he must sell his surplus in the open markets
of
the circumference of the country is concentered and the world, is it injustice that he be permitted
to
thus shortened. Our opulence in the fundamental buy therein?
elements of life is so abundant that we overlook
the possibility of the proverbial seven lean years.
Making Talk Costly Yet Profitable.
But should the summers continue unpropitious we
might speculate in stocks and shout organization
America has always doted on "free speech," but
and management from the house-tops, but suffering man has devised ways of making speech
costly. Miswould continue and increase. Rains fall on the just use of speech has long been penalized by
imposing
and the unjust, but a general drought is the nega- fines for vulgarity and profanity, and
awards of
tion of prosperity. Successive failures of crops damages for slander. But the great cost
now imwould teach us the wisdom of garnering our sur- posed is for the transmission of speech and
its manipluses rather than of preventing them.
folding, two most remarkable developments which
We may some day produce rain at will, but it is call for tremendous investments in order
that the
now only a hope. As a nation and people we can public may obtain full benefit of the
devices which
conserve our river waters, and store away our abun- have been invented and brought to a high
state of
dance for the day of possible need. Government, perfection.
perhaps, is the monarch in the one field, and our
The latest statement of the Bell Telephone Co. of
enterprise in trade the other. We cannot make Pennsylvania, which is but one of many
corporasomething out of nothing by laws and bureaucracy. tions comprising the wonderful network
of the
And the danger is that in experimenting with laws American Telephone & Telegraph Co., is
impressive.
and boards we shall overlook the true method that For the first six months of this year the
operating
can serve us. Famines that follow floods are a revenue of the Pennsylvania subsidiary
was $37,natural sequence. What we must do, ultimately, is 818,370, a sum which is equal to more than
$6,300,000
to see our conservation of resources and our possible a month, $1,500,000 per week, and
an average of
needs whole, as a single problem. We are now in the over $214,000 daily. Yet the area
covered by this
way of preventing the waste of floods, but the waste single corporation for the origin
of vocal messages
waters run to the sea. It may seem an enormous is but a small part of the entire
United States, indiproblem to attempt to impound them for future use cating that the total expendi
tures for talking over
—but it is worth thinking about in a year or years the phones of this country is
enormous. As a matter
of drought. It is more rational than the creation of fact, the entire American Telepho
ne & Telegraph
of a Farm Board, which, for all its endeavors and Co. for the calendar year 1929
had operating revpretensions, is powerless to save a single growing enues in excess of a billion dollars
($1,070,794,499).
AUG. 9 1930.]
FINANCIAL CHRONICLE
Telephones have been supplemented by the radio,
and it is in this field that manifolding or multiplicity exists to a marvelous extent. The voice of
a single speaker may not only be transmitted clearly
and naturally all over the United States to many
thousands of listeners in every large city and to
persons isolated upon farms, but these same listeners
have heard distinctly voices of speakers at points
across the Atlantic Ocean and even from New Zealand in the Pacific. This manifolding wireless
service for the voice is so new and incomprehensible
that it is not yet fully understood. It is so wonderful that the mind fails completely to comprehend the development.
Wire communication is made by a code of dots and
dashes, which were first printed upon a tape and
then carefully interpreted and transcribed in longhand by the receiving telegraph operator. It was
regarded as a remarkable innovation when the acute
and trained hearing of a receiving telegraph operator
was enabled to distinguish between the sounds of
the dots and dashes and thus to read the message
by ear as it was clicked off by the telegraph instrument. The modern telegraph receiver writes the
message upon a typewriter, interpreting the sounds
of the characters as rapidly as they are transmitted.
The typewriter is of further advantage in the trans-
845
mission or reception by long distance telephone.
With a receiver fastened to his ear the operator
writes upon a typewriter the long distance message
as it comes over the wire.
The Associated Press makes use of still another
appliance for the transmission of its numerous dispatches. When several newspapers in a single city
receive the same service the Association places in
each office a machine which is operated electrically
by someone at the central local office and the newspaper machines print the words of the message much
as the stock ticker records quotations, but sheets
of paper are used for the newspapers instead of a
tape. This instrument is still very crude. Much
needs to be done to bring it to a satisfactory stage,
but the problems will no doubt soon be solved.
As in all other lines of human effort, progress
has only been made through co-operation of investors. Fortunes made by those who had faith in
the development of the telephone served to inspire
other investors until a vast amount of wealth has
been invested in such enterprises and is yielding
a good return.
This growing field of endeavor has reached a dignity which has been recognized by governments,
which adopt the term "Department of Communications."
Indications of Business Activity1
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Aug. 8 1930.
Heat and drouth continue to hamper business in this
country and also to do widespread damage to crops. The
damage,in grain may be inferred from the fact that wheat has
advanced nearly 12 cents, corn over 10 cents, rye gy cents,
and oats .414 cents. Lard has advanced 85 to 112 points.
Cotton shows a decline for the week of about %c. net,
though the break to-day was l, to 8 c. owing to an un4
expectedly favorable crop report by the Government. The
pasturage as well as crops has been injured over a wide area
of the West. But to-day came a Washington dispatch from
weather authorities to the effect that there was a chance for
the breaking of the drouth in the West early next week.
That caused a sharp break in wheat and corn, that is some
4 to 5 cents and accentuated the weakness in cotton. The
speculative trading in grain has been enormous. To some
extent it has taken business from the stock market. Meanwhile general wholesale and retail business in this country
suffers. Since the low point of July there has been some
recovery reported in industries here and there but it must
be confessed that it is difficult to detect any actual marked
improvement anywhere. It appears that some of the
cotton
mills at New Bedford are operating at only 25%. Curtailment of operations continues to be very general in the cotton
manufacturing business. On Monday last several
hundred
thousand men returned to work in the automobile industry
at Detroit, but this was an exception proving the rule, that
the conditions in the industrial world of the United States
are mostly unsatisfactory.
There is a decrease in the corn crop estimated at 500,000,000 bushels, though it may not turn out to be quite so
large. The tobacco crop is suffering in Kentucky, Tennessee and Ohio. In the Memphis section there has been
no rain for 83 days. The cotton crop was estimated to-day
by the Government at 14,362,000 bales, which shows a
decrease from last year of 466,000 bales, but was some
300,000 bales larger than many had expected and taken
with a carryover on July 31st of some 6,000,000 bales was
considered a bearish factor. Prices suddenly broke 60 to
70 points to-day. One thing about the cotton crop is that
it seems to be enjoying a comparative immunity from weevil
attacks, over most of the belt, especially outside of the
Atlantic States. The cotton crop condition is given as 62.2%
against 69.7% a year ago and a 10 year average of 67.5%
at this time. This was a bit puzzling to many in the trade
in conjunction with a crop estimate of nearly 14,400,000
bales. It was explained however as due to the fact that the
weevil pest is comparatively innocuous this season.
In wheat a great advance has taken place on bad crop
reports from the American and Canadian Northwest and a
tendency to cut down crop estimates. Russian offerings
have increased, but it is significant that Liverpool prices
have been steadily mounting, keeping pace in fact with the
rise in Chicago and Winnipeg. The advance in corn is
traceable to hot dry weather, damage to the crop and the
example of wheat. Rye has followed wheat upward and oats
have been affected by the rapid rise of corn. The meteoric
rise of grain prices within month is something that has
attracted wide attention. In September corn it amounts
to 27M cents and has sent corn above the $1 mark at times,
though September ended to-day at 973 0. September wheat
4
in Chicago after recently declining sharply has risen at times
during the week 6 to 7 cents in a day. Sugar shows a decline
of one to two points on September and March, while December ends unchanged for the week. But on the whole there
has been less pressure to sell though from time to time Cuba
has continued to sell to some extent. Coffee has advanced
of late, though early in the week Santos 4s declined on the
spot. Covering of shorts in a narrow market explains the
rise for the week of 10 to 30 points. Rubber has continued
to decline at home and abroad, with the sentiment pessimistic
as to the general trade outlook. The world's stocks of rubber
are ample to say the least, and trade for the time being is
everywhere unsatisfactory. Hides have been active at lower
prices, December showing a net decline for the week of
88 points. Silk shows a small decline. Cocoa is off 25 to
50 points. Wool has been quiet and without marked change.
Iron has been dull and apparently none too steady. The
July output of pig iron declined sharply from that of June
and from the total in July last year. Steel has been in only
moderate demand as a rule. There may have been exceptions
now and then, here and there, but for the most part the
condition of the steel business cannot candidly be called
satisfactory. Scrap steel has been firm, but some kinds of
automobile steel it is intimated have sold at lower prices.
The automobile output in July in the United States and
Canada reached a total of 275,298 cars and trucks as against
846
FINANCIAL CHRONICLE
350,565 in June and 518,301 in July last year. The production for seven months was 2,605,529 cars and trucks against
3,391,105 for the same time last year. This of course is
anything but a cheerful exhibit. On the Pacific Coast the
output of lumber is said to be only about 50% of normal.
That is also unfortunately true of the hard wood production
in the Middle Mississippi Valley. Building is gaining
at New York but is slowing down outside of the Metropolis.
In stocks there have been irregular declines at times.
The big rise in grain on a drouth scare was interpreted as
a bearish factor by bear traders. To some extent, moreover,
trading drifted from stocks to grain. The sales on Tuesday
were only 1,221,490, on Wednesday 1,317,370, and on
Thirsday 1,450,890, but to-day on an accession of selling
force, the transactions rose to 3,312,520 with prices down
3 to 12. This is the severest setback since the rally in
July. The passing of dividends by a couple of industrial
concerns and the break of $3.50 a bale in cotton and 4 to 5
cents in wheat and corn from the early top were cited as
ostensible reasons for the decline. Radio and Consolidated
Gas fell 3 points, and American Telephone 4 points. New
low levels were reached on American Machine & Foundry,
Rock Island, Corn Products, Wabash Southern Ry., and
U. S. Rubber preferred. Bullard Co. fell 7 points or more,
supposedly on a statement of earnings. Money was still 2%.
Utilities weakened. In bonds railroad and some utility
issues advanced.
Washington advice's said that Government aid for farmers
in the drouth-stricken area of the United States was urged
on President Hoover by Louis J. Taber, Master of the
National Grange, based on the latter's prediction that if
unabated within 10 to 30 days, the drouth would bring
about a national catastrophe. At the same time, in a radio
address, Chairman Legge of the Federal Farm Board, asserted that the present severe drouth has reached a point
where shortage of feed and forage threatens serious losses
to livestock growers and dairymen over a wide area. Every
Depsrtment of the Government concerned with agriculture
and farm interests confirmed the seriosness of the situation.
Already the drouth has burned up pasturage in dairy sections, threatening almost immediate shortage of milk and
cheese and higher prices to city consumers. Butter is not
Immediately affected, because of supplies still in storage.
Vegetables are stunted and fruits, notably apples, are
withering and falling from the trees. States most seriously
hit thus far are Kansas, Nebraska, Kentucky, Arkansas,
Michigan, Ohio, Illinois, Indiana, Iowa, North Dakota and
Minnesota.
At New Bedford, Mass. it is said many mills are running
at only 20% of capacity. At Fall River, Mass, last week
the sales of print cloths were only 20,000 pieces though they
included a greater variety of goods. The Berkshire Fine
Spinning Associates say that showing a slight concession
from the previous week, their sales for the last week in July
maintained about the same volume as through the month,
with the market generally quiet and content to await developments. The Cutter Manufacturing Co.'s plant at
Rock Hill, S. C. has resumed full time operation after a
curtailment program which continued for several weeks.
Birmingham, Ala. wired that renewed textile activity in
that State, beginning this month and reaching capacity
operations at some mills by Sept. 1 was predicted on the
7th inst. by officials of several hosiery mills, whose plants will
increase operations soon. At Alberton, Ga. the Elberton
Cotton Mills which had been closed down for several weeks
will resume operations Monday morning Aug. 4. One
hundred and fifty employees will be affected. For the present the plant will operate on a day schedule. The plant
manufactures sheetings, drills and twills, operating 8,896
spindles and has a battery of 262 looms.
Charlotte, N. C., reports that with the opening of August
practically all mills are operating in Thomasville, Small wage
cuts have been made but rents and other requirements are
lower, largely offsetting the curtailment in pay, it is indicated. Charlotte, wired that the Martinsville Cotton
Mill Co.; Inc. of Martinsville, Va., which is a plant of the
Chadwick-Hoskins Co., a chain of textile manufacturing
plants, operating plants here and at Pineville, N. C. has
closed down for three months or perhaps longer. Greenville,
S. C., reports that fine goods mills of that section which
have been least affected by the ills of the textile industry
are now beginning to curtail. In Greenville, S. C. the Duncan Mills and Watts Mills, of Laurens, both of which are
under the same management, are now operating but four
[Vou 131.
days each week, shutting down every Thursday night, this
schedule having just gone into effect. It is expected, however, that the same schedule will prevail for several weeks,
being dependent largely upon the condition of business.
The Judson Mills are operating five days each week,although
a portion of the equipment is idle throughout the week. The
plant has been shutting down each Friday night and this
schedule will continue for some time, it is expected. There
has been little or no change in the status of other mills in
that section, most of which are still on half time.
Spartanburg, S. C. reported that plants Nos. 3 and 4 of
the Riverside & Dan River Cotton Mills, Danville, Va.,
according to information, have stopped operations temporarily and it is generally understood that later on other units
of the system will be halted, depending upon development,
there being too much production for the small market demands for the products. The management is authorized to
materially curtail the production in all of the mills of the
company during the next 30 or 60 days. In Manchester,
England trade has remained dull. A United Press despatch
from Hazelbrouck, France said: "Textile workers here
voted to go on a general strike on Aug. 4 in protest against
the French social insurance laws. Thousands of workers in
many trades already are on strike in the Lille district claiming that the 4% required from their salaries as their half
of the social insurance premiums under the new law is
excessive." Paris cabled that about 45,000 of the 125,000
textile workers in Roubaix, Tourcoing and Halluin, Northern
France, had joined the strike called by the district unions.
It was said at workers' headquarters that there would be
100,000 on strike by to-day. Paris cabled later that official
estimates place the number of textile strikers in Northern
France at 110,000, including 50,000 in the Roubaix and
Turcoing districts. Vienna cabled Aug. 4 that an agreement
among the combined Austrian cotton spinners has been
reached to form a production and price fixing cartel.
The production of electricity by the electric light and
power industry of the United States for the week ended
Aug. 2 was 1,644,000,000 kilowatt-hours, according to
the Statistical Research Department of the National Electric
Light Association. This is about 16,000,000 kilowatt hours
below the output of the previous week and contrary to the
usual seasonal trend. It is 2.7% below the figure for the
corresponding week in 1929, but 8% above the output
for 1928.
Detroit wired Aug. 3 that with the resumption of activity
the next day in several of the city's major industrial plants
that have been shut down for the last fortnight or more to
permit inventories and vacations, it is expected that about
150,000 workers will again take hold. All along the line of
automobile production, from the parts factories to the big
plants from which roll the finished cars, machinery will
begin to turn. Eastern observers cite the opening of "a
healthy market" calls for new automobiles, a demand for
railroad materials and a decrease in overproduction. St.
Louis reported that retail trade had declined sharply and
wholesale business is off, with large houses reporting only
hand-to-mouth buying. In San Francisco a better sentiment prevailed in retail and jobbing circles last week with
the consensus of opinion pointing to a more pronounced improvement within the next few weeks.
Gross sales of 20 leading chain store systems for the
month of July showed a decline of 6.64% compared with
the same period of 1929, whereas for the seven months ended
with the July sales for the same systems decreased .009%
compared with the figures for the same period of last year.
London cabled that for the first time since January 1922,
Britain's registered unemployed exceeds 2,000,000.
It was 85 degrees on August 2 and 91 on Sunday, August 3
with unusually high humidity, the third hot Sunday in
succession. Again there was a hegira of 1,000,000 people to
Coney Island, choking the roads and jamming the resorts.
Drouth still stuck to the Central West and the Central and
Western cotton belts. The heat here was 7 degrees above
normal. Washington wired the Associated Press that the
high record heat this Summer over the nation has caused
the greatest distress ever experienced by the fish population
of the United States and its adjacent waters, the Bureau of
Fisheries said in describing complaints it has received.
Streams and lakes are low or entirely dried up, cold springfed brooks warmed up as their sources fail and their contents
diminish. Sea water encroached on the tidal estuaries at
the river mouths. This maintenance of heat and drouth
over almost the entire continental area is beyond our experience.
AUG. 9 1930.]
847
FINANCIAL CHRONICLE
May
June
June
May
May
On the 3d inst. Boston had 70 to 98, Chicago 76 to 98, Index Numbers, 1923-25=100. 1930. 1930. 1929. .Tune 1928. 1928.
1929.
Cincinnati 64 to 98, Cleveland 75 to 96, Detroit 74 to 96,
Production—
Milwaukee 74 to 94, St. Paul 74 to 98, Montreal 64 to 80, Raw materials:
108
112
116
117
109
110
Omaha 86 to 110, Philadelphia 72 to 94, Phoenix 80 to 102, Animal products
72
52
46
51
56
Crops
56
101
95
99
90
80
73
Forestry
Portland, Me., 68 to 84, Portland, Ore., 56 to 82, San Fran102, Seattle 54 to 78, Wash- Industrial(compiled by Federal 104
127
110
108
125
102
cisco 52 to 64, St. Louis 78 to
Reserve Board)
101
113
105
116
101
103
Minerals
ington 74 to 100, Winnipeg 66 to 90. On the 4th inst. a
111
129
109
125
102
Total manufac. (adjusted)... 105
116
115
155
145
111
110
Iron and steel
was feared on account of the widespread heat
milk famine
108
107
121
121
91
86
Textiles
93
96
96
97
100
93
Food products
and drouth in the country and the injury to pastures. On
118
117
128
127
Paper and printing
119
91
93
the 5th inst. it was 80 to 93 degrees, the hottest Aug. 5 on
85
83
Lumber
117
104
162
148
98
104
Automobiles
record. It was hot all over the West and South, crops were
108
96
113
101
94
09
Leather and shoes
121
119
116
111
119
119
Cement
in peril and grain prices rose. Here it was 88 degrees at
115
111
126
137
101
98
Non-ferrous metals
midnight as against 84 at the previous midnight. The high149
153
170
168
173
Petroleum refining
143
133
162
158
Rubber tires
121
est temperature, 93, was at 6 p. m.; it was 90 at 8 p. in.
125
139
120
142
141
Tobacco manufactures..... 134
Commodity Stocks—
More life guards were appointed at Long Island beaches as Total_
117
109
120
123
125
130
114
102
120
124
Raw materials
125
drownings increased. Unwilling to entrust the fate of men
135
121
118
121
121
124
125
Manufactured goods
jurors distracted by the heat, a County
to the deliberations of
Unfilled Orders—
74
83
75
76
89
78
Judge in Brooklyn adjourned court. Humidity was 52 Total
74
72
67
,42
78
44
Textiles
72
75
85
Iron and steel
87
77
80
a. in. and 29 at 8 p. in. Boston had 74 to 90 degrees;
at 8
73
69
96
78
128
136
Chicago 72 to 78, Cincinnati 80 to 88, Cleveland 72 to 86, Transportation equipment
79
84
104
95
Lumber
80
80
Detroit 72 to 88, Kansas City 78 to 98, Milwaukee 74 to
80, Minneapolis 72 to 88, Montreal 66 to 82, Philadelphia
Annalist Weekly Index of Wholesale Commodity Prices.
82 to 98, Omaha 70 to 90, San Francisco 54 to 66 and WinThe "Annalist" in presenting its weekly index of wholesale
nipeg 60 to 88.
commodity prices says:
Reports of drought throughout wide areas in the 'United States, with
New York Federal Reserve Bank's Indexes of Business
rapid deterioration of crops, have made for a sharp upturn in prices of
Activity.
farm products, with sympathetic advances in food products. The remainindex
In presenting in its Aug. 1 "Monthly Review," its indexes ing six groups included in the composite in the are either lower or untwo groups were suffichanged from last week. The advances
business activity, the Federal Reserve Bank of New ciently large to raise The Annalist Weekly Index of Wholesale Commodity
of
"the distribution of goods and general Prices to 122.2, or 1.4 points higher than the preceding week.
York states that
The sharpest advance was in corn, from $1.05% to $1.13 a bushel.
business activity showed a further irregular decline in June,
Secretary of Agriculture Hyde estimates that drought and heat have
bank's indexes continued at relatively low levels." reduced the corn crop by 500,000,000 bushels. The sharp upturn in
and this
corn prices also carried with it advances in all livestock, because corn Is
The Bank continues:
102
98
102
117
85
94
87
81
102
78
92
87
82
103
67
89
80
829
94y
71
104
105
102
08
105
90
103
89
107
93
tl3
87
99
89
95
__
109
158
126
182
252
100
100
104
109
105
111
85
179
227
171
98
136
111
150
306
99
95
93
121
83
94
67
174
226
168
99
134
112
143
273
96
93p
92
121
83
05
66
172
225
igy
June
1930.
104
141
114
146
20
94
90
124
115
102
16
.
9
225
165
Preliminary. • 1913=100.
Monthly Indexes of Production, Unfilled Orders, &c.,
of United States Department of Commerce—
Decline of 3% in Production in June as Compared
with May.
The U. S. Department of Commerce presents as follows
its monthly indexes of production,stocks,and unfilled orders.
Production.
Manufacturing production in June, after adjustments for seasonal
variations, recorded a decline of 3% from the month of May and was
19% below the level of June 1929. The production of leading minerals
likewise declined from the preceding month and was 11-zo lower than the
corresponding period last year. Industrial production, including both
manufacturing and mineral output, registered declines from both prior
periods.
Commodity Stocks.
The general index of commodity stocks held at the end of June, although
declining 4% from the month of May, showed an increase of 4% when
Contrasted with a year ago. The stocks of finished goods in the hands
of manufacturers registered increases over both the preceding month and
June 1929. The stock of raw materials, although lower than the previous
period, were well above the level of a year ago.
Unfilled Orders.
Total unfilled orders for manufactured groups at the end of June recorded
declines from both the preceding period and June last Year. As corn..
pared with the month of May unfilled orders for textiles, iron and steel
products, and transportation equipment showed declines, while those
for lumber recorded no change. In comparison with June 1929 unfilled
orders for transportation equipment showed a marked gain, while textiles
and iron and steel declined. As compared with the month of June 1928,
two years ago, increases occurred in the unfilled orders for iron and steel
and transportation equipment.
o,s
May
1930.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
(1913=100)
Au0.5 1930. July 29 1930. dui 6 1929.
t.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
112.3
126.7
114.3
153.3
109.4
140,5
127.9
98.9
All nrumnivittlm
122.2
tOO
0 Cfl
i 0
Primary Distribution—
Car loadings, merchandise and miscellaneous____
Car loadings, other
Exports
Imports
Panama Canal traffic
Distribution to Consumer—
Department store sales, Second District
Chain store sales, other than grocery
Life insurance paid for
Advertising
General Business Activity—
Bank debits, outside New York CRY
Bank debits, New York City
Velocity of bank deposits outside N. Y. City
Velocity of bank deposits, New York City
Shares sold on New York Stock Exchange
Postal receipts
Electric Power
Employment in the United States
Business failures
ButMing contracts
New corporations formed in New York State
Real estate transfers
General price level*
Composite index of wages.
Cost of living*
April
1930.
too
-i
o
June
1929.
Marketed in the form of livestock. Hogs made a sharp advance, from
$9.
21 to $9.60; lambs 75 cents and steers 15 cents. Other grains have
advanced in sympathy with the upturn in corn, though the grains have
already been harvested and are unaffected by the weather. The shortage
in feed threatened by the smaller corn crop has placed new values on
is
existing grain stocks. Wheat has advanced 3 cents, but at $1.04
selling 9 cents lower than corn, a situation seldom equaled in the history
In cotton prices is the consequence of clearof farm prices. The advance
ing the market fron$ an oversold condition, and has no relation to an improved statistical position. In anticipation of the first government report on the condition of this year's crop, which is due today, shorts have
covered their commitments in order to be prepared for any eventuality.
C tO
Average daily car loadings, both of merchandise and miscellaneous freight
and of heavy bulk materials, showed an unseasonal decline which continued
into July, and remained well under the levels of recent years. The number
of business failures continued numerous,but the number of new corporations
formed in New York State and the amount of life insurance paid for declined
by less than the usual seasonal amount.
(Adjusted for seasonal variations and usual year-to-year growth)
120.8
147.7
153.8
145.4
161.8
128.3
153.7
134.4
127.2
148 6
"Westheimer Survey" Finds Confidence in Business
Returning.
The "Westheimer Survey" for August, issued by West.
heimer & Co. of Cincinnati, says:
There appears to be more confidence shown over the past month both in
business and in the stock market. In the July "Survey" attention was
called to the fact that low money rates would not lead business out of the
present depression unless accompanied by a revival of confidence. We
feel that this confidence Is gradually appearing, and one reason for its return
-year reports of some of our leading corporations
is the fact that the half
are making much more favorable comparison with the peak year 1929 than
was thought possible during the month of June when stock prices came
dangerously near the low levels established last November, and pessimism
ran riot.
One of the danger signals of the market at the peak last summer was that
ork
the ratio of loans to the market value of stocks listed on the New
Stock Exchange reached the high level of 9.82%. The diagram herewith
February, 1926, to July 1 1930. As of the latter
shows this ratio from
date this ratio stood at 5.83%. the lowest to date with the exception of
Feb. 1 1930. when the ratio stood at 5.77% and was followediby the spring
advance in stock prices. Thus the current figure would indicate that
stocks are again in strong hands and await but a more general optimistic
business picture before advancing.
Commodity prices are still declining, although less rapidly. Several
authorities believe that commodities are close to the bottom and therefore
look for a business revival this fall. In the past it has often happened that
a general revival in trade has manifested itself several months before corn
modity prices touched their lowest levels.
We are of the opinion that July will mark the low point of the recession
in business. August activities should be of a gradually rising scale and by
the end of the third quarter further expansion should be noted.
The Department of Commerce's Weekly Statement of
Business Conditions in the United States—Decline
in Business Measured by Volume of Checks.
According to the weekly statement of the Department of
Commerce, business for the week ending Aug. 2, as measured
by bank debits outside New York City, declined from the
848
FINANCIAL CHRONICLE
week ended July 26, and was lower than the same period
in 1929.
Wholesale prices, as a whole, remained at the same level
as the previous week, but were 16% lower than the corresponding week of 1929. The prices for iron and steel, as
measured by the composite index, likewise showed no change
from the week before, but, like wholesale prices, were lower
than a year ago.
Bank loans and discounts, as reported to the Federal Reserve Board by member banks, although greater than the
previous week, were below the level of the same period a
year ago. Average stock prices showed no change from the
week of July 26, but were lower when compared with the
same period last year. Bond prices, however, registered increases over both comparative periods. Interest rates, both for
short- and long-term loans, were the same as the preceding
period, but were much lower when compared with the week
of Aug. 3 1929. Business failures during the last week
were fewer than the week ended July 26.
The production of petroleum and bituminous coal for
the latest reported week, July 26, showed increases over
the preceding period, while contracts awarded for building
and engineering projects were lower. The activity of steel
mills in the United States showed no change when contrasted
with the week ended July 19.
Bank loans and discounts, and the prices for leading stocks
and bonds recorded increases when compared with the
week ended Aug. 4 1928, two years ago.
WEEKLY BUSINESS INDICATORS.
(Weeks Ended Saturday. Average 1923-6=100.)
1929.
1928.
Aug. July
3.
27.
Aug. July
4.
28.
1930.
Aug
2.
July; July
26. 19.
July
12.
Steel operations
76.3 78.3 75.0
Bituminous coal production.....
82.0 °8l.3 80.7
Petroleum produc'n (daily avge.)
119.5 120.0 121.5
Freight car loadings
98.8 95.5
a Lumber production...........
74.1 70.1
Building contracts. 37 States
(daily average)
84.9 90.7 62.2
Wheat receipts
406.0 296.7 230.3
Cotton receipts
7.7 7.3 7.7 6.2
Cattle receipts
66.8 84.8 71.2
Hog receipts
65.2 74.4 76.9
Price No.2 wheat
60.5 62.8 61.2 62.8
Price cotton middling
47.1 47.1 49.3 48.2
Price iron & steel composite
79.9 80.0 80.1 80.5
Copper, electrolytic price
78.3 78.3 81.2
Fisher's index (1926=100)
82.9 83.3 83.4 84.5
Bank debits outside N. Y. City._ 100.8 110.7 122.1 105.2
Bank loans and discounts
135.6 134.8 135.3 135.0
Interest rates, call money
48.5 48.5 54.5 62.5
Business failures
115.0 125.3 111.1 105.2
Stock prices
206.8 207.1 207.4 196.6
Bond prices
107.2 106.9 106.7 106.5
Interest rates, time money
80.0 80.0 79.1 70.4
Federal reserve ratio
107,7 107,4 105,8 105,4
126.3 126.3 96.0 95.0
94.7 .98.6 89.9 92.0
139.7 139.1 115.4 114.5
115.2 114.8 109.4 107.8
190.4 156.0
470.5 374.9
*23.1 23.1
78.8 83.2
68.1 75.7
101.5 100.0
69.5 68.8
88.6 88.6
129.0 129.0
98.6 99.2
137.4 138.0
136 5 135.8
242.4 206.1
100.5 98.3
290.4 289.1
103.8 104.1
197.1 182.9
96.0 96.4
a Relative to weekly average 1927-1929 for week shown • Revised.
124.3 198.0
313.0 290.5
5.0 10.0
74.4 73.7
64.3 59.5
88.4 91.5
73.2 77.6
84.4 84.5
105.1 105.1
99.7 99.9
118.9 112.1
126.9 125.6
160.6 133.9
107.0 108.3
195.0 194.3
107.0 108.3
137.1 137.1
88.5 90.2
Dun's Commodity Price Index.
Monthly comparisons of Dun's index number of wholesale
commodity prices, proportioned to consumption,follow:
GroupsBreadstuff's
Meat
Dairy and garden
Other foods
Clothing
Metals
Miscellaneous
Total
Aug. 1
1930.
929.771
17.999
19.551
17.890
29.795
19.846
34.500
July 1
1930.
528.345
20.070
19.692
17.998
30.657
19.925
34.911
Aug. 1
1929.
$35.163
24.144
21.646
18.885
34.533
21.291
36.554
Aug. 1
1028.
537.190
23.211
20.761
19.612
36.051
20.770
36.537
Aug. 1
1927.
533.610
20.024
20.251
19.053
33.841
22.014
37.542
8169.352 8171.598 1192.206 8194.132 5188.335
Dun's Report of Failures in July.
Insolvencies in July are quite as numerous as in the earlier
months of the year, and entail continued heavy indebtedness.
The records of R. G. Dun & Co. show 2,028 mercantile
failures in the United States for the month just closed, with
liabilities of $39,826,417. In July of last year 1,752 similar
defaults occurred owing $32,425,519. The increase in
number this year is as heavy as it has been during the past
six months. Usually there is a little recession in the number of insolvencies from month to month up to July, and a
somewhat reduced total is to be expected for that month in
comparison with June, but such is not the case this yearl
the number being slightly larger in July. For the seven
months of 1930 there have been 15,799 mercantile failures
in the United States, with liabilities of $376,915,500. For
the corresponding period of 1929 these defaults numbered
13,924 and the indebtedness $264,554,455. The large addition to the liabilities this year may be attributed to the
exceptional number of large failures, that is insolvencies
where the defaulted indebtedness in each case amounts to
$100,000 or more. These large failures this year have been
quite a feature each month up to the end of June. For the
'For,. 131.
month of July there is quite an improvement in respect
to this class of defaults although they were more numerous
in that month than a year ago.
Monthly and quarterly failures, showing number and
liabilities, are contrasted below for the periods mentioned
:
1930.
2,028
2,026
2,179
2,198
July
June
May
April
2nd quarter
Number
1929.
1,752
1,767
1,897
2,021
1028.
1,723
1.947
2,008
1,818
Liabilities
1930.
1929.
1928.
539,826,417 832,425.519 $29,586,633
63,130.762
31,374.761
29.827,073
55,541,462
41,215,865
36.116,990
49,059,308
35,269,702
37.985,145
6,403 5,685 5,773 9167,731.532 5107,860,328 9103,929,208
March
February
January
2,347 1,987 2,236
2,262 1,965 2,176
2,759 2,535 2,643
1st quarter
556,846,015
51,326.365
61,185,171
$36,355,691 $54,814,145
34,035.772
45,070,642
53,877,145
47,631,411
7,368 6,487 7,055 5169.357,551
1124,268,608 9147,519,198
1929. 1928. 1927.
1929.
1928.
1927.
2,037 1,943 2,162
567,465,114 $40,774,160 851,162,253
1,796 1,838 1,864
52.045.863
40,601,435
36,146,573
1,822 2,023 1,787
31,313.581
34,990,474
36,235,872
5.655 5.804 5.813 1150,824,558 $116,366,069
$123,644,698
1,568 1,635 1,573
$34,124,731 133,956.686 132.786,125
1,762 1,852 1,708
33.746,452
58,201,830
39,195.953
1,752 1,723 1,756
32.425,519
29,586,633 43,149,974
5,082 5,210 5.037 8100,296.702 9121.745,149 $115,132,052
December
November
October
4th quarter
September
August
July
3d quarter
FAILURES BY BRANCHES OF BUSINESS
-JULY 1930.
-Number
Liabilities
1930. 1929. 1928.
1930.
1929.
1928.
Manufacturers$
Iron, foundries and nails...11
15
8
231,300
361,085
153,808
Machinery and tools
34
24
23
1,442,971
795,840
408,181
Woolens,carpets & knit gds_
1
1
2
17.500
30,000
6,260
Cottons,lace and hosiery_ _ _ _
1
3
2
8,500
647.035
43.900
Lumber,carpenters & coopers 81
88
69 2.876,235 3,823,432 3,191,896
Clothing and millinery
37
46
49
521,500
401,627 1,064,406
Hats, gloves and furs
12
13
9
312.400
249,873
67,590
Chemicals and drugs
8
6
5
30.600
43,300
45,400
Paints and oils
3
187.800
Printing and engraving
20
15
16
240.200
548,427
281,400
Milling and bakers
37
31
47
1,160,869
2.59,295
334,060
Leather, shoes and harness
10
10
18
590.900
42,860 1,517.229
Tobacco, &c
1
7
3
66,000
100.500
47.300
Glass, earthenware & brick
9
9
5
348,843
161,315
18,668
All other
160 193 195 5.332,995 5,212,866
5,752,036
Total manufacturing
425 461 450 13.368,613 12,767,455
12,932,132
Traders
General stores
83
68
77
844,500 1,118,443
747,002
Groceries, meat and fish.- 278 277 279
3,694,110 2.233,517 2,502,684
Hotels and restaurants
100 103
91
1.002.000
942,390
736,649
Tobacco, ea
25
26
17
128,900
188,175
82,600
Clothing and furnishings
215 155 157
2.335.300 1.898.076 1,765,589
Dry goods and carpets
90
61
55
3,038,914 1,045.495
916.820
Shoes, rubbers and trunks
42
40
37
321.500
778,240
381,111
iurniture and crockery
75
60
59
1,554.700
947.380
714,174
Hardware, stoves and tools
32
46
20
729,099
641.560
300.487
Chemicals and drugs
65
46
44
788,300
573,716
431,307
Paints and oils
8
8
11
108.700
518,509
123.510
Jewelry and clocks
24
28
35
468,750
247,105
352,116
Books and papers
21
5
14
371,820
64,020
143.600
Hats, furs and gloves
11
6
8
108,600
41.825
41,000
All other
398 276 247 6,076,416 3,466,947
3.660,817
Total trading
1,481 1,190 1,161 21,571,609 14.605,398
12,899,466
Other commerdal
122 101
112
4,886,195 5,052,666 3,755,035
Total United States
2.028 1.752 1.723 39.826.417 32,425,519 29,586.633
July Chain Store Sales Lower.
Gross sales of 20 leading chain store systems for the month
of July showed a decline of 6.64% compared with the
same
period of 1929, whereas for the seven months ended
with
July sales for the same systems decreased .009%
compared
with the figures for the same period of last year,
according
to the monthly compilation of George H. Burr & Co.
Sales of these 20 store systems aggregated
$108,287,253
for July against $115,996,385 reported for July
1929, a
decrease of $7,709,132, or 6.64%. Losses in
sales were
reported by Sears, Roebuck & Co., F. W.
Montgomery Ward, S. S. Kresge, NationalWoolworth,
Tea Co.,
McCrory Stores, National Bellas-Hess, F. &
W. GrandSilver and Kline Bros., Inc. For the first seven
months of
1930 these 20 store systems report gross sales of
05,624,291
compared with $805,695,852 reported for the
corresponding
period of 1929, the decrease being $70,561 or
.009%.
A comparative table follows:
Sears, Roebuck
F. W. Woolworth_
Montg'y Ward-S. S. Kresge
National Tea Co
W T Grant
McCrory Storm
Nat. Bellas-Hess
2.2. Newberry Co_
F. & W. GrandSilver
Lerner Stores
Schulte-United
McLellan Stores_
CC.Murphy
Nelsner Bros
bchiff & Co
Bichford's Inc_
Edison Bros
Kline Bros
M.H. ishman_
Month of July----- --I1Sst 7
Months of
Inc.(+1 or
Inc. (I-) Or
Dec.(-).
Dec.(-).
1930.
Over 1929.
1930.
Over 1929.
$
$
%
$
$
%
25,988,995 -4,541,091 14.9
20,737.421 -1,783.888 8.6 198,263,008 -10.452.571 5.0
152,057,254 -6,273,927 4.1
18,668.623 -1,139,720 5.7 148,853,726
+6,237,843 4.3
10,882.426 -804,213 6.8
78,340,038
-991,061 1.2
6.582.288 -417.343 6.9
49,696,617 -2.318,058 4.4
4.817.776
+294.031 6.4
34,825,194 +3,429,857 10.9
3,122.217' -177,306 5.4
22,532,319
+207.047 0.9
2.412,454 -858,651 26.2
20 692.899 -7,1/45.871 27.7
2.312,406
+145,748 6.7
14,510.792 +1,632,353 12.6
2,266,659
-17.494 0.7
15,932.498 +1.333,445 9.1
2.050,062 +512,151 33.3
13,347.325
2.008.985 +570.313 30.64 13,810.356 +3.901.300 41 3
+6.284.957 83.62
1.805.998
+177.941 10.3
11,502 612
+774.440 7.2
1.319,447 +171,008 148
8,420 461
+815.694 10.7
1,245.027
+93.061 8.08 8,177.278 +1,286.452 18.66
722.140
+38.940 5.3
5.417.666
+961,521 21.5
468,052
+44.682 105
3.335 932
+329.216 10.9
271,863
+20.277 8.0
2.53it.804
+535,655 28.7
309.142
-61,496 16.5
2,347.087
-16.850 0.7
197,274
+25,918 15.1
1.022,425
+197,997 24.0
108,287,253 -7,709,132 6.64 805,624.291
-70,661
.009
AUG. 9 1930.]
FINANCIAL CHRONICLE
849
Outlook for Buying Power on Pacific Coast as Viewed 677,083,000 Cu. feet as against 168,223,698,000 cu. feet in
the same period in 1929. The Association's statement also
by Silberling Research Corp.
shows:
In viewing the outlook for buying power on the Pacific COMPARATIVE STATISTICS OF 148 MANUFACTURED GAS COMPANIES
Coast, the Aug. 2 report of the Silberling Research Corp.,
IN UNITED STATES.
1929.
Per Cent. Inc.
Month of May' 1930.
says:
8,723,949
Customers
8,900,000
2.0
Indications:
30.514,024,000
- 1.0
Das sales(cubic feet)
30,196,937,000
The index of general buying-power on the Pacific Coast receded to a still Revenue
$32,163,222
$32,364,483
- 0.6
lower level in June, following the direction of our forecasting range and
Gas Produced (Cubic Feet)
16,033,662,000
- 5.5
15,154,403,000
somewhat below it. During the final quarter of the year the Teleometer Water gas
2.631,946,000
- 3.9
2,529,930,000
shows an advancing direction and a turn for the better in business activity Retort coal gas
562,640,000
9.8
Oil gas
617,5.53,000
September. Recovery will be gradual at first Coke oven gas
can be anticipated about
4,204,329.000
3,948,286,000
6.5
owing to the fact that some sections of the Coast are being affected by Reformed oil still glu3
141,641,000
--I§
Total gas produced
23,176,534,000
22,647,856,090
unusually serious handicaps to prosperity.
gas Purchased (Cubic Feet)
Two sources from which the Pacific Coast may with some fair degree of
8.909,089,000
5.9
9,434,665,000
expect revival of activity are building and foreign trade. The Coke oven gas
assurance
204.336,000
- 5.8
172,047,000
011 still and natural gas
building program in this area has been progressively declining for a sufficient
9,113,425,000
5.4
Total gas purchased
9,606,712,000
period to bring about a new cycle of expanding demand for accommoda- Total gas produced and purchased 32,254.568,000
32,289,959,000
- 0.1
tions, particularly in industrial, commercial, and the better class of resiFive Months Ended May 31
-See May
dential structures. Utility and highway work also appears to have a rela- Customers
155,239,721,000
2.4
159,013.695,000
tively good outlook. While stimulation arising from the building field will Gas sales(cubic feet)
$163,902,449
1.6
Revenue
$166,497,698
not be immediate or spectacular, it can be expected to add materially to
Gas Produced (Cubic Feet)
general recovery during the latter part of this year and the first half of 1931. Water gas
- 4.8
88,927,604,000
84,620, 27.00
4
- 1.7
The exports of local products to foreign markets have lately been impeded Retort coal gas
13,169,271,000
13,401,602,000
- 4.4
3,868,770,000
3,698,323,000
by a combination of unfavorable factors, especially in the Orient and South 011 gas
6.4
Coke oven gas
19,061,986,000
20,273,238,000
America. We find in looking over the records pertaining to trade with
Reformed oil still gas
740,441.000
China during a long period that declines in the price of silver have only
temporary effects upon imports from abroad. This factor, therefore, should
Totalgas produced
125,259,952,000
- 2.2
122,501,700,000
not be considered with excessive pessimism as an obstruction to purchases
Gas Purchased (Cubic Feet)
13.0
41,817,490.000
47,253,021,000
of our products in this field. The Japanese market has been hard hit by Coke oven gas
.
-19.5
Oh still and natural gas
1,146,246,000
922,362,000
the silk situation and by weak financial foundations which, however, are
undergoing gradual repair. From South America the latest reports convey
12.1
42,963,736.000
Total gas purchased
48,175,383,000
1.5
168,223,698,000
a slightly more cheerful picture of the general conditions and Coast exports Total gas produced and purchased170,677,083.000
to that part of the world should recover their normal stride or better by
next spring.
Another consideration of importance for the Pacific Coast is that manu- Analysis of Imports and Exports of the United States
facturing is rapidly gaining ground as a source of income and public buyingin June.
power. As leading lines of industry return to more active operating schedThe Department of Commerce at Washington on Aug. 1
ules there will be a reflection immediately in the local factories which now
constitute so large an element in such areas as Oakland, Los Angeles and issued its analysis of the foreign trade of the United States in
parts of the Northwest.
While, therefore, general conditions are now very seriously subnormal, June and the 6 months ending with June. This statement
it is possible to see definite factors which, as in past turns of the business indicates how much of the merchandise exports for the past
cycle, will presently be working together for improvement.
consisted of crude or of partly or wholly manu-
two years
factured products. The following is the report in full:
National Association of Credit Men Sees Business
Skies Clearing.
Evidencing a more optimistic tone than in any month
since last October, the August bulletin of the National
Association of Credit Men, which was sent to members on
Aug. 4, says that "the business skies are clearing." The
bulletin continues:
ANALYSIS OF DOMESTIC EXPORTS FROM AND IMPORTS INTO THE
UNITED STATES FOR THE MONTH OF JUNE 1930.
(Value in 1,000 dollars.)
"We have managed to get through the storm with no conspicuous failures
and no serious damage to our machinery of production and distribution.
"Inventories are low in all lines of business. Buying for replenishment
of stocks must begin soon, and when it does we will all come back together.
Not with a rush, but with a steady, persistent pull which is the only kind
of pull which leads to lasting success."
Domestic exports_ _ _ _ 386,804 100.0290,266 100.0 2.578,519 100.0 2,039,540 100.0
Crude materials_ _
Crude foodstuffs
Mid. foodstuffs_ _
Semi-manufactures_
Finished manufac's_
56.134 14.5 37.482 12.9 484,158 18.8 372,731 18.3
75,439 3.7
14,518 3.8 13,346 4.6 126,920 4.9
34,018 8.8 27,323 9.4 237,566 9.2 193,153 9.5
62,119 16.0 47,166 16.3 382,906 14.8 290.442 14.2
220,016 56.9 164,948 56.8 1,346,968 52.3 1,107.776 54.3
Dr. Stephen I. Miller, executive manager of the association, points out that brokers' loans are now largely under
the control of the banks, and that loans for the account of
"others" have practically disappeared from the reports.
"Money is cheap-so cheap," he says, "that the financial
bootleggers who furnished much of the capital for stock
speculation last autumn are no longer attracted and have
disappeared from the scene."
The bulletin quotes results of a survey covering manufacturing and wholesale business in New York, New Jersey,
Pennsylvania and Maryland. Fifty-two percent of the firms
reported larger collections in June than in the preceding
month. Sales, however, in most lines of business were
smaller than in the same month of last year. Twenty-six
percent of the firms reported a larger volume of sales than
in June 1929, and 74% smaller volume. Commenting on
the survey, the bulletin says:
Imports
353,393 100.0 250,221 100.0 2.288,365 100.0 1.735,862 100.0
"Although these four states are nearest to the center of the stock market
disturbance, the reports received carry a pronounced conviction that the
corner has been turned. In all of the four, inventories are low, and brisk
buying in the late summer and early autumn appears to be assured."
Month of June.
1929.
Twelve Months Ended June.
1930.
Value Per Value Per
Cent.
$
Cent.
$
Crude materials_ _. 120,724
Crude foodstuffs__ _ 40,956
Mid. foodstuffs_ _ 36,527
Semi-manufactures_ 75,549
Finished manufac's. 79,638
34.2
11.6
10.3
21.4
22.5
76,671
35,372
24,795
51,612
61,771
30.6
14.2
9.9
20.6
24.7
1929.
Value
$
828,083
286,498
234,602
454,675
482.508
1930.
Per
Cent.
36.2
12.6
10.2
19.9
21.1
Value
$
578,778
227.339
168,594
356,265
404,886
Per
Cent.
33.4
13.1
9.7
20.5
23.3
Production of Electric Power in the United States in
June Approximately at Same Rate As in Corresponding Month in 1929.
According to the Division of Power Resources, Geological
Survey, electric power produced by public utility plants in
the United States during the month of June 1930 amounted
to approximately that for the corresponding month last
year, totaling about 7,748,476,000 kwh., as compared with
around 7,768,000,000 kwh. in June 1929. Of the total for
April of this year, 4,695,139,000 kwh. were produced by
fuels and 3,053,337,000 kwh. by water power. The Survey's
statement follows:
-UTILITY POWER
PRODUCTION OF ELECTRIC POWER BY PUBLIC
PLANTS IN THE UNITED STATES (IN KILOWATT-HOUR/3).
Dittlf011.
Total by Water Power and Fuels.
Mows in Output
front Previous Year.
May Gas Sales and Output Lower Than in CorrespondMay.
June.
Apra,
May.' June.
ing Period Last Year.
520,401,000 511,883,000 487,416,000
-3%
-3%
During the month of May 1930 a total of 30,196,937,000 New England
2,038,507,000 2,071,587,000 1.982,812,000
+5% +2%
Middle Atlantic_
cu. feet of gas were sold, according to returns by 148 manu- East North Central_ 1,873,805,C00 1,902,328,000 1,770,708,000 -1% --3%
501.112.000 483.785,000
+8%
West North Central_ 500,058,000
+4%
1 018,993,000 913,820,000 855,852.000 -16%
-9%
factured gas companies in the United States made to the South Atlantic
301,141,000 305,469,000 290,804.000
+4%
department of the American Gas Association. East South Central_ 405.111,000 412,018,000 422,995,000 +4% +6%
statistical
West South Central.
+7%
.319,616,000 326,728,000
Mountain
-9%
-5%
This compares with 30,514,024,000 Cu. feet of gas sold in Pacific
1.034,287,000 1,076.369,000 1,127,376.000
-1%
+5%
May 1929. Gas produced and purchased in May 1930
7,999,989,000 8,014,202.000 7,748,476.000
Total for U.
-1%
0%
amounted to 32,254,568,000 Cu. feet as against 32,289,959,The average daily production of electricity by public utility power plants
000 Cu. feet in the same month a year ago. (See also
in the United States in June was 258.300,000 kwh., the same as the daily
"Chronicle" of July 26 1930, page 545.)
output for May.
The total production of electricity by public utility power plants in JllIIIII
For the five months ended May 31 1930, gas sales by these
the same
ofthis year
same 148 manufactured gas companies totaled 159,013,695,- total daily was practicallyelectricityas in June 1929. The curves of average
production of
show that the demand for electricity
000 cu. feet as compared with 155,239,721,000 cu. feet in during May and June was about the same as during the same months in
the same five months last year. For the same period this 1929 and apparently show that the decrease in the demand for electricity
has probably ceased. There are indications that
year, total gas produced and purchased amounted to 170,- seasonal increase in demand will be shown in the probably about the normal
months to follow.
FINANCIAL CHRONICLE
850
The decline in the daily production of electricity by the use of water
power from May to June was small, even though drought conditions
throughout the country increased during June.
[Vol.. 131.
SUMMARY OF INDUSTRIAL CORPORATION PROFITS FOR FIRST
HALF YEAR 1929 AND 19i:.0. WITH PERCENTAGE
RETURN ON CAPITAL AND SURPLUS.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY PUBLIC
UTILITY POWER PLANTS IN 1029 AND 1930.
Net Profits.
Industry-
8,240,000.000
7,431,000,000
7,092,000,000
7.882,000,000
8,086,000,000
7,768.000,000
8,072.000.000
8.356.000,000
8,062.000,000
8,709.000,000
8.242,000.000
8.512,000.000
0,•
21C9 IV. AM
8,652.000,000
7,618.0410,000
8.175,000.000
8.000.000,000
8,014,000,000
7,748,000,000
Ineroase Ineroate
1929
1930
Orel
firer
1020
1928.
5%
3%
2%
1%
el%
____
____
__
Produred by
Water Power.
1929.
1030.
13%
b12%
10%
15%
14%
11%
13%
11%
11%
10%
6%
8%
33%
33%
39%
42%
43%
40%
38%
34%
31%
31%
32%
32%
34%
35%
40%
41%
40%
39%
11Qt.
RAM
a Revised. b Based on output for 28 days. c Decrease.
The quantitites given in the tables are based on the operation of all
power plants producing 10,000 kwh.or more per month, engaged in generating electricity for public use, including central stations and electric-railway
plants. Reports are received from plants representing over 95% of the
total capacity. The output of those plants which do not submit reports is
estimated; therefore the figures of output and fuel consumption as reported
In the accompanying tables are on a 100% basis.
[The Coal Division, Bureau of Mines. Department of Commerce, cooperates in the preparation of these reports.]
National Fertilizer Association Reports Further Decline
in Commodity Prices.
A decline of three-tenths of 1% is shown by the wholesale
price index of The National Fertilizer Association for the
week ended Aug. 2. The Association's advices state:
Five groups showed small declines and five advanced slightly. Of the
476 items, 37 declined and 25 advanced. The larger declines occurred in
cotton. silk, flour, beans, wheat, rye, lambs and pig iron. Slight advances
occurred in the prices of butter, eggs, cheese, hay,corn, zinc. middlings and
coal.
Based on 1926-1928 as 100 and on 476 quotations, the index stood at 85.1
for the last week and 85.4 for the preceding week and 98.4 for the corresponding week of 1929.
National City Bank Finds Net Profits of Corporations
in Six Months This Year 24% Below Same Period
Last Year.
In making available its compilation of half-year profits of
industrial corporations, the National City Bank of New
York, in its August "Bulletin," says:
The combined net profits of the companies whose reports we have compiled to date are approximately 24% below the first half of 1929 and 3%
below 1928. A surprisingly large number of companies, amounting to 3
out of every 10, actually achieved an increase in net profits in the first
half of 1930 over 1929.
The accompanying tabulation shows, classified according to major
industrial groups (but not including railroads, public utilities, financial
companies, &c.), the combined net profits in every published report that
we have been able to secure covering the first half of 1929 and 1930, with
the percentage of change. Aggregate net profits, of the 275 companies
that have issued reports to date, before dividends but after all expenses,
fixed charges and tax reserves (except in a few instances where the adjustments for such are not made until the end of the year) were approximately
$633,000,000 in the first half of 1930, as compared with $837,000,000 in
the first half of 1929, giving a decrease of $204,000,000. In the corresponding period of 1928 the same identical companies had aggregate net
profits of 3652,000,000, from which the decline this year was $19,000,000.
While this tabulation gives a significant preliminary cross-section of
business operations as a whole during the first half year, it should be kept
In mind that there are scarcely enough reports available to accruately
measure the change in earnings for individual industries, some of which are
largely dominated by one or a few companies, while many sizeable concerns
do not make a practice of publishing interim figures or even annual reports.
As to the change in the totals, however, it is not believed that the publication of additional reports is likely to cause this to vary materially. Because
of their size, General Motors Corp. and United States Steel Corp. are
shown separately from the other companies of their Industries.
Conclusions as to the showing of this year's statements will be largely
determined by the basis of comparison used. Obviously it would be unfair
to measure earnings this year solely against those of 1929, which established
the high record for all time. In the absence of any dependable "normal,"
a comparison with 1928 would be more reasonable and would not show such
a serious decline.
In the place of a simple comparison of net profitsfrom one year to another,
a somewhat more reliable measure of the profitableness of business may be
had from the relation of such earnings to the "net worth" employed, comprised of outstanding capital stock and surplus as shown on their published
statements at the beginning of each year. This invested capital grows
fairly rapidly due to earnings retained in the business and to additional
capital stock subscribed by shareholders. For the companies in our tabulation,the net worth at the beginning of 1929 and 1930 is shown,the aggregate
of $11.158,000,000 on the latter date being $1,164,000,000 or 11% larger
than a year previous and $1,807,000,000 or 19% larger than two years
previous.
For the industrial group as a whole, net profits in 1930 represented a
return on net worth at the beginning of the year of5% in the 6 months period
or at the rate of 10% annually; the comparable figure for the first half of
1929 was 8% and for 1928 was 7%. Current earnings of many companies
are far from satisfactory, if considered in relation to the market quotations
of their stock at several times its book value, but in relation to net assets
as shown on their audited balance sheets the results so far this year hardly
justify the loose talk so frequently heard that American business is "flat
on its back."
Amusements
Apparel
Automobiles-General Motors
Automobiles
-Other
Auto accessories
Baking
Building material
Chemicals
Coal mining
Drugs and sundries
Electrical equipment
Food products-Miscellaneous
Household goods
Iron and steel
-U.S. Steel
Iron and steel-Other
Leather tanning
Machinery
Merchandising
Mining, copper
Mining, other non-ferrous
Office equipment
Paper products
Petroleum
Printing and publishing
Railway equipment
Realty
Restaurant chains
Shoes
Textiles
Tobacco (cigars)
Miscellaneous
Total
3
513,093,000
3,074,000
151,860,000
49,860,000
49,208,000
23,660,000
13,290,000
78,045,000
1,895,000
17,705,000
49,998,000
51,852,000
7,975,000
96,011,000
55,012,000
41,910,000
18,796,000
11,500,000
3,923,000
4,564,000
11,255,000
2,885,000
47,427,000
15,684,000
9,980,000
5,191,000
800,000
8,730,000
5,931,000
2,353,000
28,210,000
9
1
11
34
7
13
14
6
5
9
17
6
I
21
2
18
7
3
5
4
6
13
6
8
3
3
4
19
4
22
275
3837 857_000
%
Change
1929-30.
1930.
$19,079,000
2,275,000
98,355,000
16,198,000
28,227,000
20,248,000
7,521,000
65,399,000
555,000
20,338,000
42.552,000
53,676,000
7,931,000
67,905,000
40,676,000
385,000
17,592,000
8,586,000
1,811,000
116,000
7,888,000
3.514,000
34,736,000
16,398,000
11,855,000
4,376,000
963.000
9,827.000
3,140,000
1,474,000
20,012,000
2633.608.000
t-q".1401'..1c1t7oto...10"
0.-.
n5
•te. m op v .-4v to 0.44.4. cia>cr; ;r:hocon:c."-,64.6.0ON rir- or;
I
I C4 ,
00C,INCI_LC4.Cie-IVMN
1
January. __
.
February ___
March
April
May
June
July
August
September .._
October
November
December
1939
(kwh)
1929.
+11111111+1.111"1111+1'+1++111
1929.a
(kwh)
No.
-24.4
Deficit.
SUMMARY OF INDUSTRIAL CORPORATION PROFITS FOR FIRST
HALF YEAR 1929 AND 1930, WITH PERCENTAGE
RETURN ON CAPITAL AND SURPLUS.
Capital and Surplus.
Industry-
No. Jan. 1 1929.
Amusements
Apparel
Automobiles
-Gen. Mot
Automobiles
-Other
Auto accessories
Baking
Building material
Chemicals
Coal mining
Drugs and sundries
Electrical equipment
Food prodneta-MiscellHousehold goods
Iron and steel-U.S. Steel
Iron and steel-Other____
Leather tanning
Machinery
Merchandising
Mining. copper
Mining, other non-ferrous_
Office equipment
Paper products
Petroleum
Printing and publishing_
Railway equipment
Realty
Restaurant chains
3hoes
textiles
tobacco (cigars)
1liscellaneous
Total
• Deficit.
3135,994,000
3
9
63,210,000
1
858,463,000
11
363,209,000
34
361,754,000
7
291.288,000
13
219,546.000
14
827,502,000
6
93,464,000
5
1. .45i,000
10
9
625,649,00)
17
550,727,003
6
122,725,003
1 1:752,600,000
21
926,012,000
2
41,204,000
18
222,932,000
7
137,019,000
3
28,329,000
5
65,005,000
4
112,111,000
6
60,091.000
13
895,333,000
6
100,580,000
203,914,0430
8
3
86,715,000
3
9,405,000
4
170,691,000
154,967,000
10
4
29,229,000
331,428,000
22
%
%
Re urn
Chance
Jan. 1 1930. 1929-30 1929. 1930.
3213,094,000 +56.7 9.6 9.0
63,074,000 -.2 4.9 3.6
954,476,000 +11.2 17.7 10.3
380.024,000 +4.6 13.7 4.3
421,712,000 +16.8 13.
8 8.
7
304,220,000 +4.4 8.1 6.7
243,963,000 +11.1 6.1 3 1
.
970,134,000 +17.2 9.4 6.7
98,020,000 +4.9 2.0 0.6
163,790,000 +9.6 11.8 12.4
717 074,000 +14.1 8.0 4.9
698,799,000 +8.7 9.4 9.0
131,274,000 +7.0 8.5 6.1
1,910,313,000 +9.5 5.5 3.5
1,125,880,000 +21.6 6.9 2.6
34,325,000-18.7 14.6 1.1
258,104,000 +15.8 8.5 6.8
149,666,000 +9.2 8.4 5.7
29,612,000 +4.5 13.9 6.1
68,561.000 +5.5 7.2 0.2
117,113,000 +4.5 10.0 6.7
63,913,000 +6.4 4.8 5.5
068,680,000 +8.2 5.3 3.6
105,719,000 +5.1 15.6 15.5
__
226,830,000 +11.2-88,033,000 +1.5 5.9 4.9
9,892,000 +5.2 8.5 9.7
178,894,000 +4.8 5.1 5.5
158,845,000 +2.5 4.9 2.0
30,983,000 +6.0 8.1 3.8
364,307,000 +9.9 8.5 5.5
275 39.053_551.000 311.158.324,000 +11.7
8.4
5.7
Canada's Crops Promise Good Yield, According to
Canadian Bank of Commerce Survey.
Canadian crops on the whole promise a good yield, particularly from Manitoba to the Atlantic, on the Northern
Prairies and in British Columbia, according to General
Manager S. H. Logan of the Canadian Bank of Commerce in
the bank's August "Commercial Letter." "Recent rains
have counteracted the effect of drought over a large area in
Saskatchewan and Alberta and prospects have materially
improved," said Mr. Logan. "Although trade is seasonably quiet," ho added, "recent business statistics are encouraging." Mr. Logan also says:
"A satisfactory harvest of most crops is forecast by reports received from
Ontario eastward to the Atlantic and from British Columbia. Roots and
corn in some districts are suffering from drought, but the other crops are
for the &est part turning out to be either a good average or a bountiful
yield. Until the recent dry spell pastures were in good condition and dairy
production has been heavy. With the exception of apples in Eastern
Canada most fruits promise a good average yield.
"At the beginning of July Canadian wheat exports were in good volume
giving way later to offerings of American wheat selling at a considerable
discount under Manitobas, but recovering towards the end of the month.
Preliminary reports indicate that world shipments of wheat and
wheat
flour for the 12 months ending 31st July 1930, have been about 613,000,000
bushels, or only about two-thirds the exports for the previous crop
year
Canada's share appears to be about 195,000,000 bushels, or 32% of
the
total, as compared with 23% for the United States, 25% for Argentina,
and
10% each for Australia and all other exporters. The previous season the
proportions were: Canada, 44%; United States, 16; Argentina,
24%;
Australia, 12%; and all others 4%. It will thus be seen that in spite
of
strong competition Canada has continued to be the leading exporter.
"It is yet too soon to estimate the probable requirements this season
of
Importing countries, but it is reported that although Eastern Europe
is on
the whole harvesting a larger wheat crop than a year ago, the total European
crop. outside Russia, is smaller. Conditions In Northwestern Europe
have
recently improved, but in France and Italy they are not so favorable
as in
1929. The United States wheat crop has recently in some districts
been
seriously affected by drought."
Auc. 9 19301
FINANCIAL CHRONICLE
shown
851
former
in
years. Installment sales were only 5.1% of total sales,
Crop Report of Bank of Montreal.
compared with 4.8% last year.
In presenting under date of Aug. 7 a brief synopsis of
As to wholesale and retail trade in its district, the bank
crop conditions in Canada, as indicated in telegraphic re- says:
Bank of Montreal, says:
ports from its branches, the
Retail Trade.
GENERAL
Retail distribution in June, based on sales of 57 department stores in the
All crops in the Prairie Provinces are ripening rapidly and cutting, Fourth [Cleveland] District, was at the lowest level for that month since
which has begun in some sections, will be general in a week to ten days. 1922. Sales were 13% below the corresponding month of 1929; all cities
Recent extreme heat and lack of moisture have done considerable damage showed decreases ranging from 6% in Columbus to 25% in Akron. Sales
In southern Saskatohewan and southeastern Alberta; but conditions in for the first six months also were smaller than one year ago, the falling-off
Alberta, generally, have improved since the last report. It is now known being 7% in the entire district, with the largest declines in Akron, Toledo,
that, expecially in Manitoba, there will be considerable damage from rust. and Wheeling. How much of this drop has been caused by the reduction In
In the Province of Quebec the weather, on the whole, has been favourable, prices cannot definitely be determined, but an increasing number of
but in some districts haying has been delayed by rain. In Ontario, the re2orte of retail price reductions have been received, which, of course,
cutting of an average crop of hay has been completed; of oats and barley would accentuate the discrepancy in sales comparisons with former yew's.
It is well advanced. In the Maritimes, crops generally are in good condi- Stocks are also considerably below last year, a drop of 5% being reported
tion, but rain is needed. In British Columbia, with weather continuing in the past month. The declines have been quite general, both in sales
hot and dry, harvesting conditions are good. Grain is being cut in some and stocks.
districts, and an average yield of good quality is expected.
Accounts receivable showed an increase of 2% from last year, but collecPRAIRIE PROVINCES.
tions have been holding up well, and were 0.1% greater than in June 1929.
Sales of retail furniture stores showed an aver Ige loss of 39% in June
Alberta Northeastern Area.—Showers and continued warm weather are
rapidly bringing crops to fruition. Small damage from hail has been and 27% for the first six months. This is much greater than the decline
reported. Alberta Southeastern Area.—Harvesting has begun and, while r. ported for the furniture department of departmerc gtores.
Chain store sales on a unit basis have been holaing up rather well
some wheat yields will run as high as 20 bushels, the average will be 6
to 8 bushels. Alberta Western Area.—Crops have made good recovery this district. Chain drug stores in the first six months were 1.4% ahead
return is expected. Regional hail damage of a serious of the same period of 1929. Chain grocery sales in this same interval w6re
and an average
nature has been reported. Harvesting will be general in two weeks. 0.9% below last year; probably all of this drop is due to lower food prices.
The sugar beet crop is 15% Letter than normal. Saskatchewan Northern
Wholesale Trade.
Area.—Crops are filling fairly well and ripening fast; they are reasonably
Sales of all wholesale reporting lines exhibited a decided falling-off in
free from rust and other disease and promise fair to good returns. Saskatchewan Southern Area.—Crops continue to deteriorate from heat and June, both as compared with the previous month and with June 1929. The
drought. Some summerfallaw fields promise fair yields, but generally changes in sales in the first half of this year were: Groceries, 2.5%;
the crop is much below average. Manitoba.—With hot, dry weather drugs, 9.1%; dry goods, 14.7%; hardware, 14.4%, and shoes, 26.4%.
prevailing, the ripening of crops has been hastened. Cutting has com- Considerable complaint about the slowness of collections is heard.
menced and should be general by the end of this week. Rust is prevalent
and has caused considerable damage, especially to late wheat; but the
Building Operations in Cleveland Federal Reserve
extent is not yet determined.
PROVINCE OF QUEBEC.
Grains are making normal progress and harvesting will shortly be general.
Roots, especially potatoes, are promising and good crops are indicated.
Tobacco appears healthy.
PROVINCE OF ONTARIO.
Early crops are good, but the prolonged drought is drying up pastures,
late grain, fruit, corn, roots and tobacco. In eastern Ontario all crops
are a good average. In southwestern Ontario the drought has been most
severe and will reduce the yield of all grains. Threshing of rail wheat
Is in progress and is yielding well. Rain is greatly needed in tho central
and western sections of the Province.
District.
The following account of building operations in the
Cleveland Federal Reserve District is from the Aug. 1
"Monthly Business Review" of the Cleveland Federal Reserve Bank:
Construction activity in June in the United States, with two exceptions
(April and July 1929), was at the highest point in two years. Contracts
awarded, according to the F. W. Dodge Corp., amounted to $600,573,400,
31% increase from May and 13% from June 1929. This large improvement in June reduced the decreases shown in earlier months of this year,
so that in tha first six months a drop of only 12.5% was shown from
MARITIME PROVINCES.•
of last year.
Haying is well advanced. The potato crop is promising and an average the same period
The improvement was quite general throughout the country, but was
yield of other roots is looked for. Apples are progressing satisfactorily.
not well distributed between the various types of building. Public works
PROVINCE OF BRITISH COLUMBIA.
and utilities during June accounted for over 40% of the value of all
Tree fruits are doing well and indications point to good crops. Irriga- awards and was the only class to show an increase in the first six months
tion water is nearly exhausted, but it is felt there will be just sufficient of this year. Residential building was slightly more than half what It was
for the season. The weather has been favourable for tomatoes, and ship- in 1929 and non-residential building was 8% under last year.
ments of semi-ripe tomatoes have commenced. Prospects for potatoes
A decrease of 3.8% was reported in Fourth District building from May
and other root crops are good, but rain would be baueficial. Pasturage is to June in contrast with the increase shown in the entire country. Part
In fair condition but needs moisture.
of this was accounted for by the fact that much of the new work bas taken
central part
the form of gas and oil pipe lines located in the western and
local steel mills.
of the country, which, however, has benefited the
totaled $49,240,000, a deIndications Yet of Improved Business
No Definite
Fourth District contracts awarded in June
crease from last year of 7%. The six months' total, $278,237,000, was
Conditions Says Cleveland Federal Reserve Bank.
a smaller decline than was
only 9.5% below the same period of 1929,
Surveying the business situation, the Federal Reserve reported for the entire country. Residential contracts again declined, and
the seine
Bank of Cleveland states that "the present situation has in June were 32% and in the first half of 1930, 31% below regarding
have been reports of increasing inquiries
not as yet exWbited any absolute indications of improve- periods of 1929. There but it is evident that few have taken definite
this type of construction,
ment, the general level of operations and employment in shape. It is upon this latter type of construction that many local building
June and July being seasonally lower than May. Production supply and lumber concerns depend, and it furnishes employment for many
warmer months of the year.
and consumption statistics in many cases In the first half men during the is reported in the demand for building materials, particuLittle change
of this year compare quite favorably with all years except larly lumber and brick. Material prices are extremely low, but there has
number of homes available
1920." In its Aug. 1 "Monthly Business Review," the bank been little change in labor costs. Until the employment situation imthe
for lees than production costs is reduced and
also says:
is anticipated. Cement
proves, little change in the building industry
Money rates remain easy and the bond market has shown a slight upward production both in June and the first half of this year has exceeded the
tendency, despite the large flotations, which eventually mean expenditures same periods of 1929.
in material and labor markets.
The iron and steel industry was characterized by declines in demand, Chicago Federal Reserve Bank on Conditions in Meat
price and production. Pipe mills have been operating at a good rate
Packing Indust.y—Production Decreased—Emand structural steel orders have been received in fair volume; otherwise,
requirements were at the lowest level since February. Construction activity
ployment Gained.
In June in the Fourth (Cleveland] District did not Mew the improvement
In the survey of the meat packing industry the Chicago
reported in the entire country, and the demand for building materials,
Federal Reserve Bank has the following to say in its monthly
glass, remains low.
Including
The shoe industry increased its operations in June, contrary to seasonal Business Conditions Report issued July 31:
trend, the upturn usually coming in July. Output for the first six months
Meat Packing.
was below the average of preceding years. Many small general manufacProduction at meat packing establishments in the United States decreased
turing concerns not dependent on the automobile industry for their orders
June, a reversal of the usual May-June trend, and was about on a
have been operating at very satisfactory levels. Other small concerns whose 4% in
year ago. As in the preceding month, a reduction in purchases
are automobile parts, tools and accessories have reduced level with a
chief products
cattle feeders was responsible for cattle slaughter being somewhat above
operations proportionate to the decline in the automobile industry, which by corresponding month of 1929. Employment figures for the payroll
the
dropped more than seasonally in June and curtailed operations still further
at the end of June recorded a gain of2M% in number of workers as compared
In July. The situation, however, is much improved from a year ago, the with May, and owing to one more working day in the current totals, inlarge stocks having been appreciably reduced.
creased 15% in hours worked and 83 % in aggregate earnings. Domestic
The agricultural situation is not particularly favorable. Crops have been demand ranged between fair and good for smoked meats, sweet pickled
damaged by the long .drought. The quite general rain on July 22 hams, and most lamb, but averaged from slow to only fair for fresh pork
badly
was slight and only afforded temporary relief. Tobacco acreage was and veal; trade was draggy for beef and leg of lamb. Dry salt meats moved
smaller than reported early this year and the crop prospects have been into domestic channels in fairly good volume. Total sales of packing-house
materially reduced. The situation in the 'canning industry has been products, as reported by representative establishments in the United States,
Irregular. Tomato prospects are about equal to the average of the past showed a further decline of2% in June and remained substantially less than
In 1920, the latter recession averaging 14%. One of the major factors confive years, but other crop prospects have been reduced.
Department store sales declined rather sharply in June as compared tributing to the decrease from a year ago was the reduced buying power of
The drop was 13% and in- the consumer arising from unemployment in the cities and a relatively low
with the corresponding month of last year.
creased the six months' discrepancy to 7%. Stocks are still contracting. level of prices for farm products. The lower dollar volume of sales also reAccounts receivable showed a slight increase, but collections were also fleeted price declines from a year ago in a number of packing-house comcredit to total sales decreased modities. June prices of lard, pork loins, dry salt fat backs, mutton;'most
larger than one year ago. The ratio of
the same increase over last June as has been beef,and the commoner grades of veal and lamb were lower for the month_aa
from May, but showed about
852
FINANCIAL CHRONICLE
a whole than in May;those of smoked meat, good to choice lamb and veal,
and of fresh and cured hams, picnics, and bellies averaged higher. Quotations for practically all of these products, however, moved downward after
the middle of June. Domestic demand was fair at the beginning of July.
Inventories exceeded those of June 1, but remained decidedly less than a
year ago and the 1925-29 average for the month.
Shipments for export appear to have changed but slightly from May.
Foreign customers continued to restrict purchases to immediate requirements pending greater stabilization of commodity prices. Trade remained
dull on the Continent and in the United Kingdom; the demand for hams,
however,showed some improvement in the latter country during the month.
American stocks abroad (including those in transit) were indicated as somewhat lighter on July 1 than at the beginning of June.
Conditions in California as Viewed by State Chamber
of Commerce-Business and Industry at Low Level.
Business and industry in California during June continued
at a generally low level which corresponds closely to the
general situation throughout the United States, according
to the Research Department of the California State Chamber of Commerce. The downward trends predominated in
most lines with general activity considerably below 1929.
In part the survey also says:
California bank debits for 14 cities during June, although below the
level of 1929, showed the usual slight seasonal increase from May to June.
The weekly debits for the first two weeks of July were slightly less than a
year ago.
The decrease in factory employment in June was larger than usual. The
Influx of workers from outside of the State, the curtailed lumber and manufacturing operations and the decline in building permits has increased the
supply of labor. Seasonal demand for agricultural labor, however, has
aided in relieving the unemployment situation. Fruit canning operations
have started, affording employment to increasing numbers. Further relief
is anticipated during the grape and cotton harvesting season.
Agricultural crops were benefited by the normal weather conditions during the first half of July. Warm weather in practically all sections of the
State has aided the growth and maturing of most fruit and vegetable crops.
Confidence in the stability of the grape industry has been renewed with
the success of the grape sign-up campaign which will aid in controlling the
surplus and promote orderly marketing. The cotton acreage on July 1
1930 was 273,000 as compared with 319,000 a year ago and 223,000 in 1928.
Value of building permits issued during June aggregated $16,455,000, a
decrease of 15.3% from May to June. which is more than seasonal. Building operations for the first half of the year were 28.7% below the level of
1929. San Joaquin and Central Valley regions exhibited gains of 18%
and 26.5%, respectively, over the corresponding six months a year ago,
while Southern California decreased 31.2%, Central Coast 26.3%, Sacramento Valley 24% and North Coast 4.6%.
Retail trade in California for June was less active than in May and below
a year ago. Retail store sales for June were 5.8% less than last year,
-year
while the annual change for May was 4.5%. The sales for the half
were 3.3% below 1929. The semi-annual sales for 490 stores in the United
States were 4% less than a year ago.
June automobile sales were 4.5% lower than May 1930, as contrasted
-year closed
with an average seasonal decrease of 2.2%. The current half
21% below the corresponding period of 1929.
than May, whereas
Total car loading aggregated 144,174, or 16.3% less
the average decrease is about 4%. The six months were 10.6% below
last year.
Exports for April were 2.8% higher than last year and imports showed a
Sain of 18.6%. Exports and imports for the first four months of 1930 were
4.7% and 13.4% lower than a year ago.
[VOL. 131.
The past month witnessed a further decline in deposits and a slight
increase in the demand for credit for agricultural and commercial purposes.
The daily average of combined net demand and time deposits which
amounted to $847,046,000 in June reflected a decline of $17,665,000 as
compared to the previous month and was $22,102,000 smaller than a year
ago. It is significant to note, however, that the decline in the deposits
this year was smaller than it was in 1929. Federal Reserve Bank loans to
member banks fluctuated within narrow limits and on July 15 were only
$1,459.800 greater than six weeks earlier, and were $17,720,955 less than
on the corresponding date a year ago. While the loans on securities of
reserve city banks reflected a further sharp decline,commercial loans showed
a moderate increase for the first time in seven months.
Conditions in wholesale and retail trade in the District
are reviewed as follows by the Bank:
Wholesale Trade.
The distribution of merchandise in the wholesale channels of distribution
reflected a further heavy decline in June. While the recession was in part
seasonal, it was much more pronounced than is usual at this season and
distribution was materially smaller than in the corresponding month last
year. During the first half of the year, sales in all reporting lines fell short
of that in the same period of 1929, the decline ranging from 3.5% for groceries to 31.7% for farm implements. Restricted consumer buying due to
crop uncertainties and the low level of prices of agricultural commodities,
and cautious policies of retailers have materially reduced the demand at
wholesale establishments. Collections were reported to be slow in most lines.
Midsummer quietude was evidenced in the wholesale drygoods trade
during June. Sales of reporting firms reflected a decline of 19.2% from the
previous month, which was more than seasonal, and were 32.1% smaller
than in the corresponding month last year. Distribution during the half
year averaged 24.3% below that for the same period of 1929. Retailers
continue to buy very cautiously due to the downward trend in prices of raw
materials and the poor consumer demand. Collections were materially
smaller than in either the previous month or the corresponding month last
year.
The slow demand for farm implements was again evident during June.
Sales have shown a steady decline since January, the June figure being
6.2% less than in May and 35.3% below those for June last year. Distribution for the first six months of the current year averaged 31.7% less
than in the corresponding period of 1929. Prices continued generally steady.
Collections were slightly smaller than in the previous month.
A further marked decline in the demand for drugs at wholesale was
registered during the past month. Sales were not only 11.6% less than in
May, but were 13.0% below those in the corresponding month a year ago.
Restricted buying was noticeable in all sections of the district. Reports
indicate that retailers are holding commitments to a minimum and are
buying in small quantities. Collections were smaller than in the previous
month.
Sales of reporting wholesale grocery firms during June were 1.9% lower
than in the previous month and were 8.5% smaller than in June 1929.
Increased buying was noticeable in those sections where prospects for
agricultural production are favorable but in most areas a further recession
occurred. Prices evidenced a further weakness.
The June sales of reporting wholesale hardware firms reflected a further
substantial recession, the total being 7.9% less than in May and 15.1%
under June 1929. During the first half of the current year, sales averaged
15.1% smaller than in the corresponding period of the previous year. In
s Am areas buying was on a larger scale than in the previous month. Colections were materially smaller than in the previous month.
Retail Trade.
A slowing down in the distribution of merchandise at retail in larger
centres, which was more pronounced than is usual at this season, was in
evidence during June. Sales were 16.7% less than in May and fell 9.2%
below those for June last year. Distribution during the first half of the
durrent year reflected a decline of 8.4% as compared to the same period of
1929.
Stocks on hand at the close of June were 7.8% less than a month earlier
and were 3.9% smaller than on June 30 1929. The rate of stock turnover
in the first six months of the current year was 1.36 as against
1.44 in the
same period last year.
Collections showed a substantial decline in June. The ratio of June
collections to accounts outstanding on June 1 was 32.7% as compared to
36.5% in May,and 35.0% in June 1929.
Decline in Agricultural Prices Had Adverse Effect on
Trade and Business in Dallas Federal Reserve
District.
According to the Federal Reserve Bank of Dallas "the
marked decline in the prices of principal agricultural commodities during the past month greatly reduced the prospective income of the District's farmers and had a deleterious Production in St. Louis Federal Reserve District at
Lowest Rate in More Than Half Decade-Falling
effect upon trade and industry. The district summary in the
Off in Wholesale and Retail Trade.
Aug. 1 issue of the Bank's "Monthly Business Review"
continues:
The Federal Reserve Bank of St. Louis states that the
Sales of department stores in principal cities declined by more than the recessionary
tendencies in trade and industry which have
usual seasonal amount and were substantially smaller than in the corresponding month last year. Although distribution at wholesale usually prevailed in its district in greater or lesser degree since
reaches a low point during June, buying this year was on an unusually last fall, "were
emphasized during the past 30 days by
small scale. Retailers are operating on a very cautious basis and consumer
reduced activities due to the usual seasonal influences."
buying is apparently being limited largely to actual necessities. Payments
on accounts generally have been slow. Most of the principal industries of In its July 31 "Monthly Review" the bank also has the
the district are working on part-time schedules and working forces have following to
say:
been reduced with the result that there is a considerable surplus of industrial
labor. While the demand for help in outdoor activities has absorbed part
of the unemployed, a general surplus of labor still exists.
Construction activity reflected a further substantial recession during the
month. The valuation of building permits issued at principal cities, which
was 17% less than in the previous month and 22% below a year ago, was
at the lowest level reached in several years. The production, shipments,
and new orders for lumber showed a sharp decline.
While the growth of crops made fair to good progress during the past 30
days, there are many portions of the district which are badly in need of
moisture. Crops in some sections have already begun to deteriorate and
unless rain is obtained within a short time, production of some crops
will be materially affected. The harvesting of small grains was carried on
under ideal conditions and the outturn was better than was expected, yet
the production of all grain crops, except oats, was smaller than a year ago.
'The smaller production, together with the low market price has materially
curtailed the purchasing power of a considerable percentage of the district's
farmers. Although the prospects for feed crops are generally good, the
yield, as indicated by the Department of Agriculture's July 1 report, will be
smaller than a year ago. While a large percentage of the cotton crop has
made good growth and is fruiting well, there are some sections where the
plants are suffering from the lack of moisture. The district's ranges deteriorated somewhat during June, but the condition of livestock was well
sustained. Livestock prices declined to a lower level and trading on the
ranges is at a standstill.
Vacations and the closing down of many plants for repairs resulted in a
further decrease in factory employment,
and production in a number of
important lines was at the lowest rate in
more than a half decade. Purchasing of commodities by merchants and
the public continued along very
oonservative lines, there being a general disposition among all classes of
buyers to take only what is needed for
immediate use. Almost universally
manufacturers are pursuing the policy of producing only on orders, and in
lines which at this time of year ordinarily
make up goods for fall and
winter distribution, inventories are unusually
small.
The movement of commodity prices
continued downward, and in the
case of wheat, corn, cotton, and certain other
farm products, values were
at the lowest point since the beginning
of the World War. This fact,
coupled with uncertainty relative to the outcome of crops, served to hold
down distribution of merchandise in the
agricultural areas. Generally
through the district unusually dry weather prevailed, resulting in serious
damage to growing crops in some sections, and adversely affecting the live
stock and dairying industries. Through the district as a whole, the
accumulated deficiency of precipitation from Mar. 1 to the middle of
July is the greatest in recent years. The hot, dry weather, however, has
been ideal for harvesting wheat and other early grains, and effects of the
drought have been partly offset by intensive cultivation.
Except in the case of commodities used extensively in hot weather, both
production and distribution was smaller than a month and a year earlier.
AUG. 91930.]
FINANCIAL CHRONICLE
Activities at iron and steel plants were reduced in more than the usual
seasonal volume, and the volume of new orders placed was the smallest for
any month this year. Purchasing by the railroads and automotive industry
was at a low ebb, and no improvement was noted in the demand from the
building and oil industries. Lumber and textile mills in the South further
curtailed their operations, and reduced production of bituminous coal was
the rule in all fields of the district.
The volume of retail trade in June, as reflected in sales of department
stores in the principal cities of the district, was 12.7% smaller than during
the same month last year, and the first half of this year the volume was
7.1% less than for the first six months of 1929. Combined sales of all
wholesale and jobbing lines investigated showed a decrease of 23.0% in
June as contrasted with the tame month last year. Construction contracts
let in the Eighth Federal Reserve District in June were considerably larger
than a month and a year earlier, but building contracts let in the five
largest cities showed sharp decreases in both comparisons. Debits to
individual accounts in June were slightly smaller than in May, and 11.4%
less than in June 1929. For the first six months this year the volume
of debits shows a decrease of 10.7% as compared with the first half of
1929. The amount of savings deposits showed only slight variation between
June 4 and July 2, and on the latter date were smaller by 3.2% than a
year earlier.
Reduced commercial and industrial activities were reflected in a further
curtailment of the freight traffic of railroads operating in this district,
the volume continuing to run below that of a year and two years earlier.
Practically all classifications of freight are affected, with reductions particularly marked in farm products and merchandise and miscellaneous
freight. Loadings of revenue freight for the country as a whole during
the first 27 weeks this year, or to July 5, totaled 23,999,447 cars, against
26,528,096 cars for the corresponding week in 1929, and 25,312,720 cars
in 1928. The St. Louis Terminal Railway Association, which handles
interchanges for 28 connecting lines, interchanged 206,305 loads in June,
against 217,226 loads in May, and 242,703 loads in June 1929. During
the first nine days of July the interchange amounted to 53,753 loads,
against 62,388 loads during the corresponding period in May, and 66,811
loads during the first nine days of June 1929. Passenger traffic of the
reporting lines decreased 15% as compared with the same month last year.
Estimated tonnage of the Federal Barge Line between St. Louis and New
Orleans in June was 139,700 tons, the largest this year and comparing
with 124,924 tons in May and 103,934 tons in June 1929.
Collections generally throughout the district during the past 30 days
developed slight recessionary tendencies. The average was somewhat below
that of Msy, and considerably under that et the corresponding period a
year ago. Wholesalers in the large centers report a greater number of
delays and requests for extensions. They note, however, that due to
generally small inventories held by retailers, settlements are prompter in
numerous instances than might be expected under existing conditions in
business. Country retailers continue to complain of slowness in collections,
and attribute the backwardness partly to preoccupation of farmers with
harvest and other pressing work. Large department stores and city retailers
generally report an adverse effect on their collections from the absence of
numerous customers on vacations. Payments on goods purchased on the
installment plan are lees satisfactory than earlier in the year. Questionnaires addressed to leading interests in the various lines scattered through
the district elicited the following results:
Excellent. Good.
Fair.
Poor.
1.0%
13.2%
June, 1930
62.0%
22.9%
1.0
14.0
58.5
May, 1930
26.5
35.1
2.9
June, 1020
41.8
20.2
Commercial failures in the Eighth Federal Reserve District in June,
according to Dun's, numbered 104, involving liabilities of $1,778,914,
against 133 failures in May with liabilities of $4,959,105, and 98 failures
for a total of $1,894,983 in June 1929.
Business Below Seasonal Level in Richmond Federal
-Employment Conditions.
Reserve District
The Federal Reserve Bank of Richmond finds that "June
business did not measure up to seasonal level in the Fifth
(Richmond) Federal Reserve District, and the half-year
closed with trade at about the lowest point reached since
the recession set in last fall." In its July 31 "Monthly
Review" the Bank also says:
A few favorable signs appear in a survey of the activities of June and
early July, but on the whole there has been a progressive declinefrom month
to month this year. Rediscounts for member banks held by the Federal
Reserve Bank of Richmond decreased nearly 7% between the middle of
June and the middle of July, and Federal Reserve not circulation continued
to decline, the latter a seasonal development. On July 15th the Richmond
Reserve Bank was discounting only about 30% as much for member banks
as on the same date last year. Loans in reporting member banks declined
last month, while their investments in securities were increased. Debits
to individual accounts figures for the 4 weeks ended July 9 1930, show a
seasonal increase over debits in the preceding like period this year, but fell
below the total of debits reported for the corresponding four weeks in
1929.
and aggregate debits in the first half of 1930 also failed to equal the figures
for the first half of last year. Commercial failures in the Fifth district in
June were less numerous than in June 1929, and last month's liabilities
were also below those of June a year ago, but the figures were nevertheless
high, although better than those for other sections of the country. Employment conditions made no improvement in June and early July, and
perhaps
became worse in sections of the district. Coal production in June was in
less volume than in June last year, and showed somewhat more than a
seasonal decline in comparison with May. Textile mills
reported no
Improvement in the demand for cotton goods, and restrictions in
operating
time spread further during June. Most of the mills are running about
of full time. Cotton prices continued to decline during most of the 75%
past
month, although the downward tendency was checked in the third week
of
July by unfavorable news on the new cotton crop. Consumption of
cotton
in June in the United States was much lower than in June 1929, and
export
figures also showed a decline amounting to nearly 40%. Permits
issued in
leading cities for construction work were fewer in number and
lower in
valuation than the figures for June 1929. which were also low.
Contracts
awarded compared more favorably with earlier periods than permits issued,
chiefly due to road construction. Retail trade as reflected in
department
store sales made an unfavorable comparison with June 1929 trade,
and
wholesale trade also reported a considerably smaller volume of business this
year. In agriculture, prospects vary widely in different sections and in
different crops, but on the whole the past month or six weeks has not been
favorable, insufficient rain having fallen to supply needed moisture to the
853
growing crops. It is, however, too early in the season to form definite
opinions on probable crop yields.
Regarding employment conditions in the District the
Bank says:
Little improvement occurred in employment conditions in the Fifth
district in June and the first half of July, except in South Carolina where
the beginning of an extensive road building program gave work to a considerable number of unskilled workers. It is probable that conditions
became worse in certain sections of the district during the past month,
partly due to further lay-offs of workers in industrial plants, railroad shops,
&c.. and partly to an influx of people from other sections. Labor officials
in Virginia, for example, report that a relatively large number of out of
State workmen have come to Virginia under the impression that employment could be secured, but in most cases these people have been disappointed. Reports indicate that general employment conditions in the
Fifth district are perhaps better than in most sections of the country, but
they are not sufficiently good to take care of all home workers. Concerted
efforts of labor officials, Chambers of Commerce, and other organizations
are being made to persuade contractors, industries, &c., to employ local
workers in preference to floaters, and co-operation is being secured to a
considerable extent. There is a good deal of building being planned in the
Fifth district, some of it in the nature of public work partly designed to
relieve unemployment, but it is slow in getting started and the best season
of the year for outdoor work is rapidly passing.
Trade conditions in the Richmond Reserve District are
indicated as follows:
Thirty-five department stores in the Fifth district, located in 18 cities.
sold an average of 5.9% less goods in June 1930 than in June 1929, a very
large majority of the stores reporting smaller figures. Total sales during
-year ended June 30 1930, averaged 8-10ths of 1% less than sales
the half
in the first half of 1929, a decline probably accounted for by price declines
this year. The reporting stores in Baltimore averaged 2.7% larger sales
during the first half of this year, but Washington stores decreased an
average of 1% and the other cities an average of 7.4%.
Stocks on hand in the reporting stores declined seasonally in June,
decreasing an average of 5.4% during the month, and on June 30th were
5.3% smaller in selling value than at the end of June last year. Part of
this decline in comparison with 1929 figures was also probably due to price
changes during the year. The stores turned their stock .281 times during
June, and between Jan. 1st and June 30th the average turnover was 1.645
times, a slightly higher figure than 1.627 times reported by 30 of the 35
stores in the first half of 1929.
Collections during June totaled 27.3% of outstanding receivables as of
June 1st, a lower figure than either 28.2% of outstanding receivables
collected in May this year or 28.5% collected in June 1929. Nearly all
of the individual stores reported slightly lower collection figures this year
than last.
Wholesale trade in the Fifth Reserve District in June 1930, as reflected
in reports from 67 firms in five lines, was in smaller volume in all lines than
in either May 1930 or June 1929. Part of the declines in comparison with
June 1929 were due to price changes, but in most cases the decreases were
considerably more than average price declines during the year. In total
sales during the first half of 1930, all lines show lower figures than for the
first half of 1929, but the declines in groceries, shoes, and perhaps in drugs,
were due chiefly to lower price levels this year.
Stocks on the shelves of the reporting firms decreased in all lines except
shoes during June, and at the end of the month were lower than stocks
on the shelves on June 30 1929, again with the exception of shoes.
Collections in June were slower in every line than in either May this
year or June last year. There is more complaint of collections in wholesale
lines than in retail circles.
Business Conditions in Atlanta Federal Reserve
-De-Weather Adversely Affects Crops
District
cline in Volume of Trade.
The Federal Reserve Bank of Atlanta reports that weather
conditions have affected crops adversely in nearly all parts
of its district. In its July 31 "Monthly Review" the
Bank adds:
The acreage in cotton in the 6 States of this district combined is about
the same as for last year, according to the first cotton report of the season
issued by the United States Department of Agriculture. The July estimates
of corn, wheat, Oats, hay, white potatoes, sugar and rice indicate smaller
crops in this district than in 1929, but estimates of tobacco, peaches and
apples indicate increases.
Retail trade declined in June compared with preceding months, and
was at the lowest level recorded for June of any year since 1922. For the
first half of 1930 department store sales in this district averaged 8.4% less
than during the same part of 1929. The volume of wholesale trade in 8
reporting lines combined was smaller in June than for any other month on
record. Sales during the first half of the year have been 10.7% less than
during the first 6 months of 1929. Collections in June in both retail and
wholesale trade were less than in May or in June a year ago.
Building permits issued at 20 reporting cities of the district declined
30.9% in June compared with May, and were smaller by 55.2% than in
June last year, and contracts awarded in the district as a whole declined
29.7% compared with May and were 42.2% less than in June 1929. For
the first half of 1930 permits have been 44.4% and contracts awards
22.2% smaller than during the first 6 months of 1929.
Consumption of cotton declined in June compared with the preceding
month and the same month last year, and production of cotton cloth and
yarn by reporting mills in this district was smaller than for either of those
months.
Production of bituminous coal in Alabama and Tennessee was less during
June than at the same time a year ago, but output of pig iron in Alabama
was slightly larger than In June last year.
Demand deposits of all member banks in the district declined in March.
April and May following increases for each of the 6 months from September
to February.
Discounts of the Federal Reserve Bank of Atlanta declined in June, but
increased somewhat the first part of July, and loans of weekly reporting
member banks In selected cities of the district were less on July 9 than for
any other weekly report date in more than 5 years. Borrowings by these
weekly reporting member banks from the Federal Reserve Bank were on
July 9 less than one-fourth as large as at the same time a year ago.
As to wholesale and retail trade the Bank says:
Retail Trade.
The volume of retail trade in the sixth (Atlanta) district during Jun
declined compared with the preceding month, was smaller than for th
854
FINANCIAL CHRONICLE
[voz. 131.
A reaction to the revival of activity in the automobile industry is expected to be felt here within another month by automotive parts manufacturers, who estimated to-day that a large part of Cleveland's unemployed would go back to work at that time.
They estimated that between 25,000 and 30,000 would be re-employed.
The figure for Cleveland's idle workers was placed at 43,000 by United
States Census takers early in the summer.
- --same month last year, and was less than for June of any year since 1922.
Stocks on hand at the end of June, and collections during the month, also
compare unfavorably with May or with June 1929.
Total sales during June by 43 reporting department stores averaged
17.7% smaller than for May and 10.2% less than for June last year. For
the first half of 1930 sales by these stores averaged 8.4% smaller than during the first 6 months of 1929. Decreases are shown in each of these comparisons for each city in the district from which 3 or more reports are
received, and for "Other Cities." Stocks of merchandise on hand at the
end of June averaged 3.4% smaller than for May, and 6.2% less than for Fewer Idle in Canada-Increase in Number of EmJune last year. The rate of stock turnover was the same for the district
ployed July I Reported by Statistics Bureau.
for June this year as for June 1929, but for the first half of the year it was
From Ottawa the "Wall Street Journal" of Aug. 5 reslightly less than a year ago.
Accounts receivable at the end of June averaged 3.1% less than for May ported the following:
but were 0.2% larger than for June a year ago. Collections in June deLevel of employment in Canada again showed an increase at beginning
creased 7.3% compared with May, and were 5.7% less than in June 1929. of July,
according to Dominion Bureau of Statistics, which received reports
The ratio of collections during June to accounts receivable and due at the from
7,283 firms employing 1,043,232 workers. The improvement during
beginning of the month for 33 firms was 29%;for May this ratio was 31.4%.
June corresponded with a similar gain during June 1929.
and for June last year, 30.8%. For June the ratio of collections against
Bureau's index number on July 1 stood at 118.9 against 116.5 on June 1
regular accounts for 33 firms was 30.8%, and the ratio of collections against and
124.7, 117.7, 109.7, 105.0, 98.0, 97.1, 100.7, 92.2 and 88.6 at beginning
installment accounts for 8 firms was 15.2%. Detailed comparisons of of July
in 1929, 1928, 1927, 1926, 1925, 1924. 1923, 1922 and 1921, rereported figures are shown in the table.
spectively.
Wholesale Trade.
Largest gains were reported in construction, steam railway, transportaThe volume of wholesale trade in the sixth district declined further in tion, services and trade, while manufacturing, mining and logging showed
June to the lowest level recorded in available statistics, which extend back curtailment, the last-named seasonal in character. All provinces reported
to the beginning of 1920. There were also decreases, compared with the improvement, with exception of Ontario, the greatest gains being reported
preceding month and with the corresponding month of last year,in stocks on by the Maritime provinces.
hand, accounts receivable and in collections.
June combined sales reported by 119 wholesale firms in 8 different lines
of trade averaged 14.7% smaller than in May,and were 18.4% less than in Chrysler Corp., Announces Prices of Its New Imperial
tune 1929. All of these lines showed decreases compared with May,
Eight Line.
partly due to seasonal influences, and 7 lines showed declines compared
with June last year, the only increase being in sales of electrical supplies. ' The list prices on the Chrysler new Imperial eight line,
Stocks of furniture and dry goods were larger at the end of June than a consisting of four body styles, introduced July 19 (see
month earlier, and stocks of furniture were larger than a year ago. June "Chronicle" of that date,
page 355), follow:
collections were smaller than in May for all reporting lines, but an increase
$2,659
$2,495[Seven-passenger sedan
of 17.8% over June last year was shown in collections by furniture firms. Five-passenger sedan
2,895
-pass. sedan_ __ 2,595[5edan limousine
Cumulative sales figures reported by these 119 wholesale firms for the Close-coupled 5
Prices on the Imperial eight models include six wire or six demountable
first half of 1930 show declines compared with that part of last year for all
wood wheels at the owner's option, fender wells, trunk racks, Stc.
lines except electrical supplies, and average 10.7% for all lines, as indicated
These prices compare with a price range of $2,995 to $3,955 on the
below:
former Chrysler Imperial line.
Groceries
-21.2
-8.3 Shoes
The Chrysler eight-line has a price range of from $1,495 to $1,665.
Dry goods
-13.1
-16.6 Stationery
Hardware
-5.8
-13.0 Drugs
Furniture
-19.4
Electrical supplies
Total
-10.7 5,000 to Return
+3.1
Timken Roller
to Work at Plant of
Bearing Company.
Reopening of Ford and Other Automobile Plants at
From Birmingham, Ala. Aug. 6, Associated Press advices
Detroit.
to the New York "Herald-Tribune," said:
Associated Press accounts from Detroit in reporting on
L. M. Rlinedinst•
Timken Roller Bearing Co.,
Aug. 4 the reopening there of the plants of the Ford Motor said here today 5.000 Vice-President of the to work in the Canton, Ohio,
men will be returned
plant of the company Monday as an indication of improved business
Co. and other plants, said:
Several major industrial plants, including the Ford Motor Co., resumed
operations to-day in the Detroit area after shut
-downs which were announced
as for the joint purpose of giving simultaneous vacations and of taking
inventories.
Estimates of the number of men returning to work varied from 100,000 to
nearly twice that figure. A statement from the Ford company said that
100,000 men were returning to the Ford plant at Dearborn and that operations are starting on the basis of 8,000 units a day and a four-day w...ek.
The Ford plant in Canada likewise resumed operations.
Manufacturers of accessories and parts, who also closed their plants
while motor car factories were shut down, opened simultaneously.
Packard Motor Car Co., Graham-Paige Motors Co., General Motors
truck division, Oakland-Pontiac, Motor Products Co. and the TimkenDetroit Axle Co. were among the plants to which workmen returned to-day.
Most of the plants had been closed for two weeks, but Ford had extended
the vacation to three weeks.
conditions.
Here for an inspection of the Birmingham branches of his company and
a tour of the steel district, Mr. Minedinst expressed the opinion that the
business depression has reached its lowest point and is now taking an
upward trend.
There can be no question but that major industries all over the country
are swinging back toward production, he said. "Prosperity comes with
production,and everything now points toward a renewal of business activity.
"As an example of what is being done now, we are returning 5,000 men
to work in our Canton plant Monday. I believe you will find that plants
over the entire country will be doing the same thing within the next few
weeks"
Drop in Automobile Production in United States
and Canada During July.
Automobile production in the United States and Canada
The New York "Times" in a Detroit dispatch Aug. 4
announcing that more than 125,000 had gone back to work during July totaled 275,298 cars and trucks, compared with
350,565 in the preceding month and with 513,301 in July
in the city's industrial plants, stated:
'Within the next week other factories will reopen after their periods 1929, according to an estimate by the National Automobile
of from two to three weeks' idleness while inventories were taken. The Chamber of Commerce.
return to work, it is believed, will approach full stride.
Including the estimate for July, production in the United
The Ford dinner pail army was at 80,000 strength this morning as the
Rouge plant, the Experimental division, and the Highland Park factory States and Canada during the first seven months totaled
resumed operation after their temporary suspension.
2,605,529 cars and trucks compared with 3,931,105 in the
Officials of the Ford company said that within the next week or so 2,000 first
seven months of 1929.
men a day would be added to the payroll, all regular employees returning
to work.
Few,if any, of the automobile plants were hiring new men as the resump- Paper and
Pulp Industry in June-Decrease in Production got under way. Factory superintendents said they were checking
tion.
their requirements and that a few days would be necessary before they
could say when employment of new men would start.
According to identical mill reports to the statistical deFord officials said they expected their forces to reach more than 100,000
partment of the American Paper and Pulp Association from
within a week.
The Oakland Motor Car Co. resume with 5,300 men; Timken-Detroit members and co-operating organizations, the daily average
Axle Co. with 2,000; Graham-Paige Motor Corporation with 1,150 and the paper
production in June showed a decrease of 1% under
Packard Motor Car Co. with 8,500.
All are resuming work on a somewhat reduced schedule, as compared May 1930 and a decrease of 8% under Juno 1929. The
with the production at the beginning of the lay-off, but officials reported daily average wood pulp production in June registered a
that it was expected production would gradually climb.
decrease of 4% under May 1930 and a decrease of 6% under
Reductions of the employee roster and production schedules range from
June 1929. The survey of the association, issued Aug. 6,
20 to 50% as compared with one year ago.
While the Ford Motor Co. resumes on a four-day-a-week basis, the reports further as follows:
Timken Detroit Axle Co. will employ men in various departments ranging
The June production of newsprint, uncoated book, paperboard, wrapping,
from four to five and a half days week. The Packard Motor Car Co. bag, writing, tissue and
building papers registered a decrease under June
is reswming operations on a five-day-a-week basis and also the Graham- 1929
output. The production of all major grades of paper during the six
Paige Motor Corporation. The Oakland Motor car plant will work from month period
ended June 1930 registered decreases under the totals for the
two to five days a week for the present.
same period of 1929. Shipments of all major grades, excepting hanging
The proposed reopening of the Ford plants was noted in paper, also registered decreases during the six month period of 1930 as
compared with the same period of 1929.
our issue of Aug. 2, page 698.
All grades of paper excepting bag, wrapping and paperboard showed increases in inventory at the end of June 1930 as compared with the end of
Expectation of Revival of Activity in Automobile May 1930 and with the end of June 1929.
Identical pulp mill reports for the six month period ended June 1930 indiParts in Cleveland Looked to as Easing Unem- cated that 9% more mitscherlich sulphite pulp, 4% more bleached sulphite
pulp and 2% more kraft pulp was consumed by reporting mills than for
ployment Situation.
the same
shipments to outside markets of all
of 1929.
Associated Press dispatches from Cleveland, 0., Aug. 5, grades of periodduring the The totalmonths of 1930 were approximately
pulp
first six
7% below the total for the same period 0(1929.
said:
AUG. 91930.]
FINANCIAL CHRONICLE
855
News grade and easy bleaching sulphite, kraft and soda pulps were the new business 35,422,000 feet. Sixty-six identical mills reported a 14%
only grades that showed a decrease in inventory at the end of June as com- decrease in production and a decrease of 24% in new business, compared
pared with the end of May 1930. As compared with June 1929,groundwood with the same week a year ago.
The California White & Sugar Pine Manufacturers Association. of San
and soda pulps were the only grades whose inventory was lower than at
the end of June 1930. The tonnage increase in the other grades, however, Francisco, reported production from 16 mills as 16,948.000 feet, shipments
•
13,013.000 and orders 12,136,000 feet. The same number of mills reported
was not large.
a decrease of 21% in production and a decrease of 30% in new business.
REPORT OF PAPER OPERATIONS IN IDENTICAL MILLS FOR THE compared with the same week of 1929.
MONTH OF JUNE 1930.
The Northern Pine Manufacturers Association, of Minneapolis, Minn.,
reported production from 7 mills as 8.007,000 feet, shipments 3,402.000
Stoats on Hand
and new business 3,977,000. The same number of mills reported a decrease
Production.
Shipments.
End of Month.
of 3% in production and a 25% decrease in new business as compared
Tons.
Tons.
Grads.
Tons.
with the corresponding week a year ago.
108,398
106,883
Newsprint
29.507
The Northern Hemlock and Hardwood Manufacturers Association. of
72,648
71,762
Book (uncoated)
62,899
Oshkosh, Wis., reported production from 18 mills as 2.699,000 feet, ship178,543
Paperboard
182,659
58,977
ments 1,244,000 and orders 965.000. Seventeen identical mills show a
43,969
45,227
Wrapping
45,148
13,707
14,559
Bug
decreaseof 30% in production and a decrease of 75% in new business as
5,251
27.083
23,991
Writing, cover, etc
51,273
compared with the same week last year.
13,896
12,235
Tissue
12,277
The North Carolina Pine Association, of Norfolk, Va., reported produc4,811
Hanging
3.910
5.172
tion from 106 mills as 6,498,000 feet, shipments 8,107.000 and new business
6,072
5,704
Building
4,711
22,061
Other grades
20,869
19,261
5,266,000. Forty-seven identical mills show a 31% decrease in production
and a 47% decrease in new business as compared with thesame week of 1929.
491,188
Total-All grades
487.799
204475
The California Redwood Association, of San Francisco, reported proREPORT OF WOOD PULP OPERATIONS IN IDENTICAL MILLS FOR duction from 9 mills as 4,460,000 feet, shipments 3,969,000 and orders
THE MONTH OF JUNE 1930,
4.601,000. The same number of mills report a decrease of 26% in production and a decrease of 21% in new business as compared with the correShipped Dur- Stoat on Hand sponding week of last year.
Production, Used During ing Month. End ofMonth.
Hardwood Reports.
Tons.
Month, Tons.
Grade.
Tons.
Tons.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
90,348
81,100
Groundwood
1,718
production from 267 mills as 28,606,000 feet, shipments 25,313.000 and
103,541
34,104
31,532
SuiplAte news grade_.
3,112
7.841
new business 22,912,000. One hundred and ninety-two identical mills
25,048
21,903
Sulphite bleached
2,043
4,600
report a decrease of 43% in production and a decrease of 49% in new busi2,954
2,886
Sulphite easy bleaching
249
947
6,778
5,743
ness, compared with the same week last year.
Sulphite mitscherlich
821
1.541
28,269
24.463
4,407
Kraft pulp
The Northern Hemlock and Hardwood Manufacturers Association of
7,937
20,990
13,230
7,904
Soda pulp
3,444
Oshkosh, Wis., reported production from 18 mills as 2,329,000 feet, ship98
---107
PuIP--Other grades- -12
ments 2,097,000 and orders 960,000. Seventeen identical mills show an
208,589
180,857
Increase of 8% in production and a 75% decrease in new business, as
-AllgradesTotal
20.001
129 Aila
compared with the same week of 1929.
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PROLumber Production Down Close to Demand Level.
DUCTION FOR THE WEEK ENDED AUG.2 1930 AND FOR 31 WEEKS
TO DATE.
demand in both
hardwoods and softwoods
While lumber
continued low, production during the week ended Aug. 2
Association.
was down to a level closely comparable with demand, it is
indicated in reports from 869 leading hardwood and softwood
mills to the National Lumber Manufacturers Association. 3outhern Pine: reports
Week-I32 mill
31
New business at these mills amounted to 94% and shipments West weeks-4,380 mill reports
Coast Lumbermen's:
Week-227 mill reports
to 99% of a total production of 290,689,000 feet. A week
31 weeks-6,706 mill reports
earlier 905 mills reported a total cut of 312,456,000 feet with Western Pine Manufacturers:
Week-87 mill reports
orders 88% and shipments 89% thereof. The latest reports
31 weeks-2,838 mill reports
mark the third successive week in which curtailed production California white & Sugar Pine:
Week-16 mill reports
-775 mill reports
31 weeks
has been indicated. The relation between softwood proand orders continues considerably better than in Northern Pine Manufacturers:
duction
Week
-7 mill reports
31 weeks
-242 mill reports
hardwoods.
No.Hemlock&Hardwood(softvioods):
Week-18 mill reports
Lumber orders reported for the week ended Aug.2 1930 by
-973 mill reports
31 weeks
602 softwood mills totaled 248,706,000 feet, or 4% below the Northern Carolina Pine:
Week-106 mill reports
production of the same mills. Shipments as reported for the
31 weeks-3,431 mill reports
same week were 259,751,000 feet, or about the same as pro- California Redwood:
Week
-9 mill reports
-450 mill reports
duction. Production was 259,754,000 feet.
31 weeks
Reports from 285 hardwood mills give new business as Softwood total:
Week-602 mill reports
23,872,000 feet, or 23% below production. Shipments as
31 weeks-19,793 mill reports
reported for the same week were 27,410,000 feet, or 11% Hardwood Manufacturers Inst.:
Week-267 mill reports
below production. Production was 30,935,000 feet. The
31 weeks-7,974 mill reports
Association also adds:
Northern Hemlock & Hardwood:
Unfitted Orders.
Reports from 484 softwood mills give unfilled orders of 704,185,000 feet,
on Aug. 2 1930, or the equivalent of 15 days' production. This is based
-day year-Mad may be comupon production of latest calendar year-300
pared with unfilled orders of 514 softwood mills on July 26 1930,of 764.588.feet, the equivalent of 15 days' production.
000
The 381 identical softwood mills report unfilled orders as 645,704,000
feet, on Aug. 2 1930, as compared with 979.062,000 feet for the same week
a year ago. Last week's production of 466 identical softwood mills was
240,991,000 feet, and a year ago it was 329,770,000 feet; shipments were.
respectively 237,152,000 feet and 318.583,000; and orders received $226,561.000 feet and 315,436,000 feet. In the case of hardwoods. 209 identical
mills reported production last week and a year ago 24,958,000 feet and
41,584,000;shipments 22.387.000 feet and 37,082,000;and orders 19.200,000
feet and 39,279,000 feet.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle that new
business for the 224 mills reporting for the week ended Aug. 2 totaled
141.059,000 feet, of which 58,962,000 feet was for domestic cargo delivery,
and 23.894,000 feet export. New business by rail amounted to 42,963,000
feet. Shipments totaled 146,314,000 feet, of which 53,344,000 feet moved
coastwise and intercoastal, and 31,208.000 feet export. Rail shipments
totaled 46,522,000 feet, and local deliveries 15,240.000 feet. Unshipped
orders totaled 385,448,000 feet, of which domestic cargo orders totaled
163,041,000 feet, foreign 121,164,000 feet and rail trade 101,243,000 feet.
Weekly capacity of these mills is 250,252,000 feet. For the 30 weeks ended
July 26, 139 identical mills reported orders 6.9% below production and
shipments were 1.5% below production. The same mills showed an increase in inventories of 5.6% on July 26, as compared with Jan. 1.
Prods:lion
M Ft.
Shipmeats.
M Ft.
P. C.
of
Prod.
Orders
M Ft.
94
93
45,024
1,626,042
93
91
125,252
146,580 117
4,735.323 4,622,042 98
141,315
4,540.434
113
96
47,421
37.866
1,290,025 1,124.285
80
87
35,422
1,088,616
75
84
16,948
557,247
13,013 77
636,133 114
12,136
645,898
72
116
8,007
144,349
3,402
128,449
42
89
3,977
122,812
50
85
2,699
103,185
1,244
69,861
46
68
965
64,312
36
62
6,498
283,479
8.107 125
273,990 97
5.266
223,489
81
79
4,460
214,627
3,969
197,345
89
92
4,601
199,290
103
93
259,754
259,751 100
9.112,383 8.702,810 95
248,706
8,510,893
96
93
48,469
45,570
1,784,148 1.650.705
P. C.
of
Prod.
28,606
1,074,457
25,313
956,779
88
89
22,912
921.856
80
86
2.329
241,408
2.097
145,029
90
60
960
119.737
41
51)
Hardwoods total:
Week-285 mill reports
31 weeks-8,947 mill reports
30,935
27.410
1,315,865 1,101,808
89
84
23,872
1,041,593
77
79
Grand total:
Week-869 mill reports
0i miallra_07 707 ...n1 vannrta
290,689
287,161
In 425 248 9.804.618
99
04
272.578
9 fig2 4RR
09
Week-18 mill reports
-973 mill reports
31 weeks
94
Institute of Agriculture Reports Drop in World Wheat
Crop of 14%.
Associated Press cablegrams from Rome, Aug. 5, said:
The International Institute of Agriculture reported to-day its wheat
forecast as 8,071.000 metric tons as compared with 7,082,000 last year and
a five year average of 5,748,000.
Thc rye forecast was 160.000, against 175,000; barley 250,000, compared
with 262,700; oats 570,000. against 705,000. The wheat decrease is 1434%.
Transactions in Grain Futures During July on Chicago
Board of Trade and Other Markets.
Revised figures showing the volume of trading in grain
futures on the Board of Trade of the City of Chicago, by
days, during the month of July, together with monthly
totals for all "contract markets" as reported by the Grain
Futures Administration of the United States Department
Southern Pine Reports.
Agriculture, were made public Aug. 5 by the Grain ExThe Southern Pine Association reported from New Orleans that for of
132 mills reporting, shipments were 8% below production, and orders 7% change Supervisor at Chicago. For the month of July this
below production and 1% below shipments. New business taken during year the total transactions at all markets
reached 1,908,the week amounted to 45,024,000 feet, (previous week 50.715,000 at 149
shipments 45,570,000 feet, (previous week 50,736,000); and pro- 393,000 bushels, compared with 3,631,544,000 bushels in the
duction 48,469,000 feet (previous week 52.528,000). The three-year aver- same month last year. On the Chicago Board of Trade the
age production of these 132 mills is 65.249.000 feet. Orders on hand at
July 1930 totaled 1,682,807,000 bushels, as
the end of the week at 118 mills were 118,104,000 feet. The 122 Identical transactions in
mills reported a decrease in production of 20% and In new business a de- against 3,097,166,000 bushels in the same month in 1929.
crease of 20%,as compared with the same week a year ago.
Below we give details for July, the figures representing
The Western Pine Manufacturers Association of Portland, Ore.,reported
production from 87 mills as 47,421,000 feet, shipments 37.886,000 and sales only, there being an equal volume of purchases:
856
FINANCIAL CHRONICLE
VOLUME OF TRADING.
Expressed in Thousands of Bushels, I. e. (000) omitted.
July 19301
Wheat.
1
2
3
4 Holiday
5 Holiday
6 Sunday
7
8
9
10
11
12
13 Sunday
14
15
16
17
18
19
20 Sunday
21
22
23
24..
25
26
27 Sunday
28
29
30
31
Corn.
Oats.
Barley. Flax.
Rye.
Total.
49,703 8,771
51,171 12,734
42,223 7,214
2,121
2,277
1,246
4,912
1,955
1,182
--------65,507
--------68,137
--------51,865
53.826
53,616
52,763
43,658
61,027
38,342
9,873
13,868
15,816
8,811
17.561
12,024
1.843
1,580
1,659
888
2,218
1,549
1.507
1,381
782
1,091
2,063
506
--------67,049
--------70,445
--------71,020
--------54,448
--------82,869
--------52,421
51,632
42,692
46,588
51,642
47,926
45,025
14,144
12,133
11,676
10,763
15,704
19,096
1,096
1,031
1,484
1,395
1,356
2,557
1,126
1,144
703
1,788
2,847
2,460
--------67,908
57,000
--------60,451
--------65,588
--------67,833
--------69,138
47,556
37,551
28,060
25,459
33,388
22,169
21.124
27,936
27,226
22,783
28,084
30,141
1,749
1,568
1,575
1,268
1,988
2,258
2,603
1,249
1,078
827
859
1,198
--------73,032
____ ____
68,304
--------57,939
--------50,337
--------64,319
--------55,766
39,425
54,509
63,540
45,986
35,263
26,784
26.235
28,931
2,894
2,904
3,518
4,276
1,455
1,625
2,310
1,686
--------79,037
--------85,822
--------95,603
___-_-_
80,879
Chicago Board of Tr_ 1,129,477 464,695 48,298 40,337 --------1,682807
31,447 10,652
Chicago Open Board_ _
189
___
___
42,378
Minneapolis C. of C_
49,559
___
3,564 4,410 2.896 -972
61,401
90Kansas City Bd.of Tr_ _
78,805 20:520
----------------99,325
Duluth Hoard of Trade_ *12,136
--------1,344
14,741
8 1,253
Bt. Louis Merch. Exch.
996
280
----------------1,276
Milwaukee C.of C
2.215 2,333
530
286 ____-__
5,384
Omaha Grain Exchange
51
123
Seattle Grain Exchange
593
Portland Grain Exch.__
377
---------------- --------0
Los Angeles Grain Exch
San Francisco C. of C_ _
-___
___
____
8
___
[VOL. 131.
Yugoslavia Wheat Crop.
From the "Wall Street Journal" of Aug. 4 we take the
following Rome advices:
Wheat production in Yugoslavia was forecast by Institute of Agriculture
Saturday as 2,420,000 metric tons, compared to 2,590,000 tons in 1929,
but 420,000 tons above average for the last five years.
Poland Increases Duties on Lard, Wheat Imports.
Increased imports rates on lard, wheat and smoked fat
backs were put into effect in Poland Aug. 1, the Department of Commerce was informed on Aug. 4 in a radio
report from Commercial Attache Clayton Lane at Warsaw.
Effective to-day, however, the report stated, a reduction of 60% of the
Increased duty will be granted on steam lard imported under special permit
from the Ministry of Finance.
The rate on lard was doubled, being increased from 50 to 100 zlotys per
100 kilos, but the increase on wheat was less, being from 11 to 17.5 zlotys,
while the duty on wheat flour was increased from 19.5 to 23.5 zlotys per
100 kilos. The duty on fat backs was subjected to a 100% increase, with
the rate on fresh going from 40 to 80 zlotys, and on smoked from 60 to
120 zlotys, each per 100 kilos.
Russian Reds Order State Farm Centres
-Money to Be
Saved by Abolition of Counties Will Be Used to
Stimulate Collectives.
From Moscow, Aug. 2, Will Duranty, Correspondent of
the New York "Times" says:
The abolition of "counties" in the Soviet territorial system, which action
the newspaper "Pravda" calculated would release 200,000 administrative
employees and save 100,000,000 rubles (about $50,000,000), for use in the
"rayons," or minor territorial divisions, has been followed by a new ordinance, published to-day by the Central Committee of the Communist party.
Tot.all markets July '30 1,305,656 498,552 52,581 46,467 2,912 2,225 1.908,393
This order calls for the immediate formation of combined collectiveTot.all markets July'29 2,888,493 519,678 152,133 61,096 7,538 2,6063,831.544
farm and co-operative centres in the "rayons," to be staffed and financed
Tot. Chic. Bd. July '29 2.432,109 481,869 133,449 49,739 --------3,097.166
by those funds saved by the territorial reform. These "centres" will work
* All Durum wheat.
as a whole under central direction for the speedy relief of the commodity
"OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD OF TRADE shortage in Russia.
FOR JULY 1930 (BUSHELS).
The order stresses the necessity of the development of collectives for
("Short"side of contracts only, there being an equal amount open on the "long" side.) live stock, dairy products, poultry, technical cultures, and the like, and
Instructs the departments concerned to carry out the new plan within a
July 1930.
Wheat,
Corn,
Oats.
Rye.
Total.
month.
From many districts of South Russia, where the harvest is largely com1105,805,000 37,524,000 14,194,000 017,428,000 174,951,000
2106,514,000 37,068,000 .13.910 000 16,734,000 174,232,000 plete, come reports of a great influx into the collective farms. Collectives
3107,673,000 36,733,000 13,934,000
16.672,000 175,012,000 near Rostov report as many as 10,000 applications from individual farmers
4 Holiday
within the last two weeks.
5 Holiday
The reason is simple. Farmers in 52 of the biggest collectives in the region
6 Sunday
7106,831 000 37,344,000 13,918,000 16,395,000 174,488,000 will get an average income this year of 650 rubles, as compared with the
8
106,780,000 37,959,000 14,382,000 16,221,000 175,342,000 average income for individual farmers of 370 rubles. The yield per acre of
9
106,665,000 37,529,000 14,191,000 16,182,000 174,567,000 collective farms is 50% greater than that of individual farms. White
10
*104,820,000 36,507,000 13,945,000 *16,150,000 *171,422,000
11
107,146,060 36,074,000 14,594.000 16.318,000 174,132,000 Russia and Western Siberia report similar high percentages.
12
107,770.000 36,278,000 14,879,000 16,284,000 175,211,000
13 Sunday
14
0
108,929,000 36.255,000 14,988,000 16,360,000 176,532,00
Mexico Curbs Chicle Grants.
0
15
16,295,000 176.136,00
109,590,000 *35,409,000 14,842,000
0
16
109,846.000 35,665,000 15,180,000 16,231,000 176,922,00
According to an Associated Press dispatch from Mexico
17
0
112,644,060 35,964,000 15,510,000 16,192,000 180.310,00
0 City, Aug. 4, published in the New York "Evening Post" a
18
115,625.000 36,730,000 15,529,0011 16,441,000 184,325,00
19
116,262,000 37,351,000 16,034,000 16,545,000 186,192,000 Presidential
decree to be put in force immediately says that
20 Sunday
21
119,128,000 37.950,000 16,037,000 16,785,000 189,900.000 no further concessions will be granted by the Government
22
121,204,000 39,506,000 16,209,000 16.679,000 193,598,000
23
120,320,000 40,615,000 16,514,000 16,821,000 194,270.000 for chicle production except to co-operative organizations
24
122,584,000 42,191,000 16,706.000 16,802.000 198,283,000
25
125,316,000 43,548.000 17.345,000 16,696.000 202,895.000 in which the workers share the profits.
26
126,581,000 43,467,000 18,029,000 16,590,000 204,667,000
27 Sunday
0
28
2128,294,000 42,725,000 19.106,000 16,857.000 206.982.00
-Government Officials ConCanadian Wheat Surplus
29
126.505,000 44,160,000 20,441,000 16,952,000 208,058.000
00
30
fer as to Effect of Carryover on New Big Crop.
126,869,000 a44,695,000 21,101,000 16,799,000 a209.524,0
31
126,226,000 44,227,000 222,176,000 16,461,000 209,090,000
ArerrgeJuly 1930
115,037,000
July 1929
172,889,000
June 1930
122,622,000
May 1930
130,654,000
April 1930. _ - 161,151,000
.
March 1930_ ... 172,168,000
February 1930. 194,850,000
January 1930_ _ 196,559.000
December 1929 185,959,000
November 1929 202,549.000
October 1929_ _ 238,356,000
September 1929 227,863,000
August 1929._ 218,044.000
a High. •Low.
38,939,000
48,567,000
44,246,000
48,494.000
49,962.000
49,827,000
43,440.000
34,348,000
34,283,000
35,650,000
42,787,000
40,419,000
46.998.000
16,150,000
23,220,000
15,529,000
18,460,000
25,410,000
30,327,000
35,322,000
38,795,000
40,702,000
44,710.000
47,666,000
47,772,000
42,208,000
16.555.000
7,975,000
19,657,000
19.359,000
21,150,000
15,512,000
18,996,000
18,894,000
22,298,000
24,615,000
19,395,000
15,000,000
12.377,000
186.682,00
0
000
252.051,
202,055,00
0
216,967.000
00
257.672,0
267,634,000
000
292,608,
288,590,000
283,302,000
307,524,000
346,204,000
337,054,000
319,627,000
From Winnipeg the "Wall Street Journal" of Aug. 7 reported the following:
Just what disposition is to be made of the wheat carryover considering
the new crop that is coming on was the subject of a conference at Toronto
early this week. The Manitoba Government was advised of the proceedings Wednesday. Premiers Bracken of Manitoba and Brownlee of Alberta
met informally the members of the Banking Board that lends money to the
pool. J. A. Macleod, General Manager of the Bank of Nova Scotia and
Vice-President of the Canadian Bankers' Association, presided.
Bracken alone would discuss the subject and he was vague, though admitting the methods of handling the leftover and the new crop were discussed at the conference. He denied that anything was said about the
pool not holding the crop back for higher prices. The banks do not dictate
the policy of the pool, Bracken said, and there was no suggestion, he stated,
that the pool executive be advised as to the methods they must pursue in
marketing the crop. It was understood from other sources, however, that
the pool methods as to merchandising only at what the officers regard as
a fair price having regard to production costs will be followed this year as
last.
Estonia Plans Monopoly in Wheat and Rye Trade.
Government monopoly of all trade in wheat and rye in
Estonia is provided for in a law now awaiting promulgation,
according to a report to the Department of Commerce to-day
from Commercial Attache Lee C. Morse at Riga, Latvia. Saskatchewan Wheat Growers Asked to Vote on
This is learned from a Washington dispatch Aug. 5 to the
Marketing Act.
New York "Journal of Commerce" which went on to say:
Ballots in connection with the proposed 100% pool have
The measure Is planned as a step to protect the domestic trade from been
sent out to all Saskatchewan wheat pool growers who
foreign competition,
Under the proposed law the Government will have the exclusive right to are shareholders and under current contract, says Regina
Import grain from abroad or to issue licenses to private firms, providing Sask., advices to the "Wall Street Journal" of Aug. 7,
such concerns buy specified amounts of Estonian grains. The Government
which went on to say:
will also control prices after crops
been harvested and will endeavor
have
to control supply and demand by restricting the buying and selling of grains.
To Vote on Wheat Curb in New South Wales.
Sydney (Australia) Associated Press advices Aug. 1, said:
The Cabinet to-day decided to take a ballet of wheat growers in New
South Wales on the question of a compulsory wheat pool. Victoria, it was
stated, probably will participate in the s hems.
Growers are asked to vote on the question of whether they are in favor
of or opposed to the board of directors asking the Government to pass a
grain marketing Act which would provide that all grain grown in Saskatchewan be marketed through one pool with the following provisions:
r,s1
(1) That a special referendum of all the grain growers in the Province
two-thirds of all voting in such
be conducted by the Government and
referendum should be in favor of the proposed Act before it should be put
in force.
(2) That the grain pool to be provided must be entirely under control
of the growers delivering grain.
AUG. 9 1930.]
FINANCIAL CHRONICLE
(3) That all producers of grain in the Province, pool or non-pool, must
have equal voice in the control of the organization.
All ballots must be in the hands of the returning officer Sept. 1 1930.
Plans to Reduce Cost of Wheat Production Rather
Than Acreage Cut Suggested in Canada.
No reduction of Canada's wheat acreage, but a plan to
uniformly reduce unit costs of production to the minimum,
these are the primary remedies offered by W.Sanford Evans,
grain industry authority and statistician, in a statement
made at Winnipeg on Aug. 6, according to advices from
that city to the "Wall Street Journal," which added:
P Further, he advised that Canada confer with countries now imposing
unreasonable restrictions on consumption for modification of these regulations. He would favor a world campaign to prohibit the use of chemicals
in flour and would have Canada show they are unnecessary in the case
of Prairie wheat.
In conclusion, he says Canada's wheat is not being treated fairly in
Continental Europe. While admitting that larger markets are needed for
Canadian wheat in Continental Europe, he says the United Kingdom can
take but a fraction of this country's exportable surplus. Evans thinks the
subject might be fairly taken up before the economic section of the League
of Nations, as it is of world importance.
857
"We have just been notified by the milk producers that they have increased their price of milk to us 37 cents per 100 pounds, effective on
Aug. 11, due to increased production costs brought about by the drought,"
Mr. Croak said. "It will be necessary for us, therefore, to advance the
prices of Grade A and B quart bottles of milk one cent a quart. Be-ginning Monday, quart bottles of Grade B milk will be 16 cents and
Grade A 19 cents.
"On May 1, when the farmers reduced the price of milk to us 37 cents per
100 pounds, we immediately dropped our price a full cent to the consumer. This decrease made the price of milk from May 1 up to the present
one cent a quart cheaper than a year ago."
* • *
The announcement of higher wholesale prices by the Dairymen's League
said that the dry spell has put production costs of milk practically on the
more expensive winter basis at this time. The increase, it said, was
"unavoidable" and marked the only means of "assuring New York an
adequate supply of pure, safe milk."
"New York has spent many millions to build up a safe milk supply and
has the best quality milk of any city in the world and the only way we
can continue that supply is to stimulate production by dairy farmers by
offering them a higher price for their product," J. D. Miller, Vice-President
of the association, explained.
"Drought conditions have brought about a situation which makes it
necessary to pay producers more for their milk so that adequate supplies
of high-grade milk may be furnished. To maintain ample supplies farmers
must give their cows heavy rations of high-priced grains to replace pastures that have been damaged. In raising the price dairymen are only
adding to prevailing prices the amount to which they voluntarily lowered
prices last May in recognition of the economic depression."
Fruit and Vegetable Handlers Must Apply for U. S.
License.
Banking Group Acts to Aid Cuban Sugar Industry.
Application forms for licenses under the Perishable AgriAnnouncement was made in New York on Aug. 7 of the
Commodities Act, approved by President Hoover
cultural
on June 10, have been mailed to dealers in fresh fruits and formation of a committee representing sugar producers and
vegetables by the administrators of this Act in the Bureau of financial interest connected with the industry to solve the
Agricultural Economics of the U. S. Department of Agricul- 'problems of the industry and "to find and apply remedies
ture. Under the Act it is the duty of dealers and handlers for the present deplorable situation which is inflicting great
to apply for a license and it is not incumbent on the Depart- hardship on all the workers in the industry as well as on the
ment to notify them individually. Nevertheless, the De- investors in sugar enterprises." The announcement was
partment is trying to notify all persons affected by the law. made by Thomas L. Chadbourne of the firm of Chadbourne,
The Act provides that all dealers must have licenses to operate Stanchfield & Levy. Mr. Chadbourne has been chosen
after Dec. 10 1930. Requests for application forms should be chairman of the committee. The committee is composed of
addressed to the Bureau of Agricultural Economies, U. S. representatives of the Chase National Bank, the National
Department of Agriculture, Washington, D. C. An item City Bank, Royal Bank of Canada, Hayden, Stone & Co.,
regarding the new law appeared in our issue of July 19, page executives of the American-owned concerns having production in Cuba and representatives of Cuban-owned estates.
392.
The New York "Times" of Aug.8 said:
The formation of the committee follows efforts made by various groups
Reduction in Bread Price in Canada.
within the industry to halt the slump in the Cuban sugar trade. Official
dispatch Aug. 8 published in the New York cognizance of the low ebb of the industry was taken at Washington this
A Montreal
week when reports reaching the State and Commerce Departmentsfrom their
"Evening World" of last night said:
The price of bread here has been reduced by one cent a loaf of one and
one-half pounds to 10 cents wholesale and 11 cents retail. Similar reductions
already have been made in Ontario.
Price of Milk in New York To Be Increased One Cent
a Quart—Dealers Ascribe Increase to Drought—
Health Official Denies Shortage.
An increase in New York in both the wholesale and retail
price of milk, effective next Monday, was announced on
Aug. 7, the drought being ascribed as the reason for the
rise. From the "Times" of Aug. 8 we quote the following
In the matter:
representatives in Cuba related that general conditions in the island had
reached a point considerably below that of any period in the last six years.
Problem of Carry-Overs.
One of the chief problems faced by the committee is that of finding a
means to handle carry-overs of sugar from one season to the next. The
committee will also work on the problem of bringing production and consumption into an approximate balance. Heretofore all efforts to effect an
arrangement with other large producing countries for the restriction of
production have failed.
The following is Mr. Chadbourne's statement:
"A committee representative of all of the producers of sugar in Cuba and
of the financial interests connected with the industry has been organized to
study the Cuban sugar problem and its relation with world production.
"Representatives of the Chase National Bank, the National City Bank,
the Royal Bank of Canada, Hayden, Stone & Co., executives of the Ameriproduction in Cuba and representatives
A rise in the wholesale prices of milk, which will result in the increase can-owned companies having
committee under the Chairmanship
of one cent a quart in the prices charged consumers beginning Monday, of Cuban-owned estates compose the
was announced yesterday by milk distributors, who warned of a milk of Thomas L. Chadbourne.
"A determined effort will be made to solve the problems which have
shortage. Health Department officials, however, denied that New York
five years and to find and apply
City is facing a milk shortage and said there is an ample supply of milk beset the business for the last four or
remedies for the present deplorable situation which is inflicting great
for all of New York City's needs for the next two or three weeks.
on all of the workers in the industry as well as on the investors
The Dairymen's League Co-Operative Association, in announcing the hardship
concerned are determined that
rise in wholesale prices, ascribed the cause of the increase to the drought. in sugar enterprises. While the interests
the Cuban industry will not engage in any further sole sacrifices for the
Not only has the supply of milk coming to this city fallen by about
11% benefit of the sugar growers of the rest of the world, it is understood that
below normal, but there is the added danger that this lowered supply
they stand ready and willing to join with other suffering producers who
may be cut even further if the present situation continues, they said.
co-operate in an effort to stabilize th:s
The Dairymen's League Co-Operative Association comprises 43,000 of have also shown a willingness to
will be spared to bring about a suethe 65,000 farmers of this State and adjacent territories who supply milk world commodity and that no effort
cessful and immediate result.
to this city. Its members furnish 50% of the city's supply.
means will be found to handle the carry-overs
"It is expected that a
Henry Lemkuhl, Health Commissioner Wynne's representative in charge
offood supplies, protested that a survey by the Health
which are affecting the markets adversely and to bring production and
Department among consumption into at least an approximate balance."
distributors of milk indicated no shortage in New York
producers and
City's
milk supply.
Insists Supply Is Adequate.
Agricultural Department Report on Cotton Acreage,
"The normal supply of milk is entering this city daily and as
far as
Condition and Production.
we can find out there is no shortage at the present moment," he
said.
"
Now York has an adequate supply of milk for its
present needs and
Agricultural Department at Washington on Friday of
The
there is apparently no reason why the supply should not remain adethis week (Aug. 8) issued its report on cotton acreage, conquate for the next two or three weeks, at least. If the present
drought
Aug. 1. It places the area in
and heat wave continues to hold us in its grip for another few
weeks, a dition and production as of
serious condition may confront us. But we repeat that there is no shortage
cultivatinn at 44,252,000 acres, the condition at 62.2% and
now and we see no reason why the city should fear a lack of milk."
gotta, AM'c.f lint cotton at 14,362,000 500-lb. bales.
Dr. Wynne, who is on his vacation, paid a hurried visit to the
city last ti.c
night and attempted to get the Dairymen's League to postpone the
rise Actual production in 1929 was 14,828,000,in 1928 14,478,00C
In milk prices. The Health Commissioner was told that his
request was bales and in 1927 12,955,000 bales. The condition of 62.2%
Impossible because of "the very serious condition among milk
producers."
normal on Aug. 1 this year compares with a condition of
Harry A. Cronk, President of Borden's Farm Products Co.,
announced of
last night that the rise in the wholesale prices of milk would make it
neces- 69.6% a year ago and a 10-year average condition of 67.2%.
sary to add a cent to the present retail price of milk, beginning
Since New York City consumes 3,500,000 quarts of milk each Monday. None of the figures take any account of linters. The
day, the
report is as follows:
one cent increase, it is estimated, will add $35,000 a day to the
city's
food bill.
COTTON REPORT AS OF AUG. 1 1930.
The Borden's Milk Products Co. Is the chief distributor of the products
The Crop Reporting Board of the United States Department of Agriof the Dairymen's League Co-Operative Association. The Sheffield culture, from the reports and data furnished_by
crop correspondents, field
Farms Co. and others not supplied by the league are expected to fall in statisticians, co-operating State Boards (or
Departments) of Agriculture
line with the increase.
and Agricultural Colleges, makes the following estimates:
State.
[VOL. 131.
FINANCIAL CHRONICLE
858
Ili4
Area in Aug.1 Condition Yield per Acre. Production (Ginnings)
500 lbs. pr. wt. bales
Cu!Wan
10-yr.
July1 193010-yr.
930 Crop
IndiAvge.
Avge.
Less
1929 Indica& by
10-yr. Avg.1919-1929 1930 1919- 1929. cated
Crop
Condition
1930
1928.
Aban- 1928 ,
Aug.l.
donment. a I
Acres.
% %
Virginia_ _ _
88,000 74 77
No. Carolina 1.696,000 73 68
SO. Carolina 2,145,000 62 68
Georgia
3,681,000 61 69
Florida
100,0O0 64 70
Missouri _
_ 365,000 73 81
Tennessee
1,200,000 72 81
Alabama.... 3,590,000 65 71
Mississippi
4,202,0001 68 76
Louisiana
2,013,000 63 69
Texas
16,835,000 65 64
Oklahoma.... 3,803,0001 72 72
Arkansas
3,920,000 72 73
New Mexico 119,000 d85 86
Arizona e
209,000 91 86
California... 268,000 93 86
All other....
13,000 _- 81
% Lbs.
72 246
74 255
74 175
71 134
72 106
64 249
61 182
62 146
60 176
54 152
61 135
60 153
46 167
89 d288
92 291
92 293
70 d188
Lba.
258
190
179
171
145
308
217
174
220
183
108
128
178
333
324
402
227
Bales.
Lbs.
48,000
230
747,000
220
830,000
207
174 1,343,000
140
29,000
220,000
200
185
515,000
160 1,342,000
185 1,915,000
809,000
150
128 3,940,000
135 1,143 000
135 1,435,000
390
90,000
371
153,000
399
260,000
170
9,000
statute and to all orders and regulations of the Federal Trade Commission
thereunder."
Members of the new Association, moreover, will be enabled to co-operate
with one another, by contract or otherwise,solely in export trade, as defined
above,to the end that members may obtain the benefits ofsuch co-operation
to the extent authorized by the Webb-Pomerene Act.
Another object of the new Association will be to collect and disseminate
Bales.
information concerning market and credit conditions in foreign countries,
42,000
782,000 stocks available for export by members, tariff requirements of foreign coun930,000 tries, and other matters of interest to textile exporters.
1,340,000
The following firms, all charter members of the Association, were repre29,000
153,000 sented at the meeting;
464,000 Amory,Browne & Co.
Garner & Co.
1.201,000 Wm.L. Barren Co.of N.Y.,Inc.
Pacific Mills.
1.626,000 Edwin E. Berliner & Co.
Pepperell Mfg.Co.
632,000 Bliss, Fabyan & Co.,Inc.
Prince,Lauten Corp.
4,496,000 M.C. D. Borden & Sons,Inc.
J.P. Stevens & Co.,Inc.
1,072,000 Brune,Pottberg & Co.
Turner, Halsey Co.
1,106,000 Iselin-Jefferson Co.
Wellington, Sears & Co.
97.000 Minot, Hooper & Co.
Woodward,Baldwin & Co.
162,000 Neuss,Hesslein & Co.
M.Lowenstein & Sons,Inc.
224,000
Items regarding the formation of the Textile appeared in
6,000
U. S. tota144,252,0001 67.2 69.6 62.2 155.1 155.0 155.314,828,000 14,362,000
Lower Calif.
244 ___
75,000
101,0001
85 -53,000
(Old Mex.)f_
a Prior to 1924 interpolated from July 25 and Aug. 25 reports. b Indicated by
condition Aug. 1 on area in cultivation July 1, ess 10-year average abandonment.
e Allowances made for cross State ginnings. d Less than a 10-year average. e Including Pima Egyptian long-staple cotton, 46,000 acres and 28,000 bales. f Not
included in California figures nor in United States total.
our issues of July 5, page 30, and July 19, page 386.
Raw Silk Imports Higher
-June Deliveries to American
Mills Also Increase.
According to the Silk Association of America, Inc., imports
of raw silk rose from 22,369 bales in June 1930 to 47,063
bales in July. The latter figure exceeded the corresponding
Consolidated Cotton Report.
month last year by 268 bales. Approximate deliveries to
Bureau of the Census and the Agricultural Depart- American Mills in July
The
1930 amounted to 39,948 bales as
ment made public Thursday (Aug. 8) their consolidated compared with 29,396 bales in June last and 51,624 bales in
cotton report, which is as follows:
July 1929. Raw silk in storage at the close of July 1930
Aug. 1 1930 Consolidated Cotton Report.totaled 35,565 bales, as against 42,596 bales at July 31 1929
Ginnings to Aug. 1
77,956 running bales
14,312,000 bales, 500-lbs. gross
Indicated total production
and 28,450 bales at June 30 1930. The Association's state62.2% of normal
Condition Aug. 1
ment follows:
Indicated yield of lint cotton
155.3 lbs. ppr acre for bar vest
-Census report shows 77,956 running bales (countBureau of the Census.
ing round as half bales) ginned from the crop of 1930 prior to Aug. 1, corn
pared with 86,974 for 1929 and 88,761 for 1928.
-An estimated condition of 62.2% of normal
Department of Agriculture.
on Aug. 1 for the United States with an indicated yield of 155.3 lbs. per
harvest and an indicated production of 14,362,000 bales (500-lbs.
acre for
gross weight) is shown by the Crop Reporting Board of the U. S. Department of Agriculture.
Constitution of Textile Export Association To Be
Amended to Provide for Larger Directorate-Directors Already Elected.
Following the first annual meeting of the newly formed
Textile Export Association of the United States, held in the
rooms of The Association of Cotton Textile Merchants of
New York on Aug. 5, the newly elected board of directors
voted to defer action on the appointment of a President and
Vice-President until a'date to be announced later. Eighteen
firms engaged in exporting cotton textiles have thus far
joined the Association, and all were represented at the
meeting. It is announced that since this number will be
increased in the near future by the enrollment of many other
eligible houses, it was decided by unanimous vote of the
members to amend the constitution to permit increasing the
Present board of directors from six to twelve members in
the near future. Following the appointment of six additional directors, a President and Vice-President will be
chosen from the full board. In this way a full and fair
representation will be assured for charter members as well
as those whose signatures are sectuled later. Meanwhile,
Floyd W. Jefferson will act as temporary chairman.
The following were elected as members of the board of
directors:
RAW SILK IN STORAGE AUG. 1 1930.
[As reported by the principle warehouses in N. Y. City and Hoboken.]
(Figures in Bales)European.
Japan. All Other.
Total.
Stocks, July 1 1930
1,227
18,446
8,777
28,450
980
34,538
Imports, Month of July 1930x
11,545
47,063
2,207
1,149
52,984
21,312
20.322
13,104
75,513
35,565
Approx.deliveries to American Mills during
1,058
July 1930y
31,672
7,218
39.948
Total available dming July
Stocks, Aug. 1 1930z
Imports During the Month
Storage at End of Month.:
1930.
1929.
1928.
1930.
1929.
1928.
43,175
42,234
39.990
37.515
22.596
22,369
47,063
58,384
43,278
48,103
47762
49.894
54,031
48,795
65,516
59,970
66,514
62.885
58.479
46,408
44.828
50,520
86,555
52.972
45.090
38.670
62,930
47,286
48,857
48,134
44,128
-76.264
68.646
57,773
53,704
28,450
35,565
49,943
46.993
45,218
39,125
39.898
47,425
42,596
48,408
55,104
64.129
75,452
90,772
47,528
41,677
40.188
35.483
42,088
41,127
38.866
50,975
50.464
49.381
49,806
48.908
Total
254,942
Average monthly__ 36,420
661.611
55.134
566,378
47.198
50.839
53.839
44,707
January
February
March
April
May
June
July
August
September
October
November
December
Approximate Deliveries
to American MUSsy
Approximate Amount of Japan
Silk in Transit Between Japan
and Newyork End of Month.
1930.
January
February
March
April
May
June
July
August
September
October
November
December
1929.
1928.
1930.
57,683
49.852
50,863
41,584
40,823
29,396
39,948
57,349
46.228
49.878
53,855
49,121
46,504
51,624
59.704
53,274
57.489
50.582
44,159
52.420
50.679
52,011
41,258
46.367
48.051
40,931
50,821
47,797
49,940
47,709
45,026
37.000
24.000
17,800
8.000
7,700
16,300
1929.
1928.
31,000
30.000
29,000
30,700
28,000
21.200
34,100
41,600
39,000
49,000
41,000
38.000
25.000
23,500
19.20028,500
24,000
17,600
32.300
27,500
25.600
31,200
22,800
42,500
Total
310,149 619,747 571,010
Average monthly.- 44,307
26,642
51,646
20,286
34.383
47,584
x Imports at New York during current month and at Pacific ports previous to
Floyd W. Jefferson of Iselin-Jefferson Co., and A. G. Kempf of Neuss, the time allowed in transit across the
Continent(covered by Manifests 52 to 182,
Inclusive). y Includes re-exports. a Includes 1,513 bales held at railroad terminals
Hesslein & Co. to serve until 1933;
Walter S. Brewster of Pacific Mills and Henry Lauten of Prince, Lauten at end of month. Stocks in warehouses include National Raw Silk Exchange
certified stocks. 1,710 bales.
Corp., to serve until 1932;
S. Robert Glassford of Bliss. Fabyan & Co., Inc., and George W. Maull
of M.C. D. Borden & Sons,Inc„ whose terms expire In 1931.
Hosiery
-Agreement
Workers Take 20% Wage Cut
Perry S. Newell was appointed Secretary-Treasurer, and
Affecting 16,000 Union Workers and 45 ManufacNorman E. White was appointed Asst. Secretary. Headturers Is Signed-Arbitration Plan Set Up.
quarters will be mAintained at 70 Worth St., N. Y. City.
A compromise agreement, in which 16,000 union hosiery
The announcement issued in the matter Aug. 6 also says: workers
accept wage cuts equal to 20% based on the pieceThe board of directors will appoint a niembership committee of five, the
names to be announced later. This committee will endeavor to sign up all work system of pay, and in Which arbitration for an entire ineligible firms among commission houses, converters and independent ex- dustry as well as the establishment of an unemployment
porters without delay,so that the executive heads may be chosen and a new insurance
fund are the principal features, was signed in
committee appointed to set to work on the problem of working out uniform
New York on Aug. 1 by officials of the American Federatton
terms of payment on foreign shipments.
That many firms will eventually join the new Association was the opinion of Full
-Fashioned Hosiery Workers and the Full-Fashioned
expressed by Floyd W Jefferson. Acting Chairman, since it is manifestly Hosiery
Manufacturers of America, Inc. This is learned
to their interest to take advantage of the opportunity to join in the activities made possible under the constitution. The object of the new Asso- from the New York "Times" of Aug. 2 which further said:
ciation, he stated, is to promote export trade in all textiles and, as set forth
The agreement, for one year, affects the mills of 45 leading hosiery
In the constitution,"To aid members in the conduct of their export business, companies in Pennsylvania, New York, Massachusetts, Connecticut,
to engage solely in activities pertaining to export trade in textiles as the term Indiana, Wisconsin, New Jersey and other States. It is designed, according
'export trade' is defined in the Act of Congress*of April 10 1918, entitled to bath contracting parties, to stabilize the industry and to place the union
'An Act to Promote Export Trade, and for Other Purposes' known as manufacturers in a better position to compete with non-union mills. It
Webb-Pomerene Act, and any and all acts amendatory thereof or supple- represents the fruits of four months of constant negotiations.
mentary thereto, and to do any and all things necessary or incidental to
Though the old agreement was to run until Sept. 1, the new agreement
export trade and commerce, subject always to the provisions of the said was advanced one month, to have effect beginning yesterday, in order
AUG. 9 1930.]
FINANCIAL CHRONICLE
to meet the competition from the non-union centres. While both the union
and the manufacturers denied it, the competition from non-union mills
will precipitate a price-cutting war, it is generally felt in the industry.
Another new clause in the agreement permits knitters to work two
machines instead of one, as was the rule. Though hesitating to admit it,
one prominent union leader confessed that the innovation was "a modified
form of the stretch-out system," but he insisted that the general depression
In the industry had forced its adoption. He declared, however, that the
total weekly earnings of the skilled worker would at least equal his former
wages, despite the piece-work cuts.
Equal division of work to alleviate the condition of 6,000 said to be
currently unemployed in the union centres will also be introduced under
the new agreement, it was said. Two shifts instead of the present single
shift are to be used immediately. It is hoped that there will be increased
union production as a result.
Joseph Haines Jr., President of the Haines Hosiery Mills of Philadelphia,
and S. F. Rubin signed the agreement for the manufacturers. Emil Rieve,
President of the Hosiery Workers Union, which is affiliated with the United
Textile Workers, and William Smith, Secretary, represented the union.
The unemployment fund provides for the contribution by the employers
of a sum equal to 1% of their weekly payroll, beginning Aug. 1 1930. Later
on the union will contribute to the fund one-half the sum contributed by the
employers.
859
Aug. 1. We quote from the New York "Times" which
reported further as follows:
The proposal was intended to helP relieve unemployment among Big Six
members.
According to James J. McGrath, Secretary-Treasurer of the Union, 359
chapels participated in the referendum, which was conducted under the
general laws of the International Typographical Union. The proposal
read:
"To meet emergencies, subordinate unions may enact for such period as
deemed necessary a five-day law, such enactment to be ordered by a
majority referendum vote of six-month members."
While no estimate could be obtained yesterday at the offices of Local 6
as to the number of unemployed among typographers, it was said officially
that 86,000 a week is being paid in out-of
-work benefits.
Unemployment among Big Six members is not acute, it was said; many
are only partly unemployed, working one, two or three days a week. There
has been some influx of printers from other cities, which has, to some
extent, aggravated the local situation.
-hour day schedule would adopt the
"If those industries operating on a 12
eight-hour day, there would be employment for one-third more men,"
he pointed out. A shorter week /or those industries operating on a sevenday basis would have a like result, he said.
Mr. Davis, commenting on a recent survey of the iron and steel industry
in the Birmingham. Ala., district, said: "The pay rolls of 16 iron and steel
plants show that only about 28% of the employese on an eight-hour day,
-hour day, 27% on a 12
-hour day. 45% on a six-day
nearly 42% on a 10
week, 32% alternate, having a six-day week one week and then two sevenIn other words, each third week is a six-day week, while 22%
day weeks.
have a straight seven-day week, and most of these have the 12
-hour day.
"In the plants covered there were 4,434 employees. A straight eight
-hour
day, even with six days a week, would considerably more than double the
that district with one industry would go on an eightemployment, and if
hour day and five-day week it could regularly employ three men where it
now employs one, which would make a very appreciable dent, if not entirely
absorb, Birmingham's unemployed."
The Secretary added that the United States Steel Corp. and the Republic
'which operate plants in the Birmingham district, have decreased
Steel Corp..
working hours, but smaller mills have not followed their ecample. Other
Industries are also turning toward the shorter working day and week, he
stated.
Petroleum and Its Products—Darst Creek Operators
Extend Proration Plan to August 15th—Crude Oil
Production Registers Gain of 26,600 Barrels—Use
of Cracking Process Reaches New High Level—
California Gasoline Withdrawals Highest in 18
Months—Fewer Oil Wells Completed.
Placing of the Darst Creek oil fields in Southeastern Texas
under a temporary proration plan limiting production of the
field to approximately 43,000 barrels daily and a statement
issued by Walter C. Teagle, President of the Standard Oil
Co. of New Jersey that he believed that more co-operation
is needed among oil producers before all existing evils can
be wiped out and a substantial reduction in California gasoline storage during June were the highlights of the week in
the petroleum news.
Operators in the Darst Creek fields have agreed to operate.
their wells under the present proration plan until Aug. 15,
when wells will be gauged and a new agreement of production reached.
Daily average crude oil production for the week ended
Aug. 2,showed a gain of 26,600 barrels to a total of 2,515,300
barrels as compared with the previous week's total of 2,488,700 barrels. Daily average production east of California
amounted to 1,908,600, an increase of 30,800 barrels from
the previous week. This increase was mainly due to the
abandonment of the prorationing agreement in the Darst
Creek fields.
Production of gasoline through use of the cracking process
in 1929 totaled 143,795,000 barrels, an increase of 21,205,000 barrels, or 17% over the previous year. Use of the
cracking process increased steadily during the last half of
1929, and during the last month the proportion of cracked
gasoline to the total output reached a new high level at
36.7%. One of the main factors governing the use of cracking equipment being the price of gasoline, it can be readily
understood that when gasoline prices are high, as they were
in the latter half of 1929, use of the cracking system is
stimulated. On the other hand, the trend of prices being
downward in the first half of 1930, this had a tendency to
exert a depressing effect on the use of the more expensive
methods. Cracking has been steadily increasing in importance as a means of producing gasoline in the last ten years.
California's progress was exemplified in the report of the
Bureau of Mines, which showed that 1,149,000 barrels of
gasoline had been withdrawn from storage during the month
of June. This was the largest decline in 18 months and
brought the aggregate reduction since March to 5,659,000
barrels. Shipments during the month were 5,008,794 barrels, an increase of 2,005,841 barrels. At the end of June
total stocks of gasoline, including natural gas gasoline,
amounted to 16,630,000 barrels. The total supply of gasoline in the State was brought down from 65 to 48 days' use.
Continuing in line with the policy of reducing production,
operators in the region east of the Rocky Mountains completed 1,793 wells in the month of July, a dRep of 218 from
June's figures. New Production, however, was 862,591
barrels, initial, an increase of 224,318 barrels over the previous month. Completion of large wells in Oklahoma and
New Mexico fields accounted for the gain.
There were no crude oil price changes posted this week.
New York Printers Reject Five-Day Week Plan—Vote
of "Big Six" Members 4,550 to 3,184—$6,000 Weekly
Being Paid in Out-of-Vork Benefits.
By a Nrote of 4,550 to 3,184 the members of New York
Typographical Union 6 rejected a proposal to adopt a fiveday rule, applicable to the book, job and newspaper branches
of the printing industry, the complete figures revealed on
8.90
.75
1.14
.90
1.23
1.65
1.08
1.75
1.05
1.34
1.13
1.90
President Green of American Federation of Labor Says
President Hoover Has Been Instrumental in Keeping Wages High—Commends Employers Who
Declined to Lower Wages.
William Green, President of the American Federation of
Labor, is reported as having told President Hoover on
Aug. 5 that, with little exception, the action taken at the
President's White House conference of representatives of
employeers and employees on Nov. 21 had served to steady
and maintain the wage and working standards which prevailed in industry prior to the period which marked the
beginning of the unemployment situation. A dispatch to
the New York "Times" from Washington indicating this,
continued:
Mr. Green called upon President Hoover at the White House to-day and
Invited him to attend and address the opening session of the convention of
the American Federation of Labor at Boston on Oct. 6. President Hoover
gave his assurance that he would accept the invitation and address the convention if it was possible for him to do so. Ile hopes to be able to attend
and address the convention of the American Legion, which meets in Boston
at the same time.
Mr. Green said to the President that the stabilizing effect of the White
House conference of Nov. 21 was becoming "more and more apparent."
"President Hoover rendered a great service when he called this conference," said Mr. Green after the conference. "Employers of labor who have
maintained wage standards and working conditions during this long continued period of unemployment and depression have shown their faith in
the value of high wages as an essential requirement to the maintenance of
prosperity.
"Employers of labor who have maintained wage levels and have refused
to reduce wages and who are striving to the utmost to bring about a return
of normal conditions in prosperity through the payment and maintenance
of high wages deserve to be commended. In like manner labor organizations and the representatives of labor are to be commended for the service
they have rendered in maintaining co-operation and in preventing interruption and strikes. Through this kind of co-operation and service we will
ultimately bring about a return to 'normal conditions and overcome the
evil of unemployment."
Shorter Workday Urged by Secretary of Labor Davis—
Claims its Adoption Would Relieve Unemployment
—Working Hours in Iron and Steel Industry.
The shorter workday would do much to relieve unemployment conditions, the Secretary of Labor, James J. Davis,
stated orally Aug. 6 according to the "United States Daily"
which continued:
Prices of Typical Crudes per Barrel at WeHs.
degrees are not shown,)
(All gravities where A P
Bradford. Pa
$2.10 Smackover, Ark., 24 and over
1.30 Smackover, Ark.. below 2
Corning. Ohio
1.35 Eldorado, Ark., 34
Cabell. W. Va
1.45 Urania. La
Illinois
Western Kentucky
1.53 Salt Creek, Wyo. 37
Midcontiner4t. Okla., 37
1.23 Sunburst. Mont
.80 Artesia, N. Mex
rs .
.S7 Santa Fe Springs, Calif., 33
(°
11u=n.e ex;ishegy
Luling,tTexas
1.00 Midway-Sunset, Callf., 22
indle OP, Texas, grade A
1.20 Huntington, Calif., 26
tiolndietop, Texas. below 25
1.05 Ventura, Calif., 30
wtomer. Texas
.65 Petrone, Canada
131.
FINANCIAL CHRONICLE
860
-IMPROVED DEMAND STRENGTHENS
REFINED PRODUCTS
-TANK
MARKET
-GASOLINE STOCKS SHOW DECREASE
-DOMESTIC OILS FIRM-KEROCAR MARKET BETTER
SENE CONTINUES EASY.
While consumption of gasoline has mounted steadily for
the past week, large stocks in dealer's hands have held down
the bulk demand from buyers. The continued heat wave,
forcing thousands of motorists out on the highways in efforts
to find some relief from the heat has stimulated gasoline
sales tremendously with the result that the market is in a
healthier condition than for some time.
The fact that the Darst Creek oil field proration agreement
Is again in effect is also responsible for improved sentiment
in the trade. Although up, record week-end consumption
has caused many dealers to run out of gasoline, buyers are
showing no inclination to do heavy ordering in futures, due
to the presence of large stock of distress gasoline.
Continuing the recent trend, stocks of stored gasoline at
refineries dropped to 44,100,000 barrels last week, a decline
of 651,000 barrels from the previous weeks total. With
increased consumption and steadily declining storage
gasoline totals, the trade is pointing to these indications of a
steadier market, with a more rational contrast between
supply and demand existing than at the present. Crude
runs to stills also showed a loss, in comparison with last
week's gain, of 61,900 barrels for the week.
Tank car prices, however, continue uneasy with one of
the largest refiners in the East offering tank wagons at
83' cents, delivered, in Brooklyn and that vicinity. The
policy of hand-to-mouth buying instituted by the buyers
some time ago is still in effect which holds the market rather
dull.
Conditions in the tank car market are brighter than they
have been for quite some time with August living up to its
reputation as a month of exceptionally heavy gasoline consumption. Depletion of stocks has forced many buyers to
file orders for bulk deliveries. Presence of distress gasoline
offerings, however, has held down the market somewhat.
Several refiners who have been holding the market steady
at a nominal figure of 9 to 10 cents a gallon are understood
to be offering United States Motor Gasoline at 83's cents,
tank car lots, at the refineries. Rumors are being circulated
among the trade that price shading is still being carried on
with the understanding that business can be carried out on a
firm bid, at 8 cents a gallon, tank car lots, at the refinery.
The domestic heating oils remain in a firm position with
good inquiries for fall and winter deliveries holding the
market steady. A considerable number of contracts have
been closed already by local traders. Prices remain the same
with no price changes expected in the immediate future.
Kerosene and other minor refiner products remained easy
with small inquiries sustaining the market.
figures for the United States for the previous week are
also shown:
CRUDE RUNS TO STILLS
-GASOLINE AND GAS AND FUEL OIL STOCKS
WEEK ENDED AUGUST 2 1930.
(Figures in Barrels of 4t Gallons)
Marla.
Per Cent
Potential
Capacity
Reporttag.
Crude
Runs
to
EMS.
Per Cent
Oyer.
of Total
Capacity
Report.
3,417,000
567,000
1,998,000
1,831,000
3,931.000
1,105,000
365,C00
3,983,000
80.2
68.9
71.9
62.9
78.8
60.3
37.4
63.8
7,242,000
1,494,000
7.069,000
3,671,000
6,737,000
1,741,000
2,400,000
13,796.000
Gasoline
Rods.
Gas
and
Fuel
Oil
Stocks.
Total Week August 2_
Daily average
Total Week July 26_ _
Daily average
95.7
69.6
44.100,000
95.7
17.197,000
2,456,700
17.630,000
2,518,600
10,084,000
1,010,000
4,387,000
4,730,000
10,141.000
1,938,000
1,204.000
106,147,000
139,691.000
71.4
44,751,000
139,269,000
Total Aug. 3 1929._
Daisy average
92.6
18,497,000
2,642,400
85.5
East Coast
100.0
Appalachian
91.8
Ind., Illinois, Kentucky 99.6
Okla., Kans., Missouri_ 89.9
Texas
90.4
Louisiana-Arkansas
96.8
Rocky Mountain
93.6
California
99.3
z35,594,000 z138,818,000
5,484.000
7,049,000
79.4
Texas Gulf Coast y.. 100.0
2,926.000
Lonislana nun Clnnvt v Inn n
757 nnn
7112
1 222 CIRO
1.098.000
z The United States total figures for last year shown on the following Page are
comparable with this year's totals because of the difference In the percentage
not
capacity reporting. y Included above in the totals of their respective districts for
week ended August 2 1930. z Final revised 1929.
Note.
-All crude runs to stills and stocks figures follow exactly the present Bureau
of Mines definitions. In California. stocks of heavy crude and all grades of fuel on
are included under the heading "Gas and Fuel 011 Stocks." Crude oil runs to
stills include both foreign and domestic crude.
Crude Oil Output in United States Higher.
The American Petroleum Institute estimates that the daily
average gross crude oil production in the United States, for
the week ended Aug. 2 1930 was 2,515,300 barrels, as
compared with 2,488,700 barrels for the preceding week, an
increase of 26,600 barrels. Compared with the output for
the week ended Aug. 3 1929 of 2,908,600 barrels per day,
the current figures represents a decrease of 393,300 barrels
daily. The daily average production East of California
for the week ended Aug. 2 1930, was 1,908,600 barrels, as
compared with 1,877,800 barrels for the preceding week,
an increase of 30,800 barrels. The following are estimates of
daily average gross production, by districts:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Week EndedAug. 2 '30. July 20,'30. July 19.'30. Aug. 3, '291
730,050
586,300
Oklahoma
566,850
554,650
126,650
116,300
Kansas
116,450
117,050
101,750
97,900
96,400
Panhandle Texas
96,400
74,450
87,300
74,550
North Texas
74,200
55,700
59,050
55,400
West Central Texas
55,400
393,000
293,950
298,650
West Texas
301,050
39,350
17,450
41,150
40,900
East Central Texas
72.400
77,350
78,900
Southwest Texas
*124,500
39,400
42,150
35,700
North Louisiana
41,650
55,450
55,500
67,800
Arkansas
55,050
183,500
185,900
131,750
Coastal Texas
180,250
25,800
26,450
20,150
27,950
Coastal Louisiana
129,000
124,500
126,500
104,100
saistern(not including Michigan)
9,850
9,850
10,600
21,000
Michigan
48,100
45,700
47,700
54,400
Wyoming
9,450
9,450
9,350
11,400
Montana
4,600
4,650
4,700
6,800
Colorado
42,200
43,000
42,200
2,900
New Mexico
610,900
614,900
606,700
California
862,300
2,515,300
2,488,700
2,500,100
Total
2,908,600
* Proration of the Darst Creek field was suspended during the week ending
Aug. 2. It Is now reported, however, that the field has resumed operating under a
proration agreement.
The estimated daily average gross production for the Mid-Continent
field, including Oklahoma, Kansas, Panhandle, North, West Central,
West, East Central and Southwest Texas, North Louisiana and Arkansas,
for the week ended Aug. 2, was 1,460,500 barrels, as compared with 1,424,750 barrels for the preceding week, an increase of 35,750 barrels. The
Gasoline, Service Station, Tax Included.
Mid-Continent production, excluding Smackover (Arkansas) heavy oil,
$ 182
Minneapolis
New York
$.19
$ 183 Cincinnati
was 1,423,200 barrels, as compared with 1,487,200 barrels, an increase of
195
New Orleans
Atlanta
.21
Denver
21
38,000 barrels.
.188 Philadelphia
Baltimore
.22
Detroit
251
San Franetsco
Heston
18
The production figures of certain pools in the various districts for the
.20
Houston
195
Spokane
Buffalo
.24
.15
Jacksonville
current week, compared with the previous week, in barrels of 42 gallons,
16
179 St. Louis
Chicago
.15
Kansas City
follow:
-Week EndedKerosene. 41-43 Water White, Tank Car Lots, F.O.B. Refinery.
-Week Ended
Oklahoma$.07 h
Aug.2. July26.
East Central Texas- Aug.2. July 26.
$.0531 New Orleans
N.Y.(Bayonne)$.0715.0754 Chicago
.065* Bowlegs
13,800
Van Zandt County
26,200 26,000
North Texas
.0534 LOB Angeles, export. .0554 Tulsa
Bristow-Slick
15,400 15,450
Southwest TexasFuel 011, 18-22 Degrees, F.O.B. Refinery or Terminal.
Burbank
15,800 16,000 Darst Creek
77,800 31,500
$.75 Carr City
New York (Bayonne) $1.151Los Angeles
$.851Gulf Coast
6,300 5.050 Luling
9,850 9,900
.55 Earlsboro
Diesel
.951 Chicago
18,950 26,300 Salt Flat
2.00 I New Orleans
20,200 20,300
East Earlsboro
13,050 15,200
North LouisianaGas 011, 33-34 Degrees, F.O.B. Refinery or Terminal.
South Earlsboro
10,100 9,600 Sarepta-Carterville
3,100
2,950
$.03 Konawa
16,650 23,350 Zwolle
$.03'Tulsa
5,250 5,000
N.V.(BaYOnne).._s.0534 'Chicago
Little River
25,950 30,100
Arkansas
East Little River
10,300 10,050 Smackover, light
5,150
5,100
Maud
3.150 4,200 Smackover, heavy
37,300 37,550
Mission
Weekly Refinery Statistics for the United States.
7,250 9,200
Coastal Texas
Oklahoma City
100,400 77,450 Barbers Hill
18,600 20,500
St. Louis
12,000 12,000
24,150 26,450 Racoon Bend
According to the American Petroleum Institute, companies Searight
31,600 34,300
7,900 9.350 Refuglo County
aggregating 3,528,400 barrels, or 95.7% of the 3,O86,400 Seminole
14,950 18,800 Sugarland
12,000 12,100
Coastal Louisiana
2,000
2,500
barrel estimated daily potential refining capacity of the East Seminole
KansasEast Ilackberry
2,150
1,750
19,000 17,950 Old Hackberry
1,150
1,100
plants operating in the United States during the week ended Bedgalck County
Vosbell
10,100 10,700 Wyoming
Panhandle Texas
Salt Creek
Aug. 2 1930 report that the crude runs to stills for the week Gray County 30,050 30,000
65,250 65,000
Montanashow that these companies operated to 69.6% of their total Hutchinson County.... 21,400 21,500 Kevin-Sunburst
5,950
5,850
North Texas
New Mexico
capacity. Figures published last week show that companies Archer County
16,150 16,250 Hobbs High
33,250 32,900
Wilbarger County
22,050 22,250 Bal. Lea and FAidy Cos-. 7,000 6,500
aggregating 3,528,400 barrels, or 95.7% of the 3,686,400West Central Texas
California18,950 18,850 Eiwood-Goleta
41,500 45,700
barrel estimated daily potential refining capacity of all 'Young County
11
7est Texas
28,300 28,000
Huntington Beach
dr Upton
17,200 17,200
plants operating in the United States during that week, CraneCounty Counties. 38,800 39,900 Inglewood
Ector
13,300 13,500
17,800 18,050 Kettleman Hills
but which operated to only 71.4% of their total capacity, Howard County
101,400 101,000
27,500 29,300 Long Beach
Reagan County
63,000 63,000
20,950 21,450 Midway-Sunset
contributed to that report. The report for the week ended Winkler County
110,000 110,500
78,500 73,200 Banta Fe springs
Yates
21,000 21,000
103,900 102,500 Seal Beach
Aug. 2 1930 follows. For the sake of comparison, total Bal. Pecos County
48,000 48,000
3,400
3,850 Ventura Avenue
Gasoline. U. S.
N.Y.
(Bayo'n)5.09(5.10
Stand.011, N.J__ .09
Stand. 011, N.Y. .098
Tide Water OliCo. .0834
Richfield 011 Co__ .0934
Warner-QuianCo Pan-Am.Pet. Co_ 0914
Shell Eastern Pet_ .10
Motor, Tank Car Lots. F.O.B. Refinery.
N.Y.--SInclalr Ref_ .0834 California
Los Angeles. export.
09
Beacon Oil
.0834 Gulf Coast,export
Carson Pet
North Louisiana...
.09
Crew Levick
.0634 North Texas
West Texas
.0934 Oklahoma
Chicago
.0734 Pennsylvania
New Orleans
.0614
Arkansas
.0834
.0754
.0854
0734
0634
08
.0954
AUG. 9 1930.]
FINANCIAL CHRONICLE
Motor Fuel Oil Sold in New York State Dropped 8
Million Gallons in May This Year as Compared
With Same Month Last Year-Statistics Furnished
By State Tax Commission.
The falling off of slightly over 8,000,000 gallons of gasoline
is noted in the comparative motor fuel statistics for the month
of May, 1930, as compared with the same month a year ago,
given out at Albany N. Y. on Aug. 5 by Thomas M. Lynch,
Commissioner of Taxation and Finance. The motor fuel
tax law took effect in New York State in May, 1929, and
this report is the first opportunity the Tax Department
officials have had to make comparisons. The figures for
May of this year also show a great decrease from the amount
reported for the month previous. The advices from the
Department continue:
861
Lead Bookings High as Price Moves Up-Copper and
Zinc Quieter-Tin Demand Dull.
Lead has been the outstanding performer the past week
in the non-ferrous metal markets. Undergoing two price
advances, with the current quotation at 5.50 cents, New
York, this metal enjoyed an extremely active demand all
week, "Metal and Mineral Markets" reports. Copper has
again been quieter, at unchanged prices, although demand
continues to be considerably greater than the amount being
consumed. Zinc buying fell off and tin was dull. The
publication referred to goes on to say:
The novelty of 11-cent copper is gradually wearing off, as consumers
have bought heavily during the last few weeks. Based on the amount
used in the first half of 1930, at least a four months' supply of copper has
now been bought ahead. Hence, it is unlikely that a particularly active
market will be seen for weeks unless manufacturers find that business is
The total quantity of motor fuel sold and used in this State during May, picking up rapidly, or that a price advance is imminent. Export business
in the red metal has been fair.
as reported by the distributors, was 99,285,762 gallons. In May, 1929.
Demand for zinc, so active when the price was advancing, has largely
107,489,287 gallons were reported; and in April of 1930 the total was 124..442,550 gallons. Tax paid motor fuel during May was 95,984,720 gallons evaporated and sales during the week aggregated less than a quarter of
last week's total. Pressure to sell has not been great, but all producers
while in thesame month of last year it totaled 106,268,400 gallons. Refunds
were allowed on 1.484,002 gallons during the fifth month of this year as seem to have been willing to follow the price down.
With prompt Straits tin holding at a price above 30 cents, throughout
compared with only 382,875 gallons in May, 1929, thus leaving the net
quantity taxable at 94.500,718 gallons for May, 1930, and 105,885,525 the week, consumers evinced but little interest in the market. Sales in
the Far East continue fairly large and there seems little prospect of much
gallons for May,1929. Of the non taxable fuel reported, the figures are as
change in the price structure.
follows:
May, 1930, 472,300 gallons sold to U. S. Government 2,586,626 gallons
sold to State and municipal Governments; 243,116 gallons used by disSteel Ingot Production Falls Further in July,
tributors for non-taxable purposes.
May, 1929. 446.943 gallons sold to U. S. Government 1,102,585 gallons
The American Iron & Steel Institute report of steel ingot
sold to State and municipal Governments; 54,209 gallons used by disproduction for the month of July places the output of all
tributors for non-taxable purposes.
companies for the 26 working days in that month at 2,933,399
tons, 506,840 tons less than in the previous month. In
-Entire Area Producing June, with only 25 working days, 3,440,239 tons
Oil Curtailment Extends
were
Pennsylvania Grade Petroleum Accepts Cuts.
produced, and in July last year, in which month there were
From Pittsburgh, July 31, Associated Press advices pub- also 26 working days, the output aggregated no less than
lished in the New York "Times" said:
4,850,583 tons. The average daily turnout in July 1930
The entire area producing Pennsylvania grade petroleum is now curtail- amounted to 112,823 tons compared with 137,610 tons in
ing its output, the cuts ranging from 30 to 50% to help to stabilize the oil
industry. The field includes Western Pennsylvania, West Virginia, Eastern June and 186,561 tons in July 1929. Below we show the
Ohio and Southwestern New York. The cut has been fixed at 30% in all monthly figures, as given out by the Institute, back to
but the Bradfield field of Northern Pennsylvania and the Allegany field of
January 1929:
Southwestern New York, where it is 50%.
The last district to Join the movement was that embracing Washington,
Greene, Allegheny and Beaver Counties. Its producers voted at a meeting
here to-day to cut their output, starting to-morrow.
Production and Shipments of Slab Zinc Again Decline
Inventories Higher.
According to the American Zinc Institute, Inc., a total
of 40,038 net tons of slab zinc (all grades) were produced in
the month of July 1930, as compared with 43,473 tons in the
previous month and 54,447 tons in July 1929. Shipments
amounted to 32,235 tons of slab zinc in July 1930, as against
47,943 tons in the corresponding period last year and 36,670
tons in June 1930. Stocks at July 31 1930 totaled 117,381
net tons as compared with 109,578 tons at June 30 1930
and 45,336 tons at July 31 1929. The Association's statement follows:
SLAB ZINC STATISTICS(ALL GRADES) 1929 AND 1930 (Tons of 2,000 lbs.)
Month.
1929.
January
February
March
April
May
June
July
August
September
October
November
December
a Retorts
Produced shipped Stork at Ship- Operate
During During End of ped for End of
Month. Month. Month. Export. Month.
50,501
47,733
55.008
55,203
57,475
52,532
54.447
55,708
51,994
54,513
48,411
47,292
49,584
52,345
57,963
58,200
58,226
49,182
47,943
51,980
47,202
48,777
43,148
36,717
46,887
42,275
39,320
36,233
35,482
38.832
45,336
40.064
53,856
59.592
64,855
75.430
1551
1014
1025
1227
690
235
185
185
123
67
39
11
63,698
68.127
68,015
70,455
70,533
69.703
69,911
59,408
69.468
67,636
58,723
57,999
UnitIrd
Orders Daily
End of Am.
Month. Prod.
58,726
59,610
79,995
55,571
42,883
36,127
32,031
24,283
20.270
14,844
11,872
18,585
1629
1705
1774
1840
1851
1751
1756
1797
1733
1758
1614
1526
MONTHLY PRODUCTION OF STEEL INGOTS. JANUARY 1929 TO JUIY
1930-GROBS TONS.
Reported by companies uhich made 94.27% of the Open-hearth and Bessemer
Steel Ingot Production in 1929.
Months.
1929.
Ian
Feb
Yfarch
_
kern
Vag
June
fillY
7 m08
August-Sept
Oct
Nov
Dec
Total
OpenHearth.
3,692.062
3,590,826
4,180,408
4,025,409
4,275.161
3,999,363
3,922,053
moranty
crucutatea NO.01 Appian, Per
AlonAly Work- Daily
Output
Cent.
Bessemer. Companies Output All ing (Rapid Opera
Reporting. Companies Days. AU Cos. Sion.a
549,616
489,279
596.691
640.351
707.484
622.004
649.950
4,241.678
4,080,103
4,777,099
4,665,760
4,982.645
4,621,367
4.572,003
4,500.131
4,328,713
5,068,176
4,950.053
5.286.246
4.902,955
4.850,583
27
24
26
26
27
25
26
27,685,282 4,255,375 31,940,657 33,886,857 181
166,672 84.99
180,363 91.97
194,930 99.40
190,387 97.08
195.787 99.84
196,118 100.00
186,561 95.13
187,220
95.47
27
25
27
26
25
182.929
181.115
167.938
135,427
116,120
93,28
92.35
85,64
69.06
59.21
44,101,321 7,091,680 51,193,001 51,312,279 311
174,638
89.05
140.596
169,930
165,381
159,764
149.088
137,610
112.823
70.22
84.88
3,987,400
3,624,954
3.631,674
2,796,214
2,375,797
668,023
642,886
642,235
522,672
360.489
4.655.423
4,267,840
4,273,900
3,318,886
2,736.286
4.939.086
4,527,887
4,534,326
3,521,111
2,903,012
1930
Ian
Feb
.
garch _
AprIl
May
Tune
Fitly
3,137,002
3,336.021
3,513,904
3,406,6,0
3,265,190
2,835,527
2,411,592
441,572
508,618
539,616
509,234
528,968
407,586
353,723
3.578.574
3,844,639
4,053.520
3.915.844
3,794,158
3,243,113
2.765,315
3,796,090
4,078.327
4.2911,905
4.153.860
4.024.778
3.440,239
2,933.399
27
24
26
26
27
25
26
82.60
79.80
74.45
68.73
56.35
147,661 73.75
7 mos.. 21,905,846 3,289,317 25,195,163 26,721,598 181
a The figures of per cent of operation" In 1929 are based on the annual capacity
as of Dec. 31 1928, of 60,090,810 gross tons for Bessemer and Open-hearth steel
ingots,and in 1930 are based on the annual capacity as of Dec.31 1929, of 62,265.670
gross tons for Bessemer and Open-hearth steel Ingots.
Current Trend of Steel Output Slightly Downward
-Pig Iron Production Declined in July-Prices
Unchanged.
52.026 41.179 86,277
20 59,457 39,017 1678
44.645 42,489 68,433
6 57,992 32,962 1594
July proved another month of drastic deflation of pig iron
48,136 43,094 93,475
17 51,300 29,330 1553
44,450 40,839 97,086
26 50,038 29,203 1482
production, bringing blast furnace operations a long step
44,578 38,889 102,775
31 52,072 30,515 1438
43,473 36,670 109.578
37 52,428 28,979 1444
nearer to the inevitable "bottom" which will precede the
40.038 32,235 117.381
20 46,030 34,135 1292
next upturn in business, the "Iron Age" of Aug. 7 says in its
-317;346 275,395
Total
157
monthly review of iron and steel markets. The daily rate
of output, at 85,146 tons, fell 13% below the per diem avera Retort capacity relates On y to prime western and a small quantity of brass
age of June. Active blast furnaces showed a net decline
special and high-grade product on.
of 16, compared with 20 in June. The production rate of
Lead Price Advanced-American Smelting and Re- the 144 stacks in service on Aug. 1 at 83,645 tons, was lower
than the daily average for any month's output since October
fining Announces 5.50 Cents a Pound.
1924.
The following is from the New York "Times" of August 5:
Aside from this evidence of sharp retrenchment there is
was advanced yesterday 15 points to 5.50 cents a
The price of lead
developments to reveal the trend of iron and
pound in New York by the American Smelting and Refining Co. Last little in market
Friday the price was raised from 5.25 to 5.35 cents a pound.
steel business in the immediate future, adds the "Age."
The successive advances in price have been caused by an exceptionally Resumption of operations by automobile manufacturers has
heavy demand, It was said. With the ending of the vacation period for
impetus to demands on suppliers of
most automobile makers, an increase in the demand for lead among the thus far given little
battery trade is expected.
materials, although counted on to bring some measure of
Total
1930.
January
February
March
April
May
June
July
630,817 601,357
6352
862
FINANCIAL CHRONICLE
improvement later. Prices, particularly of finished steel
products, still show marked irregularity, and buying continues to be characterized by the excessive caution that prevails during periods of uncertainty. Widespread drought,
which has now reached an alarming stage, has further
clouded the business outlook.
The opinion still prevails that iron and steel business will
show at least a seasonal gain within the next month or two,
but the current trend of steel ingot production is slightly
downward, with the average for the country at large at
54%, compared with the 56% rate that prevailed in the
four previous weeks, continues the "Age,' which goes on
to say:
Among the few sources of encouragement are continued stability in the
scrap market, with a few price advances reported where the supply of
certain grades has run low, increased tractor output under the stimulus
of foreign orders and a gain in pig iron shipments to foundries in the
Chicago district.
Pipe line tonnage remains the strongest support of the steel mills. The
Republic Steel Corporation has received an order for 60 miles of 12-in, pipe
from the Southern Natural Gas Co. of Alabama. The Columbia Gas &
Electric Corporation plans to lay a double 24-in, natural gas line from West
Virginia and Ohio to the Atlantic Seaboard. The Moody-Seagrave Corporation contemplates a gas line from the same fields to Great Lakes cities,
while the Sun 011 Co. is in the market for gasoline carrying pipe to extend
from Philadelphia to Syracuse, N. Y. A natural gas line from Texas
through Omaha to Minneapolis is among the latest projects to be promoted.
The Milwaukee fabricator of electrically welded pipe shipped 2,226 carloads of pipe (65,000 tons) in July and entered August with 7,000 carloads
an order.
Total pig iron output in July was 2,639,537 tons,compared with 2,934,129
tons (97,804 tons a day) in June. Production in the first seven months
was 20,900,849 tons,as against 25,426,080 tons in the corresponding period
In 1929 and 21,592,745 tons in 1928. The decline from last year's total
was 17.8% and from the 1928 period 3.2%.
The "Iron Age" composite prices remain unchanged, finished steel at
2.171c. a lb. and pig iron at $16.96 a gross ton, as the following table shows:
Pia Iron.
Finished Steel.
Aug. 5 1930, $16.96 a Gross Ton.
Aug. 5 1930, 2.171e. a Lb.
$16.96
One week ago
2.171e. One week ago
17.25
2.185e. One month ago
One month ago
2.412e. One year ago
One year ago
Based on average of basic iron at Valley
2
Based on steel bars, beams, tank plates,
wire, rails, black pipe and black sheets, furnace and foundry Irons at Chicago,
These products make 87% of the United Philadelphia. Buffalo, Valley and Birmingham.
States output of finished steel.
Low.
High.
Low.
High.
1930..2.362e. Jan. 7 2.171e. July 15 1930....$18.21 Jan. 7 516.95 July 29
1929..2.412e. Apr. 2 2.362e, Oct. 29 1929_ 18.71 May 14 18.21 Dec. 17
192EL-2.391o, Dec. 11 2.314o. Jan. 3 1928.... 18.59 Nov. 27 17.04 July 24
1927-2.453o. Jan. 4 2.293e. Oct. 25 1927_ 19.71 Jan. 4 17.54 Nov. 1
1926..2.453o. Jan. 5 2.4030. May 18 1926- 21.54 Jan. 5 19.46 July 13
1925.-2.560c. Jan. 6 2.3960. Aug. 18 1925.- 22.50 Jan. 13 18.96 July 7
(VOL. 131.
July Pig Iron Output Drops Sharply.
With returns from every active blast furnace, the production of pig iron in July was sharply off from that of June,
states the "Iron Age" of Aug. 7. The decline in daily rate
was 13% as compared with 6.2% in June.
Production of coke pig iron in July was 2,639,537 gross
tons or 85,146 tons per day for the 31 days. This contrasts
with 2,934,129 tons or 97,804 tons per day for the 30
days in June. The falling off in daily rate for July was
therefore 12,658 tons, or 13%. This contrasts with a decline
of 6,479 tons per day in June or 6.2%, and with 1.7% in
May. The daily rate last month was the smallest since
November 1924, when it was 83,656 tons. The July daily
rate this year is the smallest for that month since 1924, when
it was 57,577 tons per day. In 1925, the July daily rate
was 85,936 tons, only 790 tons larger than that for last
month. The "Age" goes on to say:
Total for 7 Months.
Production for the first seven months of this year was 20,900,849 tons,
which is 17.8% less than for the same seven months last year (25,426,080
tons), but only 3.2% under the 21,592,745 tons to Aug. 1 1928.
There were 18 furnaces blown out or banked and only two blown in
during July, a net loss of 16. In June the loss was 20 furnaces. In the
last four months there has been a net loss of 41 furnaces against a net gain
of 28 in the first three months.
Several large furnaces were banked during part of July, cutting down the
normal production for the actual number operating during the month.
Some shut-downs lasted two to three weeks.
Operating Rate on Aug. 1.
Estimated operating rate for the 144 furnaces active on Aug. 1 was
83,645 tons per day. This compares with 92,590 tons daily for the 160
stacks blowing on July 1.
The two furnaces blown in during July are credited to the Steel Corp.
Of the 18 furnaces blown out or banked, nine were independent steel company stacks, five were merchant and four belonged to the Steel Corporation. The net loss in steel-making furnaces was 11.
Manganese Alloy Output.
There was a large output of spiegeleisen in July. The ferromanganese
output was 17,728 tons, or the smallest this year. It Is the smallest since
the 17,710 tons made in October 1927.
Furnaces Blown in and Out.
Only two furnaces were blown in during July: No, 4 Mingo furnace of
the Carnegie Steel Co. in the Wheeling district and No. 6 Ensley furnace
of the Tennessee Coal, Iron & Railroad Co. in Alabama.
Among the furnaces blown out or banked during July were one SusqueFailure of steel specifications to respond immediately to
one Donner
hanna
the resumption of automobile production, fresh alarm over public furnace of the Hanna Furnace Co.,Lackawanna furnace of the Replant of the
Steel Corp. and one furnace at the
the damage being done to crops and agricultural buying lehem Steel Corp. in the Buffalo district; one Worth furnace of the BethBethpower by the drought, and the most drastic curtailment of lehem Steel Corp. in the Schuylkill Valley; the Sheridan furnace in the
pig iron production in recent years have vitiated much of the Susquehanna Valley; one Aliquippa furnace of the Jones & Laughlin Steel
hope entertained for an improved iron and steel situation in Corp., No. 1 Midland furnace of the Pittsburgh Crucible Steel Co. and
the early fall, says "Steel," formerly "Iron Trade Review," No. 1 Monessen furnace of the Pittsburgh Steel Co. In the Pittsburgh district; No. 3 Ohio furnace of the Carnegie Steel Co. and the Anna furnace
in its issue of Aug. 7. "Steel" also goes on to say:
in the Mahoning Valley; No. 3 Mingo furnace of the Carnegie Steel Co. in
The opinion still is widely held that July may prove the low month of
the Wheeling district; one South Chicago furnace of the Illinois Steel Co.,
the present dip, and in the next week or ten days heavier demand is certain
a furnace of the St. Louis Gas & Coke Co., No. 1 Gary furnace and No. 3
to emanate from the automobile industry, as its inventories of raw material
furnace of the Inland Steel Co. in Illinois and Indiana; one furnace of the
are nil. But whether this betterment will be more than a seasonal fluctuaColorado Fuel & Iron Co. in Colorado; and the Rockdale furnace of the
tion many doubt.
Tennessee Products Corp. in Tennessee.
Steelmaking operations continue at 55 to 60% of capacity, with no
definite trend. Steel corporation subsidiaries, at 64% are up 1 point. DAILY AVERAGE PRODUCTION OF CORE PIG IROil IN THE UNITED
STATES BY MONTHS SINCE JAN. 1 1925
-GROSS TONS.
There are, of course, substantial market factors, such as satisfactory structural awards and inquiries, prospective ship work in the East and capacity
1927.
1925.
1926.
1928.
1929.
1930.
operations at line pipe mills. In the scrap trade dealers are avoiding a
short position. Nevertheless, sentiment for the next 60 days appears January
108,720 106,974 100,123
92.573 111,044
91,209
slightly dimmer this week.
February
114,791 104,408 105,024 100,004 114,507 101,390
114,975 111.032 112,366 103,215 119,822 104,716
Crop damage may assume serious proportions. Directly it threatens to March
108,632 115,004 114,074 106,183 122.087 106,062
contract the market for wire products and tin plate. Indirectly, it offers April
May
94.542 112.304 109,385 105,931 125,745 104,283
possibilities of retarding a comeback in the automobile market. Farm June
89,115 107,844 102.988 102.733 123,908
97,804
implement manufacturers are gloomy over fall and winter business.
First six months- 105,039 109,660 107,351 101,763 119,564 100,891
85.956 103.978
Restriction of pig iron output may be regarded as a constructive measure July
95,199
99,091 122,100
85,146
87,241 103.241
95.073 101,180 121,151
and an indication that the market situation has been liquidated, but it August
90,873 104,543
92,498 102.077 116.585
does afford an accurate gage of actual consumption. July's daily rate of September
October
97,528 107.553
89,810 108,832 115.745
81,574 gross tons was 16% below that of June and the lowest rate since November
100.767 107,800
88,279 110.084 106.047
October 1924. At the end of July only 144 blast furnaces were active, December
104,853
99,712
86,960 108,705
91,513
99.735 107.043
99.260 103.382 115.851
the least since August 1922. For seven months of 1930 production totals 12 months'average
20.833,398 gross tons,compared with 25,420,048 tons in 1929 and 21,583,174 DAILY RATE OF PIG IRON PRODUCTION BY MONTHS
-GROSS TONS.
tons in 1928.
Pending structural work includes 35,000 tons for highway bridges in
Total,
Steel Works.
Merchants.*
Kentucky. 12,000 tons for a bridge at Cleveland and 5,000 tons for a school
at Chicago. Ford Motor Co. has bought 3,500 tons for a factory at Rich- 1928-January
92,573
69.520
23,053
February
This
100,004
78.444
21,560
mond, Calif., and will place a like tonnage for a plant at Buffalo.
March
103,215
83,489
19,726
week's structural awards, at 28,000 tons, compare with 38,982 tons last
April
106,183
85,183
21,000
week.
May
105,931
85.576
20,365
June
Freight car awards in July, totaling 1,348, bettered the 998 ordered in
102,733
81,630
21,103
July
99,091
79,513
19,578
June. If the Illinois Central distributes its 2,300-car inquiry this.month.
August
101,180
82,642
18,538
August will show further improvement. Seven months' car orders for 1930
September
102,077
82,590
19,487
are 33,952: for 1929, 64,157: for 1928, 28,916. Further rail buying may
October
108,832
20,781
88,051
November
110,084
develop, the Great Northern inquiring for 9,000 tons, Wheeling & Lake
88,474
21,610
December
108,705
23,290
85,415
Erie 1,400 tons and large Eastern roads being prospective purchasers.
1929
-January
111,044
25,514
85.630
Excepting structure's, plates are the most active finished steel line.
February
114,507
25,261
89,246
New York is placing 9,000 tons, and Detroit'2,000 tons, oil tank inquiry
March
119,822
24,361
95.461
April
at Chicago totals 10,000 tons, and the Milwaukee pipe fabricator has
122,087
95.680
26,407
May
125,745
100,174
25.571
requirements for 150,000 to 175,000. Bars, like sheets, strip and alloy
June
23,915
99,993
123,908
steel, await releases from automotive consumers. For pig iron, coke and
July
98,044
24,056
122,100
scrap, demand continues mediocre, with the probability that August shipAugust
121,151
98,900
22,251
September
ments will exceed those for July.
95,426
116,585
21,159
October
115,745
93,644
22,101
Prices appear less steady this week. Galvanized and black sheets are off
November
106,047
83,276
22,771
$2 per ton at Chicago. Large rivets have been cut $3 per ton at Cleveland.
December
68,152
91,513
23.361
-January
Cold-rolled strip is being shaded $1 to $2 per ton. While producers are 1930
91,209
71,447
19,762
February
101,390
81.850
19.810
attempting to hold bars, plates and shapes on the basis of 1.65c., PittsMarch
104,715
83.900
20,815
burgh. there is an element of weakness. Some lake furnaces have dropped
April
106,062
85.489
20.573
below $17 for pig iron in strongly competitive territory.
May
104,283
84,310
19,973
June
97,804
19.921
77,883
A reduction in pig iron at Philadelphia lowers the market composite of
July
RA 010
is 107
RS 145
"Steel" 1 cent this week, to $33.08, which compares with an average of
•Includes pig iron made for the market by steel coinpanies.
S33.21 for July. $36.54 last August.
FINANCIAL CHRONICLE
AUG. 9 19301
TOTAL PRODUCTION OF COKE PIG IRON IN UNITED STATES
-GROSS TONS.
BEGINNING JAN.1 1928
1028.
Jan__ 2,869,761
Feb__ 2,900,126
Mar__ 3,199,674
Apr __ 3,185,504
May.. 3,283,856
June__ 3,082,000
1929.
3,442,370
3,206,185
3,714,473
3,662,625
3,898,082
3,717,225
1930.
2,827,464
2,838,920
3,248,171
3,181,868
3,232,760
2,934,129
1928.
July. 3,071,824
Aug __ 3,136,570
Sept.. 3,062,314
Oct__ 3,373,806
Nov__ 3,302,523
Dec _. 3,369,846
1930.
1929.
3,785,120 2,639.537
3,755,680
3,497,564
3,588,118
3,181,411
2,836,916
,
36 yr_18,520,921 21,640,960 18,261,312 Year•_37,837,804 42,285,769
• These totals do not Include °harem pig Iron. The 1929 production of this
iron was 138,193 gross tons, as compared with 142.960 gross tons In 1928.
-GROSS TONS
PRODUCTION OF STEEL COMPANIES FOR OWN USE
Total Pig Iron
Spiegel and Ferromanganese.
January
February
March
8 months
April
May
June
Ralf year
July
August
September
9 months
October
November
December
Year
Ferromanganese.:
1930.
1928.
1929.
1930.
2.155,133 2.651,416
2.274,880 :1,408,901
2.588,158 2.959,295
2,214.875
2,284,234
2,600.980
22.298
19,320
27.912
28.208
35,978
24,978
27.260
21,310
23.345
8,109,612
2,820.028
3.105,404
2,999,798
7.100,089
2.564,681
2.613,628
2,304,223
69,530
18.405
29.940
32,088
79.164
22,413
25,896
33,303
71.915
27,777
30.296
27,327
1928.
- - 7.018.171
2,555.500
2,652,872
2,448,905
1929.
14,675,448 17,040.842 14,682,621 149.963 160.836 157.325
'2,484,806 3,039,370 2,075,414 32,909 31,040 17,728
2,561,904 3.065.874
24,583 28,461
2,477.695 2,882,799
22,278 27.505
22,179,943 26,008.885
2.729.589 2,902.960
2,654,211 2.498.291
2,647,863 2,112.704
230,733 247,842
21,939 31,108
29.773 28,285
28.618 28,564
30,211,606 33,522,840
312,061 335,799
I Includes output of merchant furnaces
Approval by Union of Agreement Reached at Anthracite Coal Mine Wage Conference in New York
John L. Lewis Says It Will Mean Annual Payroll of
$300,000,000.
Delegates to the tri-district convention of the United
Mine Workers of America at Scranton, Pa., voted on Aug.7
their approval of the tentative mine agreement reached by
negotiators for the operators and union in their New York
conferences three weeks ago, details of which were given in
our issue of July 26, page 557. A dispatch from Scranton to
the New York "Times" says:
The ratification of the agreement assures employment to the more than
150,000 members of the union in seven Pennsylvania counties and an uninterrupted supply of hard coal to the nation for more than five years.
The agreement will go into effect on Sept. 1.
The agreement will be signed to-morrow night at a public ceremony
in the Masonic Temple here. Secretary Davis will be Chairman and addresses will be given by Richard L. Grant, President of the Lehigh Valley
Coal Co., and John L. Lewis, International President of the union. The
union delegates also endorsed Gifford Pinchot, Republican nominee for
Governor, and Secretary Davis for United States Senator.
Just before the convention closed, Mr. Lewis told the delegates the wage
agreement was the greatest proof of work in collective bargaining between
employees and employers. He said the operators had more than a billion
dollars invested in the industry and that the signing of the contract would
mean an annual payroll in the anthracite region of $300.000.000, or nearly
$2,000,000,000 during the period of the pact. All of this will be paid to
union men, be pointed out.
Under the agreement there will be no wage reductions, working conditions will not vary greatly from those at present and a modified form of
check-off is provided, enabling the companies to aid the union in collecting
dues. A committee of six operators and six union men will deal with any
questions or controversies that may arise under the agreement.
Possible Shortage in Anthracite Coal Seen by President
-Price Increase of
of Burns Brothers Coal Co.
50 Cents a Ton Sept. 1.
The following is from the New York "Times" of Aug. 8:
863
Bituminous Coal Output Continues Below That of a
-Anthracite Production Higher.
Year Ago
the United States Bureau of Mines, DepartAccording to
ment of Commerce, the production of bituminous coal and
Pennsylvania anthracite for the week ended July 26 1930
exceeded that for the previous week. Output of the former
was below that for the corresponding week in 1929, while
the latter was again at a higher rate than a year ago. During the week under review 7,993,000 net tons of bituminous
coal, 1,398,000 tons of Pennsylvania anthracite and 46,300
tons of beehive coke were produced, as against 9,607,000
tons of bituminous coal, 1,289,000 tons of Pennsylvania
anthracite and 136,500 tons of beehive coke in the corresponding week last year, and 7,922,000 tons of bituminous
coal, 1,307,000 tons of Pennsylvania anthracite and 49,800
tons of beehive coke produced in the week ended July 19
1930.
For the calendar year to July 26 1930, the total output of
bituminous coal amounted to 259,369,000 net tons, as compared with 290,687,000 tons in the calendar year to July 27
1929. The Bureau's statement follows:
BITUMINOUS COAL.
The total production of soft coal during the week ended July 26 1930,
including lignite and coal coked at the mines, is estimated at 7,993.000 net
tons. Compared with the output in the preceding week, this shows an
increase of 71,000 tons, or 0.9%. Production during the week in 1929
corresponding with that of July 26 amounted to 9,607,000 tons.
Estimated United StateseProduction of Bituminous Coal (Net Tons).
-------1929
930---Cal. Year
Cal. Year
to Date.a
Week.
to Date.
Week.
Week Ended
9,558,000 271.756,000
7,861,000 243,455,000
July 12
1.663,000
1.593.000
1,489,000
1,310,000
Daily average
9.324,000 281,080,000
7,922,000 251,377,000
July 19 b
1,659,000
1.483,000 • 1,554,000
1,320,000
Daily average
9.607,000 290,687,000
7,993,000 259,369,000
July 26 c
1,657,000
1.601.000
1,486,000
1,332,000
Daily average
a Minus one day's production first week in January to equalize number
of days in the two years. b Revised since last report. c Subject to revision.
,The total production of soft coal during the present calendar year to
July 26 (approximately 176 working days) amounts to 259,369,000 net
tons. Figures for corresponding periods in other recent years are given
below:
302,278,000 net tons
290,687,000 net tons11927
1929
303,868,000 net tons
262,938.000 net tons11926
1928
by the revised figures above, the total production
As already indicated
of soft coal for the country as a whole during the week ended July 19 is
estimated at 7,922,000 net tons. Compared with the output in the preceding week, this shows an increase of 61,000 tons, or 0.8%. The following table apportions the tonnage by States and gives comparable figures
for other recent years:
Estimated Weekly Production of Coal by States (Net Tons).
Week Ended
July
July 21
July 12
July 20
average
July 19
1928.
1929.
1930.
1923.a
1930.
State
314.000
312,000
230.000
244,000
389,000
Alabama
30,000
21,000
14,000
19.000
25,000
Arkansas
107.000
148,000
88,000
97,000
165,000
Colorado
770,000 1,268,000
712.000
844,000
787.000
Illinois
285,000
225.000
229,000
216,000
451.000
Indiana
64,000
52,000
44.000
42,000
87.000
Iowa
24,000
41,000
32,000
30,000
76.000
Kansas
Kentucky
747.000
867,000
890,000
762.000
735,000
Eastern
197,000
235,000
135,000
136,000
202,000
Western
44,000
43,000
37,000
36,000
42,000
Maryland
14.000
12,000
12,000
11,000
17,000
Michigan
62,000
63,000
58,000
58,000
58,000
Missouri
46.000
38,000
50,000
41,000
37,000
Montana
47,000
23,000
46,000
28,000
52,000
New Mexico
12,000
10,000
11,000
12,000
14,000
North Dakota
454.000
478,000
299,000
433,000
854.000
Ohio
33,000
41,000
59.000
27,000
49,000
Oklahoma
Penna. (bitum.)_ 2,226,000 2,324,000 2,645,000 2.349,000 3,680,000
101,000
91,000
102,000
91.000
113,000
Tennessee
20,000
10,000
24,000
9,000
23,000
Texas
58.000
39.000
69.000
39,000
87.000
Utah
235,000
179,000
232,000
197,000
239,000
Virginia
40.000
31.000
49.000
30.000
37,000
Washington
West Virginia:
1,758,000 1.691,000 1,980,000 1.862,000 1,519,000
Southern b
522.000
675,000
512,000
731,000
866,000
Northern c
77,000
86,000
84,000
86,000
115,000
Wyoming
1,000
3,000
1,000
6,000
4,000
Other States
Total bit coal._ 7,922,000 7,861,000 9,324,000 8,782,000 11,208,000
Penn.anthracite_ 1,307,000 1,242,000 1.064,000 1,173.000 1.950,000
Total all coal-- 9,229.000 9,103,000 10.388,000 9,955,000 13,158.000
The possibility of a serious shortage in anthracite coal In the coming
winter was foreseen yesterday by Sanders A. Wertheim, President of Burns
Brothers, who announced that the price of coal would be advanced 50
cents a ton on Sept. 1 and that there would be an additional increase of the
same amount some time in October.
The shortage, he said, might result front the fact that production of
anthracite mines has been curtailed for four months. The mines now are
a Average weekly rate for the entire month, b Includes operations on
operating at only about 50% of capacity, he asserted. He said his com- the N. es W.; C.& 0.; Virginian; and K.& M. c Rest of State, including
pany has about 600,000 tons, or 20 days' supply, on hand, and that the Panhandle.
daily business has been far below capacity because of the refusal of the
BEEHIVE COKE.
public to buy.
The total production of beehive coke during the week ended July 26 is
estimated at 46,300 net tons, a decrease of 3,500 tons or 7% from the output in the preceding week. Production during the week
Frick Coke Plants at Connellsville, Pa., Close-Oper- sponding with that of July 26 amounted to 136.500 tons. in 1929 correations Suspended Entirely for First Time in Many
Estimated Productionof Beehive Coke (Net Tons).
Week Ended
Years.
July 26 July 19 July 27
to
1930.c 1929.
193012
Date.
Region9tte.a
a o29
Advices from Connellsville, Pa., Aug. 7 to the New York
Pa., Ohio Jc West Va._ 39,100 44,000 124.100 1,684,000 3.282.500
state:
3,800
"Times"
8,100
Ga., Tenn. & Virginia-- 4,700
159,200
202,500
Wash__ 2,500
2.000
4,300
68,000
156.800
The II. C. Frick Coke Co. has suspended coking operations entirely Colo., Utah and
for the first time in many years. It is restricting activities to shipments of
United States total__ 46.300 49,800 136.500 1,911,200 3,641.800
7,717
Daily average
8,300 22.750
to its by-products plants.
coal
10,798
20,575
The decrease in coke production lessened last week and was believed to
a Minus one day's production first week in January to equalize number
indicate the approach of the end of the downward movement. The decrease was 1,020 tons to 19,000, the smallest tonnage since 1922, compared of days in the two years. b Subject to revision. c Revised.
PENNSYLVANIA ANTHRACITE.
with decreases of 2.130 tons in the week ended on July 26 and 2,430 tons
The total production of anthracite in the State of Pennsylvania during
in the preceding week.
Coke production always has been considered a barometer of the position the week ended July 26 is estimated at 1,398,000 net tons. Compared
with the output in the preceding week,this shows an increase of 91,000 tons,
of the steel industry.
•
864
[vol.. 131.
FINANCIAL CHRONICLE
or 7%. Production during the week in 1929 corresponding with that of
July 26 amounted to 1,289,000 tons.
Estimated Production of Pennsylvania Anthracite (Net Tons).
1930
1929
Week Ended—
Daily Aver.
Week.
Daily Aver.
Week.
July 12
1.068,000
178,000
1,242,000
207.000
July 19
1.064,000
177,300
1,307,000
217,800
1,289,000
July 26
1,398,000
233,000
214,800
Bituminous Coal Production in July Below That of
Corresponding Month Last Year—Anthracite Output Higher.
According to the United States Bureau of Mines, Department of Commerce, preliminary estimates for July 1930
show that a total of 34,634,000 net tons of bituminous coal,
5,662,000 tons of anthracite and 262,000 tons of beehive
coke were produced in that month, as against 41,175,000
tons of bituminous coal, 4,993,000 tons of anthracite and
600,200 tons of beehive coke in the same month last year
and 33,714,000 tons of bituminous coal, 5,183,000 tons of
anthracite and 261,300 tons of beehive coke in the month
of June 1930.
The average daily rate of production of bituminous coal
in July 1930 was 1,332,000 net tons, as compared with
1,349,000 tons in the preceding month and 1,584,000 tons
in June 1929. The Bureau's statement follows:
Total for
Number of
Cal. Year to
Avg. per
Motu?,
Working
End of July
Wkg.Dag
July 1930 (preliminary) a (Net Tons)
(Net Tons)
(Net Tons).
Days.
Bituminous coal
34,634,000
265,268,000
1,332,000
26
Anthracite
5,662.000
39,454,000
26
217,800
Beehive coke
262,200
1,953,000
26
10,084
June 1930 (revised)—
Bituminous coal
33.714.000
25
1,349.000
Anthracite
5,183.000
25
207,300
Beehive coke
261.300
10,452
25
July 1929—
Bituminous coal
41,175,000
1,584,000
297,751,000
26
Anthracite
4,993,000
26
192,000
41,862,000
Beehive coke
600,200
26
23,085
3,720,500
a Slight revisions of these estimates will be issued in the weekly coal report about
the middle of the month.
Current Events and Discussions
of out-of-town banks" fell from $745,000,000 to $694,000,000
The Week With the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit and loans "for account of others" decreased from 14,000,outstanding during the week ended Aug. 6, as reported by 000 to 01,000,000.
the 12 Federal Reserve banks, was8988,000,000, an increase CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
of $54,000,000 compared with the preceding week and a
New York.
decrease of $401,000,000 compared with the corresponding
Aug.61930. July 30 1930. Aug. 7 1929
week of 1929.
On Aug. 6 total Reserve bank credit outstanding amounted to $940,000,000, an increase of $13,000,000 for the week. This increase corresponds with an increase of $40,000,000 in money in circulation and declines
of $22,000,000 in monetary gold stock and $3,000,000 in Treasury currency,
offset by a decrease of $51,000,000 in member bank reserve balances.
Holdings of discounted bills increased $9,000,000 during the week, the
principal changes being an increase of $12,000,000 at the Federal Reserve
Bank of New
ork and a decrease of $3,000,000 at Cleveland. The
System's holdings of bills bought in open market increased $3,000,000 and
of Treasury notes $1,000,000, while holdings of certificates and bills declined $1,000,000.
Beginning with the statement of May 28 1930 the text
accompanying the weekly condition statement of the
Federal Reserve banks was changed to show the amount of
Reserve bank credit outstanding and certain other items
not included in the condition statement, such as monetary
gold stock and money in circulation. The Federal Reserve
Board's explanation of the changes, together with the
definition of the different items, was published in the May 31
1930 issue of the "Chronicle" on page 3797.
The statement in full for the week ended Aug. 6, in comparison with the preceding week and with the corresponding
date last year will be found on subsequent pages—namely,
Pages 902 and 903.
Increase (+) or Increase (—)
Since
Aug. 6 1930. July 30 1930. Aug. 7 1929.
Bills discounted
Bills bought
United States securities
Other rcserve bank credit
206.000,000
134.000,000
576,000,000
25,000,000
+9,000,000
+3,000,000
Loans and investments—total
8 136,000,000 8,202,000,000 7,512,000,000
Loans-total
6 036.000,000 6,050,000,000 5,775.000.000
On securities
All other
3632,000,000 3.586,000,000 2,961,000.000
2,404,000,000 2,464.000,000 2,813,000,000
Investments—total
2,099,000.000 2,152,000,000 1,737,000,000
U.S. Government securities
Other securities
1,079,000,000 1,122,000.000
1 020,000,000 1,029,000,000
Reserve with Federal Reserve Bank
Cash in vault
754,000,000
45,000.000
5,595,000,000 5,708,000,000 5,217,000,000
1,420,000,000 1,437,000,000 1,141,000,000
22,000,000
36,000,000
12,000,000
Due from banks
Due to banks
96,000,000
93,000,000
1 034,000,000 1,072,000,000
Borrowings from Federal Reserve Bank..
Total
Loans and investments—total
2,578,000,000 2,618,000,000 5,666,000,000
635,000,000 610,000,000 355,000,000
Chicago.
2 026,000,000 2,045,000.000 1,944.000.000
Loans—total
On securities
All other
—413,000,000
-F147,000,000
+8.000.000
Reserve with Federal Reserve Bank
Cash in vault
—304,000,000
+41,000,000
Net demand deposits
Time deposits
Government deposits
Returns of Member Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of
the member banks in New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week instead of waiting until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in the different
cities included cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks thus issued in
advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks. The grand aggregate of
these brokers' loans the present week shows a decrease of
$14,000,000, the total of these loans standing at $3,214,000,000 as compared with $6,020,000,000 on Aug. 7 1929.
Loans for own account increased during the week from
$1,669,000,000 to $1,719,000,000, while loans "for account
295,000,000
3,214,000,000 3,228,000,000 6,020,000,000
On demand
On tine
TOTAL RES. BANK CREDIT.._ 940,000,000 +13.00 ,
0 000
Monetary gold stock
4 494,000.000 —22,000,000
Treasury currency adjusted
—3,000,000
1,782.000,000
+6,000,000
15,000,000
96,000,000
843,000,000
Loans on secur. to brokers & dealers;
For own account
1 719,000,000 1.669,000.000 1,089,000,000
For account of out-of-town banks.,._ 694,000,000 745.000,000 1.789,000,000
For account of others
801.000,000 814,000.000 3,143,000,000
+2,000.000
+40,000,000
51.000.000
703,000,000
53,000,000
Net demand deposits
Time deposits
Government deposits
—8
58,000,0
00
+55,000,000
+418,000,000
—2
7,000.0
00
Money in circulation
4,437,000,000
Member bank reserve balances
. . .
Unexpended capital funds, non-member deposits. B‘c
416,000,000
826,000,000
47,000,000
958,000,000
779,000,000
Investments—total
U.S. Government securities
Other securities
Due front banks
Due to bunks
Borrowings from Federal Reserve Bank_
• Revised.
1,575,000.090 1,605,000,000 1,566,000,000
919.000,000
656,000,000
958,000,000
647.000,000
889,000,000
676,000,000
451,000,000
440,000,000
379,000,000
195,000,000
257,000,000
195,000,000
245,000,000
164,000,000
215,000,000
194,000.000
13,000,000
185,000,000
13,000,000
185,000,000
13,000,000
1286,000.000 1,303,000,000 1,293,000,000
652,000,000 651,000,000 542,000,000
3,000,000
5,000,000
4,000,000
154,000,000
371,000,000
152,000,000
338.000,000
123,000,000
318,000,000
2.000,000
2,000,000
29.000,000
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
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on July 30:
The Federal Reserve Board's condition
statement of weekly reporting
member banks in leading cities on July 30
shows increases for the week of
$140.000,000 in loans and investments and $106.000,000
in net demand
deposits, and decreases of $48.000,000 in time
deposits and $11,000,000
Government deposits.
Loans on securities, which at all reporting banks were $18,000,000 above
the previous week's total, increased $46,000,000 in the New York District
AUG. 9 1930.]
FINANCIAL CHRONICLE
865
and declined $9,000,000 in the Chicago district and $7.000,000 in the San tinued good during July and the
same report is made for accessories and
Francisco district. "All other" loans increased $44,000,000 in the New equipment.
York district, $10.000,000 in the Boston district, 56,000,000 in the RichCZECHOSLOVAKIA.
mond district and $75,000,000 at all reporting banks.
Czechoslovakia business continues quiet with no pronounced upward
Holdings of United States Government securities increased $13.000,000
In the New York district and $2,000,000 at all reporting banks, while hold- or downward trend. Unemployment dropped slightly during the past
ings of other,securities increased $22,000,000 in the New York district and month. The net losses from failures and reorganizations amounted to
only 55,000,000 crowns during Juno, the lowest for any month of 1930.
546,000,000 at all reporting banks.
Borrowings from Federal Reserve banks show relatively little change for Stiffening prices, particularly for agricultural products, resulted in a slight
rise in the wholesale index which had declined steadily for 12 months.
the week, the net increase for all reporting banks being 83,000,000.
A summary of the principal assets and liabilities of weekly reporting A shortage of rainfall and unusual heat during the latter part of June
damaged the crops in most districts, and the grain yield is expected to be
member banks, together with changes during the week and the year ending
below normal. The grain market is quiet, with rye prices declining and
July 30 1930, follows:
wheat prices steady. Meat prices are showing a downward tendency,
Increase(+) or Decrease (—)
Since
including lard and fatbacics. Stocks of grain on hand are 15% above a
July 30 1930. July 23 1930. July 31 1929.
year ago. The short term money market remains comparatively easy,
$
5
Loans and investments—total_ __ _23,236,000,000 +140,000,000 +630,000,000 but the stock market is stagnant and collections are very slow. Coal output
declined further during June and coke production dropped abruptly along
Loans—total
16,945,000,000
+93,000,000 —113,000.000 with decreased activity in the steel industry. Pig iron output declined
from 123,000 tons in May to 108,000 tons in June, while that of steel deOn securities
8,416,000,000
+18,000,000 +629,000,000
All other
8,529,000,000
+75,000,000 —741,000,000 creased from 162,000 tons to 136,000 tons. Petroleum production aggregated 1,367 metric tons. The textile industry is still suffering from depresInvestments—total
6,291,000,000
+48,000,000 +742.000,000 sion, but there has been no further increase in unemployment
and the
rayon output is fairly satisfactory. Decreased activity is reported by the
U.S. Government securities
2,932,000,000
+2,000,000 +185,000.000
Other securities
3,359,000,000
+46,000,000 +557,000,000 tanneries and shoe factories.
FINLAND.
Reserve with Federal Res've banks 1,818,000,000
—6,000,000 +111,000,000
Cash in vault
215,000,000
The slow improvement in Finnish business conditions, accompanying
+4,000,000
—21,000,000
Net demand deposits
13,798,000,000 +106,000,000 +403,000,000 the influx of foreign capital in the past few months, was in general well
Time deposits
7,352,000,000
—48,000,000 +640,000.000 maintained during July. Although money is still tight, an easier tone
Government deposits
109,000,000
—11,000,000
+24,000,000 prevails. The import business, however, is still slack and the number of
protested bills continues comparatively high. Local textile mills, and the
Due from banks
1,565,000,000
—88,000,000 +482,000,000 shoe and leather
industry, reveal greater activity with production about
Due to banks
3,365.000,000 —102,000,000 +589,000,000
normal. Certain foodstuff branches also show signs of reviving, but are
Borrowings from Fed. Res. banks_
35,000,000
+3,000,000 —732,000,000 somewhat hampered by .low prices. The paper industry remains depressed with no improvement in prices and the demand for wrapping
paper showing a downward tendency. Sales of pulp, however, are improving.
Conditions
Summary of
in World Markets, According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases
for publication Aug.9 the following summary of market conditions abroad, based on advices by cable and radio:
ARGENTINA.
There is still optimism for the future outlook of business,
although
present conditions are depressed and unsettled weather has
been slightly
less favorable for agriculture. On July 28 the Argentine
Department of
Agriculture reported crops and pastures in all parts of the
country to be
in excellent condition. The Statistical Department reports that
the first
six months export trade showed tonnage and value decreases
of 43 and
35%, respectively, and that income from port and customs
dues was
15,000,000 gold pesos less than for the same period of last year.
AUSTRALIA.
General rains throughout the wheat belt have improved the
Australian
outlook considerably. A public meeting held at Sydney during
the week
arrived at a decision favoring the curtailment of Government
expenditures
In balancing the budget rather than by additional taxation.
BRAZIL.
General business conditions are unsatisfactory. Coffee
shipments are
normal and money is veryeasy. Ninety-day exchange quotations
from 9.4500 July 26 to 9.85 milreis to the dollar on Aug.2,the weakened
lowest point
in several years. Contributing factors were the scarcity of
export bills
and service remittances by the Minas Geraes Government.
CANADA.
Business in general has shown some improvement in the
past week with
collections reported better in Montreal and Winnipeg.
Western crop
conditions have also improved, particularly in the central
sections of
Saskatchewan and Alberta, according to the Government
crop report
issued July 30. Some frost is reported in the Peace River
district of the
latter province and a decided increase in stem rust in
Manitoba, the extent
of damage to grain being undetermined. An Order-in
July 24 announces a new tariff item in respect of grape -Council dated
juice imported in
containers of more than one imperial gallon capacity and of
cold rolled iron
and steel sheets when imported by manufacturers for use
exclusively in
the manufacture of sheets to be coated with tin.
Business conditions
in the Maritime Provinces continue satisfactory, even when
compared to
the great activity of last year. Increased construction is a
factor in keeping
labor well employed, notwithstanding the decline in iron
and steel output
attending the competition of some large orders.
Quebec manufacturing
is still below normal, seasonal business in the textile
mills, boot and shoe
and clothing factories being especially affected.
On the
the past week has developed commercial confidence to whole, however,
a
degree than in the past several months. The automotive more marked
trade reports
an improvement in sales of medium-priced lines and
accessories. The
Martin car made its initial appearance in Montreal this
week. Business
In hardware lines is apparently on the up grade and prices
are more stable.
Some expansion is noted in Quebec heavy industries and
the demand for
coal is slightly better. Specialty articles are meeting a
satisfactory demand
in nearly all lines, while the volume of future commitments
is somewhat
heavier. Sales in most lines are lagging, but many firms
incline to a mild
optimism on the basis that there must soon be an
upward turn. Comparatively dull conditions prevail in chemical markets
with purchases
being made only for immediate needs. The retail trade
in foodstuffs is
about normal with seasonal products in greatest demand;
wholesale volume
is relatively low, but dealers are optimistic on the basis of
the small stocks
now on hand. Local shoe factories are reported to be
but competition in this and other leather manufactures is extremely busy,
extremely keen.
Orders for transportation equipment are characterized as
fair for this time
of the year. The London-Ontario shops•of the
Canadian
are busy with part of an order for 400 now refrigerator National Rys.
wholesale and retail trade is slightly firmer, business as a cars. Although
whole is affected
by seasonal slack and continued depression in wheat
prices. Hand-tomouth buying still features the wholesale hardware
trade, but the retail
branch is profiting somewhat from the warm weather
which has stimulated
sale of camping and bathing equipment, tennis shoes,
outboard motors
and electric fans. Higher temperatures are also a factor in
the increase
In sales of summer clothing apparel. Sales of binder twine
are about 30%
in excess of last year's and prices f.o.b. Winnipeg are 10%
higher in the
same comparison. Sales of waterproof paints, cement, asphalt
and allied
lines are said to be about half of the 1929 volume. Used car
demands con-
GREAT BRITAIN.
British trade conditions in 1930 have been distinctly discouraging with
the position in June and July, accentuated by seasonal factors, even more
unsatisfactory than during the earlier months. Commodity prices have
continued to decline. The continued sparseness of business is tending to
create a widespread loss of confidence, although one bears the vague hope
that conditions may improve in the autumn, while a degree of reassurance
is had in the realization that world trade generally is depressed. The
month of July was characterized by continued activity on the part of proponents of tariff protection and Empire free trade. The iron and steel
industries show llttle evidence of improvement in any sections, whlle
seasonal slackness is intensifying the general depression. Iron and steel exports during the first half of the year were 22% below the volume in the
first half of 1929 and aggregated the smallest quantity shipped in the first
six months period since 1922. The total export value was 16% below that
for the first half of 1929 and it was also the lowest since the war. Steel
production aggregated 4,361,700 long tons, which was 12% less than the
output in the first half of 1929. Imports, on the other hand, were above
those for the six months period of last year in both quantity and total
value. Imports of pig iron are steadily rising. The major metal markets
continue to reflect the depression in the basic industries. Tin consumption
continues at low levels and efforts to effect a two-month production curtailment are apparently having little effect thus far. The tin producers'
association has published a list of 94 companies, with aggregate output of
43,000 long tons annually, who have agreed to support the two-month
stoppage proposals. The engineering industries are generally depressed,
although locomotive builders are still active. The electrical equipment
branch is inactive in the heavy section owing to the general trade situation
but manufacturers of transformers, switch gear and domestic appliances
are very busy; new orders from Russia and India are improving the export
trade. Sales of agricultural implements are slow owing to low prices oj
farm products. Crude rubber has again reached a new low price level
and both share and commodity markets are unsettled and weak. Negotiations between British and Dutch producers with a view to concerted
action to extend restriction of output or exports are proceeding slowly.
Many proposals have been made, but prospects of definite action appear
uncertain.
GUATEMALA.
BUSIIII36.4 in Guatemala was slightly improved during the first two weeks
of July when compared with June, but in the last half of the month it was
unsatisfactory. Collections are reported slower with continued restriction
of credit. Although the demand in most lines is good, neither money nor
credit are sufficient to effect an increased turnover. Foodstuffs lines are
dull with 90% of the flour consumption until December covered by stocks
and pending orders. Imports of lard are decreasing owing to the low prices
of corn and the increase in local production. Hardware and machinery
lines report a 10% decrease in sales during July as compared with June
and a 50% decline from July 1929. Sales of dry goods and ladies' wear
during July showed an increase over the previous month, owing to purchases for the national fair which is to be held during the middle of August.
INDIA.
The Indian outlook is slightly more encouraging, with commodity markets
showing more evidence of steadiness but most lines of trade continue
depressed. Seasonal floods are causing some crop damage along the Indus.
The Government has offered a new 6% unlimited rupee loan which matures
between 1933 and 1936, and applications received the first two days totaled
over 140,000.000 rupees.
ITALY.
No change has been recorded in the major factors of the Italian economic
situation and the stagnation in industry and commerce for which these are
responsible is now somewhat aggravated by the seasonal inertia. The
depression which was apparent over the last few months was slightly
deepened during July and there are no signs of betterment in the immediate
offing. The mid-year position is characterized by the following unfavorable
factors: Diminished production and consumption in most commodities,
due largely to the disproportion between high production costs and public
purchasing Power; the scarcity of liquid funds which results from the deflationist policy of the Bank of Italy and credit restriction policy of the
banks in general; the recent increase in taxation, particularly on business;
the growing number of small failures and protested notes; and slightly
decreased exports. The favorable factors to be found are the
undoubtedly
improving klustrial organization of the country; apparent abundance of
funds for sound investment; increased savings accounts; greatly decreased
adverse trade balance and the budget surplus for the fiscal year just
closed.
General conditions are undoubtedly helped by the governmentally financed
or subsidized public works and improvement schemes which are keeping
866
FINANCIAL CHRONICLE
[VOL. 131.
down unemployment, keeping money in circulation and increasing the amounted to 10,300 metric tons, compared with 15.300 for the correspondcapital equipment of the country. These are maintained, however, at a ing week a year previous.
heavy cost to taxpayers. The rayon industry is feeling the depression less
than the other branches of the textile trades. Production during the first
five months of this year was 10% above that of last year at 13,700.000 Carrying Through of Liquidation of Coffee Under
kilos, but exports showed a decrease of 4%. The weavers of the silk and
Terms of Sao Paulo (Brazil) Loan.
rayon mixtures and the knitting industry are the biggest rayon consumers,
For several weeks past, there has been considerable
with demands for rayon from the cotton industry slack. Discussions are
now pending for the Italian adoption of the term "rayon." Present reports interest
manifested in the coffee trade as to whether the
indicate that the wheat crop this year will be nearly 5,000,000 tons instead
of the 6,000,000 tons forecasted. This figure is well below last year's harvest. Government of Sao Paulo has performed the contractual
Plantings were probably not as large as estimated and the serious weather obligations, which it undertook in conjunction with the issudamage during the early summer curtailed the yield. The production of corn
ance in May of this year of the State of Sao Paulo 7%
may be well above that of last year and other cereals are generally in good
Coffee Realization Loan. Inquiry at the office of Speyer &
conditions with normal crops anticipated.
JAPAN.
No change has occurred in Japan's business and industry with the exception of a slight improvement in retail auto sales. Shipping is severely
depressed and large steamers are being tied up. The stock market is weak
and reactionary. Curtailment in industrial activity continues, the latest
announcement being that leading paper mills will restrict output by 30%
for an indefinite period. Production of dyestuffs is to be curtailed also.
NETHERLAND EAST INDIES.
Rice planting in Java has been delayed over a month because of unfavorable weather conditions. The textile market has been affected by the
failure of a large Chinese dealer in Batavia for over $200,000. and by the
liquidation of stocks of an important European importer in Soerahaya, as
the result of financial difficulties.
NEWFOUNDLAND.
The catch of codfish is small to date and in some sections a total failure.
Small shipments are arriving at St. John's although considerable quantities of last season's catch remain unsold. The salmon fishery is the largest
on record and is finding a ready sale, especially in England where high
prices are being paid. The cod liver oil market is firm. The paper mills
and mines are operating at capacity production and the employment situation is further benefited by the construction of a new power plant at Witless
Bay and a highway to that place.
NORWAY.
Recent developments indicate that the Norwegian industries are experiencing difficulty in operating at full capacity, with certain export
branches adversely affected by declining prices. The aluminum and paper
industries have already announced a curtailment of production which,
however, is expected to be seasonal only. Lumber exports have been well
maintained, so far, but prices are unsatisfactory while shipments of pulp
are slightly above the level of last year with no recent changes in prices.
Paper exports showed a considerable decline during the month of June.
Production and exports of artificial fertilizers are very active while exports
of other chemical products, including cement, are somewhat below the
figures for 1929. Latest returns from the fisheries indicate that the catches
this season are generally below those of last year, especially the brisling
catch. Shipping remains depressed and idle tonnage continues largo,
although a slightly firmer tendency is noted in freight rates. There are no
labor disputes at present, but new wage agreements are now under discussion. Unemployment on July 15, numbered 12,000 or about 400 less
than a year ago. This year's tourist trade remains rather encouraging,
visitors from the United States are especially numerous.
PANAMA.
Collections during July were poor, but sales showed a slight improvement
over June. The unsatisfactory situation of the Chinese merchants is
reported somewhat easier. All automobiles, with the exception of one
small car, are reported to be moving slowly. General construction continues to decrease. The commission appointed by President Arosemena to
consider the feasibility of a free zone i3 now deliberating and its report is
to be submitted to the legislature which meets in September. Development work on the Albrook air field, costing $1,750,000 is being advertised,
bids to be opened on Sept. 22. A development program totaling 51.000,000
is being prospected at France airfield. It is expected that during the
present fiscal year the money authorized, but as yet unalloted will be made
available for hangars and other equipment at Albrook afield.
SOUTH AFRICA.
Reports on trading conditions in the various centers are conflicting as
to the extent of the depression which appears still to be general throughout the Union. Retail sales continue to lag, and although merchandise
stocks are low, replenishment is being effected only gradually. Wholesale buying is expected to continue cautious. The credit situation among
traders is substantially unchanged with long terms being demanded.
Insolvencies have risen rapidly in comparison with last year, as indicated
by statistics now available for the January to April period, and some
strong firms are liquidating. June imports show the usual seasonal Increase but the valuation reported for the first six months of the year is
only .C32,700,000, as compared with £40,900,000 in the first six months
of 1929. Some price declines are involved but they are not as great as in
exports, where the valuation has declined £3,800,000 notwithstanding
the larger volume.
VENEZUELA.
Business conditions in Venezuela during July continued dull with some
evidence of a further slackening at the end of the month. The exchange
rate which remained high during the early part of July increased towards
the close of the month the rate quoted on July 25, being 5.375 bolivars to
the dollar (bolivar at par is $0.193) for purchases of drafts and 5,355 bollvars for sales. Collections weakened somewhat as a result of the higher
exchange rates. Port and steamship companies report very little traffic
with practically no exports and only negligible imports. As no agricultural products are being harvested and there is little foreign demand for
domestic products, prices of coffee, cacao, hides and of skins continued to
decline. Although the depression is seasonal conditions are generally rePorted to be much worse than normally as a result of the previous poor
harvest, the low prices received for important products, and the inactivity
in the oil Industry.
The Department's summary also includes the following
with regard to the Island Possessions of the United States:
Co., who together with J. Henry Schroder Banking Corp.,
are the fiscal agents for the Sao Paulo Government in the
United States, developed the information that, since July 1
1930, when the plan for liquidation of coffee came into effect,
the Government of Sao Paulo has complied in every way
with its contract. The plan provided that the Government
would liquidate, out of the coffee pledged as security for the
loan, 137,500 bags of coffee per month (tmade up of 25,000
bags of Government owned coffee and 112,500 bags of
Planters owned coffee), the proceeds to be used for redemption of the bonds. In the month of July the Government,
it is stated, liquidated the agreed quantity of Government
and of Planters Coffee and paid the proceeds, amounting to
£175,000, to the representatives of the bankers for use in
repayment of the bonds.
In the plan, the Government, for the purpose of providing funds for the payment of interest on the bonds, also
agreed to, and has levied a special tax collectible on and
after July 1 1930, on all State of Sao Paulo Coffee upon
arrival in Santos or upon export from the State of Sao
Paulo. It is further stated.
The Government agreed that the income from the special tax for the
period beginning July 1 1930 and ending Dec. 311930. would be a minimum
of £125,000 per month. For the month of July, however, the tax so
collected by the Government and paid to the representatives of the bankers
was £149,380. There was also collected and paid in July to the representatives of the bankers £65,440 special tax on additional Government Coffee
stored during the month—a total of special taxes of £214,820.
July 31 Statement of Bank for International Settlements—Increased Resources Shown.
The second monthly statement of the Bank for International Settlements, issued at Basle, Switzerland Aug. 5,
shows total assets as of July 31 of 1,303,653,000 Swiss francs
compared with 1,085,720 Swiss francs on June 30. A Basle
cablegram under date of Aug. 5 to the New York "Journal
of Commerce" regarding the showing in the latest statement, says:
The chief increase was in acceptance holdings which advanced from
239,294,000 to 364,593,000. The Bank does not report in which market
its fa nd s ta eah eld In e d aitikaaeo fnvestme yts
fua da er l
b iskthrarteaa em rlo ts
i t e e bank mapkeys
tk a pd reon t ai Treasern b
ills
ns, In
and in other short-term investments.
On the liabilities side sight deposits advanced from 268,425,000 Swiss
francs to 312,874,000 Swiss francs. Such deposits for the most part are
for Central Banks, in part for their own account and in part as agents
for others. Time deposits advanced from 438,198,000 to 573,852,000.
Special Deposits Advance.
The statement at the end of June stated that these deposits consisted
of the undistributed proceeds of the German annuities loan. Special deposits advanced from 274,764,000 to 310,600,000. These are formed
through the trust account of the Bank on German annuities and a deposit
of the German Government.
The condensed statement in Swiss francs follows:
ASSETS
Cash on hand and with banks
Sight funds at interest
Rediscountabie bills and acceptances
Time funds
Sundry investments
Other assets
Total
Paid-up capital
Special deposits
Time deposits
Sight deposits
Miscellaneous
Total
July 31.
$6,815,000
80,476,000
364,593,000
727,343,000
121,580,000
2,844,000
June 30.
$5,120,000
23,046,000
239,294,000
732.372,000
15,920,000
1,612,000
51,303.653,000
51.085,720,000
LIABILITIES.
$102,500,000
310,600,000
573.852.000
312,974,000
3.725.000
$102,500,000
274,764,000
438,198,000
268,425,000
1,831,000
51,303,653,000
51,085,720.000
A cablegram to the New York "Times" from Basle Aug.5
giving the detailed statement of the Bank in dollars has the
following to say:
•
A statement of the Bank for International Settlements for July 31,
issued here today, balances at $251,605,154, an increase of more than
$42.000,000 over June 30. World bank circles consider the increase most
PHILIPPINE ISLANDS.
satisfactory, as the remainder of the Young Plan loan, which added more
Pallippine business turnover is low for both import jobbers and retailers. than $84,000,000 to the Juno total, now has been distributed and does
Cigar factories are operating two days a week only and unemployment is not appear in the present statement. In other words, new business not.
developing, although the situation is not yet critical. Collections con- only replaced this $84,000,000 deduction but added an extra $12,000,000,
tinue slow, except in tobacco provinces where there is slight improvement. thus making the real increase in business for the month $126,000,000.
The new business is almost entirely due to deposits of the various CenCredits are closely watched. Textile business remains practically unchange', with no prospects of improvement for some time to come. Freight tral Banks, which ripw represent 66% of the Bank's liabilities, as against
carried by the Manila Railroad Company during the week ended July 19 24% in June. On the other hand, reparations accounts. Including the
AUG. 9 1930.]
FINANCIAL CHRONICLE
remainder of the Young Plan loan, which represented 65% of the liabilities in June, are now reduced to 24%.
This complete reversal is very pleasing to bank circles, as indicating
how the purely business side of the institution is developing.
Only New Account French.
The only new item in the reparations account is the French Government's deposit of a $13,000.000 guarantee fund representing 10% of its
share of the first Young loan. The Hague plan requires France to make
such a deposit to guarantee the reparations transfer operation.
The assets statement shows the Bank Is continuing its policy of extreme
liquidity, 84% of its investments being for less than six months and only
15% for more than six months, including only 1% for more than two years.
With a view to further developing business and liaison with the Central
Banks, Pierre Quesnay, the Manager of the Bank, is now in Helsingfors
conferring with the Bank of Finland. Next he will confer with the Bank
of Sweden in Stockholm and later other banks. He already has visited
Prague and Vienna on the same mission.
The text of the statement, in dollars, is:
ASSETS.
Cash on hand
Sight funds at interest
Rediscountable bills and acceptances at cost:
Commercial bills and bankers' acceptances
Treasury bills
$35,539,257
34,827,343
Total
Time funds at interest:
Not exceeding three months
Between three and six months
Between six and nine months
$57,505,463
68,278,147
14,593,672
$1.315,297
15,532,053
70.366.600
Total
Sundry: two years, $2,634,964: total
Other assets
140,377,282
23,465,010
548,912
Total assets
$251,605,154
LIABILITIES.
Capital (authorized capital 200.000 shares of 2,500 Swiss gold
francs each: 160,000 shares issued, one-fourth paid in)
$19,782,500
Special deposits:
Annuities trust account
$29,838,670
German Government's deposit
16,920,140
French Government guarantee fund
13,187.101
Total
59,945.911
Time deposits:
Not exceeding 3 months:
their own account
Central banks for
$30,954,902
Central banks for account of others
15,045,283
Other depositors
1.218,628
Total
Between three and six months:
Central banks for their own account
Central banks for account of others
Total
Sight deposits:
Central banks for their own account
Central banks for account of others
47,218,813
10,963,139
52,571,644
63,534,783
18.349,299
42.054.748
Total------------------------------------------- 60,404,047
719,100
Miscellaneous liabilities
Total liabilities
$251,505,154
The form of the statement Issued in June has been considerably changed
this month, the idea being to increase clarity. It is expected that the
present form will remain standard, with only minor changes in the future.
The following cablegram from Frankfort-on-the-Main,
Aug. 5, appeared in the New York "Journal of Commerce":
Further expansion of operations of the Bank for International Settlements is unlikely for the present because of the difficulty in finding suitable employment at profitable rates for its funds, according to an analysis
of the second monthly statement made by the Frankfurter !letting today.
This journal points out that the International Bank has begun to fix
standardized rates for placing its funds in all countries where short-term
government paper can be secured on attractive enough terms. Thus far,
It is pointed out, it has favored three-to-six months paper.
At the same time, it is stated, the management of the Bank is showing
a tendency to make longer term loans and investmmts in order to earn a
higher rate of return. About 300,000,000 Swiss francs of the combined
assets are invested in Germany, of which two-thirds are short-term and
one-third of longer maturity.
Further purchase of obligations of governments and Central Banks,
it is
shown, is limited by the difficulty of finding paper which meets requirements as far as currency stability and maturity go and which yield an
adequate rate of return.
867
The second item on the liabilities side, under the heading of
"Special
Deposits," comprises on one hand, the Annuity Trust Account. At
June
30 1930, this item amounted to 151,230,714 Swiss francs, representing
the
minimum which the creditor States have undertaken to leave on deposit
In the trust account in the terms of the trust agreement. The minimum
sums to be deposited by the principal creditor States in the terms of
this
agreement were: France 68.037,500 reichsmarks, Great Britain
26,587,500
reichsmarks and Italy 13,887,500 reichsmarks.
There are further the 100.000,000 gold marks (123.533,891 Swiss francs)
Which, in the terms of the Hague Agreement, the German Government has
to deposit with the Bank. This Is the maximum payment to which Germany
is bound and it is stipulated in the Articles that the amount must not be
inferior to half the average of the sums deposited by the creditor States.
A third "special deposit" is still absent from the statement viz,the guarantee
fund of the French Governrnent representing 10% of the portion reverting
to France of the proceeds of the 5H% Young loan. This item will be constituted as soon as the proceeds of the loan have been distributed among
the various Governments.
The third section in the statement concerns "sight deposits" which fall
into two categories, the first (111,106,650francs) representing the deposits
of "Central banks for their own account" coming from their holdings of
foreign exchange, and the second (153,676,725 francs) appearing under the
heading of "signt deposits of Central banks for account of others."
In other words, the Central banks have already drawn upon their exc'roge reserves and deposited the resultant funds with the Bank for
International Settlements in addition to the foreign exchange deposits
belonging to the various Governments and constituted for the account
of
these latter under the name of the various Central banks. The
total of
these two items represents 264,783,375 francs, i.e. considerably
more than
the total paid-up share capital. The other "sight deposits" are
unimportant.
(3.642,433 Swiss francs).
The fourth item "fixed deposits"is much more considerable as it represents
the proceeds of the American issue of the German Government
5%
International Loan 1930 which at June 30th last amounted
to 438.198.394
Swiss francs which were due for distribution as between
the Governments
on July 10th.
On the assets side, the Bank seems to be in an entirely liquid position
and thus fulfills the requirements of the founders. "Cash" is an
unimportant item (5,120.427 Swiss francs) making up only ji% of the total
assets, while the second item "funds employed at short date" comprises
23,046,207 francs of funds placed at sight, 443,337,877 francs of funds
employed at not exceeding 15 days' notice and 27,684,147 Swiss francs of
funds at between 15 and 90 days, making in all 494,000,000 Swiss francs.
These represent short term deposits which have been effected on the
various
markets through the intermediary of the Bank of Issue.
The statement does not give any details regarding the geographical
distribution of the Bank's holdings but there is every reason to suppose
that as a general rule and with the exception of certain special operations,
the Bank for International Settlements has confined Itself to
employing
Its funds in the currency of the various centres in which they
have been
placed at the disposal of the Bank.
There are further "Investments for not exceeding 90 days" amounting
to a total of 516H million Swiss francs of which 239(
million francs are
in the form of bills and acceptances and 261,H million Swiss francs
in other
short term investments. In the present state of the money market,
these
Investments are not very remunerative but they might be rediscounted
at
any moment and consequently constitute the best offset to current
liabilities.
Finally, the Bank for International Settlements has invested somewhat
over 68 million francs for a period of more than 90 days. It is probable
that this is represented by fixed interest bearing securities of gilt-edged
type.
It is to be expected that this item will increase considerably in the future,
for it is from this source that the Bank must secure the majority of the profit
which will be required to provide a reasonable return upon the share
capital.
Up to the present, the Bank does not seem to have bought or
received
gold on deposit, as it is authorized to do by Article 22 of its Articles.
It
will not have to hold gold until the fund for the clearing of
gold movements
has been organized, a fund which has also been foreseen by the
founders
of the Bank.
The Bank for International Settlements is nevertheless already
playing
the part of a clearing house for international payments in connection
with
political debts and thanks to the currency deposits made by the
Central
banks it is also acting as a clearing house for their exchange operations.
A foot-note to the Swiss Bank Corp.'s commentary points
out that it is inexact that the Bank for International Settlements has up to the present been occupied with the stabilization of the Yugo-Slav currency. The Swiss Bank Corp. also
makes available as follows the subscriptions to the shares
of
the Bank for International Settlements.
Germany.
-40,000,000 francs which have been taken up
firm and are
held by the Reichsbank.
Belgium.
-40,000,000 francs offered for public subscription
at Belgian
4,336.60 francs i.e. 25% paid up on each share of 2,500
Swiss francs—
nominal—Belgas 3,469.26 nominal. This issue was made
by the Belgian
National Bank and only Belgian and Luxembourg
subjects were entitled
a es of
Comment by Swiss Bank Corporation on Initial Balance to
subscribe.UnitedStates
America.
-40,000,000 francs were taken firm
by a group
Sheet of Bank for International Settlements— of banks headed by the First National Bank
of New 1ork, J. P. Morgan
Subscriptions to Shares of Bank.
and the First National Bank of Chicago.
France.
-40,000,000 francs
The Bank for International Settlements commenced to which offered them for publicwere taken firm by the Banque de France
subscription on May
on May 20 1930, and published its first statement French francs, only French citizens being entitled to 20 1930 at 13.078.10
operate
subscribe.
Great Britain.
-40,000,000 francs were taken up firm
under the date of June 30; the "Monthly Bulletin" of the England which retained
by the Bank of
them.
Swiss Bank Corp. after reproducing this statement in full, Italy.-40.000.000 francs were taken up firm by the
Bank of Italy and
proceeds to some interesting comments on its composition, no public offer has been made.
-40,000,000 francs were taken up by a group
Japan.
of banks Including
as follows:
the Industrial Bank of Japan.
The figure of 1,085,720,801 Swiss francs which represents the total
Three other countries, i.e. Holland, Sweden and
of
Switzerland, each subthe balance sheet is still relatively small owing to the fact that the Bank is scribed 10 million Swiss francs. In the
case of the two last
only in the early stages of its development. From the moment when the countries, special legislation has been called
mentioned
for.
countries interested commence to place deposits of
different
The balance has been reserved for Austria,
more or less
Bulgaria, Denmark, Danzig.
considerable amounts with the Bank, it may be expected that the
balance Finland, Greece, Hungary, Poland, Rumania and
Czechoslovakia each
sheet figures will show a considerable expansion.
of which countries is not entitled to participate
to an extent of more than
On the liabilities side, the paid-up share capital stands at a figure of 4,000 shares,
102,500,000 Swiss francs (164,000 shares of 2,500 francs having
been
subscribed up to the present on which 25% has been paid).
Mexico to Pay on Debt This
These shares have been subscribed by 10 countries, seven of which figure
Month.
The following Mexico City advices
as the actual founders of the Bank. Details of the way in which subAug. 8 are from the
scription was carried out in the various countries are given on the attached Brooklyn "Daily
Eagle" of last night:
sheet.
The first remittance of 10,0-0,000 pesos,
as an advance payment
As all the shares were issued at par, the Bank does not at the moment upon at recent New
agreed
York conference on the
Mexican debt settlement, will
have any reserve fund at its disposal.
be made by Mexico this month,it was
announced.
The initial statement of the Bank for International Settlements, in which June 30 figures were supplied, was given in
our issue of July 12, page 200.
868
FINANCIAL CHRONICLE
The remittance is to be made from a budget appropriation of 26,000,000
pesos set aside for payment of interior and exterior debt. The remaining
16,000,000 pesos, it is explained, will be used during the course of the present year for liquidation of the most urgent interior debt items.
Javier Sanchez Mejorada, President of the National Railways of Mexico
and member of the Railroad Organization Committee, who attended the
New York conference with the International Bankers, has arrived in
Mexico City.
The "Excelsior" says readjustment of the personnel of the railways in
accordance with the agreement reached in New York will require dismissal
of 15,000 employees, but that dismissals will be made gradually and after
thorough study.
The debt agreemeiat was referred to in these columns July
26, page 567, and Aug. 2, page 716.
United States Lifts Embargo on Shipments of Pulp
Wood from Soviet Russia—Vessels Whose Shipments Were Held Up at New York and Other Ports
Unload Cargoes—Paper Mills Contended Order
Threatened Shutdown.
The Treasury Depaitnient's order prohibiting the importation from Russia of pulpwood, referred to in our issue of
a week ago, page 728, was lifted on Aug. 1. This action
followed a hearing at Washington that day by Assistant
Secretary of the Treasury Seymour Lowman, at which a
renewed plea (we quote from the New York "Times") for
reconsideration of the embargo and strong statements of
the embargo's effect on the newsprint industry were presented by representatives of the Amtorg Trading Corp., the
International Paper Co., and shipping lines handling the
cargoes from Russia. A statement issued on Aug. 1 by Mr.
Lowman said that the evidence "was conflicting and inconclusive," but "has not been found to be sufficient to establish the fact that the pulpwood was produced by convict
labor." Mr. Lowman's statement follpws:
"Some days ago the Treasury was advised that several vessels loaded
with pulpwood had arrived in this country from Archangel.
"Section 307 of the Tariff Act of 1930 prohibits the importation of
goods, wares, articles and merchandise produced wholly or in part in
any foreign country by convict labor, and in view of the fact that certain
information had been given indicating that the pulpwood may have been
produced by convict labor in a foreign country the cargoes have been
denied entry pending a determination as to whether the pulpwood had been
so produced.
"Hearings were held, but the evidence adduced was conflicting and inconclusive, and has not been found to be sufficient to establish the fact
that the pulpwood was produced by convict labor. Accordingly, the Treasury Department has issued instructions to the collectors of customs that
the detained shipment may be permitted entry.
"It may be stated in this connection that the Treasury Department
intends to enforce strictly the provisions of Section 307 of the Tariff Act
of 1930 prohibiting entry to any goods, wares, articles or merchandise
.mined, produced or manufactured, wholly or in part, in any foreign
country by convict labor."
The account in the "Times" from Washington, regarding
the hearing that day and the order of Mr. Lowman, said:
Order Applies to Uncut Wood.
The action of the Treasury Department in the pulpwood situation was
similar to that recently taken with respect to lumber. Shipments of
lumber from Russia had been ordered barred, but after a hearing, at
which no conclusive proof was presented that convict labor was used in
the production of the lumber, collectors of customs were instructed tp
admit the shipments.
It was at first understood, after the order of revocation was issued, that
it applied only to pulpwood on ships in American parts, on the high seas,
or loaded and loading at Archangel. Later, after Colonel Kenneth Gardner,
representing the American shipping interests, had conferred with Mr. Lowman, it was stated that all pulpwood now in Archangel, whether "cut" or
"loading," would also be admitted.
Colonel Gardner said that he considered the decision of the Treasury
a complete victory for his clients. Inasmuch as the Treasury had been
unable to obtain conclusive evidence that the Russian pulpwood had been
produced by convict labor, he said all of it could now enter the United
States. With respect to pulpwood cut in the future, he declared it would
be necessary for the Government to make a showing of convict production
before such pulpwood could be barred.
As on Tuesday [July 29], testimony was given at to-day's hearing that
convict labor had not been used in producing or loading the pulpwood
shipped to this country.
The manufacturers and shippers protesting the original Treasury ruling
made their chief fight for an order raising the embargo to permit the
entry of some 40 shiploads held up in American ports, on the way here,
or about to be loaded at Archangel, the chief Russian port for export pi
pulpwood.
Russian Affidavit Submitted.
Mustered by Colonel Gardner, counsel for the Spanish-American Lines,
which has more than half of the ships carrying the pulpwood under charter,
representatives of Amtorg, the International Paper Co., and the Raequett
River Paper Co., of Potsdam, N. Y. testified.
Colonel Gardner delivered a lenithy legal argument and introduced the
affidavit of a Russian .witnest that convict labor had not been used in
the pulpwood forest in the Archangel district.
John H. Hinman, Vice-President of the International Paper Co., in
charge of pulpwood supplies, told of signing contracts with Amtorg for
Russian pulpwood after receiving assurances that no convict labor would
be used in its preparation. These contracts, he testified, were entered
into at Mescow on Jan. 20 and in New York City on April 4.
The amount of pulpwood involved in the deal was not divulged, but that
* was heavy tonnage was indicated by Mr. Hinman's description of the
result of maintaining the embargo without givrng paper manufacturers an
opportnitity to rearrange their business affairs.
[VOL. 131.
Mills Depend on Soviet Cargoes.
These contracts, he stated, were accepted by the company only after
Russian interests had tried to sell paper to him for a long period, and
Mr. Hinman told of consulting Peter Bogdanov, head of Amtorg in the
United States, after the question of convict labor had been brought up.
"When it was first brought to my attention," Mr. Hinman continued,
"I discussed it with Mr. Bogdonov, and he gave me assurance that convict
labor would not be used in any way, shape or form."
He said that the contract with Amtorg gave the International company
the right to send an investigator into Russia to see that the terms of the
contract and conditions surrounding it were observed.
"Have you sent any representatives to Russia?" Secretary Lowman asked.
"No," replied Mr. Hinman, "for the reason that the Russian pulpwood
has come through."
Describing the place of Russian pulpwood in the International Co.'s
plans, the Vice-President told Mr. Lowman that about 65% of the newsprint
industry has gone into Canada to be near that source of pulpwood supply,
and predicted that other business would be forced to the United States if the
Russian embargo stands. His oempany's mills in the United States, he
added, now have about one month's supply of pulpwood on hand, their
plans having been made on the expectation of continued deliveries of
Russian supplies.
"We have 10 boats on the water," he added. "Two are in New York,
two are in Portland, and six have not arrived yet. If the embargo continues,
we may be obliged to shut down our mills in the United States."
George W. Sisson, Jr., President of the Racquett Co., testified that
paper companies are depending on the cargoes now held in port or en
route.
Pulpwood supplies, it was stressed at the hearing, are ordered on longtime contracts. The wood is prepared in the winter, but delivered throughout the year, and some doubt was raised as to whether reserve supplies to
replace those refused entry were available at any point on short notice.
M. S. Illakobzub, Vice-President of Amtorg, who has been active in
Washington in work against the embargo, testified briefly, reiterating his
previous statement that convict labor is not used in the pulpwood forests
from which American supplies are drawn.
Russian Witness Produced.
Col. Gardner also produced a "surprise witness," Serge Sachs, President
of •the Andalusia Export and Transport Co. He spoke no English, and, to
avoid the time required to interpret his testimony, Mr. Lowman received
his affidavit that in five years of almost constant travel through the
Archangel district he had seen no use made of convict labor.
Mr. Gardner also pointed out that the contracts between the International
Paper Co. and Amtorg were made before the passage of the new Tariff Act.
Mr. Gardner also described the plight in which the shipping companies
would find themselves under the embargo. His clients, he said, "were
involved for huge payments on chartered vessels which may be forfeited
and the owners of the chartered ships faced a heavy loss."
In its issue of Aug. 2., the New York "Evening Post" had
the following to say:
The two freighters, Greslile and Christian Bore, bringing pulpwood from
Soviet Russia, moved up the North River this morning shortly after the
Federal ban on their entry was lifted and unloaded their cargoes at the
foot of 135th Street. They had been anchored off the Statue of Liberty
for a week.
The Amtorg Trading Corp., operators of the Christian Bore for the Soviet
Government, said seven more ships now at sea will arrive with pulpwood
within the next few days, and that 25 more shiploads will arrive during
August. The corporation has chartered seventeen vessels due to arrive
with pulpwood during September.
Unloading now in other American ports, according to the corporation,
are three other vessels. Two more are docked in Canadian ports. Two
of the ships docked in this country are unloading to-day at Portland, Me.,
the Amtorg spokesman said.
The Christian Bore, which brought 1,738 cords of pulpwood, unloaded
first. The Greslile, with 2,500 cords consigned to the International Paper
Co., followed her into the dock. A third vessel, the Hektor, arrived shortly
afterward with 2,500 cords. This vessel also is operated by the Amtorg
Corporation.
The masters of the freighters were to appear at the Customs House, present their manifests, and, following approval of their ships' papers, proceed
to their berths for unloading.
Further advices to the "Times," Aug. 2, from Washington,
stated:
Only specific complaints backed by evidence will cause embargoes to
be laid upon imports from Russia in the future, it was made clear at the
Treasury Department to-day after the revocation late yesterday of the
ban on Russian pulpwood, which had been in effect for a week. The ruling
permitted the entry of pulpwood valued at about $4,500,000.
Investigations into complaints that convict labor is used in Russian coal
and manganese mines and in the lumber areas will be continued through
Department sources, it was made clear, but the inference was clearly given
that even Government officials must present adequate cases before action
will be taken.
Coincident with this revelation, Senator Tasker L. Oddie of Nevada
made a second request that Russian manganese be barred under another
law, which was planned to prevent the "dumping" of goods by foreign
countries.
While the future policy of the Treasury was made clear in an authoritative quarter, it was emphasized, nevertheless, that the deparixnent had no
alternative than to bar pulpwood pending the hearings which resulted in
the finding that the imports did not violate American laws.
Through the placing of an embargo on the pulpwood, it was explained,
the Government was enabled to proceed with an investigation which otherwise might have been difficult.
Lumber Embargo Is Urged.
Senator Connally of Texas has written to Secretary Mellon demanding
that an embargo be laid on lumber imports, it was revealed to-day. His
letter was referred to Seymour Lowman, Assistant Secretary of the Treasury.
However, it was understood that Senator Connally, whose letter was written
more than two weeks ago, has not yet offered the necessary evidence to
warrant Treasury action.
9ecretary Mellon has taken no active part, unless privately, in connection with the Russian trade question, all responsibility having been assumed
by Mr. Lowman, whose jurisdiction includes the Customs Service.
The Washington correspondent of the New York "Journal
of Commerce" on Aug. 4 saki:
AUG. 9 1930.]
FINANCIAL CHRONICLE
So far as the Government is concerned, the Russian pulpwood case has
been closed until the 1930-31 winter wood cutting season, Assistant Secretary of the Treasury Seymour Lowman said to-day.
Russian pulpwood is now entering the country and large quantities are
loading in Archangel for United States or enroute to this country following
the Treasury's action in lifting the embargo on imports.
Gov. Lowman said that he thought it would be possible to determine
conditions under which Russian pulpwood is cut to guard against the
Import of that product if in the future it is produced by convict labor.
Convict labor goods are barred from the country under the Tariff Act.
869
Premier Mussolini Would Aid Italian Jobless—Confers
With Mayors of Cities on Winter Programs.
Associated Press advices from Rome, Italy, Aug. 5,
published in the New York "Times," state:
Premier Mussolini has ordered the Mayors of Turin, Milan, Genoa and
Florence to confer with him in Rome regarding the alleviation of winter
unemployment.
To-day he was told by the Mayor of Milan that a program of public
works would provide employment for between 5,000 and 6,000 in his city
this winter. The work will include street and road repairs, the building
of trolley lines and the construction of schools.
Pennsylvania Anthracite Industry Prepares Appeal to
the Treasury to Place Embargo on Russian Coal
450,000 Unemployed in Hungary Due to Agricultural
Imports.
Crisis.
The following Wilkes-Barre advices, Aug. 2, is from the
An unoffocial estimate on Aug. 7 said that there were
York "Times":
New
450,000 unemployed in Hungary due largely to the agriculThe Anthracite 0o-operative Association is engaged in collecting data to
were contained in an
be used in arguments when a formal request is made to the Treasury to tural crisis. Advices to thl effect
place an embargo on Russian coal imports.
Associated Press cablegram from Budapest published in the
The entire Wyoming Valley is keenly interested in Senator David A. New York "Times."
efforts to obtain an embargo,
Reed's
although, up to this time, Roy C.
Haines, Executive Vice-President of the Association, said to-day, the importation has not seriously affected anthracite production in this region.
The tonnage, however, Mr. Haines pointed out, has been increasing from
year to year, and the time soon will come when, in his opinion, the imported product will be a real menace to the local hard coal industry.
It is reported here that the Anthracite Institute, the United Mine Workers
of America, and the American Federation of Labor probably will cooperate with the Association in demanding the embargo. The chief argument advanced is that the Soviet Government is subsidizing the production
of anthracite, thus encouraging competition in American markets to the
disadvantage of Pennsylvania anthracite.
Germany's Short-Term Loans Put at Two Billion—
Committee of Inquiry Also Finds Foreign Share
Investments Reach $150,000,000—Need of Exports
Stressed—German Credit Co. for Public Works
Organized.
Germany's short-time borrowings between 1924 and 1929
amounted roundly to $2,000,000,000 in the estimation of
the special inquiry commission appointed by the Reichstag
on March 27 1926, to investigate the development of German
economy and the trend of its balances of payments since the
State Department at Washington Declares Policy on stabilization of the mark. A cablegram from Berlin Aug. 1
Russia Unchanged—Assistant Secretary Castle to
the New York "Times" reporting this added:
Knows of No Soviet Commission Being Sent to
During this period foreign, chiefly American, investment trusts invested
Negotiate Recognition.
about $150,000,000 in German industrial shares and other securities.
participation in
of
The policy of the United States toward recognition of while the amount endactive foreignappraised by the various German uncommittee at $750,of 1929 was
dertakings at the
Soviet Russia remains unchanged, it was stated orally by 000,000, a similar sum jointly representing the amount of capital devoted
the Assistant Secretary of State, William R. Castle Jr., by Getmany to the re-establishment of her foreign trade relations and the
Aug.6. Mr. Castle's statement was in reply to inquiries in- volume of German capital which wandered abroad.
The commission's present findings, which are largely theoretical in nature
spired by reports that the Soviet Government was sending and sought to examine and analyze the relationship of the balances of
commission to Washington to negotiate diplomatic recog- payments to German economy in its entirety, will be augmented by further
a
of
nition. The foregoing is from the "United States Daily" Investigations thethe influence of export balances, reparations and foreign
development of the nation's economic conditions.
borrowing on
of Aug. 7, which further said:
Admitting the difficulties confronting it in the course of its researches,
Mr. Castle stated that he did not know of any foundation for such a
report, and that the policy of the Department remained that enunciated
by Charles Evans Hughes, who as Secretary of State in 1922 informed the
Russian Minister of Foreign Affairs that the United1States could not discuss
recognition until the debts of the former Russian Government were recognized, until Russia agreed to reimburse American citizens whose property
was confiscated by the Soviet regime, and until the Third Internationale
desisted from spreading communist propaganda in the United States.
The United States also is opposed to the sending of any official to Russia,
Mr. Castle stated in reply to inquiries. The trip of the American Ministe
to Persia, Charles Hart, through Russia last year was the first that has
been made by an American official and probably the last, Mr. Castle explained. It was taken to permit Mr. Hart and his family to avoid the
difficult automobile journey through the Persian mountains in the winter.
The United States cannot enter into a commercial treaty with Russia
under the present circumstances. Mr. Castle said. However, multilateral
treaties such as the Kellogg pact and the convention for the protection of
seal fisheries, are signed by both Russia and the United States, he said.
Number of British Unemployed Over 2,000,000—
Highest Mark Since June 1921.
A cablegram from London Aug. 6 to the New York
"Times" said:
For the first time since January 1922 the number of Britain's registered
unemployed has exceeded the 2,000,000 mark, setting the highest total
recorded since June 1921.
The figures as on July 28, which were reported to-day, showed 1,257,982
persons were wholly unemployed, 659,685 temporarily unemployed and
93,800 normally in casual employment, making a total of 2,011,467.
From Jan. 20 last, when the total was 1,473,402, the increase of unemployment has only twice been checked. The fall in the figures in June
was followed by the heavy increase of 110,000 in two weeks.
The peak of unemployment since the World War was the 2,580,429 total
recorded in June 1921, which was affected by the coal mining dispute.
When the miners returned to work there was a rapid improvement and by
July 29 the total had dropped to 1,905,196. Fluctuations followed, and
not until June 1929 did the number of unemployed fall below 1,500,000.
The improvement in the following years was fairly well maintained until
April 1926 when the total was below 1,000,000. Then came the general
strike and the prolonged stoppage in the mining industry. By May 10
1926 the total was up to 1,575,899, leaving the unemployed miners out of
account.
More than a year passed before the disastrous effects of the industrial
strife were overcome, but by May 1927 the total was again down to 998,291.
When the MacDonald Government took office at the beginning of June
1929 the total stood at 1,100,125.
As a contrast to the uninterrupted increase of unemployment in Britain
may be set the statement of the Empire Industries Association saying that
unemployment in May decreased slightly in Germany, was
practically
negligible in France, decreased one-sixth in Denmark and also decreased
In Holland, Sweden, Austria and Italy.
Dismissals of railway workers, due to the decrease in traffic, was reported
from many parts of the country to-night. In addition to previous reductions, 300 of the 1,800 men employed in the locomotive department of the
London & North Eastern Ry. at Doncaster are to be stopped and dismissals are expected in other departments.
the com,mission observes that for general utility purposes the balances
of payment constitute only one phase of Germany's international economic
relations and that the adjustment of such balances largely hinges on reactions in the internal economy of the country, wherefore it does not permit
of definite conclusions in respect to the current status of the nation's
business. Increased production, consumption and buying power at home
are the primary prerequisites, the commission's experts say, for sound
trade and payment balances and stabilization of internal social conditions.
Discussing the commission's findings, Dr. Buecher, its Chairman, expresses the beliefthat the service for Germany's foreign obligations, whether
they concern reparations or private borrowings, could be offset through
Increased exports and diminished imports, whereas its adjustment through
a renewed influx of foreign capital is less certain.
"Where these proposed increased exports are to find their markets in
the face of foreign tariff walls is the cardinal problem affecting reparations
and one which has not yet been satisfactorily answered," Dr. Buecher
stated. He believes Germany is in a position to profit from the current
world depression because of the falling prices of raw commodities, while
those of finished products are relatively less affected, although continuation of the crisis is bound to have an adverse effect on a country like Germany, whose exports preponderantly comprise finished commodities.
"The German Credit Company for Public Works" was organized here
to-day with a capital of $36,000,000 and proved assets of $25,000,000. It
will be devoted to promoting and financing public improvements and semipublic industrial enterprises and will seek foreign loans with which to carry
on its operations. The company will be under the supervision of the German
Government.
Dr. Bernard Dernburg is chairman of the directorate, which comprises
a number of well-known financiers, economists and departmental heads
In the Reich's Ministry of Economics.
Reich Railways Add $66,000,000 to Budget—Officials
Estimate Extra Program Will Give Work to 180,000
Unemployed.
One of the first attempts to revive German economy and reheve the unemployment situation was made on July 30 by the
Bank of Federal Railways, which announces its intention
of placing orders to the extent of $65,000,000, which it is
believed will provide work for 180,000 men and women until
the end of 1930. The New York "Times" reports this in a
message from Berlin and adds:
For this purpose treasury bonds to the amount of $36,000,000 will be
ssued to meet the first advance payments.
In accordance with the Government's intention of enforcing a general reduction of prices, orders will be placed at prices considerably below
the present. As soon as an agreement is reached with the industries concerned, orders will be placed for $20,000,000 worth of material for roadbeds,
$5,000,000 for rails, $20,000,000 for cars and engines and $12,000,000 for
new buildings, while the balance will be set aside for various other items.
The monthly delivery of roadbed material will be raised from 20,000 to
50,000 tons.
The financial status of the railways permitting, the orders will be increased by another $20,000,000.
In contrast to the optimistic view of the railway officials, industrialists
hold that the promised orders are inadequate and will only suffice to pre-
870
FINANCIAL CHRONICLE
[VOL. 131.
vent the dismissal of more workmen while the re-employment of some of
those now jobless is utterly impossible.
Many Shops Reopen.
Good news continues to be received from the earthquake region. A
gradual return to normal conditions is evidenced by the reopening of a
Austria Reports $5,000,000 Loan—City of Linz Rumored number of shops, such as provision stores, bakeries, cafes, restaurants,
tobacconists and drug stores. In Atello, Ruvo and Treviso all the bakeries
as Recipient of U. S. Funds on 25
-Year Basis.
are open. Fifty-two more are open in Rionero, Ariano, Darile, San Nicola
The following is from the New York "Evening Post" of and San Sossio. An electric flour mill again began operation in Montecalvo.
As a result it has been possible to curtailshipment ofsuppliesfrom outside.
August 6:
Thus, for instance, the 50,000 rations of bread which have been sent daily
A $5,000,000 loan for the City of Linz, the capital of the Province of by the City of Naples are now reduced
to 15.000. Tomorrow the distribuUpper Austria, has been arranged with American bankers, according to tion of rations of canned beef will cease
almost entirely throughout the afreports from Vienna to-day.
fected area, as numerous slaughter houses have reopened. To provide for
The bonds will mature in 25 years and will bear interest at the rate of all possible future contingencies, however,
food supplies are being accumu7%. The price at which the loan was negotiated was not mentioned, nor lated in Foggia, Arian° and Rocchetta.
the identity of the banking house.
The authorities are proceeding rapidly with preparations for reconstrueIt has been known here for some time that such a loan was under negotia- tion. In Arlano to-day 350 houses, after being cleared of wreckage, were
tion. A public offering here is not expected, although the finances of the declared to be habitable and were reoccupied. At other places ground was
city are understood to be in a sound condition. The city has no foreign broken this morning for the foundations for the first of the new earthquakedebt at present.
resisting houses.
It Was suggested in banking circles here that the $5,000,000 might
The earthquake occurred.on. July 23, and was later folrepresent a total authorization, with 'possibly $1,000,000 or $1,500,000 to
lowed by receiving earth tremors under date of July 26.
be secured in the near future.
An Associated Press cablegram from Rome said:
An official recount of casualties obtained up
Reichsbahn Bond Issue To Be Taken Up by Banking issued this morning, placing the dead from theto 8 o'clock last night was
earthquake of Wednesday
at 2,142 and the injured at 4,551.
Group with Support of Bank for International
The new figures were obtained in a report made to Premier Mussolini
Settlements.
by Minister of Public Works Crollalanza.
In its issue of August 4 the "Wall Street Journal" carried
the following from Berlin:
President Hoover's Message of Sympathy to Italy's King
Of total 150,000.000 marks Reichsbahn 6% bonds rm. 76,000.000 will be
at Loss Suffered Through Earthquake.
taken up by banking group with support of the Bank for International
Settlements. The remaining rm. 75,000,000 will be publicly offered on
Sympathy over the losses suffered in the recent earthquake
August 7 to yield 7.21%.
Nab
were sent to the King of Italy by President Hoover in a
message transmitted July 24 and made public by the State
Italy Guarantees Credits to Soviet—Moscow is to Get Department at Washington on July 25. According to the
Up to 76% on Orders—Threat to Cut Trade Here "Times" it reads as follows:
Recalled.
July 24 1930.
Under date of Aug. 4 a wireless message from Moscow His Majesty Vittorio Emanuele III, Ring of Italy, Rome:
The people of the United States join me in extending to your Majesty
to the New York "Times" stated:
and to the people of Italy sincerest sympathy in the great losses suffered
The Soviet Government is much gratified by the new economic agreement In the earthquake which has wrought such widespread destruction In the
with Italy whereby the Italian Government guarantees credits on Soviet vicinity of Naples.
orders to 75%, which, it is stated, will permit the amount of orders placed
HERBERT HOOVER.
In Italy to be doubled, compared with the current year.
Business circles here make no secret of the fact that the new agreement
puts an edge on the suggestion appearing in the press during the recent Belgian Glass Group Formed to Reduce Export Prices,
difficulty with the United States that business might be transferred elseEnds—Dissolves After Refusal of Lodelinsart
where if the Americans put an embargo on Soviet exports or rendered the
Works to Join Syndicate.
Amtorg's position impossible.
"Izvestia" follows the same line, though more cautiously and without
From Brussels, Aug. 2, an Associated Press cablegram to
direct reference to the United States. It says, however:
the New York "Times" said:
Italian industry has made great progress In recent years and is now in a
The Belgian Window Glass Sales Syndicate dissolved to-day after the
lidtion successfully to compete with the most powerful industrial nations.
What is more, Italy offers a particularly favorable field for our exports, refusal of the Lodelinsart Works, whose annual production exceeds 500,000
especially oil, coal and minerals, which would insure us an equilibrium in square yards, to line
up with it.
the trade balance. The agreement cannot fall to have the most satisfactory
The syndicate, which united all but this one Belgian manufacturer for
consequences for the whole system of economic relations between Italy and
the purpose of reducing export prices mi a counterbalance to the new Amerithe Soviet Union.
can tariffs, took the position that its efforts were valueless without unanimity in the trade.
$5,200,000 Is Voted by Italy to Rebuild Areas Devastated
Lodelinsart, it was reported, proposed setting up another organization
by Earthquake—Many Food Shops Reopen—Ra- financially strong enough to sell Belgian glass without a profit in order
to recapture American markets.
tioning Measures Relaxed.
The first measure for the reconstruction of the regions in
Poland Raises Tariffs—Increases Affect Imported
Southern Italy devastated by the recent destructive earthWheat, Lard and Bacon.
quake were taken on July 29 (said Rome advices to the New
Under date of July 31 a cablegram from Warsaw to the
York "Times") by a Cabinet Council which decided to
appropriate 100,000,000 lire or about $5,200,000 for this New York "Times" said:
The
year's budget of the Ministry of Public Works as the Govern- cents, Polish Government has raised the tariff on imported wheat to 98
on lard to $5.61 and on bacon to $6.73 for 120 pounds.
ment's first contribution toward the expenses of rebuilding
A semi-official statement says this measure is intended to protect Polish
agriculture. Observers say the tariff increase is a retaliatory measure
the stricken zone. Further sums will be appropriated in
future budgets until the completion of reconstruction. against the recent increases on agrarian products in Germany and CzechoSlovalcia and against the export tax in Germany and Austria which ship
The "Times" further said:
Polish exports to Great Britain and other countries.
The increase in the tariff on lard will be felt strongly in the United
It was decided the work should begin immediately and be pushed with
the greatest speed in order that all of the homeless may be provided with
shelter before winter.
5,000 Ruined Houses Estimated.
In the absence of official figures, it is estimated that about 5.000 houses
must be completely or partly rebuilt. The extent of the Government's
contribution therefore works out at about $500 per house. This sum is not
as small as it might appear at first, because bricks and stone for the new
houses can be obtained from the wreckage of the old ones and labor is very
cheap throughout the region affected by the earthquake. The total of $5,000,000 in any case is regarded as ample to cover all the work which can be
done this year. If it is not sufficient for the complete reconstruction, more
money will be appropriated later.
The Cabinet Council also decided to relieve the financial stringency in
the stricken areas as far as possible by postponing the collection of taxes
In all the hardest hit townships and by approving a decree postponing the
payment of all private debts. Similar measures were taken at the same
time for the relief of the zone in Treviso Province, recently ravaged by a
destructive cyclone.
Relief Workers Praised.
The Cabinet Council finally praised in glowing terms the calm fortitude
displayed by the populace of the stricken area in the face of disaster, and
commended to the gratitude of the nation the forces of the army,
navy,
carabineers, militia, Fascist party, Red Cross and civil servants for their
disinterested and energetic action to relieve the survivors, and thanked
in the name of the Italian nation all foreign governments and peoples who
have expressed their sympathy to the Italian people..
The press this evening unanimously applauds the Cabinet's decisions,
pointing to the unusual liberality of the Government's relief measures.
The papers particularly approve the decision that reconstruction should
be undertaken immediately, drawing a parallel with what has been done
by previous governments in like conditions for Messina. Reggio Calabria
and Avezzano, where some of the people still are living in temporary wooden 1
shacks.
States, but not until next Spring. as the American exporters, foreseeing
the possibility of a tariff increase, have lately sent large stocks of lard to
Polish ports which will last for several months.
Increase in Palestine Tariff on Wheat and Flour—
Jerusalem Also Will Regulate Amount of Certain
Imports.
From Jerusalem July 23, Associated Press accounts to the
New York "Times" state:
The government, with the approval of the Colonial Secretary, is taking
a number of measures designed to be of benefit to the agricultural interests
of Palestine.
One measure is an increase of about 50% in the import duty on wheat,
flour and semolina. Another measure is the regulation of these imports
under a system of licenses controlled by a standinq committee on commerce and industry. Unrefined olive oil cannot be imported until tartlye.
notice, while an import duty has been reimposed on sesame seed.
Sir John llope Simpson, who has been here since May on behalf of the
British Government investigatin colonization. immigration and -nrra,1
development of the country, has conn load his studies and has -etc for
England.
Belgium Fears U. S. Tariff Will Increase Trade Deficit.
Special correspondence from Paris July 23 published in
the New York "Journal of Commerce" of July 31, said:
In an interview with the Agent.° Econornique et Foie nciere. Paul Hy.
mans, the Belgian Minister of Foreign Affairs, declares that the new
American tariff obviously sets up tut
barriers difficult to surmount.
The commercial balance between the two countries; shows a deficit of more
AUG. 9 1930.]
FINANCIAL CHRONICLE
than 1.000,000,000 francs against Belgium, he points out, and he fears
that this deficit will be increased.
The average level of protection has risen from 38.10% to 48.92% In
the case of agricultural products, and from 31.02 to 34.31% for industrial
products, M. Hymens states. The principal Belgian products affected by
the increased tariff are cement, textiles, plate glass, leather, clothing and
mirrors. M. Hymens estimates that the Belgian trade affected by the
Increases amounts to about 750,000,000 francs, which represents 30% of
Belgian exports to the United States.
"The Fordney-McCumber Tariff Act of 1922 has already had unfortunate consequences for our trade with the United States," said M. Hymens. "From 1923 to 1929, the rates of our imports to the total of United
States imports dropped from 2.3% to 1.7%. On the other hand, the ratio
of United States exports to Belgium's has risen from 8.3% to 9.5%."
M. Hymens suggests that the leading manufacturers should address
protests directly to the United States Tariff Commission, declaring that
the duties are excessive and considerably beyond the difference in cost
prices between the two countries. If these attempts fail, other measures
will have to be adopted to safeguard the country's interests, M. Hymens
concludes.
871.
Peru Shows a Surplus—President Leguia Tells Congress
of $56,893 Excess for 1929.
Associated Press advices from Lima, Peru, July 29 were
announced as follows in the New York "Times":
Congress began its business session to-day, following the ceremonial
opening yesterday by President Augusto B. Leguia and the reading of his
message.
Roberto Leguia was elected President of the Senate and Focion Marlategui was chosen as President of the Chamber of Deputied.
The President's message said the national budget in 1929 showed a
surplus of 153,766 gold soles. The sol is worth about 37 cents. The
receipts totaled 140,358,317 and the expenses 140,204,551. External commerce for 1929 amounted to 524,933,920 gold soles, divided into 189,852,460 for imports and 335,081,460 for exports.
President Leguia also was gratified that all of Peru's boundary disputes
except the one with Ecuador had been solved. The dispute with Ecuador is being discussed with Ecuadorean representatives at Lima.
Czecho-Slovakia Only One of Succession States Not in Argentina Pays $1,600,000—Six Months' Interest on
Urgent Need of Financial Aid, According to Max
Two Loans Settled by Republic.
Winkler.
The following Associated Press advices from Washington,
"Of all the succession states, that is, the countries which July 28, were given in the New York "Times":
were created out of the wreck of the Austro-Hungarian
Payment to J. I'. Morgan & Co.,of $1,600,000 interest on two Argentine
Empire, Czecho-Slovakia is the only one which is not in loans, one for $27,000,000 at 6% interest and the other for $20.000,000
at 53i%, was announced
Embassy officials. The
urgent need of foreign financial assistance." This conclu- payments fall due each six to-day by Argentine
months.
Similar payments are made through the embassy here monthly with the
sion has been reached by Max Winkler, of Bertron, Griscom
exception
& Co., Inc., on the basis of an analysis of the financial fund of of Jan. 1 and July 1,it was explained, on the interest and sinking
about ten loans with American bankers.
requirements of the nations which owe their independence
to the collapse of the Dual Monarchy. Under date of July
Australian Banks to Pool Resources—States Will Act
30, Mr. Winkler goes on to say:
With Them in London Agreement—Reserve Bank
"Government and municipal financing is taken care of in the home
-oda Company has
market. An issue of £5.000.000 on behalf of the Sk
Plan to Wait.
just been placed in England and France, refunding an earlier issue at a
Australian banks and States agreed at a final meeting
materially lower coupon rate. Little, if any,corporate borrowing is looked
for in this market. American investors still remember that the only of the Federal Loan Council on Aug.6 to pool their resources
European issue sold here since the war which went into default was a in London. A cablegram from Canberra to the New York
Czecho-Slovak corporation issue. An adjustment on the basis of 45 cents
on the dollar was effected, and odd though it may sound, the corporation "Times" stating this adds:
has been doing very much better ever since.
"It is, however, quite possible that the Government would. welcome
American financial aid and co-operation in connection with the program
which Czecho-Slovakia has adopted for the extension and improvement of
of the state railways. including the construction of new lines; the doubletracking of others, and the electrification of about 165 miles of main line.
The debt of the country is such as to enable the Government to comfortably support additional obligations, especially if funds 'derived from new
Issues are to be employed productively. On June 30 1930, the Republic's
debt stood at Kc. 38,011,710,819. which comprises all obligations including those arising from the war and which have not been determined until
recently. The per capita debt of the country amounting to $82.87, while
larger than that of any other succession state, is not unduly burdensome
because of the greater resources of Czecho-Slovalda as compared with her
neighbors. Per capita figures relative to indebtedness and debt charges
of the succession states are presented hereunder (In dollars, computed at
par or the prevailing rate of exchange):
Debt.
Debt Charge.
$51.16
Austria
$3.65
82.87
Czecho-Slovakia
4.83
32.55
Hungary
1.93
43.11
Jugo-Siavia
1.06
15.50
Poland
.93
43.96
Rumania
2.19
"It is somewhat curious that where the needs for capital are greatest,
the per capita indebtedness is smallest. It would almost appear that the
need for funds on the part of the succession states is in indirect proportion
to the size of the per capita debt of the nations under review."
Ford Plant in Spain Partly Reopened—Differences with
Government over Tariff at Barcelona Adjusted,
Manager Says.
The following Madrid advices Aug. 5 are from the New
York "Times":
George Jenkins, director of the Ford Motors plant at Barcelona, who
shut down the factory completely last week, stating "We will not reopen
until unfair tariff discrimination is ended," said to-day the factory had
been reopened. He explained that subsequent conversations with Government officials "indicate they have now concluded not to make us pay
three pesetas a kilo extra on cars assembled in our plant at the free port of
Barcelona zone."
According to the new Spanish tariff, this charge is assessed on extraEuropean cars entering Spain through non-Spanish European ports. At
least 250 of the 500 Ford workmen are being laid off, however.
General Motors here is cutting its force to one-quarter the present size
Immediately and will concentrate practically all its endeavors on selling
trucks, which are not affected by the new tariff.
Representatives of American automobile firms, in conference with
Spanish Ministers recently, were told: "Tell your objections to the President of the United States."
The sum involved is estimated at $180,000,000 a year, and a similar
amount will be paid to Australian banks in consideration of the London
agreement.
Sir Otto Niemeyer, who has been sent by the Bank of England at the
invitation of Australia to assist in a solution of the Commonwealth's difficult financial situation, insisted that the budgets of the various States
should balance by the end of the current financial year. This would mean
a drastic cut in Australian expenses, from $120,000.000 to $85.000,000
this year.
The States are consulting on this point and are expected to reach a
decision Aug. 18, when their representatives will again meet Prime Minister
Scullin and Sir Otto.
The Senate Select Committee, which is inquiring into the advisability
of establishing a central reserve bank, declares in an interim report that
no purpose would be served by the immediate establishment of such a bank.
As the Federal Parliament will adjourn before the final report is completed,
the bill cannot be considered before next year.
Gold Rush in Australia—Prospectors Swarm Out
After Nugget of 30 Ounces Is Discovered.
The New York "Times" of Aug. 6 carried the following
(Associated Press) from Bendigo, Australia, Aug. 5:
Discovery of a 30-ounce gold nugget at Tarnagulla. Victoria, forty miles
from here, has started a new gold rush. More than 250 prospectors, most
of them driving American cars, have already reached the field and pegged
out claims.
Seven expeditions with full transport equipment, including airplanes,
trucks and camel caravans, the prospectors backed by many thousands
of dollars and their outfits staffed by experienced pioneers, have been
fitted out for penetration of the waste areas.
Hostile bushmen already have caused considerable trouble for some
of the prospectors.
Question as to Whether Danzig Is State Still
Undecided.
The following from The Hague Aug. 5 appeared in the
New York "Times":
Professor Rundstein, stating the Polish viewpoints of the controversy
as to whether the Free City of Danzig can join the International Labor
Bureau, argued before The Hague Court to-day that the question of whether
Danzig was a State was still undecided.
Manchurai Feels Depression—Drop in Silver Affects
General Business and Curtails Tourist Trade.
In its issue of Aug. 3 the New York "Times" published
following special correspondence from Dairen, South
From Barcelona Aug.4 the "Times" reported the following: the
Manchuria, July 4:
The Ford Motor Co. branch here, which
dropped 600 workers last week,
earing that it might be compelled to suspend the assembling of Ford automobiles in Spain because of the new high tariff rates, to-day decided to take
back 150 dismissed men. This decision was reached after conferences
between local authorities and directors of the Ford concern.
Chatham Phenix National Bank & Trust Co. Named
as Fiscal Agent for Municipality of Buenos Aires.
The Chatham Phenix National Bank and Trust Co. has
been appointed fiscal agent for an issue of $16,101,502.67
Municipality of Buenos Aires six months 5% treasury gold
notes due Jan. 1 1931.
Manchurai has finally begun to share with the rest of China in a serious
trade depression, but the causes of the "hard times" here are not, as is
In the case in China proper, involved with the progress of civil wars. The
depreciation of silver has had a depressing effect upon business in Manchuria. The South Manchuria Ry. has dismissed 800 employees and
minor offic s, and the great arsenal at Mullen
ial
has let out 10% of its
12,000 employees.
The factlast winter was mild in Europe has almost ruined the market
that
for soya bean cakes, which are usually fed to European stock in immense
quantities. Last winter the stock stayed on the ranges: so to-day in the
customs sheds at Harbin there are 1,000,000 tons of soya beans, and the
market is so dull that in June only 10.000 tons moved for export. The
situation is complicated because harvesting of a new crop will soon be
under way, and the unmarketable surplus will be vastly increased.
872
FINANCIAL CHRONICLE
[VoL. 13L
The city of Dairen, which uses Japanese yen as money, is suffering from
a distinct falling off of the usual summer tourist trade from Shanghai and
other points in China. The yen is on a gold basis and Chinese money is
on a depreciated silver basis. In other words, it costs to-day from $1.90
to $2 in Shanghai money to buy one yen, and as a result foreign residents
in China this year are going to summer resorts where the rate of exchange
does not double their expenses.
President Hoover later conferred for the second time on Aug. 7 with
Secretary Hyde and Messrs. Huff and Thompson, and, in addition, Paul
W. Baster, of the Federal Farm Loan Board, on the situation, with particular reference to possible financial measures to relieve farmers. While a
number of suggestions were submitted no conclusions were reached, Secretary Hyde said.
"We discussed what the Federal Government ought to do and where its
efforts ought to be applied." said Secretary Hyde. "What can be done is
yet to he decided."
Philippine National Bank Officials Will Increase
Secretary Hyde's statement follows:
"I have come back here at the call of the Chief(the President) because of
Amount of Long Term Real Estate Bonds to Offset
Order Barring Government Funds in Savings his fundamental interest in this human problem.
"The full measure of distress caused by the drought is not accurately
Accounts.
known and, since it depends upon the weather, it cannot now be accurately forecast.
The following Manila advices appeared in the "Wall
"Upon the President's suggestion, we are sending telegrams to the
Street Journal" of Aug. 6:
county agents in the drought-stricken areas asking them to make a deIn an effort to find a means of counteracting the effects of the recent tailed survey covering the following points:
order prohibiting the placing of Government funds in savings accounts,
"The per cent of damage to date and the per cent of normal amount of
the officials of the Philippine National Bank have decided to increase feed which will be produced.
the amount of long-term real estate bonds which will be placed on sale
"The number of families who will probably have to have aid in order
shortly. The various provinces will be given an opportunity to invest to carry their livestock through the Winter.
in the first issue of 1,000,000 pesos, it is stated. Should demand warrant
"Whether there is feed available either in the county itself or in some
an increase, a second issue for another 1,000,000 pesos will be authorized near-by county to carry the livestock and a suggestion from each of them
within six months. The bonds are expected to run for ten years and as to their opinion as to the measures necessary to mitigate the actual
carry a 6% coupon rate.
distress and to enable the farmers to carry the normal supply, particularly
It is reported that a goodly portion of the 32,000,000 pesos of provin- of foundation livestock, through the Winter.
cial funds on deposit with the bank is in the nature of savings deposits.
Consequently, it is feared that the new policy which goes into effect July 1Report Promised.
will result in reduced funds for development purposes. Officials of the
"The Department of Agriculture is making such survey as it has faciliinsular Treasury stated that the new ruling would affect insular moneys ties to make and will put out a
report on Monday, Aug. 11.
only slightly, as less than 500,000 pesos is entered as savings deposits.
"While these conditions are very bad at the present time, it is probable
the remainder being kept as current account.
that nearly all the stricken areas have enough feed on hand to take care
Among the various funds which will be adversely affected by the ruling of their needs for the present,
and possibly for the immediate future.
of the Bank is the Teachers' Pension and Relief Fund which amounts to
"If we could be fortunate enough to have some good rains and a normal
approximately 1,000.000 pesos. After June 30 this fund will be deprived fall a considerable quantity
of feed could be produced. The objective is
of the interest it has been earning as a savings account. It is expected to avoid, if possible,
unnecessary panicky conditions and the throwing of
that the fund will be largely invested in the long-term real estate bonds livestock on the market
under such conditions.
to be issued by the Philippine National Bank.
"Local banks and the local people generally can be of great assistance in
extending temporary aid and in promoting the kind of rural psychology
that will induce the farmer to hold his stock. In all this, of course, there
United States to Establish Customs Branch in Havana, is an intimate human side of the distress.
Facilitating Payments.
From Havana July 31 Associated Press advices published
In the New York "Times" state:
Postmaster Jose Antonio Montelvo, back from the United States after
signing the new parcel post treaty, today told President Machado that the
United States had agreed to establish a branch of its custom house in Cuba.
The branch will be located in the American Embassy, he said, and will
facilitate the payment of tariff and revenue stamps on merchandise exported to the United States from Cuba.
United States tariff duties on the goods as well as any internal revenue
charges will be paid by the Cuban consigner at the new custom house
offices in Havana, thus saving a delay of two or three days in delivery
of the consignee.
More than 4,000 cigars can be shipped without exceeding the limit
weight, Senor Montelvo said.
Corn Not All Gone.
"Our survey will particularly emphasize this and attempt to develop
its extent and the probable means for alleviating it.
"The corn crop is not all gone. The early corn is matured and the late
corn will come along if we get rain. The corn planted on the uplands at
the normal time of plenty planting is in virtually very bad shape. Corn
on the bottom where there has been but little more moisture seen s in a
general way to be in fair shape. The only disaster to corn is where corn
was planted on normal time and on the uplands. Of course, the pastures
are burned up."
Mr. Thompson's Statement,
Mr. Thompson's oral statement follows:
general way the outlook in
"We discussed with President Hoover in a
the drought-stricken areas of the country in order to ascertain for ourselves what is being done in the present situation covering the entire country and the extent of the same.
"We learned from the President that the Government, through the
Department of Agriculture and the Federal Farm Board, is making a very
careful survey and that it will continue for some time, inasmuch as it is
quite a gigantic undertaking.
"Representing our organizations (the American Farm Bureau Federation
and the Farmers National Grain Corp.), we told the President that we
would be glad to co-operate in any plans that would be helpful to meet the
situation on constructive lines.
"We told the President that, in our opinion, the drought situation is
serious, particularly as to the corn crop: the damage has already been
pretty widespread and that even rain at the present time would not result
in anything but a very short crop, in our opinion."
Secretary of Agriculture Hyde After Conference with
President Hoover Calls for "Farm-toFarm" Survey
of Drought Stricken Areas—President Huff of
Farmers National Grain Corp. Expects Wheat
Surplus To Be Cleaned Up.
One of the measures which have been announced this week
in behalf of the farmers whose crops have suffered by reason
of the prolonged drought, is a "farm-to-farm" survey of the
drought stricken areas of the country which Secretary of
Mr. Huff's Statement.
Agriculture Hyde has called upon County Agents of the DeMr. Huff's oral statement follows:
partment to make. The survey says the "United States
"The wheat crop in the spring area was a short yield and the quality also
Daily" of Aug. 8, is designed not only to afford detailed was greatly reduced by the dry weather,so that, even expressed in bushels,
normal.
information of the crop damage, as the basis of immediate the flour content would be less than if the quality wereup very soon. It
"It looks as if our wheat surplus would be cleaned
relief, but to approximate the human side of the probelm of looks as if we would not have surplus bushels after a few months.
distress and prevent the development of panicpsychology. "We feel very friendly toward the wheat market. All the underlying
seem
be fairly sound and
The survey, Secretary Hyde stated, will be in addition to the factorsgrain, to would seem that with the shortage in corn and the feeding of
it
we aro likely to have no burdensome surreport to be made by the Department of Agriculture on crop plus of wheat at all."
conditions Aug. 11, which will be the regular monthly report of the Crop Reporting Board as of Aug.1,supplemented
by information for the first week of August. Secretary Governor Sampson of Kentucky Requests President
Hoover to Name a Commission to Study AgriHyde's statement, according to the paper quoted, was
cultural Area in Kentucky Affected by Drought.
announced orally after a conference with President Hoover
Governor Flem D. Sampson of Kentucky on Aug. 5
on Aug.7. The following is also from the "Daily" of Aug.8:
appealed to President Herbert Hoover to send Federal
Known.
Total Damage Not
The full extent of the damage caused by the drought, Secretary Hyde Government representatives to Kentucky to make a survey
stated, is not now known and added that since it depends upon the weather, of the agricultural situation caused by the prolonged drought.
it cannot be accurately forecast. Although conditions were described by the We
quote from a Frankfort dispatch to the Louisville
Secretary as being "very bad," he believes that most of the stricken areas
-Journal" of Aug. 6. The dispatch continued:
have sufficient feed on hand to meet present needs and possibly for the "Courier
immediate future.
Secretary Hyde was summoned to the White House to confer with
President Hoover on the drought situation following,his return from the
Middle West where he made observations as to the conditions. Preceding
the conference with Secretary Hyde, President Hoover discussed the
situation in the drought-stricken areas ofthe country with two farm leaders,
Samuel H. Thompson of Chicago, Ill., President of the American Farm
Bureau Federation, and C. E. Huff of Chicago, President of the Farmers
National Grain Corp.
Thefarm leaders informed the President that,in their opinion,the drought
situation was serious, especially with regard to the corn crop. They believe
the damage has already been pretty widespread and that even rain at this
stage would not bring anything but a short crop.
The farm leaders also assured President Hoover that their organizations
would co-operate to the fullest extent in any plans decided upon by the
Government to ameliorate the situation.
The Governor sent the telegram following a conference with a group of
Louisville men, representing the Louisville Board of Trade and the Kentucky Farm Bureau on the drought situation as it affects Kentucky. Co-operation of the Governors of Tennessee and Virginia will be sought in
procuring the survey, the Governor announced.
Governor Sampson also indicated that he might call the General Assembly
Into special session to reconsider remedial measures for farmers suffering
under difficulties caused by the drought "If I thought it would co-operate
for the good of the State."
FT
,
He explained that the agricultural group of the Kentucky Bankers'
Association intended to appeal to banks throughout the State to loan farmers
sufficient money to pay their taxes this year, and take a lien on the farmers'
property.
Those attending the conference with the Governor were William E.
Morrow, A. B. Sawyer, Jr., Ernest German, W.S. Bell, Tom. B. Duncan.
A. H. Bowman and David B. G. Rose.
AUG. 9 1930.]
FINANCIAL CHRONICLE
Governor Sampson's telegram to President Hoover follows:
Drought in Kentucky is most severe in history of State and farm products
such as corn and hay are almost complete failure, wholly insufficient to
feed livestock through coming winter. Many fine herds of cattle and sheep
are being shipped to glutted market where they bring 10% of value because
owners feel they cannot afford to buy feed, and this will make scarce good
livestock for succeeding years and materially retard agricultural progress:
prize dairy herds are likewise passing. Shortage of water menaces. Desolation is equal to flood, tornado or earthquake although it is more insidious—
less spectacular. In this emergency we need immediate relief co-operation
and will be pleased to have you send trained experts to assist in making
survey of conditions upon which recommendations for action may be based.
873
of Columbus, Ohio, Master of the National Grange, who
at a conference with the President on August 4 stated that
unless rains came in the drought-stricken areas of the country
within from 10 to 30 days, the United States would suffer
a major catastrophe. The "United States Daily" from
which we quote added:
Mr. Taber, who has just made a survey of the situation in the drought
area, stated orally, following his conference with President Hoover, that
he suggested to the President three steps the Federal Government could
From Frankfort advices to the "United States Daily" we take if, later on, it becomes necessary to ameliorate conditions in the area
take the following:
affected by the drought. These steps were:
First: The Government could stimulate morale in the drought area by
One of the serious problems confronting the farmers is how they are
indicating that the drought will receive the attention from the Government
raise money for taxes, Governor Sampson said.
going to
This question was discussed at the conference and it was suggested that that is called for.
Second: That the Government, through the various departments hay
an effort would be made to interest the Kentucky State Bankers Association
in a plan to get banks to advance money to farmers at a rate of interest of big to do with the situation, could bring sections of plenty in contact with
take care of their taxes. The loan would be secured by a lien sections of shortage and provide roughage products of the farm such as
5 or 6% to
grain and hay without profiteering and without extra expense.
on property owned by the farmer.
Third: That the Inter-State Commerce Commission should authorize
Several bankers present at the conference signified their intention of
taking the question up with the association with a view of putting the special reduced freight rates on shipments of livestock to the drought.
stricken areas.
suggestion into effect.
Mr. Taber also said he informed the President that it may be necessary
later on to provide credit facilities to the drought areas. The drought,
Aid Pledged by Governor of Ohio—Measures Mr. Taber said he told the President,is much more serious than is generally
Drought
believed.
of Credit and Farm Relief to Be Considered.
Appointments to the reorganized Tariff Commission and the Federal
Gov. Myers Y. Cooper of Ohio has issued a statement Farm Board were also discussed with the President by Mr. Taber. The
Grange the
in which he pledges his personal interest and co-operation latter, he said, recommended on behalf of the National a member of apthe
Sherman J. Lowell of New York, now
State Department of Agriculture and the pointment of either or Jesse Mewsome,Master of the Indiana State Grange,
and that of the
Tariff Commission,
entire administration in the work of the general committee for a place on the Tariff Commission.
Mr. Taber made several recommendations to fill a prospective vacancy
appointed by Frank B. McMillin, President of the Ohio
not revealed. He
Commerce, to consider measures of credit and on the Federal Farm Loan Board, but their names were
Chamber of
explained the term of office of Floyd D. Harrison as a member of the Board
farm relief made necessary by the unprecedented drought would expire on Aug. 6.
in Ohio. The advices to this effect were contained in a
In his statement of August 5, President Hoover said he
Columbus, Ohio, dispatch Aug. 7 to the "United States had asked "the railways to investigate the situation from a
Daily," which likewise said:
transportation point of view" and assurance of co-operation
The Governor stated that although agriculture is directly affected, the on the part of the railroads, as is indicated further below,
decreased purchasing power of the farmer indirectly affects the entire
have been given the President. The following is President
State. His statement follows in full text:
"I am deeply cognizant of the seriousness of the unprecedented drought Hoover's announcement of August 5 regarding the movewhich prevails almost entirely throughout this Commonwealth. I know ment toward remedying the situation.
that farmers in many sections are confronted with the most difficult problem
of feeding and watering their livestock on sorely depleted feed crops and
water resources. Although no human power can modify weather conditions, we must deal with the results of those conditions.
"Duly mindful of this situation, I am heartily in sympathy with the
purposes of the farm conference held in Columbus Aug. 1 at the call of the
Ohio Chamber of Commerce. My administration was officially represented by Mr. C. E. Rowlands of the State Department of Agriculture,
and by Mr. 0. C. Gray, Superintendent of Banks, who are intimately in
touch with agricultural and credit conditions throughout the State.
"I have received a report of the conference and wish to say that the entire
facilities of the State Department of Agriculture and of the administration
as a whole are at the disposal of the general committee and the local committees which are to be set up, in devising effective measures looking to
an amelioration of the effects of the drought. This is a situation directly
affecting agriculture but indirectly affecting the entire State and I, in
behalf of the State Government, pledge my interest and co-operation."
The drought situation has been the subject of several conferences between
Secretary Hyde, Chairman Legge and myself. The Department of Agriculture has undertaken a detail survey of the situation. They will report
next Monday upon the condition in each area in the country. The information so far indicates great variation in the effect of the drought, both as
between States, between counties in those States, and even between farms
in the same counties. There can be no doubt as to its most serious character in many localities, and that unless relieved there will be real suffering.
The maximum intensity seems to lie in a belt roughly following the Potomac,
the Ohio, and the Mississippi Rivers.
The measures of assistance that the Farm Board and the other agencies
of the Federal Government can and should undertake are being determined. It is evident already that large measures of feed movement to
livestock in the drought areas or movement of animals out the worst areas
will need be undertaken later in the fall. It is too early to determine the
precise character of relief; much depends upon the further spread of the
drought; but no stone will be left unturned by the Federal Government in
giving assistance to local authorities. I have asked the railways to investigate the situation from a transportation point of view.
Georgians Offer Free Pastures For Cattle of Drought
Areas.
President Hoover, it was announced orally August 6, at
An Associated Press dispatch from Macon, Ga., August the White House,has received assurances from the Presidents
7, was given as follows in the New York "Times."
of railroads in the drouth-affected regions- of the country
Lincoln McConnell, manager of the Macon Chamber of Commerce, that they will co-operative in any way possible with the
telegraphed President Hoover to-day in behalf of landowners in the Macon Federal Government in its effort to meet the situation
area offering free, pastures for cattle from the Middle West and other
created by the drouth. This was made known in the "United
sections stricken seriously with drought.
The message was sent after receipt of a dispatch saying that live stock Stated Daily" of August 7, from which the following is
in the drought areas might be moved to greener pastures in other sections
also taken:
of the country.
President Hoover, it was said, appealed to the heads of railroads through
Mr. McConnell said the offer applied especially to stock raisers in KenCol. Alfred P. Thom, General Counsel of the American Railway Associatucky. Ohio and Virginia, where the drought was felt most seriously.
He pointed out that grass and water were plentiful in this territory tion, for any aid they could render in the situation.
and that provisions could be made for grazing several thousand head of
Railroads Promise Co-operation.
live stock for 11 months of the year.
The President,it was said further,received telegrams on August6from the
Presidents of the railroads in the drouth area stating that they would coSale of Drinking Water in Logan W. Va. Reported— operate with the President in any action that he might decide upon to relieve the drouth-stricken farmers. This co-operation, it was said, would
Ohio Fire Engines Water Fruit.
insure the moving of livestock te feed or of feed to the livestock.
No action can be determined upon, it was said, pending the survey
From the "Times" we take the following (Associated
which the Department of Agriculture and the Federal Farm Board, which
Press) from Washington, August 7:
have been directed by the President to make analyses of the drouth situaA story of draught in the Ohio Valley resulting in the sale of drinking tion and reports to him * * *
Weather Bureau to-day In a letter from Dr. L. W.
water came to the
Relief by Farm Board Urged.
Humphreys,to his brother, William J. Humphreys, meteorological physicist.
Dr. Humphreys said drinking water was selling at 3 cants a gallon in
President Hoover, it was stated orally August 6 at the White House, has
Logan, W. Va. He added that across the river in Ohio, farmers were received a communication from Senator Robinson (Dem.), of Arkansas,
attempting to save fruit trees by pumping water en them with old fire Senate Minority Leader, requesting that available funds of the Federal
engines. Rural residents in West Virginia, he said are seeking to have Farm Board be used for relief of the drouth stricken areas. The comthree months cut off the school period in order that funds saved may be munication was not made public.
Used "to buy food for poor families."
It was said that the communication from Senator Robinson was only
one of many similar requests received by the President.
Because of the seriousness of the drouth situation, the scope of the
Government Aid Urged Upon President Hoover In general crop report, to be issued August 11 by the Department of AgriculBehalf of Farmers In Drought Stricken Sections— ture, describing conditions and estimating crops as of August 1, will be
summary
President's Statement Assuring Assistance--Rail- extended to include athe effectsof conditions after August 1 and unusually
of the drouth, William F. Callander, in
detailed analyses of
roads Indicate Co-operation.
charge of the division of crop and livestock estimates,stated orally August 6.
In response to President Hoover's request for a survey of the effects of
Assurances that "no stone will be left unturned by the
the drouth, Mr. Callander said, a special report probably will be made to
Federal Government in giving assistance to local authorities him. A special survey of drouth conditions had been started, however.
in the sections of the country where the drought conditions before the President made his request, he added.
President Hoover on August 7 continued to give attention
have seriously affected crops were given by President Hoover
on August 5. His announcement followed the presentation to the needs of the farmers in the plighted areas; to quote
of the situation in behalf of the farmers by Louis J. Taber, from a Washington dispatch on that date he and four
874
FINANCIAL CHRONICLE
agencies of the Federal Government took action to bring
such relief to the drought-blighted areas throughout the
country as is found necessary after a detailed check of the
situation. In part the "Times" account also said:
[VOL. 131.
It would make no profit on its own services and would make proper local
arrangements for the payment of freight.
"The Federal Farm Board can In
every community that
Is willing to help itself. The Grain this way helpCorporation has plenty
Stabilization
of grain and can buy more to replace that used for feed, thus keeping its
own Intact.
"Tho plan is believed to be practical and workable. It would relieve
suffering, dispose of a part of the grain surplus and put no man nor community under the necessity of asking for charity. If local communities
will do their part, no substantial farmer need lack for feed
for his livestock
and no stock need be sacrificed on present markets."
The Treasury Department and Federal Farm Board began mobilizing
available credit facilities to meet the emergency, the former through the
Federal Farm Loan Board and the latter through its Grain Stabilization
Corporation; the Department of Agriculture started to make a detailed
survey of the damage for the report it will make to the President next
S. R. McKelvie of Farm Board Predicts Wheat Stock Feeding.
Monday, and the War Department undertook to help in distributing water
In certain sections of Indiana and Kentucky where actual human suffering
Samuel R. McKelvie, member of the Federal Farm Board, particularly
charged with study of the wheat situation, predicted to-day
has started.
that 100,000.000
The Department of Agriculture, at the suggestion of President Hoover, bushels of that grain, amounting to half of the estimated current surplus.
prepared to send telegrams to all county farm agents in the affected areas will be absorbed through stock feeding this year.
asking them to make detailed surveys of the drouth damage, the feed that
"Estimating the apparent corn shortage at 500,000,000 bushels," Mr.
will be produced and the number of families who probably will require aid McKelvie said, "it is easy to assume that 100,000,000 bushels of wheat will
in carrying their livestock through the winter.
be used for that purpose. Considerably more could be used for stock feeding
President Hoover held several conferences during the day relative to If farmers were accustomed to the use of that grain."
The feeding of wheat to live stock, long a disputed point in agricultural
the drouth, two of them with Arthur M. Hyde, Secretary of Agriculture,
who cut short a tour of the wheat belt of the Middle West and returned to circles, has been demonstrated as being quite practical, he added.
This word from Mr.McKelvie came coincident with the announcement by
Washington to assist in relief.
the Farm Board
A statement by Secretary Hyde, following his conference communities on ofits plan to supply feed to corporations formed by various
long-term credit, through the Stabilization Corp.
with the President, is given elsewhere in these columns toCarl Williams, another Farm Board member, described the resources of
the Board available for this purpose as $97,000,000.
day, as is also a statement by the Federal Farm Board re-
garding measures for the relief of the farmer.
President Hoover Asks Governors of States in Drouth
Area to Meet Him in Conference Next Week..
In a statement issued at Washington yesterday (Aug. 8)
President Hoover announced that he had decided to ask the
Governors of States affected by the drouth to join the
conferences which have been held in Washington to consider
measures for coping with the situation. The date on which
the Governors are asked to participate is Aug. 14. The
following is the President's statement:
As a result of conferences of the last few days, which embrace the Cabinet,
members of the Farm Board and the Farm Loan Board, together with
Presidents Thompson, Taber and Huff of the farm organizations I have
decided to ask the Governors of the States most acutely affected by the
drouth to meet with us in Washington next Thursday in order to consider
definite plans for organization of relief.
Such organization will need first to be undertaken by the States, and
through them the counties, with whom the various Federal agencies can
co-operate.
I now have the preliminary survey of the Department of Agriculture ofthe
situation as of Aug. 1, It shows that the shortage of animal feed crops is
most acute in Southeastern Missouri, Northern Arkansas, Southern Illinois
Southern Indiana, Southern Ohio, Kentucky. Northern West Virginia and
Northern Virginia, with spot of less dimensions in Montana, Kansas, Iowa
and Nebraska—the latter three States being the less acutely affected.
I shall ask the Governors of those States to attend.
The feed crops in some other States are also reduced, the amount of
ultimate reduction depending upon rain during the next two weeks. It
may develop that we shall need to ask the Governors of one or two other
States also to attend.
Members of Federal Farm Board and Federal Farm
Loan Board Confer With President Hoover on
Question of Relief to Farmers in Drought Stricken
Sections.
The movementfor Government aid in behalf of the farmers
in the sections of the country affected by the drought is
the subject of another item in this issue of our paper, in
which reference is also made to the action, in concert with
President Hoover instituted on August 7, by the Treasury
Department and Federal Farm Board to help in relieving
the needs of the farmer. Further details as to this are furnished in the following which we quote from the Washington
dispatch August 7 to the New York "Times":
Paul Bestor, Farm Loan Commissioner, was called to the White House
this afternoon for a consultation as to what the Federal Farm Loan Board
might do through its Intermediate Credit Banks.
Earlier in the day the Farm Board announced a plan for organizing
corporations throughout the various stricken States to furnish security
for farmer loans to buy feeding grains from the Grain Stabilization Corp.
The plan evolved by the Farm Board is almost identical with the one
employed by Mr. Hoover in rehabilitating the flooded Mississippi Valley
in 1927.
Applied to the present situation, the plan contemplates the organization
of business men and farmers in any stricken community, county, district
or State into a corporation, duly incorporated under State law,to guarantee
the payment of notes to be given by individual farmers for the purchase
of grain.
Statement of the Farm Board.
The Farm Board's statement reads:
"The Federal Farm Board is deeply concerned by the reports
of serious
drouth in a number of agricultural
"The United States Department regions.
of Agriculture
are now surveying the dry sections to determine and its allied agencies
the degree of damage to
crops and its prospective effect on farmers
livestock. In the
and
meantime the Federal Farm Board is studying itstheir power for financial
own
aid.
"Under the Agricultural Marketing Act the Federal Farm
give anything to anybody, but it has considerable discretion Board cannot
of terms on loans. There is also the Grain Stabilizationin the matter
Corporation
through which the Board may work.
'If existing feed distributing agencies or other business men and farmers
in any stricken community, county, district or State will
under the
laws of their own State a responsible corporation whichform guarantee
will
the payment of notes to be given by individual farmers, a plan probably
can be quickly developed whereby the Grain Stabilization Corporation
can sell feed grains of any kind in carlots at market prices on easy
Payments of one or two years.
"The load organization would arrange for local distribution of the feed
thus supplied and see to the collection of the farmers' notes when due.
President Hoover held further conferences yesterday (Aug.
8) with Messrs. McKelvie Schilling and Wilson of the Farm
Board, and its General Counsel, Stanley Reed.
H. D. Wilson, President of Southern Commissioners of
Agriculture Calls Meeting of Commissioners Incident to Drouth.
According to Associated Press accounts, Harry D. Wilson,
President of the Southern Commissioners of Agriculture,
announced at Baton Rouge, La., on Aug. 8, that he had
issued a call for Commissioners of the South to meet in
Atlanta, Ga., Monday "to compile data on the drouth
calamity, and to let the public know how seriously the
South's cotton crop has been damaged by the dry and intensely hot weather of the past six weeks."
Drouth Relief Rates Rest With Railroads—Inter-State
Commerce Commission Without Power to Initiate
Reduction for Farmers.
The Inter-State Commerce Commission is without power
arbitrarily to reduce the freight rates on livestock, feed, or
farm products from drouth-stricken areas of the country
unless the railroads voluntarily file emergency tariffs seeking
such reduction in the interest of the public, Chairman
Frank MoManamy of the Commission stated orally on
August 6. The "United States Daily" of August 7, reports
this and adds:
Commerce McManamy quoted from section 22 of the Inter-State Commerce Act, which provides, among other things, that
"nothing in this act shall prevent any carrier or carriers subject to this
act from giving reduced rates for the transportation of property to or from
any section of the country with the object of providing relief in case of
earth-quake, flood, fire, famine, drouth, epidemic, pestilence, or other
calamitous visitation or disaster, if such reduced rates have first been
authorized by order of the Commission (with or without hearing): but in
any such order the Commission shall define such section and shall specify
the period during which such reduced rates are to remain in effect."
The proper procedure, then, according to Commissioner McManamy,is
for the carriers to file emergency tariffs providing for the reduction of rates
on livestock, hay, feed, or other product threatened with ruin by reason of
the severe drouth which has spread over a large section of the country.
The Commission will then take these tariffs under immediate consideration
and render a prompt decision.
Because of the necessity of swift relief in cases of emergency, it is seldom
that hearings are held in cases of this nature, although the Commission
investigates sufficiently to determine the justification of the proposed reduction in rates.
Temporarily reduced rates on certain products in drouth-stricken sections
of the country, particularly in the Southwest, under the stated procedure,
Is not uncommon, Commissioner MaManamy said. Such occurrences,
usually on a localized or small scale, happen almost annually in certain
localities.
President Hoover,in a recent statement, appealed to the railroads of the
country to "get together" and decide upon means to ship livestock from the
drouth-stricken regions to better pasturage, or to ship feed for the starving
cattle into the stricken sections.
Emergency rail tariffs providing for relief, may take the form of lower
rates on livestock from the drouth regions to good pasturage, or from the
drouth regions to good pasturage and return, or upon feed into the afflicted
territory.
Ohio Farmers, Whose Crops Have Suffered Through
Drought, Demand Road Jobs and Get Them.
The following from Wilmington, 0., Aug. 4 (Associated
Press), appeared in the New York "Times":
Driven to desperation by failure of their crops because of the
drought,
more than 200 Clinton County farmers appealed to the County
Commissioners for work to-day to enable them to buy food for their families.
After listening to their pleas, the Commissioners ordered that
$100,000
worth of road work, planned for later in the season, be started
immediately
and the men put to work.
For the last ten days the farmers had been appealing to the
Commissioners individually for work and received promise of work
when
improvements were started later. To-day they came en masse in road
rattletrap automobiles and on foot. They chose Erakin R. Hayes,
Secretary
of the Wilmington Automobile Club, as their spokesman. He
led them
to the court house.
Ara. 9 1930.]
FINANCIAL CHRONICLE
Large families of children are said to have been existing for weeks on
the most meager food. Mulch cows, lacking pasturage, have ceased to
furnish milk for the families.
Chairman Legge of Federal Farm Board on Threatened
Losses to Livestock Growers as Result of Drought—
Urges Farmers to Make Use of Wheat as Feed for
Cattle.
The threatened losses to livestock growers and dairymen
as a result of the shortage of feed by reason of the drought,
prompted Chairman Legge of the Federal Farm Board to
urge upon farmers the use of wheat for cattle. In a statement
broadcast over radio station WLS, at Chicago on Aug. 4,
Mr. Legge said that "the hay crop is the smallest we have
had in years" and that "in some sections the corn crop will
be reduced 40 or 50% or even more." On the other hand
he noted "we have been faced for some weeks with an
excessive carry-over of wheat, with continued low wheat
prices." He went on to say "the price of wheat has reached
a point where we can and should consider wheat from the
standpoint of its value as a feed for livestock." "At approximately the same price," he says "wheat has a higher feeding
value than corn. The Missouri Agricultural Experiment
Station states that with corn at 85 cents, a bushel of wheat
has a livestock feeding value of $1.11. Mr. Legge's statement follows:
The present severe drought has reached a point where the shortage of feed
and forage threatens serious lasses to livestock growers and dairymen over
a wide area. The hay crop is the smallest we have had in years. In some
sections the corn crop will be reduced 40 to 50% or even more. Hay stocks
are being fed out, and the prospect for sufficient winter supplies offeed is not
encouraging. Under these conditions there is danger that farmers will dispose of beef cattle and dairy animals at a sacrifice. If this movement is not
headed off it may mean that a large number of animals in poor condition
will be forced on the livestock markets, and still lower levels of livestock
prices.
While this situation has been developing we have been faced for some
weeks with an excessive carry-over of wheat, with continued low wheat
prices. Receipts at several of the terminal markets have continued to break
all records, despite the fact that if the average grower would carry what he
now has on hand over to the next season lie would have a supply at a price
substantially less than it would cost him to produce an equal number of
bushels in 1931.
There is absolutely no relief possible from this situation through any of
the plans that have been suggested contemplating the disposal of the surplus
abroad at prices below the domestic level. Many of the most important
wheat importing countries of the world now have legislation in effect that
could be applied to prevent or penalize any such action on the part of the
growers of this country, and others are seriously considering such action.
As we have exactly the same legislation in effect here to protect the American producers, we can not reasonably complain of other nations taking
similar action to protect their growers, bearing in mind always that practically every nation has wheat growers of its own.
The price of wheat has reached a point where we can and should consider
wheat from the standpoint of its value as a feed for livestock. The large
visible supply of wheat has been a depressing influence on the market. The
shortage of feed crops and forage points a way out. Much as we may object
to disposing of high quality wheat as feed for livestock instead of for human
consumption, common sense tells us it is the thing to do. confronted as
we are with a national shortage of several hundred million bushels of corn
and a surplus of wheat selling at very low prices. We Can advantageously
dispose of a good deal of this wheat as feed.
Wheat is a very staisfactory feed, particularly for cattle and hogs. At
approximately the same price, wheat has a higher feeding value than corn.
The Missouri Agricultural Experiment Station states that with corn at
85 cents, a bushel of wheat has a livestock feeding value of $1.11.
In general the agricultural colleges recommend that wheat used for feed
be coarsely ground and fed as part of a ration including silage, forage crops.
or coarse grains, or an equivalent. Instructions as to the best method of
feeding wheat can be obtained by any farmer from his County Agent, or
by writing to the agricultural college of his State. Under existing conditions,
at anything like the present prices of wheat and corn, a large part of the
surplus wheat can be profitably used as feed for live•stock.
Reports are reaching us that some farmers are selling their wheat and
buying feed. Where wheat stocks are still on farms in livestock producing
areas, it will be good business to hold such stock and feed them out. Local
elevators may find a ready market for wheat as feed in the local
community.
The livestock feeder who is holding up the purchase of animals because of the
prospective corn shortage will do well to consider the purchase of wheat
at present prices to meet his usual requirements for grain for feeding pur-
poses•
When herds of either beef cattle or dairy stock are unduly depleted by
such conditions as are now threatening, it takes years to work back to a
normal position. Bankers and business men in agricultural communities are
warranted in extending every assistance possible to help cattle growers and
dairymen to purchase the feed necessary to maintain their herds. The
Farm Board receives thousands of letters from business men expressing
sympathy for the farmer and interest in the agricultural problem,and asking
what they can do to help. By rendering aid to the livestock men in this
emergency they will be helping in a very substantial way.
While the use of wheatfor feeding purposes will help in meeting the present
emergency,the growing of wheat as a feed for livestock can not be considered
as a profitable enterprise under normal conditions. The only way to improve the wheat price situation permanently is to work definitely toward
reduction of the annual wheat production of the United States.
The Federal Farm Board is receiving many commimications from people
throughout the wheat-growing section to the effect that the American farmer
is planning to make a substantial reduction in the acreage seeded to wheat
this fall. It seems rather certain this will be done, not merely because this
Board has suggested such action, but for the more convincing reason that
even low-cost producers can not raise wheat profitably at present prices.
The movement toward wheat acreage reduction is well under way. The
more thoughtful farmers already have decided upon reduced plantings
this fall. The time is opportune for them to make their intentions known
to the world. This they can do by communicating with the manager and
directors of the co-operative associations or general farm organizations
875
with which they affiliated. During the next few weeks farm organizations
can profitably give the discussion of wheat acreage adjustment an important place on their program.
If these things are done, in our judgment they will have a very material
Influence in bringing about a substantial improvement in wheat prices, thus
getting for the farmer,in the price helreceives for his 1930 crop, some of the
advantages that should accrue to him through the reduced production In
1931. With such action on the part of the farm organizations, coupled
with an extensive wheat feeding program and slowing down in the wheat
movement to market,there is no question but that the effect on the market
would be very beneficial.
Farm Loans Said To Be Available in Southern Area—
President of Federal Land Bank in Columbia, S. C.,
Declares $5,000,000 Is Now on Hand—Bank's Loans
to Farmers.
"The Federal Land Bank of Columbia has available at
this time for making long-term first farm mortgage loans in
the Carolinas, Georgia and Florida approximately $5,000,000
to farmers who can qualify for loans Under the Federal farm
loan Act," stated F. H.Daniel, President of the bank,before
the representatives of 24 National Farm Loan Associations
located in the central part of South Carolina, while discussing
farm mortgage credit in a meeting at Columbia, S. C. on
Aug. 4:
While we thus have available almost unlimited funds,we are not interested
In making other than sound loans upon conservatively appraised farms on
which a farmer can make a living, pay his interest and taxes, and repay
his loan over a series of years. The part which the bank may play in serving
the farmers of thLs district will be determined by the number of applications
which it receives through National Farm Loan Associations where the loans
requested do not exceed one-half of the appraised value of the land for
agricultural purposes, the earning power of the land over a series of years
being a principal factor in making such appraisals, plus one-fifth of the
insured value of the buildings, and where the farmers have a substantial
equity hr the properties.
The farmers borrowing from this co-operative institution have life-time
loans, and it is necessary that the loans be conservative because of the possible fluctuation in land values during the period of 20 years or more,such as
we have witnessed in the last several years. However, no farmer should be
anxious to go Into debt beyond his ability to pay, and when he borrows
more than the farm can produce, and afford him a living and an opportunity
to wipe out hN debt, he is not a good business man and not the kind ofrisk
which will be approved by the Federal land bank and the associations.
Bank's Loans Total $61,000,000.
The bank's loans outstanding in this district are approximately $61.000,000 and there are 31,000 borrowers. These loans do not mature, but
are on an amortized basis,the loans providing for 1% payment ofthe original
principal annually, in addition to the average interest rate which is 534%•
Thirty-four years are required completely to liquidate the loan, together
with the interest on the obligation. Payments are equalized, including
principal and interest, being divided into either annual or semi-annual
Installments. The fee for closing these loans is less than one-third the
amount usually charged by other mortgage loan companies. This is true
because most other companies make only three, five or ten year loans.
When such short-term loans mature,the farmer Is required again to negotiate
a loan and when this is done, an additional loan closing fee is charged.
The average rate of interest paid on farm mortgages in this territory is
7%.
The bank has loans outstanding in South Carolina aggregating $15,000,000
to 5,727 farmers; $19,500,000 in North Carolina to 10,211 farmers; $24,000,000 in Georgia to 10,811 farmers; and $7,000,000 in Florida to 3,642
farmers. The savings in interest alone to the farmers ofthis district amounts
to millions of dollars annually, and it is doubtful if they would have been
able to carry on and complete their programs of farm improvement if is
had not been for this co-operative credit institution.
There can be no doubt but what farming does not pay some people; but
that is true in.every profession. However,farm lands have ever been the
very rock foundation for the success of every community. I do not believe
the day will ever come when well located, productive farm lands will not be
in demand. Obviously, the price will vary, but the value of farm lands has
usually been in keeping with their income-producing value over a period
of years, and beyond a doubt this will continue to reflect the true value
of farm properties.
Signs of Optimism.
I am happy to say that signs of optimism are becoming more apparent
each day. This applies to the city business man as well as the farmer.
There is no occasion for the farmers of this district to become alarmed. We
are peculiarly fortunate in that we can live if set apart from practically the
rest of the world. Following the Civil War there was cause for pessimism,
but no such conditions obtain to-day. There is no justification for the
extreme pessimism which has visited our section of the country. Quite
true, conditions have been bad, but not so bad as some of us have allowed
ourselves to believe.
If the farmer is to enjoy liberal credit, then he must give the attention
to his obligations which they demand. The Federal Land Bank System,
with its $1,250,000.000 in loans outstanding, is not here for a day but to
continue to serve the farmers for generations to come, provided they take
advantage of the opportunity afforded them in the legislation creating the
12 banks.
There are millions of upstanding, thrifty, prosperous people farming in
the United States, and this Federal land bank district has its share. The
farmer himself has it within his power to control the success or failure of his
undertakings Just as much as has the merchant or the manufacturer. It is
necessary for us to apply the same degree of intelligence to farming that is
applied by the average manufacturing concern, and when that intelligence is
applied success usually crowns the efforts of the individual.
On almost every hand we hear the demand for Government aid for the
farmer. It is well enough for the Government to aid the farmer, but by the
Government aiding him no permanent relief will come to him unless or until
he aids himself. There are several essentials which must be followed for successful farming. These include a desire to farm, a sound financial
policy.
the cultivation of well-located productive lands, current knowledge of agricultural practices and changing conditions, a willingness to work, to economize, and to produce on the farm most of what is consumed in the home.
Farmers who are following this program have no difficulty in meeting their
obligations when due, and there is an increasing number of such farmers,
876
FINANCIAL CHRONICLE
It is claimed that since all farm products are ultimately consumed
there is never any surplus of farm products.
It is true that all foods and fibers produced on the farm are consumed—
somewhere, sometime, and at some price. Under the weight of a burdensome
surplus, the price falls. At each successively lower price level, new
outlets and uses for the product can be found. Thus, ultimately the price
drops until the surplus disappears. But the farmer cannot live unless the
price equals his cost of production plus a profit.
When an unwieldy surplus burdens the market the crop must sell for
whatever the cheapest user will pay. Under such conditions the cost of
production has nothing to do with the price.
In a nutshell, then, the situation is this: There are 40 million more
acres in wheat than there were before the war. For seven years the
world has produced an annual average of 43 million bushels of wheat
more than it consumed. Our American carryover has piled up to the
record height of 265 million bushels. The world carryover has accumulated
to nearly 500 million bushels. The new crop threatens to be larger than
the last. The world price, burdened by that huge surplus, will be governed
by the amount the cheaper users will pay. Our American price, so long
as we produce for export, will be governed by the world price. Prices
are disastrously low.
The case in plain enough. The vital question is, what shall be done
about it?
Several programs are, or have been, proposed. Some of them are based
upon the theory that all that part of the crop which is consumed at home
should be sold at the world price, plus the tariff, and that the domestic
surplus should be dumped on the foreign market for what it will bring.
One means proposed for doing this is the so-called equalization fee, by
which the loss on the dumped surplus would be borne by the farmers.
Another is the debenture plan, by which the loss would be borne by the
United States Treasury. Other plans for doing the same thing are proposed.
They seek the same objective of tariff benefit, and involve the same program
of dumping the surplus.
Another suggestion is that the Federal Farm Board should purchase on
the market a large volume of wheat, say 100,000,000 bushels, and thus
increase •the price.
If it were a situation suddenly created, and temporary in character, the
powers of the Board in recognizing a Stabilization Corp., to deal with a
surplus, might legitimately be brought to bear. But it is not a sudden
emergency. It has resulted from continuous overproduction and consequent
cumulative increases in the supply of wheat.
The cure for this condition is not to be found in the purchase of large
amounts of wheat by the Stabilization Corp. Such a course would not
reduce the visible supply of wheat by a single bushel. It would not reduce
world or domestic stocks of this wheat by a single pound. It would, on the
other hand, gather into one mass a vast amount of wheat, which, always
present, and all the more threatening because massed under one control,
would hang as a dead weight over the market and prevent the free rise in
prices which we fully expect will normally occur.
To test the effect of such a purchase, let it merely be asked—what would
the Stabilization Corp. do with it? That question is present with us now
as to wheat already owned by the corporation—but unanswered. The
corporation cannot dump it upon the domestic market without entirely
dislocating the existing marketing and distributing machinery of the
country, and it will not do so. Destroying it is unthinkable.
Nor can it be dumped on the foreign market. Even if the prohibitive
tariffs (such as Germany's 97c. per bushel, France's 86c., Italy's 86c.) could
be met and overcome, it would destroy for present purposes the foreign
outlet for the crop now coming to market. It would inevitably reduce
the world price. But more final and forceful than either of these oonsiderations is the fact that every foreign nation has a farm problem of its own.
Every wheat importing nation is trying to stimulate its own production
and to increase its own independence of imports. Consequently many of
them already have an anti-dumping law.
By these laws, whenever any nation attempts to sell, in the market of
another, any commodity at a price less than it is sold for at home, a
tariff equal to the difference in selling prices becomes immediately effective.
Thus would a debenture pr equalization fee be immediately checkmated.
In some cases, the penalty is even more drastic. This is the final and
insuperable obstacle to any scheme of subsidy which contemplates dumping
the surplus at a price lower than the crop sells for in the home market.
We in the United States properly protect our own markets and our own
producers from the demoralization of foreign dumping by just such a law.
What would our American wheat farmers say if Argentina or Canada
attempted to dump on our markets at prices lower than they accepted at
home? Even if there were no anti-dumping laws, all schemes which are
based on dumping the surplus at a loss, and making the loss back on
domestic sales are fatally defective. The equalization fee plan and the
debenture plan are, at bottom, subsidies. • The only legitimate objective of a
subsidy is to increase production, and greater production is the inevitable
result. But we are already overproducing. That is the cause of our distress.
To stimulate more production by subsidies of any kind, or under any name
means a larger surplus, a further depression of the price, and Jr:created
distress at home.
I can understand how a man might be such a glutton as to be happy in
"digging his own grave with his teeth." I can see how an occasional honey
bee might become so intrigued by the sweetness or the stickiness of its owe
product as to fall bodily into the mass and be "embalmed in its own honey."
The spectacle of farmers working from daylight till dark and increasing
their expenses in order to create a vast surplus in which to inter themselves and their families would be easy to understand if it occurred curly
occasionally. But it is a matter of annual recurrence. Each year the
mountainous surplus is piled higher. Each year the depression pa
lower. It is time we understand that the cure for overproduction is not
more production.
Proponents of the equalization fee and of the debenture argue that these
are devices for equalizing tariff benefits. The underlying objective of the
tariff is to protect the home market for home producers, to keep our own
people employed and to avoid debasing American standards of living.
Agriculture has the opportunity to obtain tariff benefits. The Government cannot and does not attempt to force tariff benefits upon any industry.
All it can do is to provide the rate of duty. It is then the province of each
Industry to accept or to decline the protection. If its production is less
than the domestic market, it can get the benefit of the tariff. If it elects
to produce for and to sell on the world market, it loses the protection of
the tariff. Witness the automobile industry. The tariff merely offers the
protection—take it or leave it.
In all this, agriculture is no exception. For wheat, we have a large
measure of tariff protection offered us-42c. per bushel. We are already
overexpanded. We have overproduced, and are overproducing. If we
want the benefit of that 42c. per bushel, all we have to do Is to bring
Secretary Hyde Says Answer to Distress of Farmer
Through Overproduction is Less Production—
Cure not to Be Found in Purchase of Wheat by
Stabilization Corporation.
Commenting on the "disastrously low" price of wheat,
Secretary of Agriculture Arthur M. Hyde, addressing the
Midwest Retail Merchants' Council, at Kansas City, on
Aug. 5, declared that "when production is so clearly out of
balance with the market, and a surplus is continuously piling
:Up, there Is no need to hunt for or to discuss other factors
of the price depression." Secretary Hyde pointed out that
the world carryover of wheat has been accumulating in
volume, having increased from 272,000,000 bushels in 1926
to 489,000,000 bushels in 1930. "For seven years," he went
on to say, "the world has produced an annual average of
43,000,000 bushels of wheat more than it consumed. Our
American carryover has piled up to the record height of
265,000,000 bushels," he said, and he told the gathering
that "the only answer to overproduction is less production,
balancing our crops against market demands, producing only
such an amount as we can sell at a price which covers cost
of production plus a profit." Referring to the suggestion
that the Federal Farm Board should purchase on the market a large volume of wheat, say 100,000,000 bushels, and
thus increase the price. Secretary Hyde said "the cure for
overproduction is not to be found in the purchase of large
amounts of wheat by the Stabilization Corp." "Such a
course," he said, "would not reduce the visible supply of
Wheat by a single bushel. It would, on the other hand,
gather into one mass a vast amount of wheat, which, always
present, and all the more threatening because massed under
one control, would hang as a dead weight over the market
and prevent the free rise in prices which we fully expect
will normally occur."
"Not only would the reduction of wheat acreage have a
favorable effect upon next year's prices," said Secretary
Hyde, "but it would materially increase the price of this
year's crop." His address in full follows:
Just now the price of wheat is disastrously low. Few farmers can
produce wheat to sell at present prices without losing money. The cause
of present low prices is plain. Year after year, farmers have gone on
expending their acreage, with consequent cumulative increases both of
domestic and world stocks of wheat. There are other elements in the
farm problems. Taxation, orderly marketing, diversification, and land
use are some of them. I shall not discuss them here. When production
is so clearly out of balance with the market, and a surplus is continuously
piling up, there is no need to hunt for or to discuss other factors of the
price depression.
The world wheat acreage is to-day 42,000,000 acres larger than it was
before the war. The American share of that increase is 14,000,000 acres,
or one-third of the total. These figures do not include Russia, which,
before the war, was the world's largest exporter of wheat.
Production has for the last seven years outrun demand by an average of
43,000,000 bushels annually.
The American carryover of wheat on July 1 of each of the years specified
below was as follows:
1926
245,000,000 bushels
99,000,000 bushels 1929
1927
123,000,000 bushels 1930
265,000,000 bushels
1928
128,000,000 bushels
The world carryover has been accumulating in volume, as shown by the
following tabulation:
1926
272,000,000 bushels 1929
589,000,000 bushels
1927
332,000,000 bushels 1930
489,000,000 bushels
1928
418,000,000 bushels
The world carryover for July 1 of this year indicates a decrease of
100,000,000 bushels. On its face, this fact seems encouraging. But world
production in 1929-30 was 514,000,000 bushels less than in the previous
year. If world consumption had held its previous high level, the carryover should have been materially reduced. The past year has proven, however, that consuming countries not only can, but have, reduced their
consumption of wheat By high tariffs against our wheat, by forcing the
oonsumption of substitute cereals and starches, and by encouraging the
expansion of their own acreage they reduced their importations by 237,1100,000 bushels below the level of 1928-29.
The smaller 1929-30 world production was due to short crops in Canada
and Argentina. This shortage cannot be expected to continue. Both
ommtries have large acreages and are expanding their acreage. The
persistence of this large world carryover, in the face of lower world
production, is a stubborn fact, the importance of which must not be
Ignored.
Thus we have increased acreage, increased production, and made cumulative additions to both the American and the world carryover. As a
natural and inevitable result, prices have fallen to ruinous levels.
Many of us do not like the law of supply and demand. To some it
appears to be a monstrous fiction ruthlessly created by buyers and dealers
to beat down the prices of farm commodities. But, like it or not, there
it is. Nobody invented it. It is merely a statement of the way in which
buyers and sellers the world over, and ever since the world began, have
acted and will act under given conditions. It is bedded deep in human
nature. It applies to every produce of human toil, from wheat to automobiles. If the seller has too much of a given commodity, he gets panic
stricken and throws some or all of it on the market for what it will bring.
If the buyers know that the supply is too large, they hold off until they
think the bottom has been reached. The normal interplay of these human,
selfish motives and reactions of buyers and sellers is called the law of
supply and demand.
[VOL. 131.
AUG. 9 1930.]
FINANCIAL CHRONICLE
877
our production down to domestic needs. Is it there for us—take it Commissioner of Agriculture of each cotton growing State
or leave it.
to call a meeting offarmers bankers, business men and others
The answer to farm distress caused by overproduction is not more producand immediately organize in each State an association
tion. More production means merely more problems, lower prices, and
greater disaster. Anything which stimulates production, call it equaliza- . . . with the declared purpose of getting 20 cents for
tion fee, debenture, or what not, means larger and larger surpluses coming cotton through sane and safe organization." The announcemore and more into competition with foreign surpluses, produced on cheap
issued at Dallas, Tex., Aug. 1 by M. H. Wolfe,
land by cheap labor. This is not tariff equalization. This Is a cheap ment,
chimera of political promise which defeats its own ends. The only answer General Manager of the Association, follows:
to overproduction is less production, balancing our crops against market
The Southern States are facing a financial crisis and the day of recondemands, producing only such an amount as we can sell at a price which struction has arrived. Only !mode men and bold measures will prevent
covers cost of production plus a profit.
bankrupt cotton prices this fall.
I hold another objection to both the equalization fee and the debenture.
Those who trusted the Federal Farm Board for relief have been deluded.
They are attempts to write political answers to economic questions. The When Congress enacted the farm relief measure its declared purpose was
problems of American agriculture are not political problems. The problems "to minimize speculation in farm products". But instead of that the chief
of the farm are economic, and, if solved, will be solved in the realm of operations of the Farm Board have been speculations of a type that has
economics. After 10 years of blind following political will-o'-the-wisps, resulted in heavy losses in cotton and wheat both to the farmers and to the
only to find ourselves bogged down at the end, it is high time that we Board.
forget political schemes, and political remedies, and meet plain economic
And worst of all the price of cotton has been reduced about 7 cents per
problems on an economic basis.
Pound and the price of wheat reduced about 30 cents per bushel. It looks
True, the Federal Farm Board was created by political means—but it is like another year of the present policy of the Farm Board will largely
designed to take farm problems out of the realm of politics and find solutions destroy agriculture and bankrupt the most useful business enterprises of
in the realm of practical economics. The Board is designed to help the nation.
In view ofsuch conditions the Farmers Marketing Association of America,
American agriculture to help itself. True, also, the tariff was enacted by
political agencies, and it is the best tariff agriculture ever had. But Inc., is willing to stake all and make the bold stroke necessary to save the
agriculture does not have the full benefit of the tariff, and never will situation. Therefore, our directors have decided that in addition to our
have unless agriculture brings itself within the protection which the tariff regular contract we will put into operation an emergency contract and wage
wall sets up. To get that protection agriculture must bring its production a vigorous campaign to sign up five million bales of cotton to be held for a
price equal to 20 cents per pound basis middling seven eighths staple at
within the domestic requirement.
The Lord giveth and the Lord taketh away. So runs The Book. The Southern Ports.
The Department of Agriculture of Texas has agreed to join us in requestsame power which can grant subsidies can take them away and leave the
growing State to call
Industry stranded. In controlling production agriculture has an economic ing the Commissioner of Agriculture of each cotton
others and immediately
remedy which is not only effective and certain, but one which cannot be a meeting of farmers, bankers, business men and
organize in each State an Association with similar contracts, all to be
repealed by any act of the legislature,
Marketing Association of America. Inc., on
How ? By regulating production of farm products to the limits of affiliated with the Farmers
and fair and with the declared purpose of getting 20
market demands. By balancing production, and, therefore, supply, against terms that are just
through sane and safe organization.
and within probable demand. By limiting acreage planted to such as cents for cotton
Emergency Contract for Twenty Cent Cotton.
will under normal conditions produce all the foods and fibers as are
needed, plus a reasonable carryover.
For the purpose of helping build an organization through which growers
But, someone objects, you cannot control production by controlling the may have a voice in the price of cotton and for the specific purpose at this
acreage. The seasons, weather conditions, storms, insect pests, plant time of joining other growers in pledging five million bales of cotton to be
diseases, not the acreage, they say, control farm production. It is perfectly held for a price equal to twenty cents or more, basis middling seven eighths
true that the production of any piece of land varies with the seasons. A staple at Southern Ports, I hereby make application for membership in the
40 acres of wheat may produce one thousand bushels of wheat one year association and enclose $1 in payment therefor.
and one hundred bushels the next. But that is local. Take down the
In signing this application I hereby pledge myself to hold all or a part of
statistics on crop production for the whole country and average the my cotton,say 0000 bales and join in the campaign to secure sufficient memproduction per acre over 25 years. You will find the yield per acre for bers to control five million bales by Dec. 11930, provided the price does not
reach twenty cents prior to that date. On Dec. 1 1930 a tabulation will be
the whole country to be surprisingly uniform.
On wheat, for example, during the last 25 years, the average yield per made and if it is found that the total number of bales pledged is less than
acre has been 14.5 bushels. The highest yield was in 1915 at 17 bushels; five million then it is agreed by both parties that the grower may withdraw
the lowest in 1916 was 12.2 bushels—a variation above average of only 17% from the association without any obligation on either party.
If the grower wishes to borrow money on his cotton through the associaand below average of only 13%.
will
We now have a fairly accurate knowledge of market demands. We have tion he will sign one of the regular Marketing Agreements and the loan
forth from time
also an average yield per acre which is substantially accurate. If the be made on the best terms the association may be able to set
acreage be limited to such an acre, as under normal conditions will bring to time.
The cotton being held may be warehoused at the interior town where the
production within the market demand, we shall be on a sound actuarial basis.
farm or shipped to the association at points desigA surplus due to favorable seasons would not be of ungovernable propor- grower resides or on his
association.
tions. It could be carried over. In such a case the Federal Farm Board nated by the
The association agrees to sell the cotton under the direction of the grower
could render a real service.
price obtainable with the understanding that the grading,
Acreage is therefore the basis of any program for bringing agricultural at the highest
marketing and selling charges shall not exceed $1 per bale. And the cotton
within the operation of the law of supply and demand.
production
sold at the home town of the grower when prices offered are equal
Not only would the reduction of wheat acreage have a favorable effect may be
to prices that can be obtained in the chief markets of the world.
upon next year's prices, but it would materially increase the price of this
year's crop. When the country understands that the farmer is going
through with a definite program of reduction, the market will be relieved Experimental Cotton Gin Will Be Established in
Mississippi.
of the continuing threat and there will come an immediate increase In
the price of the present crop. Vigorous, co-operative action among farmers
The experimental cotton gin and laboratory authorized
to decrease acreage for the coming year should increase the gross value
of the present wheat crop by a sum much larger than the loss on the reduced at the last session of Congress will be erected by the U. S.
acreage.
Department of Agriculture on a site made available by the
But, you say, shall we abandon scientific methods, scrap our machinery,
Branch Experiment Station, according
and let our lands lie idle while interest and taxes eat them up? Certainly Mississippi Delta
not. Let us not forget that scientific principles and mechanical farming to an announcement Aug.1 by Secretary of Agriculture Hyde.
should apply to the method and the per acre cost of production. By Construction and equipment of the laboratory will begin
limiting acreage it is possible to use the best methods and also to regulate
that the experimental work may be
the size of the crop. Let us produce what is necessary as cheaply as at an early date in order
possible, but let WI limit the amount of that production to the market started as soon as possible in the present season. The
needs. Profit, not surplus products, will determine prosperity. Interest Department's announcement adds:
and expenses are met out of surplus profit, not out of surplus production.
Through the efforts of agricultural engineers, fiber analysts, and agronProfit, not quantity of crop, determines the standard of living, and
omists the Department expects to develop some of the fundamental princisupports civic enterprises.
ginning and cleaning and to promote a more exact underIf all the wheat land in America were owned by one man, the problem ples of cotton
relationships between the properties and conditions of seed
would be absurdly easy. That man would plan his production. He would standing of mechanical conditions of ginning, and the resulting quality
the
limit his crop to the amount which the market needs. He would reduce cotton,
ginned lint. Recent developments in methods of fiber analysis will be
his acreage. He would by no means abandon scientific methods or the use of
employed in measuring the effect of different conditions, both of seed
of machinery. He would produce wheat as cheaply as possible, but he
cotton and of mechanical equipment.
would hold the volume of production down until the market catches up;
Cotton growers and manufacturers as well as ginners and gin manufacwheat could be sold at a price which would pay him a profit.
until his
turers have expressed their appreciation of the ginning studies to be underOf course, the American wheat acreage will never be owned by any taken and their desire to make use of information developed. The Departone man. But the problem is the same as if it were. And the solution ment believes that the improvement of ginning is a field in which the interis the same. The millions of American farmers who do own the wheat ests of growers, ginners, distributors and manufacturers are in complete
lands have the same reason for applying that solution. That is, they have accord, and it expects that the results obtained at the ginning laboratory
the same reason as the one man would have, except that their reason is will contribute materially to the improvement of the spinning quality of
multiplied by the needs of the millions of farm families.
American cotton.
Those millions of families are now engaged in destructive competition
with each other. Each is engaged, by his surplus production, in beating Cotton Men Confer In Chicago with Chairman Legge
down the price of the commodity for all. Each family strikes something
of Federal Farm Board.
off of the living standards, the educational opportunities, and the welfare
Associated Press dispatch from Chicago August 2
Yet they are not enemies. They are neighbors and
of every other.
An
friends, having the same interests, the same ambitions, the same rights stated:
to an American opportunity and an American standard of living.
Leaders of the Southern co-operative cotton movement conferred to-day
with Chairman Alexander Legge and members of the Federal Farm Board,
discussing problems confronting growers and price advances to be made
Farmers' Marketing Association of America Proposes on next year's crops.
No formal announcement was made concerning the nature of the discusMeeting of Farmers, Bankers and Business Men to
which will be continued over the week-end.
Organize State Associations to Assure Price of sions, meeting is the first of a series here at which the Farm Board officials
The
will confer with live stock co-operative representatives as well as with
20 Cents for Cotton.
officers of the grain co-operatives. The meetings are part of an itinerary
An annowement to the effect that "the Department of which will take Mr. Legge in a wide swing through the grain and live stock
Agriculture): exas has agreed to join us in requesting the growing regions.
' 878
FINANCIAL CHRONICLE
Mr.iLegge expressed concern over the parched condition of crops through
the heat beleaguered corn belt and said from his observations the damage
would be "considerable."
Outstanding Brokers' Loans on New York Stock Exchange on July 31 Totaled $3,689,482,297—Falling
Off of $38,228,992 in Month.
A decrease of $38,228,992 in the outstanding brokers'
loans on the New York Stock Exchange during July brought
the total down from $3,727,711,289 on June 80 to $3,689,482,297 on July 31. The latest figure is the lowest in three
years, or since Aug. 31 1927, when the outstanding loans
stood at $3,673,891,333. The July 31 total is made up of
demand loans of $3,021,363,910, and time loans of $668,118,387. A month ago, June 30 1930, the demand loans
stood at $2,980,284,038, while the time loans amounted to
$747,427,251. The July 31 figures were made public, as
follows, Aug. 4, by the Stock Exchange.
Total net loans by New York Stock Exchange members on collateral,
contracted for and carried in New York as of the close of business July 81
1930, aggregated $3,689,482,297.
The detailed tabulation follows:
Demand Loans.
(1) Net borrowings on collateral from New
York banks or trust companies
$2.607,102.855
(2) Net borrowings on collateral from private bankers, brokers, foreign bank
agencies or others in the City of New
York
414,261.055
Time Loans.
$620.028,387
[Vim. 131.
tions reads,:the League would like to preserve. The resolution further reads that the Building & Loan League, through
assisting the farmer to rehabilitate himself, hopes to continue,
through rural sections, the ideals inculcated in all owned
homes.
A second resolution provides for the encouragement of the
work of the American Green Cross in reforestation and protection of present tree areas. The Building & Loan League
members, interested as they are exclusively in home buying
and building, are anxious to maintain lumber supplies. The
members of the Resolutions Committee include: L. P.
McCullough, Columbus, Ohio; Chairman; Carl J. Weber,
Fort Wayne, Incl.; C. N. Remington, Grand Rapids, Mich.;
Harry S. Wanzer, Sacramento, Calif.; R. J. Richardson, St.
Louis, Mo.; Charles Wilcox, Pittsburgh, Pa.; Ben H. Hazen,
Portland, Ore.; A. M. Johnson, Boston, Mass.; Horace
Russell, Atlanta, Ga.; W. R. MacWilliams, Oklahoma City,
Okla.; Edward C. Baltz, Washington, D. C.; M. George
de Lucas, New Orleans, La.; C. W. Loveland, Palatka, Fla.
John Warren, Newark, N.J.
Volume of Stocks Traded in on Chicago:Stock Exchange
in Seven Months this Year Exceeds Same
Year Ago.
Period
a
Although trading was quiet on the Chicago Stock Exchange
during the month of July, with a volume of only 3,504,800
48,090,000
shares, figures compiled by the Exchange on July 31 showed
113,021,363.910
$668,118,387 that the cumulative volume of stocks sold during the first
. Combined total of time and demand loans, $3,689,482,297.
seven months of this year is 32% ahead of last year's cumulaThe scope of the above compilation IB exactly the same as In the loan
tive volume for the corresponding period. The volume for
report issued by the Exchange a month ago.
the first seven months this year was 48,781,600 as compared
The compilation of the Stock Exchange since the issuance with 36,969,300 shares for the
first seven months a year ago.
of the monthly figures by it, beginning in January 1926, The par value of bonds sold on the Chicago
Exchange for
follow:
1926—
Jan. 30
Demand Loans.
32,516,960,599
Time Loans.
1966.213,555
Total Loans.
83,513,174.154
Mar.31
Apr. BO
May 28
June 30
July 31
Aug. 31
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
1.040.744,057
966.612.407
865,848.657
780,084.111
700,844,512
714,782,807
778,286.686
3.536,590,321
3,000,096,167
2.835,718,5419
2,767,400.514
2,926,298,345
2,996,759,527
3,142.148.068
2,419,206,724
2,289,430.450
2,329.536.550
2.541,682,885
799,730.286
821,746,475
799,625,125
751.178,370
3,218,937,010
3,111,176.925
3,129,161,675
3,292.860.253
2,328,340.338
2,475,498,129
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
3.134.027.003
8,480,779,821
810,446,000
780,961,250
785.093.500
799,903.950
783,875,950
811.998,250
877,184.250
928,320,545
896.953.245
922,8951.500
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
8.673.891,333
3,914,627,570
3.946,137.374
4.091,836,303
4.432.907.321
3.392.873,281
3,294,378,654
3,580.425,172
3,738,937,599
4,070,359,031
3,741.632,505
3,767.694.495
4,093,889,293
4,689,551,974
5.115.727.534
5.614,3138.360
5,722,258,724
1,027,479.260
1,028,200,260
1.059,749,000
1,168,845,000
1,203.687,250
1,156,718.982
1,069,653.084
957,548.112
824,087,711
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
4,893,351,487
4,837,347,579
5,051,437.405
5,513,639.685
5,879.721,062
6,391,644,264
6.4.39.740,511
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
3,378,420.785
752.491.831
730,398,507
594,458.888
571,218,280
565.217,450
626,762,195
603,651,630
719.641.454
717,392.710
870.795.889
719.305,737
613,089.488
6,735.164,241
6,678445,917
6,804.457,108
6,774.930,398
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
3.528.246.115
3.710.563,352
4.052,161,339
4,362,910,341
3.966,873,034
2,980,284,038
3,021,363,910
456.521.950
457.025,000
604,141,000
700.212.018
780.958,878
747,427,251
668,118,387
3.984,768,065
4,167.588.352
4.656.302,339
5.063.131.359
4,747,831,912
3,727,711,289
3,689,482.297
Feb. 27
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1927—
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 30
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
1928—
Jan. 31
Feb. 29
Mar.31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sent.30
Oct. 31
Nov. 30
Dec. 31
1929—
Jan. 31
Feb. 28
Mar. 30
Apr. 30
May 31
June 29
July 31
Aug. 31
Sept 30
Oct. 31
Nov.30
Dec. 31
1930—
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 29_
June 30
July 31
the first seven months of this year is $22,382,000, more
than six times the $3,411,000 par value for the first seven
months of 1929. The July 1930 volume stands at $1,093,000
as compared with $293,000 for July of a year ago, an increase
of 273%. Comparative figures for 1927, 1928, 1929 and
1930 follow:
STOOKS (IN SHARES).
Moneh—'
January
February
March
April
May
June
July
1930.
4,541,200
6,219,800
8,349,700
10,325,100
7,604,900
8.236,100
3,504,800
1929.
6,829,000
5,321,000
4,896,000
3,961.000
4,912,000
3.167.000
7,883,300
1928.
1,708.694
1,348,659
2,503,976
3.096.460
3,451,000
1.839,100
1.404,000
1927.
713,875
714.225
623,635
842,470
839,500
750.530
567.320
Total
48.781 600 36,969.300 15,351,889
:
5,051,555
BONDS (PAR VALUE).
Month
--1928.
1927.
January
3527,600
3551,00
3868.000 $1,146.100
.
February
3,071,500
470,000
813,000
814,150
March
6.951.000
809.000
657,500
1,108.500
April
4,573.500
504,500
690,000
1,824.000
May
583,500
3,013.000
913,000
2.394.500
June
351,000
3,153,000
843,500
2,723,200
July
293.000
1,093.000
455.500
831.500
Total
$22.382,000 $3,411,000 *5,482,000 310,841.950
P. T. Jackson Co., Boston Cotton Brokers, in
Bankruptcy.
An involuntary petition in bankruptcy has been filed in
the United States District Court, Boston, against the P. T.
Jackson Co., cotton brokers at 61 Pearl St., Boston, by
three creditors of the firm, according to Boston advices on
Aug. 7 to the "Wall Street Journal." The petitioners are,
it was said, the Naumkeag Steam Cotton Co., claiming to
be a creditor to the extent of $15,727, of which $15,041
represents cash paid for cotton not received; the Pelzer
Manufacturing Co., claiming $10,432 on invoices paid on
sight draft for cotton not received, and the Lisbon Spinning
Co., claiming $261. The assignment of this firm on July 24
was noted in our July 26 issue, page 577.
Brokerage Firm of Kendall & Moore, New York, Temporarily Enjoined by Supreme Court from Dealing
U. S. Building 8c Loan Leagues at Annual Convention
in Securities—Partners in Firm Being Sought by
Passes Resolution for Appointment of Committee
State Troopers.
to Study Measures for Improving Farmers' CondiOn Aug. 1 Supreme Court Justice Strong in Brooklyn temtion.
porarily enjoined the firm of Kendall & Moore, 2,061
A resolution providing for the appointment of a committee Broadway,
this
to study ways and means of improving the condition of the
American farmer was passed at the final general session of
the 38th annual convention of the United States Building and
Loan League at Grand Rapids, Mich., on July 31. The
resolution was presented by L. P. McCullouch, Columbus,
Ohio, Chairman of the Resolutions Committee. This action
was taken by the convention body because of the vital interest
of Building and Loan men in farm homes, which, the reSolu-
city, and the partners in the firm John J.
Kendall and Harold Moore, alias James Moore,from further
dealings in securities. The men are charged by Deputy
Attorney General Matthew A. Tiffany, of the State Bureau
of Securities, with operating an "out-and-out bucket shop."
The New York "Times" opAug. 2,from which the preceding
information is obtained, went on to say:
Since their whereabouts is unknown to the State Bureau of Securities,
the two Individuals will be served in the action by publication. This will ro-
Am.9 1930.]
FINANCIAL CHRONICLE
879
Both suspensions were a result of unethical business procedure, with
quire 62 days and if at the end of that time the defendants have not answered leniency shown to Mr. Sutro for a minor infraction of New York Curb
a receiver will be appointed.
Exchange rules.
Meanwhile Justice Strong's order forbids the Trade Bank of New York to
Federal Grand Jury subpoenas were sent out on Tuesday
allow withdrawalsfrom an account of $4,977 which the two men held jointly.
more than $6,000. An account of $12,390
This account at one time reached
of this week, Aug. 5, by George J. Mintzer, Assistant United
of Sicily Trust Co. has been withdrawn. Mr. Tiffany
with the Bank
estimated that the men made a profit of at least $13,000 in cash but how States Attorney, for Mr. McGean and for 19 others, inmuch they got in securitiesfrom their customers he was unable to ascertain. cluding Richard Brown, former President of the Manhattan
Mr. Tiffany said that through glamorous literature which indicated
(now known as American Machine &
that the concern was a member of the New York Stock Exchange, the Electrical Supply Co.
Curb Exchange and Produce Exchange, customers were induced to hand Metals, Inc.), and six customers' men of large brokerage
deover securities or pay cash for stocks which, he charged, were never
houses. The New York "Times" of Aug. 6, from which the
livered, the defendants converting the payments to their own uses.
They commenced operating April 15, he said. Complaints were received preceding matter has been taken, went on-to say:
and State troopers raided the concern's office on May 24. The only person
The subpoenas, some of which are returnable on Friday (yesterday), were
there was Marie Johnson of514 West 104th St.,employed as a stenographer. the first ever to be issued by the government in this district in an InShe told the investigators that her duty was to mail out circulars.
vestigation into manipulation of stock prices by a pool, Mr. Mintzer said.
In its Sunday issue, Aug. 3, the "Times" stated that The main object, he added, ij to determine if the mail* were used fraudur•
Watson Washburn, Assistant Attorney General, in charge lently in boosting prices of stock of the Manhattan Electrical Supply Co.
on July 10 from membership in the New York
ILeGean was
of the State Bureau of Securities, had detailed State troopers Stock Exchangesuspended years after he had been found guilty of having
for three
on Aug. 2 to locate the missing partners.
failed to "use due diligence in preventing improper transactions in stock
of the company in question." This automatically barred the firm of Sutro
Co. from the privileges of the Stock Exchange for the same period.
Mr. Mintzer said that recent testimony before Supreme Court Justice
F. L. Newburger, of Newburger, Henderson & Loeb,
Cropsey indicated that a combination had been formed to "manipulat.,
Elected President of Philadelphia Stock Exchange.
stock artificially so as to advance prices."
Frank L. Newburger, senior member of the firm of
He said that the pool had increased the price of Manhattan Electrical
Newburger, Henderson & Loeb, has been elected President stock from $20 to $50 from December 1929, to May 1 1930.
who had opened accounts
On May 2, he said, members of
of the Philadelphia Stock Exchange, Mr. Newburger is a under fictitious names and conducted the pool,
"wash" sales, began to unload their
native Philadelphian, 57 years of age. He has been in the holdings. Prices fell to a low of $14 a share.
Mr. Mintzer did not attempt so estimate the pool's profits. He declined
general brokerage business since graduating from the
the cusUniversity of Pennsylvania in 1898; he served as Vice- to make public the names of the brokerage houses that employed not been
tomers' men under subpoena, explaining that the houses had
of the Philadelphia Stock Exchange for the past a party to the transactions.
President
"A large number of customers' men were engaged in various brokerage
eight years—a period in which it has shown substantial
also the firm
growth. Mr. Newburger is at present in Europe, and in houses to advise people to buy the stock. They engaged in April 1980,
which sent out 200,000 letters, and
Goldman
communication he reports that foreign business is of W. J.$32,500," Co., Mintzer said.
recent
Mr.
received
showing gradual improvement. Newburger, Henderson &
McCarthy, lir. Mintzer charged, paid large sums to publicity men, contheir cusLoeb are members of the New York and Philadelphia Stock tact men and employee of brokerage firms, who failed to tell
they were receiving secret payments for making sales.
Exchanges, New York Curb Exchange and the New York tomersaddition to Brown, McCarthy and McClean, others subpoenaed inIn
Produce Exchange, with main offices at 1423 Walnut St., clude, according to Mr. (Mintzer, Emma McCarthy, the trader's wile;
Philadelphia, and 40 Wall Street, New York City, and Norman B. Ross, David Goldsmith, Mortimer Ausfus, Walker Cochran,
champion; John Campbell, Charles F. Petree, Donald
branch offices throughout New York City and in Lebanon, former billiards Russell, A. I). King, David Miller, Frederick Miller, Orton
Mullen, Gordon
Pa., North Philadelphia and Atlantic City.
W. Lindgrin, Horace Dale Tohmen, Joseph R. Garph, John Braddus and
John Buchhalter, former manager of the uptown office of Sutro & Co.
Ross, according to Mr. Mintzer, was McCarthy's assistant, and Braddus
Supreme Court Permanently Enjoins Shaw, Drescher a chief telegraph operator of a large Stock Exchange house.
Mr. Mintzer said that Goldsmith and Angus were officers of the W. J.
& Co., Inc., from Further Stock Sales.
Goldman Co., Cochran, Campbell, Petree, Mullen, Russell and King, cusContinuing its drive on "bucket shops," the Attorney- tomers' men; and Lindgrin, Tohmen and Garph, "victims," of Reading, Pa.
General's office, through its Bureau of Securities, announced
on Thursday of this week (Aug. 7) that the firm of Shaw,
Drescher & Co., Inc., of 150 Broadway, and Harry Drescher
of 210 West 101st St., had been permanently enjoined from
further stock sales by Supreme Court Justice Charles J.
Dodd in Brooklyn on a motion brought by Deputy AttorneyGeneral Marie Teresa Se,alzo. The New York "Sun" of
Aug. 7, from which the above information is obtained,
continuing, said:
Following several complaints, Miss Scalzo visited the offices of the company and found a "boiler room" with a battery of telephones being operated
by seven'high-pressure salesmen. She also found one of the employees
to be Arthur Rabe, who had been permanently enjoined from stock selling
activities last year while a member of Rabe-Buckley & Co.
According to Miss Seals°, Rabe was not very actively engaged in Shaw.
Drescher & Co., but his father, lingo Rabe, was acting as office manager.
Drescher was requested to appear at the Bureau of Securities to show
cause why he should not be permanently enjoined from dealing in stocks.
He consented to a voluntary injunction. The firm had been in business
only about six weeks, but,according to Miss Scaizo,it was already bucketing
orders and its liabilities far exceeded its assets.
According to the Attorney-General's office, the firm was selling stock
in the Globe Insurance Co. of America, Lloyd Casualty of America and
the Equitable Assurance Co. It also developed that the firm was selling
stock on the installment plan, but had failed to purchase stock after receiving the money for it.
Miss Scaizo said that the firm lacked sufficient money to cover its orders
and that in some instances had even charged interest. A large number of
circulars dealing with stock sales were found in the office.
Drescher, it was said, recently bought out William J. Shaw and consequently was the entire firm.
New York Curb Exchange Suspends Emil Sutro of
Sutro & Co., San Francisco, for Brief Period and
James H. McGean of the Same Firm for Three
Years—Federal Grand Jury Supboenas McGoan
and 19 Others in Stock Pool Case.
At a special meeting of the Board of Governors of the
New York Curb Exchange Emil Sutra, San Francisco, of
Sutro & Co., was suspended from associate membership
In the exchange from Aug. 4 to Sep. 2 1930, in accordance
with Article XVII, Section 7 of the constitution, while
James H. McGean, of Sutro & Co., was suspended from
associate membership for three years from July 9 in accordance with Article XVII, Section 7 of the constitution,
according to the New York "Herald Tribune" of Wednesday,
Aug. 6, which. furthermore said:
•
The suspension of Sutro & Co. from the New York Stock
Exchange was noted in our issue of July 12, page 210, and
the affairs of the firm 'referred to in our July 19 number,
page 380.
F. J. Lisman Sees Long Period of Ever-Cheapening
Money.
The August issue of the "Lisman Digest," a monthly
publication devoted to the money, stock and bond markets,
which made its appearance this week under the auspices of
F. J. Lisman & Co., members of the New York Stook Exchange, is featured by a discussion of "The Security Yardstick," by F. J. Lisman, senior member of the firm. Mr.
Lisman says:
Stocks should, and during a normal period of time do. sell at prices to
yield somewhat less than bonds. Unless the world should again undertake
of ever-cheapening
a destructive war, we are likely to have a long period
money and ever-rising prices for securities which are certain to pay their
interest.
At present, therefore, we have two very important conflicting factors
affecting the price of stocks—the low cost of money on the one hand, which
is the dominant underlying factor for the long swing; and the possibility of
reduction of dividends on account of decreasing profits on the other.
However, even though, for example,some $8 stocks may possibly decrease
their dividends to as low as $5, they are nevertheless selling on to-day's
basis to yield over 5%. Therefore it would seem that the market has gone
a long way toward discounting further unfavorable trade conditions which
may not occur, as it over-discounted increased dividends in 1929 which
did not materialize.
Capital of Greater New York City Banks Increases
166.7% in Ten Years, According to Clinton Gilbert & Co.
A comparison of the capital funds, deposits, and total
resources of all National and State banking institutions in
Greater New York City over a period of ten years, made
by Clinton Gilbert & Co., members of the New York Stock
Exchange, shows that the capital of these banks increased
166.7% from June 30 1920 to June 30 1930. Capital as of
June 30 1930 is given as $794,311,100, compared with $297,781,000 ten years ago. Surplus and undivided profits increased during this period from $532,041,100 to $1,431,376,300, and gross deposits increased from $6,922,324,800
to $11,149,653,400. Total resources of the banks as of
June 30 1930 were $14,767,420,100, an increase of 67%
over the 1920 figure of $8,823,645,100.
880
FINANCIAL CHRONICLE
Hoit, Rose & Troster Report That Most New York City
Bank Stocks Closed Higher on July 31 Despite
Inactivity During Month.
Although activity in New York City bank stocks was at
a low ebb during July, most issues closed the month at higher
levels than July 1 prices, Hoit, Rose & Troster report.
Opening July 1 at 141, the Hoit, Rose & Troster weighted
index of 14 leading New York City bank stocks sank to 140
on July 8 but rose to a high of 153 on July 17 and closed
July 31 at 146. The following table, based on closing bid
prices, shows the range for the month:
America
Bankers
Central Hanover
,'Chase
Chatham
Chemical
City
Corn Exchange
Guaranty
Irving
Manhattan
Manufacturers
New York Trust
Public
Weighted average
July 1.
100
128
332
1274
102
61%
136
161%
554
46%
105
93%
230
100
141
The survey says:
[Vol,. 131.
Rediscount Rates of St. Louis and San Francisco
Federal Reserve Banks Reduced from 4% to
334%•
Both the St. Louis and San Francisco Federal Reserve
Banks have lowered their rediscount rates this week from
4% to 3%%. Announcement of the change in the rate:of
the St. Louis Reserve Bank was made as follows by its
Chairman:
•
FEDERAL RESERVE BANK OF ST. LOUIS
August 6 1930.
(After close of business)
The Federal Reserve Board has approved
application of the Federal
Reserve Bank of St. Louis to decrease its
discount rate from 4% to 334%
July 8. July 17. July 31. on all classes of paper of all maturities, effective August
7. 1930.
97
99
95
JOHN S. WOOD
146
1313
138%
Chairman of the Board.
326
364
343
The 4% rate had been in effect at the St. Louis Bank
129
1413
138
102
106
105
since April 12 1930, when it was reduced from
61%
71%
66
432
140 ' 129%
135
The San Francisco Federal Reserve Bank announced on
154
164
160
597
639
Aug. 7 that its rediscount rate had been reduced from 4%
609
46%
51'4
49
10544
111
109'1 to 332% effective Aug. 8. The 4% rate was established
93%
99%
94% March 21 1930,
having at that time been changed from 4M%.
222
252
241
100
109
104
There are now only three
140
153
146
Among the issues that showed high net gains for the month were: Guaranty Trust, Chase National, Central Hanover, New York Trust and Bankers
Trust. Other issues that scored notabk gains were: Chemical, Manhattan,
Public, Chatham Phenix and Irving.
Course of Insurance Stocks in New York During July—
Survey by Hoit, Rose & Troster.
The New York City market for insurance stocks in July
moved within the narrowest range in months, according to
the monthly analysis made by Hoit, Rose & Troster. Nevertheless, a number of issues, particularly Travelers, Globe
& Rutgers, Aetna Casualty & Surety, Westchester, Aetna
Life, Aetna Fire and Hartford Fire, were able to materially
improve their price levels. The Hoit, Rose & Troster
weighted index of 20 leading insurance stocks opened July 1
at 60, dropped to 59 on July 8 and closed July 31 at 62, after
having touched a high of 64 on July 26. Based on closing
bid prices, the range for the month was as follows:
Federal Reserve Banks which still
hold to the 4% rate—Kansas City, Minneapolis and Dallas—
All the other Banks—except Boston, at which the rate
is
3%, and New York, which has a 23/2% rate—maintain a
rate of 33%.
White House Conference on Home Building and Home
Ownership—President Hoover's Announcement.
A conference to deal "with the whole broad question of
home construction and home ownership, . . . to embrace such questions as finance, design, equipment, city
planning, transportation," is the purpose of President Hoover, in announcing, on Aug. 1, the initial membership of a
planning committee for the conference. The planning committee, which will be under the chairmanship of Robert P.
Lamont, Secretary of Commerce, "will," according to President Hoover's statement, "set up nation-wide subcommittees
to determine the facts and to study different phases of the
question." The President's announcement follows:
After wide consultation with interested leaders,
I have decided to undertake the organization of 'an adequate investigation
and study on a nationwide scale of the problems presented in home ownership
and home building,
with the view to the development of a better understanding of the questions
193
19%
19% Involved and the hope of inspiring better organization and removal of
34%
35
35% influences
which seriously limit the spread of home ownership, both town
965
860
950
29%
37%
30% and country.
20
23
22
The conference will be organized by a planning committee comprised of
40
4234
41% representatives
of the leading national groups interested in this field, under
24
28
28
the chairmanship of Secretary Lamont. This planning committee will in
75
68
75
433i
40
4254 turn set up nation-wide subcommittees to determine the facts and to study
19
17
19
the different phases of the question.
12
12
1154
The conference will deal with the whole broad question of home eon62
59
61%
137
135
137
struction and home ownership. It will embrace such questions as finance,
1220
1390
1385
design, equipment, city planning, transportatibn, &c.
64
63
64
One of the important questions is finance. The present depression has
64
47
64
56
50
5534 given emphasis to the fact that the credit system in home building is not
as soundly organizrd as other branches of credit.
Weighted average
64
59
60
62
Commerce, industry, installment buying, and to a large extent farm
mortgages, all
London to Buy Gold Here for Re-Export to Paris, Is months during have more effective financial reservoirs. There- have been
this depression when shortage of capital available for homeBelief—Premium Paid by France on Purchases building purposes has been so acute that this branch of construction has
from England—Bankers Point Out London Sale fallen off greatly, while other forms of credit have been available through.
out the depression.
of N. Y. Gold Would Eliminate Refining Costs.
In order to enable the purchase of homes on
The following is from the New York "Journal of Com- Installment plan, it is necessary to place first, and,what amounts to the
often enough, second
mortgages. The building and loan associations have performed a great
merce" of Aug. 5:
Although quotations on cable transfers of sterling are still considerably service in this field, but they cannot without assistance carry the burden.
below the rate at which foreign exchange dealers calculate gold
mortgages, carried so largely by the savings banks and insurance
could First
profitably be exported to London, early shipments were predicted in bank- companies, have been affected by competition with bonds and other forms
ing quarters yesterday. Continued
exports to France and to Canada of investment.
are expected. Because of
Second mortgages, which are also necessary to many people, have, if we
the steady advance during the past week in
German exchange, Berlin is also
likely to take gold from New York, it take into account commissions, discounts and other charges, risen in rates
was declared.
in many cities to the equivalent of 20 or 25% per annum, all of which
It was believed that two
factors contributed to the probability of ship- not only stifles time ownership, but has added to the present depression
ments to England in the near
future. During the past month France has by increasing unemployment in the trades involved.
steadily been taking gold from
The finance question, however, is only one of many. Greater comfort
London, purchasing both in the open market
and directly from the Bank
of England. In purchasing from the Bank of and reduction in cost of construction in many parts of the country through
England the expense ofrefining
the gold Was added to the costs ofshipment. improved design, the better layout of residential areas are all of first
This was occasioned by the
fact that the Bank of France will purchase importance. The expansion and betterment of homes in its bearing upon
gold only of a grade of fineness
well above 99%. The Bank of England at comfort, increasing standards of living, and economic and social stability,
present is selling gold only of
lower fineness, so that when purchases for Is of outstanding importance.
French account are made in London
the metal must first be refined.
It is not suggested that the result of the conference will be recommendaFrench Paying Premium.
tions for legislation, but rather a co-ordination, stimulation and larger
Gold supplied by the Federal
Reserve Bank of New York is acceptable to organization of the private
the Bank of France. It was
agencies. There, however, needs to be a study
declared
would lead to its being re-exported that shipment of such gold to London of the inortgage laws of many States with view to more intelligent attitude
to France. French hankers at present to the home builder.
paying a premium on London
The heads of the following associations have been asked to act as initial
the export of gold to London gold. Because of this premium, It was said.
would be profitable below the calculated gold members
point.
of a planning committee for the conference:
American Civic Association, American Farm Bureau Federation, American
In addition, it was pointed
out,
made without calculation of loss shipments to London may possibly be Federation of Labor, American Home Economics Association, American
of interest while the gold is in transit.
Some time ago the Midland Bank
Institute of Architects, Associated General Contractors, Association of Life
of London made shipments and received
a credit on the books of the
Bank of England while the metal was on the Insurance Presidents, Better Homes in America, Chamber of Commerce of
sea. Counting the gold immediately
the United States, General Federation of Women's Clubs, National Associaas
to the amount of metal being shipped, reserve, it was able to invest funds tion of Builders' Exchanges, National Association
of Real Estate Boards,
thus eliminating loss of interest. Both
of these factors would considerably
National Congress of Parents and Teachers, National Farmers' Union, Nareduce the gold point. In foreign exchange quarters it was said that
without calculation of interest costs gold tional Grange, Russell Sage Foundation, Savings Bank Division—American
could be shipped at $4.88%. Bankers
declared that allowing for resale of Bankers' Association, United States League of Building and Loan Associagold at a premium to France shipments
would be possible at a much lower tions, and Women's National Farm and Garden Aasodation. Others will
rate.
be added.
Aetna Casualty & Surety
Aetna Fire
Aetna Life
American (Newark)
Continental Casualty
Globe & Rutgers
Great American
Halifax
Hanover
Harmonla
Hartford Fire
Home Insurance
National Casualty
National Liberty
Providence Washington
fringield Fire & Marine
TraVelers
U. S. Casualty
U. S. Fire
Westchester Fire
July 1.
125
56
78
18%
34
900
30%
21
41
25
68
4034
17
12
61
135
1230
67
59
48
July 8. July 26. July 31.
124
138
138
56
63%
63
87
78
85
•
AVG. 9 1930.]
John M. Giles, who for several years has been Chief of the Division of
Building and Housing in the Department of Commerce, will act as executive
secretary.
The date of the conference will be determined by the planning committee.
Funds have been provided privately to cover the entire research and other
activities of the conference.
An item regarding the proposed conference appeared in
our issue of Aug. 2, page 731.
Home Building Unit 21st of Hoover Commissions.
The twenty-first commission under the present Administration came into being on Aug. 1 with President Hoover's
announcement of his Commission on Home Building and
Ownership, according to Washington accounts to the New
York "Herald Tribune," which adds:
The list to date, as compiled at the White House, follows:
Public Commissions or Committees.
1. Law Enforcement Commiasion.
2. Federal Farm Board.
S. Conservation of the Public Domain.
4. The Haytian Commission.
5. Delegation to London Naval Conference.
6. Conference on Child Health and Protection.
7. Conference on Maintenance of Wages and Construction During the
Business Depression.
8. Commission on Home Building and Ownership.
Committees to Co-ordinate Activities Antony Government Agencies in Respect
to Special Problems.
1. Marine Mail Contracts.
2. San Francisco Bridge Commission.
3. California Water Administration.
4. Commission for Employnsent Statistics.
5. Army and Navy Pay Revision.
1.
2.
3.
4.
5.
6.
7.
8.
881
FINANCIAL CHRONICLE
3.61% on their property investment, according to reports
filed by the carriers with the Bureau of Railway Economics.
In the first half of 1929 their net railway operating income
was $562,729,734, or 5.52% on their property investment.
Property investment is the value of road and equipment
as shown by the books of the railways, including materials,
supplies and cash. The net railway operating income is
what is left after the payment of operating expenses, taxes
and equipment rentals, but before interest and other fixed
charges are paid.
This compilation as to earnings for the first half of 1930
is based on reports from 172 class I railroads representing
a total of 242,385 miles. Gross operating revenues for the
first six months in 1930 totaled $2,691,464,898 compared
with $3,067,818,671 for the same period last year or a decrease of 12.3%. Operating expenses for the first half of
the year amounted to $2,073,253,472 compared with $2,249,486,145 for the same period one year ago, a decrease of
7.8%. Class I railroads in the first six months of 1930 paid
$181,245,808 in taxes, compared with $197,041,739 for the
same period the year before. For the month of June alone
the tax bill of the class I railroads amounted to $31,379,697,
a decrease of $2,904,692 under June of the previous year.
Twenty-seven class I railroads operated at a loss in the
first half of 1930, of which nine were in the Eastern, two
in the Southern and sixteen in the .Western district. Net
railway operating income by districts for the first half of
1930, with the percentage of return based on property
investment on an annual basis, follows:
Commissions Required by Congress.
Yellowstone Park Boundary Commission.
National Negro Memorial Commission.
Iceland Althing Celebration.
Tercentenary Massachusetts Bay Colony Commission,
Chicago World Fair Centennial Celebration.
The Battle of Monongahela Commission.
Nicaraguan Canal Commission.
French Colonial Exposition.
All but the Farm Board and the Commissions on Employnient and the
Nicaraguan Canal are considered temporary.
Deposits in Mutual Savings Bank at End of June
-Gain of $273,766,807 in Six Months
39,145,891,859
According to National Association of Mutual
Savings Banks.
Deposits in mutual savings banks, which hold more than
30% of all savings in the banks of the United States, showed
a gain of $273,766,807 for the six months ending June 30,
according to figures submitted by the individual banks to
the National Association of Mutual Savings Banks. The
Association, in making this known, Aug. 4, said:
New England region
Great Lakes region
Central Eastern region
Pocakontas region
Total Eastern District
Total Southern District
Northwestern region
Central Western region
Southwestern region
Total Western District
Total United States
$21,526,009
69.749,171
89,640,046
38,563,547
219,478,773
43,189,454
23,283,499
58,411,262
32,065.848
113,760,609
5.23%
3.50%
3.89%
8.08%
4.23%
2.73%
2.28%
3.43%
3.46%
3.12%
$376,428,836
3.61%
Class I railroads for the month of June had a net operating income of $68,881,473, which, for that month, was
at the annual rate of return of 3.35% on their property
investment. In June last year their net railway operating
income was $105,817,808, or 5.27%. Gross operating revenues for the month of June amounted to $444,848,489, corn
pared with $532,621,029 in June last year, a decrease of.
16.5%. Operating expenses in June totaled $334,637,933
compared with $382,354,669 in the same month in 1929,
a decrease of 12.5%.
Eastern District.
Class I railroads In the Eastern District for the first six months in 1930
had a net railway operating income of $219.478,773, which was at the
annual rate of return of 4.23% on their property investment. For the
same period in 1929 their net railway operating income was $304,260,707.
or 6.01% on their property investment. Gross operating revenues of the
I railroads in the Eastern District for the first six months in 1930
That figure represented a larger gain than in some other recent six class $1,365,705,017, a decrease of 11.5% below the corresponding period
totaled
months' periods before deflation began, and compared impressively with
the year before, while operating expenses totaled $1,030,516.648. a decrease
the decrease in the last six months of 1929, amounting to $82,710,075.
of 7.8% under the same period in 1929.
The same ratio in National and State banks and trust companies would mean
Class I railroads in the Eastern District for the month of June had a
for the half year of about $700,000,000.
a gain in savings
net railway operating income of $38,737,996, compared with $56.806.721
New York led the nation with an increase of its savings bank deposits In June 1929.
amounting to $172,953,191 between Jan. 1 and June 30. That meant an
Snitthern District.
average acoount of $837.84, only $10 per account under the average a year
Class I railroads in the Southern District 1or the first six months in 1930
more depositors than a year ago.
ago. And there were 177,905
had a net railway operating income of $43,189,454, which was at the
Massachusetts followed with the second largest gain, representing an annual rate of return of 2.73% on their property investment. For the
increase of $49,239,371 for the six months, compared to a loss of $6,896,728
same period in 1929 their net railway operating income amounted to
In the final half year of 1929. The average per depositor was $693.24, $68,963,135, which was at the annual rate of return of 4.40%. Gross
or a gain of $5 per account over a year ago.
operating revenues of the class I railroads in the Southern District for the
Typical gains during the six months in other key industrial States were first six months in 1930 amounted to $342,993,041, a decrease of 13.1%
Connecticut, $24,110,969; Delaware, $1,349,181; Maryland,
as follows:
under the same period the year before, while operating expenses totaled
$6,518,018; New Jersey, $10,143,752; Ohio, $2,709,984; Pennsylvania, $271.291,074, a decrease of 8%.
$10,465,155, and Rhode Island, $1,338,756. Only five States showed
Class I railroads in the Southern District for the month of June had a
further recessions, and none of the amounts were important.
net railway operating income of $4,113,833 compared with $10,149,603
At the end of the half year the mutual savings banks had total deposits In June 1929.
Western District.
of $9,145,891,859, the largest accumulation of small capital ever brought
together by one class of banks anyWhere in the world. Total assets, for the
Class I railroads in the Western District for the first six months in 1930
,
first time, passed the ten billion mark, rising to $10 252,675,171. That is had a net railway operating income of $113,760,609, which was at an
about equal to the entire national wealth when the first of the savings annual rate of return of 3.12% on their property investment. For the
banks were established a little more than a century ago.
first six months in 1929 the railroads in that district had a net railway
It is a matter of special interest that the surplus ratio to deposits increased operating income of $189,505,892, which was at an annual rate of return
for the country as a whole, despite the depressed of 5.32% on their property investment. Gross operating revenues of the
In many States, and
security markets. This was made possible only by the exceptional class class I railroads in the Western District for the first six months this year
of investments that savings banks are permitted to make. Delaware led amounted to $982,766.840, a decrease of 12.9% under the same period
with a surplus ratio of 19.3%, followed by New York with 13.4%. The last year, while operating expenses totaled $771,445,750, a decrease of
average was better thin 11%.
7.8% compared with the first six months the year before.
For the month of June the net railway operating income of the class I
Officials of the National Association of Mutual Savings Banks pointed
ratios as proof of the savings banks' sound position. That railroads in the Western District amounted to $26,029,644. The net
to the high
deposits and surplus ratio should increase at such a time was held to be railway operating income of the same roads in June 1929 totaled $38.861.484.
noteworthy, as the savings institutions were the first source of funds for
-UNITED STATES.
CLASS I RAILROADS
hundreds of thousands of depositors after the market went down. Between
1930.
Month of June1929.
July 1 1929, at the peak of the market, and the same date this year, Total operating revenues
$444,848,489
$532,621,029
334,637,933
382,354,669
depositors increased by 293,683, or almost 300,000 new savers in the worst Total operating expenses
31,379.697
34,284,389
economic period of years. All mutual savings bank depositors number Taws
68,881,473
Net railway operating income
105,817 808
12,272,956, about one person in 10, under the new census.
Operating ratio
75.23%
71.79%
Rate of return on property investment
3.35%
5.27%
Six Months Ended June 30
Railway Operating Returns for June and the Half Year. Total operating revenues
$2,691,464,898 $3,067,818,671
operating expenses
2,073.253,472 2,249,486,145
Class I railroads of the United States for the first six Total
Taxes
197,041,739
181,245,808
operating income
Net railway
562,729,734
376,428,836
months this year had a net railway operating income of Operating ratio
73.33%
77.03%
3.61%
5.52%
1376,428,836, which was at the annual rate of return of Rate of return on property investment
882
FINANCIAL CHRONICLE
[VOL. 131.
Loading of Railroad Revenue Freight for Week Ended
There are appro:dmately 240 persons employe
d by the company
July 26 Below That of Some Week of 1929 and 1928. has been operating an electric train service between this city and , which
WilkesBarre since 1903. The reduction will
apply to every one, including the
Loading of revenue freight for the week ended on July 26 President, it was learned.
In the last four months the Laurel Line
totaled 919,349 ears, the Car Service Division of the Amerihas failed to earn sufficient
can Railway Association announced on Aug. 5. This was revenue to pay the interest on its bonds, it was stated, and the outlook
is not promising. Automobiles and buses
have cut into the line's business.
a decrease of 8,907 cars under the preceding week, and a
reduction of 183,204 cars below the same week in 1929. It Deposit of
Securities with New York State Banking
also was a decrease of 114,977 cars below the same week
Department by J. P. Morgan and Other Banki
ng
In 1928. The changes under the different headings are
Firms to Comply with Requirements
in New Bankoutlined as follows:
ing Law Governing Private Bankers.
Miscellaneous freight loading for the week of July 26 totaled
354,935
The New York State Banking Depart
Cars, 73.842 cars under the same week in 1929 and 53,775 cars under the
ment in its weekly
corresponding week in 1928.
bulletin issued Aug. 1 reports the deposit
by J. P. Morgan
Loading of merchandise less than carload lot freight amounted to
& Co., and other banking firms, of
230,988
various securities with the
cars, a decrease of 27,053 cars below the corresponding week last year
and Department,
pursuant to the provisions of subdivision 4
24,310 cars below the same week two years ago.
Coal loading amounted to 140,749 cars, a decrease of 20,315 cars
below of Section 150 of the new State Banking Law. The text
the same week in 1929 and 15,473 cars below the same week in 1928.
of the law was given in our issue of July
Forest products loading amounted to 41,612 cars. 26,181 cars under
19, page 383. Besides J. P. Morgan & Co. the State
the corresponding week in 1929 and 23,861 under the same week two
Banking Department
years
ago.
states that the following firms have also
deposited securities
Ore loading amounted to 60,381 cars, a reduction of 20,297 cars
below with it in accordance with the
requirements of the law:
the same week in 1929 and 2,270 cars below the same week in 1928.
Thos. Cook & Son; Goldman, Sachs &
Coke loading amounted to 8,280 cars, a decrease of 3,681 cars below
Co.; A. Iselin &
the
corresponding week last year and 352 cars under the same week in
Co.; Kidder, Peabody & Co. and Laidlaw &
1928.
Co.
Grain and grain products loading for the week totaled 63,637
cars, a
The provision of the new banking law
decrease of 6,480 cars below the corresponding week in 1929,
requiring "private
but 8,332
bankers" to deposit securities with the
cars above the same week in 1928. In the Western districts alone
grain
State Banking Deand grain products loading amounted to 45,236 cars, a decrease
of 5,648 partment in amounts of $100,000 each, is
cars below the same week in 1929.
applicable to
brokerage firms and members of the New York
Livestock loading totaled 18,769 cars. 5,355 cars under the same
Stock Exweek change
in 1929 and 3,268 cars under the corresponding week in 1928.
and the New York Curb Exchange, only in
In the
the event
Western districts alone livestock loading amounted to 14.217
that such firms transmit funds in amounts of less
cars, a decrease of 4,183 cars compared with the same week last year.
than $500
units, according to an oral statement Aug. 7 by
All districts reported reductions in the total loading of all commodi
the Superties
not only compared with the same week in 1929, but also the
same week intendent of Banks, Joseph A. Broderick. Noting this the
In 1928.
"United States Daily" in its Aug. 8 issue said:
Loading of revenue freight in 1930 compared with the two previous
years follows:
Four weeks in January
Four weeks in February
Five weeks in March
Four weeks in April
Five weeks in may
Four weeks in June
Four weeks in July
Total
1930.
3,349,424
3,505,962
4,414,82.5
3,619,293
4,598,555
3,719,447
3555,731
1929.
3,571,4.5.5
3,766,136
4,815,937
3,989,142
5,182,02
4,291,381
4,160,078
26,763,037
29,777,031
1828.
3,448,895
3,590,742
4,752,559
3,740,307
4,939,828
3,089,442
3,944,041
28,405,81
Chesapeake & Ohio Shops Reopen at Clifton Forge,
Russell, Huntington and Columbus.
The following Richmond advices are from the "Wall
Street Journal" of Aug. 4:
The new provisions of the banking law that
are ofspecial interest to brokerage houses, Mr. Broderick explained, are sections
2 and 3 of the statute
relating to private bankers.
The New York Stock Exchange recently sent to
its members a memorandum explaining the new provisions of the law, and the
New York Curb Exchange has just filed with the Banking Departm
ent a memorandum to
be sent to its members on the same subject. Mr. Broderic
k stated that it
was shown in the New York Stock Exchange
memorandum that "the
Superintendent may either personally or by his deputies
or examiners make
such special investigations as he may deem necessar
y to determine whether
any individual, co-partnership, unincorporated associat
ion or corporation
is violating or has violated any of the provisions of this
chapter; and to the
extent necessary to make such determination, the
Superintendent shall
have the right to examine the relevant books, records,
accounts and documents."
From the "Wall Street Journal" of
Aug. 5 we quote the
Work has been resumed by the general car repair department
of the 17th following:
Street shops of Chesapeake & Ohio Ry., after a suspensi
on for one week
Certain large New York private bankers, some
starting July 24. Shops at Clifton Forge, Russell, Huntington
of whom are members of
and Columbus the Stock Exchang
e, have made this deposit of $100,000 merely as a
also resumed operations, but the Peru plant will remain closed
safeuntil Sept. 1. guard under the new
banking requirements, which went into effect July
The suspension of work only affected the general repair
force, running Although the new
31.
law Is not directed at their operations, but is designed
repairs having been continued. About 250 men are
employed in the car to protect the
interest of the ignorant classes in their dealings with
department at the 17th Street shops.
small
private banks which conduct their business
In a manner calculated to
attract deposits from the general public,
large city institutions, the general
public, the large city institutions would come
New York Central RR. Shops at West Albany Reope
within the scope of the law
n. whenever they remitted small sums
for any of their customers. It is to be
United Press advices from Albany, N. Y., publish
on the "safe side", therefore, that these city private
ed in
bankers, which number
about a dozen firms, have been advised by counsel
the "Wall Street Joutnal" of Aug. 4, state:
and by the New York
Stock Exchange to make the required deposit of securitie
After taking an involuntary vacation of two weeks, 2,000
s with the Banking
men returned Department.
to work in the repair shops of the New York Central RR.
at West Albany
It is more particularly with respect to other new provisio
Monday.
ns of the banking
law relating to private banks that the Stock Exchang
For the present they will w srp A^'
e firms are concerned,
, .
-elc, with prospects of in- but no deposit of
securities is called for to meet these provisions.
creased ac"- Vt.
.,....., which occurred also at the
Avis and
In part the New York "Times" of Aug.3 had the
snops July 19, was reported due to the fact
that
following
repair work on locomotives and cars had caught up with
the operating to say:
schedule.
Under the law which was enacted following the
failure of Clarke Brothers
last year, private
Community Traction Company of Toledo Gives Workers interest to deposito bankers transmitting sums for $500 or less, or paying
rs on any deposit blanace of less than $7,500,
are subject
to the law and must in some instances deposit
Vacations With Pay.
with the State Banking
Department,
From the "Wall Street Journal" of Aug. 5 we take the or authorized $100.000 in United States Government, New York State
municipal bonds against failure or suspension.
following Toledo advices:
Recommends Making Deposit.
Community Traction Co. has devised a plan whereby
The memorandum of the Stock Exchange
workers will be
recommends that for private
given vacations with pay instead of being laid off, due
to decreased car hankers who are likely to have dealings with
foreigners the only safe way
riding. Representatives of the workers met with officials
and worked out a to proceed is to make this deposit with the Superint
endent of Banks. As
plan whereby volunteers were called upon to take
-day vacations with most Stock Exchange firms not only fall into the
30
class of private bankers
pay of $50 during the month off. The employees continui
ng on the job as determined by the State law but also are likely
will contribute small amounts to make up
to have such dealings
the vacation fund and the com- with foreigners, most of them are expected to
comply with this suggestion.
pany will also contribute.
In this case taking Stock Exchange firms alone,
more than $60.000,000 in
bonds would be withdrawn from the open market
and placed with the State
Employees in Locomotive Shops of St. Louis
-San Superintendent of Banks.
The definition of private banker includes
Francisco Ry. at Springfield, Mo., Return to Work
, according to the Exchange
memorandum."an individual who, by himself
or as a member of a partnerAfter Brief Lay-Off.
ship or unincorporated association, is engaged
in
About 1,000 employees in locomotive and coach shops of deposits 'subject to check or for repayment upon the business of receiving
book, certificate of deposit or other evidence the presentation of a passSt. Louis-San Francisco Ry. at Springfield, Mo., return
of debt, or upon request
to the depositor, or in the discretion of such
of
work after brief lay-off, according to the
"Wall Street corporated association; of receiving money individual, Partnership or uninfor transmission; of
Journal" of Aug. 5.
discounting
or negotiating promissory notes, drafts, bills
of exchange or other
of debt; of buying or selling exchange, coin
evidences
or bullion; or is engaged
business of transacting any part of such
in the
Employees of Lackawanna & Wyomi
ng Valley RR. broad that it includes all forms of private business.' This definition is so
Asked to Take 10% Wage Cut.
The memorandum then explains that bankers."
while the banking law
thus recognizes the business of
An Associated Press dispatch from Scrant
on, Pa., Aug. 6 Banking Departmentprivate bankers, it subjects to the supervision a the
only those private bankers
said:
who conduct their business in a manner calculated to attract
Trainmen and all other employe
deposits
es of the Lackawanna & Wyoming and particularly from the poor and ignorant. from the general public,
Valley RR. Co., better known as the
Laurel Line, were asked to-day to
Those Subject to Supervision.
take a 10% reduction in wages in
order to prevent the company's going into
Among these It subjects to supervis
receivership.
ion any private banker
"who Pays
or credits interest, or pays, credits or
gives any bonus or gratuity or any
AUG. 9 1930.]
FINANCIAL CHRONICLE
thing of value, except on certificates of deposit actually outstanding at
the time this act takes effect, to any depositor on any deposit balance of
Jess than $7,500, if such deposit balance is that of any depositor resident
in the United States who does not have with such bankers during the period
in respect of which interest is so paid or credited, an average daily credit
balance or securities of an average daily market value, together exceeding
$7,500; provided the aggregate amount of such deposit balances on which
Interest is so paid or credited exceeds 2% of the total deposits of such
private banker."
The exchange recommends that to make sure that the private banker
does not fall within these restrictions he should have his deposit accounts
carefully analyzed. On this point it says in part:
"While the total deposits of the private banker may normally vary
considerably from time to time, it is expected that leeway of 2%, even
when the aggregate deposits are at a low point, will be more than ample
to permit the payment of interest on the accommodation and other small
accounts on which the private banker has been accustomed to pay interest.
would the Senate plan." He concluded with the statement that "your
course has been the only one that will secure an advancement of this development in the interests of the people of Tennessee." . . .
The question of entry of the White House into a Republican primary was
raised by Mr. fleece's opponent, Sam W.Price.
Bookkeeping Method Suggested.
"Whatever the practice of the private banker has been In the past, a
system which will show daily balances should be instituted and no interest
should be credited for any.period where the average daily balance is below
$7,500, unless during the same period the daily value of securities of such
depositor lodged with the private banker added to the average deposit
balance exceeds 37,500, or unless during said period the total of the deposit
balances averaging less than $7,500 do not exceed 2% of the average total
deposits of the private banker."
It then quotes from the State law further conditions under which a private banker is subjected to the supervision of the banking department,
describing one "who receives from any person at any one time money
for transmission to others in any manner whatsoever in amounts of less
than $500, provided, however, that any private banker may, without
thereby becoming subject to the provisions of this article, sell letters of
credit, bankers' checks, travelers' checks, bills of exchange, drafts or other
similar documents or may make cable transfers in amounts of less than
$500 if he has deposited and shall keep on deposit with the Superintendent
-bearing stocks or bonds of the United States or of this State
of Banks interest
or of any city, cohnty, town, village or free school district in this State
authorized by the Legislature to issue the same in a principal amount equal
to $100,000."
Comment by Stock Exchange.
The Stock Exchange comments on this ruling as follows:
"This Is a new section and is bound to affect the business of practically
all private bankers. There seemed to be no practical way of distinguishing
between these two classes pf private bankers and protecting the small and
often ignorant person who wished to transmit money abroad without
providing that a substantial fund to be deposited with the Banking Department to safeguard these small transactions.
"Almost every private banker occasionally sells a draft as an accommodation matter to a person who has no deposit account and thus receives
less than $500 for transmission to others. Accordingly the private banker
should either deposit with the Superintendent of Banks the $100,000 in
securities required in order to be exempt from the supervision of the Banking
Department or explicit and careful instructions should be issued to see that
no transaction is permitted which in any manner can be construed as a transmission of money to others in an amount less than $500.
"For private bankers who are apt to have dealings with foreigners the
only safe way to proceed is to deposit with the Superintendent of Banks the
$100,000 in securities provided for by Subdivision 4.
"An Attorney General's opinion interpreted the old law as not giving
the Superintendent of Banks the right to investigate a private banker
to determine whether or not he had violated any of the provisions of the
Banking Law or had made himself subject to the suspension of the Banking
Department. This has been clarified by the recent amendment, which
provides in part that the superintendent 'may also either personally or
by his deputies or examiners, make such special investigations as he shall
deem necessary to determine whether any individual, co-partnership,
unincorporated association or corporation is violating, or has violated any
of the provisions of this chapter; and to the extent necessary to make such
determination the superintendent shall have the right to examine the
relevant books,records, accounts and documents.'"
President Hoover Favors House Plan for Private Operation of Muscle Shoals.
The House bill, sponsored by Representative Reece,
for the private operation of the Muscle Shoals (Ala.) nitrate
and power properties has the approval of President Hoover,
as is indicated in the following letter addressed to Representative Reece, and made public at Washington July 28:
My Dear Mr.Reece:
I hear that your opponents are charging you with failure to serve the
interests of your constituents because you refused to accept the Senate
plan for dealing with Muscle Shoals.
The fact is that the House plan will secure development of this great
resource more effectively and more greatly in the interests of Tennessee
than would the Senate plan. I am assured that the Senate plan cannot
be passed in the House. Nor would I approve the plan, because it is not
in the interest of Tennessee or the rest of the nation. lour course has
been the only one that will secure the advancement of this development
in the interest of the people of Tennessee.
Yours faithfully.
HERBERT HOOVER.
The New York "Herald-Tribune" in publishing the above
said:
President Hoover's letter to Representative Carroll Reece, Republican,
of Tennessee, made public by the latter in answer to attacks, during the
primary campaign. on his position in Congress on Muscle Shoals legislation,
was in the nature of a clarification of Mr. fleece's position, It was said
to-day by persons close to the President.
There was no disposition on the part of the White House, it was said, to
take part in the Republican primary in Tennessee, but the President. cognizant of the stanch stand taken by Mr. Reece in the House, when other
members sought to adopt the Norris Government operation plan for the
power project, was represented as believing it proper to call attention to
the services rendered by the Tennessean.
In his letter the President stated he had been apprised of charges that
Mr. Reece had neglected the best interests of his constituents by his attitude on Muscle Shoals during the last session of Congress and remarked that
the House plan—a compromise—"will secure development of this great resource more effectively and more greatly in the interests of Tennessee than
883
The Reece and Norris bills were referred to in our issues
of April 12, page 2518 and May 31, page 3820.
New York Trust Co. on Expenditures of Americans
Abroad—Factor in U. S. Balance of Payments.
Expenditures of American tourists abroad, one of the
most important factors in our international balance of
payments, have almost doubled in value during the past
seven years and in 1929 reached a new high record of $839,000,000, according to the current issue of "The Index,"
published by the New York Trust Co. "Next to capital
export," "The Index" article says, "tourist expenditures
constitute the largest single debit item in our international
payment balance, and go far towards maintaining economic
equilibrium between this country and its foreign customers
and debtors." The article likewise says:
In view of the general economic recession which already has led to a reduction of our exports, the trend of our tourist expenditures during the current year assumes added significance as one element of importance which, in
influencing foreign purchasing power, is also likely to have an effect upon
our trade relations.
Our export surplus since 1924 has amounted to an average of $660,000,000
annually;in 1928 it was as high as $850,000.000 and last year totalled $734.000,000.
Europe and the Levant are the point of destination for the majority of
our overseas travellers, and it is in these regions that their expenditures are
of greatest economic importance. In 1929, two-thirds of all our tourists
visited these countries'spending about $335,400,000.or40% ofthe aggregate
total.
While tourist expenditures will undoubtedly be lower this year than in
1929. It would not appear improbable that they might rise again In later
years. Whatever their trend will be,they will constitute one of the principal
factors to influence the stability ofour foreign markets.
Inter-State Commission's Decisions in Western Rate
Cases.
The "Railway Age" calls attention to the fact that the net
result of the two recent decisions of the Inter-State Commerce Commission in the western trunk line class rate case
and the western grain rate case will be a reduction of the
earnings of the western lines, in spite of the fact that they
have not in any year approached the "fair return" assured
them by the Transportation Act, and In the first half of 1930
earned at the average annual rate of only 3% on their
property investment. Discussing the subject editorially in
its Aug. 2 issue, the "Railway Age" says:
Confronted with regulation, on one hand, and the power of big shippers
on the other hand, the managers of the western lines know just what it Is
to be "between hell and high water." Since 1920 the western lines have
lost one-half of their passenger earnings, which is now costing them $280,000,000 annually; and their average revenue per ton mile was only 29%
higher than it was in 1913. They have repeatedly appealed to the Commission for readjustments of rates to enable them to earn somewhere near
the fair return assured them under the Transportation Act; and now the
Commission, in one important case, gives part of them an advance in
rates, for the express purpose of increasing their revenues, and then,
immediately, in another important case, makes a reduction of rates that
exceeds the one just previously granted.
The decision in the western class rate case will yield the carriers in
western trunk line territory not more than 12 million dollars annually,
even though intra-State rates are raised to the level of the inter-State
rates authorized, and no order for raising the intra-State rates has yet
been issued. The benefit that will be derived from this decision is therefore
still speculative. There is no doubt as to the effect that will be produced
by the decision in the grain rate case. Commissioner Woodlock, in his
opinion, said that the new grain rates "will involve a reduction of at
-least 15 million dollars in the revenues of carriers in the western district
perhaps more."
Commissioner Eastman intimated that there
In a concurring opinion,
are rates in western territory which the carriers on their own initiative
should seek to advance, but said that "where the movement of important
traffic is controlled by large concerns which can divert it at will from one
competitive route to another, the initiative of the carriers in this respect
may be subject to paralysis."
The rates of the western lines always have been under the greatest
pressure because there always has been more political agitation for rate
reductions in the West than elsewhere. The Government raises the tariff
Beard with a large
to help manufacturing industries, it creates a Farm
appropriation to help agriculture, it spends many hundreds of millions of
to aid industry and agriculture, and
dollars upon highways and waterways
incidentally to divert traffic from the railways. It asks the railways in a
period of depression to make large capital expenditures to help maintain
business. Then, regardless of the wholly inadequate and confiscatory return
being earned, it reducers the rates of the western lines and gracefully
"passes the buck" to them by inviting them to take action to secure
advances in other rates that would embroil them with many of the big
shippers.
Financial Advertisers Association to Hold Convention
in Louisville Sept. 17-20.
The Financial Advertisers Assn. Convention will be held
in Louisville Sept. 17 to 20, according to an announcement
by A. E. Bryson, President of the Association, and VicePresident of Halsey, Stuart & Co. Several new ideas will
884
FINANCIAL CHRONICLE
[VoL. 131.
be used in the handling of the Convention, which will be
William T. Bacon of Bacon, Whipple & Co., Chicago, is
under the direction of H. A. Lyon, Advertising Manager proposed for Treasurer, and C. Longford Felske, Chicago,
of the Bankers Trust Co., New York, as General Chairman, for Secretary. Ten nominations to positions on the Assoand A.Douglas Oliver, Advertising Manager of the Provident ciation's Board of Governors for terms expiring in 1933 are:
Trust Co.,Philadelphia, as General Chairman of the Program
George W. Bovenizer, Kuhn, Loeb & Co., New York.
Robert E. Christie Jr., Dillon, Read & Co., New York.
Committee. In an effort to make the sessions at the ConvenRobert A. Gardner, Mitchell, Hutchins & Co., Chicago,
tion of the greatest practical use, there will be three divisions
Samuel W. White, National Republic Co., Chicago.
Donald O'Melvaney, E. H. Rollins & Sons, Los Angeles.
for discussion of a number of subjects. Instead of being
Philip T. White, Cleveland Trust Co., Cleveland,
divided by the type of financial service which the institutions
John R. Chapin, Kidder, Peabody & Co., Boston.
render, the division will be according to the size of the cities.
Albert E. Schwabacher, Schwabacher & Co., San Francisco.
Kenelm Winslow Jr., Seattle Company, Seattle.
This grouping was decided upon because of appreciation of
Almon A. Greenman, First Securities Corp. of Minnesota, St. Paul.
the fact that an institution in a large city has more to gain
Nominations to fill unexpired terms on the Board of Govfrom the experience of another like institution than it has
from the experience of some small city bank. The converse ernors are:
Trowbridge Callaway, Callaway, Fish & Co., New York, ex-officio a
is equally true. Each of the groups selected will have suffic- member of next year's board.
ient in common to make for very worthwhile meetings.
Canton O'Donnell, O'Donnell
-Owen & Co., Denver, to succeed himself
Clinton F. Berry, Vice-President of the Union Guardian for his own unexpired term ending in 1931; and
Ralph Fordon, Guardian Detroit Co., Inc.. to succeed himself for his
Trust Co., Detroit, will be Chairman of the Program Com- own unexpired term ending in 1932.
mittee for the Big City Departmental; Virgil D. Allen,
Mr. Ferriss served as a member of the Association's Board
Assistant Vice-President of the First Bank & Trust Co.,
of Governors for three years beginning in 1926, and as a
Utica, N. Y. will be Chairman of the Program Committee Vice-Presi
dent from 1929 to date. His committee record
for the Medium City Departmental; and Wayne Hummer,
includes four years on the Real Estate Securities Committee,
President of the La Salle National Bank, La Salle, Illinois,
one year on the Industrial Securities Committee, two years
will be Chairman of the Program Committee for the Small
as Chairman of the Membership Committee, and two years
City Departmental. Mr. Lyon, in commenting on the Conas Chairman of the Municipal Securities Committee.
vention, explained why The Challenge of the Next Decade
Mr. Ferriss was born in St. Louis Feb. 25 1882. His
had been selected as the theme, saying in part:
father, Franklin Ferriss, was for many years a judge of the
Is so happens that 1930 marks the end of one decade and the beginning
of another. It also so happens that perhaps the greatest strides in financial Circuit Court of the City. of St. Louis antra's() of the Suadvertising have taken place in the last decade and, with the speed at which preme Court of Missouri. In 1905, with a degree of bachelor
We are proceeding, obviously greater strides will be made in the next decade.
of laws conferred by Washington University Law School,
It is perhaps well to stop at this time and review in a very few words at the
convention what has happened during the past ten years, in order that we Mr. Ferriss began the practice of law in St. Louis. In 1915
may get a clearer view of what may happen in the next ten. . .
he became Vice-President and counsel of the Mortgage
What is going to happen in the business world in the next ten years.
and in what position will the advertising manager find himself Obviously Trust Co. and when that company was purchased by the
there is a distinct change in the complexion of business, and, while we do First National Bank of St. Louis in 1920 and renamed the
not plan any forecasts, we do propose that a clear exposition of the trends First National Company,
he was elected its Executive Vicein business shall be set forth. Are bank mergers to be more or less frequent?
Will we be in an era of branch banking, chain banking or a return to inde- President in direct charge of operations, a position he still
pendent banking? Will there be more investment trusts or more trust holds.
investments? Will banks usurp the retail distributing functions of independent investment houses? These are questions which it is fair to ask
and which it is only common sense to face, because they affect the future Investment Bankers' Association Collecting Monthly
of every individual represented in this association. And in the light of these
Data on Unsold Securities—Statistics Will Be
possibilities, whatever they may be, what part will the advertising man
Kept Anonymous—No Decision Yet to Make
Play?
One thing seems to stand out clearly, and that is that the term "advertisInformation Known to General Public.
ing manager" is, or should be, a misnomer. The advertising manager has
The Board of Governors of the Investment Bankers'
two jobs, one of which he has been doing well and the other of which. In
most cases, he has been neglectful. The first, and the one which he has been Association of America has approved a plan for gathering
doing well, is to interpret his institution to the public. The second which he from member
investment houses each month statistics of
neglected, is the interpretation of the public to his institution. The advertising manager is, in reality, the public relations official of the bank. their inventories of unsold stocks and bonds on hand.
It devolves upon him to represent the public before the official staff as an This proposal is now being put into effect on a tentative
interpreter of the public temper, and the public need. He should be conbasis to determine whether it can be effectively utilized to
sulted prior to any major move which his institution makes which will have
a public reaction, and he, of all the officials in his shop, should be able to gain a clear idea of the volume of undigested securities in
gauge public acceptance ofsuch action. If he is a good advertising man and the hands of investment houses at any one time. We quote
knows his market, he can gauge public sentiment quite accurately.
The theme "The Challenge of the Next Decade," is directed specifically from the Aug. 4 issue of the New York "Journal of Comat each individual member of the Association. It is a challenge to him in- merce," from which the following is also taken:
dividually to consider what situations his institution will face and what
The proposal to gather monthly statistics on security house inventories
part he himself will play in meeting these situations. It is designed to help has been the subject of study by a special committee of the Investment
each institution and each F. A. A. member. It is an attempt to offer a Bankers' Association, headed by Henry R. Hayes, Vice-President of Stone
background against which each of us may paint his own picture.
& Webster and Blodget, Inc., and a former President of the Association.
Associated with Mr. Hayes are George N. Lindsay of the BancamericaBlair Corp. and Col. Allan M.Pope, head of the First National Old Colony
Nominations for Officers of Investment Bankers' Asso- Corp.
Demand for Statistics.
ciation of America—Henry T. Ferriss Nominee for
The demand for statistics of unsold securities became rather general
President.
following the stock market panic of last fall, in view of the widespread
Twenty-two nominations for offices in the Investment opinion among many observers, including the then President of the New
York Stock Exchange,
Bankers Association of America, selected as the regular was the chief cause that the large volume of undigested security issues
of the financial debacle. The American
ticket for submission to its annual convention in New Orleans Association, as well as the investment bankers, evinced a keenBankers'
interest
in the subject, and proposals were made before it for the creation of a mechOct. 12 to 15, were announced by the Board of Governors
anism to control the volume of new financing when it became excessive.
through the Association's offices at Chicago on Aug. 4. The The adoption of the present monthly survey plan of the
Investment Banklist is headed by Henry T. Ferriss, Executive Vice-President ers' Association at this time is regarded as largely an outgrowth of the
experience of last fall.
of the First National Company, St. Louis, nominee for
Statistics on inventories of unsold securities
President. Since nomination by the Association's Board of vanced by the special committee and adopted byunder the proposals adthe Board of
Governors in the past has always been equivalent to elec- of the Association are to be anonymous. The central office ofGovernors
the Association will aggregate the reports received from member houses, and the
tion, it is expected that Mr. Ferriss will take office for the aggregates alone will then be made
known to members. It has not yet
1930-31 term at the close of the Association's October meet- been decided whether or not any broader publication will be
made of the
ing. He will succeed Trowbridge Callaway of Callaway, statistics of unsold securities.
The recommendation of the committee, as adopted by the Governors,
Fish & Co., New York.
was as follows:
Alden H. Little of Chicago has been named to succeed
"With reference to statements from the members as
invenhimself as Executive Vice-President, and Sidney R. Small tories, your committee recommends that members of the to monthly release
Association
such information anonymously to the executive office,so that such
inventory
(Small & Co., Detroit) and William J. Wardall (Bonbright statements may be consolidated and the aggregate figures released in
confidence to
the Association, any further release to be
& Co., Chicago) have been nominated to succeed themselves suliiject to the the members of President.
approval of the
.
as Vice-Presidents. The three new Vice-Presidents selected, tiveYour committee believes that that information, if properly representaof the inventory conditions of the investment banking
in this
to succeed Willis K. Clark of Portland, Henry T. Ferriss of country, will be of increasing benefit to each member housebusinessothers.
and to
Depends on Co-operation.
St. Louis and Jerome J. Hanauer of New York, are Charles
"Your
prepared yet to make a definite recommendation
D. Dickey (Brown Brothers & Co., Philadelphia), William now. Incommittee is notthe committee it is desirable to ascertain
the opinion of
more
to
such practice would receive the support of memH. Eddy (Chase Securities Corp., New York City), and fully the extentthe whichissuing
bers, especially
large
houses.
Bernard W. Ford (Tucker, Hunter, Dulin & Co., San Fran- "Your committee asks for authority, subject to the approval of the
President as to an details, to institute tills practice of obtaining monthly
cisco).
inventory statements if in the opinion. the President and the committee
iof
AUG. 9 1930.]
FINANCIAL CIPIONICLE
885
the large issu- find the correct answers to strange and perplexing problems. It is the duty
adequate support can be obtained from members, especially
of all of us in the profession to help so that public opinion may be clear, and
the houses."
not confused, that our business and all business may pursue a course during
years that will retain the prosperity our nation possesses and that
of Investment Bankers' Association Oppose the coming that prosperity.
Governors
will multiply
Reserve Rediscount Basis at this
Broadening
This new era should be better and happier than its predecessor. My only
is that we may fail to think hard enough about it.
Time—Will Give Matter Future Study—Members fear in connection with itour estimate ofits possibilities; that we shall not
we shall fall short in
to Cease Advocating Federal Reserve Act that full part in marking out the course of business and of banking but
Asked
do our
shall leave it to other and less experienced hands.
Change for Present.
The expressions, deliberations and findings of the coming convention
The Board of Governors of the Investment Bankers' Asso- should exert a positive and beneficial influence on banking thought in the
years. The general public will
ciation of America has issued a request to member firms ensuing year, and even down through thethe association in convention.
advocating changes in the Federal Reserve give sharp attention to the proceedings of days of deep-set and powerful
that they cease
He is indeed a rare banker who, in these
Act which would permit the rediscounting of collateral loans trends in banking, rapid changes in business that create new conditions
changing methods in manufacture and in
by the Federal Reserve Banks, it was learned in New York with which banks must cope,counsel and the advice of fellow bankers—
of national habits, needs not the
on Aug. 4, said the New York "Journal of Commerce"
who cannot benefit from conitrence with his fellows.
The program is being planned to make the convention a place of opportunAug. 5, the account going on to say:
man who is confronted with special as well as with
While not entirely repudiating this proposal, the Board feels that this ity, and of profit to the
the general problems of the business. It therefore behooves every bank
the proper time for considering any such proposal.
is not
both for the good of banking as a whole and
Neither the Investment Bankers' Association of America nor the Amer- executive who can to participate,
for his own especial benefit.
ican Bankers' Associations have at any time formally favored the proposal
The city of Cleveland in which the convention will be held as the guest
of
to make security collateral loans eligible for rediscount, but a number
is one of our finest American cities.
both these bodies expressed approval of this proposal, of the bankers of that community
Individuals in
in its commercial enterprise, rich in major industries and keen
before the stock market panic of last fall. It was argued by outstanding
especially
minds, famed as few cities are for its hospitality, and abundantly able to
many of these individuals that banks were utilizing security collateral meet all the manifold requirements of the American Bankers Assn. conloans to an increasing extent as an indirect means of advancing credit to vention.
Industry, and therefore that the Federal Reserve System should be open
Mr. Lonsdale is President of the Mercantile-Commerce
for rediscounting of paper of this kind.
Given Special Study.
Bank and Trust Co. of St. Louis.
It was because of the widespread discussion of this subject last fall that
of America appointed a special comthe Investment Bankers' Association
Thomas F. Woodlock, Who Resigns as Inter-State
mittee to study the subject, which was headed by Henry R. Hayes, Viceand Blodget, Inc., and a former President of
Commerce Commissioner, To Join "Wall Street
President of Stone dc Webster
the Investment Bankers' Association of America. Its recommendations, as
Journal" as Contributing Editor.
Association were as follows:
adopted by the Board of Governors of the
As was noted in our issue of Aug. 1 (page 731) Thomas F.
of
rediscount of
"With reference to the general subjectthattheno sense is thiscollateral
in
a matter Woodlock has resigned from the Inter-State Commerce
loans, your Committee unanimously feels
time.
for legislative consideration at this
Mahaffie has been appointed
deal
"Therefore, your Committee views with a good and of regret the efforts Commissioner, and Charles D.
non-member investthe part of some members of this association
on
the change became effective
who, whether formally or informally, have presented his successor. Noting that
ment hankers as well,
this subject to Congress. On the other hand, your Committee believes this Aug. 1, Washington advices to the "Wall Street Journal"
Is a subject which first needs serious study from an economical and practical
business point of view, and that it should not be presented for legislative said:
Hoover
consideration until investment bankers and also commercial bankers, in
In announcing resignation of Commissioner Woodlock, President
the interests of general business of this country,should sense some real need
declared Woodlock had rendered very distinguished service to the Comtherefore.
Analyze Foreign Practice.
mission and his resignation was entirely of his own volition and much to
"In the meantime, while studying this problem as having a bearing on the regret of the Commission and to all those who knew him.
conditions in this country, your Committee is also having a study made of
Director Mahaffie will be credited as an appointee from the District of
the practices and effect in foreign countries, notably England, of the policy Columbia. He has long been director of the Commission's Finance
of rediscounting of collateral loans.
from Oklahoma,
"Should the Board of Governors concur in the views of this Committee, Bureau. The new Commissioner is a Rhodes scholar
of
it is hoped that through the executive office membersa the association may and served as attorney for the U.S. Department of Interior and the Federal
be advised that this subject launder consideration by committee appointed Railroad Administration.
expressed that members
by the President, and the hope isthis Committee rather of the Association
than to others for
will present their views fl-st to
The following is also taken from the "Wall Street Journal"
legislative consideration."
of Aug. 2:
that Thomas F.
It has been the claim of conservative banking observers that foreign
The "Wall Street Journal" announces with pleasure
practice in rediscounting security collateral loans is already followed here Woodlock, who has just resigned as a member of the Inter-State Commerce
part in provisions for the direct discounting of notes of member banks Commission, will within a few weeks join its staff as contributing editor.W1
in
to his
secured by Government securities. However, since the stock market panic
Journalism's ranks are strengthened by Mr. Woodlock's return
and the subsequent sharp deflation in rediscounts by the Reserve Banks, profession. For 35 years Mr. Woodlock has been recognized as one of a
in the United
been heard generally about the rediscounting of
writers
much less advocacy has
very small group of outstanding economists and
Os III
security collateral loans.
States. His career in private and public life has been distinguished.
write a daily signed column in the "WallEStreet
Mr. Woodlock will
find frequent editorial expression.
President Lonsdale of American Bankers' Association Journal" and his viewpoint will also contributions will probablytkbe his
Among the first of Mr. Woodlock's
Sees Banking Confronted by Unprecedented Con- impressions of the work of the Inter-State Commerce Commission, its
ditions—Urges All Bank Executives to Participate problems, its difficulties, and the defects in the law. These will be written
the background of a knowledge
in Association's Deliberations at Annual Conven- In frank and penetrating style and with
unsurpassed in America.
tion.
Started With the "Wall Street Journal."
New circumstances, "perhaps a modified public opinion" It is a happy circumstance that brings Mr. Woodlock to the "Wall
and legislative investigations of banking that "may lead we Street Journal," for it was with this newspaper that he started when he
England.
know not where" mean that "never before has banking in the first came to the United States fromand with alacrity that I accepted the
"It was with unusual pleasure
United States been confronted by similar conditions," and "Wall Street Journal's" invitation to contribute regularly to its columns,"
began my business
"it therefore behooves every bank executive who can to said Mr. Woodlock when interviewed to-day. "Iand spent one-thirdlife
of
Journal"
participate, both for the good of banking as a whole and for In this country with the "Wall Street Journal" which taught me my
its service; it was the "Wall Street
especial benefit," in this year's convention of the it in
a profession, and it was in
his own
profession, in so far as I can claim to have
American Bankers Association, John G. Lonsdale, President the course of work on the "Wall Street Journal" that I learned most of
the things which in later life I have found helpful in other avocations.
of the association, declares in a statement to its members That work was for me the equivalent of a college course; it was indeed the
at New York on Aug. 10 through the "American Bankers only college course I ever had. But (to follow that metaphor one more
small college
Association Journal." The convention will be held in Cleve- step) I find what was in those days my influence, and now grown into a
it is with no little
great university, national in scope and in
Ohio, Sept. 29-Oct. 2. Mr. Lonsdale said:
land,
trepidation that I re-enter for a post-graduate course—trepidation, If
important business in each community than banking
As there is no more
the truth may be told, lest desire should outrun performance. Neverso there is no more important national business convention than the Amer- theless, I can think of no place where I would rather pursue my studies
Bankers Assn. Its deliberations, opinions and judgments aid in or where I could find so much zest and satisfaction in their resumption.
ican
crystalizing public opinion and serve as helpful guides in business. For After an absence of a quarter of a century, it was good to be asked to
those who participate in the sessions the benefits are greatest because come back home and I did not wait for a second asking."
thought is stimulated and clarified, and often banking problems cease to
Succeeded Charles if. Dow as Editor.
be problems in the light of facts and methods which are revealed.
It was in 1892 that Mr. Woodlock first joined the staff of the "Wall
This year, perhaps as never before, the convention should appeal to
handling the money market and foreign exchange. The
bankers, for never before has the banking business in the United States Street Journal,"
following year he began the publication of a daily article in the "Combeen confronted by similar circumstances and conditions.
the "Globe"—which dealt mainly with
Banking is fundamentally sound. The achievements of the business mercial Advertiser"—afterward
subjects. This work he continued for six years.
as a whole in the last decade have been incomparable. It has been the railroad
During this period, in 1895, he published his first book, "The Anatomy
mainspring in a season of unparalleled prosperity and it has held firm,
This was followed in 1899 by another book,
sound and unmoved in the recent period of stock market deflation. Lying of a Railroad Report."
before it are greater opportunities for public service than have ever before "Ton-Mile Cost."
After the death of Charles H. Dow in 1903, Mr. Woodlock acted as
been possible in banking and it is our privilege and our duty to develop
Street Journal"—a post to which he was formally
these opportunities. But notwithstanding all that the rapidity of modern Editor of the "Wall
business change,the strength and daring of business enterprise,the tendency appointed in February 1905.
Later Mr. Woodlock joined the New York Stock Exchange firm of S. N.
of large-scale operations both within and without banking have brought
SG Co.. where he continued until 1918. He then became associated
us to the threshold of a new era of banking, wherein our daily routine is Warren
American International Corp. as assistant to the Senior Vicelikely to be affected by new laws, new circumstances and perhaps a modified with the
President. He became Secretary of American International Corp . in
public opinion.
post he continued until 1923, when he resigned to resume the writing
There are legislative hearings and investigations of banking pending which
special articles. These signed articles appeared daily in the New York
that may lead we know not where. Earnest men in official and in private of
and later in the "Sun."
life are conscientiously trying to find the right of many questions, trying to "Herald"
886
FINANCIAL CHRONICLE
In January 1925 he was appointed by President Coolidge
to the Inter
State Commerce Commission, on which body he has served
with great
distinction.
ITEMS ABOUT BANKS, TRUST COMPANIES
, &c.
A New York Curb Exchange membership was reported
sold this week for $150,000. The last preceding
sale was
for $137,000.
A. E. Lefoourt announced on Aug. 7 his retirement as
President of the Lefcourt National Bank & Trust Co. of
this city. He will be succeeded by Joseph J. Bach, who
served as Executive Vice
-President until last week. Stockholders will meet on Sept. 15 to act upon Mr. Lefcourt's
request that the name of the bank be phanged.
Richard Sutro, special partner in the banking house of
Sutro Brothers & Co., 120 Broadway, and a director
of a
number of corporations, died on Aug. 3 at his home at
Edgeerest,in Port Chester, N.Y. He was 66 years of
age.
Percy H. Johnston, President of the Chemical
Bank &
Trust Co. of New York, and LeRoy W.'Campbell, President
of the Chemical National Associates, Inc., announced on
Aug. 4 that a plan has been formulated looking to the consolidation of the Chemical National Associates, Inc., with
the Chemical Bank & Trust Co., and its affiliate, Chemical
National Co., Inc., on a basis of two and one-half shares of
Associates' non-voting stock for one share of the
Chemical
Bank's stock. Formal action to approve the plan and submit it to the stockholders on both side will be taken by
both Boards of Directors within a few days, after which the
notices and proxies will go forward to the stockholders.
The charter of Associates will be amended so as to give
holders of its non-voting stock the right to vote on the
proposition. The announcement says:
[Vox,. 131.
of the private banking business conducted by Mr. Kiss
for
over 20 years. Mr. Kiss, who was born in Hungary,
came
to this country as a boy.
The New York State Banking Department reports the
filing, on July 31, of an organization certificate for the
Fiduciary Trust Co., to be located at 111 Broadway, New
York City. It will have a capital of $500,000. The incorporators are F. Haven Clark, Grenville Clark, Robert H. Gardiner, DeLancey K. Jay, Daniel W. MacCormack, Frederick
Pope, Ellhu Root, Jr., and Theodore T. Scudder.
Announcement was made on July 22 by William J. Large,
President of the Long Island National Bank of Astoria, L. I.,
that the directors of that institution have recommended
that the capital of the bank be increased from $250,000 to
$400,000. It is also proposed to change the par value of the
shares from $100 to $10. Under the latter proposal the
capital instead of consisting of the present 2,500 shares of
$100 par value, will consist of 25,000 shares of $10 par value,
and an exchange of 10 shares of the new stock for one
share of the old stock will be made. Additional new stock
to the amount of 15,000 shares will be issued and the bank
will thus have outstanding a capital of $400,000, consisting
,of 40,000 shares.
Plans for the consolidation of the Commercial Trust Co.
and the Genessee- National Bank, both of Buffalo, N. Y.,
were announced on Aug.5 by Joseph J. Lunghino, President
of the former, according to a dispatch by the Associated
Press from that city on Aug. 5, printed in New York
"Times" of the:following day. The plans will be submitted Jo the stockholders of both institutions for their approval at meetings to be held in the near future. Continuing the dispatch said:
Under the proposed plan the Chemical Bank increases its capital
from
The Genessee National Bank was organized in March 1923, with a
$15,000,000 to $21,000,000, and its surplus and undivided
profits from
capital of $250,000. On June 30 of this year it reported total resources of
about $22,700,000 to approximately $43,700,000, or a total
of capital
$4,792,172.
funds of about $64,700,000. At the same time the Chemical
National Co.,
The Commercial Trust Co. was incorporated in July 1928, growing out
Inc. (whose stock is trusteed for the Chemical Bank
stockholders), in- of the private
bank of S. Lunghino & Sons. When it was incorporated, its
creases its capital and surplus from $9,500,000 to $20,000,000.
As a capital and surplus were $1,400,000. Its last statement. June 30 1930.
result, the book value of Chemical Bank stock on the combined
basis will showed total resources of $6,933,409.
be increased from $31.00 to approximately $40.00 per share, the
par value
According to the Buffalo "Courier" of Aug. 6, the stock basis on which
being $10.00 per share.
the merger will be brought about will be one share of Commercial Trust
The transaction does not involve "rights" or subscription privileges
to Co. stock for two shares of Genessee National Bank stock. The enlarged
Chemical Bank stockholders, as the additional Chemical Bank
shares will Commercial Trust Co. will have, it is stated, capital funds of more than
be issued to pay for the assets of Associates. Such assets are of a
very $2,000,000 and total resources in excess of $10,000,000.
liquid character, consisting principally of prime bonds and
acceptances,
with a relatively small amount of stocks.
On Aug.2 the business and property of the banking firm of
It is proposed to continue the present dividend rate of $1.80 per share,
Jayne & Mason, a private concern at Webster, N. Y.,
or 18% per annum, on the increased capital.
The Chemical Bank is one of the historic old banks of New York, and was taken possession of by the State Banking Department.
during the last several years has experienced great growth.
A statement issued by Joseph A. Broderick, State SuperinAt the regular meeting of the Executive Committee
of
the National City Bank of New York, on Aug. 5, Irving H.
Meehan was appointed an Assistant Vice-President, Mr.
Meehan is also Secretary of the City Bank Farmers'
Trust Co.
Richard Delafield, formerly, for many years, President
and later Chairman of the Board of the National Park Bank
of New York, died on Aug. 3 at his home at Tuxedo
Park,
N. Y. The National Park Bank, it will be recalled, merged
with the Chase National a year ago, and at the time of
his
death Mr. Delafield was a director of the Chase. Mr. Delafield was born in 1853 at New Brighton, Staten
Island.
His career, following his entry into mercantile business
at
20 years of age, is sketched, as follows, in the New York
"Times":
In 1880 he entered business for himself, organizing the firm of Delafield,
Morgan Kissel & Co., trading primarily in California and Pacific slope
products. The firm, later known as Delafield & Co., extended branches to
Chicago, St. Louis, and San Francisco, with Mr. Delafield as senior
panther.
On Dec. 26 1890 he was elected a director of the National Park Bank,
and in June 1896 was named Vice-President. Four years later, on the
retirement of Edward E. Poor, he was elected President. At that time
Mr. Delafield was also, Vice-President of the Colonial Trust Co. and
a
director in the Mount Morris Bank, the Plaza Bank, the National Surety
Co., and several insurance companies. In August 1922 Mr.
Delafield became
Chairman of the Board and was succeeded as President by John H. Fulton.
Mr. Delifield was also Chairman of the Board of the Mutual Bank,
a
Vice-President of the Central Union Safe Deposit Co.,
and a trustee of
the American Surety Co. He was for many years a trustee
of Trinity
Church Corp., and in 1893 was President of the New York Commission to
the World's Columbian Exposition and a member of the committee
in
charge of the quadricentennial of the discovery of America.
Emil Kiss, President of the Harbor State Bank of New
York, died suddenly on Aug. 1 while on his way
to his
home on Riverside Drive. He was 53 years of age. The
Harbor State Bank represents the conversion a year ago
tendent of Banks. A statement issued by Mr. Broderick on
that day said in part:
The examination now in progress discloses an unsafe and unsound condition, an extremely non-liquid position, a large amount of loans doubtful
of ultimate collection, an excessive valuation of assets and certain questionable practices in the conduct of business. It has therefore been considered
necessary and advisable to take over the affairs of the firm in order to conserve the present assets in the interest of the depositors.
The firm started in business in 1900.
The books show: Capital, $27,500; surplus, none; deposits, $694,000.
The examination by this Department is being made under authority of
the new amendments to the Banking Law relating to private bankers which
became effective July 311930. Prior thereto, this firm was not under any
governmental supervision nor subject to examination.
Gordon MacDonald, Jr., a Vice-President of the National
Iron Bank of Morristown, N.J., and until recently a member
of the brokerage firm of Seasongood, Hass & MacDonald of
New York, died suddenly at Pontresina, Switzerland on
Aug. 4, presumably of a heart attack. He was 45 years old.
During the World War, Mr. MacDonald served in the
United States Army with the rank of Lieutenant
-Colonel.
The deceased banker was a member of the City Club in
New York and the Morris County Golf Club. He was a
graduate of Yale University.
The Atlantic National Bank of Boston, Mass. (capitalized
at $8,000,000)and the Beacon Trust Co.of that city (capitalized at $3,000,000) were consolidated on July 31, under the
title of the Atlantic National Bank of Bostno with capital of
$9,875,000. The consolidated bank has eight branches all
located in the city of Boston. Items referring to the proposed union of these banks appeared in our issue of June 14
and July 19, pages 4178 and 395, respectively.
Stockholders of the Everett Trust Co., Everett, Mass.,
at their special meeting on July 31 (referred to in our issue
of July 26, page 580), authorized their directors to take the
necessary steps involved in an agreement reached with the
Old Colony Trust Associates of Boston whereby the latter
AUG. 9 1930.1
FINANCIAL CHRONICLE
887
will purchase 35% of the stock of the Everett institution, it WAS said, 22,750 shares are required to effect an exchange
according to the Boston "Transcript" of Aug. 1, which, of shares with the Farmers' & Merchants' National Bank,
while the balance of 2,250 shares is to be disposed of
continuing, said:
at a price of not less than $70 a share, or at the current
More than 85% of the capital stock was represented at the meeting.
value of the 25,000 shares
Stockholders authorized a reduction in par
market, under the direction of an executive committee.
outstanding from $20 to $10 and an increase in capital stock to 75,000 shares,
the 50,000 additional shares to be offered stockholders on the basis of two The paper mentioned furthermore stated that John Schoenenew shares for each old share, at $10 a share.
wolf and John M. Dennis will continue as Chairman of the
National Bank, Northampton, Mass., Board and President, respectively, of the new organization,
The Northampton
approximately $75,000,000,
on Aug. 1 changed its name to the Northampton National which will have resources of
while William H. Gideon, now President of the Farmers' &
Bank & Trust Co.
Merchants' National Bank, will become Vice-Chairman of
Stockholders of the High Street Bank of Providence, R. I., the Board. Our last reference to the approaching consolidaat their annual meeting on Aug. 4, approved a proposed tion of these banks appeared in the "Chronicle" of July 26,
amendment to the bank's charter enlarging its powers so page 581.
that it may engage in a general fiduciary business, exercisWilton Snowden Sr., Chairman of the Board of the Central
ing the powers of a trust company, according to the Provi"Journal" of Aug. 5. A proposition to change the Savings Bank of Baltimore and Chairman of the trust
dence
name of the institution to the High Street Bank & Trust Co. committee of the Mercantile Trust Co. of that city, died
was also ratified. All the present directors of the bank suddenly at Glydon, Md., on July 24. Death was due to
were re-elected for the ensuing year. The paper mentioned the effects of the intense heat, following a fall sustained a
of
furthermore stated that the High Street Bank, which con- few days previously. Mr. Snowden, who was 78 years
age, was born in Annapolis, Md., but when a lad moved to
ducts a commercial banking business, was incorporated as a
Baltimore where he was graduated from the City College in
State bank in June 1928 and has operated under that charter
1869. Subsequently he worked in a real estate office and was
until the present time.
Secretary to the Baltimore Land Society while studying
Because of ill health for the past several months, Porter law at the University of Maryland from which he received a
B. Chase resigned, effective Aug. 1,,as President of the degree in 1881. While practicing law Mr. Snowden became
Bankers' Trust Co. of Hartford, Conn., an office he had a director of the Baltimore Equitable Society. He acted as
held since the organization of the institution in January 1926, counsel for the organization and in 1894 was appointed
according to the Hartford "Courant" of July 30. Mr. head of the society. Two years later he was made a director
Chase, who will continue as a member of the board of trustees of the Central Savings Bank, of which he subsequently
of the Bankers' Trust Co., does not plan to resume business became successively Vice-President, President and, in 1913,
activities until next spring. During his illness and leave Chairman of the Board. For many years the decreased
of absence George F. Kane, a Vice-President of the Hartford banker served as a Vice-President of the Mercantile Trust
National Bank & Trust Co., has been in charge of the trust Co. and as a director of the National Bank of Baltimore.
company's affairs. The Hartford paper furthermore stated Among other interests, he was for many years President of
the Board of Trustees of the Samuel Ready School, and
that no successor to Mr. Chase has been chosen.
director of the Sheppard-Pratt Hospital. For the past 6
Rockville, Conn., advices on July 29 to the Hartford years he was President of the Municipal Finance Com"Courant" stated that Frederick H. Holt, for many years mission. At one time in his career, Mr.Snowden was named
Cashier of the Rockville National Bank, hi,s been appointed for State Treasurer of Maryland, but he refused to consider
Cashier of the newly organized institution of the same the post, and he gave the same answer a few years later
name, formed by the consolidation of ti.e First National when an attempt was made to make him the Democratic
Bank of Rockville with the Rockville National Bank, candidate for Governor.
while Charles M. Squires, heretofore Cashier of the First
George R. Gehr, Vice-President and Cashier of the First
National Bank, has been made Assistant Cashier and Assistant Trust Officer of the enlarged bank. In addition to National Bank of Westminster, Md., died in University
Mr. Holt and Mr. Squires, the officers of the new Rockville Hospital, Baltimore, July 30, after a brief illness. Mr.
National Bank are: Francis T. Maxwell, F'resident; John G. Gehr had been connected with the First National Bank for
Talcott and Charles Phelps, Vice-Presidents, and William 60 years, 55 years as Cashier and the last five years as VicePresident. He was also a director of the institution. Among
F. Partridge, Assistant Trust Officer.
other activities he was Chairman of the Advisory Board of
That the Port Newark National Bank of Newark, N. J., the Federal Reserve Bank of Richmond, Va.; President of
was closed yesterday, Aug. 8, and its books taken over by Group Four of the Maryland Bankers' Association, and
national bank examiners, an hour after Federal Judge Vice-President of the Public Utilities Co. of Westminster.
William N. Runyon in Newark ordered the institution to
The deceased banker was 79 years of age.
show cause on Aug. 11 why it should not be thrown into
receivership, was reported in yesterday's "Evening Post."
On Aug. 3, the First National Bank of Vanderbilt, Pa.,
The bank was closed and its affairs taken in charge by a place near Connellsville that State, closed its doors,followF. R. Peterson, a national bank examiner from the office ing heavy "runs" the two previous days, believed to have
of the Comptroller of the Currency, about noon yesterday, been the result of the recent closing of three of the four
who began at once an examination of the books with a corps Connellsville banks, according to Associated Press advices
of assistants. Mr. Peterson refused to make any state- on Aug. 3, appearing in the New York "Herald Tribune"
ment, it was said, saying "that all information would be of the next day. Affairs of the Vanderbilt bank were placed
made public in Washington." The officers of the closed in the hands of National Bank Examiner, B. J. Bleakley.
bank are: Graham B. McGregor, President; J. Warren The institution was capitalized at $25,000 with surplus of
Armitage, Dr. Lawrence A. Cahill and James D. Campbell, $5,000 and had total deposits of $98,217. The dsipatch
Vice-Presidents, and Arthur B. Johnston, Cashier. The furthermore stated that W. A. Cosgrove, the bank's Presipaper mentioned, continuing, said:
dent, expressed confidence that all depositors ultimately
Charges of "gross mismanagement and fraud" on the part of the managewould be paid in full.
ment were made to-day (Aug. 8) by Edward M. Waldron.
Waldron, through his counsel, Arthur T. Vandettilt, set forth he was
the owner of 25 shares of the bank's stock. He claimed the deposits of the
Institution since December dropped from $962.000 to $600,000. Further
allegation was made that the bank violated the National Banking Act by
allowing its obligations to exceed 10% of its unimpaired, paid-in capital
and surplus.
Wilson A. McWhinney, a Vice-President of the First
National Bank of Detroit, And prominent in banking circles
of that city for the last 20 years, died at his home in Detroit
on July 29 of a heart attack. Mr. McWinney, who was a
Canadian by birth, was born in Chatham, Ont. in 1865 and
came to this country in 1890, when he entered the employ
of the Commercial National Bank. He was Vice-President
of the Old Detroit National Bank in 1914, when it merged
with the First National Bank. He retained an office following the consolidation, and in 1920 was elected a VicePresident, the office he held at this death.
With further reference to the proposed merger of the
Farmers' & Merchants' National Bank of Baltimore with
the Union Trust Co. of that city, under the title of the
latter, the Baltimore "Sun" of July 29 stated that the
consolidation was formally approved at a special meeting
the previous day by stockholders of the Union Trust Co.
The stockholders also, it was said, ratified the directors'
According to the Detroit"Free Press" of Aug.2,J. Harold
proposal to increase the bank's capital from $2,250,000 to
$2,500,000 by the issuance of 25,000 additional shares of Sessions and Ralph H.Parker, former Assistant Cashiers of
stock of the par value of $10 a share. Of the new stock, the Capital National Bank of Lansing,Mich.,whose attempts
888
FINANCIAL CHRONICLE
to make money on the stock market led them to appropri
ate
$137,739.63 of the bank's funds, on Aug. 1 pleaded "guilty
"
before Federal Judge Charles C. Simons to having violated
the national banking laws, and later were sentenced by the
Court to serve 3 years and 2Yi years, respectively, in the
Federal prison at Leavenworth, Kansas.
Further referring to the affairs of the People's Bank Co.
of Alliance, Ohio, which closed its doors on April 22 last,
following the discovery of a $131,000 shortage in the accounts of its former Vice-President, A. D. Thompson, and
former Cashier W. A. Thompson, Alliance advices on July
26 to the Cleveland "Plain Dealer" reported that the bank
would be opened within 30 days if the State Department of
Banking gives its permission. The dispatch went on to say:
A stockholders' meeting in Council Chamber of City Hall to-day (July
20)
unanimously approved this step, automatically assessing themselves
100%
on their original capital investment.
The bank is now in the hands of the State Department for audit
and
liquidation.
An alliance banker, whose name has not been divulged, has been
approached to take over the management of the bank and the date
for reopening will hinge upon the speed with which the stock assessment
is
paid.
0. C. Gray, State Superintendent of Banking, addressed
stockholders,
urging them to reopen the bank as the best way out of the
predicament.
The Thompsons are serving terms in the Ohio Penitentiary for
their defalcations.
Our last reference to the affairs of this institution appeared in the "Chronicle" of July 26, page 581.
The Citizens' Trust & Savings Bank of Chicago was forced
to close its doors on Aug. 5 because of an unusually
heavy withdrawal of deposits since the closing on July 31
of the Binga State Bank of that city, according to the
Chicago "Post" of that date—Aug. 5. The institution was
the third South Side bank to close within a week. All
three banks had a large number of Negro customers, it was
said. The Citizens' Trust & Savings Bank at the close of
business June 30 last showed deposits of $1,200,000 and
resources of $2,144,834. It is capitalized at $200,000 with
surplus of $50,000. The officers are: H. B. Stayer,
President; J. P. Smyth, Vice-President; J. A. Woodrow,
Vice-President and Cashier, and A. L. Koefoot and R. F.
Nestlehut, Assistant Cashiers. The paper mentioned quoted
F. E. Edgerton, Chief Examiner of the State Auditor's
office, as saying:
[VoL. 131.
bersburg State Bank have notified deposito
rs to withdraw
their money so that the bank may be
liquidated. For several years, because of the agricultural depressi
on, the bank
has not been profitable, according to the
officers, it was said.
The proposed union of the Marine Nationa
l Bank, Milwaukee, Wis.,and the Exchange National Bank
of that city,
indicated in our issue of June 21, page 4364,
became effective
Aug. 1. The new institution—the Marine
National Exchange Bank—occupies the National Exchange
Banking
House, 385 East Water St. It is capitalized at
The roster is as follows: Arthur H. Lindsay, $2,200,000.
Chairman of
the Board;G. W.Augustyn,President; Edward H.
Williams,
Michael B. Wells and Eliot G. Fitch, Vice
-Presidents;
George D. Prentice, Cashier; and Henry H. Van
Male,
Walter John, Samuel J. Brew, George W. Moore,
F. V.
Allen and Joseph L. Kennedy, Assistant Cashiers.
Effective June 23 1930 the First National Bank of Guthrie
Center, Iowa, was placed in voluntary liquidation.
The
Institution, which was capitalized at $75,000, was'
taken
over by the Peoples State Bank of Guthrie Center.
The First National Bank of Muscatine, Iowa, and the
First Trust & Savings Bank of that place, both capitali
zed
at $100,000, were consolidated on July 29. The new bank
is known as the First National Bank of Muscatine and is
capitalized at $200,000.
As of July 24 1930 the Farmers & Merchants National
Bank of Ivanhoe, Minn., with capital of $35,000, went into
voluntary liquidation. It has been succeeded by the Farmers & Merchants National Bank in Ivanhoe.
We are advised by the Northwest Bancorporation (head
office Minneapolis) that the First National Bank & Trust
Co. of Chamberlain, S. Dak., had been organized and would
open for business Aug. 5. Announcement has been made
from Chamberlain that the new bank will become a member
of the Northwest Bancorporation group of banks. The
communication from the bancorporation went on to say:
R. E.
Montgomery, who has long been connected with the Banking
Department of the State of South Dakota, has been selected as Cashier.
Chamberlain in Brule County on the Chicago Milwaukee St.
Paul &
Pacific RR. and on the east side of the Missouri River, Is the centre
for a
wide area devoted to cattle raising. and Mr. Montgomery was
selected
because of his knowledge of the livestock industry.
There have been unusually heavy withdrawals of deposits
The Redfield National Bank at Redfield, S. D.recently became a
since the
member
closing of the Binga bank. The directors last night conferred with
officials of the Northwest Bancorporation group, and with the new bank at Chamof the State Auditor's office and it was decided to close this morning. berlain included the number of group
affiliates in South Dakota is 19, and
We have not yet had a chance to examine the books fully.
the total number of banks and trust companies in the Northwes
t Bancorporation group 111.
The First National Bank & Trust Co.. Chamberlain, is capitalize
The Roosevelt State Bank, Chicago, said to be a Negro
d at
$25,000. surplus $10,000 and undivided profits $2,500.
institution, was closed on Aug. 1 by the State
Auditor of
Illinois, according to the Chicago "Journal of Commerce,"
of Aug. 4, which reported A. E. Kemlin, Assistant Chief
Bank Examiner, as saying that the books of the institution
must be audited before the condition of the institution is
determined. The closed bank is capitalized at $200,000, with
surplus of $50,000, and its deposits were last reported at
$1,390,000. Heavy withdrawals of savings deposits in recent weeks were said to have led up to the action of the
State Auditor in closing the bank. Alexander Flower is
Chairman of the board of directors; his brother Samuel
Flower is President, while Louis W.Frank is Vice-President.
The closed bank is not a member of the Chicago Clearing
House Association, it was said.
The Guarantee Title & Trust Co. and the Guarantee State
Bank, affiliated institutions of Wichita, Kan., failed to
open
for 'business on Aug. 6, according to advices by the Associated Press from Wichita on that date, printed in the
New
York "Times" of Aug. 7. Aggregate liabilities of the
banks,
it was said, are $3,346,224. Standish Hall, the Presiden
t of
both banks, asked W. E. Koeneke, State Bank Commiss
ioner
from Kansas, to take charge of the institutions, pending
liquidation. Uncertainty of the securities market and
recent
heavy withdrawals were given by Mr. Hall as the
reasons
for the banks' closing. He was reported as saying
that
liquidation will be speedy and the loss would be
borne by
the stockholders. The dispatch furthermore stated that
the
Guarantee State Bank was capitalized at $50,000 with
The First National Bank of McLeansboro, III., an
surits subplus of $12,000 and had deposits of $543,585.
sidiary institution, the First State Bank of Brought
on, Ill.,
failed to open on Aug. 2, according to a dispatch
from
A eiortage of more than $200,000 in the books of the First
McLeansboro on that date to the St. Louis"Globe
-Democrat." National Bank at Wanette, Okla., which failed
on March 22
Notices posted by the directors stated the action was last, was
reported on July 22 by National Bank Examiners
prompted by a desire to protect depositors and bank officials to Roy St. Lewis,
United States Attorney, according to the
added that heavy withdrawals had been made during the Oklahoma City "Oklah
oman" of July 23, which, continuprevious week. On July 3 the McLeansboro institut
ion listed ing, said:
Lewis declared evidence indicated the money
assets and liabilities of $716,051. The bank is capitalized at
had been taken from the
$50,000 with surplus of $10,000. Its officers are: Val B. bank over a considerable period of time.
661
The bank was capitalized for $25,000.
Campbell (who is also President of the First State Bank of defunct bank, and W. A. Taylor, Cashier,F. L. Filler, President of the
were indicted by the Federal
Grand Jury here July 8, charged with
Broughton); W. D. Sharpe and W. W. Denson, Vice-Presiembezzlement and misappropriation
of funds.
dents; Adam Green, Cashier, and W. A. Harper, Assistant
"The indictments were returned on
partial report of
Cashier. Assets and liabilities of the Broughton bank, the Lewis said. "It is very likely additional charges will be the examiners,"
filed in the light
the complete report."
dispatch furthermore said, have been listed at $133,758, with ofLewis
said the report showed less than $500
left in the bank in cash.
"
deposits of approximately $90,300. Arthur Dawes is Cashier
At the time charges were filed against
the two officers, Lewis said he
of this institution.
had found note files of the bank in
good shape and found no economical
reason for the bank failure, which
occurred March 22.
That the First Security Corporation of Ogden, Utah,
A press dispatch from Chambersburg, Ill., Aug. 4, apwhich
pearing in the Chicago "Journal of Commerce" of the next operates a chain of 27 banks in Utah,
Idaho and Wyoming,
day,stated that the directors and stockholders of the Cham- has declared a quarterly dividend
share, payable
$2
of
a
4
AUG. 9 1930.]
FINANCIAL CHRONICLE
889
independent
le According to Frank C. Mortimer, President, this is an
to call
institution, and its last statement of condition, issued in response
hand with
from the Comptroller of the Currency. June 30, shows cash on
the quarter ended June
Federal Reserve, other banks, and United States Treasurer, $487.852;
Report to stockholders lists earnings for
bonds, $479.798:
in the corresponding quarter of United States bonds, $469,852: California municipal
$4.26 a share, as compared with $4.16
of the bank is $500,000:surplus
was organized in May 1928, and other high grade bonds, $17,500; the capital
1929 and $4.14 in 1928. First Security
total resources are $2,553,000. "The bank
from which $692,933 and undivided profits, $123,438;
since the date of orits earnings in the two years amount to $1,427,549,
has been a member of the Federal Reserve System
have been paid in dividends.
its checks are cleared and collected
Manager of Utah Copper Co., ganization," Mr. Mortimer said, "and
expect to build upon our present
D. D. Moffatt, Vice-President and General
Bank. We
of Utah Power & Light, have been through the Federal Reserve
Bank one of the outand Lafayette Ranched, Chairman
structure and in due time make the Central National
elected directors of First Security Corp.
on the coast. It is our intention to continue in our
standing institutions
the lease of any
present location, as the bank is not obligated in any way for
That the Citizens' State Bank of Phoenix, Ariz., had other premises or for the purchase of any property."
management of the
Dain Sturges is associated with Mr. Mortimer in the
voluntarily closed its doors on July 31 and placed its affairs
his position as Vice-President of the Citizens
of James B. Button, State Bank Examiner, bank, having recently resigned
to undertake his new
in the hands
National Trust & Savings Bank of Los Angeles,
30 to
Oct. 1 next, was reported in Ogden advices on July
the "Wall Street Journal," which continuing said:
30 as
was reported in Associated Press advices from Phoenix on affiliation.
that date. Mr.Button was reported as saying that a "steady
Supplementing our item of last week, page 736, reporting
persistent withdrawal" of deposits forced the closing. A
of
ent at the close of the closing of the California Savings & Commercial Bank nt
report to the State Banking Departm
Cal., together with the arrest and subseque
business June 30 last showed, the dispatch said, deposits of San Diego,
a San
release in $50,000 bail of its President, I. Isaac Irwin,
$1,022,309 and total resources of $1,213,075. The bank is Diego dispatch on July 28, printed in the Los Angeles
capitalized at $100,000 and has surplus and undivided "Times" of the following day, after stating that the pre•
liminary hearing of the aged banker's case had been tentaprofits of $7,366.
went on to say in part:
Na- tively set for Sept. 4,
prospect for the
On July 29 two Chillicothe, Mo., banks, the First
Liquidation of assets rather than reopening, is the
Woods,
tional Bank and the Peoples Trust & Savings Bank, both bank, according to announcement to-day, (July 28) by Will C.
capitalized at $100,000, were merged under the title of the State Superintendent of Banks.
their money in less than
Wood warned depositors against expecting
First National Bank of Chillicothe, with capital of $100,000. four months. Meantime, if a responsible group could be found to refinance
be reopened.
the bank, paying in a capital in excess of $500,000, it might
Announcement was made on July 22 by S. F. Meyer, He said, however, he regarded this prospect as remote.
President of the Lafayette South Side Bank & Trust Co.
EXCHANGE.
ofiSt. Louis, Mo., that a new bank, the Lafayette National THE WEEK ON THE NEW YORK STOCK
& Trust Co. of Luxemburg (St. Louis) with an authinanimate trading days on the Stock Exchange
Bank
The series of
orized capital of $50,000 and paid up surplus of $25,000, will was halted Friday when shares were pushed to new lows on
of Luxemburg business men and the the movement. Prior to this reversal, the list had been disbe organized by a group
directors of the Lafayette South Side Bank & Trust Co., playing quiet strength despite temporary setbacks of short
according to the St. Louis "Globe-Democrat" of July 23, duration. Important developments during the week inns of
which, containuing, said:
cluded, a sharp rise in the grain markets, reductio
The new bank will erect a modern fireproof building on property already $14,000,000 in the Federal Reserve Board's weekly brokerage
purchased on the east side of Lemay Ferry road, Just south of the River
Stock Exchange
let call for the completion loan account and of $38,000,000 in the
Des Peres, Meyer siad, and contracts already
by
structure by,Nov. 1. If sutiable temporary quarters can be obtained monthly compilation, bearish views of the steel industry
of the
that time, he stated.
23'%.
the new bank will open for business before
trade organs and a temporary firming of call money to
The men interested in the new institution include Erwin P. StuPP.
On Saturday,the list after displaying slightly lower tendenPresident of the Stupp Brothers' Bridge & Iron Co. and a director of the
Side Bank & Trust Co.; William Ruprecht of the Ruprecht cies at the opening, rallied and closed the day with moderate
Lafayette South
Felsch, Assistant Cashier of the Southern
ory in
Sand & Material Co.; T. W.
gains. The performance was regarded as satisfact
Commercial & Savings Bank; Charles F. Betz, Vice-President of the Amerimarket was made
Co. and a director of the Lafayette Bank; John P. view of the fact that the strength of the
can Cone & Pretzel
shares, the
Side National Bank; Joseph L. Rehme,
Meyer, Vice-President of the South
in the face of the meagre turnover of 366,000
Bank, and Albert S. F. Meyer.
a feature
Vice-President of the Lafayette
lightest volume since May 1926. U. S. Steel was
of the new bank will be seclected.
From this list the officers and directors
who will resign from the Southern Commercial of the session, selling around the best levels on the current
It is expected that Felsch,
the active manager of the new bank.
Du
,& Savings Bank on Aug. 1, will become
recovery. Other pivotal shares like American Can,
General Electric, also moved forward. Rate reStockholders of the Central National Bank of St. Peters- Pont, and
d by a trio of utility companies had an
burgh, Fla., have unanimously approved an increase in the ductions announce
to $500,000, and the addition of unsettling influence on issues in that group.
bank's capital from $300,000
Encouraged by the resumption of activity in the auto9
$ 00,000 to surplus account, according to a dispatch from
customary summer vacation shut31 •to the "Wall Street Journal," mobile industry after the
St. Petersburgh on July
The most
down, the entire list showed strength on Monday.
which furthermore said:
l performance was contributed by U. S.
$20, are to be offered to the pub- important individua
Shares of the bank with par value of
shares. Sale of this amount of Steel which reached the best level on the Movement. Prolic at $40 each, up to a total of 10,000
into the bank, of which half
stock wiil bring $400,000 additional capital
s, waxing optimistic, believed the market was
will receive full benefit of fessional
will be capital and half surplus. Purchasers
narrow trading area and entered the
months ending Dec. 31, 1930. Small investors breaking out of its
dividends declared for six
in
market in fair volume. High grade issues were taken
to buy the shares on an installment basis.
will be allowed
will be increased to a maximum of 31 members.
ahead. All sections participated in the
Directorate
hand and pushed
with the exception of the rails. Besides steel, imAccording to Miami,Fla.,advices, appearing in the Boston upturn
portant strength was shown by American Tel. & Tel with
"News Bureau" of Aug. 2, the new City Bank of Miami
Electric,
a 6 point rise. Other strong spots included General
Beach, organized to carry on the business of the former
Westinghouse, Consolidated Gas, North American, Radio,
Miami Beach Bank* Trust Co., which closed June 11 with
Vanadium, J. I. Case and Johns-Manville.
its parent concern, the Bank of Bay Biscayne, Miami, was
Lethargic conditions were in evidence in Tuesday's session
opened on Aug. 1. The dispatch furthermore stated that
with small price changes shown. Developments in the stock
liquidation of $633,000 worth of assets of the former Miami
• market were overshadowed by the action of the grain market
Beach Bank & Trust Co. had been undertaken by E. D.
Chicago where corn advanced 4 cents and wheat 2 to 3
Keefer. Reference was made to the affairs of the Miami at a bushel. In the early trading high-grade stocks moved
cents
Beach Bank & Trust Co. in our July 19 and July 26 issues,
ahead in light trading, but receded from their best levels in
pages 397 and 582, respectively.
the afternoon when pressure was exerted. Closing prices,
Effective July 12 1930, the Exchange National Bank of however, were generally above previous closing levels.
Shreveport, La., with capital of $200,000, was placed in Around mid-day the call loan rate was advanced to 2M%
voluntary liquidation. The institution was absorbed by from an initial charge of 2%. This was the first change in
four other Shreveport banks, namely the First National the money quotation since July 15. Steel, American Can,
Bank, the Commercial National Bank, the American
Amer. Tel.& Tel., General Electric and kindred issues closed
National Bank, and the City Savings Bank & Trust Co.
the day with small gains. Youngstown Sheet & Tube moved
On July 31 the Western National Bank in Los Angeles forward 8 points. The railroads led in group movement
changed its title to the Central National Bank in Los with substantial gains made by Atlantic Coast Line, Boston
Angeles. Control of this institution, located on Sixth Street
Louisville & Nashville, Northern Pacific, St. Louisfacing Pershing Square, recently passed into the hands of & Maine,
Frank C. Mortimer, Dain Sturges, Harold G. Ferguson, San Francisco and Union Pacific.
Wednesday witnessed a drop of 2 to 5 points in the list
Mare F. Mitchell and associates. A communication in the
matter received from the bank says in part:
following the receipt of disappointing reviews by the "Iron
In preparation for a campaign to enlarge the facilities of the bank, Age" and "Steel", leading authorities in the iron and steel
readjustments have been made in the Board of Directors and personnel.
industry. The view of these organs was depressing to the
has taken place in management and control.
A complete change
890
FINANCIAL CHRONICLE
Fora. 131.
extent that it was in contrast to the optimistic picture resufferers. Electric Bond & Share, corn. dropped
from 83Yi
cently painted by the Finance Committee of the U.
S. Steel to 76. Amer. Gas & Elec. corn, after early
loss from 1383i
Corp. The country's steel output was placed at 54%
of to 135, sold up to 140 and to-day broke to 13234.
Amer.&
capacity as compared with 56% the preceding week and it
Foreign Power warrants improved from
50 to 5134, then
was further added that the increase in operations confide
ntly dropped to 4434, closing to-day at the
low figure. Duke
expected had yet to put in an appearance. U. S. Steel, Power
decline
American Can, Vanadium, Consolidated Gas, Standard of corn. A lost d from 174 to 16234, United Light & Power,
434 points to 3834. Ford Motor of England was
New Jersey and Radio declined. Railroad issues which
had a conspicuous feature in the industrial division, advanc
ing
advanced the day previous lost most of their gains. Again sharply
from 1834 to 2234, then reacting to 1934, the close
the grain markets outdistanced the stock market in point
to-day being at 20. Deere & Co. sank from
of
763( to 6534
interest. Corn shot up 7 cents a bushel while wheat was and finishe
d to-day at 70. Driver-Harris, corn. on few transmore than 5cents a bushel higher. After the close of trading actions
lost 334 points to 7034. Mead, Johnson & Co. corn.
,
the Federal Reserve Board announced that brokers' loans advanc
ed from 7334 to 79 and sold finally at 76. Insull
during the week declined $14,000,000 to a total of $3,214, Utility
Invest, com, weakened from 613 to 58 and closed
%
000,000.
to-day at 5834. Oils were quiet with
only slight changes,
Little interest was displayed in Thursday's session and Humble Oil
& Ref. rose from 883 to 91 but weakened
%
total transactions fell below the 1,500,000 mark. Uncer- finally to
8534. Gulf Oil rose from 12434 to 12734 and broke
tainty over the effects of the drouth was a contributing factor to-day to 11734.
in the listless trading. At the end of the day, minus signs
A complete record of Curb Exchan transac
ge
tions for the
were in greater volume than were plus signs, but in neither week
will be found on page 922.
case were the revisions large. In the final hour an attemp
t
DAILY TRANSACTIONS AT
to rally the list was only partly successful; fractional adTHE NEW YORK CURB EXCHANGE.
vances being recorded from the earlS low levels. United
,
Bonds (Par Value).
Stocks
States Steel was higher but American Telephone & Telegraph,
Week Ended
(Number of
Foreign
Aug. 8.
Consolidated Gas, American Can, General Electric
Shares).
Rights.
Domestic. GOWFWIttni.
Total.
and
Radio were moderately lower. Expectations that the
Saturday
132.100
7.600
drouth Monday
5631,000
$69,000
5700,000
802,900
would reduce loadings of grain-carrying railroads brough Tuesday
18,600 1,706.000
204,000 1,910,000
t Wednesday
391,900
8,700 1,737.000
182.000 1,919,000
declines in that division. The rate on call money was
378,800
12,300 1,754.000
142,000 1,896,000
dropped Thursday
387,900
1,100 2,475,000
204,000 2,679,000
to 2%, indicating that the end-of-the-mouth settlem
643,500
7,900 2.997.000
219.000 3,216.000
ents Friday
had been cleared up satisfactorily.
Total
2.237,100
56,200 211,300,000 $1,020,000 $12,320,000
Persistent selling pressure all Friday caused one of the
worst setbacks since the June reaction. The decline
was
accompanied by a corresponding increase in turnover, sales
aggregating 3,312,520 shares, the largest daily volume
in
some time. Selling developed at the opening and
Bank clearings this week will show a decreas as compar
was
e
ed
heightened shortly after by the publication of a report
that with a year ago. Preliminary figures compiled by us, based
operations of the United States Steel Corp. during the
week upon telegraphic advices from the chief cities
of the country,
had declined 3%. Bear forces centered their early attacks
on indicated that for the week ended to-day (Saturday, Aug.
8)
steel in an effort to force it through the resistance level
of 163. bank exchanges for all the cities of the United States from
They succeeded in driving it down to 161, where
it closed which it is possible to obtain weekly returns will
be 27.9%
with a loss of 534 points on the day. Successful in their
raid below those for the corresponding week last year. Our preon Steel, bear operations were extended to other popula limina
r
ry total stands at $8,906,689,516, against $12,352,favorites, such as American Can, Amer. Tel. & Tel., Con- 017,738
for the same week in 1929. At this centre there is
solidated Gas, General Electric, Radio and others. Warner
a loss for the five days ended Friday of 30.9%. Our comBros. Pictures lost more than half a dozen points in respon
se parative summary for the week follows:
to the overnight news that the dividend on the commo
n
shares had been omitted.
Clearings-Returns by Telegraph.
Per
Course of Bank Clearings
TRANSACTIONS AT THE NEW YORK STOCK EXCHA
NGE
DAILY, WEEKLY AND YEARLY.
Week Ended
Aug.8.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Stocts,
Number of
Shares.
366,090
1,201.810
1,221,490
1,317,370
1,450,890
3,312.520
Railroad,
&c.,
Bonds.
Stale.
Municipal &
Porn Bonds.
51.909.000
3,650,500
5,858,000
5,739,000
5,193,000
7,984,000
5963.000
2,170,000
1,988.000
1,612,000
1.928,000
1,540,000
8.870.170 $30.335.500 510.201.000
Sales at
New York Stock
Exchange,
Stocks
-No. of shares_
Bonds.
Government bonds_ -State dr foreign bonds_
Railroad & misc. bonds
Week Ended Aug. 8.
1930.
United
States
Bonds.
1929.
Total
Bond
Sales.
382.000 82,954,000
61,000 5,881,500
632.000 8,478.000
226,000 7,577,000
48,000 7,169,000
361,000 9,887,000
31.410.000 841,946,500
Jan. 1 to Aug. 8.
1930.
1929.
8,870,170
20,515,050
542,935,010
659,116,650
$1,410,000
10,201,000
30,335.500
$1,384,000
11,522,000
50,190,000
$71,741,600
413,531,900
1.216,328.200
$78,314,500
381,782,650
1.232,783.000
Week Ended August 9.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
Thirteen cities. 5 days
Other Cit1CS, 5 days
Total all cities. 5 days
All cities, one day
Total all cities for week
1930.
1929.
Cent.
54,658.000,000 86.741,000,000 -30.9
418,358.908
634,216,688 -34.0
409,000,000
460,000.000 -22.1
334,000,000
408.000,000 -18.1
104.075.773
145,340,582 -28.4
83,900,000
106,900,000 -21.5
130,324,000
162.081,000 -19.6
No longer re ports clearings
127,268,929
156,871,782 -18.9
117,668,777
159,262,963 -26.2
91,373,325
111.638,639 -18.1
74,874,309
112,238,836 -33.4
37,704,419
45,927,397 -17.9
36.586.548,440 39,243,477,887 -28.8
827,359,490
1,038,271,620 -30.4
$7,413,907,930 810,281,749.507 -27.9
1,492,781,586
2,070,268,231 -27.9
$68.906.689.516 $12,352.01773R -270
Complete and exact details for the week
covered by the
foregoing will appear in our issue of next
week. We cannot
Total bonds
furnish them to-day, inasmuch as the
$41.946,500 863.098,000 81,701,601.700 51.692,880,150
week ends to-day
(Saturday) and the Saturday figures will
DAILY TRANSACTIONS AT
not be available
THE BOSTON, PHILADELPHIA AND
until noon to-day. Accordingly, in the
BALTIMORE EXCHANGES.
above the last day
of the week has in all eases had to be estima
ted.
Boston.
Philadelphia.
, Baltimore.
Week Ended
In the elaborate detailed statement, howeve
r, which we
Aug. 8. 1930,
Shares. Bond Sales. Shares. Bond Sales Shares. pond
present further below we are able to
.
Sales.
give final and complete
- results
Saturday
for the week previous-the week ended Aug. 2.
8.721
sum a20,100 32.600
374
83,000
Monday
For
16,476
7.000 a40,891
12.000
379
10,000 that week there
Tuesday
18,938
is a decrease of 26.9%, the aggregate of
11,000 a41,238
945
64.000
Wednesday
19,618
26,000 a42,052
1,100
974
24,700 clearings for the whole
Thursday
21,476
country being $10,328,940,045,
13,000 a46.799
12,000
539
10,500
Friday
11,439
2,000
21,010
8,000
1.814
9.000 against $14,126,075,933 in the same week of 1929. Outside
Total
96.738
560,000 212,090
335.700
5,025 3121.200 of this city there is a decrease of 18.1%, while the bank
Prey. wk, revised.. 150.251
clearings at this centre record a loss of 30.8%. We
SA2 Inn 2A/A1R
259 9nn
7.202
547000
group
a In addition, sa es of rights were:
the cities now according to the Federal Reserve district
rants were: Saturday, 200; Monday, Monday, 400; Thursday, 400. Sales of wars in
200: Tuesday, 100: Wednesday. 200; Thurs- which they are
day, 400.
located, and from this it appears that in the
New York Reserve district, including this city, the
total
shows a loss of 30.7%, in the Boston Reserve Distric
THE CURB EXCHANGE.
t of
7.3% and in the Philadelphia Reserve District of 15.9%.
The week on the Curb Exchange was exceedingly
dull, the In the Cleveland Reserv
e District the decrease is 20.1%,
volume of sales being the smallest in a long
time. Prices in the Richmond Reserv
e District 16.7% and in the Atlanta
moved about aimlessly with narrow changes. Toward
s the Reserve District 26.0%. The Chicag
o Reserve
close there was some liquidation and prices in some
cases shows a shrinkage of 20.2%, the St. Louis Reserv District
suffered sharp recessions. The utilities were the
e District
chief of 14.6% and the Minneapolis Reserve
District of 27.0%.
In the Kansas City Reserve District the totals are smaller
by 28.9%, in the Dallas Reserve District by 29.0% and in
the San Francisco Reserve District by 15.9%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
1924.
1930.
Inc.or
Dee.
1928.
1927.
$
$
$
3
%
Federal Reserve Diets.
560,854,142
598,595.782 -7.3
523,082946
526.454,954
let Boston ___-12 cities
8.891,679,217 9,944,091,2% -30.7 7,205,837,
6,358,184.222
2nd New York__11 591,053,773 -15.9
496,841.729
634,973,879
565.635,319
3rd Philadelpla 10 "
391,347,896
489,460,715 -20.1
405,507,056
409,731,952
4th C1eve1and__ 8 "
162319.598
195,542407 -16.7
185,289,238
212,610,958
5th Richmond - 6 "
169.539.036 -26.0
125,551.646
168,270,152
163,317.
6th Atlanta_ -_12 "
880.589.141 1,103,373.187 -20.2 1,057,138,227
968,112.395
7th Chicago ___20 "
202,189.678 -14.8
172,699,626
217,961,726
207,848,817
8th 81. Louls___ 8 "
102,489,448
140,332,556 -27.0
126,294,887
112228,129
9th Minneapolis 7 "
181,252961
255,218,179 -28.9
233,124,990
525,392989
10th KansasCity 10 "
51,934,231
74,012.464 -29.0
72795,377
62,280,649
5 "
Ilth Dallas
311,004,412
365,668.860 -15.9
364,134,770
311,276,625
12th San Fran 16 "
125 cities 10,328,940,045 14,128,075,933 -26.9 11.093.683,670 10,059,808.445
Total
3,802,165,594 4,398.003.752 -18.1 4,059,167,146 3.962,516,521
Outside N. Y. City
_ .
Seven Months.
Month of July.
Description.
Stocks, number of shares_
47,746,090
1929.
1930.
1929.
1930.
540,414.800
93,378,690
631,245,000
Railroad & misc. bonds_ _ 3125,452,200 $233,481,000 $1,181,322,700 $1,160,601,000
400,955,400
365,572,650
State, foreign, Arc., bonds 54,858,900 56,692,500
76,921,200
69,941,600
9,998,700 12,669,400
U. S. Govt. bonds
$190,309,800 $302,842,900 $1,652,219,700 $1,603,094,850
Total
Week End. Aug. 2 1930.
891
FINANCIAL CHRONICLE
Amt. 9 1930.]
The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 for the
years 1927 to 1930 is indicated in the following:
1928.
1927.
1929.
1930.
No. Shares, No. Shares. No. Shares. No. Shares.
62,308.290 110,805,940
67.834,100 77,968.730
96,552,040 105,661,570
Month of January
February
March
56,919,395
47,009,070
84,973,869
34,275,410
44.162,494.
49,211,663
226,694,430 294.436,240 188,902,334 127,649.569
1st quarter
111.041,000
78,340,030
76,503,250
Month of April
May
June
82,600,470
91,283,550
69,546,040
80,478,835
82,398,724
63,886,110
49.781,211
46,597,830
47,778,544
265,974,280 243,430,060 226.763.669 144,157.585
2nd quarter
We also furnish to-day a summary by Federal Reserve
292.668.710 537,866.300 415,666,003 271,807,154
Six months
districts of the clearings for the month of July. For that Month of July
47,746,090 03,378,690 39,197.238 38.575.576
month there is a decrease for the entire body of clearing
22.4%, the 1930 aggregate of the clearings being
houses of
The following compilation covers the clearings by months
$47,056,351,901 and the 1929 aggregate $60,605,801,494. since Jan. 1 in 1930 and 1929:
In the New York Reserve district the totals register a loss
MONTHLY CLEARINGS.
of 25.9%, in the Boston Reserve district of 11.3% and in
Clearings Outside New York.
Total AIL
ClearIngS,
the Philadelphia Reserve district of 16.3%. In the Cleveth.
1929.
1930.
%
1929.
1930.
%
Reserve district the decrease is 12.4%, in the Richland
$
$
mond Reserve district 6.5% and in the Atlanta Reserve
$
$
-22.0 18,642,101,592 20,007,488,319-11.6
Jan
district 22.3%. The Chicago Reserve district shows a loss Feb .__ 50,673,406,142 64,911,154,189 -22.3 15,715,253,075 17,702,775.710-11.8
.__ 41,702,901,982 53,632,530,040
St. Louis Reserve district of 11.9% and the Ma -_ 51,189,572,673 62,047,728,610 -17.6 17,424.514,546 19,728,889,932 -12.3
of 14.3%, the
Minneapolis Reserve district of 21.5%. In the Kansas City lot tu_ 143565880,797 130591412.839-20.5 51,781,869,213 58,439,149,961 -12.0
Reserve district the shrinkage is 20.5%, in the Dallas Re- Apr L_ 50,871,578.082 54,135,721,704 -6.3 17,335,439,550 19,138,168,300 -10.1
19,073,965,942 -9.6
Ma r__ 48,698,222,344
serve district 24.4% and in the San Francisco Reserve Jun 3_ _ 49,749,859,458 55,855,905,534 -14.2 17,269,304,424 18,404,573.068 -9.7
52,965,219,206 -6.116.601.139,120
district 13.5%.
162956846,444 -8.4 51,205,883,094 58,616.707,310 -9.6
2d iu. 149319659,884
July
1930.
July
1929.
$
Federal Reserve Diets.
let Boston __--14 cities 2.385,282,677
2nd New York__14 " 30.475.567,065
2,361,867,048
3rd Philadelpla 14 "
1,917,796,727
tith Cleveland__15 "
784.057,717
5th Richmond _10 "
630,580.850
6th Atlanta____ 17 "
4,102,258,406
chkag0 ___28 "
7th
632.843.433
8th St. Louis__ _10 "
815302,254
9th Minneapolls13 "
1,067,106,577
10th KansasCity 14 "
417,901,292
11 ''
11th Dallas
1,570,982,255
12th San Fr60_ _26 "
Ine.or
Dec.
$
2,689,493,002
41,136,249,905
2,821,651,925
2,215,467,379
838,336,649
811,049,704
4,788,037,066
945,081,103
642907,578
1,342,343,854
552,805.879
1,815.414.460
July
1928.
July
1927.
$
%
$
-11.3 2.224.343,479 2,257,582,525
-25.9 24461,708,807 26,145,138.605
-16.3 2,428.237= 2,448,772,423
-12.4 1, 9,908.512 1,887.684,412
89
-6.5
769,613.647
839,139,578
-22.3
783,302,673
852,167,615
-14.3 4,528.942,581 4,312.172,994
-11.9
916,761,441
922,407,413
-21.5
569,033,458
520,298,511
-20.5 1,333,953.9= 1.258,914,432
-24.4
481,480,874
469,605.961
-13.5 1,701,672685 1,556,849,018
186 cities 47,056,361,901 60.605,801.494 -22.4 46,079,017,452 43,469,033,534
Total
17,2E8,127,532 20,398,052,535 -15.3 18
Outside N. Y. City
,323.559,924 18,022,802,848
,001,U.YJ,00U, „ -43.3
1,544,266,778
We append another table showing the clearings by Federal
Reserve districts for the seven months back to 1927:
7 Mer1174
1930.
7 Months
1929.
$
Federal Reserve Diets.
3
let Boston ____14 cities 15,954.044.621 17.073.083,665
2nd New York__14 •• 224,605,263.220 274.396.772361
3rd Phliadelpla 14 " 17.443,740.154 19.346,221,568
12,748.790.636 14,274.057,977
ilth Cleveland__15 5,384,547.960 6,614,054,247
5th Richmond AO "
5,081,428,749 5,851,640,872
685 Atlanta____17 ••
7th Chicago ___28 " 27,385,531,434 32,606,991,939
6,128,281,644 6,788.998,580
8th St. Louls__10 "
3,638,918,812 3,963,854,674
90 Minneapolls13 7,116,066,155 8,064.893,033
70011 KansasCity 14 "
ii "
3,164,564.751 3,850,259,763
11th Dallas
.26 " 11,192,714,246 12.323.284.09
12th San Fran.
Ine.or 7 Months
Dee.
1928.
7 month.
1927.
%
$
$
-6.6 17.286,229,937 16,902,051,790
-18.3 229,528,926,232 166,623,987,530
-9.8 18,309,807,794 17,680.747,801
-10.8 13.070,4.49,2% 12,922,183,060
-4.1 5.705,787,097
5,971.143,069
-13.2 5,843,948.302 6,287.825,581
-17.1 32,448.253,952 30,699.233.197
-9.8 6 773,279,599 6,715,018,340
,
-10.7 3
,832,027,443 2442,775,218
-11.7 8,545,995,85
8,510,106,208
-17.8 3,497.386,10
3,617,084,319
-9.1 12,323,938,05 11,224,097,853
186 cities 339.941,892,582 404.154,060,777 -15.9
Total
37
5 ,035.384
Outside N. Y. City
120.275,879,839 135.453,909,806 -11.3 138,385,463,696 310,596,255,986
123,716,811.2%
enaw.rarla
11 IA.lese 11
.''e3
.11310,778,752745
603os. 292885540.681 343548259,283 -14.8 102987752.307 115055857.271 -20.8
47 016 311.901 60.605.801.494 -22.4 17.288,127,532 20,398,052,535 -15.3
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.
Jan. 1 to July 31
Jidy
1927.
1929. 1928.
1930. 1929. 1928. 1927. 1930.
(000.000s
$
$
s
$
$
$
Milted.)
1
1
29,768 40,208 27,755 23,446 219,4566 268,700 224,560 181,879
New York
20,994
27 2 3,100 2,973 2,893.
9
Chicago
„
2,101 2,374 1,969 1,991 14,204 15028 Pa 15,122
Boston
2,208 2,628 2,244 2,259 16,362 18,074 17,016 16,402
Philadelphia
4,352
4,300
3,742 4,251
596
607
599
510
St. Louis
5,549
5,420
5,487 5,864
761
772
904
859
Pittsburgh
5,602
6,716
6,184
5,801
766
850
889
814
San Francisco
2,244
2,323
2,321
1,972
333
319
357
285
Cincinnati
3,279
2,883 3,037 3,146
471
419
468
431
Baltimore
4,032
4,247
4,228
3,782
638
661
755
583
Kansas City
3,743
3,901
4,047 4,507
578
604
721
589
Cleveland
1,670
1,700
1.549
1,396
232
224
216
177
Orleans
New
2,038
2,340
2,313 2,485
316
356
418
334
Minneapolis
1,081
1,142
1,159
1,167
153
145
161
161
Louisville
5,689 5.057
5,355 6,813
755
865
970
727
Detroit
1,308
1,262
1,055
923
188
187
170
135
Milwaukee
411
475
503
419
60
62
76
54
Providence
1,323
1,191
1,372
1,301
170
190
214
184
Omaha
1,594
1,570
1,895
1,570
237
231
325
215
Buffalo
903
861
851
708
132
129
120
101
St. Paul
705
751
701
671
106
103
122
103
Indianapolis
1,015
939
1,123
916
136
145
163
134
Denver
1,402
1,286
1,325
1,269
188
175
181
189
Richmond
617
571
634
596
74
72
80
69
Memphis
1,333
1,205
1,547
1,466
187
205
233
169
Seattle
460
494
602
566
69
63
92
65
Hartford
534
502
73
565
529
75
91
71
Salt Lake City....
43,884 56,635 42,400 37,808 316.821 376,314 331,416 284,506
3.172 3,971 4,509 6,429 23,121 27,840 32,226 31,641
Total
Other cities
47,056 60,606 46,909 44.237 339,942 404,154 363,642 316,147
Total all
Outside N. Y.City_17,288 20,398 19,154 18,791 120,276 135,454 139,081 134,268
Our usual monthly detailed statement of transactions on
We now add our detailed statement showing the figures
the New York Stock Exchange is appended. The results for for each city separately for July and since Jan. 1 for two
July and the seven months of 1930 and 1929 are given below: years and for the week ended Aug. 2 for four years:
CLEARINGS FOR JULY, SINCE JANUARY 1, AND FOR WEEK ENDING AUG. 2.
•
Seven Months Ended July 31.
1930.
1929.
Ine. or
Dec.
$
s
First Federal Rese eve District- Boston
3,019,004
Me -Bangor
3,071.967
16,305,371
Portland
21,048,872
Mas8.-Boston
2,151,000,000 2,374,000,000
Fall River
4,403,700
5,591,959
Holyoke
2,676,031
3,026,493
Lowell
2,474.983
5,869,045
New Bedford
4,032,414
5,233,402
Springfield
20,109,385
26,285,700
Worcester
15,145,731
17,663,280
-Hartford
64,863,304
Conn.
92,450.210
36,142,349
New Haven
43,874,56
9,213,500
Waterbury
12.178,70
-Providence_ ...
53,778,000
R. I.
75,764,000
2,118.905
-Manchester..
3,397,81
N.25.
%
1930.
$
1929.
1930.
1929.
lite. or
Dec.
1928.
$
$
-1.7
19,640,234
19,790,350
-22.5
120.720 410
114,833,220
-9.4 14,203,644,094 15,028,265,716
-21.2
40,786.712
35,482,460
-11.6
19,188,546
17,508,094
-57.8
38,449,656
26,528,828
-22.9
37,602,370
31,006,351
-23.1
175.260.239
146,634,246
-14.3
115,330,725
107.307,512
601,559,747
-30.0
494.184,159
269,733,165
-27.6
248.193.654
80,749,300
-24.3
68,502,000
502,814.700
-39.0
419.122.900
22.982,145
-37.7
21,306,953
Total (14 cities).- 2,385,282,677 2,689,456,002 -11.3 15,954.044,821 17.073,083.665
Week Ended August 2.
Inc. or
Dec.
$
%
$
1 1
1.1iLi 111 co 5ii+
o
o oop -a cn t.1`
Month of July.
Clearings al
-
606,973
3.314.800
515,000,000
945,409
-6.5
560,854,142
645,034 -8.9
6,397,804 -48.1
531,000.000 -3.1
1,113,885 -18.1
1927.1
'
$
693.541
3,664,812
466.000,000
1,665,281
799,721
4,916,984
466,000,000
1,894,984
505,569
959.025
4,610,122
3,060,091
13,581,294
6,503,468
1,181.419
1,042,050
5,451,220
3,766,858
21,346,131
8,780,155
-- 7:2
5
-7.9
-25.4
-18.7
-36.3
-25.9
1,037.947
978.548
5,250,576
3,585.548
16,829,044
7,948.928
1,153,594
1,120,589
5,316,281
3,635.007
19.159,236
8,786.033
11,018.000
749,391
16,973,700 -35.1
897,526 - 16.5
14,602,890
825,920
12,988,200
684,325
523,082.945
526,454,954
698,595,782
-7.3
892
FINANCIAL CIIRONICLE
[VoL. 131.
CLEARINGS-(Continued.)
Month of July.
Clearings at
1930.
Seven Months Ended July 31.
Inc. or
Dec.
1929.
Second Federal Re serve District -New York.
N. Y.
-Albany
31,051,584
30,255,384
Binghamton
6,440,739
7,656,935
Buffalo
215.377,814
325,389.356
Elmira
4,543,229
5,761,200
Jamestown
5,227,835
6,607,750
New York
29.768,224,369 40,207,748,959
Niagara Falls
*4,000,000
7,967,930
Rochester
53,544,145
82,975,315
Syracuse
25,733,261
35,827.865
Conn.
-Stamford_
19.984.867
24,902.789
N. J.
-Montclair__ _
3,438,505
4,620,1306
Newark
152,870,618
164,576,139
Northern N. J
177.425,778
223,869,065
Oranges
7,704,921
8.090,612
1930.
Inc. or
Dec.
1929.
191,914,489
+2.6
202,432,434
-15.9
45,745,640
42,160,048
-33.8 1,569.890,564 1,895.198,352
-21.1
37,262,305
30,403,897
-20.9
41.385,790
38,635,221
-26.0 219,666,012.743 268.700,150,971
47.647.314
-49.8
32,181.557
496,361,981
-35.5
371,422,729
224,060,984
-28.2
175,698,412
-19.8
140,034,519
126,843,945
-25.6
30,717,272
24,572,490
-17.1 1,077,859,934 1.032,601,897
-30.8 1,393,241,568 1,457,857,922
-14.8
55,780,92'
53,907,678
Total(14 clties)_ _ 30.475,567,865 41,136,249,905 -25.9 224,805,263.220 274.396,720,361
Third Federal Res erve Distritt -Philadelphl aPa.
-Altoona
6,243,992
7,643,239 -18.3
46,410,531
41,562,880
Bethlehem
18,298,193
26,163,342 ---30.1
164,869,941
142,765,348
Chester
5,112,184
6,529.722 ---13.8
38,028,092
31,360,459
Harrisburg
18,337.116
22,176,088 --17.3
132,959,217
145.641.595
Lancaster
8,158,423
8,670,199
64,621,873
61,814,706
Lebanon
2,971,629
3,421,201 --13.2
21,128,611
20,117.785
Norristown
3,521.533
4,195.664 --16.1
22.789,433
27,225,144
Philadelphia
2,208.000,000 2,628,000.000 --16.0 16,362,000,000 18,074,000,000
Reading
15,145,928
20,787,564 ---27.2
134,965,314
111,176,083
Scranton
20.307,952
27,881,125 --27.2
146,055,829
194,977,630
Wilkes-Barre
15.773,459
18,111,002--12.9
104,094,143
120,489,063
York
8,603.876
10,839,699 --19.1
61,800,784
67,752,174
N.J.
-Camden
9,360.763
11,434,858 --18.1
68,545,661
77,424,707
Trenton
22,032,000
25.998,222 ---15.6
135,887.000
169,797,719
Total(14 cittes)__
2,361,867,048 2,821,651,925 -16.3 17,443,740,154 19,346,221,568
Fourth Federal Re serve District .-Cleveland.
Ohio-Akron
20.495,000
35,157,000
Canton
18,161,349
22,324,424
Cincinnati
285,049,634
357,424.731
Cleveland
589,188,379
721,180.097
Columbus
71,795,900
83,546,800
Hamilton
6,149.903
4.704,507
Lorain
1,780,443
2,213.822
Mansfield
8,330,044
9.858.833
Youngstown
24,091,460
34,757,283
Pa.
-Beaver Co
2,338,614
2,555,920
Franklin
802,221
1,007,454
Greensburg
6,744.960
8,517,504
Pittsburgh
859,315,773
903,821,296
-Lexington
KY.
6.541,426
7.125.680
W.Va.-Wheeling_ _
18,457,017
19,826.632
-41.7
-18.7
-20.3
-18.3
-14.1
-23.5
-19.6
-15.5
-30.8
-20.4
--20.8
---1.9
--8.2
--8.9
146,725,000
130,007.921
1,972.241,491
4,046,546,337
480,793,300
29,989.238
11,261,996
57,574,490
162.808.254
13,951.758
5,577,374
34,234,835
6,487,082.245
53.739,230
116,257.167
224,933,000
145,4E59,693
2,320,974,502
4,597,381.204
523,181,100
37.152,449
13,604,741
63,418.989
199,645,626
17,770.504
6,498,730
47,518,298
5,864.025.355
70,705,087
141.198,715
Total(17 cities)__ _ _
--18.6
--I0.4
--27.4
-25.9
-35.4
-10.5
-18.1
-36.9
--54.8
--29.3
-6.0
--62.3
--24.8
--14.2
--28.7
--48.8
--17.9
88,078,541
664,413,724
1,343,010,107
50,627,518
30,090,626
44,395,563
444,362,488
90,376,000
57.093,882
650,728,396
56,923,987
33,322,059
44,545,000
59,677,279
21,325,888
6,047,054
1,306,412,637
92,207,416
726,024,622
1,860.338,829
61.710.991
36,118,017
50,860,147
495,743.339
93,021,000
99,073,303
723,516,363
55,934,489
48,884,278
51,228,000
66,139,932
25,887.517
11,191.815
1,548,780.214
1930.
Inc. or
Dec.
1929.
d-5.5
8,417,569
6,568,746
--7.8
1,646,388
1,879,628
--17.2
48.132,090
69,304,629
--18.4
924,488
1,129,762
--6.7
1,083,821
1,257,887
--18.3 6.726,774,449 9,727,472,181
--32.5
--14.2
10,213,166
17,514,863
--21.6
6,363,955
13,883,485
--9.4
3,493.084
4,704,403
--20.0
622,767
1,113,605
+4.4
40,126,697
33,654,654
--4.4
43,880,743
65.608,453
--3.4
1928.
+28.2
6,755,374
6,813,714
-12.4
1,992,706
1,990,942
51,943,811
-30.5
59,923.580
-22.1
1,473,130
1,068,590
1,290,417
1,227,390
-14.0
-30.8 7,034,516,524 6,197,289,924
-41.6
--25.7
-44.1
+19.2
--33.1
13.893,636
7,391,222
4,027,000
853,911
29,291,695
44,428.602
--10.5
--13.8
--17.5
--8.7
--4.2
+5.0
--16.3
---9.5
--17.7
--25.1
--13.6
--8.8
--11.5
--20.0
15,862,073
7,119,747
3,880,139
1,047,792
24,945,202
44,994,898
1,810,510
4,785,820
1.124,574
1,532,527 --14.4
5,781.500 --17.2
1,261,785 --I1.1
1,527,784
4,503,536
1,396,243
1,687,558
4,427.685
1,407,696
1,804,080
2,068,810 -13.3
1,642,846
2,014,135
502,000,000
3,966,518
6.679,537
4,490,395
2,361,553
531,000,000
4,091,954
7.278.311
4,592,472
2,249,587
470.000,000
3,336.586
5.551,381
3.397,920
1,929,858
558,000,000
4,304,991
6.681,366
4,248,794
2,460,491
--15.7
--22.5
--16.9
--21.8
--2I.5
3,601,000
4,713,709 -23.6
6,405,467
6,885,921
-9.8
496.841,729
591,053,773 -15.9
534,973,879
585,635.319
-34.8
-10.9
-15.0
-12.0
-8.1
-19.3
-17.2
-9.2
-18.4
-21.2
-14.2
3,902,000
3,061,130
52,338.050
122,191,223
14,886,100
7,280,000
4,230,936
70,958,196
157.766,527
17.609,400
--46.4
--27.6
--26.2
--22,5
--15.5
6,963,000
'3,851,216
71,162,862
124,794,000
17,875.400
7,331,000
4,299,738
69,434,145
118.079,537
19,246,600
1,724,193
5,188.822
2,250,407 -23.3
6,840,492 -24.1
1,742,137
5,809,753
2,072,592
5,288,930
-6.4
-25.2
-18.1
188,056,378
222.524,757 -13.5
177,533,584
179,754.514
391,347,896
489,460,716 -20.1
409,731.952
405,507,056
955,880
3,994.423
38,238,000
1,148,861 --24.8
5,066,134 --21.1
41,616,000 --12.1
1,220,013
4,369.516
89,345,000
1,376,939
4,929.368
45,384,000
-28.0
--4.5
--8.5
--19.9
--18.0
--16.7
---12.7
--10.4
--2.8
--42.4
--10.1
i-1.8
--31.8
--13.0
--9.8
--17.6
--46.0
--11.8
1,505,375
1,749,517 -13.9
*1,500,000
1,800,000
95,415,405
119,584,974 --20.2
112,002,287
132,700,749
22,710,435
26.376,921 --13.9
26,852,422
26,419.902
162,819.598
195,542.407 --16.7
185,289,238
212,610,958
--23.5
--10.8
--33.8
--21.2
2,657.000
18,602,281
42,411.968
1,607,387
*3,500.000
21,832.564
41,097,785
1,568,972
1,466,652
9,787,381
1,187,000
1.506,510 -2.7
12,363.370 --20.9
1,905.000 --37.6
2.218,955
13.614,397
2,048,000
1,898,825
15,820,582
3,894,000
14,037.702
1,632,878
21,873.023 --35.3
1,902,764 --14.2
22,088.567
1.677,286
23,241,664
1,591,997
1,437,076
1,787.000 -19.6
1,782.000
1,484.000
135,908
35.127,889
250,527 -41:i
49,605,518 -29.1
322,298
54,287,744
322,389
52,017.374
*2,000,000
19,887,987
37,616.075
1,235,298
2,612.930
22.287,824
52.077.071
1,667,499
630,580,850
811,049,704 -22.3 5,081,428,749 5,851.640,872 -13.2 125,551,646 169,539,036 -26.0 163,317,882
•
r Seventh Federal R eserve Distric t-Chlcago
Mich.
-Adrian
1,366,688 -39.5
827,052
8,872,790 --24.5
156,061
6,702,156
237,108 -34.2
248,146
Ann Arbor
31,735,031 --13.1
4,551,016 -26.8
3,333,763
889,177
27,568,057
641,721 +38.6
1,060,406
Detroit
727,091,216
969.694,103 -25.1 5,355,318,481 6,812,746,506 --21.4 154,447,957 210,441,327 -26.6
196,353,790
Flint
130,519,199 --21.3
20.370,547 -44.6
11,707,194
90,941,567
Grand Rapids
238,736,246 --30.2
22,512,365
31,667,035 -29.9
6,490,670
166,701,687
9,509.926 -31.7
11,483,091
Jackson
64.007,051 --37.2
9,080,745 -50.8
4,487,859
40,210,828
Lansing
117,475,774 --9.8
17,584,670 --17.5
14,501,259
2,881,073
105,965,855
4,028,793 -32.4
3,108,145
Ind.
-Fort Wayne_ _
118.222.731 --14.0
19,372,187 -29.2
13,718,525
2,630,034
101,601,357
4,075.584 -35.5
3,063,609
Gary
172,632,705 ---7.3
28,695,181 -17.9
23,554,234
160,174.840
Indianapolis
751.344,000 --I0.7
121,838,000 -15.2
103,363,000
19,550,000
669.847.000
25.901,000 -24.5
22,357,000
South Bend
99,729,102 --I6.4
16,188,736 -13.5
2,036.144
13,992,263
83,339,544
2,913,976 -30.1
3,329.800
Terre Haute
165,562,724 --4.7
25,683,498 -11.1
22,751,247
4,023,455
157,716,629
4,983.400 -20.8
4.330,400
Wis.-Madison
-13.3
98,817,775 --15.3
11,687.813
13,472,570
83,516.836
Milwaukee
170,028,811 -20.4
135,365,890
25,128,489
922,979.493 1,055,097,126 --12.6
35,734,459 -29.7
39,285,212
Oshkosh
29,560.970 --16.8
4.680,588 -21.7
3,664,479
24,608,005
Iowa-Cedar Rapids_
94.790,975 --2.1
12,936,911
14,635.790 -11.7
92,813,048
2,635,809
3,349,949 -21.3
2,947,080
Davenport
381.344,764 +3.4
+2.3
56,644,871
57,865,360
394,327,987
Des Moines
299,792.236 ---6.5
33,038,408
44,330,288 -25.5
280,402,449
7,284,585
5,094,235 +43.0
9,593.925
Iowa City
14.949.485 ---4.9
1,849,972
2,227.298 --17.0
14,210,515
Sioux City
216,143,195 --13.6
24,492,544
30,987,674 -21.0
186,776,719
5.617,774
6,924,714 -21.2
6,980,218
Waterloo
49,795,150 --11.9
5.261.877
7.670,325 --31.4
43,888,462
1,044,717
1,430,026 -35.0
1,420,902
111.
-Aurora.
39.928,028 --17.2
4,241,189
5,638,780 --24.8
33.058.270
Bloomington
61,603,722 ---8.5
8,068,303
8,494,939 --5.0
57,030,607
1,924,051
2,150,864
2,087,226
Chicago
2,791,528,308 3,100,369,119 -10.0 17,917,961,941 21.125,612,267 --15.2 832,911,831 773,372,232 --10.5
--18.1 736.663.477
Decatur
38,630,722 ---3.8
5,074.350
5,361,330 -6.4
37,150,476
1,144,390
1,193,011 --4.1
1,182,736
Peoria
181,682,082 --17.5
19,632.773
26,355,272 --25.5
149,899,621
4,047,099
6,247,989 --35.2
5.210,714
Rockford
121,152,823 --17.9
13.380,337
18,128,217 --26.2
99,411,766
2,755,782
3,474,790 --20.6
3.208,636
Springfield
86,708,760 --8.1
12,349,915
13,028,790 --5.3
81,407,258
2,990,243
1,668,103 i-79.3
3.225,714
Total(28 cities)__ _ _ 4,102,258,408 4,788,037,066 --14.3 27,385,531,434 32,606,991,939 -17.1
880,689,141 1,103,373,187 -20.2 1,957,138,227
Eighth Federal Re serve District -St Louis
Ind.
-Evansville. _ _
22,572,334
167,003,471 -15.3
23,995,678 -5.9
141,542,640
3,589,390
4,699,764 -23.6
New Albany
4,962,872
877,821
5.594,744 -10.6
939,168 --6.6
5,125,957
Mo.-St. Louts
510,367,597
598,870,261 --14.8 3,742,065,134 4,250.873,373 -12.0 109,800,000 133,800,000
Ky.-Loulsville
-17.9 155,000.000
160,519,867
1,153,558.658 +0.6
1,166,551,483
161.430,709
31,594,792
33,063.116 -4.4
Owensboro
28,875,355
1.512,436
12,644,348 +4.2
13,179,361
1,701,289 -11.1
342,415
378,230 -9.5
Paducah
460,213
8,413,887
78,131,499 -16.6
9,527,888 -11.7
65,149,705
_
69,060,075
634,354,831 -10.0
80,270,827 -14.0
570,859.008
13,576,404
16.099,033 -15.6
-Little Rock..
Ark.
15,477,857
53,194,392
424.119,810 -11.7
59,531,000 -10.6
374,616,207
12.344,283
12,146.965 +1.6
111.
-Jacksonville. _ _
11.246,033
938,238
12,103,964 -43.3
1,852,402 -49.4
6.881,728
231,085
440,706 -47.5
412,728
Quincy
5,388.786
45.814,882 -12.0
6.960,883 -22.8
40,330,421
1,221,257
1,561,864 -21.8
1,526.368
Total(10 cities)
832,843,433
945,081,103 -11.9 6,126,281,844 6,788,998,580 -9.8 172,699,628 202,189.678 -14.6 217.961.726
1927.
-18.3 6,891,679,217 9.944,091,296 -30.7 7,205,837,797 6,358,184,222
Total(15 eftles) _ - 1,917,796.727 2,215,467,379 -12.4 12,748,790,636 14,274,057.977
-10.8
Fifth Federal Rese rve District- Richmond
W.Va.-Huntington_
4,926,465
5,618,867 --11.8
33,943.916
35,886,911 -5.4
Vs.- Norfolk
18,072,044
22,173,189 --18.5
126,539.012
145.278.232 -12.9
Richmond
189,301,036
180,615.779 +4.8 1,325,418,935 1,269.354.586 +4.4
N.C.
-Raleigh
9,949,572
10.616,242 --6.3
67,768,239
74,194.183 -8.7
B. C.
-Charleston_ _ _
8,443,856
9,170,832 --7.9
65,657,861 -3.0
63,697,346
Columbia
7,351,901
8.554,462 --14.1
64,692,444
70.753,161 -8.6
Md.-Baltimore
431,258,657
468,079,980 --7.9 2,883,481,739 3,037,327,665 -16.1
Frederick
2,341,686
2,313,377 +1.2
13,675.171 +5.3
14,409,021
Hagerstown
2,991,862
3,796,149 --2I.2
23,380,859 -19.1
18,926.462
D.C.
109,420,638
-Washington127.497,772 --14.1
878,545,618 -10.6
785,670,846
Total(10 cities)
784,057,717
838.336,649 -6.5 5,384,547,960 5,614,054,247 -4.1
Sixth Federal Rese rve District Atlanta
Tenn.
-Knoxville_
'11.500.000
14,135,745
Nashville
90,748,626
101,280,832
Georgia-Atlanta-173,198,727
238,417,632
Augusta
5,951,030
8,036,119
Columbus
3,336,483
5,159,152
Macon
6,699.567
7,481,474
Fla.
-Jacksonville __
50.176,366
61,257,757
Miami
5,988,000
9,487.000
Tampa
5.753,783
10.437,267
Ala.
-Birmingham_72,610.852
102,655,138
Mobile
7,234,747
8.627,233
3,101,693
Montgomery
6.507,752
MIss.-Hattlesburg
5,580,000
7,420,000
Jackson
8,338,894
9,715.000
Meridian
2,507,406
3,515.697
824,238
Vicksburg
1,299,975
La.
-New Orleans--177,030.438
215,615,933
Week Ended August 2.
168,270,152.
251,440
1,134,925
161,764,351
10,209,971
2,953,002
3,046,765
24,464,000
3,004,700
6,308,384
42,503,696
3,161,599
10,708,019
8,194.608
1,328,319
1,533,761
878.126,110
1,353,659
5,078,880
3,194,375
2,791.931
988,112,395
6,051,355
136,800.000
33,157,118
457,212
17,246,034
11,959.800
484,479
1,690,819
207,848,817
893
FINANCIAL CHRONICLE
AUG. 9 1930.]
CLEAR!NGS-(Concluded.)
1929.
1930.
Week Ended August 2.
Seven Months Ended July 31.
Month of July.
Clearings at
Inc. or
Dec.
1930.
1929.
Inc. or
Dec.
.
Ninth Federal Res erre District. --Min neapoll s
-56.5
47,103,665 20,509,140
-Duluth
Minn.
417,906,091 --20.1
333,854,580
Minneapolis
2,975,162 --14.4
2,546,505
Rochester
119,645,894 --15.9
100,645_988
St. Paul
9,356,512 --7.3
8,675,224
No.Dak.-Fargo_ _ _
7,962,000
7,315,000
Grand Forks
2,417,328 --39.7
1.702,047
Minot
5,346,998 --27.3
4,633,610
Dak.-Aberdeen _
So.
9.585,403 --11.0
8,535,848
Sioux Falls
2,988,816 --17.4
2,469,414
-Billings
Mont.
6,422,034 -32.7
4,322,998
Great Falls
-17.1
17,520,760 14,522,650
Helena
676,915 -44.7
374,250
Lewistown
146,085,438
2,313,469,014
17,723,606
707,565,105
60,099,477
46,308,000
11,524.433
30,614,611
61,661,111
18,416,643
31,093,358
90,769,592
3,588,424
232,284.394
2,485,376,091
18,554,339
851,290,033
61,787,484
42,431.000
13,514,225
35,225,774
58,371.719
20,313,715
38,271,879
102,512,217
3,921,804
649,907,578 -21.5
3,538,918,812
Tenth Federal Res ervo District. --Kansas Clt y.--18.8
1,704,914 1,383,333
Neb.-Fremont
-11.3
2,418,830 2,145,056
Hastings
-16.9
17,558,659 14,593,980
Lincoln
-14.1
214,232,721 184,115,974
Omaha
10,714.883 --2.9
10,408,825
-Ran.City-Kan.
-16.1
19,852,091 16,668,545
Topeka
-24.2
53,150,156 40,306,143
Wichita
-31.9
5,541,597 3,770,716
-Joplin
Missouri
754,608,861 -23.8
582,657,204
Kanstss City
-30.4
33,747,064 23,502,875
St.Joseph
-19.4
51,289,730 41,298,550
-Tulsa
Okla.
6,976.417 -22.0
5,440,596
-Col. springs_ _
Colo.
162.702,404 133,971,146
-17.7
Denver
7,845,527 6,843,629
-12.8
Pueblo
10,545,729
15,815,604
106,734.582
1,300,942,272
68.571,841
103,317,582
224,759,132
30.508,137
3.782,003,483
175,577,455
297,814,776
36,913,185
915,606,950
46.955,427
12,124,324
18,493,279
129.868,041
1,371.789,761
65,851,136
111,301,759
262,214,435
41,233,437
4,228,390,470
216.416,773
388.568,778
44.797,262
1,122,565,516
51,278,062
Total(14 cities)-___ 1,067,108,577 1,342,343,854 -20.5
7,116,066,155
8.064,893,033 -11.7
45.660.109
58,906,261
1,240,183,776
185,031,807
319,504,629
101,478,290
956,977,990
21,940,636
15,278,664
65.368,384
154,234.205
58,382.914
87,201,692
1,586,335,401
186,696.647
421,916,346
151,018.000
1,102,959,231
23,582.290
17,568,900
78,800,246
155,798.096
510,107,254
Total(13 cities)-
Eleventh Federal Reserve Distr Jct.-1)211as,
8,002.862
5,897,676
-Austin
Texas
9,384,313
7.469,261
Beaumont
160,236,652
216,056.756
Dallas
25,408,991
23,125,167
El Paso
74.641,372
42,340,000
Forth Worth
21,065,000
15,021,000
Galveston
129,976,128
158,616,086
Houston
3.580.021
2,908,197
Port Arthur
2,429,622
1,873 159
Texarkana
12,118,000
10,328,000
Wichita Falls
21.502.856
18,726.052
-Shreveport
La.
417,901,292
Total(11 cities)
-26.3
-20.4
-25.8
--9.0
-43.2
-28.7
--18.1
-18.8
-22.9
--14.8
--12.9
552,805,879 -24.4
Twelfth Federal R cservc 1)1stric --San Franc isco4,146.000 1-22.8
5,086,000
-Bellingham_ _
Wash.
169,195,120
233,167,674 --27.5
Seattle
58,475,000 --15.9
49,160,000
Spokane
6,183,011 --31.0
4,264,298
Yakima
6,032,548
5,874,674
1-2.7
Idaho-Boise
2,323,000 --19.2
1,876,000
-Eugene
Oregon
149,058,099
179,892,368 --17.1
Portland
7,110,211
6,630,304
Utah-Ogden
76,759,609
90,625,529 --5.3
Salt Lake City
14,777,000
18,917,000 --33.0
Arizona-Phoenix...
8,748,736
6,111,699 1-43.2
Calif.-Bakersfield-21,352,896
22,388,734 --4.6
Berkeley
9,465,906
16,117,776 --41.3
Fresno
32,097,687
39,675,951 --19.1
Long Beach
No Longer rep orts clearings.
Los Angeles
4,869,819
5,062,261
+4.0
Modesto
69,014,010
85,427,202 --19.1
Oakland
28,740,550 --13.7
24,854,964
Pasadena
5,459,798 --18.1
4,470,155
Riverside
32,002,005 --11.9
31,068,028
Sacramento
27,835,940 --16.
23,342,407
San Diego
888,667,977 --8.4
813,763,064
San Francisco
16,408,126 --13.
14,133,112
San Jose
9,061,989 --16.
9,344,030
Santa Barbara
10,803.469 --12.1
9,493,384
Santa Monica
2,253,648 --5.7
2,123,437
Santa Rosa
12,875,300 --23.9
9,809,200
Stockton
Total(26 cities)_
_
1930.
1929.
Inc. or
Dec.
1927.
1928.
3,819,585
71,264,458
-61.1
9,824,734 -26.7
97,274,085 -
8,500,736
82,292,417
9,519,200
74,719,219
21,222,547
1,741,153
-14.4
24,795,600 -13.2
2,008,013 -
28,392,943
2,003,570
27,098,128
2,071.235
925,637
1,121,576 --23.4
1,342,261
1,204,327
495,072
-21.9
698,548 -
617,960
619,020
3,020,994
-34.5
4,610.000 -
3,145,000
2,997,000
3,963,854,674 -10.7
102,489,446
27.0
140,332,556 -
126,294,887
118,228,129
13.0
14.5
17.9
5.2
+4.1
7.2
-14.3
-26.0
-10.6
18.9
23.3
-17.6
21.9
8.4
-
310.750
492,140
3,092,385
41,324,001
-35.2
--22.5
--21.2
--27.9
481,518
579,072
4,446,170
43,124,588
470,724
769,590
5.851,256
40,160,085
2,522,104
7,461,963
47.0
4,758,239 32.1
11,009,971 -
3,934.335
10,856,775
3,732,159
9,090,834
120,001,232
4,572,878
31.6
175,432,432 8,109,021 -43.6
160,211,338
7,039,000
145,916,810
6,931,619
213,117
a
1,268,391
70.4
719,054 a
a
19.6
1,578,062 -
960.044
a
1,492,152
1,256,888
a
1,239.004
181,258,961
255.218,179 -28.9
233,124.990
215,398,969
-37.1
-6.9
--4.4
-16.9
--6.7
4-9.1
--14.7
--13.1
4-14.5
--19.4
--18.8
--11.4
8.5
-
-21.7
--12.4
--21.8
--9.0
--24.2
-32.8
--13.3
479,821
635,754
.4,500,000
47,995,825
1,106,715
1,776,712 --37.7
1,505,580
1,235,243
36,578,722
45,595,268 -19.7
48,170,006
38,827.901
7,625,805
2,630,000
18,105,014 --57.9
-38.9
4,310,000 -
13,008,376
5,671,343
11,083,945
6,919.000
-14.1
17.1
1.0
-
3,862,989
8.6
-
4,440,072
4,214,760
3,164,564,751
17.8
3,850,259,763 -
51,804,231
29.0
74,012,464 -
72.795,377
62,280.849
30,959,000
1,204,937,414
336,590,000
32,988,927
39,522,356
13.245,239
1,012,190,815
45,724,308
533,946,333
125,508,000
53,065,222
140,377,156
89,869,226
224,410,414
26,382,000
1,547,294,585
377,122,000
43,762,999
37,604,357
15,327,313
1,157.143,273
47,022,444
565,210,953
144,130,000
41,728,390
147,809,250
105,851,949
274,062,612
+17.3
-22.2
-10.8
-24.6
+5.1
-13.6
-10.0
--2.8
--5.5
--12.9
+27.2
--5.1
-25.1
-18.1
-
35,105,996
9,148,000
648,620
30.9
50,805,977 19.3
11,354,000 46.4
1,209,862 -
46,291,408
12,139,000
1,197,534
46,986,048
11,885,000
1,213,320
30,667,370
16,460.707
18.5
37,630,598 11.5
18,617,782 -
37,491,583
16.177,352
36,991,168
15,621,275
3,381,092
3,675,643 -50.4
7,677,125
8,300,234 -24.2
No longer report s clearings.
3,734,191
7,759,728
30,957,410
474,208,048
183,392,227
32,343,778
208,797,648
169,375,964
5.891,320,072
90,200.163
61,154,754
59,937,444
14,236,128
65,456,200
98,397,442 +9.0
21.3
587,781,138 230,441,365 -20.4
39,248.244 -17.5
220.465,961
-8.3
184,770,51
-4.7
92
6,184,097,
-6.2
96,271,24
60,675,25
8 +1.2
68,160.853 --13.1
15,164,629 --6.1
77,357,400 --15.4
17,280,825 -26.7
7.5
5,490,446 -
17,076,553
5,575,661
17,200.974
6,251,910
--25.2
-23.6
--5.3
--34.
6,427,770
5.319,788
195,659,000
3,423,645
1,601,526
2,211,133
6,399,231
5,115,191
182,548,000
3,143,915
1,418,483
2,362,693
,
1,570,982,255 1,815,414,450 -13.5 11,192,714,246 12,323,284 098
-9.1
1,820,787
6,285,439
12,664,051
5,076,517
4,514,616
4,349,012
176,382,289
2,789,442
1,604,785
1,768,381
4,225,470
6,034,608
5,280,067
186,409,417
4,272,120
1,682,616
2,189,565
-21.
1,718.300
29.3
2,433.100 -
2,484,600
2,645,500
311,004,412
15.9
365.666,860 -
364,134,770
351,276,625
26.9 11093,683.670 10059,806,445
15.9 10328,940,045 14126.075,933 Grand total (186 cities) 47,056,351,901 60,605,801,494 -22.4 339.941,892,582 404,154,060,777 11.3 3,602,165,594 4,398,603,752 -18.1 4,059,167,146 3,962.516,521
,
185,453,909 806 Outside NewYork___ 17,288,127,532 20,398,052,535 -15.3 120,275,879,839
CANADIAN CLEARINGS FOR JULY, SINCE JANUARY 1, AND FOR WEEK ENDING JULY 31.
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
Wlndsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
rrntm 131 nitirtal __
$
593,163,989
471,064,977
228,441,228
84,830,230
32,229,387
32,183,636
17,209,638
25.773,708
30,176,722
10,954,261
12,194,197
14,438,099
24,743,253
20.363,325
2,297.994
2,477.533
10,341,759
5,097,660
5,109,854
4,067,879
3,990,175
1,501,367
4,725,191
4,064,079
5,028,615
17,826,584
1.958.854
4.636,767
4,484,516
2,573,341
3,081,832
1929.
Inc. or
Dec.
$
753,447,231
614,223,645
351,753,028
102,122,950
35,723,865
34,076,190
19,071,154
29,748,161
47,258,339
15,226.572
13.650.292
15,641.375
28,634,749
27,510,835
3,307,183
3,083,078
12,736,458
8,643,764
7,363,956
5,511,134
4,508.475
2,178,878
4,369,318
4,482,188
5,870,687
30,507,791
2,402,482
4,591,025
4,567,534
3.280.722
3,895,060
%
-21.2
-23.3
-35.1
-16.9
-9.8
-5.6
-11.8
-13.4
-36.1
-28.1
-10.7
-7.7
-13.5
-26.0
-30.5
-19.6
-18.6
-33.3
-30.8
-24.8
-11.5
-31.2
+8.1
-9.4
-14.3
-42.5
18.5
+1.0
-2.8
-21.6
-20.9
1930.
$
4,113,036,158
3,628,674,639
1,385,815,852
592,134,021
219.552,103
195,293,583
100,657,556
183,655.668
265,234,023
72,989,710
75,344,712
98,321,884
175,039,112
133,783,185
14,663,827
15,302.535
65,773,909
36,163,925
34.384,249
24,741,638
26,161,726
9,590,201
27,169,578
27.830.447
36,696,915
141,789,291
12,946,831
30,292,054
25,121,118
18,831,368
22.375.698
1929.
Inc. or
Dec.
%
$
4,657,057,546 -11.7
4,595,652,546 -21.0
1,732,555,355 -20.1
738,575,089 -19.8
257,639.805 -14.8
207,622,649 -5.8
118,889,385 -15.3
201,187,458 -8.7
393,635,822 -32.6
92,548,793 -21.1
87,988,793 -14.4
105.769,261 -6.9
205,562.125 -14.8
173,628,327 -33.0
19,115,045 -23.3
19,705,500 -22.3
78,392,004 -13.9
40,249.974 -10.2
44,962.113 -23.5
28,377,055 -12.8
29,290.82 -10.7
14,235.23 -32.6
-9.4
42
29.965,
31,203.65 -10.8
40.818,392 -10.1
192,408,015 -26.4
14,489,267 -10.6
29,471,184 +2.8
28.381,191 -4.8
24.567,593 -34.4
24.881,258 -10.1
1.631.030.650 2.197_393.119 -23 c 11 sea go, 41A ld 954 826.673 -17.2
•Estimated. a No longer reports weekly clear ngs.
1930.
1929.
Inc. or
Dec.
$
$
109,384,834 143,275,862
85,901,945 115,475,427
75,1543,190
45,768,600
22,251,187
16,078,195
6,640,257
6,130,947
7,527,969
5,741.337
3,565,821
2,741.853
6,382.656
4,856,399
10,415,464
6.084,196
3,363,748
2,246,956
2,375,079
2,030,962
3,010,492
2,765,018
6,068,413
4,231,320
7,437,013
3,223,545
641,338
483,999
646,699
496,233
2.939,856
2,083,915
1,312,028
1,037,344
1,443,289
916,876
1,076,646
647,344
939,294
809,473
333,232
222,610
963,027
758,566
857,884
4354.918
1,186,072
947,529
2,994.338
5,859,366
393,212
498,015
800,670
879,606
958.573
702,466
503.293
677,921
515,603
975.004
312.386,594
,
11-1111!!!!WILLWILLWII!!!!
1930.
Week Ended July 31.
Seven Months Ended July 31.
Month of July.
Clearings al
-
434,877.291 -28.2
1930.
1929.
$
$
159,657,757 122.175.619
89,052,441
130,573,485
81,159,631
62,997,329
18,141,531
20,731,120
6,328,492
7,234,315
6,689.953
6,731,204
3,667,359
4.955,874
6,655,460
5,209,097
9,003,574
12,479,338
2,794,573
2,767,289
2.402,061
2,318,441
3,109,534
2,694.210
6,041,672
5,981,089
8,130,136
4,092,061
799,795
683,844
761,761
584,452
2,931,486
2,666,941
1,152,171
1,499,100
1,466,955
1,089,173
1,072,536
726,289
1,048,390
1,059,952
413,776
307.758
895,154
511,704
954,801
1,013,622
1,100,542
977,778
5,968,400
4,043,996
456,853
423,853
799,594
892,691
741,81
793,218
897,090
618,659
1,062,050
612,999
471 588 R24.1
flfIR Inn 979
894
FINANCIAL CHRONICLE
[VoL. 121.
THE ENGLISH GOLD AND SILVER MARKETS.
PRICES ON BERLIN STOCK EXCHANGE.
We reprint the following from the weekly circular of
Closing quotations of representative stocks on the Berlin
Samuel Montagu & Co. of London, written under date of Stock Exchange as received by cable each day of the past
week have been as follows:
July 23 1930:
GOLD.
The Bank ofEngland gold reserve against notes amounted to £155,479,281
on the 16th inst. (as compared with £155,707,770 on the previous Wednesday).and represents an increase of £9,519,197 since the 1st January,last.
Gold from South Africa to the value of £764,000 was available in the
open market yesterday and was disposed of at 85s. Id. per fine ounce.
/701.000 was secured for France and Switzerland and of the balance India
took £30,000. the home trade £18,000 and the Continental trade £15,000.
Movements of gold at the Bank of England during the week show a net
efflux of £1,370,962. Withdrawals totaled £1,429,869, of which about
£1,400,000 in bar gold was for France. Receipts amounted to £58,907.
Including £50,000 in sovereigns from Brazil.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 14th inst. to mid-day on the 21st inst.:
Imports.
Exports.
British South Africa_
£1,003,540 Finland
£36,218
Brazil
50,000 Germany
38,220
Other countries
10,442 France
1,741,496
Switzerland
408,450
Austria
13,805
British India
60,076
Other countries
3,046
£1,063.982
£2,301,311
The balance of trade figures for India for June last were as follows an
lace of rupees):
Imports of merchandise on private account
1387
Exports. including re-exports, of merchandise on private account_.. 2071
Net imports of gold
252
Net imports of silver
122
Currency notes, net imports
6
Total visible balance of trade, in favor of India
311
Net balance on remittance of funds, against India
10
SILVER.
The market has been quiet and prices have fluctuated only within narrow
limits. Sales on China account have been more restricted, sellers being
disposed to limit their offerings to slightly higher rates, and although
America has sold on most days, a moderate demand from the Indian
Bazaars has served to maintain a steady tone during the week.
The market presents no new features and there is no indication at present of any marked change.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 14th inst. to mid-day on the 21st inst.:
Imports.
Exports.
U. B. A
£33,980 Netherlands
£24,210
Canada
13.786 Germany
9,200
Other countries
12,715 Hong Kong
31,768
British India
117,229
Other countries
6,955
£60,481
£189,362
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees.)
July 15.
July 7. June 30.
Notes in circulation
16552
16471
16373
Silver coin and bullion in India
11413
11333
11239
Silver coin and bullion out of India
Gold coin and bullion in India
3228
S
-§i§
Gold coin and bullion out of India
Securities (Indian Government)
1838
ig55
Securities (British Government)
73
73
73
The stocks in Shanghai on the 19th inst. consisted of about 102,400,000
ounces in sycee, 149,000,000 dollars, 8.100,000 Saigon dollars and 3,340
silver bars,as compared with about 101,800.000 ounces in sycee. 149,000,000
dollars. 8.900,000 Saigon dollars and 3,220 silver bars on the 12th inst.
Quotations during the week:
-Bar Silver per Or.Std.Bar Gold per
Cash.
2 Mos.
Or. Fine.
July 17
16d.
15 13-16d.
4d.
858. fl
July 18
15d.
154cl.
858. 1)4d.
July 19
1534d.
15,4d.
85s. 1 d.
July 21
15 15-16d.
15 13-16d.
85.. 1d.
July 22
16d.
15 Ad.
858. ld.
July 23
16 1-16d.
15 15-16d.
85s. Id.
Average
15.958d.
15.823d.
85s.1.33d.
The silver quotations to-day for cash and two months' delivery are each
'id. above those fixed a week ago.
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
Aug. 2 Aug. 4
1930. 1930.
Francs. Francs.
French Renter; 3% Perpetual___
88.75
French Rents. 4% 1917
101.90
French Rents.5% 1915-16
100.75
BanesBanque de France
22.455
Banque de Paris et des Pays Ban_
2,720
Credit Lyonnais
3,055
Union des Mines
1,445
Canal
Canal Maritime de Sues
17,505
RailroadChemin de fer du Nord
2,345
Mines
Mine. des Court
-byes
1,444
Mines des Lens
Roll1,186
Soo. Miniere et Metallurglaue de dai
Penarroya
908
Public Mt:ladle. General d'Electricite
3,170
Soo. Lyonniase dee Eaux
3,030
Cl.. Francalse des Procedee
Thomson-Houston
855
Union d'Electricite
1,246
IndustrintsTrefileries & LaminoIrs du Havre
2,110
Societe Andre Citroen
700
Ste. FrancaLte Ford
280
Coty, S. A
935
Pechiney
2,870
I'Air Liquide
1,730
Etablissements Kuhlmann
1,039
Galeria; Lafayette
168
Oil
Royal Dutch
4,015
Aug. 5
1930. •
Francs.
88.80
101.95
100.80
Aug.6
1930.
Francs.
88.65
101.95
101.75
Aug. 7
1930.
Francs.
88.60
101.95
100.80
Aug.8
1930.
Francs.
88.60
102.00
100.90
22.455 22.405 22,235 22,375
2,710 2,715 2,670 2,660
3,060 3,050 3,040 3,035
1,440 1,438 1,428 1.425
17,450 17,315 17,255 17,300
2.350
2,380
2,34.5
2,350
1,432
1,164
1,417
1,167
1,417
1.159
1.407
1,160
904
913
901
902
3,160
3.015
3,165
3,020
3,130
2,980
8,105
3,005
860
1,245
853
1,232
840
1.230
833
1,240
2,105
700
276
934
2.885
1,720
940
163
2,105
695
290
925
2,860
1,715
945
168
2,090
690
276
925
2,830
1,702
942
166
2,100
695
280
920
2,820
1,685
940
165
4,050
4.050
4,040
4,040
Ails. Deutsche Credit (Adca) (8)
Berlin. Randall; Gee.(12)
Commerz-und-PrIvat-Bank (11)
Darmstaeriter ti. NatIonalbank (12)
Deutsche Bank u. Disoonto Gee.0.0)
Dresdner Bank (10)
Retolabank (12)
Aigemeene Kunst:UdeErnie (Mut)(0)
Ails. Elektr. Ges.(A.E.G.)(9)
Ford Motor Co.. Berlin (10)
Gelsenkirchen Bergwerk (8)
Gesfuerel (10)
Hamburg-American Line ffispaid (7)
Hamburg Electric Co.(10)
Hoyden Chemical(5)
Harpener Bergbau (8)
Hotelbetrteb (12)
I.G. Farben Indus.(Dye Trust)
(14)
Kall Ohemle (7)
Karstadt (12)
Mannesmann Tubes(7)
North German Lloyd (8)
Phoenix Bergbau (6M)
Polyphonwerke (20)
Rhein. Weett. Elektr.(R.W.E.)(10)
Sacheenwerk Licht u. Krsit(734)
Siemens & lialske (14)
Stoehr & Co. Earnmgarn Spinnerie(5)
Leonhard Tietz (10)
Var. Btahlwerke (United Steel Works)(e)_
Aug. Aug. Aug. Aug. Aug.
2.
4.per
pa.
rer
7.
Cent of
108
17 107 108
145 144 140 140
131
129 129 128
183 182 180 179
126 125
124
124
124 124 124
126
238 232 236
241
87
84
87
84
139 138
136 135
185 186 185 191
107 104 101
101
136 133 129 128
Roll- 90
88
8... 86
„.6
45
day 131
130 128
129
46
51
96
92
90
94
122 119 117 116
150 148 144 142
126
126 123 126
91
91
89
91
84
81
81
83
85
84
88
190
88
76
77
75
75
177 173 172
169 170 188
170
Aug.
8.
106
140
128
181
124
124
240
90
136
194
102
132
130
8
46
4
94
117
144
126
93
82
84
71
17
171
189
90
80
188
86
18
83
8
77
ii
1
4
qg 17 1ig
5
188
8
1
7
1,1i
8
ENGLISH FINANCIAL MARKET
-PER CABLE.
The daily closing quotations for securities, &c.,at London,
as reported by cable, have been as follows the past week:
Sat.,
Mon.,
Aug. 2.
Aug. 4.
Silver, p. oz_d- 15Md.
Gold, p.fineoz- 848.1134d.
Consols,2h%.
British 5%___
HOLIBritish 4)4%
DAY
French Reines
(In Parls)_fr_
88.75
French War L'n
Parls)-fr. ____
100.75
Thurs.,
Tues.,
Wed.,
Fri.,
Aug. 5.
Aug. 6.
Aug. 7. Aug. 8.
15 15-16d. 16 15-16d. 15 15-166. 15 15-16d.
1318.1114d. 846.1130.845.11346. 848.1134d.
,
atsg
5511-16 551i
55%
103%
103M
103M
10334
99M
99M
9934
9934
88.75
88.65
88.80
88.65
100.85
100.75
100.75
100.85
3434
3434
3414
The price of silver in New York on the same days has been:
Silver in N.Y., per oz.(cts.):
Foreign
34M
343(
3434
Government Receipts and Expenditures.
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for July 1930 and
1929:
Month of July
Receipts1930.
1929.
Ordinary
Customs
$26,199,749 352,144.357
Internal revenue:
Income tax
29,634,405 34,883,553
Miscellaneous internal revenue
57,576,672 54.594,900
Miscellaneous receipts:
Proceeds Government-owned securities-Foreign obligations
Principal
30,000
25,000
Interest
19,360
Railroad securities
290.425
253.972
All others
262,455
272,838
Trust fund receipts (reapproprlated for investment)... 8,468,389
6,511,698
Proceeds sale of surplus property
197,683
424,426
Panama Canal tolls, &c
2,262,463
2.309,818
Other miscellaneous
15,818,668
18.033,523
Total ordinary
$138,740,909 3169,473,445
Excess of total expenditures chargeable against ordinary
receipts over ordinary receipts
3145,568,972 $180,351,470
Expenditures
Ordinary (Checks and warrants paid, &c.)
General expenditures
3198,583,682 $181,262,205
Interest on public debt_a
12,265,360 18,038,677
Refund of receipts:
Customs
2,013,669
1,751,355
Internal revenue
6,351,582
12.103,354
Panama Canal
1,411,378
1,030,993
Operations In special accounts:
Railroads
28,578
171,101
War Finance Corporation
b3,723
621,713
Shipping Board
261,351
3,117,228
Agricultural marketing fund (net)
10,476,751
Alien property funds
418,227
546,603
Adjusted-service certificate fund
b171,348
398,578
Civil-service retirement fund_c
20,796,985 20,667,626
Investment of trust funds:
Government life insurance
8,151,518
8,439,214
District of Columbus teachers' retirement
244,256
D163
Foreign Service retirement_c
388,000
372,753
General railroad contingent
72,815
72,848
Total ordinary
$259,278,881 $245,950,462
Public debt retirements chargeable against
ordinary rms.:
.
Sinking fund
$25,000,000 $103,8650
4,9
Received for estate taxes
9,000
Forfeitures, gifts. etc
31,000
503
Total
$25,031,000 $103,874,453
Total expenditures chargeable against ordinary
rcts.$284,309,881 3349,824,915
Receipts and expenditures for June reaching
the Treasury in July are included.
a The figures for the month and for the
$40.101.28 accrued discount on war-savings fiscal year 1931 to date each includes
certificates
the corresponding periods last year the figures include of matured series, and for
345,348.24.
b Excess of credits (deduct).
c The amount of the appropriations available July
service retirement and disability fund and $216,000 1 of $20,850.000 for the civilfor the Foreign Service retirement and disability fund was invested In special
issues of 4%
ing June 30 1935. Also other amounts available on July Treasury notes matur1 for investment in the
Foreign Service retirement fund aggregated 5179,000, making
the
on that account 3395,000. Variations in the working cash balancetotal Investment
account for
difference in amounts charged above. On June 30 like investments were made any
from
Interest then due in the amount of $4,900,000 for account of the civil-service retiremmt fund and $32,000 for account of the Foreign Service retirement fund.
895
FINANCIAL CHRONICLE
AUG. 9 1930.]
.•••
Treasury Cash and Current Liabilities.
Treasury Money Holdings.
The cash holdings of the Government as the items stood
made up from the daily GovThe following compilation,
July 31 1930 are set out in the following. The figures are
ernment statements, shows the money holdings of the Treasfrom the daily statement of the United States
beginning of business on the first of May, June, taken entirely
ury at the
Treasury as of July 31 1930.
July and August 1930:
CURRENT ASSETS AND LIABILITIES.
Holdings in U.S. Treasury May 1 1930. June 1 1930, July 1 1930. Aug. 1 1930.
$
$
$
$
Net gold coin and bullion. 213,293.278 204,221,269 208,629,685 204,023,516
11.823,412
13,218,032
13.776.110
11.304,434
Net silver coin and bullion
3,289,691
2,847.706
3,211,497
2.892.508
Net United States notes__
23,712,841
19,319.704
20,845,848
18.332.542
Net national bank notes._
2,099,500
1,764,465
1,762,730
2.604,180
Net Federal Reserve notes
22,400
52.165
16,965
55.324
Net Fed'I Res, bank notes
6,057,499
5.234,097
5,243,449
5.434,747
Net subsidiary silver
5.273,381
5,692.580
5,168,350
4.914.519
Minor coin, At,
254,758,414 *258,282,240
156,039,088 156,039,088
258.831,532
156,039,088
254,246,218
156,039,088
Cash balance in Treas'y 102,792,444
Dep.in spec'l depositories,
account Treas'y bond's,
Treasury notes and certificates of indebtedness 133.691,000
24,710,815
Dep. In Fell Res. bank
Dep. In national banks:
7,325.192
To credit Treas. U.S
19,131,867
To credit dieb. officers_
625,336
Cash In Philippine Islands
3,139,409
Deposits In foreign depts.
Dep.In Fed')Land banks_
98,207.130
98,719,326
100,243,152
71.297,000
39,091,008
296,826,000
31,587,027
152,884,000
28,476,836
7.086,243
19,427,904
931,249
2,475,166
8,162,532
18,914,766
515,568
2,265,109
238,515,700
133,908,199
456,790,328
138,183,160
308,651,987
120,376,001
156 537.719
104.609.501
318.607.168
188.275,986
Total cash In Treasury_
Lees gold reserve fund....
Net cash In Treasury
and in banks
Deduct current liabilities_
Availshlo rival Mdmwo
* Includes Aug. 1, $6,671,347 silver bullion, and $4,237,544 minor dm., coin not
neluded in statement "Stock of Money."
Preliminary Debt Statement of the United States
July 31 1930.
The preliminary statement of the public debt of the United
States July 31 1930, as made upon the basis of the daily
Treasury statement, is as follows:
Bona.
2% Consols of 1930
2% Panama's of 1916-36
2% Panama's of 1918-38
3% Panaustis of 1961
8% Conversion bonds
334% Postal savings bonds
$599,724,050.00
48,954,180.00
25,948.400.00
49,800,000.00
28,894.500.00
20.491,620.00
First Liberty Loan of 193247$1.392,250,350.00
834% Bonds
5,004,950.00
8% Bonds
536,290,450.00
434% Bonds
434% Fourth Liberty Loan 01 1933-38
495,437,720.00
495,437,720.00 Total
GENERAL FUND.
-Liabilities
47,984,828.14 Treasurer's cheeks outGold (see above)
621,778.63
5.152.065.00 standing
Silver dollars(see above)
3,269,691.00 Depos. of Govt. officers:
United States notes....
1,653,514.58
2,099.500.00 Post Office Dept
Federal Reserve notes....
Board of Trustees,
22,400.00
Fed. Res, bank notes...
Postal Say. System:
National bank notes-- 23,712,841.00
5% Reserve, law6,057,499.43
Subeldiary silver coin__
7,693,998.76
ful money
4,237,544.29
Minor coin
500,699.13
Other deposits...
6,671,346.91
Silver bullion
Postmasters, clerks of
Unclassified. collections,
courts.disbursingof1,035,837.01
&c
42,984,271.14
Steers dm
Deposits In Federal Re28,476,835.96 Deposits for:
serve banks
Redemption of Fed'i
Deposits In special deRes. notes (5% fd.,
positaries acct, of sales
36,813,822.56
gold)
Of ctfs. of indebtedness 152,684,000.00
Redemption of nat'l
Deposits In foreign dep.:
bank notes(5% fd.,
286,083.48
To credit of Tress. U.S
28,370,093.24
lawful money)
To credit of other Gov1,821.625.27 Retirement of add'I
ernment officers....
circulating notea,act
banks:
Depositsin nail
1,900.00
May 30 1908
7,112,486.29
To credit of Treas. U.S
Uncollected 1teMIL exTo credit of other Gov1,735.923.09
changes, As
17,670,363.8
ernment officers__ Dep.in Philippine Treas.
120,376,001.11
357.039.9
To credit of Treas.IJ.E1
188,275,988.43
Net balance
$773,811,750.00
1,933,545,750.00
6,268.241,150.00
ali% Treasury Bonds of 1947-52
4% Treasury Bonds of 1944-54
• % Treasury Bonds of 1946-56
334% Treasury Bonds of 1943-47
1134% Treasury Bonds of 1940-43
$758.984,300.00
1,036.834,500.00
489,087.100.00
493,037,750.00
359,042,950.00
8,201,786,900.00
Total
308,651,987.54
Total
308,651,987.54
Total
-The amount to the credit of disbursing officers and agencies to-day warn
Note.
$329,997,348.32.
Under the Acts of July 14 1890 and Dec. 23 1913 deposits of lawful money for
the retirement of outstanding National bank and Federal Reserve Bank notes are
paid Into the Treasury as miscellaneous receipts, and these obligations are made,
under the Acts mentioned, a part of the public debt. The amount of such obligations] to-day was $35,631,932
.
$1,721,700 in Federal Reserve Notes and $23,672,708 In National bank noted
are In the Treasury in process of redemption and are charges against the deposits
for the respective 5% redemption funds.
3,138,986,600.00
$12,112,585,250.00
Total Bonds
Treasury Noise
Mar.
834% Ser. A, 1930-32. maturing Sept. 15 1932
15 1932
834% Ser. B. 1930-32, maturing
1930-32. maturing Deo. 15 1932
834% Sec. C.
$649,076,350.00
500,303,700.00
451,722,450.00
6% Adjusted service-Sories 1931 to 1935-4% Civil service-Series 1931 to 19351935
4% Foreign service-Series 1933 and
51.801.102,500.50
627,700,000.00
156,000,000.00
1,259,000.00
Treasury Certificzaes• % Series TS-1930, :maturing Sept. 15 1930
314% Series TD-1930, maturing Deo. 15 1930
234% Series TJ-1931, maturing June 15 1931
$351,640,500.00
483,341,000.00
429,373,000.00
Treasury Bills (Maturity Value)
Maturing Aug. 18 1930
Maturing Sept. 15 1930
-bearing debt
Total Interest
(74
Matured Debt on Which Interest floe
Old debt matured-issued prior to Apr. 1 1917
Second Liberty loan bonds 011927-42
Third Liberty loan bonds Of 1928
334% Victory notes 01 1922-23
4 bi% Victory notes of 1922-23
Treasury notes
Certificates of indebtedness
Treasury bills
Treasury savings certificates
Debt Bearing no Interest
United States notes
gold reserve
Less
Deposits for retirement of national bank and
Federal Reserve bank notes
_
Old demand notes and fractional currency__
unclassiThrift and Treasury sayings stamps.
fied sales, Ac
GOLD.
$
Liabilities735,311,682.88 Gold cite. outstanding...1,541,598,109.00
2,752,330,444.20 Gold fund, Fed. Reserve
Board (Act of Dec. 23
1913,se amended June
1,742,020,101.91
211917)
156,039,088.03
Gold reserve
Gold In general fund_ 47,984,828.14
3,487,642,127.08
3,487,642,127.08 Total
Total
Note -Reserve against $346.681.016 of U. S. notes and 31.259,400 of Treasury
Treasury notes of 1890 are also secured by silver
notes of 1890 outstanding.
dollars in the Treasury.
SILVER DOLLARS.
Assets
495,437,720.00 Sliver cite. outstanding_ 489,026,255.00
Myer dollars
Treasury notes of 1890
1,259,400.00
outstanding
5,152,065.00
Silver dollars in gen.fund
7,112,486
17,670,364
357,040
2,107,709
291,416,063
134,778,344
AMU'old coin
old bullion
,
Comitmzialand Wiscenatteons WitTs
-All
Breadstuffs figures brought from page 970.
the statements below regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
2,386,061,500.00
Receipts at1,264,354,500.00
6104,600,000.00
50,920.000.00
155,520,000.00
$15,918,521,250.00
$1,712,090.28
5,314,150.00
9,200,800.00
20,900.00
1,397,550.00
404.100.00
5,549,900.00
62,000,00
1,575,025.00
Flow.
Wheat.
Corn.
Oats.
Barley.
Rye.
,b1s.1961bs.btuh.60 lbs.bush.56 Ms bush. 32 tbs.bus. 48 lbs bus. 56 lbs.
26,000
106 1 i i
208.00l 5,065,001 1,974.111 1,388.000
Chicago
481,1.1
166.11,
386,000
182,111
2,155,000
Minneapolis_
68.000
87,000
10,000
81,111
945,000
Duluth
7.000
382,11, 344,000
188.000
32,000
335,000
Milwaukee
55,000
11,000
3,000
1,234.000
Toledo
.
12, i i
11,'''
89.000
8,000
Detroit
698,000
468,000
884.101
10.000
Indianapolis..
27.001
683,000
7.000
515.000
4,256,001
St. Louis.._.. 142,0
402,111
59,000
84,i i 1
577,001
12,000
47,000
Peoria
106,i 6 1
543,000
5,482.001
Kansas City
136,000
329,000
6,558,000
Omaha
96,000
205.000
1,222,000
St. Joseph_
7,000
1,130,000
Wichita
98,000
139.000
11,000
3,000
419,000
Sioux City_
Total wk.1931
Same wk.1929
Same wk.1928
25,236,515.26
$346,681,016.00
156,039,088.03
5190,641,927.97
429,000 29,838,1 II 5,039,000
406,000 37,382,000 5,267,000
478,000 24.870 11, 8,275,000
4,500,000 1,096,000
3,647,000 1,526,000
4.026,000 1,115,000
472,000
269.000
105,000
Since Aug.1
1930
1929
1928
429,111 29,858,000
406,11. 37,382,000
476.001 24.870.000
4,500,000 1,096,111
3,647,011 1,526,000
4.026.000 1.115.000
472,000
269,000
105000
5,039,000
5,267,000
8.275.000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Aug.2 1930, follow:
35,831,932.00
2,043,524.92
3,441,472.28
231,758,857.17
Receipts 01-1 Flaw.
Wheat.
Corn.
Oats.
Barley.
Bye,
bbls.19610s. bush.60 lbs. bush.56 lbs. bush. 32 Ws.bus,48 lbs bus.56 lbs.
$16,175,516,622.43
Total gross debt
31,000
255,000 1,050,111
18,000
New York___
2,000
'II
2.000
20,
31,
Philadelphia
COMPARATIVE PUBLIC DEBT STATEMENT.
3?,011
12,000
21,000 1,?9 )01;
Baltimore._ .._
18,000
1.000
[On the basis of daily Treasury statements4
Newport New
2,000
Aug. 31 1919
24,I 1 1
4,000
Norfolk
When War Debt Was
87,000
July 31 1929
35,00
48,00
New Orleans *
at Its Peak.
A Year Ago.
1,458,000
Galveston__
116,000 2,351.000
43,000
75,000
926.596,701.948.01 $16,831.785,294.55 Montreal
91.000
11,000
Gross debt
29,000
1,000
8,000
1,118,109,534.76
150,932,756.37 Boston
Net balance in general fund
Gross debt less net balance in gen'l fund__$25,478,592,113.25 $16,680,852,498.18
June 30 1930
Last Month.
July 31 1930.
$16.185,309,831.43 $16,175,516,822.43
Gross debt
318,607,168,11
188.275,986.43
balance in general fund
Net
Gross debt 1em net balance in gen'l fend--515,866,702,663.32 515.987.240,636.00
Total wk.1930 506,000 6,397,00
.
Since Jan.1 3014,493.000 82,146,000
124
2,908
146.000
3,051,
93.000
500,000
12,000
411,000
417,000 2,967,000
Week 1929
93,000
102,00
66,000
382.000
Since Jan.1'2915,449,000 110.847,00 15,324,000 11.451,000 20.751.000 3.001 000
• Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
896
FINANCIAL CHRONICLE
[VOL. 131.
The exports from the several seaboard ports for the week
St. Louis Stock Exchange.
-Record of transactionsTat
ending Saturday, Aug. 2 1930, are shown in the annexed St. Louis Stock Exchange, Aug.2
to Aug.8, both inclusive
compiled from official sales lists:
statement:
Exportsfrom-
Wheat.
Corn.
Bushels. Bushels.
1,092.000
58,000
101,000
420,000
24,000
Flour.
Oats.
Rye.
Barley.
Barrels. Bushels. Bushels. Bushels
72.668
72,000
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Prices. Low. High. Shares.
Range Since Jan. 1.
Litw.
High.
Bank Stock.
First National Bank_ ---20
79
7914
28 7834 June 90 Feb.
3,000
Mere. Commerce
100 24814 24834 25014
92 245 June 301
1,000
Jan.
4,000
Trust Co. Stocks
2,000
Franklin-Amer Trust_ _100
235 235 235
202,000
10 235 Aug. 29734 Feb.
3,000
30.000
Mississippi Valley Tr_ _100
.
260 260
1,388,000
6 259
July 300
Jan.
2,351,000
43,000 116,00
75,000
11,000
91,000
Miscell. Stocks
343,000
Amer. Cr. Indemnity_ _ _25
49
49
10 45 Mar. 493-4 Apr.
Bentley Ch Stores, corn_ •
Total week 1930._ 5,979.000
7 7
7
60
7 Aug. 13 Feb.
46.000 228,668
75,000
11,000 163,000 Brown Shoe, COM
160
Same week 1929.... 3,565.000
40
4034
10 373.4 July 42 May
1,000 192,044
97,000
9.000 1.566.000
Preferred
100 117
5 114
Jan. 119 May
Coca-Cola Bottling, Sec..' 573-4 117 117
5714 5914
976 3834 Jan. 603-4 July
The destination of these exports for the week and since Corno Mills Co
•
25
25
5 25 Aug. 2934 Jan.
Dr. Pepper, corn
•
47
July 1 1930 is as below:
42
260 273.4 Apr. 50 June
Elder Mfg, corn
*
20
20
57 20 Aug. 23
July
Ely & Walker 13 G,corn.25
2614 2634
60 26 June 2914 Apr.
1st preferred
100
10234 1023.4
Flour.
Wheat.
5 96
Jan 103
Corn.
July
Fred Medart Mfg,com___• 2234 22
Exports for Week
2234
30 21
Jan
2534 Apr.
Fulton Iron Wks, corn.. *
2
2
and Since
Since
Week
Since
Week
500
34 July
Week
234 Apr.
Since
Hydraulic Pr thick,pref100
3134 3134
Aug.2
July 110July 1
Aug. 2
10 31
July 1
July 3834 Feb.
Aug. 2
July 1
Internatl Shoe, corn
* 55
56
5534
1930.
1930.
1930.
343 5334 June 63
1930.
1930.
Jan.
1930.
Preferred
100
10634 107
8 10414 Jan 10734 June
Johnson 8 8r 8Shoe
*
4614 4614
Barrels. Barrels.
10 40 June 55
Bushels.
Bushels. Bushels. Bushels.
Jan.
Mo Portland Cement_ - _25
United Kingdom_ 104,650
30
30
491,717 1,056,000 8,691,000
30 29
July 3534 Mar.
43,000
86,000 Nat. Candy,corn
• 2214 2234 2334
Continent
92.663
443,205 4,851,000 17,405.000
140 2034 June 2734 Mar.
Pedigo-Weber Shoe
• 12
12
So.& Cent. Amer_ 6,000
49,000
25 10
133-4
July 18 Feb.
96,000
Pickrel Walnut
•
17
West Indies
17
12,000
52,000
20 16
Jan. 2034 Mar.
3,000
3,000
8,000 Rice-Stix D G,corn
•
13
Brit. No. Am.Col.
13
260 13 Aug. 16 Feb.
2,000
1st preferred
100
95
Other countries... 13,355
95
46,365
50 95 Aug. 100 June
72,000
136,000
Second preferred___100 85
85
85
65 84 May 88
Mar
3cruggs-V-B D G com__25 12
12
Total 1930
22
228,668 1,082,287 5,979,000 26,333,000
374 11 June 1434 Jan
46,000
94,000 3cullin Steel pre
•
17
Total 1929
18
370 17
134,864
783.956 4,956,000 21,695,000
Aug 3134 Jan
17,000
90,000 3kouras Bros A
• 15
15
16
60 15
Aug 30 May
3ou Acid &
46
46
30 46
Aug 49 June
The visible supply of grain, comprising the stocks in 3ou'westernSulphur corn_ * 12134 121 12134
Bell Tel pf_100
102 11634 Jan 123 June
Wagner Electriceom_15 2134 2134 2334
granary at principal points of accumulation at lake and
752 20 June 3634 Apr
Street Railway Bonds
seaboard ports Saturday, Aug. 2, were as follows:
;halted Rya 4s
1934
6734 6731 811,000 6734 Aug 74
Jaa
Miscellaneous BondsGRAIN STOCKS.
tioloneY Electric 514E1_1943 95
95
95
3.000 92
Jan 9514 Mar
Wheat,
Corn,
Oats,
Rye,
Barley,
* No par value.
United Statesbush,
bush.
bush.
bush.
bush.
New York
40,000
28,000
141,000
68,000
13,000
Boston
National Banks.
62,000
4,000
1,000
-The following information regarding
Philadelphia
935,000
4,000
60,000
24,000
1,000 national banks is from the office of the Comptroller of the
Baltimore
5,486,000
15,000
28,000
17,000
113,000 Currency, Treasury Department:
Newport News
376,000
CHARTERS ISSUED.
New Orleans
3,220,000
68,000
47,000
1,000
141.000
Capital.
Galveston
3,546,000
-The First Nat. Bk.& Tr. Co. of Charberlain, S.
30,000 July 29
$25,0011
Fort Worth
President: F. B. Stiles. Cashier: R.E. Montgomery.
7,345,000
65,000
317,000
4,000
76,000
Buffalo
9,036,000
CHANGE OF TITLE.
810,000
858,000
783,000
251,000
July 31
-The Western National Bank in Los Angeles, Calif., to
afloat
"
729,000
69,000
50,000
"Central National Bank in Los Angles."
Toledo
4,374,000
24,000
366,000
7,000
3,000 Aug. 1
-The Northampton Nat. Bank of Northampton, Mass.,
Detroit
176,000
8,000
34,000
12,000
to "Northampton Nat. Bank & Trust Co."
8,000
Chicago
18,200,000
936,000 2,348,000 6,014.000
128,000
VOLUNTARY LIQUIDATIONS.
Milwaukee
1,250,000
161,000
651.000
-The Farmers & Merchants Nat. Bk.of Ivanhoe. Minn237,000
123,000 July 28
35,00$
Duluth
22,024,000
Effective July 24 1930. Liq. Comm.: H. J. Tillemans,
26,000
330,000 3,474,000
436,000
L. V. Widmark and Clarence M. Gislason, care of
Minneapolis
22.599,000
77,000 1,717,000
926.000 2.419,000
the liquidating bank. Succeeded by: Farmers ,St
Sioux City
628,000
27,000
191,000
14,000
Merchants Nat. Bank in Ivanhoe. Mimi., No. 13468.
St. Louis
6,014,000
118,000
226,000
-The First National Bank of Rockville. Conn
28,000
9.000 July 28
Kansas City
Effective July 261930. Liq.Agent: Nathan D.Prince, 100,000
25,114,000
72,000
15.000
6,000
79,000
Hartford, Conn. Absorbed by: The Rockville Nat.
Wichita
2,101,000
Bank, Rockville, Conn., No. 509.
Hutchthson
4.817,000
7,000
July 30
-The First National Bank of Guthrie Center, Iowa
75,000
St. Joseph, Mo
5,044,000
Effective June 23 1930. Liq. Agents: C. H. Sayre and
254,000
51,000
6,000
Jno. W. Foster, care of the liquidating! bank. AbPeoria
80.000
779,000
sorbed by: Peoples State Bank of Guthrie Center,Ia.
Indianapolis
2,366,000
256,000
173,000
July 31-The First National Bank of Wilmore. Ky
25,000
Omaha
8,519,000
187,000
81,000
16,000
Effective July 30 1930. Liq. Agents: Board of Directors
73,000
On Lakes
of the liquidating bank. Succeeded by: First State
1,111,000
444,000
55,000
Bank orWllmore, Ky.
Total Aug. 2 1930-.155,192,000 3,656,000 8,467,000 1,1618,000 3,978,000
CONSOLIDATIONS.
Total July 26 1930-139,694,000 3,365,000 6,925,000 11,596,000 4,381,000 July 29
-The First National Bank of Chillicothe, Mo
100.000
and Peoples Trust & Savings Co.,Chillicothe, Mo
:Total Aug. 3 1929...137,730,000 8,902,000 7,641,000 6,606,000 5.544,000
Consolidated to-day under Act of Nov. 7 1918, as 100,000
Note.
-Bonded grain not Included above: Oats
-New York, 17,000 bushels;
amended Feb. 25 1927, under the charter and corBuffalo, 124,000; Duluth, 5,000; total, 146,000 bushels, against 341,000 bushels in
porate title of "The First National Bank of Chillicothe," No. 3686, with capital stock of $100,000.
1929. Barley-New York, 278,000 bushels; Buffalo, 1,485,000; Duluth, 75,000
; July 29
-The First National Bank of Muscatine, Iowa
total, 1,838,000 bushels, against 2,373,000 bushels in 1929. Wheat
100,000
-New York,
and
First Trust & Savings Bank of Muscatine, Iowa
100,000
996,000 bushels; Boston, 982,000; Philadelhpia, 2,196,000; Baltimore, 2,192,000;
Consolidated to-day under Act of Nov. 7
amended Feb. 25 1927. under the charter 1918, as
Buffalo, 6,822,000; Buffalo afloat, 1,800,000; Duluth, 27,000; on Lakes. 675,000;
and corporate title of "The First National
Canal, 2,729,000; total, 18,419,000 bushels, against 22,858,000 bushels in 1929.
catine," No. 1577, with capital of stockBank of Musof $200,000.
Canadian
July 31
-The Marine National Bank of Milwaukee. Wis
1,000,000
and The National Exchange Bank of Milwaukee,
Montreal
6,994,000
848,000
559,000
Wth
615,000
1,000,000
Consolidated to-day under Act of Nov. 7
Ft. William & Port Arthur36,754,000
1918,
1,480,000 5,372,000 13,471,000
the charter of The Marine National Bank under
Other Canadian
13,134,000
1,705,000 1,090,000 1,271.000
waukee, No. 5458 and under the corporate of Miltitle of
"Marine National Exchange Bank of
Milwaukee,"
Total Aug. 2 1930,___56.882.000
4,033,000 7.021,000 15,357.000
with capital stock of $2,200,000.
July 31
Total July 26 1930.-58,034,000
-The Atlantic National Bank of Boston, Mass
4,431,000 7.109,000 15,969,000
8,000,000
and Beacon Trust Co., Boston, Mass
Total Aug. 3 1929-__64,201,000
12,401,000 2.775,000 5,675,000
3,000,000
Consolidated to-day under Act of Nov.
7 1918, as
Summary
amended Feb. 25 1927, under the charter
American
porate title of "The Atlantic Nat. Bank of and cor155,192,000 3,656,000 8,467,000 11,618,000 3,978,000
No. 643, with capital stock of $9,875,000. Boston,"
Canadian
56,882,000
4,033,000 7,021,000 15,357,000
solldated bank has eight (8) branches, all The con
located in
the city of Boston, which were in operation on
Total Aug. 2 1930__212,074.000 3,656,000 12,500,000 18,639,000 19,335,000
Feb.25 1927. Seven of these branches were branches
Total July 26 1930...197,728,000 3,365,000 11,356,000 18,705,000
of The Atlantic National Bank of Boston, and one
20,350.000
Total Aug. 3 1929...201,931,000 8,902,000 20,042,000 9,381,000 11,219,000
branch was a branch of the Beacon Trust Co. Two
branches of The Atlantic National
Boston
which were authorized since Feb.Bank of
The world's shipments of wheat and corn, as furnished by
25 1927, were
reauthorized for the consolidated bank.
Broomhall to the New
New York
Boston
Philadelphia
Baltimore
Norfolk
Newport News
New Orleans
Galveston
Montreal
Houston
York Produce Exchange, for the week
ending Friday, Aug. 1, and since July 1 1930 and 1929,
Auction Sales.
-Among other securities, the following,
are shown in the following:
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
Wheat.
Corn.
By Adrian H. Muller & Son, New York:
Week
Since
Since
Week
Since
Since
Exports
-
Aug. I
1930.
July 1
1930.
Bushels.
Bushels.
North Amer_ 8,890,090 40,614,000
Black Sea... 208,000 1,544,000
Argentina... 732,000 4,896,000
1,440,00
Australia
0220,
880,000 2,448,
India
399,000 4,118,000
0th. cotmte
Total
12,538.00ts 59,940.
July 1
1929.
Aug. 1
1930.
Bushels,
39,246,000
456,000
17,466,0
6,744.11
48,000
2,848,000
Bushels.
40,
1,292,
6,311,
1,812,000
65,808
9,455,III 35,482.009 24.294,000
July 1
1930.
July 1
1929.
Bushels.
Bushels.
254.000
504,000
10,133,000
52,000
21,971,00 21,517,000
4,134,00
2,221,000
Shares. Stocks.
2 per SF. Shares, Stocks.
2 per M.
25 Chase National Dank
13934 200 Universal Gypsum & Lime C0-82 lot
40 Manufacturers Trust Co
100 Hudson Casualty Insurance Co. 8634
5
Bonds.
Per Cad.
40 Manufacturers Trust Co
8614 $10,000 Aidecrera Corp. Inc. mtge.
200 Pinto Valley Co.. Dar 31
$19 lot
6s, July 1 19.53; 85,000 Aldeerees
300 Universal Gypsum & Lime Co.$4 lot
Corp.inc.mtge.6s,July119833500 lot
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
$ per SA. Shares. Stocks.
$ Per
12 Buffalo Steel Car Co.,Inc. no par$11ot 5 Labor Temple Aran. of Buffalo Ski
1,000 Arno Mines, Ltd, no par___ Sc, & Vicinity, Inc., par $5
Sc.
1,000 Goldale Mines, Ltd, par 81
3e
FINANCIAL CHRONICLE
AUG. 9 1930.]
By Wise, Hobbs & Arnold, Boston:
897
Per
When
Books Closed.
Name of Company.
Cent. Payable
Days Inclustre.
Shares. Stocks.
$ per Sh.
50 Atlantic Public Utilities, Inc.,
Miscellaneous (Cont(nued).
class A
3%
Atlas Stores Corp., corn. (guar.)
•250. Sept. 2'Holders of rec. Aug. 15
15 American Glue Co., corn
80
Corn.(payable in corn. stock)
*,/15/ Sept. 2 *Holders of rec. Aug. 15
10 Plymouth Cordage Co
7134
Corn. (payable in corn. stook)
tfl% Dec. 1 *Holders of lee. Nov. 17
50 Adams Bldg. Trust, pref., carryCora.(payable in corn, stock)
*ft% Mar 2'3 1 Hold of rec. Feb.16'31
ing common stock
1234-13
Bastian Blessing Co., corn.(guar.)
*750. Sept. 1 "Holders of rec. Aug. 15
211 Farms Co: Inc., class A
10
Beech-Nut Packing (guar.)
75e. Sept.30 Holders of rec. Sept. 12
100 Waldorf'
System. Inc., pref.,
Berkshire Fine
par $10
1034 Borin-Vivito Spin. Associates pf.(qu.) 194 Sept. 2 Holders of roe. Aug. 15
ne Corp., partie. pref.-divi dend p eased.
$7,000 note of Evelyn F. White.
13ouriois. Inc., pref. (guar.)
*685/c Aug. 15 *Holders of rec. Aug. 1
dated Dec. 20 1929, due Dec. 20
Brach (E. J. & Sons (guar.)
•500. Sept. 2 *Holders of rec. Aug. 16
1930 on real estate on Lawton
St., Brookline, Mass
750. Sept. 1 Holders of rec. Aug. 20
c1,500 lot Brown Shoe, corn.(guar.)
Bruck Silk Mills, corn -dividend Passed
$1,050 New England Southern
Buckeye Steel Casting, com.(guar.).
- *6234e Aug. ,1 'Holders of rec. July 24
Corp., 54. Dec. 1933: 15 shares
Celluloid Corp.,$7 pref.(guar.)
$1.75 Sept. 2 Holders of rec. Aug. 11
New England Southern Corp..
First pref. partic.stock (quar.)
$1.75 Sept. 2 Holders of rec. Aug. 11
prior pref.* $26.25 New England
Southern Corp., scrip
$50 lot City Savings Bank (Budapest)
Two pengoes for each sh. of 50 pengoes
Aug. 11 Holders of coup. No.38
Cleveland Quarries (guar.)
*750. Sept. 1 *Holders of rec. Aug. 15
By R. L. Day & Co., Boston:
Extra
"25e. Sept. 1 'Holders of rec. Aug. 15
Colgate-Palmolive-Peet Co., corn.(alt.)_ 5234c. Oct. 15 Holders of rec. Sept.20
Shares. Stocks.
$ per Sh. Shares. Stocks.
$ Per Sh.
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept.10
25 Nat. Shawmut Bank, par $25- 6334 10 Saco Lowell Shops, 1st pref.... 24
Collins & Allman Corp., pref.(guar.)
194 Sept. 2 Holders of rec. Aug. 20
22 First Nat. Bank, Yarmouth-205-230 15 Mass. Bonding & Ins. Co., par
Columbia Packing(guar.)
•15/ Aug. 1 'Holders of tee. July 15
Springfield (Mass.) Safe Deposit
15
$25
105
Columbia Pictures, pref.(guar.)
750. Sept. 2 Holders of rec. Aug. 19a
& Trust Co
106
BondsPer Cent. Commercial Discount
(L. A)(in stock) 4.e 5 Sept.30 *Holders of tee. Sept.20
15 Nashawena Mills
2094 $um Eastern states Refrigerating
Compagnie Generale Transatlantique
75 Boston Wharf Co
10054-101
Co., 78, June 1952
5 flat
American shares for B stock
*$1.31 Aug. 21 *Holders of rec. Aug. 14
10 Mass Bonding & Ins. Co., par
$2.000 Buffalo & Erie, 6348, July
Consolidated Cigar Corp., corn.(quar.)_ $1.25 Oct. 1 Holders of rec. Sept.15
$25
105
1954
13. flat
Preferred (guar.)
194 Sept. 1 Holders of rec. Aug. 18
Crown Cork & Seal, pref.(guar.)
By Barnes & Lofland, Philadelphia:
•137340 Oct. 1 Holders of rec. Sept.15
Crown Overall Mfg., pref.(quar.)
"2
Sept. 2 *Holders of rec. Aug. 15
Shares. Stocks.
$ per Sh. Shares. Stocks.
David &
56e Sept.15 Holders of rec. Aug. 30
10 General Water Works & Electric
17 Girard Trust Co., par $10 $ Per 58. Detroit Frere, Ltd., dens A (guar.).-Electric Co., class B
16254
20c Aug. 15 Holders of rec. Aug. $
Corp., common A
40 Broadway Merchants Trust Co.,
28
Dexter Company (guar.)
*35c. Sept. 2 *Holders of rec. Aug. 15
10 Marland Oil Co., Mex., corn__ _52 lot
Camden, N. J., Par $20
Douglas
*154 Aug. 15 'Holders of rec. Aug. 10
60 Nat'l Bank of Olney, par $10
4 Phila. Bourse, common,par $50_ 4934 Drug, (John) Co., pref.(quar.)
15
2394
Inc. (guar.)
$1 Sept. 2 Holders of rec. Aug. 15a
4 Hamilton Trust Co
15 Phila. Nat'l Bank, par $20.- _127
Durham Hosiery Mills, pref.-dividend o mitted
270
7 First Camden Nat'l Bank & Trust
Bonds.
- '154 Sept. 2 *Holders of rec. Aug. 15
par $25.-180% $2,000 United Electric Coal Percent. Empire 38th St. Corp., pref.(quar.)
Co.. Camden, N. J.,
Co.'s
Employers Group Associates (quar.)_..._ *250 Sept.15 "Holders of rec. Sept. 2
168 Aldine Trust Co., par 510.... 11
1st mtge. Inc. 7s, Dec. 1 1946.
Federal Chemical (guar.)
154 Aug. 1 *Holders of roe. July 25
50 Real Estate Land Title & Trust
(Guar. by Old Dominion Corp.),
Federal Terra Cotta
*2
Sept.15 *Holders of rec. Sept. 5
41
registered
Co., par $10
Fifty-five Park Ave., Inc. pref
50
Sept. 2 Aug. 16 to Sept. 2
3
Fifty-nine East 54th St., inc., prof
3
Sept. 2 Aug. 16 to Sept. 2
First American Bancorporation(A)(qua
25e. Aug. 10 Holders of rec. July 31
DIVIDENDS.
First Chrold Corp. (special)
81
Aug. 18 Holders of rec. Aug. 11
Fitz Simons&Connell Dredge&Dock(qu.) •
500. Sept. 1 *Holders of rec. Aug. 21
Dividends are grouped in two separate tables. In the
Stock dividend
"e254 Sept. 1 *Holders of rec. Aug. 21
•
20e. Aug. 1 *Holders of rm. July 25
first we bring together all the dividends announced the Fuller Brush, class A (guar.)
General Bronze, com. (guar.)
•
25e. Sept. 1 *Holders of rec. Aug. 20
current week. Then we follow with a second table, in General Cigar Co. pref. (guar.)
•
15/ Sept. 2 *Holders of rec. Aug. 21
which we show the dividends previously announced, but General Motors,' (guar.)
75e. Sept.12 Holders of rec. Aug. 16
eom.
$1.25 Nov. 1 Holders of rec. Oct. 6
$5 Preferred (guar.)
..
which have not yet been paid.
Gold Dust Corp., pref. (guar.)
•$1.50 Sept.30 *Holders of rec. Sept.17
The dividends announced this week are:
Golden Cycle (guar.)
•400. Sept.10 *Holders of rec. Aug. 31
Goodrich (B.& F.) Co.,corn.-Dividend omitt of
Preferred (guar.)
'134 Oct. 1 *Holders of rec. Sept.10
Per
When
Books Closed.
Great Northern Paper (guar.)
*750. Sept. 2 *Holders of rec. Aug. 20
Name of Company.
Cent. Payable.
Days Inclusive.
Hamilton Watch, new corn. (mthly.)..... *15o. Sept.30 "Holders of rec. Sept.10
Hartman Corp., class A (guar.)
*50e. Sept. 1 *Holders of rec. Aug. 18
Railroads (Steam).
Class B-No action taken
Chic.R.I.& Pao.,corn.(quar.)
Sept.30 *Holders of rec.
Hires (Charles E.) Co.,com.A (quar.)....
50c. Sept. 2 Holders of rec. Aug. 15
Gulf Mobile & Northern, pref.(qua%)
•134 Oct. 1 *Holders of rec. Sept. 5
Common A (guar.)
50c. Dec. 1 Holders of roe. Nov.15
Sept.16
St. Louis-San Francisco. corn.(guar.)
*
Oct. 1 *Holders of rec.
2
Class B and management stock
$1
Sept. 2 Holders of roe. Aug. 15
St. Louis Southwestern, pref.(quar.)
*114 Sept.30 *Holders of rec. Sept. 2
Hobart Manufacturing, corn. (guar.)... •6234e Sept. 1 'Holders of rec. Aug. 20
Sept.13
Holt (Henry) & Co., Inc., partic. A(qu.) .
45c. Sept. 2 *Holders of rec. Aug. 11
Public Utilities.
Holland Finance, com. (guar.)
"6250 Oct. 1 *Holders of rec. Sept.15
Allentown & Bethlehem Gas, pf. Mari- *8750 Aug. 9 *Holders of
Homestake Mining (monthly)
*50e. Aug. 26 *Holders of rec. Aug. 20
rec.
Amer.Power & Light, corn.(guar.)
25e Sept. 2 Holders of see. July 3
"I% Sept. 1 *Holders of rec. Aug. 15
Hooven & Allison Co., pref.(quar.)
Aug. 1
Amer. Telegraph & Cable (guar.)
*134 Sept. 2 *Holders of rec. Aug.
Imperial Oil, Ltd., bearer shares
12540. Sept. 2 Holder of coup. No. 26
2
Cent. Ark. Public: Serv., pref.(quar.)
1% Sept. 2 Holders of rec.
1254e. Sept. 2 Aug. 16 to Aug. 31
Registered shares
$1.625 Sept. 1 Holders of rec. Aug. 1 a Imperial Tobacco
Central Goa dc Elec.,$634 pref.(guar.)
of Gt. Brit. & Ireland
Aug. 1
Central States Elec. Corp., eom.
10o Oct. 1 Holders of
'to7
Am.dep. rots, for ord. ails
Sept. 8 *Holders of reo. Aug. 15
f2H Oct. 1 Holders of rec. Sept.
Common (payable In corn,stock)
*15/ Aug. 1 *Holders of rec. July 18
Industrial Finance, pref. (guar.)
rec.
15/ Oct 1 Holders of rec. Sept.
7% pref. (issue of 1912)(qunn)
Industrial & Power Securities (qu.)
"25e. Sept. 2 *Holders of rec. Aug. 1
6% preferred (guar.)
134 Oct. 1 Holders of rec. Sept.
Instill Utility Invest., $6 2d see,(quar.)_ *$1.50 Sept. 2 *Holders of rec. Aug. 15
Sept.
Cony. pref.(series of 1928, (guar.). _ (m) Oct. 1 Holders of
International Milling, 7% pref. (guar.). 194 Sept. 1 *Holders of rec. Aug. 20
'
Cony. pref.(aeries of,1929)(guar.) . (m) Oct. 1 Holders of rec. Sept.
6% preferred (guar.)
'194 Sept. 1 *Holders of rec. Aug. 20
rec.
Central Pub& &my. Corp., el. A (qu.)._ n4394 Sept.15 Holders of rec. Sept.
Internat. Securities, corn. A (quar.)..__.
75e. Sept. 2 Holders of rec. Aug. 15
Aug. 2
81.76 Oct. 1 Holders of rec.
$7 preferred (guar.)
Common B (guar.)
1234c. Sept. 2 Holders of rec. Aug. 15
$6 preferred (quar.)
$1.50 Oct 1 Holders of rec. Sept.1
15/ Sept. 2 Holders of rec. Aug. 15
7% preferred (quar.)
Sept.1
$1 Oct 1 Holders 01 roe,
$4 preferred (Quan)
654% preferred (quar.)
134 3ept. 2 Holders of rec. Aug. 15
Chic,So.Shore & So.Bend, pl. A (qu.)_ _
1% Sept. 2 Holders of rec. Sept.1
154 Sept. 2 Holders of rm. Aug. 15
6% preferred (quar.)
Eastern Shore Pub.Seri.,$634 pf.(qu.)* 81.625 Sept. 1 *Holders of rec. Aug. 1
345/o Aug. 31 Holders of rm. July 31
Investment Trust of N. Y
Aug. 1
*$1.50 Sept. 1 *Holders of
$6 preferred (guar.)
62340 Sept. 1 Holders of rec. Aug. 15
Jaeger Machine (quar.)
Emp.Gas & Fuel 8% pf.(mthly.) • * 66 2-3c Sept. 1 *Holders of rec. Aug. 1
*$1.25 Oct. 1 *Holders of rec. Sept.20
Keystone Cold Storage
rec.
• 58 1-Se Sept. 1 'Holders of rec. Aug. 1
7% preferred (monthly)
*$2.25 Sept. 2 *Holders of rec. Aug. 15
Kidder Participation (No. 2) pre/
Aug. 1
541-Sc Sept. 1 *Holders,of rec.
634% preferred (monthly)
4
11
Knox Hat,Inc., corn. A (guar.)
13%4.15 *Holders of reo. Aug. 15
6% preferred (monthly)
*50e Sept. 1 *Holders of rec. Aug. 1
*$1
Sept.15 *Holders of roe. Aug. 15
Non-voting common (quar.)
Aug. 1
Federal Light & Tract., corn. (quar.)..._ 3750 Oct. 1 Holders
of rec. Sept. 1 a Lee(H.D.) Mercantile Co., common
-I) Widen d passe d.
Common (payable in common stock)_
11 Oct. 1 Holders of rec.
Lehigh Portland Cement, pref.(guar.)
'194 Oct. 1 'Holders of rec. Sept. 13
Preferred (guar.)
$1.60 Aug. 30 Holders of rec. Sept.1 a Ludlow Mfg. Associates (guar.)
$2.50 Sept. 2 Holders of rec. Aug. 9
Aug. 1
Florida Power, 7% pref. A (guar.)
•15/ Sept. 1 *Holders of
% Sept. 1 Holders of rec. Aug. 20a
Mengel Storm Corp., pref. (guar.)
rec.
*8754 Sept. 1 *Holders of rec. Aug. 1
7% Pref. (550 par) (guar.)
25e. Sept. 2 Holders of rec. Aug. 15
Manhattan Shirt, corn. (guar.)
Gary Rye., pref. A (quar.)
$1.80 Sept. 2 Holders of rm. Aug. 1
Mapes Consol. Mfg.(guar.)
750. Oct. 1 Holders of rec. Sept.15
Aug. 2
General Gas & Elec.. corn. A &B (qu.) '
7340 Oct. 1 *Holders of roe.
Marmon Motor Car, common-Stock dl vidend omitted
Aug. 2
$8 preferred (guar.)
*$2
Oct. 1 *Holders of
Metro-Goldwyn Pictures. pref.(guar.)._ *4734c Sept.15 *Holders of rec. Aug. 3
rec. Aug. 2
$7 preferred (guar.)
0
'$1.75 Oct.
*Holders of rec. Aug. 2
Metropolitan Chain Stores, pref.-Divid end
leered.
Cony. pref. series A (guar.)
*51.50 Sept.15
Metropolitan Paving Brick, corn.(guar.) dd Sept.
50e
.1 Aug. 16 to Aug. 31
General Gas & Elec.. $13 pref. A & B (qu.) $1.50 Sept.15 *Holders of rec. Aug. 1
Holders of ree. Aug. 1
154 Oct. 1 Sept. 16 to Sept.30
Preferred (guar.)
General Power & Light. pref. (guar.)
*$1.75 Aug. 15
*
Aug. 15 *Holders of rec. July 31
2
Morse Trust Drill & Mach.(quar.)
Georgia Power & Light,$6 pref.(quar.)_ *81.50 Aug. 15 *Holders of rec. Aug. 1
Mortgage Bank of Colombia. Amer.shs_ *96c. Aug. 15 Holders of rec. Aug. 1
Indianapolis Water Co., pref. A (quar.). 1% Oct. 1 *Holders of rec. July 3
Holders of rec. Sept. 1 a Motor Wheel Corp. corn. (guar.)
75e. Sept.10 Holders of roe. Aug. 20
Indiana Service Corp.. 7% pref. (quar.) 13/ Sept. 2 Holders
of rec. Aug. 1
25e. Sept. 1 Holders of rec. Aug. 20
Muskegon Motor Specialties, emu.(an.)
6% preferred (guar.)
134 Sept. 2 Holders
50c. Sept. 1 Holders of rec.
Class A (guar.)
Keokuk Electric, pref. (guar.)
' Aug. 15 *Holders of rec. Aug. 1
134
550. Sept.30 Holders of rec. Aug. 20
Myers(F. E.) & Bros. Co., com.(guar.)
Minneapolis Gas Light.6% pref. (guar.) •
154 Sept. 2 *Holders of roe, Aug.
Sept. 15
Preferred (guar.)
134 Sept.30 Holders of rec. Sept.15
7% preferred (gua(.)
*134 Sept. 2 *Holders of rec. Aug. 2
(
"75e. Sept. 1 *Holders of rec. Aug. 15
National Bearings metals guar.)
Mississippi Valley Utilities, $7 pref.(qu.) $1.75 Sept. 2 Holders of rec. Aug. 2
of rec. Aug. 1
*50c. Oct. 1 *Holders of rec. Sept. 13
National Dairy Products, corn.(guar.)._
Mohawk & Hudson Power,$7 pref.(qu.) '81.75 Aug. 1 'Holders
of roe. July 1
Preferred A & S (guar.)
'154 Oct. 1 *Holders of rec. Sept. 3
Mutual Tel.(Hawaii)(monthly)
*80 Aug. 31 *Holders of
Nat'l Dept. Stores, 2nd pref.(guar.)__. "154 Sept. 2 *Holders of tee. Aug. 15
National Public Service, corn. B (qu.)
40e Sept. 1 Holders of rec. Aug. 1
roe.
National Family Stores, corn.(guar.)... *pH Sept. 1 *Holders of rec. Aug. 20
$3.50 cony. preferred (guar.)
8734c.Sept. 1 Holders of tee. Aug. 1
*50e. Sept. 1 *Holders of rec. Aug. 20
Preferred (guar.)
Aug. 1
$3 cony. preferred (aum.)
750 Sept. 1 Holders
*750 Aug. 15 *Holders of rec. Aug. 1
National Service Cos., pref. (guar.)
New England Gas& Elec., pref.(qu.)_* 81.376 Oct. 1 *Holders of rec. Aug. 1
3234e Sept. 2 Holders of rec. Aug. 16
Nehl Corporation, corn. (guar.)
New Rochelle Water.7% pref.(guar.) •115/ Sept. 2 *Holders of rec. Aug. 2
First preferred (guar.)
of rec. Aug. 2
81.3194 Oct. 1 Holders of rec. Sept. 15
Ohio Power, 6% pref. (guar.)
*1 34 Sept. 2 *Holders
Nineteen Hundred Corp., el. A (quar.)50c Aug. 15 Holders of rec. Aug. 1
Ohio Pub. Buy., 1st pref. A (mthly.)_' 581-3cSept. 2 *Holders of rec. Aug.
of rec. Aug. 1
Northam Warren Corp., cony. pf (qu.) "750. Aug. 30 *Holders of rec. Aug. 15
6% preferred (monthly)
*50e Sept. *Holders
*150 Aug. 15 *Holders of rec. Aug.
Oahu Ry.& Land (monthly)
Penn. State Water Corp., $7 pref.(qu.)_ $1.75 Sept. 2 Holders of rm. Aug. 1
of rec. Aug. 2
•
100 Aug. 15 *Holders of rec. Aug. 12
Oahu Sugar (monthly)
Porto Rico Telephone, pref
'24
Oct.
' Sept.15 *Holders of rec. Aug. 6
134
Ohio Oil, prof.(guar.)
Seaboard Public Utilities, $8 pt.(quar.)_ *81.50 Sept. 1 *Holders
16
3
of rec. Aug. 15
Sept. 2 Aug. 16 to Sept. 2
125 East 133d St.. Inc.. Peet
Tide Water Power.$6 pref.(guar.)
'
$1.50 Sept. 1 *Holders
•
Onomea Sugar (monthly)
200. Aug. 20 *Holders of rec.
Toledo Edison,5% pref.(monthly)___* 41 2-30 Sept. 2 *Holders of tee. Aug. 15
of ree. Aug. 15
*50c Sept. 1 *Holders of rec. Aug. 10
Pacific Amer. Fisheries (guar.)
6% pref.(monthly)
*50e Sept. 2 *Holders of
500 Sept. 1 Aug. 16 to Aug. 15
Patterson-Sargent Co.(guar.)
7% pref. (monthly)
581-3c Sept. 2 *Holders of rec. Aug. 15
Aug. 31
Penick & Ford, Ltd., corn. (guar.)
*25c. Sept. 16 *Holders of rec.
rec.
Utica Gas & Elec.. pref.(guar.)
Aug. 15 *Holders of too. Aug. 15
Preferred (guar.)
'154 Oct. 1 *Holders of rec. Sept 2
Aug. 15
Washington Water Power. $6 pref.(clu.) *$1.50 Sept.15 *Holders
.
Sept. 12
of
Phoenix Hosiery Co., 1st & 2d pf. (.1U3 '194 Sept. 1 *Holders of
$65t preferred (guar.)
81.625 Sept.15 *Holders of rec. Aug. 23
Pines Winterfront Co.(guar.)
250 Sept. 1 Holders of rec. Aug. 18
Western Mass. Cos. (guar.)
68%o. Sept.30 Holders of rec. Aug. 23
rm. Aug. 15
e2
Stock dividend
Sept. 1 Holders of
West Ohio G89. pref. A (quar.)
1% Sept. 2 Holders of rec. Sept.10
Pittsburgh Bond & Shares (guar.)
rec. Aug. 15
*505 Aug. 15 *Holders of roe. Aug. 15
Wheeling Electric, pref. (Oilar.)
*194 Sept. 2 *Holders of
rec. Aug. 10
Porto Rico-Amer. Tobacco, el. A (qu.)- "8794 Oot. 10 *Holders
rec. Aug. 9
Williamsport Water Co.,$0 pre/.(guar.) 51.50 Sept. 2 Holders
of rec. Aug. 20
Railway .1c UM. Invest., 7% Pf. A (11U.) *8750 Sept. 2 *Holders of rec. Sept. 20
of
6% preferred (guar.)
*750. Sept. 2 *Holders of rec. Aug. 15
Trust Companies.
rec. Aug. 15
Rolland Paper, Ltd., pref. (guar.)
134 Sept. 1 Holders
Continental Bank & Trust (guar.)
*30e. Sept.15•
Holdera Of ree. Sept.
Rosy Theatres Corp., class A (altar.).... *8754e Aug. 30 *Holders of rec. Aug. 15
of rec. Aug. 15
Seneca National Corp. pref.-Dividend omitte d
Miscellaneous.
Seth Thomas Clock (eluar.)
'3794c Aug. 15 *Holders of
Ainsworth Mfg., corn. (quar.)
*62 HO Sept. 2 *Holders of rec. Aug.
rec.
Shippers Car Line Corp., elms A (guar.)
Aug. 3 Holde of rec. Aug. 5
50 Holders
Common (payable in common stock)_ _ efl
Sept. 2 *Holders of roe. Aug. 20
Aug. 15
Preferred (qltar.)
194 Aug.
Albers Bros. Mill, pref. (guar.)
'$1.75 Aug. 15 *Holders of rec. July 25
Holders of rec.
Simms Petroleum (guar.)
30
"40e. Sept.15 *Holders of rec. Aug. 15
Atlas Powder. COM. (QUIte.)
$1
Sept.10 Holders of rec. Aug. 29a Simon (Franklin) & Co., Inc., pf.
Aug. 29
(au.). •15/ Sept. 2 *Holders
of roe. Aug. 18
Shares. Stocks.
$ Per Sh.
21 Federal Nat. Bank, par $20-__ 98
Associated Textile Co. as follows:
1 at 35: 10 at 35: Sat 35; 10 at 35:
10 at 35; 10 at 35:5 at 36.
20 Lancaster Mills, common____EIH lot
25 Nat/rake= Steam Cotton Co_85-88
60 New England Southern Corp..
common
$3 lot
1 unit Mutual Finance Corp
203.
9 New England Pub. Serv. Co.,
7% preferred
90
40 Draper Corp
60
24%
6 units First Peoples Trust
100 Mass. Utilities Associates, pref.
par $50
361'
29 Mutual Finance Corp., pref.,
par $50. with 22 Mutual Finance
Corp., corn.,as bonus, 850..10 on pref.
4 units First Peoples Trust
22%
'134
[VoL. 131.
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
*1% Aug. 15 *Holders of reo. Aug. 1
Soule Mills (quar.)
50c. Oct. 15 Holders of rec. Sept. 30
Spalding (A. G.) & Bros., corn. (quar.)_
First preferred (quar.)
13 Sept. 2 Holders of rec. Aug. 16
Sept. 2 Holders of rec. Aug. 16
2
Second preferred (quar.)
Spear & Co., pref. & 26 pref.(quer.). _ - *134 Sept. 1 Holders of rec. Aug. 15
•62).e Sept. 15 *Holders of rec. Aug. 16
Standard 011 (Indiana) (guar.)
50c. Sept. 15 Holders of rec. Aug. 23a
Standard Oil (Kansas) (quar.)
•623c Sept.20 *Holders of ree. Aug. 23
Standard 011 (Nebraska) (quar.)
*250. Sept.20 *Holders of rec. Aug. 23
Extra
Strawbridge & Clothier. pref. A (quar.)_ *1% Sept. 1 *Ilolders of ree. Aug. 15
Struthers-Wells-Titusville, pref.(quer.). *$1.75 Aug. 15 *Holders of ree. Aug. 4
Superior Portland Cement A (monthly)_ *273.(c Sept. 1 *Holders of rec. Aug. 23
•4334c Sept. 3 *Holders of rec. Aug. 15
Swan & Finch. pref. (quar.)
.13 Aug. 15 *Holders of rec. Aug. 1
Taber Mill (quar.)
250. Sept.15 Holders of rec. Aug. 30
Tennessee Copper & Chemical (quar.)_ _
14 Sept. 1 Holders of roe. Aug. 300
Timken-Detroit Axle, pref. (quar.)
*75e. Sept. 5 *Holders of rec. Aug. 20
Timken Roller Bearing, corn (quar.)_
Oct. 1 *Holders of ree. Sept. 25
*2
Traylor Eng. & Mfg., pref. (quar.)
8 1-30 Sept. 1 Holders of rec. Aug. 15
Tristate Royalty, corn. (monthly)
10c. Sept. 1 Holders of roe. Aug. 15
Preferred A (monthly)
3
Aug. 15 Aug. 1 to Aug. 15
Tudor City Sixth Unit, Inc., pref
Aug. 7 *Holders of rec. Aug. 4
*33
Twin Bell Oil Syndicate (quar.)
*37
Aug. 7 *Holders of roe. Aug. 4
Extra
40c. Sept. 2 Holders of rec. Aug. 16
Union Tank Car (quar.)
*150. Sept. 2 *Holders of rec. Aug. 20
United Carr Fastener (quar.)
United Chemicals. Inc., pudic. pfd.(qu.) *75e. Sept. 2 *Holders of rec. Aug. 15
400. Sept. 2 Holders of rec. Aug. 5
United National Corp.(Seattle) part. pfd
U.S. Dairy Products, corn. A (quar.)_ _ $1.25 Sept. 1 Holders of ree. Aug. 20
$1.75 Sept. 1 Holders of rec. Aug. 20
First preferred (quar.)
Sept. 1 Holders of rec. Aug. 20
$2
Second preferred (quar.)
Sept.20 Holders of rec. Aug. 30
$1
Vacuum 011 (guar.)
Victor Welding Equip., cl. A & B (quar.) *375(c Aug. 25 *Holders of rec. Aug. 15
*375ic Sept. 1 *Holders of rec. Aug. 15
Wagner Electric Gquar.)
*50c. Sept. 2 *Holders of rec. Aug. 15
Waitt & Bond. class A (quar.)
Warner Bros. Pictures, com.-No action taken
*55c. Sept. 1 *Holders of rec. Aug. 18
Preferred (quar.)
Western Auto Supply, corn. A & B (qu.) 575e. Sept. 1 *Holders of ree. Aug. 20
Western Newspaper Union, pref.(quar.) $1.75 Sept. 1 *Holders of rec. July 25
*10o. Aug. 5 *Holders of rec. July 15
Western Royalty, class A (monthly)
*250. Oct. 1 *Holders of rec. Sept. 20
Wheatsworth. Inc. (quar.)
50c. Sept.30 Horders of rec. Sept. 12
White Motor Co.(quar.)
$1.75 Sept. 30 Holders of ree. Sept. 12
White Motor Securities, pref. (quar.)
Aug. 15
Willcox & Gibbs Sewing Machine
23 Aug. 15 Aug. 6 to
*1% Sept. 1 *Holders of ree. Aug. 15
Windsor Hotel, Ltd. (quar.)
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Aug. 15 Holders of ree. July 11
Alabama Great Southern. pre!
$2
$1.50 Aug. 15 Holders of me. July 11
Preferred (extra)
Atch.Topeka & Santa Fe common (qu.)
2% Sept. 2 Holders of rec. July 25a
1% Sept. 2 Holders of rec. July 190
Baltimore & Ohio, common (quar.)
1
Sept. 2 Holders of rec. July 16a
Preferred (quar.)
Aug. 15 Holders of rec. Aug. 11
Buffalo Rochester & Pittsburgh pref__.- 3
Aug. 15 Holders of rec. Aug 50
Central RR. of N. J. (guar.)
2
Cleve.& Pittsburgh, guaranteed (quar.)_ 873.4c Sept. 2 Holders of roe. Aug. 9a
0
Special guaranteed (quar.)
50c Sept. 2 Holders of rec. Aug. 9
Feb2'31 Hold, of rec. Jan.16'31a
Cuba RR., preferred
3
Delaware & Hudson Co.(guar.)
234 Sept. 20 Holders of rec. Aug. 28a
Dec. 31 Holders of rec. Dee. laa
Erie RR., 1st and 2nd preferred
2
2% Aug. 15 Holders of rec. Aug. la
Hudson & Manhattan, pref
134 Sept. 2 Holders of rec. Aug. 8a
Illinois Central common (quar.)
Sept. 2 Holders of rec. Aug. 8a
Preferred
3
1.34 Aug. 15 Holders of rec. July 310
Internat.Rys. of Cent. Amer. pf.(qu.)
3% Aug. 11 Holders of rec. July 150
Louisville & Nashville
1% Oct. 1 Holders of rec. Sept. 15
Maine Central common (quar.)
1% Sept. 2 Holders of rec. Aug. 15
Preferred (guar.)
$1
Sept. 30 Holders of rec. Sept. 50
Mo.-Kansas-Texas, common (quar.)
Preferred A (quar.)
134 Sept.30 Holders of rec. Sept.
1% Dec. 31 Holders of rec. Dec. 5
Preferred A (quar.)
14 Sept. 2 Holders of rec. Aug. 150
New Orleans, Texas & Mexico (quar.)
N.Y Chic. dr St. Louis, corn.& pfd.(qu) 14 Oct. I Holders of rec. Aug. 15a
.
14 Oct. 1 Holders of rec. Sept. 501
N.Y. N. H.& Hartford, coin.(quar.)
14 Oct. 1 Holders of rec. Sept 60
Preferred (quar.)
Norfolk & Western common (quar.)_.... 24 Sept. 19 Holders of rec. Aug. 300
Aug. 19 Holders of rec. July 31a
1
Adjustment preferred (guar.)
20c Sept. 15 Holders of rec. Aug. 80
Pennroad Corp. (No. 1)
Aug. 30 Holders of rec. Aug. 10
31
Pennsylvania RR.(quar.)
Aug. 14 Holders of rec. July 17a
31
Reading Company common (guar.)
50o. Sept. 11 Holders of roe. Aug 214
First preferred (quar.)
50e. Oct. 9 Holders of roe. Sept. 180
Second preferred (quar.)
St. Louis-San Francisco. pref. (quar.)
134 Nov. 1 Holdere of ree. Oct. lo
United N. J. RR.& Canal Co..(001
.244 Oet• 1 Holders of rec. Bel 20
244 Jan 1'31 'Holders of rect. Dee.')'30
Quarterly_
.
14 Aug. 25 Holders of ree. July 258
Wabash Hi'., pref. A (quar.)
Public Utilities.
Amer. Electric Power $7 pref.(quar.)___ $1.75 Sept.15 Holders of roe. Aug. 29
$1.50 Sept. 1 Holders of rec. Aug. 20
$6 preferred (quar.)
Amer. Gas & Power, lot pref. (quar.)- - *31.50 Aug. 15 *Holders of rec. Aug. 1
25o. Aug. 15 Holders of rec. July 250
Amer. Water Works & Elec., corn. tqu.)Com. (In stock 1-40th share com.)___ (r) Aug. 15 Holders of rec. July 25a
$1.50 Oct. 1 Holders of ree. Sept. ha
Preferred (quar.)
Associated Gas dv Elec., 56 pref.(quar.) - 51.50 Sept. 2 Holders of rec. duty 31
$1.625 Sept. 2 Holders of rec. July 31
$5.50 preferred (quar.)
51.25 Sept. 15 Holders of rec. Aug. 15
$5 preferred (quar.)
Nov. 1 *Holders of rec. Oct. 17
Associated Teter/ & Teleg. cl. A (extra) *31
500. Sept. 2 Holders of ree. July 31
Brazilian True., Light & Pow., ord (qtr.)
Brooklyn Edison Co. (quar.)
2 Sept. 2 Holders of rec. Aug. I5a
Brook ty ii-Nlanhattan Transit. pf A (qu.) 31.50 Oct. 15 Holders of rec. Oct. la
.
$1.50 Jy 15'31 Holders of rec. Dec. 31a
Preferred, series A (quar.)
$1.50 Ap1531 Hold.of rec. Aiw• I 19310
Preferred. series A (quar.)
Canada Northern Power common (qu.)_
15c. Oct. 25 Holders of ree. Sept. 30
Preferred (guar.)
134 Oct. 15 Holders of ree. Sept. 30
Canadian Hydro Elec., Prof.(quar.)____
134 Sept. I Holders of reo. Aug. I
Cent. & S. W. Utilities, $7 pr. lieu (qu.) $1.75 Aug. 15 Holders of rec. July 31
51.50 Aug. 15 Holders of rec. July 31
$6 prior Hen pref. (quar.)
31.75 Aug. 16 Holders of rec. July 31
$7 preferred (quar.)
Chester Water Service $54 pref. (qu.)__ $1.375 Aug. 15 Holders of rec. Aug. 5
Chicago Rap. Tran., pr. pi. A(m'thly)_ •85o. Sept. 1 *Holders of rec. Aug. 19
•60o. Sept. 1 *Holders of roe. Aug. 19
Prior preferred B (monthly)
Cities Serv. Pow.& L.36 pref.(mnthly)_ •500. Aug. 15 *Holders of rec. Aug. 1
$7 preferred (monthly)
58 1-3c Aug. 15 *Holders of rec. Aug. I
•
Clear Springs Wat.Serv. $6 pref.(qu.)-- 31.50 Aug. 15 Holders of rec. Aug. 5
Cleveland Elec. Ilium., Prof.(quar.)____
134 Sept. 1 Holders of roe. AUg. 15
Columbia Gas & Electric. corn (quar.)_.
50e. Aug. 15 Holders of rec. July 19a
190
6% pref. series A (quar.)
134 Aug. 15 Holders of rec. July 190
5% Preferred (quar.)
134 Aug. 15 Holders of ree. July 9a
Commonwealth & South. Corp.corn.
150. Sept. 1 Holders of rec. Aug.
(111)
36 preferred (quar.)
31.50 Oct. 1 Holders of rec. Sept. 50
Community Water Serv. 1st pref. (qu.)_ $1.75 Sept. 2 Holders of rec. Aug. 30
Connecticut Ky.& Ltg., corn. & of.(qu.) 14 Aug. 15 Holders of rec. July 31a
Cousol. Gas. El. L.& P.,Balt.,com.(qu.) +90e. Oct. 1 *Holders of rec. Sept. 15
5% preferred series A (quar.)
*134 Oct. 1 *Holders of rec. Sept. 15
6% preferred series D (quar.)
• 34 Oct. 1 •Holdem of rec. Sept. 15
1
534% preferred series E (quar.)
*134 Oct. 1 *Holders of rec. Sept. 15
Consumers Power, $5 pref.(quar.)
*$1.25 Oct. 1 'Holders of rec. Sept. 15
▪ yi Oct. 1 *Holders of rec. Sept. 15
6% preferred (quar.)
6.6% preferred (quar.)
•1.65 Oct. 1 *Holders of rec. Seld• 15
7% preferred (quar.)
•134 Oct. 1 *Holders of rec. Sept. 15
8% preferred (monthly)
.500. Sept. 1 'Holders of ree. Aug. 15
6% preferred (monthly)
550e Oct. 1 *Holders of ree. Sept. 15
6.6% preferred (monthly)
.
55e. Sept. 1 *Holders of ree. Aug. 16
.55o. Oct. 1 *Holders of rec. Sept. 15
6.6% preferred (menthlY)
Name of Company.
When
Per
Cent. Payable,
Books Closed
Days Inclusive.
Public Utilities (Concluded).
Consolidated Gas of N. Y., own.(quar.) $1
Sept. 15 Holders ol reo Aug. 15a
Consol. Gas Utilities class A (guar.)._
55e. Sept. 2 Holders of me Aug. 15
Eastern Mass. Street Ky.First pref. and sink, fund stocks (au.). 14 Aug. 15 Holders of rec. Aug. 1
Eastern Utilities Associates, corn. (qu.)_
50c. Aug. 15 Holders of rec. July 25
East Kootenay Power pref.(quar.)
134 Sept. 15 Holders of rec. Aug. 30
Empire Public Service corn. A (quar.) _ _ .045e. Aug. 15 .11olders of ree. July 15
European Elec. Corp., Ltd., of Canada
Common A and 13 (quar.) (No. 1)__
15c. Aug. 15 Holders of rec. July 31
Federal Water Service, corn. A (qu.)
160e. Sept. 1 Holders of rec. Aug. la
Common 13 (quar.)
10e. Sept. 1 Holders of ree. Aug. 31
Gas & Elec. Securities, corn.(monthly)....
50c. Sept. 1 Holders of rec. Aug. 15
Common(payable in corn. stock)_ _ f% Sept. 1 Holders of rec. Aug. 15
Preferred (monthly)
58 1-3c Sept. 1 Holders of rec. Aug. 15
Havana Electric Ry., pref. (quar.)
14 Sept. 2 Holders of rec. Aug. 120
Havana Elec. & Utilities lot pref. (qu.)_ $1.50 Aug. 15 Holders of rec. July 19
Cumulative preference (quar.)
51.25 Aug. 15 Holders of rec. July 19
Illuminating & Pow. Scour., pref. (qu.)A Aug. 15 Holders of rec. July 31
Intercontinents Power, corn. A (quar.)
50c. Sept. 1 Holders of rec. Aug. 1
Interstate Public Serv., pref. (quar.)_
14 Aug. 15 Holders of rec. July 31
Kentucky Utilities, junior pref. (quar.)_ *87tie Aug. 20 *Holders of rec. Aug. 1
Keystone Telep. of Phila.,$4 pf.(qu.)
*$1. 'Sept. I .Holders of rec. Aug. 20
Lexington Water Co, pref.(quar.)
I% Sept. 2 Holders of rec. Aug. 20
Lone Star Gas,corn.(in corn.stk.)
Hold, of ree. Feb.2 1031
Middle Western Telep.. porn. A (qu.)
54340 Sept. 15 "Holders of rec. Sept. 6
Common A (ow.)
.43440 Dec. 16 *Holder@ of rec. Doe. I
Middle West Utilities common (quar.)
Aug. 15 Holders of rec. July 15a
/2
$6 pref. (cash or 3
$1.50 Aug. 15 Holders of rec. July 15
-80th share cora.)
Monongahela West Penn Public Service
7% preferred (quar.)
434c. Oct. I Holders of rec. Sept. 15
Municipal Telepli. Util., el. A (extra)..... *25e. Nov. 15 *Holders of rec. Oct. 15
25c. Sept. 2 Holders of rec. Aug. 9a
NationalPower & Light. cam.(quar.)
250. Aug. 15 Holders of roe. Aug. 5
National Water works, corn. A (quar,)..
87%0 Aug. 15 Holders of rec. Aug. 5
Preferred, series A (quar.)
8745c Aug. 15 Holders of rec. Aug. 5
Preferred, series B (quar.)
.31 Sept. 10 *Holders of reo. Aug. 29
Newark Telephone (quar.)
.31 Dee. 10 "Holders of rec. Nov. 150
Quarterly
14 Sept. 2 Holders of roe. Aug. 20
New Rochelle Water Co., pref.(quar.)
5215 Oct. 1 Holders of rec. Sept. 50
North American Co., corn. (quar.)
750. Oct. 1 Holders of rec. Sept. 6a
Preferred (quar.)
North American Edison Co., Prof. (qu.) $1.50 Sept. 2 Holders of rec. Aug. 150
Aug. 15 Holders of rec. July 19
No. American Light & Pow., corn.(qu.) _ 1'2
$1.50 Oct. 1 Holders of rec. Sept. 20
$8 preferred (quar.)
North Amer. Utility Securities Corp.
$1.50 Sept. 15 Holders of rec. Sept. 2
First preferred (quar.)
50c. Oct. 25 Holders of rec. Sept. 30
Northern Ontario Power, corn.(quer.)
1% Oct. 25 Holders of rec. Sept. 30
Preferred (quar.)
1% Aug. 15 Hollers of rec. July 31
Northwest Utilities Co., Pref.(quar.)
.
Ohio Telephone Service. pref.(quay.).... "134 Sept. 30 11olders of me Sept. 23
*134 Dee. 31 *Holders of ree Dee. 24
Preferred (Muir.)
Ohio Water Service, pref. (quay.)
134 Aug. 15 Holders of rec. Aug. 5
Pacific Gas & Elec.. 6% 1st Id. WO
*37%e Aug. 15 *Holders of rec. July 31
5
*34%e Aug. 15 'hollers of rec. July 31
first preferred (quar.)
Pacific Lighting, torn. (quilX.)
750 Aug. 15 Holders of rec. July Sla
'134 Aug. 15 'Holders of rec. July 31
5% Preferred (quar.)
*S5o Oct. 1 'Holders of rec. Sept. 150
Peninsular Telephone. corn.(guar.)
•35e. Jan 1 '31 *Hold, of roe Dee. 15 '30
Common (guar )
*134 Aug. 15 *Holders of rec. Aug. 5
7% Preferred (quar.)
Pennsylvania Gas & El. Corp., A (qu.)... *3734c Sept. 1 *Holders of rec. Aug. 20
$1.75 Oct. 1 *Holders of rec. Sept. 20
$7 preferred (quar.)
•
*1% Oct. 1 *Holders of rec. Sept. 20
7% preferred (guar.)
Pennsylvania Illurn. Corp. of Scranton
12%c Sept. 2 Holders of rec. Aug. 20
Class A (No. 1)
Pennsylvania Power, $6 pref. (quar.)_.... $1.50 Sept. 2 Holders of rec. Aug. 20
55e Sept. 2 Holders of ree Aug. 20
$6.60 preferred (monthly)
Pennsylvania Water Service, pref.(qu.). $1.50 Aug. 15 Holders of rec. Aug. 5
50c. Oct. 1 Holders of reo. Sept. 10a
Philadelphia Elec. Power, pref.(quar.)
Phila. Suburban. Water Co., pref.(au.) 1% Sept. 1 Holders of rec. Aug. 124
Plttsb. Suburban Water Serv., pf.(q11.)- 31.375 Aug. 15 Holders of rec. Aug. 5
Power Corp. of Canada, let pref.(quay.) 134 Oct. 15 Ilolders of rec. Sept. 30
75c. Oct. 15 Holders of ree. Sept. 30
Second preferred (quar.)
85c. Sept.30 Holders of ree. Sept. 20
Public Serv. Corp. of N.I.. corn.(qu.)
Sept.30 Holders of rec. Sept. 20
2
8% Preferred (quar.)
134 Sept. 30 Holders of rec. Sept. 2s
7% Preferred (quar.)
51.25 Sept. 30 Holders of ree. Sept. 2.
$5 preferred (Oust.)
50c. Aug. 30 Holders of rec. Aug. la
8% Preferred (monthly)
50e. Sept. 30 Holders of rec. Sept. 2a
6% Preferred (monthly)
Pub. Sere. Elec. & Gas 7% pref.(quar.) 134 Sept. 30 Holders of rec. Sept. 20
14 Sept. 30 Holders of rec. Sept. 2a
6% preferred (qual.)
Rochester Gas & Elec., 7% pref B (qu.)- 144 Sept. 2 Holders of roe. July 31
13-4 Sept. 2 Holders of rec. July 31
6% .preferred series C (quar.)
134 Sept. 2 Holders of reo. July 31
5% Preferred series D (oear.)
Scranton-Spring Brook Water Service
$1.25 Aug. 15 Holders of rec. Aug. 5a
55 Preferred (quar.)
3150 Aug. 15 Holders of reo. Aug. 50
$8 preferred (quay.)
50e. Aug. 15 Holders of rec. July 20a
Southern Calif. Edison Co., corn. (qu.)..
434e Sept. 15, Holders of rec. Aug. 20
Preferred A (guar.)
3734c Sept.15 Holders of rec. Aug. 20
Preferred 13 (quar.)
Southern Calif. Gas, $834 Pref. (qu.)__• 31.625 Aug. 30 *Holders of rec. July 31
25e. Aug. 15 Holders ol rec. July 31
Southern Canada Power,corn.(qu.)1% Oct. 15 Holders of rec. Sept. 20
Preferred (quar.)
50c. Aug. 25 Holders of rec. July 31
Southern Colorado Power, corn. A (qu.)
South Pittsburgh Water, 5% pref. (qu.) *134 Aug. 19 *Holders of rec. Aug. 9
50e. Sept. 2 Holders of rec. Aug. 12
Standard Pow. dc Lt., Cl. A & B (quar.)..
Sept. 1 Holders of rec. Aug. 15
Stand. Pub. Serv., cl. A (qu.)(in A stk.)
Tampa Electric Co., corn. (quar.)
30c. Aug. 15 Holders of rec. July 25a
Common (1-50th share corn, stock)....
Aug. 15 Holders of rec. July 250
Tennessee Elec. Power 5% let pf.(qu.)
13( Oct. 1 Holders of rec. Sept. 15
6% first preferred (quar.)
134 Oct. 1 Holders of ree. Sept. 15
7% first preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 15
7.2% first preferred (quar.)
1.80 Oct. 1 Holders of roe. Sept. 15
6% first preferred (monthly)
50e. Sept. I Holders of roe. Aug. 15
6% first preferred (monthly)
50c. Oct. 1 Holders of rec. Sept. 15
7.2% first preferred (monthly)
60c. Sept. 1 Holders of rec. Aug. 15
7.2% first preferred (monthly)
60e. Oct. 1 Holders of rec. Sept. 15
'Fri-State Tel. & Tel. 6% pref. (guar.)._ "15c. Dec. 1 *Holders of ree. Nov. 15
Underground Elec. Rye, of London
Amer. dep, eels, for ord. reg. she._ _ - .w3
Aug. 12 *Holders of rec. July 11
Union Natural Gas of Canada (guar.)... .k.35c. Sept. 10 *Holders of rec. July 15
Extra
'Ala. Sept. 10 'Holders of rec. July 15
United Corporation, corn,(No. I)
50e. Oct. 1 Holders of rec. Aug. 250
Preference (quar.)
75e. Oct. 1 Holders of ree. Sept. La
United Gas Improvement corn.(guar.).30c. Sept 30 Holders of rec. Aug. 30a
Preferred (quay.)
$1.25 Sept. 30 Holders of rec. Aug. 30a
Western Power Corp., pref.(quar.)
154 Oct. 15 Holders of rec. Sept. 30
Western Pr., Lt. & Telep., Cl. A (extra). 525e. Aug. 15 'Holders of roe. Aug. 1
West Penn Elec. Co., class A (qual.).,. $1.75 Sept. 30 Holders of rec. Sept. 17a
7% Preferred (quar.)
14 Aug 15 Holders of rec. July 19a
6% preferred (guar.)
114 Aug. 15 hollers of roe. July 190
Sept. 1 Holders of rec. Aug. 12a
Wilmington Gas Co., preferred
3
Fire Insurance.
Bronx Fire (quar)
Employers Reinsurance (quar.)
North River Insurance (quiz.)
United States Fire Ins. (quar.)
'81.25 Aug. 15 'Holders of ree. July 31
3745e. Aug. 15 Holders of reo. July 31
Site. Sept. 15 Holders of rec. Sept. it
60c. Nov. 1 Holders of rec. Oct. 22
Miscellaneous.
Acme Farmers Dy pref
•53.50 Aug. 10 *Holders of rec. July 31
1% Oct. 1 Holders of rec. Sept. 15
Agnew Surpass Shoe Sta.. pref.(qu.)_....
2 Aug. 9 Holders of roe. July 31
Alaska Packers Assn.. corn.(qu.)
18e. Aug. 18 Holders of rec. July 31a
Allegheny Steel, corn.(monthly)
15c. Sept. 18 Holders of ree. Aug. 300
Common (monthly)
*14 Sept. 1 'Holders of reo. Aug. 16
Preferred (quay.)
.14 Dea. 1 *Holders of reo. Nov. 16
Preferred (quar.)
14 Sept. 1 Holders of rec. Aug. 20
Alliance Realty, pref. (guar.)
154 Dec. 1 Holders of rec. Nov. 20
Preferred (guar.)
.50c. Sept. 30 *Holders of rec. Sept. 16
Aluminum Mfrs.. Inc.. corn. Mar./
*50c. Dec. 31 "Holders of rec. Dec. 15
Common (guar.)
•14 Sept.30 •Holders of rec. Sept. 15
Preferred (guar.)
"144 Dee. 31 *Holders of rec. Deo. la
Preferred (guar.)
AUG. 9 1930.1
Nano of Composts,.
FINANCIAL CHRONICLE
Per
Wheys
Cast. Payable.
Buts CIOW.
Days faciustse.
Miscellaneous (Contested)
Allis-Chalmers Mfg., common (quiz.)..
750. Aug. 15 Holders of ree. July 24a
American Bank Note,corn.(guar.)
50c. Oct. 1 Holders of rec. Sept. 100
Preferred (guar.)
75c. Oct. 1 Holders of rec. Sept. 10a
American Book (guar.)
•14 July 19 *Holders of rec. July 15
American Can, common (guar.)
$1
Aug. 15 Holders of rec. July 310
Amer. ColonyPe Co.. cons. (quiz,).... .600. Sept.30 *Holden of rec. Sept. 12
1% Sept. 1 Holders of rec. Aug. 14
Preferred (guar.)
*500. Aug. 15 *Holders of rec. July 15a
Amer. Elec. Secur panic.Pf.(extra)
$1.50 Aug. 15 Holders of rec. July 31
American European Securities, pf
Amer.& General Securities. $3 Pref.(CPO 750. Sept. 2 Holders of rec. Aug. 15
*1
Amer. Hard Rubber, corn. (guar.)
Aug. 15 *Holders of rec. July 31
American Home Products (monthly)
35c. Sept. 2 Holders of rec. Aug. 140
American International Corp.
Oct. 1
Common (payable in common stook)._ /2
Amer. Investment Trust pref. (quiz.).. 14 Sept. I Holders of rec. Aug. 15
14 Dee. 1 Holders of rec. Nov. 15
Preferred (ouar.)
Amer. Laundry Machinery.core.(guar.) *el Sept. 1 *Holders of rec. Aug. 26
American Manufacturing, corn. (guar.)- 1
Oct. 1 Sept. 16 to Sept. 30
1
Common (guar.)
Deo. 31 Deo. 16 to Dec. 80
14 Oct. 1 eon. 16 to Sept. 30
Preferred (guar.)
14 Dec. 31 Dec. lb to Dec. 30
Preferred (guar.)
American Metal, corn.(guar.)
0
37% Sept. 2 Holders of rec. Aug. 210
14 Sept. 2 Holders of rec. Aug. 210
Preferred (guar.)
'6234c Sept. 1 *Holders of rec. Aug.
Amer.MultigraPh (guar.)
10
American National Co.(No. 1) (guar.). *20c. Oct.
American News, Inc., (bi-monthly)Soc. Sept.15 Holders of rec. Sept. ba
Amer. Radiator & Standard Sanitary
Corp., common (guar.)
374o Sept.30 Holders of ree. Sept.lie
Preferred (guar.)
Sept. 1 Holders of rm. Aug. 150
Amer.& Scottish Invest., corn.(guar.)
•30e. Sept. 1 *Holders of rec. Aug. 15
Amer. Smelting & Refining. pref.(m.). 14 Sept. 2 Holders of rec. Aug. Se
Second preferred (guar.)(NO. 1)
(0 Sept.
Holders of roe. Aug. 15
Amer. Solvents & Chem. pref. (guar.)._
750. Aug. 1 Holders of rec. Aug. 1.
American Sugar Refining, core.(guar.). 14 Oct.
Holders of rec. Sept. 611
14 Oct.
Preferred (guar.)
Holders of rec. Sept. 54
Amer. Tobacco, WM.& oom.B (guar)._ $2 Sept.
Holders of rec. Aug. 90
$4 Sept. 2 Holders of rec. Aug. 90
Common & common B(extra)
*25e. Oet. 2 *Holders of res.
Amoskeag Mfg., eommon (gear.)
874c Aug. 18 Holders of rec. gore. 13
Anaconda Copper Co. (guar.)
July 12a
374c Aug. 11 Heiden of reo. July 12s
Anaconda Wire & Cable
Andes Copper Mining (guar.)
374c Aug. 11 Holders of rm. July 12a
*20c. Oct. 15 *HoMers of rec. Oct. 5
Angle Steel Stool (guar.)
Armour Sz Co.of Delaware, pref. (guar.) 14 Oct. 1 Holders of rec. Sept. 108
Armour & Co.(Illinois), pref.(guar.)... 14 Oct. 1 Holders of rec. Sept. 100
14 Sept. 1 Holders of rec. Aug. 15
Artloom Corp., pref. (guar.)
Associated Apparel Industrial
-Oct. 1 Holders of rm. Sept.190
$1
Common (guar.)
Associated Dry Goode, Met Prel•
1% Sept. 1 Kehl ors of rec. Aug. 90
(MO
Second preferred (guar.)
IA Sept. 1 Holders of roe. Aug. 90
$1 Aug. 30 Holders of rec. Aug.
Atlantic, Gulf & W.I ,SS. Lines, corn_
lla
Preferred ( uar.)
Ser4.30 Molders et ree.
108
14 Dec. $1 llekiers of res. Sept. 11
Preferred (guar.)
Des.
Automatic Music.Instrument (extra)
'So Aug. 15 *Holders of ree. Aug. 1
Balaban & Katz, corn.(guar.)
*750 Sept. 27 "Holders of rec. Sept 15
Preferred (guar.)
*14 Sept 27 *Holders of rec. Sept.
15
Bamberger(L)& Co., pref.(guar.)
1% Sept. 2 Holders of roe.
Baumann (Ludwig) & Co., pref. (guar.) 1% Aug. 15 Holders of rec. Aug. 150
Aug. 1
Manufacturing (guar.)
Belden
*750. Aug. 15 *Holders of rec. Aug.
10
Belding-Corticelli, Ltd., pref. (guar.)._
14 Sept.15 Molders Of roe. Aug. SO
Bendlx Aviation (guar.)
'500.001. 1 *Holders of rec. Sept.
10
81.50 Aug. 15 Holders of res. July 180
Bethlehem Steel. ammo°(quiz.)
Common (guar.)
$1.50 Nov.15 Holders of rec. Oct.
Preferred (guar.)
14 Oct. 1 Holders of rec. Sept.17a
6a
Bigelow-Sanford Carp.& Rug. Pt. (cm.). *14 Nov. 1 'Holders of rea. Oct. 17
50c. Aug. 15 Holders of rec.
Blauner's, Inc., corn. (guar.)
Aug. la
Preferred (guar.)
*75e. Aug. 15 *Holders of rec. Aug.
1
Blaw-Knox Co.(guar.)
37%c Sept.d2 Holders of rec.
*37340 Aug. 15 *Holders at no. Auss.d 6
Bloch Bros., Common (quiz.)
Aug. 9
Common (Car.)
'3734e Nov.15 *Holders of neg. Nov.
'134 !Apt.30 *Holders et rte. Sept. 10
Preferred (guar.)
51
Dee. 81 *Holders et ree. Dee. 25
Preferred Plus0
28
Blue Ridge Corp,Pref.(guar.)
(.0) Sept. 1 Holders of rec. Aug. 5
Oct. 30 Holders of rec. Oct.
51
Bon Ami Co., class A (guar.)
500. Oct. 1 Holders of rec. Sept. 15a
Class B (guar.)
$1.25 Aug. 15 Holders of ree. Aug. 24
Bond & Mortgage Guarantee(qllar.)-750. Sept. 2 Holders of rec. Aug. 5
Borden Co. (quar.)15a
2% Aug. 15 Holders of rec. July 31
Boss Mfg., corn. (guar.)
14 Aug. 15 Holders of roe.
Preferred (guar.)
*250. Sept. 1 *Holders of rec. July 31
Bower Roller Bearing
Aug. 15
0 1,4 Sept. 1 *Holders
,
Brill Corp., pref. (gear.)
of
$1 Sept. 15 Holders of rm. Aug. 18
Buckeye Pipe line (guar)
rec. Aug. 22
25e. Oct. 1 Holders of roe.
Bucyrus-Erie Co..corn.(guar.)
1 A Oct. 1 Holders of reo. Aug. 28
Preferred (guar.)
Aug. 250
Convertible pref. (guar.)
62 A° Oct.
Holders of rec.
Bulova Watch,corn.(guar.)
750. Sept. 2 Holders of rec. Aug. 28a
Preferred (guar.)
87%c Sept. 2 Holders of roe. Aug. 200
Burger Bros., pref. (guar.)
n
Oat. 1 *Holders of Teo. Aug. 20
Burns Bros., corn. A (guar.)
Aug. 15 Holders of rec. Sept. 15
$2
Burroughs Adding Mach.(guar.)
25°. Sept. 5 Holders of rm. Aug. la
Aug. 96
•14 Nov. 1 *Holden
Byers(A. M.) Co., prof.(guar.)
of
Byron Jackson Pump,stook dividend... .
9e2
Sept. 1 *Holders of ree. Oct. 15
Teo.
CaliforniaPacking (guar.)
Sept.15 Bidders of rec. Aug. 15
Si
Aug. 30e
Campbell. Wyant & Cannon Fdy.(guar.) 50c. Sept. 1 Holders
Canadian Car & Foundry,ordinary(m.) 43c. Aug. 30 Holders of rec. Aug. 15a
of rec. Aug. 15
Preferred (guar.)
4354c Oct. 10 Holders of
Canadian Converters (guar.)
51.25 Aug. 15 Holders of reo. Sept. 25
Canadian Oil Cos.(guar.)
•25o. Aug. 15 *Holders of reo. July 31
roe. Aug. 1
Preferred (gum.)
*22 Oct. 1 *Holders
Canadian Power & Patter, Pref.(quiz.). 14 Aug. 15 Holden of reo. Bept.20
et
Carman & Co.. class A (guar.)
.50c. Aug. 29 *Holders of roe. July 11
rec.
Carnation Co:(extra In stock)
*el
Jan 2'3 *Holden of rm. Aug. 15
Caterpillar Tractor(guar.)
75e. Aug. 3 Holders of rec. Dee. 20
Aug. 15a
Extra
25e. Aug. 3 Holders of
Centrifugal Pipe Corp.01=0
150. Aug. 1 Holders of reo. Aug. 15a
Quarterly
15e. Nov. 1 Holders of rec. Aug. 5
roe. Nov. 5
Century Ribbon Mills.Inc., pref (guar.) 14 Sept.
Holders
Chain Belt Co.common (guar.)
•624c Aug, 1 *Holders of rec. Aug. 20a
of reo. Aug. 1
Chicago (The) Corp. $3 pref. (guar.)._
750. Sept.
Holders of rec. Aug. 15
Chicago Flexible Shaft, Dom. (guar.).
- •30e. Oct.
*Holders of
Chicago Investors Corp. $3 pref. (gu.)
75e. Sept. 1 Holders of no. Sept. 20
rec.
Chicago Yellow Cab (monthly)
25e. Sept. 2 Holders of roe. Aug. 20
Childs Company,corn.(guar.)
600. Sept.10 Holders of reo. Aug. 200
Aug, 22a
Preferred (guar.)
134 Sept. 10 Holders
Chile Copper Co.(guar.)
624c Sept.30 Holders of roe. Aug. 220
of
Churngold Corp. (guar.)
•75e. Aug. 15 *Holders of rec. Sept.100
Tee. Aug. 1
Cincinnati Ball Crank, panic,. pfd.(gu) *56e. Sept.30
*Holders of rec. Sept.15,
Cities Service coalmen (monthly)
240 Sept. 1
Common (payable in corn. stook).--- 1% Sept. 1 Holders of rec. Aug. 15
Holders of
Preference and pref. BB (monthly)._
50e. Sept. 1 Holders of rec. Aug. 15
Preference B (monthly)
Sc. Sept. 1 Holders of rec. Aug. 15
City Ice & Fuel, corn. (guar.)
90e. Aug. 31 Holders of rec. Aug. 15
reo. Aug. 15
Common (payable in oom. stock)
Aug. 81 Holders
/1
of
84% preferred (guar.)
*1% Sept. 1 *Holders of rec. Aug. 150
rec. Aug. 15
Coca Cola Mottling see (guar.)
.25e Oct. 15
Coca Cola Co.,corn.(guar.)
81.50 Oct. 1 Holders of
Colorado Fuel & Iron, corn. (guar.)
50c. Aug. 25 Holders of reo. Sept. 120
(guar.)
Preferred
2 Aug. 25 Holders of rec. Aug. ha
rec. Aug. Ila
Columbia Pictures
Common (payable in common stock). 1214 Oct. 2
Holders of
Columbus Auto Parts, pref. (guar.).
- 500. Sept. 1 Holders of rec. Sept. 3a
rec. Aug. 18
Community State Corp., claim A (guar.) 12)4c Sept.30 *Holders
of
Class A (qua?.)
*12He Dee. 31 *Holders of roe. Sept 26
rec. Dee 26
Clam 11 (guar.)
•124e 1131(31 *Hold. of roe.
Clem B (guar.)
*12lko Sept.80 *Holders of Mar. 26'31
rec. Sept.26
Clam B (guar.)
'124c Deo. 31 *
Congoleum-Nairn, Inc., Prof. (guar.).- •14 Sept. 1 *Holders of rec. Dee. 26
Holders of reo. Aug. 15
Consol. Diamond Mines of B. W. Africa
Beare" shares
4540. Aug. 15 Holders of coup. No.
Registered shared
44d. Aug. 15 July 1 to July 2
7
Consumers Co.. prior pref. (guar.)
'1% Oct. 1 *Holders of ree.
Continental Can. Inc., corn.(guar.)__
624o. Aug. 15 Holders of rec. Sept.15
Aug. 10
Name of Company.
899
Per
When
Cent. Portable.
Books Closed
Dogs Inclusive.
Miscellaneous (Coadalled).
Continental Securities, pref.(guar.).- 1% Sept. 2 Holders of rec. Aug. 15
eg
Courtaulds. Ltd (interim)
Aug. 21 *Holders of reo. July 21
Crane Co., corn, and pref.(ellar.)
434e. Sept.15 Holders of rec. Aug. 30
Preferred (guar.)
154 sept.15 Holders of rec. Aug. 30
Crown Cork & Seal, pref.(guar.)
•880. Sept.15 *Holders of rm. Aug. 30
Crown Zellerbach Corp.
Preferred A & B and pref.(guar.)
•
$1.50 Sept. 1 *Holders of rec. Aug. 13
Crum & Forster, pref.(guar.)
2
SePt.30 Holders of rec. Sept.20
Crum & Forster Ins. & Shares Cusp.
Preferred (guar.)
134 Aug. 30 Holders of rec. Aug. 20
Preferred (guar.)
led Nov.29 Holders of roe. Nov. 19
elm Sept.15 *Holders of rec. Sept. 1
Ouneo Press, preferred (guar.)
Curtis Publishing, corn.(monthly)
500 Sept. 2 Holders of reo. Aug. 20a
Common (monthly)
•50e Oct. 2 *Holders of rec. Sept. 20
Preferred (guar.)
134 Oct. 1 Holders of Teo. Sept. 20a
es) Sept. 1 *Holders of ree. Aug. 15
.
Cushman's Sons, Too.,corn.(guar.)
$7 preferred (guar.)
$1.75 Sept. 1 Holders of roe. Aug. 15
$8 preferred (guar.)
$2 Sept. 1 Holders of roe. Aug. 150
Decker (Alfred) & Cohn, pref.(quiz.).. *134 Sept. 2 *Holders of rec. Aug. 20
Deere & Co., new corn.(guar.)
80o Oct. 1 Holders of reo. Sept.150
New corn.(payable in rpm.stock)...- f1)4 Oct. 15 Holders of rec. Sept. 15
Old $100 par common (guar.)
11.4 Oct. 1 Holders of roe. Sept. 15
Preferred (guar.)
35c. Sept. 1 Holders of roe. Aug. 15a
Dearer Union Stock Yards.cons.(211.)
*81 Oct. 1 *Holders of rec. Sept.Se
Common (guar.)
*81. Jan 1'31 *Hold. of rec. Dec. 20'30.
Common (guar.)
*s1 Ap.1 31 *Hold. of rec. Mar.20'31
Diamond Match (guar.)
$2 Sept.15 Holders of roe. Aug. 30a
Dictaphone Corp.,corn.(guar.)
•750.Sept. 2 *Holders of rec. Aug. 15
Preferred (quiz.)
Sept. 2 *Holders of rec. Aug. 15
*2
Distillers Corp. Seagrams Ltd.(guar.).25e. Aug. 15 Holders of roe. July 31.
Dominion Bridge, corn.
*90c. Aug. 15 *Holders of rec. July 31
Dominion Textile, common (quiz.).... 0
$1.25 Oct. 1 *Holders of rec. Sept. 15
•1g Oct. iS *Spiders of rec. Sept.30
Preferred (guar.)
Dow Chemical,corn.(quiz.)
50e. Aug. 15 Holders of reo. Aug. 1
Preferred (quiz.)
14 Aug. 15 Holders of rec. Aug. 1
Duplan Silk Corp., corn. (quiz.)
50c. Aug. 15 Holders of rec. Aug. la
Eastern Utilities Investing Corp.
$6 preferred (guar.)
Holders of rec. July 31
111.50 Sept.
57 Preferred (guar.)
$1.75 Sept. 2 Holden of rec. July 31
$5 prior preferred (gum.)
$1.25 Oct. 1 Holders of rec. Aug. 30
Edison Bros. Stores. Inc.. pref.(quiz.).. 134 Sept.15 Holders of me. Aug. 31
Rice. Shareboldings. 00m.(guar.)
25c. Sept. 1 Holders of rec. Aug.
Common (payable In corn, stock).fl Sept. 1 Holders of rec. Aug. 5
Pret. (guar.)
(x) Sept. 1 Holders of roe. Aug. 5
Electric Storage Batt. corn.& pf. ten.).. $1.25 Oct. 1 Holders of rec. Sept. fla
Emporium Capwell Corp., corn. (guar.)
25e. Sept.24 Holders of rec. Aug. 301
Ewa Plantation (quer.)
•60e. Aug. 15 *Holders of rec. Aug. 6
Fairbanks, Morse & Co.common (guar.) 750 Sept.30 Holders of rec. Sept.128
1% Sept. I Holders of MO. Aug. 12a
Preferred (guar.)
Faultless Rubber. corn. (guar.)
02)40001. 1
Sept. 16
Federal Screw Works (quar.)
75c. Oct. 1 Holders of rec. Sept.15
20c. Aug. 31 Holders of rec. Aug. 15
Federated Capital Corp., corn.(quiz.)..
Common (payable in common stock).. /1
Aug. 31 Holders of MC. Aug. 15
374c Aug. 31 Holders of rec. Aug. 15
6% Preferred ((Mar.)
Fifty-five East 10th St. Corp., pref_... .3
Aug. 15 *Holders of rec. Aug. 1
Firestone Tire & Rubber, pref. A (guar.) 14 Sept.15 Holders of rec. Aug. 15a
vim Oct. 1 *Holders of rec. Sept. 20
First Security Corp.(guar.)
Florshelm Shoe Co., class A (guar.).
- 750. Sept. 2 Holders of rec. Aug. 180
Clam B (guar.)
*374c Sept. 2 *Holders of rec. Aug. 18
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 150
Flynn Electric Corp
5
Aug. 15 Holders of rec. Aug. 10
Follansbee Bros., corn. (quar.)
50c Sept.15 Holders of rec. Aug. 306
Preferred (guar.)
*14 Sept.15 *Holders of rec. Aug. 30
Foreign Pow. Securities Corp., prof.(au) 14 Aug. 15 Holders of rec. July 31
Formica InsillatiOn (guar.)
*50o. Oct. 1 *Holders of rec. Sept. 15
*5043. Jan1'31 *Holders of rec. Dee. 15
Quarterly
.25e. Aug. 15 *Holders of rec. Aug. 1
Foster & Klelser Co., corn.(guar.)
250. Aug. 15 Holders of roe. July 31
Foundation Co.of Canada,corn.((PO*14 Oct. 1 *Holders of recs. Seth.15
thank (A. B.) Co., pref. (qum.)
Furness, %Pithy & Co., Ltd.
•ce5 Aug. 22 *Holders of rec. July 22
Amer. dep. refs. for ord. reg. she
General Alliance (guar.)
40c. Aug. 15 Holders of rec. Aug. la
General Amer. Tank Car.stook dividend el
Oct. 1 Holders of rec. Sept.134
el
Jan 1'31 Holders of rec. Doe. 184
Stock dividend (guar.)
$1
General Asphalt, corn. (qUar.)
Sept.15 Holders of rec. Sept. 20
250. Sept. 1 Holders of res. Aug. 15
General Empire Corp.(No. 1)
General Outdoor Advertising. oh, A((111.) $1 Aug. 15 Holders of roe. Aug. 50
*Ili Aug. 15 *Holders of roe. Aug. 5
Preferred (guar.)
General Refractories, corn. (guar.)
Aug. 25 Holders of rec. Aug. 110
$1
250. Aug. 25 Holders of rec. Aug. 110
Common (extra)
•85e. Sept. 1 *Holders of rec. Aug. 20
Gibson Art, common (guar.)
•650. Dec. 1 *Holders of rec. Nov. 20
Common (guar.)
•65e. Aprl'31 *Hold, of rec. Mar. 20 ,
Common (guar.)
31
$1.25 Sept. 2 Holders of rec. Aug. 1
Gillette Safety Rasor (quiz.)
Globe-Democrat Publishing, prof. (qu.) 1% Sept. 1 Holders of rec. Aug. 20
1% Sept.10 Holders of rec. Sept. I
Godman (H. C.) Co.. Prof.(0011
0
Goldwyn Loan & Investment Corp
•750. Aug. 15 *Holders of rec. July 31
Gorham, Inc., $3 pref. (guar.)
750. Aug. 15 Holders of rec. Aug. 1
Gorham Manufacturing, corn. (quit.)..
50e. Sept. 1 Holders of rec. Aug. 15
(MO. '1740 Nov. 1 *Holders of rec. Oct. 21
Grand Rapids Stares Eater). of.
-*250. Oct. 1 *Holders of rec. Sept. 20
Grand Rapids Varnish (guar.)
75c. Sept. 1 Holders of rec. Aug. 18a
Grand Union Co., conc.. pref. (guar.)._
Great Atlantic & Pacific Tea
*Holders of rec. Aug. 11
n1.25 Sept.
Non-voting common (qUar.)
*Holders of roe. Aug. 11
Sept.
First preferred (guar.)
Great Lakes Dredge & Dock
250. Aug. 15 Aug. 6 to Aug.15
New (mar.)(No. 1)
750. Aug. 11 Holders of rec. Jute 120
Greene Cananea copper Co.(eluar.)
Greenfield Tap & Die Corp.6% Pf.(111.) 14 Oct. 1 Holders of rec. Sept.15
2
Oct. 1 Holders of rec. Sept. 15
8% preferred (guar.)
*50e. Sept. 1 *Holders of rec. Aug. 29
Gruen Watch, common (guar.)
*50c. Dee. 1 *Holders of rec. Nov. 20
COMMOn (quit.)
050c. Marl3 *Hold of rec. Feb.2031
Common (guar.)
*134 Nov. 1 *Holders of rec. Oct. 20
Preferred (guar.)
el% Feb 13 *Hold. of rec. Jan. 20 Si
Preferred (guar.)
*3714 001. 1 Holders of rec. Sept 20
Gulf Oil Corp.(guar.)
.37340 Janl 31 *Hold. of rec. Dec. 20 '30
QUatierly
134 cwt. 1 Holders of rec. Sept. 150
Gulf Stater Steel, lit prof.(guar.)
Fuse preferred (QUI%)
14 Ja1i2'31 Holders of rec. Dec. 150
•250. Sept. 1 *Holders of rec. Aug. 15
Hale Bros. Stores, Inc.. corn. (quiz.)
Hamilton Bank Note Engraving &
750. Aug. 15 Holders of rec. Aug. I
Printing (guar.)
15e. Sept. 1 Holders of rec. Aug. lba
Hamilton Watch, new corn. (monthly).
30e. Sept. 1 Holders of rec. Aug. Ila
Old $25 par stock (monthly)
Sept. 1 Holders of rec. Aug. lla
Preferred (guar.)
Hancock Oil of Calif.. ol. A & B (quiz.) •25o. Sept. I *Holders of rec. Aug. 15
$1.75 Sept.20 Holders of rec. Sept. ba
Hanna(M.A.) Co., new $7 prof.(g11.)
Old 7% Preferred (guar.)
134 Sept.20 Holders of rec. Sept. 5
*50c. Sept. 1 *Holders of rec. Aug. 15
Hart-Carter Co. pref. (guar.)
Hartford Times,
Partic. Pf. Wear.) *75c. Aug. 15 *Holders of rec. Aug. 1
*2
Hart, Schaffner & Marx (guar.)
Aug. 30 *Holders of rec. Aug. 15
$1.75 Sept. 2 Holders of ree. Aug. 15
Hathaway Bakeries, pref. (guar.)
750. Sept. 2. Holders of rm. Aug. 15
Class A (guar.)
Hawaiian Pineapple (guar.)
50c. Aug. 30 Holders of rec. Aug. 156
1% Aug. 15 Holders of rec. Aug.
Hercules Powder. Pref.(quiz.)
$1.23 Aug. 15 Holders of rec. July ta
Hershey Chocolate Corp.. corn.(qu.)
25a
$1.50 Aug. 15 Holders of rec. July 25a
Prior preferred (guar.)
Convertible preferred (Quit.)
$1
Aug. 15 Holders of rec.
254
Hibbard,Spencer, Barlett & Co.(mthly.)
350 Aug. 29 Holders of rec. July 22
Aug.
Monthly
350 scot.26 Holders of rec. Sept.
19
Higbee & Co., lira Preferred (quiz.).... •1% Nov. I *Holders of ren
Oct. HI
Second preferred (guar.)
2
Sept. 1 Aug. d22 to Sept. 1
Second preferred (guar.)
Dec. 1 *Holden ot rec. Nov. 21
Hollinger Consol. Gold Mines (mthly.)
Sc Aug. 12 Holders of rec.
July
Hormel (G. A.) & Co. com.(quar.)
*50e Aug. 15 'Holders of rec. Aug. 29
Preferred A (guar.;
'1.5 Aug. 15 *Holders of rec. Aug. 1
1
Horn & Harden (N. Y.), Pref.(quiz.).. 1;4 Sept. 1 Holders
of reo. Aug. 12a
Illinois Brick (gum.)
.60o Oct. 15 *Holders of rec.
Oct. 3
Industrial Finance Corp
Common (payable in common stook) 1234 Nov. 1
Floiders
Common (payable in common Moak)._ 1234 Febl'31 Hold, of rec. Arr. 18
of rec. Apr.1810
900
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
500. Aug. 15 Holders of rec. July 25
Indiana Pipe Line (guar.)
25c. Aug. 15 Holders of rec. July 25
Extra
Setts. 2 Holders of rec. Aug. 55
$1
Ingersoll-Rand Co., corn.(guar.)
Sept. I Holders of rec. Aug. 15a
Si
Inland Steel (guar.)
Oct. 15 *Holders of rec. Oct. I
Insult Utility Invest., corn. (In stock)._ *
fl
Sept. 2 Holders of rec. Aug. 150
Internet. Agricultural Corp., pref. (qu.)
134 Oct. 10 Holders of rec. Sept.220
Internat. Business Machines (quar.)_
Sept. 2 Holders of rec. Aug. Sa
International Harvester Co., pref.(qu.)_
$I Aug. 15 Holders of rec. July 280
International Mercantile Marine
60o. Aug. 15 Holders of rec. Aug. 1
International Paper. corn.(guar.)
60c. Aug. 15 Holders of rec. Aug. la
Internat. Paper & Power, corn. A (qua
60c. Sept. 2 Holders of rec. Aug. 150
Internat. Safety Razor, cl. A (guar.)...
50c. Sept. 2 Holders of rec. Aug. 15a
Class B (guar.)
International Securities, class B (quar.)_ 12Sic Sept.52 Holders of rec. Aug. 15
.500.. Sept. I *Holders of rec. Aug. 15
International Shoe. Pref. (monthly)
Oct. 1 *Holders of roe. Sept. 15
Preferred(monthly)
*50c. Nov. 1 *Holders of rec. Oct. 15
Preferred (monthly)
*50c. Dec. I *Holders of rec. Nov. 15
Preferred (monthly)
$1.50 Sept. 1 Holders of rec. Aug. I5a
International Silver. corn. (guar.)
International Tea Co's Stores, Ltd.
Am, dep. rcts. ord. reg. shs. (final).- "w18 Aug. 18 *Holdere of rec. July 22
50e. Aug. 15 Holders of rec. Aug. la
Intertype Corp., corn. (guar.)
2
Oct. 1 Holders of rec. Sept.25
First preferred (guar.)
*25c. Sept. 1 *Holders of rec. Aug. 15
Iron Fireman Mfg., corn.(guar.)
75c. Oct. 15 Holders of rec. Sept. 240
Johns-Manville Corp., corn. (quar.)
1% Oct. 1 Holders of rec. Sept. 10a
Preferred (guar.)
*91S4 Sept. 1 *Holders of rec. Aug. 13
Jones & Laughlin Steel, corn.(quar.)
114 Oct. 1 Holders of rec. Sept. 12a
Preferred (guar.)
*15e. Sept.30 *Holders of rec. Sept. 20
Kalamazoo Veg. Parchment
*15e Dec. 31 *Holders of rec. Dec. 22
Quarterly
$1.50 Sept. 1 Holders of rec. Aug. 100
Kendall Co., pantie. pref. A (quar.)
Kendall
Kidder Partielpations No. 2. Dref.(eltra) .250. Oct. 1
25c, Oct. I Holders of rec. Sept. 150
Kinney (G. R.) Co.. corn.(guar.)
2
Sept. 2 Holders of rec. Aug. 15a
Preferred (guar.)
*154 Sept. 10 *Holders of rec. Aug. 30
Kirby Lumber (guar.)
.
11% Dec. 10 'Holders of reo. Nov. 29
Quarterly
*250. Oct. I *Holders of roe. Sept. 20
Klein (D.Emil) Co., corn.(guar.)
*37S4c Aug. 30 *Holders of rec. July 31
Knudsen Creamery, class A (qunr.)
25c. Sept. 1 Holders of rec. Aug. Ila
Kroger Grocery & Baking, corn.(guar.).
it
Sept. 1 Holders of rec. Aug. 110
Stook dividend
4.53 Sept. 2 *Holders of roe. Aug. 15
Lackawanna Securities Co
80c. Sept. 1 Holders of rec. Aug. 16
Lake of the Woods Milling, corn.(qu.)
1U Sept. 1 Holders of rec. Aug. 16
Preferred (guar.)
'750. Aug. 15 "Holders of reo. Aug. 6
Landis Machine, common (guar.)
ono. Nov. 15 *Holders of rec. Nov. 5
Common (guar.)
134 Aug. 30 Holders of rec. Aug. 200
Lawton Monotype (guar.)
250. Aug. 30 Holders of roe. Aug. 200
Extra
*250. Sept.30 "Holders of rec. Sept. 20
Leath & Co.. common (guar.)
40c. Aug. 15 Holders of roe. Aug. 5
Lefcourt Realty Corp.,common (guar.).
350. Aug. 30 Holders of rec. July 31a
Lehigh Coal & Navigation (guar.)
75c. Sept. 1 Holders of rec. Aug. 150
Lehn & Fink Producte Co.(guar.)
35c. Sept.30 Holders of rec. Sept. 11
Leming's, Inn. (guar.)
Dec. 31
Liberty Share Corp., stook dividend-. 'ii
25c. Sept. 1 Holders of net. Aug.d15a
-Ford Glass (guar.)
Libby-Owens
Liggett & Myers Tob.,com.& com.B(qu) $1 Sept. 1 Holders of rec. Aug. 15a
25c. Sept. 1 Holders of rec. Aug. 15
Lindsay (C. W.)& Co., Ltd., corn. (Q11.)
1% Sept. 1 Holders of rec. Aug. 15
Preferred (guar.)
*15c. Aug. 23 *Holders of rec. Aug. 9
Lindsay Light, corn. (guar.)
*5c. Aug. 23 *Holders of rec. Aug. 9
Common (extra)
650. Sept. 1 Holders of rec. Aug. 15a
Link-Belt Co.. oom.(guar.)
$1.625 Aug. 15 Holders of rec. July 31
Loew's, Inc.SO% pref.(guar.)
1.4 Sept. 1 Holders of rec. Aug. 15
London Canadian Investments
1% Oct. 1 Holders of rec. Sept. 180
Biscuit, let pref. (quar.)
pf.(qu)Lose-Wil
154 Sept. 2 Holders of rec. Aug. 180
Lord & Taylor, 1st pref. (guar.)
1)4 Aug. 15 Holders of rec. Aug. la
Louisiana Oil Refg. pref. (guar.)
.1% Oct. 1 *Holders of rec. Sept. 20
Lunkenheimer Co., Pref.(guar.)
•1% Jan l'31
Preferred (guar.)
*50e. Aug. 15 *Holders of rec. Aug. 5
Lynch Corp., common
Aug. 15 *Holders of rec. Aug. 5
Common (payable in common stock)-- tfl
500. Aug. 15 Holders of rec. July 250
Macy (R. H.) & Co.. quarterly
'114 Aug. 15 *Holders of reo. Aug. 5
Magnin (I.) & Co.. pref. (guar.)
•
13.4 Nov. 15 *Holders of ree. Nov. IS
Preferred (guars)
•134 Aug. 15 Holders of rec. Aug. 9
Matson Navigation (guar.)
•116 Nov. 15
Quarterly
8234c Sept. 1 Holders of rec. Aug. 150
Marshall Field & Co.. COM.(guar.)
50c. Sept. 2 Holders of rec. Aug. 150
May Department Stores. corn. (qua:.)...
Common (payable in common stock). 113.1 Sept. 2 Holders of rec. Aug. 150
Common (payable in common stook). 11% Dee. 1 Holders of ree. Nov. 150
500. Sept. 2 Holders of rec. Aug. 200
McCrory Stores, corn. & corn. B (qu.)....
25c. Sept. 2 Holders of rec. Aug. la
McIntyre Porcupine Mines, Ltd. (111.)50c. Sept. 1 Holders of rec. Aug. 18
Medan (Fred) Mfg.(guar.)
50e. Oct. 1 Holders of rec. Aug. 30a
Mengel Co., common (guar.)
1M Sept. 1 Holders of rec. Aug. I5a
Preferred (guar.)
*51.25 Aug. 15 *Holders of rec. July 31
Mercantile Stores, corn. (guar.)
*134 Aug. 15 'Holders of rec. July 31
Preferred (guar.)
Aug. 30 Holders of rec. July 28
3
Merrimack Manufacturing. pref
Merritt, Chapman & Scott, corn.(guar.) *40c. Sept. 1 *Holders of rec. Aug. 15
Sept. I *Holders of rec. Aug. 15
•1 SA
1
Preferred A (guar.)
37%o. Aug. 15 Holders of rec. Aug. 10
Miami Copper Co.(guar.)
Oct. 20 Holders of rec. Sept. 300
el
Michigan Steel, stock dividend
50c. Aug. 15 Holders of rec. July 150
Mid-Continent Petroleum (guar.)
$1.50 Aug. 15 Holders of rec. Aug. 40
Minneapolis
-Honeywell Regulator
0
50c. Aug. 15 Holders of rec. Aug. 4
Extra
Minneapolls-Moline Power
51.625 Aug. 15 *Holders of rec. Aug. 2
Implement Co., pref. (guar.)
e2Si Aug. 21 Holders of rec. Aug. 2
Mo.-Kansas Pipe Line (in stock)
623.4c Aug 15 Holders of rec. June 300
Mitten Bank Securities, corn
873.4c Aug. 15 Holders of rem June 30a
Preferred
25e. Aug. 15 Holders of rec. Aug.,la
Mock, Judson & Voehringer (guar.)
75c. Aug. 30 Holders of rec. July 1
Mohawk Mining
75e. Aug. 15 Holders of rec. Aug. 40
Montgomery Ward & Co., corn. (qu.)._
Montreal Loan & Mortgage (Qua:.)..
75c. Sept. 15 Holders of rec. Aug. 31
Moody's Investors' Service
75o. Aug 15 Holders of rec. Aug 1
Participating preference (guar.)
75e. Nov. 15 Holders of rem Nov. 1
Participating preference (guar.)
250. Aug. 31 Holders of rec. Aug. 15
Morison Electrical Supply, corn. (guar.)
Common (payable in common stock). fl 31 Aug. 31 Holders of rec. Aug. 15
Municipal Tel. & Utilities, core. A (qu.) *250. Nov. 15 "Holders of roe. Oct• 15
75c. Sept. I Holders of rec. Aug. 13a
Munsingwear, Inc., corn. (guar.)
Muskogee Co., pref. (guar.) (No. 1)...... *1)4 Sept. 2 *Holders of res. Aug. 22
National Baking. pref. (guar.)
'1)4 Sept. 1 *Holders of rec. Aug. 9
National Hellas Hess, Inc., pref.(qu.)-.. 134 Sept. 2 Holders of rec. Aug. 21
National Biscuit, common (guar.)
70c. Oct. 15 Holders of rec. Sept. 190
1)4 Aug. 30 Holders of roe. Aug. 15e
Preferred (quar.)
National Dairy Products
5
Oct. 1 Holders of reo. Sept. 3
Corn. (payable in own.stock) (quar.)- 11
120
National Lead, corn. (guar.)
1)4 Sept.30 Holders of rec. Sept.
1)4 Sept.15 Holders of rec. Aug. 290
Preferred A (guar.)
17a
Preferred B (guar.)
13.4 Nov. 1 Holders of rec. Oct.
National Refining. corn. (guar.)
37340 Aug. 15 Holders of rec. Aug. 1
Nat.Short Term Securities.
Dec. 15 Holders of rec. Nov. 30
Common A (payable In stook)
.13
National Supply Co.. corn.(guar.)
$1.25 Aug. 15 Holders of rec. Aug. 6a
Weisner Bros., Imo., common (quar.).....
400. Oct. 1 Holders of roe. Sept. 150
Common (guar.)
400. Jan 1'31 Holders of reo. Dec. 150
Newberry (.5..).) Co.. pref.(guar.)
•1.4 Sept. 1 *Holders of rec. Aug. 16
New Jersey Zino (guar.)
*500. Aug. 9 "Holders of rec. Jury 19
Niles-Bement-Pond. common (guar.)
500. Sept. 30 *Holders of rec. Sept.20
- •
Common (guar.)
•
500 Dee. 81 *Holders of roe. Dee. 20
Noblitt-Sparks Industries (In stock).
- "61/ Oct. 1 *Holders of rec. Sept. 20
4
North Central Texas 011 (guar.)
15c. Sept. 2 Holders of rec. Aug. 11
Northern Dim., pref. A (monthly)
--•66 2-3c Sept. 1 *Holders of reo. Aug. 15
• 662-3 Oct. 1 *Holders of rec. Sept. 15
Preferred A (monthly)
• 662-30 Nov. 1 *Holders of roe. Oct. 15
Preferred A (monthly)
•66 2-3e Dec. 1 *Holders of rem Nov. 15
Preferred A (monthly)
Oggiesby Paper. preferred (guar.)
.51.50 Nov. 1 *Holders of rec. Oct. 20
50c. Aug. 15 Aug. 1 to Aug. 14
Ohio Seamless Tube, corn.(guar.)
Investment, pref. (monthly)- •10c. Aug. 15 *Holders of rec. July 31
011royalty
011stocks, Ltd., class A & B (quar.). *1214c Aug. 15 *Holders of rec. July 31
40c. Aug. 15 Holsters of rec. July 31
Ontario Steel Products, coin. (rIU.)
Preferred (guar.)
154 Aug. 15 Holders of rec. July 31
[Vol. 131.
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Incturice.
Miscellaneous (Continued).
Oppenheim, Collins & Co.. (guar.)
75c. Aug. 15 Holders of rec. July 250
Otis Company, corn. (quar.)
Aug. 15 Holders of rec. Aug. 1
Si
Otis Elevator, pref. (guar.)
13i Oct. 15 Holders of ree. Sept. 300
Preferred (guar.)
13.42 an15'31 Hold. of rec. Dec.31'306
Owens-Illinois Glass, corn. (guar.)
75e. Aug. 15 Holders of rec. July 30a
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 15
Packard Motor Car, cum.(guar.)
250. Sept. 12 Holders of rec. Aug. 150
Paericke Corp., corn. (guar.)
'Si 50 Aug. 15 *Holders of rec. Aug. 8
Parker Pen. common (guar.)
*13234c Aug. 15 *Holders of rec. Aug. 1
Parker Rust Proof Co.. corn. (guar.)
•*6234c Aug. 20 *Holders of rec. Aug. 11
Common (Payable in corn. stock)..... "110 Aug. 20 *Holders of net. Aug. 11
Parmelee Transportation corn.(mthlv.) 12 Sic Aug. 11 Holders of rec. July 310
Ponder (D.) Grocery Co., class A (guar.) 8731c. Sept. 1 Holders of rec. Aug. 20
Penrnans, Ltd., common (guar.)
Aug. 15 Holders of roe. Aug. 6
$1
Pennsylvania Investing. class A (guar.)_ 6234c Sept. 1 Holders of rec. July 31a
Pierce-Arrow Motor Car, pref. (guar.)._
13.4 Sept. I Holders of rec. Aug. 9a
Pillsbury Flour Mills (guar.)
50c. Sept. 1 Holders of rec. Aug. 15a
Pittsburgh Steel pref.(guar.)
154 Sept. 1 Holders of rec. Aug. 90
Poor & Co., class A and B (guar.)
50c. Sept. 1 Holders of rec. Aug. 15a
Powdrell & Alexander, corn. (quar.).873.4e Aug. 15 Holders of rec. Aug. 1
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 1.5
Procter dr Gamble Co.. corn.(guar.).-60e. Aug. 15 Holders of rec. July 250
Pullman, Inc. (guar.)
51
Aug. 15 Holders of roe. July 24a
Pure Oil, common (guar.)
3734c Sept. 1 Holders of rec. Aug. 80
Purity Bakeries, corn. (guar.)
*$1
Sept. 1 *Holders of rec. Aug. 15
Quaker Oats Co. pref. (guar.)
'134 Aug. 30 *Holders of ree. Aug.I
8734c. Oct. 1 Holders of rec. Sept. 26
Radio Corp. of Amer. pf. A (qua:.)
$1.25 Oct. 1 Holders of rec. Sept. 25
Preferred B (guar.)
750. Sept. 1 Holders of rec. Aug. 20
Reliance Internatl. Corp. pref.(gu.).*1750. Oct. 15 *Holders of roe. Oct. 1
Republie Supply (guar.)
50c. Sept. 1 Holders of rec. Aug. 150
Reynolds Metals (guar.)
*40c. Aug. 15 *Holders of rec. July 31
Richardson Co.. corn. (guar.)
50c. Sept I Holders of ree. Aug. 16
Richfield 011 of Calif _corn.(guar.)
*30c. Aug. 15 *Holders of rec. Aug. 1
Rich's. Inc. (guar.)
*60e. Nov. 1 *Holders of rec. Oct. 15
Rich Ice Cream Co., corn. (guar.)
$1.875 Aug. 13 Holders of rec. July 300
Royal Dutch Co., N. Y. Shares
50o Sept. 20 Sept. 10 to Sept. 21
St. Joseph Lead Co.(guar.)
250 Sept.20 Sept. 10 to Sept. 21
Extra
50c Dee. 20 Dee. 10 to Dec. 21
Quarterly
2.50.Dee. 20 Dec. 10 to Dec. 21
Extra
50c. Sept. 1 Holders of rec. Aug. 15a
Savage Arms, corn. (guar.)
Aug. 15 *Holders of rec. Aug.
Second preferred (guar.)
' Nov. 15 *Holders of rec. Nov. 1
Second preferred (guar.)
134
Schlesinger (B. F.) & Sons, pref. (guar.) *11% Oct. 1 *Holders of rec. Sept. 15
*134 Jan 1'31 *Holders of rec. Dec. 15
Preferred (guar.)
Schletter & Zander, Inc., pref. (guar.)._ "8734e Aug. 15 'Holders of rec. July 31
*50e. Aug. 15 *Holders of rec. Aug. 5
Schumacher Wall Paper partle. pi.(gu.)
"300. Aug. 15 *Holders of rec. Aug. 7
Seotten-Dillon Co. (guar.)
•100. Aug. 15 *Holders of rec. Aug. 7
Extra
Seaboard Surety (guar.)
134 Aug. 15 Holders of rec. July 31
Nov. 1 Holders of roe. Oct. 150
I
Sears-Roebuck qtock div.(guar.)
Second National Invest,, pref. (guar.)._ 51.25 Oct. 1 Holders of rec. Sept. 100
Common (extra)
*50c. Sept. 15 *Holders of rec. Aug. 25
Sheaffer(W. S.) Pens, common (guar.). '$1 Sept. 15 *Holders of rec. Aug. 25
Aug. 15 Holders of rec. July 31
Sherwin-Williams Co.common (quar.)._ $1
1234e Aug. 15 Holders of rec. July 31
Common (extra)
Preferred (quar.)
134 Sept. 1 IIolders of rec. Aug. 15
Aug. 15 Holders of roe. Aug. 15
Sinclair Consol, 011 Corp. pref.(guar.). 2
500. Sept.15 Holders of reo. Aug. 150
Skelly Oil. common(guar)
50c. Aug. 15 Holders of rec. Aug. 1
Smith (A. 0.) Corp. common (guar.)...
1% Aug. 15 Holders of rec. Aug. 1
Preferred (guar.)
Smith (Howard) Paper Mills, pref. (qu.)
13i Sept. 2 Holders of rec. Aug. 21
Solvay Amer. Invest. pref. (quar.)---.5 1.3735 Aug. 15 Holders of recs. July 150
Soling, Chalfant & Co.. pref. (quar.)
51.50 Oct. 1 Holders of rec. Sept. 15
Standard Investing Corp. pref.(qua:.).. 51.375 Aug. 15 Holders of rec. July 28
Standard 011 (Calif.) (guar.)
6234c Sept. 15 Holders of rec. Aug. 15a
25c. Sept.15 Holders of rec. Aug. 16
Standard Oil(N.J.) $25 par (guar.)
25c. Sept. 15 Holders of rec. Aug. 16
$25 par (extra)
Sept. 15 Holders of rec. Aug. 16
1
$100 par stock (guar.)
1
Sept. 15 Holders of rec. Aug. 16
$100 par stock (extra)
40e. Sept.15 Holders of rec. Aug. 15a
Standard Oil of N. Y.(guar.)
1S.i Sept. 2 Holders of rec. Aug. 8
Standard Oil (Ohio), pref. (guar.)
50e. Aug. 15 Holders of rec. July 31
Standard Paving & Materials (quar.)
Aug. 15 *Holders of rec. July 31
Preferred (guar.)
le. Aug. 15 Holders of roe. July 31
Stand. Royalties Weturnka. pref.(mthlY)
lc. Aug. 15 Holders of rec. July 31
Stand. Royalties Wewoka, pref.(mthly.)
lc. Aug. 15 Holders of rec. July 31
Stand. Royalties Wichita. pref. (mthly.)
Stearns(Fred'k) Co.,com.(monthly)--* 182-3c Aug. 30 *Holders of rec. Aug. 20
"400. Aug. 15 "Holders of rec. July 30
Stein (A.)& Co..common (guar.)
75e, Sept. 1 Holders of rec. Aug. 15a
Sterling Securities, $3 cony, let pref.(qu)
30c. Sept. 1 Holders of rec. Aug. 150
6% preferred (quay.)
50c. Aug. 15 Holders of rec. Aug. Si
Stewart
-Warner Corp. (guar.)
Stlx, Baer & Fuller. common (guar.)
- •37340 Sept. I "Holders of reo. Aug. 15
•37340 Dec. 1 'Holders of roe. Nov. 15
Common (guar.)
75e. Sept. 2 Holders of rec. Aug. Sia
Studebaker Corp., corn. (guar.)
134 Sept. 2 Holders of rec. Aug. 90
Preferred (guar.)
25e. Sept. 15 Holders of rest. Aug. 25a
Sun Oil Co., common (guar.)
134 Sept. I Holders of rec. Aug. ha
Preferred (guar.)
$1.75 Oct. I Holders of rec. Sept. 18
Sunshine Biscuit, lot pref.(guar.)
51.25 Aug. 15 Holders of roe. July 15
Swift Internacional
•200. Sept. 1 *Holders of rem Aug. 20
Telephone Corporation (monthly)
.
200. Oct. 1 *Holders of roe. Sept. 20
Monthly
•
200. Nov. 1 *Holders of reo. Oct. 20
Monthly
*Mo. Dec. 1 *Holders of rec. Nov. 20
Monthly
Tennessee Products Corp.. cool.(guar.) "250. Oct. 10 *Holders of rec. Sept. 30
*25a. Ja 1031 *Holders of rec. Dee. 31
Common (guar.)
*25e. 4-10-31 *Holders of roe. Mar. 31
Common (guar.)
3
Aug. 15 Aug. 1 to Aug. 15
1010 Fifth Ave., Inc., pref
$1 Sept.15 Holders of rec. Aug. 30a
Texas Gulf Sulphur (guar.)
900. Aug. 15 Holders of rec. Aug. 50
Thatcher Mfg., corn. & pref.(quar.).__
8734e Oct. I Holders of rec. Sept. lla
Thompson-Starrett Co. pref.(quar.)
30o. Aug. 15 Holders of reo. July 310
Tide Water Associated Oil, semi-annual_
Tide Water Oil, Prof.(guar.)
1.34 Aug. 15 Holders of rec. July 255
20e. Aug. 15 Holders of rec. July 250
Tobacco Products class A (guar.)
Traung Label & Lithograph, 01. A (Qu.) *373ie Sept. 15 *Holders of roe. Sept. 1
Class A (guar.)
*3710 Doe. 15 *Holders of rem Dee. 1
5
100. Aug. 11 *Holders of reel. July 31
Trims Pork Stores
Union Mills common (guar.)
*50c. Sept. 3 *Holders of rec. Aug. 15
Union 011 (guar.)
50o Aug. 9 Holder* of rec. July 170
el
Stock dividend
Aug. 9 Holders to rec. July 176
Union Storage Co. (guar.)
'62350 Aug. 15 *Holders of rec. Aug. 1
Quarterly
•62340 Nov. 15 *Holders of rec. Nov. 1
United Amer. Utilities class A 1st series.
Sept. 1 Holders of rec. Aug. 9
32Sic. cash or 1-50th sh. class A stock.
United Biscuit, corn.(guar.)
40o. Sept. 1 Holders of rec. Aug. 166
United Chemicals, Inc.. $3 pref. (guar.) *75c. Sept. 1 *Holders of rec. Aug. 15
United Dyewood Corp., pref.(guar.)... 1% Oct. I Holders of rec. Sept.120
United Piece Dye Works, corn.(quar.).500 Nov. 1 Holders of roe. Oct. 150
1% Oct. I Holders of reo. Sept.200
Preferred (mar.)
1% Jan2'31 Holders of rec. Dec. 200
Preferred (quar,)
30o Aug. 15 *Holders of rec. Aug. 1
United &cur. Trust Associates (qu.)_ •
*
4 Sept. 2 *Holders of rec. Aug. 15
U.S. Envelope,common
Preferred
*3% Sept. 2 *Holders of rec. Aug. 15
50o. Sept. 2 Holders of reo. Aug. 215
U.S.Hoffman Machinery (guar.)
U. S. Pipe & Foundry, oom.(quar.)---- 234 Oct. 20 Holders of rec. Sept. 200
Ja20'31 Holders of roe. Dec. 310
Common (guar.)
2
300. Oct. 20 Holders of ree. Sept. 300
First preferred (guar.)
300. Ja20'31 Holders of rec. Dec. 310
First preferred (guar.)
Oct. I *Holders of rec. Sept. 20
"51
U. S. Playing Card (guar.)
500. Oct. 1 *Holders of rec. Sept. 20
U.S. Print. Sr Lithographing, corn.(qu.) •
*75c. Oct. I *Holders of rec. Sept. 20
Preferred (guar.)
$1.25 Sept. 15 Holders of net. Aug. 150
U. 8. Realty & Improvement
1)4 Sept.29 Holders of net. Aug. 300
United States Steel Corp. COM,(quar.)
1)4 Aug. 30 Holders of rec. Aug. 4a
Preferred (guar.)
37340. Aug. 20 Holders of rec. July 31
Utility & Industrial Corp. pref.(guar.)
750. Aug. 15 Holders of rec. Aug. la
Vanadlum Corp.of Amer.(guar.)
*S2.50 Aug. 9 *Holders of rec. Aug. I
Vapor Can Heating, corn. (guar.)
•1% Sept. 10 "Holders of red. Sept. 1
Preferred (guar.)
'151 Dee. 10 *Holders of rec. Dec. 1
Preferred (guar.)
. Aug. 15 "Holders of rec. July 31
62c
Veeder-Root, Inc. (guar.)
Vick Financial Corp. (guar.) (No. 1).-- •10c. Aug. 15 *Holders of roc. Aug. 5
Name of Company.
When
Per
Coed. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Virginla-Carollna Chem., pr. pref. (qu.)
Sept. 1 Holders of rec. Aug. 150
Oct. 20 Holders of roe. Oct. ita
Vulcan Detinning, Common (quar.)--_
1 ti Oct. 20 Holders of roe. Oct. 40
Preferred Rmar.)
513.i Oct. 1 *Holders of rec. Sept. 20
Waltham Watch pref. (quar.)
Warren (S. D.) Co.common (quar.)
Aug. 15 Holders of rec. July 31
Wayne Pump, pref. (quiz.)
*87j4c Sept. 1 *Holders of rec. Aug. 20
Sept. 1 Holders of rec. Aug 154
$1.
Wesson Oil & Snowdrift. pref. (Quar.)
Weat Maryland Dairy Products
Prior preferred (Quar.)
*87)ic Sept. 1 'Holders of rec. Aug. 20
Western Dairy Products, class A (quar.) SI
Sept. 1 Holders of rec. Aug. lla
Preferred A (guar.)
*$1.50 Sept. 2 *Holders of rec. Aug. 12
Westfield Manufacturing (quar.)
50e Aug. 15 Holders of rec. July 31
Westmoreland, Inc.(guar.)
300 Oct. 1 Holders of rec. Sept.154
Weston Electrical Instrument, corn.(CU) 25c Oct. 1 Holders of rec. Sept. 19a
Class A (quar.)
50c Oct. 1 Holders of rec. Sept. 194
Westvaco Chlorine roducts corn.(qu.).
50e Sept. 1 Holders of rec. Aug. 150
West Va.Pulp & Paper, pref.(guar.)._ •1M Aug. 16 "Holden of rec. Aug. 5
•134 Nov. 15 *Holders of rec. Nov. 5
Preferred ((mar.)
Wheeling Steel common (quar.)
*1
Sept. 1 *Holders of rec. Aug. 12
White (J. G.)& Co. pref. (quar.)
1
Sept. 2 Holders of rec. Aug. 15
White (J. G.) Eng. Corp. pref. (guar.)... 1
Sept. 1 Holders of rec. Aug. 15
Wilcox-Rich Corp. class A (quar.)
6234e Sept. 30 Holders of reit. Sept.200
Class A (quar.)
62)4 Dec. 31 Holders of rec. Dec. 200
Will& Baum er Candle corn,(qu.)
100. Aug. 15 Holders of ree. Aug. 8
Wilson Line,Inc., pref
$3.50 Aug. 15 Holders of rec. July 15
yiqnsted Hosiery (guar.)
*2
Nov. 1 *Holders of rec. Oct. 15
Extra
•50o Nov. 1 *Holders of reo. Oct. 15
Woolworth (F. W.) Co.. corn. (quar.)...
60e Sept. I Holders of roc. Aug. 00
Wolverine Portland Cement (quar.)
15e Aug. 15 Holders of rec. Aug. 5
Wrigley(Wm.)Jr. Co.(monthly)
50c Sept. 1 Holders of rec. Aug. 20
Monthly
250 Oct. 1 Holders of rec. Sept.20
Monthly
25c Nov. I Holders of rec. Oct. 20
Monthly
50c Dee. I Holden) of rec. Nov. 20
Wurlitzer (Rudolph) corn. (monthly):.... •500 Aug. 15 *Holders of rec. Aug. 24
Common (monthly)
•50c Sept.25 *Holders of reg. Sept. 24
Common (monthly)
*50c Oct. 25 *Holders of rec. Oct. 24
Common (monthly)
*50c Nov.25 *Holders of rec. Nov.24
Common (monthly)
*50e Dee. 25 *Holders of rec. Dee. 24
Preferred (Quiz.)
Si,' Oct. 1 *Holders of rec. Sept. 20
•1% Jan 1'31 *Holders of rec. Dec. 20
Preferred (quiz.)
Preferred (Quiz.)
Aprl'31 *Hold.of Teo. Mar. 20'31
Jul 1'31 *Hold,of roe.June 20'31
Preferred (guar.)
•From unofficial sources. 7 The New York Stock Exchange has ruled that
Mock will not be quoted ex-dividend on this date and not until further notice.
The New York Curb Exchange Association has ruled that stook will not be Quoted
IM-dividend on this data and not until further notice.
a Transfer books not closed for this dividend.
Correction. s Payable in stock.
f Payable in common stock. 0 Payable in early. S On account of accumulated
dividends. J Payable in preferred stock.
k Union Natural Gas dividend payable in rash, or. at option of holder, 1.50th
share of stock.
1 Of the Federal Water Service dividend, 50c. will be paid in Class A stock at
rate of $27 per share unless stockholder notifies company on or before Aug. 11 of
his desire to take the entire dividend in cash.
m Central States Electric Corp. cony. pref. dividend payable in common stock
as follows: Series of 1928, 3-32 share or, at option of holder, $1.50 cash; series or
1929. 3-164 share or, at option of holder. 31.50 cash.
n Central Public Service class A dividend will be paid in class A stock as the
price of $17.50 per share unless stockholder notifies company by Sept. 10 of his
desire to take cash.
o Empire Public Service Co. dividend payable either 45o. cash or, at option of
holder. 1-40th share class A common stock.
r Distillers, Ltd.. dividend is 2 shillings 6 pence less deduction for expenses of
depositary.
a North American Co. dividend is Payable In common stock at rate of one-fortieth
stare for each share held.
(Amer. Smelting & Refining second pref. stock dividend is 51.5657,
W Less deduction for expenses of depositary.
V Lone Star Gas dividend is one share for each seven held.
r Electric Shareholdings Corp. $6 pref. dividend Is 1-20th share common stock
Unless company is notified by Aug. 15 of the stockholder's desire to take cash. $1.50.
If Blue Ridge Corp. and Shenandoah Corp. dividends will be paid 1-32d share
common stock unless holders notify corporation on or before July 15 of their desire
So take cash-75o. per share.
Weekly Return of New York City Clearing House.
Beginning with Mar. 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of a
report. The new returns show nothing but the deposits,
along with the capital and surplus. We give it below in full:
STATEMENT OF MEMBERS OF THE NEW YORK
CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY,
AUG. 2 1930.
Clearing House
Members.
*Capital.
Bank of N 'V & Trust Co
Bank of Manhattan Tr Co
Bank of Amer Nat Aran
National City Bank._
Chem Bank & Trust Co_
Guaranty Trust Co
Chat Phu) N B & Tr Co
Cent Hanover Bk&Tr Co
Corn Exch Bank Tr Co.
First National Bank ...
Irving Trust Co
Continental lik & Tr Co
Chase National Bank.....
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co
marine MIdlandTrust Co
Lawyers Trust Co
_
New York Trust
Co_Comml Nat Bk & Tr Co
Harriman N Ilk & 'Fr Co
3
6.000,000
22,250,000
36,775,300
110.000,000
15,000,000
90,000,000
16,200,000
21.000.000
el5,000,000
10,000.000
50,000,000
6,000,000
148,000,000
500,000
25.000,000
10,000,000
10,000,000
3,000,000
12,500,000
7,000,000
2.000.000
Clearing Non-Members
City Bk Farmers Tr Co_
Meehan Tr Co. Bayonne
10,000,000
500,000
Testals
901
FINANCIAL CHRONICLE
AUG. 9 1930.]
"Surplus and Na Demand
Undivided
Deposits
Profits.
Average.
$
$
14,698,800
62,789,000
43,499,200
212,843,000
40,453,800
172,851.000
132,973,100 a1,089.387,000
22,632,300
212,895,000
206,385,500 ,
1 919,467.000
19,703,300
164,698.000
84,136.100
361,307.000
e34,314.400
170,768,000
108,599,600
250,684,000
84,814,300
383,213.000
11,354,200
9,225,000
211,318,000 c1,296,192,000
3,706,800
25,193,000
85,321,400 d435,605,000
24,599,200
36,352,000
11,400,600
50,761,000
4,766,900
20,803,000
35,688,400
180,470.000
9,452,800
49,491,000
2,725,000
30,371,000
Time
DePoatts
Average.
$
14,369,000
44.469,000
62,200.000
211,250,000
46,776,000
125,267,000
40,018,000
60.473.000
36,725,000
18,863,000
59,522,000
437,000
204,451,000
1.580,000
70,387,000
1,721,000
5,234,000
2,367,000
33,034.000
7.808,000
7,481,000
13,777,900
899.400
3,511,000
3,103.000
5,404,000
525 795 Rtin 1 2nR 921 nnn a 1,i, n•rn Ann • ,....., ,,,,- --•
•
.
,
*As per official reports: National. June 30 1930: State, June 30 1930: trust
companies June 30 1930. e As of July 10 1930.
Includes deposits in foreign branches: a $316,851,000; b $168,963,030; c $128.460,000; d $62,390,000.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending July 31:
LNSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED THURSDAY. JULY 31 1930.
-Average Figures.
NATIONAL AND STATE BANKS
011erCash Res. Dep., Dep. Other
Inchnling N. 3'. and Banks and
Gnus
Gold. Bk.Notes. Elsewhere. Trust Cos. Deposits.
Loans
Disc. and
Invest,
Manhattan$
Bans of U. S..._ 211,067,000
Bryant Park Bk_ 2.635,000
Grace NatJonal_ 20,938.449
Port Morris
3,130,900
Public National. 152,757,000
Brooklyn
Brooklyn Nat'l
10,015,800
Peoples National 7,200,000
$
V
II
$
3
18,000 3,370,000 26.524.000 2,355,000 201.656.000
337,200
98,300
2,137,800
55,000
59,023 1,918,171 1,535,923 19.183.471
2.000
78,900 2,766,000
260,900
60,300
11,800
33,000 1,599,000 8,780,000 30.14
0,000 10 .
3 718.000
19,600
5,000
95,500
110,000
609,100
508,000
410,200
87,000
7,117,800
7.000.000
TRUST COMPANIES-Average Figures.
Loans,
Disc, and
Invest.
Manhattan-American
Bk. of Europe & Tr_
Bronx County
Chelsea
Empire
Federation
Fulton
Manufacturers
United States
Brooklyn
Brooklyn
Kings County
Bayonne, N.J.Meohnninn
Cask,
Res. Dep.. Dep. Other
N. 1'. and Banks and
Elsewhere. Trust Cos.
(hose
Deposits.
$
$
$
51,183,000 9,148,400
795,000
749,500
15,410,300
105,500
610,592 1,592,946
24,155,667
20,189,000 1,050.000 2,704,000
72,532,500 *4,109,100 9.080.800
17,049,644
237,450 1,279,413
689,900
19,087,500 *2,171,700
361,615,000 2,598,000 42,549,000
77,378,862 3,800,000 7,133,175
$
$
20,800 48,889.700
14,284.600
23,850.529
19,389,000
2,965,200 73,095,900
221,672 17,194,142
16,753,100
3,147,000 332,038,000
59,520,205
2,128,000 23.523,000
2,036,830 4,071.810
134,341,000
27,587,560
133,584,000
28,166,872
8.893.567
317,366
833,967
244.119
8,879,580
Empire, $2,645,100
• Includes amount with Federal Reserve Bank as follows:
Fulton. $2,068,000.
-In the
Boston Clearing House Weekly Returns.
following we furnish a summary of all the items in the
Boston Clearing House weekly statementfor a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Aug.6
1930.
Changes from
Previous Week.
Aar 30
1930.
July 23
1930.
S
$
$
$
95,825,000
95,825,000
94.700.000 -1,125,000
Capital
102,044,000 -1,015,000 103,059,000 103,059,000
Surplus and profits
Loans. discla & invest'ta. 1,078,452,000 -12,647,000 1,091,099.000 1,085,978,000
+626,000 647,140,000 655,821,000
647,766.000
Individual deposits
157.597,000 +4,674,000 152,923,000 161,822,000
Due to banks
-744.000 282.796,000 280.944,000
282,052,000
Time deposits
9,688,000
10,577.000
7,540,000 -2,148,000
United States deposits19.720,000
19,445,000
25,180,000 +5,735,000
Exchanges for Clg. House
95.853,000 105,647,000
91,102.000 -4,751.000
Due from other banks84,894,000
83,621,000
+234,000
83,855,000
Res've in legal depositles
6,802,000
6,733,000
-256,000
6,477,000
Cash in bank
2.659.000
1,986.000
+244,000
2.230,000
ln excers in F.R.Bk
ta...•VII
-The Philadelphia Clearing House
Philadelphia Banks.
return for the week ending Aug. 2, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in vaults."
Beginning with the return for the week ending May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserves and whether reserves held are above or below
requirements. This will account for the queries at the end
of the table.
Week Ended Aug. 2 1930.
TWO Misers (00)
omitted.
Trust
Members of
F.R.System Companies •
60,071,0
Capital
Surplus and profits...... 215,919,0
Loans. Maas.dr invest. 1,130,839,0
37,781,0
Exch. for Clear. House
138,077,0
Due from banks
198,647,0
Bank dePosits
6)1,477,0
Individual deposits
272,623,0
Time deposits
1,112,752,0
Total deposits
75,763,0
Rea, with legal dePos
Res. with F. It. Bank_
8,857,0
Cash in vault.
84,620,0
Total res. & cash held_
Reflefy0 required
Excess reserve and cash
in vault
July 26 I
1930.
Total.
July 19
1930.
$
8,800.0
68,871,0
68.871,0
68.871,0
21,085,0 237,004,0 237,004,0 237,004,0
94,527,0 1,225,366,0 1,220,474,0 1,227,659,0
277,0
38,058.0
28,324,0
37.378.0
23,0 138,100.0 131,411,0 125,080,0
5,415.0 204,062,0 198,575,0 198,610,0
37,413,0 678,890.0 671.329,0 683,731,0
30,0(37,0 302,695,0 298,724,0
72,895,0 1,185,647,0 1,168:628 0 1,176:481.
:
'
0
75,763,0
76.908,0
76,884,0
7,896,0
7,896.0
6.534,0
7,139,0
2,175,0
11,032,0
11,496,0
11.500,0
10,071,0
94,691,0
94,938,0
95,523,0
•Cash in vault not counted as reserve for Federal Reserve
monbers.
902
[Vol,. 131.
FINANCIAL CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Aug.7, 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 864, 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. 6 1930.
Aug. 6 1930. JULY 30 1930. July 23 1930. July 16 1930. July 9 1930. July 2 1030 June 25 1930. June 18 1930.Aug. 7 1929.
$
$
RESOURCES.
$
$
$
$
$
$
3
I
Gold with Federal Reserve agents
1,551,714,000 1,553,214,000 1,558,214,000 1,572,914,000 1,597.514,000 1,568,000,014 1.600,214,000 1,599,114,000 1,485,822,000
38,814,000
36,814,000
36,714,000
Gold redemption fund with U.S.Tress..
36,816,000
36,675,000
36,675,990
37,001,0001 71,173,000
36,812,000
Gold held exclusively agst.F. R.notes 1,588,530,000 1,590,028,000 1,595,028.000 1,609,628,000 1.634,189.000 1.604,689,000 1,637,026,000 1,636,115,00011,556,995,000
Gold settlement fund with F.R.Board— 555,602.000 589.700,000 601.787,000 583,052,000 569,123,000 610,593.000 601,691,000 609,250,000 675,762,000
Gold and gold certificates held by banks_ 817,046,000 825,254,000 827,432,000 838,065,000 814,819.000 778,127,000 820,457,000 821.837,000 707,275,000
Total gold reserves
Reserves other than gold
2,961,178,000 3,004,982,000 3,024,227,000 3,030.745,000 3.018.131,000 2.993.409.000 3,059,174,000 3,067,202,000 2,940,032,000
165,631,000 173.206,000 169.834,000 166.490.000 159,835.000 157,835,000 172,637,000 166.709.000 183,314,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U.9. Govt. obligations
Other bills discounted
3,126,809.000 3378.188,000 3,184,061,000 3,197,235,000 3377366,000 3.151.244,0003,231,811,000 3,233,911,000 3,123.346,000
63,436.000
68,210,00067,835,00068,547,000
67.962,000
55,002,000
61,766,000
67.339,000
64,332.000
65,599,000
140,324,000
66,676,009
130,425,000
59,629,000
130.941,000
*70,357.000
136,673,000
90.952,000
145,363,000
105.234,000
155.179.000
84,887.000
146,618,000
66,925,000
139,869.000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
205,923,000
133,571,000
197,101,000
130,762,000
190,570,000
150,523,000
207.030,000
168,667.000
236,315,000
148,945.000
260.413.000
157.485,000
231,505,000
102,313,000
206,794,000 1,064,070,000
79,158,000
132,776,000
49,650.000
278,307,000
248,267.000
49,714,000
276,897,000
249,757,000
42,750,000
260.835,000
272,554,000
42,900.000
243.696,000
290.522.000
46.708,000
233,534,000
310,338,000
47,531,000
236,519,000
311.903,000
55,911.000
219,436,000
301,623,000
57,141.000
251,416,000
289,091,000
42,659,000
94,182,000
20,759,000
Total U.S. Government securities
Other securities (see note)
Foreign loans on gold
576,224,000
7,272,000
576,368,000
7,323,000
576,139,000 577,118,000
7,301,000
7.323,000
590,580,000
7.301.000
595,953.000
7,801.000
576,970,000
5.250,000
507,648.000
5,350,000
157,600,0004
10,600,000
Total bills and securities(scourge).—
Gold held abroad
Due from foreign banks (see nets)
Uncollected items
Federal Reserve notes of other banks._
Bank premises
All other resources
922,990,000
911,554,000
924,555,000
983,141.000 1,021,152.000
916,038.000
942,568,000 1,311,428,000
705
503,728,000
19,064,000
59,584,000
14,442,000
706,000
510.430,000
18.912,000
59,584,000
14,037,0043
705,000
705,000
553,600,000 670,370,000
22,169.000
22,175,000
59,561,000
59,572,000
12,596.000
13.146.000
704,000
596,535,000
20,017,000
59.581,000
12,257.000
709,000
570,390.000
22,773,000
59,552.000
11,331,000
710,000
718,184.000
19,666,000
59,552.000
10,999,000
960,116.000
706.000
663,567,000
19,950,000
59,581.000
12,083,000
582.250,000
481,820,000
722
634,153,000
30,488,000
58,818.000
10,482,000
Total resources
LIABILITIES.
F.R.notes in actual circulation
Deposits:
Member banks—reserve account
Government
Foreign banks (see note)
Other deposits
4,710,758,000 4.761,621.0004,835,649,000 4,991.299,0004.917.943,000 4,983,265,000 4,879,943,000 5,049,928,000 5,231,203,000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
2.423,406,000 2,468,871,000 2,484,612,0002.316,257.000 2,481,113.000 2373,805,000 2359,384.000 2.464,630.000-2,377.306.000
700,030,000 593,734,000
487,054,000 495,807,000 532,922,000 631,545,000 8015.924,00068,542,000, .
169,680,000 169,716,000 169.882,000 169,484,000 169,554,000 169,626,000 169.736,000 169,692,000 165,045,000
276.936,000 276,9343,000 276,936,000 276,936,000 276,036,000 276,936.000 276,936,000 276.936,000 254,398,000
14,728,000
19,994,000
15,198,000
14,722,000
19,374,000
15,117,000
14,908,000
15,150,000
29,682,000
1,338,774,000 1,335,141,000 1,356,180,000 1.382,349.000 1,406,600,000 1,432,252,000 1,402,869,000 1,419.266,000 1,811,038,000
2,363,852,000 2,415,285,000 2,432,088,000 2.460,457,000 2,417,306,000 2,406,376,000 2,386,435,000 2,408,364.000 2,322,858,000
45.669,000
16,629,000
30.105,000
24.899,000
18.882,000
28,412.000
31,519,000
26,146,000
24,734,000
6.247,000
5,858,000
5.666,000
6,457,000
5,760,000
7,172.000
5,755,000
6,434,000
6,248,000
32.924,000
21,422,000
28,036,000
36.063.000
27,884,000
20,682.000
22,280,000
21,006,000
23,466,000
Total liabilities
4,710,758,000 4,761,621,000 4,835,649,000 4,991,299,000 4,917.943.000 4,983,265.000 4,879,943,000 5.049,928,000 5,231,203,000
Ratio of gold reserves to deposits and
79.2%
77.2%
77.6%
78.9%
76.7%
F. R.note liabilities combined
70.2%
78.7%
78.7%
78.9%
Ratio of total reserves to deposits and
82.0%
81.7%
83.7%
83.3%
80.7%
F. R. note liabilities combined
83 5%
83.2%
74.6%
83.1%
Contingent liability on bills Purchased
for foreign corrx:pondenet.
483,454,000 478,027,000 481,315,000 478,082,000 477,930,000 481,269,000 463.642.000 467.643.000 462,606,000
Distribution by Maturities—
1-15 day bills bought In open market
1-15 days bills discou. ted
1-15 days U.S. certif. of Indebtedness1-15 days municipal warrants
115-30 days bills bought in open market
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness
16-30 days municipal warrants
31-60 days bills bought In open market_
31-60 days bills discounted
31-60 days U. B. certif. of indebtedness31-60 days municipal warrants
61-90 days bills bought In open market—
61 90 days bills discounted
61-90 days U.S. certif. of indebtedness
61-90 days municipal warrants
Over 90 days bilis bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness......
Over 90 days municipal warrants
F.R.notes received from Comptroller..
F.R.notes held by F.It. Agent
$
73,456,000
99,648,000
$
86,909,000
111,906,000
i
90.897,000
137,809,000
29,757,000
$
92,947,000
159.844,000
31,188,000
$
49,607,000
135,408.000
$
73,105,000
118,012,000
2.500,000
$
50,788,000
842,036,000
11,000,000
40,100,000
20,542,000
31,137,000
20,196,000
31,189,000
19,839,000
24,092.000
19,476.000
42.488,000
31,024.000
19.001,000
44.488,000
10,718,000
43,050,000
32,488,000
28,111,000
82,265,000
30,306,000
17,947,000
48,027,00
0
51,000
28,720,000
29,033,000
94,576,000
22,147,000
27.680,000
11,176,000
93,502,000
8,908,000
16,368.000
30,414.000
15,592,000
28,739,000
15,590,000
26,343.000
117,402,000
28,692,000
32,429,000
43,145,000
51,000
3,912,000
24.102,000
119,692,000
23,077,000
30,110,000
55,221.000
6,836,000
26,593,000
21,029,000
32,150,000
43,080,000
51,000
3,715.000
26,328.000
119,657,000
4,399,000
22,050,000
109,697,000
5,151,000
18,780.000
153,863,000
128.000
10,259.000
139,925,000
22,000
1,140,000
14,629,000
135,965,000
22,000
2,449,000
15,203,000
129,951,000
22,000
2.228.000
18,628,000
125,093.000
2.167.000
19,832,000
117,844.000
745,000
24,199.000
117.878,000
1338,000
24,461,000
94,217,000
1,349,000
23,321,000
88,240,000
5,814.000
70,217,000
90.000
300,000
662,000
15.265,000
761,000
$
65.459,000
115.967,000
29,577,000
$
60,828.000
105,806.000
17,497,000
10,021.000
51,000
19,938,000
18.141,000
31,527,000
43,651.000
34,083,000
78.765,000
51,000
23,831,000
29,521,000
48,027.000
3,752,823.000
1,414,044,000
1,742,958,000 1,750,561,000 1.744.679,000 1,749,568,000 1.766,103.000 2,338,779,000
1,697,223,000 1,704,744,000 1,710,617,000
Issued to Federal Reserve Banks
How Secured—
By gold and gold certificates
Gold redemption fund
Gold fund—Federal Reserve Board
By eng1bla Paper
402.908,000 402,908,000 402,908,000 402.908,000 403,108,000 403,108.000 371,153,000
1.155,306,000 1,170,006,000 1,194,278,000 1,165,108,000 1,197,106,000 1,196,006.000 1,114,669,000
1,148,806,000 1,150.306.000
315,999,000 310,785,000 317,917,000 341,543,000 346,764.000 375,000,000 325,759.000 332,682.000 1,096,477,000
1 867.713 000 1.863.999 000 1.876.161,000 1,914,457.000 1,944.278.0001.943.014.1001.025 0724100 14)21 700 non r Cal 100 nun
402,908,000
402.908,000
Total
NOTE.—Beginning with the statement of Oct. 7 1925, two new tenni were added In order to show separately the amount of balances held abroad and amounts due
00 foreign correspondents. In addition, the caption, "All other earning assets." previously made up of Foreign Intermediate Credit Bank debentures, was changed to
"Other semultles," and the caption, "Total earning assets" to "Total bills and securities." The latter item was adopted as a more accurate description of the total of
the discounts, acceptances and securities acquired under the provision of Sections 13 and 14 of the Federal Reserve Act, which. It was stated, are the only items included
therein.
• Revised figures.
WEEKLY STATEMENT OF RESOURCES
LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANK
Two Ciphers (00) omitted.
Federal Reserve Bank of—
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicayo. St. Louis. Minneap Kan.Clly Dallas. San/Yen.
Total.
a
$
RESOURCES.
Gold with Federal Reserve Agents 1.551.714,0 164,917,0
Gold red'n fund with U.S.Treas.
983,0
36,816,0
Gold held excLagst.F.R. notes 1,588,530,0 165,000,0
Gold settle't fund with F.R.Board 555,602,0 31,178,0
Gold and gold ctta.held by banks- 817,046,0 31.795,0
Total gold reeerves
Reserve other than gold
2,981,178,0 228,873,0
165,631,0 12,378,0
Total reserves
3,126,800,0 241,251,0
Non-reserve cash
63,436,0
6,060,0
Bills discounted:
Sec. by U.S. Govt. obligations
65,599.0 4,737,0
Other bills discounted
140,324,0 5,405,0
$
$
$
s
a
$
s
$
273.397,0 142,448,0 197,550,0 64,341,0 107,469,0 200,478,0 66,816.0 47,236,0 76,564.0
0
135.608. 41,081,0 72.438,0 13,936,0 11,378,0 129,797,0 22,402,0 14,083,0 33,540,0
497,118,0 34,316,0 57,136,0 9,811,0 5,283,0 120,367.0 10,943,0 5.197,0 8,262,0
906,123,0 217.845,0 327,154,0 88,088,0 124,130,0 450,642,0 100,161,0 66,516,0 118,366,0
46,586,0 9,291,0 8,438,0 8,709,0 15,363,0 22,625,0 12,795,0 4,971,0 5,471,0
—
952,709.0 227,136,0 335,502.0 96,887,0 139393,0 473,267,0 112,956,0 71,487,0 123.837.0
14,721,0 3,614,0 3,387,0 4,453,0 4,963,0 9,826,0 4,175,0 1.960,0 1,988,0
915.0 7,243,0 2,864.0
0
19,101, 10,283,0 8.370,0 4,786,0
524,0 2,062,0
26,056,0 9,178,0 7,741,0 16,499,0 28,005,0 8,574,0 10,461.0 3,899,0 7,308,0
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
treasury notes
Zlertificates and bills
205,923,0 10,142.0
133,571,0 16,250,0
49,650,0 1,296.0
278,307,0 17,471,0
248,267,0 25,492,0
765,0
9.797.0 1.052,0
106,652,0 21,913,0 28.677,0
64,027,0 27,237.0 25.900,0
rata] IT. 5. Gov't securities
676224 11 44 9sn n
160 475 II
$
$
$
258,594,0 140,000,0 195,550.0 63,000,0 105,200,0 109,000.0 65,045,0 46,345,0 75.000,0 24,300.0 214,763.0
14,803,0 2,448,0 2,030,0 1.341,0 2,269,0 1,478,0 1,771,0
891,0 1,564.0
985.0 6,253,0
45,157.0 19,461,0 16,111.0 21,285,0 28,920,0 15,817,0 13.325,0
44,840,0
599,0 11,939,0 5,907,0 6,464.0 13,243,0 5,898,0
50 9094) 55
1,313,0
6,532,0
7,749,0
342 0 15 104 0
4,423,0
5,382.0
25,285,0 221,016,0
11,594,0 38,567,0
9,743,0 27,075,0
46.622,0 286,658,0
6,959,0 11,955,0
53,581,0 298,613,0
3,324,0 4,965,0
1,830.0
11,403,0
2,864,0
5,795,0
9,370,0 13,253,0 8,659,0
5,723,0 4,266,0 13,060,0
163,0 20,681,0
462,0
654,0 4,797,0
357,0 8,313,0
6,809,0 23,984,0 14,686,0 10,134,0 12,404,0 9,678,0 19,367,0
4,452,0 32,892,0 7,303.0 10,195.0 15,975.0 10,179,0 16,868,0
11 4240
77 on, n
so Adq n
On ,00n
on,,, n
on 17n n
RA not n
AUG. 9 1930.]
FINANCIAL CHRONICLE
RESOURCES (Concluded)
Two ciphers (00) omitte,d.
Total.
Boston.
$
7,272,0
Wier sectuitles
Foreign loans on gold
Total bills and securities
Due from foreign banks
Uncollected items
F. R. notes of other banks
Bank premises
All other resources
New York.
Phila.
3
$
$
1,000,0
5,250.0
922,990.0 71.651,0
705,0
52,0
503,728,0 54,590,0
19.064,0
250,0
59.584,0 3,580.0
14,442,0
85,0
903
Cleveland. Richmond Atlanta. Chicago
$
$
$
3
St. Louis. Minneap. Kan City. Dallas. San Fran.
$
$
1,000,0
$
$
$
22,0
275,723,0 71,262,0 83,392,0 42,786,0 46,808,0 106,617,0 41,866,0 34,953,0 43,829,0 45,689,0 58,414,0
232,0
68,0
71.0
30,0
25,0
95,0
25,0
16,0
21,0
21,0
49.0
136,909,0 46,872,0 47.740,0 37.927,0 13,742,0 61,633,0 17,992,0 9,419,0 30,600,0 19,111,0 27.193.0
5,503,0
355.0 1.191,0 1.356,0
847,0 2,166.0 1,214.0
730,0 2,009,0
416,0 3,027.0
15,664,0 2,614.0 7,059,0 3,214.0 2,658,0 8,295,0 3,811,0 2,018,0 3,972,0 1,876,0 4,823,0
6,621,0
214,0
1,074,0
544,0 3,118,0
544,0
546,0
625,0
265.0
452,0
354.0
4.710,758,0 377.519,0 1,408,082,0 352.135,0 479,506,0 187,197,0 211,654,0 662,524,0 182,583,0 121,129,0 206.521,0 124,470,0
Total resources
397,438,0
LIABILITIES.
Ir. R. notes in actual circulation_ 1,338,774,0 139,346,0 155,352,0 123.898,0 185,279,0 62,512,0 115,341,0 177,106,0 68,774,0 50,176,0 69,840,0 32,069,0
159.081,0
Deposits:
Member bank-reserve awl._ 2,363.852,0 147,232,0 957,562,0 138,290,0 196,944,0 64,828,0 60,095,0 361,891,0 70.761,0 49,496,0
88,394,0 57,678,0 170,681.0
Government
31.519,0 2,615,0
8,284,0 3,400,0 1,894,0 4,483,0 3,719,0 2,142,0 1,374,0 1,196,0
736,0 1,229.0
447,0
Foreign bank
5,755,0
402,0
2.113,0
526,0
543,0
228,0
195.0
125,0
163,0
727,0
195,0
163,0
375,0
Other deposits
22,280,0
40,0
9,837,0
138,0 2,186,0
67,0
446,0
585,0
312,0
195,0
45,0
32,0 8,397,0
2,423,406,0 150,289,0 977,796,0 142,354,0 201,567.0 69,606,0 64,455,0
Total dePosIts
72,642.0 51,012,0 89,338,0 59,102,0 179,900.0
Deferred availability items
487,054,0 54,191,0 124,367,0 41,761,0 46,486,0 35,972,0 13,520,0 365,345,0
57,799,0 23,639,0 8,883,0 33,655,0 19,325,0 27.456,0
Capital paid in
169,680.0 11,862,0
65,577,0 16,713,0 .15.876,0 5,828,0 5,365,0 20,121,0 5,276,0 3,062,0 4,316,0 4,341,0 11,343,0
aurplus
276,936,0 21,751,0
80,001,0 26,965,0 29,141,0 12,496,0 10,857,0 40,094,0 10,877,0 7,143,0 9,162,0 8,935,0 19,514.0
all other liabilities
14,908,0
80,0
4.989,0
444.0 1,157,0
783,0 2,116,0 2,059,0 1,375,0
853,0
210,0
698,0
144.0
4,710,758,0 377,519,0 1,408,082,0 352,135,0 479,506,0 187,197,0
Total liabilities
211,654,0 662,524,0 182,583,0 121,129,0 206,521,0 124,470,0 397,438,0
Memoranda.
Reserve ratio Oaf cent)
83.1
83.3
84.1
85.3
86.8
73.3
77.6
87.2
79.9
88.1
70.6
77.8
58.8
Contingent liability on bills put'
chased for foreign correspondla 483,454,0 35,780,0 159,016,0 46,901,0 48.351,0 20.308.0 17,407,0
64,791.0 17,407,0 11.121.0 14,505.0 14.505,0 33.362.0
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent al--
Total.
Boston.
New York.
Due Ciphers (00) omitted3
$
Federal Reserve notes:
Issued to F.R. bk. by F.R.Agt- 1,697,223,0 171.629,0
Held by Federal Reserve bank.. 358,449,0 32,283,0
3
Phila,
Cleveland, Richmond Atlanta. Chicago. St. Louie. Minneap. ICan.City, Dallas. SartFras.
$
3
$
$
$
3
$
3
$
$
247.574,0 146,540,0 220,796,0 82.347.0 140,021,0 206,350,0 80,653,0 55,383,0 79,075,0 38,427,0 228,428,0
92.222,0 22,042,0 35,517,0 19,835,0 24,680,0 29,244,0 11,879,0 5,207,0 9,235,0 6.358,0 69,347,0
In actual circulation
1,338,774.0 130,346,0
Collateral held by Agt,as security
for notes Issued to bank:
Gold and gold certificates-. 402,908,0 35,300,0
1,148,806,0 129.617,0
Gold fund-F.R.Board
315,999,0 26,313,0
Eligible paper
1,887.713.0 191.230.0
Total collateral
155,352,0 123,898,0 185,279,0 62,512,0 115,341,0 177,106,0 68,774,0 50,176 0 69,840.0 32,069,0 159,081,0
220,968,0 39,900,0 15,550,0 5,000,0 7,100,0
8,945,0 11,845,0
14,300,0 35.000.0
23,626,0 100,100.0 180,000,0 58,000.0 98.100,0199,000,0 56.100.0 34,500,0 75,000,0 10,000,0 179,763,0
70,698,0 17.968,0 26,765,0 27,145,0 35.299,0 28,890,0 19,144,0 9,740,0 15,041,0 17,399,0 21.597,0
329.292,0 157.968,0 222.315,0 90,145,0 140,499,0 227,890,0 84,189.0 56,085,0 90.041.0 41,699,0 236,300,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. Theso 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
the figures for the latest week appears in our department of "Current Events and Discussions," on page 864, immediately upon
preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929, the loan figures
exclude -Acceptances of other banks and bills of exchange or drafts sold with endorsement, and include all real estate mortgages 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
separately, only the total of loans on securities
no longer shown
divided to show the amount secured by U. S. obligations and thosebeing given. Furthermore, borrowing at the Federal Reserve lx not any more subing banks in now omitted; in its place the number of cities Included secured by commercial paper, only a lump total being given. The number of reportThe figures have also been revised to exclude a bank in the San (then 101) was for a time given, but beginning Oct. 9 1929 even this has been omitted.
merged with a non-member bank. The figures are now given in Francisco district with loans and investments of 8135,000,000 en Jan. 2 which recently
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 30 1910 (In millions of dollars).
Federal Reserve District-
Total.
Boston, New York
Loatut and Investments total--
$
23,236
3
1,532
$
9,467
Mans
-total
16,945
1,148
8.418
8,529
Phila.
Cleveland, Richmond Attanta,
Due from banks
Due to banks
Borrowings from F. It. Bank
504
421
385
2,517
330
778
182
166
219
1,242
1,275
79
251
373
405
82
100
96
14
889
60
82
12
144
28
40
11
890
515
9
6,310
1,992
39
747
328
9
1,161
1.001
10
1,565
3,365
Net demand deposits
Time deposits
Government deposits
4,032
2,918
13,798
7,352
109
Reserve with F. It. Bank
Cash In vault
925
510
638
1,818
215
U. S. Government securities Other securities
6,951
2,932
3,359
Investments-total
$
2.288
6,291
On securities
An other
3
1,255
71
126
160
1,162
111
216
101
35 _
1
csuago. St. Louis. Minneap. Ean.Crty.
648
591
3
3,403
1,510
466
456
734
777
181
284
149
307
135
_
61
74
3
5
$
$
3
Dallas. San The.
3
669
352
652
436
5
1.942
2,658
517
228
430
328
1,329
1,324
1,334
243
274
80
148
127
303
98
229
433
896
744
152
124
222
109
613
346
398
30
123
70
54
93
129
62
47
328
285
38
9
268
33
45
6
23
5
60
11
32
7
102
18
343
247
9
309
244
9
1,942
1,317
6
373
238
s
217
129
495
186
1
268
151
6
736
1,005
9
149
358
79
110
76
90
264
489
73
131
80
77
192
238
88
86
222
270
g
a
7
3
1
3
1
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal
Reserve
In comparison with the previous week and the corresponding Bank of New York at the close of business Aug. 6 1930,
date last year:
Aug.6 1930. July 30 1930.
Aug.7 1929.
:
258.594,000 258.594,000
223,264,000
14,803,000
14,803,000
17,835,000
Gold held exclusively eget. F. R. notes 273,397,000 273,397,000
Gold settlement fund with F. It. Board. 135,608.000 229,419,000 241,099,000
Gold and gold certificates hald by bank.. 497,118,000 499,936,000 101,400,000
438.951,000
Total gold reserves
906,123,000 1,002,752,000
781,450,000
Reserves other than gold
46,586,000
49,659.000
75,117,000
Total reserves
,
952,709.000 1,052,411,090 856,567,000
cash
Non-reserve
14,721,000
14,413,090
18,088,000
Bills discounted
Secured by U. B. Govt. obligations...
19,101,000
16,630,000 265,087,000
Other bills discounted
26,056,000
16,800,000 118,777,000
Ltasileties-Fed'I Reserve notes In actual circulation_
Deposits-Member bank, reserve acct.Government
Foreign bank (See Note)
Other dePosita
155,352,000 156,218,000
957,562,000 1,028,989,000
8,284,000
3,255.000
2,113,000
2,342,000
9,837,000
8,717,000
Total bills discounted
BUR bought In open market
U. B. Government securities
Bonds
Treasury notes
Certificates and bills
310,140,000
912,069,000
6,415,000
2,209,000
8,236,000
Total dePosits
Deterred availability items
Capital paid in
Surplus
All other liabWties
977.796,000 1,013.303,000
124,367,000 126,982.000
65,577.000
65.576,000
80,001,000
80,001,000
4,989,000
5,085,000
928,929,000
153,371,000
63,496,000
71,282,000
8,167,000
Resources
Gold with Federal Reserve Agent
Gold redemp.fund with U. El. Treasury_
Total U,B. Government securities
Other securities (see note)
Foreign loans on gold
45,157.000
44,840,000
33,430,000
28,615.000
383,864,000
26,868,000
9,798,000
106,652,000
64,026,000
9,798,000
106,805,000
63,873,000
2,495,000
27,471.000
11,480,000
180,476,000
5,250,000
180,476,000
5,250,000
41,446,000
2,600,000
Resource." (Concluded)
Gold held abroad
Due from foreign banks (See Note)
Uncollected Items
Federal Reserve notes of other banks...
Bank premises
Al,other resources
Total resources
Total liabilities
Ratio of total reserves to deposit and
'
.
Fed Reave note liabilities combinedContingent liability on bills purchased
for foreign correspondence
Aug. 6 1930. July 30 1930. Aug. 7 1929,
232,000
136,909,000
5,503,000
15,664.000
6,621,000
232.000
135,378,000
4,913,000
15,664,000
6,378,000
216,000
170,964,000
17,895,000
16,087,000
790.000
1,408,082,000 1,477,165,000 1,535,385,000
1,408,082,000 1,477,165400 1,535,385,000
84.1%
87.7%
69.1%
275,723,000 247,771,000
454,778,000
159.016,000 155,699.000 143,048,000
NO CH.
-Beginning with the statement of Oct. 7 1925, two new
foreign correspondents. In addition, the caption "All other muslin; items were added In order to show separately the amount of balances held abroad and amounts due to
"Other securities," and the caption "Total earning assets" to "Total assets." Previously made up of Federal Intermediate Credit Bank debentures, wa.s changed to
bills and securities." The latter term was adopted as a more accurate
discount acceptances and securities acquired under the provisions of
description of the total of the
Sections 13 and 14 of the Federal Reserve Act, which, it was stated, are the
only items included therein.
Total bills and securitlen (See Note)._
[VoL. 131.
FINANCIAL CHRONICLE
904
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
Wall Street Friday Night, Aug.8 1930.
-The review of the given in a footnote at the end of the tabulation.
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 889.
Daily Record of U. S. Bond Prices. Aug. 2 Aug. 4. Aug. 5. Aug. 6. Aug. 7. Aug. 8.
The following are sales made at the Stock Exchange this First
a
____
,
rugh
Liberty Loren
____ 101 a 100)1132 101,
in our detailed list on the
week of shares not represented
___ 100,032 100an 101
336% bonds of 1023-47-- Low____
,
____ 100 %2 100,,22 1011a
(71rst 334)
__
Close
pages which follow:
1
46
Total sales 111 31.000 units__
____
s
g
(41 au e 'Gazette.
STOCKS.
Week Ended Alto. 8.
Sales.
for
Week.
Range Since Jan. 1.
Range for Week.
Lowest.
Highest.
Lowest.
Highest.
per sahre.$ per share.
Par. Shares. S per share. S per share.
RailroadsCanadian Pac new_ _ _25 3,200 45% Aug 7 46% Aug 5 45% June 52% May
Feb
Aug 82303.4 Jun 315
500 234
Aug 8234
Central RR of N J_I00
Chesapeake &0 new_25 8,800 45% Aug 8 47% Aug 5 46;6 Au 47% Aug
July
Aug 4 6634 Feb 80
Aug 4 80
30 80
Detr Hillsd&Southw100
July
Aug 6 71.34 Jan 81
Aug 6 81
20 81
III Cent leased line__1
Jun 13634 Apr
100
100120% Aug 4120% Aug 4 113
Preferred
Aug 29
May
Aug 7 10
Aug 7 16
650 16
Tot Rye of Cen Am ctfs*
Aug 2 50
Aug 2 4634 July 6834 Apr
90 50
Manhat Kiev Guar_100
Apr
June 129
Aug 6 116
Aug 6i22
10 122
New Or!Tex & Mex 100
Mar
30107% Aug 4)107% Aug 4 106% June 111
N Y Lackaw & West100
Mar 1423-4 June
10 137% Aug 4J137% Aug 4 136
Sarato 100
Rensselaer &
Jan
Au 86
Aug 8 69
69
Aug
100 69
Wabash RR class 13.100
Indus. & Miscell.300 30%
Addressog Intl Corp..*
100 234
Amalg Leather corn_ *
100 18%
ido
Preferred
190 98
Am & For Pr pf (6)- - -•
400 78%
American Ice pref _ _100
•
Am Mach&FdY n w I.- 10,100 3531
400 834
Am Mach dr M etals_ _ _•
•
110 5531
Amer News
so 143
Am Red&Std San p1100
400 103
Am Smelt&Ref 2d 01100
Am Tob Co new wI__25 2,600 118
Class B new. w L._25 15,100 119%
100 20
Am Teleg & Cable_ _100
200 91
Assoc Dr Gds 1st 01_100
• 4,000 29%
Atlas Stores
10 24
Austin Nichols prior A.
800 54
Beech-Nut Packing_ _20
•
10 34%
Blaw-Knox Co
20 118
Brown Shoe pref _ _ _100
300 14
Celanese Corp of Amer•
57
Colgate-Palm-Peet _ •
leo
30010031
Preferred
400 14
Colonial Beacon 011_ __*
60124
Colo Fuel & Iron 91_100
100 97
Columbia G&E pf B 100
60 23%
Comm Cred pref (7).25
130 85
lsr pref ex-werr_ _100
Commonw & South pf_• 2,300 101%
30 83
Cons Cigar pref (7).100
20 14
De Beers Cons Mines_ _
10 130
Eastman Kodak p1_100
100 98%
Fed Min & Smelt pf_100
Fouth Nat Investors....• 1,600 31%
•
1075
Fuller Co 2(1 pref
_100
220 85
General Cable pref.
60 116
General Cigar pref_100
Gen Italian Edison_ _
200 36
Gen Motors pref (5).. _ 9.300 96%
300 109%
Gen Ry Signal pref_100
Gen Realty & Utilities • 6.
000 11
•
600 8534
Preferred
100 9931
Gen Steel Castings pref•
20 118%
Gold & Stock Teleg_100
90 138
Helme (G W) pref_ _100
_100
Hercules Powd pref.
120119%
_
Insuranshares ctfs_ _ • 1,700 12
Internet Carriers Ltd..* 1,500 12
200 67
Int Comb Eng pref ctts_
200 12036
Internet Nickel pfd_100
86,700
31
Rights
800 27
Internet Print Ink ctfs_
Kansas City Pow & Lt
20113%
let pref series B___ _•
20 45
Kresge Dept St pfd. 100
10 112
Kresge (55) Co pfd_100
• 9,300 70
Lehman Corp
Loose-Wiles Biscult
100 121
100
lst preferred
600 5
•
Maracaibo 011
Marine Midland Corp10 2,200 31
• 3,700 37
Marshall Field & Co..
60 8.5
Mengel Co pref. ._i00
Mid St Prod 1st p1.100 1,800 91
Nat Biscuit pref_ _ _ _100
10014836
Mational Steel
• 2.000 56
Net Supply pref _ __ _100 1,370107%
Neisner Bros
100 44
•
N Y Investors
700 19%
No Amer Aviation_ _.* 10,300 81
%
Omnibus Corp pref.100
100 84
Outlet Co pref
10 105
10
Park & TlIford
• 4,600 1034
Penick dr Ford pref _100
10109%
Petroleum Corp of Am • 9,800 19%
Phoenix Hosiery 01.100
80 8.5
Pittsb Steel pref.....100
30 05%
Pitts Terminal Coal 100
100 7
Postal Tel&Cab le p1100
100 9034
Procter & Gam pf_ _100
200 105
Produc& Ref Corp p150
80 32
5
Pub Ser of NJ Pf (5)• 2,300 944
Rand Mines
30 36
Revere Copp &Brass A*
300 5734
Reynolds Metal
• 1,400 2434
Shell Transp &Trad £2.
SO 4434
Skelly 011 pref
10
700 87
Sloss-Sheff St & Sr._100
100 27
Preferred
100
100 50%
Spear & Co pref_.
.100
160
Stand Gas & El p1(6)_*
42217)"
Stand 011 of Kansas_25
900 31
Superheater Co (The)_* 2.000 4231
Thermold Co
19.200 11%
Third Nat Invts
•
300 2731
Thompson Products_ _•
300 25
Thompson-Starrett_ _.•
200 10
Preferred
•
201 4134
Tobac Prod div ctf A.10
100 5%
Div certifs B
100 5%
Div malls C
100 531
Transamerica Corp_ _25 102,400 20%
United Business Pub_ _*
30 20
United Dyewood___100
30 4%
Preferred
100
10 46
United Dye Wks p1_100
100 106
Unit, Leaf Tob pref_100
801 9935
• 5.600 74
Wrigley Co
•No par value.
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug 2 29% Jun 34% June
31
2% Aug 7 2% May 3% Mar
18% Aug 6 1831 Aug 2631 Feb
Jan 101
May
99% Aug 6 95
July 8736 Jan
80% Aug 6 78
38% Aug 4 35% Aug 42% July
8 9% Aug 4 83.4 Aug 14 34 July
Aug 6 4834 July, 803-4 Mar
8 57
July
Aug 7 126% Jan 145
7143
Aug
Aug 103
Aug 5 103
5 103
Aug 122% Aug
8122% Aug 5 118
July 1253-4 Aug
8 125% Aug 5 118
June 27% Feb
Aug 5 16
5 20
Feb 95% AM*
Aug 5 85
5 91
May
8 30% Aug 6 25% Jun 37
May
July 30
Aug 5 19
5 24
49% June 7036 Jan
Aug
8 56
June 5134 Apr
4 3431 Aug 4 31
Mar
Aug 6 1336 Jan 119
6 118
July
Aug 20
Aug 8 14
8 14
Aug 6 50 June 6434 May
8 58
Aug
Mar 101
Aug 4 97
5101
8 1434 Aug 7 12% June 2031 Ayr
Aug
Aug 7 24 June 125
7125
Jan 98% May
Aug 4 91
4 97
6 23% Aug 4 2234 Jan 25% Apr
Apr
Aug 8 77% Jan 94
2 87
Feb 10431 June
5 101% Aug 6 99
Aug 4 76% Jan 93% MaY
6 84
Aug
Aug 14
Aug 2 14
2 14
Aug
Aug 4 120% May 130
4130
6 08% Aug 6 96% June 10036 Mar
Apr
8 34% Aug 5 2834 Jun 50
Feb
Aug 86
Aug 6 75
6 75
Aug10934 Apr
8 89
Aug 4 05
July
6116% Aug 5 11234 Jan420
Aug 6 3434 June 44% Feb
6 36
4 9731 Aug 7 9234 June 9731 Aug
Mar
710931 Aug 7 10034 Jan 110
Aug 1934 Apr
8 12. Aug 2 11
Apr
July 100
87
6 83
Aug
8!
Mar
81 OW) Aug.98 June 101
8 101
Apr 11836 Aug
6i11836 Aug
July
Aug 7 123% Jan 138
7138
Jan 123% June
Aug 7 117
5120
8 1234 Aug , 9% June 1334 July
4
June 19% Mar
8 12% Aug * 11
2 67
Aug 2 50% July 603.4 July
Apr
116
Feb 127
8120% Aug 7
xs
, Aug
34 Aug
hi Aug 7
7
May
Aug 47
27
8 32
Aug 8
Mar
Jan 115
4113% Aug 4 108
Jan
May 62
7 45% Aug 6 45
June
115
Aug 7 108% June
7112
8 7431 Aug 6 66% June 97% Apr
4
7
5
5
6
8
5123
5 5
8 323.4
4 3834
8 8836
8 95%
7148%
8 58%
8110%
4 44
4 1931
7 936
5 84
2105
6 16
6109%
8 2134
8 85
4 97
6 7
5 9034
410734
6 32
2 9534
5 36
3. 57%
4 25%
5 44%
3. 8934
5 27
8 50%
8
1(
)034
8 33
8 4534
2 134
S 29
8 2531
8 10
7 4131
8 534
8 5
8 5%
8 2336
6 21
8 434
7 46
7 106
2 10036
8 79%
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
7 11831
5 434
6 31
5 35%
4 8036
5 84
71423-4
4 53
107%
4 3534
4 173-4
4 734
5 7334
2 102
1036
6 107
1831
8 80
5 9331
6 7
5 0
7 105
6 30
8 91%
33%
8 5731
5 23
4
5 4827%
Jan 126
June 1034
Aug 3231
July 4831
June 9234
JunellO
Jan 149%
June 6234
Aug 116
June 54
June 32
June 14%
Mar 85
Mar 110
Aug 3534
Jan 11034
June 2731
Apr 88
e 03
June 103
June 15%
Aug 10734
June, 40
June; 97%
Feb' 37%
Alurl 72
June 3431
Aug!F b 04846i
Mar
Mar
Aug
Apr
Feb
Feb
July
July
July
Apr
Apr
Apr
June
Apr
Apr
July
June
June
Jan
July
Mar
June
Jan
Jan
Apr
JuneAfpa
13
5 24% June' 5635 Mar
0
1).13e
0
un
j o 8
053,4 Ju iy:10231. J3 ar
8 46
May
Jan- 81
6 71
5
5
4
4
4
8
7
8
8
8
5
8
6
29
38
11
25
20
9
40
23%
,
336
234
20%
4yi
20
June!
June',
July
June;
June
Jun
Jan
Apr
Jan
Jan
Aug
49
45%
2634
32
3034
1834
4934
634
6%
6%
25%
10
31
la
13yr
Ap
July
July
Apr
Mar
Mar
Jan
Jan
July
July
Jan
Feb
July
7 46
Aug 58 Jung
Mar
84
7 99
4 97
JulyMar
July
5 67% Apr) 81
Converted 4% bonds ofrigh
1932-47 (First 4s)
Total sates in $1,000 *nits ___
Converted 411% bondsilligh
of 1932-47 (First 4%a)(Low(Close
Total sates in 31,000 units__
Second converted 431% High
bonds of 1932-47 (FIrSt LowSecond 431*)
7'otal sales in $1,000 units_ _ _
High
Fourth Liberty Loan
431% bonds of 1933-38- LowClose
(Fourth 43.4*)
Total sales In 51.000 units__
f Illgh
Treasury
(Low_
434s. 1947-52
(Close
Total sales in 51,000 nails_ __
High
Low.
4s, 1944-1954
Close
Total sale* la 31.000 units_ _ _
if High
Low_
3%a, 1946-1956
Close
Total sales in $1,000 units__
____
____
____
_--- -- ------,
,
,
,
102 22 102 32 102 23 102 32 102 32 102 s2
,
,
,
,
,
,
102 32 102 32 102 32 102 32 102 32 102 32
,
,
32 102 32
,
,
,
,
102 32 102 32 102 32 102 32 102
,
,
1
18
11
47
2
16
------------ ---- ____
,
103 32
,
102 42
103.33
25
--__
-- ---__
- -__
____
_
_-- -
__
_103
1023132
103
38
112.133
112"22
112":3
7
-___
-___
-__
__
_103
102"3
103
35
1122,3
112,,
32
112..33
18
1081,3
108.n
,
108 r2
___ 106.33
__ _ 106.33
,
____ 106 82
----
Total sales in $1,000 units_ __
High
Low_
334s, 1940-1943
(Close
____
____
__
---__- 103132 103 32
_103
,
102.43 102.32 103
103.33 103
103
231
28
204
,
112 .33
---- 1123,32
32
1132,
____ 112,,32
1122.3:
- --- 1123.31
226
a
____ 108,032 108,,
,
---- 108.n 108 31
-___ 1081033 1051,33
33
5
- --- 100.r3
------- --- 100.33
,
_-__ 106 32
____
50
____
.
__ _
____
____
sr
...._- 101,, 101,0:3
_ _ _ 1012°,1 101.031
......_ 10M, 101..n
____ -- --- 101...33
____ 101..33
____ 101..31
____
Low_
331s. 1943-1947
--
----
___----
ote.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
,
1011,32 to 101,11
,
102.32 to 102.3
1 1st 431s
19 4th 4315
New York City Banks and Trust Companies.
(AO prices dollars osr share.)
Banks.
New YorkPar 503 Ark
9412
America
25 93
American Onion'
100 91 101
Broadway Nat Bk & Tr_100 91 101
Bryant Park*
43
20 37
Chase
20 13712 139
Chat Phenix Na! Bk & Tr 20 106 109
Commercial Nat Bk & It 100 370 385
Fifth Avenue.
100 2750 3050
First
100 4800 4875
Grace
100 600
Harriman Nat Bk dr Tr_100 1510 isle
Industrial
100 160 180
Lefeourt Nat Bk A Tr...100 90 105
Liberty Nat Bk & Tr. 100 92 t 02
20 12412 126
National City
Penn Exchange•
100 90 100
38
10 28
Port Morris'
Public Nat Bk & Ti'
25 99 101
Seward Nat Bank de Tr_100 82 87
45
Sterling Nat Bk & Tr__ _25 40
Straus Nat Ilk & Tr_ __100 235 250
25 3812 40
United States.
Yorkville
100 130 150
150
100
Yorktown*
Brooklyn
95
50
Brooklyn
100 400 500
Peoples;
Trust Companies.
New York (Cond.)- Par Bid Ass
Bank of N Y dr Trust___100 645 665
10 136% 39%
Bankers
68
20 60
Bronx Co Trust
Cent Hanover 1313 dr Tr_..20 330 336
35
Chelsea Bank & Trust...V) 32
64
Chemical Bank & Trust_ _10 63
28
Continental Ilk dr Tr. _ _ _10 27
Corn Earth Bk dr Trust- _20 158 160
100 235 245
County
20 80 82
Empire
100 550 575
Fulton
100 604 608
Guaranty
100 170 180
Hibernia
37
20 31
international
38
Internet Mad Ilk de Tr_ _25 30
491 2
10 49
Irving
100
Lawyers
20 16,5- 166Manhattan
83
25 81
Manufacturers
Mutual (Westchester) _ -100 350 425
25 238 242
N Y Trust
100 100 110
Plaza
22
100 I 20
Timm Square
20 145 147
Title Guar & Trust
100 3900 3975
United States
100 1803
Westchester
Trust Companies.
Par
New York100
American
220
Amer Express
Banes Commerciale ltal_100 315
Brooklyn
1011 697 707
Brooklyn
Globe Bank & Trust.._ _ _100 155 180
100 2800 3000
K Inge CO
M Id wood
100 160 ISO
• maze banks.
322
New stock. r Lir-dividend.4'r-'trek dly.
,
y
New York City Realty and Surety Companies.
(All Pricer dollars per sh.„re
Par
Bond & Mtge Guar-- _ _ _2
Home Title bemtai e ___2r
20
Lawyers Nfortgage
Bid I Ask
Par
98 1102 11.awyers Title dr Guar_ __Ill(/'
53
09 Lawyers Westchest M&TIO0
47
49 (Westchester Title & Tr.__ _
Bta i s sk
270 280
200 250
140 160
Quotations for U. S. Treas Ctfs. of Indebtedness, &c.
Matwetly.
lat.
Raid.
061.
Asked.
Maturity.
hole.
Sept.16 1930 _ _ . 33i% 100 32 100'n Scut 15 1930-32 334%
,
Dec. 13 1030_ _ 332% 10011,22 1001.31 Mar. 15 1930-32 334%
Jule 15 1931_, _ 234% 1001,32 1001.31 Dec. 1/5 1980-32 335%
Asko;
,
100,132 100 32
,
100 (22 100922
1001,22 1001%2
Foreign Exchange.To-day's (Friday's) actual rates for sterling exchange were 4.86 13-160
4.86 31-32 for checks and 4.87 1-3204.87% for cables. Commercial on
banks, sight, 4.86% 04.8631; sixty days, 4.843%©4.84 11-16; ninety days,
4.83% ©4.83 11-16, and documents for payment, 4.8434844.84 11-16.
Cotton for payments, 4.86%, and grain for payment, 4.86 •
To-day's (Friday's) actual rates for Paris bankers' francs were 3.93 5-16
03.93 7-16 for short. Amsterdam bankers' guilders were 40.263-6 ©
40.29 for short.
Exchange for Paris on London, 123.77; week's range, 123.84 francs high,
and 123.77 francs low.
The week's range for exchange rates follows:
Cables.
Sterling, ActualChecks.
High for the week
4.87 5-16
4.87 1-16
Low for the week
4.87 1-32
4.86 13-16
Paris Bankers' Francs
High for the week
3.93 9-16
3.93 7-16
Low for the week
3.93 7-16
3.93 5-16
Germany Bankers Marks
23.9134
High for the week
23.9034
23.8834
Low for the week
23.8634
Amsterdam Bankers' Guilders
40.32
High for the week
40.31
40.28
Low for the week
40.26
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
For salsa during the :reek of stocks not recorded here. see prece.:iing
page.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Aug. 2.
Monday
Aug. 4.
Tuesday
Aug. 5.
1Wainesdag
Aug. 6.
Thursday 1
Aug. 7.
Friday
Aug. 8.
Scdes
for
the
TVeet.
STOCKS
NEW YORK STOCK
EXCHANGE.
PRR 3114R11
Range Since Jan. 1.
On basis of 100
-,tare lots
L010631.
MOM.
----Shares
Railroads
Par 5 per share $ per share
14.700 itch Topeka A Santa Fe-100 194 June 25 24212 Mar 29
900 Preferred
100 10233 Jan 3 108 June 24
600 Atlantic Coast Line HE. 100 145 July 7 17513 Mar 18
6,800 Baltimore
Ohio
1041 9814June 24 1223* Mar 31
Preferred
100 784 Feb 111 8438July 25
/
1
900 Bangor dr Aroostook
50 63 Jan 3 8413 Mar 29
80 Preferred
100 109 Feb 28 1161431111e 4
300 Boston& Maine
100 79 June 24 112 Feb 8
700 Brooklyn A Queens Tr_No var 10 Jan 11 157
8May 22
500 Preferred
No par 53 May 3 6312May 29
3.300 Bklyn-Manh Tran v t a_Ne par 583
8June 18 7833 Mar 18
100 Preferred r 8 a
No par 84% Jan 6 94 May 29
2,800 Brunswick Term dr RY Bec100
55 July 10 33% Apr 23
2,400 Canadian Pacific
100 1843
2June 25 2264 Feb 10
900 Chesapeake dr Ohio
100 171 June 25 2414 Mar 28
16,300 Chicago dr Alton
100
3 Aug 8 10 Apr 2
20,900 Preferred
100
218 Aug 8 10% Apr 11
Chic dr East Illinois RR_ _ _100 1414 Jan 7 28 Mar 26
400 Preferred
100 32 Aug 8 5272 Mar 26
5,200 Chicago Great We8tern
100
812June 24 173 Mar 31
4
7.400 Preferred
100 27 June 24 5238May 10
5,200 Chicago Milw St Paul A Pac_
1212June 25 263 Feb 7
2
Preferred new
13,100
204June 18 40 Feb 10
/
1
4
8,200 Chicago dr North Western_100 68 June 25 897 Feb 8
8
200 Preferred
100 130I4June 25 140 4June 3
3
17,000 Chicago Reek Ill .1: Paelfic_100 903 Aug 8 12818 Feb 14
3
400 7% Preferred
100 105 Juno 16 1103* Mar 20
400 6% Preferred
100 x98 June 6 108 Feb 7
Colorado & Southern
100
100 65 June 18 96 Feb 13
First preferred
100 684 Jan 3 80 June 19
Second preferred
100 60 July 11 75 Apr 23
1,000 Cense' RR of Cuba pref
100 49 Jan 2 62 Apr 10
800 Delaware dr Iludson
100 146 June 25 181 Feb 8
2.000 Delaware Lack dr Western_100 11014June 18 153 Feb 8
400 Deny.& Rio Or West pref_100 45 June 27 80 Mar 28
4,900 Erie
100 3512June 18 634 Feb 14
200 First preferred
100 5312June 25 67% Feb 19
Second preferred
.100 50 Juno 25 6212 Feb 14
2,300 Great Northern preforree_100 713
4June 25 102 Mar 29
Prof certifiratem
100 67 June 25 994 Feb 21
/
1
300 Gulf Mobile & Northern .__100 2814June 25 4612 Feb 17
Preferred
100 90 June 21 9814 Mar 10
Havana Electric Ry___No par
37
8elay 10
813 Jan 17
Preferred
100 68 May 9 72 Jan 2
Hocking Valley
100 450 Jan 25 525 Mar 29
1,30018116800 dr Manhattan_. 100 41 June 25 533* Y.4ar 25
2,900 Illinois Central
100 11314Juna 25 1364 Apr 22
20 RR Sec Stock certlfleates___
70 Jan 2 77 May 13
1,100 Interboro Rftpid Tran v t 0_100 203 Jan 8 3913 Mar 1811
2
ant Rys of Cent Arneriest_100 197 July 14 324 Jan 16
*
I Preferred
100 613 Jan 2 73341May 7,
4
700'Kansas City Southern_
4J
100 &83 tine 25 853* Ater 29
Preferred
100 85 June 25 70 Apr 16
Lehigh Valley
50 5732June 25 84% Mar al;
1,800 Louisville & Naahville
100 116 Aug 8 13812 Apr 41
3,000 Maialiat Eley modified guar 100 24 Jta3e 28 404 Max 18
Market St Re Prior pecf_100 17 Jan 16 2512 Feb 12
1.400 'Minneapolis & St. Loule___100
1 June 27
218 Apr 5
Minn St Paul 1.88 Marle.106 19 July 18 31, Feb 7
10 Leased lines
100 50 July 31 5912 Feb 21
11,800 Mo-Kan-Texas RR___No par 327
8June 25 664 Apr 14
1,100 Preferred_
100 984 Aug 6 1083 Mar 27
3
2,000 511.83ouri Pacific.
100 57 June 25 9812Ma2 8
3,000 Preferred
8June 28 14512Mar 6
100 1153
30 Morrie k Essex
50 813 Jan 29 8612July 26
4
20 Nash Oben dr St Louls____100 95 July 31 139 Mar 25
500 Nat Rya of Mexico 2d pref_100
11 July 29
as Feb 25
11,700,New York Central
4June 25 1921 Feb 14
100 1503
4
500'N Y Chic A St Louis Co_100 04 June 25 144 Feb 10
100 105 July 3 nes4may 14
5001 Preferred
40 NY A Harlem
50 1783
4June 18 324 Feb 3
104% 10413! 10412 10614 1053 1063 101 10514 10112 1037
8
4
81 9912
100 9714June 24 12818 Mar 291
•1172 119
119 11914 11918 11918 11918 120 '"11912 120129.1912 1013* 12,700 NY N H A Hartford
12012 1,800 Preferred
116 June 18 13512 Mar 21
"918 10
*918 10
*918 1014 *93 1014
4
94 93 1
4
9
800 N Y Ontario A Western__100
812June 18 1714 Mar 31
*112 212 *112 212 *112 212 *113 212 '14 24' *112 918
212
N Y Rallways prat ____N; per
112June 24
412 Jan 16
17
8
17 ._
8
17
8'*__
1%
N Y State Rye
212 Feb 6
1 June 4
100
•12
14% •12
143* 1012
1014 1033 1014 1033 •11
1212
100 10 June 27 3358 Feb 14
«22514 230 *22514 230 *22514 227 *22514 227 22514 22511 222 224 2.600 Norfolk Southern
/
4
300 Norfolk Jr Western
100 21314June 28 265 Feb 18
86
"85
4 86
853 853
4
86
*88
8614 8618 38131 .86
8511
50 Preferred
100 83 Feb 3 8814May 29
73
'71
7112 72
7214 74
73 8 737
7
8 71
7241 6812 7112 6,100 Northern Pacific
4June 25 97 Feb 21
100 1383
Certificates
100 6311June 25 86% Feb 21
4
.714 8
*714 73
4 *714 73 -;71
/
4
-;71-2 8
Pacific COM*
64July 22 197 Apr 9
100
2
4
743 75
748 7514 744 7514 7418 75
734 74% 713 73%
4
Pennsylvania
18,400
2
50 69%June 25 863 Use 21
*8
.8
15
15
"8
15
*8
15
*8
15
*8
15
Peons A Dieters
100 10 July 18 2412 Mar M
*131 137 *131 137 •131
*131
*131
____ .131
Pere Marquette
100 130 June 16 18412 Apr 10
99
.98
99 '98
09
99
98 98
96
98
*98 '
Wit;
iio Prier preferred
100 943 Jan Si 101 May 17
4
*97
98
*97
OS
*97
98
*97
98 •97
98
*97
OS
Preferred
100 95 Jan 7 09 Apr 15
*8013 90 •80% 90 • * 90
•803 90
"803 90
8
8
805
. 8 90
803
Fnesburgh A WOO VII
100 90 June 16 1211 Feb 11
4
"105 1067 10418 105 "105 110 *10412 110
8
10512 10512 10553 106
1,300 Reading
80 100 June 25 14113 Feb 0
'46
48 "46
4812 "46
4812 *47
4812 *47
48,2
4812
60 4413 Mar 11 53 Feb 21
Firel Prefere'd
48
*473 49
4
48
*473 4813 *473 4812 *473 48 '47
4
4
4
*4713 48
100 Second preerted
4
50 473 Jan 4 57 Feb 6
*3814 52
*3814 52
*3814 52
"384 52
/
1
*3814 52
*3814 52
Rutland RR prat
100 42 June 10 674 Mar 5
89 .88
"83
89
90
90
8812 90
8713 8812 863 87%
4
Louie-See Francisco ..
100 8512JulY 7 118% Mar 27
933
.92
4 03
93
933 933
4
4 94
94
"9212 9312 9212 0212 5,100 St
100 92 Jan 2 101 Apr 2
let pref Paid
3,500
*67
70
70 1 *68
6818 6818 *63
70
68
68
65
67
1,000 Si Louis Soultiwesters
100 5218June 25 7634May 18
"91
93 4; *91
3
93 4 "91
3
9334 "91
933 *91
4
9334 904 903
100 85 May 7 943
4 1.000 Preferred
4July 24
618 6141 *64 612 '6,
8 612 "64 62
3
01,
6
513 Aug, 8 1212 Feb 15
54 6
3,200 Seaboard Alt Line
100
'5
15
15 *-- 15 *____ 15 •_
15
15
Preferred
100 16 June 21 28 Feb 7
•118 119
11912 11912' 11918 120
118 119
11714 1171 11513 118
4,600 Southern Pacific Co
100 108 June 25 127 Feb 10
8618 863
4 86
884 8612 893
4 833 8612 8018 85
3
7718 8014 36,200 Southern Railway
100 7718 Aug 8 13834 Jan 13
*93
9312 9312 9312 933 933
4
4 9214 9314 92
9312 "90
923
4 1,700 Preferred
100 908 July 7 101 Mar 20
*111 123 *111 123 "111 123 *111 123 '115 122
'115 121
Pacific
Texas A
100 110 June 28 14.5 Apr 24
81
812
'8
*812 94 '834 912
/
1
9
9
8
9
612June 18 1512
100
1,500 Fhird Avenue
*12
14
*12
"12
14
14
*12
1314 "12
13
Twin city Reotd Trans11-100 10 July 10 314 Mar 21
"12
13
46314 6312 *8314 6312 '6314 6312 *6333
Jai 20
6312 *6314 6313
Preferred
f:113
100 6314June 20 79 Feb 3
220 220
2198 22014 220 2224 21514 21818 21314 21513 '6314 2
21018
5.100.IInion Pacific
100 200 June 25 2423 Mar 29
4
8512 8513 858 85% 853 86
4
8818 8618 8613 8133 *86
863
100 1424 Jai 17 8634J11ly 22
9001 Preferred
/
1
4
•321* 36
331 3312 3312 3112 32, 3212 3212 3272
2
28
3118 3,400 Wabash
100 28 Aug 8 673 Apr 1
2
*70
•70
75
74
70
70
"70
74
70
70 '68
70
100 70 July 3 8914 Apr 8
200! Preferred A
*2314 2312 2312 2.134 24
254 24
2412 2312 24
21% 2318 8.500 Western Maryland
8June 18 36 Mer 29
100 183
*22
27
*23
"23
27
27
*23
27
*23
27
*23
Second preferred
100 19 June 25 38 Mar 28
*1914 21
•1914 21
*1914 21
.1914 2033 "1914 1912 *1914 27
Western Pacing
1912
100 17 June 10 3012 Max 29
*3312 40
*3812 3913 "384 391 3812 3312 '3814 41
/
4
*3814 41
-100 383
2June 25 5312 Mar 19
500 Preferred
Industrial k Miscellseeou
26
26
*25
*2513 2614 *2514 28
26
*2514 26 '25
26
100 Abillb1 Pow di Pap
No par 22 Jan 18 421a Apr 9
*7412 76
*7413 76 '76
77
'70
77
"75
77 '76
Preferred
77
100 647 Jan 17 8612 Apr 8
2
• Bid and asked prices: no sales on this day. c 60% stock dividend
paid. z Ex-dividend. it Ex-rights. a Ex-dividend and ex rights.
3 Per share 5 per share $ per share S per share S per share
per share
*21612 220 219 21912 218 2213 2147 21914 21118 21412 20714
4
105 105
10512 10512 10512 10534 10612 10612 10612 21013
105 105
10612
*145 151
146 146
150 151
150 150
150 150
145 146
*104 10412 10212 103
1033 105
104 10414 1035 1007 103 1037
4
8
*8112 8212 .8112 83
83
.81
*8113 83 '8112 8413 *8112 8412
*73
8
747 *73
747 *73
2
717
2 74
74
.72
7314 71
73
*110 113 "110 113
11212 11212 11212 11212 *110 11212 110 110
85
"80
85
*79
85
85
8413 8434 *79
8412 '70
85
*133 13% 13% 13% *131 13% 1314 1314 .1314 135
8
/
4
13
1314
*6018 6112 •604 61
*604 61
*6012 61
60
6012 "60
61
65
65
6412 65
641 6414 61
/
4
6418 64
6418 6212 6418
"91
91% '91
9112 9112 9113 *91
9112 .91
0138 "91
9112
1
914 914 *914 93, .93
3 973 *914 67
914 11
9
8
103
4
•
185 186
185 186
1853 186
185 186
4
1844 18578 18412 185
184 18512 18512 186
•
18713 18712 188 19012 187 187
67
8 713
6
6% 714
612 673
714
4
58
7
3
413
33
614 7
6% 714
6
63
8 612
713
514
24 333
*10
18 •____ 21 *____ 21 "____ 21
*__
21
*31
37
"32
36
*34
35
*34
35
34
34
32
32
11
11
107 11
10 4 10 4 1034 11
3
3
3
1012 1012
933 1012
*3814 38% 3812 3812 36
383 "36
4
37
3533 37
32
3714
14% 15
1412 137 14
8
1412 14% 14
137 137
1333 133
4
*2212 23
8 2134 22% 2218 223
2213 227
4 213 2213 207 2114
7412 75
75
*73
76
76
76
76
73
737
8 72
72
*132 140
*135 141 *135 141 '135 141
132 132 *134 141
*10012 10412 *10012 101 I 102 102
98 101
944 973
8 9038 9412
1 10612 10612 *106 103
10713 10712 *106 10818 108 106
107 107
*10014 10112 *10012 10112 '101 1013 101 101 *10012 102
4
10012 10012
.67
82 '67
82
82 '67
*67
737 *67
738 6714 6714
*
75
*75
77
*75
77
*75
77
77
*75
77
*75
77
*68
69 "68
69
69 '65
*68
69 "65
69
*65
69
'54
54
*53
55
54
53
51
53
*52
53
55
55
*15814 16112 *15812.16113 15813 15812 15818 15318e 15813 150
158 159
*11312 11412 *114 11413 11313 11412 11314 11312' 114 114
11314 11312
'60
61
60
60
*5512 61
"57
60 I .57
60
5113 57
4113 *41
41
413
4 414 4218 41
414; 39
403
4 38
42
*58
603 *58
4
603 '58
4
603 *58
4
503 "58
4'
603
4 58
58
*5412 57 "5412 57
*5412 57
*55
67 I *55
57
"55
57
8112 8112 8112 817
81% 82 "8112 82
8' 8012 81 3...t _7_9_ 8012
1
;3'1- - - -1 ;51- 321- ;5113 3213 i3114 3212 3114 31 14
32;
3
303 31
4
.03
98
*93
98 '93
98
*93
98 I "93
98 '93
98
•118 4
*118 4
"118 4
"118 4
*118 4
*118 4
5312 *40
---- 533 •
4
4
553
5312 *3913 ---- *3918 ____
4__
-4812 161- -4U4 47 ;1. 7 -- - -48T4 46,
6 2 4714
2
4 46
61
452 4512
•11714 119
1173 11812 11812 11812 116 317141 11614 11614 z11418
4
11528
'72
74
73
7312 73% '71
*71
73 1 '71
73
*71
73
26
2718 278 27% 2612 2612 '27
27121 *27
2812 2313 2518
*1518 20
*1518 20
•16
•1513 20
20 1 .1518 20
*1518 20
.6513 693 *8513 694 *6512 693 "6512 6934 *66
4
4
693 *66
4
6912
*6212 67
*6213 63
63
63
*6212 65 I 6318 6318 6213 63
*65
6712 '65
6712 *6512 6712 '6513 6713 *6678 6712
6712 '65
*81
6412 4.61
6412 '61
6412 *61
6413 "61
68 '61
65
119 120
118 120
11812 120
120 120
120 120
116 119
30
31
304 3013 3014 3014 3012 307
3018 3113 2812 30
'18
19
"18
*1712 18
19
"18
19 "18
19
*18
19
"1
114
114
114 "1
114
114 •1
1
1
118
118
'15
19
*10
20 .15
"10
20
20 '15
20 '15
20
*
51
55
"51
55
"51
51 '51
55
51
55
*51
55
*3912 403
4118 39
4018 3812 393
398 394 40
4 3
612 388
•98 10014 "98
9911 9912 0912 9818 9818 9812 9 12
14 9
"84
66
*6414 66
65
66
663
63
4 65
64
12414 12414
12314 124
123 124
12318 124
122
'84
8612 84
8612 8612 861 2 :414 8814 :8,8414 12234
84
*84
34 88
963
2
9
98681,22
"95 10112 *95
99
96% 98
*967 99
8
14 118 .1
118
1
1
1
1
"1
113 *1
11,
"162 164
162 166 1 164 16814 164 16512 162 16312 1591
162
"106 109 *106 109 :1
13
'106 108 .105 107
105 10513 104 105
•10612 10814 1073 10734' 108 10818 107
4
197
*189 200 *189 200 *189 200
189 189
2% 2%
12414 1241,
:11
1E12 1.2
PRR SIIAAle
listsge for P36610ws
Year 1979.
Lowest.
Higbee:.
3 per glare
19512 Mar
09 May
161 Nov
10,514 Nov
75 June
55 Oct
v10314 Oct
85 Apr
7 Nov
44 Nov
40 Oct
7612 Nov
44 Oct
185 Dec
180 Nov
4 Nov
3 NON
12
15 Dec
3634 Dec
7 Nov
1712 Nov
16 Nov
2812 Nov
75 Nov
134 Apr
101 Nov
100 Nov
2
947 Nov
864 Dec
/
1
65 Oct
12
64 Apr
45 Nov
14112 Oct
1204 June
/
1
49
Oct
4113 Nov
554 Nov
52 Nov
8514 Nov
85% Nov
18 Nov
70 Nov
MI Dec
155 Feb
370 Nov
341k May
116 Nov
70 Nov
Oct
15
25 Nov
6114 Dec
Oct
60
63 Nov
65 Nov
Oct
110
Oct
24
1411 Nov
/
1
14 Nov
35 May
.51 Dec
2718 Nov
93 3 Nov
7
46 Nov
105 Nov
753 Oct
173 Nov
1
Oct
180 Nov
110 Nov
100 1.46Y
155 Oct
0 1 Jan
7
414% Jan
8 Nov
112 Dec
1
Oct
1412 Dec
101
Jan
82 Nov
754 Nov
75 Nov
4% Dec
7212 Mar
17 Dee
110 Nov
91 Nov
90 Nov
90 Nov
10112 May
4112 Apr
43% May
497 Oct
2
101 Nov
87 Nov
50 Nov
84
Oct
018 Dec
104 June
/
1
105 Nov
109 Nov
93 June
115 Nov
812 Nov
2012 Dec
75 Doc
200 Nov
80 Nov
40 Nov
82 Nov
10
Oct
14% Nov
15 Oct
3712 Nov
per share
8
2985 Aug
1047 Dig
2
2094 July
14518 Sept
81 Dec
9033 Sept
115 Sept
125 July
15 Dee
65 Sept
317 Feb
2
92% Feb
4418 Jan
269% Feb
279 2 Se%
3
1934 Feb
2534 Feb
43 Feb
66% Feb
23 8 Feb
7
63% Jan
44% Aug
68% SeP3
10812 Aug
145 Feb
14312 Seer
109
Oct
10314 Nov
135 July
80 Jan
7212 Mar
70% Jan
226 July
169 4 Sept
3
774 Fob
9312 Sept
6614 July
63 8 July
7
12814 July
12214 Julb
59 Fen
103 Jap
1113 A03
734 Dam
800 Oct
58% Jan
1534 July
8018 Feb
583 Feb
3
59 Jan
8014 Jan
1037 July
8
7012 Jan
102 Feb
/
1
4
1543 Sept
4
5712 Jan
394 Jan
334 Jan
6113 Sept
86
Jan
65 4 July
3
10713 Apr
1013 July
8
149
001
8613 Jan
240 Aug
33 Jan
3
25612 Aug
1923 Aug
3
110 Dec
279
Jan
13212 Oct
13104 Aug
32 Feb
9 8 Feb
7
1414 Mar
4312 Feb
290 Sept
2714 May
1187 July
8
114% July
43 Feb
110 Aug
35 Jnly
260 Aug
101 Mar
97
Jan
1483 Jan
4
14734 Sept
50 Se%
60 4 Sept
3
7414 Sept
1333 Aug
4
9813 Feb
153 Feb
4
94
Apr
213 Mat
4
413 Oct
8
157 Sept
13
16218 Sept
100 Dec
181 May
39 Fee
81
4
5 / Jan
100
Jan
297% Aug
5 Seat
13
81% Jar..
1047 Jan
2
54 Yen
534 Feb
41% Met
67 4 Jely
3
3414 Dec 57 8 Aug
,
69 Nov, 8843 eJan
906
New York Stock Record-Continued-Page 2
Foe gales during the week of stocks not recorded here, see second page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Aug. 2.
Monday !Tuesday
Aug. 4.
Aug. 5.
1Vednesday I Thursday
Aug. 7.
Aug. 6.
Friday
Aug. 8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share tots
Lowest.
Highest.
$ per share 8 per share S per share 6 per sharel per share 8 per share Shares industrial &Mac,
(Con.) Par $ per Mare $ per share
*46531 493 *463 493
8
4
47 47
4
493
200 Abraham & Strauss____No par 42 June 25 66 Apr 21
4
*463 493
8 463 46% *45
8
'1084 10812 *108 10812 *108 10812 *108 10812'*108 10812 *108 10812
_
Preferred
100 104 Jan 11 110 Feb 11
2634 263
4 263 2712 26% 2712 263 27181 2614 263
4
4
4 25
2614 15,500 Adams Express
No par 2178June 18 37% Mar 31
, *9191 913 *91
4
4
92 I 1391
913 *91
913 *91
4
913 3191
Preferred
913
4
100 8514 Feb 4 92 Mar 27
*25 8 26
5
26
26
2718 *261 27 1 *2612 27
27
400 Adams Millis
/
4
2612 2612
No par 23 Jan 23 32 Mar 31
*10, 11
2
*10 8 11
5
114 1112 1310 8 1112' `105 11.1t 1058, 1114
/
1
3
600 Advanoe RumelY
8
100
8 June 17 23 Jan 24
14
4221 2311 2312 2312 23
215 22
8
4'
2353 223 223 *2012 23
4
700 Preferred
100 157
8June 24 4114 Jan 29
*3
8
3
4
5
4
8
3
6
4
8
511!
3
4
52
3
4
3
3
4 1,200 Ahumada Lead
•%
1
12 Jan 4
1% Mar 28
115% 11612 117 1183 11714 1187 1155 117 1 11212 1145 1085 114
8
4
8
8
23,500 Air Reduction,Inc
8
No par 10314July 1 1563
8June 2
1317
17
185
*17
8 17% 17% 1,300 Air-Way Eleo ApplianeeNo par 16 June 23 36
17
4 18
1714 17
18
173
bier 24
114 114 *118 114
b., 114 114
600 Max Rubber. Inc
/
4
11 141 *11 114 •113 114
/
4
No par
1 June 18
2 Jan 9
/
1
4
53
' 612 512
512 512
8 612
/
1
4
'
8
) 53 538 *53 5
8
512 512 1,600 Alaaka Juneau Gold Min- _10
412June 18
9 Jan 7
/
1
4
8
8
9
10 I •8
*814 9
912' *8
*8
100 A P W Paper Co
8%
318
No pat
8 June 25 1512 Feb 17
8 2114 2112 2114 2218' 2114 213
8' 21
F 2114 213
2114 2014 21
28,800 Allegheny Corp
No par 18 June 1
3514 Mar 31
t 9534 96
9512 *95
95
95 I *9312 135
95
9312 9312 1,600 Pref A with $30 warr____100 87 June 23 10712 Feb 11
96
; *90
9212 1390
90
9212 3190
91
*90
3190
92
90
92
200 Fret A with $40 warr____ we 86 June 30 99% Apr 11
8612 '84a 851
*847 8512 *843 85141 847 85
8
8
t
8
847 817 *847
8
3
8
600 Prof A without warr___100 847 July
9614 Feb 24
. 26312 265
266 268
25114 259
269 27012 26614 268 I 258 263
7,900 Allied Chemical & Dye_No par 232 June 25 343 Apr 17
1253 1253 *12312 126 *124 4 126 0
4
3
012412 126 1.12412 126 *12412 126
4
200 Preferred
100 121 Jan
126 Apr 1
/
1
4
5614 5614 58
5618 5214 5438 10,500 Allis-Chalmers Mfg ....__No par 4818June 25 68 Mar 11
54
578 561a 5712 51318 57
13241 25
/
4
*2412 25
*2411 25 I *2412 25
*2412 25
*2412 25
Alpha Portland CementNo par 24 June 26 42 4 Mar 27
,
4
*2518 2514 *243 2512 25
*215 25
25
8
31245 243
8
4 2314 2113 2,500 Amerada Corn
No par
18 Jan 16 3112June 3
*5 8 57
5
200 Amer Agricultural Chem-100
*53
4 6
3
*53
614
4 64 *
6
51 6
/
4
*512 6
453June 18 10% Mar 31
*29 I 3013 29
3012 32
*31
32
3214 *31
32
200 Preferred
30
30
100 23 June 26 39 Apr 1
*80
81
83
1381
81
*80
85
80
85
79
80
80
600 Amer Bank Note
10 68 June 18 97% Mar 27
66
1362
3162
66
1362
63
65
66
1363
63
*63
64
100 Preferred
50 01 Feb 3 683 Jan 31
4
*5
*5
7
612
7
*5
7
*5
5
5
*43
4 7
300 American Beet Sugar__No par
5 Aug 7 12 Jan 16
1et33
/ 35
1
4
347 35
8
35
3414 3412 1,600 Amer Bomb Magneto_No par 27 June 25
3578 31-2 34
/ 37
1
4
/ 534
1
4
54% Feb 14
*4212 44 I 438 4518 45 45
*4212 44
*4211 44
447 45
1,000 AmBrakeShoe &F..
8July 1
---No Par 413
54% Mar 20
41118 12012 121 121
12034 121
121% 1213 121 121 *121 12112
4
Preferred
100 118 July 1 128 Feb 13
I 1634 17
/ 17 4 17
1
4
1612 5712 17
3
173
4 1818 16% 153 17
10,200 Amer Brown Revert ELM par
3
81 Jan 1
4
213 Apr 25
4
4 7114 713
i *7114 74
*7112 757
70
/ 7012 7118 7118 *7114 753
1
4
60 Preferred
100 80 Jan
4
/
1
4
863
4May 28
129 1323 13118 13314 1273 13114 12518 12712 11714 126 191,100 American Can
41
r12814 130
4
25 10814June 2 15612 Apr 16
411443 146 *145 146
8
146 14614 *14614 -- -- *14614 -- -_
500 Preferred
100 14014 Jan 2 147 June 2
I 146 146
497 467 *4912 513
*493 50
4
4853 48% 4914 4914 485 497
800 American Car & Irdy_No pa
8
42 June 23 8212 Feb 6
*993 10112 993 993 *100 10112 9914 100
4
4
9912 9912 987 987
8
8
100 95 June 18 116 Jan 4
500 Preferred_
*573 581
58
4
38
58 58 1 *5712 573
4 56
5713' 52
5814 1,900 American Chain
No par 39 June 25 69% Apr 10
443 44 4 4312 4453 4312 434 4114 427
4
/
1
4418 4418 4414 441
3
2,200 American Chicle
No pa
36% Jan
514 Apr 3
1112 1112 1218 12181 123 1231 123 123
4
4
4 1212 125
No pa
8 4.200 Am Comml Alcohel
914June 30 33 Jan 16
1139 117
4118 1 201 4119
20 1 *1814 20 1 1119
19
Amer Encaustic) Tiling_No pa
2012 1318
*19
15 Juno 24 30% Mar 31
2012
371 38
373 3812 3138
4
3353 38
3714 371z 36
33
2,000 Amer European elec18__No pa
37
3318June 19 59 Mar 31
/
1
4
71% 7314 713 743
4
8 7314 7412 7118 7353 6914 7112' 6412 703 107,400 Amer & Fern Power-No pa
8
5614June 18 1011 Apr 16
4
*107 108 1 108 108
12
108 108
108 108 *107 108
800 Preferred
10814 10814
No par 10614.1une 19 11112 Apr 29
94
L*94% , 96
95
96
1394
800 2d preferred
*9312 95%. •9312 95% 9312 934
/
1
No pa
9212June 23 10014.1une 11
, 147 tt 147 3115
8
*15
16
16
8
1518 1518 147 1478
15
400 Am Hawaiian 8 B Co
15
10 14 July 21 8358 Mar 19
r *312 4124 *3
/ 453 *312 438 *312 4
1
4
*312 4
200 AlUetkan Hide & Leather_10
33
4 4
318July 30
7 Apr 10
I *10
22 1 *19
*18
22
23 1 3118
*18
Preferred
20
20
1318
20
100 1718June 26 34% Apr 11
6112 61
. *5912 6014; *59
6014 604 60 8 6012 6112 6112
7
6112 2.800 Amer Home Products__No par 65 June 26 69 4 Mar 20
1
i .3412
3434 343
3412 3412 3214 32141 2,300 American I011
4' 3414 35
No par 31 June 18 417 Mar 27
8
4
1 3418 34581 3412 3512 3512 3534. 3.4'g3512 333 3412 2218 34 I 24,200 Amer Internal Corp
4June 21 55% Apr 2
No par 283
5
' *153 13
4 *1
138
112 1581
13
138
4
13
8 1'2 *Ps 1121
900 Amer La France dc Fearnite_10
4 Apr 2
158 Aug 6
2234'*_ 223 3115
4
20 1 3115
*15
20
*15
20
20 I ______
Preferred
100 20 July 25 35 Feb 14
4412 4514' *44
/
1
8' 4414 444 4312 4418 4178 4212' 1,400 American Locomotive_No par 417 Aug 3 105 Jan 6
448 447 447
3
*9312 94I 93 9312 9312 93
9314 0312 9312 9234 9231 1,300 Preferred
121 93
100 90 July 15 11812 Mar 1
190 190 *186 193
185 18612 31180 195
185 185
800 Amer Machine as Fdy__No par 175 Aug 8 284% Apr 30
175 180
3112 3112 3112 314 31
/
1
323
,AmArtMetal Co I.td___No par 3018June 16 5112 Feb 7
4
3112 3113 *3112 3212 1,6001
8 313 32
erred o3%
)
*10714 108 *106 108 *106 108 *106 108 13106 103 13106 103
100 106 July 25 116 Fob 18
4176 • 78
78
78
77
78
78
Amer Nat PuOmeno
79
7912 7912 77
77
pret
No par 85 Jan 23 05 Mar 27
/ Feb 7
1
4
No par
2 g Mar 31
7
8 - ---3- -iii4 ii- -gifa -7 1-, -8112 82
8 4,
4
.
81 2
7712 81 12 7412 7gizt 23,600,Am Power ds LIght____No par 723
4June 2' 11918 Apr 1
10218 10214*1013 10218 *1013 102141 1013 1023 •10112 1023 10158 101551
8
8
8
8
600' Preferred
No par 99 June 25 107 Mar 24
4
*80 4 8114 *803 811s. *86 4 8118 *803 8112 *80 4 81 12 *803 811
'
3
3
'
4
3
Preferred A
4
No par 75 Jan 8 85 Mar 20
/
4
81
8
* / • 85181 4
841
8412 8018 8512 8512"
4
9001 Pref A stamped
844 8453 845 845 *8414 85
No par 80 Jan 6 88% Mar 21
2318. 2612; 2612 2718 264 26.8 257 2612 2512 263
8
8 25
26121 21,200 Am Rad &Stand Elarery No par 233
8June 25 $9% Apr 7
3118 et 20 i 1958 1912, 1918 193 *18
19
*18
41
19
600. American Republlog-_No par 1514June 17 37 Mar 25
1818 18181
55 55 1 5512 57
5512 563
12 59
12 55
4 55
55141 5339 553
8 7,8001Amer Rolling Mill
25 48 July
1002 Feb 17
1
63
8,200,Amerlcan Safety Raser_No par 5212June 1
6214. 615g 63
64 I 6112 633
*62
8 6112 633
31 61
63
67% Apr 26
3O71
010
9
10
9
*9
600t Amor Seating VI o
10 1
714 July 1
914 914 *9
9
9
No par
2812 Feb 18
13
4 *112 13
112 112 *114
4
13
8
2001 Amer 8131p & Comm
114
114
No par
118 Feb 25
38May 6
3
L 44514 50 I *4812 50 *483 50 *4812 50 3,
440 Amer Shipbuilding new_No par 467
4
18% 50 1 48 483
4
B412June 5
sMay 2
6712 6412 6614 13,000;Am Smelting & Refining No par 53 June 24 70 Apr 2
663 67 I 6714 6914 6853 693
8 677 6818 67
4
s
/
1
4
*1351g 137 *13512 139 *136 139 I *13612 139 *13612 137 0'13612 137
100'Preferred
100 13312 Feb
141 Apr 8
4012 4013 401g 405 4058' 40
*40
,
800I American Snuff
8
4114 *4012 4114 *40
41
25 38 June 18 43 s Jan 27
7
*10612 108 1*101 108 *10514 108 I*101 108 *10514 108 1*10514 108
Preferred
100 100% Jan
1071 Apr 22
4
gi
8
4 9
*812 83
9 , 1385
8 9181 *83
300;Amer Solvents & CbemNo par
9
4
833 833
2212Mar 7
6% Juts
,
2112 *20
4121
19
21
*20
2341 •21
23
20 I *19
/
1
300 Preferred
'
20
14
par 18 July 10 33 Mar 5
404 4012 40 40
/
1
40
393 40
2,200 Amer Steel Foundries_No par 3518June 2
4
3078 40
40
38
39
5214 Mar 20
*11114 11214 *11114 112 *11114 11214 11114 11214 *112 11214 *112 1121a
201 Preferred
100 110 Jan
116 Feb25
/
1
4
*4214 44
*43
44
200t American Stores
*43
43
44
44 1 43
*43
43
43
No par 4212June
5512 AM 16
5313 5312 533 5353 53 5313 2,700,'Amer Sugar Refining
533 54
4
54
54
8
5312 535 8
100 47 Junh 2
6978 Mar 28
*10314 105 *10314 1063 *10314 1063 *10314 105
105 103 I 1033 103%
200' Preferred
4
4
4
100 10314June 28 110 Apr 24
12
12
*1112 12
12
1212 12
*12
*1114 12
10% 1114 1,0001Am Sumatra 'Fob
No par
9 4June 18 261 Feb 10
3
4
20912 211
/
4
21014 216 1 213 2157 21014 2144 20912 2111 20218 21012 121,300,Amer Telen & Teleg
8
100 20018June 23 27414 Apr 17
1 Rights (expire Aug 1)
16 June 18 2258 Apr 17
1,700,American Tobacco coin__ .50 197 Jan 8 26414May 23
2457
4
4
s24533 246 24712' 248 2493 2473 24812 245 245 ,x239 240
13,600' Common class B
252 .252
8'z238 245
4
252 2543 2533 25612 24912 253121 2493 2517
4
3
so 197 Jan 8 26912May 23
1,6001 Preferred
*1223 1227 1233 124
4
1241s 124331 12414 1243 .123 124
124 124
8
8
100 120 Feb 3 12412Nlay 22
3
400 American Type Founders-100 113 June 11) 141% Apr 1
*122 k128
124 124 113122 130
12512 12512 *124 130 31122 124
Preferred
*11012 ____ *111
/
4
*1111
100 106 Feb 5 1143
___1*111
____ *11112 ___-1*11112
4July 21
600,Am Wat Wks & EI----No parr
92
92
/
4
91
8815 913
4 831 8639 8134 843
94
7818June 23 1247 Apr 23
9318 92
4
s
100' 1st preferred
*104 1047 1048 1048 *10412 1047 $10412 1047 •10412 10478 *10412 1048 16'
8
8
9918 Jan 4 106 Apr 15
8
/
1
4
1,200/American Woolen
*912 10
10
10
10
100
10
10
10
10
10
10
10
712 Jan 2 2014 Feb 17
*2818 293 *281g 30
200 Preferred
4
100
2612 2612
8 2813 2818 *274 28
*2818 283
1914 Jan 2 441 Feb 18
/
4
100 Am Writing Paper ctfe_No Par
/
1
4
54 5
/
1
7
*6
7
*6
5 Jan 20
*614 7
7
*6
" 7
9 May 29
*3812 40
1001 Preferred certificate--100
*3812 40
39
40
*3812 40
*39
40
39
*39
29 Jan 17 44 4 Feb 27
/
1
4
1
97
97
918
g
700 Amer Zino, Lead & Smelt-25
*914 11
10
612June 19 17 8 Feb 3
*914 103
10
103 1012
6
8
7
*
62
1001 Preferred
67
67
*62
1356
67
62 .62
25
62
67
67
50 June 19 79 8 Jan 20
3162
7
5018 51
/
4
018 51
5
5014 504 491 5012 46,100 Anaconda Copper Min
5058 5114 5012 51
50
4412June 18 8112 Apr 2
1001Anaconda Wire & Cable No par
% 3112 *30
31
*30
1330
31
3112 31
3130
430% 31
31
2612June 18 5314 Feb 6
1341
42
41
41
4118 1,1001 Anehor Cap
No par
/
4
4118 411 4118 4212 40
41
41
347
8June 18 51% Apr 21
*107 110 *107 110 31107 110 *107 110 *107 110 *107 110
Preferred
No par 102 July 14 11514 Apr 14
Andes Copper Mining- _No par
3
2214 24% *2311 247
500
2214
8 2212 23
22
•2214 24
*2214 24
18 June 18 3714 Apr 2
*
21
2112 2118 2138 2134 22
2114 213
*2112 22
22
4 1,300:Archer, Dan'is. MItild_No par
22
1918Juno 23 2914 Apr 5
3001Armour & Co(Del) Pref-_100
76
* 1 80
4176
76
7712 76
/
4
1374
*741 76
75
75
76
741 Mar 14 8278June 5
4
63
8 612
8
614 53
51 5
S's 51
5
61 8,700 Armour of Illinois class A-- _25
/
4
43
8June 19
818 Mar 26
7,6001 Class B
2
7
31 3
2
7
3
27
3
312
25
3
/ 31
1
4
2% Jan 20
/
4
3
4.18 Mar 26
311
*581 60
700 Preferred
4158
53
5612 58
60
58
58 58
58
58
100
55 May 5 65 June 4
*64 7
/
1
400 Arnold Constable CorO-No Par
*61
8
*512 7
614 61
8
/
4
612 612 *64 67
6 June 26 13% Apr 21
Artloom Corp
*II 4
115
1310
15
*11
15
15
*11
1310
15
*11
No par
15
10 June 25 7,1518 Apr 28
*34 If 3518 *34
210 Aasoclated Apparel Ind No par
3512 3518 3518 *3112 3514 *3412 35
341 3412
/
4
3112June 18 481 Mar 10
/
4
*34 B 3414 3414 3412 *3412 347
2,200 Armee Dry Goods
3418 331 334 3218 33
/
4
No par
/
1
81 33
28 Jan 4 50 Apr 15
/
1
4
10 Associated 011
40 ro *41 48 3140 48 1342 48 1340 48
40 40
25 3213 Feb 27
Juno 2
L.56 1'59 *56 59 3156 59 3156 59 *56 58
1,500 Atl CI de W I 88 Line_--No par 49 8June 26 51
5214 56
5
8018 Jan 30
*55
Preferred
57
*55
57
57
*55
57
*55
*55
57
57
*55
100 50 June 27 6514 Feb 26
3718 37% 3634 373g 3712 3853 37
16,100 Atlantic Refining
8 3514 3718
3714 3612 373
25 8018June 18 51% Apr 7
*74
Atlas Powder
75
*
6912 75
75
7312
1370
*72
No par 62 June 17 104114 Mar 21
75
*73
75
3172
*
97 102
60 Preferred
102 102
*97 103
102 102 *101 103 •101 103
100 101 Jan 20 106 Mar 22
,
p6
6
800 Atlas Tack
*5
6
*5
43
4 *33
4
6
5
5
No par
4 412
4 Aug 7
812
119 12314 121 12414 12112 126
16,200 Auburn Automobile_ No par 91 June 23 NA Mar 5
12118 122
11812 12212 110 119
Apr 1
.312 4
100 Austin, Nichols
*3
/ 412
1
4
4
4
4
438 *4
4
/
1
4
No par
48 *4
3 8July 10
5
7 May 14
*20 _
3
23
Preferred non-voting__ _100 24 Jan
*23
-- 23
2 3512 Apr 23
*5258 5318 *525 ___
8
Austrian Credit Anstalt
135258
_*53
_ *53
-- • 53
52 8June 14 60 Jan 13
5
*31 413
/
4
314 31
212 25
24 38
3
8 4,100 Autoaalee Corp
278 273
3
2
No par
2%
2 Aug 6 10% Mar 3
*5
193
4 *6
Preferred
193
1934 *
13
6
*8
8
193
19
`61z 15
50 10 July 29 25 Mar 4
4
763 77
743 77
4
75
69
75
73% 3,600 Auteatr Bat Razor A......No par 37 Jan 2 813
723 74
4
73
/ 75
1
4
4July 31
6
61
/
4
618
10,600 Aviation Corp
1318
6
5% 6
578
6
6
No par
41 Jan 20
4
9% Apr 15
27% 28
273 28% 2712 291
4
27
2912 85,400 Baldwin Loco Wke
28% 30 s 29
301
3
19 8June 17 88 Feb 18
No Par
3
*106 10612 *106 10612 *106 108
110 Preferred
108 109
106 108
/ 10612 108
1
4
100 10412June 25 116 Jan
108 8 108% 10912 10912 10812 1081 *10812 10912 *10912 109 *10812 109
5
170 Bamberger(L)& Co pref_100 107 Jan 3 11011 Feb 21
4
*1414 15
311414 15
Barker Brothers
13133 141 *133 1414 *133 1414 *13% 1414
4
4
4
No par
1312July 29 20 4 Mar 5
3
3169
75
4169
76
*6912 75
Preferred
*69
*6912 75
75
*6912 75
100 72 June 25 91 Mar 31
*2 8 43
5
4 *25
4 *2% 43
Barnett Leather
8 43
3125
8 43
312% 43
4
31233 43
No par
4
25 Feb 18
8
718 Apr 11
8 2312 2414 2312 237
8
42318 234 227 243
8 2314 23
/ 2218 2314 21,300 Barnsdall Corp (61152 A
1
4
25 20 Feb 15 34 Mar 28
/
1
4
3412, 3458 3458
r *114 134! .114
i
1
1
•Bid and asked prices; no gales on this day. s Ex-dividend. y Ex-rights.
PER SHARE
Range for Previous
Year 1929.
Highest.
Lowest.
$ per share 5 per share
43 Dec 16912 ./1212
100 Nov 11212 Oct
/
1
4
20 Nov 34 Noe
84 Nov 96 Jan
7
19 Nov 35 6 Jan
7
7 Oct 104 1 May
15 Oct 110 May
% Dec
4% Feb
77 Nov 223% OeS
1814 Dec 487 May
s
1 Dec 1112 Jall
44 Nov
1014 Jan
5 Oct 25 Jan
17 Nov 56 Sept
/
1
4
4
DO Nov 1183 July
isif Nov
11812 Nov
35 Nov
/
1
4
23 Nov
1712 Oct
4 Oct
18 Nov
65 Nov
57 July
514 Dec
27 Nov
4012 Nov
113 Nov
418 Oct
493 Jan
4
86 Nov
133 Nov
/
1
4
75 Nov
11012 Oct
3542g Aug
125 Ave
754 Zepi
/
1
23 NOT
42% Jan
23 s Jan
5
73% Jan
Oet
157
65% June
20
/ Jan
1
4
7612 Sept
62 Feb
12612 Mar
34 4 June
3
104 June
18418 Aug
145 Dee
10612 Jan
120 Jan
27 Nov
20 Oct
1814 Nov
23 Nov
50 Oct
10118 Nov
8614 Oct
1712 Dec
313 Dec
2314 Nov
40 Nov
29 Oct
2912 Nov
2 Oct
/
1
4
27 Nov
/
1
4
90 Nov
1114 Nov
142 Nov
3112 Nov
106 Nov
58 Nov
1 Dec
4
6414 Nov
- 9214 Oct
70 May
4
727 Nov
28 Oct
1212 Nov
60 Nov
44 Nov
17 Dee
% Oct
- ;
131 Sept
5
55 May
47% Feb
9812 Sept
1994 Sept
10812 Feb
103 Feb
42 Apr
10 Jan
5214 Aug
855 Jan
8
5312 Aug
963 Sept
4
87 Jan
s
76 Feb
136 July
120 Dec
270% Oct
811 Feb
/
4
135 Feb
98% Jan
177 Jan
4
1753 Sept
4
105 Feb
80 Feb
844 Feb
/
1
55% Serf
0414 Jen
144% Sept
741 Jan
4
417 Mar
8
7 Feb
Nov62
110 4 Sept
7
12318 Nov 138
Jan
38
Oct 49 1101
98 Nov 112
Jan
No
15 4 Oct 797 Ira
.3*
June 114 Mar
40 Oct 85 Apr
56 Nov 904 Jail
99 Nov 111 Feb
18 Nov 60
Jan
19314 Jan 31014 Sept
110
160 Mar 23212 Oct
180
Oct 235
Oct
11458 Nov 1214 Jan
115 Nov 181 Bent
103 Nov 112 Apr
50 Nov 199 Sept
97 Jan 104
Jan
5% Oct 277 Jan
8
1512 Nov 583 Jan
s
4 Nov
1014 July
28 Nov 46 Mar
7 Nov 4914 Mar
49 4 Nov 11114 Mar
1
6714 Dec 140 Mar
48 Dec 893 Sept
4
25 Oct 80 Oct
96 Nov 1541 Oct
/
4
30 Oct 68% Mar
1812 Nov 4912 Mar
75 Oct 95 Jan
518 Oct 1818 Jan
23 Nov
4
1014 Jan
67 Nov 86 Jan
614 Dec 40% Jan
165 Nov 30 Feb
8
34 Nov 583 June
4
25 Nov 701 Jan
4
3412 Der 474 Apr
/
4
/
1
321 Feb 864 Oct
8
45 4 Feb 627 Sept
3
Got 77% July
30
67 Nov 140 Sept
90 Nov 10612 Jan
17 8 July
7
5 Nov
120 Oct 514 Sept
11 Nov WI;'isZ
Jan
/
1
4
49 Nov 65
12
4 Dec 85 Aug
4
13 Dec 457 Aug
34 Nov 50 Jan
4 Dec 20 Aug
/
1
4
Oct 66% Aug
15
10912 Nov 125 Apr
/
1
4
93 Nov 11012 Feb
333 Jan
4
16 De
70 No
97
Jan
29
/ Jan
1
4
258 De
491 May
/
4
20 Oc
New York Stock Record-Continued-Page 3
907
Eor sales during the week of stocks not recorded here. see third page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT
Saturday
Aug. 2.
Monday
Aup.4.
Tuesday
Aug. 5.
Wednesday
Aug. 6.
Thursday
Aug. 7.
Friday
Aug. 8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SIIARR
Range Since Jan. I.
On basis of' 100-eharel Ws.
Lowest.
I
$ per share S per share S per share S per share S per share S per share Shares Indus. & Miscel. (Con.) Par $ per *Aare 1
*493 50
4
*4934 50
*49 4 50
*493 50
*493 50
4
4
3
*493 50
Bayuk Cigars, Ito
No par 4834July 23
4
*
97 100
*99 10012 *99 10012 *99 10012 *99 10012 *09 10012
First preferred
100 97 Mar 3
Beacon Oil
13 Feb 18
No par
83- -822 - 82
83
12
4 807 83
-ni- 83 -in- 80 1,500 BeatrIce Creamery
12
50 67 Jan 18
*105 106 *105 10512 *105 10512 10514 106
105 105 4 10522 1051
,
700 Preferred
100 10114 Mar 20
/
4
41
*4
*4
418
212 4
37
8 37
2 *33
212 Aug 5
4 4
2,400 Belding Hern'way Co_No par
*33
4 4
*8112 817 *8112 817 *8012 817 *8112 817 *8112 82
*8112 82
8
8
8
Belgian Nat Rye part pref__-- 793
8
4June 26
313 313
4
4 315 323
8
4 3212 3312 32
323
4 3134 3218 295, 3114 11,600,Bendix Aviation
8
27%June 25
No pa
4518 4518 4512 463
8 4553 463 *4512 463
8
2 4434 4512 41
4412 5,70011*est & Co
No pa
3118 Jan 8
8118 813
4 8118 843
8 82
8 8318 843
83 8 813 823
3
4
Bethlehem Steel Corp
4 80
82% 41,700
100 7514June 25
128 128
1273 1273 12712 12712 1275 12752 12712 12814 12634 127
8
8
8
1,400IBeth Steel Corp of(7%) 10 12214 Jan 13
•10
2312 *15
2312 *15
231 *15
2312 *15
2312 *15
Bloomingdale Dem.-NO Pa
2312
1712June 23
*9014 99
*97 100
100 100
*9014 99
*9014 99
Preferred
*9014 99
99 May 12
10
*77
83
*77
83
*77
83
*77
8
*77
30 Blumenthal & Co pref
83
*77
83
100 74 Feb 7
333 34
8
3314 34
3314 343
8
4 3312 3312 327 331
3012 3214 3.700,Bohn Aluminum & 13r_ _No pa
2814June 25
*7014 72
*7014 72
7014 7014 *7014 72
*7014 72
*701 72
109 Boo And class A
/
4
No
70 Mar 7
31
313 *3
3
*3
3
312 *3
312 *3
312 *3
Booth Fisheries
312
2 June 21
pa
ar
•15
22
*17
22
*15
*17
21
22
*16
22
let preferred
*16
22
18 June 23
10
78
784 782 793
4
2 783 8012 777 79% 7618 7818 753 7812 28,500 Borden Co
8
4
4
2.
8018 Jan 8
*
29
293
4 2912 293
4 2934 301z 30
30
308 30
2812 30
4,200 Borg-Warner Corp
8June 27
235
*2
212 *2
212 *2
212 *2
212 *2
212 *2
Botany Cons Mills elass A__5
212
10
27 July 14
8
223 23
8
2214 2318 2212 2312 2218 227
8 2112 228 1812 2133 71,300 Briggs ManufacturIng_No par
1312 Mar 6
*2112 27
*2112 27
*2112 27 .
22
27
*22
26
*22
Brims & Stretton
26
• 21 June 19
British Empire Steel
8June 28
100
13
26 preferred
100
3 July 8
-in- -i-d.8 -1.6;163- Is
4
-- -16- 16 15 15
70T8 4 2 ;4
1171
No par
1212June 26
'70 72 *70 72 *70 72 *70 72 70 70 70 -701- _ -Z.-50 Brockway Mot Tr
Preferred 7%
100 68 Jan 11
124 125
128 128
12712 129
12412 12412 123 124
11712 122
4,000 Bklyn Union Gam
No par 115 June 25
*39
4012 *39
4012 *39
4012 *39
4012 *39
Brown Shoe Co
4012 *39
40
No par 3712June 30
*1614 167
8 1618 1618 1614 1614 1614 1614 16
4,600 Bruns-Balke-Collender_No par 13% Jae 16
1614 1512 16
*2278 2312 231 2332' 233 235
8
8 23 2318 *23
34
22
2318 1,900 Bucyrus-ErM Co
10 1918June 18
36
36
36
4
37 I *353 3712 *3534 3712 *3512 37 45 13612
3
1512 16
640 Preferred
10 3318 Jan 7
•
115 118 *115 116
115 116 *115 116
116 118
30 Preferred (7)
100 107 4 Jan 3
3
9
9
8
912 912
9
9 3 93
3
92
3
87
8 918
87
8 918 3,200 I3udd (E 0) Mfg
73
8June 1'8
No par
*1114 113 *113 1112' 11
1112 *11
4
3
113
4 105 11
8
1012 1034 1,200 Budd Wheel
No par
818 Jan 2
2718 2833 *2714 2812 *2712 2812 *2714 2838 *2714 281
27
2712 1,400 Bulova Watch
No par 2618 Jan 17
347
*33
34 1 3318 3412 34
3212 3334 3114 321
2412 323 20 200'Bullard Co
par 2412 Aug 8
4
*9012 97
97
97
*90
*90
*90
07
*90
07
Burns Bros new el AeomNe Par 90 June 18
*90
97
No
*1618 20
*16
20
20
*16
*16
20
*16
27
1618 1618
1001 New class B com---No 7
1514June 18
,
g
k
957 *9114 957 *9114 957 *9114 957 *9213 957 *9213 95%
8
*
90
Preferred
I
100 8914June 17
323 323
8
8 3334 333
8 327 333
8
4 33
8 3312 347
33
3'308 3212 4,800 Burroughs Add Mach_No par 2914June 25
*3514 37 I *3612 37 1 *3012 37 I 3612 3612 *3533 37
No par 29%June 18
200 Bush Terminal
355 355s
10212 10212 102 102 *117 112
•102 103 1 1023 1023 103 103
41
4
10,
0112
701 Debenture
100 99 June 3
7
*116 11612 *116 11612 *116 11612 11612 117 *11612 1177
8
30 Bush Term Bldge met
100 100% Feb I
*218 23
*218
8
2
21
214 214' *218 214
21
213 2 8 1,200 Butte & Superior iallning__10
2 July 10
4' 212 212 *212 23
*212 23
4 *212 23
4 *212 23
4 5212 23
218June3
200,Butte Copper & Zile
6
173 173 *17
2
173
8' 17
8
2
178 1712 1712 172 1712 16
2,200,Butterick Co
17
100 1314June 1
6912 703
4 697 72141 7114 7312 71
72
3
685 705
8
8 633 69
4
26,9013.13yers & Co(A M)
No Par 63% Aug
*10812 109
10812 10812 *10812 109 *10812 109
10812 10812 *10812 109
100 10812 Aug
201 Preferred
*
6212 64
*6314 64
*6212 6
4 633
4 6214 627
8 6212 6212
600 California Packing__ __No Par 6914July 1
•
28
35
35
*28
*28
35
*28
35
*28
'California Petroleum
35
*28
25 28 Jan 2
35
*I
118
1
*1
1
l's
1
1
1
1%
1,000,Callehan Zino-Lead
1
10
1
1 Jan
*5112 58
55 55
*5412 68
55
55
55
3,200'Calumet & Arizona Mining_20 485
55
8.1une I
535 55
1514 1514 153 16
4
1512 1512 *1512 16
15
15
3,000:Calumet & Ueda
1478 15
25 13 June 19
•
28
2972 197 1978 20
22
8
20
20
9001Camphel1 W & C Fdry _No Par 17 June 18
*1912 20
1812 1812
1
64
6412 6312 64
64
6434 84
65
6312 65
6214 64
4,800 Canada Dry Ginger Ale NO Par 56 June 18
*223 2312 *223 2312 *23
4
4
2312 *23
2312 *223 2312 *223 2314
'Cannon Mills
4
No par
20 June 18
4
*1614 20
*1612 20
*1614 20
1612 162 163 163 *1512 1714
2
8
13 June 19
200,Capital Adminls Cl A_it'o par
*3312 3712 *3312 3712 *3312 3712 *3312 3712 *3312 3713 *3312 371
I Preferred A
50 31 Jan 2
192 196
19112 20012 194 200
1913 19712 18714 19114
4
93,800Case Thn3sh Machine etfs_100 15612June 25
129
86
*1263 129
4
1263 12614 *125 126
4
125 125 *124 126 *12
174
012
1301 Preferred certificates_ ---100 115 Jan 16
6112 6112 6112 6112 81
62
5,000,Caterpil1ar Traetor____No par 54 Jan 2
60
5734 59
5
8% 6012 59
*7
*7
9 I *7
9
*7
9
300,Cavannagh-Dobbs Ine_No par
9
5 June 16
7
7
9
.
7
*
50
60
60
50
*50
50
oed00 00 Ale3 5
*52
55
*52
55
*52
8.810000
55
115 125
8
8
1318 14% 1314 1418 123 13% 13
No par
14
pref Corprp
9 July 3
ICeloter
13
131
*2312 237a *2312 23 8' *2312 237
7
1,200!Central Aguirre Aaso-No Dar 2313 Feb 19
23% 23 8 24
7
24
24
24
'Central Alloy Steezi____No par 30 4 Jan 2
3
100 10514 Feb 7
1 Preferred
1- -;4f2
--4 3 --- z -;,-118
7 413% Feb 4
*412
100 Century Ribbon Mills_No Par
*412 5
*6212 697 *6212 697 *6212 697 *6212 69
8
8
100 61 Feb 27
8!
*6212 697 *6212 697
1 Preferred
8
8
*
5014 5112 50
50
*50
31 I 51
51
1,000. erro de Paseo Copper_No par 4318June 18
0
49
50
49
50
*
8
514
0
8
8
.1une 24
*8
814
67
8 712
7001 Certaln-Teed Products_No par
613 63
0612 7
4
*42
43
4212 4212, *4233 43 1 4212 4233 4212 43
No par 38 July 3
1,80dCity Joe & Fuel
4234 43
843 844 *843 843
4
8
4' 843 843
100 83 July 11
4
4 843 847
450' Preferred
84
4
8434 *84
8412
*25
2612' *2514 2534' 257 27 I *2612 2678 2618 2618 2318 255
8
No par 2012June 23
8 2,300,Cheeker Gab
6414 6414 *64
66 1 65 65
No par 5112June 28
6412 65
*65
66
63
6312 3,700 Cheeapeake Corp
*1684 167 *1614 1612' 1634 163
1114.1une 19
4 163 163
4
4 16
1612 1512 1512 1,100 Chicago Pneumat Tool_No par
•45
4612 *41
Preferred
4612' *40
No par 4312J1tly 25
44
*40
44 1 *40
40
44 .
44
*2512 26
26
Chicago Yellow Cab
168 Feb 1
26 I *2512 27
4
No par
*2512 27
*251 27
*251z 27
•20
21
20
9001Chickasha Cotton Oil
10 19 Aug 8
20
20
20
20
20
19
20
20
19
*5312 543 *54
4
5412 5412 55
1,800.Childs Co
No Par 4912July 8
5312 5312 5212 53
*405 52
50 8 5
1
*49
74
*49
74 I *49
25 51 Apr 30
74
*49
'Chile Copper
55
74 I *49
2918 2912 2918 30
No par 24 June 23
293 3011 2933 30
4
29
291 2 2714 293 54,800 Chrysler Corp
*65
8 67
8
57g July 11
133
4 63
4
No par
8
63
63
4 67
4 67
8
6
0
652 65* 3 12 3112 2 000 City Stores New
6
.31
36 1 *30
36 1 *30
.30
36
36
*31
36
No par 30 July 24
200 Clark F:quipment
*36
38
*34
37
*34
38
*3314 34
*3314 38
Cluett Peabody & Co No par 30 Feb 1
3312 3312
100
*
99 100
*99 100
*997 100
8
*997 100
100 911 Jan 2
8
/
4
998 997 *9912 0978
*176 1763 176 1793 17612 178
4
4
1743 17572 1721 175
17512 177
Co
4
No par 133 Jan 8
14
/
4
5,100 Cott 1ColaCocamd
30 Pr
50 4 50 4' *50
3
3
31 51
503 51 1 *503 5114 *503 5114 *51
4
4
4
No par 4812 Jan 8
5118
400 Class A
247 247
2412 25
2412 2434 2112 24,
2 22
No par
143 Jan 2
8
223
4 2012 2958 6,900 Collins & Allman
*8212 85 1 85
85
*8212 87 1 861. 8612 85
85
85
85
GOO Preferred non-voting-- _100 73 Jan 3
51
61
51q 533
8 5218 5334' 5114 5214 5014 5214 4714 5013 9,800 Colorado Fuel & Iron
100 3613 Jan 2
*134 137
133 137 I 1363 13912' 13414 13612 13412 135
4
128 13412 6,900 Columbian Carbon v t eNo par 108 June 23
624 635
/
1
8 63
6458', 633 643
4
4 6214 63 8 6113 623* 583 813 46,330 Colum Gee dr Elea
7
No Par 5818June 23
*
4
107 107 1 10S 1083 10812 109 1 10912 10912 109 109
8
10912 10912 6,000 Preferred
100 10414 Jan 31
175
8 1712 18 1 1734 1812 1718 1734 1653 175
173fl
8 1614 1712 36,800 Columbia Ora0hophone
15%July 8
2614 21314 2614 28141 2612 27 1 26
2612 26
2612 2512 26
1
5,100 Commercial Credit____No par 23 8 Jan 2
*35
373 *35
4
373 *36
4'
3734' 36
3614 *313
3734 .
4
36
50 317 Jan 2
373
300 Claes A
*23.2 247 *2312 247 *2312 247 *2312 2414 *2312 2414 2414 2414
8'
8'
8
25 22 Jan 6
260 Preferred B
*8512 87 1 *8512 86
*
8512 87 I *85.2 87
•8512 86
86
88
190 let preferred (614%).--_100 7614 Jan 18
3453 34181 343 3518 347 367
8
4
36
3712 357 3514 338 3512 11,000 Corn Inveet Trust
8
No par 2812June 25
•8112 8312 *8112 8318! *8112 8313' *8112 8312 *8112 8312 *8111 831
2,
No par 80 June 18
Cone profPre/
*
614 7141 *614 7141 *614 7141 *6% 714 .614
714
4
6141
4 June 18
800 Warrants
100
3 263
41 263 27 I 2533 263* 253 26
255 26141 25
8
8
8
2334 257 67,800 Comm Solvents
No par 2014June 16
8
8
13% 1418 3133 14181 137 1418
4
133 14 I 1312 133
4
8June 18
4 1314 133 70,700 Commonwealth&SoternNo par
125
4
3934 3978' *39
139
40
40 1 *39
40
*39
40
.39
40
200 Conde Nast Publica
NO par 83812June 20
1214 13 I *1258 12% 1212 1212, 1212 1212 12
1212 13
1212 2,800 Congoleum-Nairn Inc_ _No par
1018June 18
2712 28,z' 2612 2714, 25
29
29
30
•29
2512 25
No pa
25 Aug 7
2518 3,200 Congress Cigar
*14
1,
8
*14
14 July 25
Comley Tin Foil stpd....No pa
12
*1
/
4
39 1 38
'8
38
39
39
*14 3858I 38
1'13 31 I *38
'
8
.'14 391' 38
36 June 27
3818 1,000 Consolidated Cigar _ ___No pa
7012 *701 7012 7012 7012 70
*70
70
70
7012
7012 *70
100 67 Jan 22
50 Prior preferred
O1812 1912 *1812 1912' 19
19
1918 19181 19
19
8June 18
1814 1812
800 Consol Film Indus___ _No par 153
2012 21
*2014 2112 *2012 2112 *2012 21
2012 21
103,4 123,4 3,000 Consol Film Ind pref__No Par
20
0
0
18 Jan 3
10512 11014' 10818 110
10458 107
10612 10812 104 106
10114 1043 110,300 Consolidated Ga8(N Y)No par 96% Jan 2
1027 1027 1027 10272 1027 1027 10312
8'
8
8
8
10214 10214 1023
8'
8
No par 9918 Jan 28
7
8 1 I
1
1
7
8
73
%June 18
Consolle7atL Textile_ _No par
e e
.
73
78
1
'78 11%
1412 *1414 143
8 1414 1414 1414 143gI .14
•14
1354 14
115
8June 19
1,100 Container CorP A vet_ _No par
5
45
8 43
5
4 vilz 5 I
5
5
*43
4 512
3%June 18
No par
700 Class
*24
8
2412 24
23% 2318 233 24
245
8 233 24
4
2232
n
'44 24512 4,200 Continen vtaItrIng el ANo pa
1
181 2June 18
333
35*
3
12
33
4 354
35
8
313 3 8
5
312 35
312 312
No pa
338June 19
73
7, 72
72
72
7112 7312 •72
72
*72
7318 70% 71
100 6614June 25
593 603
597 60
4
4
8
3
4' 593 60 2 563 5912 543 504 5278 551 332:,510000.0oCnItalFerrBniadl Can Ina_ --No Pa
4
2
5018 Jan 2
5
8
•1814 19
187 19141 *194 193
/
1
4 1834 1914 183 183
4
1838 183
1618June 23
3,300:COnt'l Diamond Flbre_No Pa
*57
60
58 1 *59
59
*57
*57
58
*58
59
55
tal
1
00 June 25
800 00ni i
3
, 1.000IC0ntlnenta t
378 58
4
4
418
4
vi
*4
418
4
37
2 372
Ins
IvIotors_ _ _No Da
334June 17
81 213 2172 2038 2118 2912 2078 197 2018
2012 2034 2012 213
8
183
No pa
8June 18
23,800,Continental 011
2438' 24
243
8 2334 2418 2318 233
4 24
2414 243
4 2058 235 14,400'Continental Shares
No pa
20 June 27
95 1 9318 947
923
*94
4
96
9012 933
4 887 913
8
8
,500ICorn Products Rereeng___2
8514 Aug 8
*14512 147 *146 147 *146 147 *146 147 *146 147
14714 13378 33 50 Preferred
85
48
100 140 Feb 10
2033 2112 20 2 203
2114 2112 2114 2114 2114 22
,
4 2014 20% 18,900,Coty Intl
No par 1512June 18
32% 3112 3112 3014 303* .30
323 *31
4
*3012 323* *31
No par 25% Jan 6
6001 Crearn of Wheat
325s
191* *16
1118
19121 *18
1912 *16
1912 *16
1912 •I6
19%
100
I Crex Carpet
9 Jan 22
j 1214 13 I 1312
122 127
8
•125 1314 1212 127
8
1,200'Crosley Radio Corp___No par
13111 *1212 13
1014 Jan 17
I
• Bid and asked Prices: no sales on this day.
y EX-dividend and ex-rights.
78 ',13(1°,
Highest.
PER SHARE
Range for Prestos&
Year 11129.
Lowest.
Higtesl.
I
$ per share $ per stare 3 Per *MU
68 Feb 4
55 Nov 1133 Jan
4
101 July 24
95
Oct 1063 Jan
4
1212 Dec 327 July
20 8 Apr 9
5
8
92 Apr 14
89 Dec 131
Oct
107 June 10 100 Dec 10612 Aug
412 Dec 175 Apr
83 Jan 17
8
75 Nov 847 Jan
8512 Mar 19
8
25 Nov 1043* July
573 Apr 7
8
25 Nov 12312 Sept
5814 Apr 25
11014 Apr 1
7814 Nov 140% Aug
8May 128 Sept
134 Max 22 1165
2978 Apr 24
23 Dec 617 Apr
14
8
103 Mar 8 100 Oct 111
Jan
70'8 Dec 118
90 Apr 7
Jan
37 Nov 13831Man
69 Apr 7
70 Oct 893* Jan
78 Apr 5
5 Mar 26
3 Dec 1114 Jan
18 Dec 63% Jay
33 Jan 3
/
1
4
53 Oct 10012 July
9033MaY 2
9
501k Mar 27
8May
26 Nov 1433
212 Dec 1512 Feb
5 Mar 27
812 Nov 8318 Jan
253 July 23
35% Apr 4
I'm Dec 4312 July
Us Jan
112 Dec
4 Apr 8
37 Nov
1312 Jan
814 Apr 10
22147day 19
14 Nov 73% Jan
Jan
7114 Dec 145
85 Apr 24
99 Nov 24812 Aug
17814 Star 3
Oct 5112 Sept
42 Feb 18
36
1614 Nov 55 Jan
30 8 Mar 31
/
1
4
5
14
Oct 423 Jan
317 Mar 24
8
43 Mar 26
2612 Oct 50 Feb
Apr
116 July 23 19734 Dec 117
8
16% Apr 15
1318 Dec 227 Oct
14% Feb 6
73 Dec 1212 Dee
4
43 Mar 31
2114 Nov 84 Dee
74 Apr 2
25 Nov
545x, July
11018 Apr 2
88 Nov 127 Jan
3.5 Apr 2
2233 June 39 Jan
SS Nov 10514 Jet,
100 Feb 19
517 Mar 1
20 Oct 3293 Man
8
4
4702 Mar 6
3114 Nov 891 Fen
110 Mar 16
/
9118 Nov 110 May
1
4
118 Apr 7 1053 Nov 11812 Feb
4
43g Dec
514 Jan 41
12
% Jan
2 Oct
912 Jan
414 Feb26
1712 Dec 41
29% Feb 24
Jan
be Nov 102% Jan
1123 Apr 24
8
184 Jon 24 105 Apr 1211 Jan
/
4
7712 Mar 5
6312 Oct 84% Aug
35 July 10
25 June 3412 Aug
1
4 Jan
2% Feb 3
Oct
89% Jan 9
7312 Nov 138% Aug
33% Jan 7
25 Oct 617 Mat
8
30 Star 25
19 Dec 4912 Aug
7538 Mar 10
46 Oct 983 July
4
3414 Mar 18
27 Dec 4834 Sept
283 Apr 4
4
17 Nov 8518 Oct
42 Star 10
29 Nov 3972 Oct
36234 Apr 23 130 Nov 467 Sept
132 Mar 25 113 Nov 12312 Dec
79 4 Apr 28
3
9414 Dec 61 Dec
13% Jan 11
61 Dec 4218 Feb
/
4
75 Jan 18
58 Dee 10512 Mar
60 Mar 19
31
Oct 79% Feb
,
3012 Mr 31
21
Oct 483 Jan
4
5934 Oct
35 Apr If
2618 Nov
8
11033 Apr 10 105 4 Apr 11212 Jan
814 Mar 27
3 Oct 2018 Jan
697 July 16
00 Dec 82
/
1
4
Jan
6518 Jan 6
5214 Nov 120 Mar
157 Feb 6
107 Dec 32 July
8
49 Feb 4
3912 Dec 6238 Jan
98 Sept10514 Jan
9833 Feb 11
87 8 Mar 27
7
18
Oct 8033 Sept
S21251,u 29
4218 Nov 112 July
37 Mat 31
217 Oct471* Sept
8
k
557 Mar 14
47 Nov 61 Sept
32 Mat 20
217 Oct36 Jan
3212 Apr 10
25 Dec 50
Jan
7
675
4413 Nov 75 Sept
8June 6
65 Feb 6
53 Nov 12712 Mar
43 Apr 11
26 Nov135 Jar
1314 Apr 25
71 Oct 27 Fet
/
4
25 Nov 817 Oct
443* Apr 21
a
80 Apr 5
3412 Dec 72% Jan
105 Apr 8i 9012 Dec 119
Jan
8June 41 101 Nov 15,411 Anil
1913
53 Mar 21
44 4 Oct 50 Feb
3
853 Feb 13
10 Nov
4
72 Mar
/
1
4
02 May 24
(15 Dec 10311 Feb
77 Apr 8
273 Nov
4
7812 Mai
199 Mar 11 105 Nov 344
Oct
87 Apr 10
110 Apr 11 961; Wor 109 Juty
373 Apt 28
8
1618 Nov 883 Jan
4
40 4 Apr 1
3
18 Nov 62% Jan
441 Apr 1
28 Nov 511 Sept
8
28 Apr 29
203 Nov
8
2S June
95 Mar 29
70 Oct 1053 Jan
4
65 Mar 6
2818 Nov 79
Oct
87 Mar 28
2314 Mar 5
9 Dec
T3e-- pt
38 Apr 11
2018 Oct 63 Oct
20 Apr 7
/
1
4
10 %et 243 Oct
4
57 Mar 27
35 Nov
93 Jan
193 Mar 24
4
11
Oct 35 Jan
34
687 Mar 11
8
43 Nov 925 Feb
8
1 Mar 24
14 Nov
112 Feb
593 Mar 17
8
40
Oct 9614 J an
SO Mar 25
83 Nov
98
Jan
27% Mar 11
10
Oct 25 8 Sept
3
2814 Jan 10
15% Oct 30 4 Apr
3
1307 Apr 26
8018 Nov 18314 Sept
1037
8May 37
9212 Nov 10012 Dec
2 Jan 27
38 Dec
68 Jan
2211 Feb 24
12 May 2312 Jan
8 Feb 20
/
1
4
318 Nov
1112 Jan
5312 Feb 17
2514 Oct 90 July
7 Feb 17
458 Oct
1514 July
947 Feb 17
8
792 Nov 100 June
715 Mar 31
8
4012 Oct 92 Sept
373 Apr 21
8
203 Nov
4
3312 Dee
77% Mar 31
46% Nov 11014 Sept
814 Feb 19
WS Dec 2833 Jan
3012 Apr 24
18 Nov 373 Aug
4
40% Apr 1
k
261* Dec 457 Dec
111 3* Apr 23
70 Nov 12838 Oct
148 Aug 8 137 Nov
14 4
43
33 Feb 3
18 Dec 8'114 Jan
35% Mar 20
24 Nov
31 Nov
2918 Mar 5
15 Dec
575* AP/
24 Jan 2
15 Dec 125 rep
908
New York Stock Record-Continued-Page 4
gor sales during the week of stocks not recorded hers, sos fourth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Aug. 2.
Monday
Aug. 4.
Tuesday
Aug. 5.
lirednesday
Aug. 6.
Thursday f
Aug. 7. I
Friday
Aug. 8.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
Os basis of 100
-share lots
Lowest.
Highest.
$ per share $ per share $ per share
49
49
4812 4914 50
5212
41133 14
8
*133 1512 *1312 1512
4
*7612 77
77 77
*7612 771
/
4
110 110
110 4 110 4 *110 111
3
3
13
13
1212 13
1212 13
*212 23
4 *212 23
4 42% 23
4
3 Per share
Per share $ per share Shares Indus. & Miscel. (Co..) Par
per share I per share
5014 45
4714 5,700 Crown Cork & Seal--__No par 38 June 18 89% Apr 7
48
52
51
/
1
•1312 1512 *1312 154 1312 1312
100 Crown Zellorbach
No par 13 June 17 1812 Feb 19
7512 7512
300 Crucible Steel of Amerlca_100 70I2June 18 93% Mar 25
*7512 7714 *7512 77
111 111 *110 111 *110 111
40 Preferred
100 104 June 26 117 Mar 13
1312 1312 3.300 Cuba Co
1312 1312 1312 14
No par
9 Jan 2 1912May 29
*253 23
*25
Cuba Cane Products_ __No par
8 2 4 *24 23
4
/
1
3
4
2 June 21
7 Mar 3
Cuba Cane Sugar
No par
ai Jan 2
118 Feb 2
Preferred
100
2 Jan 7
4 Mar 3
-;¢12 -13
4
453 43
*42
5
i58 4% 445* 5
300 Cuban-American Sugar
'453 5
.10
412July 31
9 Feb 4
4214 4214 4212 4212 *4212 45
*4212 45
*4212 45
*4212 45
30 Preferred
100 4214July 26 85% Feb 11
*39
40
40 40
40
40
43912 393
40
40
40
40
4
400 Cudahy Packing
50 3818June 25 48 Jan 2
4
'11112 116 *112 115 4
.112 116 4
.112 115
112 11514 110 110
900 Curtis Publishing Co___No par 105I4June 23 12618May 29
*11812 119
119 119
119 11912 *11812 11914 119 119 *1183 119
4
600 Preferred
No par 114% Jan 29 12118 Mar 19
3
3
7
/ 7
1
4
71/1 7
718 7%
67
8 718 22,600 Curtiss-Wright
7% 73
718 718
8
No par
812 Jail 31 147 Apr 7
8
10
10
912 934
918 93
953 97
9
9 4 10
3
9 14 6,700 Class A
4
100
858June 26 193 Apr 2
4
6114 6114 6114 6114 •6112 65
6112 6112 6018 6018 5814 6018 3,100 Cutler-Hammer Mfg___No par 55 June 25 9012 Mar 31
*2653 2714 "271.1 2818 2718 2718 2818 263
2614 1,600 Davison Chemical
4 2618 2612 26
No par 245
8June 18 43% Mar 31
*2012 2212 *2012 2212 *2012 2212 *2012 2212 20
20121 *1812 2212
200 Debenham Securities
53 20 Aug 7 30 Apr 14
*24
2414 23 4 24
3
*23 4 24
*233 24
3
*233 24 I 234 233
4
4
800 Deere & Co prof new
4
20 20 June 18 2412May 24
•
214 218 *215 218
219 219
218 218
217 218 1 1,0001Detroll Edlson
218 218
100 195% Jan 3 255% Apr 23
*23
27
24
24
*23
2612 *24
2612 *24
2612 *24
2612'
100 Devoe & Reynolds A.._No par 213
4July 9 423 Mar 4
4
*90 100
•90 100
*90 100
*90 100
*90 100
let preferred
*90 100
100 1063 Jan 14 11412May 13
4
225 2263 22414 240
4
237 23918 230 2387 230 230
8
225 225
5,500 Diamond Match
100 139 Jan 13 240 Aug 4
*75* 7 4 *753 7 4
3
73* 73*
73* 753
3
3
74 7 4
3
712 753 2,100 Dome Mines, Ltd
No par
6% Jan 3
9% Jan 18
.
41912 22
*19
21
21
*20
*104 21
*193 21
3
4
100 Dominion Stores
193* 1953
No par
18 June 23 30% Apr 5
76
773
4 77
78
8
3
773 7912 793 8012 783 795
8 7613 785 40,700 Drug Inc
4
8
No par 87 June 25 8738 Mar 10
*17
19 4 *1712 191 165 1712 16
3
/
4
17
16
18
19
2053 4,200 Dunhill International_No par
1512June 18 4313 Apr 7
15
*12
*12
15
.12
15
15
412
*12
15 .12
Dupan Silk
15
No par 1412June 17 1811 Apr 4
4110214 10314 10314 10314 *10214
/
1
4
- 102 10214 *10212 -- •10212 ____
200 Duqueene Light 1st pref.--100 100 Jan 7 10312May 26
*1412 15
15
*1412 15
*144 15
15
/
1
*1412 15
*1412 15
100 Eastern Rol.ing MIII
Ne par
14 June 25 2512 Jan 31
209 210
208 21234 212 21412 209 212
205 • 2083 200 206
4
17,800 Eastman Kodak Co
No par 175 4 Jan 9 25514 Apr 25
3
23% 23 8 24
7
25
8 2112 25
243 247
4
2414 243
4 2314 24
6,600 Eaton Axle & Spring
No par 1918June 25 371 Feb 20
/
4
114 11512 11518 1173 116 1177 11312 11818 11214 11414 10714 1137 38,600 El du Pont de Nem
4
8
8
20 953
4July 8 1451 Apr 10
/
4
*11814 11812 11812 11812 119 119
119 119
119 119 4119 11914
900 6% non-vol deb
100 11412 Feb 4 121 May 15
*4
518 *4
812 *514 513 *514 512 *514 512 *314 512
Eltingon Schild
No par
5 June 23 107 Feb 6
4
0
40
50
*40
50
50
440
*40
50
*40
50
*40
50
Preferred 61
/
4%
100 38 June 25 02 Feb 6
7712 7712 7712 7912 79
808 7614 78
7512 7653 7014 7512 22,2001Electric Antoine
No par 5518June 28 1147 Mar 29
8
*108 110 *108 110 4
.108 110 *108 110 *108 110 *108 110
Preferred
100 1061 Jan 6 1103 Jan 7
/
4
4
314 353
353 33
33
4 33
4
3 4 334
3
33
4 453 ' 41 43* 9,300iElectrio Boat
/
4
No par
314 Aug 2
9% Mar 31
6812 7014 6814 7214 71
6618 68
7212 683 71
4
6112 6612 120.4001E11)001c Power & LS
No par 494 Jan 2 103 Apr 23
*10834 10912 *109 10912 10953 10912 1093 1093 410914 10953 10914 10918
8
8
800 Preferred
No par 105 June 18 112 Apr 25
*10012 101 '•10012 101
1003 1003 10012 1005* 100 100
8
8
499 10012
800, Preferred (6)
No par 100 Aug 7 1007 Aug 1
8
*6412 66
643* 6438 657 658 *643 66
6413 6412
65
g
65
Eleo Storage Battery_No pa
4
6112June 23 79 Feb 10
/
1
4
4.
21s 4
4218 4
*212 4 I *218 4
*213 4
Elk Horn Coal Corp___No pa
*218 4
214July 1
5 Mar 24
12
.
4212 4
*212 4
*212 4
*212 4
*212 4
Emerson-Brant class A_No pa
•213 4
23
8June 16
8
73 Jan 24
447
4812 4712 4712 475 473 *47
49%
8
497
8
300 EndIcott-Johneon Corp„--50 44 June 18 59% Jan 22
477 477 *47
3
*111 11214 111 111 *111 112 *111 112 *111 112
111 111
100 107 Jan 7 113 Apr 23
/
1
4
7 54 1 *5214 5312 *5214 5312 5112 5212
*5214 54
40 Enaref rred
2 0 P tneero PubIle Serv__No pa
00
.5214 54
53
39 Jan 2 674 Apr 7
/
1
4
/
1
g
•983 100
8
49853 997 *985 997 *985 997
3
3 9973 997 *99
9912
8
8
100 Preferred Ea
8
No pa
94% Jan 8 107I8May 26
*
98% 1013 •10013 1013 *10013 1013 100 3 1003 10014 10014 99 99
4
3
4'
8
300 Preferred ( /
4
51
4
)
No pa
9414 Jan 2 1047 Apr 21
8
*453 4512 .453 451 *453 45121 4514 4514 *4518 4514 45
:
8
8
8
400 Eoultable Office Bldg_ _No pa
45
4June 4
39% Jan 3 503
1212 1212 12
12
12
12121 1212 1212 *12
700 Eureka Vacuum Clean NO Pa
1212 •1213 1212
103
8July 3 43% Mar 5
3 3 10
83
814 2,16 0E. h sngetB u-oatling
*87 10
8
a
0 vc na Au o l ffe c earp.N0 par
812 812 *814 812
5
10
8 * 88
612June 19 303* Feb 18
23
23
*2212 24
*2212 24
*2212 24
*23
23
24
2312
22 Jan 2 283 Mar 3
8
*213 312 *212 31
*DI 312 *212 312
212 212 *212 312
300 Fairbanks Co
25
11
4July 31
9 Jan 6
1s
1278 13
1212 13
13
13
13
13
13
13
12
130 Preferred
1312
100
7 June 18 393 Jan 20
0
*3712 3812 *3712 393 *383 393
8
4
4 373 373
4 3712 38
4
3612 37
800 Fairbanks Morse
34I4June 25 5012May 17
*10912 ____ *110
*110__ *110
Preferred
•110
*110
102 Jan 7 11111May 16
*1114 12
*1114 12
*1114 12
*1114 12 *1114 1212 "1114 -- -1Fashion Park Assoo__No par 10 June 25 2714 Feb 27
12
12 2
No
r
*6314 70
*63ls 70
*631 70
.
Federal Light & Trae
46318 70
638 70
*6318 70
15 59 8 Feb 6 90 Mar 18
/
1
4
,
*9212 95
9212 9212 *9312 95
go Preferred
*9212 95
*9212 95
95
95
par 91 Jan 13 9844 Apr 22
*812 9
8
814 812 *813 812 4.8% 814
812
8
/ 814
1
4
90 Federal Motor Truck_No par
No
7I2June 19 1214 Feb 26
3512 3512 345 35
345 345
8
8 3414 3412 35
/ 2,000 Fedi Water Service A_No par 30 June 18 43 Mar 19
1
4
341 34
/
4
35
*28
30
2512 2512 *27
•27
30
28
426
28
500 Federated Dept Stores_No par 2512June 16 38 Apr 16
26
26
*67 69
/
1
4
6818 69
68 6812 *67
69 •68
683
4 6114 6712 1,300 Fidel Phen Fire In N Y_--10 56 JUDO 18 893 Mar 31
4
.4 g
73
*73
4 9
3
3 9
*734 9
Fifth Aye Bus
*73
*73
4 9
4 9
*7
/
1
4
No par
7 Feb 11 10 Apr
3212 •____ 3212 *__ __ 3212 •____ 327 *-- -- 3212 •____ 3212 ------ Filene's Sons
8
No par 31 June 10 41012 Jan 22
97 97
99 99
*9512 102
*95 102
*9512 98
12
30 Preferred
97
97
100 92 Mar 15 99 Aug 4
*2012 21
*2012 21
205 205 *2012 21
8
8
2012 2012 20
4July 7 3318 Jan 7
2018 1,200 Firestone Tire es Rubber __-10 193
71
71
7118 7118 71
7212 *7112 73
7112 7112 72
723
4 1,000 Preferred
8June 18 87% Mar 24
100 697
8 523 523
*5153 523
8
5412 55
3 5312 54
*531 547
/
4
8 523 531s 1,700 First National Stores-No Par 46 June 23 61% Jan 30
3
13
4 2
134 2
2
2
14 212
2 12
214 23
512 Apr 2
8
N. par
218 214 15,200 Fisk Rubber
112 Aug 1
7
7
7
7
9
7
712 77
7
720 Ist preferred
74
/
1
65* 65*
612June 19 21 Apr 2
100
.
45•43 9
*558 9
9
*83 10
4
9
400 lst pref convertible
9
/ 912 *9
1
4
/ 10
1
4
614June 18 21% Apr 11
100
*
43
45
4 43
.
45
4414 4412 *44
*44
45
45
400 Florshelm Shoe class A_No par 40 June 25 52 21 .ar 21
*44
45
1
4
7 /
*
96 10014 496 1001 *98 10014 *98 10014 "98 10014 406 10014
Preferred 6%
.
100 9512 Apr 12 100 Feb 3
1124
21
2812 24
24
24
500 Follanebee Bros
*23
2712 •23
2712 23
23
No par 23 Aug 8 5074 Mar 25
8213 8218 823 8731 877 894 868 88% 858 8814 82
4
No par 6012 Jan 3 104I2June 4
8718 38,600 Foster-Wheeler
•12
12
400 Foundation Co
1212 1218 1218 12
12
12
*1012 12
12
"10
No par
11 June 19 28% Apr 14
4518 45 4 45
3
4512 42
455 463
8
4 45
4612 4618 47
No par leua Jan 3 57% Apr 25
4412 38,200 Fox Film class A
44
45 457
8 443 453
447
433 443
4
4
:
443* 44
4 4012 4312 15 900 Freeport Texas Co
Ne Par 37 June 17 5512 Apr 11
Fuller Co prior pref
*8812 90
485
*
8812 90
48812 89
*8812 90
90
*8812 90
Ns Par 85 Feb 14 9512 Mar 6
'8
812
814 812 *8
5I8June 23 1144 Apr 9
814
814 814 . 4
8
8
718 75 - 1.100 Gabriel Snubber ANo par
*675, 70 •67
4
6712 89
4
.6714 69
*
67
100 Gameweli Co
69
69
No per 67 June 30 80 Mar 28
69
70
Gardner Motor
2
5
.212 3
300
*212 3
212June 16
7% Feb 18
8
25* 4213 3'
*23
8 3
2% 25*
*8
/
1
7 July 8 164 Feb 18
100 Gen Amer Inveetois___No par
853 4
8 *8
4.8
83
83
8
814
83
8 *8
814 814
*903 951, *933 9512 4903* 9512 *933 9512 *933 951 933 93 4
8
100 8812June 25 105 Apr 25
100 Preferred
4
4
4
/
4
4
3
865 865
8
8 8612 87
8
4
8618 87 I 8014 873
4 8514 853
4 833 855* 5.200 Gen Amer Tank Ca3.-No Par 7814July 8 1117 Apr 4
4514 45121 *4412 4612 453 46
1112 Apr 7
100 3838June 2
4413 2,200 General Asphalt
4
*443 46
4
4512 4512 42
Gen Baking pref
No pa 105 Mar
125 Jan 15
•____ 112 *____ 112
112 •____ 112
113
154June 2
/
1
*1812 187
No pa
2
8 19
38 Feb 15
/
1
4
18
18
165 17% - 7 ,i5O General Bronze
3
1812 19
1812 19
19
143* 143* •1412 17
1312July
Ns pa
500 General Cable
3412 Mar 7
1412 1412
*1412 17
*1412 17
*1412 17
N.par 32 June 27 74% Feb 5
*
38
1,400 Class A
40
*38
41
39
*3812 41
3818
39
3812 3812 35
447 45
N.Pa
3
40 4June 2
3
600 General Cigar Inc
45
61 Mar 7
46
47
8
45
45% 453 *45
48
46
445
6912 707
No Pa
6014 Jan
8 6924 7212 713 7318 7014 7213 6912 71
953 Apr 10
8
66% 69% 199.500 General Electric,
4
115 1153 115 115
8
10 113 Jan
8
8
11% Apr 5
8
8 113 113 *113 117
4
8 11% 117 •11% 117
4
4
8 2.900 Special
541 548 54
No pa
/
4
46le Jan 1
6114May 1
543
8 5112 547
4 5214 54% 15,900 Oen Foods
543 5514 537 543
4
8
933 953
8 June 17 18 8 Apr 10
9 8 98
,
3
918 912
9
3
912 9 8
912 9 4
914 11,700 Gen'l Gas & Elea A _Ne pa
7
•
84 8413 *83
No pa
78 June 25 1061 Apr 10
200 Cony pref ser A
8412 .83
/
4
8412 •8312 8414 8314 8314 8214 8214
4115 118 •115 118 4
Preferred A (8)
N. pa 118 Mar 10 122 Apr 2
.115 12434 *115 1243 *115 12431 •115 124%
4
Preferred A (7%)---NiP Pa 100 July
4103 105 *103 105 4103 105 4103 105 *103 105 "103 105
111 Apr 9
45
45
No pa
45% 453
4018June 2
8 4512 4753 46
463
4 4434 4614 3,300 General Mills
46
46
593 Apr 12
8
.90
3
91
4
.90
300 Preferred
91
100 89 June 30 95 Mar 22
91
.89% 91
91
91
90
91
91
451g 461 4512 4718 4812 4714 457 463
10 37 Jaa 1
/
4
/
1
4
54 Apr 10
4 455* 465* 4312 4512 327,400 General Motors Corp
14
7% preferred
100 1174 Jan 24 13112May 8
/
1
;24i4 16 ;28" 29 ;if-i
16" ---165 Gan Outdoor Ad, A-No pa 247k July 8 4118 Apr 14
;iiTs 29"
4
.27
29
' 12
1173
NO par
200 Common
818July 10 21% Apr 3
117 117
8
8 117 117 *117 12
*1178 12
8
3
8
*117 12
8
* 5 36
35 8
2,200 Gen Public, ServIce
No pa
3512 36
3018June 18 52% Apr 7
3614 3614 *354 37
35
/
1
343 3512 32
4
79
N. pa
8014 *78
80
75%June 25 1067 Mar 28
80
80
80
7934 7512 7814 2,400 Gen Ry Signal
80
8
78
7612 773
4 77
7812 75
6514June 18 90 Mar 28
783
8 76
7714 7518 7714 7212 7514 15,700 General Refractories_ No pa
*323 33
6,200 Gen Theatres Equip
4
No pa
33
333
4 3312 338 33
30 June 18 5114 Apr 10
33
3012 321
3314 33
82
833
8 8214 855* 8214 85
811 77
/
4
80 8 43,300 gilletts Safely Rasor_No par1 58 July 8 1064 Jan 16
,
79
79% 82
/
1
4.1114 1112 1114 1114 113 1138 1114 117
1.800 Imbel Bros
No par 11 Aug 1 20 8 Apr 14
11
8
/
4
8 111 1112 11
7
Preferred
*685
•6853 71
__ ---tool 667 Jan 30 8311 Apr 25
*685 71
a
8
683 71
*68% 71
• 8
*68 8 71
5
Glidden Co
16 3-1612 167 17
No pa
17
1518June 8 38 Mar 20
1812 1778 1814 1714 173
4 1614 171 11.200
494
05
20 Prior preferred
95
95
*94
100 91 July 15 10518 Mar 27
95
95
95
*94
*94
95
95
7.500 (lobed (Adolf)
912 913
No part
9
8 Aug 8 19 Feb 7
/ 912
1
4
9
8
1)
9
94 912
/
1
9
914
40
4012 4018 407
8 4012 41
8
/
4
4038 4118 395 403
3 381 391 13,800 Gold Duet Corp v t e No par 3412June 18 47% Apr 28
25 2512 2518 2614 25
261
No pail 2214 Aug 8 5812 Mar 25
2418 25
2212 2418 2214 233 20,700 Goodrich Co (11 Y)
8
*84
85 •85
900 Preferred
91
8514 8514 *
87
8512
83
91
8414 86
1001 78 June 30 10412 Mar 28
63
64
623 623
3
8 63
64
8
6318 6312 6218 6314 583 621s 8,400 Goodyear T & Rub___No pare 54%June 27 967 Mar 31
3
*
95
97
95
700 1st preferred
95
*95
951
N. pail 90 Jan 3 102% Apr 30
95
95
95
9512 95, 95
Gotham 811 Iloa
*11
12
1012 11
4
11
11
10
No pail
812June 18 287 hlar 8
•1012 11
1014 1.100
•1012 11
4 _
.
75
..
Preferred
75 •____ 75
/
1
75 5___- 75
75
1001 70 Jan 10 824 Apr 4
7
*712 814
7
0
8%
712 .2i
.
8
8
Ns pail
6 June 19 tors Apr 23
7
•7
7 12 -----08 Gould Coupler A
12 8
63
8 63
352 61
61 612
/
4
2,200 Grahara-Paigs Molors_Ne par
612 61
538June 19 13% Apr 1
614 61
614 6%
*
6
6% 4
6
6 18 •6
61
200 Cerllficalee
No par
512June 24 10% Apr 1
4
6
612
61
614 612 "6
*233 24
23
8
5 243
4 243 25
4
2412 241
8
243 2412 233 23% 1.000 Granby Cone M era 41, Py1001 18 Juns 28 59% Ape 2
8
38
39
/ 411
1
4
4112 40
39
6,000 Grand Silver Stereo_
40 4 4118 40 4 40% 39
No par 30 June 25 52 Apr 2
3
3
40
------ Greed Stoma
1001 3314 Feb 6 4512 Mar 1
-153. - 4
4 163,
Grand Union Co •
17 "ir
15
No pail 10 June 17 9032 Feb 13
15's
1534 16
453 4378 4012 44 4312 4358 431 4312
/
4
*42
No pail 343
4Juns 18 44 Aug 4
43
42% 1,700 Preferred
35
*34
*3412 35
3412 3412 *34
600 Granite City Steel
35
*34
34
No pail 33 July 9 50% Apr 3
35
34
7001
•Bid and asked PriceS; no sales ou this day. z En-dividend. S Ex-dividend ex-rights. p3 additional shares for each share held.
PER SHARE
Range for Previous
Year 1929.
Highest.
Lowest.
per chore 3 per snare
37% Nov 79 Aug
17 Oct 25% Jae
71 Nov 121% Aug
103 Nov 116% Feb
5 Nov 2418 Jan
-"5"4"itis -11;
158 Dec 1874
Jftfl
Jan
67 Dec 17 Jan
2
56 Dec 95 Jan
7
36 Nov 67 8 Jan
Oct
100 Nov 132
11218 Nov 121% Mal
6% Dec 301s Aug
13 Dec
/
1
4
77e Aug
2l1 Oct
20
Dec
---18 -Sin
89
467 Jan
8
Aug
151 Nov 385
8
x4 Nov 647 Feb
11)2 Dec 11512 Jan
117 Nov 16412 Jan
111 Aug
/
4
8 Nov
12
Oct 54% July
69 Nov 12618 Feb
Jan
25 Oct 92
28% Jan
10 Nov
8
/
4
491 Jan 1007 Mar
Oct 3912 Sept
19
3
150 Nov 264 4 Got
4
18 Nov 763 Feb
Oct 231 Sept
80
10712 Nov 119% Aug
8
4 DOC 393 Jan
Jan
39 Dec 113
Oct 174 July
50
Apr
1023 Nov 115
4
11388 Mar
3 Oct
14
,
291 Nov 86 8 Sept
/
4
98 Nov 10914 Feb
04 Nov
3 June
18
314 Oct
4314 Nov
10814 Sept
31 Oct
80 Nov
84% Oct
3114 Jan
36' Dee
2
15 Nov
2214 Jan
3% Nov
Apr
11
29% Oct
10112 Dec
22 Dec
6012 Nov
90 Nov
Oct
it
28 Nov
25 Dec
/
1
4
4712 Nov
Oct
6
30 Dec
84 Dec
2412 Deo
83% Dec
4412 Nov
218 Dec
8 Dec
8 Dec
38 Nov
0018 Oct
3218 No
33 No
12% Nov
1918 De
23 4 No
3
8212 No
5 Oct
66111 No
3 Dec
"ii" Nov
10412 Oct
1012 Oct
2212 Feb
8338 Jan
124% Feb
79 8 Aug
5
12314 Aug
109
Oat
41 May
54 Feb
73% Mar
2712 July
13% Deo
35 Jan
54% Sept
1107 Jan
8
72% Mar
109 June
104 Feb
22% Feb
5614 Sept
33 Deo
123 Sept
13% Mgr
984 Feb
/
1
107 Jan
37 Dee
89% Deo
90 Sept
2018 Jan
7212 Jan
82
/ Jan
1
4
54
Jan
10218 Jan
82% Aug
95 Sept
89% Apr
105 8 SEMI
,
54% Jan
107 May
/
1
4
33% Feb
83 July
/
1
4
25 Jan
Oct
42 Nov 9434 Aug
/
1
4
121 Nov 140 Feb
24 Nov 69% June
23 Nov 61 Feb
63% Dec 12012 Feb
42 Oct 74 Feb
16818 Nov 403 Aug
11
113 Feb
4
Jan
Oct 77% July
38
11111 "Li; fir Feb
Oct 11618 Jan
99
50 Oct 8918 Jan
Jan
8734 Dec 100
4
3312 Oct 913 May
112 Nov 12612 Jan
Oct 52
Jan
30
20
70
54
Nov li" "AG
/
1
4
Oct 126 Aug
Oct 88 Aug
/
1
4
80 Nov
104 Nov
/
1
56 Dec
26 Oct
95 Nov
918 Nov
3112 Oct
3814 Dec
9313 Dec
60 Oct
87 Nov
14 Nov
68 Dec
4 Oct
7% Oct
7 Nov
4614 Nov
3212 Dec
33 Dec
9% Nov
30 Oct
32 Nov
143 Ott
4812 Jnit,
Get
94
6418 July
10412 A.r
66 Feb
82 Jan
105% Jan
11518 Feb
15414 May
1047 Feb
g
GO
Apr
101% Jan
14 May
54
Jan
4911 Jan
1027 Mar
8
447 Deo
4
90 Mar
/
1
4
32 8 Jan
7
54% Jan
Ws Sept
New York Stock Record-Continued-Page 5
909
For same daring the week of mace net recorded here. see fifth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Aug. 2.
Monday
Aug. 4.
Tuesday
Aug. 5.
Wednesday
Aug. 6.
Thursday
Aug. 7.
Friday
Aug. 8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per Share $ per share S per share 5 per share $ Per share $ per share Shares Indus. dt Mlscel. (Con.) Par
3218 3213 32
327
325 323 *32
32% 32
3214 31% 317
1,500 Grant(W T)
No par
207 21
2112 21
8
21
21
20
2012 20
20
20
2018 5.900 Gt Nor Iron Ore ProD No par
19
8
187s 19
19
183 18% 187 19
4
185* 183
4 185* 1838 1,800 Great Western Sugar_No par
116 116
11618 11712 *116 11712 11712 11712 11618 11618 116 11618
250 Preferred
100
1412 155
145
13 8 14
14
7
1512 1614 15
15% 133 15 150,600 Orlgeby-Orunow
4
No par
*58
78
%
*%
•%
38
*%
%
*5
8
Guantanamo Sugar__Ne par
38
*5
8
38
38% 38
38
40
37
*38
38
38% 37
37
37
37
1,200 Gulf States Steel
100
*96 100 '95 100
*96 100
*96 100
*96 100
*96 100
Preferred
100
36
35 8 35% 3514 3512 36
5
35% 3512 34
35
2434 3514
450 Hackensack Water
25
•28
2818 •28
281a *28
2818 *28
*28
2818 .28
3818
Preferred A
25
163 1612 1614 16% 167 173
8
16% 173
8
8 18% 167
8 155 1618 7,300 Hahn Dept Stores
8
No par
*8118 8212 8114 8114 817 82
82
82
82
8214 *8014 82
1,600 Preferred
100
*20
2212 .21
22
223
22
2212 *21
*20
2212 '
520
100 Hall Printing
10
223
4
____ *105
*105
*105
•105
105 105
105 105
70 Hamilton Watch prat
100
92
*91
*91
92
*91
92
9111 *91
*91
92
91
600 Hanna pref new
91
No par
52 'Si
52
'51
51
51
*51
55
*52
55
51
300 Harbison-Walk Refrac_No par
51
10% 11
12% 1112 12
12
83 10
4
814 9%
12,000 Hartman Corp class B_No par
8% 9
*21
2118 2118 1912 2012 .17
22
22
*21
19
*1718 19
500 Clue A
No Dar
*50
52
52
*50
59% *50
*50
51
*49
51
Hawaiian Pineapple
*49
5112
*714 8
7% 7%
714 714
7% Vs
7
714
Hayes Body Corp
7
1,000
7
No par
85 '80
85
•80
85
85
•84
87
*80
87
*83
100 Helms(0 W)
87
25
25
•22
•22
25 •22
23
•22
23
*22
2212 *22
Hercules Motors
23
No par
9612 9612 963 963
94
94
9414 963
4
4 95
95
93
9412 3,000 Hershey Cb000late
No par
*10012 1011 10012 1001e •10012 102
10114 10114 *101 102 *1003 102
4
400 Preferred
No par
•10712 1073 *10712 1073 *10712 1073 10712 10712 *10712 1075 10712 10712
4
4
8
200 Prior preferred
100
*14
17
18
•14
17
•15
•15
17
1514 1514 •1412 161
100 Hoe (R) & Co
2
No par
331
313 32
33
*32
33
•3212 33
3212 3212 32
900 Holland Furnace
No par
•64 7
*814 612 *614 612 *614 612 *614 612 *614 3212
612
Hollander & Sons (A) No par
•74
78
78
*74
77 •74
74
77 •74
77
*74
Homestake MIning
77
100
*11
1118 Ills 1112 12
111
*11
12
1138 1112 11
1112 4,100 Houdaille-Hershey el B'No par
631 *62
6312 63% 63% 6312 6312 *63
'62
64
*6312 64
200 Household Finance part NJ.°
_
Household Prod Inc..-No Par
Wag 8511 11;
84 10; 83 157783 1:f 8
1
-1
5
8
14:- - 1,700 Houston 011 03 Tex tern Mb,100
•29
•29
*29
29
30
30
30
29
29
29
29
390 Howe Sound
29
No par
*32% 33
3412 35
34
33
33
3414 32% 33
3118 3212 8,900 Hudson Motor Car
No par
3 1412 1414 1414 13% 13% 13
1312 13% 133 143
13
13% 8,000 Hupp Motor Car Corp
10
22
2118 2112 21
8 20 8 2114 21
2114 213
5
213
4 2012 21
7,600 Independent Oil& Clas_No par
51
51
512 512
514 512
53
4 53
5% 5 4
4
3
514 514 1,800 Indian Motoeyele
No Par
38
*812 3912 •1014 383
38
38
Preferred
100
4
•1212 123
4 1218 1318 127 1314 123 1278 1212 123
4 11% 1212 18,000 Indian Refining
10
Certificates
10
15
. wii" II"
;Tic 16"
95 ;ii" 95 88 88
100 Industrial Rayon
No par
194 198
197 201 s199 199 '192 198 *190 198
193 199
1,600 Ingersoll Rand
No Da
8
*745 80
•76
80
80
80 .76
100 Inland Steel
No
-113 15% 16 1534 1534 1514 80 8 •76 80 2.600 In•oiratIon Cone Copper-- pa
15% 15%
157
1512 1612
20
1214 12% 1214 113 113
12
*1112 1214 *11% 121
4
4 115g 1154
500 Insuransharee Corp____No pa
*314 4
*314 4
*314 4
*314 4
*314 4
intercont'l Itubber----No lim
.314 4
18
*1812 19
18
*18% 19
177 18
8
1712 18
17% 18
1,900 Interlake Iron
No Pa
6
6
6
6
6
6
5% 57
*512 6
512 512 1,700 Internal Agricul
No pa
8
593 *5718 593 *55
•55
59% •56
59% *56
59
*55
Prior preferred
58
100
7 178 1801 17712 180
17512 17512 177
175
175 179
17014 175
4,600 Int Business Machlnes_No pa
691
6912 691
•68% 6912 *69
67
69
68% 683
6612 67
1,500 International Cement__No pa
614 61
61s 01
6% 68
7
61s 6%
6
6%
5% 6
10.900 Inter Comb Eng Corp_No pa
6834 65
*60
69
61
67
61
627
8 623 623
4
6014 6014 4,300 Preferred
100
8 803 8212 78% 80
8
8
813 82% 825 84% 8212 845
6
7612 8018 35,800 Interred Harveeter----No Po
8
0143 14414 •143 1441 z1427 1427 14212 14212 •141% 1423 •14114 142
200 Preferred
100
38% 40
3812 38% 381
38
3814 385
8 37% 381
35% 3712 7,900 Int Hydro-El Sys Cl A_No pa
7814 79
78
77
80
7812 79
78
76
763
74
75% 6,000 International Match pref___3
221 *2112 2212 21% 211
227
8 22
22
2114
2212
21
21
1,600 let Mercantile Marine etfs _100
22% 23% 2223 227
8
227 23% 23 2312 233 241
s
8
21% 223 123,400 tat Nickel of Canada__No pa
8
International Paper__ _No pa
795 795 ;iiT 16
s - "iiTs 16" ;ii" 79
Ws 16" '78 80
100
190 Preferred (7%)
,
*2012 2112 .1 2112 213 *20
4
0
20
21
21
20
20
20
20
-No pa
300 Inter PaP & Pow Cl A.
•14
1512 •1412 1512 *1512 1578i *1412 157
1414 1414 14
14
No ve
2,000 Class B
1012 1012 *103 10121 •10
*1012 11
1012 10
s
912 912
10
No pa
700 Class 0
7612 7612 *7612 7712 *76
*74
77
77
*76
7612 70
70
100
600 Preferred
*34
3712 373 375 *34
37
37
•34
3712 3134 34
4
371
600 lot Printing Ink COSLI-No par
•92
94
08812 94
94
•92
93 93
*93
94
*93
94
100
10 Preferred
4
387 3914 39
8
3918 391
393
8 383 395
3814 39
37
39% 9,000 International Ball new
100
*55
56
*55
5512 55
55
55
55
55 4 *55
3
*54
5412
800 International Shoe---No Par
*7012 75
*7012 75 '7012 75
*7012 75
*7012 75
70
100
7012
400 International Silver
*106 107 *106 107 *106 107 *106 107 *106 107 •106 107
Preferred
100
46
47
4514 45% 46
4512 461
47
4512 4214 4518 36,300 Internet Telep & Teleg_No par
45
24
5
3
243
4 2412 24% 2414 25 8 2434 25 8 24% 243
4 2212 2414 5,500 Interstate Dept Stores-NO Par
4
4
*663 7414 *863 7414 *663 75
4
4
*653 7414 663 663
4
4 665 663
8
4
90 Preferred ex-warrants_ I00
*2212 30
*2212 30
*2112 30
.
52212 30
*2312 30
2312 2312
No par
100 IntertyPe Corp
1514 *143 15
1512 153
4
4 1514 15% 1514 1512 15
1484 15
No par
2,900 Investore Equity
*34
34
34
34
3412 3412 35
34
34
34
*33
34
1
500 Island Creek Coal
*48
•48
*48
49
*48
49
49
48
49
48
8
4818 48'
No par
200 Jewel Tea Inc
84
8712 9012 8614 89
8514 8412 88
8512 863
4 81% 853 24,600 Johns-Manville
No par
*121 122 *121 122
122 122 *122
122 122 •122 1221
100
120 Preferred
12112 123 *121 1231 121 122
12212 12212 12212 12212 *12112 1221
240 Rinse & Laugh Steel pref 100
*13
4 2
•13
*13
4 21a
•13
4 2
4 2
*13
4 2
Jordan Motor Car
*13
4 2
No Par
*83
4 8% *83
8
4 87
85, 83
*83
4 8%
8% 83
8 *8% 9
200 Karstadt (Rudolph)
•1714 18
•17% 18
*1714 18
8
177 187 *1714 18
1714 1714
200 Kaufmann Dept Stores.$12.50
24
24
2478 24
•24
24
*24
25
233 243
4
4 233 24
4
900 Kayser (J) Co v t o____No par
4
V---- 495 S---- 493 •- 493 '
4
4 5
4
.-- 493 *---- 493 •- - 493
4
Keith-Albee-Orpbeum -No par
4
*108 113 1•109 113 *109 ___- 109 --- 0109
108 109
100
200 Preferred 7%
•314 33
3'
2 31
312 3
12
3
12 312
314 312
8 1,300 Kelly-Springfleld T.re-Ne Par
314 35
*225 2812 •223 281 •2318 2812 '
8
5231a 2812 *2318 2812 *2318 281
100
8% preferred
*3014 35
*3014 341 *____ 3412 *._._ 35 *-- -- 35 *---- 35
6% preferred
100
s
311
30% 31
31
4 31
315 313
3112 30
3012 2812 30
8,500 Kelseytia2e8Wheel___ No par
1714 1712 173 18
175 18% 17% 18
4
16% 173
8 14% 167 43,700 Kelvinator Corp
No par
•75
8112 8112 •75
8112 *75
78
81
75
81
*75
No par
79
30 Kendall Co pref
4 3914 401
387 393
8
393 4014 393 40
8
39% 39% 38
No par
39% 27,900 Kennecott Copper
52
'51
*51
*51
52
52
*51
52 '51
52
51
51
No par
100 Kimberley-Clark
*23
*23
26
26
*23
26
*23
26
•23
26
*23
No par
26
Kinney Co
*80
3
80, '80
80% 803 805* *80
8038 *80
s
821 •80
100
821
30 Preferred
3
3
3
3
3 18
3
3
3
3
3
2% 3
7,500 Holster Radio Corp__-No par
Kraft Cheese
No par
Preferred
100
21- "2514 16 "25- 213" •
7528T2 /9'4 -2538 4 i5i4 2934 -ill" 161; --3",00 Kresge cs En co
10
•52
59
*52
59
'52
59 '
552
5818 *52
5818 •52
Krese Co
No par
58
4
4 273 2818 28
2814 2712 Ms 27% 277
2738 273
8 2712 27%
Kreuger & Toll
251a 2534 2514 257
2518 255
8 2518 2512 243 25% 2418 24% 18,000 Kroger Grocery & Bkg_No par
8
9,300
*287 2914 287 29
8
4
285 285* 283 29
8
8
283 29
4
28% 287
8 1,000 Lago 01.1 & Transport_No par
90 4 9212 9212 9212 *9014 9134 903 91
3
92
92
8
88
No par
903
4 3,200 Lambert Co
51
512 *5
512
•5
58 *5% 53
5
4
518
4% 5
900 Lee Rubber & Tire__ _No par
:
*3212 35
•321 35
•3212 35
323 323 *32
4
34
32
200 Lehigh Portland Cement_ _so
104 101 *10312 107 *10312 107 *10312 105 *10312 32
105 105
100
105
200 Preferred 7%
914 914
914 91
*914 1012 *914 10
93a
9%
912 912
700 Lehigh Valley Coal__No par
•2714 30
*2714 30
27
26
27
2714 *2514 30
Preferred
*2514 30
50
600
2912 29
2912 2912 *29
2912 2912 2912 *29
2912 29
No par
29
600 Lehn & Fink
*1914 1938 *1912 195* 1912 1912 19
1912 *19
1912 *19
1912
700 Ubby-Owene Glass- No Par
95
594
9512 '
94
955
*93
*9312 9412 9412 9412 *91
300 Liggett & Myers Tobacco---25
93
9412 953
8
8 945 95
9412 947
9338 947
8 9312 9412 92% 9412 11,100 Series B
25
27
2614 27
*26
*24
2714 *25
27
*24
283 *24
26
400 Lima Locomot Works__No par
377 3812 *38
*377 40
*3812 40
8
40
*38
40
•38
No par
200 Link Belt Co
40
69
68
68
68
683 69 4 62% 6918 6712 68
4
3
No par
66
67
3,700 Liquid Carbonic
713 73
4
7012 7114 7014 72
70
72
6914 7012 6512 69
19,200 Loew's Incorporated-No Per
106 106 *106 108 *106 108
'105 108
105 106 *1027 105
No par
8
400 Preferred
s
97
4 97
.9712 983
967 9712 963 9712 9838 963g 9618
4
9618 1,200 Preferred ex-warranteNo Par
5
35
*312 4
33
4 334
3
34
3
34
3
312 312
No per
33
1,900 Loft Incorporated
4 33
*713 $
*7% 8
7% 7% *713 8
*718 8
718 74
400 If, g Bell Lumber A__ _No Dar
8
603 623, 6014 607
8 615* 62
*15014 607
8 601 601s 5838 60
25
3,900 Loose-Wiles Biscuit
333 235
8
23
8 2318 24
2418 2234 2312 22
223
4 215 2214 55.10011.orillard
25
912
812 0
9
*812 912
9
9
812 812
No par
812 812 2,800 Louisiana Oil
*803 88
*813 85
4
4
*80 4 88
3
813 813
4
4 803 803
4
4 803 8 4
100
4 03
30 Preferred
3912 3712 3818 377 3814 37
*39
3712 3612 37
353 3612 3,400 Louisville 0 & El A- _.-No Par
,
2734 26
2612 2678 267 275* 27
27
2512 2618 24
No par
2518 6,200 Ludlum Steel
85
*65
•65
85
85
*65
•65
85
*65
85
Preferred
•65
No par
85
30
•2912 3112 30
3012 3012 *3012 3112 *30
3112 3012 3012
300 NSacAndrews & Forbes_No per
5612 5612 5612 573
8 5412 5612 551 5612! 543 56
*5612 57
No par
6,800 Mack Trucks Tao
8
118 119
8
118 1203 12114 12414 *122 123 I 121 12312 11614 119
._ _ No T a?
,
4.800 Ma' r'"
,
•Bid and asked prices; no sales on this day. y Ex-diy:ex-rtghts.
PER SHARE
Range Since Jan. 1.
On basis of 100
-share tots.
Lowest.
$ per share
29 June 18
18 June 23
1858July 31
11058May 27
1214July 8
IS Mar 7
37 Aug 6
98% Jan 17
20 Jan 6
26 Jan 0
125 Jan 2
8
71% Jan 3
21 June 17
99 Jan 7
85 Jan 16
50 June 27
814 Aug 7
1912 Aug 6
62 July 26
558June 18
7712June 19
2012June 23
70 Jan 2
83 Jan 2
12
10414 Feb 21
12 June 21
2614 Jan 14
5 June 18
72 July 12
97
8June 28
49 Mar 5
5212 Jan 25
52% Jan 17
2518June 18
253
8June 25
13 June 28
12 aJune 25
3
412June 18
22 June 18
%June 18
818June 18
73 June 30
15414 Jan 8
89 June 25
1212June 1
10 July 11
313 July28
153
8June 23
412 Jan 2
5214June 23
15212 Jan 18
55 4 Mar 6
3
6 Jan 2
80 Jan 2
76 June 21
14012 Feb 10
811aJune 18
65 Jan 8
11
19 June 18
21 June 18
68 Jan 6
70 July 16
17 June 23
113
4June 18
9 June 21
70 July 7
313 Aug 8
4
88 July 3
36 Any 8
5312June 25
69 July 8
105 Feb 26
401sJune 23
18 June 17
665 Aug 8
8
23 Jan 2
14 June 19
3112July 8
43 Jan 20
70 July 1
11814 Feb 24
11812 Jan 6
15
8June 2
8% Aug
1612June 25
233 Aug
4
21 Jan
85 Jan
3 June 18
2018 Jan 8
29 Jan 2
2218 Jan 3
7% Jan 2
72 June 27
3712June 25
4814June 21
20 Jan 29
80 July 24
13 Jan 18
4
38% jan 6
98 Feb 6
26I4June 17
50 June 24
2338 Jan 2
21 June 18
2114 Jan 11
7612June 18
458June 17
30 July 7
104 Aug 4
714June 18
2218June 36
2214June 25
19 Aug 6
85 June 18
85 June 25
20 June 18
37 June 25
52% Jan 3
4218 Jan 2
855 Jan 17
8
7858May .5
3 June 18
74 Aug 4
6012 Jan 4
1618 Jan 2
8 Feb 28
8018June 18
33 June 23
22 June 25
787
8July 8
2414June 19
4614June 18
109 June 25
Highest.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
$ per share $ per share $ per sitars
6212 Dec 144% Feb
43 Jan 9
253 Mar 28
8
19
Oct 3914 Feb
34 Jan 16
12
28 Nov 44 Jan
120 Mar 14 105 Nov 11912 Feb
28 June 2
1414 Nov 70 Beni
4 Feb 4
1 Nov
5% Jan
80 Feb19
42 Nov 79 Mar
109 Apr 30
993 Dec 109 Feb
4
38 July 29
2311 Nov 35 Aug
29 Apr 17
26 Jan 30 Avg
23% Apr 17
12
Oct MA Jan
8612 Apr 17
71% Dec 115 Jan
314 Mar 25
27 Dec 29% Dee
105 July 8
99 Nov 105% Jan.
98 Apr 14
7214 Apr 21
54 Jan
Oct
20 Feb 5
13 Oct 41% Aug
23
14May 24
16% Oct 31 Sept
01 Feb IS
55 Dec 72% Aug
512 Nov 68% May
17% Apr 4
92 8 Feb 19
5
84 Nov 11812 Jan
31 Apr 11
2114 Dec 83 Oct
12
109 May 28
45 Nov 143% Oil
I083
4June 3
60% Nov 14314 Oet
10812July 21 104
Jan 10654 004
2514 Feb 27
12% Dec 83 Aug
111I4 Liar 28
21 Nov 51 Mar
131s May 24% Aug
12 8 Jan 29
5
80 Feb I
65 Nov 93 Aug
29 Feb 5
13 Nov
523 May
4
6412July 21
45 Aug 52% Sept
6112 Mar 10
40 Oct 7912 Jan
1167 Apr 25
8
Oct 109 Ayr
26
417 Feb 7
g
3
34 4 Nov 82 Mar
12
627 Jan 6
1
88 Nov 93 Mac
12
265 April
8
18 Nov 82 Jan
32 Apr 7
173 Oct 39% May
4
17 Mar 4
3 Oct 3212 Jan
12
87I2Mar 3
25 Nov
95% Feb
1314 Oct 53 Aug
283 Mar 22
8
27 4 Mar 22
5
1112 Oct
51% Aug
124 Jan 10
6812 Nov 135
Jan
239 Apr 24 120 Jan 223% Oo
98 Mar 11
71 Dec 113 Aug
305* Feb 7
22 Oct 664 Mat
17 8 Mar 10
3
12 Deo 16 NO4
71 Apr 1
2 Nov
14% Jan
7
,
28 Apr 2
813 Apr 7
Oct l77 Jan
6714 Apr 9
40 Nov 8812 Jan
19712May 28 109 Nov 265 Oct
753 Apr 2
2
49 Nov 102% Fall
1412 Mar 26
4% Dec 10312 Feb
78 Apr 1
1812 Dec 121 Feb
1153 Apr 16
4
65 Nov 142 Aug
14412 Mar 14 137 Aug 145 Jan
U Apr 11
23 Nov 5912 Sept
92 Apr 24
47 No
10212 Jan
33 Apr 17
1818 Nov 3912 Oct
443 Apr 4
8
25 Nov 72% Jan
65 Mar 21
67 Dec 112
Oct
88 Apr 29
77 Nov 9412 Jan
311s Mar 22
20 Nov 4414 Oct
12 Nov 33% Oct
2238 Apr 14
18 Apr 14
9 Nov 26% Oat
86 Mar 26
77 Nov 95 Oc$
583 Apr 5
4
40 Nov 68% Oet
101 Apr 12
91% Nov 106 May
453
41lne 20
62 Jan 15
54 Oct WI; Weil
119 Feb 1
95 Nov 15912 Aug
11214 Feb 17 103% Oct 119 Jan
77% Apr 24
53 Nov 14914 Sept
40 Feb 4
251a Oct 9312 Jan
7514 Feb 6
74 Dec 97 May
32 Apr 9
17 Nov 38% July
29 Feb 19
12% Nov 7212 Aug
48 Mar 19
39 Oct 89 Mar
6612 Apr 30
39 Nov 162% Feb
16818 Feb 5
90 No 242% Feb
123 Mar 21 118 Nov 123 May
12312 Apr 11 117 Jun 126
Oct
512 Apr 9
112 Oct 1611 Jan
1312 Jan 16
10 s Nov 18 2 Noy
7
7
2012 Mar 7
17% Dec 3714 Feb
4112 Jan 2
30 Nov 581 July
:
45 Apr 23
15% Nov 46
Jan
150 Apr 24
70 Nov 138 Jan
6% Apr 10
3 Dec 23 Jan
7
,
112 Jan 24
16 Dec 9478 Jan
55 Jan 25
25 Dec 100 Feb
3912 Apr 11
185* Nov 59 4May
1
265 Apr 25
8
5 Oct 1914 Feb
89 Mar 21
75 Nov 96 Feb
62 4 Feb 7
3
4932 Nov 1047 Mar
s
59 mar 31
451 May 573 Oct
2
4012June 4
2112 Nov 4.113 July
97 Apr 17
80 Oct 1093 Mar
4
812 Apr 14
3 Dec 7838 Jan
12
551aJune 2
27 Nov 76% Oct
111 June 5
95 Apr 105 8 Oct
7
865 Jan 2
4
28 Nov 5712 Mar
70 Jan 24
531 Nov 114
Jan
558 Apr 10
2218 Nov 463 Mar
s
48% Jan 23
38% Nov 12212 Jan
2912July 17
1612 Nov 88% June
113 Apr 1
8018 Nov 15714 Mar
11 Mar 25
5 Oct 25 Jan
42 Apr 1
30 Nov 65 Feb
10812May 24 100 Nov 1103 May
17 Mar 17
12
10 Oct 32 Oct
8713 Mar 19
31 Dec 404 July
86 Apr 14
28 Nov 6812 Feb
31% Mar 29
17 Oct 43 Aug
113% Apr 1
80% Nov 106
Oct
114% Apr 1
80 Nov 10614 Oct
4914 Feb 15
36 Nov 57% Jna
4 5 Feb 21
64
7
3 % NOV 61 Feb
81% Mar 28
40
Oct 113% Jan
95 4May 14
3
32 Oct 8412 Feb
1123
8June 3
80
Oct 110% Jan
9712July 31
80 4 Nov 95 Mar
3
6% Feb 19
31e Dec
1112 Apt
15% Mar 22
12 Dec 5212 Jan
70% Apr 2
39% Nov 87 8 Sept
7
2818 Mar 11
1414 Oct 311g May
12 Apr 28
7 Oct 18
Jan
8912 Feb 6
90 Nov 10014 Feb
51% Apr 25
28
Oct 72% Sept
44% Mar 12
22 Nov 108 8 JULY
7
99% Mar 18
76 Nov
18 June
393 Apr 3
4
3014 Oct 46
Jan
8812 Mar 27
6518 Nov 114% Feb
159% Feb 3 110 Nev 25512 Kent
910
New York Stock Record-Continued-Page 6
For sales daring the week of stocks net recorded here, see sixth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT
Saturday
Aug. 2.
Monday
Aug. 4.
Tuesday
Aug. 5.
Wednesday
Aug. G.
Thursday
Aug. 7.
Friday
Aug. 8.
Sales
for
the
Week.
STOCKSPER SHARE
Range Since Jan, 1.
On basis of 100
-Mare fors
NEW YORK STOCK
EXCHANGE.
Lowest.
$ per Share 5 Per share $ Per share $ Per share $ Per share $ per share Shares Indus. & Mi$COL (Con.) Par $ per share
700 Madison Su Garden___No par 10 4May 8
3
134 134 1312 1313
14
*131 1334 14
14
133 133
4
4 14
3218 3213 1,000 Magma Copper
2£33
No par
/ *3212 33
1
4
33 33
4June 19
3212 3314 *3212 33
33
33
812 0
914 914
800 MaIllson (H R) le Co No par
612May 5
83
8 88
*812 8 8 *812 9
5
83
4 8%
*212 4
*212 4
Manati Sugar
*212 4
*213 4
*212 4
*213 4
113July 8
100
Preferred
153 *12
4
100 118 July 14
153 *12
4
1534 *12
3
*1034 15 4 *12
153
4
15 4 *12
3
100 Mandel Bros
*7
14
*7
14
No par 12 July 9
12
12
*12
14
*12
14
*12
14
_ ____ ____ ____ ____ ____ ____ ________
Manh Elea Supply
No par 8 June 25
600 Manhattan Shirt
1212 13
13
13
25 1118June 25
13
13 8 137
7
8 13
14
ii.2T3 - 13 *13
11
400 Marlin-Rockwell
34
3413
*341 35
No par 3014June 26
36
*35
36
*353 36% 3814 3614 *34
4
111 i 10
103
4 1,900 Marmon Motor Car
1112 11
838June 28
No par
1114 115a *11
*11
113
4 1112 12
*312 314 *3% 312 *312 312 *312 312 *318 312 *312 312
Martin-Parry Corp
No par
3 Jan 8
3
3718 383
*3713 38
39
* 3718 3712 3512 3718 1,800 Matbleson Alkali WorkeNo par 32 8June 25
3812 3812 *37
10 Preferred
123 123
100 '116 Jan 24
*123 130 *123 130 4123 130 *123 130 *123 130
200 May Dept Storm
43
25 401 July 3
4412 *4214 4412 43
8
8
*423 4412 *423 4412 4278 427 *43
8
1,500 Maytag Co
13
13
13
No par
13
13 Aug 7
*1314 1313 1314 1314 1314 1314 1314 1313
500 Preferred
No par 2112June 28
*247 26
8
*2518 26
26
25
*2612 29
25
25
248 247
Prior preferred
No par 7513 Aug 5
*7512 83
*76
83
*7512 77ls *7512 8314 7513 7513 *7612 83
200 McCall Corp
*40
41
No par 37 July 17
*333 41
8
40
40
41
*40
*40
41
41
*40
McCrory Stores claim A No par 80 May 19
*5412 5512 *5412 55
*5413 55
*5412 55
*55
63
*544 55
/
1
Class B
6212 *57
No par 5738June 12
821 *57
6213 *57
6212
6212 *57
6212 *57
*57
Preferred
*90
94
100 8913May 7
*90
94
*90
94
*90
94
94
490
94
*90
300 McGraw-Hill Publlea's No par 3012June 23
3
4
3
4 333 33 4 .3313 3512 3414 3414
4
8
348 343 *333 3412 *33 4 343
100 McIntyre Porcupine Mines-5 14 4 Jan 2
*1713 18
3
1712 1713 *1713 18
*1712 18
*1713 18
*1713 18
77
807 17,700 McKeesport TM Plate_No par 81 Jan 2
8
4 8012 82
83 8 8453 8214 833
5
2
4 823 84
813 823
4
183
8June 25
19
1013 8,900 McKesson Az Robbins_No par
2012 2038 2012 218 2014 2114 197 2014 1914 197
50 35 June 24
1,300 Preferred
*3413 40
39
40
397 397
8
8 39
40
*393 40
8
*393* 40
800 McLellan Stores
14
1414 14
143
3 1438 1412 14
No par 12 June 30
1412 *14
1412 *14
*14
37
37
38
3712 3512 3712 *3512 37% *37
3712 *35
*35
No par 2814 Feb 8
400 MelvilleShoe
10 June 18
No par
1312 1414 1313 1314 11% 1312 4,300 Mengel Co(The)
/
1
1313 1412 144 15
*1312 14
2214 36,300 Mexican Seaboard 011 No par 1618 Jan 18
8 20
8
7
2218 2233 2'218 2312 2318 23 8 225 2314 2218 287
5 15 June 18
*1612 183
4 1012 1612 1612 1612 2,000 Miami Copper
17
4 17
4 1612 163
164 163
No par 53 Jan 6
1,000 Michigan Steel
8814 6814 *6518 88
687 *6518 66
8
631 87
687 *68
8
*65
/
1
June 18
No par 224
2318 2334 2,900 Mid-Coal Petrol
23% 24
24
24
24
24
24
24
24
24
% Mar 4
1,300 Middle States 011 Corp etfs___
1
1
1
1
11
118
118 118 el
1
1
1
335 3434 3018 3312 8,400 Midland Steel Prod
34
No par 2158June 25
3112 3138 3234 3214 3514 34
31
Miller Rubber
No par
37 Jan 23
s
100 Mbm-Honeywell Reau-No Par 50 July I
55 55
*531 60
/
4
"5818 60
*53% 65
*5318 65
*5518 65
12 Jan 10
/
1
4
4
3
143 1512 1512 15 4 143 1434 1412 1412 1218 1412 1,600 Minn-Moline Pow Imp!No par
4
16
*15
No par 72 Jan 7
200 Preferred
72
8
*735 76
8
*733 80
8
*735 80
8
733 7314 *70
*735 80
8
700 Mohawk Carpet MIlls_No par 17 June 24
1712 1712
18
18
*1712 18
*174 1812 1712 1712 *1712 18
500 Monsanto Chem Wks -No par 35 June 25
40
*411 4313 *4214 43
/
4
43
4312 4313 43
*4118 44
412
3318 3438 36,400 Mont Warddk CoIlICorpNopar 31 June 25
2
2 3414 35
2 343 357
3513 357
23514 357
353 36
8
3% Jan 22
614
7
2 *718 712
*712 712 *718 712 *718 7'
4712 8
2001 M000 Motor Car new_No par
4June 23
No par 513
7001Morrell (.7) Az Co
537 538 *5313 55
2
5212 53
53
53
5313 53
13 53 53
118June 17
114
114 *118
118 118
114 114
118
118 2,200 Mother Lode Coalition_No par
114
1
/ 114
1
4
3'8 July 12
600 Moto Meter Gauge dzEeNo par
4
334 33
414 414 *4
4
4
*37
8 4
4
4
414
400 Motor Products Corp No per 3412June 21
45
45
48
48
*48
49
*48
49
48
48
*4713 48
No par 21 June 17
SOO Motor Wheel
2518 *2414 2518 2418 2412 2134 24
*2418 2518 *2418 2518 *24
8 June 18
No par
700 Mullins Mfg Co
12
12
13
13
15
*12
*12
15
13
13
15
*13
63 Preferred
Vo par 40 July 2
*50
51
51
511 *50
50
5118 5118 *5118 54
*5118 54
No par 4018Jnne 23
400 Munsingwear Inc
417
8
*44
4713 4212 437 *41
45
4712 45
*45
4712 *45
1212June 17
No par
4 1518 1814 6,200 Murray Body
17% 1812 163
1712 1712 1718 1714 1714 1712 17
3
No par 35 Jan 2
100 Myers F & E Bros
41
4212 *40
*40
41
41
41
*4113 4212 *40
41
*38
No par 3018June 24
8,000 Nash Motors Co
3333 35
36
3512 3513 35 4 384 35
3
/
1
35
35
358 35
5
1314 1312 1314 1314 1218 1314 1,500 Natlignal Acme stamped____10 10 8June 24
*1314 14
138 137 *1314 14
No par 11 Jan 13
300 Nat Air Transport
*1938 21
1812 1813
19
20
*1812 22
*183 21
8
*203 21
8
814 July 10
91
97
No par
900 Nat Dallas Hese
914
*93* 97
958 95
*95k 9 3
7
9% 97
97
8
_ National Biscuit
25 177 Jan 2
New
10 71 Jan 2
0
8314
i 8 -84 8
"ii8" ii" -iii ie:- -ia" Ilia; "ii" - 3. -84- --Y -i-- ---- 15,800 Nat Cash
4
Register A w !No par 42 Aug 8
8,600
4 45
4613 4812 451 453
46
4512 42
463* 4514 46
45
No par 4514 Jan 20
53 8 5212 5312 505 5212 33,300 Nat Dairy Prod
7
8
3
524 53
53
543
8 53 4 5412 53
14 July 29
700 Nat Department Stores No par
1413 *14
14
1412 14
1413 *14
1412 1418 1418 *14
*14
lot preferred
100 36 July 10
4
8314 85
*8314 85
*83% 85
*8314 85
*8314 85
*834 85
3,200 Nat Distill Prod ate-_ _No par 2413June 25
28
30
30
8
4 30
2913 293 303
2912 20
*2713 294 *28
Nat Emma & Stamping
100 17I4June 14
24
*20
23 *20
*20
23
24
*20
24
420
4
20
24
100 125 June 23
100 National Lead
4
4
8
130 130 *1297 131 *1293 132 *1293 132 *130 13113 *127 135
go Preferred A
100 13818 Jan 3
14033 141 314112 142 *1411 142 *14112 142
141 141 414012 131
20 Preferred B
100 118 Jan 17
8
8
8
40118 1198 *118 1191 118 118 *118 1197 *118 1197 *118 1197
No par 32 Jan 2
92,000 National Pr Az Li
8
471g 4314 457 x4014 44
451 4614 4518 478 4613 4714 45
National Radiator
13 Jan 7
4
No par
*13
4 2
"13
4 2
4 218 *114 2
*13
4 213 *13
*13
4 25
8
Preferred
3 June 25
No par
4% *312 412 *312 412 *312 412 *312 412
*31
*313 5
7
50 100 8June 27
1033 1053
4
110 110 4 *10612 110
3
4 1,100 National SuPPIY
105 10814 *106 110 *10512 110
9(W National Surety
50 308 Jan 7
8818 70
7112 697 70
*68
69
*70
72
*70
70
73
No par 24 June 19
600 National Tea Co
27
27
29
263 263
4
28
28
4
28
27
*2714 2914 27
1613 1634 6,700 Nevada Consol Copper_No par 151zJune 18
8
4
8 167 1714 1612 1714 168 167
*163 163
4
4 163 167
50 5012July 21
Newport Co clam A
*5013 55
*5012 55
*5013 55
*5012 55
*5012 55
5012 55
No par 28 June 17
500 Newton Steel
34
34
33
33
3312 *3212 34
*3213 3312 33
*3213 34
No par 3714 Aug 4
800 N Y Air Brake
8
3
3813 3812 38 4 383 *3812 3912 3812 3812
4
38
3814 3714 37
100 28 June 25
100 New York Dock
*30
*31
33
33
*31
33
33
30
30
*31
33
*31
*8212 85 -------Preferred
*8212 85
*8212 8418 *8212 8418 *8112 8418 *82128418100 80 Feb 8
40 Y Steam Pref (6)____No par 100 Jan 2
103 *10112 10212
10112 1011 102
101 101
101 102
*1011 102
No par 110 Feb 5
80 1s8 preferred (7)
11214 11214 11214 11214 *113 116 *113 116
11214 11214 *11214 116
No par 8713July 8
94% 9814 60.900 North American Co
8
7
8 9912 100 8 967 99
8
4 98 1013 100 1017
978 993
50 51 Jan 13
500 Preferred
55 55
55
55
55
55
*5518 5514 5518 5514 *5513 56
4
/
1
4
*10312 10414 10414 10412 10412 10412 *10413 1043 10412 10412 10412 1o44 1,000 No Amer Edison pref--No par 1003 inn 23
40 Aug 8
600 North German Lloyd
8
4114 "40
8
8
40
405
8 40
4
42
4313 *4213 4312 *417 42 8 403
Northwestern Telegrapb_50 42 Jan 2
*45
46
"45
46
*45
46
*45
46
*45
46
*45
46
% Jan 9
300 Norwalk The it Rubber_ __-10
*1
512 *114 17
*114 18 *1
1
1
1% 118
17
3
2 Feb 3
200 Nunnally Co (The)___-No par
*318 6
*318 6
6
*3
*21
3
3
3212 3
3
25
91s Jan 3
13,500 011 Well SuI2DIY
8
2158 2214 2112 2218 2218 2354 2134 243
21
22
22
22
100 88 Mar 10
650 Preferred
103 104 *10012 103
/
1
4
101 104
104 104 *10014 103 *100 103
132 Jan 2
193
419
1918 19
4 1812 1812 1612 1812 4,000 Oliver Farm Equip___No par 277 June 18
193 1913 185 183
8
800 Cony participating-No par
297
8
8 2912 2912 2912 2912 29
*28
3018 *29 7"
297 297
Preferred A
No par 70 Jan 2
*7258 78
*725 78
8
*725 78
8
*723 78
8
*723 7 , *7258 78
8
1
3
2 4 Jan 3
No par
200 Omnibus Corp
514 514 *41g
512 *412 512 *412 518 *418 518 *418 518
10 Orpheum Circuit, Inc pref_100 83 Jan 8
*83
89
85
85
90
*83
*83
89
*83
89
*83
89
No par 55 June 18
644 4,000 Otis Elevator new
86
4 643
4 651 66
66
643
66
804 633 6512 63
4
100 1181s Jan 23
Preferred
4
4
8
2
8
012414 127 *1245 127 *124 8 127 *124 3 1267 *1253 1267 *1233 12678
5
5
No par 25 June 25
200 Otle Steel
*2614 2814 *2614 2814
2738 273 *2813 28
*2614 28
28
28
Prior preferred
100 89 July 2
__ 94
*____ 94 *____ 94 *__ 94 *____ 94 *_94 *.._
600 Owens-Illinois Gime Co--25 4514June 23
48 48
47% 47%
4712 4712 *473 48
/ 4iii2 48
1
4
47
/ 47
1
4
4
25 5218 Jan 2
5,100 Pacific Gas de Elea
55
5612 58 4 5518 5614 5514 5614 54
3
5813 55 8 56
3
*56
_No par 72 Jan 2
5.900 Pacific Ltg Corp
76
7712 773 79
78
738 '76
78
77
76
77
76
100 3014July 8
30 Pacific MWs
22%
223 *21
4
*21
223 *2013 223
223 *21
4
4
3
4 223 22 4 *21
1 Jan 2
No par
Pacific OIL
100 130 June 18
120 Pacific Telep Az Teleg
37
3
*Hi" fici" iiiii ficr •iii- 140- *jai" hi'*iii- fici" ii:5' 1-100 11813 Jan 8
Preferred
"128% 130 *12618 130 *12818 130 *12613 130 *12613 130 *12613 130
1213June 17
par
137 145 33,600 Packard Motor Car___No
8
143* 1478 1412 1314 14 4 MS 14 8 15
144 15
3
5
1.300 Pan-Amer Pet? & Trans_50 513* Feb 21
4
5918 593* 58% 58% 5813 59
*584 6018 *583 6018 5878 59
30 5011 Jan 25
1
58
5873 4,400 Class B , , 2 /L
58 8 583 *584 5914 59
5
4
58 4 58
3
4
69
583 59
83 Aug 8
4
Parmelee T22 2120z2 . .N0 par
4
672 0:
3 3 10
98
/ 10
1
4
9 8 9 8 *9
5
5
8% 62 2,600
914 93
918 9 8
7
418 Feb 14
400 Panhandle Prod & ref--No par
714 712 *812 712 4812 712
'6'z 712 *714 7%
100 474 'Jan 14
Preferred
no 78 *70 76 *70 751 *70 751g *70 76 *70 76 -- ___ Paramount Publix
3
No par 48 8 Jan 2
8
59 59
573* 5913 58 4 60
3
587 58% 53% 567 49:000 Park Utah C M
8
57 8 59
7
13sJune 17
1
800
212
2
*2
2
2 8 *218 238
3
218
2
18 218 *2112 214
5
2 Jan 3
No par
3,300 Pattie Exchange
41
418
4
43
4 48
4
4
414 414
42 k. 414 412
5 Jan 2
No par
1,600 Class A
*03
2 012
2
912 912 *312 938
93
8
9
8
9%
9
8 2,800 Patine Mines & Enterpr--20 17 June 18
1714 173
18
18
18
183
1713 18
3
3 18 8 19
*18% 19
50
4 4June 30
3
Peerless Motor Car
400
512 518 *513 6
518
51n 513
518 518 *5
*
5% 5%
No par Ms Jan 7
*43 44
4 3818 408 8,900 Penick & Ford
43 8 43 8 43
7
7
4018 413
12 43 8 4012 44
7
-No par 48 June 18
3,300 Penney (.1 C)
5018 51
55
55
*55
58
54
5478 5314 5312 5118 5214
100 93 Jan 7
100 Preferred
*997 100% *100 1001 3100 10012 *100 10013 *100 10012 100 100
8
818 Jan 4
1
*7
*Tla 8
8
65
8 718 1,300 Penn-Dixie Cement--No par
718 714 *714 8
7'8 758
100 3018 Jan 2
*40
*40
41
___ n-, Preferred
*40
48
421 *40
48
*40
*40
48
48
100 230 Jan 17
700 People's CI L & C(Chic)
261 283
*274 278 *275 278 *272 278 *265 275
262 263
No par 1718July 17
5,500 Pet Milk
21
*19
*181z 1918 *18% 19
20
2018 2013 21
20
20
25 2912June 18
-Dodge Corp
300 Phelps
34
34
31
*33
533
343 *3313 3413 *3314 3414 3314 3314
8
50 200 June 18
Philadelphia Co (Pittsb)
*205 225 *210 225 3210 225 *205 220 *21)0 220 *150 210
50 5018 Jan 15
*533* 55 *533 547
8% Preferred
4
4
4
4
*5314 5414 *5314 55
*533 543 *533 343
4
114 Jan 17
/
1
R
15
.157 16% 15 8 103
2
1612 15% 18
1518 1513 1414 1514 15,800 Phila Os Stead C & I_ --Vo par
814 Jan 8
10
200 P1,11110 Morris ilz Co.,Ltd
*1018 11
*10% 11
1013 1013
*1013 11
*1018 11
*1018 11
19 June 24
100 Phillips Jones Corp___No Par
*19
2012 *19
2012 *19
20
*19
20
20
20 3 *19
,
20
100 8514 Aug 6
60 Phillips Jones pref
4
3
6612 6612 *6514 661z 6612 8612 8514 6514 *59 4 6612 *593 661/4
Bid and asked price.,: no sales on this dtty.
b Ex-dividend and ex-rights. x Ex dividend. y Ex-rights.
Fligiwt.
PER SHARI
Range /or Previous
Year 1929.
Lowest.
Sickest.
$ per share $ per share $ per dart
24 Feb
1111 Nov
15 8June 6
3
1
35 Nov 821z Mar
52 4 Jan 7
6 Nov 3938 Jan
13 July 3
3 Dec 28 Jab
8 Jan 29
13
197 Dec 50 Jan
8
30 Jan 28
8
14 Oct 383 Mar
15 Jan 14
4
19% Nov 373 Jan
5513May I
8
1914 Dec 353 Jan
249 Jan 10
30 Oct 89g May
55 Feb 28
19 Nov 104 May
30% Apr 9
18 Jan
212 Nov
8 May 19
29 Oct 218 Feb
513 Mar 28
8
127 Apr 24 120 Jan 125 Jan
4512 Dec 10813 Jan
813 Jan 31
3
3
15 Oct 2913 Aug
23 Mar 28
2814 Dec 49% July
4013 Apr 7
7513 Nov 9018 Jan
8412 Mar 26
Oct
3914 Dec 108
60 Apr 1
74 Dee 11314 Feb
74 Jan 2
70 Dec 11513 Fib
70 Jan 18
8815 Nov 120 Feb
97 Mar 24
30 Oct 48 Feb
44 Apr 7
121 Nov 2313 Jan
1913 Apr 23
54 Nov 82 Jan
891zJune 4
3733 Apr 12
2118 Oct 59 Mar
40 Oct 83 July
49% Apr 8
1813 Dec 5913 Anil
2014 Jan 7
Jan
2818 Dec 72
42 Apr 16
g
9 Oct 347 Jan
23 4 Mar 10
3
8
914 Oct 693 Jan
37 Apr 7
33 s Feb 6
7
20 Oct 5412 Mar
44 Dec 1227 July
8
77 May 13
s,
397 Jan
2218 Nov
33 Apr 7
212 Mar 17
3 NOV
4
333 July
53 Feb 28
51 Apr 2
314 Dec 287s Ma;
59 Nov 12314 Sept
4
763 Mar 19
10 Oct 433* July
*
287 Apr 17
65 Nov 102 July
9214May 28
35 Nov 8014, Mar
40 Jan 27
8013 Oct
47 Nov
634 Apr 21
8
423 Dec1667 Jan
2
497 Jan 2
11 Oct5 Oct
1812 Apr 2
42 Oct813 Oct
8
72 Feb 5
112 Oct613 Mar
2 Jan 2
314 Oct3114 Aug
113* AIR 10
38 Nov 206 Mar
81 Apr 7
21 Nov 5518 Aug
34 Mar 19
10
4
Oct 817 Jan
203 Feb 14
55 Dec 10214 Jaa
84% Jan 31
38 Nov 613 May
4
5312 Feb 10
1472 Nov 1007 June
2514 April
8
4913 Mar 25
30
Oct 6113 Oct
40 Oct 1187 Jan
6813 Jan 6
8
143 Nov 417 July
8
2614 Feb 14
10 Dec 48% May
39% Apr 14
91 Dec 71 Mar
20 Apr 7
225 Mar 21 140 Nov 23634 Oct
93 May 29
8514 Dec 73 Dee
59 Nov 1483 Mar
4
8313 Feb 3
38 Oct 8613 Aug
62 June 2
20 Dec 373 Mar
4
2412 Feb 21
89 Dec 96 June
90 Jan 27
15 Oct 58 June
391z Feb 6
25% Dec 6214 Jan
3312 Mar I
71 12914 Nov 210 Oct
18912 Feb
143 May 13 138 Nov 14112 Feb
3
11913July 1 116 Oct 123 4 Apr
23 Nov 713 Aug
4
533 Apr 24
4
11 Dec 17 Jan
4 Jan 15
/
1
4
113 Dec 41 Jan
11 Jan 15
9812 Nov 144
Jan
1243 Apr 7
4
7014 Dec 155 Feb
981 Mar 22
4173 Feb 4 3118 Nov 9138 Max
k
2314 Nov 627 Mar
323* Jan 7
43 Mar 103 Sept
85 Mar 25
35 Dec 113 July
58 Apr 14
1
4
35 Oct 493 Mar
47 Feb 19
33 Nov 583 Feb
3
48 Apr 25
4
823 July 00 Apr
8813 Apr 24
93 Nov 103 Jan
12
104 May 13
11613MAX 13 107 Nov 115 Aug
6613 Nov 1863 Sept
1327 Apr 11
s
4
48 Nov 5414 Jan
57 June 4
98 Nov 103% Jan
105 May 22
4June 11
4113 Dec 8414 Jan
553
4013 Dec 54) Mar
5018 Mar 14
4 Mar 28
3 Oct
4
8 Feb
/
1
4
314June 16
2 Dec
8 Feb
778 Dee 32 Jan
24 3July 22
3
10734J1lly 23
8814 Dec 10615 Jan
8
347 Apr 17
Oct 6413 Apr
4818 Apr 17
17 Oct 693 Apr
8
903
4May 13
6413 Doe 9911 May
82 Mar 31
3
2% Oct 107 Feb
8
997 Apr 24
8
5018 Oct 96 4 Jan
3
80 * Mar 13
3
. _
128 June 12 11878 Oct 12L jai;
38 2 Mar 31
7
2214 Nov 55 Oct
99 Apr 29
8934 Nov 108 Feb
43 Nov 891 SePI
60 3 Feb 7
7
747 Mar 31
8
42 Nov 98114 Sept
107 g Mar 28
7
5818 Nov 146% Sept
171 Nov 37 Apr
30 Feb 8
1% Jan 22
112 Jan
5 Oct
8
178 Feb 19 131 Nov 220 July
145 Feb 21 1163, Jan 138
Oct
232* Mar 18
13 Nov
321 Sept
8414May 14
40 Feb 69 Aug
/
1
4
8712May 14
40 Feb 69% Aug
13
2618 Mar 10
1612 Dee 21 Dee
12 4May 14
3
3 Nov
1514 Jan
80 May 14
47 Feb 76
11
-an
77% Mat 31
36 Oct 7513 601
4 8 Apr 7
3
3 Dec 137 Feb
9 Apr 25
lei Jae
s
211 Dec
41 Dec 30 Jan
19 8 Apr 25
3
327 Feb 5
8
247 Oct 473 Mar
4
51 Oct 221 Jan
14 Feb 3
55 8 Apr 10
3
22 Nov 607 Sept
8
80 Jan 3
WS Nov 105% Oct
1003 Apr 26
8
33 Oct 07 Dee
31 Nov 27
12 Mar 8
dam
5512 Mar 13
2018 Nov 94 /au
325 May 27 208 Jan 404 Aug
213 Art 30
4
1818 Dec 45 Jan
13
8
44 Apr 7
797k May
31 Nov
248 Apr 15 1571 Apr 285 Oct
56 Mar 31
47 Nov 54 Mar
13
25 sMay 23
7
918 Nov 84 Jan
1513 Mar 11
5 4 Oct 284 Feb
3
2 7 Feb 18
7g
191 Nov 73 Mal
75 Feb 11
28 MA7
65 Nov
New York Stock Record-Continued-Page 7
911
For sales during the week of stocks not recorded hero. see
seventh page preceding
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT
Saturday
Aug. 2.
Monday
Aug. 4.
Tuesday
Aug. 5.
Per share
32% 33
*14
15
.20
23
118
114
*29
3110
514 514
*3212 333
4
4114 4114
*3614 50
84
84
*1813 19 8
3
*21
23
*223 25
4
*25
27
11 8 113
,
8
37
37
45
45
*714 712
•55
58
73
7313
.75
8 8
S per share
3212 3314
•I4
15
*20
23
*14 114
.29
3112
524 613
*33
337
3
*41
413
4
*3614 50
*75
90
*1818 1953
*21
22
*23
25
*25
2612
1113 1112
*37
39
45
45
7
7
*55
58
7314
72
*73
814
$ per share
33 333
4
•14
15
*20
23
114
'l's
31
31
538 53
2
33
33
4118 4118
*30
50
•75
90
•1814 2013
.21
22
*23
24
2611 2614
1112 1114
3712 3712
454 457
8
714 714
*55
58
72
7312
*73
4 8
Wednesday
Au2. 6.
Thursday
Aug. 7.
Friday
Aug. 8.
Sales
for
the
Week
$ per share
per share
3253 3353 323 3314
8
•14
15
*14
18
20
2012 *2012 23
1
113
1.
118
*29
3112 *29
31
53
3 558
514 512
323 33
4
337 34
8
*41
4158 *41
4134
*3553 50
*3514 50
*75
90
*75
90
.1814 2012 *1814 19
21
21
21
21
2318 2412 *24
245
8
24 24
25
2512
11
11
103 1112
4
3714 3714 37
3714
457 457
8
8 45
4514
7
7
*758 714
*55
58 .55
63
72
7312 717 7234
8
*75
3 8
*73
4 8
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Rangs Since Jan. 1.
Os baste of 100
-share lots.
Lowest.
11101e3l.
PER SHARE
garage for Premed
Year 1920.
Lowest.
Nigher..
S Per share Shares Indus.& Mlecell.(Cora) Par I per share
$ Per share
3 per share 5 Per aka 2
31% 323 29,600 Pbillipe Petroleum____No par
4
2918 Feb 17 4454 Apr 30
2414 Nov 47 Jan
*14
15
Phoenix Hosiery
5 105,, Mar 4 2018 Apr 3
10% Oct 37 3 Jan
8
2012 2012
500 Pierce-Arrow Class A__No par
19 June 25 33 Apr 3
18 Nov
377 Jan
2
1
113 1.900 Pierce 011 Corporation
25
1 Jan 4
212 Mar 17
I
Oct
328 Mas
2814 2814
400 Preferred
100 2011 Jan 10 52 May 1
20 Oct 5112 Mtiu
5
5% 11,200 Pierce Petrol'm
No par
12 Oct
2 Jan 3
14
718 Apr 24
Vs Jan
32% 327
8 1,000 Pillsbury Flour Milh
No par 27 June 25 375 Apr 11
20
Oct 6372 Jan
.41
4118
300 Pirelli Co of Italy
393
4June 25 507 Feb 27
434 Oct SS Aug
2
*4013 45
Pittsburgh Coal of Pa____100 45 July 17 7812 Jan 7
54 Nov 83 4 Zan
3
*75
90
100 Preferred
100 84 Aug 2 110 Jan 7
8312 June 110 0,78
•1814 19
Pitts/4 Screw & Bolt___Ne par 17 8 Jan 22 227 Feb 18
3
2
17 Dec 27 Aug
13
*21.
2112
400 Pittston Co
par 201s Feb 28 2278 Apr 8
No
23
2312 1,000 Poor ds Co class B
No par 2053 July 9 34% Mar 18 16- NZ; 7 )
E i
7
25
25
900 Portoitican-AraTob cl ANo pat 24 Aug 6 303
8July 3
103 11% 3,100 Clue B
4
No par
9 July 16 2714 Mar 10
Nov SO3e Jars
36% 363
4 1,500 Prairie oil & Gas
25 358 July 11 54 Apr 1
4012 Oct 65se Jan
447 45
8
2,200 Prairie Pipe & Line
25 4418June 11 6012 Feb 7
45 Oct 65 Ana
718 718
400 Pressed Steel Car
No par
613June 18
613 Nov 25:3 Mar
1553 Feb 18
55
55
100 Preferred
100 50 June 24 7612 Feb 14
50 Dec 81 Mat
7112 7214 4,600'Prooter & Gamble
No par 5232 Jan 3 787sJune 2
98 Aug
43 Nov
712 73
4
300 Producers & Refiners Corp _50 612 Feb 17 117 Mar 17
8
4 Oat 25% Jan
pro-pay
Bni85....No
48 Jan 2 55
-9018 911.1 -65- - 4 -9134 9314 9012 92
Oct
6i1-ioTt 9053 -iirs 897 14;965 Pub Sor-lac-ticof N J No par 8113 Jan 2 12353 Feb 27 35 Nov 824 Jae
Corp
per
*1103 1111 1 11114 111ii 1117 112
Apr 11
4
8
1373 Sept
54
11238 1121 2'11114 1125 *111.14
4
3
11259
800 6%, preferred
100 1084 Jan 3 11212June 2
*1263 1283 *1263 1283 12813 12812 *1264 12914 *1263 13
4
4
4
4
95 Nov 1084 Feb
4 018 *1263
4
100 7% Preferred
100 121 Jan 10 131 June 3 105 Nov 124% Jan
8
0151 1523 *1513 1523 *152 15233 •15212 1537 *15212 1537 *15212 13018
8
4
9
8
1537
8
8% preferred
100 143 Jan 2 158 June 7 13912 Nov 151 Sept
*10912 11018 110 110 *1093 110
4
110 110 *1093 110 *1093 110
4
4
200 Pub Serv Rico & Gas pref_100 10714 Feb 5 112 May 21 10412 Nov
69
6918 69 6912. 6918 6912 6812 6914 6712 68
109:8 Jan
6712 69
4,100 Pullman. Ina
•112 13
No par 62 June 25 50 8 Jan 3
4
112 112 *112 13
3
4
73 Nov 9914 Sept
14 112
112 112
15
8 15
8
500 PUB% Alegre Sugar
50
114June 26
21.2 2112 21.2 217
8 213 217
4
8 213 2178 213 217 22118 217
812 Jan 17
(1 Dec 214 July
4
4
8
8 8.100 Pure 011 (The)
1912June 25 27% Apr 7
25
*112.2 113 *112 113 *112 113
20 Nov
11212 11212'112,z 113
30.2 May
11212 113
30 8% Preferred
100 110121May 6 11414 Apr 8 108 Nov 11(1 Feb
62
62
6213 6228 6212 63 8 63
7
6413 623 6314 61
8
6` 13 5,100 Purity Bakeries
,
413 4273 42
4
443
4 443 4538 433 455
8
8
8
65 Oct 148:8 Aug
8 4214 435
8 3814 42 4 534,200 Radio Corp of Amer_No par 52 June 21 887 Fob 15
,
3212June 23 69% Apr 24
4
*543 56
*543 55
8
4
*547 56
*55
26 Oct 1142 Sept
56
2
55
55
5534 553
4
200 Preferred
50 53 Feb 4 57 Apr 21
*74
75
75
75
75
76
.75
50 Nov 57
76
Jan
*7512 76
75
7512
900 Preferred B
No par 68 Jan 24 85 Apr 2
307 3112 31
8
3212 3213 33 3 315 3253 311a 317
,
8
62 Nov 8212 Apr
8 28
3118 131,000 Radio Keith-Grp el A No par 19 Jan 2 50
*334 3312 3312 3412 3412 343
4 333 34
Apr 24
12
4
Oct 467 Jae
323 3312 314 33
s
.1
5,500 Raybestos alanbattan_Na par 28 June 18 587 Apr 17
*4212 4312 43
4314 4212 43
8
4212 4211 42
28 Nov 5812 Sept
42
4012 4112 1,900 Real Silk Ho8lerY
10 348June 19 847 Mar '26
3
*89
8
*89
90
90
90 .89
:1614 Nov 84 Mar
*89
92
90
*89
90
*89
Preferred
90
100 88 Jan 1 100 Mar 29
*218 2 2 *218 253 *215 27
,
3 *218 27
8614 Dec 10212 Feb
8 *218 25
8 *213 23
8
Rets(Itobt) & Co
No par
2 July
*15
*15
•16
37
37
30
5% Feb 3
*15
3 s Dec 1612 Feb
3
37
*15
37
*15
33
First preferred
100 27121May 28 37 Jan 28
277 28
8
40 Dec 10812 Feb
28
2712 2812 273 2812 2614 2712
279 2812 28
4
7,400 Remington-Rand
No par
23 June 25 4612 Apr 14
20% Nov 572 Oct
2
9512 9512 *95
9512 *95
9512 *95
9512 9512 9512 96
96
600 First preferred
100 92 Jan 3 1007 Mar 28
8
81 Nov 9813 Oot
*100 101 *100 101 *100 101 *100 101
100 101 •100 101
50 Second preferred
912 93
012 012
100 96 Jan 4 104 July 15
8
924 93
4
912 912
93 Mar 101 Apr
914
912
918 914 3,900 Rao Motor Car
812June 17 147 Mar 24
10
2
4612 473
4512 46
4 4612 4714 46
1018 Oct 31% Jan
4612 43
4578 41
43
17,200 Republic Steel Corp.__ No pa
2714J tine 23 7912 Apr 16
8812 87
*88
88
8818 gg
87
87
86
87
8612
1,700 Preferred cony 6%
100 86 July 25 9512May 5
*1514 1712 *1614 1712 *1614 174 164 163 *1612 1712 •1612 88
171
100 Revere Copper & Brass No fa
*332
16 Aug 1 30 Jan 3
*33
8 312 *38 312
25 Dcc 3153 Nov
312
3
93 33
8
338 33
8
338 33
500 Reynolda Spring
No
3 June 18
51
5012 50% 5012 51
74 Jan 20
33 Nov
8
61
1214 Jan
503 507
8
8 5014 5078 4913 505 11,200 Reynolds(R J) Top class pa
8
B.10 4514June 18 583 Mar 11
8
39 Nov 66
*703 743 *7012 743 *7012 73
4
4
4
*7013 73
Jab
*7012 71
7012 701
50 Class A
June 3 80 Jan 2
10 70
*393 4212 *3938 4153 *397 413 *3912 401 *393 413
8
8
70 Apr 8912 Oct
4
8 *4018 403
Rhine Westphalia Elee Pow__
s
39 June 26 153 Jan 21
8
1714 1714 1714 1713 1714 1738 1612 17
427 Dec 64 Jao
8
1618 1612 1512 1653 12,200 Richfield Oil of California_
_25 143
4June 17 2814 Mar 14
*173 1712 1712 1713 165 17
8
3
22% Dec 493 Jan
16, 17
3
8
161.3 163
4 16
163
4 3,900 1110 Grande 011
No pa
15%June 25 25% Apr 7
*40
44
*40
*40
42
42
15 Oct 4212 Mar
•40
42
*40
42
40
40
400 Ritter Dental Mfg
No pa
3812June 23 553 Feb 5
4
*30
3012 3012 *30
3112 31)12 31
40 Nov 70 June
303 *293 31
4
4
283 293
2
4 2,000 Roasts Insurance Co
10 274June 18 483 Mar 3
4
4
*513 52
513 52
4
28 Nov 96 Mao
5253 5212 5212 52
8
5218 524 51
5210 8,200 Royal Dutch Co (N Y shares
4918June 18 5612 Apr 7
*3912 4012 3914 3913 3953 40
4818 Oct
4018 403
64 deP•
4 4018 401
( 3914 4018 2,700 aa, Joseph Lead
1
3314June 18 5714 Feb 6
62
62
655
2
8 64
6512 6312 637
334 Nov
8 6214 647
94 Ja,,
8 5912 6312 7,400 Safeway Stores
No pa
5812July 30 1223 Jan 23
2
91
9014 91
*9014 91
91
9018 Nov 19512 Ja:
00
90
90
90
873 90
8
420 Preferred (6)
100 873 Aug 8 997 Feb 7
8
8
*103 10412 *103 10412 103 103 *103 10313 103 103
85 Oct 101
103 103
400 Preferred (7)
100 103 July 31 10978 Mar 26 100 Oct 1091 Seas
20
20
2018 2013 *19
207 *19
8
20
: De'
•19
1912 1712 18
700 Savage Arms C011)
---NO Pa
16 June 18 31% Apr 2
8 63
•63
4
s 612 *63
2012 Nov 517 Jar,
618 63
614 613
8
s
614 614
6
618 2,700 Schulte Retail Storea__No Pa
44 Jan 2 1312 Jan 23
*5214 593 *5214 5914 *5214 5914 *52
4
593 *52
12
4
3 Dec 4112 Jar
593 *52
4
593
Preferred
4
.83
4 9
*812 9
10
Jan 2 75 Jan 21
35
*8
9
30 Der 1184 Jan
*8
9
*8
9
*8
9
Seagrave Corn
No Pa
9 June 24 1414 Mar 11
10 Dec 2214 Ayr
6512 657
8 66
663
2 663 6712 6514 663
4
4 643 6512 6338 6518 8,800 Sears. Roebuck
4
& Co No pa
8June 27 1005 Jan 31
593
10
80 Nov 131
10
8 10
.10
103
103 •10
8
Jan
10
10
10
10, 10
1,100 Second Nat Investors..-N. Par
7 June 25 23 Feb 17
*66
9 Dec 1512 Now
79
*66
69
*66
69
*66
69
66
66
*66
69
200 Preferred
No pa
584 Jan 3 823 afar 18
4
•17
8 2
45 Nov 8312 Nov
214
17
2
8 2
*2
214 *2
218
2
2
3,000 Seneca Copper
lasJune 26
No pa
312 Jan 29
2 Nov
64 7
1012 Mar
7
7
714
714
Pa 71
7
612 67
715
4 9,300 Serve! Inc
812June 24 134 Apr 25
No Far
*3714 373
381
38
4 3714 38
7 Nov 218 Ana
12
3
3714 38
37
3714 35
37
4,500 Shattuck (F 1:1)
No par 3112June 23 52 Apr 21
*1712 1818 18
2518 Oct 194 Aug
*17 3 1818 1818 1813 *17
18
,
1814 17
17
400 Sharon Steel BoOP
NO per 163
2JulY 7 323 Fob 13
4
*1714 183 *1714 19
20 Nov
*1714 19
4
1714 18
53 4 Jwy
3
167 1712 1614 1613
3
1614 Aug 8 273 Mar 10
800 Sharp A Dohme
No par
4
*5612 6014 *5612 60
167 Nov 22 Nov
2
*5612 6014 *563 60 4 *5612 6014 •583 60%
4
,
4
Preferred
No par 54 Jan 2 63 4 Mar 10
3
193 193
8
8 1938 193
50 Nov 857 Aug
3 1914 195
8 1914 193
2
8 1018 1953 19
1938 5,200 Shell Union 011
N. par 18 June 18 2512 Apr 7
100 100
19
Oct 31:2 Apr
10012 10012 *100 100 8 10089 1003 100 100
1
8
9912 9912
700 Preferred
100
•173 18
4
1718 1712 *17
12 1812 178 18
173 177
8
8 1512 4718 2,600 Shubert Theatre Corp_No par 95 June 19 10614 Apr 21
83 Jan 2 35 Apr 25
2
24% 25
Dec /4 2Jals
-12412 2518 245 2613 2478 2518 2414 2453 2313 2438
8
12,500 Simmons Co
No par 21 July 8 947 Jan 2
2
21
5912 Nov 188 Sept
213
3 21
21
2112 213
4 21
2112 2013 21
2014 2012 2,300 Simms Petroleum
10 18 June 18 37 Mar 24
15 Nov 4012 Loa
233 2414 23 8 25
4
7
2453 2514 2412 25
233 243
4
8 2214 24
10934 1093 *10913 110
21 Nov 45 Jan
4
110 110 *11014 11114 *11013 11111 110 11014 85.500 Sinclair Cons 011 CorD_No Par 20 June 23 32 Apr 7
500 Preferred
MO 108 June 10 11214 Apr 24 103 Oct Ill
2912 293
8 3014 3014 3013 31
2934 293
Jan
4 2872 2913 2853 3018 2,900 Skelly 011 Co
25 2812 Feb 18 4.2 Apr 9
*414 512 *5
28
Oct 4612May
*5
512 *5
513
512
414 414 *4
5
100 Snider Packing
No par
4 June 18
*20
24
8 Jan 9
34 Nov
*20
24
*2012 24
164 :reb
.21
24
20
20
19
19
Preferred
200
15 June 25 36% Feb 24
No parr
*108 1093 1093 1093 111 111'8 *1093 111
4
14 Nov 54 2 July
4
4
,
4
1103 1103 1093 110
4
4
4
1,200 Solvay Am Inv Trust pref.100 9512 Jan El 12112 Apr 3
*16
17
85 Nov 111 Sept
*16
17
16
1618 .16
17
1612 163
4 1614 1814 2,300 So Porto Rico Sug
No Par 1514J une 25 304 Jan 16
5618 5612 5618 573 *57
123 Dec 45 May
8
3
5712 5613 5714 56
56
5514 56
3.400 Southern Calif Edison
612
25 5259lune 25 72 Apr 14
7
7
*6
612 *6
454 Nov 9314 Sep,
*6
714 *6
714 *6
712
100 Southern Dairies el B..-NO Par
312 Jan 4
9 Mar 3
212 Nov
1612 Jay
*3812 40
*3312 40
*3812 40
*3812 40
*3812 40
*3811 40
clizlIros 1.1 we(__la° 33 Jan 8 45 Mar 17
Bro.
d
Vo Par
*109 113
111 111 *112 11312 *11212 11312 *11212 1131* •11212
30 Nov 5:i is Mar
1134
20 SSpapail
108 Jan 13 113 Mar 15 107 Nov 117 Feb
32
32
4
313 325
8 323 3254 33 3312 *3259 3312 323
8
8 3253 5.800 Spans Chalfant &Co IncNo par
*93
197i Jan 2 373
9514 *93
4June 14
9514 *9312 9514 9312 9358 •9312 9514
15 Oct 5212 Jan
*9312 9514
20 Preferred
100 02 Jan 20 98 Jan 2
2213 2314 2258 2314 23
89 Mar 98
24
2314 2314 2258 235
Oct
8
23
8,100 Sparks Withington____No par
0
1734 18
1318 Jan 18 304 Apr 10
*1734 18
173 173
4
1318 Nov 73 Aug
4 173 173 •18
4
4
20
*18
21
1712July 10 25 Apr 15
163 163
8
8 1618 11353 •1678 171z 1638 163 .17
20 Nov 45 Aug
3
1712 .8
36
1
4612 1,600SDelser alfgl1ogif &"as No r4
10
50 SP l cer Ke Co
0
4June 25 3612 Feb 4
3914 *38
*38
3914 •38
ya
; 143
40
2018 Dec 683 Mar
*38
40
*33
4
40
Preferred A
No par 3714July 8 4518 Mar 31
173 1734 *1612 17
4
*16
17
38 Nov 5572 Iva
17
177 *1612 17
8
*1612 17
800 Spiegel-May-Stern Co_No par
N
.w
2014 2012 2014 21
1018July 8 52 Feb 3
2012 21
20
34 Der 117 2 Fob
201g 1918 20
7
11918 119% 58.300 Standard Brands
1,
19
17 June 18 2914 Feb 8
*115 120
120 120 .119 125 *119 12014 *119 120
20 Oct 402
300 Preferred
414 414 *114 412 *414 478
No par 117 July 7 121 June 2 1144 Nov 11902 SeP9
414 414 *414 6
*414 412
Sept
200 Stand Comm
312June 17
9412 963
98
967 9814 9412 653
3
74 Feb 11
4 96
3 Dee 43 *
12
4 92
9422 883 923 1(1,300 Standard Gas Tobaceo.No par
5
4
4
& El Co_No par 8418June 25 1294 Apr 15
*65
6514 *65
6514 6513 6518 6514 653 *65
7312 Nov 243% Sopa
8
6512 6511 657
8
*614 73
600 Preferred
4 .6,
8June 19 67 May 26
50 813
•614 73
4 73
4
4 *612 7
6812 Nov
812 612
67 Feb
64 612
700 Stand Investing Corp-No Par
5 June 23 1512:Mar 27
•102 10214 *102 10214 *102 10214 10214 103
A Dec 68 Sept
103 10314 10389 10312
1,5(10 Standard Oil Export prat__ MG 98 Feb 8 10414June 7
623 623
4
6512 6312 6413 63
4 527 63 8 64
3
7
633
.1 6118 63
28.300 Standard 011 of Cal_ _No par 5112 Feb 20 75 Apr 25
7314 743
8 7112 74
4 713 7314 71
8
1 717 723
611, Oct 5j7 May
4
7253 6778 713
2
32
8 3218 323
323
E218 32
4 3253 325
48 Feb 83 Sept
3 313 3218 3119 313 295,600 Standard 011 of NewJersey-25 58 Feb 20 847 Apr 3(1
4
,
4 19.500 Standard Oil of New York 25 80 June 23 40 8 Apr 28
3
31% Nov
4812 Sept
Stand Plate Glass Co-N,Par
%June 23
3 Feb 19
1% Nov
6% its
Preferred..
-7-100
212June 12 1012 Mar 10
'25
55 ;H - g- '25
.
'25
55 '25
312 Dec 31
55
Jan
.25
55
Stanley Co of Amerlea.No par 25 Jan 9 7312 Ape 23
*3512 3612 *3612 3612 364 3718 3f3
20 Nov 45 Ma.
365
8
3534 34
31
2,100 Starrett Co (The L S)__No par 2712June 23 47% Apr 23
3018 Oct 477 0
2 ,0
*11
12
1114 1114 114 11% 1114 1138 11
11
1034 11
2,100 Sterling Seouritierl al A-No Par
93
8July 8 2012 Mar 31
*1214 1312 *1212 1312 •1212 1312 *1212 1312 •1212 1313 12
814 Nov 88 Sept
1211
200 Preferred
26 11 June 30 143 afar 31
4
j *3958 40
*3953 40
39% 39% 39
813 Nov 157 July
39
3812 3953 *38
4
395g
600 Convertible preferred___ _50 36 June 23 48 Mar 18
*2634 27
26
263
8 26
267 s26
2
31
26
Oct 5512 Elena
2512 2512 75
23
% ,04 141:00030003tewart.Warn Sp Corp
253
10 194June 25 47 Apr 5
4
,82 827
1
4
2 823 8312 827 83 4 8114 8318 S0 4 8113
30
Oct 77 Maa
3
Webster
Stone A
No par 7012June 18 113% Apr 8
3118 31:4 3113 317
8 31
3112 31
3054 31
64 Nov 2014 .8112
3114 2914 30
7,000 Studeb'r Corp (The) N, Par 2514June 18 4712 Feb 8
*1203 121 *12019 1213 121 121 •121 13173 *121 1217 *121
3
4
3814 Nov 98
8
Jan
12112
*2
*3
8
8
*3
10 Preferred
8
100 116 Jan 21 125 M87 18 115 Nov 128
12
12
1
13
*38
12
12
June
12
12
600 Submarine Boat
No par
1% Mar 31
% Jan 4
5918 5918 5812 GO
•583 59
3
587 587 *5812 59
8
8
3 Oct
2
44 Mar
563 5812 1.300 Sun Oil
4
_No par 50 Juno 18 70 Apr 7
108 108
108 108 *105 108
108 108
55 Dec
10514 10514 *105 10512
170 Preferred
100 1024 Jan 13 108 Aug 2 100 Jan 86% Oct
253 2
3
27
2 4 27
3
8
8 313
38 3 3
,
3
318 314
1054 Jac
3
318 11,400 Superior Oil
2 July 30
No par
93
8May 12
•1612 18
17
*1512 1814 •16
*16
1812 *1612 1814
514 Nov 24 Aug
16
1612
400 Superior Steel
100 1212June IS 29312 Mar 27
12
*11
*11
12
11% *11
*1012 12
15 Nov
*11
12
•11
12
733 Apr
4
Sweets Co of America
50
*3(
*3
812 Jan 24 157 Mar 28
4 33,
4
*3
2
*314 4
4
312 323 *3
518 Nov
2214 Ara
4
Vo par
vo13 101 1
912 912 •9
100 Syniington
23 Jan 3
4
*912 14
7 Apr 23
10
2.2 Dee
9
918
8
9 May
812 1,500 Clegg A
No par
714June 25 17% Apr 23
•18
19
19
1818 1818 *18
*18
19
61 Nov 19% Mar
•1814 19
,
18
18
No par
300 Telautograph Corp.
153 Jan 25 264 Apr 7
8
12
*115 12
8
11119 113
12
4 12
12
14% Dec 254 Mar
11% 113 •1112 113
4
800 Tenn Copp A CbemNo par 10 8June 2
7
17 Apr 10
527 533
3
523 527
8 5211 534 5214 527
8 5214 53
4
8 513 523 13,900 Tema Corporation
912 Nov 30% Apr
4
2,5 5018June 18 6012May 1
58% 59% 5813 591a 5813 587
583 583
4 5814 59
4
am: Nov 51% Sept
8 57
5812 17,800 Texas Gull Sulphur ___No par 4818June 25 67%
*918 10
9
2 92
Mar 24
918
*918 912 .9,
,
9
6212 Nov 854 AM
83
8 9
2,400 Texas Pacific Coal & 011_10
814June I
1412 Mar 18
213 21% 2112 22% 2212 23
4
21% 223
4 2118 2218 19
912 Nov 23 8 Mar
7
2112 60.800 Tease Pee Land Train
I 133 Jan
3
82% Mar 22
64 Oct 2412 Jan
• Bid and asked prices; no sales on this day. s Ex dividend. pEa
rtghta.
New York Stock Record-Concluded-Page 8
912
an. dales door( the IFOolt of atoCks not recorded here. see eighth page preceding
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
Aug. 2.
NondaY
Aug. 4.
Tuesday
Aug. 5.
Wednesday
Aug. 6.
Thursday
Aug. 7.
Friday
Aug. 8.
Sales
for
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-s4are iGts
Highest.
Lowest.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Hiffeet.
Per share Shares Indus. & Miscell.(Con.) Par 8 per share $ per share $ per Mare $ per glare
Per share $ per share
$ per share 5 Per share $ per share
1612 Mar 85 Sept
No par
171
sJune 28 363 Apr 4
2
245
8 2114 24% 9,900 Thatcher Mfg
7 2412 24
24% 23
4 24
233 2412 2412 243
4
2
35 Mar 697 Sept
100 Preferred
No par 40 June 18 48 Mu 31
*42
44
*417 44
8
s
*4212 4312 *4212 43
x4218 4218 *411 43
25 Dec 5172 Jan
13
100 The Fair
No par 2412July 25 82 Jan 18
2412 2412 132412 27 .24% 27
*2412 27
*2412 27
*2412 27
90 Preferred 7%
100 102 Jan 21 110 Feb 13 102 Nov 11014 Oct
*105 10612 *105 10612 *105 10612 *10512 10612 *10512 10612 10612 10612
30 Oct 62 Jan
800 Thompson (I R) Co
25 38 June 18 4712 Mar 12
*37
38
38
37
38
38
38
38
38
*37
39 4 38
,
10 Nov 2312 Jane
4
1412 134 1414 16,400 Tidewater Assoc 011-_No par 1014 Feb 15 171 Apr 7
1414 14
13% 1414 14
133 14
4
13% 14
2
7412 Nov 907 Ann
100 78 Feb 13 891 Mar 25
4
8512 1,200 Preferred
*85
861s 84
847 854 864 864 *8614 87
/
1
8
*84
85
/
1
/
1
14 Nov 40 June
Tide Water Oil
100 1912 Jan 81 81 Apr 23
*24
27
27
*25
*24
27
*25
*24
27
*25
27
27
851s Nov 9712 Jan
100 Preferred
100 83 July 15 947 Apr 16
2
9012 904
91
91 .87
*87
91
91
*
87
*87
*87 1 91
300 Timken Detroit Axle
1112 Oct 3412 gent
10 1214June 25 2114 Apr 11
4
133 131
4
4 1334 133
*133 14
4
4
133 133 *133 14
4
*1512 14
4
68.2 Nov 150 Jan
644 5,700 Timken Roller Bearing_No par 55's July8 8914 Apr 11
651 654 63
/
4
3
6614 65 4 66
6614 673
,
8 6612 67 4 66
Oct 2212 Mar
012 jau 23
1
312 31
4 1,900 Tobacco Products Corp__.._20
214 jam 3
.33.
4 412 *33
4 414
4 44 *3 4 43
8 *33
4 *33
4 43
3
900 Clan A
514 Nov 2252 Mar
20
Do Jan 2 13' July 9
4
/
1
12 123
*1212 123 *12
4 1212 1212 *124 1212 *1214 1212 113 1214
1_5-25
---- - :
5 3, iiA
3
7 18
1712 17% 18,200 Transcont'l 011 Co__ __ No par 1814 Mar 10 24 Apr 24
181 17
/
4
,
184 1814 181s 18 4 1814 184 18
/
1
Dec
117
sJune19 281 Jan 51
2
133 157
4
8 2,300 Transue & Williams MIN° pa
15
15
16
15
15
164 1614 164 1518 16
9 8June 18 2014 Apr 10 -- --- ---5
1212 6,000 TM-Continental Corp __No par
1212 11
4 12
4
125 13
1214 124 1234 1318 123 123
8
800 6% preferred
100 8914 Apr 10 94 June 11
*923 924 9214 9318 9212 93
8
* 8 93% *925 93% 9214 93
8
925
ii111 'Fe; - :Kiii
.3218 1,200 Trio)Products Corp- _No par 8012June 20 4114 Mar 1
3212 334 32
*335 341s *335 348
8
*33 8 3414 33% 34
5
Truax Truer Coal
1312 Deo 313* Jan
No par
127 July 11 22 Mar 18
2
4
*1258 133 *124 143 *124 13
8
*1258 14 4 •124 143 •12% 13%
4
3
600 Truscon Steel
8012 Novi 81us Jan
1
25 June 25 87 2 Mar 25
1
2712 29
31
*28
31
*28
*2812 29
29
29
*2812 30
4
82 NovI 1811 Oct
8814 904 2,800 Under Elliott Fisher Co No par 83 June 18 138 Mar 21
943 94 4 9312 9312 *93
4
25
3
9434 95
*93% 95
Preferred
101) 121 Feb 4 12512 Apr 29 120 Dec 125 Jan
*125
_-_*125 ____ *125
11125
*125 __ *125
7 NovI 43 Jan
952June 24 1718May 8
3,500 Union Bag & Paper Corp_100
1512 1412 1112 1412 144
1412 1412 1514 1512 *14
16
*15
59 NovI 140 Sept
1
6812 7112 39,600 Union Carbide & Carb_No par 601/Orme 23 106 3 Mar 31
7
74
7412 7215 73 8 7112 72
7218 734 73
74
25 37 June 18 50 Apr 7
4212 NovI 57 Sept
41
403 407
4
4 40 4014 3,400 Union 011 California
*41
414 41
3 *40 4 41
3
*4012 40
No par 2514June 18 3812 Apr 10 ---- --1,900 Union Tank Car
2712
28
28
273 .273
4
4 27
28
2812 2812 28
*28
297
7
.
31 NovI ill 1 11;;
587 165,900 United Aircraft & Tran_No par 4312 Jan 31 99 Apr 8
8
54
58 4 60 s 58
3
7
598
5812 5912 5914 617
8 6012 52
7
44 s NovI 10912 May
50 58 Jan 31 7714 Apr 7
100 Preferred
66
*64
68
70 .64
*64
67 67
66
*66
661 *64
4May 28
3312 Dccl 60 Oct
No par 38 Jan 7 683
4514 4612 1,000 United Biscuit
48
48
477 477
48
48
48
48
50
*
48
Oct
100 117 July 12 142 May 28 11412 June 136
100 Preferred
127 127 *122 131 .122 131 •1214 131
4
*1213 127 *1213 127
4
4012 NovI 1111 Sept
8
Ns par 4018June 18 84 Apr 24
4912 11,700 United Carbon
497 521
4 45
50 4 523
3
s 497 5118 4818 493
491
49
51 Aug 8
812June 5
512 6
6,200 United Cigar Stores-..No par
614 614
6
614
6
/ 614
1
4
6
/ 61
1
4
633
.
100 20 Jan 2 68 June 5 -1i771- -- fa- .. .iii
6
ec
100 Preferred
56
*5618 64 .5618 5018 56
*
56
65
*5614 65
•5612 65
No par 283Oune 18 52 Apr 28
19 NovI 7513 May
8
s 295 3112 232,300 United corp
8
8
32% 33% 317 3234 313 317
8 3138 33
317 323
8
No par 6612 Jan 6 5312 Apr 23
4212 Noel 497 July
2
8 9,800 Preferred
/
1
8 5018 503
5018 5012 504 5012 5018 503
5014 5014 501
50
6 Dec 8112 Feb
7 July 8 197a Fen 19
1,400 United Electric Coal_No par
74 8
84 84
,
,
818 84
8
8 14
*8
812 *8
88 *
,
No par 83 June 16 105 Jan 13
99 OctI 15813 Jan
2,800 United Fruit
88
8718 8718 87% 8812 86
8 88 88
3
8712 87% 87 8 895
8May 1
22 OctI 53 8 July
11
344 353
4 3412 354 334 3412 35,200 United Gas & Improve_Ne par 3114J/Ine 18 491
8 35% 36
345 3514 3412 355
8
9014 OctI 9814 Dec
No par 97 Jan 13 10212July 23
100 Preferred
8
*102 10212 31102 ____ 102 102 *102 ____ *10218 -- •1023 103
7 Noel 26
12 Jan
100
5 June 11 14 Mar 14
100 United Paperboard
*5 4 7
3
4 7
*53
54 54 *51t 912 *512 7
*53
4 7
1
1514 NovI We Ann
254 1,100 United Piece Dye Wke_No par 22 June 18 32 2 Apr 7
g
2412 253
3
4 25 4 257 *2412 2512 *24
*243 2512 *2412 251
4
Oat
2June 7
312 Deel 14
44 Jan 2 147
No par
1014 1012 3.500 United Stores el A
113
4 1034 11
3
1114 113 11
1114 10 4 1114 11
1.114Deo
4072 Oct
1
Preferred class A----No Par 1513 Jan 2 50 4July 18
2,100
48
497
g 4912 4912 48
4812 4812 49
*48
4P
48
48
2512 Nov 857
2May
600 Universal Leaf Tobacco No par 2312 Aug 8 39 Mar 16
2414 24,
4 2312 24
241 *2414 28
*2414 28
*22
2414 24
28 Dee 93 Jan
40 Universal Pictures let pfd -100 30 Jan 3 78 May 9
4712
4712 *45
471
4515 4518 *45
45
45
4713 *45
*45
212 Dec 224 Jan
212 Jan 9 9 Apr 10
4
418 1,300 Universal Pipe & Rad--No par
412 412
*44 414
/
1
4% 4%
*418 458
4
4
12 Oct55 2 Mar
7
3212 7,600 S Caat Iron Pipe & 10y20 1812 Jan 2 3814 Apr 10
,
33 4 3212 33 8 31
3
33
:
5 33% 34
321 333
/ 33
1
4
32
15 Oct 19
Jan
52
No par 15 Jan 7 21 May 27
600 lot preferred
187 187 *18% 19
8
8
19
19
8
5
•187 191 *187 19
8
*187 19
1814 Nov
20 June
1813 Jan 3 2114June 6
26 preferred
No par
9 Oct 23 Sent
4May 28 2032 Jan 17
No par
91
1,400 U 8 Distrib Corp
10
10
10
10
-Hi 16" -la- 16- 10 10's
10
10
12 Aug 7
4
412 Apr 14
2 Jan
10 Apr
100
600 U 8 Express
2
2
13
4 13
4
*134 2
134
*13
4 2 ' 2
*184 2
8614 Nov 13413 Sept
No par 4012June 16 103 Apr 7
200 U S Freight
47
4718
49
49% *47
49% *47
*47
497 *47
49
*47
1712 Nov 72 Aug
7
16 June 23 32 8 Mar 30
900 U S & Foreign &cur--No Par
17
17
4
4 1734 173
174 173
173 17
4
3
18
/ 18
1
4
17
/ 17
1
4
82 Nov 92 1 Aug
7
No par 8512 Jan 8 101 Mar 21
100 Preferred
92
92
93
93 *92
*92
*92
93
93
*92
*92
93
1713 Dec 4972 Jan
2
100 US Hoff Mach Corp_ No par 171zJulY31 301 Mar 12
*17
1712
*17
19
19
3117
19
12 *17
*173 1814 1712 17
4
95 Nov 24362 Oot
1
5,800 U S Industrial Aloohol___100 60 Aug 8 139 2 Jan 2
6515
6514 6814 5514 6534 60
673 70
4
65
/ 6514 6712 68
1
4
5 Nov
1512 Apr 21
3512 Jan
No par
600 U f3 Leather
912 912
4
91
91
2 *914 91
*912 98
9
93
5
914 914
1414 Dec 6178 Jan
26 Apr 21
74
No par 15 F7a.)135 2
400 Class A
4
1712 1712 *153 16
1712 18
*17
12 18 .
18
*17
12 18
18
8114 Dec 107 Feb
Prior preferred
100 774 Mar 17 94 June 23
400
91
*88
89 89
91
*89
*
89
93
93
*89
90
90
5012 Nov 11912 Feb
5212 5312 4,000 U El Realty & Impt--No par 4814June 27 7513 Mar 25
525 53
8
/ 54
1
4
53
5
525 5233 53 8 543
8
54
*53
15 Oct 68 Mar
10 1914 Aug 8 35 Apr 10
/
1
21
2114 194 214 16.000 United States Rubber
211 22
/
4
8
8 213 22
2012 215
20 8 21
7
401s Nov 9212 Jan
7
Aug 8 63 2 Apr 4
100 3918
4018 4018 3918 4018 1,800 1st preferred
41
41
*41
43
41
41
*4014 44
297 Oct 72 2 Mar
1
7
1,200 US Smelting Ref & Min50 1712July 10 3612 Jan II
5 1912 1912 19
19
20
203
*194 2018 20 20
*1912 2012
48 Nov 58
Jan
50 42 July 17 5312 Jan 7
400 Preferred
*4513 4812 48% 484
49
49
*4511 4912 *4512 494 *4512 491
150 Nov 2811 Sent
4
4
16514 16712 161 166 276,500 United States Steel Corp100 151'sJune25 1981 Aor 7
165 16618 16518 1694 16814 17014 16615 169
30 137 Nov 14414 Mar
100 141 jan 4 14832July
4 1,700 Preferred
4
*14618 14612 21454 1453 14558 145% 14512 1451 14512 1455s 145% 1453
5512 Nov 7114 Nov
100 U STobaoco
No par 5912June 18 68 Feb 10
63
651 *6318 651s 63
1163
6518 *64
67
6712 •134
*63
2412 Nov 5813 Aug
33
335
8 3112 3318 6,900 Utilities Pow & Lt A-No per 30 June 23 4514 Apr 10
3312 33$4 3414 3312 337
8 3312 33
33
3 Nov
1313 Jan
7 Mar 12
12
2% Aug 1
No par
212 212 1,200 Vadsco Sales
212 258
23
4 23
24
,
22
233 233 .212
233
3712 Nov 11613 Feb
2
No par 497 Jan 2 14314 Apr 26
965 9912 8518 98 526,500 Vanadium Corp
8
8 97 10133 9912 10318 97% 1013
12 987
97
33 Oct 109 Mar
8May 1
477
Vick Chemical
12
No par 87 Jan 18
3 Oct 24 4 Jan
12
1
87 Apr 1
2
4 June 25
300 Virginia-Caro Chem
NO Par
";ify -14
' 4 412
*44 412 - 7141/
1
412 412
*413 5
433 41
15 Oct 6513 Jan
100 22 July 17 3414 Apr 1
600 6% Preferred
2312 23% 2312
23
/ 231 *23
1
4
25
2412 *23
*23
25
*23
69 Nov 1 _Feb
713 ia; .
.
.
i
100 75 June 19 8212 Apr 9
7% Preferred
*7718 80
*7718 80
*77
80 •77% 80
*7612 80
80
*76
700 Virginia El& Pow p2(6) No par 101 July 14 103 July 12
10212 1027
8
102 1021 1023 103
5
10218 10218 102 10212 102 102
I Dec
Virg Iron Coal & Coke/a-100 38 May 1 45 July 28 IC
45
*35
45 •35
*35
45
*35
45
45
*35
45
*35
38 Nov 1497 Aug
2
100 80 June 18 156 Mar 24
700 Vulcan Detinning
773 7814 7412 774
4
791 80
/
4
83
81
83
80
82
78
31 Nov 110 Apr
100 85 Jan 24 100 Mar 2,4
Preferred
981 *97
9812
9812 *97
9812 *97
981 *97
*97
9812 *97
40 Jan 142 Sept
2
Class A
100 68 Jan 22 1407 Mar 24
20 Nov
3612 Oct
4
3:1500
No par 2414 Jan 6 313 Apr 11
-i63- 2513 26 --3,900 Waldorf System
8
273
4 26'z 27
27
/P
8 26
22 Nov 493* Oct
No par 21 Aug 8 4214 Apr 2
Walworth Co
23
4 2315 2314 21
233 233 *234 233
4
4
*2314, 233 *2314 233
4
20 Dec 84 4 Jan
3
520 Ward Bakeries class A No Pat 2112 Jan 7 54 Mar 24
24
2418 2418 2414 25
24
*2418 25
25
25
2514
25
112 Oct 2114 Jaa
8 1
153s
,
2
n
Vs
714
2,600 Class B
No par 58 Jan 2 151 AM' 1
712 *7
*7
71
7
+7
634 7
712
*7
7
77 8 Apr 3
60 Nov
71 Jan
Jan
100
300 Preferred
65
5914 5914 5914 *59
594 *59
/
1
8
58% 585 *59
59
59
30 Nov 8412 Aug
28 Aug 8 8014 Mar 28
3584 355 3712 351s 37% 344 3512 28
8
4
323 463,200 Warner Bros Pictures__No par
/
1
33 4
3
3512 37
2514 Oct 5914 Jan
No par 3612 Jan 2 7014 Mar 28
800 Preferred
*
4812 48% 4812 4812 *4812 484 *4812 494 482 4812 47% 4812 4,400 Warner Quinlan
15 Oct .2_18 If
4June 23 27 Apr 12
.
4:
123
.
No par
134
1312 1312 134 1312 13
8
1314 133 *1312 14
13
/ 1314
1
4
No per 401sJune 25 6313 Apr 11
4714 2,300 Warren Bros now
4
4812 473 4812 474 473
8 45
8 47
46% 467
46
47
*
-_____
No par 50 July 10 5412July 30
200 Cony prof
54
52
*52
54
52
52
52
*52
54
*50
54
*50
IV Roiliet
mAar 19
_No par 2314 Jan 2 4313M parr 277 1,700 Warren Fdy & Pipe
31
31
30
32 '32
30
/ *2812 30
1
4
4
313 32
*3112 34
91g Mar 31
43 Aug 7
4
1341 Feb
13/ j"
4
33
25
200 Webster Eisenlohr
44 434
*43
4 47
*43
4 5
43
4 43
4
*43
4 518 *434 5
91,2
13 2 7
Oct 48 Mar
22
600 Won Oil & Snowdrift No par 501 J,2 sn 25 59 2
24
24
/ 2312 *231 24
1
4
*2333 24
8 23
8
233 233
*2314 24
Jan
249018 Nov 7212 Mar
No par
300 Preferred
55
55
3 5514 5612 55
'
/ 55
1
4
55
55 4 *55
3
*55
55 4
3
*55
2
4June 25 2191 Feb 10 160 Nov 27214 Oct
1,300 Western Union Telegraph_100 1501
1643 169
4
16712 16712 .166 170
*167 16912 16912 17112 171, 171
2' 52 Feb 27
3612 Oct 67 4 Aug
1
3818 3812 3712 3814 5,500 Westingh'se Air Brake_No par 3612June 23 20112 Apr 15
387 39
8
39
384 3814 38
/
1
384 39
100
Oct 29212 Aug
Westinghouse El & Mfg---50 12414June
8
1474 1505 1454 14812 14334 14612 13714 1444 117,000 let preferred
14312 1453 14418 1491e
8
4
60 126 June 18 1971 Apr 15 103 Nov 284 Aug
120
136 136
141 141
*13514 1463 144 144 1'142 145 *141 145
4
2
1912 Nov 8412 Sept
3312 33% 2,200 Weston Eleo Instruml_No Dar 393/ Jan 18 487 Mar 31
4
*345 35
4
7
4
8 3518 35 8 3414 363 *353 36
*343 357
3212 Aug 3812 Apr
No par 33 June 23 36 Jan 28
100 Class A
3312 3312
*3312 36
*3312 38
*33% 36
*3312 36
*3312 36
90 Nov 110 Feb
60 West Penn Eleo class A-No Par 98 Jan 3 110 Apr 16
*102 10312 *102 1031 *102 10312 *102 10312 10218 10218 102 102
1
51
97 Nov 1
100 1913v42 jjan nn 2
0 1 2June
10114 Jan1
360 Preferred
110 110
/
4
kilo 11014 11014 11111 110 110 *110 11012 110 110
ly
2 1011,July 31
11
8813 Nov
100
Jan
80 Preferred (6)
/
4
4
1013 1014 .10114 1014 1011 10114
4
F 1013 1013 *1013 103121 102 103
4
4
3 11812June 17 110 Nov 1 10 Mac
100
7
4
West Penn Power pref
40
4
4
4
*11512 11712 *11512 117121 116 11714 *1153 11712 .1153 11712 1153 116
2
100 1041 Jan $3 110 Apr 2 102 Sept
190 8% preferred
109 10912
*10912 110 *10912 110
*109 10912 10912 10912 109 13912
8June 2' 50 Mar 10
3613 Nov
West Dairy Prod el A_ _No par 385
47
*40
47 .40
47
*39
1340
47
*39
47
*40
47
2412 Apr 11
No par
11 July 3
7 Nov 3 4 See
45 Mayl7pt2
60 B
4
Claae B
1
1118 1115 1118 1,200 Westvaco Chlorine ProdNo Par 30 June 24 5913 Fob 17
114 11% 1118 1114 1114 1114 .1112 1114 11
30 Oct
200
4312 4312
*4312 45
*4412 45 .4312 45
45
45
45
*44
7 July 9 21 Jan 7
19
Oct
Wextark Radio Stores_No par
900
11
9
9
1018 *9
10
10
107
11
11
10
10
1
2912 Mar 17
25 Oct 53 Bear
75 m b
384 Fgil
White Eagle Oil & Refg No Par 28 Jan
2714 Nov
No par 2712June 25 43 APT 4
White Motor
4
2
I2; 3113 318 -3133 111- 31 If" -1:7465 White Rook Mln Spring ctf-50 3612 Jan 21 54 1 Mar 20
-1
32'2 322 -32j2
7
277 Nov 55 4 Sept
2
1
700
4612 4612 464 464
4612 47
47
48
*46
*
46
47 47
5 June 18 13 2 Mar 6
7
1 Oct
500 White Sewing Machine_No par
512 512
55
8 51
8
512 512
*512 6
*512 6
*512 6
14 July 11 391 Apr 3
2
No par
27 Dec 5712 Jan
45
n
100 Preferred
18
*16
18
*16
21
*16
21
*16
16
16
21
*16
127 Nov
3
No par 1112 Feb 26 21 Apr 25
2942 Feb
400 Wilcox Oil & Gas
1612 164
*163 17
4
*1612 1612 1612 1612 *1612 17
*16
17
19
Oct 6114 kr
62 May
100 Wilcox-Rich class A__ No par 27 Jan 3 3414 Jan 29
30
*28
30
30 .28
*28
30
31
30
30
*28
*28
1912May 5 27 4 Mar 31
3
No par
121 Oct
2
Class B
*19
2612 *203 2612 •1412 2612 *1412 26% *1412 2612 4,700 Willys-Overland (The)
8
.141 16
1 /
4
51
4June 26 117 Feb 13
2
5
514 Oct 35 Jan
68
,
618 618
8
614 63
614 64
6
/ 61
1
4
*615 6%
100 62 Juno 18 85 Apr 3
65 Dec 103
500 Preferred
Jan
67
67
67
67
72
727 *68
727 *67
8
8
*70
727 *71
318June 2"
7 4 Mar 27
1
No par
3 Dec 13
12 Jan
5 33
4 3,800 Wilson & Co Ins
4
35
38
38
4 *342 4
4
4
4
478
4
712 Jan 13 13 Mar 27
No par
63/ Nov 27
Jan
,
84 9 4 2,900 Class A
/
1
93
4
94 93
4
94
9
5
10
107
8
*9
9 8 *9
7
109 42 Jan 13 5412 Mar 31
35 4 Nov 172 Son
1
1,600 Preferred
19 Jat;
44
2
4633 *42
*
4612 4712 *4612 47
47
4815 4612 473 *42
10 5112June 23 72% Jan 2
Woolworth (F Ve) Co
5214 Nov
2
8
8 597 60' x574 5871 15,700 Worthington P & M
8
F 59 s 5912 5918 597
,
597 61
595 617
100 6714 Jan 17 169 Apr 29
43 Mar 137 2 Sept
28,200"
3
122 12512 111 123
12312 127
125 12612 126 l29's 1273 131
4
100 88 Jan 17 107 Apr 25
Preferred A
75 Nov 10012 Sept
*9412 100
•9412 100
*9412 100
*9412 100
*94.2 100
*9412 100
100 78 Jan 3 93 Mar 29
200 Preferred 11
66 Apr 9012 Sept
4
4
4
4
3
*883 893 *883 893 *883 893 .88 4 893 *883 894 883 884
4
4
4
4
3
Wright Aeronautical__ _No par 35 2 Jan 23 5912 Mar 5
30 Nov 299 Feb
5212
5233 *20
521 *20
5212 *20
5212 *25
5212 *20
*20
25 39 Aug 7 77 Mar 1
2,200 Yale Os Towne
611 Feb 88 Aug
4
39
39
39
4018 39
40
403
8 401s 401 *40
4012 40
4
1
712 Nov 6114 Apr
244 72,400 Yellow Truck & Coach el 8_10 121 Jan 16 32 4 Apr 23
25
253
4 253 26% 25
253
4 244 254 21
2514
4
25
100 72 Jan 27 105 Apr 2
20 Preferred
80 Mar 3612 May
*88 8 0
, 0
8
8812 884 *885 90
*885 91
8
*
8812 90
*884 90
& Wire-No par 3214June 19 67 Mar 7
700 Young Spring
83 Oct
12
SeptAugue
3518
*35
3618 347 348 3518 3514 *3514 361s *351 3518 35
1 Jan 1 152 Apr 7
200 Youngstown Sheet & T_No par
91 Nov 175
5%
115 115
8
120 120 *115 1197 *115 117
*112 120 *112 120
5 2 Jan 17 181
1
4June 2
612 Dec 523 51117
4
7% 7% 8,300 Zenith Radio Corp----No par
4 81s
8
/ 88
1
4
5
73
812 918
8 94
81
*812 84
. 1116 and asked prices; no sales on this day. S Ex-dividend1
-rights.
p El
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
913
Jan. 1 1909 Me Exchange method of (ote.d bonds was changed and prices are now "and interesr-except for income and
defaulted bonds
BONDS
3, Y. STOCK EXCHANGE. 17.6
Week Ended Aug. 8.
6.14
Prete
Friday
Aug. 8.
Week's
Bang or
Lan Sale.
U. S. Government.
Bid
Ask Los
Mpg
fleet Liberty Loan
37.4% of 1932-1947
J D 10031n 101 1002,22 1011:2
Cony 4% of 1932-47
.1 I)
101 July'30
Con•434 % 011932-47
J D 115271dr gale 10242 1023,1
2d cony 44% 911932-47
1 D
993141Feb'30
fourth Liberty Loan
431 % of 1933-1938
A 0 103
Sale 1023142 1033n
Treasury 444s
1947-1952 A 0 112nn Sale 112"n112341
Treasury 48
1944-1954.7 D 10812,2 Sale 1083n 10813dd
Treasury 344e
1946-1956 M S 1064n Sale 1061n 1061,,
Treasury 3A di
1943-1947 J D 10123n 1013141,101ntrAug30
Treasury 344rt June 15 1940-1943 J D 10118 Salo 101184,1012on
8
State and City Securities.
N V C 34% Corp st Nov 1954 M N
.
852 OCV29
8
34% Corporate sr May 1954 MN
8814 Aug'29
68 registered
1956 M N
94 Feb'30
4% corporate stock
1957 MN
9758 June'30
1957 MN
444% corporate(dock
104 Mar'30
434% corporate stock
1957 MN
176612 105 Mar'30
4% corporate stock
1958 MN
_
9414 Nov'29
6% corporate stock
1959 MN
98 June'30
di 14% corporate stock
1931 A 0
100 July'30
61,1(% corporate stock_
1960 M 8
973 June'30
4
44% corporate atock
1964 M la
99 Mar'29
AN % corporate stock
1966 A 0
101 Mar'29
1972 A 0
34% ooreeratestock
9912 Oct'29
434% corporate stock
1971 .7 D
1003 Sent'29
4
14% corporate stook __1963 M S
107
107
4 A % corporate stock......1965 J 13
106 June'30
a4% corporatestock July 1957 .7 J
1013 June'30
4
New York State Canal 4s
1980
10114 Mar'29
II aCanal
Mar 1958 lii -1;
10114 July'29
Canal Imps Ad
1961 .7 .7
101 June'30
441
1964 3 J
109
Jan'30
foreign Gem A Municipals.
Mole Mtge Bank e f (is
1047 F A
70
75
73
73
Shaking fund 68 A _Apr 15 1948 A 0 72 Sale 71
72
Akershus (Dept) extl M.
i063 M N 943 Sale 94
8
9412
antiouula (Dept) col 7, A 1945
.7 80 Sale 80
80
External e 1 7e ser B
1945 J J 7818 Sale 7818
78'
8
External e 78 ear C
1445 J J 7812 80
7812
7812
External a 1 7s ser 13
1945 J J
773714
12 78 July'30
Externals f 7s let ser
1957 A 0
Sale 7314
7314
External sec e f 7e 2d eer_1957 A 0 72 Sale 72
72
External sec 778 3d ear.1957 A 0 72 Sale 72
7414
Antwerp (City) external 58_1958
D 99 Sale 983
4
9878
Argentine Govt Pub Wks88_1960 A 0 99
9914 9812
99
Argentine Nation (Govt of)Blnk fund 6.01 June 1923-1959 J D 985 Sale 9812
8
99
Extl s 16s of Oct 1925
1959 A 0 993 Sale 9852
8
9914
Sink fund 6e aeries A
1957 M S 997 Sale 99
8
997
8
Extorted °eateries B __Dec 1958 J D 984 Sale 9812
9918
Eat! 8 f Os of May 1026 1960 M N 084 Sale 983
4
9938
External s 113e (State Ry)_1960 MS 9914 Sale 9812
9914
Exti 134 Sanitary Works_ _ _1901 F A 9914 Sale
9
812
9914
Extlespub wks(Nfay'27)_1961 MN 99 Sale 981.
2
9914
Public Works exti 5348_1962 F A 9478 95
9418
947
8
Argentine Treasury 5e
._11)45 Al S 92 Sale 904
02
Australia 30-yr 5e_July 15 1956.7 3 8812 Sale 8814
89
External Os of 1927__Sept 1957 M S 8814 Sale 8818
89
External g 434e of 1928_ _1956 MN 7912 Sale 7314
795
8
Ametrian ((lovt) 8 778
1943 J D 10458 Salo 1034 105
International s f 7s
1957 J J 9338 Sale
4
C94
Gaviria (Free State) 644,._1945 F A 9512 Sale 9512
963
8
Belgium 20-yr s 1 85
1941 F A 10918 Sale 109
1093
4
25
-year external 0 Ae
1949 ha S 1093 Sale 1093
8
4 11012
External f 6s____.
195. .7 .7 1037 Sale 10414 104
8
External 30
1955 J D 1147 Sale 11418 115
-year aI 7a
8
Stabilization loon 711
1956 MN 110 Sale 10958 110
Bergen (Norway). 1 8,
1945 MN 1103 1103 11112 Aug'30
8
4
15
-year sinking fund Os
1949 A 0 1025s Sale 10258 1025
8
Berlin (Germany) e f 6 As_1050 A 0 9614 Sale
953
4
9317
External sink fund 6e
1958 .7 D 9012 Sale 9012
9138
Bogota (City) exti at 89
1945 A 0 9612 Sale 9612
9612
Bolivia(RepublIc of) eat'811_1047 MN 8812 Sale 874
89
Externaleecuritiee7e
1958 J J 7114 Sale 70
7134
Externals f 7s
1969 M 5 7118 Sale 70
72
Bordeaux (City of) I5-yr 88_193. MN 10614
1055
8
8
Brazil(US of) external 88_194 J D 1003 Sale 10014 1065
4
101
External e f OW of 1936._1957 A 0 7412 Sale 7412
755
8
Esti of 674e of 1927
1957 A 0 7412 Sale 7412
7512
7e (Central Railway)
1952 J D 8878 Sale 8812
9012
7345(coffee secur) £(flat) 1952 A 0 883 89
4
0012
Bremen (State of) ext1 7e_ _A935 M S 1024 Sale 1025 Aug'30
8 103
Brisbane (City) f Os
1967 M S 8134 83
8112
8234
Sinking fund gold Ls
1958 F A 817 Sale 8118
8
817
8
Budapest(City) can 1 6e1962 .1 D 76
781 73
7812
Buenos Aire,(City)630213 1095.7 J 98
993 99
8
993
8
External a f 6s scr C-2__1960 A 0 95
96
96
External s f °seer C-3__ 10601A 0 96 Sale 05 July'30
96
Buenos Aires (Pray) eV'611_196 'M S 843 Salo 84
4
843
4
Bulgaria (Kingdom) s f 7s....19673
____ 803 81 July'30
Stabil'n I'ne 1 734e Nov 15'68 ___
81 Sale 8012
813
8
Caldaa Dept of
(Colombia)7 44s'46 J
8514 Salo 8514
853
4
Canada (Dominion of) 58_193 A 0 10078 Sale
1007
8 10114
IS
1952 M N 10512 Sale 105
10512
434a
1936 F A 10112 1017 10112 1017
8
Carlsbad (City) e f 8s
1954 .1 J 10512 1061
Cauca Val (Dept) Colom 734.'46 A 0 873 92 10712 July'30
4
89
89
Central Armin Bank (Germany)
Farm Loan s 1 7s Sept 15 1950 NI $ 94 Sale 9312
94
Farm Loan, I 66 July 15 1960.7 J 83 Sale
8-4
Farm Loan 8 I 65 Oct 15 1900 A 0 833 Sale 83
8
83
84
Farm Loan()ober A Apr 15 1938 A 0 9014 Sale 90
9012
Chile (Rep.)-ext1 s f 78_
1912 MN 1013 Sale 1013
4
External shaking fund 88_1960 A 0 903 Sale 90 4 10212
4
01
External e I On
1961 F A 91 Sate 90
9118
Ry ref extl 87 68
1961 J
915 Sale 91
8
014
Esti elating fund Os
1901 NI S 9114 913 90
91
Extl slnklog fund 68
1062 M El 91 Salo 9018
91
Emil sinking fund Os
1963 M N 9012 Sale
0012
89
4
Ch/le Mtge 13k 634s June 30 1957 J D 97 Sale 94
97
Of OAR of 1926__June 30 1981 .1 D 9814 Sale
9712
03 8
7
Guar s t Os
Apr ad 1961 A 0 893 Sale 8834
4
9014
Guar a 1 6e
1962 M N 8812 Sale 8812
8914
Chilean Cons Muni., 78
1960 M S 9434 Sale 04
05
Chinese (Flukuang Ry) 58_ .1951 J D 22 Sale
22
Christiania (Oslo) 30-yr s I 68 '54 151 S 101 Sale 22
Cologne(City)Germany 6 As 1950 M S 92 Sale 1004 101
92
9134
Colombia (Republic) 6e
1961 J
77 Sale 77
7918
External e f Os of 1928-1901 A 0 77
79
Colombia Altir Bank 6 As of 1947 A 0 7214 Sale 77
761 743
.
4
743
4
Sinking fund 7e of 1928 1946 MN 81
82
80
81
Sinking fund 78 of 1927_1947 F A 81
88
80
8012
Copenhagen (City) 5e
1952 J D 99 Sale 943
4
0914
25
-year g 474e
1953 MN 9234 Sale 9214
023
4
Cordoba (City) eat] 8 I 79-.1957 F A
8312 85
84
85
External s I 7e___Nov 15 1937 MN 91
93
14 92
92
Cordoba(Prov) Argentina 7.1942.7 J 05
951
9612
Coate Rica (Remit)) extl 7,,195i MN 8712 Sale2 96
8712
Cuba (Republic) 0. of 1904_1944 151 S 10014 Sale 86
External 5s of 1914 ser A1949 F A 10118 Sale 10014 10014
9618 10118
External loan 4 As ler C 1949 F A 9618 Sale 93
963
4
Sinking fund 5 As_Jan 15 1953 .8 7 10(118 Sale 10
018 102
Public wlui 544s June 30 1945 J D 9312
Sale 9312
94
Candlnamarea (Dept) Colombia-External sfO44e
1959 MN 7012 Sale 69
7012
C Cash sale. e On the basis of $5 to the £ sterling.
;
•
Bongs
Since
Jan. 1.
No. Lots
BONDS
Z.' a
N. Y. STOCK EXCHANGE. it
Week Ended Aug. 8.
Price
Friday
Aug. 8.
Week's
Range or
Last Sale.
3,
3
41.'4
KWh
Bid
Ask Low
Elba
Czechoslovakia (Rep of) 8e_1951 A 0 11014 111 11014
17
111
43 983141 1011n
Sinking fund 8s aer 13_ _ __1952 A 0 11014
2
- 11012 111
Danish Cone Municip 8e A.I946 F A 1085 Sale 10852 11012 11
9814,3 101
8
95 10010.1021
I 88 Series B
.n
1946 F A 199 Sale 109
1095
8 IS
-year ext1 6e
983(.99"n Denmark 20
1942 J J 1053 Sale 105 4 1063
4
3
8 30
External g 574.
1955 F A 10112 Sale 101
10112 47
281 100310031n
External g 434e__Apr 15 1962 A 0 9312 Sale 9314
9312 33
53 1091.221111142 Deutsche Ilk Am part elf 69_1932 M S 1003 Sale 1003
4
4 101
56
535 10513,1100(n Dominican Rep Cust Ad 574s '42 NI 5 967 9714 967
8
8
7
0714
75 193 10417n
lot ser 5345 01 1526
1940 A0 923394 93 July'30
2ciseries sinking fund 5145 1940 A 0 935 053 93 July'30
991n 102
8
4
9 9810.2102
Dresden (City) external 78_1945 M N 997 10014 993
8
9
4 997
8
Dutch East Indies extl 68_1947 J J 10218 Sale 10218 10212 11
40
-year external eis
1962 M S 10312 Sale 10258 10312 16
30
-year external 534s
1953 N S 10212 1023 102
-04- 6;- 30-year external 534a. _ _1953 M Is 10234 104 4 10238 July'30
.
9758 9758 El Salvador (Republic) 8s 1948 .7 .1 10914 10934 10912 July'30 2
10913
Estonia (Republic of) 7s_ 1967 J
10214 104
7714 79
78 Aug'30
Finland (Republic) esti Os_ _1945 M S 9234 Sale 925
103 105
8
2
923
4
External sinking fund
54 B 100 Sale
-98- W- External sinking fund 6 78_1950 Ad 5 9714 98 9934 10018 15
As 1958
9714
9
977
8
100 loo
External sinking fund 534,1958 F A 8614 8714 8618
3
8612
95 993 Finnieh Mun Loan 034e A.-1954 A0 98
4
99
9 4
63
08
External 034, series 83..1914 AO 98
9814 9712
8
9814
Frankfort (City 01)E1048_1953 MN 93
---94
1
93
93
French Republic cell 7748_1941 .1 D 125 Sale 12412 12518 312
---External 7e 01 1924
J D 1193 Sale 1195
4
162
1949
8 120
German Government Internstional-35 yr 534/1 of 1930_1965 J D 8714 Sale 8612
873 428
German Republic exti 71
1949 A 0 10512 Sale 1053
8 10614 92
Gra° (Municipality) 88
5
1954 M N 9958 10018 9958 100
Gt 13rit A Irel (1TK of) 548_1937 F A 1053 Sale 105
8
79
1053
RegWtered
-55- 1 -F A ____
-61
__ 104 Apr'30
64% fund loan I opt 1980_1990
N eS67 -109 109
8 8712 e8714 July'30
e5% War Loan £ 01)1 1929.1947 J D 0912 ____ 6914 July'30
Greater Prague (City) 730_1952 MN 10312 105 4 10314 1033
6
3
16
Greek Government 8 f
6112 88
71 1964 M14 10012 101 10012 101
24
Sinking fund Dee 6s
6314 80
8512 8512
,2
4
1968 F A 85
86
25
87
9512 Haiti (Republic) s I 68
12
1952 A 0 9.5 Sale 95
951
3
71
1103395
874 Hamburg (State) 68
2
1940 A0 95
95
1
704 8712 Heidelberg(Germany)ex137 s'50 J J 10112 Sale 10112 1011
2
1
70 874 Hungarian Muni° Loan 734a 1945 J J 925 937 94
8
8
94
6
I4xternalsf 7e
89 Sale 884
70 88
Sept 1 1946 J
10
89
6912 8712 Hungarian Land M In 1744s 61 1111N 92
9412 95 Aug'30
,
'
4
Sinking fund 734e icy B _ _1961 /A N 9312 Sale 9312
67
89
9312
1
3
Hungary (Kingd of).1734e 1944 F A 10912 101 10012 1011
67
88
30
7
Irish Free State extl, 8 f 517_1960 MN 10014 Sale 100
9214 99
1001
25
27
Italy (Kingdom of) extl 7s _1961 .1 D 983 Sale 9812
4
9518 100
9914 225
Italian Creel Coneortium 7e Ale37
B 953 Sale 9514
4
8
903
23
95 100
External sec.! 74 ser 13_ _1947 N S 9514 Sale 9418
953
8 19
30
9514 997 Italian Public Utility MI 78 1952 j J 9512 Sale 05
32
95
3
2
46
971
8
94%0100 Japanese Govt £ loan 48_1931 j J 973 Sale 9738
11
21
30
95 100
-year. 10348
1954 F A 105 Sale 10478 10514 105
18
Extleinking fund 5 As
9558 1004
021 333
1905 M N 9214 Sale 92
26
Jugoslavia (State Mtge Bank,
95 c100
17
95
Secured s f g 7e
857
o 46
993
4
1957 AO 85 Salo 8434
16
8
984 14
943 1003 Leipzig (Germany) a I 7s _ 1947 FA 983 Sale 97
4
s
11
Lower Austria (Frew) 7 70_1960 J D 97 Sale 97
89 c97
97
1
17
85
4 1065
8 53
9114 Lyons(City of) 15
-year 6s 1934 MN 10612 Sale 1053
77
8413 9414 Marseilles (City of) 15-yr 64 1934 SI N 10614 Sale 1057
8 10614 23
91
84
70
4
9414 Medellin (Colombia) 6 As_ _1954 J O 70 Sate 69
51
1212
1212 20
774 853 Mexican Irrigat Amtng 4 As 1943
4
56 10214 108
1512 26 Apr'30
12
Mexico(US) mitt Os of 1809 £'45 45552
20 Sale 184
924 9518
Assenting 53 of 1890
20
30
1545
48
17
183 175 Apr'30
8
8
91
Assenting Os large
984
37 1073 11113
14 Sale 123
4
1412 17
Assenting 4s of 1904
4
92 1058
15 Sale 15
15
Assenting is of 1910 large
6
4c11012
127 10118 1041
153 Sale 1313
4
1534 23
AB8enting 40 01 1910 small _ _ _ _
138 10914 115 2
217 Sale 2178
8
217
8
1
Trees fie of'13 assent(large)'33
146 107 11014
Sale 21
21
21
2
Small
110 11212 Milan (City. Italy) extl 634,'52 ;65 9055 Sale 903
8
9114 81
4
99 1025 Minas Geraes (State) Broail8
12
18
71
External g f 634,
9212 egg',
1958 MS 70 Sale 69
11
70
85
3
Esti sec 634s series A _
943
1950 ha S 70 Sale 70
4
3
6
1013
9212 994 Montevideo (City of) 713_1952 3D 101 Sale 101
4
27
1
91
91
8118 100
External s f (is series A__ _1959 MN 894 91
39
9
63
854 Netherlands Os
prIces)_1972 MS 107 Sale 10512 107
50
23
85
624 84
New So Wales(State) rut'5071957 P A 85 Sale 8312
30 10214 1065
8412 38
External s f 5n
Apr 13,458 AO 84 Sale 8313
8
62
8 20
94 10212 Norway 20
-year eat! 6,.....1943 F A 1044 Sale 10414 1047
149
10512 31
7212 8818
1944 FA 10414 Sale 10418
20
-year external 8s
53
7214 c8812
1952 A0 103 Sale 10214 10314 39
30
-year external (is
46
8
80 9312
40
-year a 1 57411
1965 J D 1015 Sale 10112 10214 70
_
8
103
8 100
95 10518
External sf 5s __Afar 1511163 MS 997 Sale 995
18
8
21
Municipal Bank esti a I 56 1987 J O 987 Sale 9838 100
9812 104
14
99
9914 9814
99
16
80 90
unicipal Bank anti sf58 1970
13
14
88
804 883 Nuremburg (City) extl 88..1952 F A 874 8812 88
4
17
1022
4 30
73
-year II Os__ _1955 M N 10212 Sale 102
8512 Oelo (City) 30
5
4
wig F A 100 1003 100
100 4
3
6
954 10012
Sinking fund 5348
4
91
98 2 Panama (Rep) extl 5348.._ _.1953 J D 10214 10314 1023 July'30 --,
2
94
28
Extis 1 5s ser A __May 15 1963 IVI N 94 Sale 9314
9
0
983
4
2
75
757 76
8
76
3;
804 91
Pernambuco (State of) ext171 47 M
'
_
4
9212
7
783 854 Peru (Rep of) external 78_ _1959 M S 9238 Sale 913
4
22
713 Sale 713
4
36
73
4
8012 9014
Nat Loan ext1 fee let set 1960 J
2
727
8 17
81
Nat Loan extl 81 13s 2d sec 1961 A0 72 Sale 72
931 2
27
4
763
8
7
9 3 10114 Poland (Rep of) gold Os....1940 AU 7512 Sale 743
94
23 10214 105
4
85
4
80
Stabilization loan sI 7s 1947 A0 843 Sale 833
17
21
95
97 4 1023
8
External sink fund ig 84_1950 J J 95 Sale 94
8
_ 103 1097 Porto Alegre (City of) Sa__ _1961 J D 93 Sale 93
1
93
8
3
8312
831s 95
Extl guar oink fund 770-1966'.7 82 Sale 82
Queensland (State) extl 3178 1941 AO 10412 Sale 10312 10412 13
20
9918 23
9212 9812
-year external 6s
1947 P A 994 9912 9812
25
33
96
19
7714 9052 Rio Grande do Sul Intl ef 88 1946 A0 944 9511 954
52
6514 24
7734 90
External sinking fund 68_1908 J O 65 Sale 65
21
4
7812 12
8412 04
External e 1 7. of 1926-1966 ha N 77 Sale 763
15
7413
73
3
External,17s munic loan 1967 in 7314 76
9912 103 4
,
30
97
9
88
-year.188.1946 A0 964 9712 9612
945 Rio de Janeiro 25
8
26
72
109
88 0412
1953 P A 6712 Sale 67
Externals S 644.
14
9158 91
88
Rome (City) till 874.
1952 AO 9118 Sale 9118
94
32
4
88
94
Rotterdam (City)(lin Os__ _1964 MN 10418 ____ 1043 Aug'30 -11
8414 8231
84
17
Roumania(Monopolies) 7s_ _1959 P A 83
88
9414
154
86
89
83
89
2
88 4 9114 Saarbruecken (City) 138_ _1953 j
,
15
N 10012 Sale 994 1001
5
92
99
Sao Paulo (City) s 1 8s_Mar 1952
23
69
N 6918 72 69
3
94 1003
External 1 014801 1927_1957
4
27
9914 11
8611 94
San Paulo (State) extl of 88_1936 .1 J 94 Sale 94
73
94
8712 91
19
1954) ./ .7 93 Sale 93
External see sI 85
4
33
853
4
2
924 c98
External 1 7s Water L'n_1956 M S 853 Sale 853
2
68 Sale 67
8
1968 J
68'x
21
30
External s I 6e
8 100 10214
903 159
8
1940 AO 9014 Sale 90
Secured s 1 7.
5
3
4 15
923
9018 c9834 Santa Fe (Prov Arg Rep) 7e 1942 MS 92 4 Sale 9212
29
8
1
985
664 c83
Saxon State 151tge Met 7s_1945 JO 9812 Sale 984
54
9112 10
68
Slaking fund g 0 As__Dea 1946 J O 9112 Sale 904
817
8
2
4 108
' 108 Sale 1073
14
3
6514 8214 Seine. Dept of(France) extl 78'42
13
97
71
27
80
Serbs. Croats ez Slovenes 8s '62 MN 9612 Sale 9614
3
70
.1962 MN 8614 Sale 8514
863
8 51
External see 78 sea 13
86
42
953 9914 Silesia (Pros of) extl 7e
1958 ID 7318 Sale 7318
74
4
21
9
8812 9312 Silesian Landowners Assn Os 1947 FA 8212 8314 82
8314 13
11
7814 93
Salmons (City of) extl 65_1936 MN 10614 Sale 10512 107
20
2
4
82 084 Styria (Prov) external 78
92
1946 P A 913 92
9212
7
3
92 100 Sweden external loan 534s_..1054 ha N 106 Sale 10512 106
10
13
8314 91
Swiss Conted'n 20-yr 1 iss_ _1940.7, 10714 Sale 10714
1073
4 26
6
105 Salo 105
98 101
Govt cxii 5340_1946 AO
5 964 102 Switzerland 58 loan of 1912_1952 MS 7814 Sale 77 10558 15
Tokyo City
7814 II
53
9012 963
External 8 1 534e guar
1961 A0 9114 Sale 9118
4
9138 52
36
75
7634 74
gg 102
Tolima (Dept of) eat! 79_ _.1947 MN
75
5
52
8
9312 9412 Trondidem (City) let 5,4s.1957
N 977 Sale 977
8
98
1
9712
Upper Austria (Prey) 78_.A945 in 944 95
9712
I
16
65
84
9014 90
External' I O44sJune 15 1957 3D 90
90
6
lasts
Shied
Jan. 1.
Lots
Higli
1094 Ill
1984 11111
10812 111
10814112
10312 10658
9912 11117
s
904 9314
97 101
934 101
893 9612
4
904 96
96 102
1014 103
10112 10312
1014 104
1014 103
1033 10912
4
88
75
913 974
4
957 10114
8
9112 9812
841s 92
927 99
8
4
923 984
9112 93
11718 126
11214 120
8612 9114
1053 1097
4
s
244 100I8
10211 1115 4
3
104 104
e8114 90
e9714 9914
10212 10712
97 1034
81
884
0211 100
14
91 08
12
10011 1044
9014 c981
4
86
94
91 1170
9012 9811
994 1044
96 10012
944 101
93
984
92 4 984
3
98',
92
943 984
4
10114 1054
8
8912 925
771 86
4
6473 10114
9312 100
10212 1(6%
10212 10814
10%
20
15
1612
1014
104
104
18
123
5
85
154
28
204
173
,4
15
1614
154
747,
254
98
83
85
68
S212
983 103
4
91
987
8
103 10712
80 90
80
90
101 1054
102 4 1(10
,
1013 104
8
1004 103
964 100
943 100
4
97 8 99
3
82 924
100 1021
4
984 10212
10018 1034
89N 9518
7112 90
91 41014
31
09
4111
8414
Si
74
79
884
92
98
91 100
82
1744
1024 110
954 10414
90 103
043 894
4
934
74
73
8912
924 10514
67
86
87
94 4
3
103 111514
82
85
80 8 904
5
95 107
CO
84
94 10214
90 1111
794 9312
65
81
894 964
87
9514
93 100
88
97
106400912
87
98
754 88
66
82
72
847
1
10112 107
88
9314
10314 10714
10714c10912
10212 1153
4
741 82
4
8714 93
12
8712 87
934 9812
923 974
4
8114 91_
914
BONDS
• • STOCK El:MANGE
Week Ended Aug. 8.
New York Bond Record -Continued--Page 2
14
tHS
Price
Fridge
Aug. 8.
lint
Foreign Govt. & Municipals.
Uruguay(Republic) esti 88-1946 L A
External 8 1 69
1980 MN
May 119(14 MN
Salle f6.1
Venetian Proy Mtge Bank 7e '52 AO
Vienna (City of)extl e I 612._1962 MN
arsaw (City) external 710-19148 FA
Yokohama (City) ext1 68_1981 313
Railroad
aia Gt 800 let eons A 68_ -19433D
1943 3D
:MMUS User B
tlb & Sum' let guar 3Ms__ _1946 AO
91leg & West 101 g go 411..-1998 AO
1942 M
tIleg Val gen guar g 4,1
Ann Arbor late ta_ _ ...July 1995 Q J
A teb Top & 8 Fe
-Gen g 46_1995 AO
A0
Itmetered
anastment gold de-July 1995 Nov
Stamped
July 1995 MN
MN
ltegletered
Cony gold 4e of 1909
1955 J D
Coal( 4s 01 1903
1955 in
Cone g 4elesue of 1910_1960 3D
A948 3D
Cony deb 4141
Rocky Mtn Div let 49._ _1966 .1
Trana-Con Short L let 41_1958• J
Cal-Aria let & ref 434e A _1982 M
sti Knox,& Nor let g Se_ .. _1946 J
Ill & Cbarl A 1. let 4 Me A _1944 J J
let 30
-year 68 eerie813 _ _ 1044• 11
atlantic City let cone 48_ _1981 33
AU Coast Line 1st cons 48 July'52 MS
M
Regletered
1.)
1989
General unified 4 1(
1. & N roll gold de__ Oct 1952 MN
ail & Dan let g 48
1948 J
244.
1943 33
All & Yad let guar 4.
1949 AO
& N W let gu g 5s_ _ _1941 J i
Were.
80081 or
Lasi Sale.
die
10618 108 106%
9614 Sale 95
95 Sale 94%
9512 9612 0312
8612 Bale 8614
75
74
74
97 Sale 97
e?A
Hieh +re
108
9618
95
9612
87
7512
9712
7
34
41
16
32
34
20
10312 May'30
10412
9438 Aug'30
95
873 July'30
4
88%
87 July'30
87%
9612 Bale 9612
9612
8312 8,112
8212
83
9612 110
9612 Sale 98
9414 July'30
9018
9212 93 92 Aug'30
28
93
923 Sale 9018
4
2
90% ____ 90%
9018
93% 9314
9314 10
92
5
8
93 Bale 923
9354
1
9214
9214
9214
272
132
126 Sale 126
_ 9212 July'30
93
1
9458
94 8
94% - 5 9438
3
10214 Sale 101
10214
10438
10138 Apr'30
99
9718 --- 961 July'30
103 10412 10412 Aug'30
885 -_- 87 Jan'30
4
95% 983 9512
7
97
8
9212 May'30
97 10114 10114 July'30
9218 92 8 9134 Aug'30
7
6014 64 60
60
523 55
4
5212 July'30
82
875 84 June'30
4
10112
101 July'30
0614 12
!WS & Ohio let g 41-- _July 1948 A 0 96 Sale 9518
9314
9314 Sale 9314
Registered
July 1948 Q
1
78
i0-year cony 4314
101
1933 M
100% Sale 10014
99 Mar'30
MS
Regintered
Refund & gen 6a series A _1995 J O 10418 114 4 0312 10414 112
.31
1023
4 1025
31)
4
Registered
6
etgold 51
8 10712
July 1948 A 0 10712 Sale 055
45
111
Ref & gen 66 larlOaC
1995 J o 11012 Sale 10
P LE&W Va Sys ref 40_1941 MN 96, -- 953
4
9618
7
8
34
3outhw Div 1st 5s
1950• 1 10438 Sale 0418 105
ml& Cln Div let ref 4.A_1959• J 87% 88 871s
87%
2
46
3
Ref h gen &I series D__2000 MS 104 Sale 03 4 104
4
Cony 431$
1960 FA 10014 Sale 0014 1015 398
8
aaegor & Aroostook let 58_1943• J 10212 1035 0312 July'30 -9118 40
Con ref 46
1951 3, 9118 Bale 9314
eattle Crk &Slur let gu 38....1989• D 6214 ---- 62 Apr'30 -Lumen Creek 1st gu g 41,_ _1936 J
96% ---- 9714 july'30 - -___ _- 95 Aug'29
.1
Registered
311 guar g 5.3
1936 3, 9912 - 100 Jan'30 Beech Crk Eat letg 3Me ..1951 *0
84 July'30 belvidere Del cone gu 3;18_1943• 3 86% 3
Pia Sandy 101 4,guar
1944 ▪ D 93 4 9512 9312 July'30 - Ry 1st 5s
1927 3 .1
8piton & Maine let fia A C _ _1067 MS 10014 Bale 100
10012 49
99% 205
let m 58 ser 2
8
1955 MN 997 Sale 99%
Poeton & NY AR Line lull. 1955 L A 8612 Sale 8512
8612 10
• 96 July'30 -Prune & Weat let gu g 441-1938 33 9612 _
1018 103 1013 July'30
4
4
_
huff Roce & Pitts gene 64_1937 M
4
/. ousel 4 Me
9338 59
1957 MN 93 Sale 923
4
&RIC R & Nor 1st &coil 58_1934 AG 10112 Sale 10112 10112
Canara S(.0 cons gu 5a A. 13162 A 0
Canadian Nat 4341.8ep1 15 1111436 5
30-year gold 4.301
1957 3 .1
Gold 439e
1968 3 D
Guaranteed g 511-.101y 1969 J J
Ouaranteed g 51----Oet 1689 A 0
Guaranteed g 5s
1970 F A
t.anadian North deb e I 78_1240 3 D
26-yeare f deb 6344
19443
eg stored
10-yr gold 4 Ms____Feb 15 1935 F A
.4',mediae Pao Ry
deb stock_
Col tr 4 Me
1996 M s
68 equip tr temp otts
19443 3
, Coll trgle
Dee 1 1954 J D
Carbondale & Shaw let g 48_1932 M
Caro Cent let cone,4.
1949 3 3
ero Clinch &0 lgt 30-yr 5a_1938 j D
ist & 0013 g (is ger ADee 15 52J'
,
0
& Ad let gu g 40
1981 3 D
lett Branob UP lit g 48_1948 J D
Oeltrai of Ca let g ee_Nov 1995 F A
Oelasol gold 5e
1945 M N
Registered
MN
Aei gen 5 Ms aeries B_ _1959 A 0
Ref & gen 5s scrim C
1959 A 0
Chatt Div our money g41951 J D
Mao & Noel)),let g 68_1996 J J
Mid Oa & AU Div pur m 58'47 J J
Mobile Div let g 51.
1946 J J
Cent New Sing Imt go 4e_ -1981 .1 J
Central Ohlo reorg let 414e...1930 M S
Cent RR & Bkg of Ga cell S. 1937 MN
Central of NJ gen geld 58
1987 3 3
R.e-dstered
1087 Q
General 4,
1987 3 J
Cent Par let ref gu g 49....-1949 F A
rogiretered
F A
Tbrough Short L let gu 48_1954 A 0
Guaranteed g Si
1980 F A
1
10614 Sale 10614 10614
9812 Sale 9738
9812 17
9812 Sale 9712
9812 81
9812 Bale 973
8
9812 42
4 10418 42
104 Sale 1033
10438 28
10414 Sale 10378
10414 Sale 10338 104)4 15
4 23
11114 111,
811114 1113
6
1163 Sale 11612 11712
4
_ 11314 Jan'30
_
6
10018 foou Rio • loo
897
8 75
8938 Sale 8918
997
8 20
997 Sale 9912
4
4 10418
10418 Sale 1033
8 10314 40
10314 Bale 1025
977 ___ 9818 May'29
8
1
85
85 Sale 85
1
10112 Sale 10112 10112
1
1073 1077 10712 10712
4
9
897 _
8
853 June'30
4
8
86
8812 865
883
4 13
105 ____ 105 June'30
10158 104 10212 July'30
100 Feb'30
19
105
10414 Bale 10414
10114 Sale 100
10114 40
8818 July'30
8
10314 - - 1015 June'30
'0118 ____ 10214 July'30
1035
8
- 10212 May'30
357
4
8578 Sale 837
4
100 10018 993 June'30
7
9818 Sale 9612
9818
8 10
11138 112% 11138 1115
111 July'30
943 9612 9514 July'30
4
5
951
9512 95 4 9512
3
90 Mar'30
-93 8 - .3- 92 May'30
7 99 s
104% Bale 10418 104% 27
Charleston & Say'h let 76_1036 J
Oboe & Ohio let eons 5e___ _1939 MN
Registered
1939 M N
General gold 414.
1992 M
Registered
M S
((el & Imp* 4 Me
1903 A 0
• & Impt 43ts ear B.-1995 J 3
Craig Valley let aa_May 1940 3 3
Potta Creek Branch let 43_1946 -I J
& A Div 1st eon g 4e_ _1989 J J
24 consol gold
_ _1989
J
Warm Spring V lit 653._ 1041 M S
M.. 1+61(49(10ra cony eve_ May 15'47 M N
(,bic & Alton 1111. ref g 3e.- _1949 A 0
Ctl den stpd Apr 1930 int__ __
aafireate flret lien 3349..._ _1950 3 1
,
Certificates of deposit
Cbie Burl & Q-111Dly
10493 j
&wagered
jj
Illinois Dlyleion 48
1949 1 J
General 48
1968 M B
ivt & ref 4Me eer B
1077 F A
& ref 5e seriee A
1971 F A
Cbleago & East 111 lat 0e_ -.1934 A 0
C & II III Ry(new co)eon 51_1951 MI IN
Cale & Erie let gold fie
1982 M N
Chime° Orem West lot 4g.,1959M S
J11) 1[0.
1113 - 108 Dee'29
8
104 11143- 104% July'30
- 4
103 -- 104 July'30
19
102
102 Sale 101
99 June'30
100 101
9078 Bale 991s
99% 51
253
100 Sale 99% 100
1003
6
- 02 July'30
92 9112 May'30
90
9112 July'30
92
88 June'30
- 0038 July'30
10012 124
100 Sale 00
6914
6914 10
70 8 71
3
7
6912 7114 69%
6912
7912 Sale 75%
7912 56
15
78
78
7912 80
89
89% 29
90 8812
8418 Feb'30
9612 Sale 953
4
9612 20
75
96
96 Sale 9511
100 4 Sale 0014 100% 11
3
10814 Sale 10818 10811 24
_
1037 - 0312 July'30
8
7312 12
7112 Sals 7112
1
106 ---- 0412 104/2
73' 179
72% Sale 7134
Rases
Mans
Jos. 1.
BONDS
N. Y STOCK EXCHANGE
Week Ended Aug. 8.
Price
Friday
Aug. 8.
West's
Range
Last Sale.
Eng)
810
Ask Ler
High No
Ible Ind & Louisa-Ref.3e...1947 J
8
11512 Sale 11538 11512
Refunding gold M
I0411 10914
4
104 July'30
1947 J 3 10312
Refunding 40 series (1_ _1947 J J 9212
93
12 9912
_
_ 92 June'30
let & gen 6.1 series A
94
9814
mad RI N 10278 Sale 10214 1027
8 20
1st dr genes set 11 -May 1966 J
88 198
108 109 1075
8 107% 11
ano Ind & Sou 50
8? c95
-year 40_1956 J J 93% _ __ 92 July'30
3
7014 83 4 Calle 1. 8 t haat let 454e
10114
10139 3D 10012 ---- 10114
M & St P can 413A_May 1989
96
9814
'3 85
1
85
85 85
12
Q J
Regietered
85 Mar 30
10(1 4 10311 'Gen g 3 Ms ger B __May 1989 33 7318 7414 7318 .July'30
3
9412
Gen 4 Hs cerise CMay 1989 33 9514 10312 93 4
92
9
3
94
%
Gen 4 Ms!Juries E.
83% 8818
96
4
-MAY 1989 33 943 95 95
Gen 4He aeries F___ _May 1989 33 0914 Sale 9914
85
37
993
4 62
9212 9812 Chic Mile St I' dr Pao 5s_ _ __1975 FA 85 Sale 8412
204
86
76
8918
Cony ad) fe
386
54
Jan 1 2000 AO 5114 Sale 5012
91% 9714 Chic & N'west gen g 3Ms--1987 MN 80
82 8014 July'30
90 9414
Q F 74% _- 77 June'30 _
Registered
87% 93
Omens) 4.
2
9112
9214 14
1987 MN 917 100
87% 9314
Sled 413 non-p Fed In tax '87 MN 87
92
0112 July'30
go% 00%
Gen 4218 Mad Fed Inc tax_1987 MN 10712 Sale 0478 108
41
Gun 5e Med Fed Inc tax_l087 MN 10912 11012 0912 July'30
87
9314
88
99
Registered
MN 105
0812 July'30
13914 9214
Sinking fund deb 56
8
1933 MN 1013 -_-- 0114 July'30
12012 141,2
Reglmared
MN
99 Feb'30
15
9212
88
-year secured g 5152.._.1936 MS 109% 10912 09
2
10914
901e 94 4
let ref g 5e
3
May 2037 3D 10718 10712 07 July'30
181 & ref 4 Me
97 112%
D 99 Sale 9812
991s 51
May 2037
Con. 444e eerlea A
10214 10
405
4
101
1949 MN 99 Sale 99
95 9712
100 10412 Chia RI & P Railway gen 411_1988 .1 3 9214 Sale 9214
1s
7
9214
87 8
Registered
7
3J 8812 91
90 July'30
90
97%
Refunding gold 48
151
99
8
1934 A 0 987 Sale 98
9212 92%
Registered
A 0
95 Jan'30
98% 10114
Secured 430 eerfea A
4
S 963 Sale 9614
1052
97
% 224
Cony g 43.0
8812 93%
MN 9712 Sale 97%
99
% 662
1980
59
7312 Ch St LA N O58
04 July'30
-June 15 1951 31) 104
62% 8212
Registered
J
---- 02 Mar'30
Gold 31443
82% 85
June 15 1051 'I-) 8612 ____ 81 July'29
99 101
Memphis Div let g 48-1951
D 8812 9214 9012 Mar'30
Oh St
P 1st cone g 6e____1932 AO 10012 ---- 1008± Aug'30 91% 9614
Registered
- 10138 June'29
A0
90
9514 Oblc T H & So East let 5e..__1960 3D 90 118 96
96
98% 101
Inc gu 58
85 8812June'30
MS 83
Dec 1 1960
Oble tin Sta'n let go 410 A _1903 33 10214 Sale 102
9818 0
9
10212 17
let 5s eerie/ B
101 c10512
105% July'30
1963 3, 10312
4
102 1023
17
Guaranteed g 5a
8
1944 JO 1043 ____ 10418 105
let guar 620 aeries C._1963 3 -1 1153 1157 11512 1155
1011s 10712
8
4 23
4
Chic & West Ind gen 6e_Dee 1932 Q
10810111
8
4
1013 ___ 1025 July'30
91
9618
Congo! 50
9112 30
8
-year 4e
1052 3, 913 9314 9138
let ref 539e series A
10012 105
4 10512 16
. 1962 13.1 S 10512 Sale 1043
8712 ('hoc Okla & Gulf cons 58._1952 MN 10118 ____ 10118
84
4
10118
10114 1002 Cln H & D 24 gold 4 Ms_ _ _1937 ii 963 9912 0612 June'30
8
98% 109% C I St LA C let ff
1
9712
4.3.Aug 2 1936 Q F 9714 997 9712
101% 105
Regletered
Aug 2 193 Q F -----_ 95 Feb'30
6
134
91111 Cln Leb & Nor let con gu 46_1942 MN 9412
9418 July'30
62 62
96% 97 Clearfield M Mb lst gu Me__1U43 J
14
_
---- 100 July'28
Cleve Cin Ch & St L gen 40_1993 JD 9214 9414 9214
93 2
5
4
ioa" 166
20
-year deb 9348
10038 ___ 10038 Aug'30
1931 J
78
84
General be serifs 11
1993 3D 10818 ____ 108 Apr'30
Rol &imptde,erc
'3 105% 10514 10518 July'30
1941
89% 9311
7
8 1043
8
3
Ref A ImPt fa der D
1963 3' 104 8 105 1043
Ref & Impt 412e eer E.__ _1977 J' 997 Sale 9912 100
272
- -7.
Cairo Div let gold 4s
-96 161 2
963 ---- 07 July'30
4
1939 J
Cin WA M Div let g 48-1991 J
88 3 9 %
7
9
9012 ___- 89 July'30
lit L Div let coil tr g
81
87
4
1990 MN 8912 9212 883 July'30
93% ____ 93 Apr'30
Spr & Col Div lett 4s
92 8 96
7
1940 MS
99% 103
W W Val Div IM g 44_
3
1940 33 92 8 ___ 93 Jan'30
C C & I gen eons g 6.3
90
4
95
'3 1031 ____ 104 June'30
1934
___ 101 July'30
9911 10112 (Bev Ler & Wee., 1515 44.-1933 AC 101
Clove & Mahon Val g
--1938 J J 10018 ____ 9912 Apr'30
10213 106% CIA Mar let gu g 454e..1935 MN 9814 ____ 100 Mar'30
9318 9812 Cleve & P gen gu 410ser B.1942 AC 9912 ____ 10034 Mar'28
Series B 331e
9214 981s
1942 AC 87% __ 87 Mar'29
9314 9813 Series', 434e
1942 33 9918 ____ 9512 Nov'29
Series C 331,
99 4 10418
,
1948 MN 865± ---- 8614 June'30
101% 10431
8
%rim D 3 Ms
1950 FA 885 ____ 8618 May'30
10311 10414 Cleve Shor Line let fin 4398-1961 *0 10114 102 1013
8 10112 24
Cleve Union Toon 1st6 Me 1972 A0 108% Sale 1087
6
8 1087
8
109% 112
4
Ipt s f 58 merles B
113 118
1973 *0 10512 106 10512 10814
100% Sale 10012 10114 147
let f guar Me tier C..
11314 11314
1977 AC
9814 100 8
,
8312 c9018 Coal River It; let gy 48_ _ _1945 3D 9212 Sale 9212
9212
1
8
90% 10013 Colo & South ref & int 4%5_1935
N 100 8 10112 10012 10118 10
1008 1041s
4
en!In 433s ser A
9812 354
1980 M N 98 Sale 9712
10112 10314 Col & H V In ext g 4e
1998 AC 9212 9312 91 July'30
Col & Tol let ext 4e
1965 PA 8738 _- 88 June'30
961k Coen & Pasnum Riv 1st
74
48_1993 *0 8718 -_-- 8612 Feb'30
99. 10212 Oonnol By non-oony 4e
8
72 71
71%
J 71
1954
106 11012
7112
7112
73
Non-cony rleb 4.
1955 J& J 72
7318 June'30 _
Non-cony deb 46
84014 85 4
3
1955 AO
82 86 4
72
3
Non-cony debenture 4e_..1956 33 7212 7312 71
52 2 40
Cuba Nor By let 534e
7
101% 105
1942 3D 51% Sale 5118
Cuba RR lilt 50
7252 11
100 s 104
7
1952 33 71 Sale 708
-year 5e g
0 80 Sale 80
let ref 734.series A
80
100 100
1036
11
75
104 105%
75 Aug'30 _
D 73
let lien & ref Sc ner B
1936
983 1027
s
s
Day & Mioh let eons 410_1931
'3 10018 -- 100% July'30
84% 89
100 101% Del & Hudson let & ref M......1943 MN 9412 Sale 9412
947
2 85
4
30
-year cony Eni
4
1035 A0 993 101 1015 Aug'30
98 10214
100 103
10434 Sale 104
15
-year 5%e
1937 M
1043
4 10
8118 80 1) RR & Bridge let gu g 4g_1936 FA 97%
9614 Aug'29
99% 100
Den & Ft(1 let cone g 4a_ _ _ _1936 3, 9612 Sale 953
4
9612 45
95% 102
Cooeol gold 494e
98% 991 983
4
4
90
1936 3
19
Den dr KG West gen 5s_A ug 1955 MN 93 Sale 0212
107% 113
9112 88
Ref & impt 65 ear &Apr 1978 MN 91% Bale 90%
107 111
913
4 16
8414 9514 Dee M & Ft D let COI 48_1035
27
25 July'30
'I 25
(ertificetes of depoelt
9114 95%
25 June'30
- 30
90 90
Des Plaines Val lit gen 9%8_1947 MS 0758
97 May'30
91)88 C93 4 Del & Mao 11 lien g 4s
1
6314 June'30
1955 i0
Gold 4.3
10014 1047
2
54% 60 May'30
1995 1 1) 50
Detroit River Tunnel 4%2_1961 MN 100
10018 July'30
Dul Missabe & Nor gen 58 1941 33 1031s -- 104 May'30
Dui & Iron Range let M.__ I037 A0 10212 -- -- 10212 10252
2
94
101Is 1061-4 Dul Son Shore lc All g
69- . 4
79% 793 Aug'30
J 79
_ 1937
East By Minn Nor Div let 48'48 A0 9912 - - 9212 Feb'30
14
97 102
99
East T Va & Oa Div let Ed 1056 MN 100% 11012 105% 1057
2
8
96
es
9978 Elgin Joliet& East let g
3
68-1941 MN 10314 10514 10314 July' 0
WA 100
103
El Paso & 8 W 1st 5s
1
4
1965 *0 10214 1033 103
9618 102
1
4
8612 9513 Erie let consol gold 7s ext_1930 M S 100 1003 10014 10014
3
86
let eons g 41 prier
88% 91
%
19963 J 86 Sale 8514
83% 8914
8212 8412 8014 May'30
Registered
8114
97 101%
82% 167
let coneol gen lien g 4e_ _ _19 6 .1
8214 Sale
19 0 3
9
79 May'30
98 10113
Registered
101 July'30
101
65
14 72
Penn ooll trust gold 4.,..-1991 3
6
196 1.
83% 6012
87
4
50
-year cony de eerier. A _ -.1953 A 0 8314 87 87
mpg Aug'30
87
7912
83
59
Senlee B
1953
8312 8512 8012 July'30
Gen cony 4.eerier D
fills 78
:
85% 89%
9218 Sale 9212
93% 100
Ref .14 Impt 58
93% 166
841e 84
Ref & tin Dt 58 of 1930.-1967 MN 9214 Sale 92
1975 A O
11318 1133 1131 July'30
4
9218 98%
Erie& Jersey 1st f6a__1955
2
89 c9612
Geneasee River let e f 58._1957
1 11318 11312 11212 11212
92
9014 93 92
90 100 8 iltr re alis ii 3%8 ner 8_
7
7
0194 J
t tte llU
0014 -.- 85% Oct'29
104 109
11
8
1055 Sale 105% 105% 46
Est RR extl s 1 7s
10 %
0 3105
98%
1
08%
50
Fla(lent & Pen let cons g 51 11994430 3.11V1 "33
84
Florida East Coast lat 4318_1959 J 13 87% 90
102 105
8714 July'30
64
46% 10
73
4511 Sale 46
lat rat Re 444r1aa
1074M
Lem
Range
&see
Jan. 1.
1108.
LOw
1111 115
12
1018 1042
4
.
92
92
99 10412
c10412 10911
92
89
98 4 10114
3
841e 87 s
7
815 RA
4
7812 79
92 8 97
5
93% 96%
9718 100
84 96%
9912 7812
77% 81
77
75
8778 921
4
gfile 93
100 1(8
107 112
105 10812
10018 102
99
99
107% 110
10914 107
05
0814
0712 1051
4
88 97 2
7
6512 90
951 99
8
05
96
92% 98
96% 101%
10318 10912
102 102
-1144
92
99% 10011
961g 101
68
9414
97 10212
103 10)1%
101% 105
7
114 116 s
10038 10 %
2
8512 92
103 10512
0978 102
0513 95
11
9614 9713
94
94%
gsgs 94, 4
1
-air, Vies
99% 1005
8
108 108
8
103 1065
100 1051
4
9312 100
97
92
8412 89
8418 8914
93
94
90 93
103 1008
99% 101
98
11912
100 100
85'e *Sle
861, 3618
97 8 103%
,
10618 11058
1
10213 105 4
96 101%
93
88
97 10314
9514 98
11
88% 94
88
88
1381s 8611
76
70
70
76
73% 731s
68
76
50
75
70 4 134
3
80 9914
7212 92
99% 1001.1
9114 947
s
961 107
8
1007 105
s
%
.
12% . 7 9
gbh 99
887 99%
s
87% 95
28% 80
31
25
90 97
63
7412
60
61
95 4 10018
1
101 10418
100 IA3
14
72
84 4
1
9218 92%
100 106
102 103%
10114 10314
1001 101%
4
81 889
8211 84
79
84
754 79
101 101
8272 87
83
7e 8672
8012 84
90 4 98
3
90
9534
1103 1104
4
109 1*4
86 s 92
5
16444164
07
9912
70% 90
40 61
New
HON Os
N. E STOCK EXCHANGE
Week Ended Aug. 8.
ah
o.
?rum)
Friday.
Aug. 8.
York Bond Record-Continued-Page
Wye'
Range or
Last Sale.
r;.4
can
A.I /gilt
Std
HO' 'Jo
25
24
24
1
e•enCla Johns & Olov let 404.1952 M N
991z 9712.19113 9..-.
4e>3 St U D Co lets 4325...._1941 J J 06
107 J1tne'30 -W & Den C let a 5%3-1961 3 0 107 _
4
Vrcrn Elk & Mo Vol let 62_1933 A 0 1044 __ __ 1013 Aug'30 -1003 July'30 ---.
4
Y. II & 8 A NI &P 10i he -1931 34 N 101
1
Id ertens be guar -------1031. 1 1004 ---- 10012 July'30 -9332
9912
3
...ale Roils & Bend let 56_ -.1933 A 0 9912 100
84June'30 ---tie & Ala Ry let cone 54 Oct 10451 3
414 Caro & Nor let gu ft 55'29
99 100
90
99
2
Extended at6% to July 1_1934 3 3
Georgia Midland let 38_1946 A 0 7012 741 73 Mar'30
9834 Fel;e24
Gouv & Oswego let be m4_1094421 1 D 10112
4
J J
9812 July'30 Gr R & I ext let gu II
111
/ 30
1
4
Grand Trunk of Can deb 78_1940 A 0 111 Sale 111
1936 M 5 10812 Side 10578
10612 32
-year a f 66
I5
8
961z June'30
Grays Point Term let 68-1947 3 0 983 99
11112 68
threat Nor gen 74 Nadel A-1938 3 / 11114 Sale 111
J D
1103 July'30 ---Registered
4
tet & ref 4 46 aeries A _1961 .1 J 9814 100
9812 24
9712
General 53e eerie.. B__1952 3 3 111 Sale 111
111
2
General be series C_ .....1973 3 3 1094 Sale 10714 10812
6
General 4548 series 13____1976 3 3 99 Sale 9914
993
2 12
8
2
General 414e aeries 6_._1077 3 3 987 Sale 983
9918 75
General 4125 eerice Etemp 1977 J J
984
99
79
(aeon Bay & Walt deb ette A.
80 June'30
- Feb -WIT8 85
_
Feb 2414 273 2414 July'30 -4
Debentures etre B
Geeeubrier Ry 1st go 4e_.1946 MN 9518
945 Aug'30 -8
Gull Mob & Nor lit 5345-1950 A 0 103 105 10434 July'30
1950 A 0 993 Sale 9934 100
4
let M 56 reries (.2
23
2
HO AS 1 let ref & ter 55.8.1962.1 3 104 1063 105 May'30
Hocking Val let conall 430-1999 J ' 100 Sale 100
1001
5
I
Registered
0712 Apr'30
1999 3 3
9912 June'30
Housatonic Ry cone g 56
1937 MN -5T3/3 & T C let g 58 int guar_ _1937 3 3 10014 10514 101
101
1
Houston Belt & Term 1st 58_1937 3 3 10012 10012 10012 10012
4
Houston HA W Tex let e 5.1-1933 M N 100 _ _ 994 June'30 -let guar 56 redeemable.,._1933 M N 10012 1014 10012 July'3 ---4
Hull & Manhat let bs ear A_1957 F A 1003 Salo 100
lOO7e 43
14(1.2ustment income be Feb 1957 A 0 8112 Sale 804
8214 221
1951 1 . 07 e
1
Illinois Central letgold 4s
97 July'30 -.1951
let gold 834a
844 June'30 -1"-i
823 June'30 --Registered
4
Extended let gold 3346_1951 A 0
85 July'30 -1
73 Mar'30..,.
let gold 313 sterling
1951 M 1
0 93
94 924
927
collateral trust gold 46_ _ _1952 A
9312 13
MN
8712 Mar'30 Registered
1955 MN 933 941 933
4
let refunding 40
4
2
904
' 864 88
Purchased lines 334e
9634
89
8
9158
Collateral trust gold 46_ _ _196 '1
5
1 9 3 MN 913 911 9158
3
MN
90
Regletered
6
9014
1955 MN 107 1071: 10612 July'30
Refunding 3e
15-year secured 6396 g -1936 3 1 110 not 11014
1
11014
8
4(1-year 4325
Aug 1 1968 F A 1015 Sale 10112 10212 84
s
1950.1 D 915
Cairo Bridge gold 48
9114 July'30
2
Litchfield Div let gold 38_1951 1 1 773
77 June'30
Utility Div & Term ft 334a 19031 i 8714 Sale 8714
8712 16
Omaha Div let gold 38_1951 F A 78
831 785 June'30
8
St Louis Div It Term g 35_1951 J .1 78 _
774 June'30
_
4
Gold 314951 J 1 803 88
8734 July'30 ---lipringfleld Dir let g8348 11151 J .1 8412
72 Sept'29 --A 9112
Western Lieu let g 4e
1951 F
904 July'30 -F A
Registered
0212 Apr'30
III Cent and Cede St L & N()Joint let ref be series A ___1363 J 0 10712 Sale 1053
4 10712 135
let & ref 414e aeries C..,... 10113.1 0 100 Sale 9834 100
50
Intl Bloom & West 15t eat 4110411 A 0 9034 ___ 8914 June'30 95 On
Intl III & Iowa let g te
1950 3 J 94
934
2
Ind & Louisville let gu 48_1956 3 3
88 July'30
_
Ind Union Hy gen Solar A..1960. 3 10212 --- 103 July'30 --5
Gen & ref be aeries B
1085J J 10212 ___ 10014 Feb'30 -Int & Grt Nor let(la eer A...1952 J J 10312 Sale 103
104
35
Adjustment 65 ear A July 1952 ---- 88 Sale 8712
8912 95
let fe serleaB
19(63 J 91 Sale 94
94
20
2
let g be eerie.]C
94
192)13 J 9e3 100
94
2
Out Rye Cent Amer let 56_1072 M N 72 Sale 72
73
13
let coil IT 6% notes_
_
834 87 July'30
I 941 MN
let lien & ref 8 Ke___
1947 F A 0012 Sale 90
9012 26
Iowa Central let gold be._ _193.s 1 D 2012 22 25 July'30 --__
Certificates of deposit-------- 2012 22 23 July'30 --__
6
Refunding gold 45
812 7 July'30 --__
195; WI S
9412 9332 July'30 ---_
Jateee Frank OC Clear let 48_1959 J D 94
Kan A &0 R let gu g 5e
1938 1 3 1024 ____ 10114 Apr'28
1 A 0 87
t 0A
6
Kan & M let gu g 4e
90
87 July'30 -K C Ft S & M Ity ref g 4e...1
963 97 9612
4
9614
9
Kan City Sou let gold 3e._ _1950 A 0 79 Sale 773
2
80
19
Ref & impt 66
2 102
2
Apr 1450 1 J 1013 102 1017
11
Kauese(7tty Term let 46..19611 1 3 9314 Sale 9234
934 43
Kentucky Central gold 40_1937 J J 90
92 894 July'30
Kentucky & Ind Term 4341.1961 1 .1 85
88 8512 Mar'30
mped
:
1961 J J 921 93 93
93
4
StaPlain
1961 J J 91_ 89 Apr'30
Lake &le & West let g 50-1937 J J 102 1634 1013 Aug'30
2
2d gokl be
1013 1034 1013
4
4 1013
4
1
Lake Sh A Mich So g 334e_ _1997 1 D 83 8312 8012
4
1 9 1 .1 i
8318 30
Reglatered
83
1997 J D 81
7834 July'30 - _
-year gold 413
8
35
MN
1931 MN 1003 1003 1004 10011 13
4
Registered
10014 June'30
Leh Val Harbor Term gu 38_1959 F A 103 16614 105 June'30
Leh Val N Y let gu g 43.98__194n J .1 101 Sale 1003
4 101
12
Lehigh Val (1' 'cone g 4o2003 MN 9012 Bale 9012
91
24
RegLdered
MN
_
8712 Apr'30
General eons 4 14e
10512 Sale 1004 1004 10
ilril t 109 10914 10834 July'30 --__
e
s
Let,Valley RR via 56 aeries ES1
Lab V Term Ry let ge g 56_1041 A 0 104 10412 10234
10234
3
Lab & N Y let guar gold 46..1945 M S 923 94
4
9014 July'30 -Lea & Fleet let 50-yr 6e gu_ -1965 A 0 1083 1133 109 July'30 --__
4
4
Little Nliaml gen 40earioe A _1982 51 N 8912__ 90 July'30 --__
1935 A 0 10512 1663 1053
Long Dock cense! g (te
- 2
4 1051
4
5
Long Ield Int con gold be July1931 Q J 10012 __-- 10012 Aug'30
_
let cense!gold 48--Jul, 1031 Q 3 994
983 Mar'30
2
1938 1 I) 9518 98 9518
General gold 46
9514 18
19323 D 9772 99 064 Dee'29 Goid 4a
Unified gold 4a
1949 M S 9112
91 July'30 --__
1934 J D 1001
Debenture gold tes
10014 Aug'30
1937 M N 10014 1004 10014
-year 4 in deb 58
220
101
4
1949 51 23 913 914 913
2
Guar ref gold 46
4
92
3
4
Nor Sh 11 let 00n VI 58 Oct'32 Q .1 1003 -__- 10134 July'30
Louisiana & Ark let (Is ear A 1989.5 3 823 Sale 81
4
84
39
Louie &Jeff Udge Co gd g 0_1095 M S 931
:
0312 Aug'30
Louisville & Nashville 56_1937 MN 10212 163 10312 1031
4
19403 J 9614 9714 963.4
Unified gold 48
97
14
J J
Registered
Collateral trust gold 58._ 1931 MN
1o412 Juay 3 :
9 1 Ml r:30
9
1s1 refund 539e serlee A__2003 A 0 106 Sale 106
106
4
2003 A 0 106 Bale 106
1st & ref 58 series B
106
2
let & ref 404s series C.._ _2003 A 0 11:_)0_3_ Bale_ 10014 ml03
4
00
a0 41
r0
3
A 0
When issued
Paducah & Mom Div 42_1946 F A 934 Wily 034 Aug'30
St Louie Div 211 gold 3(3_1980 PA S 6714 70
67
67
1
Mob & Monte ling 4144-1945 M 11
_ 973 July'30
4
South Ry joint Monon 46_1952 J J 99-02
94
924 Aug'30
All Knoxv & Cin 131v 4m, 1955 Si N 9412 Sale 9432
9432
Louie) CM & Lea Div g 4149'31 NI N 10012100 July'30
,
_
1934 J 1 101 16112 10012 Apr'30
Mahon Coal RR let 5e
_
(South Linea) 4.1-1939 M N 7512 78
Manila RR.
753 July'30
2
1959 M N 6618 Sale 66
48
let ext
6612
7
100 July'30
Manitoba S W Colonlza'n 58 1034 1 13 974 _
Man 0 13 & N W 1st 334e-1941 1 3 874 19
-72 87 May'30
Max Internal let ga asstd...1977
6 July'30 --__
(Cash gale. 6 Due February.
San:.
DiEs
Jon, 1
N
915
3
aONDS
Y 81'1CfCR EXCHANGE
Week Ended Aug. 8.
&nee
Frtdag
Aug. 8.
w set'e
gases or
Las Sale
w
g
Moe
ante
Slade
Jas, 1,
int
Low
Built
•R Love Htoe
Lee
Ellal
Mich Cent DetA Bay City 5a_ '31 MS 10012 10012 1004 July'30 ---- 100 101
24
35
QM _____- 100 Jan'30 -- 100 lnn
Registered
994 971 2
1
Mich Air Line 46_ .......1940 J
9614 974 97
1064 107
97
944 97
Jack Lane A Bag 3345.._ _1961 NI ti 814 -- -- 79 klay'26 -10218 105
_ _let gold 354e
00 101
873
8
2
- -1952 MN 8712 Sale 8712
834 88
Ref & impt 454s ser C___ _1979"3 101 10114 10132 10132i 25
09 3 100
3
5s
9914 1014
1940 A 0 93
943 9912 Mid of NJ let ext 56
94 2 94 July'30
4
3
94 )143
4
Mil& Nor lateen 4545(1880)1034 J O 98
814 85
9912 9712 Mar'30 ---9614 971e
Cone ext 434* (1884)..,1934• D 93
9911 9914
9912
2
9614 994
99 10214 Mil Spar & NW let gu 4s._1947 MS 93 9312 9212 July'30 ---9212
90
Mliw &State Line let 3Ke 1941 JJ
90 Apr'28
!its 73
_
.
854-27
Minn & St Louis let cone 50_1934 it
35
30 July'30 - 80
414
Temp Ws of depoelt_ _1934 MN 27
964 9811
33
3018 July'30 -30
4114
let & refunding gold 46_ _1949
•S
94 Sale
1094 11214
94
94
9
16
3
Ref & ext 50-yr 58 ear A _ _1962 Q F
8
104 1064
15
1112 June'30 ---114 154
953 9738
Certificates of depeedt
8
____ 15
13 June'30
1215 15
64
St P & BS M eon g 4.1 lilt 4;2'38 ii 883 Sale 88
M
1093 113
4
4
873 914;
883
8
4
11012 110 4
let eons be
1
2
9232
3
19331 3, ____ 923 9232
92 8 98
3
let eons be gu Le to Int_ _1938 3, 94
16
944 9812
95
941e
96
94
9911
10
-year ooll trust 6 Ka_ _ _ _1931 2)1 S 10012 Sale 1004 1003
1074 112
4 17
99 1011s
let & ref fle series A
10314 10818
8
1946 3 1 ____ 947 9578 Aug'30
92 100
85
96 997
S ____ 86 85 July'30
-year 554e
8
el
91
1949
let Chicago Term e f 4s.1941 MN 933e
95 9918
- 91 July'30
91 03
97
Mlesievippl Central let 52
99
953 - - 95 July'30
4 9912
1949 J
95 99
Mo-UI RR 1st be ser,A
80
13
80
703 77
4
1059• J 77
79
79
75
23
3204 Mo Kan & Tex let gold 4e_ _1990 3D 8818 8914 8812
8914 96
854 S914
918 945 Mo-K-T RR pr lien be ear 4_1962
4
' 104 Sale 1037
3
8
13
8 104
9912 1044
40
2
98 1054
-year 4.1 eerie. B
'3 903 91
8
854 91
905
8
.-1962
90
/
1
4
Prior lien 434e ear D
22
98 101
4
1978 33 983 Sale 9813
0212 9912
99
103 2051
. Cum adjust be ear A Jan 1967 A0 102 Sale 102
2 100 1084
102
9614 1004 Mo Pao 1st & ref Es ear A__ _1963 FA 102 Bale 10178 10214 17
9914 1924
General 4a
93 8 974
7
783 Bale 785
4
8
793 290
1975 M
7414 817
1
let & ref be aeries F
9714 9912
B 101 Sale 101
1011 111
1977
97 102
lst&refg5ssera
994 102
38
1978 MN 10114 Bale 10034 1011
3
96 4 102
Cony gold 5 kis
MN 10712 Sale 10712 1091 119 10614 113 4
1949
3
9344 1011e Mo Pee 3d 76 ext at A% July 1938 MN 934 ____ 93 4
912 19984
1
3
93
3
94
91
Mob & Dir prior lien g be._1945
9034 101
100 Mar'30
063
4
RV 100
Small
98 1004
' 964
3
9612 June'30
95
964
1st M gold 46
764 84 8
5
- 90 July'3
1945 J J 90
8711 91
91
Small
97
87
86 July'30
1945• J 86
87
80
81
865 Mobile & Ohio gen gold 48._1938 MS 9512 95 2 9514 July'30
8
3
925 96
e
82 823
/
1
4
Montgomery Div let g 6e_1947 P A 10218 103 1017
2
4
8 1017
964 1017
8
Ref & Impt 424e
MS 96 Sale 98
1
96
1977
941 911
4
Mob & Mal let gu gold 9e.. _1991 MS 887
83
68
85
7
3
2
9
4918
891
864 8912
89 9 941e Mont C let gu Be
3
4
10878 July'30 _
105 1067
1937 3, 1073
2
let guar gold be
8712 8712
1937.5' 1021
95 100 4
-- 95 June'30
1
Morrie & Essex let gu 3)0_2000 JO 8112 813 814 July'30
90 95
2- 4
82
77
Conetr M be ser A w 1
MN 1073 Sale 10714 1081
82
89
31 10314 10814
2
1955
2
Conatr M 4Ke ser B w 1_1955 MN 1004 101 10014 100
8738 92
3
963 1003
s
4
871e 9014
Nash Chan &St Likelier A __1978 FA 9314 93 a 034
5
1044 1074
7
93
3
90
9113
4
102 July'30
10712 11014 NFla&Sletgug 58
1937 FA 10218
00 10215
97 10212 Nat Ry of Max pr Ilen 4348_1957
18 July'2
July 1914 coupon on
J J
4812 9114
7254 July'2
7478 77
15
Assent cash war M No Son
71
: 83
81
2 77
8
(I
9
_
Guar 70
824 88
el
8718 Aug'2
-year a f 4e
1077 A-Assent cash war rot No Son
83
4 91
812 July'30
714 Olj
7:78 1 Nat RR Mel pr lien 454s Oct'26
5
41 77
-3
_
3512 Julle2
Assent mall war rct No 3 on
92 s 88
8
1212 131 1312
144 15
12 Yes;
let consul 4.e
22 Apr'28
1951
89
Assent cash war rot No 3 on
5
712
92
74
514 -14
924 924 Naugatuck RR let g 48_
if 83
35 86 Mar'30
l954 86
in
New England RR Cone 58_1945 3 .1 101 Sale 10012 101
6
064 101
10214 1
05
Congo'guar 4e
02 July'30
J
0l14....
1943
864 92
9712 NJ June RR guar let 4a.„1988 P A 88 8 93 90 July'30
00
_
4
DO
85
8914 894 N DANE let ref & imp 4t4e A 52• J
97 Aug'30
924 97
90
9378 New Orleans Term 1st 4a
/
1
4
8
5714 9118
1953 3 J 903 93 90 July'30
NO Texas & Mex n-c the be 1935 A 0 9914 997 9914
88
994 10
9518 997
8
100 103
84
1st 58 series B
17
97
8
1954 A0 97 Sale 96
92
7 99
100 101
1st Se aeries C
6 ne,10144
9914
1956 F A 9918 991 9914
55
1st 414e aeries D
997 loa
90
8
8934 99
1958 FA 89 Sale 89
724 924
44 101 1051e
1st 534s series A
103
1954 A 0 103 Sale 102
N & C Bdge Bea guar 4)96._ 1915 3 J 974
974 June'30
97
95
97
/
1
4
91 100
9
0
NY BA MB let(tong 56_1935 AO 100
100 May'30
983 100 •
4
72
N Y Cent RR eon,deb 66_ _1936 FA N 10812 107 10714 1074
8 106 31114
87
72
7
134
111
12
Conseil Os series A
94
1998 P A 94 Sale 9314
98 a 94
,
90
0812
8
Ref & Imp 414e ((erica A_2013 A 0 1023 Sale 10112 10232 51
/
1
4
97 112
24
35
4
Ref & Rept be fortes C__2013 A 0 1083 Sale 108
1083
4 82 105 1(83
4
23
87
648 :
/ 03
8318 55
1 3
4 10 NY Cent& Bud Ely M 830 19157 J
4
8312 Sale 8218
781 834
4
804
804
Registered
3
1997 J J
75
81
gala- 9958
993
4 52
Debenture gold ts
1984 MN
97 99 4
,
9658 July'30 ---30
-year debenture te
1042 .1 3 9618 97
98
96t
-9 1 - . 1
134; 971
74 4 9 6
5
81
Lake Shore coil gold 3Kg _ _1998 PA 81 Sale 8012
10
90
7514 81 4
8514 22
PA 81
80
83
Registered
1998
754 85'4
7
Mich Cent cell gold 8Ks_ _1998 PA 801z ---- 80
80'4
7
64 811e
891a 193
9
8
84
781e Apr'30 _ _ _
Registered
92112
1998 F A 79
78
8 el
874 90 4 N Y Chic & St L lat g 4.3_ _ _1937 A 0 973 Sale 9734
4
9734
3
5
94
12
9)
854 8512
9314 Mar'30
Registered
9314 9314
1037 A0
88
9734
M N 160T4
9734
4
93
25
-year debenture 4a
1931
97 14(114
89
89
4
2d 6s series A DC
1931 PA N 1013 102 10158 10144 10 100 1'4
3
100 1708334
0
7,734 0
0214 Sale
4
6% gold notes
2
34 1011 1134
1932 A 0 1073 107ls 10258 103
/
4
1078* 10713
Refunding 5545 aeries A _ /974 A 0
7 10513 101.4
7914 83111
10714 107 1073
8 1074 10 1051a 107's
/
1
4
Refunding 534e aeries B__i975 J
974
9812 361
Ref 4195 series C
1978
935 984
8
8
M A 9 8 1018
8 1005
gnaws N Y Connect let gu 4Ke A _1953 F S 1003 3 1 4 1005
8 25
8
4,
961 10L1
4
/
4
888658 1101/
1412 19800714
:
648
: let guar be aeries B
1
4
/
1
1953 F A 1044 105 1033 July'30
100 1051.:
10
0
6
944 June'30
N Y &Erie let ext gold 48_1947 MN 92
1
•41
941a
100 June'30
N 100
8d ext gold 434e
1933
100 110
4th ext gold be
1930 AO 100 - 100 July'30
100 1004
-
____
N Y & Greenw L gu g 58....._1946 M N
N Y& Harlem gold 3Ks_ _2000 IS N
1889618 1 911g N Y Lack & W lat & ref gU 58 73 M N
016 10013
5
864 91
let & ref gu 434e set B _197311 N
4
10414 109
NYLE&W let 79 eet---1930 MS
N Y & Jersey let 56
10773 10 74 N y & Long Branch 48- _
83
: 99
7
9914 101
NY &NE 13ost Term 461939 A 0
985 98
8
/ NY N H & II n-e deb 40__ _1947 M
1
4
884 c954
Non-conv debenture 310_1947 M
Nen-cony debenture 330_1954 A 0
liTa 91
Non-cony debenture 4e_1955
3
mu 10012 Non-cony debenture 48-.1958 M N
87 192
9 4 014
Cony debenture 3Ke
1956.5 I
Cony debenture 88
1948J J
1)914 1003
2
J
Registered
31
17
1940 A 0
Collateral truet 68
80t
Debenture 46
1957 M N
(01 103112
93 1
let & ref 424e eer of 1927,19673 D
9414 97
Harlem R & Pt Chee 1st 4e1954 M N
4234 9412 N YO&Wref tstgdS..Juocl992M
994 101
19553 D
General 45
10312 168
N Y Providence A Boston 401942 A 0
994 106 - N Y & Putnam let coo gu 48 1933 A 0
,
95 1004 NY Sum & 9i7tri1 let eel 58_1937
J
1937 F A
gold 4145
9184 93
94
1940 F A
General gold 85.
964
/
1
66
Terminal 1st gold 3e.. -1943 M N
684
97
/ 9754 N Y 13"chea & B tosser 1 4148 46 / 1
1
4
89
9311 Nord Ry elle sink fund 6 3is 1950 A 0
91 4 954 Norfolk South let k ref A 65_1061 F A
,
984 1004 Norfolk & South tat gold 5e_1941 M N
9053 1004 Norfolk A West ten 6
010 68.1931 M N
Improcemeut & ext 643-1934 F A
784 7611
New River let gold &L.-1932 A 0
9
611 150
N & W Ry let cone g 48_1996 A 0
818 09
87
Registered
69
1996 A 0
et
6
9112 _- 9612 June'30
824 ---- 82 June'30
9712 Oct'29
9912 Apr'30
101
100 166573 10032 Dec'29
looz Sale 10012 10072 11
ss
884
884
1
9114 ---- 7512 July'28
89 July'30
89 2 8 2
823 - - -7- 82 July'30
3
794 Sale 7914
7072
3
87 Sale 87
87
4
86
86
86
8
3
Sale78487912 78 2
783
2
1
12212 38
122 Sale 122
120 June'30
1557 100 1054 106
8
8
8012 Bale 80
81
12
4
95 Sale 9414
9514 132
90
901
-.00
4
4612
40 851
49
14
41
42
451a 42
2
90
/ _ _ 0012 June'30
1
4
9212
9212 July'30
82 84
80
4
82
12
721
_
75 Mar'30
2- . 73 Aug'30
7112 75
9914 100
9914 July'30
_
89 Sale 88
8914 49
1053 Sale 10512 10572
4
8
6
52
5214
5214
54)14
96
97
9814 July'30
_
1014
_ 1013s
1013
8
4
10414 -- 1043 June'30 -8
1024
10214 June'30.-__ 9512 Bale
96141 14
9512
933 95
4
923 July'30' _
8
95
954
804 82
958 1001,
___
'2 10114
885
8
80111
1678
Ws
Me 80
8111 87
79
8614
7411 80
12014 133
120 131
1044 1063
/
1
4
77
8154
90
084
87
/ 91
1
4
454 064
42
54
9011 901s
851 0211
;
80
8612
75
75
7112 7ii
944 994
86
924
10211 10614
601, 79
69
99
1003 10211
4
10314 10414
10214 lfire
0015 9612
90
924
New York Bond Record-Continued----Page 4
916
Price
Friday
Aug. 8.
BONDS
N Y. STOCK EXCHANGE
Week Ended Aug. 8.
B14
Norfolk dr West (Concluded)DIv'l let lien & gen g 46_1944 J
Penh C & C joint 48.-1041 J
North Cent gen & ref is A-1974 M
Gen & ref 4/14/1 sec A istpd_1974 M
North Ohio 1st guar g 156-1045 A
North Pacific prior lien Ss_ 1997 Q
Registered
Q
Oen lien ry Aid g 38-Jan 2047 Q
Registered
Jan 2047 Q
Ref & Inapt 410 series A __2047 J
Ref & impt ee eeriee B___-2047
Ref & Impt ee sertee C.__ _2047 J
Ref & Imp* 5s /*dee D_....2047 .1
Nor PAO Term Co 1st g 6a-1933 J
Nor Ry of Q1111 guar g 5/3-1938 A
Week's
Rouge or
Lari Said.
Ask Low
52.2
7813
7812
5
7812 79
9312
924 Mar'30
101 142 ...._ 102 July'30
0
102
102
1
3
9413 16
9413 947 94
8
10513 ___ 105 July'30
10612 ____ 10512 10512
1
93 Sale 923
4
9314 27
56
60
56
56
1
95 4 ____ 953 July'30 _ __
3
.1
100 July'30
100
9912 10012 99 July'30
1033 Sale 10312 104
4
57
1053 Sale 10514 1053
8
4 17
10314 Sale 10318 10312
4
1003 101 1003
4
4 1003
4
1
9612 ____ 9712 July'30
_
964 Sale 964
97
8
965 ____ 965
8
8
965s
1
9314 May'30
10212 103 10212 10231 36
10138 Sale 101
1013
4 71
110 11012 1093
3 11012 33
8 41
10912 Sale 10912 c1103
8
_ 1083 May'30
105 Sale 1043
4 10512 36
977 sale 9714
3
98
214
95 ____ 91 May'30
8912 --- 8914 July'30
8
87
__ 835 Sept'28
87 1912 843 July'30 ___
10014 ___ 10014 10014
3
4
92 ____ 913 July'30
10112 23
10114 Sale 101
9912 Sale 9912 10012 20
8914 41
8914 Salo 8714
25
317 26 June'30
8
5
8 10314
1027 ____ 1025
4 1047
8 10
1044 Sale 1043
94
3
92
____ 94
8
100 Sale 9912 1003 121
9618 ____ 9618
9618 ...
.
2
4
108 ____ 1083 July'30
FMIIIPPine Ry let 30-yr s f No '37
Pine Creek rag let 68
Pitts & W Va tat £34e ear A195t 3
1st M 4%i/series B
let NI 41is series C
P
& St L eu 410 A
1940 A 0
Series B 414e guar
1942 A 0
Seriee C 410 guar
Series D 48 guar
1?/:6
SeriesE 314e guar gold_1949 F A
Series F 48 guar gold
Series
Ls guar
19 3j D
957 MN
5
Series si cons guar &L.__ _1900 F A
Seriee 1 cone guar 4%s
1903 F A
Series 3 eons g-uar 4%8_1984 M N
GeneralMisSerie.A,..1970J D
Registered
J D
Hen mtge guar laser B.. _1975 A 0
Fl*tsMcK& Y let gu 66_1932 J
3d guar 86
Pine Sb & L E let g 5e___ _19313 0
40 4 1
Jet cone I gold 6s
1943 3 J
Pitts Va .4 Char in 4s
1943 M N
PietsY&,&aJllsSgeeerA,j948j D
let gen do Berle. B
1982 F A
1st gen 5s aeries C
D
1974
Providence Secur deb 41
1957 M N
Providence Term 1st 4
_ _1956 M S
Reading Co Jersey CAn coil de '51 A 0
Gen & ref 44.4s series A
i997 J
Gen & ref 410 ser B
1997 3
Rensselaer dr Saratoga 64-....1941111 N
Rich & Meek lst g 4e
Riches Term Ry let go 64-148
N
J
9
62
Rio Grande June let tin 5s-1939 J D
Rio Grande Sou In gold 4a..1940 J J
Guar 48 (Jan 1922 coupon)'40 .5 .
1
Rio Grande West 1st gold 1.3.1939 J J
lst con & col)trust 4s A_ _1949 A 0
R I Ark & Louie let 1114s-1934 IVI S
Rut
-Canada let gu g le
1949 J
Rutland In Cong 4345
1941 3 J
28
27
1023 ____
4
94 ____
95 Sale
95 Sale
9912
_
-_100 101
9934
9Z4 964 ____
973
973
4
973
s
101
101
11014
2812 July'30
10214 June'30
__
94
94
3
94
95
23
9512 145
9413
9912 July'30
993
4
1
993
4
9712 Dee'29
4
973 July'30
95 June'30
963 May'29
4
97 Aug'30 _
9454 Feb'30
101 July'30
1004 July'30
111 Aug'30
1073 Mar'30
4
110 1163 10934 11018 15
4
10212 July'30
1015
8
10412 May'30 _ _
102
10114 May'30
1017
8
3 A '2
10152
923 Mar'30
4
94
95 July'30 ____
943
4
105 June'30
1045
8
1045 -----------------8
5
80
781 ___..80
4
87 _ _ _ _ 863 June'30 _
2
94
8
93 8 Sale 935
5
3
10012 1004 10012 10012
101
8 101
10033 101% 1003
8
1063 ____ 10018 Mar'21
7933
:8
171'8 M pr 3
0
8 AaY 20
10---2
9712 July'30 ____
97 100
-95r2 W..
8612 8714
10012 Salo
7614 78
91
90
712 M pr:220
Aa7 8
945
8
9412
8
8612
863
997
8 10012
7514 June'30
90
90
8
11
97
1
1 1 Joe & Grand In In 4iL.-111/17 3 .1 875 ____ 873 July'30
/
8
4
St Lawr & Adir 1st g 5s
963 Nov'29
4
1990 J J 95
_
2d gold (le
_ 10112 Feb'30
1996 A 0
6
SI L & Cairo guar g da
10014
1931 J J 10014 Sale 100
BS L Ir Mt & El gen oon g 54_1931 A 0 101 Sale 101
10114 41
4
1013 Dee'29
Stamped guar is
1931 A 0
Ely & G Div let g M
993
3 72
1933 M N 9914 Sale 9918
Mt L M Bridge Ter gu g 58_1930 A 0 997 1005 993 July'30 -4
8
8
64
0
lit L-Ban Fran lar Hen de A...1950 M
9112 10
9118 Sale 01
Con M 4%if aeries A
9312
4
1978M S 923 Sale 9212
1033
8 18
Prior lien Is series B
19503 J 103 10314 1023
St Louis & San Fr Ri gen 08_1931 J J 1013 102 10134 July'30
10118 10114 101
10112 11
Generale/WI 5s
19313
8
Ell L Peer & N W les gu 53_1048 J
10433 ____ 1035 July'30
St Louis Sou let ge g 41
MS 9918 9912 99 July'30
/
1931
3
St L SW 1st g 48 bond ctfa_1989 MN 8812 89
8812
8812
2/1 g Is Inc bond etfa Nov 1989 J J 9912 995 8014 June'30
8
Consol gold Is
9958 Sale 993
3
995
8 16
1932 J D
let terminal & unifying 56_1952 J J 10014 Sale 10014 10012 18
St Paul & K C Sh L let 44e.1941 F A 973 9812 98
9812 20
4
Si Paul ez Duluth let 5e
3
1931 F A 100 4 ____ 10018 Feb'30
let consol gold M
90,8 July'30
94
9 ,8
,
4
1988 J D 943
St Paul E Or Trk lel 4%6_1947 J J
9918 10
St Paul Minn & Man con 48_1933 J
0812 July'30 -let COLISOI g
i9333 .1 104 10414 104 Aug'30 -6s reduced to gold £145-..A033 .1 .1 100 Sale 100
2
104
Registered
98 Feb'30
3 .1 98
Montext 1st gold aa
1
8
8
965
8
1937 J D 965 Sale 963
Pacific en guar Is (sterling)'40 J J 9114 ____ 97 July'30 ---1311Paul On Dep let ec ref Is_19723 J 107 10818 107
1
107
8
945
8
8
8
SA&ArPaes1etgugs_.,..,j943j 3 945 Sale 943
Santa Fe Pres & Phen let 5es_1942 M 5 10212 ____ 101 July'30 -Say Fla & West 1st g de
2
1934 A 0 10414 ____ 1037 July'30 -let gold re
993 Jan'30
4
1934 A 0 1013 ___
8
1
SCIOLO VANE let gu a 4a1989 M
9212
9212 93 9212
Due May.
Cash sale.
Due August.
Duel une
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 8.
Price
Friday
Aug. 8.
Wart
Raw or
Las! Bale.
w
4.1
Raiff
Muss
Jan. 1.
High
B43
High hlo. Low
Ask Low
Moe
Seaboard Mr Line let g M__1950 A
66 June'30 - •-51
66
003* 70%
Gold 4s stamped
915 9614
4
1
02
62
6412 62
71
1950 A0 51
92% 951
8
Adjustment Se
4
Oct 1949 FA 41
493 493 July'30 ___4
49 4 602
3
4
Refunding 48
100 10413
60%
1959 A0 4434 49 40
40
13
4
45
1st & cons Is aeries A
98 100
59
54
45
79
51 Sale 51
1945 M
1
AU & Blrm 30-yr lst g 49_41933 MS
98
93
78% 89
78%
787
8
79
44% 26
Seaboard All Fla let gu 8/1 4_1935 FA 44 Sale 44
8812 94
40
72
9212
Series B
72
42
8
1936 FA __ 467 45 July'30 ---8852
33
83% 7014 Seaboard Le Roan let is extd 1931
,
1
94
9813
98 July'30 ---6512
& N Ala cone gu g 56
02
102 July'30 --- 1003 102
1936 P A 102
4
9512 100
Gen cons guar 50-yr 5e_ _1963 A0 10812 ---- 10814 June'30 _--- 105 10 4
52 8
11112 11512 So Pao coil Is(Cent Pac cell) 1949 J O 94 Bale 93
94
8918 9414
17
let 4158(Oregon Linea) A.1977 M
10312 10814
299
100 Sale 9912 100
9433 101
4
20
10313 1053
3 100 10218
-year cony 58
10212
1934 ID 102 10212 10218
S 9914 Sale 985
Gold 434s
10512 10512
8
9914 109
1968
933 9914
4
Gold 414s with warr
101 101
9618 101
4 1001s 93
8
1069 MN 997 Sale 993
Ban Fran Term 1st 4s
89
94
8
93 4
3
4
1950 AO 933 Sale 9314
AO
77
83
Registered
87
87 Feb'30 ---87
9218 9218 So Pao of Cal 1st con gu g 5e.1937 MN 102
103 July'30 ---- 100 103
102
I J 951,
So Pao Coast 1st gu g 4a---1937
96
100
90
Jan'30 ---_
96
So Pao RR let ref Is
99 102
91
9514
954 27
4
1955 33 9518 gale 943
13
9412
91
Registered
94
94 July'30 ----) 91
a
10418 1067
Stamped (Federal tax)_1955 33
9213 100
9212 May'30 -_ -1037 106
8
79 10014 112
884 934 Southern Ry let cone g 5e...1994 3 1 111 Sale 111
112
J J
55
6212
Registered
4
10512 June'30 --- 10513 1081
3
Devel & gem Is merles A...1958 A 0 894 Sale 89%
9214 95 4
8812 93
903 143
4
Bevel & gem 66
974 10012
11814 15 1144 120
1950 A 0 117 Sale 117
9914
98
Develop & gem (1145
1235 Sale 12314
1233
4 63 120 121311
Mom Div let g
102 1041s
10734 July'30 ---- 10612 10
1074
8
Si Louis Div lot g 4s
10314 107
4
1951 3 3 925 123 92 July'30
8
8718 92%
9934 10514
F.ast Tenn reorg Ilene M1938 M S 1005s
_ 10013 July'30 ---95 10013
904 9113
Mob & Ohio coil tr 48........1938 M 5 9513 157- 9514
95 103
25
8
9512
V23 9712 Spokane Internal 1st g 511_1955 3 3 634 70
4
1
66
66
72
61
Staten Island Ry let 410_ _1943 J D 853 ---- 85 Feb'30 --92% 97
4
8212 0811
9212
_ 95 Apr'28
9214 We Sunbury & Lewiston let 1s.,1938 3 1
6 -51 911;
9212 9312 Tenn Cent let as A or B___ _1947 A 0 95 - 34 9512
3
95%
91
10014
98% 1021 Tenn Assn of St L 1st g 4159_1939 A 0 100 10014 10014
4
1
97 10014
4
9712 1013
let cons gold Is
104 July'30
1944 F A 10412
e9934 104
Gen refund e f g 45.
9112
1953' 3 9113 92 914
108 111
9
87 913
14
4
108 c110% Texarkana & Ft Slat 510 A 1950 F A 108 107 10612 10612 14 10373 10012
1084 1083 Tex & N 0 corn gold is
-- 101 July'30 ---8
1943 3 i
985 101
8
3000 3 D 11012 111 11013 111
9934- 10214 10512 Texas & Pae let gold 5e
31 19602 111
9414 98
2d Inc5e(Mar'28ep on)Dee2000 Mar
--- 95 Mar'29
Gen & ref tieseries B
1977 A 0 1.02T8 Isle 102
91
10214 31 -13/41 104190
- 4
3
1979 A 0 10214 Sale 10214 1027
8 48
Gen & ref 5e series 0
87
8912
9878 10412
La Div B L lst g Se
8
1931 3 J 10012 1013 10012 101
99% 1013
4
4
- :4 Ii Tex Pac-Mo Pao 'Ter 510 A984 M 5 1063 107 107
107
143
8
7
.
4 104 107%
10012 July'30 ---98% 10058 Tol & Ohio Cent let gu 56_1935 3 J 1005
8
98 103
89 4 101%
07
91 s
IN eatern Dly let g Se
Ge'n
si
1935 A 0 10014 _ _ 10018 July'30 ---8
98 10e3
gold
1935 3 . 99 - - 9714 June'30 ---1
993
4
9718 100
9412 10012 Toledo Peoria & West 1st 48.1917.5 . ____ _ __ _ 91 Sept'28
1
'6E4 931
8914 To) St L & Ve 50-yr g 4s- _1950 A 0 935
9312 July'30
84
8
26
377 Tol W V & 0 gu 4115e A-- _1931 3 3 100 _
2
934 100
100 Aug'30
101 10412
1st guar 410 scan B
8
1933 3 J 993 _ _ __ 9914 Mar'30 ---98% 9914
let guar Is, series C
1023 106
4
1942 M 5 93% --- 9212 Mar'30 ---9213 9311
90
94
Toronto Hain dr Buff let g le 1946 3 D 90 4 9014 July'30 ---3 95
9012
88
95% 100 8
3
nis 904 Ulster & Del let cone g 15a_ _1028 3D 75
90 July'30 _--98
79
9018
Stpd as to Dec '28 dr J'ne '29Int
70 June'30
_
1081 109%
4
70
8714
9'4 79
1st cony 58 Ws of deP
7
7014 June'30
7014 7014
33
24
in refunding a 43
1952 A0
- 7- 4014 June'30 _-518
40
55
3
102 1028 Union Pao let RR &Id gr 4e-1947 J J 97 Sale 963
4
9712 23
8
9358 977
93
1/7
3.5 954 9714 9512 In/3'3 ---Registered
0
9114 98
98
92
let lien & ref M____June 2008 tat S 927 Sale 927
8
9412 21
8
88 8 9414
7
93
95%
98 10058
Gold 434/1
100% 85
1005 Sale 00
8
1987 3
9714 100
let lien & ref 5s
8 1095
8
3 10812 110
June 2008 MS 109% _- 093
984 100
40
-year gold 4s
913
1988 J D 9112 Sale 9114
4 57
87 913
14
4
NJ RR & Can gem M
1944 MS 9614 ___ 9514. .30 ---11117
9318 90
9414 17 4 Utah & Nor let ext 4e
-31933 J
9814 ---- 96 Nov'29
. Vandal% cons g 441 series A. _1956 P A
93% 95
9412 June'30
0134
-61 - Cone f 4s eerie/ B
_ 8212 May'28 _ _ _
1957 MN 94%
9
97 Vera Cruz & P assent 4348.._1934
26
8
.
9 fia1e
11
5
94 8 94 8 Virginia Mid 5a series F
5
00 Apr'30 ---1931 MS 10c04
9818 101
97 101
General 5/3
0012
• 1936 MN 1003
4
- 9812 Aug'30 __-- 100 10112
9912 10014 Va & Southw'n let eu 5s___ _2003 J J 9E02 100
9812
7
95 10111
8518
10614 111
1st cons 50
8518
88
-year 52/
1958 AO 85
6
8314 923
4
4
4
10714 36 1024 10714
1073 1073 Virginian Ry tat is Berke 4_1962 M
107 Sale 0614
1064 110,8 Wabash RR 1st gold is
MN 10312 Sale 10312 10312 13 101 104
1939
2d gold 58
10112 10213
1939 P A 10112 102% 102 July'30 9912 102 4
3
Ref &gene f 5 hi ser A
M
10412 10412
104 1043 03 8 10412 21 1014 10512
7
4
-1975
100 8 10114
5
Debenture B Os registered _1939 J
101 Sale 9818 May'29
let Hen 50-yr g term 4.8
- 883 85 May'30
4
1954• J
935 92i
1513 8 _ 102 July'30 _--- 100 103
Det & Chic ext 1st 5s
1941 J
92
93
927 July'30 ____
8
9113 95
Dee Mohacs Div 1st g 4s 1939 J J 92% 93
853 July'30 ___
4
10214 106
Omaha Div let g 334e
1941 AO 8618
8114 86%
Tol & Cole DIY g 4e
1941 MS 9214 ---- 9012 July'30 ___
8814 90 4
3
"ii" 16" Wabash Ry ref Agents B_ A978 AO 101 Bale 10034 10114 49 97% 10214
88
863
4
931* 43
Ref & gem 434s series 0_1978 FA 93 Sale 9314
8834 9512
94
90
8014 7713 Mar'30 ___Warren let ref gu g 3he......_2000 P A 74
7212 7713
8
9714 1013 Wash Cent 1st gold 4a
1948 QM 8512 ---- 87 Mar'30
8338 90
9958 101
Wash Term let gu 3%e
863 July'30 __
4
84% 8e34
1945 FA 8812
83% 90
let 40
8
-year guar 45
1945 P A 927 ---- 8412 June'30
W Min W & N W 1st gu 58._1930 P A
993 Apr'30 __
4
*
994 993
101 fff W Maryland 1st g 48
86
4
1952 A0 853 Sale 8512
72
80
88
94
9712
let & ref 514e series 4......1977 33 10012 Sale 9912 1003 131
4
945 101
West N Y & Pa let g Is. _1937 33 102 103 102
102
1
98 10231
Gen gold 48
9414
5
,
1943 AO 9414 Sale 9414
881s 94 4
"ii" 174 Western Pao let set A 5e1946 M
7
988 40
984 Sale 98
9512 99
8112 08%
M
Registered
97
97
_98% 97 Feb'30 ____
0544 10013 West Shore let Is guar
85 4 9258
3
2301 J J 0g4 Sale 89
924 20
78
75
Registered
2361 J J 89
85 8 91
5
9012 89 Aug'30 ____
9112 Wheel & LE ref 4345 ear 4_1986 MB 9414 95
80
94
94
4
875 944
8
_ 003 June'30
4
Refunding 56 series B_-1066 MS 9912
4
981 101
89
55
RR 1st consol 4a
8713 8958
885 J1,ly'30 ___
8
1949 MS 8858 00
Wilk & East let gu g 118
1942 3D 63
6214 71
667 64 July'30 __-.
8
101 101
--12 Will AS F let gold Is
1038 ▪ D 10212 ---- 102 May'30 ____ 102 103
98 4 10014 Winston-Salem SB let 4s.....1980
3
804 884
J 86 -- 8614 Apr'30
100 102
Wis Cant 50-yr let gen 4a
76
4
7312 8314
1949 33 7312 Salo 7312
853 9158
4
8119 A Dul dly & term let 4e 38 MN 8618 8614 8614
86% 12
9933 Wor & Conn East let
"si8i4
4
99 4 904
3
8
4348_1943 33 853 93% 903 June'30 ____
997 100%
s
8712 9 1
27
INDUSTRIALS
88
8813 951 Abitibi Pow & Pale let M-_ _19533 D 854 Sale 804
43
82 4 8851
1
4
100 c10414 Abraham & Straus deb 538_1943
100% 102
10012 17
97 10312
With warrants
A 0 993 10014 100
4
9812
100 10113 Adriatic Elm Co en 78
9812
1
98 1004
99
m O 98
A s
'
1
1024 104
88
83
90
Adams Express coll tr g de _ 39
88 Sale 88
194582
941 99
8
451e 80
60 July'30 ____
Ajax Rubber let 15-yr s f 8s-1938 3 D 50% 60
7
1
85
8912 Alaska Gold Al deb Os A -1925 M S
7
514 9
7
9
3
767 82
514 54
Cony deb 13e series B
5 4 -- 934 May'30 ____
,
9312
9714 110
7
8
85
Albany Peter Wrap Pap 8s 192 "S 9312 943 9312
9814
194 A O
8
144
90 101
AllMrny0nori) col in M..
coi A 0 Cv
97 1044
A 100 Sale 9912 101
Corp
1944 F
9914
993
4 84
9418 9812 Allis-Chalmers_1049 44 D 9914 Salo
97 1044
3 N
Is
10018 100%
4
953 122
4
92
4
943 Sale 943
Coll & cony 58
9915
914 94
10112 Sale 10112 10212 22
99% 1024
99
1
9313 9913 Alpine-Montan Steel let 7e 1955 M
98
963 c99
4
91 100
99
4 104
21 102 1051
90
Am Aerie Chem 1st ref s I 7%8'41 F A 1037 Sale 1033
8
12
:
65
6358
2
103 1054 Amer Beet Sue cony deb(is_ _ 1935 F A
6218 65
8318 874
9758 104
10114
1
97 1024
American Chain deb e f 6a._ _1933 A 0 10112 102 10114
98
5
98
A in Syna00d d eb em e Le- _ _1031 MN 10012 Sale 10012 10012
Am ot0 debe urnt
99 101
11
973
4
9812
984
7
92
9412 10012
973 99
4
8914 469
89 4 97
3
Am & Foreign Pow deb 68_ _
8613 89
8
9 887 Sale 8814
104% 10714
8814 July'30 -__
84
88
8834 90
merlon! deb5s
9058 945 Amen i
8
1063
4 65 100 10811
4
Chorea onv I 10_195 1 D 1063 Sale 100
1943 M R
9
9913 10114 Amer Enternat Corp oon vi 3-4s'491J 98
9831 21
9814 977
93 10114
104
7
11 1034 108
03 03 3 AmMacb&Fdye)j s
939
1004 A 0 104 Sale 104
4
9712 92
99% 994 Amer Metal i
9612 99 4
973 Sale 963
8
1
78
3
15, 70
8814 04 Am Nat Gas 8 1411( with war)1942 A 0 773 Sale 773
9234
4
High No. Low
4
J 9614 9713 9614 '9614
2
D 943 96
944
947
4
3
S 10512 -- 100 July'30
10014 10212 100 July'30
0 94% 943 9512 July'30 _
4
69
94
J 94 Sale 9312
9212 26
9112
40
68
4
F 873 Salo 6712
6913
6612
1
F
21
J 100
99% 100
1133
4 58
J 11312 Salo 11318
.1 1057 Sale 10512 10614 21
8
.1 106 10614 10514 July'30
J 1034 -- 10512 Jan'30
0 10314 ---- 101 Mar'30
Og & L Cham let eu g 41-1948 J
Ohio Connecting Ry Let 4e_ _1943 M
Ohio River RR las g 58
1936 3 13
1937 A 0
General gold Is
Oregon RR & Nay eon g 46-1946 J D
Ore Short Line let cone g 55_1946 .1 3
Guar stpd cons Is
1946 J
Oregon-Wash 1st dr ref 48_1981 3
Paeltic Coast Co Jctgas.._1946J D
Pao RR of Mo let ex,g M-1938 F A
2d extended gold Is
1938 J J
Paducah & Ills late!/110_1955 J J
Paris-Lyons-Med RR extl Cie 1958 F A
Sinking fund external 78_1958 M
Paris-Orleans RR ext 510_1968 M S
Pauline Ry let & refit 7e 1942 M
Pennsylvania RR cons g 4e_1943 M N
Cense' gold 4.8
1948 M N
Is sterl etpd dollar_May 1 1948 MN
Registered
Coneol oink fund 4141-_ _1980 F A
General 4%ii wince A._ _ _1985 J D
General 56 series B
1968
15
-year secured (DM
1936 t
Reel/acted
F A
40-year secured gold 5e_ _1964 M N
Debg 410
1970 A 0
Pa Co gu 31is coll tr A reg1937 M
Guar 310 coil trust ser 13_1941 F A
Guar 3145 trust ella C
1942 J D
Guar 314t trust cite D._ _1944 I D
Guar 15 -year gold 44_1931 A 0
-25
Guar 48 ser E trust ette1952 M N
Secured gold 4348
1963 MN
Pa Ohio & Det 1st & ref 40% A'77 A 0
Peoria dr Eastern let c,ons 48_1940 A 0
Income 48
April 194/0 Apr.
Peoria & Pekin Un 1st 5%8_1974 F A
Pere Marquette let ear A 58_1958 J J
let as series 13
1956 3
let g 410 series C
1980M S
Mkt Bait & Waah let g 4s_ _1943 M N
General Is series B
1974 F A
Bg8 1
8
Range
Since
Jan. 1.
5.
at 1
Atl,A
917
New York Bond Record-Continued-Page 5
BONDS
11 Y. STOCK EXCHANGE
Week Ended Aug. 8.
i
*n
Price
Friday
Aug. 8.
Week's
Range or
Last Bale.
a,
s
Ask Low
Mob No.
Big
1025 131
8
Am Sm & R 1st 30-yr 5e ear A '47 AO 10212 Sale 102
21
Amer Sugar Ref 15-yr Os _ _ _ _1937 ii 10312 Sale 10312 104
9912 100 Aug'30
• Telep & Teleg cony 4s_ _ _1936 MS 98
m
1
103 Sale 103
104
1933 M
-year cony 434s
30
J O 10612 Sale 1057
8 10612 40
1946
80
-year coil tr 5e
J O
10312 May'30
Registered
1063 -iai
8
1960'.5 10618 Sale 10558
35-yr s f deb 5s
53
1943 MN 10814 Sale 10818 1081
20
(
-year s 5362
126
1939.5, 162 Sale 16112 166
Cony deb 434e
P A 10612 Sale 106
1063 387
1965
85-yr deb 56
5
106
1940 AO 105 106 105
Am Type Found deb Os
1011
Am Wat Wks dr El col tr ra _ _1934 AO 10112 Sale 101
6
1975 MN 10612 Sale 10612 1071
Deb gas serial A
5
7812
781
1947• J 7718 81
•rn Writ Pap let g 6e
28
971
Anglo-Chilean s f deb Te..- _ _1945 MN 9712 98 97
21 July'30
28
A ntilla(Comp Ailuc) 734e _ --1939'.5 24
10312 July'30
Ark & Mem Bridge & Ter 56_1964 MS 102
80
1939 in 9214 Sale 92
923
Armour & Co let 434e
81
4
823
Armour & Co of Del 534s_ _A943'.5 8212 Sale 813
8
13
103
Associated 0116% gold notes 1935 M 2 103 1035 103
105 10712 10318 June'30
1947
Atlanta Gas L lst 58
118
125 May'2
8
Atlantic Fruit 7e otis dep_1934 J O
11,
J O
1238 May'2
Stamped Wsof deposit
73% 23
All Gulf & WI SS L col tr 58 1959 ii 73% Sale 73%
20
1937.5' 103 Sale 102
103
Atlantic Refit deb 5e
Baidw Loco Works 181 58 _ _1940 MN
Baragua(Comp Az) 714s-1937.5'
Batavian Pete gen deb 4 Xs_ _1942'.5
1936'.5
1324dIng-HemIngway6s
Bell Telep of Pa 5s aeries B _ _1948'.5
1960 AO
let & ref 58 series C
Berlin City Elec Co deb 63461951 J O
1959 FA
Deb sink fund 634e
Berlin Elec El& Unds630_1956 AO
Beth Steel let & ref 58 guar A '42 MN
80-yr p m & imp sf 5e__1936.5,
Bing & Bing deb Otie
1950 MS
1934 AO
B°tan)Cone Mills° 34s
1934 M
Bowman-BM Hotels 78
EVW/LY & 7th A v let cone 56_ _1943 3D
1941.5,
Brooklyn City RR let 5s
Bklyn EdMon Inc gen 5a A_ _ _1949 JJ
1968 ii
Bklyn-Man R T sec Os
Bklyn Qu Co & Sub eon 514 5e'41 MN
1941
1st 5e stamped
Brooklyn R Tr lst cony 548.2002 Ji
1921
11-yr 7%s ecured notes
Bklyn On El 1st g 4-56
1950 FA
1950 FA
Stamped guar 4-53
Bklyn Un Gas lstcone g 55-.1945 MN
let lien & ref Osseries A _ _ _1947 MN
1936
Cony deb ft 53413
1950• D
Cony deb 5e
Buff& Suss Iron Ist a f 58_ .._ 1932 J D
1952 AO
Bush Terminal 181 48
Com:1015a
1955'.5
Bush Term Bldge Sc go tax-ex '60 AO
By-Prod Coke let 530 A __ _1945 MN
107 10714 107
4
10718
74 Sale 74
74
2
9514 Sale 943
4
9514 316
7714 80
79
81
10
107 Sale 107
10714 15
1093 Sale 10914 1093
4
4
5
91 Sale 91
92
40
91 Sale 91
92
18
90 4 Sale 90
3
9034 11
10412 105 10414 105
6
103 Sale 10214 103
33
88 Sale 88
4
88
343 351 3412
4
35
11
10218 103 102 Aug'30
1018 1314 10 July'30
80
81 July'30 -19512
1053
4 10534
1
98% Sale 983
4
9914 153
68
69
68
68
1
74
89
8312 Dec'29 9212 June'29
105 _
10614 Nov'29 ---883 Sale 88
4
89
10
833 Mar'30
4
106 July'30
_
11634
11512 June'30
200
306 May'30 1033 Sale 10314
4
1033 147
4
-- _ 96 Jan'30
04149018 9212 9218
9218
3
100 102
9958 1004 25
102 10212 1015
8 102
12
102 104 10112 July'30 ----
Cal0& E Corp unit& ref 59_1937 MN
Cal Petroleum cony deb s f 581939 FA
1938 MN
Cony deb e f g 534s
Camaguey Bug 1st Si g 7s_ _ _1942 AO
Canada SS L let & gen 6s_ _1941 AO
Cent Diet Tel let 30-yr 5e._ _1943 J O
Cent Foundry let a 60 May 1931 FA
Cent Hud & E 5s
Jan 1957 MS
Central Steel let g a f 8e_ _ _ _1941 MN
Certain-teed Prod 534s A _ __1948 MS
Cospedes Sugar Co lets f 7346'39 MS
Chic City & Conn Rye 5a.Tan 1927 AO
Ch GL & Coke Dago g 5s_ _ _1937.5,
Chicago Rye 1st 5e stamped
Aug 1192910110% paid _ _1927• A
Chile Copper Co deb 5e
1947'.5
1968 AO
CiDG&lflslm48A
Clearfield Bit Coal let 4s_
1940 ii
Colon Oil cony deb as
1938 P A
ColoF & ICogen a f 5s
1943 J J
Col Indus let & coil 58 5U_ _1934 P A
Columbia0& E deb 56 May 1953 MN
Debentures 56.._--Apr 15 1952 AO
Columbus Gas 1st gold 50_1932 J
.• 1
Columbue Ry P & L lat 434e 1957
Commercial Credit e!Os_ _1934 M N
Col tr f 5343 notes
1935 J J
Commq Inveet Tr deb 6e _ _ _ _1948 M
1949 FA
Cons'deb534e
Computing-Tab-Bee e f lia_.1941.5,
Conn By & L lat dc ref g 4140951'.5
Stamped guar 434e
1951 ii
Consol Agricul Loan 6343._ _1985 J O
Consolidated Hydro-Elec Works
of Upper Wuertemberg 76_1956 .1
Cons Coal of Md Ware(58_1960 J O
ConsolGae(N Y)deb 5346._ 1945 FA
Consumers Gas of ChM gu 581936 J O
Consumers Power lot 193
1952 MN
Container Corp let 6s
1946 J D
15-yr deb &with warr _ _ _1943 J D
Copenhagen Telt p be Fob 151956 FA
Corn Prod Refs let 25-yr a f Ect'34 MN
Crown Cork & Seals f Ile__ _ _1947 3D
Crown-WIlliamette Pap 6s._1951 .1
Crown-Zellerbach deb 68
1940 MS
'
3
Cuba Cane Sugar son,7s_ _ _1930
'.5
Cony (lobos stamped 8%,i881)
Cuban Am Sugar lit soll 88_1931 M
Cuban Cane Prod deb Os._1950'.5
Cubs* Dom Bug let 734s...,1944 MN
Stud with numb war attached_
Cumb T & T 1st k gen 4s _ _ 1937
Cuyamel Fruit lets f (ie A _ _ _1940 A0
Denver Cons Trazlw lit 5a _1933 AO
Den Gas & E L hit*ref e f 252'51 MN
1951 MN
Stamped as to Pa tax
Dery Corp(DO) let e f 7s _ _1942 345
Second stamped
Detroit Mayon let coil tr 54_1933 J
let A ref 56 serlea A_July 1940 M S
1949 A 0
Gen & ref 5s series A
let & ref 13e aeries B._July 1940 M S
1955i
Gen & ref 5e series B
1962 F A
Series°
Del United let cons g 34a 1932 J J
Dodge Bros deb Os
1940 MN
fold(Jacob)Pack bat6s._ _1942 MN
Dominion Iron & Steel 59.__1939 M
Donner Steel Ist ref 78
1943 ./ .1
Duke-Price Pow let 6s eer A-1966 MN
Duqueene Light let 434s A...1967 A 0
East Cuba Sus 15-yr s f g 7Ma'37 MS
1939 i J
Ed El III Skin let con g 4s
Ed Elec(NY)let cons g 511. 1995.5 J
Edith Rockefeller McCormick
Trust coil tr 6% notes.... _1943 .1 J
Flee Pow Corp(Germany)6345'60M S
1953IA 0
let,f 634s
1023 - - 1023
4 1023
4
4
10014 gale 100
10014
1023 Sale 102
8
10212
36
37
37
37
9514 July'30
ioa" Sale 105 105
8014 90 8014 Aug'30
10438
_ 10418 June'30
_
1147 125 May'30
;
5014
5214
- 5014
60 June'30
___ 60 6312 Mar'30
10214 1023 103
4
10512
Joni.107
BMWs
IRMA
Jan. 1.
Low
Flioh
994 1023
4
1017s 10558
945 10012
8
9918 105
103 10612
103 10312
1004 1063
8
1004 10812
13714 19312
1004 107
103 107
9912 103
104 10812
69
84
83
12 9812
21
55
984 10312
3
87
4 92 4
8012 863
4
102 10312
1013 10318
4
7214 16
100
103
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 8.
Ttei
134
t
Price
Friday
Aug. S.
c Cash sale.
4
59
2
8238 8112
82
83
32
965 Sale 953
8
963
4 64
4
9114 49
9114 _,-- 907
705 8 72 74 May'30
_
65 Sale 63
65
6
983 993 98
4
99
8
6
97 Sale 97
97
3
10212 1037 1023
8
8 1023
4 45
10212 103% 10258 1025
8
9
8
983 10112 983 Aug'30 -8
4
9514 13
9514 Sale 943
100 Sale 100
100
7
9714 Sale 9714
9714
5
9912 Sale 9912
993
4 27
9412 Sale 9412
1/5
70
1055 106% 10618 July'30 __
8
9812-9812 July'30 -9812
s
9812 100 9812
8312 Sale 8312
8414 17
--
944 Sale 9414
9414
1
4912 5134 4812
50
13
10612 Sale 10614
1063
4 38
10214 103 10214
10214
5
106 Sale 105
106
5
9212 9314 9212
93
6
7614 77
76
77
32
97 Sale 9512
97
21
10318 10412 10314
10312
3
10012 Sale 10018 101
104
1027 Sale 1023
8
8 102% 33
98 Sale 97
31
98
41 Mar'30
__ 2478 41 Mar'30
93
Sale 9212
93
29
1714 2212 1714
1712
ao_ 2278 2638 July'30 7
38
20 July'30
103 104 105
103
10
104 Sale 103% 10414
17
76 Dec'29
i(55i2 COY- 10018 10018 2
10012 10114 100% 10012 1
-„- 3612 61 Oct'29 _
iu 53 10 July'30
1013 Sale 10134 10214 13
4
4
8
10414--- 10414 1043
10514 10518 10512 105% 14
10712 108 10218
10814 27
10618 _
10618
10612 16
10718 1073- 10718
4
8
10714
99
9914 99
99
3
9312 Sale 9212
9314 56
6212 66
61
6212
7
_
101
Apr 30
.
10318 10312 10312 July'30
90- 10512 Sale 105
10512 27
1017 Sale 10112 1017, 53
3
53 Sale 53
55
33
9712 9814 97%
975
8
3
10918
110 July'30
102as Sale 102%
9312 Sale 9312
85
933 93
4
1023
4
94
93
11
26
2
"•
Base.
ssm
co.o
Jas. 1.
FRO No.
BSI
Ask LOW
Elk Horn Coal lat & ref 634s 1931 J O 8114 8112 8012 July'30 ---65
60 July'30 ---(Deb 7% notes(with warr)1931 3D 54
10012 1003 10013 10012
1
4
Etna Gas Light 1st con 5e.._1932 M
Ernesto Breda Co let m 78_1054
PA 78 Sale 77
54
80
With stk purch warrants
9614 9712 0614
2
9678
Federal Light & Tr 1st 5s_ _ _1942 M
5
97 Sale 963
4
97
let liens f 56 stamped _ _ _1942 M
1
1942 MS 10212 10312 19212 19212
lstlien6s stamped
944 Aug'30
30
-year deb Uncles B _ _1954 J O 9412 96
JD 98 Sale 97
98
10
Federated Metals s 1 72
1939
98 9412 Aug'30 ____
Fiat deb Ts(with warr)
1946 .1 J 95
9212 15
91 Sale 91
Without stock purch warrants.
6
65
1941 MS 63 Sale 63
Fisk Rubber Islet 88
' 10814 Sale 10814 10814 29
3
Framerican Ind Day 213-yr 730'42
84
2
85
85
Francisco Sugar 1st s f 730_ _1942 MN
15
1033 Sale 10334 104
4
French Nat Mail SS Linea 701949 J
85 84
84
4
Gannett Co deb 68 _____ _ _ _1943 P A 84
8
Gas & El of Berg Co cons gl5e 1919 J D 1027 __ 10212 June'30
8 34
4
965
9653 Sale 953
Gelsenkirchen Mining 6a_ _ _ _1934 M
8614 30
Gen)Amer Investors deb 58 _1952 A 8518 87 85
47
8
97
Gen Baking dabs f 534s-_ _1940 AO 967 Sale 9653
25
8
987
Gen Cable Mt f 534s A__ _ _1947 3, 983 Sale 9814
FA 9518 _ 95 Aug'30 ____
g 334s
Gen Electric deb
1942
9
' 103 gale 10312 104
3
Gen Elec(Germany) Jan 15'45
78
106 107 July'30 ---S f deb 634s with warr_ _ _ _1940 J O
18
Without warr'te attacled_1940 3D 99 10014 9814 100
9612 953
4
9612 25
-year e f dab Os
20
1948 MN 96
4 10314 97
Gen Mot Acceptdeb els
1937 FA 10314 Sale 1023
10212 29
Geni Petrol 1st e f 52
1940 FA 10214 Sale 10214
24
101
Gen Pub eery deb 534e
1939 3, 1004 Sale 100
29
0132 Bale 01% 10214 137
0
6
Gen'l Steel Cast 534s with war'49 J J 19414 Sale 19414
Gen Theatres Equip deb 68_1940 AO
8
96
7
Good Hope Steel & I sec 7s._1945 AO 953 Sale 94
72
4
4 107
Goodrich(B F)Co 1st6 WI_ _1947.5' 1063 Sale 1063
9312 127
Goodyear Tire & Rub let 56_1957 MN 9314 Sale 93
4
Gotham Silk Hosiery deb 6s_1936 J O 893 931 9018 July'30 ____
Gould Coupler let s1138
1940 FA 6918 7313 7712 July'30 --__
10012 26
Gt Cone El Power (Japan) 781944 FA 10012 Sale 100
34
941
1st& gene f °He
1950 3, 9412 Sale 9353
9714
9734
6
Gulf States Steel deb 5348.._ _1942 in 9712 98
Low
114016
98
81
60 75
993 100 4
4
3
105 10712
74
91
92 9512
67
81
102 1073
4
1033 1093
3
4
88 0973
4
843 96
4
86
96
101120105
993 104
4
86
91
344 67
100 105
9
4412
Hackensack Water let 48._ _1952 3, 9112 914 9178 July'30
81
87
1034 1053 Harpin Mining 13s with elk purch
4
9012 Sale 9012
913
8 27
war for com stock or Am she'49
4
94 101
843
8
4
Hansa SS Linea Os with warr_1939 AG 8414 Sale 8414
68
77
- 9612 Aug'29
Hartford St AY 1st As
1930 MS 9612
66 Aug'30 -Havana Elec consol g ta. _1952 FA
Deb 5345 nodes of 1926_ _ 1951 MS 4614 49 49 July'30 ____
4
5
82 89
Hoe(R)& Co let 034a ser A _1934 AO 7812 833 8014 July'30
80 8 81 July'30 ____
3
83 4 8912 Holland-Amer Line fle(flat)_1947 MN 77
3
9714 97
9714 21
Houston Oil sink fund 534s_ _1910 MN 97
1027 107
s
24
66
Hudson Coal lets f 5e ear A _1962 in 66 Sale 6512
114 117
8
8
306 306
Hudson Co Gas let g513
1940 MN 1033 10412 1033 July'30 ____
10212 27
1023 1033 Humble Oil& Refining 5)0_1932 3' 10238 10212 10214
4
4
102
4
96
Deb gold 511
1937 AO 102 sale 102
96
8 10618 12
87
14 11218 Illinois Bell Telephone 511_ _ _1956 in 10512 Sale 1053
10014 12
AO 10018 Sale 100
94 10014 Illinois Steel deb 434s
1940
88%
6
99 1023 header Steel Corp mtge fie_ _ _1948 P A 8714 Sale 8714
4
79
29
1001 10418 Indiana Limestone 151 51 68_1941 MN 76 Sale 76
4
MN 100.._ 10012 June'30
Ind Nat Gas & 01158
1936
4 ae 951
9534 95
100 8 1027 Inland Steel let 434s
3
1978 AO 953 8
g
10118
5
10118 10114 10118
94 10012 Inspiration Con Copper 634s 1931 M
912 20
012 Feb'30 ____
9812 10212 Interboro Metrop 434s
1956 AO
68
132
' 6712 6812 6518
3
37
60 Interboro Rap Tran let &a_ _1966
68
94
' 67 Sale 65
3
944 97
Stamped
673 Jan'30
4
10218 105
Registered
51
45
7914 811,
113-year Os
1932 AO 5212 Sale 484
89
42
10214 10418
10
-year cony 7% notes.. _ _1932 MS 8812 Sale 8712
121 125
hat Agri° Corp let 20-yr 58..1932 MN 9618 9712 9618 July'30 ____
795 7912
8
2912
1
Stamped extended to 1942_ _ _ _ MN 78
37
4 61
8
10114 37
60
784 IntCement cony deb 52_
l948 MN 101 Sale 1003
3
4 10114 89
5812 534 Internet Hydro El deb 6s
1944 A0 100 4 Sale 1003
134
100 10612 Internal Match s f deb 5s _ 1947 MN 100 Sale 9912 100
4 101
6
Inter Mercan Marine SI 6e_ _1941 AO 101 Sale 1003
8412 30
8
' 843 Sale 8414
3
69
85
Internal Paper 56ear A & 8_1947
8714
8
MS 87 Sale 87
94
9814
RefefeesarieeA
1955
3
9138 64
861s 9158 Int Telep & Tales deb g 4301952 3, 91 Sale 90 8
1012 194
46
8
63
74
1939• 3 110 Sale 10912 10
Cony deb 4348
4
5912 894
Deb 53
1955 P A 973 Sale 9712
96 10018
2
9212 gg
Pow & Lt 5a1957 MS 10512 Sale 10512 10512
62
Kansas City
10
'.5 10012 101 100 July'30 ---let gold 4345 series B
98% 1023
4
106
9
983 103% Kansas Gas & Electric 123_ _.1952 MS 106 Sale 106
4
4
4
76
12
96
983 Karstadt(Rudolph) Os_ _ __ _1943 MN 743 Sale 743
8
80% 8014 80
8012 17
1946 M
90
Keith(B F)Corp let 65
96
7523
1
93 4 10012 Kendall Co 534s with warr_ _1948 MS 7512 Sale 7412
3
8618 July'30 ____
8712 89
85 100
Keystone Telep Co let 5a_ _ _1935 jr
10314
5
86 10014 Kings County El & P g be__ _1937 AO 10314 Sale 10314
1997 AO 129 130 128 July'30 ---83
9712
Purchase money Os
793
8
1
8
798
19
49
10312 1064 Kings County Elev let g *1_1040 FA 793 80
8014 May'30
P A
9512 100
Stamped guar 4e
_ _ 1045 July'30 ____
8
ii ioij2
Kings County Lighting da __ _1964
9312 as)
2
3' 11618 Sale 11618 11912
7612 90
First & ref6
8 1013
8 10012
2
1934
' 6
Kinney(OR)& Co 7S4% notes 8 J O 1003 105 4 1003
10412
104
10412
6
89 09538 Kresge Found'n coll tr Os_ _1936 in 40338
8
9718 266
4
42
53
Kreuger &Toll fa with war._1959 MS 963 Sale 963
_
1033 Aug'30 - __
8
105 108
Lackawanna Steel let fa A _ _1950
4 12
8
1
9812 10212 Lad Gas 01St L ref&ext Ss _1934 AO 1013 101 4 1014 1013
10312 35
10214 106
Col & ref 630series C___ _1953 FA 10312 Sale 103
10312 31
P A 10312 Sale 103
9584
8918
1960
Coll & ref 534e ser D
74
37
Lautaro Nitrate Co cony 65_1954
4
8312 115
J J 8312 Sale 823
9114 97:
4
Without warrants
9814 Aug'30
9712 10312 Lehigh C & Nay Sf 434s.4_1154 J J 9812 100
10012 101 10014 July'30 ____
94 101114 Leigh Valley Coal lat g 51- -1938 J
9712 May'30
_
'3
let 410-yr gu lot red to 4% _1933
9912 103
9812 June'30
98 100
97
1934 P A 9898
let & ref s f le
81
3
1944 P A 8014 Sale 80
354 4118
1st & ref•f Bo
66
70 66
1
864 41312
1924 FA 66
let & ref s f 50
67
70 May'30 ____
9212 1004
11907644 FA
let & ref a f 56
70 June'30
FA ____ 70
16
3552
1st & ref s f le
12318 122
12212
7
264 47
Liggett& Myers Tobatoco 7e _1944 AG 122
10612
2
20
1951 FA 106 10614 10614
Is
404
117
28
AO 115 -___ 115
10014(105
Loew's Inc deb Ca with warr..1941
1004 25
1021 1044
4
Without stocks much warrant,* 0 99 Sale 99
8
95
3
Lombard Elec let 76 with war '52 3D 95 Sale 943
9518
3
in 95% Sale 948
)
-ggi2jj 7,0ruithrd a,arra 7s
Wl taout w conta
1944 AO 10912 110 110 July'30 _9812 104
89
3
1951 FA 8712 Sale 8712
Is
953
4 67
1961• .1 9512 Sale 9514
13
-io 47
7
5)4e
35
10014 10314 Louisville Gas A El(Hy)56.1952 MN 104 Sale 1034 105
101 1044 LogesA1 s Hydro El Pow-tr f 6 4 la
tr
/
1
8512
6
FA 8512 Sale 8512
101 4 1954
,
9812 25
D 98 Sale 98
1941
105 10812 McCrory Stores Corp deb 5340'44
102 10612 McKesson St Robbins deb 534s'50 MN
0
9244 71
4
0
1
10238 10714 Manati Sugar 1st 51 734s_ _ _1942 AO 49113 Sale49112
40
5012 105
96
997 Manhat Ry(N Y)cone g 48.1990 * 0
8
4
0
4591.12 47
47
5
2013 in 6
91
954
2d 4s
9114 9734 90 July'30 ____
61
75
1
Manila Bloc By & Lt 51 51 1953 MS
10012 101
Mfr Tr Co ctts of panic in
Aug'30
10112010412
A I Namm & Son let 89..1943 J D
59952
5 4
6
1034 1084 Mallon Steam Shovel s f 68_1947 A 0 993 16033
92 Sale 92
9312 15
9614 102
Market St By 75 ser A _A pill 1940 0 J
9512
9612 10
53
Meridional° Elec 1st 7e_ _ _ _1957 A 0 9612 98
87
12 10412
00 106
6
9458 975 Metr Ed Ist & ref 5e ger C_ _1953 J J 10442 8610 1228
8
65
109 111
lst g 434e ser D
83
834
1 68 M S
7
Metr West Side El(Chic)48_1938 F A 8212 84
85 July'30
__
100 8 1023 Ming Mill Mach 7s with war.1956 J 13 ____ 88
3
4
J D 7612 80 80 July'30 ____
Without warrantel
8912 974
8
S 1013 Sale 1013
8
iOl7e 38
74 944 tim vale St & 0 cony f 521_1936 M
.
1
65
3
1
Wsees
Rance or
Lan Sale.
75
84
94
9768
92
9814
10038 105
9218 1001s
97 102
94 4 107
3
873 94 s
4
7
594 89
1031 109
,
82
97
1023 1002
4
82 934
994 1024
953 98
4
/
1
4
8012 92
96
97
964 1033
s
94 96
9914 105
107 124
95 101
9218 97
/
1
4
100 104
/
1
4
/
1
4
997 102
s
/
1
4
9312 108
19314 1 /
00 2 04
1
4
92130108
105 107 1
7
90
98
87
97
/
1
4
667 847
s
2
97 10112
14
9014 98
9611 100 8
7
85
914
/
1
94
86
8314 92
-Sr ETA
49
68
11
75
90
77
9218
97
9714
5312 73
1014 104 4
1
101 1023
4
8
99 4 1023
3
103
97 102
94
6
82 92
68
85
/
1
4
100 101
91
953
4
1001 10112
8
9
12 9
12
61
744
61
741
:
60 4 673
3
4
444 664
84
9484
9812 9738
72
14 7912
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3
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97 1001
,
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/
1
4
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85
94
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10 ,4 1294
0
6 0
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103 10512
9512 100
104 1064
691, 83 1
7
74
91
7412 923
4
75
90
1004 1044
125 12812
754 82
7512 84
10012 105
1144 11912
1004 1071
4
10214 105
92 100 4
3
100 1034
90 10214
100 401051
3
4
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/
1
4
74
87
/
1
4
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/
1
4
973 101
4
9513 10012
8112 100
80
83
66
94
70
78
/
1
4
711
11712 12
7
6
24
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4
,
10112130
9114 101
93
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93
99
1044 110,
1
787 90
s
14
84
953
4
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80
91
91
37
44
45
90
93
86
00
54
994
9912 10012
9653
98512 18111
5
4
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1
3
94 4 102
101 105
973 10012
4
664 8318
81
97
80
90
99 4 102
4
918
BOND
Y STOCE EXCHANGE
Week Ended Aug. 8.
New York Bond Record —Concluded--Page 6
25
Fr1,4
Friday
Aug. S.
Rid
Ask
101 Sale
102e-.- _
10114 1013
4
is doer
Ranee or
„awe
Pima
Jan 1
1.011 Cole.
Lon
High
1003
8 101
10114 July'30
10114 1013
4
9912 Jan'30
1037 gale 10314 1037
8
8
103 Sale 1023
4 103
Flig
Low
9712 101
99% 193
964 1013
27
4
974 9919
16 100 104%
19
984 103%
509108
N. Y. STOCK EXCHANGE
Week Ended Aug. 8.
328
t
.
a
(rice
Frulay
Aug. 8.
West's
Range Of
tau Sale.
I
Range
Since
Jan. 1,
rad
As) Low
tote
IllgA
Mob
Rhine-Ruhr Way Per 98
1953 J J
81
82
6
81
8014 89
8112
Richfield 011 of Calif Sc
1944 54 N
89 Sale 8834
8914 19
50
984
Ririe Steel Isle f 7s
1955 IF
9314 96
884
96
Rocheeter Gas A F,179 eor B 1946 IN A 10714 Sale 10714 Aug'30 -- )055, 9714
S
108
19
108%
Geli mtge 51441 series (1_ _ 1948 kl S 10612
108 10612 July'30 ---- 1 10412 1118
04794 nitge 4 Mb series 0_ .._1977 i
9014
100
100 1
61 97 100
Roch Pitts C & 1 p m 59_ _ 11149 M
115
92
85
1013 10212 10112 Aug'30
4
101 108 2 Royal Dutoh 4., with warr_ _ _1945*0 90% Sale 85 May'30 ---- ' 85
,
9014
91
269
874 91
9914 10012 9834
984
3 .95 102
9912 Sale 9912
1
9912
95 100% St Jom Ry Lt H A Pr let 514_1937 M N
9712 973 971, July'30 -- - 4
94
984
4
9414 9514 94 July'30
St 1, Rock MIA P 59 stumd. 1.365
9114 98
J 57 Sale 56 4
57
56
84
944 964 917 Jan'30
8
917 917 St Saul City Cable cowl
8
9
53..1937'.3
88
8412 July'30 --- SO c92
864 863 8614
4
8614
1
8415 994 San Antonio Pub Pen let %.1952'.3 87 108
,
21 102 108
107
108
107
934 9414 Saxon Pub Wks(Germany)
94% 954 9414 July'30
7945
9734 Sale 9634
07% 24
844 Sale 8312
92% 100%
8414 24
Gen ref guar 94s
80
8514
.1951 /0 N 9212 Sale 9012
9212 15
85 619
7318 80
73 June'30
73
734 Sehuleo Co guar 6 ).414
1940
5
85
77
46
77
93
99
98 July'30
9912 9812
Guar lb eis serifs B..... _1946 A 0 7514 Sale 7514
15
9812 Sale 9812
7412
744
81
8214
45
9912
8
Sharon Steel Hoop ci 5%se. 1948 MN
89 100
3
9614 97
964
95 100
9614
1045 _ _ _ 1045 July'30
8
8
99% 104% Shell Ilpe LIne I deb be _1952 1-1
51
9312 c974
N 97 Sale 963
8
97
1014 ---- 985 Jan'30
8
9859 99% Shell Union Oil s f deb 58_..l947
9814 127
934 9£14
M N 98 Sale 972,
Deb fie with warn
194940 995 Sale 9912
904 10211
8
9934 72
50 4 Sal3 5014
3
50%
6
4958 37
99
3111Yeteu El Pow let 6349...1952 J
____ 893 89
1
4
864 94
89
10212 10312 10214 July'30
_ 10012 102% eltubert rheatre fis_June
15 1942 1
1
9878 Sale 9812
60
41
9917
99
492
95 c10112 Stemens A liable s f 7e _ _1935 J 11 50 Sale 50
0 1044
J 10114 10214 10134 10218 14 40
23 Sale 2212
23
3
Deb f 634o
2112 40
_1951 M S 100 Sale 100
1014 20 100 108
Mum & San Fran Power 58_1949 F
Newberry (J J) Co 5123
A 10314 Sale 10114
1940 A 0 9814 983 984
10314 25
984 1934
4
9S34 58
9514 99
S1198114 Mee Corp at 554a...l946
Newark Connie Gas eons 59_1948 J
F, 4 90 Sale 90
804 9014
90
1034 101 108 July'30 ___- 102 101
4
sneman-An) Exp
Or 7e _1941 9 A 88 Sale 87
4
New Engl Tel & Tel 59 A _ _ _1952 3D 10712 108 10714 10713 17 103129108
89
88 c97
Sinclair Cons 011 13-year 79_1937
MN 1013
lots 134e aeries B
61 8 104% Sale 10414 104% 51 100 4 1043
1961
4_- 102
5
4
10214 40
984 10214
lot nen roll es aeries D
Slew Orb Pub Serv lot 58 A ._ 1952 * 0 883 _1930 M
994 19038
89
4 PO
90
18
lot lien 643series D ----1038.3 D 10018 Sale 10010 10018 70
82
93
45
Flat A ref Se series 11_ _ _ _1965 P 894 Sale 89
'
104 Sale 10312 104
99% 10418
8931 17
83 93 8 Sinclair Crude Oilb %seer A.1938 J
,
Y Dock 50
1 10214 Sale 102% 1023 158
4
-year lots 49_ _1851 F A 823 8512 823 July'30 ---_
4
944 1623
4
4
804 85 4 Slocialr Floe Llue s 1 58. _ _ _1942
3
Banal 5% notes
A 0 10118 10114 10118
102
9412 102
_ 193S 5.0 7212 Sale 7213
51
734
Sk9lly 011 deb 5%9
8
70
86
N Y Erlfgou let &ref 634e A _1941 AO 11412 Sale 11414 1144 17
1931) M
96
9
31
91
095
1114 114115 Smith(AO Corp let 634e _ _1933 MN 96 Sale 95
let lien A ref 53 series 13_ _1941 A0 1043 Sale 1043
102% 103 10234 102%
4
6 10112 194
4 10514 24 1023 106
Solvay Am Invest be
4
N Gan El Lt & Pr g be_ 1941, J O 108% 10712 107 July'30
1942
932 984
8
2
9812 98
9814
:
1
---- 1043 109
South Porto Rico Sugar 7a _ .1941 10 O 98
4
J
Purchase mon y gold 4a .1949 9 A 9512 9612 9512
96
12
4
923 97
South Bell Tel & Tel 1st sf56 '41 '.3 10312 Sale 10312 10312 e3 103 Ur
1
if XL E & W Coal & RR 540'42 34
105 Sale 0434 10514 -- 1013 105
100'.!.... 101 elar'30 --__
2
99 1111
Sweat Bell Tel let & ref 58_
%
ii Y LE& W Dock & Imp 59 43 J
_1954 FA 10512 Sale 10514
108
9938 102
24 102 cl0e14
99 July'30 -- _ _
98, 99 Southern Colo Power 69 A._1947
s
J
NY A Q Eli.& 1' 11t g 59_ _1930 9. A
0478 1053
4
4
6 1014 105 4
,
90 July'30---99 1004 SMIng Val Water 19t g Se__ _ 1949 M N 1033 10594 993
N Y Rya let R E ref 4e___ 1942 /
99%_
gips 100%
July'30 -4318 51
434 Mar'30 --434 434 Standard Milling lot .5e
1930 1,1 N 1004 11138 100% July'30 - --Certificates of
99% 1004
4318 _ _ e614 Mar'29 ___ _ __ _ _ _ _
1st A ref 534o
1945 10
30
-year ail) Inc 59_ _ _ _Jan 1942 A
10014 July'30 -- 100 1044
1 A ug'29 ____ ___ ___ _ Stand 011 of N J deb
be Dec 15'46 F A
'
.
Certificates of depot
Sale 104
104% 121 1002, 1044.
1 July'29 _ _ _ _
Stand Oil of N Y deb 4149_ _1951 JO
Y RYil Corp Inc 6e .Jan 1965 Apr
97
el
994
9912
95
5 Sale
44
5
9 --4- -- - Stevens Hotel let 6e ser A _ .1945 a' 9914 Sale 99
1
9
Prior lien Os series A _ _ _ 1965
Sale 80
8014
74
9
0
59
64
59
59
2
59
72114 Sugar Estates (Oriente) 7e _ _1942 M 5 8018
Y & R1chm Gas lot 68 A _ .1951 MN 1054 10912 10512 July'30 --_
35
48
54
34 Aug'30 ---104 1053 Syracuse Lighting 1st g 58_ _1951 -3D 34
4
Y State Rye let cons 448.1982 MN
101312 ---- 106% July'30 ---- I0312 106%
1012 Sale 1012
1012 19
6 925
Registered
MN ____ _ _ 17
Jan'30 --Tenn CoalIron A RR gen be. 1951 ii
17
17
Certificates of deposit
1021s 10914
___ 1 -78 14 June'30 ____
-13
14
20
Tenn Cop & Chem deb 6911.1814 NI 5 104%. _- 1044 July'30
6C-yr tat cons 6549 series BI962 -7 -10
7
9712 10212
10134 131e 10112 1013
1
4
14
1012 10 July'30 --__
13 4244 Tenn Bloc Power lot 66
'P 10712 Sale 10678 107% 47 10412
1047
N Y Steam let 25-yr 134 oar A 1947 MN 10714 1073 10714 Aug'30 10
8
4
_ 1054 1084 Texas Corp cony deb 59_ _ 1944 A 0
N Y Teter)lot & gen/4 f 4%6_1939 MN 1014 Sale 101
1033 Sale 103
4
s 0
% 10458 309 1003 10
10112 33
07% 10112 1131rd Ave lot ref 4s
1146048 Sale 48
30
-year doben s f 69_.Feb 1949 P A 1107 Sale 11078
48% 111
45
54%
8
11113
Ad,Inc 58 tax-ex N V
7 1104 112
1990 A 0 2814 Sale 2814
100
80
-year ref gold 135
30
8
225 35
1941 * 0 1064 Sale 1064 10718 21 1057 10819 Third Ave By tel
9
g ba
1937 J
30
N Y Trap Rock lit 69
96
97
96
96
112 100
1940 J O 100 Hale 995
8 100
39
91 1614 'lobo Bloc P0.01.1 :St le
1955 61 S 10018 Sale 100
28
Mama Falls Power let 5e. _1032 J
1001 1
98, 1007
4
s
1027 1034 103 July'30 -_ BO) 103
0% gold notes
1032 J
Ref & gen 68
71
100 Sale 999
4 10018
9(14 100%
Jan 1932 AO 10312 ____ 10393
Tokyo Elm leght (Ia, Ltd
103
Niag Lock & 0Pr let 56 A _ _1055 A0 104% Sale 1044 Aug'30 ---- 1004 1054
1st 69 dollar serleg
1013
4
8 101%
1963 JD 8912 Sale 88
Nerddeutecbe Lloyd 20-yr sf 0e'47 MN 913 9214 913
8912 98
855 924
8
4
4
9212 61
889 93 Trauseont 01164s with war_ 1938 J J 10912 Sale 10912 109% 91
4
4
Nor Amer Cem deb 6349 A _ _ 1940 M
96 109%
GO Sale 60
60
Wfthout warrants
15
504 70
10112 Sale 101
No Am Edleon dal) 5e ser A _1957 M
10112 11
8712 10112
8
1027 Sale 10214 103
43 994 103
% Trenton 0 A El let g 59.--1949 4-13 103% e 1 102 103%
Deb 5 Aeser 13_ Aug 15 1963 P A 10312 Sale
.9
997 1034 ' ruax-Traer Coal cony 6148..1943 MN 84 Sale- 103% 10318
4 43
i
1
84
Deb 5s galore C ...Nov 15 1969 MN 9912 Sale 10312 1033
8
7913 9412
9619,100
983
121
4 100
Trumbull Steel 141 f Sc. _.A040 MN 103 Sale 10214
16 102 104%
103
Nor Ohio Trao A Light 69_1947 119
4
1053 Sale 1043
4 1064 31
98 U9118 Twenty-third St By ref Coi_ .1962 J J 23
25
30 June'30
Nor Stales Pow 25-yr 58 A _ 194 * 0 1023 Sale 1021
23
41172
!
4
10314 31
993 1044 Tyroillydrn-Elec Pow 714s- 1965 MN 9812 100
99 Aug'30
lot & ref S-yr 68 ser
94
99%
_ _1941 5.0 106 Sale 10518
Guar etc ir f 7e
8
106
9 1025 11012
1952 F
924 Sale 9112
9214 10
North WT lnt fd g 4540 gtd_ 1934'.3 9812 ____ 100 June'30 .-__
85
95
Ungawa Else Pow .f 79._ _1945 MS 10012 Sale 1004 10059 21
98 100
Norweg Hydro-El Nit 549_1957 MN 93% Sale 934
9713 10112
91
52
8858 940 Union Elee Lt A Pr (ido) 59_1932 MS 101%
10112 10112
1 100 10112
Ohio Public Service 7349 A...1946 A0 111% 11214 11214 11214
ltdt & ext 55
1 110 11212
11133 MN 10112 110:34 10112 10112
2 100 102
.
let & ref 78 series B
1947 P A 113 1143 113
Un E. LA P(II1)let g 5}ift A _1954 ▪ J 104 Sale
4
113
7 110 113
10 101 105
104
104
Ohio River Edison let 99. _ _1948
Unlou Elm( By (Chic) fe _ _ 1945 A 0 82
10814 Sale 108
10814 48 106 4109
92
83 Aug'30
Old Ben Coal let Se
70 8312
1944 FA 65 Sale 65
66
10
597 8038 Union 011 let liens f 59_ _ _1931 .3.3
100% July'30
Ontario Power N F let be_ _ _ 1943 FA 1033
9912 5011
4
30-yr Os series A___Mey 1942 F A 109 _ _ _ _ 109 Aug'30
8
_ 10318 Aug'30 _ __ _
994 1644
Ontario Trenanalselon let 58_1945 MN 102% 1634 1023 July'30 ____
106 109
let lien s 1 Se ger C__ _Feb 1935 AO 100% Sale 100%
8
1
100%
Oriental Deedl guar 85
98 10118
leeb es with warr_Apr 1945
1963 MS 97% Sale 97
98
53
9
8 110
5
003
100 Sale 10018 100% 29
58
E3tI deb 5 els
9914 100%
1958 MN 907 Sale 9018
8
1363 934 United Biscuit of Am deb 69_1942 MN 10314 Sale 10314
4
904 30
9
10312
Oslo Gae A El Wke 910 59_ _1963 MS 9514 Sale 947
99 1034
lJnIted Drug 25-yr 5e
954 31
8
90
117
S 9818 Sale 98
11153
9812
68
Otis Steel let 54 Oe ear A.. _1941 111 S 1025 Sale 10112 103
9212 92
Clotted Rye St I. lit g 49
23 1004 104
.3' 67
1934
8712 6712 July'30
Pacific Gas & El gen &ref 59_1942'.3 10312 Sale 10212 10312 20
67
74
United. SS Co 15-yr 68
1004 10
4
1937 MN
10014
Pao Pow & Lt let& ref 20-yr 58'30 P A
9617 101
Co Steel Works Corp 634e A.1951 i0 100 10014 10014
100 July'30 ---88% Sale 884
8912 45
Pacific Tel & Tel hit be.
854 92
Sec f 634s series C
1937'.3 104 Sale 104
23'
104
15 109'4 104
0
9
• D 8893 Sale 88%
1951
895.4
954, o2
Ref mtge 58 series A
S I deb 849 set A
1952 MN 105% Sale 105%
3
3
8
6 1011 1067
1947 '.3 90 Sale 90
9112 67
Pan-Amer PAT cony ef 08_1934 MN 104 Sale 10319 105 3
804 914
,
8
10412 17 1834 , 4 Untied Steel Wks of Burbach
01 10732
1st lien cony 10-yr 75__ _ 1930 P A
994 104%
9912 June'30 ---Each-Dudelange s f 79. _ _1951 * 0 10718 Sale 10718 1074
8 102 10718
Pan-Am Pet Co(of Cal)conv 8940 JO 92 Sale 92
17 S -Rubber let & ref 5n aer A 1947 '.3 82 Sale
92
2
82
8314 80
Paramount
80
-Ws
-my let 64n-1951 .1 1 100 Sale 100
8914
10
99 1034
102
10-Yr 734% secured notes_1930 P A
_
- -- - 10112 July'30
Paramount-Faal'a-Laeky C,.1947 JO 9912 Bale 994
99% 10112
01
10134 240 , 8 111:31,4i Univereal P19e)& Rad deb Cs 1936 J
El
9v
10
61
65
61
61
Park-Lex let leasehold 6%s,1953 J
83
60
884 Unterenee Pow & Lt Se
794 81
66
80
80
2
1953 A0 864 Sale 8513
7
8613
Parmelee Trans deb (la
81
.1
1944 A0 67
Utah Lt A True 1st A ref 119_1944 AO 9512 9618
68
6
70 677
8
9512
9614 24
Pat & Pamir:0 A El cons tes 1949 M
92 9 117
,
101 101% Utah Power
10318 ____ 101%
Lt let
'944 P A 1003 100% 10012 10118 46
4
Pathe Exeh deb 78 with warn 1937
9711 101%
N 60 Sale 61 July'3014
Utica Mee I. P lets58_- 1050'.3 1023
36
67 -.
8
0
f 11 59_
10318 June'30
Penn-Dixie Cement 135 A ..._ _1941 AOJul S 8212 Sale 81%
99 10319
17tlen Gas & E199 ref A ext 55 1957 J J
8212 10
558 85
10714
10718
Peep Oas & C let 9ona a 68..1943
10718
10214 1074
11212 ___ 113% July'30
11 04 113% 1701 Power Light 54e._1947 .51) 89 90 - 90
Refunding gold 58
903
4 23
86
95
1947 M
Deb 517 with or without war1959 A
103% 105 1033
,0512
.1 1033
4
6 101 0
84 Sale 84
38
85
Registered
904 92
ei
10078 10018
Flinn Co sec 59 ser A
1967 JO
98 10114 Vertientes Sugar lot ref 79.. _1942 J
IS0 9 ' ,6 93
175, 1 4
17
36
13
38
MIA Else Co let 4149___ _ 1907 MN 10114 Sale 10114
35
36
35
6/4
102
23, 97 1024 Victor Fuel let ii 69
2953.3 -I
Phlle A Readtng C & I ref 59_1973 .3.3 807 Sale 8012
23 June'30
30
21
88
Vs Iron Coal A Coke let g 5e 1949 M S
8
201 80
81
72
90
7218 June'30
Cony deb 98
70
73
1949 MS 97 Sale 967
Va By & Pow 135 & ref es _ _1934 J .1 2113 45
91 110
153
99
10112 Sale 101
Plaillipe Petrol deb 5,4e_ _ .1939 1 1) 95 Sale 957
10112 15
9954 1094
7
Walworth deb 654s wit!) war :935 A 0
236
90
97
9612
931, 10401
9814 108
Pierce 011deb f 88_ _ Deo 15 1931 J O 108 107 10612
994 Aug'30
104 107
Without warrants
Phlebury Fl Mills 20-yr Se.. _1943 AO 101 Sale 104 July'30
95 954 July'30
87
9614
lot s1nk fund Os serica A ...l945 A 0
4 102% 105 4
,
104
5
Pirelli Co (Italy) cony 70...1952 MN 100 100%
878 Sale 87
83
934
80,2
Warner !Iron Piet deb 69-1939 M
101
51 100 11384
101
Ponah Con Cone:deli let 9 f Es '57 J J 94
8812 113
9618 497
Warner Co let 6s with warr.1044 A 0 8912 Sale 8812
9112 9412
9.112 24
944 95
Port Arthur Can A Dk 6a A _1953 P A 10418 105 10412
97
99
99 Aug'30
96 1001a
July'30
10212 10e13
W4hout warzants
A 0
bit M 69 serlea B
96 July'30
89
98
103 10114 Warner Sugar Refln 1st 79_ 1041
1953 P A 10418
105 June'30
D 14514 Sale 10414
Portland Elec Pow let fle 13_1947 MN
30 10212 107
92
0
9 e:
4
6
105
9412 OA Warner Sugar Corp
994 Sale 991.1
3
100
let 7e...19314
J
Portland Oen Rice let 59.,.193.5
8 32
'0
46% 5114
81 June 1,
47
103
1014 102 102 July'30
1
9814
stamped
182 8. 5 424 July'30
0514 41_4
4
14_
Por timid Ry let & ref 58 _ _ _ 1930 MN 100 Sale 100
4214 5119
3
97 1014 WRou22-oulnlau deb de --- iiio
101,
4
8
Portland Icy L& P 1st ref 68_1942 F A 1003 102 10012 July'30
81
96
go 101% Wash Water Power 8 f M___1939
4
J
105
10912 106
105 July'30
let lien A ref 8s aeries 11_1947 MN
961e 101
Westchest Ltg g La stud gtd_1950 J D
4
9912 100
99
9914
Jul
10530
let lien A ref 749 ser A _1946 M N 19338 S e , 2 10334
103 4 107%
3
West Penn Power sir A S.
10
3 1044 107
6 s
:18
0
,
6
_1946 M
1 10144 10514
110055
Porto Rican Am Tob cony 68 1842 .1 J 8512 Sale 951z
10318
0618
let 59 CaBee Ic
8612 98
85% 15
1963 M
3 102 106%
10578
10638
4 —_105
Foetal Teleg & Cable eoll 59.1953 J .1
1st 534a eerie* F
964
71
91
1953 A 0
_ 10512 July'30
104 1097
Premed Steel Car cony g 59_1933
8
774 94
let wee be dories0
J 83
8713 8714
8712 30
1956 J O 10518 10513 10514
6 1017 10612
10514
Pub Sery Corp N J deb 4349_194e F A
8
Western Electric deb 59_
181 194
Jan'30
__- 190
1944 * 0 1044 Sale 10412 105
25 10112 195
Pub Serv El & Gas 1st& ref be '93 J
105 Sale 105
105% 12 102'n 10% Western Union colt trust
'.3 103 Sale 1024 103
19 1004 19914
1939
let & ref 454s
9512 10114
1967.3 0 101 102 1003
Fund & roal eet g 4%a_ _ _1940 MN 10012 103 100
4 10114 55
10012 19
lel & ref 41ea
95 10012
964 101
1971. 9
159
1003
15
-year Os
,
101
1936 F A 1094 109 8 109% 110
Punta Megre Sugar deb 78_ _ 1937 J .1 24 4 Sale 100 4 July'30
108 110
25
.55)
4212 25
25
-year gold 84
1951 J O 118,04182
le 104
17
1043
4 12 100 8 104%
,
Certificates of depoelt _
30
23 2 68
1
2418 Sale 24%
,
-year 58
2
1960 M
Sale 10.112 104% 69 102% 105
Pure 011 e f 511% notes.... 1937
97 1004 Weetphalla Un El Pow 69_ ... 1953 J .1
,2
4 10018 16
993 Sale 993
83
22
4
83 Sale 813
76
54% notes
91
1940M S 99 Sale 985
101
9714 100
Wheeling Steel Corp 19t 534P 19148 J
99
8
21 100 4 103%
103
Purity bakeries if deb 59...194S .) .1
,
J 10214 103 10214
92
9712
1st A ref 4349 series 13_. _ 195:3 AO 9212 Sale 92
95 Sale 913
951,1 55
4
45' 77
921
1.1.3mington A rma Os
1)3
1937 M N
93 4 9713 White Eagle Oil A Ref rieb 5349'37
,
9(1
9612 96
96
7
Rem Rand deb 534o with war '47 MN
4
Pb'! 101
With stock pure!) warrants....
99
8(1
103% 106 1043
7 1024 108%
4 105
Re9ub I A 8 10-30-yr bee f.. 1940 A 0 983 Sale 9812
Sale
3 101, 103 4 Whitt:I:Sew Macb Ca with warr '36
,
4
81 1\11)9 3
.
Ref & gen 514a aeries A...1953 -1 J 10212 104 10212 10212
81
90
10312
10312 10312
7 100 s 10
,
4%
Without warrant9
7
60
Revere Cop & Br 69.-July 1948 M
59 Sale 59
59
85
104 Sale 104
104
102 111514
Pante ef deb es... _
59
_1940
1
58
60
59
Reinelbo Union To w1th war_ 1949 J
69
8.9%
J
99 4 1074 Wickwire Speer St'l let 7e__ _1936
93 4 9818 9614
,
3
9614 22
3
20 Sale 20
20
20
Without stk Dwell warn _..194o
40
92
96 Sale 9513
14 99
Ctf dop Chase Nat(Sank
96
8
20
1
2412 20
15
20
Rhloe-Main-Danulee 7a A _ .1950 M 5 10112 10212 10112
39%
9 l01
318 Wickwire Sp St'l Co 79_Jan 1936
20
3
15
1712 20
!thine-Westphalia El Pow 7s 1950 M N 10113 Sale 10112 10112 20 10
1817 41
103
974 104
Ctf dep Chase
11
1612 21
7
21
1912
13% 39114
Direct mtge 83
8
6
1952 Si N
9512 Willy9-Overland aNat Bank__ _
90 Sale 90
90
11
10014
1 6 34s....1933
100 101 100
6
98 1919
Core M 68 of'28 with war_ 1959 7 A 9018 3412 89%
9
0412 Wilson & Ca let 25-yr 9 f 69.1941
9012 22 .83
10012 38
99 Sale 99
90 r102?,
Without warrants--------F A 8912 90
85
04
8912
Winchnster Repeat A rme 744a '41
1
8912
1 OM 104
10314 10312 10318 10318
(len m fla of loan wttb we9r1955 a 0 -9014 Sale
994 99
,Youne9town Sheet A Tube 59 '74
8912
004 36
10312 Sale 1023
4
10312 114 2,m, 10911
Cash eat,
MUnv El Ry & Lt ref & ext 44931
General & ref es series A _ _1951
let & ref he serleg B
1941
1st *ref 5e ser temp
1981
Montana Power 1st 59 A
_1943
Deb Sc series A
1962
Montecatinl Min & AgricDeb le with warrants__ _ _ 1937'.3
without warrants
J
Montreal Tram 1st 1c ref 58_1941 J J
Gen A ref s f ee series A _ _ 1956 AG
Gen & ref f reser El
1955 * 0
Gen & ref s f 43is ser C-1959 * 0
Oen & ref s f 63 9e/ D
1955 *0
Morris A Co 1st s f 43474. _ _ 1939
Mortgage
-Bond Co 4sser 2_1966 AO
10
-26-year 58 aeries 3_ _ __19131. J J
Murray Body 1st834c
1034 J
Mutual Fuel Gas lit go g 59_1947 MN
Mut Un Tel gtd139 ext at 5% 1941 MN
NaMm (A I) A Son.._See Mire Ti
Nassau Elec guar gold 4.8_198 I .1
Nat Acme lot 2I fin
1942
Nat Dairy Prod deb 549._ _ 1949
A
Nat Radiator deb 630
1947 F A
Jai-
27
AUG. 9 1930.]
FINANCIAL CHRONICLE
919
Outside Stock Exchanges
-Record of transactions at
Boston Stock Exchange.
the Boston Stock Exchange, Aug. 2 to Aug. 8, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares
High.
Feb
Jan
June
July
July
Jan
July
July
Jan
1134
1,050
2,025
220
1,770
15
50
200
1,105
135
1,075
890
100
425
100
Bonds
79
79
Amtrak= Mfg Co 66_1948
1,000 78
93
93
Boston & Maine 4156.1944 93
1,000 93
90
Canadian Intl Pap 65 1949
93
23,000 90
92
92
Chia Jot Ry & USY 481940
1,000 88
35
East Maas St RR ser A 4%s
3515 12,000 35,
1948
3814 3834 4,000 3814
Series B 55
9635 9635 3,000 9514
Kan City M&B Ry 4s 1934
10134 10134 1,000 9954
New Engi Tel & Tel 50.'82
9414 9434 2,000 9434
Ontario Pow 514s 1980w 1
10734 10834 6,000 100
P C Pocthantas deb 75 '35
Weetern Tel& Tel 5s-1932 10034 10034 10034 5,000 9934
s Ex-d 'Mend.
• No par value.
Tali
Aug
June
Jan
Aug
Aug
May
Jan
Aug
Jan
Feb
_ _ _ _
_
_
03rXXXXXX X As X0
May
Jun
June
June
Apr
June
June
June
Jan
June
July
Jan
Aug
June
_ _ _
25c
134
1354
914
1
6
134
134
10
11
12
10c
13.4
35e
X
_ _
_
XXX x
_ _
.12,1uutgzav2RE valaaaib=5611g
80c
134
1434
10
115
634
135
2
1534
17
1334
12e
134
37c
X82812SgSng
800
13.4
1434
915
1
834
13.4
134
1415
15
13
I2c
13.4
37o
gtv4ttgtstttmvauatvlb5gvauttttuivArWaAtttggta2225Ep'amzgf,t
1034 11% 2,963
9% July
1715 18
196 1634 June
4
4
675
4 June
204 21534 5,968 19904 June
75 103.4 June
113.4 1115
615 611
720
5
Feb
5515 60
145 65 June
24
243.4
200 21
June
7
7
15
7 June
1635 183.4
350 153.4 July
48
48
Aug
65 48
9% 10
2,945
7 June
135
9 June
113.4 123.4
160 26
3034 3015
Jan
8134 8215
235 76
Jan
9434 9534
269 92
Jan
25
2754 1,130 25 June
256 282
1.139 237
Jan
25
25
110 2154 Feb
835 1115
65
8
July
42
43
175 40 June
4
414
320
1
Mar
9
165
934
9 July
7994 8434
186 5834 July
1734 20
500 1714 Aug
10
1035 1011
835 Feb
631 615
50
554 July
3735 39
100 33 June
89
89
65 88
Jan
1434 1434
5 1234 June
9
9
160
73't Jan
7
714 1,475
614 Jan
95
95
5 9414 J11/1
/
13.4 115
5
114 Jan
334 434
880
334 June
28
30
525 25 Jun
9034 9034
117 9034 Aug
143 14434
470 141
Jul.,
2215 2234
65 20 June
17% 1935 1,167 15
July
70
72
260 64 Jun
1615 1734 1,293 15 Jun
81
8334
325 70 Jun
30
29
199 28 Jun
5431 5634
245 53 Jun.
114 115
225
1
Jan
30
1234 1234
June
150 2434 June
2434 25
1615 1734 1,326 1534 July
6515 6634 1,077 583.4 June
31
31
100 30
Jan
1134 1315
865 11
July
1,367 71
7834 81
Jan
8
83.4
350
1
Feb
334 444
960
3
Jul;
6415 66
225 6434 Aug
45 93 June
9334 9311
4734 48
60 4234 June
51
16 50
51
July
7 22
2234 2234
Feb
100 toe July
50c
500
tm,tvag
16
3 July
20 2034 Aug
30 16
Aug
10 78
July
102 973.4 June
50 1083.4 Feb
896 6954 June
10 116
Jan
bttltu ,
3
3
2015 21
1635 17
78
78
103 10534
109 109
723.4 7534
125 125
70 175
352 67
5 81
20 103
73 8814
280 104
18 71
7 114
48 101
4°8
8-2r."n!":=2,"
Mining
Arcadian Cons Min Co 25
Arisona Commercial
6
115
25 1414
Calumet & Heels
25
Copper Range Co
934
East Butte Copper Mtne__ ......
25
bile Royal Copper
25
Keweenah Copper
134
15
134
North Butte
•
PC Pocohontas Co
25 15
Quincy
St Mary's Mineral Land_25 13
10
Shannon
5
Utah Apex Mining
_1
Utah Metal & Tunnel
186
7934
89
106
94
108
76
116
110
gre2x2
Miscellaneous
1034
American Founders Corp.
Amer & Conti Cory
Amer Pneumatic Service25
100 205
Amer Tel & Tel
Amoskeag Mfg Co
Aviation Sec of N E
Bigelow Sanford Carpet..
Boston Personal Prop Trust 2435
7
Brown Durrel
Columbia Graphophone- ______
0008 Security Corp
9%
Credit Alliance Corp ci A_
Crown Cork Intermit Corp
East Gila & Fuel Awn com_ 3034
100 8234
415% preferred
100 9534
8% preferred
Eastern SS Lines Inc- _25 25
100 257
Edison Elea Mum
E,mpl Group Assoc T C.- 25
General Alloys
42
General Capital COED
Georgian Inc434
•
Gilchrist Co
Gillette Safety Razor
Hataway Bakery 01 B...._. . 20
Internat But'hole Mach Co 1034
International common_
Int'l Hydro-Elec class A
Kidder Pesb accent A P1100 89
Libby, McNeill & Libby 10
25
Loew's Theatres
714
Masa Utilities Assoc•t 0-Mergenthaler Linotype--......
10
National Leather
434
Nat Service Co corn v t aNew Eng Equity Corn-New Eng! Gas & El 5% pf_
New Engi Tel dr Tel-100 14434
100
Pacific Mills
Publio CBI Holding 00
1n-- 1734
Railway Lt dr Serv Co corn 7135
17
Shawmut Assn T C
Stone & Webst Inc cape*.
* 29
Swift dr Co, new
* 5415
Torrington Co new
Tower Mfg Co
Tr -Continental corp
5
Union Twist Drill
United Founders Corp corn 1634
United Shoe Mach Corp.25 6531
25
Preferred
1114
U S Bier,Power Corp
Utility Equities Corr.Pfd- - 7815
...___
Venezuela Hold
Venezuelan Idea 011 Corp10
Corp_434
Waltham Watch el B n1100 65
Prior preferred
100
Warren Woe New Stock.__ ......
Convertible preferred__ ......
Westfield Mfg Co corn__ _.....
WhIttelsety Mfg Co A
18535
77
89
106
90
108
78
116
110
Low.
XX
XXX
X XX
XXXI
XX XX X X XXxXX
m
XX
m
XX XX
X
XX
• X X
4
°ggWgZg"
m.
°
—0"-^"'e""'n°"W'c"""V°N"V" gz.gg24S52XV'E,7 tgga"
""°°"
'°-cc- c" -e"
°"" —'
'" ""
c cb
'
Railroad
100
Boston & Albany
100 77
Boston Elevated
Preferred
100 106
First preferred
Second preferred____100 92
Beet & Maine pr pf ated100 108
Ser A 1st pref rand
Series B 1st pre! stud
Chic Jet Ry USY pre1-100
East Mass St it, Co
Common
let preferred
100
Preferred B
78
Maine Central
NY NE & 11artford-100 •
Northern RR of N H
50 7234
Pennsylvania RR
100
Vermont dr Mass
Range Since Jan. 1.
Chicago Stock Exchange.
-Record of transactions at
Chicago Stook Exchange, Aug. 2 to Aug.8, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares,
Abbott Laboratories corn.'
25
Acme Steel Co
Adams (J D) Mfg corn...*
Add'sograph Int Corp coma
Ainsworth Mfg Corp com10
All-Amer Mohawk Corp AS
Allied Motor Ind Ine com..•
Amer Corn Power A corn *
Amer Pub Serv Co pf.100
42
5514
31
2234
134
1034
97
42
55
3114
31
223(
134
10
22
97
42
553'
3214
3115
2234
134
10%
22
97
150
350
300
500
50
450
5,650
100
46
Range Since Jan. 1.
Low.
36
54
23
2215
19
1
10
21%
95%
High.
Jan 46%
July 914
Feb 37
Jan 33
June 3334
Jan
4%
June 19%
June 32
June 100
Mai
Jan
May
May
Apr
Apr
Fa
Apr
Apr
Sales
Friday
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Continued) Par. Price. Low. Hip' Shares.
Amer Pub Util pr pref....100
Ferric preferred
100
Amer Radio & Tel St Corp*
•
Amer Service Co corn_ __.
Am UM & Gen Corp B vtc*
Appalachian Gas corn. •
Art Metal Wks Ine corn...'
*
Assoc Investment Co
•
Assoe Tel & Tel CIA
Anne Tel Utll Co corn...'
Atlas Stores Corp coin...*
Auburn Auto Co oom.... •
Bancoky Co (The) com_10
Bastian-Bierbinlr 00M_ _ _.•
Baxter Laundries Inc A..*
Beatrice Creamery corn.50
Bend% Aviation com___ •
Sinks Mfg Co.A cony pref*
Borg-Warner Corp com..10
100
7% preferred
Borth Vivitone Corp pref.*
Brach & Sons (EJ) com •
Brown Fence & Wlre el A.•
Claas
*
Bruce Co(E L) corn
Burnham Trad Corp corn *
Convertible Preferred_ *
Butler Brothers.
in
Camp Wyant & Can Fdy.*
Castle & Co(A M)
10
C0C,N1 Mfa Co Inc cam •
Central Gas & El Co 37 P1*
Cent Illinote Sec Co etfs_
•
Central Ill P13 pref
Cent Pub Serv class
Common
CentS W Clii corn
Prior lien preferred__ *
Preferred.
•
Chain Belt Co corn
•
Cherry Burrell Corp corn .*
Chic City & Cons its'
Part share common__ •
•
Part preferred
•
Chicago Corp el=
Convertible preferred._'
(This Investors Corp com•
•
Preferred
Chic Towel Co cony pref.*
Calm Service Co room
•
Club Alum titan Co
CommonwealthEdison. 100
ConstruMaterial Corp com*
•
Preferred
Consumers Co common_ .5
100
6% prior pre( A
Coot Chicago Corp
Common
Preferred
5
Cord Corp
Corp Sec of Chic allot ett.•
•
Common
25
Crane Co corn
100
Preferred
Curtis Lighting Inc corn. •
107% 106 10815
10215 10114 103
114 135
134
9
9
814 9%
oy, 10
1014 lox 1134
51315 58%
67
66
67
22
2214
22
29% 29% 2934
11034 126
111
19
20
44
36
86
4
4
82% 8214
33
30
30
2015 2115
2834 28% 30%
9834 9815
6% 634
834
15% 15%
20
20
20
10
10
10
25
30
26
5
5%
5
20
22
20
814
8% 10%
19% 19%
42
43%
8% 935
89
89
24% 25
93% 95
2734 2715 2834
29
29
29
22
2334
22
103 103
9614 0614
41;5 4114
33
30
Davis Industries Inc A _ __*
Be Mets Inc pref w w____*
Diversified Invest Inc Cl A•
Duquesne Gas Corp corn.*
El Household Util Corp.10
Flee Research Lab Inc_ .•
Empire Gas & Fuel Go
100
6% preferred
100
69-4% preferred
100
7r preferred
,
100
84 Preferred
Fabrics Finishing corn....*
FitzSimorm & Connell
20
& D common
-5
;note Bros 0& M Co.
Gen Theatre Haute V t 0-•
Gen Water Wks Corp el A*
deaner Corn Ear cour___•
Great Lakes Aircraft A..*
•
Great Lakes D de D
Grigsby-Orunow Co 00M.•
Hall Printing Co corn_ _10
HarnLschfeger Corp corn..'
Hart-Carter Co conv utd..•
ITormell & Co(GA)corn.'
flondallle-Hersbe1 Corr A.
•
Claes 13
26
Inthole Brick Co
Ind Ter Mum Oil n-v A •
Inland Uttl Ine clam A ___•
Suisun Utll Invest
•
2d preferred
Iron Fireman Mfg Co v to'
Jefferson Elm Co com.....•
Kalamazoo Stove
1
Kate Drug Co corn
Kellogg Switchb'd oom-10
Ky Utll pr cum pref.-.50
Keystone Steel&Wire coin •
Lone Drug corn•t
Cumulative preferred *
Lehman Corp(The)caP stk'
Libby MeNeill & Libby-10
Lincoln Printing Coca_ _•
au
7% Preferred
10
Lindsay Light 00ED
Lindsay Nunn Pub Co
pref....*
:32 convertible
..•
Llon Oil Ref Co oom
*
Loudon Pack Co corn_
Lynch Corp coin
%to...9Mo Honeeti Util corn •
Marks Bros Thea cony pf..*
Marshall Field A Co corn.•
Manhettan-Dearborn corn'
Meadow Mfg Co oom ....•
w.r&MiraSecCoAeOrn e
Middle West Tel Co coin *
Middle West Utilities new •
•
16 cum preferred
Warrants A
Warrants B
Midland Nat Gas part A.•
•
Midland United Co oom •
Preferred
•
Warrants
Midland UM
106
7% prior lien
100
Preferred 7% A
100
1
60 prior Hen
preferred A
100
7;
8,°
1,545
825
300
200
250
1,100
400
100
589
1,150
300
4,200
300
7,800
30
100
7,300
45
9,800
50
50
100
100
200
1,050
500
1,050
3,450
7
15
800
50
95
110
2,35
100
1,80
5
150
15
65
Rome Shire Jan. 1.
Low.
High.
88
Jan
90
Apr
144 Aug
Jan
5
8 June
9% Aug
10 June
55 June
68
Jan
1934 June
1734 Jan
92 June
19
Jan
30 June
4 June
Jan
70
28 June
2014 Aug
24 June
95% June
4% June
14% July
17% Jan
934 Jan
25
Aug
July
5
July
20
84 June
19
Jan
35 4 June
8 June
89
Aug
23 June
9114 July
27;5 Aug
22
Feb
20 June
Jan
98
931( May
41% June
27 June
10844 Aug
103% July
8.4 June
12
May
1534 Am
2734 Feb
271( Feb
6215 Mar
July
67
29% Feb
36% May
26434 AD,
25
Mait
48% Ate
Jan
12
9114 Apr
573.5 Ara
3031 mar
50% Mar
tel
AM'
1734 Jan
Jan
18
28% Mar
Apr
31
5934 Apr
17% Apr
363,4 Apr
17% Jan
Mar
30
71
AD?
20% Jan
Feb
90
Feb
33
Mar
97
42,4 Ara
40% May
Mu
81
Apr
105
Mar
100
4834 Apr
Jan
40
Jan
234 June
1
650
1
1
Mar
650
9% Feb 20
13
12
5,150 10 June 17% Apr
109-4 11
Mar
950 3634 July 46
3734 3831
534 July 103( Ayr
834 734 3,600
AM
1,150 :1314 Jan 41
3614 37
Feb 90
July
200 84
88% 8835
17,900 2434 June 44% Ave
27% 26% 29
7
Apr
315 Jan
750
315 315
Apr
750 23515 Jan 338
285 296
285
Apr
Jan 24
250 14
15
15
17
250 36% Jan 49
Apr
41
41%
50
314 July
8
Feb
150 60
Feb 64
64
Aug
61
12
1035
38
694
14% 14% 3,300 1415
900 4234
42% 43
6
715 815 18,750
714
1,400 54
65
63
62
33
3314 14,450 1934
23
42
593 42
• 42
4234
40 113
114 114
35 15
15
15
1434
135
18
5315
11
40
34
1%
18
5315
11
4435
1%
400
15
14
100
6,150
2,050
1%
15
48%
10
40
ii
82%
8714
89
10015
23,5
294
8236
87%
90
10015
3
200
100
250
50
700
Apr
Aug 28
Aug 49 July
Jun
17% Mat
Jan 7234 Apr
Jun
3334 Aug
Apr 44% Mar
Jun 1171( May
Jun
22
Feb
76
80%
8511
98%
234
134
18
4074
1
38
974
31
2835
27
534
2834
133.4
22
23
1734
1834
1034
2134
0815
93
2515
3234
52
2934
415
50
1515
3
7315
13
z10
1834
4234
935
3834
2934
115
3035
28
2
1535
2634
4515
231
88
934
31
2834
27
5
2834
13%
21
23
1735
2834
1814
10%
20%
32
21%
58
93
25%
32
52
2935
415
50
1514
134
3
7334
13
22%
43
10
100
39%
103( 4,300
950
3334
450
2915
1,350
29
5% 2,400
1,209
30
1611 80,250
22;5 1,350
250
24
100
17%
50
2815
50
18%
950
12
50
20%
100
32
3,850
23
38,350
62
600
94
650
26
650
3311
100
53
65
3134
30
414
3
5235
10
1535
200
134
50
3
50
7315
1415 4,250
23%
575
44%
200
850
1035
100
2315 2315
1,300
1834 20
250
45
4514
350
20
2134
3634 5335 186,850
123
8
9%
37% 3815 2,600
550
2915 301£
650
135 114
3015 327.4 2,100
2235 2335
150
3014 35,500
28
100% 101;5
400
115 2
2,200
435 4%
900
1534 16
2,200
26
26% 4,350
45
46
1.000
234 8
1,000
105% 110
98% 100
95% 97;5
9715 94% 97%
20
400
12
18
3,4
22
54
1654
5734
234
Jan
May
July
May
Apt
Ape
Mar 8631
Apr 8934
Mar 9794
Jan 106
Jan
9,4
May
May
Apr
Apr
May
Aug
May
Jan
Jun
June
Jan
Mar
27
934 Aug
30 June
Ja.1
20
19% Jan
4
Feb
28 July
1215 July
21
Aug
22% July
15% June
2554 May
1814 Aug
10 June
19
July
27
July
21
July
5134 June
81
Jan
22
Jan
28% June
50
July
27% July
44 Jan
60
Jan
10 Jun
1/ July
4
3
July
71
June
11% Jun
19
Jar
41% May
534 Jan
6435 Mar
22
Are
5134 Apt
3334 June
88% Apr
814 Feb
3115 July
2734 Juno
8134 Mar
3034 Apr
2714 Feb
3834 Jan.
81
Feb
2834 Are
27
Jan
47,4 Apr
3414 Apr
7034 Feb
9934 Mar
29 June
5631 Are
8414 Apr
42% Feb
894 Arir
5234 Aug
22
Jan
e
Jan
15
Jan
Apr
96
2734 &Pr
2934 Apr
4415 Apr
14% Apr
22 Jun
28 May
18
Jul
2935 AIM
40
Feb 52
Apr
14
Jan 3134 Apr
29% June 74
Apr
8
Aug 1634 Feb
35% June 5334 Feb
29 June 4034 Mar
134 June
434 Feb
179-4 Jan 36
May
21% July 2635 Jan
2534 June 38% Apt
95
Jan 10834 Mar
1St Jan
554 Apr
3
Jan
8
Feb
13 June 18% May
21 14 Jan 2934 Feb
42 June 4944 Aug
2% Aug
5
May
2434
91
81
843(
Jars
Jan
Jan
Jan
113
105
102
100
Mar
Apr
AN
Mar
920
FINANCIAL CHRONICLE
Friday
Sates
Last
reek's Range for
Sate
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
[VOL. 131.
Friday
Sates
Last Week's Range for
.
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High Shares.
,
Range Since Jan. l.
Low.
High.
Empire Corp
752 752
200
712 July 14
Feb
Exide Securities
1652 1652 1712 11,500 1454 June 1952 Feb
Fire Association
10 3312 3312 3754 2,200 3312 June 4312 Mar
Horn & Ilardart(N Y)com•
37
3734
400
Insurance Co of N A_ _ _ _10 6834 6854 7034 1,500 3552 July 4634 Feb
6334 June 8514 Mar
Lake Superior Corp_ _ _ _100
9
9
1,400
834 June 153-4 Feb
Leh Coal eic Nay new WI.. 3334 3334 103-4
3634 2,300 3
034 June 4912 Mar
Minch & Sehuylk Hav_50
5554 555-4
Feb 5612 July
56 54
Mitten Bank Sec Corp.__
14% 1434
Jan
300 1434 July 20
Preferred
1632 1634 1632 1,300 1512 June 20
Jan
Penn Cent L& P cum pref•
7612 7612
Apr
50 7512 Jan 79
Pennroad Corp
1014 1034 1134 16,600 1034 June 1614 Feb
150
8 June 14% June Pennsylvania RR
60
733,4 753.4 7,800 6914 June 8552 Mar
150 10% June 28% Jan Phil Co 6%
5154 5134
5 5114 Aug 5234 Mar
1,250 18
Jan 5834 Feb PhIla Dairy Prod pref._ _25
93
93
30 8635 Jan 05 June
SO
1% Mar
2% Apr Phila Elec Pow pref
25
3252 3234
700 3132 Jan 333-4 May
50 43
Mae Phi's,Inquirer Dref WI
July 50
533-4 54
1,300 49
Jan 54
Aug
June 52
Jan Phlla Rapid 'Transit__ _50
100 41
30
30
200 30
Aug 4034 Apr
400 12% June 2634 Mar
7% preferred
50 _3034 3012 31
Jan
1,100 2916 July 44
150 75
Jan 101% Mar Phila Germ & Norris RR 50
1512
200 14 June 2534 May
650 27
June 44
Apr Philadelphia TractIon___50 ....3834 3854 16
700 3854 Aug 4434 Apr
3034
300
834 Jan 10
Apr Railroad Shares Corp
634 634 1,250
554 June
934 Apr
1,000 36
Jan 8534 Apr Seaboard Utilities Corp912 Apr
53.4 634 2,600
534 June
750 18
June 2834 Apr Scott Paper
4934 4934
Apr
9 42 June 59
3,650 62% Aug 84% Apr
7% A
104 104
52 1023-4 Apr 107
MaY
600 13% June 25% Apr Shreve El Dorado Pipe L 25
7
7
934 5,995
535 June 1552 Mar
900 40% Aug 55% Jan Sentry Safety Control
234
952 Mat
23,4
800
2% July
23-4
200 21
Jan 31
Mar Tacony-Palmyra Bridge..'
4414 46
205 34
Jan 5352 Mar
Tono-Belmont Devel .___1
1,100
1-16 July
%
34
52 Feb
10 91
Mar 9834 Feb Tonopah Mining
1
52
52
52
800
1-16 July
234 Jan
10 9214 Aug 101
Mar Union Traction
50
27
27
800 2534 Jan 3134 Apt
10
Jan
5
Jan United Gas Imptcom new• 3352
6
3352 36
21,800 3134 Jan 4912 API
28 22% June 38% Feb
Preferred new
•
10234 10254
200 9652 Jan 10254 July
800 22
Jute 45
Jan 17 S Dairy com class B
•
1812 1834
100 14
Jan 2634 APr
1,050
Aug 18% APT Warner Company
7
393,4 3934
300 3912 July 8954 Aug
June 2054 Mar
600 10
250
5% Feb 15
Jan
Rights
-125 218
Jan 336
Air Ins. Co. North America.234
434 MaY
234 334 2,700
254 July
90 120
Jan 140
Apr
1,000 14 June 22
Feb
Bonds
Como'The N J 1st 55 1932 8934 8912 8934 $2,000 82
Jan 9014 June
Feb 122
May Duchess County 432s.1940
55 110
95
95
5,000 95
Aug 95
Aug
116 200 June 293
Feb Elec& Peoples tr etfs4s1945
4034 4
Mtu
Jan 44
034 4
034 2,000 34
2,750
512 June
Ctrs of deposit
934 Jan
1,000 37
July 4334 Apt
40
40
150 19
July 26
Mar Lehigh & N Eng 58_1964
10312 10334 1.000 1033.4 Aug 10334 Aug
July 35
Apr Phila El(Pa) 1st sf iis 1966
100 14
93
Aug
93
93
9,000 8712 Apr 93
7
July 1634 Ayr
15
0
181 58
1960
107 10734 2,700 10334 Jan 10734 July
734 June 1932 Apr
900
1st lien & ref 5125_ _.1947
Feb 1073.4 July
1073-4 10714 1,000 104
50 34 June 4534 Mar Strawbridge & Cloth 581948
Fet
1,000 9534 Jan 98
9734
July 3754 Feb York Railways 1s1 5s--1937 9634 9634 9712
60 26
Jan 9714 Apt
9634 2,000 91
1,000 2932 June 36% Jan
30
0
•No par value.
100 13
Mar 1732 May
Jan 40
Feb
80
0 30
Baltimore Stock Exchange.
June 18% June
.
-Record of transactions at
14
Aror Baltimore Stock Exchange, Aug.
5 June 10.
6,
660
2 to Aug. 8, both inJan
14 Jan
1
100
2,100 24
Aug 25% July clusive, compiled from official sales lists:
Jan 100 June
25 93
Friday
Sales
450 19% June 33% Mar
Last Week's Range for
Range Since Jan. 1.
150 11334 June 3234 Mar
Sale
of Prices.
Week.
4
960
Aug 33% Mar
StocksPar. Price. Low. High. Shares.
Low.
High.
Jan
July 18
SO 10
Mat Appalachian Corp
1,150 11
Aug 54
Jan
312
5
334 334
200
234 AIM
1,400 29
June 88% May Arundel Corp
• 43
43
44
273 40 June 4734 Mar
June 3334 Feb Baltimore Trust Co
2,800 28
10
37
10 35 June 4434 Apr
37
200 12
Ally 17 June Baltimore Tube pref_100
Apr
July 55
75 49
50
50
310 35% July 4714 Mar Black & Decker com _ _ _ _•
July 56
Mar
25
1.289 25
25
27
1,000 21% June 3234 Ape
Preferred
25
July 2734 Jan
104 25
2634 27
Juno Cheri & Po Tel of
2,615 21
June 28%
9 11334 Jan 11832 Aug
13alt 9%00 11812 11814 1183-4
10 10% July
May Commercial Credit
17
•
2634 2634
20 2312 Jan 3834 Apr
2,100 11
June 18% Mar
Preferred
25 2312 2314 2312
290 2212 Jan 2532 Apr
Apr
50 13% Aug 20
612% let preferred_ _100 87
Mar
87
38 7934 Jan 94
87
200 10% Jan 23% AIN Commercial Credit N 0 rd. 23
Mar
50 2112 July 24
23
23
Control Gas E L & Pow-_• 114
Jan 126
114 11634
189 93
May
May
800 12% July
18
6% preferred ser D._100
Mar 11112 May
11034 11034
21 109
Ayr
3,000 3734 June 88
512% pre w 1 ser E__100
109 109
5 10512 Jan 10934 May
3 114% Mar 125
Aug
5% preferred
100
47 9912 Feb 1053.4 June
103 10314
100 11% July 20% Mar Eastern Roiling Mill
*
1 1434 June 2534 Jan
15
15
3,000
Jan 2934 May Emerson Bromo Seitz Awl 31
8
Jan 3312 Jan
31
165 30
31
1,200
434 Jan 10% MaY Fidelit & Guar Fire Corp 10
53 36 June 49
Feb
3634 38
3,550 12
June 23% Feb Fidelity & Deposit
50 166
July 190
60 165
166 170
Apt
1,30
June 29
21
Feb Finance Co of America A _* 1234 12
125 10
Jan 13 May
1234
950 30
June 45% APT First Nat Bank w 1
47 4612 June 5135 May
48
48
850 14
June 28
Mar Hurst (John E) let pref.
10 87 June 90
90
90
Aug
105 25
Jan 29% Apr Mfrs Finance corn v t_..25
Feb 2734 Apr
60 15
19
19
June 14% Jan
690 11
181 preferred
25
17
18 17 June 20
Apt
Jan Maryland Can Con WI... 3814 17
100
Aug 45
5
147 3834 June 46
3834 3034
May
1,150 20% Jan 29% AV
New when issued
84
20 34
July 34
July
Apt Monon W Penn P Ei pf__25 253-4 34
950 2532 July 34
75 2334 Jan 26
253-4 26
Feb
600 112
Jan Morris Plan Bank
Ma 130
10 1154 1154 1152
63 1152 Apr 16
Juts
Mort Bond & Title w I
13
1311
200 1212 June 20
Jar
May Mt Vernon-W Mills p1_100
Jan 35
112 28
73
73
15 73
Feb 86
Mai
Jan 1912 June Nat Cent Bank of Balt_100
10
9
280 280
3 280
Aug 300
Fet
500 1234 Jo
May New Amsterdam Gas DM.- 8714 373-4 3814
28
81 36 June 43
Api
800 11% Jan 17 June Northern Central
8712 8752
3 8534 Feb 88 Jung
Aug Penns Water & Power...' 73
870 24% Jan 31
73
75
100 72
Jan 9516 API
Jan Second Bo Bank Corn
9
2,850
July 24
28
28
28
100 28 June 36
May
34 June Union Trust Co
100 25
Au
60 62
61
63
167 61
Feb 743 Fet
,
4
851 Apr United RI's & Electric_50
Jun
150
6
9
9
450
832 Jan 1332 Fet
1112 Jan IT 8 Fidelity & Guar new 10 3834 3814 39
2,250
July
8
403 373.4 June 49
API
West Md Diary Inc pr pi 50 5234 8234 5312
32 48
Jan 5412 May
Mar
Jan 16
10 12
Mar
300 2534 June 31
Bonds
Jan 1634 June Baltimore City Bonds
3,600
5
4s Sewer Loan
1961
9912 9914
8500 95% Feb 9952 Jul,
Nees
332s New Sewer_ _ _1980
.
87
87
Aug
1,200 81
Mar 87
Chic City Ry &Alabama Co ten 6s_ _ _1933
100 100
4,000 98
Mar 100
Aug
Certificates of deposit.- ______ 82% 8234 21,000 8934 Feb 84% Jul? Benesch(I)&
Sons w 1_1939
81
8134 7.000 75
Jai
Jan 85
Chleago Rye
Finance Co of Amer(1123'34
100 100
6,500 97
Feb 100
Jul,
Certificates of deposit_ _ _------83
July Md Elec RY 1st
1.000 70
Feb 83
83
5e----1721
98 Juni
9734 9734 1,000 94
Jan
Ind SW Gas & Util 68 A '40
July Newp News & Ham)5%
3,000 98% July 99
9834 9851
Juni
94
94
1,01 1
94
Aug 100
Instill Util Inv 6e. __. 1940 10134 10134 10334 39,000 95
June 11234 Mar United Ry & El 1st 4s.1949 6312 5314 5334 9,000 53
July 66
AP
Metrop W S Elev lst 4.9 '38
8332 8334 1,000 6514 Feb 83;4 Aug
Income 45
1949 40
3934 4054 57,000 34 June 4934 Pal
Northern Util Co 68 A_1943
Apr
81% 8234 6.000 81)2 Aug 90
Funding 58
1938
56
5634 2,000 4934 Jan 65
AP
Northwest Elev 58_1941
Jan 39)4 Aug
88% 8834 5,000 77
1st 6s
1949
Jai
60
60
22,000 60
Aug 84
Southwest Util Ice Co 68'4l 70
Aug WasliBalt & Annap 5s 1941
70
65
14,000 65
Aug
70
5334 5334 58
4,000 5334 Aug 68
AP
United Pub Fiery 6%8_1933
90
2.000 00
Aug 0654 May w am rInIrv Vnrn 114 10411 __
90
1
mete 10414 11.000 10234 Feb 10434 Jun,
• No par value. •Ex-d Mead y Ex-rights.
•No par value.
Mae Val UM Inv 7% pi A•
97
97
6% prior lien pref
• 9434 9434 9434
Mo-Kan Pipe Line com.. _5 20
20
2234
Rights
32
16
Moraine Mfg corn
• 465i 4534 4834
Monroe Chemical Co com •
9
9
Preferred
•
23
20
Morgan Lithograph corn..• 11
1034 1334
Mower Leather Corp corn •
8
8
Muncie Gear Co
8
3
Common
•
134 132
Muskeg Mot Spec
A*
Common
934 10
934
•
Nachman-Springfield com•
1112 1134
Nat Elee Power A part... 2734 2634 2734
Nat Leather Co com_ _10
134
134
NatPub Seri $314 cony pf•
4734 48
Nat Rep Inv Tr allot ctfs_• 4334 42
4332
Nat Seem Invest Co corn •
1434 1534
Certificaka
89
• 89
90
•
Nall Standard wpm
3434 3534
Nat On Radio Corp oom •
434 43.4
Ninth American Car oom_• 39
39
4214
North Amer G & El el A--• 1812 18
19
No Am IA & Pr Co corn--• 64
6234 6634
N & S Am Corp A corn..' 16
16
1834
Northwest Barroom aom_50 4034 4
034 4234
Northwest Eng Co corn..,. 2232 22
2234
Northw't 01117% preferred
100 94
94
94
Prior lien preferred 100
9234 9214
Oshkosh Overall Co com_•
5
5
Pacific Pub Sem'A cony...*
2534 2534
Pines Wintorhont Ocim---6 23
23
2414
Polymet Mfg Corp eon...*
8
7
836
Potter Co (The) nom- •
1214 1634
Process Corp corn
•
634
634 7
Pub fiery of Nor Ill com • 27334 27332 283
7% preferred
100 12712 12634 12716
Q-R-8 De Vry oorn
• 14
14
1434
Quaker Oats Co
Preferred
100 11534 11534 116
Common
•
200 210
Railroad Share.Corp com •
6
534 634
Rath Packing Co corn--10 19
19
20
Ratheon Mfg Co com- •
14
16
Reliance Internal Corp A.•
734 73.4
Reliance Mfg Co corn-10
9.32 10
Rollins Hos Mills cony Iif-•
36
36
Row Gear & Tool corn...* 26
26
26
Ryerson & Son Inc corn..'
3
163
1 2H 3
163
1 2:
Bally Frocks Inc corn._..'
Elaegamo Electric)Cofrom-• 3234 3234 34%
Saxet Co corn
•
ileaboard Util Shares Con'
63.4
6
63-4
Signode St'l Strap pur war_ --____
54
14
Southern Lfnion Gas com..* 2452 24
25
Southw Gas& El 7% pf 100 ------97
98
Standard Dredge eonv pf_• 2234 2134 2234
Common
•- ____ 17
1732
(none & Ce(HO)corn..'
4
5
7%
Storkline Furn cv pf___25 _-____ 11
11
Super Maid Corp eom___ _• 14
11
14
Swift International
15 3334 3334 3434
Swift & Co Ws
25 29
2834 30
Tenn Prod Corp corn
•
1234 1234
Thomson Co (J R) oom_25 38
38
3834
TIme-O-Stat Control, A_.'
25
26
Transform Corp of Am com• 2332 2236 2416
Twelfth St Stores prof A..'
1434 1434
Twin States Nat Gas pt A.• 1234 12
13
United Am UtU Inc com__• --_ _ _ _
13% 1434
Unit Corp of Amer pref--• 14
14
1434
Un Ptrs et Pubs Inc
Common
•
15
15
17 8 Gypsum
20 4134 413.4 4234
Preferred
100 125
121 125
U S Lines Inc pref
1134 1134
•
US Radio & Telev corn...' 1834
1834 21
Utah Radio Prod corn....
632
612 634
QUI & Ind Corp oom
. 1334
1216 1334
Convertible preferred --• 23
2234 2334
0th Pow & Li Corp 4 • 3234 3234 3434
Common non-voting_ _ _• 16
16
1734
Viking Pump Co pref....' 29
2812 2956
Common
• 1234 11
1334
Vorclone Corp part pfd_ _• --____
5
5
Vortex Cup Co
•......2334 26
Claes A
•
28
29
Ward (Mont)& Co cl A-• 116
11334 116
Wayne Pump Co
Convertible preferred..' 3134 3134 3134
Common
•
1234 1234
Western Cont 0111 Inc A.• 2434 2434 2434
Western Grocer common.25 1612 15
1634
Western Pr Lt & Tel
. 30
20
31
Wextark Radio Stores oom• 10
11
10
Wieboldt Stores Inc
--____
25
•
27
Williams 011-0I
-Mat corn ---___
•7
8
Wisconsin Bank BM rem 10
852
834 854
Woodruff & Edwards Inc
Participating A
•......14
Yellow Calg Co Inc(Chle).•
25% 254 2551
14
Zenith Radio Corp loom_ _•
734
734 934
50
550
4,350
100
750
30
453
2,450
25
100
50
95%
91
18%
Ta
45%
8%
20
7
6
2
135
Apr
Feb
July
June
Aug
May
Aug
June
Jan
Jan
Mar
9834
96
3834
134
7234
15
35
22
10
834
7%
May
Jan
June
May
Apr
Jan
Feb
Apr
Jan
Apr
Apr
Philadelphia Stock Exchange.
-Record of transactions
Pittsburgh Stock Exchange.
-Record of transactions at
at Philadelphia Stock Exchange, Aug. 2 to Aug. 8, both in- Pittsburgh Stock Exchange
, Aug. 2 to Aug. 8, both inclusive, compiled from official sales lists:
elusive,compiled from official sales lists:
Stocks-
Friday
Sates
Last Week's Range for
Sale
Week.
of Prices.
Par: Price. Low. High. Shares.
Almar Stores
2)4
2% 212
American Foreign &cur
72% 7332
American Stores
43
43
Bankers Securities, pref-50 41
39%
Bell Tel Co of Pa pref__100 116% 116% 41
11634
Budd (E 0) Mfg Co
• 8%
8% 934
Budd Wheel Co
11
1112
Cambria Iron
50
4014 4011
Camden Fire Insurance... 21% 21% 2234
Central Airport
416
4% 454
Commonwealth Can Co_10
25% 25%
Electric Storage Battery100
6454 65.
Range Since Jan. 1.
Low.
High.
,
474 Feb
212 June
820
150 5834 June 99% Feb
Apr
800 4234 June 57
Apr
700 36
Jan 49
835 11314 Jan 117% May
3,200
732 June 16% Apr
600
812 Jan 14% Feb
50 3812 Jan 4116 MaY
500 2034 June 2852 Apr
Apr
7
300
352 Feb
Feb
200 1912 July 27
200 6134 June 7811 Feb
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sate
of Prices.
Par. Price. Low. High Sharer.
Aluminum Goods Mfg__ •
American Austin Car__ •
Amer Wind Glass Mach..'
Arkansas Nat Gas Corp..•
Preferred
10
Blaw-Knox Co
•
Carnegie Metals Co
_10
Clark (DL)Candy
•
Colonial Trust Co
100
Consolidated Ice pref._50
Jones & Laughlin 81 01.100
Hoppers Gas & Coke pf 100
19
634
10
934
93.4
734
3334 3334
534
1334
314
25
25
121
10134
19
7
10
954
73-4
35
7
14
314
25
121
10114
Range Since Jan. 1.
Low.
35 18
80
5
50 10
900
9
21
714
298 2114
1,100
5
215 13
1 305
52 2454
50 11814
44 9912
High.
June 24
June
734
Ang 10
Jan 1612
June
8
Jan 4154
Jan
8
Jan 1934
Mar 330
Jan 2812
Jan 123
Jan 10234
Jan
Jan
Aug
Mar
Feb
Apr
Mar
Apr
July
May
Apr
June
FINANCTAL CHRONICLE
AUG. 9 1930.]
Sates
Friday
Last Week's Range for
of Prices.
Week.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares
Range Since Jan. 1.
Low.
High.
21%
Liberty Dairy Products...* 20% 20
let preferred
100 100
100 100
Lone Star Gas
• 37% 36% 39%
Mesta Machine
5 2754 27% 28%
1
2
1
Penn Fuel
20 155
155 158
Peoples Say & Trust
500
60c
Phoenix Oil corn
25c
Pittsburgh Brewing pref_50
955 9%
Pittsburgh Forging
• 1714 17% 19%
,
51% 5134
Pitts McK & Y RR_ __50
46
47
Pittsburgh Plate Glass_ _25 46
19
19
Pitts Screw & Bolt Corp.
26
Plymouth Oil Co
5 26
2734
1
2c
2c
San Toy Mining
* 1654 16% 22
Shamrock 011 & Gas
37
38
Standard Steel Springs—. 37
42
42
25
Union Storage Co
39
40
United Engine & Fdy---* 39
64
64
Vanadium Alloy Steel_ .
4,730
293
2,796
925
100
114
4,000
30
425
18
145
50
700
1,000
6,340
100
83
235
25
June 32%
July 100
Jan 56%
June 3354
Aug
2
Jan 175
Mar 800
Jan 11%
Jan 25
Aug 51%
June 59%
Jan 23
May 27%
July
4c
July 2754
June 58
Jan 42
June 495(
Aug 6735
Apr
Aug
Apr
Apr
Aug
Mar
Apr
June
Mar
Aug
Jan
Jan
Feb
Feb
Apr
Apr
Jan
Apr
Jan
Unlisted—
Copper Welding Steel
Internat Rustless Iron
Leonard Oil Development_
Lone Star Gas pref
Western Pub Serv v t c
25
40 June 50
8,43
1% June
3
100
1
June
454
12 104% Jan 110
2,080 20% Aug 33
Apr
Feb
Apr
Apr
Apr
Rights—
Western Public Service
44
44
46
1% 2
1% 1%
106 108%
2034 20% 22
------
Bonds—
Pittsburgh Brewing 65 1949
Shamrock 011 & Gas(is 1939
•No par value.
1%
81
102
1%
81
103
2,43
20
95%
34
324
1
155
k30c
554
12
51%
45
18
21%
2c
313
35
42
3634
64
1
July
154 July
$1,000
4,000
79
Feb 81% July
95% Jan 108
Apr
also record for period when in unlisted department.
Ic
Cleveland Stock Exchange.—Record of transactions at
Cleveland Stock Exchange, Aug. 2 to Aug. 8, both inclusive, compiled from official sales lists:
Priaay
Stocks—
.Sates
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High Shares.
Aetna Rubber common_ .
9
•
Allen Industries com
*
Preferred
Apex Electrical Mfg
.
100
Preferred
100
Bulkley Bldg pref
4
*
Byers Machine A
100
Canfield Oil pref
Central United Nat-- _20
* 4234
City Ice & Fuel
Cleve-Cllffe Iron pref._ .
Cleve Elea III 6% pref__100 11234
•
Cleveland Quarries
Cleveland Ry ctfs dep.._100
•
Cleve Secur p1 pref
100
Cleveland Trust
Clev Worsted Mills com 100
Columbus Auto Parts Pf--* 18
Commercial Bookbinding_.
Dow Chemical common—. 69
Eaton Axle & Spring com_.
Edwards (Wm) pref_100 74
Elea Contr .4 Mfg com---* 6834
General T & R 6% pf A_100 89
Geometric Stamping
*
Gt Lakes Towing com__100 98
* 17
Harbauer common
100
Higbee let pref
Second preferred_ _100
India Tire & Rubber com_• 15
Interlake Steamship com_.
Jaeger Machine corn
*
Jordan Motor pref
8
100
10
Kaynee common
Kelley Isl Lime & Tr corn_• 38
•
Lamson Sessions
McKee(AG)& Co cl B_ _c 55
Midland Bank indorsed 100
Miller Whole Drug com_ •
Myers(FE)& Bros
•
National Acme com
10 13
National Carbon pref__100
National Refining pref _100
National Tile corn
" 12
Nestle-LeMur com
*
234
No Amer &cur class A. 100%
Ohio Bell Telep pref-100
Ohio Brass B
*
Preferred
100
Ohio Seamless Tube com_•
Packer Corp coin
•
Paragon Refin cl B Corn __c
Patterson Sargent
* 27
Peerless Motor com
10
Reliance Mfg corn
• 37
Richman Brothers com
* 76
Robbina & Myers v t c pf 25
Selberling Rubber corn- . 634
•
Selby Shoe corn
Preferred
100
Sherwin-Williams com_ _25
100
Preferred A
Stand Textile Prod A pfd_. 38
.
Stouffer A with warr
* 11
Thompson Aero
Thompson Products Inc •
Union Metal Mfg corn___*
25 81
Union Trust
Van Dom Iron Workscom*
.
Vichek Tool
Youngstown S & T pre 100 9934
Bonds—
City Ice Day ten M 6s'33
Steel & Tubes Inc—
Sink fund debs 6s_ _1943
6
6
9
9
29
29
16
16
80
80
57
57
4
4
100 100
71
71
42
4334
94
94
11234 11234
65
85
83
83
234 234
410 410
8
8
17
18
15
15
71
69
2
334 2334
74
74
68
6834
89
89
10
10
98
98
17
1734
105 105
105 105
15
15
68
68
21
20
8
8
25
28
38
3834
22
2334
55
553-4
350 350
3134 3134
42
42
13
13
130 130
131 131
12
1234
234 23.4
99 100%
113 113
05
6934
106 106
28
28
8
8
14
1534
27
27
534 534
37
38
7534 7634
9
9
6
634
1334 1334
90
90
7734 78
107 107
38
38
2934 2934
11
11
2434 26
40
40
81
8234
634 634
12
1234
9934 9934
25
140
100
50
30
10
100
80
110
480
100
13
50
125
150
28
100
150
75
175
100
56
50
10
10
10
625
2
5
90
5
133
105
150
43
240
140
10
20
140
200
6
20
390
10
491
18
532
12
15
10
1,364
105
100
100
725
81
140
100
50
7
5
35
13
10
72
165
100
52
18
20
115
Range Since Jan. 1.
Low.
High.
5 June
5
Feb
28
Jan
12
Feb
80
July
56
July
7 June
100
July
76 July
3834 July
9134 Mar
110 June
61
June
83
July
234 July
410
July
8 June
15 June
12
Mar
69
Aug
2334 June
74
July
5734 June
8334 June
10
July
94
Jan
17
Apr
101
May
105
Mar
834 Jan
70 June
20
Aug
8
July
25
Aug
3434 July
20 June
44
Mar
340 June
22
Mar
3734 June
11
June
129
July
130
Jan
12
July
23.4 July
90
Jan
110
Feb
65 June
101
Jan
28
July
8
May
734 Feb
23
Jan
5 June
3634 June
75 June
834 July
534 June
1034 May
90
July
73
July
105
Jan
3
0
July
2934 Aug
6
Jan
2134 June
3234 Mar
75 June
6
July
12
July
9734 July
9934 9934 82,000
99
9934 99%
953-6
7.40
Mar
834 Feb
14% May
31
Apr
16% July
80
July
6334 Mar
4
Feb
100
July
86
Jan
47
Apr
9574 May
11334 July
69
Jan
93% Feb
354 Feb
501
Jan
1634 Feb
25
Feb
20
May
100
Apr
3134 June
75
Mar
83
Feb
91
Jan
25
Jan
100
July
25
Mar
10634 July
105
Mar
25
Apr
87
Mar
2934 Feb
14 June
33
Jan
4434 Mar
2
934 Feb
59
Mar
403
Jan
3234 Apr
4
834 Apr
2634 Feb
135
Apr
13234 May
29
Feb
10
Feb
10031 Aug
116
Apr
7634 Apr
107
may
45
Jan
1354 Feb
1534 Aug
29
Mar
834 May
50 June
99
Feb
14% Feb
1834 Feb
20
Jan
95
Apr
85
Jan
109
Apr
58
Feb
35
Jan
17
May
3734 Apr
4554 Apr
95
Jan
11
Apr
2034 Jan
10334 Feb
9934 Aug
Jan 10134 June
•No par value.
Cincinnati Stock Exchange.—Record of transactions at
Cincinnati Stock Exchange, Aug. 2 to Aug. 8, both inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Aluminum Industries Inc_.
Am Laundry Mach com_20
•
Amer Products com
Amer Rolling Mill com _ _25
Amer Thermos Bottle pf_50
20
Baldwin common
100
Carey (Philip) corn_
100
Preferred
1934 19%
57% 8554 5854
16
16
53
53
5934
48
50%
4
454
225 225
11234 11234
.
921
Sales
Last Week's Range for Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Friday
Range Since Jan. 1.
Low.
5 17
323 4754
5 16
338 4834
23 48
30
4
5 225
12 112
High.
July 3054
June 75
May 17%
July 10054
Aug 52
Feb
6
Aug 280
July 120
Feb
Jan
Jan
Feb
May
May
Feb
June
15
Churngold Cori)
15
212
.
•
CInti Car B
250
fi
1
CNO&TPpref
2
100
10834 10834
387
CM Gas & Elec pref____100 10034 100 10034
282
50 4334 42% 4334
Cin Street RY
155
50 9954 9934 99%
CM & Sub Tel
13
4234 43
.
City Ice & Fuel
34
35
34
Cocoa Cola A
. 34
110
* 13
13
1334
Crosley Radio A
10
Crown Overall pref____100 10334 10334 10354
12
129
10
Dow Drug common
• 12
754475
Eagle-Picher Lead com20
216
Early & Daniel com
• 2334 23A 28
34
46
32
Formica Insulation
* 32
12
12
30
*
Garrard S A
38
*
3934
496
Gibson Art corn
36
51
*
37
Gruen Watch corn
42
42
*
100
Hobart Mfg
90
90
3
100
Kahn 1st pref
683
Kroger common
" 2434 2434 2534
10
*
35
35
Lunkenheimer
10
10
10
.
Meteor Motor
20
23
23
Nat Recording Pump_ . 23
107
100
11354 114
Ohio Bell Tel pref
637
1434 15
Paragon Refining B
* 15
755
1434 15
Voting trust ctfs
. 15
289
Procter & Gam com new_ _• 72
72
7334
12
8% preferred
100
165 165
5% preferred
88
100 106
106 106%
94
96
163
Pure Oil 6% pref
100 95
8% preferred
100
111 111
15
44
46
171
Rapid Electrotype
• 44
150
Richardson corn
•
1934 1934
Randall A
16
16 .16
30
101
United Milk Crate A____. 15
1434 15
10
73
72
311
U S Playing card
25
25
75
US Pr & Lith corn new 100 25
*
5
5
5
64
Waco Aircraft
lann911.wor 707- nntri
"Inn
an
00
9A
Range Since Jan.1.
Low.
Mar
M
15
34 Jan
10534 Jan
95
Jan
4034 July
91
July
38
July
29
July
1134 Jan
10334 July
10
Aug
734 July
.22
July
2934 Jan
12
July
July
35
35
July
4134 July
90
July
2234 Zan
32
July
7
Jan
20
June
10034 Feb
734 Feb
754 Feb
5234 Jan
July
165
10434 June
Aug
94
Mar
110
3954 June
Mar
16
133.4 Jan
21
1
July
70
July
July
25
434 July
an
m*
.High.
23
Apr
2
May
Feb
110
10134 Jan
4534 Apr
119
Jan
49
Feb
34
July
27
Apr
106
Jan
18
Jan
Apr
15
43
Jan
Jan
53
24
Jan
Jan
50
4234 Jan
50
Mar
95
July
47
Jan
4434 Jan
15
July
36
Jan
Apr
115
1534 May
15 June
7854 June
180
Mar
Mar
110
10054 Feb
11334 Mar
Apr
60
26
Feb
Mar
19
1934 Jan
91
Jan
33
Jan
1034 Mar
Inn
Inn
•No par value.
Los Angeles Stock Exchange.—Record of transactions
at the Los Angeles Stock Exchange, Aug. 2 to Aug. 8,
both inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
6 June 1434 Mar
600
1 1134 1154 127-4
Bolsa Chic& 011 A
200 1054 June 2334 Feb
. 1234 12% 1274
Byron Jackson
Jan
100 103% Aug 120
25 103% 103% 104
California Bank
Jan 99 May
23 90
95
95
Central Investment Co_100
200 10134 July 11234 Jan
Citizens Nat'l Bank____20 10234 10234 10254
Feb
32
3734 9,500 2834 June 45
.
Claude Neon Elec
100 12% Jan 2234 Apr
2034 2034
Douglass Aircraft 1n0___5
200 16
16
Jan
June 23
16
Emsco Derrick & Eq Co_ _S
22
July 2634 Jan
105 21
22
Globe Grain & Mill com_25
11 93
95
Mar
Jan 98
95
Goodyear T & R pref__100 95
10 9334 July 98
Apr
9334 9316
Goodyear Textile pref_ _100
70 10
May 10 May
25
834 834
Hal Roach 8% pref
22
22
14 2054 Apr 2434 May
Home Service 8% pref--25
20 37 Jun
40
40
Internat Reinsurance—10 40
600 16 June 2034 June
16
16
Los Ang Investment Co_10 16
100 25
25
25
Jan 2554 Jan
Los Ang Inv Sec Corp_25
16
Apr
16
300 1235 June 31
MacMillan Petroleum Co25
Feb 180 June
48 165
177 177
Mortgage Guarantee Co100
Jan
Pacific 3inane* Corp com10 2334 2334 2434 3.500 2334 Aug 43
1034 1034
100 10 May 1134 Apr
Pacific Finance pf ser A_10
5534 5554
100 52% Jan 7334 Mat
Pacific Gas & El 1st pf_ _25
Apt
700 743.4 June 94
Pacific Mutual Life Ins..10 81% 8135 83
25
27
800 23 June 3934 Feb
Pacific Pub Sec A com__ • 25
Jan 1934 Apt
400 13
1534 16
Pacific Western Oil Co_ •
4.40 Aug
4.40 4.50 2,600
834 Jar
Pickwick Corp common_10 4.40
600 2.10 Jan
2.70 2.70
4
Feb
Republic Petroleum Co_10
Richfield 011 Co com____25 1534 163-4 173-4 4,900 1434 June 2534 Apt
700 1754 June 2234 Jar
25 1854 1834 19
Preferred
Rio Grande 011 com___ _25 1534 1534 1734 6.700 1554 Aug 2534 Arm
19% 1934
50 183-4 June 2554 Aim
Shell Union 011 Co com-25
200 2754 Feb 3834 Api
28
28
25
Signal Oil & Gas A
So Calif Edison com_ _ _25 54% 5474 5734 5,100 53 June
200 2754 Jan 3034 Mai
29% 2954
25
7% preferred
900 2271 Jan 25
2454 2434
25
Mai
534% pref
10 2434 Jan 27 sum
25
25
So Calif Gas ser A pref _ _25 25
16 2454 Feb 2654 API
2534 2534
25
6% preferred
4,600 56
65
Jan 74% Api
61
* 61
Stand Oil of Calif
3034 33
33
2,000 2434 Jan 3354 Jung
Taylor Milling
50,800 18% July 4734 Fet
18% 23
Trans-America Corp___25 19
Union 011 Associates25 3954 3934 4054 4,800 3554 June 4834 Apt
2,200 3634 June 4974 Are
25 3934 3934 41
Union Oil of Calif
36
100 35 June 4
36
*
034 Pet
Van De Camp Bakers
•
ni
-Tan 40
200 22
31
nt
In........... A fp F•nrann
10 31
•No par value.
----Record of transacSan Francisco Stock Exchange.
tions at San Francisco Stock Exchange, Aug. 2 to Aug. 8,
both inclusive, compiled from official sales lists:
-Stocks—
bates
Friday
Last Week's Range for
IVeek
Sale
of Prices.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
895
534 554
5 June
554
AS9OC Ins Fund Inc
2134
21
21
510 19 June
Atlas Imp Diesel Eng A__ _
100 10 June
1051
Bond & Share Co Ltd
1034 1034
80
80
100 64
Borden Co
Jan
1,193 1034 June
Byron Jackson Co
1234 1234 13
16
16
500 1434 June
16
Calamba Sugar common
100 15
1574 1574
7% preferred
Aug
21
21
21
120 21
Calif Ink Co A common
Aug
63
6231 6331 1,733 613-4 July
Calif Pkg Corn
30 88
Calif Water Serv pref
9034 9054 9034
July
Caterpillar Tractor
5754 5734 6234 14,504 5334 Jan
2154 2134
321
Clorox Chem Co A
1734 June
Coast Cos G & E 6% 1st pf
9974 100
66 98
Feb
27
2734
620 23 June
Cons Chem Indus A
81
81
Crown Zeller Corn Pref B.- 81
105 77 June
1354 1334 1434 3,212 1234 June
Voting trust ctfs
Eldorado Oil Works
1974 1934 1934
150 1934 Aug
Firemans Fund Ins
9534
95
95
150 86 June
Food Mach Corp com
2834 2834
143 273-4 June
Foster & Kleiser common
654
514 654
577
534 Aug
Galland Mere Laundry..
180 28
3234 3234
may
Gen Paint Corp B com_
6
6
100
5 June
Golden State Milk Prod__
2134 1854 22
419 18 June
Great West Pow 6% pref_ .
102% 102%
5 99
Jan
7' preferred
ioi;i los 106
93 103% June
Haiku Pine Co Ltd com
5
5
5
25
5 June
Hawaiian C & S Ltd
4434 45
210 4434 July
Home F & M Ins Co
3734 3734
200 36
July
Honolulu Oil Corp Ltd_
3454 35
530 33 June
Hunt Bros A common_______- 1934 1974
140 1934 July
Jantzen Knitting Mills_
44% 443g
195 40
Jan
Langendorf United Bak A_
2434 2434
770 21
July
Leslie Calif Salt Co
15
15
165 14% June
Magnavox Co
254
234 234 2.780
Inn
91 4
.
High.
734 Apr
34
Feb
1534 Apr
9074 May
2334 Feb
19
Jan
1634 Mar
3734 Jan
77
Mar
9634 Apr
79
Apr
% Feb
381
10034 May
3334 Feb
8434 Apr
1874 Feb
2
734 May
116
Ara
4434 Feb
10
Mar
3834 Jam
14
Jar
31% Jar
104
Api
m
10634 Feb
9
Api
51
Jar
44
Api
4031 Api
2354 API
5051 Ma)
29
Mai
2354 Ida)
12
•nl
922
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. 111th. Shares
,002ot-og
.o.roNoo,
High.
Low.
High.
Ai
Cl ,:.........
.—.V)...C4
•Y
,1
1.. Cl
to
01 ac7.6.-..--5 ai ciri ci
88888§§88$10
Bonds
Calgary Power 58
0451 04%
1950
Cities Service 5s XtV_1963
7834 783-4
55 XW
79
1969
79
Duke l'ower 434s
101 101
1967
First Nat Stores 5s......1952
100 100
Illinois Power Lt 5s_ __1956
9434 9554
International Salt 5s_ _1951
8474 8474
Nevada Calif lice 5s_ _1956
9255 9234
New Orleans Gt. Nor 5s '55
6914 6934
Ontario Power 534s w11950
9434 9434
Shamrock 011 Sow wi..1959
103 103
Swift Saw 1
1940
____ 10054 10034
Ward Baking 6s
1037 1023-4 10234 10234
No par value.
0.4 1.4 .
Cl
Pacific Gas & Electric corn
56
6% 1st preferred
2734
Pacific Light Corp corn _ _ _
76
6% preferred
103
Pacific Public Service A. _
2654
Pacific Tel & Tel common. 13834
Paraffine Cme corn
62%
Pig'n Whistle
Pacific Gas 534% prel___ _
Richfield Oil common
7% Preferred
18%
Roos Brothers preferred_
SJL&P
prior pref_ _
Schlesinger & SonS(13F)corn
Shell Union common
1951
Sierra Pan Elec 6% pref._
Sou Pao Golden Gate A_ _ _
Spring Valley Water Co._
Standard Oil of California_ 62%
7,4
Low.
123
5 June
734 Apr
660 19
Fob
June 300
i'en
a
j
34
15 260
July
280 10 June 15% Apr
300
mu June 2334 Feb
50 14% June 10
Jan
200 15
1655 Mar
Aug
820
% July
351 Mar
10 106
Jan 11251 Mar
Mar
475 61% July 77
50 88
July 0814
7,727 53
Jan
40 98
Feb 10034 May
7
9
AA Pprr
862 23 June 3354 Feb
par
103 7634 J1113
, 85
Na
June 8.1
18
330 77
8-114
1,888 12% June
14 Feb
Apr
25 86
June
Feb
110 27% June
859
6 June 40
14M Slar
411 18
June 31% Jan
Apr
25 99
Jan 104
170 10351 June 106% Feb
Jan
250 4431 July 51
Feb
423 50% Aug 63
pr
1,330 33 June 4230L4
Apr
250 19% July
734 Apr
1,130
2
Jan
203 10
Mar 23
Star
1,345 24
July 29
A pr
Apr
605
234 Jan
8
240 2314 Jan 28
216834 Mar
Jan 100
100 98
Feb
370 14
Apr
210 21
June
155 23
Juno
Jan
2
100 1954 June 39
.
1%1a
Jan1a
4,543 51% Jan 7334 Mar
1,158 26
Feb 2814
1,590 73 June
Mar
08
Jan 105k jfnp
180 100
il• a
Au
Feb
2,664 23
June 39
Feb
78
490 128% June 180
455 54 June
1454 Mar
30 1155 July
July 2531 July
702 25
1,799 14% June 222731
Jan
1,515 17% July
Mar
Jan 94
110 83
Jan 10434 July
5 100
1034 Jan
335 July
250
1,390 18% June 23% Apr
Mar
5 89
Jan 94
155 15 June 810731
FeboFeb
July
125 1034
5.304 55% Feb 74;5 Apr
r. r way
sates
Last Week's Range for
Sale
of Prices.
Week.
StocksPar. Price. Low. High. Shares.
Aero Klemm
5
54
A
34
Alatiama Power 5% pref..•
9234 9234
Alco Tool A
* 16
1535 16
Amalgamated Laundry. •
2
2
Amazon w I
•
151 2
American Austin Car____•
7
654 7
American Corp
•
654
635
635
American Eagle
•
51
Ibl
54
Appalachian Gas warr_ _ ....
254
251 345
Assoc Gas & Elec 1930 rts_
434
451 641
Optional stock purch rte.
131
134 255
Atlas Utll $3 pre:
. 3614 36
38
Auto Stand
•
35
35
Bagdad
1
1.25
1.25 1.25
Banserip Inv pref
•
1834 1835
British Canadian WI
1274
1234 13
Brunner Winkle
•
234
145 254
Claremont Inv
•
6
6
Claude Noon.
1
755
7
8
Columbia Baking
•
13-4
134
1st preferred
•
15
15
2J preferred
•
155 114
Color Pictures
•
5
5
Cons Chronlum
• 1051
1054 1034
A
25 3035
3034 3051
Detroit az Can Tunnel.__*
7
615
734
DIxton
•
734
6
734
Exide Sec
*
1651 1751
Hamilton Gas
•
6
654
Ii Rubenstein pref
• 1434
1454 14%
Insult Util common rts w I.
134
134 2
Int Hydro Elee pref
•
5355 54
Internet Rimless Iron_ _ _1
134
151
2
Irving Trust
10 4834 4851 4951
Khmer Air
I
55
.1.
Lautaro Nitrate
554 555
•
551
Majestic House
• 43
3751 53
Manufacturers Trust._ _25 82
80
91
Maxweld
•
954 1054
934
Mexican Oil& Coal
5
1
251
1
Nat Harris Wire A
*
1351 14
National Liberty
5 1034
1034 1054
N Y Rio warrants
h
h
"Is
North Amer Trust Shares
8
714 8
011 Shares Fdra
•
551
534
15
Petroleum Conversion_ _ _5
751
7
8
Phantom 011w 1
• 2054 2034 2054
Photo Color new w 1
•
8
714 851
Railways
16
•
1634
Saranac Pulp
34
32
• 33
Saranac River Power__• 2735 26
2934
Seaboard Fire
25 1555 1554 1545
Seaboard ULU warrants__51
---41
Shamrock 011
21
17
• 17
Shepard Stored
1
1
•
Split dorf Bethlehem
•
354
334
354
Super Corp A
931 93.
Sylvcstre Util
•
131
234
234
Trent Process
•
1
1
I
Union Cigar
Iii
10
Ir.
11.
Util Hydro warrants
51
51
51
Whit Mfg A
•
.25
.25
Venezuelan Holding
3
3
•
Zenda Gold
.35
.25
1
Cl
51
551 554
2136
21
275 27751
115f 1154
1251 13
16
16
15
15
%
111 111
62% 63
9051 9054
61% 63%
9955 9951
2754
26
81% 81%
81
8135
1311 1455
100 100
28% 28%
65( 651
1831 19
1023-410214
10451 106
4551 46
5035 51%
3441 35
19% 19%
331
351
15
15
2454
23
2% 2%
24% 24%
99
99
1751 18
2231 2251
26
26
2151 2151
56
59
27% 2751
7655 8155
102% 103
2651 2755
13815 140
62% 63
1251 12%
2534
25
17
18
1834 19
9234 92%
10354 10354
3)5 3%
1951 1944
91
91
16
11
1054 11
6141 62%
High.
July 18%
Feb 1734
Feb 90
July 47%
June 4851
June 50
July 335
June 2431
June 29
Apr 35
Jan
may
Mar
Feb
Apr
Apr
Mar
Mar
Feb
Jan
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, Aug. 2 to Aug. 8,
both Inclusive, compiled from official sales lists:
,-.
Associated Ins Fund Inc__
Atlas Imp Diesel Eng A.... 21%
Bank of California N A.__
Bond & Share Co Ltd
Byron Jackson Co
Calamba Sugar common
7% preferred
15
California Copper
Calif-Oregon Power 7% pf.
California Packing Corp._ _ 62%
California Water Serv pref. 90%
Caterpillar Tractor
6151
Coast Cos G & E 6% 1st pf
Cons Chem Indus A
27%
Crown Zellerbach Corp pf A
Preferred B
Voting trust certificatee_
1331
Flrernans Find Insurance_ _
Food Machinery Corp corn
Foster &Kleiser common_
655
Golden State Milk Prod_
19
Gt West Power 6% pref..
106
7% preferred
Hawaiian C & S Ltd
46
Hawaiian Pineapple
5054
Honolulu Cons Oil
34%
Hunt Bros A common
Roister Radio common_
Preferred
Langendorf Bakeries A._
Magnavox Co
Natomas Co
North American Inv 6% pf
North American 011 Cons._
174(
Occidental Insurance Co_ _
22%
Oliver United Filters A_ _
Range Since Jan. 1.
L.oto.
700 11
13% 13% 15
4,105 10%
85
87
215 78
22
21
24% 141,708 20
3835 4034
40
2.036 35
4055 40% 41
1,240 36%
304 304
44 295
15%
1531 1554
315 1551
20% 21
300 20
20
20
120 16
.4
Stocks-
Range Since Jan. 1.
11%
...7
bridal
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
11
c.i..,
San Francisco Stock Exchange.
-We also give below
the record of transactions at tile San Francisco Stock Exchange for the week of July 26 to Aug. 1, both inclusive,
which was not received in time for publication in our issue
of last week.
Thomas Alice Corp A
Tidewater Assoc 011 corn_ _
0% Preferred
Transamerica Corp
Union 011 Associates
Union Oil of California._ _ _
Wells Fargo Bk & Union Tr
West Coast 13aneorp A_ _ _
Western Pipe & Steel Co_ _
Yellow Checker Cab A_ _ _ _
,i,....
1034
9914 May
Jan
25
9934 Alm
./811
113
Mar
100
9254 Apr
1934 Mar
2631 Apr
Jan
31
7434 Mar
2835 June
10634 Apr
10.534 Mar
Feb
39
Feb
180
144
Feb
Jan
78
1434 Mar
25% July
2734 Mar
2234 Jan
Mar
94
11851 Mar
2534 Apr
Apr
65
1734 Feb
9055 Feb
7444 APT
Apr
40
1851 Jan
1751 May
Mar
90
4734 Feb
4855 Apt
50
API
105
AUP
Pet
29
Jar
35
...
July
June
Jan
Aug
Jan
June
Feb
June
June
Jan
Feb
June
Jan
June
June
Jun
June
July
Aug
June
July
Jan
Mar
June
July
June
July
Feb
June
July
Feb
78
Feb
1831 Aug
35
June
3631 June
105
Aug
20 June
16
Apr
88888g88888p8881888g38§888.588888888p88888888§88888888888288888
96
14
94
90
98
90
14
21
23
5134
26
73
100
23
1283-4
120
54
11%
2431
1414
1755
83
11034
1834
5834
15
1031
5534
31
11
Friday
Sates
Last Week's Range for
Sale
of Prices.
ti7cek.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. la
Low.
High.
1
1154
44
ci44
4
4
1834
4
98
98
15
15
9514 9551
9031
90
9851 0851
91
91
1751 173.1
2255 2255
25% 2534
53
5634
2734 2734
7334 77
103 10334
2535 2734
13434 139
12634 127
6051 63
1231 1231
2434 2434
1531 1734
1811
9234 9234
1171e 118
1935 1934
50
47
1555 1551
1014 1031
6045 6.555
3231 3251
1151
1434
14
85
85
1834 235'
3955 4034
3934 41
105 105
2031 2051
20
20
Nhm0...NOO. OM. f—gMA
N.COMNMMM00...0VCON
N..NM.,ONC,
M
I.O
C
•
Magnin & Co 6% pref__
Merchant Cal Mach com_
Mere Amn Realty 6% Did.
No Amer Inc common_ _ _ _
90
8% preferred
514% preferred
North Amer 011 Cons
1734
Occidental Ins Co
Oliver United Filters A_ _ ..
Pacific G & E common_
5355
6% 1st pref
2734
Pacific Light Corp com
7355
6% preferred
103
Pacific Public Service A
2551
Pacific Tel & Tel cora
135
6% preferred
126%
Paraffine Cos common....._ 61
Pig'n Whistle pref
Pacific G & E 515% Pref.Richfield 011 common
1531
7,-i preferred
,
Roos Bros pref
52 Lt & Pr 7% pr pfd_ _ _ 118
Shell Union 011 common_
Sherman Clay & Co pr pref 47
Sou Pao Golden Gate A
Spring Valley Water Co_-_
1014
Stand Oil Calif
6014
Stand 011 N Y
Thomas Alice Corp A
1151
Tidewater Assoc 011 com
14
6% preferred
Transamerica Corp
19
Union Oil Associates
393.4
Union Oil Calif
3934
Weill Ac Co (Raphael)8%1)1
Western Pipe & Steel Co__
2034
Villow (Meeker Cab (lo A
20
Range Since Jan. 1.
[VOL. 131.
%
0254
1231
2
134
555
6
54
254
454
155
33
54
Aug
Aug
July
Aug
Aug
June
July
Aug
Aug
Aug
Aug
June
Aug
1.00 July
1734 July
July
12
34 June
534 July
Aug
7
134 July
Aug
15
151 Aug
Aug
5
1035 Aug
3034 Aug
Jun
4
5
July
1476 July
Feb
4
1354 June
155 Aug
5111 June
135 June
43% June
35 June
455 June
3151 July
Aug
80
834 June
Aug
1
Julie
12
1031 Aug
54 Aug
755 Aug
34 Aug
651 July
Aar
20
531 Aug
May
12
Aug
32
Apr
20
June
15
34 Jan
123.4 July
51 July
234 July
831 Aug
Aug
35 June
ii Aug
,
41 Aug
.25 Aug
251 JUIN'
.25 AU14
131
9434
7834
79
101
9035
9414
8434
9231
6934
9434
97
10031
10134
Aug
Aug
Aug
Aug
June
Aug
Aug
Aug
Aug
Aug
Apr
Aug
Apr
2
9234
16
5
2
754
931
134
734
20
651
41)
434
Feb
Aug
Aug
Ain
Aug
July
July
Jan
Apr
Mar
Apr
May
liar
3.00 Jan
1831 Aug
1454 July
254 Aug
83-4 Apr
1931 Feb
431 May
Slay
31
May
7
1451 Feb
1234 June
323,4 May
834 Apr
1354 June
July
18
7% Juno
2436 Mar
251 July
5434 may
Feb
3
7234 Mar
151 Mar
1031 Apr
7231 May
154 Mar
1131 July
5 June
15
July
1855 Apr
351 June
1034 Apr
534 Aug
1331 Jan
2'25 May
8% Aug
1634 Aug
35
July
32
June
2051 Apr
17-4 Apr
Apr
28
3 June
551 Mar
1034 May
351 Apr
354 Feb
54 Jan
2
API*
1.50 May
414 June
1.75 Feb
9451
7874
79
101
100
9534
843-4
9254
7451
9434
108
1004
103
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Apr
Aug
API*
Aug
June
St. Louis Stock Exchange.
-For this week's record of
transactions on the St. Louis Exclianr e see page 896.
,
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. 2) and ending the present Friday (Aug. 8). It is compiled entirely from the daily
reports of the Curb Exchange itself, and Is intended to include very security, whether stock or bonds, In which any dealings
occurred during the week covered.
Friday
Sales
Last IWeek's Range for
Weet.
Sale
of Prices.
Pas. Price. Low. High. Shares.
Week Ended Aug. 8.
Stocks-
Indus. Sc Miscellaneous.
Aeolian Co 7% pref.. _..100
Affiliated Products
•
Agfa Arisen Corp cont. •
Preferred
100
Ahisworth Mfg own.- _10
Convertible Preference.'
Alexander Industries
•
Allegheny Corp warrants__
Allied Aviation Industries
With stock parch Warr_
Ala Gt Sou ordinarY_ _50
Allied Internet Invest pf..•
Allied Mills Inc
•
18%
2251
1254
1
30
1834
20
Si
22%
12%
154
435
30
1951
23
82
2235
13
155
451
1
15(
106 103
3251 3234
514
935 914
60
500
400
150
200
300
200
100
Range Since Jan. 1.
Low.
30
1654
19
81
16
1154
154
33(
H
Aug
July
Feb
Jan
June
June
July
Ally
1,500
Jan
100 102A June
100 3231 Aug
900
835 July
High•
Sale.,
rlday
Lost Week's Range for
lrea.
Sale
sf Prices.
Stocks (G'onanuetb Par. ('rice. Low. High
.
31
Range Since Jan. 1
Low.
34
Allison Drug Stores el A_ •
200
Feb
Al.iminum Co corn• 245
45
400 210
__
245 250
July
20
6% 0rehirred
500 10554
100 10935 10935 109%
Apr Aluminum Ltd 6% pfd100 973-1
1.000 97
34
9755 975e
633.4 May I Amer Brown Boyer! Else
Founders shares
400
731
333,4 Apr
8% 8%
8;4
•
Apr Am Capital Corp corn B..•
24
7
731 3,100 96
7
451 Apr Amer Colortypecom
300 2014
283.6 29%
534 July Amer Cyanamid corn 13 • 1934 19% 22% 13.700 17%
Amer Dept. Stores Corp1,100
454
3
33-4
354
•
3
Apr A Lyrical) EquIttee Cool...' 11;4 1551 17
1.300 .1211
13231 Mar Amer Investors 01 13 COM.•
73
8% 045 3,700
85S
3934 Apr
Warrants
100
2)1
355
355
335
Amer Laund Mach rum _ _• 59
16'4 Feb
25 50
59
59
,
1
High.
July
135 Apr
June 556
Apr
Feb 10931 Aug
July 99% July
June
July
Jun
June
Jan
June
June
June
June
13
Apr
1354 Apr
33% Apr
Mar
37
Feb
22
Mar
1641 Apr
755 Mar
75
Mar
FINANCIAL CHRONICLE
AUG. 9 1930.]
Sates
FtSd411
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Amer;Maire Prod com___.
50
Amer Phenix Corp
•
Amer Potash & Chem_
100
Amer Stove Co
5
Amer Thread pref
.
Amer Transformer Corn. 5
Am UM& Gen B v te__-•
Amer Yvette Co corn _ _•
Anchor Post Fence eom--•
Anglo-Chile Nitrate Corp.'
Arcturus Radio Tube_ _ _ .*
Assoc Elee Industries
Amer dee rots ord she. £1
Associated Rayon pref_100
Atlantic Fruit & Sugar.
Atlantic &cur Corp corn •
Mier Utilities Corp com__•
Warrants
Aust Slot Car Am dep rcts
Automat Music Instru A•
Automatic Vet Mechem*
Cony prior panic stk_ •
Aviation Corp of the Amer.
Aviation Credit Corp_-__.
Aviation Securities Corp...
Aviation Securities of N E•
.100
Babcock & Wilcox Co.
•
Bahia Corp corn
•
Banconilt Corp
•
Bastian-Blessing Co
Bickfords Inc $2.50 pref *
•
Blies(E WI Co corn
Blue Ridge Corp oom____•
OPS 6% cony Prel----50
Blyn Shoes, In:, corn.A0
Bower Roller Bearing.___.
Bridgeport Mach corn... •
•
Brillo Mtg common
Class A
Silt Amer Tobacco
Amer dep rts ord bear £1
Am dep rcts ord reg. _ _ _41
Brown Fence & Wire pf A•
•
Burco Inc common
6% cony pref w w
Warrants
Burma Corp Am deP rts-20
Butler Bros
Buzza Clark Inc com_ •
Cable Radio Tube v t
Carman de Co conv A...."
•
B stock
Carnation Co common_ •
Carrier Eng corn A
Celanese Co prior pref_100
•
Celluloid Corp corn
Centrifugal Pipe Core...."
Chain Stores naval oom •
Main Stores Stooks Inc.-•
Charts Corp common_ _ _ .•
Chatham & Phenix Allied*
Chemical Nat Amociatee -•
'Cities Service common...'
•
ereferred
•
Preferred BB
City Mach & Tool
Cleveland Tractor eons---99
Club Alum Utensil corn..'
Cohn & Rosenberger corn •
Colombia Syndicate
Columbia Pictures com--•
Corn vot trust et's
Consolidated Aircraft--;
Como! Automatic
Merchandising corn v $5'
81.50 cum cone pref •
Consol Dairy Prod corn..'
Consol Instrument corn •
Consol Laundries comm....*
Cone Retail St's Ino nom •
Contin't She cony p1_100
Coop-Bessemer Corp corn*
CoPelatx1 Products Cl A..
Without warrants
Cord Core
6
Corporation Scoot Chic..'
Corroon & Reynolds corn •
Couteulds Ltd
Am dep rets ord reg._11
Crocker Wheeler corn._._'
Brosse & Blackwell
23.50 pref with warr_ _ _•
Crown Cork & Seal pref__.
Crown Cork Internet cl A•
Cuban Cane Products ware
•
Cuneo Press eon)
Curtiss Airports Corp vtc•
•
Curtiss Flying Service_
Curtiss-Wright Corp warr_
Dayton Airplane Eng coin'
•
Deere & Co corn
De Forest Radio corn__ ..•
De Haviland Aircraft
Am dep rcts ord reg_ _ £1
Deisel-lYernmer-GlIbert
Detroit Aircraft Corp.-...
Dinkier Hotels
Class A with warr
Dixon (Joseph) Cruelble100
Doehler Die-Casting 00111.•
•
Dmiglas Aircraft Inc.-•
Draper Corp
Dresser(S R) Mfg Co el A•
•
Claes B
Driver-Harris Co corn_ __10
DubIller Condenser One9.
.•
Durant Motors Inc
Duval Tema Sulphur....•
East UM Invest corn A__.
•
Eisler Electric corn
Else Power Associates nom*
•
Clue 4.
(Cleo Shareholdings corn
Cony pref with warrants.
Empire Corporation com.•
Empire Fire Insurance_ .10
Ex-Colto Aircraft & Tool *
.•
Fabrics Finishing win•
Fandango Corp corn
Federal Screw Work.._'
Flat. Amer dep
Finance Co (Bait) corn A •
Bekker Aker Corp of Aso.•
lord Motor Co Lt)
Amer dep eels ord reg. 11
Ford Motor of Can cl A.
Class B
lord of France Ant dOD rote
Foremost Dairy Prod corn*
Convertible preference_*
Foremost Fabrics corn._ •
sox Theatres alms A Coro _•
174
6
5
811
3711
1331
2154
29% July
25
May
274 July
5831 May
3 June
14
July
711 June
154 June
6 June
154 Jan
8
June
High.
Apr
Jan
July
Mar
Feb
Apr
Apr
Jan
Feb
May
Mar
200
54 June
54 54
8
600 38% June 60
4614 48
11
34 Feb
500
34
1115
300 13% July 211
13% 14
811 811 4,000
84 July
1451
34 3,900
Aug
3
3
5
100
64 614
6
July
614
700
3;1 3%
July
3
1514
511
400
5
331 June
814
900
12
1134 Mar 1711
13.14
200 24,4 Jan 55
454 48
14% 184 1,700 1234 Jan 184
15
15
100
71( Jan 19
6%
400
6
6
July
931
123 125
225 122
Jan 141
3,500
5
6
2% Feb
74
400 454 June 60%
4591 46
3834 41
400 384 Aug 41
100 28
31
31
Jan
33
100 r18 June 80%
19
19
8
9% 18,000
611 June 1531
37
413.4 13,900 83% June 44%
1
200
1
1
June
131
let 1311
200 11% June 20
400
44 5
23.4 Jan
631
800
791 7%
731 June 164
21% 2131
100 z23
June 28
Apr
Apr
Apr
Apr
May
May
July
Feb
Feb
Feb
Apr
Aug
Apr
May
Mar
July
Feb
Aug
Feb
Feb
Mar
Apr
Jan
Apr
July
Apr
Apr
854
2
811
3211
9
137,‘
83
Low.
4011
43
33
86
34
20
1531
731
1451
4351
23%
34
47
500
35
100
27
200
2816
10
59
500
34
25
15
914 16,300
24 1.300
200
831
34
1,100
700
911
34
27
28
59
3
15
84
2
8%
32%
9
Range Since Jan. 1.
251 1
3
243(
20
7
39
131
z214
9%
111
3
1931
144
31
30
83
14
614
4%
1114
284
181(
24
2734
8954
83
1714
1331
314
9
5-16
39
36%
17
254
200
2414
100
100
20
7
200
39
200
134
200
214
300
1,100
10
111
200
3%
200
100
1914
1434
100
31
100
30
100
83
200
16
800
74
700
54 1,000
12
200
284
100
1094 4,600
25% 31,600
29 101,400
9051 1,100
83
100
171
4
100
15
800
34
300
9
200
5-16
500
89
100
200
39
1711
600
15
24
13
24
13
7
7911
42
94
294
134
211
1311
7
7954
42
2,400
100
800
600
1,500
800
200
100
11
14
13
24
10
7
71
28
634 7
734 851
2411 244
10
114
200
4,400
200
COO
5
Jan
6
June
194 June
954 June
12% May
1714 Apr
273( May
20% Apr
10
17
10
20
100
3,200
10
15
13% Feb
84
Apt
100
125
100
200
200
30
200
2,400
200
4,300
5,200
3111
30
915
•i•
84
214
551
70
314
3.5
32%
124
7-16
39
2
.54
111
331
,
654
311
35
33
124
7-16
3911
234
54
1%
311
764
311
754
16%
411
900
711 711
164 17
300
4
5
14,000
2514
2411
3
14
634
5
12
28%
18%
244
274
90
83
1711
1314
34
5-16
39
3634
17
34
13
13
7954
74
10
17
7-16
39
2
13-4
10
44
3511
704
3
731
811
714
21%
2034
19%
9311
7
211
20%
17
14
10215
10
20;4
60
44
8534
704
4%
3
731
8%
711
214
20%
z19
934
7
12
12
231
34
2011
1614
1211
17
20
3131
11
831
18%
8111
45
1014
315
831
531
831
16
1624
12
204
60
45
40
7334
311
71(
8:4
911
244
24
204
9531
754
124
12
234
55
21
1611
1211
18
254 June
254 June
17% Feb
7 June
39
July
Jan
3
z214 Aug
84 June
1.11 Aug
231 June
18
July
1411 Aug
26% Jan
30
July
214 May
7
12
July
44 Jan
211 Mar
9% June
2214 Jan
17% June
17% June
244 June
88
les
Jan
82
14
June
13% July
3 June
9
July
s Feb
24
Jan
8314 Apr
15
Jan
Jan
Jan
Aug
July
Jan
June
June
Jan
Aug
June
28% Jan
28% Mar
274 Apr
10% Apr
41
Jan
e4
Jan
3% Jan
174 Jan
3
Apr
911 Mar
23
Jan
1414 Aug
33
May
44
Jan
90
Apr
20
Feb
8,4 Mar
8% Mar
17
Mar
3294 Mar
2514 July
25% July
4411 Apr
9311 Apr
89;g June
28% Mar
35% Apr
631 Apr
14% Apr
34 Jan
55% Apr
54% Apr
27% Apr
1
5
19
64
16
13
80
57
May 39%
Feb $5%
June 12%
Mar
1
Mar 5154
June
63-4
Jan 11%
.lnly
44
214 June
8%
654 Aug 162%
24 Jan
8%
6% Feb
16
June
4
Aug
Mar
Mar
Jan
Apr
Mar
Feb
July
May
Jan
Apr
May
Apt
June
Apr
Apr
Apr
Feb
Apr
Apr
836 May
22% May
9
June
200 14
Aug
19
June
10 1624 Feb 172
Apr
1,200
811 July 23
A tir
600 124 Jan 2311 Apr
50 60
June 65
Mar
600 31
Jan 56% Apr
600 31 4 June 444 May
400 41
Jan 108% Apr
700
4
June 134 Jan
2,300
2% July
7
Jan
100
511 June 21
Apr
200
7% Jan
18% Apr
8,300
711 Aug 23
Mar
8,300 19
June 894 Ant
3,400 16% June 37
A le
1,000 154 Jan 32% /rv,
200 82
Jae 101
A pr
800
7
Aug
8% July
700 12
July 16% Fen
101
1011 June 22
Feb
2,100
Jan
3
034 Is!
2,300
4 Mar
234 Apr
700 1614 June 4214 Apr
100 1611 Aug 224 Apt
100 II% July 12 !Aug
1,600 184 Jan 844 Mar
22% 187,200
3311 1,800
45
50
11% 2,100
314
100
100
854
600
6
914 6,500
1011
28
36
614
34
715
434
24
Jan
Feb
Jan
Jan
Aug
July
Juno
Jan
22%
884
58
12,1
10%
18
24%
17%
Aug
Apr
Jan
May
Mar
Jan
Jan
Apr
•••-,
923
Sates
Friday
Last Week's Range for
of Prices.
Week.
Sale
Stocks (Continued) Per. Price. Low. High. Shares.
Franklin (H 11) Mfg pf_100
Garlock Packing cons. •
General Alloys Co
•
Ben Baking Corp corn___•
Preferred
•
General Cable Corp warr_
Bea Mee Co of 01 Britain
American deposit rote_ 11
•
Gen Fireproofing coin_
Gleaner Comb Harvester..
lien Alden Coat
•
:Robe Underwrit Exch.. •
Goldman-Sache Trading. _•
Gold Seal ZieetrIcal Co__ •
Gotham Inc $3 pref with w.
•
Graymur Corp
GI ASIA Par Tea
•
Non vol corn stock
7% first preferred -__100
Greif (L) & Bros pf X._100
Griffith (D NV) class A. •
Grocery Stores Prod v I o..•
Guardian Investors com_ •
Guenther(Bud) Russ Law5
HabIrshaw Wire & Cable..
Harnbleton Corp corn_ _ _
Handley-Page Ltd
Am dep rcts for pref_
Happiness Candy filts corn.
•
Hazeltine Corp
Helena Rubenstein Inc..."
Ileyden Chemical
•
Hires (Charles E) class A_*
Horn (A C)Co corn
•
Horn & Hardart Co corn_ •
•
Rydro-Eleo See eons
Etygrsele Food Prod cons. •
Imperial Chem Industries
Am dep rcts ord reg_ _LI
Imp Tob of Gt Brit & IrelA m del) rcts ord shs_ £1
table Finance oom•t 0_10
100
7% cum prof
(nsull Utility Investrn
(Deur Goof North Amer_10
Insurance Securities_ -.A0
Inter Safety Razor el B. •
interstate Equities corn..'
Convertible preferred_ _•
Irving Air Chute eon, _
Johnson Motor Co corn.. •
Jonas A Naumburg com_ •
Klein (D Emil) Co corn,..'
Klein (H L) & Co prer__20
Kleinert(I B) Rubber_ __•
•
Knott Corp corn
Kolster-Brandes Ltd
Li
American shares
Lackawanna RR of N 7.100
Lackawanna Securities_ •
Lefeourt Realty Corp corn.
Preferred
Lerner Stores Corp corn
Libby McN & Lib 26 PL100
Loreies Inc clock purehwarr
Louisiana Lend & Explor.•
MacMarr Stores corn_ _•
•
Mengel Stores Corp
614% pref with warr 100
Manhattan Dearborn Corp
Marion Steam Shovel corn•
IALivta Bottling Co of Am_.
Mayflower Associates Ino..•
Mead Jobason & Co norn_•
Mercantile Stores Co corn •
MerrItt-CbaPrnan at Soots
Common
•
•
Mesabi Iron Co
5
Mesta Machine tom
Waal& Min Shares enra_.
Metropol Chain Stores_ _
Midland Royalty 52 pref.•
Midland United Co corn,.'
•
Cony pref series A
•
Midvale Co
Miller (I) & Sons corn..,..'
Mock Bid & Voehringer__.
Monroe Chemical corn_ •
Moody's Invest panto pf_.
•
Nachmann-Spgf Corn_
Nat American CO
•
Nat aviation Corp
Nat Bond & Share Corp- •
Nat Dairy Prod pref A.100
_•
Nat Family Stores
52 pref with warrants_25
•
Nat Investors corn
Nat Sitar & Stores Corp..'
Net Runner Maiin*y rom_•
•
Nat Screen Service
Nat Short Term 80C A...
,
National Sugar Refining."
Nat Union Radio corn...'
Nauheim Pharmacies corn •
•
Neet Inc class A
•
Nohl Corp, corn
Nelson (Herman) Corp..
Newberry (2 .y) Co corn...*
Newport Co eon_
New Mcx & Arizona Land!
N 53 1110 DUeD0B Aires AL.
Niagara Shsre of Md.- 10
NIlee-Bem't-Pond nom__ _•
No Amer Aviation ware A.
No Amer Cement Corp.."
No & So Amer Corp A.,..'
Northwest Engineer corn."
Novadel Amine Corp corn •
•
011s'0,31es Ltd el B
Orange-Crush Co------ _.•
Outhoarti MotOoro nom Be
•
Cony vet class A
Overseas Securities Co_ •
Paramount Cab NIrg corn _•
Perocoad Corp corn v t o_•
(Louis) cons 11_ _s
Philip Morris Cons corn_ •
•
Pierce Governor Co
Pilot Radio & Tube el A._•
Pitney Florfos P°*t.* ' •
*rl
Meter Co-•
Pittsb Forgives Co
Pittsb & L Erie Bit cent 50
•
Polyrnet Mfg rem
Priaoe &Whitele Trail corn*
•
83 cony pref A
Prudence Co 7% pref-.100
eom...•
Prudential Investors
Public Utility Holding Cern
•
eons with warrants
Warrants
10
Pyrene Mfg corn
53
24
304
114
27
80%
10%
15%
231
32
53
53
214 214
9
9
211 254
304
30
5
6
11%
30
27
80%
104
15%
24
34%
32
314
12
3411
10
Low.
High.
80
8314
144
494
5434
14%
25
100
100
9,800
1,400
300
50
20
64
2%
27
5
July
Jan
Mar
Mar
June
July
119( 1,000
30
200
28
1,000
804
200
104
700
38,100
18
24 1,300
35
800
400
3294
10%
27%
21
75
9
1511
131
30
29
14
May
Apr
June 374 Apr
Jan 36
Apr
June 121% Jan
July 18% Feb
Aug 46% Apr
June
Apr
6
Jan 39% May
June 44
Mar
210 210
210
117 11731
117
99
9851 98
1
1
10% 1031
3
3
234 25
25
20
25
14
14
14
214
X
28
3
4
12
30
234
37
3414
10
Range Since.,Jan. 1.
2%
74
28
394
12
3111
24
37
36
12
30 118
120 1151(
400 99
100
100 10
3
200
SOO 234
700 19%
100 14
54
600
4,100
100
600
100
800
100
100
400
800
211
14
18%
34
12
2411
24
35
34%
1434
Feb
Apr
May
Jan
Jan
Jan
June 260
Jan 122
Feb
99
July
14
June 1434
Jan
511
Aug 2911
Jan 25
June 1811
Mar
Jan
Aug
Jan
Farb
Apr
Apr
Aug
May
334
Feb
Jan el 11
Jan 35
7%
July
Aug 23
Feb 3234
July
7
Jun
46
Aug 65
June 16
Apr
Jan
May
Mar
Jan
May
Jan
Mar
Apr
May
414
2311
585(
6931
1511
74
14
26
42
8
1311
511
111
0011
76
114
124
25
6
36
83g
,
13
10
13
30%
144
114
324
33-4
12%
28
2%
4%
15%
2111
36
33-4
714
44
10%
711
4%
100
7
Feb
2311
1834
634
58
6931
154
1111
714
3691
14
20
14
15%
114
15
1811
2334
1834
63.4
6111
7034
16%
12%
731
37
14
20
34
1511
12
15
184
700
100
25
3,200
600
1.900
700
4,300
500
300
100
200
200
200
100
100
224
17
60
5334
63
154
10
714
38
124
20
%
15
9
15
1814
Feb
Jan
Feb
June
June
Aug
May
Aug
Aug
Jan
Aug
July
June
June
Aug
Aug
2514
20%
7314
71
854
23
1314
1446
46
2554
44
214
1934
204
2554
304
Feb
Apr
Apr
Feb
Mar
Mar
Jan
Mar
AR
Apr
Mar
Jan
Jan
Mar
Jan
Mar
34
8414
40
14%
26
42
14
8
2
1314
1031
58
3011
531
1%
60
7311
51
94
8
431
40)1
1414
27
42%
14
93-4
24
13%
11
.58
30%
034
13-4
61
79
52
100
10
1,301
100
300
300
100
1,300
2,700
410
800
IF
21
4.0
6,4(10
390
4,300
300
34
83
3514
134
26
344
14
854
2
13
1031
5614
3011
511
1
48
4.534
40
Jan
Apr
Jan
June
Aug
July
Aue
Jae
June
July
Any
July
Aug
July
Jan
Jan
Feb
May
2
841
1
41,.;
25';
3734
5);
11
1094
it
2434
15
7754
3034
1734
34
7111
79
6954
Apr
Aug
Feb
Mar
Jan
Apr
Aug
May
Ma
Jan
Feb
Feb
Aug
Apr
May
May
Aug
Feb
200 1631 July 20
18
18
500
1% 2
13-4 Jan
294
100 2534 June 3314
2714 274
2.600
834 Jan 164
124 13
800
6
5
July 30
634
200 1311 Jan 2434
21
224
200 22
Jan 294
26
264
100 434 May 435
46
46
100 503-1 Feb 5834
584 5814
2614
300 25
25
Aug 3334
500 11
11
15
Aug 26
100
834 June 15
934 931
43
200 37
May 444
43
1134 1114
100 1134 Aug 27
Aug 1214
6
6
614 1,300
1,200
94 10
84 Jan 2134
500 334 June 5114
36
36
100 104
106 106
May 108
834 1114 8.800
831 Aug 20
18
500 15
July 26
18
13
June 80
144 2,500 11
200
9
9
10
Aug 1514
13
14
500 13
July 274
800 1.554 Jan 325-4
3031 8114
141( 14% 8,400 12
May 16
200 29
Jan 35
2911 294
1,100
3
4% 4%
May 104
100
Jan
114
114
211
100 13
18
June 2634
18
500 1694 Jan 26
204 2011
200 19
10
20
Aug 3131
100 304 June 49
324 324
200 20
224 22%
July 42
34 311 1,200
334 June
734
84 9;1 1,100
7
June 18
1,500 18
12% 1311
Jar, 2114
294 1,000 264 June 464
28
211 3
1,900
2
Mar
6
44 414
200
3
Jan
64
600 14
1511 16%
June 24
100 2114 Jan 3134
214 2231
314 3111
300 2234 Jan 3414
10
10
100
1111
855 Feb
900 29
Jan 384
32% 36
200
314 3%
311 July 13
711 74
700
7
July 184
1114 1114
100 104 June 1914
411 44 1,700
4
June 18%
103( 12
14,700 10% June 1634
le
1,100 1334 Jan
1954
2131
700
91
94
94 Jan
2
8
8
100
794 June 1
74 814 1,200
431 June 1
Feb
Jan
Apr
May
Jan
May
Feb
Aug
Aug
Mar
Mar
Mar
June
Jan
Jan
Apr
Apr
May
Mar
Jan
Feb
Feb
Apr
June
July
May
Ate
134
1151
,
11
17
17
11731 11711
8
84
94 1011
931
88% 393-4
9811 9811
14% 1494 15%
17%
44
May
23-4
534
11
17
11731
411 Aug
8
17
4-33
751
300 10
100 13
100 106
600
84
5,000
34
400 85
25 93
8,300 1234
19% 12,700
1,000
8
1,000
Apr
Apr
Feb
Mar
Mar
Feb
May
Apr
Mar
Mar
Mar
May
Apr
Apr
June
Apr
Mar
Mar
Apr
Jae
Feb
May
Apr
Mar
Apr
Jan 2094
Jan 25
June 130
Aug
184
Jan 1634
June 44
Jan 102
June 23
Apr
May
Apr
Apr
Apr
Apr
June
MAT
15 June
4
June
74 July
2794
99-4
ICI
Atsr
Apr
Apr
924
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Continued) Par. Price. Low. High Shares.
Quaker Oats Co corn
Preferred
100
Radio Products Corp_ _
Railroad Shares Corp..'
RaInbowLuminousProdA"
•
Common class B
Reliable Stores corn
Reliance Internal corn A_•
Common 13
•
Reliance Management.....•
Reybarn Co
Reynolde Investing corn..'
Iilke-Kumler Co com_
*
Rolls Royce of Amer pf _100
•
Roosevelt Field Inc
Rossia International
•
Ryerson (Joseph T) & Son*
St Regis Paper Co corn_ _10
7% cumulative pref _100
Benet Co com
•
Schiff Co
•
Sehtilte-United 600011 et•
Securities Corp gen corn.*
Seaboard TJtil Shares
"
Segal Lock & Hardware...'
Selberling Rubber corn--.•
Selected Industries com •
$534 prior stock
•
Allot etre let & 2nd paid
Sentry Safety Control.__.•
Shenandoah Corp corn-.
50
6% cony pre?
Sherwin-Wms Co (Can)_ *
Silica Gel Corp corn v t e..•
Binger Mfg
100
•
Elleto Financial Corp
Smith (A 0) Corp cons_ •
Snia Vlscosa
200 lira
Southern Corp corn_
•
Spanish & Gen Corp Ltd
Amer dep rcts ord bear.C1
Amer den rcts ord reg El
Standard Holding A
•
Stand Motor Constr___100
Starrett Corp corn
•
6% cum preferred__ _ISO
•
Stein Cosmetics corn
Stein (A)& Co corn
Stinnes (Hugo) Corp_ _•
Strauss
-Roth Stores MM.'.
Stromb'g-Carlson Tel Mfg*
Struthers Wells Titusville "
Sluts Motor Car
•
Sun Invest $3 cony pref *
Sunset Stores Inc
0355 pref with wart._ _ _.50
Swift & Co
25
Swift International
15
Syrac Wash Mach corn 13.5
Taylor Milling Corp com_*
Technicolor Intl corn
•
Tennessee Products corn.*
Therrnold Co pref
100
Timken-Det Axle fleet..A00
Tobacco Prod Exports_ _*
Todd Shipyards Corp- -*
Transcont Air Transp
_•
Trans
-Lux Pict Screen
Class A common
•
Tr -Continental Corp warn
Tri-Uttlities Corp corn
•
$3 Preferred
•
Tubize-Chatillon Corp
Common Byte
•
Ulen & Co corn
•
Ungerleider Finan CorD •
Union Tobacco corn
•
United Chemicals peel_ _.•
United Corp warrants
United Dry Docks com___•
United Founders corn _ _ •
United Shoe Mach com_ _25
United Stores Corp co rn....•
U S Dairy Prod class A•
Clasa B
•
U S Finishing corn
U 13 Gypsum common_ _ _20
S & Internet Sec corn_ •
First pref with warr
*
B Lines pref
•
U S & Overesas with warr•
US Shares Financial Corp
With warrants
•
US Stores common
Universal Insurance..._25
Utility Equities Corp
•
Utility & Ind Corp aom
•
•
Preferred
Van Camp Packing corn...*
7% preferred
25
Vick Financial Corp...-10
Range Since Jan. I.
High.
Low.
21) 205
208 203
May
40 110
115 115
Feb
11.5
Aug
6% 7
500
7
6%
100 x535 June
6
6
1255 17,500
June
6
1034 10
5
21,600
47
2% July
% 6
1334 13%
300 12;5 June
100
7%
715 June
754 7%
1%
100
155
1% Aug
500
10
914 June
1035
10
5% 6%
600
555 Aug
535
3
3
4% 2,600
3
Aug
100 26% Mar
28% 28%
•
8
200
774 Aug
3
2
Jan
3
3% 1,200
6% 6%
600
511 June
6%
32
32
100 32
Aue
2254 2251 23% 3,000 18% June
111
111
100 106
Jan
3,900 14% June
1655 16
17
21
21
100 2054 June
Tpg 274
200
2% July
3515 3615 3014
,
300 3135 June
6
6
634 1,400
5% June
514
5
536 4,600
5 June
6
300
636
655
5% June
6
6
655 1,600
5% June
58
58
100 55% June
66% 1,100 84 June
65
251 2% 1,500
2% July
1175 5,500
10% 10
855 Jan
4156 3934 42% 4,000 33
Jan
77% 77%
75 75
July
17;5 17%
100 1515 June
450 450
20 450
July
18
18
18
600 18% Jan
195 195%
90 13714 Jan
156 1%
100
1% Aug
634
631 651
600
415 June
1634
1%
1834
3334
7%
7
17
12
29
28%
8
9
5%
45
47
756
26
1571
53/4
16%
6555
16%
41%
60
12%
16
5%
1255
1355
23
4*4
3
218
116
27
914
1.1%
244
2054
16
3%
26%
6%
8%
3054
18
5%
1134
36
34
111
17
34
434
75%
10%
9
1756
12%
71%
84%
93-1
20
4835
85
3435
560
25%
250
2(4
8%
June
Feb
Mar
Apr
Feb
Feb
May
Apr
May
Ate
Aug
May
Feb
Feb
Mar
Apr
Apr
Am
July
Aug
Mar
AT*
Apr
Apr
May
Feb
AIM
Apr
Mar
Mar
Are
Apr
Apr
Mar
Apr
Mar
Apr
Jan
Feb
155
114
1675
1%
18%
3334
7%
15
7
18
28
12
13.4 2
3951 3934
100
100
100
2,400
200
500
1,100
800
100
3,700
200
100
900
100
Jan
June
June
Jan
June
June
June
Aug
July
Feb
Mar
June
June
Jan
1% Jan
255 Apr
2254 Apr
APT
37% Mar
48% Mar
2314 Apr
Mar
21
Jan
10
22% May
Apr
30
Apr
20
454 Jan
Apr
51
36
36
29
29%
3334 34%
4j6 5
101) 36
Aug
1,700 28 June
1,000 028% July
4% Aug
200
50Feb
j
Fan
34
155
155
16%
154
1814
32%
715
10
7
17
28
12
3056
2836
12%
68
105
I%
50
8
3036
30%
1255
13955
106
134
50
8%
9
915
551 5%
45%
45
47
47
1%
%
16
%
14
30
4%
10
656
914
26%
12
1.55
39
3814 May
Mar
9
100 21
Jan
1,500 2554 June 338614
6
200 12% July 8 %
17
75 05
June
100 10374 Feb 110
300
274
% Jan
200 4436 Jan 63
1,400
454 June 10%
3,200
200
800
200
454 Jan
4
Jan
June
38
4.5
Mar
13%
59814
May
Mar
JA pr
une
Apr
Apr
June
Apr
Ape
Apr
Apr
Mar
736
22
2456
%
33
1551
5%
16%
65%
4%
65
1651
11
4156
3%
60
12
16
800
756
200
2256
1,400
27
34 2,000
3315
200
17% 3,200
5%
400
29,800
18
200
65%
100
4%
400
6555
900
1755
1156
300
800
42%
400
3%
60% 1,400
1271 7,000
1755 7,400
6%
17%
21%
55
30
12%
4
1555
60
3%
52
13%
1075
36%
2%
52
11
13%
June
Jan
June
June
June
June
July
July
Jan
Jan
Jan
Jan
June
June
Jan
June
June
July
22%
27
2615
1
44
3015
13%
44
6851
6%
72%
26%
30
58
8
75
20%
23
Apr
May
Feb
Jan
Feb
API
Jan
MD/
May
Jan
Apr
Apr
Apr
Apr
Apr
Mar
Mar
May
511
7%
45
12%
1355
23
556
1036
751
6
711
45
1215
1455
2354
6
1055
7%
600
100
50
1,500
1,500
900
500
200
500
5%
6%
45
10%
12%
20%
5%
734
614
Aug
July
July
Jan
June
June
July
May
June
13%
751
70
22
23%
2955
16
16
9,51
Apr
Aug
Apr
AM
Feb
Feb
May
May
Jan
30
June
81
Walgreen Co common_ -•
32
32
Walker(RlTarn) Gooderham
& Worts common
831
8% 9%
Watoon (John W) Go
234
251 2%
•
Wayne Pump
1356 14
Western Air Express__ _11/ 32
32
32
West Auto Supply corn A.' 21% 20
2134
West Ind Ry 1st prof- -100 110
110 110
Wheel & L E Ry Pr nen_100
137 137
Wheeling Steel
71% 72
100
Williams (R C) & Co Inc_*
134 133-4
Wil-low Cafeterias
736
7
•
7%
Worth Inc cony class A.
_•
% 1
Zonite Products Corp corn •
9%
014 1134
RightsAseoelated U & El deb rts_
Insur Co of No America...
Internet Nickel of Canada_
Loew's Inc
MD Kansas Pipe TAne
Segal Lock dr Hardware_ _ _
100
2,100
8%
700
1%
8%
1,000
100 18%
500 20
20 90
30 137
7156
10
100 1275
800
854
14
500
951
2,700
Mar 13%
6
Jan
19
Jan
46%
Jan
July 3955
Feb 125
Aug 137
Aug 72
June 20
Mar 15%
3(4
July
Aug 21
Jan
Apr
Matz.
June
Are
Feb
Mar
Aug
Aug
Jan
May
Apr
Apr
1111 NW
4%
2%
14
123-4
1-32
55
Aug
July
Aug
Jan
June
July
7-10
6456
2%
31
June
May
May
Aug
Public Utilities
Alabama Power $7 pref..' 114% 114% 114%
100 111
Allegheny Gas Corp com_•
411 4%
300
Amer Cities Pow & L el A * 39% 38% 41
1,400 3571
Class 11
15% 1534 16% 4,400 1271
Am Coni'w'lth Prom A__• 21% 2155 22(4 3,220 2156
Common B
• 45
600 34%
4454 47
Amer de Forelgn Pow ware. 44% 44% 5155 5,300 38%
Arner Cis4 & Eleo corn_ _
23,900 104
13256 140
Preferred• 101
600 104
1065* 10754
Amer L & Tr corn new w 125 5955 5956 6354 2,000 62%
Amer Nat Gas corn v e- -• 12
14% 1,500
75(
12
Amer Pub Util pr pfd_ _100
10551 10751
150 90
Participating pref _100
102% 10251
50 10251
Amer States Pub Serv cl A.
200 1755
19
19
Jan
Jan
June
June
June
Jan
June
June
J103
,
June
Jan
July
Aug
July
115%
9%
49
28%
2814
50%
70%
167
10914
8934
19%
107.71
10211
26
June
Mal
Mar
Apr
Mar
June
Feb
Apr
Mar
Apr
Apr
Aug
Aug
Feb
[VOL. 131.
FINANCIAL CHRONICLE
33
3r5
34
45.6 555 2,100
3
3311 2,700
%
51 38,400
33
337i
ru 2,700
tit
9,600
34
X
434 May
Friday
Sales
Last Week's Range for
Public Utilities (Cana.) Salt
Week.
of Prices.
Par Price. Low. High. Shares
Amer Superpower Corp
• 2114 2151 23%
Coln, new
Find preferred
• 100% 100 100%
$6 cum preferred
• 1)2% 9251 93
ADDSLSChlan Cla/ cons.....
956 1056
5
Arkansas P & T. 37 pref. •
106% 10654
saw Ga.& El oars
• 33% 31
33%
Clam A
30% 3034 31%
bear allot Ws
18
------ 1003-4102
Hell Telep of Canada_ _ _100
151% 15154
Br villiaa Tr Li & Pow ord• 35
35
37%
Butt Nisi & FAO Pt Di--25 26
25% 26%
Cables & \Virgins
Am den Me B ord shs_ 41
55
55
Cent AU States Serv vi o-•
355
3
3%
Cent Pub Serv cl A
277
% 27
28%
Cent Mates Eleo oom
• 21% 2136 2356
Cony pref
100
120 120
pref without ware 100
7356 7336
Cities Serv P & L $6 pf---* 8954 8936 89%
7% preferred
100
98
98
Cleveland Flee Ilium corn.• 50
58
57
Com'With Edison Co-100 285
285 285
Comnewealth & Sou CornWarrants
374
356 3%
Community Watar Serv..' 1315 1355 1356
Coital G El& P Bali corn.. 114
114 115
Congo! Gast Util cl A
•
23
23
Cont G & E
pr pfd_100
106% 10034
Dixie Gas & Util corn.
...5
Doke Power Co
100
Duquense Gas Corp corn.•
Fain Gas it F Associated •
East States Pow B com___•
East Util Assoc cone stk.'
Elee Bond it Sh Co cora--•
•
Preferred
$5 cum pref w 1
Elec Pow its Lt 2nd pt A.'
Warrants
Empire Gas it F
p1100
Empire Pow Corp part stk*
Rralldre Pub Set,. corn al A'
Florida Pow & Lt $7 Df--•
Gas Lt & Coke Am dcp rts_
Gen Gas & Elec $6 Df
Gen Pub Serv $6 Pf
Gen Water Wks & El A-.
Georgia Power S6 pref. *
Hartford Rice
.25
Range Since Jan. I.
High.
Low.
44,700 20%
1,000 94%
200 87%
855
11,400
150 102
6,200 31
3,900 2015
125 97
25 146
10,100 115
1,200 2414
55
400
3
700
5,100 27
9,500 19
25 91%
100 c72
300 87%
100 93
300 5055
110 234
3%
64,400
800 11%
200 9011
200 2154
25 101%
1314 1356 1315
100 10
162% 162% 174
575 140
8,55
835 10% 5,800
8%
30% 30%
100 2555
28% 28% 31
1,200 18%
1315 1315
100 12
8371 190,000 70%
76
76
109% 10615 10771 2,800 1a.155
9455 9451 94% 2,400 9214
103 104%
500 9915
46%
40
40
600 2856
200 8031
8955 89% 89.%
200 39
4015 4055 41
900 17
17
1735
600 100
100
100 101
456 4%
200
436
300 74
78;5 78% 81%
93
93
93
100 80
28% 2851 29% 1,800 20
100% 100%
100 98%
50 82
88
89%
3915
10155
97%
1434
109
5154
46%
14734
15715
5514
26%
Apr
Ma;
June
May
Mar
Mar
Jan
AIR
Feb
AP!
May
July
2
July
634
Aug 43%
Jan 3931
Jan 190
Feb 83%
Mar 01
Jan 100
93
AMC
Jan 33515
Jan
Jan
Apr
AD/
Mar
Apr
May
May
Apr
API
June
Jan
Jan
June
Jan
Aug
June
June
June
Alig
Jan
June
0% Are
June 19% Apr
Jan 136% May
Jan 405 Apr
Feb 108% June
2356
209
12
42
44
1751
117%
109%
95%
107
7854
98
60
15
106
4%
97%
9114
2,0%
10355
9655
Mar
Apr
May
Apr
Apr
Mar
Ara
May
July
Mar
Apr
Apr
Feb
Feb
Apr
Aug
Apr
June
Juno
May
Mar
Internal Superpower
• 3555 35% 38
2,000 3035 JI.113
, 4614
Intermit Utilities cl A...* 40
1,500 3451 Jan 50%
41
40
Class 13
• 1254 12% 1251 2,300
654 Jan 1035
Warr for class B stock__
500
5% Aug 10
5% 555
Italian Super Power el A....•
500
836 June 10
836 9%
Warrants
415
415 June
456 456
100
9/4
Kansas Gas it: Else pref 100
Jan 108
100 106
10756 107%
tong Island Ltg corn_
*
100 3734 July 56
3936 3955
Marconi Internet Marine
Cornmun Amer dep rte.8 June 13
200
951 951
Marconi Wire]Tot Can__1
3, Jan
6
351
915
351 436 25,400
Maks ULU Assoc v t
q July
1014
100
7
7
Memphis Hal Oas
• 1311 1354 1334 2,300 10% Jae 2234
Middle Wert UtII eom
• 28
30% 6,500 24% June 38
28
Midland Nat Gas eta A- •
200 1355 June 16%
1574 1
Mid-West States Util cl A • 25% 24% 25%
900 24 June 2911
Mohawk & Ilud Pr 1st Pt-.
Jan 108%
175 104
10634 10714
2d preferred
June el10
25 102
106% 106%
Monogalicla West Penn
Pub Serv 7% pref__ _25
150 22% Feb 25%
2551 257
%
Municipal Service
6% Jan 16%
100
•
9
9
Mar
Apr
Apr
May
Ave
Feb
May
Apr
Nat Pow dr Lt $6 Df
•
Nat Pub Serv corn cl A_ *
Nevada-Calif Elec corn 100
N Y Pow & Lt 7% pf_ _100
T Toler)6%% isref--100
Wag de Bud Pr (new corps
Common
10
Class A opt warrants_ -Class B opt warrants_ -Class C warrants
Nor Stater P Corp com_100
pref
100
6% cum preferred__ _100
Past% Gar & El let pref_25
Peet% Pub Serv al Acorn.'
Pa Gas it, Eice class A._ •
Penn Water it Power
•
Peoples Lt it Pow oom A_.
Power Securities 2nd pf__•
Pug Sound P.5, L
pf100
Rockland Light & Power 10
So Celli Edison 6% pt B_25
535% pref class C....25
Sou Colo Pow Cl A
25
So'west Bell Tel 7% pf 100
Southwest Gas UM corn _•
So'west Pow dr Lt 7% pf100
Swiss Amer Flee pref. 100
Tampa Electric Co
•
Toledo Edison 7% pre( 100
Twin States Nat Gas el A*
Union Nat Gas of Can. •
Un Elec Scrv Am shs__
United Gas new corn
Pref non-voting
•
Warrants
United Lt it Pow cola A _-•
6% com 1st pref
•
US Ele Pow with wary_ _•
,
ULU Pow &Ltcom
•
West Mass Cos
10135 10115
23
118
11055
11555
15%
4%
9%
107%
9951
27%
26
30
97
2715
2216
12
71
1374
9514
3856
10731
11%
15%
10175
24
118
11134
115%
July
June
July
Jan
Jae
June
June
June
June
Jan
Jan
Mar
June
June
Jan
Aug
July
Jan
Tab
Feb
June
Feb
Apr
Apr
Apr
Apr
July
July
Feb
Feb
Aug
Apr
750 100% Jan 1035( June
500 2115 June 2614 Mar
Jan 14915 June
50 60
May
100 10555 Jan 112
12. 113% June 11754 June
1556 1655 21,600 15%
4
451 455 6,400
100
951 951
6
1,600
6
636
700 130
150 15255
300 9511
106 107%
40 9555
99
99%
27% 27% 1,200 28
23%
90
2551 2731
1471
10
14% 14%
200 7215
77
74
1,30
25%
32
30
90
9855 2,700 38
08%
4
10235 10255
2314 24
1934
90
26% 273
, 2,800 2415
1
22%
10
2456 24%
22
60
23
22
50 117%
121
121
756
12%
12
60
2 108
115% 11534
100 90
98
98
June
June
June
Aug
June
Jan
Mar
June
June
Aug
July
June
Jan
June
Jan
Jan
Jan
Aug
Jan
Jan
Jan
Jan
2454
6%
15%
734
In%
111
102
28
3954
18%
955(
46
05%
10214
2954
2731
2651
26%
121
20%
11555
9856
Apr
May
Apr
July
Feb
May
July
Juno
Apr
Mar
him
Mar
Aug
Aug
APT
Aug
Mar
Mar
Aug
Apr
Aug
May
Mar
400 54% Jan 99
72
70
20 10755 Feb 11035 Aug
11034 11055
700 1151 June 15% May
12% 13
May
Jan 35
200 25
30%
30
1754 Feb
100 1551 Jan
16
16
1351 1331 20,300 12 June 28% 'Mar
June
95% 96% 2,900 9156 June 99
5 June 11% Mar
5% 654 4,800
May
26,200 2714 Jai 50
3855 43
1,500 oyg Jan 110% Apr
10751 10955
11
13% 1,300 1055 July 2234 Feb
Mar
15% 1734 6.000 14% Jan 28
Apr
300 5854 July 68
6351
62
Former Standard 011
Subsidiary
Buckeye Pipe Line
69
Jan
300
50 54% 5474 5536
Cumberland Pipe Line_ _50
g
y
54 i
738
,
0
.
100 3 L July 6551 Apr
36
36
Eureka Pipe Line
5474 , Jan
100
100
39
39
Humble OR &
119
2,700
8515 8534 91
Ave
ee
Imperlal Oil(Canada)- -• 20% 2055 21
1, 58R June 30
4,000 18
Apr
Indiana Pipe Line
41
200
3211
Jan
10
32
National Trantet____12.50
100
2214 Jan
16% 1651
New York Transit
500 1055 June 21% May
10 1455 1455 1655
Northern Pipe Line
50 353-4 June 54
37
50 37
Feb
37
Ohio OU
31 3
500 62N Jung 70% June
Aue
26 6334 6351 64%
Corn now w I
31% July
32% 3155 3234 7,900
6% cum pref
Feb 108
SOO 103
100 106% 103 10655
May
Penn Men Fuel
400
32
25
25
Apr
24
Soler Refining
33
200
25
Jan
13% 1354
South Penn 011
600
45% May
25
3651 36%
Southern Pipe Line
20% May
100
10
18
18
Standard Oil (Indiana)__25 4955 49% 5074 24,700 37 J linge 59% Apr
43 jjA5juu:
: :nn
1637
Standard Oil(KY)
2,400 3014 June 40% Apr
10 3155 3155 32
Standard Oil (Neb)
200 44% Jan 4855 no
25
4756 4751
June 108;5 Mat
Standard 011(0) com___25 7931 7951 79.51
100 77
Preferred
10
5
15
100
70 17 % June 122
11754 119
Mar
Vacuum 011
25 81% SO% 85% 6,600 '70 34 June 97% Mg
Other 011 Stocks
Sates
Friday
Last Week's Range for
Week.
of Prizes.
Sale
Par. Price. Low. High. Shares.
Amer Contr 011Fields. __1
Amer Maracaibo Co
10
Argo 011 Corp
Arkans Nat Gam Corp corn•
•
Claes A
10
Preferred
Atlantic Lobos Oil pref._50
Carib Syndleate cosi
•
Colon Oil Corp, coin
Colum Oil& Gasol v t
•
Coaden On common100
Preferred
Creole Syndicate
Crown Central Petrol__
Darby Petroleum new corn.
Derby 011& Ref corn
Preferred
Gulf Oil Corp of Penna-25
Must 011(Tex) new corn 25
Indian Ter III on el A_...
•
Claes B
Intercontinental Petrol_ _10
•
Internet Petroleum
•
Kirby Petroleum
Leonard 011 Develop_ __25
Lion (10 Refining
•
Lone Star Claa Corn
925
FINANCIAL CHRONICLE
AUG. 9 1930.]
34
34
234 2%
1% 194
10
9
9
931
9
9%
734 7%
1
1
13.4
134
454
4
450
8%
8
8
45
39
40
60
60
65e 6%
634
90
%
12%
12
12
7
7
7
42
42
42
117% 117% 127%
17% 17% 20%
31% 3134 32%
31% 3134 3234
34
94
1854 18% 19%
111 1%
%
1% 17
134
20
19
3634 3650 39%
Magdalena Syndicate_ _ _ _1
Middle States Pet' A v t e•
•
Claw Byte
Mo Kamm Pipe Line__ _ _5
Cl B, vot trust etre._ _1
Mountain Prod Corn_ __10
•
Nat Fuel Gas
_5
New Bradford Oil Co
N Y Petroletun Royalty_.
North European 011
Pacific Western Oil
•
Panden Oil Corn
Pantepee Oil of Venezuela•
*
Paragon Refg 13 v t c_
Petrol Corp of Amer warr__
6
Plymouth Oil Co
Pure 011 Co 6% pro!.._100
Reiter Foeter 011 Corp_ _.•
Richfield 011 of Call/ pref 25
Salt Creek Consol Oil_ _ _10
Salt Creek Producers
10
Shrev Eldorado Pipe L_ _25
Southland Royalty Co- •
Sunray 011 corn
•
'Faxon 011 & Laud
Venezuela Petroleum__ 5
1
Woodley Petroleum
Y Oil& Gas Co
Mlnine Stocks
Arizona Globe Copper__ _ I
hunker 11111 & Sullivan_ _10
B'vrana, M'KubwaCop Mln
American shares
Comstock Tun & Drain 10e
Coneol Copper Ulnae__ _5
1
Cresson Consol G M
Oust Mexicans Mining._1
Engineers Gold Mines_ _5
Evans Wallower Lead corn*
1
Falcon Lead alines
First National Coppers_ _5
Gold Coin Mines, new.--Golden Centre Mines___ _5
Goldfield Cons Mines _ _1
25
Beata Mining Co
•
End Bay Min & Smelt_10
Iron Cap Copper Co
Neirmont mining corp-10
25
New Jamey Zino
5
Nipisaing Mines
•
Noranda Mines Ltd
1
Ohio Copper
Premier Gold Mining-.1
25
Quincy Mining
Roan Antelope Copper Ltd
Shattuck Dann Mining- •
1
So Amer Gold & Plat
Standard Silver Lead_ __ _1
1
Teak Hughes
United Verde Extension 60c
1
Unity Gold Mines
Utah Apex Mining
5
1
Walker Mining
%Vanden Conner tilning-1
5
Yukon Gold Co
234
34
20
1
10%
30%
1034
234
50
5%
254
20
1
9
30%
254
10%
250
15
A
350
26
95
3
131
11%
9
531
1%
15
3%
26
93%
3
1994
1%
1034
3-1
1,500
100
100
8,000
1,500
3,900
400
100
300
3,400
700
8,800
800
100
1,00
1,600
60
80
30
10
1111 1,30
10
7%
40
94
554 1,40
14
40
30
2%
10
4%
% 1,00
67% 6755
354
4
3%
%
4
Ins
11
2
116
34
2
34
4
2%
8
82
6434
134
2355
44
55
21
.is
630
951
234
2%
,
Ii
9
8
I%
82
64%
151
23
35
3-4
Low.
Bonds (Contintied)-
High.
34 May
34 Jan
1.000
134 Jan
3,100
434 May
Mar
150 Feb
200
1
5,400
0034 Apr
894 Jan
13,400
8% June 16% Ape
7% Feb
100
81-4 Apr
154 Mar
1
Aug
100
400
24 Apr
54 Jan
900
8% Feb
334 June
7,500
Aug 21
Apr
8
10,000 32
June 745( Jan
Apr
Aug 70
100 60
7% June
3,500
554 June
Mar
1
100
34 Jan
June 21% May
4 00 12
Apr
1,50
450 Mar 11
Apr
Jan 60
50 30
3,400 11754 June 16634 Apr
10,400 13
June 27% Apr
2.10
26% July 4734 Apr
60
26 34 July 53% APT
151 Mar
2,200
'A Mar
4,000 17% June
Apr
24
Mar
20
3
1% July
00
4% Apr
1
Feb
Apr
20
1814 Jan 29
55% Apr
2,00
3451 Jun
54
5%
250
22
154
11
31
2%
11
250
16
%
2
15
3%
27
05
331
1934
1%
750
9
534
13%
2%
4%
Range Since Jan. 1.
351
94
451
94
31
2
31
3-4
4%
%
,g
91
8%
1%
87%
6534
134
2331
3-0
15
1531
21
21
5
5
1
1
Ile
la
6%
911
51
74
11.1
131
234 255
Si
3.4
10
100
A Apr
5e June
4% Jun
1134 Apr
Apr
2% Jun
6
86% June
15
Jun
May
Jun
6
1
Jan 12% Apr
8
25% Jan 41% May
2% May
334 Mar
1036 Mar 1634 Jan
4% May
234 June
12% Jan 19% Apr
2% Mar
34 July
4% Star
1% Aug
Aug
1354 Apr 15
554 Apr
254 July
20% May 2734 Feb
June
93% Aug 99
5% Ayr
2% Mar
17% June 2334 Jan
250 Slim
134 June
831 June 15% Apr
7% Aug
734 Aug
Apr
Mar 17
9
June 10
5
Apr
1534 June
8% Feb
June
4% Mar
2
Mar
June
5
2
234 Apr
55 Jan
1-16 Jan
Mar
65
34
9555
Jan
Jan
Qtrolina Pr & Lt 56__ _1956 102% 102% 10234 70,000
Caterpillar Tractor le_1935 10231 102 10350 118,000
Central German Power
98
9854 10,000
1934 98
Os panic etfs
8,000
Cent States Elea 56- _1948 7634 7554 76% 55,000
79
77
5346-Sent. 15 1054 78
Deb
10,000
88
87
Cent Stated P & Lt 5 346'53 88
15,000
99% 102
Chic Pnetun Tool 5508 1942
13,000
81% 84
Chic 1118 5.°Us dep-1927
28,000
8750 88
1943 88
ChlIde Co deb 56
Cigar Stores Realt786% 20,000
1949 8651 86
534a aerial A
5,000
97
96
Cincinnati St Sty 68 13.1955
1952 9234 9234 9234 7,000
5545 series A
8234 8231 12,000
1966 8294
Cities Service 5e
1950 9834 98% 10055 1686000
Cony deb be
10,000
82% 83
Cities Service Gas 53181942
93% 14,000
92
Cities Bert Gas Pipe L 66'93
89% 30,000
Cities BETV P & L 53491952 8831 88
Conameze und Private
1937 8931 89% 8954 30,000
Bank 53411
9,000
0855 99
Com'wealtb Edison 434e'57
98% 9850 14,000
430s series E when iss '60
Consol 0 E L & P (Balt)1,000
105 105
1965
5s series F
1970 10054 100 10050 68,000
4548 series It
8,000
9850 99
Consol Publishers 6146 '36 99
Consumers Power 4348.'58 100% 100%e10054 58,000
90% 63,000
1958 9094 90
Cont'l & El 56
97% 23,000
Continental 011 53-4e...1937 973-4 97
36,000
100% 101
Crane Co 10-yr 5s_ _ _ _1940 10054
Crown Zellerbach 66..1940
23,000
96% 97
warrants
With
1040 10034 99% 100% 36,00
Crucible Steel 56
11,000
Cudahy Pack deb 55061937 9750 9750 98
100% 1004 5,000
1946
106% 106% 1,000
Det City 00.66 ser A.1947
10150 101% 14,000
1950
let 59 Fier B
34,000
5150 55
Detroit Int Bdgc 6349_1952 53
28,000
1952 2670 2454 27
25-yr 6 f deb 7s
Dixie Gulf Gas 6506...1937
16,00
0634 96 n97
With warrante
19,00
86
84
1945 85
416
Duquesne
East Utilities by 66
8034 71.00
79
1954 79
With warrante
15,00
102
Edison El(Boston)59_1933 101% 101%
116,00
Elec Power & Light58-2030 9231 9031 0236
El Paso Natural Gas
10134 0013-i 2;00
1938
6548
9,000
102 102
1943
6546 Series A
8436 12,000
Emplre 011 & Relg 5349'42 8436 83
Ereole 810relit El Mfg
5,000
81
80
--Os
63 with warrants_1953
European Elee 630s 1065
80% 7934 so% 68,000
Without warrants
14,000
90
89
Eur Mtge & Inv 7s C_1967 90
1,000
09
99
1950
794s series A
10,000
9731 98
Fairbanks Morse On 591942
9331 9434 8,000
Federal Water Serv 534854
3 June
1,500
an
511
200
Feb
1
Si Jan
3,000
3% June
8% Feb
400
Se July
50 Jan
800
2
Feb
% June
400
54 Feb
254 Feb
1% June
fi
3,900
Mar
3,400 1-16 June 3-16
Jan
400
% Mar
34 Feb
231 July
1,200
5% June
2% July
1,400
7
Feb
3,300 3-16
Jan
July
400
8% July
14
Feb
3,100
June 14% Feb
7
1% June
100
3
Jan
2,400 79
June 141% 6.10
1,200 64% Aug 91% Mar
600
14 May
134 Mar
3,000 20% June 95% Mar
20,300
31 June
131 Jan
1,300
51 Mar
154 Jan
300 15
Aug 45
Apr
200 19% July 33
Jan
200
5 June
9% Jan
1
July
200
23-4 Feb
100
Its Feb
• May
200
431 Jan
734 June
500
8% June 1655 Mar
100
Slay
"is Slay
1% Aug
700
3% Mar
200
1% June
451 Jan
2,600
34 May
% Jan
Aug
1,100
Feb
51
54
54
54
Bonds
97% 08% 119,000 93
Feb 68'% July
Alabama Power 934s-19137 08
10334 103% 10,000 09
Jan 103% July
1968
56
Jan 103% Apr
103 103% 10,000 100
1056 103
58
103% 104
23,000 10150 Feb 104
Aug
Aluminum Co if deb 6052 104
09% 100
24,000 9731 Feb 100
1948
Aluminum Ltd he
Mar
73,000 02
July 99% Mar
1940 0334 0234 94
Amer Com'ith Pr 69
Amer0 & El deb he. 2028 99% 9834 99% 101,000 9711 Jan 9936 Aug
91
91
6,000 91
July 9634 Jan
Amer Gas & Power 68_1939
American Power & Light
Jan 109
2016 10755 107% 10774 58,000 105
without warr
Mar
66,
9051 9951
1,000 9650 May 9936 July
Amer Radiator deb 4%s 47
Amer Roll 8111 deb 58_1948 0951 98% 9951 38,000 06% Jan 101
Mar
65
11,000 64
July 81
Corp 68_1030 64% 64
Amer Seating
Feb
Appalachian El Pr 58.1956 100% 100% 100% 131,900 0534 Jan 101
Mar
Appalachian Clas 68_1945 104% 104 10635 40,000 9954 Mar 145
May
95
1945 05
9634 79,000 05
Aug 101
Cony deb 69 B
Slay
106 106
14,000 10550 June 107
Appalachian Power Gs 2024
June
9850 11951 102,000 9354 Jan 0954 Aug
Arkansas Pr & Lt 5...1956 09
98
98% 122.000 98
July 98
Armstrong Cork 58_ _ _1940 98
July
taasociated Elea 43.49_1953 85% 85% 8631 96,000 82% June 90
May
Associated Gas& Electric
78
1949 76% 70
65,000 7134 June 87
Mar
4346 series C
83% 245,000 7834 Mar 88
1968 83% 83
Se
Jan
79
8036 13,000 79% Aug 87
1038 79
534e
Mar
1977 9754 97% 98% 28,000 90
June 105
534a
Mar
86
8631 11,000 86
Mar 86% Feb
Sim Haul 634s 1933 86
Assoe'd
s96
96% 41,000 02
Jane 108
A5500 Telep Util 53O6_1944 96
Feb
Butte Valve Bag Corp
108 108% 6,000 102
Jan 110
(is with warrants_ _194
Apr
Feb Ion% Aug
Bell Tel of Canada 59_1057 103% 103 103% 30,000 100
Jan 103% July
1st NI 55 series A _ _ _ I955 10334 103 10350 32,000 100
103 103% 17,000 102
1960
June 103% kAug
t
n egeries C May 1
8330 8454 132,000 83% Aug 91
City Elea 68_1955 84
Apr
97
97
5,000 97
Birmingham Gas 5s. _1959
July 0854 July
06% 11654 15,000 9
Boston & Alb RR 43113 '78
5% July 96% Aug
8,000
Jan . 103
Boston & Maine RR 68'33 102% 10255 103
Mar
Burmeister & Nialte(Copen)
10034 100% 2,0010 98
1940
Jan 101
15-year Os
Jlati
July 100% Aug
1940 1
15055 10034 100% 196,000 100
Calif l'ack deb 55
10034 10031 34,000 99
June 100% Aug
Canadian Nat by 4318 '55
108% 10834 2,000 107
1035
Apr 109
7s
July
10231 103
5,000 99% Mar 103
1955
Can Nat SS 58
July
98% 49,000 98
July 98% July
Canadian Pacific 4506 1960 06 r 98
Capital Adinin deb 58 A '53
79
79
3,000 74
Jan 82.4 Apr
Without warrants
51
10054
Friday
Last Week's Range Sales
for
of Prices.
Sale
Price. Low. High. Week
Finland Residential Mtge
1961
Bank 62
Firestone Cot Mills 56_1948
Flreetone T & R Cal69 1942
First Bohemian Glass Wlis
7s without warr _ _1957
1931
Flak Rubber 6345
Florida POWer & Lt 5'1_1959
Range Since Jan. 1.
High.
Low.
may
98% Jan 103
9931 Apr 193L4 May
98
71
72 34
86
97
68
82%
Aug 9834
Jan 84
Jan 89%
July DI
Jan 102
Feb 84%
Jan 91%
Juno
Mar
Mar
Feb
Feb
July
Mar
6234
989682
91
8234
34
34
91)
81
Jan
g
July
July
89
9934
97
88%
128
July 88%
Jan 95
Jan 09)4
Nisi.
Apr
Jan
Max
Slay
Mar
ADC
Mar
81% Jan
9351 Feb
97% July
Mar
01
Aug
99
9834 Aug
10534
100%
101
e10094
94
F
84
9 54 reb 98
100% July 101
July
Aug
May
Aug
Mar
Mar
Aug
09
10054
99
102
10750
102
89
75
Mar
Aug
Mar
June
July
June
Mar
Mar
101%
9934
96%
9134
Feb
July
Feb
Feb
06
98%
9539
9834
1045(
9734
50
20
June
Stay
Jan
Jan
Feb
Feb
July
July
68
84
Jan 99% June
Aug 10934 May
Mar
June 87
69
July
9954 Jan 102
Jun
9434 Mar
89
May
Jan 120
98
Jan 11534 May
98
Mar
82% J1113 89
78
Feb
87
79
July 80%
Jan 91
83
Mai, 102
98
Jan 98
93
90% Jan 97
Apr
Aug
Apr
Feb
June
APT
88
91%
81% 4,000
81
8855 19,000
88
9134 91% 13,000
75% Jan
Jun
88
9034 July
Mar
88
Ape
96
96% Mar
8234
36
86
8236 8254 1,000
38,000
32% 37
8734 37,000
86
Feb
80
3031 Aug
8250 Jan
84
Jan
7251 Feb
Mar
02
26,000 91
Feb 9731 Mar
05
Gatineau Power 58_1958 04% 0411 98% 14,000 9414 Jan 101
Mar
98
1941
Deb gold Gs
July
July 99
9754 98% 2,000 97
1941
66 series B
4,000 94
July 995( May
95
94
Gen Brous Corp conv 68'40 95
Jan
6.00
Aug 90
67
67
67
Gen Indus Alcohol 6349'44
July 66% June
5.00
40
41
41
Gen Laund Slach 636s 1937
1,00
95 June 98% May
9611 96%
Pub Utilities 68..1931
Gen
Mar
3,00
Jan 80
57
67
67
1948 67
Gen Rayon 6s
General Vending Corp
Feb
May 34
1,00
20
20
s20
warr Aug 151037
6s with
Gen Water Wks Gas & ElMay
June e96
2,00
88
83
88
1044
series B
f%
9534 Jan 101% June
100% 79,00
Georgia Power ref 5s_ _1067 10031 100
1953
Gesfuerel deb 58
90% 91% 13,000 90 June 9434 May
warrants
With
9134 9051 9134 6,000 9034 July 9231 June
Without warrants
July
1935 9934 9911 99% 28,000 9954 June 10031
Glidden Co 5 h5
Inc 63 '35
-Os
Gobel (Adolf)
9934 May
5,00
93
Aug
03
93
With warrants
Grand (F&W) Properties
May
June 92
4,000 85
88
87
Cony deb 6sDec 15_1948 87
Apr 10834 July
.107% 1077-4 7,000 105
Grand Trunk Sty 6548_1936 107% 3031 3031 3,000 30
Apr
July 52
Guantanamo tic West 55'58 3031
Apr
45,000 9954 Jan 103
102 103
1937 103
Gulf 011of Pa 5e
15,000 100
Jan 10354 May
10234 10334
Sinking fund deb 59_1047 103
July
97% 9855 37,000 92% Jan 100
1956
Gulf Stater. 11111 56
Stat
8734 8851 29,000 8434 Jan 90
Hamburg El & rind 536.'38
Jan 10034 June
4,000 97
100 100
Hanna (M A) Co 6s...1934
5,000 96% Jan 10054 June
100 100
100
Itanover Credit Inst 681931
Mar
2,000 88 June 9S
90
90
1936 90
Hood Rubber 76
June
Jan 100
18.000 64
9550 96
Houston Gulf Gas 0345 '43 06
41,000 67% Jan 698% June
95% 06
1943 96
&g
June
39,000 10034 July 108
10354 104
Bud Bay Min & Sm68.1935 10334 88
Mar
a,000 76
Jan 92
88
Hungarlan ltal Bk 734s '63
71% Apr
13,000 55% Aug
1949 5550 55% 6256
Uvalde Food 68 A
July 6654 Apr
61% 6250 2,000 55
1919
series 13
Gs
23,000 9734 Feb 10254 July
10134 102
111 Pow & Lt 5366 ser B '54 1
10,000 100
Feb 110% Aps
104 104
Hideo Oil & Gas deb 6.1939
Gas Util
Indiana Sweet
9854 9850 1,000 9850 July 9834 July
June 11040
Cony Gs
77,000 VG% Jan 10051 Any
Ind'polla P & L 59 ser A '57 100% 093-110094 37,000 98
July 126
Apr
99
Inland Utilities 6.-1934 9850 9850
Insult Utility Investment
203,000 9834 June 1125( Mar
warr '90 10134 101 103
fie err B without
2.000 97
June 9754 June
97
97
Intereon Pow 6s new _ _1948 97
18,00
93% Jan 16150 June
99 100
lilt Pow See Is ser E_1957 100
8050 8155 24,000 78% July 8851 Jan
Internat Securities /6_1947
Interstate Nat Ga.s 68 1936
1033-1 1033.4 1,000 100% Apr 103% Aug
Without warrants
83
Feb 93% Mar
8954 90% 24,00
Interstate Power 56-1957 00
6,00
8034 Jan 925( Mar
1952 8654 800 87
Deb 66
Ea A_1047
Invest Co of Am
Mar
7634 Jan 82
79% 705i 10,00
Without warrants
4
96% 31,000 1)I 3 Mar 97% July
fowa-Neb LAP Ie- _1957 9650 96%
1942
Isotta Frashchinl 7s
Jan 92% May
6,000 80
8894 91
With warrants
16,000 83
Jan 9634 Mar
Isarco Ilydro Eke 78_ _1052 91% 91 51 023-4
Italia n SuperPoWer of Del
Mar
7231 61,000 6650 July 80
Dabs es without warr '63 7150 6834 100
6,000 98
May 100
99%
June
Jersey Cent PAL 6811 1947 9954 10334 103% 5,000 102% July 10334 Aug
1945
535s aeries A
04 161,000 93
Jul
94
May
Kansas Gas & El 9348-1980 93% 9334 106
4,000 10034 Jan 10754 Juno
106
2022
6s
1936
Keivinator Co 65
90% 13,000 6951 Jan 91
90
APT
Without warrants
9930 9954 1,000 99% Aug 100
June
IIImberly-Clark Is A_1913
GAO deb 51_1997 10034 1004 100% 21,000 95% Jan I4 July
Koppers
1033-41033-4 14,000 99% Jan 1394 July
1950
5%a
4,000 97% Jan I
101 101
Mar
1935
Laclede G:ts 5548
Pow Secur 66.-2026 10534 105 10531 26,000 10251 Jan 107% Mar
(*Sigh
Leonard Tietz 73-49-.4046
105 105
3,000 105
July
Aug zI07
With warrants
Mat
Feb 100
99% 9934 093-4 4,000 93
Without warrants
0134
926
Bonds (Continued)
Libby, MeN & Libby 51'42
Lone Star Gas deb 5s_1942
Long Island Ltg 6s___1945
Loulelana Pow & Lt 58 1957
55
Dec 1 1957
Manitoba Power 6545-1951
Maas Gas Cos 634s-19413
58
1955
Mead Corp Os with warr'45
Mid States Petrol 64a 1945
Middle West Utll 5e-1932
Cony 5% notes
1933
Cony 5% notes
_1934
Cony 5% notes_ _ _1935
Midland Nat Gas 66_1935
MIlw Gas Light 4345_1967
Minn Pow & Lt 484-1978
Miss River Fuel 65.5. ig15'4.4
,
With warrants
Without warrants
Miss River Pow deb 581951
Mo Par RR 58 ser H_ _1980
Montreal L H &P col Os'51
58 series 11
1970
Morris & Co. 7345- _1930
Munson $S Lines 656e 1937
With warrants
FINANCIAL CHRONICLE
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
9651
95
9931
105
96%
96%
9651
9991
105%
97%
97%
Range Since Jan.l.
Low.
lifgh.
87.000 9051 June 9651
1,000 9655 Mar 9934
10,000 103% Jan 100
25,000 92
Jan 9855
38,000 96% Aug 9731
Aug
Mar
Feb
June
July
9931 100
6,000
% Feb 10051 May
10394 1034 103% 7,000 10155 Jan 106
Apr
98)5 9834 9891 71,000 97 June 9851 May
97
97
97
33,030 97 May 97% May
6491 6851 2,000 58% July 76% May
10051 100% 14,000 9815 July 100% June
995i 9951 99% 24,000 9834 July 9955 June
98
9955 14,000 98
Aug 10034 July
9831 98
9834 21,000 9691 July 9874 July
98% 98% 981.5 35.000 98% July 98% July
10051 100 100% 3,000 95
Jan 10055 Aug
9355 93% 94
53,000 8935 Jan 94
Mar
112
112 114
52,000 102
Mar
Jan 122
9751 9651 9755 26,000 9234 Feb
Julie
102% 10354 2,000 10035 July
:734 June
101% 10055 10151 147,000 99 June 102
Mar
101% 102% 22,000 0594 'an 102% Aug
102 102
5,000 10099 May 102
Aug
100 100
1,000 994 Jan Z!01
Feb
ft)
89
89
1,000
Bonds (Concluded,
-
rvoL. 131.
Friday
Last Week's Range Saks
Sale
of Prices.
for
Price. Low. High. Week.
Bun 011 5141
1939 102
Swift & Co 51 00* 15 1932 101
1st M e f 5s
1944
55 when issued
1940 10055
Tared Hydro-Elee 84s '53 81%
Texas Elec Service 58_1950
Texas Gas VIII 6a
1945 92
Texas Power & Lt 56_1956 99%
Thermold Co eti w w_1934 92
Tr' Utilities Corp deb 15s'79 8455
Olen Cm els
1944
Union Gulf Corp 5s Jul 1'50 9155
United Elec Lt et P 5s B'67 10151
United Elec Service 7s
With warrants
Without warrants_ _1956
United Indus Corp 6%5'41
United Lt dr Rye 655s-1952 92%
60 series A
1902
US Radiator
o /3 Rubber Is A.._..1938
Serial 656% notes 1931
Serial 655% notes...1933
Serial 655% notes 1935 96%
Serial 699% notes .1936
Serial 699% notes 1938 92
Serial 655% notes_1939
Serial 699% notes_ _1940 94
Serial tka w 1
1933 96
Valepar Corp cony 6s..1940
Van Sweringen Corp
66.'35
Virginia Elee Pow 55..1955 97
Virginian By 4559 B...1962 100
Range Since Jan. 1.
Low.
10134 102
11.000 100
Jan
10099 101
42,000 7955 Jan
102 10299 3,000 10051 July
100 10094 75,000 100
Aug
8131 8234 27,000
9791 98
15,000
91 n9495 126,000
9874 9951 109,000
90
9151 14,000
84
8554 28.000
8194
9754
91
95
824
78
High.
102%
101 1
4
1023(
100%
Mar
Mar
July
Aug
Aug 87 May
Aug
July 98
Aug 107% Apr
Jan 100% July
Jan 98% Mar
Jan 100
Mar
9155 9255 15,000
10155 102
60,000
10355 103% 22030
83
Jan 94% Mar
99 June 102
Aug
9951 Jan 10351 Aug
96
96
5,000
9255 93
6,000
9035 9056 5,000
91
93
44,000
10094 10191 4,000
82
1,000
82
9555
89%
84
a394
99
82
100
9555
90%
92
9091
92
93%
96
96%
94
9034
9039
9034
92
9234
96
2,000
100
9651 4,000
9051 1,000
92
1,000
9255 7,000
4,000
93
94
4,000
79,000
97
July 103% Apr
Jun 9755 Apr
Jan 9251 Apr
Jan 9455 Mar
July 104
Mar
July 88% May
Jan
Feb
Aug
July
June
J187
Feb
Aug
101
100
100
97
9634
9691
9794
100
Mat
Apr
Apr
May
Apr
Apr
Apr
May
85% June 103
Jan
Narragansett Mee Si A '57
10155 101% 54,000 97
Jan 10151 June
Nat Pow & Lt (is A_ 2026 105% 1054 106
31,000 104
Si series B
2030 92% 91% 92% 04,000 90% Jan 10855 Mar
July 94
July
NM Public Service 54-1978 75% 7031*
,
22,000 14
Jan 8611 Mar
National Tea Co .55_ _1935 98% 9856 77
9131 9135 9.000 9134 Aug 100
9856 17,000 98
Apr
July 9951 June
Nebraska Power 68 A_2022
108% 109
3,000 104
9653 9734 306,000 96
July 100% Apr
Jan 10956 Aug
Neisner Bros cony 6s...1948 85
85
85
5.000
101941013.4 1,000 9751 Jan 102
July
Mar
July 95
E Gas & El Assn 50.1947 90% 909' 9131 41,000 85
9951 10055 123,000 9635 Apr 10034 Aug
85
Jar 98
May
55
_1948 90% 90V 9071 4,000 85
Feb 94% May Wabash Ry 55 ser D
NY & Foreign Invest
1950 101
10095 10191 79.000 99 June 102% Mar
Waldorf-Astoria Corre545 A with warr_ _1948
85
85
5,000 79
Apr
Jan 90
lat Is with warr
N Y P&L Corp lat 445'67 96
1954
9554 9651 457,000 91
9,000 86
Jan 10334 Jan
Feb geyi Aug Wash Wat Pow fas w 1_1960 9035 9055 91
Niagara Falls Pow 6s_1950
10654 107
1039510351 37,000 9834 Jan 10354 July
41,000 105
Jan 107 June West Penn Elec deb 581930
Niagara Share/ Corp (Md)
8999 8939 9,000 88 June 93% Mar
West Texas Util 68
20 yr deb 555s May 1 '50 103% s103 103% 10,000
99% Apr 105% May Western NewspaperA_1957 9351 92% 9331 50,000 8934 Feb 9351 Mar
Nippon Elea Pow 63.15 1953
Union
92% 92% 1,000 88% Feb 94
Mar
Cony deb
North Ind Pub Saw 5s 1966
1944
102% 103% 22,000 9754 Jan 103% Aug Westvaco 65
4,000 82
82
Aug 9251 Mar
84
ils aeries D
Chlorine 551s'37 10251 10254 102% 3,000 101
1969 10351 10255 103% 12,000 9756 Jan 103% Aug
Feb 103% June
Nor Coat Util 599s A.194S
72
4,000 72
78
Aug 78 June
No Ste Pow 6%% notes '33 103% 10334 10331 9,000
10094 Feb 104% July
Foreign Government
Northern Texas Util 7s '35 112
111%
Feb 11271 July
and MunicipalitiesNorthwest Power 68 A 1960 98% 9899 11251 10,000 97
99
19.000 98 June 100
Mar
AgriculM tge Bk Rep of Col
Ohio Edison Is
1960 9871 98 100 328,000 98
Aug 100
7s J & J
Aug
Onio Power 1355 sex 1)_116 96
1947
1,000 7234 Jan 894 Mar
83
83
95% 9634 156.000 01
Jae 9631 Aug Brisbane
Se series B
1952
25,000 95
32,000 9835 Jan 10299 Apr Buenos (City)(35._ _ _1950 90
95
Aug 97 June
96
Okla Gas & Elea 5s1950 99% 101% 102
Alrea(Proy) 755e'47 100
9955 100% 27,000 9955 July 10094 Aug
9994 10055 49,000 9755 Jar 102
Ate
78
New when issued
1952
100y, 100 100% 15,000 9931 Aug 100% Aug
9651 9711 30,000 0494 Jan 10034 Are
6%a when 'staled__ _1961
Ontario Power 5998___1950
88
9434 9435 1,000 94;5 Aug 9434 Aug
8691 8851 26,000 85
July 96
May
Oswego Ely Pow 65. _1031
10199 10199 14,000 89
Jan 10155 July Cauca Valley (Dept) Rep of
Columbia eat's f 78_1948
Pie Gas & El lit 450_1941
76
76
Apr
2,000 68
Feb 89
76
Mar
Par Gas dc Elec 1st 4995_ 360 9654 96)5 9674 40.000 9354 Feb 97
Poe Pow & Light 55..1955 964 :9655 96% 21.000 9654 July 9534 Aug Cent Bk of German State &
9691 9614 123,00.7 9655 July 9655 July
Prey Banks as 15.....1951
Pacific Western Oil 6545'43 947
8255 8255 1,000 76% Jan 86% Mar
% 93% 95
67,000
Ian ria4 Ara
Danish rem Munic 545'56
Penn Cent L & P 450.1977
9951 9974 10034 11,000 979-9 Jan 101
May
93
9355 2,000 92
July 9315 July Danzig Port & Waterway
Penn-Ohio Edison6s__1950
Extl sink fund 6995_1952
Wittlont warrants
7,000 78
10334 102% 10391 22,000 99
78
Aug 85% Mar
78
Jan 10545 APr German CODS MUnle
545
7s '47 95% 05% 9634 22,000
1959 10131 101% 102
t
Jan 98% Mar
6,000 90
Jan 104;5 July
Os
Penn Dock & W 68 w w '49
1947
10,000 79;4 Jan 91
8634 87
Mar
9456 95
3,000 934 Jan ($8'i Ma, Hanover
Penn P dr L tat dr ref 1)'63
5,000 95% Jan 98% Mar
96
97
103% 10351 3,000 994 Feb 103;5 Aug Hanover (City) 75 w 1 1539
(Pros?) 6548_1949 91
1st ref 58 sec 13
1952
2,000 8655 Jan 95
91
91
Apr
107 107
3.000 9955 Feb 107
Aug Indus Mtge of Finland
Peoples Lt & Pow Is, 1079
78
80% 4,000 s7455 Feb 935.5 Mar
185 mtge roil 5 f
Philadelphia Elea 555e '47
Jan 10055 Aug
10755 10755 1,000 105% Jan 108 June Lima (City) Peru 78_1944 10014 10034 10031 4,000 97
.5a
6555 '58
1960
1,000 73
Jan 83
75
75
Feb
July Maranhao State
Phila Elea Pow 555s-1972 10655 104% 10431 1,000 10234 Feb 105
7051 71
Jan 85
6.000 66
Apr
106 10654 8,000 10451 Feb 106% Mar Mendoza (Pray)75_._1958
Fhlla & Suburban Counties
Argentine
External 7995 s f g 1951
G Sr E lot Sr ref 4545 1957
Jan 94% Mar
89
8931 3,000 85
10051 10011 2,000 9651 Mar 10056 Aug Mortgage Bank
Piedmont Hydro-Electric
(Bogota)
75 issue of 1927
6555 class A
1947
Jan 83 May
81
1960
8256 5,000 71
92
92
1,000 9155 May 92 May utsce Bank of Chile
Pittsburgh Coal6s-1949
68_1931 100
100 100% 47,000 969.1 Jan 10051 June
99% 99% 2,000 9991 Jan 10254 Mar Mtge Ilk of Denmark
Pitts Steel 9.
1948
9791 26,000 9891 Jan 984 Jan
103 10351 2,000 101st Jan 104
May Netherlands (Kingd)6M '72 87% 97
Poor & Co as
104% 104% 1,000 103% Mar 106
1939
Jae
102 102
6,000 102 June 11051 Feb Parana(State)Brasil 5 '72
Potomac Edison 6a---1966
751958 6899 6815 7031 33,000 65
Jan 52% Mar
Pow Corp (N Y) 5558 1947 10034 100 10051 17,000 1(491 Jan 100% May Prussia (Fee State) 65_1952 89
8834 8951 27.000 3115 Jan 9251 Mar
9555 9599 3.000 9534 July 99 May
Esti 611e(of'26)Sep 15'51 94
Procter & Gamble 455s '47
9311 94
15,000 CA% Jan 0744 Mar
99%
Pub Ser of N Ill 4915_1980 94% 94 10051 6.000 9551 Feb 10051 July Rio de Janerio 655s._1959 70
7051 17,000 67
Jan 85
67
Apr
9555 60,000 94
July 95% Aug Russian Government
PugetSound P & L 655s '49
102% 102% 20,000 9935 Jae 103
Air
699s
1919 5
let dr ref Is C
5,000
4 June
5
5
1115e 98
8
Jan
97
60,000 9,591 May 98
Aug
98
651s certificates
1919
451 4% 7,000
351 June
7
Jan
5348
1921
Queens Borough G & E
451 5
25,000
4 May
5
8
Jan
Saar Basin (Counties) 75'35 98
5938 series A
2,000 93
9651 98
Jan 101
1052
Apr
103 103
1,000 10091 Jan 10355 Apr Saarbruecken 75
4995
1935
101 10151 3,000 98
Feb 102% May
1958
90)5 9955 5,000 94
Jan 9955 Aug Sante Fe (City) Argentina 101
External 78
1945 87% 87
Reliance Management
8731 3,000 86
Jan 94
Mar
Santiago (Chile) 7s
56 with warrants__ _1954
1961 94
9334 93)1 14,000 9135 July 97 June
Mar
78
Remington Arms 515s 1930 9791 7555 71556 2,000 70 June 95
1919
9499 9691 15,000 9091 Jan 99
Apr
9751 0755 7.000 97
Apr 0954 Feb Sydney (City of) New 9495
Rochester Cent Pow 51 53
74
51.000 74
Mar
75
July 84
South Wales 534E1_1955
Ruhr Chemical 68 A._1948 74
8855 8851 32,000 8554 July 90% Mar
July
8171 81% 1,000 8191 Aug 63
Ruhr Gas 6516
1953
87% 29,000
Jan 89% Mar
Ruhr Housing Corp 655s'58 87% 87
8851 86% 87
27,000 Se
89% Ayr
At
• No par value. I Correction, In Listed on the Stook Exchange this week,
where
St L Gas & Coke 68_1947 71%
Mar additional transactions will be found. •Sold under the rules o
San tntonio Pub Sery65'56 97% 7151 71% 14,000 59 June 83
8019 for mush.
9795 98
33,000 91
j
Jan 98% June a Option sales. (Ex-right, and bonus. w When
Sextet Co let cony Os A '45
Issued. s Ex-dly a Ex-rts4hts.
99
10,000 99 June 100
99
chulte Real Estate 65 1935 99
e "Under the rule" sales as follow's:
Without Warrants
80
80
80
7,000 53 June 83 June
BeriP175(NW)591 -1943
,
9191, 91% 11,000 85
Jan 9334 June Amer. Commonwealth 65, 1949, Jan. 22. 33.000 at 1000107
Segal Lock & Hard 655s'40
9453
17,000 88% JulY 10354 May Amer. Gas Sr Electric 512028 May
Shawinigan W & P 43.4s 937
12, $1,000 at 9994.
96
9651 46,000 90% Feb 9651 Aug
455a series B
1965 9655 9534
Feb n9651 Aug Associated Laundries, Feb. 17. 100 at 4.
let 53 ser C when issued_ 102% 10255 n9651 35,000 90
10235 2,000 98
Feb 10291 June [Maw-Knox Co.. Jan. 2, 58 shares
ettawaheen Mills 7a_ _1931
at 31.
7,000 9655 Jan 10114 July
Sheffield Steel 545_.1945 10251 100% 101
10151 102% 16,000 97% Feb 10215 Aug Burro Co., Jan. 20,50 warrants at 454.
Sheridan Wyo Coal 6s 1947
71
70
Feb Central States Elec.. Feb. 6,
10,000 70
Aug 79
Silica Gel Corp 64s 1932
3,300 snares 6% pref. at 70.
With warrants
Mar Consumers Power 435e, 1958, Aug. 5 99,000 at 10091 •
99% 99% 5.000 97
Jan 107
Snider Packing 6s. _ _1932
66
66
Apr Donner Steel Feb. 27. 00 shares common at 33.
6751 17.000 59
Jan 75
Southeast P & L de___202t
General Water Works & Elec. 58, 1944, Jan. 29,
Without warrants
31.000 at 0091
10751 10691 10791 53,000
Feb 108 % Mar Gerrard (8. A.) Co., Jan.
Sou
Edison 5/....1951 103% 103% 10351 58.000 103
2. 10.5 shares corn. at 24.
99% Jan 103% July
Refunding 53
1952
10356 103% 23,000 9954 Feb n1034 Apr Gorham Mfg corn v. se. April 23. 1 at 4334.
Gen & ret 58
1944
10351 103% 10,000 10015 Jan 10355 June Happiness Candy Stores corn., Feb. 3, 100 at 155
Sou Cal Oaa 55
1937 9414 9391 9451 16,000 591
Jan 944 Apr Houston Gulf Gas, Mar. 3, 2 shares
58
at 19.
1957
South ni Natural Gas 65'44 100% 10011 10051 5,000 9835 Apr 10054 Aug Kopper Gm & Coke pref.,
,
May 6, 25 at 1023.4.
With privilege
0255 9251 93
to5
32.000 87
Apr Mohawk & Hudson Power,Feb. 0. 76 shares ad pref. at 11".
Jan
Sou New End Tel 5s _1970
Southwest G & E 5s A 1957 9099 10591 10554 1,000 103% June 108;5 Aug Nave Drug Stores. May lea 20 shares at 2
Mar Russian
95)5 11,090 91
Jan 97
So'west Lt Sr Pow M A 1957 95% 95
Govt. 5555, 1921 ctfs.. Feb.?, 96,000 at 7.
95
9571 12,000 9099 Feb 9739 Apr
So'weet Net Gas 6a_..1945 95
95
38.000 95 June 99 June Singer Mfg., Ltd., Feb. 18, 100 shares at 8.
96
So'weat Pow & Lt Os.
.1022 103
107% 108
14,000 103
Jan 10854 July
a "Optional" sale as follows:
Staley Mfg Co lit 65_ -1542
98% 99
4,000 9714 Jan 99% Ate
Stand Gas & Elec 65_1935 102
Burma Corp., American deposit receipt Aug.
10171 10251 22,000 10151 Au 510254
Debenture (is
2 100 at 23S.
1951 10095 10055 n101 5I 21,000 10055 Aug. n101% July Del. Elea.
Pow. 591a. 1959, Feb. 1(1,31,000 at 9214 •
Aug.
Debenture Os Dec 1 1966
101 101% 3,00 101
Aug 101% Aug Leonard Tiets 7998 1046 with
Stand Invest 554s -1939
warrants. May 12, $3,000 at 115.
90 39056 14,000 8199 Jan 93% Apr
Os without warr__. _1957 87
87
July Montreal Lt., Ht. dr Pow. Cons.. Feb. 10, 100 snares at Ola
87)5 3,000 83
90
:Nand Pow & Lt 68.
1937 100% 100 10055 99,000 974 July 10014 Mar Morris Sr Co. 755s.
1930, June 30, 32,000 at 10134
Jan
Stinnes(Hugo)Corp
Patterson-Sargent Corn., tom.. Jan. 16. 100 at
75 1946 without warrants 8355
2235
83
3.000 75
85
Feb 9655 July Railroad Shares
7s Oct 1 '38 without wart 86
Corp., common, June 26. 800 at 531
86
86% 3,000 8034 July 9051 June
Sou. Calif. Gas 55.1937. Feb. 15. 31.000 at 9054.
927
FINANCIAL CHRONICLE
AUG. 9 1930.]
Quotations of Sundry Securities
•2 *.
MI bond Priers are "and interest" except where market 1 •
Chain Store Stocks Pall BM. Ask, 'Investment Trust Stocks
Railroad Equip.(Coriad.)
and Bonds (Uteri.) Pat
ad N Y Merchandise (fem....1' •14
846
General Trustee common-First preferred 7%_100 90 04
Illinois Central Mis & 5e... 4.50 4.30
15
t 15
%
N bomu
6 ew units
4.90 4.60 Bh1112-WOSID Corp
Equipment St
99
6.50 4.35 Reeves (Danle0Preferred100 95
Equipment Ts & 81is_
Oreenway Corp corn
Canawha & Michigan Os_ 4.90 4.80 Roger, Peet Co oorn___10011115 130
2213
t 4821
Preferred irtth ware
5.00 4.50 Waft Co coin
FialMil City Southern 54e.
92
Warrants
Littbrille & Nashville 03„ 4.90 4.60
Cum cony pre! 7%-__100 si88
20
50
Guardian Investment
4.50 4.35 Silver(Woo) 4k Rena oom t 35
equipment 64e
22
20
Cony preferred
4.25 3.75 7% cum cony pref._ -100 80 87
ilebigan Central 5s
22 26
40
Preferred
.o.driment
4 40 4.00 Southern Stomata units
612 8
Guardian Investors
Mtnn St P & 813
4Lis & As 5.2.5 4.75 US Mores
75 16"
75
116 unite
Equipment SIft & 74.- 5.25 4.75
First preferred 7%...100 70
30
35
$3 unite
4.85 4.00 Young(Edwin H)Drug unite 100 105
kilseouri Pacific, Mis
90
_
117 preferred
5.00 4.65
Equipment Si
s1912 2212
Incorporated Equities
4.75 4.50
Mobile Az Ohio 5s
60
5212
Inoorporated Investors
Standard Oil Stocks
New York Central Mis & as 4.40 4.20
Industrial Collateral Am..
4.90 4.60
Equipment Si
6.50 6.25 Atlantic Ref corn
25 63514 36Industrial dt Pow See Co... "ZIG
Equipment 711
Ills
20
4.40 4.10 Borne Serymeer Co
Insuransbaree Cas Inc
Norfolk & Western 4 Lis
25 •14
34
Inter Germanic,Trust
4.40 4.00 Buckeye Pipe Line Co. -50 •62 55
Northern Pacific Ts
Int See Corp of Am corn A-- 40
4.5 4.30 Cheeebrough Mfg Cons-25 •145 155
Pacific Fruit Exprees 7s
_
1012
20
Common B
•
4.3s 4.20 Continental 011(Me) t o 10 *10
Pennsylvania RR equip
8
*19 4 20
Allotment certtficates.....
6.7 4.40 Continental 011 (Del)
PItteb & Lake Erie 6tis_
4.4 4.25 Creole Petroleum
Reading Co 4548 & 58
(1) 4:512
St Louie & Ban Francisco 5e 4.65 4.45 Cumberland Pipe Line_100 80 :
04 Pre referred
7%% iferred
460 4
Seaboard Air Line Mis & fle 6.50 4.90 Eureka Phis Line Co_ _100 35
41% tireferhare
418 Int6rstate Bred Corp
41
.
4.50 4.25 Galena Oil corn
Southern Pacific Co 4
(t)1
1311 34
4.50 4.30 General Petroleum wi
Equipment 72
Invest Co of Amer eons
96
4.60 4.40 Humble 0114 Refining. 25 •85
Southern Ry 4 ris 45,
erred
7
8V
4.90 4.65 Illinois Pipe Line
Equipment 6s
N
100 310 315 : InIeet prei d
% Fun
•20
2018 Investment Trust of N
_- s914 1014
Toledo & Ohio Central St.... 4.90 4.70
,
Union Paelfte 7e
10 *31 4 33
4 50 4.30 ImperialOp9 Lino Co
Invest Tema dissociates-- 1612
ndanit Pipe
30
s
4
1
/ Joint Investors class A
International Petroleum... •183 18
National Transit Co-12.50 *1012 17
Oonverilble preferred.... 100 106
15
Aeronautical Securities
Keyetone Inv Corp Claus A_
15
New York Transit Co_ __100 14
15
4
/
401
Claes B
Northern Pipe Line Co-100 36
4
1
/ Ills
10
Aerouautica I Ind without war
25 .631s 64
Leaders of Industry
01,10 011
9
3
4
/
4
/
112 2
Warrant/3
4
1
/ Massachusetts Investors-- 411 4412
common........... 311 82
New
57 4 60
4
1
/
,
Air Inveetore common
100 106 1061z Mohawk Invest Corn
4
1
/ 412
3
Preferred
812 10
4
1
/ Mutual Invest
Alexander Indus COM
55 .22 23
I
4
4
/
11 13 Penn Max Fuel Co
Short Term Securities
5s 3 / Nationwide Sec Co tr cif B
Sir 9
8% participating prof_
25 535
4
71
Prairie 011 & Gas
75
1012 11
4
1
44
12
Nat Re-Inv Corp
25 • / 45
Allis Mal Mfg Se May 1937 102 10212 American Airport, Corp
1411 North Amer Uill Sec
Aviation Corp of Calif
4
1
/
5812 113111 Prairie Ma Lim
5
25 .12
Al= Cool Amer ea May '52 103 104
•16
Bellanea Aircraft Corp
'34___A&O 9634 97
ISPe
SeouhelatrRerntiningLine CO-50 .36
Am Metal 6%'
f2
-- 1- 8
19
3712 North Amer Tr Shares
25
South Penn Oil
6
64
Amer Rail deb 4%s May :47 99 9914 Central Airport
1
44
3
52
4
1
/
Ceetina Aircraft new corn_
North & South Am B eern_
southwest Pa Pipe Line-50 .
4
Am Roll Mill deb 5s_Jan '48 984 99
8114 6112 Oil Shares units
,
48 s 5314
/
1724 18
Standard Oil (California)--t 1,
Amer Wat Wks 513'34._ AM) 1011 10111 Consolidated Aircraft
10
12
1
/
4
Old Colony Invest Tr cam_
2
Consolidated Instrument...,
3 Standard Oil(Indiana)
-25 *494 50
of Can (ffe A _Mar '55 1023 103
BellTel
85
3112
88
4
44% bond,
Curtiss Flying Service
514 6
Standard Oil (Kansan)._25 *31
Baldwin Loco 5 Sis '33 M&S 1018 102
40
43
3114 Old Colony Tr Associates
,
Curtiss Reid corn
1
2
Standard Oil (Kentucky).10 .31
Cud Pkg deb 546.0et 1937 07 4 98
.4.6
1948
80
Curtise-Roberteon tom
40
Standard Oil (Nebreaka).25 •58, 48Ov &twee 56
BostonEdison El Iii
100
6814 Pearl° Invent Corp
.
314 3
Berton Airpl Engine
25
12 Standard Oil of N. J
t
eLi% notes_ _-_Nov 1930 35 37
ISetrolt Aircraft
First preferred
100
4
1
/ 43 Standard Oil of N Y
4
25 83118 3112
4
Fisk Rubber 5 e.. _Jan 1931
7814 79
Second preferred
Fairchild Aviation class A_.
25 .
Standard Oil (Ohio)
312 4
General Motors AMPS
52
64
Federal Aviation
100 /118 11812 Power & Light Seca Trust_
Preferred
5
n2
5% ear notes-Mar 1931 10012
, --,
4
1
/
20
23
Standard 011 Export Prof-- 102 10312 Public Utility Holding
0% tier notee-Mar 1932 100 4 104 .4 Fokker Aircraft let pl
10
Common with warrants... 1812 187g
1932 100 10012 Klnner Aire! & Motor
25
4
/
5% ear notes...Mar
2 11 Swan & Finch
4
263 27Warrants
5% see noted _ Mar 1934 9012 10014 Lockheed Aircraft
512 Union Tank Car co
Research Inv Corp ann._ Ii"
Maddux Air Lines aim
25 8024 83
12
vacuum 011
5% ear notes_ _ Mar 1935 9914 100
60
99
4
1
/ National Aviation
6 4 10
Units.
-- 1
3% ear notes. Mar 1938 99
712 lOxa
New Standard Aircraft
3
Royalties Management_
10
uli 011 Corp of Pa
7
Seaboard Cont Coro unite_
55-Deo 1937 10114 10214 Sky Specialties
Investment Trust Stocks
11
Debenture
Common
05
and Bonds
10
Debenture 5s-Feb 1947 103 10312 Southern Air Transport....
Swallow Airplane
Second Financial Invest
5
L,SPOsrs Gas & Coke1
/
Second Intermit See Corp-. 22
Adinsli & Research A
5
Debenture 5e-June 14147 100 1004 Warner Aircraft Engine.... a3
-17 19
4
8
Common B
WhittelseY Mfg
3
Amer & Continental
KIR Pet 4143.Feb 15'30-'35 9712 100
42,2
6% preferred
Amer & For Sc Corp units
Mariand Oil
_
4
1
/
Second Nat Investore
Common
&Hai 5% notes T'ne 1531 100
Water Bonds.
Selest True% Shares__
4
1938
64% cony debs
Serial 5% notes In.1532 10014 16633
4
1
/
Amer Founders Corp corn-- 10 4 114 Shawnuit Assn corn
Was Gas Cos Mie Jan 1948 102 10313
2012 22
Ark Wat 1st 5a A '50__Adr0 94
87 _
Shawmut Bank Inv Trust_
Cone preferred
Peoples Gas L & Coke
82 87
43 473
firm WW la 5 4134'54 A&O 101 103
4
454.
Dee 1930 100
8% preferred
Cis
85
let MS.1934 ear B.
4814 5214
99
4
1
/
go
-J4
96
5s
47
7% preferred
Proc & Garnb 414s July'
161
22c 26o
4 -6
/ 10 - city W (Chat)51-isA154J4D 101 103
Se
1-40ths
Sioes-Shef 8 & I 44-1931 991
14c 18e Southern Bond & Share 1999924522
M Si 1954
J&D 114
1:70the
Swill &
1
7
City of New Castle Water
Common A
Warrants
notes....Oct 18 1932 100 8 101
56 Dec 2 1941
8
Common B
J&D 93
Amer & General See 6% peel
Union 01.1 Is 1935____F&A 1005 101
Clinton WW let 511'39 F&A
15
Preferred
92
1932-A&O 10014 101
Class A
United Drug Be
1214 )7i;
Comir'th Was let 5 46.1'47 99
3 --- Standard Collateral Trust..
Class B
Debenture is 1933-A&O 10014 101
912 1014
Conliss W Se 0c021117 AdrO 92
15'1 Standard oorpuratIon
Amer 111POrallre Story oom. 13
E St L & lot Wat Ea '42 „Ida
,
6 4 714 Staudard investing Corp.-93
9412 Amer Invest Trust Shares_
let hi 6e 1942
100 104
54% prat with ware_ - 74 '8"6"
J&J 1001 10112 Amer & Overseas pref
4
1
/ 107
9
s
Standard 011 Trust She.
Huntington let lie .54.M&B 102
Par
Tobacco Stocks
Amer By Tr 896 06
:
56
sitandard tTtIlItIes
1954 93
Astor Financial
hionm Con W 1311141'50 J&D 9012 92
54
85
---- Straus IT. W.) Inv. Units
Stlantle Seeur I ties corn_
American Cigar preh.. 100
4
1
/
8
SOc
Super Corn ot Amer A-Warrant,
firitish-Amer Tobao ord __el 82511 2712 Moron Val W 654e '50.J.4.1 97
S's 8
441
4
1
/
CILese B
( vB
LI *2512 27121 Muncie WW 5sOct2'39 A&O 93
Preferred
Bearer
2212 2412 St Joe Wet 54i 1941
Trustee Stand Oil See A
A&O 93
Imperial Tob 01 011 & herd
Bankers Financial Trust...,
1 8
17'5
Shenaugo Val W 58'56.A&O 88
ins Cigar Machinery.--100 105 115
81)
Bankers Investnat Am
/412
/1
77
So Mae Wet 1st 5e 1950.14.1 93
'refuse TrivsmortatIon
lonneon Tin Fell& Met..100 55 65
Bankers See Tr of Am corn__
95
14
let M 5if 1955
814
Ure ted Pied She ear Y
,
84
F&A 98
Bankinstocks Holding Corp.
Upton Cigar
•1
4
Terre H WW Ss '49 A_J&D 1001
United Mindere Corp cow
Onion Tobacoo Co Class A
Bankshares Corp of US el A
let lll 5s 1950 ear B F&D 92
1-70the
ilankatocks Corp of hid Cl A
Young (.1 8) Co cova----100 97 102
Wichita Wat let Its 149..MM3 1001
50c
100 101
United Trust Shares A 2
Preferred
Clam B.
let hi 5e 1958 ear B.F&A 93
12
Ii d Elec Pow Corti
7
Preferred
111s
718
Industry Shares-(t)
Bade
1
/
104 17112 C C ShamaIclaaa A
107s 12
Illase A
British Type Investors
37
32
1
/
A 2
4
1
/ 104
9
Indus. & Miscellaneous
'ant Nat Corp A
231a
Chian Store Stuck.
17
12
1
CI1198
Claw H
40
100 25
6
Class C 2
Aeolian Co pre'
Chelsea Exchange class A__
13
8
Berland Store' unite new.
100
ii
10
3
Aeolian Weber P & P
Claes C 3
550
171/4
Class 11
90
2412 2512
25 *5812 5812 Bohaek (H C)Inc.
4
153
Ainerie.an Hardware
Chew D
iolonial Investor Sharee_
7% let preferred
100 123 125
tlaboock & Wilcox
151a 161
Chen F
4
100 10
...ionimouwesIto Snare Corp..
0 105
20
Butler (James) common_
1 •19
412 9
4
1
/ 1112
10
('lass 11
Miss (E W) Co
ni.
Continent' Nietroixii Corp_
3
60 •56
Preferred
312
Preferred
11 8 Brit Internal Mao It..
100 PlO
3ontinental Shares MM.._
,
100 •106 ill" Diamond Shoe common_ _
15
Childs Core Drat
38
loritinental SecurItiee Corp
38
Preferred with wart
42
67 761
Dixon (Joe) Crucible
95 99
100 160 168
Preferred....
Edison Bros Stores own
1714 194 ri CP Elec T.t dr Pow tr etf A
fe
Srela88rrAed
,
35 4 374
12
Safety Car Ht & Ltg.... 100 115 130
4
16Corporate Cap Corp units-.
Preferred
...1
911 10
Trust ars ger 13
090 95
Singer Manufacturing--100 450 470
(t)
Deferred stock.
4
it 8414 43 Fan Farmer Candy Sh rif_t •
U 14 Overseas Corp corn.
1
/
Singer Mfg Ltd
29
- 164 171s
33
Credit Alliance A
Fishman (H hi) Stores own
712 74
1
/
16
corporate Trust Shane- _
20
Preferred
Sugar Stocks
95 103
Crum & Forster Dour
Cli MI & Pao Tea pref_100 117 120
00 1 Fajardo Sugar
57
4
100 4 / 49 4
ance shares corn
4
1
5
(80 103 ! Gorleheux Sugars Inc
Howorth-Snyder Co A......... 13
25
7% preferred
1•
Knox Hat
100 70
05 ---Railroad Equipments
Preferred
u
90
60
8% preferred
et
Kobaeker Storer coin.....t 25
4
103 1112 Flay Win Corp Amer
9
Depos B•kshares ger N
35
Curn pref 7%
Atlantic Coa.st Line Se..100 4.35 4.50
20
4
1
/ Holly Sugar Corp oom
_100 585 90
912 10
26
Se.rles 11-1
1 •
4 50 4.30 Krems (S 111 0% mei
4
/
221 23
Equipment 6)-4s
Preferred
914 1014 Diversified Trustee She A-.
70
100 60
4.90 4.60 Lerner Stores 6)4% Of w w.1
a
191s 197 National Sugar Ref-.100 29
Baltimore & Ohio 6e
3012
Shares B
90 96
4.50 4.30 Lord & Taylor
Equipment 44e & 5e.
100 n175 350
4
1
/ Sla New Nihilism Surear....100 12
7
Series C
16
4.70 4.40
First Preferred 6
Buff Roth & Pate equip Os
Savannah Sugar COM
t 877
%
---83
100 595
- Eastern Bankers Corp tom
4.80 4.25
Second preferred 8%.100 11100 11.
Canadian Beane 44e &
Preferred
5
100 85
116
Units
4.90 4.00 MaeMarr Stores 7% pf w w 80
RR of N .1 6e
20
10
Central
Sugar Estates Oriente D1.100
Enult Investing Corp units.
14
9
Chesapeake & Ohio Se-- 5.00 4.60 Melville Shoe Corp
Vertientas Fewer [fret
100 20
Equity Invest Corp corn.... 22
26
4.60 4 30
1st Dad 0% with warr_100 86
60
Equipment 6Lis
92
Unita
4.50 4.25 Metropolitan Chain Stores
Equipment 54
Federated Capital Corp.... 10 "ff" Rubber Stocks (Cleveland)
New preferred
Chicago & North West Se.. 4.90 4.60
Aetna Rubber corn
100
55
NOW units
1 •6
4.55 4.30 Miller Cl) & Sons oorn____t 1
Equipment 6411
Falls Rubber oom
514 1814 First Amer Corp
4
t
- 1.70 4.40:
Preferred
(Ede R 14 Pau Mis & be
Preferred
%
100 82
88
First Holdlog & Trad
25 •
10
5.0(1 4.70: Mock Judson & Voeringer pf 88
Equipment as
41
1
8
-- / Faultless Rubber
Fixed Trust 011 shares
92
•35
37
5.01) 4,75 Murphy (0 C) Co corn-t *50
Southern
'Colorado &
Gen') Tire & Rub ecnn......55
55
Fixed Tried Shares el A _(t)
130
t
4.90 4.60: 8% cum pref
Delaware & Hudson Os
100 100 108
(t) 1614:
Preferred
Class B
80
4.90 4.80, Nat Family Stores Inc warr at
Dood T T & RobC pi.1°° r109561' 107
Erie 45484 fie
Indiay'rh. .6 a uf b
.
Foundation See corn
4
r
100
4
2
6.10 4.75 Nat Shirt Shops cam__ t n1112 1412
Equipment 6s
Preferred
•15
16
4.90 4 601
Preferred 8%
Great Northern 6e
. 100 n80
Monawk Rubber
90
Founders Sec Tr Mel
10
4.50 4.25 Nedlek's Inc tom
•0
Equipment 56
-,
Founders Shares
Preferred
8
99
100
9 - 60
4.60 4.40 Nelaner Bros Inc Pref 7%100 100 115
6.4 - -34 Selberling Thu & Rubber__ t ' -3
looking Valley 56
7 :
General Equitiee A
8
-1,
64
4.90 4.60 Newberry (I) Co 7% p1100 90 95 (]en Pub Bert 6% ore
93 1 ----1
Equipment Si
,
Preferred
IOU
1
40
i
1
Public Utilities
Par Bid. Ask.
Amer Public Ufa oom -100 11212
7% prior preferred --100 10312
100 102
..‘rsio preferred
sneroachlan El Pr peel.. 100 108 109
Arizona Power 7% pref _100 85 99
seraelated Gas & Hie:f•92 95
ib ordered
It) •54 60
Cleve Elea III corn
100 112 114
a% preferred
100 118111i712
Col El & Pow 7% PI
41
Eastern UM Assaf com-t *40
1312
•13
stock
Convertible
Gen Public 1701 $7 prel-t .85 87
1111entestppl Ely Pow Id-100 108 ____
Fires mtge Si 1951-__J&J 10212
4
1
/
M&N 97
Deb Be 1947
National Pow & Li $7 preLt •10911 111
4
/
*1011 102
58 Preferred
Northern States Power-.100 145 151
100 106 107
preferred
7%
1071, 10911
Ohio Pub Sere 7% pref-100
94 97
6% preferred
& El lert pre1-25 *2712 28
Pacifterhis
Puget Sound Pr dr Li $8 pf.t .98
•87 90
$5 Preferred
1st & ref 534e 1949--T&D 102'z-_
100 9012 9212
layEl & Pow 6% PI
Sierra Pao El Co 6% pf_100 92 94
Stand Gas & El $7 Dr Pf -(r) •111 113
(t) 89912 10012
$6 prior pref
Tenn Elec Pow let [ref 7%- 10912 11014
100 904 101
8% Preferred
:
Toledo Edison 6% peel..-- 931 9412
104 106
5% preferred....
100 110 111
7% preferred
-_
.2%
_-_-
__-_
•per seers
I No par value. 0 Basle.
Parch. also pays acre. dly.
1 892
, - 116112.
81 14010121.
a Ifs-dIV
Ex-rights.
r Canadian quotations. a Sale pries.
928
butestuunt anxt.alaihold Intel1igente-4
Latest Gross Earnings by Weeks.
-We give below the
latest weekly returns of earnings for all roads making such
reports:
Current
Year
$
4,240.947
4,595,000
26,250
286,470
414,269
4,202.793
568,200
1,453,532
Period
Covered.
4th wk of July
4th wk of July
3d wk of July
3d wk of July
4th wk of July
4th wk of July
4th wk of July
4th wk of July
Name
Canadian National
Canadian Pacific
Georgia & Florida
Minneapolis & St Louis
Mobile & Ohio
Southern
St Louis Southwestern
Western Maryland
Previous
Year
Inc. (-I-) or
Dec. (-).
5355,463 -1,214.516
6,148,000 -1,553,000
27,800
-1,550
317,590
-31,120
492,889
-78.620
5,174,217 -971,424
670,940 -102,740
1,540,134
-86,601
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.
American &
Foreign Power Co., Inc.
-Month of June- 12 Mos, End. June 30
1930.
1929.
1929.
1930.
$
$
$
$
6,781,179 5.178,374 75,023,509 45,554,230
3,430,747 2,604.108 37,269,328 23.502,343
Gross earnings
Net earnings
American
Water Works & Electric Co., Inc.
(And Subsidiary Companies)
-Month of June- 12 Mos. End. June 30.
1929.
1930.
1930.
1929.
$
$
3
$
Gross earnings
4,427,529 4,325,961 55,060,661 52,208,684
Oper. caps., maint.& taxes
2,238,689 2,212,702 27,668,675 26,391,189
Gross income
2,188,840 2,113,259 27,391,986 25,817,495
Less
-Interest and amort. of discount ofsubsidiaries 8,478.429 8,038,226
Preferred dividends of subsidiaries
5,512,490 5,154.279
Minority interests
17,223
28.370
Total
Grose Earning:.
1929.
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
s
$
474,780,516
506,134.027
513,076.026
536,723.030
531,033.198
558,708,135
585.638,740
565.816,654
607,584,997
498,316,925
4118.182.822
1930.
450,526.039
427,231.361
452,024,463
450,537.217
462,444,002
Dec.(-).
456,387.931
505,249,550
474.784,902
510,543,213
502,455,883
512,821,937
557.803,468
558,003.668
617,475,011
531,122,999
495,950.821
1029.
486.628,286
475,265,483
516.620,359
513.733.181
537,575,914
3
+18.292,585
+10,884,477
+38,291,124
+26,120,817
+28,577,315
+43,884,198
+27.835.272
+9.812.986
-9,890,014
-33,806,074
-27,767,999
-36.102,247
-48,034,122
-64,595.796
-63,195,964
-75,131,912
Net Earning:.
Month.
1929,
January
February
March
April
May
1929.
Balonce
Reserved for renewals,retirements nad depletion-._ 12,004,037 11,277,448
4,313,425 4,292,054
S
108,987,455
132,122,686
110,884,575
129,017,791
127.514.775
137,625,387
174.198,544
178,800,939
216,519,313
157,192,289
138,501,238
1929.
117,764,570
125,577.866
139,756,091
141.939,648
147,099,034
Mlles.
242,884
241.185
240,958
241,280
241,608
241,450
241,026
241,704
241,622
241.659
241,864
1930.
242,350
242,348
242,325
242,375
242,156
1928.
Miles.
242.668
240,427
240.816
240,798
241,243
241,183
241,253
241.447
241.451
241,326
240,773
1929.
242,175
242,113
241.964
242,181
241,758
A19101031.
$
+17.381.398
+7.516,400
+25,937.085
+17.754,091
+22.659,557
+30,793,381
+16,758,860
+2,612,246
-12,183,372
-30,028,982
-32.186,071
-23,005,176
-28,128.967
-38,202,064
34,815,878
-35.711,276
7,690,611 6,985.393
Engineers Public Service Co.
(And Constituent Companies)
-Month of June- 12 Mos. End. June 30.
1930.
1930.
1929.
1929.
$
$
$
3
4,415,821 5,154.883 52,109,228 42,429,581
Gross earnings
()mutton
Maintenance
Depreciation of equipment
Taxes
1,852,428 1.697.623 22,453,909 18,234,795
273,432
307,699 3,697,957 3,111,353
188,015
100,804
14,716
17.725
328,749
311.319 3,506,590 3,044,938
Net operating revenue-_
Income from other sources__ 1,943,486 1,823,523
96.882
64.901
Balance
2,040.368 1,888,424
Per Coif. Interest and
amortization
560,234
634,682
Balance
1,405,685 1,328,190
+15.95 Dividends on pref.
stock ofsub. cos. (accrued)
+5.68
+23.39
Balance
+12.00 Amt.applic. to com,
stock of subs.in hands of public
+17.77
+22.87
+9.62
+1.46
-5.63
-19.11
-23.12
-19.55
-22.40
-27.46
24.54
-24.22
Other Monthly Steam Railroad Reports.
-In the following we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, 86c., or where they differ in
some other respect from the reports to the Commission.
Canadian National Ry.
Gross earnings
Working expenses
13,383,841 12,596.619
1,379,804 1,319,170
Net income
Inc (-I-) or Dec.(-).
1928.
$
126,368,848
139,639,086
136,821,660
146,798,792
150,174.332
168,428,748
190,957,504
181,413,185
204.335,941
127.163,307
106,315.167
1930.
94.759,394
97,448,899
101,494,027
107.123.770
111.387.758
February
March
April
May
June
July
August
September
October
November
December
Balance
Int. and amort. of disc. of A. W.& El. Co.,Inc
Inc.(+) or
1928.
14,008,144 13,220,876
Length of Road.
Month.
-Month of June- -6 Mos.End. June 30-1929.
1930.
1929.
1930.
$
$
$
$
19,405,728 23,016,481 109,311,988 130,843$19
17,160860 20,409,850 98.002,775 109,138,048
Bal. applic. to res. & to Eng. Pub. Ser. Co
22,262,754 17,937,690
515.143
921,791
23,184,546 18,452,834
7,273,714 5,570.030
15,910,831 12,882,803
4,137.053 3,263,812
11,773,778 9,618.990
97,712
97,841
11,676,066 9,539.149
Federal Light & Traction Co.
(And Subsidiary Companies)
-Month of June- 12 Mos. End. June 30
1930.
1929.
1930.
1929.
$
$
$
Gross earnings
659.067
65%.085 8,471,197 8,267.641
Open expenses (not Includ'g
Federal income taxes)
.374,117
377,536 4,646,713 4,686,204
Total
272,549 3,824,484 3,581,437
Fed.income & profits tax(eat) 284.950
204,000
17,000
17,000
192,000
Net income
267,950
255,549 3,620,484 3,389,437
Interest and discount
112,443
105,214 1,312,828 1,151,789
Total income
155,507
150.335
Preferred stock dividends:
Central Arkansas Public Service Corp
104.853
104.830
New Mexico Power Co
1,452
531
Springfield Gas & Electric Co
69,939
69,547
(
Balance after charges
2,131.412 2,062,740
Jamaica Public Service Ltd.
(And Subsidiary Companies)
-Month of June- 12 Mos. End. June 30.
1930.
1929.
1930.
1929.
2,244,867
$
$
$
Gross earnings
6%,012
61,872
808,119
724,533
Oper. expenses and taxes
Interoceanic Railway of Mexico.
38,229
36,025
478,949
426,124
Ise
1V
6 19 ): End.
Net earnings
27,783
25,846
329,170
298,408
1930. of 129.
Interest charges
7.271
6,377
75,389
Pesos.
75,099
Pesos.
Pesos.
Pesos.
Gross earnings
1,177,512 1,101,049 6,039,398 5,621,831
Bal. for reserves, retireOperating expenses
1,107,364 1.042,799 5.383,460 5,118,381
ments and dividends20,511
19,469
253,780
223,309
The above figures are converted from £ Sterling at the rate of $4.86
Net earnings
503.449
655,937
70.147
58,250
2-3
Percentage exp. to earnings
91.04% to the il. Beginning with the month of April, 1930, the current year's
94.04%
94.71%
89.14%
earnings and expenses include operations of St. James Utilities, Ltd. The
Kilometers
1,644
1.644
12 months'figures include these earnings from Tan. 1 1930. "
Net profits
2,606,630 11,309.212 21,705,770
.12.31
1
National Railways of Mexico.
-Month of May- 6 Mos. End. May 31
Philippine Railway.
1929.
1929.
1930.
1930.
-Month of May- 12 Mos. End. May 31.
Pesos.
Pesos.
Pesos.
Pesos.
1930.
Gross earnings
1929.
1929.
1930.
9,745,583 10.149,653 47,356,633 43,962,842
Operating expenses
$
8
$
$
38,178,866 38,289,761 Gross operating revenue7.853,663 8.632,123
--52.672
773,736
52,394
737,221
Operating expenses & taxes
43,080
41,137
Net earnings
550,528
527,323
1,891,919 1,517,530 9,177,767 5,673,081
Percentage exp. to earnings._ 80.59%
87.10%
80.62%
85.05%
Net revenue
9,591
11,256
223,207
209,898
Kilometers
11,395
11.584
Interest on funded debt
28,496
28,496
341,960
341,960
Electric Railway and Other Public Utility Earnings.
-Below we give the returns of ELECTRIC railway and
other public utility companies making monthly returns which
have reported this week:
Net income
-18,905
-17.239 -118,752 -132,061
28,214
74.685
Income approp.for investment in -hysical property_
Balance
-146.966 -206,747
Puget Sound Power & Light Co.
Bangor Hydro
-Electric Co.
-Montlz of June- 12 Mos. End. June 30
1929.
1930.
1929.
1930.
$
S
$
$
Gross earnings,
156,991 2,175,281 2,013.325
169,992
Oper.expenses and taxes---919,117
81,291
983,307
86,163
Gross income
75,700 1,191,974 1,094,208
73
.9:ieiR
Inkerest, &c___„
228,636
219,153
16,841
Net
865,572
972,821
58,859
64,758
Preferred stock drvidencis
264,749
274,886
Depreciation
124,856
132,009
Balance
475.667
555,926
Common stock dividend
294,702
417,352
Balance
14.574
181,265
(And Subsidiary Companies)
-Month of June- 12 Mos. End. June 30.
1929.
1930.
1930.
1929.
$
Gross earnings
1,347. / 9 1.282,268 16,926,532 15,717,242
33
Operation
547,461 . 515,254 7,583,418 7,161,060
Maintenance
98,977 1,207,662 1,104,373.
88,751
Depreciation of'equipment
14.716
188,015
17.725
175.440
Taxes
74.721
76,608
760,541
720,766
Net operattig revenue.... 618,679
576,711 7,186,894 6,555,00i
Incomefrom other sources
63,224
57,22,3
647,422
622,57
Balance
681,904
633,934 7,834,317 7,178,179
Interest and amortization
3,364.615 3,052,851
Balance ,
4,469,701 4,125.327
AUG. 9 1930.]
FINANCIAL CHRONICLE
(The) Pullman Company.
Sleeping Car Operations
Berth revenue
Seat revenue
Charter of cars
Miscellaneous revenue
Car mileage revenue
Contract revenue--/)r
-Month of June- -Jan. 1 to June 301929.
1930.
1930.
1929.
6,669,223 7.368,552 36,024.483 28,293.157
747,178
828,051 4.454,848 4.804,308
501,652 1.087,610 1,356,860
269,279
2,180
15,859
33,222
93,958
142,803
76,385
942,403
604,973
633,075 1,027,202 3.136,405 4,337,639
7,197,590 7.763,298 39.406,163 40,715.619
Total revenues
Maintenance of cars
All other maintenance
Conducting car operationsGeneral expenses
2,568,048 2.527,883 15.454,032 15,398,783
39.472
43.222
297,862
253,158
3,102,502 3,133,228 18,145,986 17,573,808
292,783
253,702 1,704,931 1,495,407
Total expenses
Net revenue
Auxiliary Operations
Total revenues
Total expenses
6.002,805 5.958,036 35.602.812 34,721.158
1,194,784 1,805,261 3,803,351 5,994,461
121,863
105,185
124,515
110.311
Net revenue
1,211,483
264.053
Total net revenue
Taxes accrued
Operating income
750,542
637.430
14,204
16,698
799,191
689,400
109,791
113,112
1.819,465 3,913.142 6.107.573
399,536 1,282,102 1,920.137
947,430
1.419.929
2,631,039 4,187,436
Railway Express Agency, Inc.
-Month of May- -5 Mos. End. May 311929.
1930.
1920.
1929.
$
$
$
$
--Domestic --_- 23,011,845 26,036,157 103.316,132 117,090,299
Express
1,812
Miscellaneous
899
7,672
4,440
23,013,657 26.037,056 103.323,805 117,094,740
Charges for transp'n
-Dr_ 11,937,769 14,193,202 49,494,666 59,747.171
Express privileges
Rev, from transport'n 11,075.888 11,843,854 53,829,138 57,347,569
305.324
337,067
Oper. 0th. than transp1.367,518
1,462,014
Total opor. revenues_ 11,381,212 12,180,922 55,196,657 58.809,583
Expenses
690.023
735,915 3,393,753
Maintenance
3,605.945
38,948
21,572
Traffic
165,270
109,260
9,785,282 10,611.113 47,451.793 50,840,993
Transportation
599,007
633,972
General
3.043,047
3,108,155
Operating expenses
11,113,261 12,002,574 54,053,864 57,664,354
Net operating revenue_ Uncoil, rev. fr. transp
Express taxes
Operating income
267,951
838
118,988
178,348
1,112
132,959
1,142,793
5,904
615,740
1,145,228
8.880
743,614
148.124
44,277
521,147
392.733
San Diego Consolidated Gas & Electric Co.
Gross earnings
Net earnings
Other income
-Month of
1930.
$
571.450
294.135
317
Net earns., incl. 0th. McBalance after interest
294,453
June- 12 Mos, End. June 30
1929.
1930.
1929.
S
$
$
543,162 7,241,734 7,241,764
250,239 3,467.609 3,471,453
108
31,727
3,375
250,348
14
11(38, 2. gIctim
929
Earnings for the 6 months ended June 30 1930 were $98.355,355. This
compares with $151,860,310 for the corresponding period a year ago.
After deducting dividends on preferred and debenture stocks amounting to
$4,832,766. there remains $93,522,589, being the amount earned on the
common shares outstanding. This is equivlaent to $2.15 per share on the
common stock as compared with $3.38 per share for the first half of 1929.
Including the non-operating, non-recurring profit mentioned above, the
total earnings for the first 6 months of 1930 amounted to $105,932.428,
which is equivalent to $2.32 per share on the common stock outstanding.
Cash, U. 8. Government and other marketable securities at June 30
1930 amounted to $175,693,782 as compared with $127,351,530 at Dec. 31
1929, an increase of $48,342.252. Net working capital at June 30 1930
amounted to $290,577,234, compared with $251,287,782 at Dec. 31 1929.
From the above statement of the corporation's cash and working capital
position it will be recognized that notwithstanding the prevailing unsatisfactory conditions and the subnormal rate of operations, the strength of the
corporation's financial position has been well maititained.
For the 6 months ended June 30, General Motors dealers in the United
States delivered to consumers 657,829 cars. This compares with 847,751
cars in the corresponding period of 1929. Sales by General Motors operating divisions to dealers in the United States amounted to 679.572 cars.
This compares with 929,384 cars in the corresponding period of 1929. Total
sales to dealers, including Canadian and overseas shipments, amounted to
764.219 cars. This compares with 1.171,868 cars for the corresponding
period of 1929.
The unfavorable comparison of both units and profits recited above in
relation to the previous year is a direct reflection of the current economic
conditions prevailing not only in the United States but in practically all
other markets of the world that normally are important factors in the
absorption of General Motors products.
Dealing with the relationship of volume of this year as compared with
last, it is gratifying to note that notwithstanding the reduction, the corporation's percentage of the total automotive business as measured both by
units and dollar volume, has been well maintained.
While the decrease in earnings from the standpoint of our stockholders
Is naturally to be regretted, it is felt that the relation of earnings to volume
in comparison with the previous year, is a favorable one,as it is a recognised
fact that a falling off in volume is normally accompanied by a much greater
reduction in profits because of the influence of fixed or uncontrollable
expense which must go on to an important degree irrespective of conditions.
Expressed otherwise, with a reduction in dollar volume of 30.1% the
reduction in net operating income has been 35.2%.
The relationship, or the result just described, was made possible because
of an early anticipation that the change in economic conditions which
developed timing the late summer of 1929 night prove to be moreformidable
and far reaching than was generally appreciated. On the basis of this,
General Motors determined to readjust its operations in the expectation of
a decline in volume in 1930. With the full and whole-hearted support of
every member of the organization, a program of adjustment was instituted.
Every expense was exhaustively scrutinised with a view to reappraising its
value in relation to its cost when measured by the changed circumstances.
It is believed that a creditable result has been accomplished in thus adjusting the corporation's operating structure in harmony with the changed
economic conditions.
While it is to be regretted, from the standpoint of all concerned, that
knowledge of the fundamentals of economics and philosophy of industry
has apparently not yet developed to the point where the business cycle
can be said to be under control, on the other band it appears to me that if
we view the situation with the right attitude of mind that an opportunity
is presented not only to General Motors but to all other business and
industrial organizations of establishing higher standards of effectiveness.
If we are frank with ourselves we must admit that during any long period
of prosperity such as we have recently passed through, inefficiencies will
creep in; we become less sensitive as regsrds the relationship of expense
and result; we become too self-satisfied; our attitude towards intensive
work becomes less constructive. If we will recognize and capitalize these
and other influences and thus establish new and still higher standards.
then when the business adjustment has been completed-which is only a
-we can go forward with renewed strength and still greater
matter of time
confidence in our ability to cope with the problems of the future. We are
striving earnestly to do that very thing in General Motors.
Sierra Pacific Electric Co.
(And Subsidiary Companies)
-Month of June- 12 Mos, End, June 30.
1930.
1929.
1930.
1929.
$
8
$
$
112,627 1,429,335 1,423,282
122.262
Gross earnings
37,846
Operation
39.600
567,389
523,529
8.285
5,951
Maintenance
90.020
96,514
13.313
Taxes
14,777
168,857
162,997
Net operating revenue_ _ _ 59,598
55.516
603.068
640.241
Interest and amortization
54.933
62,696
Balance
548,134
577,545
Tampa Electric Co.
(And Subsidiary Companies)
-Month of June- 12 Mos,End. June 30.
1929.
1930.
1930.
1929.
$
' $
s
s
351,413 4,580,851 4,595.138
Gross earnings
355.890
Operation
162,290 1,883,003 1.928,769
146,997
Maintenance
25,789
26,732
325,816
341.760
Retirement accruals.
41,539
42,051
550,273
542,101
Taxes
28,893
28.845
300.089
318,712
Net operating revenue_ __Interest and amortization
111.727
92,436
1,521,668 1,463,795
47,285
53,254
Balance
1,474,383 1,410,540
4 Pursuant vi order of Florida Railroad Commission,retirement
.
accruals
for a large part of tho property must be included in monthly operating
expenses and such an accrual is included for the entire property.
FINANCIAL REPORTS.
-An annex to annual reports of steam
Financial Reports.
railroads, public utility and miscellaneous companies which
have been published during the preceding month will be given
on the first Saturday of each month. This index will not
i
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Aug. 2. The next will appear in that of Sept. 6.
General Motors Corporation.
(Resultsfor Three and Six Months Ended June 30 1930.)
Alfred P.Sloan Jr., President, Aug.6 wrote in substance:
Net earnings of General Motors Corp.,including
INCOME ACCOUNT FOR 3 AND 6 MONTHS ENDED JUNE 30.
1930-6 Mos.-1929.
1930-3 Mos.-1929.
Period
Sales of cars and trucks-units:
Retail sales by dealers to con496,672
657,829
371,139
847,751
sumers-United States
General Motors sales to dealers
516,211
679,572
356,129
929,384
United States
General Motor sales to dealers.
incl. Canadian sales and over764,219 1,171,868
648,749
395,584
seas shipments
5
324,764,336 494,020,087 614.318,789 879,149.987
Net sales-value
Profit from oper. & income from
inv., after all exp, incident
thereto, but before providing
for depreC. of real estate, plants
74,275,071 117,425.380 140,123,800 200,927,649
and equipment
Provision for deprec. of real
9.348,970 8,697,054 18,806,880 17,041.065
estate, plants Os equipment
64,926,101 108,728,326 121.316,920 183,886,584
Net profit
Non-oper. profit from the sale of
1,375,000 shares of Gen. Mot.
common stock to Gen. Motors
9,517,943
9,517,943
Maagement Corp
74,444,044 108,728,326 130,834.863 183,886,584
Net profit
Less provision for:
Employees'say. & invest. fund 2,981,913 3,422,470 6,272.879 6.732,278
Deduct profit on inv. fund stk.
787,508 1,596,683 1,458,414 3,213,747
reverting to Gen. M.Corp
Empi,say. dr inv. fund-net _ _ 2.194,405
Payment to Gel. Mot. Management Corp.(in 1929 Prow.
for employees' bonus 4: amt.
due Managers Securities Co.) 4,856,000
Special payment to employees
114
under stk. subscription plan
Total
1.825,787
4.814,465
8,238,000
8,100,000 13,442,000
120
3,518,531
69,676
72,120
7,050,519 10,061,907 12,990,141
17,032.651
Net Income before Income taxes 67,393,525 98,666,419 117,844,722 166,853.933
Less prow,for U.S.& for. Inc. tax 7,489,000 11,465,09.) 12,030,000 19,335,000
59,904,525 87.201,419 104,884,722 147,518,933
Net income
Gen.MOCCorp.propor.of net Inc. 59,904,525 86,793,309 104,884,722 146,600,320
Divs,on pref. & deo. cap. stocks:
2,068,795 2,298.286 4,440,987 4,594.495
7% preferred
19,952
22,209
41,109
45,247
6% preferred
27,505
31,571
56,780
6% debenture
64,094
293,890
Preferred. $5 series
293,890
2,410,142 2,352,060 4,832,766 4,703,836
Total
equities in the undivided Amt. earned on cam. capital stk_..57,494,383 .84,441,243.100,051,956°141.896,484
profits of subsidiary and affiliated companies not consolidated
for the •Nofe.-Incl. the Gen. Motor
second quarter amounted to $53,386.768. '1 his compares with
Corp.'s equity in the undivided
$89.949,323
for the second quarter of last year. After deducting
dividends on preferred
profits of Yellow Truck & Coach
and debenture stocks amounting to $2,410,142, there ren ales
Mfg.C,o., Ethyl Gasoline Corp..
Z50,976,626,
being the amount earned on the common shares outstanding. 'nue js
1 ,c1m
29)
a
Oael n1 ( 1Ter:, April, L d ,
V pux 01 1:
equivalent to $1.17 per share on the common stock as
compared with
S2.01 per share for the corresponding period of 1929.
Dendix Aviation Corp. (sine:
the above there is a non-operating. non-recurring
In addition to
May 1 1929), Fokker Aircraft
'vont
of $9.517,943 resulting from the sale of 1,375.000
shares of General Motors
Corp. of Ainer. (since June 1
conmion stock to General Motors Management Corp. in accordance
with
1926), General Motors Radio
action taken by the stockholders at a special meeting held March 5
193(1) and Gen. Mot.
Corp.
This is equivalent, after the provision for Federal income taxer, 1930.
Accept. Corp. and Gen. Exch.
$0.17 per share on the common stock. The result is that the , kc., to
total net
Ins. Corp. (in 1929 only; Inearnings, both operating and non-operating,for the second quarter amounted
come for 1930 is consolidated). 58.553,699 87,597.257
to $60,963,841, equivalent to $1.34 per share on the common stock
outthe amount earned on tile cornstanding.
MOB capital stock is
101,099,602 147,156.474
930
SUMMARY OF CONSOLIDATED SURPLUS.
1930-3 Mos.-1929.
1930-6 Mos.-1929.
$
Surplus at beginning of period_ _ _390,501,846 310,288,832 380,560,273 285.458.595
General Motors Corp.'s proportion of net Income, per summary of consolidated income__ 59,904.525 86,793,309 104,834,722 146,600,320
Capital surplus arising through
the exchange of 6% pref. and
6% debenture capital stocks
for 7% pref. capital stock
38,355
4,545
15,030
13,545
Capital surplus transferred to reserve for sundry contingencies,
by order of the board of directors
1)738,355
Dr15.030
Total
Less cash diva paid or accrued:
7% preferred stock
6% preferred stock
6% debenture stock
Preferred stock-85series
Total
Common stock
450,410,916 397,082,141 485,458,540 432,058,915
4,440,987
41,109
56,780
293,890
4,594,495
45,247
64,094
2,410,142
4,832,766
2,352,066
32,625,000 45,675,002 65,250,000
4,703,836
78,300,006
2,068,795
19,952
27,505
293,890
2,298,286
22,209
31,571
Surplus at end of period
415,375,774 349,055,073 415,375,774 349.055.073
CONDENSED CONSOLIDATED BALANCE SHEET.
AssetsJune 301930. Dec.31'1929.
Cash
$131,048,483 $101,085,813
United States Government securities
26,265,717
31,429,791
Other marketable securities
13.215,508
Gen. Motors Management Corp.,serial 6% deb
7,000,000
Sight drafts with bills of lading attached, and C.O.D.
Items
13,579,613
10,323,260
Notes receivable
1,977,363
2,183,695
x Accounts receivable and trade acceptances
33,866,865
39,572,735
Inventories
188.472,999
159,772,602
Prepaid expenses
3,712,575
2,369,410
Investments in sub..fe affiliated cos. not consol
207,270,443
213,061,359
General Motors Management Corp.,serial6% debs
43,000,000
yGen. Mots. Corp.stks held in treas. for corp. purp_ _
69.929.476
7,073,347
Real estate, plants and equipment
609,880,375
616,605,819
Deferred expenses
18,168,099
18,336,230
Good-will, patents, &c
50,680,426
53,271,638
Total assets
$1,348,263,877 $1,324,889,764
LiabilitiesJune 301930. Dec. 31 1929
Accounts payable
$42,894,667
$32,255,505
Taxes, payrolls, and sundry accrued items
22,401,424
28,492,142
united states and foreign income taxes
28,701,486
28,067,641
Employees savings funds, payable within one year
9.010,571
7,814,380
Contractual liability to General Motors Management
s, Corp., due March 101931
8,106,000
Accrued dividends on pref. and deb. capital stocks....
1,615,015
1,602,582
Extra dividend on com.stock, payable Jan.31930._
13,050,000
Reserves:
Depreciation of real estate, plants and equipment
194.094,963
207,043,412
Employees investment fund
9,915,825
5,094,840
Employees savings funds, pay.sub.to one year..._
32,412,619
35,628,473
Employes bonus
12,539,544
Sundry contingencies
3,333,577
4,423,328
7% preferred stook
135,513,800
109,538,300
6% preferred stock
1,410,500
1,289,900
6% debenture stock
1,991,700
1,784,600
Sk preferred stock
z26,303,200
Common ($10 par)
435,000,000
435,000,000
Int.of min.stithicirs. in subs. with reap.to cap.& surp
443,800
443,800
Surplus
380,560.273
415,375,774
Total
$1,348,263,877 81,324,889,764
x Less reserve for doubtful accounts in 1930, $1,813,732; in 1929. $1,549,336.
ylIn 1930, 139,731 shares corn.; 7,550 shares 7% pref.: 100 shares 6% debenture.
z.Authorized, 1,875,366 shares; issued, 354,568.25 shares.
-V.131, p.796. 636.
Commercial Investment Trust Corporation.
(Financial Report-Six Months Ended June 30 1930.)
President Henry Ittleson July 31 wrote in substance:
Operations..
-The net volume of bills and accounts purchased during the
six* montlui amounted to $207,204,728, compared with $265,106,369 for
the first six months of 1929 and $129,865,493 for the first six months of 1928.
All determinable and known losses have been written off. Reserves considered adequate to protect the corporation against any possible future
losses and unforeseen contingencies have been set up in accordance with
the corporation's usual practice. After the customary deferring of unearned income and after provision for taxes, the consolidated net profits
available for dividends amounted to $4,738,683. compared with $4.042,116
for the like period last year, and $2,246,590 for the first six months of 1928.
Deducting the dividends on the first preferred stock and on the serial
preference stock, there remains available for dividends on the common
stock $3,203.942, which is equivalent to $1.53 per share on the average
number of shares of common stock outstanding during the period. This
compares with $2.24 per share on the average number of shares outstanding during the corresponding period of 1929, calculated on the basis of the
split-up of 2)4 shares for 1 in October, 1929, and with $1.66 per share
during the corresponding period of 1928 calculated on the same basis.
Finance.
-On May 1 the final 82.000.000 of the 5% serial gold notes
matured and were paid out of current assets.
During the six months $16,000 of the 6% convertible debentures due in
1948 were converted Into 658% first preferred stock and through the operation of the purchase fund $423,000 of such debentures wore canceled. The
required retirement of 3% of the largest amount outstanding of the 638%
and 7% first preferred stock has been anticipated for several years in the
future.
During the six months' period the corporation has purchased its senior
securities at prices at which the yields are greater than the average cost
to us of borrowed money. Common stock has also been purchased in
moderate amounts and has been added to the stock available for future
acquisitions and for resale from time to time to executives and employees.
The common stock so purchased is carried on our books at the stated value
of $8 per share and the balance of the purchase price has been deducted
from paid-in surplus.
Activities.-Since the report for the year ended Dec. 311920. the business
of the subsidiary, Commercial Factors Corp., has been augmented by the
addition thereto of the business of the old and well known textile factors
Scherer, Schramm & Vogel. This firm and its predecessors have been in
business for almost a century and the addition of its connections and its
staff to Commercial Factors Corp. constitute another important development in our factoring unit.
During the past six months purchases of automobile paper have becreased
In line with the general business recession. However, the purchases of
industrial receivables have increased, and although the total purchases
have decreased, it nevertheless proves the soundness of the policy established by the corporation some years ago of diversifying its activities and
increasing the number of the industries that it serves. This policy will
be continued.
The volume of your corporation's business in its several departments
for the first six months of 1930 as compared with the volume for the year
1929 Is as follows:
6 Mos. End. 12 Mos.End.
3 .71
8 2
June 30 '30. Dec.3 1'9.
Retail domestic automobile notes
Wholesale domestic automobile acceptances20.92%
23.97
Textile factoring accounts receivable
20.00
24.78
Other domestic industrial receivables
18.52
An foreign receivables
6.24 0
'.-. Total
100.00%
100.00%
Oulloolc.--When the business recession began last fall it was hoped that
it would run its course within a relatively short period of time. Unforeseen factors have intervened to delay business recovery. Notwithstanding
a diminution in business activity, the total volume of the business of the
(VOL. 131.
FINANCIAL CHRONICLE
country nevertheless remains large and requires substantial financial service. The corporation's commodities are credit and service. This specialized combination is in demand and will continue in demand in one form or
another at all times. The condition of the corporation's assets is inherently sound: its capital and credit position is exceptionally strong: it has
large unused borrowing
_facilities available for expansion; its organization
Is trained and loyal. We have found no reason for lessened faith in the
Integrity and responsibility of those who use the corporation's credit facilities. We have, therefore, complete confidence in the corporation's
future and in its ability to meet the responsibilities which the eventual and
certain advent of enlarged business opportunities will offer.
COMPARATIVE INCOME ACCOUNT 8 MONTHS ENDED JUNE 30
(INCLUDING SUBSIDIARIES).
1930.
1927.
1929.
1928.
Volume of bills and accounts purchased----207,204,728 265,106.369 129,865,493 90,019.434
Net income after taxes &
after all deductions for
losses, credit reserve
and contingencies2,262.758
4.064,729
4.467.797
1,286.888
Divs. received on stOCir
purchased for resale to
empl. and for redemp_
270,886
18,832
34.487
12,386
Total
4,738.883 4.077.116
2,281.591
1,323.353
Divs. on pref. stock of
Merc. Accept. Co35,000
35,000
35,000
Divs. paid on pf. stocks.. 1,534.741
391,224
407,118
420,731
Divs, paid on corn. stock 1,673,537
1,310,311
798,300
797.400
Stock diva, common stk_
510,961
261,824
Balance
Surplus Jan, 1
Paid-in surplus
Surplus adjustments
1.019,445
2.078.756
11,366,494
6.998.158
29,289,080 17,890,163
Dr.514,713
1.041372
4.289,383
1.863,500
613
70.222
3,752.366
1,838.509
Dr.36.066
Profit and loss surplus 41.160,306 26,987.077
7,194,868
5.625.023
CONSOLIDATED BALANCE SHEET JUNE 30.
1930.
1929.
1930,
Assets8
Liabilities$
Cash
14,578,057 22,143,640 7% let pref. stk. 3,898,950
Notes and ace'ts
6l4% 1st M.stk. 5,574.800
receivable__ _ _168,463,020 188,037,576 Serial pref. stk._ 36,364,000
Repossessed cars
Common stoek.x17.118,248
at depreciated
Stock dividend
realisable val_
201,535
distributable
96,805
Marketable seCorn. stk. scrip.
790
curities
Credit bal. due
2,456,498
Misc. acc'ts rec. 2,030,190
mfrs. & selling
1,458.347
Due from officers
agts. by Corn.
& employees. 1,559,720
Factors Corp_ 3,700,265
517,940
Investments
804,447
6,337,903 5t4%conv.debs. 30,641,000
Deferred charges
1,228,113 Notes payable__ 24,376,240
320,326
Furn. & fixtures
8
6 Acc'ts pay.,incl.
Purchas. fund
Fed'I & State
375,000
375,000
Stock purch. for
taxes
5,913,724
sale to empl.&
Dealers'reserve_ 1,434,164
for retirement
835,384
925,223
518,483 Interest accrued
5% serial gold
5% ser. g notes_
notes purch.
509,229 6% cons. debs_. 11.266,500
Deferred income 5,594,840
Reserves
3,755.132
7% turn. pf. stk.
of Mere. Acceptance Co_.
41,160,306
Surplus
Total
191,624,186 221,223,044
Total
1929.
8
4,920.000
6,856,500
13,892,940
138,920
4,707,674
35,000,090
86,406,254
10,742.212
1,883,407
1,105,900
2,000,000
14,356,590
7,179.981
4,005,678
1,000,000
26,967,078
191,624,186 221,223,044
x Represented by 2,139,781 shares of no par value.
-V. 130,
4248.
p. 4613.
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
Railroads Defend Rates.
-S. C. Com-In a brief filed Aug. 1 with the I.
mission at Washington, the Eastern railroads presented arguments for the
retention of the present schedule of extra fare charges on fast limited
passenger trains between the Eastern seaboard and the Middle West.
N. Y."Times," Aug. 2. p. 20.
Surplus Freight Cars.
-Class 1 railroads on July 22 had 463,605 surplus
freight cars In good repair and immediately available for service, the car
service division of the American Railway Association announced. This
was a decrease of 8,346 cars compared with July 14, at which timo there
were 471,951 cars. Surplus coal cars on July 22 totaled 168,399, a decrease
of4,041 within approximately a week, while surplus box cars totaled 239.384,
a decrease of 4,598 cars for the same period. Reports also showed 26,042
surplus stock cars, a decrease of 446 below the number reported on July 14.
while surplus refrigerator cars totaled 15.205, an increase of 259 for the
same period.
Freight Cars in Need of Repair.
-Class 1 railroads on July 15 had 143,352
freight cars in need of repairs, or 6.4% of the number on lino, according to
the car service division of the American Railway Association. This was
an increase of 2,758 cars above the number in need of repair on July 1, at
which time there were 140,594, or 6.3%. Freight cars in need of heavY
repairs on July 15 totaled 98,826, or 4.4%, an increase of 3,141 compared
with the number on July 1, while freight cars in need of light repairs totaled
44.526, or 2%.a decrease of 383 compared with July 1.
Locomotives in Need of Repair.
-Class 1 railroads of this country on July 15
had 8,475 locomotives in need of repair, or 15.2% of the number on line,
according to reports just filed by the carriers with the car service division of
the American Railway Association. This was an increase of 509 locomotives compared with the number in need of repair on July 1. at which time
there were 7,966, or 14.3%. Locomotives in need of classified repairs on
July 15 totaled 4,753, or 8.5%, an increase of 238 compared with July 1.
while 3,722, or 6.7%, were in need of running repairs, an increase of 271
above the number in need of such repairs on July 1. Clarks 1 railroads on
July 15 had 8,137 serviceable locomotives In storage compared with 7,949
on July 1.
Matters Covered in the "Chronicle" of Aug 2.-(a) Changes in freight rates
.
on grain In Western Territory ordered by I.
-S. C. Commission-Decision
Involves reduction of $15,000,000 in revenues of roads. p. 731. (b) Thomas
F. Woodlock tenders resignation as member of 1.-S. C. Commission-President Hoover names Charles Mahaffie as successor. p. 731.
Baltimore & Ohio RR.
-To Acquire Chicago & Alton
by Purchase of Bonds.
-The Baltimore & Ohio RR. confirms
that it has entered into an agreement through Kuhn, Loeb
& Co. with the protective committee for the Chicago &
Alton 334% first lien bonds, of which Frederick H. Ecker
is the Chairman, and other holders of large amounts of that
issue of bonds and with all the holders of the general mortgage 20
-year 6% bonds for the purchase of the 33' % first
lien bonds and the general mortgage 20
-year 6% bonds.
In accordance with the agreement an offer will shortly be
made to all holders of the 3,
6% first lien bonds for the
purchase thereof, with all past due coupons attached thereto,
at a price of $800 flat. Holders of a very large majority of
the bonds of that issue have already signified their intention
of accepting the offer.
-V. 131, p. 781, 624.
931
FINANCIAL CHRONICLE
AUG. 9 1930.]
Cape Fear Rys.,
-S. C. Commission July 24 authorized the company to issue (1)
The I.
$30.000 of deed of trust notes, consisting of five notes of $6,000 each, to
retire $22,370 of outstanding deed of trust notes and to replace $7,630 of
short-term notes issued without authority to reture other deed of trust
notes, and (2) not exceeding $10,000 of short-term notes in lieu of a like
• amount of short-term notes issued without authority.
Carolina Clinchfield & Ohio Ry.-Bonds.-
The L-S. C. Commission July 25 authorized the company to issue
5803.000 1st & consol. mtge. gold bonds, series B. to be delivered at par
in equal shares to the Atlantic Coast Line RR. and the Louisville & Nash• ville RR. in partial reimbursement for expenditures made by them for
payment of equipment obligations and for additions and betterments to
its properties and its subsidiary, the Carolina, Clinchfield & Ohio By. of
South Carolina.
Authority was granted also to the Atlantic Coast Line RR. and the
Louisville & Nashville RR.to assume, as Joint lessees of the properties of the
Carolina. Clinchfield & Ohio Ry.and its subsidiaries, obligation and liability
in respect of 8803,000 of Carolina, Clinchfield & Ohio By. bonds, series B.
Authority was further granted to the Carolina, Clinchfield & Ohio By.
of South Carolina to issue a promissory note for $19,713, to be delivered
at par to the Carolina, Clinchfield St Ohio By. in payment of indebtedness
in a like amount for additions and betterments made to the property of
-V. 130, P. 3345.
that company.
-Baltimore cfc Ohio RR. Makes
Chicago & Alton RR.
-See Baltimore & Ohio RR. above.
Offer to Bondholders.
V. 130, p. 4600.
Chicago Kalamazoo 8c Saginaw Ry.-Acquisition et-.
-S. C. Commission July 25 issued a certificate authorizing the
The I.
company to acquire and operate that part of the line of railroad formerly
belonging to. the Michigan RR., extending from Richland Junction northwesterly to Hooper, about 10.3 mlles, all in Kalamazoo, Barry and Allegan
counties, Mich.
The company owns a line of railroad in southwestern Michigan extending from Kalamazoo northeasterly through Hastings to Woodbury, about
44 miles. It is controlled, through ownership of 60% of its capital stock,
by the Michigan Central RR. The other 40% of its stock is owned by
the New York Central RR., which on July 2 1929 was authorized to acquire
control by lease of the railroad properties, present and after-acquired, of
the Kalamazoo company. The lease to the New York Central became
effective Feb. 1 1930.-V. 128, p. 723.
Chicago Springfield & St. Louis Ry.-Protective Comm.
The formation of protective committees to represent the bondholders of
Chicago Springfield & St. Louis By. and Jacksonville & Havana RR. is
announced. George E. Warren, V.-Pres. of the Chase National Bank, is
Chairman of both committees, and the other members are Harry A. Miskimin, V.
-P. St Sec. of Marine Midland Trust Co., and Chauncey H. Murphey, a member of Baylis & Co. Counsel for the committees is Ralph
Montgomery Arkush,and the Secretary is Howard F. Walsh, 11 Broad St.
' The mortgaged properties, which were formerly part of the lines of
Chicago Peoria & St. Louis RR., are in the hands of a receiver, and foreclosure suits are in progress.
The committee urge the immediate deposit of bonds with the depositary,
the Chase National Bank, 11 Broad St. An option is being granted to
Railway Security Corp., of which Sydney C. Borg is President, to purchase
all deposited bonds at a price of 60 net for the Chicago Springfield & St.
Louis bonds and 40 net for the Jacksonville & Havana bonds.
-V. 131.
p.627.
Duluth, South Shore 8c Atlantic Ry.-Earnings.-
1930-6 2tfos.-1929.
Period End. June 30- 1930-3 Mos.-1929.
$862,494 $1,022,770 81,710,296 $1,991 419
Freight revenue
89,417
135,425
Passenger revenue
207,627
'
311804
90,338
119,281
All other revenue
145,563
188:732
Total oper. revenue.. _ $1,042,249 $1,277,476 $2,063,486 $2,491,955
230,214
252,430
360,460
Maint.of way & struct
413,977
211,448
192,509
Maint. of equipment..- _
394,062
416,495
25,193
23,703
Traffic expenses----50,011
45,348
410,168
513,632
Transportation expenses
874.661
1,074,000
8,318
7,837
15.382
Miscellaneous operations
17,291
29,872
General expenses
30,189
61,320
61.100
Net operating revenue
Railway tax accruals_ -Uncollectible ry.revenue
Equipment rents
Joint facility rents
$146,139
101,000
5,835
16,620
11,100
$238,073
94,000
Net railway oper. Inc_
Other income
Gross income
Interest on funded debt..
Other income charges__ -
27,409
21,497
$307,590
194,000
6,172
46,167
22,630
$463,744
190,000
2
66,063
36,690
$11,584
13,317
895,167
12,394
$38,621
26,385
8170,969
22,913
$24,901
217,675
1,806
$107,561
218,225
1,961
$65.006
435,350
1,990
$193,902
436,450
2,014
Net deficit
$194,580
-V. 130, p. 3533, 3346.
$112,625
$372,334
$244.562
Erie RR.
-To Pay Bonds.
-
The Erie 11y. consol. mtge. 7% bonds, due Sept. 1 1930; the New York
Lake Erie & Western RR. 1st consol. mtge. 7% funded coupon bonds.
due Sept. 1 1930, and the New York & Erie Ell. 4th mtge. 5% bonds,
due Oct. 1 1930, will, on and after their respective maturity dates, be
purchased by the Erie RR, at their principal amounts upon presentation
at the office of Bankers Trust Co., 16 Wall St., N. Y. City. Coupons
should be presented in the usual manner at the office of the Treasurer
(J. G. Walsh) of Erie RR.
-V. 131, p. 110.
Fairport Painesville & Eastern RR.
-Construction.
--
A supplemental report proposed by Thos. F. Sullivan, Examiner, Recommends that the certificate of public convenience and necessity heretofore
Issued to the company be modified (1) by revoking authorization to construct a spur or branch line therein authorized to be constructed to a point
near the north bank of Grand River in Lake County, Ohio, and (2) by
authorizing the company to construct an extension of its line of railroad
from the present eastern terminus to a point at or near Austinburg, in
Lake and Ashtabula Counties, Ohlo.-V, 126, P. 2785.
Capitalization (as of Dec. 31 1929).
RM.13.000,000.000
a Common stock
Sex'. I
-III 500.000,000
a Preferred stock
1,500.000.000
b Preferred stock
919.000,000 Ser.IV-V 581,000.000
Less unissued shares
Reparation bonds
11,000,000.000
Less amortization;
149,897,917
Dec. 31 1928
118.963,582
In 1929
10.731.138.501
268,861,499
German Govt. b In hands of the public.
a All held by
-The company operates 33,404 miles of lines, its rolling stock
Properties.
consisting of 24,089 locomotives, 660,748 freight cars, 63,641 passenger
cars, 20,990 baggage cars and 1.151 rail motor cars. Its employees numbered 713,119 at the end of 1929.
Earnings.
-The following figures illustrate the development of the corncompany since its establishment;
1929.
1926.
1927. 1928.
1925.
Revenue freight carried (in thou375,745 389.347 411,894 437,702 438,348
sands of tons)
millions) 2.106.3 1,819.4 1,909.2 2,009.4 1,980.3
Rev, pass, carried
Total carloadings in thousands) 37,841 39,746 45.682 45,975 46.361
Total revs. (in millions of RM.)4,669.0 4.540.8 5.039.3 5,159.2 5,353.8
(in
Total expens. millions of RM.)3,974.7 3,680.6 4,158.8 4,294.4 4,493.5
Net income (before int. on bond.
debt and pref. stock, in mil880.5 864.8 860.3
860.2
lions of RM.)
694.3
Interest on reparation bonds
399,309 574,269 553,800 545,106 539,737
(in thousands of RM.)
Interest on preferred stock (in
thousands of RM.)
2.966 40,403 61,659 75,670 75,670
Amortization ofreparation bonds
36,667 113,231 118,964
(in thousands of RM.)
Balance Sheet of the German National ER. as at Dec. 31 1929.
Reichsmarks.
AssetsRailway property acquired from the Reich
under the terms of the Concession as at
24,500,000,000
Oct. 1 1924
Less Amortization under the railway law;
149,897,917
Balance at Dec. 31 1928
118,963,582
Addition made in 1929
268.861.499
24,231,138.501
Additions and betterments made by company to railway
property of the Reich under the terms of the Concession. 1,467.219.605
315,108.295
Material and supplies
88,982,088
Cash
576,999,686
Bank balances
171.783,528
Marketable securities
21,553.800
Debtors-Traffic balances receivable
94,409
Insurance and welfare organizations
81,674,552
Other debtors
103.322,761
46,276.867
Accounts in process of settlement (net)
39,108.396
Contingent claims-Guarantees
18,000,000
Investments in affiliated companies
Grand total
LiabilitiesCommon stock
Preferred stock;
a Proceeds accruing to the Reich
b Proceeds accruing to the company
Je.s unissued shares
27.018,831,331
Reichsmarks.
13,000,000,000
500,000.000
1,500,000,000
919,000,000
581,000,000
11,000,000,000
Reparation bonds
Less-Amortization amount amortized at
149,897,917
Dec. 31 1928
118,963,582 268,861,499
Amortized in 1929
10.731,138,500
500.000.000
Statutory reserve
Working reserve (net current and working assets taken over
756,085.549
Oct. 1 1924)
Reserve on account of add'ns & betterments of ry. property 390,000.000
4,882,681
-Earnest money and deposits
Creditors
Credits of the Reich;
combating unemploym't_ 80,000,000
For
For resuming suspended con52.351,780
struction work
132.351,780
2,215,743
Insurance and welfare organizations
166,543,085
Other creditors
305,993,289
-Guarantees 39,108.396
Contingentliabilities
Surplus apportionable thus;
Preference dividends payable:
Interim divs., ser. IV' and V 12,250,000
Divs., ser. I, II and III, final
63,420,000
diva., ser. IV and V
75.670.000
178,943,992
Balance carried forward to 1930
254,613,992
total
27,018,831,331
-Protective Committee.
Jacksonville & Havana RR.
Grand
-V. 130. p. 1110.
See Chicago Springfield & St. Louis Ry. above.
-Certificates Awarded.
Long Island RR.
First National Bank, New York and Salomon Bros. & Hutzler have been
awarded $1,305,000 454% equipment trust certificates due Aug. 1 1031 to
-V.131. 'a. 472.
1945 at 99.95 and interest.
Missouri & North Arkansas Ry.-Receiver's Certificates.
The I.
-S. C. Commission July 24 approved the issuance of not exceeding
$600,000 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
and to provide working capital for continued operation of the property.
The report of the Commission says in part:
The receiver represents that there will mature on Aug. 1 1930 $500.000
of receiver's certificates which were authorized to be issued by our order of
July 16 1929 and that he is without funds to retire them at maturity.
-Notes Offered.
German National RR.
-A syndicate of He also represents that additional funds are required to purchase fuel and
material and
leading German banks headed by the Reiehsbank will offer May 31 1930supplies for the continued operation of the property. As of
$467,000 of these certificates had been issued and were out:
from Aug. 7 to 12 1930 75 000,000 reichsmarks 6% 5
-year standing.soIt is expected that additional amounts of the certificates will
all
that
be issued
be out(part of a total issue of 150,000,000 reichsmarks standing. If all by July 31 1930are the certificates authorized willof their
gold notes
the certificates
not outstanding on the date
of which half has been taken over by an international group maturity, proposed certificates in an amount equal to the certificates then
outstanding will be issued to retire such certificates and the remainder
headed by the Bank for International Settlements, Basel.)
of the $600,000 of proposed certificates will be issued to procure funds for
Dated Sept. 1 1930; due Sept. 1 1935. Principal and interest payable in operating expenses.
reichsmarks of fixed gold contents (1 rm. equals 1-2790 kg. fine gold).
To enable the receiver to procure funds to retire the maturing
Interest payments exempt from German taxes.
and to provide for the other items mentioned. the District certificates
The German National RR. (Deutsche Reichsbahn-Gesellschaft), the United States for the Western Division of the Eastern DistrictCourt of the
of
largest transportation system in the world under single management, was by its order of June 27 1930 authorized the receiver to issue Arkansas.
8600,000 of
formed by law of Aug. 30 1924 in pursuance to the recommendations of receiver's certificates having a first lien on all the property prior in lien
to the
the Dawes Plan Committee as an operating company for the purpose of mortgage securing the outstanding bonds. The certificates will
administering and employing the railroad properties and privileges of the Aug. 1 1930 will be in the denom. of $1,000, payable to bearer, be dated
will have
for the benefit of the latter's foreign creditors on reparation coupons attached providing for interest at the rate of 6%
German Reich
per annum
payable semi-annually, and will mature Aug. 1 1931, They are
account.
to
The direct liability of the company to the creditor nations and their sold at not less than 98.11% of their face amount and accrued
interest.
partial control of its affairs through a supervising board and a foreign Any certificates not sold within 30 days after the date
ther.of should be
-V. 129. P. 791.
railroad commissioner have been abolished under the Young Plan, and the sold at not less than par.
company will in future have greater financial freedom. The 11-billion
Missouri Pacific RR.
-New Officer.
reichsmark of bonds issued to the trustees for the creditor governments
Herbert Fitzpatrick, Vice-President and chief legal
have been cancelled and replaced by an annual charge equal to the interest
officer of
and amortization service on the former bonds, and payable to the Bank peake & Ohio RR., has been permitted by the 1.-S. C. Co the Chesaissioio
assume a similar post in the organization of the
for International Settlements.
the present issue are to be used for the purchase of new Both trunk lines are rated as under control of theMissouri Pacific system.
The proceeds of
Van Sweringen interests
-V. 131. p. 782.
of Cleveland.
equipment and for other corporate purposes.
932
FINANCIAL CHRONICLE
National Rys. of Mexico.
-Debt Adjustment.
See last week's "Chronicle" p. 716.-V. 130. p. 283.
New Orleans Great Northern RR.
-Agent Appointed.
The Chemical Bank & Trust Co. has been appointed coupon paying
agent for the $8,140,000 1st mtge. bonds.
-V. 130, P. 1823.
Northern Pacific Ry.-President Sees Adjustment in Land
Grant Cases.
Charles Donnelly, President, expects the suit begun by the Federal
Government for settlement of the Northern Pacific land grant case te
result in a satisfactory adjustment of the situation. Discussing the land
grant case, Mr. Donnelly is quoted as follows:
'The suit started by the Government to settle the Northern Pacific
land grant question Is begun in compliance with an Act of Congress passed
June 25, 1929, after an extended investigation, begun in 1924, before a
joint committee of the Senate and the House of Representatives. It
became evident as that investigation progressed that such questions as
were involvedwere questions which could be settled only by the courts, and
this has been' the position taken throughout by the representatives of the
railway.
"The main question has to do with forest reserve lands lying within the
boundaries of the grant. The Supreme Court of the United States ten
years ago decided, in effect, that the railway company was entitled to these
lands under the terms of the grant. Our rights to-day are precisely what
they were when that decision was rendered. We have never contended
that the Government could not re-take title to the lands on making payment for them.
"The Act of Congress under which this suit has been begun, while providing for the settlement of a number of other questions said to be in dispute, states definitely that the Government shall pay for the forest reserve
lands in case it is found on full investigation that payment should be made
for them, and the filing of the suit is the first step in the direction of bringing about what we believe will be a satisfactory adjustment of the whole
controversy."
-V.131. p. 782. 625.
[VoL. 131.
thereof, all of said notes to be delivered to the payee at par, and (2) to
issue not exceeding $7,700.000 of first terminal and unifying mortgage
bonds, to be pledged and repiedged within said two-year period as collateral
security for the notes; the notes, or the proceeds thereof, to be used in
paying existing indebtedness and In providing funds for capital purposes.
Applications.
Applications were received on Aug. 5 by the I. S. C. Commission from
Hale Holden and Angus McDonald for authority to become directors of
the St. Louis Southwestern By. Mr. Holden is Chairman of the executive
committee of the Southern Pacific Co. while Mr. McDonald is President
of the Southern Pacific Co.'s Texas lines.
An application filed recently with the Commission by the Southern Pacific Co. asked authority to acquire control of the St. Louis Southwestern
By. through purchase of its capital stock. The Southern Pacific Co. already controls 35% of the stock.
-V.131. p.783.
Southern Pacific Co.
-Date for Hearing Set.
The company's petition for permission to purchase the St. Louis Southwestern By, will be heard before the 1.-S. C. Commission Oct. 20 at Dallas.
Texas, C.D.Mahaffie has been selected to preside
.-V.131. p.783.626.
Southern Ry.-Earnings for the First Half of 1930.
Walter S. Case, President of Case, Pomeroy & Co., Inc.,
says in part:
The current business depression has sharply reduced railway revenues
and net earnings for the first half of this year. The slump in production
and curtailed purchasing has brought a subnormal movement of raw
materials and manufactured goods. Southern By. is suffering from this
condition which has so adversely affected railway earnings in general.
Southern's report for June reflects the low ebb of business which prevailed
in that month. The June report is also distorted in comparison with Juno
1929 inasmuch as back mail pay amounting to $1,614,000 was included in
revenues for June of last year. The inclusion of this large amount of extra
revenue for last June makes a comparison with June 1930 even more unfavorable than Is warranted by the actual conditions. Total gross operating
for June
Pennsylvania RR.
-Eastern Roads Seek To Retain Extra revenuesdecrease ofamounted to $9,026,000 against $12,714,000 in June
1929, a
29%. If the back mail pay received in June 1929 is
Fare Charges.
eliminated, the actual decrease in revenues for the month would be 18.7% •
In a brief filed on Aug. 1 with the I.
-S. C. Cpmmission at Washington, For the first half year Southern's gross operating revenues were 561,664,000
D. C., the Eastern railroads present arguments for the retention of the as against $71.885,000, a decrease of 14.2%•
present schedule of extra fare charges on fast limited passenger trains
Passenger revenues for the half year mere $9,160,000 as compared with
510,985,000, a decrease of $1,824.000 or 16.6%. The continuance of the
between the Eastern seaboard and the Middle West.
The presentation of the brief follows a series of public hearings held drop in passenger revenues has existed for several years and is a condition
recently by the Commission in New York and Chicago in connection with for which railroad managements have not found a solution. It is, of course.
due to the rapid increase in travel by motor bus and privately owned autoa general inquiry into all phases of the extra fare situation.
The investigation of the Commission grew out of complaint that the rail- mobiles and the building of better roads throughout the country.
roads were not maintaining on their limited trains the same extra fare
Freight revenues for June amounted to 56,713,000 as compared with
schedules between Intermediate points as between the more dintant cities. $8.155,000 in June 1929. a decrease of 17.7%. For the first six months
In their brief the carriers stater that the establishment of extra fares at freight revenues were $47,330,000 as against $53,513.000, a decrease of
all intermediate stops would be impracticable and uneconomic due to the 11.55%. The falling off in freight traffic is largely due to the sharp resevere competition of motor buses and private automobiles which in recent duction in the movement of coal, coke and forest products aid to the deYears have materially reduced short distance rail passenger travel. The premed condition in the textile and steel industries in the South.
For the first half of the year Southern has succeeded in making a subrailroads feel that higher intermediate rates would result in a still further
stantial cut in transportation expenses amounting to $1,738,000. a reloss of business to the highway.
The carriers also point out that many of their limited trains depend in duction of 7.4%, 'She ratio of transportation expenses to operating revenues
large measure on earnings from short haul business, which, if lost to them, for the first half year was 35.4% as compared with 32.8% last year. This
would threaten the discontinuance of the through service. It Is also Is an excellent show hag in view of the sharp reduction in gross revenues. On
alleged that if extra fares were charged on limited trains between local the other hand maintenance expenses have been heavy. For the half year,
points it might become necessary to provide alternate service at regular expenses for maintenance of way and structures and equipmeet consumed
36% of gross operating revenues as compared with 33% for the first half of
rates, resulting in added expense with no increase in business or income.
Among the complaints registered against the existing basis of extra fares 1929. The low ebb of traffic movement results in many cars standing idle
is that of a Chicago commercial body which alleges that the lower basis on the llne. This brings an adverse condition in the item of equipment
of extra fares between New York and St. Louis tends to divert east and rents which showed a debit of $44,000 for June as against a credit balance
west travel from the Chicago to the St. Louis gateway. The Newark of $60,000 for Juno 1929. For the first half year, equipment rents showed a
Chamber of Commerce also criticizes the Eastern lines for not maintaining debit balance of $428,000 as against $216.000 in the first half of last year.
Southern's net railway operating income for June amounted to 3675,000
the same level of extra fares between Washington. Baltimore and tholyest
as against $3,179,000 in Juno 1029. Inclusion of back mail pay in June
as is in effect from Newark to Western points.
predominates over 192v distorts the comparison. For the first half year net railway operating
Tee carrie'rs' evidence indicates that Chicago
St. Louis as a gateway between the East and "West, and that this pre- Income was $7,932,000 as against 514.916.000,0 decrease of 46.8%. After
West,
dominance is affected in no way by the lower basis of extra fares existing allowance for other income, fixed charges, other deductions and preferred
between St. Louis and the East. Tne facts developed by the Eastern dividends, Southern's estimated earnings available for the common stock
railroads also indleate that the competition of rail lines operating through amounted to 5462,000 for the first six months of 1930 as compared with
the Memphis
-New Orleans gateways acts against the maintenance of a $7.464.000 for the same period of 1929. This gives Southern an estimated
balance for the common stock equivalent to 36 cents a share as compared
normal basis of extra fares to and from St. Louis.
While no complaints were made to the Commission against the general with $5.74 a share in the first half of last year.
We do not believe that results for the first half of 1930 can be taken as
principle of charging extra fares for specially fast and luxurious service nor
against the level of the fares themselves, the railroads' brief sets forth at indicative of final results for the full year. It is quite probable that freight
some length the unusual advantages and attractions of the fast limited traffic is at the bottom and should show some seasonal improvement during
express train service and the tremendous expenditures involved in main- the second half year. This should at least be true in the fourth quarter which
taining the roadbed, bridges and train equipment necessary to accommo- marked a downward turn in traffic in 1929. In past years of business
depression or mild recession, such as 1915, 1919, 1921. 1922. 1924 and
date such high speed operation.
Extra fares have been charged on limited trains between New York and 1927„ Southern has earned a greater proportion of total net operating
Chicago for more than 50 years, and between New York, St. Louis, Indian- income in the second half of the year. We expect some increase in gross
apolis, Cincinnati and Cleveland for 20 years. The only increase in the revenues and a decrease in transportation and maintenance expenses for the
level of these fares granted in the entire period of their existence was made second half of 1930.
'
Southern Railway Co. Earnings for June and Six Months (000 omitted).
in 1920, when the 1.-S. C. Commission advanced them 20%.
The revenue received by the Eastern trunk lines from extra fares amounts
Six Months
to upward of $6,000,000 yearly, which the railroads say they can 111 afford to
0 4'
.7 1
1930. %; 929. % of 1930. % of 1929. % of
lose in view of their rapidly declining passenger revenues and extensive
Gross.
3
$
Gross.
$ Gross. $ Gross.
to a reduction Freight revenue
competition of other forms of traffic. They especially object
47,330
.8,155
,
713
In the extra fare rate for the reason that it represents a high grade,luxurious Passenger revenue
9,160
*53 5
10,981
2,007
1,524
form of travel, and is the only class of railroad passenger traffic to show an
Increase in recent years. They contend that it is only right and PrOPer
Tot. rev. Ince others__ _ 9,026
12,714
61,664
71,885
that a special charge should be made for service and accommodation Maim.of way gi struct_ - _ 1,458 16.2 1,803 14.2 9,802 15.9 10,920 15.1
this service Is perfectly Maint. of equipment
beyond the usual and that the public desiring
2,035 22.6 2,427 19.1 12,408 20.1 12,870 17.9
willing to pay the additional charge
Traffic
involved.2.7 253 2.0 1,460 2.4 1,488 2.1
244
In connection with its discussion of revenues, the brief concludes with
3,319 36.8 3,707 29.1 21,854 35.4 23,592 32,8
public to find the
the statement that "it would doubtless surprise the
81
.9
81
.6
500
.8
501 0.7
Commission reducing the carriers' revenue on what is in the nature of luxury
364 4.0
382 3.0 2,230 _3.6 2,245 3.1
.
.
when
travel where the railroads are not earning a fair return, particularlyseems
ans
Inv -Cr
2 ____
21
77
Commission
In Revenues ill Western District, 113 1. C. C.3.23, the
- -- -- - -- - to have intininted that possibly, at least in that territory, the Passenger. Tkriaseanseei;ortfop eiaItl ns
Totai op : penses
err aretr e:
r
7,499 83.1 8,648 68.0 48,233 78.2 51,539 71.7
of operation.
business was noVbearhig its proper proportion of the expense
Net from railroad
1,526 16.9 4,067 32.0 13,430 21.8 20,347 28.3
Soon To Establish Own General. Agency in Mexico City.Taxes & Unoollectibles_ _ _ 722 8.0
870 6.8 4,555 7.4 4.734 6.0
relations between the United States
Recognizing the increasingly friendly
and Mexico and encouraged by the stabilization of Mexican affairs in recent
Net after taxes
197 25.1 8,876 14.4 15,613 21.7
18
months, the Pennsylvania RR. will soon establish its own general agency
124
0
'
697
944
in Mexico City,it is announced by J. L. Eysmans, Vice-President in charge Equip.& joint facll. rents_ 8 9 8.6 3
of traffic. "American travel to Mexico has shown a marked increase
Net after
6
4:88
3,179
7,932 - 12 912
during recent months," Mr. Eysmans said, "and trade relations are now Estimated rents
other income
468750
482
2,880
on a firmer basis than at any time in recent years.
"The Pennsylvania RR. has direct connections at St. Louis with South- Estimated total
7 844
:8
3,661
18 812 - 18:808
0 80
western railroads to the Mexican border, which, under recently quickened Est,fixed digs. Income_ ... 1,155
& deduc's_ 1,475 _ 1,474
,
schedules, now make it possible to reach Mexico City by rail in 35S days
from New York," continued Mr. Eysmans. "There is a growing traffic
Est. avail.for preferred_ 220del ,9
8,964
1:62888
3
1
80_ 2,187
.
also by the regular airplane service between Brownsville. Tex., and lelexico Preferred
1,509
dividends
250
City. The Pennsylvania RR. believes that Mexico offers new and hitherto
and opportunities for the de- Est. avail, for
unrealized attractions to American travelers
common _ _ 570def.
.
482 - 7.464
faith in
1 937
velopment of reciprocal trade relations. It is demonstrating its
1.0.44def.
81.49
the future of business relations with our neighboring government by EA.per 81,, of common_
* Includes back mall pay amounting to $1,614,000.-V8 131,9.267. 111 74
$:
5
. .3
0 6
establishing a permanent agency in Mexico City. OM,.s will be opened
and the Pennsylvania representatives will be appointed within the next
-Bonds Offered.
Terminal RR. Association of St. Louis.
month."
-V. 131. p. 782.
Portland Terminal Co.
-Notes.
-
-J.P. Morgan & Co., First National Bank and the National
City Co. are offering at 91 and int., to yield 4.65%, $ ,
3500,000 gen. mtge. ref. 4% sinking fund gold bonds. Dated
Jan. 1 1903; due Jan. 1 1953. Interest and sinking fund
payments guaranteed proportionately by the proprietary
1 companies.
The I.
-S. C. Commission July 24 authorized the company to issue not
exceeding $1,000.000 of notes, to be sold at not less than par and int., and
the proceeds to be used for additions and betterments.
Authority was also granted to the Maine Central RR, to assume obliga1
tion and liability, as guarantor, in respect of the notes.
-V. 120. P• 700.
St. Louis Southwestern Ry.-Equipment Trusts.-
o. coma i sajfl ov th
l
f
b 3188
.
The 1.-S. C. Commission July 25 authorized the company to assume _. The issue nn i - . lem pand.s are subject to authorization by the
obligation and liability in respect of $810,000 equipment trust certificates, 1 °•
series K,to be issued by the Central itanover Bank & Trust Co. as trustee. .
Union Pacific RR.
-To Build Boulder Dam Railway.
.
under an agreement to be dated July 1 1930 and Bold at not less than 99.344
A contract for construction of the approximately 30 miles of railway collet' par and diva. in connection with the procurement of 10 locomotives.
fleeting the Boulder Dam site with the Los Angeles & Salt Lake RR. was
(See offering in V. 131. p. 267.)
concluded Aug. 1 by the Acting Secretary of the Interior. Joseph M.Dixon
and the Union Pacific RR., of which the Los Angeles & Salk Lake lice is a
Additional Securities Authorized.The Commission July 25 authorized the company (1) to issue not ex- subsidiary.
The Union Pacific is to build the entire branch line, the exact length of
ceeding $7,000,000 of promissory notes, and from time to time within a
period of two years from July 1 1930 to issue similar notes in renewal which will be 29.84 miles, although it will own only 22.39 miles of the road
933
FINANCIAL CHRONICLE
Ana. 9 1930.]
the Bell System, and from toll calls originating and transmitted in whole
to a point known as "the summit" and a switchyard of .32 miles at the of
over the lines of the corporation's subsidiaries. By the hook-up
summit. The remaining 7.13 nines is to be owned by the Government. or In partBell Telephone Co., long distance connections over the entire
with the
Construction Is to start immediately.
its interconnecting lines are avallaole
pay for the 22.39 miles of railway and will be com- system of the Bell Relephone Co. and
The Union Pacific will
subscribers and users of the subsidiaries of this corporation.
to the railroad
pensated by freight revenues. The United States will pay and renewal of to the
Outstanding,
Authorized.
Capitalizationfrom time to time a half of the cost of maintenance, repair
$400,000
$1,000,000
the joint section of .32 nines, plus 10% of the construction cost. Mr. Dixon xGolci notes
50,000 shs.
50,000 abs.
stated. The Government will pay cost plus 10% for the building of the yelass A capital stock (no par)
1,000 shs,
1,000 abs.
Class B capital stock (no par)
line from the summit to the site of the dam.
A 6% gold notes. Of
of present agitation over the
An interesting clause of the contract, in view
x Of which $400,000 shall be designated as series
matter is one which provides that no convict labor shall be employed, the this amount. $100,000 Will mature on April 15 1932; $100,000 on April 15
1938. These
Acting Secretary pointed out.
1934; *100,000 on April 15 1936 and *100,000 on April 15
Mr.Dixon added that the Union Pacific is to deliver frelgnt to the Govern- notes have priority both as to payment of prin. and int, over the balance
ment at the summit on the third of a mile of joint track,from which point of said authorized issue of debenture notes. y 4,000 class A shares rethe United States will move it in its own cars to the dam site. work on the served for stock purchase warrants attached to series A notes.
earnings
Of the $10,660,000 appropriated by Congress for the start of
-Computations made result in the following estimated
Earnings.
Boulder Dam project, 32,500,000 was allotted for construction of the rail1930:
road, Mr. Dent said. But with a change in plans, the Government will not for
,- _$240,867
125,467
Pay that much for the road, since the Union Pacific will bear part of the Operating revenues
,
Operating exps. maint., taxes (other than Fed.) but before deprec_
-V. 130, p. 1271. 2948, 2958.
cost.
$115,399
Net earnings
Wadley Southern Ry.-Obituary.39.750
- Prior interest charges on subsidiary companies
Charles Moloney of Savannah and Dublin, Ga.. President of four short
$75.649
railroads in Georgia, died in Savannah, Ga., on Aug. 2.
line
Balance
President of the Wrightsville & Tennessee By., the
24,000
Mr. Moloney was
Annual interest charges 6% gold notes
Wadley Southern By., the Louisville 8z Wadley By. and the Sylvania RR.
the acquisition of utility
Purpose.-Proceede will be used in part for improvement ofsubsidiary
-V. 127, p. 681.
wprking capital,for the
properties for additional
-V.130, p.3707.
companies, and for general corporate purposes.
-Listing.
Western Pacific RR.
-Earnings.
The New York Stock Exchange has authorized the listing of $572,800
Co. of Pennsylvania.
Bell Telephone
1928.
additional 1st mtge. 5% gold bonds, scrim A, due March 1 1946, making
4929.
1930.
6 Months Ended June 30the total amount applied for $39,302,800.
$37.618,570 $35,290,327 $32,627,386
Telephone operating revenues
24,369,964 21,763,886
26,601,112
Program Favored-Examiner Recommends Program to Build Telephone operating expenses
All-Rail Entrance into San Francisco.
Examiner 0. D. Week has recommended in his tentative report that the
company be permitted to build an all-rail entrance into San Francisco
under certain conditions.
The proposed report recommends that the Western Pacific California RR.
a new corporation organized by the Western Pacific, be authorized to conSan
struct 39 miles of new line running from the southSan Francisco district
upper end
Francsice Bay to a
through Redwood City and across the RR Co. atof
Niles, Alameda County,
the Western Pacific
connection with
Calif.
-S.
Final approval by the I. C.Commission of this project,if the examiner's
recommendations are accepted, in conjunction with the recently authorized
Klamath Falls extension, would put the Great Northern and Western Pacific
RRs. into the heart of San Francisco over their own tracks instead of the
present Western Pacific entrance from the north with ferry service across
the bay.
The tentative report also urged that the Western Pacific be authorized
to acquire a one-third interest in the Quint St.line of railroad along with the
The California Railroad ComSouthern Pacific and Atchison Systems. it was
opposed by the Southern
mission favored this acquisition although
Pacific and the Atchison.
Favorable action upon the new all-rail entrance into San Francisco construction proposal was recommended over the vigorous opposition of the
Southern Pacific which alleged it would constitute a needless duplication of
facilities since line will closely parallel the Southern Pacific road.
The examiner's recommendations favoring the proposal are subject to
three definite conditions:
1. That the bridge proposed to be built across San Francisco Day be
constructed only in case the Western Pacific is unable to secure from
Southern Pacific trackage rights over the Dumbarton Bridge and adjacent
the
trackage on reasonable terms, subject to San approval of the Commission.
Francisco and Redwood City
2. That no portion of the line between
shall be operated until either the portion between Redwood City and Niles,
over the bay, is built, or trackage rights have been
including the bridge
secured over such portion of the Southern Pacific line between Redwood City
and Niles, including the Dumbarton Bridge, as will give the Western
Pacific a continuous line from San Francisco to Niles.
3. That trackage rights over the new line of the Western Pacific be granted
on reasonable terms to any other railroad company operating 250 miles or
more of railroad desiring to thus secure an all-rail entrance into San Francisco
for the purpose of gaining access to its own or other terminals in that city.
-V.131,p.267
PUBLIC UTILITIES.
-Decline in output of
Matters Covered in the "Chronicle" of Aug. 2.
electric power in Philadelphia Federal Reserve District in June, p. 702.
American Commonwealths Power Corp.
-Permanent
Debentures Read,j.
Permanent 6% convertible gold debentures, series due 1940 are ready
'
for delivery at the office of the trustee, the New York Trust Co. 100
Broadway N. Y. City or exchanges may be effected through the following.
.H. Rollins & SOW; Halsey. Stuart & Co.. Inc.: G. E. Barrett & Co. E .
In_c •
-V. 131.
Hemphill, Noyes & Co., or Albert E. Peirce & Co., Inc.
783:
-Earnings.
American Public Service Co.
Net telephone operating revenues--$11,017,457 $10,920,362 i10,863.499
188,380
252,498
376,373
Uncollectlble operating revenues....
1.528.000
1.438,000
Taxes assign.to oper.(incl. Fed.taxes) 1,457,000
$9,184,084 $9,229,864 $9,147.119
Operating income
479,534
512,947
375,778
-net
Non-operating revenues
$9,559,862 $9,742,811 $9,626,654
Total gross income
685.460
733,353
868,705
Rents and miscellaneous deductions..
2.446.454
2,838,602 2,774,931
Interest
61,959
61,852
61,891
discount and expenses •
Debt
$5,790,664 $6,172,673 $6,432,779
Balance net income
650,000
650,000
650,000
Preferred dividends
3,200,000 3,200,000
3,600,000
Common dividends
Balance
-V. 131. P. 784, 112.
$1,540,664 $2,322,673 $2,582,779
-Earnings.
Berkshire Street Ry. Co.
Period End. June 30- 1930-3 Mos.-1929. ' 1930-6 Mos.-1929.
$373.816
$357,594
$171,135
Railway oper. revenue... $160.254
64,129
67,233
19,657
20,161
Gross income
147.207
143,852
73,570
71,917
misc. debits
Int. &
$83,077
V76.618
$53,912
$51,756
Net loss
-V.130, p.2023.
-Sale.
Berwick (Pa.) Water Co.
-V. 131, p. 784.
See Community Water Service Co. below.
-Deposits Urged.& Seventh Ave. RR.
Broadway
protective comEdward C. Delafield, Chairman of the bondholders'the recommendain connection with
mittee,in a letter sent to all bondholders the substitution of buses on routes
Association for
tions of the Broadway
states in part that:
covered by the present street railway system, expected to take some action
Under present plans the City of New York is York City Omnibus Corp.
application of the New
In the near future on the
bus franchises. Any
(affiliated with New York Railways Corp.)for certain
will involve negotiations with
such action, the committee points out,
including the Broadway & Seventh
the New York Rys. and its subsidiaries, services for electric surface car
Avenue RR. for the substitution of bus
bondholders' protective committee
service on the routes in question. The
negotiations.
naturally will take a prominent part in such or dissent from these recomexpressing any agreement with
"Without
Association), or committing itself
mendations (made by the Broadway standpoint of the bondholders of
In advance to the advisability from the
lines, the committee feels
motorizing the Broadway & Seventh Avenue with these questions when
adequately
that in order to enable it to deal to act for the bondholders, and such
they must be authorized
they arise
substantially all of the bonds
authority must be conferred by deposit of
agreement dated as of May 28 1930.
with the depositary under the deposit
as promptly as possible."
is depositary for the committee.
The Bank of America, N. A., New York,Delafield, are William Carnegie
the members of which, In addition to Mr.
Frank Coenen.-V. 131. p. 112.
Ewen, Roger H. Williams and
-Decision in Suit
Brooklyn Manhattan Transit Corp.
Against City.
1930-12 Mos.-1929.
Period End. June 30- 1930-3 Mos.-1929.
of Special Master
Federal Judge Jullan W. Mack has upheld a ruling
Gross earns, of subsids- $1,786,219 11,882,743 17.708,511 $7,207,467
certain testimony presented by
Net ofsubs,for retirem't
Sumner Graham in a decision excluding
$30,000,000 damages for the
seeking
and stocks owned by
the company in support of its suit
. 4 alleged failure of the city to complete subway construction stipulated under
383,306 1,604,816 1.557 23
318,177
Am. Pub. Sere. Co._
the city, Contract No. 4.
Other earns. of American
the company's operating contract with
Master, upheld by Judge Mack, such
135,619
111,001
503.668
Pub.Serv. Co.(net).Under the decision of the Specialin regard to failure of the old Public
476,501
company offered
testimony as the
prepare plans
$518.925 *2,108,484 *2,033,734 Service Commission and the Transit Commission to-M. T. system and
$429,178
Total earnings
was
the B.
specifications for certain lines now included in was the agent a the State
Int. & other &dues. of
the Commission
32,519
11,118
80,773
Am.Pub. Serv. Co_ _
31,440 excluded on the grounds that
therefore, was not liable for its actions.
and not the City, and the City,
raised the objections.
Net for retirem't and
Attorneys for the City and the Transit Commission
of the contention of the company
$507,806 $2,027,711 $2,002,294
stocks of A.P.S. Co. $396,658
Judge Mack's ruling does not disposeof the refusal of the City to rush
-V. 130. p. 4047. 2766.
is entitled to damages because line and the Nassau Street line.
that it
completion of the 14th Street Eastern
-Notes Offered.
Basic Utilities Corp.
-Bowen, Gould & The 14th Street Eastern line now is completed and the Nassau Street line
be finished early In 1931.
Mack's
Co., Inc., New York, are offering $400,000 6% gold notes, probably willfor the company plan to take exceptions to JudgeHearings
Attorneys
the Special Master.
"A" (with detachable warrants), at prices to yield ruling and then complete their case beforeOctober. The case was begun
series
will be resumed in
in the case probably
from 63,4% to 6.33%, according to maturity.
about 8 years ago.
Dated April 15 1930; due April 15 1932-34-36-38. Interest (A. & 0.)
City's Offer for Properties Brings Deadlock. of the city and the
payable by mail to the registered holder or at principal office of the Brookrepresentatives
A sharp division of opinion among the offered to the B. M. T. for it4
na
] Natiol Bank of New York, registrar. Denom. 11.000. $500 and
be
Transit Commission over the price to subway system was disclosed Aug.7
.
100 c5 Red. as a whole or in part at any time prior to maturity at
lines for unification with the city's new
03 upon 30 days written notice, in each case with int. to date fixed for followingthe close of another conference at City Hall. The conference
meetings, with the
redemption.
with no definite date set for resumption of the
Warrents.-The holder of each $1,000 of notes will be entitled to pur- broke up 'varying as much as $80,000,000 as to the value of the railroad
chase on or oefore April 15 1931, 10 shares of theclass A capital stock of conferees and leases they are seeking to buy. The split had been brewing
Properties
H. Delaney of the Board of
Basic Utilities Corp. at $10.50 per share; thereafter, to and incl. April 15
some time, with Chairman John on one side, and Samuel TransportaUntermyer,
1932. at $12.50 per share; thereafter, the stock purchase privilege will' for
tion, backed by Mayor Walker,
be void.
counsel to the Transit Commission, with Transit Commissioner
special
omtion was organized in Delaware and is Charles C. Lockwood on the other.
Business and Properties.-Corp
authorized to acquire, hold, own, mortgage, sell, convey or otherwise disChairman Delaney, it was learned has tentatively set on a price of
property of every class and description in any $228,000,000 for the lines. The price is fixed so as to yield the company
pose of real and
of the states, districts, territories or colonies of the United States, and in a return of $10,000,000 per year, or what it is getting now, in the form of
any and all foreign countries, suoject to the laws of such state, district, $3,500.000 annual preferential, and $6,500,000 interest on its bonds. Mr.
territory, colony, or country.
Delaney's price will vary up or down depending on the rate of interest to
The present subsidiaries of Basic Utilities Corp., controlled through be paid on the bonds to be issued in exchange for the B. M. T. securities,
stock ownership. taken together with telephone companies now under but in no event will it yield the company more than the 510,000,000.
option to purchase, or under negotiations to purchase (to be acquired
The extreme opposite figure to Delaney's is that of Samuel Untermyer
partially or wholly upon completion of present financing), will supply, special counsel to the Transit Commission. Mr. Untermyer believes
25 exchanges, telephone service to approximately 6,500 stations the proper price for the company's lines is about $140,000,000, but he is
through
these stations are in the counties of Charles City, New Kent,Prince George
' willing to go as high as $160,000,000 to carry the unification plan through to
Sussex. DinNviddle, James City, Goochland, Amelia, Louisa, Cumberland: completion. This figure is more than $120,000,900 below what the B. M.T.
-V.129, p. 4415.
Powhatan. Chesterfield, Appomattox, Campbell, Rockbridge, Augusta, has indicated informally it should receive (N.Y.Times).
Allegheny, Va., and in the counties of Randolph. Webster and Pocahontas
--Dividends.
Central Public Service Corp.
in West Virginia. These counties have a population of upward of 200,000.
In addition to revenues derived from local service, many of the aforesaid
The directors have declared regular quarterly dividends of 43,1 cents
companies derive revenues from toll calls by interconnections with the lines per share on the class A stock, payable Sept. 15 to holders of record Aug.
(
pose
934
FINANCIAL CHRONICLE
26 and $1.75 per share on the 7% pref., $1.50 per share on the $6 pref.,
and $1 per share on the $4 pref. stocks, all payable Oct. 1 to holders of
record Sept. 11.
The class A dividend is payable in cash or may be applied to purchase
of additional shares of class A stock at $17.50 a share.
Earns.for 12 Mos. Ended June 30-1930.
1929.
Gross revenue including other income
Operating expenses, maintenance,& general taxes-539.428,568 $37,362,748
23,102,571 22,175.736
Net earns, before I.deprec. & Federal taxes-$16,326,087 $15.187,012
-V. 131. p. 784. 626.
Central Illinois Public Service Co.
-Earnings.
-
Period End. June 30- 1930-3 Mos.-1929.
1930-12 Mos.-1929.
Gross oper. revenues_ -- $3,823,393 53,669,496 $15,379,382 $14.836.436
Avail, for interest, &c__ 1,620.524
1,441,082
6,636.703
6,010,642
Int. on long-term debt__
550,703
532.425
2.168,978
2,085.767
Other deductions
73,156
53,763
224,272
203,568
Net for retire't & dive_ $996,665
$854,895 $4,243,453 $3,721,307
-V. 131, p. 473, 112.
Central Power & Light Co.
-Earnings.
-
Period End. June 30- 1930-3 Mos.-1929.
1930-12 Mos.-1929.
Gross operating revenues 52,900.603 $2,821,356 510,360,939 59,354,503
Available for int., &c_ _ _ 1,180,394
1,132,829 4,190,997
3,791,412
Int. on long-term debt__
338,515
283,306
1,316,350
1,089.862
Other deductions
117,234
107.545
297,087
210.751
' Net for retire. & diva- $724,646
$741,978 $2,577,560 $2,490,799
-V. 130, p. 4232. 3348.
Central & South West Utilities Co.
-Earnings.
-
[VOL. 131.
Eastern New Jersey Power Co.-Pref. Stock Offered.
W. C. Langley & Co. and Hoagland, Allum &Co.,Inc., are
offering at 100 and div. $1,000,000 6% cum. pref. stock.
All preferred stocks are of equal rank except
as
redemption price and are preferred as to both assets to dividend rate and
and dividends over the
common stock. Dividends payable Q.
-J. Red. all or in part on any div.
date, on 30 days' notice after 3 years from date
of issue,
and diva. Entitled, in case of liquidation or dissolution, at $105 per share
and dive. before any distribution is made on common to $100 per share
stock. Transfer
Agent, office of the corporation, Chicago. Registrar, Continental
Illinois
Bank & Trust Co. Chicago.
Dividends on stock exempt from the normal tax
from all Federal income taxes when stock is held by and are entirely exempt
an
income is $10,000 or less. Dividends when received individual whose net
by corporations are
entirely exempt from all Federal income taxes.
Free of personal property
taxes in New Jersey.
Issuance.
-Authorized by the New Jersey Board of Public Utility Commissioners.
Business.
-Company owns and operates electric light and power properties serving a rapidly growing residential
area
Eastern New Jersey, in which are located along the Atlantic Coast, in
Asbury
Bradley Beach, Behnar, Avon, Deal, Allenhurst Park. Ocean Grove.
and adjoining communities. Company also operates in a combined residential
and
area located in the center of the State, serving Hightstown, industrial
Jamesburg,
Old Bridge, Sayreville and adjoining
communities. Company supplies
power to, and operates through subsidiaries,
an electric railway line of
about 8 miles, and also water distributing systems
in Ocean Grove and
New Egypt.
Purpose.
-Proceeds will be used to reimburse
additions, extensions and improvements to its the company, in part, for
electric generating station at Sayreville, N. properties, including a new
J., and for other corporate
purposes.
Consolidated Earnings 12 Months Ended May 1.
1929.
1930.
Gross earnings
52.364,644 $2,656,680
Operating expenses, maintenance and taxes
1,269,503
1,346.814
Net earnings
$1,095,141 51,309,866
Interest and other deductions
618,592
Balance for depreciation and preferred dividends
691,274
Annual dividend requirements on all preferred stock (including
this issue)
279,230
Compare also V. 131. p. 785.
Period End. June 30-- 1930-3 Mos.-1929.
1930-12 Mos.-1929.
Gross earns. ofsubsid--- $8,546,727 58,481,709 534.710,389 532,469,728
Net of subs. for retire. &
stks. owned by Central
& South West Utilities
Co
1.474.399
1.366,694
6.735.677 6,224,150
Other earns. of Central
& South West Utilities
Co
150,990
22,592
580.415
671,364
Total earnings
$1,625,389 $1,389,196 $7,407,042 $6,804,565
Int. & other deduct. of
Central & South West
Utilities Co
82,273
61115
136.146
209,461
Engineers Public Service Co.(& Subs.).
Net for retire.& stocks
-Earnings.
-This statement reflects results of operation, preferred dividends
of Central & South
and proWest Utilities Co-- 51.543.117 51,328,081 $7,197,581 $6,668,419 vision for retirements of Puget Sound Power & Light Co. only from date
of
onDec. 1 1928.
-V.130. p. 3708, 2204.
lafonths Ended June 301930.
1929.
1928.
Gross earnings
Central States Electric Corp.
-Stock Dividends.
562,109.228 $42,429.582 530,285,477
The directors have declared the regular quar. div. of 10c. in cash and Operation
22,453,909 18,234,795 13.326,919
Maintenance
254% in stock on the common stock, payable Oct. 1 to holders of record
3,697,958 3,111,354
2,400,077
Sept. 5. Like amounts were paid in each of the four preceding quarters. Depreciation ofequipment
188,016
100.804
The regular quarterly dividend of 154% on the 7% preferred. 1}5% Taxes
3,506,591
2,568,668
3,044,939
on the 6% preferred, $1.50 in cash or 3-32 of a share of common stock on
Net operating revenue
the cony, optional pref. stock, 1928 series, and a quarterly dividend of
522,262,755 $17,937,691 $11,989,814
$1.50 in cash or 3-64 of a share of common stock on the cony, optional Income from other sources
921,792
515,144
64,456
pref. stock, 1929 series. were also declared, all payable Oct. 1 to holders
Total income
of record Sept. 5.-V. 1,30, p.3348.
$23.184,546 $18,452,834 $12,054,269
Interest and amortization
7.273,714
5.570,031
3,759,663
Columbus Ry. Power & Light Co.
-Earnings.
Balance
12 Months Ended June 30$15.910,832 $12,882,803 $8,294,605
1930.
1929.
Divs, on prof. stock ofsub.cos.(soar.)
Power and light operating revenues
1,775,378
$6,941,406 $7,079,062 Amount applic. to common stock of 4.137,054 3,263,813
Railway operating revenues
2,893.958 3,056.651
subsidiaries in hands qr public_ ___
Non-operating revenues
97.712
79,841
48,535
194.219
136,702
Balance applic. to reserves and to
Total gross revenues
$10,029.583 510.272.415
Engineers P. S. Co
$11.676,066 59.539.149 $6,470,691
Operating expenses
3,963,612 4,087,320 Average common shares outstanding
Depreciation
1,000,000
1,000,000
during period
Taxes (including Federal)
1,825,091
1,278,283
824,522
1,092,795 Earnings per share on average
1.119,001
shares
Interest charges
858,422
844,531
(after deduct, charges for retire.)....
Other deductions
$2.80
$2.69
$1.05
45,267
46,212
Net income
Dividends on let pref. 6% stock
Dividends on B pref. 654% stock,.
Dividends on common stock
53.056.227 $3,188.611
490,990
491.156
326,286
325,253
900.816
900,816
Surplus
-V. 131, p. 474.
51.339,002 $1,470,518
Commonwealth & Southern Corp.
-Listing.
-
The New York Stock Exchange has authorized the listing of additional
shares of preferred stock, $6 series of no par value as follows: 46.000 shares
for issuance in exchange for like number of shares Ohio River Ediso'n Co.
7% prof. stock, together with $10 per share in cash, and the sale of any
shares not so exchanged, making a total applied for to date of 1,400,924 shs.
Consolidated Earnings Statement (Company and Subsidiaries).
12 Months EndedJune 30 '29. May 31 '30. June 30 '30.
Gross earnings
8143,241,447 $147,247,920 $146,906,246
Oper. exps., incl. maint, Federal
and other taxes
70,334,678 71,952.601
71,855.453
Gross income
$72,906,769 575.295,319 $75,050,793
Fixed charges, incl. int., amortiz. of debt discount. & exp., & earnings accruing on stock
of subs, not owned by corporation
35,225.865
35,257,106
Net income
Dividends on preferred stocks
Provision for retirement reserve
$40.038,213 $39,824,928
7,222,161
7.115.946
9,095,146
9,014,035
Balance
$23,908,230 523,507.621
Shares of common stock outstanding June 30 1930
34,011.010
Earnings per share
$0.69
Earnings and charges of companies and properties acquired since organization of the corporation are included from date of acquisition, and divs.
on the corporation's pref. stock are included
1 1930, and prior
thereto on pref. stocks of subsidiary holding from April which were elimicompanies
nated by merger pursuant to plan dated Jan. 7 1930.-V. 131. p. 785, 474.
Community Power & Light Co.
-623'c. Common Div.
-
A dividend of 6254c. per share has been declared on the common stock,
payable Aug. 1 to holders of record
19. This compares with a dividend of 50e. per share paitl on MayJuly
share on
1 1930 and one of
Feb. 1 last. In 1929 the company paid two semi-annual75c. per of 75c.
dividends
each, one in February and the other in August.
-V. 130, p. 2578.
Community Water Service Co.
-Acquisition.
-
This company, through its subsidiary, the Pennsylvania State Water
Corp., has acquired the Berwick Water Co. of Berwick, Pa.
-V.131. p.627.
Connecticut Co.,
--Substitutes Bus Service.
-
The company recently
P. U.
the
Commission for authority received approval from bus Connecticut
to substitute service by
railway
service batween Hartford and Middletown. Conn., for through
and to substitute service by bus for troller service in Middletown. This
bus substitution was
made July 1 and trolley operation completely discontinued
on
Edmund S. Wolfe, President?, of the First National Bank,July 5 1930.
Bridgeport,
Conn., has been elected a direqor to succeed the late Charles G. Sanford.
-V. 130, p. 2025.
Consolidated Water
12 Mos. Ended June 30Gross revenue
Operating expenses
Net operating earnings
-V. 129. P. 3961
.
Co. of Utica,
Consolidated Surplus Statement June 30.
1930.
1929.
Prior earned surplus
$14.859,548 $14,259,954
Puget Sound Power & Light Co. charges applicable
to 1928 prior to acquisition
424,167
Balance
514,859,548 513,835,788
Balance after interest and amortization charges- _ 15,910,832
12,882,803
Total surplus
530.770,380 $26.718,591
Retirement reserve x
4,699,490 4,218,333
Net direct charges
312,575
761,602
Balance
25.758,315 21,738,656
Dividends paid or declared-Subsidiaries, pref
4,136,361
3,624,040
Subsidiaries, common
80.357
68,248
Engineers Public Service Co., preferred
1.875.590
1,878.033
Common, cash
2,492,359
1,023,312
Common,stock
718,529
285.474
Earned surplus June 30 1929
516.455,119 $14,859,548
x Amounts set aside by the directors of subsidiary
companies during the
12 months' period.
Balance Sheet June 30.
1930.
1929.
1929.
1930.
Assets$
5
Liabilities$
5
Prop., plant. drc.294,248,156 265,119.538 Preferred stock.y33,011,
839 36,583.249
Excess of stock
Pref. stock scrip
3.682
1,791
value of sec. of
Common stoek_z58.038,605 51,009,199
sub. cos. as of
Corn,stock scrip
15.965
8,840
date acquIsIt'n
Pref.stk.(subs.) 1)68,487,308 63,271,297
over par or
Prem. on stock
stated value
134,785
(subs.)
152,408
thereof
8,956,626 9,361,468 Stock subscribed
Investments
14,698,951 15,408.669 for (subs.).
1,185
Cash
5,496,192 6,403,345 Bonds (subs.). _138,421,000 125,798,500
Notes receivable
293,902
296,088
Accts. receivable 7,544,239 6,288,192 Coupon notes 4,370.500 4.354,000
(subs.)
Mat. & supplies 3,445,303 3,332,590 Notes payable
1,648.491 2,800,440
Prepayments_
1,125,672 1,405,629 Accts. payable_ 1,902,189 1,665,992
Subscr. to stock
247 Accts.notyetdue
Sinking funds x7,067,531 11,469,729 Diva. declared._ 4,831,348 3,866,771
568,935
582,935
Special deposits_ :595.891
477,782 Retire. reserve_ 20,627,005 18,765,310
Unamortiz. debt
374,493
407,684
Operat. reserves
disc. & exp.__ 7,183,170 5,205,542 Undajust.credlts
762,009
723,075
UnadJust. debits
590,122
885,718 Min. Int. In cap.
and surplus of
subs. (earned
888,545
surp.$180.636
964,562
Earned surplus_a16,274,483 14,680,972
Total
351,245,756 325.654.536
Total
351,245.756 325.654,536
x Includes $7,145,000 bonds of subsidiaries held in sinking funds
and
in escrow, uncancelled. y Represented by 158.080 shares of $5
dividend
convertible preferred and 196,921 shares
cumulative dividend preferred
of no par value. z Represented by $5.50
1,908,936 shares of
a Includes $8.956,626 accrued to surplus before acquisitionno par value.
by Engineers
Public Service Co. b Represented by 722,193 shares.
-V. 131, P. 474.262.
Electric Power 8c Light Corp.
-Makes Offer for 2d Pref.
-Earnings.
N. Y.
- and Common Stock of Power Securities Corp.
1930.
$804,105
225.936
1929.
$802,911
213.276
$578,169
5589,635
Holders of both 2d pref. and common stocks of the Power Securities
Corp. are to be given the opportunity of depositing their stocks under plans
which, upon becoming effective, sill provide for the exchange of the
2d
pref. stock of Power Securities Corp. for the $6 cunt. pref. stock of
Electric
Power & Light Corp. on a share-for-share basis, and for the exchangejof
the common stock of Power Securities Corp. on the basis of three shares of
AUG. 9 1930.]
such common stock for one share of Electric Power & Light Corp. $6 cum.
Pref. stock.
Two corporations, known as the Nanticoke Securities Corp. and the
Schuylkill Securities Corp., have been formed under the laws of Delaware
for the purpose of acquiring shares of the 2d pref. stock and common stock,
respectively, of Power Securities Corp. and offering these shares to Electric
Power & Light Corp. for exchange.
At a meeting of the board of directors of Electric Power & Light Corp.
held on Aug. 6, such corporation authorized its officers to acquire the 2d
Pref. and common stocks of Power Securities Corp. from the Nanticoke
and Schuylkill corporations on the above bases, provided that a satisfactory number of shares of such 2d pref. and common stocks are deposited
under the plans. The Guaranty Trust Co. of New York has been named
as the depositary for both the 2d pref. and common stocks of Power Securities Corp.
Holders of a substantial number of both the 2d pref. and common stocks
of Power Securities Corp. have indicated their approval of the plans and
intention to deposit their stocks. The agreements provide that deposits
, must be made before the close of business Aug. 30 1930, subject, however.
to the right of the Nanticoke and Schuylkill corporations to extend the
deposit date to Sept. 301930.
The Electric Power & Light Corp. now owns 28% of the 2d pref. stock
-V.131,P.785.
and 79% of the common stock of Power Securities Corp.
-Earnings.
Empire Gas & Electric Co.
Earnings for Year Ended Dec. 311929.
Operating revenues
Operating expenses, maintenance, &c
Taxes
$3.300,149
2,051,461
270,034
Operating income
Other income
$978.654
7.322
Gross income
Income deductions
$985,975
433,374
Netincome
Dividends on preferred stock
$552.601
190.937
Balance available for other dividends & surplus
-V. 128, P. 3351.
$361,664
-Usual Stock Dividend.
Federal Light & Traction Co.
The directors have declared the regular quarterly dividend of 3734e. per
share in cash and 1% in common stock on the common stock, both payable
Oct. 1 to holders of re •ord Sept. 13. Like amounts were paid in each of
-V. 130. p. 4417.
the six preceding quarters.
-To Increase Stock.
Gardner Electric Light Co.
The company has applied to the Department of Public Utilities for
authority to increase the outstanding common stock from 5,900 shares of
$100 par to 8,400 shares tivough issuance of 2,500 sddltional shares at
8133 1-3 per share. This would bring the total authorized and outstanding
capital to $1.081,300 represented by $241,300 5% preferred and $840,000
common. The proceeds would be used to discharge obligations of a similar
amount incurred or to be incurred for improvements to plant.
Hearing on the petition will probably not be held until September, it is
stated.
-V.117. p. 1020.
--Earnings.
General Water Works & Electric Corp.
12 Months Ended June 30
Gross revenue
Operating expenses
1930.
1929.
$7,636,100 $7,358,571
3,531.440
3,304,164
Net earnings
-V. 130. p. 4417, 4237.
$4,104,660 $4,054,407
-Tenders.
Great Lakes Utilities Corp.
The Bank of Manhattan Trust Co., trustee. 40 Wall St., N. Y. City,
will until Aug. 20 receive bids for the sale to it of 1st lien collat. trust gold
bonds, 5 % series, due 1942, to an amount sufficient to absorb $75,000.
-V. 130, P. 4605, 3537.
-Bonds Offered.
Greenwich Water & Gas System, Inc.
-P. W. Chapman & Co., Inc., are offering an additional
issue of $625,000 collateral trust 5% gold bonds, series B.
Price on application. Bonds are dated April 1 1927 and
mature April 1 1952.
Data from Letter of Eben F. Putnam, President of the Corporation.
-Company controls through 100% stock ownership (except
Business.
Greenwich
qualifying shares) Greenwich Water Co.,and gas to Gas Co. and Port
Greenwich, Sound
Cheater Water Works, supplying water
Riverside, East Port Chester, Glenville, in Connecticut,
Beach, Cos Cob,
and water to Rye and Port Chester, in Westchester County, N. Y. Com& Warren Water Works,
pany also owns 80% of the capital stock of Bristol
which, directly or through its wholly owned subsidiary, supplies water t,o
Bristol, Warren, Barrington and West Barrington,in Rhode Island. Other
subsidiaries serve substantial and steadily growing residential sections in
New England, most of which are adjacent to Boston. including Dedham
Westwood, Cohasset. Scituate, Hingham, Hull, North Cohasset, Nantucket and Williamstown, Mass.
These properties have been in continuous and successful operation for
various periods up to 70 years and serve a population estimated to be in
excess of 134000.
Authorized.
Issued.
Capitalizationy$5,450,000
Coll. trust 5% gold bonds,series A and B
50.40 shs.
29.511 shs.
stock
6% cumulative preferred
100,000 shs.
100,000 shs.
Mmmon stock (no par value)
x See paragraph "Provisions of Issue." y Does not include $325.000
collateral trust 5% gold bonds which have been issued and are held in
treasury.
-Bonds will be secured by deposit with the trustee of 100%
Security.
stock (except qualifying shares) of Greenwich
of the outstanding capitalWater Works and Greenwich Gas Co.; 80% of
Co., Port Chester
Water
Bristol & Warren Water Works: over 99% a the
the common stock of
of the common stock of
Water Co.:
common stock of Hingham 99% of the over 99% stock and 100%
common
of the
Dedham Water Co.: over
Co.: 100% of the common stock
preferred stock of Cohasset Water preferred stock of Scituate Water of
Co.:
Water Co.; over 99% of the
Scituate
Wannacomet Water Co., and 100% of
over 99% of the common stock of
Water
the common stock of Williamstown Chester Co.; the entire outstanding
Water Works and $700.000
$1,225,000 1st mtge. bonds of Port
1st mtge. bonds of Greenwich Gas Co.
Earnings 12 Months Ended May 31 1930 (Including Subsidiaries).
Gross revenue------------------------------------------- $1.648,948
Operating expenses, maintenance, minority interest and taxes
821,213
(other than Federal income taxes)
145,865
Annual underlying bond interest and preferred dividends
bonds shall have been not less than twice the interest on all collateral
bonds outstanding and the bonds proposed to be issued.
-All of the common stock of company is owned by ComManagement.
-V. 130, D. 1114
,
munity Water Service Co.
-Earnings.
Havana Electric Ry. Co.
1930-6 Mos.-1929.
1930-3 Mos.-1929.
Period End. June 30.$1,331,067 $1,486,833 $2,687,130 $2,864,581
Operating revenue
2.285,997
2,244,476
1,161,977
Oper.expenses,incl taxes 1,095,636
Net operating revenue
Non operating revenue
$235,431
5,135
$324.856
7,862
$442,654
11,140
$578,584
15,026
Gross corporate income
Interest & other charges_
$240,566
158,302
$332,718
160,964
$453.794
317,887
$593,610
321.937
Surplus before deducting
depreciation
-V. 131, p. 474.
$82.264
$171,754
$135.907
$271,673
Holyoke (Mass.) Street Ry.-Discontinues Line.
The company discontinued service on its Pelham line between East
Street, Amherst, and the terminus at West Pelham, Mass., on May 1.V. 130, p. 2206.
-G. W.
-Bond Offering.
Illinois Allied Telephone Co.
Thompson & Co., Inc., and Patterson, Copeland & Kendall,
Inc., early this year offered $500,000 1st mtge. 20-year 6%
gold bonds, series 1930, at par and interest.
J. & J.
Dated March 1 1930; due March 1 1950. Interest payable
Denoms. $1,000 and $500. Red. as a whole or in part by lot, on any int.
date on 30 days' notice at 105 and int. Principal and int. payable in Chicago
without
at office of Continental Illinois Bank & Trust Co.. Chicago, trustee, annum.
deduction for normal Federal income tax not to exceed 2% per
Company has agreed to refund to holders of these bonds, upon proper and
timely application, Conn. Penn. and Calif. personal property taxes not
'
exceeding 4 mills per annnum each. Maryland securities tax not exceeding
434 mills per annum, District of Columbia and Kentucky personal property
taxes not exceeding 5 mills per annum each. Iowa 6 mills tax, and Mass.
income tax not exceeding 6% per annum on the interest.
-Approved by the Illinois Commerce Commission.
Issuance.
Data from Letter of H. B. Crandell, Pres, of the Company.
-The company, an Illinois corporation, upon
Business and Properties.
completion will furnish telephone service without competition to practically
all of Bureau County. Ill., including Princeton, Spring Valley,___Dever,
Ladd, La Mollie, Martinis, Ohio, Sheffield, Tiskilwa, Walnut and Wyanet.
Service is furnished through 11 exchanges and over 7,300 stations to a
population in excess of 40,000. By means of inter-connections with the
Bell System and independent companies through contracts, subscribers are
provided with nation-wide service. The net toll revenue for 1929 amounted
to approxhnately 23% of the gross earnings.
Earnings of Properties Year Ended Dec. 31 1929.
$159,752
Gross revenues
96.620
expenses. maintenance & taxes
*Operating
Net earns, available for int., deprec. & Federal taxes gold bonds $63.132
Annual interest charges on $500,000 first mortgage 6%
$30.000
(this Issue)
*Including maintenance charges of $25.291. equivalent to more than
15% of gross revenue.
Net earnings as shown above are over twice the annual interest requirements on these first mortgage bonds.
Outstanding.
Authorized.
Capitalizationx
$500.000
1st mtge. 20-yr.6% gold bonds(this issue).
3,000 she.
10,000 shs.
cum. preferred stock (no par)
$7
20,000 she.
50,000 she.
Common stock (no par)
issuance of additional bonds will be restricted by provisions of
The
:
the trust deed.
-Earnings.
Illinois Northern Utilities Co.
1930-12 Mos.-1929.
Period End. June 30Gross operating revenues
Available for int., &c_ _ _
Int, on long term debt__
Other deductions
1930-3 Mos.-1929.
$906.915 $3,864,499 $3,657.686
$924,582
1.899,069
478,687* '2,119,730
499,793
481,449
506,765
123,149
127.537
222,831
221,874
57,923
55,066
Net for retire. & diva_
-1r. 130. P. 3158, 1457.
$317,189
$297,614 $1,394,092 $1.194,788
-To Dissolve.
Indiana Coke & Gas Co.
Officials of this company have filed papers with the Secaetary of State
at Indianapolis, Ind., evidencing the dissolution of the corporation. The
Indiana Consumers Gas & By-Products Co. is the successor company.
-V. 124, p. 1510.
Balance ---------------------------------------------- 3681,869
272,500
Annual interest on coll. trust 5s (incl. this issue)
Balance ---------------------------------------------- $409,369
over 2.5 times the annual interest reEarnings as stated above are
5s, including this issue.
quirements of the total outstanding collateral trust
-Indenture provides that additional collateral trust
Provisions of Issue.
securities to be pledged under
bonds for the purpose of acquiring additional
the indenture may be issued only
1st mtge. bonds bearing similar
(a) par for par for subsidiary companies' "subsidiary company" is conhigher rates of interest (the term
or
companies as qualify within the terms of the indenture
fined to such
as subsidiary companies);
or fair value of other securities of any
(b) not exceeding 80% of the cost
•
one or more of such subsidiaries;
trust bonds so issued,
that in the latter case the collateral not pledged and whichplus
Provided
are
the subsidiaries that are
all of the securities of
so pledged, do not exceed 75% of the fair
Prior or equal to the securities
and provided, in all cases of the
value of the property of the subsidiaries, that the consolidated net earnissue of additional collateral trust bonds, consecutive months out of 15
for 12
defined in the indenture, issue of the additional collateral trust
ings, as
months immediately preceding the
935
FINANCIAL CHRONICLE
-Succeeds Union Traction Co.
Indiana RR.
Effective Aug. 1. the Indiana RR. took over electric interurban lines o
the old Union Traction Co. of Indiana, August 1. purchased at receiver's
Properties of the Union Traction Co. which were
Co.,
sale on July 2 by B. P. Shearon, Secretary of the Midland United Midhave been conveyed to the Indiana RR., which is a subsidiary of the
land United Co.
Operation of the Indiana RR. will be under the direction of Henry
Bucher, V.-Pres. of the Indiana Service Corp.
Electric interurban railways which will be operated under the direction
of one central supervisory management include the line between Indflanapolis
and Louisville operated by the Interstate Public Service Co., the lines of
the Indiana Service Corp. radiating from Fort Wayne, the lines of the
Northern Indiana Power Co. around Kokomo and the old Union Traction
system which now becomes the Indiana RR.
Co-ordination of service and schedules which it is believed will be of
benefit to the traveling public is expected to be one of the results of the
centralized control of operations of then railways.
At a meeting of the board of directors of the Indiana RR. the following
officers were elected: Samuel lnsull, Chairman; Samuel Instill, Jr., Chairman of the Executive Committee; Robert M. Feustel, Pres.; William A.
Sauer, V.-Pres.; Henry Bucher, V.-Pres. Sc Gen. Mgr.: George F. Mitchell,
Treas.; Bernard P. Shearon, Sec.; Edwin J. Booth, Comptroller.
The directors of the company are: Mr. Insull, Mr. Insull, Jr. Mr. Sauer,
Mr. Feustel, Mr. Bucher, Charles W. Chase and L. M. Broivn.
Indiana Southwestern Gas 8c Utilities Corp.
Activity in Texas.
With the recent opening up of a new producing area in the Pettus
Area in Bee County, Tex., by the Grayburg Oil Co., a subsidiary,
President Silas M.Newton reports the development of considerable activity
in this division of the company's operations. The company's Kimball
No. 2 well, which is near the Kimball No. 1 discovery well, is drilling at
2,100 feet and the Copeland No. 1 well in the same location is drilling at
1.040 feet. A number of additional wells are also drilling on adjoining
properties. Mr. Newton stages that the demand for the Grayburg Oil
Co.'s "Kilnoc Blue" gasoline is steadily increasing and the refinery output
-V. 131, p. 627, 474.
Is unable to take care of the present demand.
-Control Changes.
Intercontinents Power Co.
See American Equities Co. under "Industrials" below.
-V.130. D. 3877.
Ipternational Telephone & Telegraph Corp.
-Income Tax Ruling.
The Commissioner of Internal Revenue has agreed that dividends and
Interest on the stock and bonds of the corporation are to be regarded, for
tax purposes, as income from sources without the United States during the
year 1930. Such income when received by non-resident aliens is not subject to United States income tax during the year 1930. The following is
taken from a letter sent to the corporation from the Commissioner's office
under date of July 28 1930:
"In view of the foregoing, it is held that you satisfy the requirements of
Section 119 (a) (1) (B) and (a) (2)(A) of the Revenue Act of 1928 for the
year 1930. Therefore the dividends on your stock and the interest on your
bonds paid during the year 1930 are to be treated as income from sources
without the United States. Accordingly, you are not required to withhold
936
FINANCIAL CHRONICLE
[voL. 131.
any taxifrom the interest on your bonds paid during 1930 to non-resident
aliens and they should consider such interest and dividends as income from
sources without the United States."
-V. 131, p. 786. 270.
northern Indiana are Hammond, Whiting, Valparaiso, Crown Point.
Michigan City, Hobart, Chesterton, Porter, South Bend,
Elkhart, Goshen, Bremen, Nappanee. Plymouth, RochesterMishawaka,
and Niles,
Mich.
Keystone Telephone Co.
-Earnings.
A pipe
Period End. June 30- 1930-6 Mos.-1929. 1930-12 Mos.-1929. Wabash line also interconnects East Chicago with Logansport, Peru and
Completion of the
Gross earnings
$1.096.245 $1,089,087 $2,200,518 $2,172,125 also interconnect Lafayette,line between Logansport and Lafayette will
Crawfordsville, Attica and Williams
Oper.exp.,maint.& taxes
-Port
542.243
552,682
1,102,490 with the East Chicago gas distributing
1.087,798
center.
Int.on bonds
305,213
291,365
603,100
582,430
The West Ohio Gas Co. Is building 56 miles of additional transmission
Other interest charges_ _
13,913
15,986
31,748
27,041 lines, interconnecting Lima, Ohio, with Delphos, Ohio. on the west and
with Columbus Grove, Ottawa, Leipsic, Bluffton and Cairo, all in Ohio,
Balance avail. for res.
on the north.
-V. 131, p. 786.
Fed, tax., dive. & suplu; $234.876
$229.054
$477,872
$460,164
-V.130.p. 3878,3538.
Mid-West States Utilities Co.
-Expansion.
Fulfillment of terms of a purchase agreement by which this company will
Key System Transit Co.
-Reorganization.
acquire additional telephone properties with a net depreciated value of
With the sale of the company's properties at foreclosure and the filing of $2,700,000 is
expected within the next 30 days, Vice-President Lon J.
articles of incorporation in Sacramento, four new companies will come
into existence which will operate the transportation facilities and trans- Jester announced.
The properties, which are in the middlewest, will bring the telephone
bay lines.
The new companies are East Bay Street Ry., Ltd.; East Bay Motor system of the company to approximately 30,000 stations in Wisconsin,
Illinois, Minnesota, Iowa, Kansas, Arkansas and Texas.
Coach Lines, Ltd.; Key System, Ltd., and Key Termini]] Ry., Ltd.
The stock of these conipanies, together with that of Key System Ser- in "Service has.shown a steady increase of more than three times the increase
population in the Mid-West States territory," Mr. Jester said. "Also.,
vice Co., all will be held by Railway Equipment & Realty Co., Ltd.,
Inc. The latter also will acquire title to real estate and transportation we have acomprehensive expansion plans in mind for the near future.
equipment of old Key System Transit Co. at foreclosure sale. Under the -V. 131, p. 800.
set-up, Railway Equipment & Realty Co., Ltd.. and Key System Service
Milwaukee Electric Railway & Light Co.
Co. are not public utilities.
-Earnings.
12 Months Ended June 30A. J. Lundberg, President of Railway Equipment & Realty Co. Ltd.,
1929.
1930.
also will head all subsidiary companies except the Terminal Co., of which Operating revenues
'
$31.755,453 $30,918.343
F. M. Crosby will be President. This subsidiary contemplates expansion Operating expenses
14,852,096 14,497,639
Maintenance
of electric freight switching business.
2,899.072 2,865,717
The final announcement of participation in the plan is shown in the Taxes
3,442.206
3.616,166
following table:
Net operating revenues
Total of Old
Amount
Per Cent
$10,388,119 $10,112,781
Securities.
Assenting.
274,226
of Total Non-operating revenues
308,093
let mortgage
36.899,000
$6,856,500
99.4%
2nd mortgage
Gross income
8.862,000
8,503,100
$10,696,211 $10,387,008
95.9
Note issue
Interest on funded debt
2,500,000
2,401.350
2,018,000
2,759,674
80.7%
-V.131, P. 627.
Amort. of bond disct. and expense
176,086
178,721
Other Interest charges
69,717
228.228
Lackawanna & Wyoming Valley RR.
-Wage Cut Asked Lass interest during construction
Or.255,360 Cr.187.330
• of Employes to Save Road from Bankruptcy.
-
Balance for deprec.,
$8,241,405 $88,066,618
Trainmen and all other employes of the company have been asked to Depreciation reserves dividends & surplus
2,895,902 2,886,838
take a 10% reduction in wages In order to prevent the company's going
Into receivership. There are approximately 240 persons employed by
Balance
$5,345,503 $5,179.780
the company, which has been operating an electric train service between Preferred dividends
1,282,572
1.347.086
Scranton and Wilkes-Barre since 1903. The reduction will apply to every
one, including the President, it was learned.
Balance for common dividends and surplus...-- $3,998,417 $3,897,207
In the last four months the company, it Is stated, has failed to earn
sufficient revenue to pay the interest on its bonds, and the outlook is not
Condensed Balance Sheet June 30.
promising. Automobiles and buses have cut into the line's business.
1929.
1930.
1930.
1929,
V. 127, p. 545.
Assets$
$
Liabilities$
$
Prop. & plant...114,991,091 107,608,774 Preferred stock. 31,947,900 30,686,600
Lake Shore Electric Railway Co.
Capital expend. 3,587,250 3,185,230 Common stock. 21,000,000 21,000,000
-Earnings.
--Sundry Invest _
.
Calendar Years77,021
77,021 Par value install1928.
1029.
Gross operating revenue
135,580
176,604
ment subs_.._..
31.871,693 $1,899,166 Reserve, sinking
& special fund
Operating expenses & taxes
95,564
Prem.on pfd.stk.
1,644,867
1,704,566
IMMO
Interest charges
1,034,512
928,405 Funded debt._ 60,518,500 50,518,500
.
336,639 Cash
354,651
Depreciation
1,046,551
855,109
743,004
958,582 Acc'ts payable__
268,000 Notes & bills
268.000
rec.
26,000
Notes& bills Pay
Accts. receivable 2,008 72
Deficit
266,749
5:7 5 1,872,73 Inter-co. accts.._
62
22 0
87,244
2
4
$455,524
$350.340 Inter-co. acc'ts.
-V. 125. p. 94.
13,314,635 6,312,805 Misc.curr. liab_ 1,102,298 1,168,496
Mater. & supp_ 2,110,639 • 2,033,618 Taxes accrued__ 2,885,794 2,641,886
Prepaid acets. _
Lake Superior District Power Co.
275,533
112,321
-Earnings.
322,431
Interest accrued
Open accounts
Period End. June 30- 1930-3 Mos.-1929.
127,351
930,674 1,051:27 I- h s. accrued_ _
135,929
1930-12.Mos.-1929.
759716
Reacquir. seem_ 8,968,000 9,463,500 Misc. "lab. acct..
Gross oper. revenues__ $513,754
10,403
751,086
$491,078 $2,104,515 $1,976,147 Bond and
Avail, for interest,
note
23,107,334 21,601,440
Reserves
1,070,190
276,002
272.152 1,127,914
discount
Int. on long-term debt....
3,914,021 3,706,978 Open accounts_ _
906,389
934,186
271.926
67,860
68,037
272,198
Other deductions
8,294,226 7,054,845
Surplus
117.175
25,177
26,327
96,863
Total
Net for retire. & dive- $182,787
152,102,101 137,274,861
152,102,101 137,274,881
Total
$681,088 -V.
$177.965
3758.853
130. P. 3710, 2027.
-V. 130, p. 4237.
Meridionale Electric
Calendar Years•
Gross electric revenue
Total operating expenses
Co.
-Earnings.
-1928.
1929.
$8,372,481 $8,172,325
3.677,447
3,710,187
Missouri Gas & Electric Service Co.
-Earnings.
Period End. June 30
Gross operating revenues
Avail,for interest,&c-- _
I nt. on long-term debt-Other deductions
Gross revenue,less operating expenses
$4,662,294 $4,494,878
Total available for fixed charges
5,681,978 5,114.435
Net for retire. & dive_
Interest on first mortgage 7% bonds
.3
800.363
818,11
6
6
Times interest earned on first mortgage bonds----V.130,D.3351. 2207.
-V. 131, p. 788•
Michigan
1930-3 Mos.-1929.
3177.113
$173,001
56.563
48,938
21,995
19,964
5.203
5,305
$29,364
$23,669
1930-12 Mos.-1929.
$713,127
$693,883
210,424
189,562
83.013
76,079
23.064
26,792
$104.346
$86,690
Michigan Gas & Electric Co.
-Earnings.
-
Bell Telephone Co.
-Acquisition.
Period End. June 30
1930
-3 Mos.-1929. 1930-12 Mos.-1929.
The I.
-S. C. Commission July 18 approved the acquisition by the com- Gross
$336,074 $1,413,164 $1,363.088
pany of the properties of W.B.Serviss and Rachel Serriss, doing business as Avail,operating revenue $343,861
114,373
117,396
498,839
the Serviss Telephone System. The vendors own,and, under the name of Int. for interest,&c469,399
on long-term dobt_ 36,334
36.333
145,338
the Serviss Telephone System, operate an exchange at the village of Pine
142.628
7,835
5,834
23,305
Run, Genesee County, Mich., which serves approximately 75 subscriber Other deductions
28,242
stations at and in the vicinity of the point mentioned. There are no toll
Net for retire. & dive_
$73,226
$72,206
$330.197
lines. The Bell Co.does not maintain an exchange at Pine Run nor compete
$298,529
with the Serviss system, so that no duplication in plant or service is in- -V. 131. p 113.
volved.
-V. 131, p. 475.
Municipal Telephone
Middle West Utilities Co.
-System Reports Out
output of Middle West Utilities System in its Southern territories
Is running 8.4% ahead of last year according to reports for the week ending
Aug. 2. Output of Seaboard Public Service group, operating in the
Southeastern States, for week ending Aug. 2 was 7,270,250 k.w. hrs., an
ncrease of 912,240 k.w. hrs. over the corresponding week last year. The
Kentucky Utilities Co.'s output was 5,014.000, a gain of 712,000 k.w. hrs.
over the same week last year. The Central and South West Utilities group,
serving Texas, Oklahoma, Arkansas and Louisiana,gained 941,000 k.w. hrs.
over the corresponding week last year, having an output of 20,811,000 k.w.
hrs, for the week ending Aug. 2 of this year.
Output of the entire Middle West Utilities
week ending
Aug. 2 was 77,552,042 k.w. hrs., an increase System for the
of 1,408,635 k.w. hrs, over
the corresponding week last year.
Stockholders Increase.
-
The number of stockholders of this company has increased to 75,796
from 64,188 at the beginning of 1930. A total of 55,857 stockholders now
own common stock, 2,349 hold preferred stock and 17,590 hold preferred
and common stocks. Subsidiaries of the Middle West Utilities Co. have
249,416 stockholders, while the system as a whole has 325,212 stockholders.
-V.131,p. 114.
Midland United Co.
-Sub. Co. Developments.
-
Further development of the extensive gas-pipe line transmission system
of subsidiaries of this company in Indiana and Western Ohio is now underwa proximately 185 miles of new pipe lines are
il;
which when
completed will bring the total mileage up to 841 being laidresult in the
further interconnection of a large number of cities and will subsidiaries
served by
in the Midland group as well as the extension of gas service
to communities
which do not have such service now.
The Interstate Public Service Co. is building
from
a 24
-mile pipe
Bloomington to Bedford, a 21-mile line from Martinsville to line
Franklin
and a 40
-mile line from Franklin to Seymour by way of Columbus.
The Northern Indiana
line from Logansport andPublic Service Co. Is constructing a 38-mile PiPe
a six-mile line from Fort Wayne to New Raven,
which has not had gas service up to this time.
The three lines which Interstate is building
are
development of an extensive Interconnected system further steps In the
which that company
began last year with the laying of a line
between Martinsville and Bloomn.
ith the completion of the Logansport-Lafay
ette line and the Fort
Wayne-New Haven line, the Northern Indiana
Public Service Co. will own
a gas transmission system with an
aggregate length of 408 miles, of which
the greater part is interconnected.
The most extensive unified system of
Public
Service Co. Is interconnected with the large the Northern Indiana at East
gas distributing center
Chicago. Among the communities interconnected
with this
Affiliated Company.
-
& Utilities Co.
-New Officer of
John P. Gordon, formerly State auditor of Missouri, has
Vice President and General Sales Manager of the Municipalbeen appointed
ment Co., investment affiliate of Municipal Telephone & Utility InvestUtilities Co.
V. 131, p. 628.
New Jersey Bell Telephone Co.
-Acquisition.
The I. C.Commission July 18 approved the acquisition -S.
by the company
of the properties of the Vincenown & Tabernacle Telephone CO. The
Vincentown company owns and operates an exchange at Vincentown,
Burlington County, N. J., which serves approrrarately 190 subscriber
stations. There are no toll lines. No exchange is maintained by the Bell
company at Vincentown, but its toll lines connect with the Vincentown
company's exchange for toll service only. No duplication of facilities is
involved -V.131, p.271.
New York Central Electric Corp.
-Earnings.
Earningsfor Year Ended Dec. 311929.
Operating revenues
Oper.exps & maint.(incl. prov.for renewals,replace. retire) -$4,826,515
&
- 2,889,093
Taxes
417,286
Operating income
Other income
$1,520.137
8,954
Gross income
Income deductions
$1,529,091
779,827
Net income
Dividends on preferred stock
$749,264
517,704
Balance avail, for other dive, and surplus
-V. 127, p. 1526, 107.
$231,560
New York Edison Co.
-Offers Rate of 5 Cents
-Reduction
from 7 Cents in Basic Electric Charges in Greater City Proposed.
A cutfrom 7 cents to 5 cents a
in New York City is proposedldlowatt hour in the price of electric current
by Matthew S. Sloan,
New York Edison Co., Brooklyn Edison Co., Inc., thePresident of the
United Electric
Light & Power Co. and the New York & Queens Electric Light & Power Co.,
In a letter and accompanying data sent Aug. to Chairman Maltbie of
1
the
Public Service Commission, in reply to his letter of July 30.
The new rates proposed for the Commission's consideration would cut
85,396.000 from customers' bills on the present use of electricity in the
territory of the four companies. Previous rate reductions by these companies in the last two years amount to about $6.000,000 a year,
the
total annual reduction in future would be more than 311,000,000,so the
if
commission sanctions the new rates.
Auo. 9 1930.]
FINANCIAL CHRONICLE
937
which has
"In spite of the recession in the general level of business activity
The companies estimate that for the year 1931, with the new rates in been characteristic of recent months, the business of the company has coneffect, their return on the investment value of their properties would be tinued to show very favorable gains.
The
of the sub7.29% and on the present value of the properties 5.94%.put at rate of
"For the 12 months ended June 30 1930. the electric output
7.67..
return at present on the investment cost of the properties is
over the output for the 12 months ended June 30
he sidiaries increased 9.5% of 1930 the increase was 7.8% over the correspondon the estimated present value of the properties at 6.11%.
and
1929. For the first half
forward rapidly on
rates proposed are as follows:
ing period of 1929. Construction work is being pushed
Residential Customers.
capacity of the electric
the1930 program of extending and enlarging the projects.
Sc. a kilowatt hour.
charge
gas and railroad
Energy
properties, as well as the natural
60c. a month.
character of the
Fixed charge
"These satisfactory results demonstrate the stable
the advantages of the broad
Commercial Customers.
business of the subsidiaries of the company and in geographical locations.First 5,000 kilowatt hours, diversity both in character of services and
Energy charge
Sc. a kilowatt hour.
-V.131, p. 114.
4c. a kilowatt hour.
Excess
-Earnings.
60c. a month.
North West Utilities Co.
Fixed charge
$1 Per kilowatt per month.
1930-12 Mos.-1929.
Demand charge
Period End. June 30- 1930-3 Mos.-1929. $14,766,036 $11,500,558.
The material submitted by Mr. Sloan with his letter is the result of Gross earnings of subs-- $3,887,103 $2,890,653
studies carried on for many months by the electric com- Net of subs. for retire. &
extensive rate
stocks owned by North
panies. It shows the effect of various combinations of fixed charge and
2,004,685
2,550,947
475,004
633,018
West Utilities Co_ _ _ _
energy rate on the revenues of the companies and the bills of customers.
A residential rate made up of a fixed charge of $1 per meter per month Other earnings of North
47,589
181,615
1,761
45,938
West Util. Co.(net)_ _
and an energy charge of 4.525 cents a kwh. and a commercial rate made
up of a fixed charge of $1 per meter per month, a demand charge of $1.50
$476,765 $2,732,563 $2,052,274
energy charge of 4.525 cents a kilowatt-hour
$678,956
per kilowatt per month and an
Total earnings
would make substantially no change in revenues of the companies. Resi- Int. & other deduct. of
16,484
72.646
4,144
14,809
dential and commercial rates with the same fixed charge and demand
North West Util. Co
charge, but with an energy charge of4% cents a kilowatt hour would reduce
the companies revenues approximately $316,000 a year. A residential rate
Netfor retire. & stocks
$472,621 $2,669,916 82.035,790
made up of a fixed charge of 75 cents per meter per month and energy charge
of North West Util.Co. $664,147
of 4% cents and a commercial rate made up of a fixed charge of 75 cents -V. 130. p. 3352.
per month,a demand charge of $1.50 per kilowatt per month and
per meter
-Earnings.Northern Indiana Public Service Co.
an energy charge of 4% cents per kilowatt hour would cut more than
1929.
1930.
$6.000,000 a year from the revenues of the companies. A residential
12 Months Ended June 30$14,796,352 $13,476,252
fixed charge of 60 cents per meter per month and an energy Operating revenue
rate having a
3,388,394 3,228,999
charge of 5.4 cents per kilowatt hour, and a commercial rate with a fixed Net Income
charge of 60 cents per meter per month, demand charge of $1 per kilowatt -V. 131. p. 476.
per month,and an energy charge of 5.4 cents per kilowatt hour would make
-Preferred Stock Called.redemption
substantially no change in the revenues of the companies.
Ohio River Edison Co.
From the material submitted by air. Sloan, the annual revenue from
AU of the outstanding 7% preferred stock has been called for
the 1,600,000 residential and commercial customers of the four companies and will be redeemed in whole on Oct. 1 1930 at 110 and dive,at the Bankers
at the present rates is shown to be approximately $93.000,000. The com- Trust Co., N.Y. City.
-V.131, p. 787.
bination of fixed charge and energy charge suggested to the Commission
-Bonds Offered.
Ontario Power Service Corp., Ltd.
would cut this revenue to $87,666,000. The reduction in the bills of residential users would be $2.338,000 and in those of commercial customers Guaranty Co. of New York; Wood, Gundy & Co., Inc.*
be a further reduction of $60,000 in the bills
$2,998,000. There would
& Sons; A. Iselin
of some 1,800 customers, who, under the new classification, would be Halsey, Stuart & Co., Inc.- E. H. Rollins
transferred to wholesale rates.
Cleveland Corp. are offering $20,000,000
and commercial customers & Co., and Union
Establishment ofthe fixed charge for residential
sinking fund gold bonds at 94.22
would increase the bills of several hundred thousand small quantity users of 5M% 1st (closed) mtge.
electricity. This increase would affect about 57% of the residential custom- and mt., to yield 6%. The corporation is a wholly owned
ers of the four companies. It would vary according to the amount of elec- subsidiary of Abitibi Power & Paper Co., Ltd;
tricity used, the average increase being 23c. a month. About 55% of the
Payable
Dated July 1 1930; due July 1 1950. Principal and int. (J. & J.)(Yukon
271,000 commercial customers would have their bills increased, an average
in Canada
of 33c a month. The rest would have bills decreased, an average cut of at holder's option, in Canadian gold coin at any branch S. gold coin at the
excepted) of Royal Bank of Canada, or in 11.
Territory
92c. a month.
or in sterling at Royal Bank
Mr. Sloan's material shows an annual expenditure of $13.63 for each agency of Royal Bank of Canada, New
York.
Canada,Londe 0of , Eng.,at fixed rate of $4.86 2-3 to fl. Denom.c5$1,000
customer on the books of the companies. This covers the casts of the
and authorized multiples thereof.
the meter on the customer's premises and the direct and $500, and r$1,
n
service connection and
the respective
Corporation will agree to reimburse to owners resident intrust deed, the
cost of reading the meter, preparation and collection of the bill and customin the
er's accounting in the offices of the companies. It does not include numer- States, upon application in the manner to be specified
and investment costs attributable to the following taxes paid in respect of these bonds or the interest thereon: Any
ous other items of operating
mills on each dollar of assessed
customer. The fixed charge suggested in the new rates does not, therefore, Penn. personal property tax not exceeding 4 in-any year 6% of the interest
cover all the actual out-of-pocket expenditures in making service available value; any Mass, income tax not exceeding exemption tax in 'Conn. not
property or
on such bonds; any personal
to customers set forth by the companies.
year; any securities taxes in
In Mr. Sloan's data the present rate of return figured for the year ended exceeding 4-10ths of 1% of the principal in any
assessed
- Maryland, not exceeding in the aggregate 45 cents on each $100 of
April 30 1930,on the investment cost of the properties of these companies
for State purposes in Kentucky, not
-is set down at 7.67%. On the estimated present value of the value in any year; any ad valorem tax
$741,305,000
-the rate of return is figured as 6.11%. This exceeding 50 cents on each $100 of assessed value in any year; and any
-S930,652,000
properties
value
on each $100 of
property tax in Calif. not exceeding 55 centsto pay principaltaxable
works out for the various companies as follows:
and interest
The New York Edison Co., 5.76%; Brooklyn Edison Co., Inc., 6.70%; in any year. Corporation will also agree be required or permitted to pay
Light & Power Co., 5.58%; New York & Queens Elec- without deduction for any tax which it may
The United Electric
law of the
present
thereon or to retain therefrom under any county oror future
tric Light & Power Co., 7.92%.
municipality therein,
The application of the proposed rates to the anticipated business of the Dominion of Canada,or any Province. City, of any State, county, city or
worked out in detail in the data submitted. or of the United States of America (but not
companies for the year 1931 Ls
the payment a all such
The estimated revenue from sales of energy is set down as $168,871,690. municipality therein), the corporation assuming
death duties; (t.) any income tax
The estimated operating expenses, retirement expenses and taxes, after taxes, except: (a) any succession or other the Dominion of Canada by the
imposed on residents of
giving effect to miscellaneous operating revenue, are put down at $108,124.- which may be
Province, city, county or municipality therein;
000. The estimated investment value of the properties of the four com- Dominion of Canada or anyexcess of 2% levied or imposed by the United
tax in
panies for the year 1931 is figured at $836,562,017. and the estimated and (c) any income Redeemable, in whole or in part, on any int, date, on
present actual value of the properties at $1.022,136,721. The estimated States of America.
and int., namely:at 105% if red, on or
return for 1931 on the investment value of the properties is 7.29% and on 60 days' notice at the following prices red, prior to maturity. at 1% less for
before July 1 1935, and thereafter, if thereof.
the actual present value of the properties 5.94%.-V. 131. p. 628.
each five subsequent years or fraction
and application will be
Listing.-Bonds listed on Boston Stock Exchange
-To Decrease State Toll Rates.
New York Telephone Co.
bonds on the New York Stock Exchange.
A new schedule for intra-State telephone toll charges will be filed with made to list
Toronto, Ont. July 30.
-S. Commission on or before Sept. 1, representatives of
the New York P.
Data from Letter of Alex. Smith, Pres.,
holds
this company assured Milo R. Maltbie, Chairman of the Commission at
Company.-Incorp. under the laws of the Province of Ontario and
on Aug. 1. The new schedule, which would become under lease from the Province of Ontario,a water-power site on the Abitibi
the hearing held
effective Oct. 1, will reduce rates for long distance within the State to the River, estimated to be capable of producing 275,000 h.p. of electrical
same level as the rates being charged by the American Tel. & Tel. Co. for energy. This lease runs for a period of 25 years from Oct. 1 1930, with
27 years,and expires in
Inter-State calls of a similar nature.
rights of renewals for two successive periods totalling
While the new rates will bring substantial relief to telephone users through- 1982. The rental payable to the Province of Ontario under the lease is
out the State, and although it will decrease the revenues of the company to a subject to adjustment at the beginning of each of the renewal periods.
small degree, the readjustment will occasion increases in rates for a certain Water rights entitle the corporation to the use of all lands necessary for the
type of calls. In order to bring the New York Tel. Co.'s charges into line construction and protection of its power development.
about 64 miles
with those of its parent company, the American Tel. & Tel. Co., it will be
The site, known as Abitibi Canyon Power, is located
necessary to increase slightly the rates for calls within a radius of 40 to 56 northbrly from Cochrane. Ont., and Is served by the Temiskaming &
miles.
Ry., the latter being owned and operated by the GovernOntario
is naturally adapted for power
A hearing on the new rate schedule has been called for Sept. 3.-V. 131. Northern
ment of the Province of Ontario. The site
Abitibi Canyon
p. 628, 786.
development, the total drainage area of the Abitibi River at
square miles. The watershed Is well
embracing an area of over 8,400
regulation of
conditions,
New York Westchester & Boston Ry.-Direct Operation wooded and affords favorable run-off the system,facilitating Abitibi Lake,
including
stream flow. The storage waters on over 420 square miles.
Taken Over by New Haven to Effect Further Economy.
provide a storage basin with an area of head of 237 feet.
Effective July 1, the New York, New Haven,& Hartford R.R. took over
Power will be developed under a net foundation and will be of concrete
direct operation of New York, Westchester & Boston Ry. This change,it is
The dam will be erected on solid rock
the gorge directly below
announced, is in line with the policy of economy which the New Haven construction. The power house will be located in not less than 55,000 h.p.
has adopted,and should mean a striking saving in the operation of the West- the dam and will contain five generating units of available water supply,
balanced between
chester system.
The plant will be well
d to
transmissionloaannddisttrail
L.8. miller, President of the Westchester Company,has resigned and his each. and generator capacities andunusuallyw
turbine
amount otilst.
place has been taken by John J. Polley, President of the New Haven. All
Estimated cost of construction is $73 per installed h.p.butionsyama
other officers have been replaced by New Haven officials, V.130, p. 2770. (closed) mtge. bonds will be less than
power, Abitibi Power & Paper Co.,
the completion of the Canyon hydro-electric and hydraulic power
With
-Extension of Charter Approved.
North American Co.
Ltd., will own or control developed 500,000 h.p., with material reserves
At a special meeting on Aug. 6 the stockholders approved an extension Installations aggregating approximately further extension.
to 1990 and other amendments to the certificate of undeveloped water power available for
of the company's charter
--Corporation has entered into 40-year contracts under which
Contracts.
of organization suomitted by the board of directors in the notice to stock
from the proposed development will be
holders dated June 23 1930. These amendments do not increase the amount all of its output of electrical energy
Commission of Ontario and to the Abitibi
sold to the Ilydro-Electric Power
of stock outstanding. (see V. 130.P. 4607.)-V. 131, P. 629. 271.
except that the Government of the
Power & Paper Co., Ltd., respectively, small amount of power (not over
Province of Ontario may direct that ato other customers.
North American Light & Power Co.
-Earnings.
delivered
10,000 h.p.) shall be sold and
I'ower Commission of Ontario,
Consolidated Income Statement 12 Months Ended June 30.
Under the contract with Hydro-Electric
h.p. upon completion of the plant not
the Commission will purchase 85.000'increasing annually until a total of
1930.
1929.
later than Oct. 1932, this amount
Gross earnings from operations
$46,714,276 $44,374,418
1936. and annually thereafter. This contract
Operating expenses & maintenance
22,658.606 22,619,757 100,000 h.p. is purchased in renewal by the 11 ydro-Electric Power Comof
Taxes
2,913,209 2,336,188 expires in 1971, with tight
mission of Ontario until 1982. with Abitibi Power ,9z Paper Co.. Ltd.,
The corporation's contract
Net earningsfrom operations
$21,142,460 $19,418,474
that the latter company will purchase all power produced by the
Other income
978.682
740,982 provides development and not purchased by Hydro-Electric Power Comproposed
by other customers in respect of not exceeding 10.000
Totalincome
$22,121,142 $20,159,456 mission of Ontario (or By reason of low cost production of newsprint and
specified above).
Power facility rentals
966.997
845811 h.p aspulp and paper products, large-scale development and operation are
Interest & amortization ofsubsidiaries
7,678,344 8,149 246 allied
.
of Abitibi Power & Paper Co.,in the district to be served
Dividends on preferred stocks ofsubsidiaries
3.806,878 3,725'069 assured to the znills
w po
Earnines._pouer n
Allowances for minority interests
1,957
'169 by the new
of
completion of construction, net earnings of the corAppropriationsfor depreciation reserves
3,225,248 2,790,015
poration for the first seven years of complete operation, available for bond
Int.& amortiz. of North Amer. Lt. & Pow. Co_
835,912
1,193,928 Interest and reserves, have been estimated by George F. Hardy, ConEngineer, as follows:
Balance for dividends & surplus
$5,605.807 $3.455,217 sulting
$2.172,000 1936-37
$2,758,500
Divs,on pref.stock of North Amer. Lt. & Pow. Co 1.146,000
983,177 1932-33
2,394,500 1937-38
2,813,500
1933-34
2,608,000 1938-39
2,868,500
Balance for common stock diva. & surplus
$4.459.807 $2,472.o39 1934-35
2.691,500 Ann. int. req. on these
President Clement Studebaker, Jr., says in part in a letter to the stock- 1935-36
bonds
1,100,000
holders:
93
FINANCIAL CHRONICLE
The corporation's contract with Abitibi Power & Paper Co.,
that the latter company shall pay for power held available for provides
delivery
to it in each year, a sum which, when added to payments received from the
'Hydro-Electric Power Commission of Ontario or other customers, shall be
sufficient to assure the corporation of net earnings during the first seven
years of operation at least equal to the above estimates, and thereafter as
dong as any of these bonds are outstanding, of net earnings as above defined
of not less than $2,868,500 per annum.
• The revenues to be derived from the Hydro-Electric Power Commission
AA Ontario amount in each of the foregoing periods to more than 40% of the
estimated total gross revenues. Estimated expenses are small,amounting to
less than 10% of gross revenues.
CapitalizationAuthorized. Outstanding.
5%% 1st mtge. bonds(this issue)
closed
520,000,000
Common shares(no par)
40,000 shs. 20,020 shs.
Sinking Fund.
-Trust deed will provide for a cum, annual sinking fund
beginning July 1 1935 sufficient to retire 40% of all the issued bonds by
maturity. Each annual sinking fund payment is to consist of a basic
installment plus interest on all bonds previously retired. For each of the
first five annual payments the basic installment is to be $300,000. In 1940
and again in 1945 the annual basic installment is to be re-determined and
in each case is to be such amount as will be sufficient, on the abovementioned
cumulative basis, to assure the retirement by maturity of an amount of
bonds which, together with the bonds previously retired, will be equal to
40% of the total issue. Sinking fund moneys will be used for the purchase
In the open market of bonds at or below the then redemption price to,failing
such purchase, shall be used by the trustee for the redemption by lot of
bonds, as will be provided in the trust deed.
Security for Bonds.
-Bonds will be a direct obligation of corporation, and
will be secured by trust deed constituting a first specific mtge. and charge
on all the fixed assets of the corporation, including plant, buildings and
equipment, and on the above-mentioned lease from the Government of the
Province of Ontario. In addition, the power contracts with the HydroElectric Power Commission of Ontario and with Abitibi Power & Paper
Co. will be assigned to the trustee as additional security. Bonds will also
be secured by the floating charge of the trust deed covering all the corporation's assets not covered by the specific charge. The specific and floating
charges will cover all of the corporation's interest in assets acquired after
the execution of the trust deed. The entire proceeds of the bonds will be
deposited with the Montreal Trust Co.will be covered by the first specific
charge of the trust deed and will be paid by the trustee to the corporation
:to meet construction costs as the work proceeds, including Interest on bonds
during construction, only upon presentation to the trustee of engineers' and
accountants' progress certificates, all as will be provided in the trust deed.
, Provision for Bondholders' Meetings.
-The trust deed will contain provisions for meetings of the bondholders, at which meetings extraordinary
'ossolutions may be passed for the following purposes: (1) to waive any
default under the trust deed except nonpayment of principal or interest;
(2) to authorize the trustee to bid at any sale of the mortgaged premises;
(3) to appoint a committee to act on behalf of the bondholders;(4) to require
the trustee to exercise or refrain from exercising any of the powers conferred
upon it; and (5) to sanction any change of any provision of the trust deed;
provided, however, that the powers exercisable by meetings of the bondholders shall not include the power to change the lien of the trust deed, or to
decrease the interest rate of the bonds, or to postpone payments of principal
or interest on the bonds, or to limit the provisions of the bonds in respect of
the kinds of money in which the principal (whether at maturity or prior
thereto through redemption occasioned by operation of the sinking fund or
otherwise) and interest of the said bonds are payable, or to issue any
securities ranking in priority to or paid passu with the bonds issued under
the trust deed.
[Vol,. 131.
Power Securities Corp.
-Offer Made to Stockholders.
See Electric Power & Light Corp. above.
-V.120, p.3316.
(The) Public Utility Holding Corp. of America.
-Sale
of Stock in Missouri Approved.
The
Commissioner of Securities
the Blue Sky laws of that State of the State of Missouri has approved under
the sale in Missouri of common stock of
the corporation.
-V. 131, P. 788, 621.
Quincy Electric Light & Power Co.
-To Issue Stock.
-
The Massachusetts Department of
approved the
petition of the company for authority Public Utilities has of additional
to
capital stock of $25 par value. The stockissue 4.642 shares$70 per share
is to
and the proceeds are to be used in the payment be issued at
of
its promissory notes outstanding Dec. 31 1929, obligations represented by
$325,000.
As a condition of its approval of the petition to the amount of in its dethe department,
cision, requires that retirement of certain property amounting to $263,515
be made from the depreciation reserve account.
-V.115. P. 1107.
San Jose Water Works.
-Earnings.
-
12 Months Ended June 301930.
Gross revenue
$701,649
Operating expenses259,359
1929.
1
$1
9,11
3
Net operating earnings
-V. 129. p. 2858, 1739.
$424,332
$442,290
Saxon Public Works Inc.
-Balance Sheet Dec. 31.1929.
1928.
AsselsIS
$
8
Property, plants &
23,809,523 23,809,524
Capital stock
equipment
91,098,326 83,930,614 Bonded debt
30,000,000 30,000,000
Invest, in subs.,
1,746,419
any.. rntges., &c 7,313,629 4,449,193 Due other co.'s.,,,.. 1,626,831 5,841,788
Accts. payable,&c.12,043,829
Material & supplies 1,800.409 1,836,856 Accruals, &c
5.134,726 4,311,464
Cash
4.155,142 4,370.000
reserve_ _14,637.934 14,497,266
Accts. receivable._ 2,409.667 2,786,955 Deprec. reserve_ __17,976,190 16,357,143
General
Special deposits_
4,833
011,373
65,579 Surplus
1,588,755
Deferred charges__
35,782
35,780
Total
106,817,788 97,474,977
106,817,788 97,474,977
Total
(Converted at rate of 4.2 marks to the dollard.-V. 131. P• 788•
Sedalia Water Company.
-Earnings.
-
12 Months Ended June 30Gross revenue
Operating expenses
1930.
$177,327
65,940
1929.
3179,277
64,458
Net operating earnings
-V. 125, P. 1838.
$111,387
$114,819
Southern Cities Utilities Co.
-Consolidation of Three
Spanish Subsidiaries.
-
Consolidation of the three Span.sth subsidiaries operating in the Spanish
Island of Mallorca into a single operating company was announced this
week by Walter Whetstone, President of the Islands Gas & Electric Co..
heeding company for foreign utility properties of Southern Cities Utilities Co.
The legal merger of La Propagadora
and
Energia Nlanacorense, S. A. with GasBalear de Alumbrado, S. A., the
y Electricidad. S.
Pacific Lighting Corp.
-Earnings.
latter's name has been completed, according to informationA.. under
just received
12 Mos. Ended June 301930.
1928.
1929.
by Mr. Whetstone. This company now does more than 75% of the total
Gross revenue
$48,874,970 $35,544,590 $29,116,938 electric light and power business
which
Operating expenses
21,549,551 15,088.942 13,135,386 has a poulation of 285,000 and of the Spanish Island of Mallorca,It
has
Taxes
2,792,106 approximately 35,000 electric an area of 1,350 square miles.
5,201.976
3,525.746
customers in 20 communities, including
Palma,the largest city, where gas also is supplied to about 10.000 customers.
Netincome
822,123,444 316,929.901 $13,189,447 The systems of Sociedad Gas
Bond interest
5.648,665 3,563,857 3.326.569 Balear de Alumbrado have y Electricidad and Sociedad la Propagadora
Depreciation
6.420,062 4,432.866 3,703.487 year of about 18 miles of been connected by the completion early this
44.000-volt transmission line between Palma
-Amortiz. of bond disc.& expenses......349,594 and Inca. An eight-mile extension
359.336
336,994
of this line is now being constructed
to serve additional territory.
-V. 131. p. 476.
• Net profit
$9.695,380 $8,596,184 $5,809,797
Div.on pref. stocks of subsidiaries_ -- 2,049,817
1.322,091
1.445,143
Southern Natural Gas Corp.
-Acquisition.
Com. diva., minority interest of
The Alabama Natural Gas Corp., which is affiliated with Southern
Southern Calif. Gas Corp. & subs
4.459
Natural Gas Corp., announces that it has agreed with the city authorities
Div.on pref.stock of Pacific Ltg.Corp
599,655 of Talladega, Ala., to purchase
707,268
599,217
the municipal system for the distribution
Cash div. on com, stock of Pacific
of gas within the city,
election
Lighting Corp
4,384,972 3.572,938 2.511,170 is to be held within thesubject to the approval of the pedple. Anthe
next 30 days for the purpose of approving
sale.
About 10,000 people will be affected by this changeover from artificial to
Remainder to surplus
32,548,863 52.978.885 $1,376,880 natural gas.
-V. 131, p. 630. 272.
Balance Sheet June 30.
" Southwestern Gas & Electric Co.
-Earnings.
1920.
1929
1929.
1930.
Period Ended June 30 1930Assets3
Liabilities3
$
3 Months. 12 Months.
$
Plants, prop.&fr222,171,534 206,787,899 Preferred stock_ 13,574,500 10,000,000 Gross operating revenues
$1,362,825 $5,649,185
Invest.10 secur_ 6,095,848 2,455,564 Common stock.:29,643,427 22,631,979 Available for interest. &c
575,979
2,499,173
Interest on long-term debt
Cash de secur. In
Sub. to corn. stk
225.808
150,150
903.230
sinking f und__
329,337
296,193 sub. pref.stock. 32,921,272 34,906,762 Other deductions
11,729
153,524
Cash
11,088,512 15,686,468 Min.int. In corn.
Net for retirement and dividends
Other curr.assets 8,002,018
stk. de Burp. of
$3338,442 $1,442,419
Deferred charges 6,824,095 7. 7-- ai subs
260.509 -V.129, p. 961, 796.
47.610
97 :
6
Funded debt- _106,958,500 107,029,500
Southwestern Light & Power Co.
-Earnings.
Adv.for contr
4,596,140 4.804,447
-3 Mos.-1929.
1930
Current Ilablls- 8,349,572 8,350,808
1930-12 Mos.-1929.
35,158,322 Gross operating revenues $689.852
5667,063 $33,385,892 33,062,925
Deprec. reserve.. 41,453,606
Available for interest. &c
280,277
227.058
Other reserves_ - 1,883,337 1,307,495 Int,
1.560,494
1,248,974
on long-term debt__
Tot.(ea.side) 254,511,346 233,202,152 Surplus
102,500
103,750
14,933,231 8,752,329
411,806
393.569
Other deductions
18,492
x Represented by 1,602,695 no-par shares.
115.587
63,248
-V.130, p. 3160.
Net for retirement &
Pacific Power & Light Co.
-Coupon Paying Agent.
dividends
$176,527
3106.067 31,033.101
The Chemical Bank & Trust Co. has been appointed coupon paying
$792,157
.
agent for $17,000,000 5% bonds, dated Aug. 1 1930, to replace issue -V.130, p.38802030
maturing Aug. 1 1930. See V. 131, p. 629.
State Line Generating
Pennsylvania Electric Co.
-Proposed Acquisitions.
-
Structure Contemplated.
-
Co.
-Reorganization of Financial
This company now furnishing service in 15 counties In Pennsylvania. on
Reorganization of the company's financial structure on a
July 31 asked the Pennsylvania P.
-S. Commission for authority to purchase basis is proposed in a petition filed with the Indiana P. more permanent
-S. Commission on
all the properties,contracts,rights and privileges of three companies located Aug. 1.
in Clinton and Somerset Counties.
The company proposes to
The companies to be absorbed are the Lock Haven Gas & Coke Co., of to call for redemption before issue bonds, debentures and common stock and
maturity two-year notes issued in
Lock Haven, and the Renovo Consolidated Gas Co..
Renovo, both in and to repay advances made by the owning companies. The 1928 and 1929
Clinton County,and the Jennertown Borough Somersetof
Public Service Co., financing will enable the company to do its financing on a proposed new
more
in Somerset County,Pa.
-V.130. p.4239.
tageous basis, reimburse its treasury for capital expenditures alreadyadvanmade.
provide additional
and provide for preliminary
Porto Rico Telephone Co.
Stock.
- conneoted with the working capitalthe station which is scheduled expenses
-To Retire Preferred
enlargement of
The directors at a meeting recently held, has authorized the redemption soon.
too begin
on Oct. 11930. of all preferred stock outstanding at $107 per share and acThe company asks for authority to issue and sell the following
securities:
crued dividend to the redemption date.
-V. 130. p. 4418.
(a) $15,000,000 of 1st mtge. 4%% gold bonds series A; (b) 58.600,000 of
5
-year 5%% gold debentures; (c) 717.600 shares of common
Public Service Co. of New Hampshire (& Subs.).- par value, to yield not
stock, without
less than
Earnings.
The company as of July 29 $7.176,000.reorganized under
1930, was
the Indiana
period Ended March 31 19303 Months. 12 Months. General Corporation Act.
The company proposes to call for redemption on Nov.
Gross operating revenues
$1,336,179 $5,307.302 Issue of
11930. the entire
Avai
Available for interest, &c
$14,000,000 of2
2.438.755
-year 53. % gold notes,due Dec. 11930,and $7,000.683,523
Interest on long-term debt
-year 53 % gold notes. due
637.217 000 of 2
168,416
Other deductions
The State Line Generating Co. IsMay 1 1931.
158.435
owned
56.688
,
sidiary corporations by the Commonwealth either directly or through subEdison Co. Public Service Co.
of Northern Illinois, Northern Indiana
Net for retirement and dividends
Public Service 'Co. and Inter-State
3458.418 $1,643.102 Public
Service Co. These companies have contracted for the entire output
Balance Sheet March 311930.
of the station. Electrical energy is delivered
Assetsto those companies at the
Liabilities
property line of the State Line Generating
Property, plant 6,equip
$25,559,596 Common stock (no par)
Co.
154,777.459
The first
Excess of holding co.'s inv.__
6,123,100 of 208,000 unit of the station, placed in operation last year has a capacity
479,750 56 pref. stock (no par)
Sinking fund uninvested_ __
kilowatts and Is the largest electric generating unit in the world.
.
972,700 The station is
21,292 85 pref. stock (no par)
Other investments
73,163 state line in located on the shore of Lake Michigan at the Indiana-Illinois
223,641 Pref. stock subscriptions-Materials and supplies
Hammond,Ind.
552,708 Bonds in hands of public_ _ __ 13,635.000
Plans for
Accounts receivable
624,624 Accounts payable
235.969 posed total the addition of a second and third generating unit with a proCash
rated
329,006 Accounts not yet due
365.331 power factor, have capacity of approximately 257,000 kilowatts at 85%
Notes receivable
been made. Preliminary construction is about to com1.028,850 Reserves
2,199.278 mence. The
Advance payments
2,239,811 1932 and the second unit is expected to be placed in operation about July 1
9.727 Surplus
Suspense
third unit about July 11933.
124,762
Unamort. debt. disct. & exp.. 1.080,292
Construction of Second Section of Station.
Disct. & exp. on cp. stock
587,563
530,621,812
Total (each side)
Preliminary construction on the second section
-V. 130. p. 4051. 3712.
ing Co.'s station on the shore of Lake Michigan of the State Line Generatat the Indiana-Illinois State
Aua. 91930.]
939
FINANCIAL CHRONICLE
line in Hammond. Ind., has commenced, officials of the company announced.
Generating units two and three, aggregating 257,000 k.w. capacity or
approximately 342,660 h.p. at 85% power factor, will be installed in the
second section,bringing the total station capacity to 465,000 k.w.or approximately 620,000 h.p. Present capacity of the station Is 208,000 11.w., or
approximately 277,330 h.p.
Unit number two, with a capacity of 132,000 k.w., or approximately
176,000 h.p., will be placed in operation in 1932. This unit is being built
by the General Electric Co. Unit number three, with a capacity of 125,000
It is
k.w., or approximately 166,770 h.p., will go in operation in 1933. Both
being constructed by the Allis-Chalmers Mfg. Co. of Milwaukee.
-generator units will be operated at 1,200 pounds steam pressure.
turbo
Six boilers, throe for each unit, will supply the steam. The high pressure
turbine in unit number one is operated at 650 pounds steam pressure.
An addition to the station building will be built, 380 feet long, 210 feet
wide and about 100 foet high, which will double the size of the present structure. The new addition will be of steel and brick construction. corrresponding in architectural design with the present building. Herlihy Mid-Continent Co. has the contract.
The new addition will be added on the south side of the present building.
It will contain the turbine room for the second and third units, a boiler room
and an operating room. It will be adjoined by a switchyard. 272 feet by
-V. 130. D. 1829.
302 feet.
-Plans Further Developments.
Texas Gas Utilities Co.
Plans are under way for the construction of additional main natural gas
Holmes, chief engipipe lines by this company, it was announced by Rossthe month.
of
neer, with first ground to be broken before the end City
extension, to conconstruction will be that of the Crystal
The first
the city of
nect with the main pipeline linking the Uvalde field with section of Uvalde,
the work
which has been in operation for some time. The second
will carry the line through the "Winter Garden" district of Texas, connecting a number of cities and towns, including Carrizo Springs, Atherton and
Caterina.
This will give the company two main trunk lines, one tapping the Chittim
field. A future
field and the other the Uvaldelinking of the twodevelopment of the confields for the purpose tf
struction program calls for thecapacity.
securing maximum productive
pipe line
The company completed early in July a mainit is now from Chittim field
supplying natural
to Del Rio and Devil's River, through which Central Power & Light
gas to the new electric generating station ofthe Chittim field with Co.
Eagle
a second main pipeline connecting now
Work on
in progress.
Pass. Texas. and Pidras Negras. Mexico. is
Ahead on Delivery Schedules.
Within 90 days after commencement of operations, this company has
been placed on a basis sufficient to pay all operating expenses and fixed
charges, as a result of the increased demand for natural gas by Central
Power & Light Co., Devil's River, Texas, according to an announcement.
Initial deliveries to the power company on completion last month of Texas
Devil's River, amounted to 2.500,000
Gas Utilities Co.'s new pipeline tonow
has
increased
cubic feet daily, which figure further substantial to over 5,600,000 cubic
increase.
prospects of a
feet daily, with
This load places the Texas Gas Utilities Co. ahead of its estimated gas
schedule, and with a continuance of the load of Central Power &
sales
Light Co., indicates that the revenue from the Central Power & Light
Co. contract alone will provide for all operating expenses and fixed charges
of the entire Texas Gas Utilities system, which includes other main pipelines now being built, in which case all revenue from the new lines will
represent net increase. The new pipelines radiate from the Rycade field
City, Carizzo Springs
to Eagle Pass, Uvalde, Crystaldistribution systems in and the "Winter
Del Rio and Eagle
Garden" district of Texas. The
Pass are nearing completion, and deliveries will commence at an early date
Under its long-term contract with the Central Power & Light Co.,
controlled by Middle West Utilities Co., Texas Gas Utilities Co. supplies
entire fuel requirements of the poower company's new Davila River central
-V. 131, p. 789.
station electric power plant.
-Listed.
Texas Hydro-Electric Corp.
stock of the par value of $50 was exchanged or converted into 5 shares of
no par common and A share of no par $5 dividend preferred stock.
Following is the combined earnings statement of the U. G. I. Co. and
those companies in which it owned a majority of voting stock on Juno 30
excluding the Philadelphia Gas Works Co., for the first 6 months of 1930
compared with the same period of last year.
Earnings for 6 Months Ended June 30.
*1929.
1930.
Operating Revenue$40,673,621 $38,606,542
Electric
9,913,693 9,224,329
Gas
1.612,590
1,498,495
Transportation
1.138,460
1.097,039
Ice and cold storage
295,948
394,058
heat
Steam
143,293
135,438
Water
120,470
136,206
Other
Total operating revenue
Operating Expenses
Ordinary
Maintenance
Renewals and replacements
Federal taxes
Other taxes
$53,848.550 $51.141,632
Operating income
Non-operating income
$23,497,458 $20.743,166
1.274.265
779.673
Gross income
Income Deductions
Interest on funded and unfunded debt
Amortization of debt discount and expense
Other deductions
$24,277,131 $22.017,431
19,825,365 19.938.227
2,675,883
2,741,198
3,683,486 3.725,559
2,097,441
2,063,665
1.961.356
2,037,378
6.544,533
189,639
580,251
6.545.959
204,514
380,113
$16,962,708 $14.886,845
Net income
Dividends on pref,stocks and other prior deductions 1,022,374 2,635,547
Earnings available for common stocks
Minority and former interests
$15,340,334 $12,251.298
1.661,584
1,850,709
Balance of above earns. applic. to U. G. I. Co_.113.489,625 $10,589.714
1,726.991
Earnings of other subs. applic. to U. G. I. Co_ _-937.596
Int. and diva, on investments and profits from
4,031,593
5,535,752
other operations, less expenses and taxes
Total applicable to U.0.1. Co. capital stock_ _ _319,962,973 $16,348.298
bl,265.990
Semi-annual div. on $5 div. pref. stock
Balance applic, to common stock of U. G.I. Co_818.696.983 $16,348,289
$0.72
$0.83
Earnings per share on 22,566,463 shs. corn. stock_
-The above does not include profit from sale of securities and other
Note.
non-recurring income of U. G. I. Co. amounting to $624.613.
a 1929 figures restated and adjusted for comparative purposes. b Preferred stock outstanding represented no new financing, it being the result
of a conversion or change Sept. 3 1929. whereby each share of common
of
stock of the par value of $50 was exchanged or converted into 5 sharesno par common and A share of no par $5 dividend preferred stock,
V. 131.p. 116.
-Earnings.
Unterelbe Power & Light Co.(& Subs.).
1927.
1928.
1929.
Calendar YearsGross earnings. incl. miscell. income_ $4,759,104 $4,517,190 $3,825,662
Operating expenses, incl. maint.,
1.925.094
2,566,780
charges under Dawes Plan, Szc_.... 2.579,434
Net earnings available for interest,
$2,179.670 $1,950,410 $1,900,568
depreciation, royalties, &c
-V. 128. P. 3188. 886.
-Dividend Increased.
Western Massachusetts Cos.
The directors have declared a quarterly dividend of 68( cents per share.
The Chicago Stock Exchange approved July 30 the listing of 1st mtge. payable Sept. 30 to holders of record Sept. 16. This action increases the
-V. 130, p. 1277.
6% gold bonds, series A; authorized and subject of listing $2,500,000: stock from a $2.50 to a $2.75 annual dividend basis.
subject of trading upon notice $1,650.000.
This company,recently organized under the laws of the State of Texas for
-Earnings.
West Texas Utilities Co.
maintaining water power, is now building
the purpose of constructing and
1930-12 Mos.-1929.
Period End. June 30- 1930-3 Mos.-1929.
and plans to have completed by May 31 1931, three hydro-electric plants Gross operating revenues 91,755,514 $1.870,638 $7,578,744 $7.150,449
on the Guadalupe River about 45 nines northeast of San Antonio. It is Avail,for interest, &c_ _ _
2.886.577
772,127 3.173,247
693,865
conservatively estimated that the three plants will have an average aggre- Int. on long-term debt__
890.961
990,688
232.012
260,050
gate annual output of 29,000.000k. w. h.
238,996
323,069
103,911
45,135
all of the current to be generated by two of Other deductions
The purchase of practically
the proposed plants for the next 30 years has been contracted for by the
$436,204 $1,859,489 $1,756,520
Net for retire. & dive_ $388,680
Central Power & Light Co., while the San Antonio Public Service Co. has
contracted to purchase. for the next 27 years, substantially all of the current -V. 131, p. 477.
to be generated by the third and largest plant.
-Earnings. 930.
1
-Louisiana Power Co.
Texas
12 Months Ended June 30Gross revenue
Operating expenses
1929.
9:81R:812 33,13636:040291
Net operating earnings
-V. 130, p. 3162.
$1,847,834 $1,866,972
Toronto Ry.-To Ratify Winding up of Cornpany.-
-Earnings.
Wisconsin Gas & Electric Co.
12 Months Ended June 30-Operating revenues
Operating expenses
Maintenance
Taxes
1930.
1929.
$6.282,390 86,089,885
2,765,978 2.871.676
422,339
410.294
827.500
667,124
Net operating revenues
Non-operating revenues
$2,266,573 $2,140,791
126,369
130,277
$2,392.942 $2,271.067
Gross income
The shareholders will vote Sept. 2 (a) on adopting and confirming an
515,409
360.831
account to be laid before the meeting by the liquidator (D. H. McDougall) Interest on funded debt
17,609
14,594
winding-up has been conducted and the Amortization of bond discount and expense
showing the manner in which the
Cr.54,137
Cr.23,474
poroperty of the company disposed of, and the acts and dealings of the Other interest charges
Cr.89,014
Cr.71,109
liquidator:(b)on considering the disposal to be made of the books, accounts Less interest during construction
589,728
540.603
and documents of the company (including cancelled share certificates and Depreciation reserves
unissued forms of share certificates): (c) on approving a resolution directing
91,413,347 $1,449,622
Balance
Compensation Board of Ontario, in the event of the moneys
the Workmen's
295.380
303.169
heretofore paid to the Board by the company to pay compensation to Preferred dividends
Injured workmen being more than sufficient for that purpose, to pay the
Balance for common dividends and surplus- -- $1,117,967 $1.146,453
Hospital for Sick Children at Toronto and (or) such
surplus moneys to the
other charity or charities as the meeting shall select: (d) on approving a
Condensed Balance Sheet June 30.
resolution or resolutions approving,confirming and ratifying the winding-up
1930.
1929.
1930.
1929.
of the company and the acts and dealings of the Liquidator in connection
Liabilities
g
Assetstherewith, accepting the same as constituting complete administration and
affairs and assets of the company aad discharging the Property & plant.23,712,890 21,112,133 Preferred stock__ 4,500,000 4,500,000
liquidation of the
Common stock... 6,000,000 6,000.000
Liquidator from further performance of any duties and (or) obligations. Capital expend's, 676,300
460,102 Funded debt
10,400,000 10,500,000
current year-- -V.121, p. 1228.
238.000 Notes Sr bills pay_
950,000
Treasury bonds_
346,785 Accounts payable_ 162,971
325,198
Sundry investmls 259,990
-Successor:
Union Traction Co. of Ind.
341,514 Misc. curr. liabils. 171,087
504,681
172,414
Cash
-V. 131, p. 272. 116.
Bee Indiana RR. above.
'15,393 Inter co. accounts_ 486.673
13,243
764 043
Notes & bills ree955,435
United American Utilities, Inc.-Sui. Co. President.
- Accts.receivable_ _ 679,760 1,170,187 Taxes accrued_ _ _ 557,988 445,669
903,012 Interest accrued
53,750
55,258
A. V. Wainright, President of the United States Engineering Corp., the Material & BUDD47,198 3,251,911 Dividends accrued
73,045
74,894
sects_ - _
Fitkin Management Co., has been named President of the Pacific Freight Inter co.accounts_
17,015 Misc. accr. lIabils..
20,407
8,482
21,056
charge of operations, with headquarters at Los Angeles, Prepaid
Lines, Inc.. in
1,463,534 1,214,151 Open accounts_ _ 352,843
297,940
Open accounts
Callf.-V. 131. P. 789.
116,800 Reserves
4,146,005 3,789,611
Reacquired secur_ 242,700
403,702 Surplus
2,303,125 1,932,316
Bond & note disc't 387,557
-Earnings:
United Gas Improvement Co.
237,673
Sink.& spec.funds 286,122
of the U. G. I. Co. 6 Months Ended June 30.
Earnings Statement
1930.
Total
29,227,894 29,828,403
a1929.
29,227,894 29,828,403
Total
Dividends on stocks
$15,586,301 $14.588,973 _v,
130, P. 3714. 2394.
Interest on bonds, notes, &c
929.334
552,357
Miscellaneous income
944.697
962,751
Power & Light Co.
-
Wisconsin
-Earnings.
Totalincome
$17.460,332 $16,104,081
Salaries, traveling expenses,office rentals,suppl.,&c 830.795
881,761
General expenses
277,775
157,674
Interest on notes payable
53.822
614,406
and State taxes
Federal
477.899 .
353,168
1930-12 Mos.-1929.
Period End. June 30-- 1930-3 Mos.-1929,
Gross oper. revenues _ _ - $2,213.903 $2,069,959 $9.025,589 $8,188,087
963,330
Available for int.. &e_ __ 1,056,405
4,141,837
3,772,411
369,425
340,931
1,422,346
list, on long term debt_ _
1,294,127
70.018
38,707
230,951
Other deductions
142,807
Net income
Semi-annual dividend on $5 dividend pref. stock
Net for retire. St divs_
_Ar, 131. p. 272.
$15,820,041 $14,097,072
b1,265.990
Balance applicable to common stock
$14,554,051 $14,097.072
$0.64
Earnings per share on 22.566,463 shs. corn. stock
$0.62
above does not include profit from sale of securities and
-The
Note.
other non-recurring income of the U. G. I. Co. amounting to $624,613.
a 1929 figures restated and adjusted for comparative purposes. b Preferred stock outstanding represented no new financing, it being the result
of a conversion or change Sept. 3 1929. whereby each share of common
$616,962
$583,692 $2.488,539 $2.335,477
Worcester Consolidated Street Ry. Protective Comm.
-
Holders of large blocks of the 1st & ref. mtge., due Aug. 1 last, have
decided not to extend their bonds for ten years to Aug. 1 1940. In order
properly to protect the interest of these bondholders, a protective committee has been organized. This committee consists of W.Eugene McGregor
of Harris, Forbes & Co., Inc.: J. Howard Leman of Paine, Webber & Co.:
Charles E. Ober of Stone & Webster and Blodget, Inc.: Richard Pigeon of
940
FINANCIAL CHRONICLE
Estabrook & Co., and George A. Gaskill, President of Peoples Savings
Bank of Worcester. Harris Forbes Trust Co. is depositary.
In a notice to holders of 1st & ref. mtge. gold bonds and deb. bonds the
bondholders' protective committee states that the company has not provided funds for payment of the principal due Aug. 1 and that united action
on the part of a large percentage of the holders of bonds is the most effective
way to protect the interest of such holders as do not care to extend their
bonds.
The following are the earnings of the company as officially reported:
-12 /lies. End. Dec. 31- 6 Mos.End.
1928.
1929.
June 30'30.
Gross income
$3,138,455 $3,093,376 $1,507,199
Gross ry. oper.exps., taxes & maint..- 2,324.866
1,015,181
2,256,040
Netearnings
813,589
837.336
492.018
Annual hit. on 1st & ref. mtge. bonds
and on debentures
276.545
138,273
276,545
Entire ratio
2.94
3.02
3.5
-V. 131, p. 790, 477.
Wisconsin Michigan Power Co.
-Earnings.
-
12 Months Ended June 30Operating revenues
Operating expenses
Maintenance
Taxes
$3,563,521 $3,467,530
1,267.356
1,313.941
154.826
181,566
487,949
429,524
Net operating revenues
Non-operating revenues
81.653,690 81,542,499
22,602
31.057
Gross income
Interest on funded debt
Amortization of bond discount and expenses
Other interest charges
Less interest during construction
Depreciation reserves
Balance
Preferred dividends
Balance for common dividends and surplus
-V. 130, p. 3714, 2031.
Alliance Realty Co.
-Earnings.
-
6 Mos. End. June 30-Income from real estate
operations & sales__ _ _
Interest on mortgage_ __
$304,730
79,348
807,315
73,691
Balance
Other income
$225,382
383,408
8733.624
116,061
Total income
Expenses & Fed. taxes_ _
$608,790
61.013
$849,685
125,162
$657.188
49,116
$270,562
43,562
Net income
Shs. cap, stk. outstand.
(no par)
Earns. per share__
-V. 130, p. 800. 623.
$547,777
$724,523
$608,072
$227,000
132,000
$3.60
132,000
$4.94
120,000
$4.66
120.000
$1.89
1930.
1929.
1928.
1927.
Not
Available
Allis-Chalmers Mfg. Co.
-Unfilled Orders.
-
Total income
Refined Sugar Price Reduced.
-National Revere, American and Spreckels
sugar companies announced Aug. 4 reductions in therprice of refined sugar
to 4.60 cents a pound, a decrease of 10 points from the rate prevailing
previously.
Printers Reject Fire
-Day Week Plan.
-By a vote of 4,550 to 3,184 the
members of New York Typographical Union No. 6 rejected a proposal to
adopt a five-day rule, applicable to book,job and newspaper branches of the
printing industry. Proposal was intended to help relieve unemployment
among Big Six members.
-N. Y. "Times." Aug. 2. p. 15.
Hosiery Workers Accept Wage Cut.
-Employees and employers in the
hosiery manufacturing trade have signed a wage agreement (for one year)
under which union workers accept wage cuts equal to 20%. based on
the piecework system of pay and in which arbitration for the entire industry
and the establishment of an unemployment insurance fund are provided for.
-N. Y. "Evening Post," Aug. 2, p. 1.
Milk Price up 1 Cent in City; Drought is Blamed.
-A rise in the wholesale
prices of milk, which will result in the increase of one cent a quart in the
prices charged consumers beginning Aug. 11, has been announced by milk
distributers.
-N. Y. "Times," Aug. 8, p. 1.
Lead Price Advanced to 5.35 Cents a Pound.-Tho American Smelting
Refining Co. Aug. 1 increased the price of lead from 5.25 to 5.35 cents &
a
pound.
-N. Y. "Sun," Aug. 1, p. 23.
Matters Covered in the "Chronicle" of Aug. 2.-(a) Agreement reached on
adjustment of Mexican debt said to effect reduction of about $350,000,000.
P. 716. (13) Suit filed for accounting _of $43.000,000 fund of Mexican
Government to protect bondholders
-New Jersey court enjoins expenditure of funds, p. 717. (c) Offering of 810,000,000 notes of Saxon Public
Works, Inc. of Germany, P. 718. (d) Farmers' National Grain Corp. in
big world trade-1,000,000
-bushel shipments of wheat in one week-President Huff, on anniversary of corporation predicts it will handle half of
1931 crop, p. 720. (e) Further developments in Woody & Co. failure,
p. 724. (f) Supreme Court temporarily enjoins J. 0. Joseph & Co.. Inc.
from sales of stock of United Wholesale Grocery Co.
-Stock fraud charged,
p, 724. (g) Report of special master in Chancery finds no "rigging"' in
iloister Radio stock-Absolves Rudolph Spreckels and others of legal
blame in $12,000.000 stock profit, p. 725. (h) Throckmorton & Co.'s
Partners and American Trustee Share Corp. named in action over share
sales
-Investor says stock rights were sold secretly, p. 725. (I) Kempner
Bros., Chicago brokerage firm, suspended from associate membership in
New York Curb Exchange, p. 725. (j) Annual survey of insurance company
investments by J. G. White & Co.
-Continued decline in percentage of
bond holdings, p. 726. (k) Embargo by United States on shipments of
pulp wood from Soviet Russia, p. 728. (I) Connecticut Supreme Court
holds State cannot impose tax on estate outside Its borders, p. 728. (m)
President Hoover authorizes Attorney General to conduct inquiry into
bankruptcy law-Investigation an outgrowth of disclosures in New York.
p. 730. (n) Bethlehem Steel Corp.
-Youngstown Sheet & Tube Co.
merger
-More light on 1929 bonuses, p. 730. (0) Canadian Investments in
United States
-More than half of their foreign total comes to this country.
P.- 731. ($) Marine Midland Corp. stock listed on New York Stock
Exchange, p. 732.
Abitibi Power & Paper Co., Ltd.
-New Sub. Co.
See Ontario Power Service Corp., Ltd. under "Public Utilities" above.
-V. 131, p. 273, 117.
Adams
-Millis Corp.
-July Shipments.
Increase. J 1930-7 Mos.-1929.
8141,410184,339,108 $3,823,402
Increase.
$515,706
Air Way Electric Appliance Corp.
-Earnings.
Period End. June 30- 1930-3 Mos.-1929.
Operating profit
$264,221
$544.314
Deprec'n & Federal tax_
39,392
74.641
Net profit
8469,673
$224,829
Preferred dividends_ _ _ _
35,000
Common dividends
250,000
Allerton Corp.
-No Receivership.
-
Chancellor Wolcott in Chancery Court in
to appoint a receiver for the corporation,Wilmington. Del., has refused
which operates the Allerton
Houses in New York, Cleveland and other cities. The Court held that the
evidence did not support allegations of insolvency and mismanagement
V. 130, p. 3715.
July 31,30. June 30.'30. July 31,'29.
Unfilled orders
$1,684,747 $1,565,100 -V.
$16,674,000 $17,926,000 $14,896,719
131, p. 631, 273.
445,167
449,500
22,646
22,646
Amerada Corp.
-Earnings.
165,002
99.035
Period End, June 301930-6 Mos.-1929.
Cr.69,658
Cr.40.943 Gross
1930-3 Mos.-1929r
394,868
364.418 Oper. operating income- $2,568,948 $2,530,932 $4,659,481 $4,886,846
and admin. exps.,
taxes,leases aband.okc 1,372.181
$726,722
$670,445
2,758.937 3;545.780
1,837,675
132,707
91.693
Operating oncome_ _ _ _ $1,196,767
$693,257 $1,900,544 $1,341.055.
1,154,254
$594,016
565.581
$578,751 Other income
366,179
685,634
INDUSTRIAL AND MISCELLANEOUS.
1930
-July-1929.
$655,854
$514,444
-V. 131, p. 790, 117.
[VoL. 131.
1930-6 Mos.-1929.
$597,915 $1,032,009
142,106
86,742
$511,173
$889,903
70,000
500,000
Surplus
$319,903
$184.673
$511,173
Earns, per sh.on 400,000 $224.829
shs.com.stk.
(no _par)_
$2.05
$1.10
$1.09
Pratt E. Tracy, President, sa$5,08:47
"No profits have as yet been included from the heating division of the
company. This branch is expected to contribute to the company's earnings in the last quarter of the current year.
'Company has no cleaners on trial,
any inventories of cleaners in
hands of distributors to be worked off.nor
Company carries and has direct
control over accounts receivable created by 77 branches in the United States
and Canada.
'Collection records indicate that the number of delinquent accounts at
the end of June was only 2%% greater than
amount
they represented was 3.1% greater. This isa year ago, while the
improvement over
May 31 last. Company's inventories and a decided
dealer organization are in
splendid shape to enter upon what ordinarily are the best selling months of
the year, commencing Sept. 1."-V.
130, p. 3354.
81.562,946 81.378,891 $2,466,125 $2,495,309
drill.exps 1,085,301
2.065,065
2.141.195
1,075.539
Net income
Number ofshares outst'g
(no par)
Earns,per share
-V.131, p. 273.
$477.645
5303.352
$401,060
$354,115
922,075
$0.52
922.075
$0.33
922,075
$0.43
922,075
$0.38
American Bond & Mortgage Co.
-Trustees to Control.
Control of the company, which has underwritten real estate bond issues
aggregating more than $150,000,000, has been placed in the hands of five
voting trustees chosen by committees representing holders of preferred
stock and debentures. This was announced at Chicago, Aug. 5, coincident
with the receipt of dispatches from Augusta, Me. telling of receivership.
Proceedings brought there against the company ' creditors who assert
by
that payment on their bonds has been defaulted.
Announcement of the new arrangement was made by Newton C. Farr,
chairman of the debenture committee, and Hiram S. Cody, chairman of
the preferred stockholders' committee.
The voting trustees are: Holman D. Pettibone, Vice-Pres. and Trust..
Officer of the Chicago Title & Trust Co.; Newton C. Farr. Pres. of Chicago
Real Estate Board: Hiram S. Cody, Vice-Pres. of Cody Trust Co.; Stuart.
If. Otis. Vice-Pres. of the Central Trust Co. of Illinois: Arthur F. Davies.
Trust Officer of the City Bank Farmers Trust Co.of New York.
The new arrangement, it is announced, does not alter conditions with
respect to the first mortgage
underwritten and sold by the company
and now in default. The firstbonds
mortgage will continue to be represented by a
bondholders' committee headed by Craig B. Hazelwood, Vice-President of
the First National Bank of Chicago. Mr. Pettibone said the proceedings
brought by the Eastern group would be resisted vigorously.
The company has large investments in properties in Chicago, St. Louis,
Detroit, Washington, Philadelphia, Now York and Boston.
The Chicago Title & Trust Co. has virtually administered the affairs of'
the Mortgage company since last Summer, when interest payments on
several bond issues were defaulted. Control has been in the hands of voting
trustees since last month. The trustees have chosen Arthur W. Draper,
Pres. of the corporation,
Moore. Mr. Draper is President.
of Draper & Kramer,realto succeed W. J.
estate mortgage firm,and is a past President of the
Chicago Mortgage Bankers Association -V.130,P. 4610.
-Sales.
American Department Stores Corp.
1930-Julp--1929.
$641.708
$733,253
- 131, P. 478, 790.
V•
Decreasel 1930-7 Mos.-1929.
891,545185.491,524 55,668,108
Decrease.
$176,584
American Equities Co.
-Acquires Control of Power Co.
President Howe announces the acquisition by this company of a largo
block of class B common stock of the 1ntercontinents Power Co., which,
together with its present holdings gives the American Equities Co. a substantial majority interest. Payment was made for the stock Partly in cash
and partly in stock of the American Equities Co.
The former owners of the company will have representation on the board
of directors of American Equities Co. as a result of their substantial owner
ship of stock in that company. W. Winans Freeman will be President of
the Intercontinents Power Co., which will be operated by American Equities
Co. in conjunction with its other properties.
-V. 130, p. 1266.
-Earnings.American & General Securities Corp.
Earnings for Six Months Ended May 31 1930.
Interest,,
$96,408
317.799
Dividends_______________
-------------------- x682,708
Profit on sale of securities (net)
Profit on syndicate participations
187
Gross income
$1.097,102
Investment service fee
50.549
45.595
Miscellaneous expenses
Taxes paid and accrued
38,225
Net income
Dividends paid and accrued on preferred shares
$962,733
121,788
Balance transferred to undivided profits
$340,945
x As a reserve against depreciation in value of portfolio Items the American & General Securities Corp. appropriated $2,149.391 out of surplus
arising from the retirement of preferred shares acquired at prices below
Par. Losses sustained during the six months ended May 31 1930 amounting to $282,565 were charged against this reserve.
Balance Sheet May 311930.
AssetsLiabilitiese$16,677,624 Securs. purchased-not rec'd $299,550
ainvestment securities
Cash
778,254 Accrued invest. service fee &
Call loans
100,000 sundry expenses
34,112
Securities sold-not delivered
93,755 Accrued taxes
242,923
Accrued income receivable di
Cumulative pref.stock
b2,195,100
Items in oourse of collection
72,515 Class A stock
c8.655,509
Class B stock
d1,000,000
Capital surplus
3,000,000
Undivided profits
2,294,954
Total
$17,722,148
Total
$17,722.143
Alaska Juneau Gold Mining Co.
-Earnings.
a Total market value of securities taken at market quotations May 31
Period End. July 31- 1930-M(mth-1929.
1930-7 Mos.-1929.
1930. was $16,782,401. b Represented by 43.902 no par shares. c RepreGross earnings
$282,500 81,868,000 $1,928.500 sented by 500,000 no par shares. d Represented by boom() no par shares.
Profit after int. & after 8268.500
e After deducting $1,250,000 reserve appropriated from undivided profits
mine develop. chgs.,
and $1,066,826 reserve appropriated from surplus for redemption of prebut bef.doprec.& Fed.
ferred shares.
-V. 130, p. 469.
taxes
589,250
81,500
516,350
96,900
-V. 131. p. 273.
American Fork & Hoe Co.
-New Directors-Adj. Div.
W. C. Kelly, of the Kelly Axe St Tool Co. has been made Chairman of
Allen Mfg. & Electrical Corp.
the new board of the American Fork & Hoe Co. Directors elected are:
-Registrar.
The Irving 3 rust Co. has been appointed Registrar for 500,000 shares of G. E. Kelly, G. T. Price, W. A. Shephard, L. H. Turner and Duncan
common stock.
Bruce, of the Kelly Axe & Tool Co. J. C. McCarty, E. W. McCarty,
941
FINANCIAL CHRONICLE
Aua. 9 1930.]
primary producer and intends to take further steps in this direction."
V. 131, p. 791.
W. E. Skelton and A. A. Mulligan, of the Skelton Co., former directors.
were re-elected. E. W. McCarty was elected Vice President in charge of
Sales.
A dividend amounting to 23 % was declared on the old common stock of
the American Fork & Hoe Co. in order to adjust dividends to the same
-V. 130.
basis as those of the other companies before entering the merger.
P• 790.
-Balance Sheet.
American Machine & Metals, Inc.
Consolidated Balance Shed at the Beginning of Business July 1 1930.
Liabiluies and Capital
Assets-$174,943
Cash in banks and on hand_ __ $399,773 Notes payable
277,407
Notes & trade accept. receiv_a1,352,880 Accounts payable
-Approves Sale of Sandpaper and Accounts receivable
57,585
American Glue Co.
b1,456,219 Accrued int., taxes, ins., &c.
22,648
152,440 Advance payments on contr
Accrued Interest receivable
Business.
Abrasive
1,523,534 Convertible sinking fund 6;0 2,486,500
Inventories
The stockholders on Aug. 7 approved the offer of the Carborundum Investments
d3,532,722
199,854 Capital stock
to purchase the American Glue Co.'s sandpaper and abrasive business
Co.
1,830,752
surplus
1,683.006
for $2,139,920 cash and to buy for $300,000 cash all stock of its subsidiary, Ore reserves & mineral rights_ c1,547.257 Capital
Abrasives. Ltd., after the latter shall have divested itself of all assets that Fixed assets
67,592
Deferred charges
relate directly to Its abrasives business. See also V. 131. p.478.
do not
1
Good-will, patents, &c
-Earnings.
American Hide & Leather Co. (4Ik Subs.).
$8,382,556
Total
$8,382,556
Total
Year End. Year End. 18Mos. End.
June 28'30. June 2929. June 30'28.
a Net after deduction of reserve for doubtful amounts of $65,740. b Net
$7,308,488 $10,460,284 $18,778,404 after deductions of reserve for doubtful accounts of 472,244. c After deNetsales
iation of 41,569,545. d Represented by 195,000 no par shares.Cost ofsales incL $101,065 deprec_ - 6,407,205 10,482,510 17.746.070
716.860
1.300,562
529,343
31. p. 631, 273, 117.
.Selling,general & adminis.expense.. _ 160.356
226,913
Depreciation
r
Profit before other inc. & charges__
Interest and dividends received &c Refund of prior years' Federal taxes_
$371.939 loss$899,474 1os4495,140
26,291
54,889
103.564
304,072
121,051
-Earnings.
American News Co., Inc.(& Subs.).
The company reports consolidated net income for the six months ended
June 30 1930, of 4425,444. after all charges, including depreciation and
income taxes, equivalent to $2.06 _per share on the average number of
-V. 130. p. 2966.
shares outstanding for the period.
$398,230 los4723,534 loss$87,504
-Initial Dividend.
178,150
187,926
94.085
American Smelting & Refining Co.
469,832
The directors have declared an initial dividend of$1.5657 per share on the
421.435 6% cum.'. 2d pref. stock, par $100. payable Sept. 2 to holders of record
222.755
449,447
100.000 Aug. 15. This covers the period from date of issuance to Sept. 1 1930.
94,047
41.036 -V.131, p. 791, 631.
75,166
28.181
58.933
121,034
American Steel Foundries Co.-Earnings.20,689
1927.
1928.
1929.
Mos.End. June 30-- 1930.
53,678
3
xNet earnings
42,903,681 $3,608,852 $2,187.373 $2,852.98
531,444
577,091
729.630
Depreciation
667,857
$68,144 $1,594,394 $1.366,665
Net loss for period
2,563,762 4.158,156
5,524,821
Previous earned surplus
Balance
42.235,824 $2.879,222 11,610.282 $2,321,539
253,879
256.293
340,988
208,077
Other income
$2,495.618 12,563.762 44,158,156
Earned surplus end of period
-V. 130, p. 2774, 138.
Total income
$2,443.901 $3,220,210 $1,866,575 $2,575,418
14.178
11,834
14,986
Other charges
12.363
American Laundry Machinery Co.-Earninga.403,000
292.000
Federal taxes
The company reports for the six months ended June 30 1930, net profit
and Federal taxes. &c.,
.a $1,042,596 after depreciation shares of capitol stock. equivalent to Balance, surplus
$2.139,538 $2.802.224 41,854.741 42,561.240
-V.130, p. 4419
Ohs. corn. stk. outstand.
41.59 a share (par $20) on 651,722
902,745
902,745
993.020
993,020
(no par)
-Earnings.
Locomotive Co.(& Subs.).
$2.49
American
$2.59 3355, 1531.
41.71
41.93
Earns.per share _____ _ _
-V. 130,I/
1929.
1928.
1927.
x After expenses and Federal taxes.
June 30-- 1930.
6 Mos. End.
Net earns., all sources,
-Earnings.
American Stores Co.
after deducting mfg.,
1929.
1930
maint. & admin. corps. $3,158,492 $4,099,090 $2,334,601 43,553,884
Earnings for 6 Months Ended June 30743,591
766.560
714.560
855,260 Sales
$71,538.496 870.726.749
Deprec.on plants & eq_ _
279,560
65.339
249,398
212.840 Net income after depreciation. Federal taxes, &c2,667.189 3,017.362
Accrual for Federal taxes
1,661,761
1.516,717
Shares of common stock (no par) outstanding
$1.81
Avail, profit for 6 mos. $2,194,534 43,075,939 $1.502.702 $2,485,784 Earnings per share
$1.75
1,347,500
1.347,500
1,344,876 -V.131, p. 274.
Preferred. dividends- -__ 1,347,500
2,310,060 3,080,000 3.080.000 3.080,000
Common dividends
Net profit
Interest paid
Provision for doubtful accounts
Reductio'n ofinventory values
Reserve for losses on sales contracts_
Provision for fluc. in value of secur_
Losses on sales offixed assets
Reserve for contingencies
Prevision for bad debts
Idle plant expenses
$1,462,966 $1,351,561 $2.924,797 $1,939,091
Balance,deficit
Earns. per sh.on corn. on
770,000 she, coin. stk.
$2.24
$0.20
$1.48
outstanding$1.10
Profit and loss surplus. June 30 1930, $20,678,429.
in part:
William II. Woodin, Chairman, July 31, said
"On July 1 1930, the company had on its books a total of $15,472,948
.a unfilled orders as compared with $17,834,363 on hand Jan. 1 1930.and
431,727.460 on July 1 1929.
"The existing widespread depression in business, which during the second
'Quarter sagged to a level lower than has occurred in over five years, has
.according to published reports reduced the net revenues of the railroads for
the first five months of 1930 by about 30% as compared with the same
Period in 1929. Faced with this condition, the railroads have radically
'Curtailed their purchases of motive power with the result that the entire
locomotive industry of the country received orders from the railroads for
.only 256 new locomotives during the six months under review as compared
with orders for 536 new locomotives for the first half of 1929.
"The amount of unfilled orders on the books as of July 1 1930, assures a
volume of output for the third quarter of the year at a rate in excess of the
.average for the first six months, but with the dearth of new orders immediately in sight, the company's operations will be somewhat reduced in the
last quarter unlessfurther orders are received promptly.
Company continues in strong financial position, well able to meet every
-exigency during a temporary corrective period in the economic growth of
the country, such as we are now passing through. The excess of current
.assets over current labilities on June 30 1930, was $32,945,654.12. Con.pany had no loans payable and had in its treasury $15,337,284 in cash and
marketable securities, of which 45,076,992 was in United States Government obligations: 44,841,720 in railroad equipment trust certificates:
.41,157,340 in Canadian Government bonds:$623,841 in other securities, and
43,637.389 in cash on hand and in banks.
"Signs are not lacking that an improvement in general Justness conditions
may occur toward the end of the year. In any event, it is not unreasonable
:to believe that industrial progress and prosperity cannot be long deferred
In a country so vast in natural resources, energy and accumulated wealth
.as the United States.
-V.130, p.3543. 2211.
American Machine & Foundry Co.(& Subs.).
1928.
1927.
1929.
6 Mos.End. June 30-- 1930.
$4,259,025 $3,288,176 $2.943,807 13,599,099
:8ales
105,835
109,529
Royalties
98.403
79,231
44,364.859 13.397,704 $3,042.210 $3.678,330
Total income
2,577,682
2,951,287
Mfg. cost and expense... 3,165,450 2,570.324
$1,199,409
Operating profits_ _
172,414
Interest, deprecion, &c_
114.342
'Federal taxes
$827,380
179,652
70,962
$464,528
158,008
20,204
$727.043
196,131
26,609
$912,653
4576,766
$286,316
$504.304
500,000
392.250
196,125
130,750
47,411
175,610
150.756
107,710
149,439
4,000
87,384
Dr.34
Dr.41
Profits
Divs.rec.from Int'l Cig.
Machine Co
= Prop. int. in profits of
Int. Cigar Mach.Co
'Other dive, and hit. rec.
Mid. int. in Standard
Tobacco Stemmer Co_
41,635,641 41.227,442
Total profit
70,000
105.000
Preform' dividends371,258
659,316
dividends (not)
Common
Dr.142
1635.737
70,000
220,914
Dr.101
1722.336
70,000
$344,823
1652.336
3786.184
$871,325
Balance, surplus
The earnings based on 1.000,000 shares of common stock reflecting new
'capitalization, effective Aug. 1 1930. after deductions for dims. on pref.
stock (entire pref. stock issue redeemed Aug. 1) amounted to $1.57 per
-V. 131, P. 791.
.share.
•
-Earnings.
American Metal Co. Ltd.
1930-6 Mos.-1929.
Period End, June 30-....1930-3 Mos.-1929.
Net profit after deprec.,
$891,854 11.272,599 $1.658,325
int. Federal taxes, &c_ $499,227
:She, cone. stk. outstand841,478
868.185
868,185
841,478
ing (no par)
$0.94
41.23
40.46
$1.72
Earnings per share
statement issued by the company says: "The earnings of the comA
pany have been affected by the present low prices of the non-ferrous metals
.and the continued carrying charges of investments in new mining enterprises which are still in the process of being equipped for production.
Under the circumstances directors have considered it advisable to reduce
the quarterly dividend on the common shares to 37ji cents a share (see
V. 131, p. 791). Our company is steadily strengthening its position as a
-Listing.American Tobacco Co.
The New York Stock Exchange has authorized the listing on or after
Sept. 4, on official notice of issuance, of permanent engraved certificates
for 1,609,696 shares of common stock (par $25) and 3,077.746 shares of
common stock B (par $25), pursuant to stock split-ups (2 shares of $25
par each for one $50 par share), with authority to issue not in excess of
312,558 additional shares of common stock B to or for the benefit of em,
ployees and those actively engaged in the conduct of the business, and to
add same to the list on official notice of payment in full, making the total
amounts applied for 1,609,696 shares of common stock and 3,390,304
shares of common stock B.
Income Statement 5 Months Ended May 31 1930.
Net earnings after deducting all charges and expenses for man5:97228
agement, taxes, incl. deprec., provision for Fed. inc. tax, &c_41.9,1442. 172
gold bonds purchased and canceled
Premium on
Interest on 6 gold bonds
14,621
14.621
Interest on 4 o gold bonds
Divs. of $1.50 each quarterly on 6% cum. pref. Stk. (par $100) 1,580,991
6
Net applicable to surplus account
Surplus 'beginning of period
$17,541,810
80,869.332
Total
Cash dividend on common stock and common stock B
$98,411,142
4,687,026
$93.724,116
Surplus end of period
$7.49
Earnings per share on common after preferred dividends
Comparative Balance Sheet.
May 31 '30. Dec. 31 '29.
May 31 '30. Dec. 31 '29.
Ltabilttles5
$
$
Assets$
Preferred stock_ 52,699,700 52,699,700
Real eat.. mach..
fixtures, &c... 16,756,095 13,815.324 Common stock.. 40,242,400 40,242,400
Common stk. 13 76,933,450 76,933,000
Leaf tobacco,
6% gold bonds..
194,100
210,100
mid. stock.,
877,250
877,250
op. suppl. &c..102,009.584 102,541,554 4% gold bonds..
Stocks & bonds_ 41,919,928 47,493,965 Scrip matured
Mar. 11921_
4,791
4,791
Cash and rollateral call loans_ 29,062,328 30,369,385 Div. ctfs. cony.
5,383
5,833
BIlls receivable_ 2,842,048 1,035,787 Into com.stk.B
790,496 ' 790,496
Accts. receivable 18,893,857 12,820,146 Pref. stk. declar.
13,638
17,772
457,918 Accrued interest
372,347
Prepaid Ins.. &c.
Accts. payable_
919,709 2,650,550
Amts. owing to
co. by affil.co, 8,464,411 2,772,398 Amts. owing by
co.to afM.cos..
48,396 2,676,562
Brands, tradelie., gd.-w.,&c. 54,099,430 54,099,430 Prov, of adv.,
cont., tax.,&e. 8,866,599 7,428,121
Surplus
93,724.116 80.869,332
275,320,027 265,405,907
Total
-V. 131, p. 791. 632.
Total
275,320,027 265,405,907
American Trustee Share Corp.-Throckmorton do Co's
Partners and Company Named in Action Over Share Sales.
See last week's "Chronicle," p. 725.-V. 131, p. 118.
American Utilities & General Corp.
-No.of Stockholders
The class B stockholders number 7,891. the company announced on
Aug. 4, having reached that figure in the 18 months since it was organized
by G. E. Barrett & Co. as a holding company specializing in the natural
gas industry.
Preferred stockholders of American Utilities & General Corp. have
grown in the same period to 3,287.-V. 131, p. 791.
Anglo Oriental Corp.
-Places 1,000,000 Shares with
Group Reported to be Consolidated Goldfields.
The directors, according to London cables, announce they have placed
with a powerful group 1,000,000 ordinary shares (par 5s) recently created.
They have received from the purchasers an assurance that these shares have
been bought for investment and ar (not to be resold. This transaction,
according to the directors, will improve the financial structure of the corporation by adjusting disproportionate amounts of preference and
capital previously issued. Capital of the Anglo-Oriental Corp.ordinary
was increased last May from £1,500,000 to £1,750,000 by creation of the issue
just sold. The London "Financial Times" publishes a report that the
ssue was placed with the Consolidated Goldfields group.
Asbestos Corp., Ltd.
-Meeting Again Postponed:
The meeting of holders of general mortgage bonds to act on the request
of the
management for the deferment of interest and
has again been postponed, to Aug. 28. There wassinking fund payments,
lacking at the
about $307,000 of the 65% of the Lola lissue required for approval. meeting
-V.131,
p. 118.
942
FINANCIAL CHRONICLE
Atlantic Mutual Insurance Co.
-Earnings, &c.
Further strengthening of the financial position of this company is reflected
In its financial statement for the first 6 months of 1930. The cernpany's
total assets of $23,722.531 represent an Increase of nearly $250,000 as compared with the statement of Dec.31 1929. Total liabilities are $19,633,567.
The surplus of $4,088,964 is an increase of $27,577 over the last statement.
while $250,000 has been added to the depreciation reserve, these two items
together representing an increase of $277.577 in total contingency funds.
In commenting upon the company's favorable showing during the first
half of this year, President Charles E. Hodges said that, according to latest
official reports, the volume of workmen's compensation insurance written
by American Mutual is now exceeded by only one company.
During July, the company declared its 504th consecutive dividend.
This dividend was 20% of the premium on all policies expiring during the
month. The practice of the company is to pay dividends promptly after
the expiration of the policy, and dividends have ranged from 20 to 65%.
Every policyholder, since the company was organized 43 years ago, has
received back from the company a portion of his premium in the form of a
dividend of 20% or more.
During the 12 months ended June 30 1930 the company announces that
its earnings have been well above its present dividend rata of 20%.-V.130.
Ia• 1279.
[Vor.. 131.
Oil Co. of Milwaukee. This is one of the oldest distributing companies in
the West.
"Announcement was made a few days ago of the organization of the
Great Lakes Pipe Line Co. This company is owned by corporation and the
Continental 011 Co. It Is proceeding with the construction of the line which
will connect the refineries of the two companies directly with Kansas City,
Des Moines, Omaha, Chicago, Milwaukee, St. Paul, Minneapolis and
intermediate points. The line will have a capacity of 30,000 barrels of
gasoline per day. The saving in railroad freight charges insures a substantial
earning to company. It is expected that tlwee other companies will loin
Barnsdall-Continental in this very constructive project.
-V. 131, P. 632.
(0. T.) Bassett Tower Bldg. and Lockie Hotel Bldg.,
El Paso, Tex.
-Bonds Offered.
-The National Securities Co.,
Dallas, Tex., recently offered, at prices to yield from 51 t
/
to 53.%, according to maturity, $500,000 1st mtge. serial
57 % gold bonds of C. N. Bassett, El Paso, Tex.
2
"
Dated June 1 1930; due serially 1932-1943. Denom. $1,000. Interest
payable at First National Bank in Dallas, trustee. Subject to call on any
int, date on 30 days' notice at 101 and int.
Security.
-Bonds are a direct obligation of C. N. Bassett,President,State
National Bank, El Paso Tex. These bonds are additionally secured by
-3
3
Atlas Stores Corp. 4% Stock Dividend.
At the regular meeting of the directors,the regular quarterly cash dividend land owned in fee and building known as the 0. T. Bassett Tower Building
of 258. per share was declared. payable Sept. 2 to holders of record Aug. 15. and adjoining land and fee known as the Lockie Hotel Building in El Paso,
-being the only lien outstanding on these properties.
The board also declared a 331.% stock dividend, payable 1;1% on Sept. 2 Texas,
0.
to holders of record Aug. 15, 13/% payable Dec. 1 to holders of record with T. Bassett Tower Building contains an area of 1.430,000 cubic feet,
Nov. 17 and 1 WA % payable March 2 1931 to holders of record Feb. 161931. of the ground floor occupying an area of 17,421 sq. ft., having a frontage
180 ft. on Texas St. and 118 ft. on Stanton St. The tower portion of the
On March 1 and June 1 last, quarterly dividends of 25c. per share in cash
building rising to a height of 14 stories and being of Maltese Cross desizn
and J3% in common stock.
Following the meeting, it was learned from sources close to the company affords the maximum of lh,ht and air at all times to the 146 offices contained
that owing to the increase in sales and net profits this year over last year therein.
The Leckie Hotel building, a 3 story building facing 120ft. on Stanton St,
and the strong cash position of the company, indications are that later in
the year stockholders can look forward to the possibility of the declaration by 180 ft. on Mills Ft., contains 950.000 cubic ft. The top 2floors of which
of an extra cash dividend at the next dividend meeting of the board of are divided into 113 hotel rooms profitably operated by Mr. Bassett: the
ground floor area partitioned into space for stores and grouna floor offices is
directors in November.
-V.130, p. 3882.
at the present time fully occupied.
•
Atlas Tack Corp.
-Earnings.
Bates Mfg. Co.
-Omits Dividend.
Period End. June 30- 1930-3 Mos.-1929.
1930-6 Mos.-1929.
The directors have voted to omit the semi-annual disbursement of $2
Net loss after expenses
per share due at this time. The company's recent dividend history at a
and charges
$33,361 prof.$35,257
$55,528 prof.$74.028 time
when many competing mills had been forced to pass dividends entirely
-V. 130. p. 3164.
is as follows: Prom Feb. 1922 through Feb. 1926. at a $12 annual rate:
from Aug. 1926 through Aug. 1929, at a $8 annual rate; Feb. 1930 at a $4
Atlas Utilities Corp.
-Extends Time for Deposits.
annual rate.
-V. 130, p. 3545.
See Exide Securities Corp. below.
-V. 131, p. 632.
Beatrice Creamery Co.
-Stock Increased.
-Shipments Increase.
Baldwin Locomotive Works.
The stockholders on Aug. 8 increased the authorized preferred stock to
Shipments by the Baldwin Locomotive Works in July amounted to 125,000 shares from 80.000 shares and in the authorized common stock to
$2.525,000, which compares with $2,346,000 in July 1929, while shipments 750.000 shares from 500,000 shares.
for the first 7 months of 1920 were virtually double those for the correspondThe authorized preferred stock will be used to retire preferred stocks and
ing period of 1929,amounting to $20,005,000 and $10,937,000,respectively. bonds of subsidiary cornpanics that may be acquired in the future.
-V.131,
Unfilled orders on Aug. 1 were $12,600,000. compared with $17,600,000 P. 792, 479.
on Aug. 1 1929. New business was almost at a standstill in July. orders
Bickford's, Inc.
booked amounting to $330,000 which brought bookings for the year to
-July Sales.date to $9,700,000. This time last year locomotive business was brisk
Increase.
Increase,1 1930-7 Mos.-1929.
1930-Ju19-1929.
with railroads ordering equipment after a long absence from the market. $468,052
$329,216
$423.370
344,682133.335.932 $3,006,716
and new business booked in July 1929. amounted to $5,590,000, and busi- - 131. P. 632, 275.
V•
ness booked for the first 7 mouths of 1929 to $23,000.000.
Total shipments by the Standard Steel Works,a wholly owned subsidiary.
Bigelow-Sanford Carpet Co., Inc.
-Earnings.
for the 7 months ended July 31 1930, amounted to 85,355,000 which comSix
pares with $5,216,000 in the corresponding period of 1929. For the month Operating profit Months Ended June 30 1930.
$1,099,350
of July shipments amounted to $478,000 against $720,000 in July 1929. Other income
57.659
Unfilled orders of Standard Steel were $448,000 on Aug. 1 1930, against
to im$819,000 on Aug. 1 1929, but new business is showing a tendency
Total income
$1,157,015
prove. Business booked in July totaled $404,000 against $718,000 in July Reserve for depreciation
429,029
1929, and for the year to date $4,430,000 against $5.177,000 in correspond- Reserve for taxes
59.818
ing period of 1929. Standard is thus in a similar position with Baldwin, with
shipments running ahead of last year, but with a temporary lull in now
Net profit
$668,168
orders. ("Philadelphia Financial Journal.")
-V. 131. p. 792, 275.
Earnings per share on 314,379 shares of common stock outstand'g
$1.41
Condensed Balance Sheet.
-Earnings.
(Joseph) Bancroft & Sons Co.
June 30'30. DeE.31 '30June 30'30. Dee.31'29.
Earnings for 6 Months Ended June 30 (Incl. Affiliated Companies.)
AssetsLiabilities
5
$
1928.
1929.
1930.
Gash
700,000
700,000
501,777 Notes payable
$33,122,697 Accounts Sr notes 2,706,862
Gross earnings
$3.748,572 $3,261,482
Drafts pay. aget.
Net earnings from all sources after de549,822
receivable
4,288,820 5,295,312 letters of credit_
237,831 Inventories
289,761
ducting all exp., deprec., taxes, &c_ loss15,126
698,656
Accounts payable_ 489,423
$1.36 Land buildings &11,473,618 15,299,008 Reserved for taxes 203,294
$1.89
Earns, per six. on common stock
Nil
300,903
equipment
16,734,184 17,033,287 6% serial notes:
Consolidated Balance Sheet June 30.
500,000
Deferred charges
Nov.30 1930_
1929.
1930.
1930.
1929.
against operate 317,910
112,512
Nov.30 '32-'39. 4,000,000 4,500,000
3
Assets
10,101 Preferred stock___ 2.724,300 2,724,300
10,101
52,003 Sundry investmls
65,628
Cash
378,506
716,355 Accounts payable.
Common stock_ ..a15,718,950 15,719,200
Notes receivable
60,906
120,934 Accrued wages,
10,847,111 11,249,935
Surplus
taxes and unAccts.receivable_ _ 520,991
386,903
Res, for conting- 848,418 1,309,182
48,072
80,228
claimed wages
Inventories
1,863,572 1,625,801
Btks bds.&mtges_ 975,486
873,524 Allowance for FedTotal
35,531,495 38,251,998
Total
35,531,495 38,251,998
60,675
39,314
eral income taxes
Accr. int. on inv.,
a Represented by 314,379 shares.
-V. 131, p. 633.
bank dep., &a
11,638
13,336 Eddystone 5 year
6% gold notes
Eddyst. Mfg. Co.
-Earnings.
Birtman Electric Co.
cons. dr pf.stk.._
666,800 due Oct. 11933. 400,000
Period End. June 30-- 1930-3 Mos.-1929.
1930-6 Mos.-1929.
Arrestox Co. corn_
26,250
25,000 Reserve for sinkNet profit after charges
Prepaid ins.&taxes
95,416
ing fund for re82,158
and Federal taxes_ _ _ _
$36,893
$68,981
$107,626
$130,073
48,581
65,931
tire, of pf.stk__
Deferred charges
stock
171,574
75,832 Preferred stock__ 2,771,200 2,850,200 Shares common $5).._
to plant meta
outstanding (par
125.400
100,015
125,400
100,015
stock_.: 3,083,985 2,533,505 Earnings per share
Real est.,plant&eq. 7,148,184 5,174,265 Common
$0.21
80.58
$0.69
$1.09
4,752,773 4,174,220
Trade marks
6,348 Surplus
6,438
-V. 130, p. 4240.
11.259,059 9,767,257
Total
Total
11,259,059 9,767,257
(Sidney) Blumenthal & Co., Inc.
-Earnings.
x Represented by 113,762 no par shares.
-V. 130, p. 4245.
Period End. June 30- x1930-3 Mos.-y1929. x1930-6 Mos.-y1929.
Operating profit
$225,002 $1,311,505
$224,598 $1,715,654
Barker Bros. Corp.
Bond interest
-Earnings.
37,110
79.940
53,279
85,944
1929.
Depreciation reserve_ -- 6 Mos. Ended June 30-1930.
142,676
76,003
83,390
150,786
Net sales
$6.478,504 $7,057,687 Res,for taxes
298,608
250.878
4,674,613
4,245,767
Cost of sales
Net profit
$111.889
$923.958 def$12,132 $1,194,430
$2,232,737 $2,383,074
Gross profits
x Includes and
-V. 130, p. 3165, 2968.
2,218,565 2586, 2033, 1280.y excludes Saltex Looms, Inc.
General and administrative expenses
2.155,883
$164,508
Operating profits
$76,853
Bolsa Chica Oil Corp.
-Lease Approved.
90,458
Other income
74,148
The Department of the Interior has authorized a lease to this corporation
1,840-acre Ferguson permit on the North Dome of the Kettleman
$254,966 on itsoil field, it is announced.
$151,001
Total income
30.596 Hills company also was advised that the United States Geological Survey
Provision for Federal income taxes
18.410
The
has declared that Bolsa Chica's Ferguson No.
on the
$224,370 is in the Tremblor producing horizon. This 24-1 well assuresNorth Dome
Net profits
$132,591
decision
Bolba Chico,
Earns, per share on 150.000 shs. cons.stk. 1 Par)
0
(0
its prorata share of 25% of the proceeds from four wells now producing on
-V. 130, p. 3165.
the North Dome. These four wells are owned by the 31ilham Exploration
Co., the Continental Oil Co., and the Standard Oil Co. of California, the
Barnsdall Corp.
last-mentioned owning two.
-Earnings.
1929.
Six Months Ended June 30Under terms of the North Dome agreement between the oll operators
1930.
Net oper. income after interest and Federal taxes- $6,188,112 $7,189,049 and the Government, one-fourth of the oil produced by these four wells Is
distributed among operators having shut-in wells in compensation for oil
Additions to reserves for deprec., deplet., intan3,063,473 drained from their holdings Bolsa Chica's Ferguson No. 24-1 well is
gible develop, costs., dry holes and abandonm'ts 2,823,980
standing plugged after having made discovery of oil last March.
Net income
$3,364,131 $4,125.576
When the Bolsa Chica company made discovery of oil in its Ferguson
2,034.920 well, other landholders raised the question as to whether Bolsa Chica's
Dividends paid
2,216,534
well was in the Temblor producing horizon or in some other productive
Balance to surplus
$1,147,598 $2,090,656 horizon not covered by the curtailment agreement. The decision of the
Earnings per share on the outstanding stock before reserves were equal United States Geological Survey officially places Bolsa Chico in the Temblor
to $2.74 for the six months of 1930 as compared with $3.20 per share for the zone and entitles the company to all the advantages accruing to members
six months of 1929 and net earnings, after all charges, were equal to $1.49 of the North Dome curtailment pact.
-V. 130, p. 4420.
per share for six months of 1930 as compared with $1.83 for the same six
Borden Co.
-Makes Offer for City Dairy Co., Ltd.
months of 1929.
An offer has been received by the directors of the City Dairy Co., Ltd.,
G. B. Reeser, Pres., says in part:
"The conservation or curtailment movement has become general through- from the Borden Co. for the purchase of the assets of the former company,
out all the oil fields of America. The production in the United States is, at according to a letter forwarded to shareholders by S. J. Moore,President
this time, at least 400,000 barrels per day less than it was one year ago. of City Dairies Co., Ltd. A special meeting of shareholders will be called
Corporation is co-operating with other companies in bringing about this in a few days to consider the offer.
drastic reduction in production. The petroleum industry is being stabilized,
The letter from President Moore, in part, follows; "The directors have
Insuring more satisfactory conditions in the near future.
received an offer from the Borden Co. for the purchase of the assets of
"Corporation has made further progress in the expansion of its distri- your company on terms involving; (1) The redemption of the preferred
buting division through the purchase of a substantial interest in the O'Neil stock at $135 cash, per share, for which authority would be obtained from
943
FINANCIAL CHRONICLE
Aug. 91930.]
both preferred and common shareholders. (2) The issue to the City
Dairy Co's common shareholders of seven shares of Borden Co. stock for
each eight shares of the City Dairy common stock. This offer is conditional
upon the approval of the shareholders, and it is expected that within a few
days a special meeting of the shareholders will be called to consider it.
"The Borden Co. is an International company of high standing, with
plants located throughout the United States and Canada. They have
been operating in Canada for more than 20 years, and have factories in
Ontario. Quebec, Nova Scotia, Manitoba and British Columbia. Their
business is rapidly expanding in this country and an important export trade
with Europe is conducted from their Canadian factories.
"The full organization of the City Dairy Co. as at present constituted
-V. 131, p. 633.
will be retained by the Borden Co."
-Earnings.
Borg-Warner Corp.
1930.
6 Months Ended June 30x1929.
Net oper. profit after deduc. of factory, admin.
St selling exps., but before deduc. of depr. chgs- $3.444,678 $5,729,828
and sundry receipts
Interest, discounts
345,944
365.487
$3,790,622 $6.095,316
Total income
849,164
Depreciation of plant and equipment
650,466
202.792
Interest and financing charges
74.497
Royalties on patents used, subsequently acquired178.890
363,295
Federal income tax
637.035
Minority interest
45
Chain Belt Co.
-Earnings.
1930.
Six Months Ended June 301929.
Net earnings after all charges, incl. deprec. & taxes 6412,780
$443,467
Earnings per share on 120,000 she,common stock__
$3.43
$3.69
The balance sheet as of June 30 1930,shows current assets of $3.283,004,
as compared with current liabilities of $152,051. Cash, certificates of
deposit, and marketable securities totaled $647,299, or over four times
current liabilities. The company has no funded debt or preferred stock.
V. 130, p. 3718.
-Earnings.
Chain Store Investment Corp.
1930-6 Mos.-1929.
Period End. June 30- 1930-3 Mos.-1929.
$22,936
Net loss after charges.. __ $29,568
$143.366
$116.87
x Including loss on sale of securities.
The balance sheet as of June 30 1930, shows total assets of $1,174,403.
Investment at cost of $1,139,093 had a market value of $649,419.-V. 130.
p. 2399.
-Earnings.
Chapman Ice Cream Co.
6 Months Ended June30-1930.
$285,109
Gross sales
46,080
Net profit before Federal taxes
Earnings per share on 50,000 sits. common stock-$0.92
V. 131. p. 119.
1929.
$283,051
47,494
$0.95
-Merger.
Chemical National Associates, Inc.
Percy H. Johnston, President of the Chemical Bank & Trust Co. and,
LeRoy W.Campbell, President of the Chemical National Associates. Inc.,
on Aug. 4 announced that a plan had been formulated looking to the conBank & Trust Co..
latter corporation with the
Balance,surplus
$2,239,526 $4.554,427 solidation of the the Chemical National Co., Chemical basis of 2;5 shares
Inc., on a
Shares com. stock outstanding (par $10)
1,230.753
744 257 and its affiliate.
of Associates non-voting stock for one share of the Chemical Bank Co.'s
Earnings per share
$1.82
$.95
x Morse Chain Co. and Rockford Drilling Machines Co. acquired during stock. also under "Items About Banks, Trust Companies, &c." on a preSee
May are included.
ceding page of this issue.
-V. 130. P• 803.
Balance Sheet June 30.
Consolidated
1929.
1930.
1930.
1929.
Childs Co.
-July Sales.AMU
$
1930-Julo--1929.
1930-7 Mos.-1929.
Decrease.
Decreased
Notes pay. & curt.
Cash in banks and
$2.050.150 $2,306,182
$256,0321$15,631.308 $15,932.113 $300,805
bond maturities. 229,705
3,721,999 2.684.287
on hand
161,545 -V. 131. p. 793. 276.
Accts. payable and
Cali loans and marketable securs 4,474,423 3,125,075 accrued expense6x3,433,482 2,661,080
Chrysler Corp.
-July Shipments, etc.
Notes payable_ _ _
Customers' acels
79,792
The corporation shipped 21,779 automobiles to dealers in July ,compared
rec., less reserves 3,807,940 4,517,799 Dividends payable 990,955
This is relatively the best showing made so
with 27,211 in July last year.
Pref. stock of con50.505
Cust. notes ree'le.
far this year, being 80% of last year's shipments for the same month, while
643,742 stituent cos.__ 299,600
Other sects recle. 281,739
shipments of the first half of this year were only 65% of the first
Mans, supp., &c. 6,949,796 6,340,308 Prov.for Fed. tax_ Sees
1,161,420 totalof 1929.
half
Bonds outst'g (con&c.,
Insur. prems.,
Plymouth shipments were nearly double those of July last year.
263,439
stituent cos.)._ _ 1.860,030 1,948,000
prepaid charges. 704,358
Analyzing its position,the corporation points out that in the first6 months
7% pref.stock ____ 3,850,000 3,500,030
Stocks, bonds and
Corn. elk. outst'g_12,307,530 7.442,570 of 1930, all cars sold in the United States numbered 1,653,519, or 76.72%
notes of other
of total sales, numbering 2,155,352 in the corresponding period last year.
companies, &c__ 964,591 2,035,081 Scrip certificates__
-2,674
1,331
Prop., plant & eq_17.905,075 14,465.798 Minority interest_
4,865 Excluding Ford, Chevrolet and Plymouth, total sales of cars in the higher
472,441 Surplus
16,489,523 17,668,490 price ranges in the first 6 months were 441,158. or 51.7% of the 853.100
Good-will & pats__ 714.181
cars in this price range sold in the corresponding period last year.
Total
39,574,590 34,547,971
Total
39,574,590 34,547,971
The number of stockholders at the end of June numbered 44,459, com-V.130, P. 792, 118.
pared with 23,688 on June 30 1929, It was announced on Aug. 4. Since
x Includes Federal taxes.
Jan. 1 last the number has increased by 8.340.-V. 131. P. 480. 276.
Net income
Preferred dividends
S2,375,326 $4,554,427
135,800
-Defers Dividend.
Borin-Vivitone Corp.
-
The directors have decided to defer the semi-annual dividend of $1,25
per share due Aug. 15 on the cumul. cony, pref. stock.
-V. 128, p. 4008.
Brockway Motor Truck Corp.
-Earnings.
--(Including Indiana Truck Co.)
6 Mos. End. June 30-Gross profit
Expenses
1930.
1929.
1928.
1927.
$2.409,505 $1.950,604 $1,656,990
1,963,417
1,139.001
1.137,319
$446,088
$207,904
Operating profit
$811,603
$519,671
4,431
177,152
Other income (net)
70.585
89,583
$212,335
,240
$623,240
Total income
$882,188
$609,254
74,789
105,862
Federal taxes
73.110
$212,335
$548,451
Net profit
$776,326
$536,144
80,168
80.168
Preferred dividends
105,000
10500
$132,167
$468.283
Balance, surplus
$671,326
$431,144
219,081
194,082
Shs.com stk.out (no par)
.
179,891
179,891
$0.60
$2.41
Earnings per share
$3.73
$2.40
Net sales for the six months ended June 30 1930 amounted to $8,693,763.
Martin A. O'Mara, President, says: "Brockway-Indiana sales and deliveries for the first half of 1930 were 11.5% under 1929 in number of units
Foreign shipments showed a decline of approximately 40% during the first
six months of 1930 as compared with the first six months of 1929, due to
economic conditions in foreign countries.
'Domestic registrations of new commercial vehicles for the first five
months of 1930 show that Brockway-Indiana domestic registrations for
the period were less than 1% under the corresponding period of 1929, while
for the same period registrations for the commercial vehicle industry as a
whole were approximately 11% less in 1930 than in 1929. May proved even
more favorable as Brockway-Indiana registrations increased 17% over
May of 1929, while the registrations for all commercial units for the month
showed a decline of 18%.
"The reception accorded our new models by fleet buyers as well as individual users has been most gratifying, and substantial fleet sales to representative national users have taken place since the first of the year. Ae
general business in both domestic and export markets improves we can
-V. 130, P. 2969, 2777.
anticipate a satisfactory volume of business."
-Proposed Merger.
City Dairy Co., Ltd.
-V. 130. p. 804.
Bee Borden Co. above.
-Extra Disbursement.
Cleveland Quarries Co.
The directors have declared the regular quarterly dividend of 75c. a
share and an extra dividend of 25c. a share on the common stock, both
1
ble19 Ptaa lo holdargf aar Aug. 15. Like amounts were paid on
Se9. l en i em ireco Je
2
yr
e
A•eviously the company paid regular quarterly dividends of 50c. per
-V. 130. P. 3884.
share with an extra of 25c. in each quarter.
Cleveland & Sandusky Brewing Co.
-Tenders.
The Guaranty Trust Co.. 140 Broadway, N. Y. City will until Sept. 1
receive bids for the sale to it of 1st mtge. 6% gold bonds to an amount
sufficient to exhaust $50,000.-V. 127. p. 1107.
Columbia Graphophone Co., Ltd., England.
-Final
Dividend of 25%.
company has declared a final dividend of 25% on the ordinary
The
stock, making 40% for the year 1929. as compared with a total of 45% in
-V. 130, p. 3719, 3167.
the previous year.
-Speeds Constr. of Plant.
Commercial Solvents Corp.
The corporation is speeding up construction of its new acetic acid plant
and expects to go into production on this product during
at Peoria.
Ill.'
the first quarter of 1931. it was announced.
The Peoria plant will have an initial production of 5,000 tons per year.
Current acetic acid requirements of the corporation amount to about
15,000 tons annually, all of which is now being imported from Canada.
Production of the new Peoria plant, it was stated, will effect substantial
-V. 131. p. 793, 634.
savings in the company's operations.
Consolidated Cigar Corp.(& Subs.).
-Earnings.
Period End. June 30- 1930-3 Mos.-1929.
Fed. taxesfi
Nedtepreepro a
tafterint..
$584,787 $776.335
and
Earns. per eh.on 250,000
$2.14
$1.44
shares common stock_
-V.130, p. 4248, 3548.
Consolidated Film Industries, Inc.
-Earnings.
-
Period End. June 30- 1930-3 Mos.-1929.
zp__rec_
NeFtepdreoraflit taxes.afte d e
$572 764
.
$581,713
The company has called for redemption as of Oct. 1 next,$120,000 of7%
let pref. stock at 110 and diva. Payment will be made at the Citizens Earns, per sh. on comb.
cum.
$0.83
$0.71
National Trust & Savings Bank, 5th and Spring Sts., Los Angeles, Calif.
nref.
-- -V. and corn. stocks_
131, P. 481.
V. 130, p. 4612.
-Preferred Stock Called.
Bullock's, Inc.
-
Bunker Hill & Sullivan Mining & Concentrating Co.
month. 3 Months. 6 Months.
Period Ended June 30 1930Net profit after ordinary taxes, devel.
&c., but before depreciation
and depletion
-v. 130, p. 275, 792.
$181,696
$689,730 $1,362,517
Bush Terminal Co. (Sr Suba.). Earnings.--
1930-6 Mos.-1929.
$1,082.260 $1,445,259
$2.51
$3.86
1930-6 Mos.-1929.
$1,239,022
$1.55
$1,158,566
$1.65
-Export Sales Increase.
Copperweld Steel Corp.
-
Export sales of Cppperweld products for the first six months of 1930 show
a very substantial Increase over the sales for the same period in any previous year, reports the company. Indications are that 1930 will show the
greatest tonnage sales of any year in the history of the company.
-V.131,
p. 481.
-Earnings.
Corno Mills Co.
The company reports for the six months ended June 30 1930 net profits
of 6160,388 after charges, depreciation and taxes, equal to $1.60 a share
l00 0 0
.0
oncerreet asssharetses
of k o 30 ndie i1,017,600 against current liabilities
as ot°cuneutstawerng
sf.l
of $114,328.-V. 129, p. 2542, 2234.
1930-3 Mos.-1929.
Period End. June 301930-6
$2.170.713 $2,228,950 $4,399,218Mos.-1929.
Gross earnings
$4,377.994
1,041.545 „
Operating expenses
.839
2,126,130
345,590
354,018
Taxes
698.153
702,693
257,935
Interest
255,280
515.680
510,789
-To Increase Stock.
Cosden Oil Co.
61,017
53,559
Depreciation
122,035
107,118
The stockholders will vote Aug. 14 on increasing the total number o
$464,626
shares of common stock which the corporation shall have authority to issue
$488,474
Net income
$988,511
$931,264 from 300,000 shares, without par value, to 500,000 shares, without par
244,090
Shs. com.outst g(no par)
233,471
244,090
233,471 value.
-V. 130, p. 2588.
$1.15
Earns, per sh. on corn__ $1.03
$2.06
$1.90
-V. 130, p. 3166, 1464.
-Earningsfor Calendar Year 1929.Courtaulds, Ltd.
Income for year including int. and divs. on investment and after
Calumet & Arizona Mining Co.
-Earnings.
charging deprec. of bldgs., plant, &c. and expenses of management and provision for contingencies
24,500
Directors fees
ncometaees_------------------------------------------------24,4512,100
Auditors fx art
2,454,121
----------au-ty--(1-e-t3
£3,743,827
3.794,716
1_ 8
B et o:dc -l _ -r23-. _ _i_ tia
ri end f: 1 : ii.r e_
t ceinf ne f99 7 d
ltal
ea 1: _r_
Interim dividend 1929 ordinary stock
Dividend on preference stock
Amount written off Continental industrial investments
Balance, surplus
-v.131. P.481
£72:453008:540030
960,000
400.000
1,651,860
E2,126,687
FINANCIAL CHRONICLE
944
Credit Service, Inc.
-Opens Two Additional Offices.
As the result of a survey made of small loan conditions in the Mid-West.
announcement is made of the opening by this company of two additional
Industrial banking offices, one to be located in Gary, Ind. and the other in
Rockford, Ill. The new offices will be known as Credit Service, Inc. of
Gary, Ind. and Credit Service, Inc. of Rockford, Ill. The entire capital
stock of both companies will be owned wholly by Credit Service, Inc. The
management advises that additional offices in the Mid-Western field will
-V. 130,
be opened as soon as desirable locations have been decided upon.
P. 2400.
-Earnings.
Credit Utility Banking Corp.
Years Ended June 30
Gross income
Operating expenses, including interest
Provision for Federal taxes
1930.
$263.149
126,218
14,992
x1929.
$140,438
89,730
6,085
Net income
Earned surplus at beginning of year
$121,939
$19,623
$44,623
Total surplus
Dividends paid
$141,562
82,500
$44,623
y25,000
$19,623
Earned surplus at close of year
$59,062
Includes operation of predecessor company. y Represents earnings
absorbed by Issue of corporate stock of Credit Utility Banking Corporation.
Consolidated Balance Sheet June 30.
LiabilUtes1929.
1929.
1930.
Assets1930.
Cash
$350,334 $470,332 Notes payable
Unsecured
8600,000 $200,000
Notes and accept20,625
ances receivable 2,260,910 1,494,778 Quer. div. payable
286,350
449,946
1,035 Reserve
Bond Investments_
1,034
6,084
14,992
6.122 Res. for Fed. taxes
Deferred charges....
13,465
85,210
1 Deferred Income
106,119
Furniture & f1xt
1
Capital stock
x1,375.000 1,375.000
Earned surplus..
19,623
59,062
Total
$2,625,745 81,972.268
Total
$2,625,745 81,972.268
x Represented by 55,000 shares common B stock.
-V. 130, p. 2588, 979.
Crosley Radio Corp.
-Increases Output.
A published article, understood by the "Chronicle" to be correct, Bars:
Production schedules at the corporations plant have been stepped up
to 1,000 sets a day. This schedule will be increased within a short time
to provide for increased business already received.
The number of employees has been increased by 50% in the past 30 days
and every day more are being added. President Powell Crosley Jr. stated
that new help is being put on as fast as they can be accommodated.
"We now have a backlog of orders sufficient to insure our operations on
a heavy scale for the next 60 days," Mr. Crosley stated. General acceptance
rtf our new line of products has been more than we expected and an a result
we have not been keeping up with them in our production."
The com_PanY is making 7 complete sets ranging in price from $64.50 to
4137.50. The most expensive set is a radio-phonograph combination which
because of its attractive competitive sales price is being well received and
is a heavy seller, Mr. Crosley said.
Crosley's line has been augmented by two new Amrad sets, one which
retails for $150 and one for $240. The $240 set is a radio-phonograph unit.
Production has been on in these sets for such a short time that little can
be said, Mr. Crosley stated, except that dealers are placing substantial
orders for the models.
Commenting on the earnings statement, Mr. Crosley said it was natural
to expect the report for the quarter ended June 30 would be very poor in
as much as the company did not get started on production of its new sets
until after that period. Prospects for fall and winter business are good,
Mr. Crosley declared, and provided expected improvement in business
generally materializes Crosley business should be able to report substantial
earnings.
Earnings for Calendar Years.
1927.
1928.
1929.
Gross sales
115,525,612 117,489.309 $8,045,520
53.584
Less, allowances
28,479
Net sales
Cost of goods sold
Royalties
315,525,612 317.460,829 $7,991,936
}x12,209,0251 10,520,797 4,938.579
488,302
1 1,006,370
Gross profit
Expenses (excl. of depreciation)
$3,316,588 $5,933,662 $2,565,055
1,501,899
1,517,047
x1,841,264
Profit from operation
Other income
31,475,324 $4.416,615 $1,063,155
123,336
150,893
Total income
Deductions from income
$1,475,324 $4,567,508 $1,186,491
174,659
381,559
245,348
Net profit before deprec. & provision for reserves
$1,229,975 $4,185,948 $1,011.832
59.895
Depreciation
x
95,845
126,000
Provision for price reductions
89,775
Provision for Fed'l income tax
484,129
144,151
$736,162
Net profit after Fedi income tax-- $1,085,823 $3,605,974
x Including depreciation.
Earnings for 3 and 6 Months Ended June 30.
1930-3 Mos.-1929. 1930-6 Mos.-1929.
x Net loss
3300,070
3319,886 $996,685 prof.$745,780
x After depreciation, taxes, royalties, &c.
Income account for the quarter ended June 30 1930, follows: Sales.
$869,349: costs, royalties, taxes, depreciation and other expenses, $1,154.865; other deductions, $14,554: net loss, $300,070.
Comparative Balance Sheet.
AssetsJune 3030. Dec. 31'29.
June 3030. Dec. 31'29. LiabilitiesProperty, plant &
Capital stock___ _y33,000,000 $3,000,000
205,730
equipment_ _ _x$2,500,346 $2,404,011 Accts. payable,&e. 168,578
45,966
Pats. & Lcense tees
56,859
28,894 Accrued taxes_ _ _
28,544
202,705
Cash
' 21.587
90.817
651.611 Accrued royalties_
60,654
Accts.& notes ree_ 606,493 1,026,833 Income tax reserve
76,112
Other accts. rec.__
18,574 Other reserves__ 101,868
fiecuritles owned
2,138,271 3,260.770
Surplus
126,545
Inventories
1,973,468 2,655,841
Advances on purchase contracts96,274
47,531
Prepaid expensesTotal (ea. side)- 35,487.161 38,851.938
64.674
18,639
x After depreciation. y Represented by 520,000 no-par shares.
-V. 130, p. 4422, 3885.
[Vor.. 131.
explained. "The regular dividend on the pref. stock was declared last
month and no meeting was held on Aug. 7, as erroneously reported. I hope
to get a quorum of directors for Aug. 15 to consider placing the common
stock on a dividend basis."
Earnings for 6 Months Ended June 30.
1929.
1930.
Sales
$5.396,974 $5,747,391
Normal operating profit
676,328
684,302
Preferred dividends
196,317
196,317
Net,for common
480,011
487,985
* Per share on common (normaloperating)1 74
153,2$1.77
Extraordinary profits
774,236
•Per share on common (extraordinary income)_...
32.8154
30.5574
* Based on 275,000 shares.
The company's balance sheet shows ratio of current assets to current
liabilities nearly 10 to 1 against 6 to 1 last year. Investments in affiliated
companies have increased $4491,463, and sundry investments also increased
$155,518 from last year. Purchases of treasury stock for re-sale to the
company's employees amounted to 1135,825. Earned surplus was increased
by $647.504 and current liabilities as of June 30 amounted to $670,445.
against $1,220,996 a Year ago. V • 131, p.794.
-.
Crucible Steel Co. of America(& Subs.).-Bal. Sheet.
June 30'30. Dec.31 '29.
Assets$
$
Property
91,332,711'86,252,697
Investments
5,558,055 9,560,037
Mat'Is & suppiles_17,481.344 17,659,109
Unexpired taxes,
int. & insurance 787,762
292,325
Notes receivable__
98.694
92,170
Accts. receivable,
less reserves_ _ 5,432,031 5,348,542
Cash
7,283,674 5,154,110
June 30'30. Dec.31 '29.
8
Dtabilittes$
Preferred stock-25,000,000 25,000.000
55,000,000 55,000.000
Common stock
13,750,000 4,000,000
Bonds
Accounts payable_ 3,153,385 5,591,825
2,000.000
Notes Payable864,788
Aeon int. & taxes_ 750,457
Divs. payable____ 687,500 2,337.500
29,632,929 29,564,876
Surplus
Total
127,974,271124,358,990
127,974,271124,358,990
Total
x After provision for depreciation and amortization of 330,685,680 and
depletion of minerals of 3868,575.-V. 131, P. 79 .
4
Cutler-Hammer, Inc.
-Acquires Reynolite Products.
On Aug. 1 the Reynolite division of Reynolds Spring Co.,Jackson. Mich,
became the wholly-owned subsidiary of Cutler
-Hammer, Inc. This
brought into the Cutler
-Hammer line the Reynolite products, bakelite
flush plates, plural plugs, &c.
-V. 131. P. 794, 635
.
Dayton (Ohio) Biltmore Hotel.
-Receiver.
-
On petition of Central Trust Co. of Illinois, trustee for the first mortgage
bondholders, the Hotel has been placed in receivership. Charles D. Heald
has been appointed receiver. The trustee charged the hotel with failing to
meet its obligations.
Detroit Aircraft Corp.
-Moves Plant.
The Ryan aircraft factory has been removed from St. Louis to Detroit,
President Edward S. Evans announced on Aug. 6.
The St.Louis plant, Mr.Evans said, will now be used as a central service
station for all models of airplanes manufactured by his company. The
plant will have facilities for all types of repair and service, he added.
The Detroit plant has been enlarged to care for Ryan production and to
handle a recent $827.000 order for bombers placed by the Navy. The
factory force of the Ryan plant has been transferred to Detroit and specially
trained men placed in charge of the service station, Mr. Evans said.
V. 131. P. 482, 120.
Diamond Match Co.
-Earnings of Parent Co. only.1927.
Period1928.
Earnings from all sources 31.327,596 31,319,966 $1,333,988 $1,434,843
State and city taxes_ _ _ _
176,812
189,856
170,312
199,668
Deprec. Sc amort , &c__
293,865
300,827
243,649
237,233
Res. for Federal taxes46,000
81,000
130,500
Net income
Dividends
$890,695
680,000
$825,004
664,000
$817,310
830,000
3813,661
666,000
Balance, surplus
$161,004 def312.690
3210,695
$147,661
Profit and loss surplus- - 6,205,312 5,869,573 5,170.237
5.054,983
Shares of capital stock
outstanding (par $100)
170.000
166.000
175,000
166,000
Earns.per sh.oncap.stk..71
34.93
$4.90
$44
Consolidated Income Account (Including Subsidiaries).
nt
Quarter Ended-6 Mos. End.
PeriodJune 30'30. Mar. 31 '30. June 30'30.
Operating income
3998,886 31,976,158
3977,272
Depreciation and amortization
134,068
132,089
266,157
Federal tax
154.682
283,864
129,182
Net income
Dividends
3716,001
340,000
$710,136 31,426,137
340,000
680,000
Surplus
Surplus Dec. 31
Miscellaneous surplus adj.,incl.transfers from nominal reserves
3376,001
$370,136
3746,137
9.669,485
1,659,109
Profit and loss surplus
$12.074,731
General Balance Sheet 2 .ne 30 (Parent Company Only)•
l9 Ju
9
1930.
1930.
$
1929.
$
Ltabtlittes$
Inventory
7,380,844 6,532,198 Capital stock
17,000,000 17,500,000
Standing timber__ 2,520.655 2,592,825 Accounts payable_ 471,924
482,228
Accts. receivable 3,195,135 4,822,130 Accrued taxes (esNotes receivable__ 100,828
512,480
489,980
176,157 tImated)
Funds Inv,in short
Adcrueees ayrolls
e yan d p
106.433
119,367
term sec. for tax
466,994
464,829
PaYm'ts,&c.,res. 3,700,000 2,500,000 Reserves
3,998.367 3,691,347
Cash
3,152,819 3,002,045 Surplus
8,205,312 5,869,573
For'n & dom. inv.. 4,775,668 4,799,662
Deferred charges__ 242,755
322,849
Pats., trade-marks,
good-will, &c. _
1
53,126
Plants Sc mach'y__x3,648,341 3,840,996 Total (each side).28,716,846 28,641,988
s After deducting reserve for depreciation.
Consolidated Balance Sheet (Including Subsidiary Companies).
June 30'30. Dec. 31 '29.
s
0
June 3 '30. Dec.;29.
Aset8
Llabillttesratuts St gd .aex4,300,014 4,411,536 Capital stock
pla rts, maty _ _
.
17,000,000 17.000,
000
372,899
561.217
1
1 Accounts payable_
Cash
557,682
3,205,699
- In etstnotea rec.. 3,609.565 3,112,742 Accrued taxes_... 113,974 523,424
Crown Zellerbach Corp.
Now Ready.
-Permanent Ctfs.
Aaven ries
6,001,627 Other accruals_ __ _
Permanent certificates of the $10,000,000 10
-year 6% gold debentures
464,829
431,162
issue are now ready for delivery in exchange for temporary debentures, 3 Standing timber_ 8,020,816 6,693,596 Advances
,
3,870,780 5.518,224
2,520,655 2,588,889 Reserves
according to an announcement by the company. Temporary certificates Marketable seeur_11,121,430 8,969,663
12,074,731 9,669,485
Surplus
may be exchanged for definitives at the Bank of California in San Francisco, Investments
271,897243
the Continental Illinois Bank & Trust Co. in Chicago and at the Bank of Deferred charges__ 1,812,736 1,485,243
252,297
America, New York.
-V. 131, p. 794, 481.
Total
34,843,213 33,515.194
34,643,213 33,515,194
Total
Crown Cork & Seal Co. (Balt.).-Postpones Dividend
x After depreciation of $6,216,721. y After depletion.
-V. 131, p. 278.
Action on Common Stock.
President Charles E. McManus on Aug. 7 announced that the meeting of
Distributors Guild, Inc.
-Trust Shares of America
directors called for that date to consider the declaration of a dividend on
the common stock had been postponed, due to lack of a quorum of direc- Offered by Banking Group.
tors. Mr. McManus said an effort would be made to get a quorum for a
First public distribution of"Trust Shares of America" is being made by
meeting on Aug. 15 but that in any event such a meeting would be held in Beverley Bogert Sc Co., Colston, Heald Sc Trail, Craigmyle & Co..
the near future.
Du Bosque, George & Co., Gender. Kelley Sc Co., R. W. Halsey Sc Co.,
The report carried by a news bureau that the Aug. 7 meeting had been Inc., Ingraham Sc Ashmore, Inc., Reinhart Sc Bennet, O. D. Robbins Sc
"indefinitely postponed" was inaccurate, Mr. McManus declared. The Co., and Vought & Co., Inc. Offered in the form of bearer certificates,
same report said that the directors declared theregular quarterly dividend the trust shares are priced at the market. The Central Hanover Bank &
on the pref. stock on Aug. 7, when as a matter of fact this dividend was Trust Co., New York, is trustee and Distributors Guild, Inc., is depositor
declared at a meeting held in New York, where all directors' meetings are of the trust.
held, on July 3. The preferred dividend is payable Sept. 15 to holders of
The trust terminates Dec. 31 1940, and each Trust Share of America
record Aug. 30.
represents 1-1.000th participating, non-voting interest in the common
"Two of the ten directors of the company are in Europe and a third is in stocks of 19 leading American railroads, utilities and industrial corporations.
Canada. which makes it very difficult to get a quorum." Mr. McManus
The accumulation provision of the trust agreement provides for the
AUG. 9 1930.]
FINANCIAL CHRONICLE
945
retention in the portfolio of stock-split-ups and stock dividends, to the proof cellophane. The price cut was made possible by the growing demand
extent that the same comprise full shares in respect of each trust unit. for the material by the cigar industry in the last six months, and by its
Rights and any fractional shares received are sold and the proceeds together rapid adoption as a wrapper for frozen foods, nuts and other products.
The company also states that a greater reduction will be made in the
with cash dividends, distributed semi-annually to trust share holders.
In event that any deposited stock is reduced below the initial Moody's price of regular cellophane than had been scheduled for this time.
This makes the ninth reduction in price since the domestic manufacture
rating elimination must be made within 30 days, while no substitutions
of cellophane was begun by the Du Pont organization.
may be made except in case of mergers, &c.
-V. 130, p. 3885.
No reserve fund is provided for, the entire principal being invested, and
Du Pont Pathe Film Mfg. Co.
-Option Exercised.
the investor receives the benefit of greater distribution of dividends, rights
and split-ups. Certificates representing 100 or more trust shares are
See Pathe Exchange, Inc., below.
-V. 131, p. 121.
registerable at the principal office of the trustee.
The proportionate amount of the currently distributable fund as of
Earl Radio Corp.
-Sale.
May 5 and Nov.5 in each year is payable May 15 and Nov. 15 as dividends
Vice-Chancellor Alonzo B. Church at Newark, N. J., has confirmed the
to holders of Trust Shares of America. See also V. 131. p. 794.
sale of the assets of the Clifton plant of the corporation to Jerome Mendelsohn of Newark, who made a bulk bid of $105,000.-V. 130, p. 3168.
Dominion Tar & Chemical Co., Ltd.
-Debentures
-Wood, Gundy & Co., Ltd., and Greenshields &
Offered.
Co.are offering $1,500,000 6% sinking fund gold debentures,
series B, at 100 and interest.
Early & Daniel Co.
-Earnings.
-
1929.
6 Months Ended June 301930.
Net profit after depreciation and taxes
$56,925
$134,603
Shares common stock outstanding (no par)
35,280
33,600
Dated July 2 1930; due Jan. 2 1949. Prin. and int. (J. & J.) payable, at Earnings per share
$3.41
$1.27
holder's option, in Canadian gold coin at Royal Bank of Canada in Mont- -V. 130, p. 4058. 806.
John,
real, Toronto, Halifax, St. John Winnipeg, Calgary, Edmonton and Vanat the Agency of Royal Bank of Canada
couver,or in United States gold
Edison Brothers Stores, Inc.
-July Sales.
New York, or in gold coin of the Kingdom of Great Britain at Royal Bank
-July-1929.
Increase.
1930
Increased 1930-7 Mos.-1929.
of Canada, London, Eng., at fixed rate of $4.86 2-3 to Ll. Denom. c* and
$535,655
$251,586
$20,277132,538,804 $2,003,149
r* $1,000 and $5,000. Red. all or part at any time, on 60 days' notice, at $271,863
following prices and int.; at 105 if red. on or before Jan. 2 1934; thereafter -V. 131, P. 278.
at 103 if red, on or before Jan. 2 1939; and thereafter at 102 if red, before
-Merger Negotiations End.
El Dorado Oil Works.
maturity. Montreal Trust Co., trustee.
Negotiations for the merger of this company with the Colgate-Palmolive-Annual cumul. sinking fund, commencing Oct. I 1931,
Sinking Fund.
for the exclusive retirement of debentures of series B, equal to 2% for each Peet Co. have been abandoned, according to a letter to the stockholders
of the first three years and 3% annually thereafter of all the previously by President W. D. Reis. The letter follows: "Our negotiations with
Issued debentures of series B. It is estimated that this sinking fund will Colgate-Palmolive-Peet failed of accomplishment due to the fact that we
were unable to arrive at a basis of agreement which, in the opinion of the
retire more than 80% of the debentures of series B at or before maturity.
-Holders of debentures of series B will be given the directors would be satisfactory to the stockholders. All negotiations thereStock Purchase Rights.
right to parches° five fully paid common shares for each $1,000 of de- fore have been terminated and the company will continue to operate in-V. 131, p. 795.
bentures held by them respectively at $30 per share on or before Jan. 2 dependently as heretofore."
1931; at $35 per share on or before Jan.2 1933; at $40 per share on or before
Eureka Vacuum Cleaner Co.
-Earnings.
Jan.2 1935. If any debenture of this issue is redeemed on or prior to Jan.2
1935, the holder thereof will be entitled, notwithstanding the call for re6 Mos.End. June 30-1930.
1929.
1928.
1927.
demption, to exercise this right in respect of such debenture at any time Net sales
$3,958,938 $5,300,926 $5,301,217 $5,659,847
before the redemption date. In the event of reconstruction of the company Gross profit
2,854,720 3,960,826 3,942,508 4,186,074
(otherwise than by the increase in the amount or number of its authorized Expenses
3,025,785 3,268,706 3,412,692 3,351,482
or outstanding pref. orcomraon shares which the company will reserve the Other deductions
13,883
Cr9,213
Cr44,676
Cr35,903
right at any time to effect), or in the event of the merger or amalgamation of Federal tax reserve
84,160
68,939
118,866
the company or the sale of its assets as an entirety, the company will be
entitled, on not less than 60 days' notice, given as provided in the trust deed,
loss$184,948
Net income
$617,172
$761,629
$505,553
to terminate this share purchase right but the right may be exercised at any
In a letter to the stockholders, covering six months operations and
time prior to such termination.
omission of the dividend at the last directors meeting, Pres. Wardell says:
"The loss for the six months ended June 30 was 3184,948. This was
Data from Letter of Pres. Lionel 0. P. Walsh, Montreal, July SO.
-Incorporated under the laws of the Dominion of Canada. due in large measure to general shrinkage in sales. While units sold the
Company.
different from other years,
Owns more than 90% of the outstanding capital stock of Canada Creosoting early part of the year seemed not very year progressed. As soon asthere
that
was a decided
Co., Ltd., and the entire outstanding capital stock of Alexander Murray & shrinkage was shrinkage in sales as the
took immediate and drastic steps to reduce
apparent
Co., Ltd. Over 99% of the outstanding common shares of Alberta Wood expenses and adjust our we
of this
Preserving Co., Ltd.. are owned by company, and Canada Creosoting Co., effected in time to have entire program, but most earnings could not be
substantial effect on the
for the first
Ltd. Canada Creosoting Co., Ltd., also owns more than 85% of the outstanding capital stock of Vancouver Creosoting Co., Ltd. The entire six months. is our hope that elimination of the dividend will be but tem"While it
stock of Calders (Canada), Ltd. has recently been acquired by porary, the directors felt that in the interest of maintaining the financial
capital
Dominion Tar & Chemical Co. Ltd.• and a subsidiary of the company,
working position should not be depleted through
'
Fibre Conduits, Canada. Ltd. for the manufacture of fibre conduit and strength of the company the
accessories is in active production, thereby affording an outlet for certain dividends."-V. 131, p. 121.
Products from the distillation of tar.
-July Sales.
Exchange Buffet Corp.
The business has been in continuous and successful operation for more than
Sales for Month and Three Months Ended July 31.
25 years. Operations include the distillation of tar and the sale of its byDecreased 1930-3 Mos.-1929.
1930-Julit--1929.
Decrease.
Products-creosote, briquetting pitch, carbon pitch, road tar &c. Raw
$32,6581$1,541,338 $1.577,602
$511,751
$36,264
material is purchased under contract from leading public utility and in- $479,093
dustrial companies, including Steel Co. of Canada, Ltd.; Montreal Coke & -V. 131. p. 278.
Mfg. Co.; Consumers' Gas Co. of Toronto; Dominion Steel & Coal Corp
-Time Extended.
Exide Securities Corp.
Ltd.; Algoma Steel Corp., Ltd.; Winnipeg Electric Railway; and Quebec
The time to deposit Exide Securities Corp shares in exchange for $3
Power Co.
The company and its subsidiaries control substantially all of the creo- preference stock, series A, and common stock of Atlas Utilities Corp.
soting industry in the Dominion of Canada. Operations include the creo- has been extended to the close of business on Aug. 18 1930. The basis of
soting of piles, poles, bridge timber, wood blocks and other lumber, and the exchange Is 9-20ths of a share of $3 preference stock, series A, or 2ti shares
creosoting of railway ties under contracts with the Canadian National Rys.; of common stock of Atlas Utilities Corp. for each share of capital stock
Canadian Pacific Ry.; Toronto, Hamilton & Buffalo Ry.; Algoma Eastern of Exide Securities Corp. Deposits should be made with the Chase National
Bank 11 Broad St., N. Y. City, before the close of business on August
Ry.•, Napierville Jct. Ry., and the Dominion Atlantic Ry.
Earnings.
-Net earnings of the company (or its predecessor) and sub- 18 100.-V. 131. p. 635.
skilariee, after all operating expenses and after elimination of earnings
-July Sales.
Federal Bake Shops, Inc.
applicable to minority shares of subsidiaries outstanding in the hands of the
public, available for interest on debentures and depreciation were as follows
1929. Decreased 1930-.7 M03.-1929.
Increase.
-July
1930
for calendar years:
$27,6081$2.575,433
$2.537,910
$343,393
$37.523
$315.785
$1.184,18311928
1930.
1926
1929.
6 Months Enaed June 30$1,133,097
1.326,18011929
profits after charges and Federal taxes
$115,377
1927
$104.971
1,497.564 Net
Annual interest on debentures to be outstanding Incl. this issue $330.000. Earnings per share on 216,000shares common stock
$0.37
$0.31
(no par)
The above earnings do not include earnings of Calders (Canada), Ltd. or
of Alberta Wood Preserving Co., Ltd., nor do they include earnings of -V. 131, p. 278.
Canada Creosoting Co., Ltd., applicable to 5.6% of the capital stock of
-Acquisition.
Federal Mogul Corp.
that company acquired by Dominion Tar & Chemical Co., Ltd.. since
The stockholders have approved the acquisition of the Watkins ManuDec. 31 1929.
Assets.
-Consolidated balance sheet as of Dec. 31 1929, giving effect to facturing Co. and subsidiaries.
Established in 1917, the Watkins Manufacturing Co.'s principal busithis financing and to the acquisition of shares of subsidiaries acquired since
that date, indicate a book value, at cost less reserves for depreciation, of ness is the rebabbitting of connecting rods, with plants operating in im-V. 130. P. 4424.
the plants and properties of the company and its subsidiaries amounting portant automotive trade centers.
to $10,523,258.
-Earnings.
Federal Motor Truck Co.
According to the balance sheet combined net current assets of the com1930.
1929.
1928.
1927.
pany and its subsidiaries, after deduction of all current liabilities, amounted
6 Mos. End. June 30$245,195
$3371,185
$271,035
$297,884
Operating income
to $2,271.507.
64,655
79,520
Purpose.
-Proceeds will be used to reimburse the treasury of the company Other income
64.426
173.127
for the acquisition of the entire capital stock of Caiders (Canada), Ltd.,and
additional shares of the capital stocks of Canada Creosoting Co.. Ltd., and • Total income
$309,850
$4450.705
$3335.461
$471.011
74,344
64.555
55,481
Alberta Wood Preserving Co. Ltd. Substantial capital expenditures on Depreciation
59.243
plants and extensions to existing plants have been made out of earnigs.w
20.383
27.279
36.577
Interest
41,705
out
Capitalization
43.100
23.665
29,200
Authorized.
Estimated Federal taxes
46.260
Debentures
$7,500,000
$5,500.000
$191,458
$315,771
$214.203
Net profit
$323,803
7.500,000
635% cumulative preference shares
,
5,035.000
of cap. stock outShares
300,000 shs.
Common shares (no par)
*273,184 sits.
499,543
499,543
standing (no par)_
475.473
430,756
• Company has reserved 20,000 unissued common shares for issue from Earnings per share
$0.38
$0.63
$0.45
$0.75
time to time to holders of debentures of series A exercising share purchase
Balance Sheet June 30.
appertaining tnereto. Company will also reserve 6.816 unissued
right
1930.
1929.
Assets1930.
1929.
common shares and in addition there will be deposited with Montreal
Trust Co. 684 issued common shares, making a total of 7,500 shares avail- Plant accounts-81,463.081 $1,481,149 Capital stock__ __42,497.715 $2,497,715
943,834
754,301 5% deben. notes__ 693,000
878.000
able for the holders of debentures of series B exercising share purchase right. Cash
584,270 Accts. payable_ __ 357,428
Accts.receivable- 598.518
628,822
-v. 130, p. 4422.
275,899
408,708 Dividends payable
Investents
99.909
234,655
529,789 Dealers' deposits__
21,588
Bonds
22,986
Dominion Steel & Coal Corp., Ltd.
-Officers, &c.-.
trade acAccrued taxes, &a_
52,393
68,710
President 0. B. McNaught announces the appointment of Jos. A. Notes & receivable 994,443
848.226 Res. for Fed. taxes
36,642
cept's
42,827
Kilpatrick and H. J. Kelly to the board of directors.
61,835
140,644
The following directors are officers of the corporation, namely: C. B. Mdse. inventories_ 2,875,680 3,363,774 Reserves
63,739
80,019 Surplus
3,729,339 3,770,532
McNaught. President: Sir Newton J. Moore, Geo. F.Downs,J. E. McLurg, Deferred charges__
0. S. Cameron, and H. J. Kelly Vice-Presidents.
17.449,849 $8,050,236
Total
37.449,849 $8.050,236
Total
Mr. McNaught also announces the appointment of C. B. Lang as Vice-V. 130, p. 2973.
x Represented by 499,543 shares of no par value.
President in charge of steel sales, and of Arthur M.Irvine as Vice-President
-V. 131, P. 795.
In charge of coal sales.
-Earnings.(S. R.) Dresser Mfg. Co.
Federal Screw Works(& Subs.).
-Earnings.
-
1930.
6 Months Ended June 30-Net profit after depreciation and Federal taxes___,.$290.342
159,000
Shares common stock outstanding (no par)
Earnings per share
$1.83
130. P. 3169, 629.
1929.
$540,515
6 Mos. Ended June 301930.
1929.
143.500
Gross profits
$610.917
$548.931
$77
Net profit after all exp.. depr. & Fed,income taxes
414,691
411,788
Earns. per sh. on 100,000 shs. class A stock (no par)
$2.00
$2.00
Earns. per s h. on 100.000 shs. class B stock (no par)
$2.14
$2.11
Financial Independence Founders Inc.
-Offers Public
The balance sheet as of June 30 1930shows total current assets of $2,343,Investment Plan Including Insurance Protection.
242, or more than 14.4 times current liabilities of $162,807.
N. Mallon, Pres., in his letter to stockholders states that "a plant
investment for the accumulation of an estate,
H.
A novel plan of systematic
expansion program costing approximately $400.000 has been completed. combined with life insurance protection, is being announced to the public
This addition to the productive capacity will make it possible to handle a by Financial Independence Founders, Inc., of New York, with main offices
large volume of business, which is confidently expected over the next few in the Chrysler Bldg.
years as the result of a widespread development in pipe line transportation
This corporation issues financial Independence share certificates, which
-V.131,p. 278.
of gas and other fluids."
represent ownership in Corporate Trust Shares, the underlying securities
of which are such common stocks as American Telephone & Telegraph,
-Further Price Out.
Du Pont Cellophane Co., Inc.
Consolidated Gas, Du Pont, Pennsylvania RR. and 24 others of like
This company, a subsidiary of E. I. du Pont de Nemours & Co., has caliber. These certificates are available in denominations of $1.200. or
announced another reduction in the price of its patented product
-moisture- multiples thereof.
-V.
946
FINANCIAL CHRONICLE
The object of Financial Independence Founders, Inc., is to place within
the reach of the investor with limited means such sound securities as have
heretofore been available largely to persons of considerable wealth. Periodic
payments may be made as low as $10 per month per unit over a period
of 10 years, or (if preferred) the payments may be pmade on a quarterly
semi-annual or annual basis. These payments include the cost of the
life insurance which is always in the amount of the unpaid balance of the
purchaser's subscription.
As Corporate Trust Shares are purchased by the company for the investor they are immediately deposited with Empire Trust Co., to remain
there during ,the life of the purchaser's contract. As dividends and distribution§ are received on these Corporate Trust Shares, Financial Independence Founders immediately cause them to be reinvested in more Corporate Trust Shares, thereby compounding the accumulation and making
the maturity value of the certificate greater than would be possible through
individual handling.
Officers of Financial Independence Founders, Inc., are: Seward W.
Eric, Pres.; Charles T. Abeles Jr., 1st V.-Pres.; Waldor B. Welton, 2d
V.-Pres.
-July Sales.
(M. H.) Fishman & Co., Inc.
1930
-July
-1929.
$197,274
$171,356
-V. 131, p. 278.
Increase. 1930-7 Mos.-1929.
$25.9181$1,022,425
1824,428
-Earnings.
Formica Insulation Co.
6 Months Ended June 30-Net profit after taxes, &c
Earnings per share on 180.000 shares capital stock
(no par)
-V. 130. p. 3549, 1123.
Increase.
1197.997
1930.
$185,454
1929.
$495,379
$1.03
$2.75
-Balance Sheet June 30.
Francisco Sugar Co.
(Including Compania Agricarera Elea.)
1929.
1929.
1930.
1930.
IdatrattiesAssets5,000,000 5,000.000
Pfop. & plant__ _13,756,985 13,685.26u Capital stock
32,940 1st mtge. bonds
3,145,000 3,410,000
222,997
Investments
461.077 3-yr. 6% notes_- 2,000,000 2,000,000
Mans & supplies_ 430.093
106,570
Colonos accounts- 2,198,496 1,841,701 Pur, money mtges. 106,571
191,453
Def'd payments_ _ 145,875
Co. Colonos grow632,710
617,137 Adv. against sugar 2,571,279 1,792.029
ing cane
193
78,192
328,015 Draft payable_ __ _
761
Accts.receivable
838,085
Cash
845,316
292,477 Accts. payable_ _ _ 1,009,705
Res. for U. S. &
Sugar & molasses
25,000
Cuba taxes
24,226
not liquidated_ 3,906,001 8,824,079
109,758
Accrued interest_ _ 110,768
Balance pending on
307,192 Res. for Colonos
sugar contracts_ 1,291,466
100,000
263,345
account
Deposit to pay let
9,454
67,443 Res. for acets.,ree.
8,407
68,606
mtge. bond int_
3,628,249 3,357,908
377.803 Res. for depree
Deferred charges_ 304,353
30,145
Res. for sug.contr. 863,063
4,857,969 4,864.527
Tot.(each side)_23,735,218 21,835,127 Surplus
Our usual comparative income account for the year ended June 30, was
published in V. 131, p. 796.
-Receives Option.
Freeport Texas (Sulphur) Co.
[Vou 131.
General Baking Corp.
-Expansion Program Completed.
Having definitely completed a program of modernization and expansion
extending over several years and involving the expenditure of approximately
$15,000,000, the corporation now has plant capacity sufficient to handle
a considerable increase in business and is enabled to effect substantial operation economies which should be reflected in increased earnings during the
near future, according to McClure, Jones & Co., in an analysis of the
above corporation.
The building program has been completely financed out of earnings and
working capital, with the exception of the issuance in Aprll 1930 of $7,000,000 of 10
-year 53i% debentures of the General Baking Co., the operating
unit. This debenture issue represents the only funded debt of either
company and leaves the consolidated current asset position, as of July 5
1930, roughly as follow's; Current assets, including inventories, 37,100.000,
of which $4,600,000 is cash. Current liabilities are $1,100,000, including
Federal taxes of $460,000.
Another factor which should contribute to improved earnings is that contracts for flour made considerably above current levels will expire during
August of this year. This factor, as well as lower selling price, has been
responsible for decreases in earnings this year as compared with last year.
New contracts for flour at current levels and increased volume of sales
will, the analysis points out,rapidly improve this situation.
-V.131. p.636.
General Bronze Corp.
-Smatter Dividend.
The directors have declared a quarterly dividend of 25 cents per share
on the common stock, payable Sept. 1 to holders of record Aug. 20. Heretoter° the stock has been on a $2 annual dividend basis.
The company has issued the following statement: "During the early
months of this year, in common with other building industries, our bookings were only about half of capacity. In June contract totals improved
and July further increased almost to plant capacity. Inquiries continue to
increase for bronze, aluminum and ornamental iron, and General Bronze
is developing both in the East and the West new methods and new equipment in all metal lines in anticipation of normal business shortly. In
the meantime it seems wise to recognize the smaller business for the first
half of this year by reducing current dividend basis to half the former rate.
The directors accordingly voted the current dividend at the rate of $1 per
share annually."
-V. 131. D. 796.
General Cigar Co., Inc.
-Balance Sheet June 30.1929.
1930.
1930.
1929.
Assets$
Liabilities3
$
$
Land, bldgs., ma7% cum. pref. stk.. 5,000,000 5,000,000
407,570
chinery, &c___ 5,089,502 5,040,066 Common stock_ _ _x5,298,410
Cost of licenses to
Capital surplus__ 4,970.931 4,970,931
use cigar maths.
66.590
63,250
Mtges. payable..__
under contract- 2,235,332 2,341.958 Special capital res_ 1,000,000 1,090,000
Good will, patents.
4,200,000 4,900,000
Gold notes
trade-marks,&c.
fe 4 0 084
5
0
1
Divepends pableb 1, 89..000
Acc m t. pay ya.
Mtge.receivable __
90,000
120,000
1
Co. common stock
6,000,000
Notes payable_
Dumb.or subscr.
Accounts payable.
Raorm yteri pis yup_ 1,083,472
fw ba emalcsees
1,852.341 1,344.535
868,312
464,783
Fed. tax provision 467,871
500,000
plies, &c
21,417,474 Insurance reserve.. 500,000
Notes & loans ree_23,742, 06
12,420,012 11,212,748
86 350
0
55,307 Surplus
Accts. receivable__ 3,928,036 3,95.5.918
Cash
1,284,490 1,724,842
Deterred charges__ 222,710
343,188
(
rTch sle)..37,761,899 35,867,066
x Represented by 489,084 shares of no par value,
To
Our usual comparative income account was given in V. 131.P. 796.
The company has optioned considerable acreage owned in fee by. the
Louisiana Oil Refining Co. near Humble. Tex.. and has started test drilling
for sulphur deposits, it was announced.
"The Louisiana Oil Refining Co. has given an option on about 420
acres on the Humble dome to the Freeport Texas Co., M. J. Grogan,
General Parts Corp.
-Earnings.President of Louisiana Oil, said. "We received a substantial cash PayP prod Encled June e0ment for the option and the property is now being core-drilled by Freeport Neteriofit after charg3 8, 1930-3 Mos.-1929. 1930-6 Mos.-1929.
6
Texas.
Federal taxes
$131.930
$104,963
$43,944
"If paying deposits of sulphur are found and the option is exercised, the
$61,019
ar
Louisiana company will receive an additional large cash payment and a Ens.per sh. on 102,100
she. corn,stk. (no par)
$1.00
$0.73
$0.45
substantial royalty on all sulphur mined on the property. The option
$0.28
provides -V. 129. p. 2236. 1751.
expires Dec. 15 1930 and the agreement between the two companies
for a minimum monthly royalty equivalent to the royalty on 4,444 tons
-Earnings.General Printing Ink Corp.(& Subs.).
If the option is exercised."
-3Months Ended-6 Mos. End.
The property under option is on a salt dome,where the Louisiana company
June 30 '30. Mar. 31 '30. June 30 '30.
acres.
has holdings in excess of 1.000
Net sales
$2,419,581 $2,557,797 14,977.378
Widens Oil Search.
Costs and expenses
2,191,340 2,308,375 4,499,715
The entry of the company into oil-prospecting operations and extension
$249,422
$477,663
Operating profit
of its exploration program for new sulphur properties to augment its devel$228,241
in its Other income
33,999
63.482
29,482
oped and undeveloped reserves are announced by the management
first report to stockholders since control of the company changed hands
$283,421
Total income
$541.145
$257,723
last April.
37,842
73.762
35,919
A program of prospecting and development has been already under- Other deductions
28.122
54,222
26,100
taken, the report says, and certain properties have been obtained on which Federal taxes
active drilling operations for sulphur deposits are under way. These propNet profit
$413,161
$217,457
$195,704
erties were acquired on terms calling for the payment of a reasonable royper
alty per ton instead of a division of the profits with the lessor, as is done at Earnings p share on 185,000 shares
$0.82
common stock (no par)
$0.71
$1.53
Hoskins Mound, the report explains. Two wells are being drilled on a
lease obtained from the Shell Petroleum Co. at Black Bayou in Cameron -V. 130. p. 4059, 3722.
leases acquired
Parish, La. Drilling on five wells is in progress on several
-Earnings.
(& Subs.).
General Realty & Utilities Corp.
on the Humble Salt Dome in Harris County, Texas.
The company has commenced oil-prospecting operations at Bryanmound,
Earnings for Six Months Ended June 30 1930.
the first well being down 2,000 feet with the expectation that it will be Mortgage loan fees
6679656:798727
The
carried to a depth of 6,000 feet if necessary, the report continues. ler, Mortgage loan interest
company is also carrying out another deep well oil test at Point au
Net income from real estate operations, including adjustment for
Terrebonne Parish, La., which it is planned to drill to 7000 feet or more.
share of profits or losses of companies not fully owned
316,323
From surveys the management believes that Hoskins Mound has re- Profit on sale of real estate equities
697,740
coverable sulphur sufficient for 12 years and Bryanmound three years at Income from marketable securities
present rates of production. As parts of the dome area of both properties Interest on call and other loans and bank balances
50139
1
6
9
remain undeveloped, the report says, further drilling may increase the
possibilities of sulphur recovery from the company's two major deposits.
Total income
$3,165.736
1930-6 Mos.-1929. Operating expenses
226,548
Period End. Mall 31- 1930-3 Mos.-1929. $6,829,269 $6,813.792
Gross sales
$3,231,776 $3,703.810
Provision for Federal income tax
290,000
2,179,500 4,250,454 4,245.818
Cost of sales
1.958,514
425.300
399,710
231,491
General exp., &c
198,350
Net income
$2.649,187
Earnings per share on 1,548,354 shares common stock
$1.13
Net profit
$1,074,913 $1,292,819 $2,179,105 $2,142,674 -V. 131, p. 122.
69.226
106,931
28,737
Other income
49,741
Globe Mfg. Co., Gaffney, S. C.-Sa/e.$1.124,654 $1,321,556 $2,286,036 $2,211.900
The company's plant and property at Gaffney, S. 0., were sold at
76.019
167,302
27.380
132.555
262,362 auction, July 10, to Dr. W. K. Gunter, Manager of the Derry Damask
286,574
157,694
167,723
Mills. of Gaffney, for $20,000, subject to confirmation of the common
creditors. When thrown into bankruptcy the company
capitalized at
Net income
$824,376 $1.136,482 $1.832,160 $1,873,519 $50,000 common stock, $100,000 preferred stock, while was indebtedness.
the
1,459,688
2,189,532
Dividends
729,844
729.844
($2) according to claims filed by creditors, totaled $520,000.-V. 130. P. 4426.
($3)
Amount per share
($1)
($1)
$413,831
Balance, surplus
$406,638 def$357,372
$94.532
Globe Underwriters Exchange, Inc.
-To Decrease Stock.
$2.56
$2.51
Earned per share
$1.55
$1.13
The company has filed a certificate at Albany, N. Y., decreasing ita
authorized stated capital stock from $10.000 to $5,000,000. the difference
Comparative Balance Sheet May 31.
1929.
to be transferred to surplus, it was announced.
1930.
1930.
1929.
The necessary corporate proceedings to effect the reduction in capital
Assets
Prop., plant & eel. 8,540,812 10,088,845 Capital stock_ ___x7,323,022 7,323,022 have been completed and the company has a paid-in capital of $5,000.000
Cash
1,890,106 2,795,120 Acc'ts pay., &e__ 3,054,914 2,810,224 and paid-in surplus of $5.500.000.-Y. 130, p. 4428.
Inventories
4,731,295 4,170,309 Sulphur sold but
111.309
(Adolf) Gobel, Inc.
not delivered__
Notes & sects. rec. 1,363,830 1,162,174
-New Vice-President.
Curtis G. Pratt, formerly operations manager, has been elected Vice
Investments
69.350
73,232 Deprec'n reserve__ 4,833,627 4,012,914
President and will be in charge of all New York units of the company
Gov't securities
Tax and amortiza2,876,828 1,013,750
597,452 -V. 130. v. 4060.
531,266
tion reserve_ _ _ _
Deferred assets- - _ 346,055
645,897
4,075,447 5,594,406
Surplus
Total income
Depreciation
Tax reserve
(B. F.) Goodrich Co.
-The
-Omits Common Dividend.
directors on Aug.6 voted to omit the current quarterly dividend on the common stock. From Aug. 25 1925 to and incl.
French Line (La Compagnie Generale Transat- June 2 1930 the company made quarterly disbursements of
$1 per share on this issue.
lantique).-Final Dividend.
The Chase National Bank of the City of New York, as successor deposiThe directors, however, declared the regular quarterly
tary of certain common stock B shares of the French Line under agreement
dated March 15 1928, has received a final dividend over the year 1929 on dividend of $1.'75 per share on the 7% cum. pref. stock,
the above mentioned common stock so held by it, of 29.40 francs per share payable Oct. 1 to holders of record Sept. 10.
of the par value of 600 francs each. The equivalent thereof distributable
The company has issued the following statement:
to holders of "American shares" under the terms fo the agreement is
19,818.276 19,949,327
Total
Total
19,818,276 19,949,327
Represented by 729,844 no par value.
-V. 131, p. 636. 483.
11.131 on each "American share." This dividend will be distributed by
the Chase National Bank of the City of New York on Aug. 21 to holders
•of "American shares" of record Aug. 14.-V. 131, p. 483.
With a view to conserving the present strong liquid position of the company, the directors determined to omit pyament of the current quarterly
dividend on the common stock.
The company has suffered from the prevalent depression in business and
particularly from the decline in raw materials prices. The volume of business in lines other than tires has been fairly satisfactory. Sales for the
second quarter fell short of expectations, but the month of July shows a
substantial increase in volume over sales in preceding months.
Earnings 6 Months Ended June 30.
1928.
1927.
1929.
1930.
$78,007,291 $75,375,872 $70,624,878 $69,274,347
Netsales
Manufactur'g, &c.,exp- 74,870,803 67,742,297 69.741,297 60,071,754
$883,580 $9,202,594
481,778
405,406
Net profit
Miscellaneous income_
$3,136.488 $7,633,574
1,241.011
628,902
Total net income
Depreciation
Federal tax reserve
Interest
Profit applic. to subs_
$3,765,390 $8,874,586 $1,288.986 $9,684,372
1,436,276
1,803,742
1,558,341
2,932,688
633,000
950,000
2,086,572
1,328.704
1,305,534 1,484,594
39,036
38,621
loss$1,292,906 $5,070,519loss$1574,889 $5,813,501
Net income
1,207,570
1,249,150
1,165,990
Pref. dividend (334%)-- 1,124,410
1,458.264
1,203,420
1.699,548
Common dividends ($2) 2,220,780
750,000
Res. for gen. contingBalance,surplus---def$4638.096 $2,204,981 def$4,240,723 $2,610,932
953,638
745,910
601.710
She,corn. outst.(no Par) 1.132,388
Nil
Nil
$4.09
$7.58
Earns, per sh.on com___
-Surplus Jan. 1 1930, $25,717,524; add difference
Surplus Account.
between cost and par value of pref. treasury stock purchased for redemption,
$74,375; surplus arising from revaluation of capital assets of subsidiary
company, $412,239; total surplus, $26,234,138; Deduct: Deficit for six
months ended June 30 1930, after dividends. $4.638,096; dividend credits
-year 6% cony, gold debs.
on employees'stock, $153,150; cost of issuing 15
and sundry adjustments not chargeable to operations of the current year
$2,254,264; surplus June 30 1930, 519.188,628.-V. 131, P. 637.
-Adds New Dealers.
Graham-Paige Motors Corp.
The corporation has added 575 new dealers since the first of the year.
-V. 131, p. 797, 122.
(F. & W.) Grand-Silver Stores, Inc.
-Gross Sales.
-1929.
1930-July
$2.266,659 $2,284,153
-V. 131. p. 637, 280.
Decreased 1930-7 Mos.-1929.
Increase.
$17,4941515,932,498 $14,599,053 51,333,445
1930.
1929.
6 Months Ended June 30Retail sales
$18,057,557 $15,758,769
509.469
x441,098
Net profit after taxes, depreciation, &c
x Before Federal taxes.
-V.131, p. 637.484.
-Bales.
(W. T.) Grant Co.
-July-1929.
1930
$4.817,776 $4,523,745
-V„ 131. p. 280.
Increase.I1930-7 Mos.-1929.
Increase.
$294.0311$34,825,194 $31,395,337 $3,429,857
Great Lakes Steel Corp.
-Construction.
The corporation has completed the construction of an extensive railroad
track system at its new mill at Ecorse, Mich., the yard system embodying
a total of ten miles of trackage.
The company is operating two Diesel-electric locomotives and a number
of flat cars, and has two "thermos" cars which it will use to transport hot
metal from the Hanna blast furnaces, a few miles away,to the open hearth
furnaces of the Great Lakes mill when the latter starts operations in the
fall.
-V. 131, p. 280.
-Organizes Subsidiary.
Grocery Store Products, Inc.
This corporation has organized a subsidiary, the Golden Age Corp., to
carry on the operations of the Golden Age Macaroni Co. of Joliet, Ill.,
which it recently acquired. The latter company was the fourth business
that Grocery Store Products, Inc.. has purchased within a year. the
others being Edw. H. Jacobs. Inc.* the Kennett Square Mushroom Co..
-V. 130, p. 3364.
Inc.. and Yuban Coffee. Inc.
-Earnings.
Hamilton Bridge Co., Ltd.
6 Months Ended June 30Sales, &c
Other income
1930.
1929.
51,762,043 141,812,157
c447,336
Total income
Expenses
51,762.043 $2,259,493
1,580,546
2,004,963
Operating profit
Income from investment
$181,496
7,567
$254,530
6,266
Total
Western Bridge profit
$189,064
58,542
$260,796
Net profit
Preferred dividends
$247,606
73,125
$260,796
97,781
b Surplus
$174,481
$163.015
a Including amount attributable to Western Bridge Co. b Before
provision for depreciation and income tax. c Outlay on contracts and
plant. Sec., under way.
Balance Sheet June 30.
Assets1930.
1929.
Liabilities1930.
1929.
Plant, &e
283,644,489 $2,581,354 let pref. stock____$2,250,000 $2,250,000
Government bonds 336,000
234,000 2nd pref. stock_
670,000
Sundry invest_ _
8,750
8,750Common stock__ _ 1,895,549
399,388
Cash, &c
109.296
512 Reserves
289,612
181.629
Accts.receivable-- 979,214 1,009,378 Mortgage
75,000
Outlay on conAccounts payable.. 293,862
466,650
259,940
tracts, &c
447,336 Bank loan
93,450
190,253
245,013 Suspense
Inventories
34,788
45,762
Surplus
689,132
419.464
$5,527,944 $4,526,345
Total
$5,527,944 $4,526,345
-V. 130. p. 4427.
a Leas reserve for depreciation.
Hancock Oil Co. of California.
-Lower Dividend.
-
The directors have declared a regular quarterly dividend of 25 cents per
share on the class A and class B stocks, payable Sept. 1 to holders of record
Aug. 15. This places the stocks on a $1 annual basis, against 61.75 previously.
-Sale.
Hardin Mfg. Co.
At a receivers' sale held at Gastonia, N.0.,the Ranlo Manufacturing Co.
of Ranio, bid in the plant and properties of this company at $60,000.
W.T. Love and S. A. Robinson of Gastonia were the receivers.
-No Action on Class B Dividend.
Hartman Corp.
The directors have failed to take action on the quarterly dividend of
30 cents per share due on the class B stock at this time, but declared the
regular quarterly dividend of 50 cents per share on the class A stock,
Payable Sept. 1 to holders of record Aug. 18.
Earnings for Six Months Ended June 30.
1930.
1929.
57,272.261 $9,609,424
Sales
695,787 Pf.$559,172
Net loss after charges, adjustment for invent., &c-v. 130. P. 3552. 2782.
(Charles E.) Hires Co., Phila.-Dividends.The directors have declared adividend of $1 a share on the class B and
management stock and the reguair quarterly dividend of 50c. a share on
class A stock, payable Sept. 2 to holders of record Aug. 15. The directors
also declared the regular quarterly dividend of 50c. a share on the class A
stock for the fourth quarter of 1930, payable Dec. 1 to holders of record
Nov. 15. The dividend of $1 on the class B and management stock is
-V.129. P. 3482.
the same as was paid this time last year.
-Earnings.
Heywood-Wakefield Co.
1928.
1929.
1930.
6 Months Ended June 30$311,860 prof$26.565loss$247.952
Net loss after all charges
Comparative Balance Sheet.
June30'30. Jan. 1'30.
June30'30. Jan. 1 '30.1
$
Liabilities$
$
Assets5
386,495
793,158 Current liabilities_ 362,003
1,589,826
Cash
Accounts receivle_ 2,854,006 3,073,886 First pref. stock__ 3,702.200 3,737,000
563,325 Second pref. stock 2,735,000 2,735,000
425,016
Notes receivable
.
Inventories
5,622,237 6,563,476 Common stock__ 6,000,000 6,000,000
6,174,051 6,567,825
28,844 Surplus
Miscall. investm'ts
31,644
Plants & equipm't 5.648,881 5,747,972
Patents& gd.-will_ 2,503,182 2,545,217
110,439 Tot.(each side).18,973,254 19,426,321
298,458
Def. charges
-V.130, p. 3173.
-Earnings.
(R.) Hoe & Co., Inc.
June 30,'30. June 30,'29. June 27,'28
6 Months Ended3599.980
$141,215
4624,269
Operating income
191.446
214,415
234,894
Interest
43,650
60.139
Income taxes
137.077
132.255
139,265
Depreciation
$202,649 def$187,308
$196.981
Net profit
80,000
96.000
96.000
She,class A stk. outstanding(no par)
Nil
$2.11
Earnings per share
$2.05
income.
x Includes other
Comparative Consolidated Balance Sheet June 30.
1930.
1929.
1929.
1930.
$
Liabilities$
Assets$
$
:4.483,306 4,483,807
Capital stock
Real estate, plant
3,482,000 3,712,000
& equipment...y(3,144,168 5.788,640 Gold bonds
Patents
1
1 7% notes due Oct.
800,000
512,361
1 1934
210,449
Cash
441,234
4,734 Accounts payable_ 311,193
Mark securities_ _ _
4,669
2,300,000 2,200,000
Accts.& notes rec_ 4,133,988 3,271,284 Notes payable_
Inventories
2,827,847 8,015,262 Accrued expenses_ 207,854 '275,928
160.000
115,000 Sinking fund bonds 144,000
Mortgage receiv
596.000
127,191
244,429 Mtge. payable__ __ 578,000
Deferred charges
90,103
209.208
Cont. res., &c____
1,051,856
874,035
Total (ea.side)_13,448,313 12,951,712 Surplus
x Represented by 96,000 no-par shares of class A stock and 160,000
no-par common shares. y After depreciation.
-V. 130, p. 3724.
-Earnings.
Holland Furnace Co.
-Earnings.
Grand Union Co.
Total
947
FINANCIAL CHRONICLE
Auo. 9 1930.]
6 Ifos. Ended June 30Net sales
Costs & expenses
Other deductions (net)
Interest paid
Depreciation
Federal taxes
1930.
1928.
1929.
56,156,872 56,225,488 $5,347,454
5,432,089
5,548.805 4,841,609
Cr.51,424
187,900
60.929
109.932
53.000
74,610
75,113
39.160
Net profit
5538.664
5540.641
5278,785
432,196
418,118
387,884
She, COLn. stk. outstanding (no par)
$1.13
$1.16
Earns. per share
7,0.57
Company paid dividends of $49,605 on the pref. and $540,245 on the
common stock for the first six months of 1930.
Balance Sheet June 30.
1929.
1930.
1930.
1929.
Liabilities
Assets$
$
7% pref. stock__ 1,406,900 1,581,300
:Land, bldgs., machinery & equip_ 1,285,296 1,272,847 Common stock _y4,321,960 4,181,180
1,026,545 1,028,469 Notes payable_ _
1,600,000
825,000
Cash
Accts. receivable-10,359,129 9,200,431 Accounts payable,
Inventories
2,260,705 1,995,807 seer. exps., &e__ 1,338,661 1,134,436
189,287 Fed. tax (current) :269,865
92,698
Cash vallus.policy 233.369
Federal tax res..__ 468,594
129,428
Due from agents &
574,471 Commissions Pay- (See z)
824,432
salesmen
138,747
494,106 Sink.fund 6% gold
Invest.& advances 528,188
213,561
debentures
131,686
2,606,000 2,815,000
Other assets
1 Contingent reserve
1
374,509
Patents
778,569 Capital surplue_ _ _ 1,534,165 1,235,007
Deferred charges 1,055,489
Profit & loss sum_ 4,158,694 3,240,244
Total
17,704,840 15,747,549
Total
17,704,840 15,747,549
x After depreciation. y Represented by 432,196 no-par shares. z Includes commissions payable -V.131, p.638.
-Sale.
Hotel Cape May, Cape May, N. J.
As receiver for Hotel Cape May,at Cape May, N.I. Frank D. Schroth
of Trenton has been directed by Federal Judge Runyon to sell the property
at public sale Aug. 29. This move follows proceedings that have been
pending for many years involving the hotel. When the company passed
Into the hands of the receiver there were liens and mortgages amounting
to several millions of dollars. The property could not be sold subject to
the liens and mortgages. The court then ordered the sale free and clear
of the liens, but subject to taxes. The taxes, however, amounted to
several hundred thousand dollars, and this prevented the sale of the
property. Now the court has directed, with the consent and co-operation
of the City of Cape May. that the receiver submit the hotel, completely
furnished, at a public sale, free of taxes. (N. Y."Times," Aug. 4.)
Illinois-Pacific Glass Corp.
-Proposed Merger.
-
-Y. 127, p. 961.
See Pacific Coast Glass Co. below.
Independence Shares Corp.
-Independence Trust Shares
-First public offering of certificates of Independence
Offered.
Trust Shares, a fixed investment trust, is being made by
Smith, Graham & Rockwell, Philadelphia, priced at the
market (about $7 per share).
Each share represents 1-1000th participating non-voting ownership in
a deposit unit composed of one share each of 50 common stocks deposited
with the trustee, Pennsylvania Co. for Insurances on Lives & Granting
Annuities.
The portfolio of the trust is comprised of stocks of the following utilities,
Industrials, rails, oils, all of which are listed on either the New York Stock
Exchange or the New York Curb Exchange. and bank and insurance company stocks either listed on one of the above or other Exchanges, or
enjoying an active "over-the-counter" market:
Chase National Bank (New York)
American Gas & Electric Co.
New York Trust Co.(New York)
American Power dr Light Co.
American Telephone & Telegraph Co.
Manhattan Co.(New York)
National City Bank of New York
Consolidated Gas Co. of New York
Electric Bond & Share Co.
Continental-Illinois Bank & Trust Co.
First National Bank of Boston
Pacific Lighting Corp.
Union Trust Co. (Cleveland)
Public Service Corp. of New Jersey
Philadelphia National Bank
United Gas Improvement Co.
Security-First Nat. Bank, Los Angeles
Allied Chemical & Dye Corp.
Atlantic Refining Co.
Allis-Chalmers Manufacturing Co.
Standard 011 Co.(N. J.)
American Can Co.
Standard 011 Co. of California
American Tobacco Co B
Borden Co.
Standard Oil Co.(Ind.)
Corn Products Refining Co.
Texas Corp.
E. I. du Pont de Nemours d"Co., Inc. Atchison Topeka & Santa Fe Ky.
Eastman Kodak Co.
Chesapeake & Ohio Ky.
General Electric Co.
New York Central RIt,
General Motors Corp.
Pennsylvania RR.
International Harvester Co.
Southern Pacific Co.
National Biscuit Co.
Union Pacific RR.
Union Carbide & Carbon Corp.
Aetna Life Insurance Co.(Hartford)
United States Steel Corp.
Fidelity-Phenix Fire Insurance Co.
Westinghouse Electric dr Mfg. Co.
Home Insurance Co.(New York)
F. W. Woolworth Co.
Insurance Co. of N. A.(Philadelphia)
Bankers Trust Co. (New York)
U. S. Fidelity & Guaranty Co., Ballo.
In case of mergers, consolidations, and
reorganizations, the portfolio of
Independence Trust Shares will contain one share of
place of one share of the previous company. Where the new company in
a fraction of a share
results this may be retained and built up to one
share by purchase with
Cash obtained from the distributable fund, or
sold and the proceeds distributed to trust share owners,
948
FINANCIAL CHRONICLE
In the event that any company falls to pay a dividend, or in the event of
liquidation or the impairment of capital of any of the companies in the
portfolio, the stock may be eliminated and all net proceeds received therefrom will be distributed to Independence Trust Share holders.
No stocks can be substituted for those eliminated. See also V. 130. P.
3888; V. 131. p. 484.
Independent Oil & Gas Co.(& Subs.).
-Earnings.
Period End. June 30- 1930-3 llos.-1929.
1930-6 Mos.-1929.
Net income after int.,
taxes, deprec. & depl. $778.085 $1,616,205 $1,521,280 $3,635,055
Earns. per sh. on 1,379.000 shs. corn. stk. (no
par)
$0.56
$1.17
$1.10
$2.63
-V. 130, p. 3174, 1838.
Indian Motocycle Co.
-To Vote on Debentures.
-
A special meeting of stockholders will be held on Aug. 12 to vote on
authorizing $800000 7% debentures, due 1937, of which $300,000 would be
sold to Francis I du Pont and associates. The stockholders also will be
I.
asked to approve the issuance of 40.000 shares of unissued common stock
to E. Paul du Pont in consideration of the surrender for cancellation of
$500,000 promissory notes. E. Paul du Pont is President and a director.
Francis 1. du Pont Is Vice-President and also a director.
Earningsfor 6 Mos. End. June 30.-1930.
1929.
1928.
Sales (less returns, &c.)& oth. inc____ $1,595,107 $1,930,279 $2,210,216
Cost of sales selling & adminis. exps-- 1,778.795
1,838,358
2,048.079
Depreciation
68.374
74,578
81.307
Gross profits
10883252,062
$17,343
$80,830
Gain from sale ofsecurities
36,750
35,183
Total income
losa3252.062
$54.093
$116.013
Int., invent. adj. & other charges_
116,731
432,295
Federal and State taxes
10,370
Net loss
$368,793
$378,201 Prof$105643
Earns per sh. on 100,000 ails. corn.
stock (no par)
Nil
Nil
$0.80
-V.131,p. 484.
Interlake Iron Corp.
-Earnings.
3 Mos. End.June 30- 1930.
1929.
1928.
1927.
Net sales
57.187,246 $5,004,861 1
•
Costs and expenses
6,112,566
4,053.722 I
Not
1.
Available.
Operating profit
51.074,680
$951,139
Other income
53.414
58.390 j
Total income
Depreciation
Interest
Federal taxes
Net profit
Preferred dividends
Common dividends
51,128.094 $1,009,529
381.846
216,536
148,094
103,146
65,522
143,000
$683.944
155,044
105,178
$441,088
146,010
83,173
x$211,905
34,250
94,968
$532.632
8546.847
$x403.722
499,662
189,938
237.420
Surplus
$32,970
$356,909
$166,302
$82,687
x Profit before Federal taxes.
The consolidated income account for the six months ended June 30.
follows: Net sales. 515,905,548; costs and expenses, $13,486,171; operating
profit. 32,419.377; other income. 5106.314; total income, $2,525,691;
depreciation, $772,143; interest. $297,448; Federal taxes, $158,522; net
profit. 51,297,538; common dividends, $998,852; surplus, $298.686.-V.
131. P. 638.
International Cigar Machinery Co.
-Earnings.
-
6 Mos. End. June 30
Royalties
Sales
1930.
1929.
31.249.166 31,159,549
505.521
476,567
1928.
$931,815
141,263
1927.
$769,673
366.911
Total income
31,754,686 81.636.116 81,073,078 31,136.584
Cost of sales and expense
604.515
508,432
587,337
378.636
Deprec'n & amortiza'n
146,328
287,054
104.912
98,322
Federal taxes
52,075
138,082
113.264
67.532
Net profit
Dividends paid
8821.118
750,000
8830.602
600,000
$528,587
300,000
$333,666
200,000
871,118
979.801
3230,802
853,764
8228.587
775,088
8133.666
685,201
Profit and loss surplus 31,050.919 $1,084.366 $1,003.675
Shs.com.stk.outstancling
600.000
300,000
300,000
Earnings per share
31.5732.77
$1.71
$818,868
300,000
$1.11
Balance. surplus
Prey.surplus (adjust.)....
New Stock Certifs. Ready.The Guaranty Trust Co., 31 Nassau St., N. Y. City, is now prepared to
Issue new no par value stock certificates on the basis of two shares of new
stock for one share of old against presentation of present outstanding
certificates.
-V. 131. p. 123.
-ReInternational Combustion Engineering Corp.
financing Plan Being Perfected by the Several Committees.
-
Fox. 1EL
International Securities Corp. of America.
-Report.
Earnings for the 6 Months Ended May 31 1930.
Income-Interest
31.344.196
Dividends (including no stock dividends)
560,077
Profit on sale of securities (net)
a1,489.408
Gross income
$3,393,681
Less. Investment service fee, $134.378; miscellaneous
expenses.
388.735; total
223,113
Interest on bonds and debentures
879,688
Taxes paid and accrued
72,790
Dividends paid and accrued on preferred shares
316.900
Reduction of bond in res. due to retirement ofserial gold bonds_$1.901.189
Cr22,984
Appropriated for preferred dividend reserve
240,522
Dividends paid on class A common shares
761.009
$922,643
150,006
Balance transferred to undivided profits
$772.637
a As a reserve against depreciation in value
the
of
national Securities Corp. of America appropriatedportfolio items, of Inter$4,282,126 out surplus
arising from the retirement of preferred shares
acquired at prices below par.
Losses sustained during the six months ended
$1.139,404 were charged against this reserve. May 31 1930 amounting to
William R. Bull, President, says in part:
The charter provides that in the event of any distribution of
subject to the rights of the preferred shareholders, there shall first assets,
be distributed pro rata on the Class A common shares the entire amount paid in
on these shares; the class B shares shall then receive the total amount paid
In on them, after which remaining assets
into two equal
parts, and each part distributed pro rata onshall be dividedclass B common
the class A and
shares respectively.
The asset value in liquidation, under the above charter provisions, of the
class A common stock at May 31 1930 was $35.53 per share as compared
with capital and surplus paid in of $33.46 per share.
The asset value in liquidation, under the above charter provisions, of the
class B common stock at May 31 1930
with capital paid in of $3.70 per share. was $5.63 per share as compared
The above calculations
on the basis of the value of the portfolio at
market quotations of May are 1930 and after deducting all deferred charges.
31
Balance Sheet May 31.
Resources
1930.
1929.
1930.
Cap.
1929.
Invest. (at cost
Preferred stock--x6,830,600 21,533,800
leas reserve). _ _56,472,167 54,398,519 Class A corn shs...y17,202,859 6,405,049
Cash and call loans 6,804,458 9,888,668 Class B corn. 863-x2,222,220 2,222,220
Securities sold
Serial gold bonds- 939,500
954,800
not delivered_ 211,465
139,238 5% debentures_ _ _31,000,000 31,000,000
Accrued Inc. rec... 704.133
809,235 small. purchased
Furniture & fix-not received__ 771,584
492,692
tures less res
2,664 Taxes
437.079
443,014
Unamort. dint. on
Invest. service &
bonds and debs_ 2,609,162 2,762,856
sundry expenses 118,602
95,332
Unamort. shares
Surplus. Az many.
financing exps__
65,216
21,859
profits
7,344,158 4,951,747
Transform. exps_
61,991
Organization caps.
13,628
Total
66,866,602 68,098,656 Total
66.866.602 68,098,658
x Represented by 558,650 shares of no par value. y Represented by
600,000 shares of no par value. z Represented by 65 shares of 7% series.
50.834 shares of 6% series and 17,407 shares of 63i% series, all of $100 par
value.
-V. 130, p. 475.
Dividends paid on class B common shares
Interstate Department Stores, Inc.
-Earnings.
-
6 Months Ended June 301930.
1929.
1928.
Net sales
310,026,707 511,489.277 38.821,187
Costs, expenses and depreciation-- _. 9.486.337 10,936.328
8.434,134
Operating profit
Other income
$540,370
6,118
$552,949
11,115
$387.053
40,308
Total income
Federal tax
$546.488
64.256
5564.064
87.688
$427,361
51.250
Net profit
Preferred dividends
5482.232
96.250
8496.376
96.950
3376.111
113.750
Surplus
Shares common stock (no par) outatg.
Earned per share
-V. 131, p. 123.
$385.982
233,602
81.85
, $399.426
233,252
$1.71
3262.361
204.388
$1.28
Investment Trust Associates.
-Earnings.
Earnings for 6 VIonths Ended May 311930.
Interest
Dividends (not including stock dividends)
Profit on sale of securities (net)
$49.858
110.919
329.461
Gross income
Since the withdrawal of the Foster-Wheeler Corp. offer to absorb the
$490.239
company through an exchange of stock, the several committees working Miscellaneous expenses
5.791
for the reorganization of International Combustion have concentrated Taxes paid &accrued
Cr.1,580
their efforts on perfecting the refinancing plan submitted as of June 2
Net income
last. Conferences are being held regularly to modify the plan so that it
3486.028
Comparative Balance Sheet.
will be acceptable to the various interests concerned.
The plan of June 2 provided for the issuance of 3.6 share of new pref.
May 3130. Nov.3029.
May 3130. Nov. 30'29.
stock for each present share outstanding, the new pref. to be given subAssets$
$
Liabilities$
$
scription warrants to purchase 1 Yi shares of new common at $20 a share Invest. securities
Corn. SIM (600,000
over a period of years. Common stockholders would be asked to pay $10
(at cost)
x16,647,239 12,538,481
no par)
Y8,200,000 8,200,000
a share and then exchange their stock on the basis of one new share for Cash
232,596
250,166 Due for securities
each two held. Some dissatisfaction from common holders developed, Call loans
100,000 3,800,000
purch., not rec_ 265,825
18,838
with the result that a contemplated revision may give dissenting holders Sec. sold, not dei'd
74,698
Am.sundry exps_
5.522
1,450
a fraction of a share of common or subscription warrants in lieu of the Accrued income reAccrued taxes____ 323,237
603.796
requirements to pay cash. The adoption of the above plan would reduce
ceived & items in
Capital surplus_ _ _ 4,800,000 4,800.000
outstanding pref. stock to 49,500 shares and outstanding common to
course of collect_
43,752
61,255 Undivided profits_ 3,507,775 3.021,747
524,758 shares, and produce about 810,000,000 cash for working capital.
-V. 131. p. 797.
Total
17,098.286 16,649.902
Total
17,098,286 16,649.902
x
market value of securities taken at market quotations May 31
International Mercantile Marine Co.
-Company Admits 1930Total317.086,945. y Represented
was
by 600.000 no-par shares.
-V. 130.
Merger Discussion with Roosevelt Steamship Co.
-Deny Agree- p. 811, 632.
ment Ifas Been Made.-
Otfidals of both the International Mercantile Marine Co. and the Roose•velt Steamship Co. have admitted that they were discussing a merger of
the two organizations, but insisted that no definite agreement had been
reached.
It is understood that control of the I. M. M. has passed by agreement
to the Roosevelt interests and associates. Kermit Roosevelt, head of
the Roosevelt Lines, said:
"Interests connected with the International Mercantile Marine have
had a number of conversations with us, but no definite results have transpired."
A formal statement issued by P. S. A. Franklin, head of the I. M. M..
was in the same tenor as Mr. Roosevelt's:
"Referring to articles appearing in this morning's papers." P. S. A.
Franklin, President of the International Mercantile Marine Co., stated
to-day that although the relationship of his company with the Roosevelt
company is very friendly and some discussions have taken place regarding a
possible consolidation of interests with a view to greater development under
the American flag, absolutely no definite arrangement or agreement has
been entered into or concluded."
-V. 131, p. 484.
International Salt Co.
-Subscriptions.
-
The stockholders have subscribed for approximately 95% of the 80,000
no par capital shares to which they had received the right to purchase at
$36 a share, the company announced. The rights expired on July 21.
The remaining 5% of new stock was taken by the underwriters. The
proceeds of the financing will be used to liquidate bank loans, reducing
Interest charges approximately $100,000 a year.
-V.131, p. 638, 281.
International Superpower Corp.
-Earnings.
Earningsfor 6 Months Ended June 30 1930.
Interest on mill loans and bank balances
Interest on bonds
Dividends on stocks
Commissions
823.879
4.458
152.187
2,091
Total income
Management fee
Custodian, registrar & transfer agent's fees
Legal and auditing fees
Engraving expense
Stationery and printing
Taxes other than Federal income
Miscellaneous expenses
$182,817
31.689
22.076
6.250
1.230
1.494
12.458
2,827
Net income for the period
Net loss on sales of securities
$104.591
100.109
Net profit for period
Previous earned surplus
Total
Dividends (cash)
Dividends (stock)
Balance
$4.482
400.150
$4404.638
127.250
158,964
$118,425
Balance Sheet, June 30 1930.
Liabilities
Assetsa$13,444,912 Accounts payable
Investments at cost
3,278 Capital stock
Treasury stock
485,076 Paid-in surplus
Cash
100.000 Earned surplus
Call loans
Accts. rec., for securities sold
73,599
but not delivered
40,081
Divs. receiv.& int. accrued
$155,872
x6,548,924
7,323,725
118,425
Investment Trust of New York, Inc.
-Dividend.
-
The corporation has declared a dividend of 34;lc. per share for the half
year ended July 31. payable Aug. 31 to holders of record July 31.-V. 130,
IL 984.
-Offering-Rights.
Johnson Motor Co.
The company is offering 39,420 shares of authorized but unissued corn.
stock at $15 a share to stockholders of record Aug. 12 in the ratio of one
share for each three outstanding. The proceeds will be used for working
capital to handle and expand the volume of business and for general corporate purposes. This offering has been underwritten by Hayden, Stone
& Co. Rights will expire on Aug. 26.-V. 130, P. 4252.
Joint Investors, Inc.-Acq. by Yosemite Holding Corp.
-
See latter corporation oelow.-V. 131. p. 798.
Kalamazoo Stove
Freight.
-
Co.
-Discontinues Prepayment of
The decision of the company to discontinue the prepayment of freight,
effective Aug. 1,following similar action by Sears. Roebuck & Co. and Montgomery Ward & Co., earlier this year, should prove beneficial in bringing
Kalamazoo's net profit for that year to an amount that will compare favorably with that of 1925, when profit was $687,463, a Chicago dispatch says.
Sales for the first six months of this year were 10.4% lower than for the
same period of 1929, although about the same as for the 1928 period. July is
slightly ahead of the 1928 month, but still behind July 1929.-V. 130. p.
4429.
The corporation reports net profits after depreciation, taxes and other
charges, for the 6 months ended June 30 1930 of $546,846. After providing for preferred dividend for the period, the balance was equal to $2.24
per share on 200.000 shares of common stock outstanding.
Salesfor Month and Seven Months Ended July 31.
Increase
Increase.I 1930-7 Mos.-1929.
1930-July-1929.
$512,1511$13,347,325 $9.446,025 $3,901,300
$2,050,062 $1,537,911
-V. 131, P. 282.
Library Bureau.
-Stock Decreased.
The company has filed a certificate reducing its capitalization from
$1,500,000 of pref. stock and 120,000 shares of common stock, no par
value, to $5,000 of pref. stock and 1,000 shares of no par common stock.
The said reduction of capital has been effected by means of the cancellation and retirement of preferred and common stock theretofore purchased
-V. 121, p. 2412.
by the company and held in its treasury.
-Receivership
Lincoln Mortgage & Title Guarantee Co.
Federal Judge Runyon in Newark appointed Aug. 4 George C. Stanley.
Arthur T. Vanderbilt and the New Jersey National Bank & Trust Co.,
all of Newark, equity receivers. The appointment was on application of
Samuel Kaufman on behalf of stockholders, whose complaint was filed
last December. At that time Judge Runyon declined to appoint receivers.
but the application remained pending.
The application charged that of $13,195,000 in mortgages, about $6.000,000 worth have been or are being foreclosed. See also V. 131, p. 799.
Loft, Inc.
-Balance Sheet June 30.1929.
1930.
1930.
1929.
Liabilities
Assetsy9,853,455 6,500,000
Capital stock
Real estate, equip
375,000
250,000
ment, Sros
x6,560,327 6,252,368 Mortgages
400,000
Leaseholds
383,290
761,610 Notes payable...
222,899
470,738
153,162 Accts. payable.... 321,037
Cash
28,612
4,799
Accts. receivable... 124,553
60,864 Rentals sec. dep. _
88,377
766,103 Accrued liabilities_ 128,276
Inventories
484,514
4,951
69,972 Tax reserve
Prepaid accts. &c_ 179,163
26,579
2,741 Contingency res.
z601,316
Other assets
1,640,366 2,906,090
Surplus
NOtE19 dr accts. rec.
(not current) _ 671,973
35,706
Deferred charges__
Treasury stock__ 262,077
Good will, trade
Tot.(each side)_12,197,933 10,552,508
2,459,982 2,459,982
marks, dm
x After depreciation. y Represented by 1.023,133 no-par shares. z Ininvestment in Mavis Candies, Inc., acquired by issuance
cludes $595,631
of 50,692shares of Loft, Inc.,stock.
Our usual comparative statement for the six months ended June 30 will
be found in V. 131,P. 799.
-Quarterly Report.
Louisiana Oil Refining Co.
President M. J. Grogan says: "During the first half of the year the
company has taken advantage of low prices to extend its marketing activities in Alabama, Tennessee, Arkansas, Louisiana. Mississippi and East
Texas. On June 30 we had 927 company-owned and leased retail stations
in operation, compared with 522 at the close of 1929, an increase of 77%.
Fifteen new bulk plants were also put into operation since Jan. 1 last,
bringing the total up to 148. The areas in which Louisiana Refining is
expanding are all advantageously located to be economically supplied from
its Shreveport refineries.
"Louisiana Refining during the first 6 months of the year has been
laboring under severe growing pains, ploughing most of its earnings above
expenses back into the company. Income was cut down by proration of
crude oil production and also reflected the reduction in retail gasolineprices, which have averaged more than two cents a gallon under comparable 1929 levels thus far in the year.
"The company has been economizing in all operating departments, and
refinery costs are now on a satisfactory basis. Old inventories have been
thoroughly liquidated and the company is now in position to benefit from
low cost crude. While the stock of Louisiana Oil Refining currently shows
a book value of $14.28 a share, a conservative appraisal value would be
from $18 to $22 per share."
The rejoort for the June quarter, with comparison with the preceding
quarter, follows:
Quarter Ended- Total 6Mos,
June 30'30. Mar.31 '30. June 30'30.
Period
$7,255,868 $6,542,353 $13,798,222
Gross sales
6,703,400 6,264,406 12.967,806
Cost of sales
Increase.
$227,379
Kinner Airplane & Motors Co.
-Shipments Off.
-
Shipments totaled 202 motors for the six months ended June 30,
against
408 motors for the first six months of 1929.
Unfilled orders June 30 1930 were 770 motors against 921 in 1929.
present orders on hand will insure operations of the plant Officials
state that
throughout the winter -V. 130, p. 2783.
Profit from brokerage sales
5552,468
7.922
$277,947
3,104
$830,416
11.026
Net earnings before charges
Deductions from income
Kaybee Stores, Inc.
-July Sales.
Increased 1930-7 Mos.-1929.
$4,5231$934,447
$707,068
The amount of regular diva, on underlying stocks was greater, but the
amount of extras was less, thus resulting in a smaller distribution than in the
preceding six months, the announcement said.
On Feb. 1 last, a dividend of 35 cents a share was paid, making a total
distribution for the year of 62 cents. In addition, the number ofshares in the
investment unit increased from 73 to 96 in the past year as a result ofstock
-V. 131, p. 799.
split-ups which the trust does not sell.
-Earnings-Sales.
-Lerner Stores Corp.
$14,146,946
Total
Total
$14,146,946
a$Market value, $10,807,090. x Represented by 255.598 no par shares.
Investments June 30 1930.
No. of Sin.
No. of Sha.
Amer.& For.Power Co., Inc____ 3,000 Kjobenhavens Telefon Aktie1,000
selskab
Amer. Gas & Electric Co
50
2,000 Lone Star Gas Corp
Amer. Light& Traction Co
1,000
4,040 Middle-West Utilities of Del
Amer.Power & Light Co
3,020
900 Montreal Lt., Ht.& Pow.Consol.
Amer. Telep. & Teleg. Co
110
900 National Fuel & Gas Co
Rights
2,000
2,000 National Power & Light Co
American Superpower Corp
6,000
Amer Wat. Wks.& El. Co., Inc__ 1,604 New England Power Association_
150
500 New York Central RR. Co
Atch. Top.& Santa Fe Ry Co_ _ _
1,000
25 Niagara Hudson Power Corp.... 8,000
Barcelona Tr., Lt. & Pr. Co., Ltd.
101 "A" warrants
Brazilian 'Tr., Lt. & Pr. Co., Ltd_
5,000
1,000 Niagara Share Corp
Bridgeport Hydraulic Co
750
800 North American Co
Brooklyn Union Gas Co
4,329
4,117 North Amer. Light & Power
Central States Electric Corp
2,000
Columbia Gas & Electric Corp__ _ 2,000 No. Amer. Utility Secur. Corp _
1,000
200 North Boston Lighting Prot)
Columbia Oil & Gasoline
575
500 Northern States Pow.(Del.) A__ _ 1,001I
Commonwealth Edison Co
Commonw'th & Southern Corp 17,000 Pacific Gas & Electric Co
2,000
5,000 Pacific Lighting Corp
Warrants
4,000
Pacific Public Service A
Compania Hispano-Americana
1,049
25 Pennroad Corp. voting tr. ctfs__ _ 10,000
de Elec., S. A
Compagnie Electrique de la Loire
Pennsylvania RR. Co
5,000
25 Pennsylvania Water & Power Co. 1,700
et du Centre
853 Peoples Gas, Light & Coke Co.-.
Conn. Gas & Coke Secur. Co..
100
1,392 Peoples Light & Power A
Connecticut Power Co
520
Consolidated Gas Co.of N.Y____ 7,000 Public Service Co.of No. Illinois_
300
Public Service Corp. of N. J
Consol. Gas, El. Lt. & Pow. Co.
3,500
1,000 Rheinisch-Westfaelisches Elecof Baltimore
50
Consumers Gas Co. of Toronto_ _ _
trizitaetswerck
50
200 Shawinigan W.& P. Co., Ltd__
Detroit Edison Co
50
25 Socleta Meridionale di Electricita
Dom.Power & Transm. Co., Ltd.
10
1,175 Southern California Edison Co__ 2,500
Duke Power Co
Edison Elec. Ilium. Co. of Boston 1,000 Standard Gas & Electric Co
3,500
8,530 Stand. Pow.& Light Corp. A___
Electric Bond Sr Share Co
700
3,000
Electric Power & Light Corp
700
5,400 Underground El. Rye. Co. of
Empire Power Corp. panic. stk
3,500
London, Ltd
Engineers Public Service Co
10
25 Union d'Electricite
Gas Light & Coke Co
200
2,000 Union Telep. Co. cum.cony. pfd_
General Electric Co
500
United Corp
Gesellschaft fuer Electrische Un30,000
500 United Elec. Serv. Co., Italy....
ternehmungen
500
United Gas Improvement Co_ __ _ 8,000
Hamburgische Electricitaets1,810 United Illuminating Co
Werke, A.0
1,000
1,154 United Light & Power Co."A"._ 8,000
Hartford Electric Light Co
Hydro-Electric Securities Corp- 2,000 Utilities Power & Light Corp_ _ __ 2,075
Inter. Hydro Elec. System A.
3,070 United Gas Corp
4,0®
3,000 Western Mass. Companies
Inter. Teiep. & Tcleg. Corp
300
1,000
Italian Superpower Corp. A
-p.131, p. 281.
1930
-July--1929.
$85857
$81,334
-V. 131. p. 281.
949
FINANCIAL CHRONICLE
AUG. 9 1930.]
$560,389
7,385
$281,052
8,105
$841,442
15,489
-$553.005
28,019
1272.946
21,378
$825.953
49,397
$524.986
143,750
269,318
309
$251.568
42,751
265,911
6,705
$776.554
186,501
535,228
7,013
Interest paid
Net profit before charges
Deduct-Depletion of costs
Depreciation
Drilling labor and expenses
$47.811
Net profit before Fed. income taxes $111,608 def$63,798
The company is installing its own vapor phase system of cracking in
conjunction with the older type cracking system in use at its Shreveport
Kelsey-Hayes Wheel Corp.(& Subs.).
refinery, Pres. M. J. Grogan said. The system of vapor phase operation
-Earnings.
6 Mos. End. June 301930.
1929.
1928.
devieped by the company, he explained, gives a considerably larger yield of
1927.
Net profit after exp.,
anti-knock gasoline at a substantial reduction in cost. Patents have been
Fed.taxes,&c
$1,80.3,228 $1,975,779
$477.066
$573,164 applied for the equipment developed by the company's engineers.
Shs. of corn. stk. outstdg
749,454
749,454
398,522
398,522
Increasing production of anti-knock gasoline, with a lowering of producEarnings per share
$2.24
$2.43
$1.02
$1.26 tion costs, has been obtained by the Louisiana Oil Refining Co. through
-See also V. 131, p.798.
perfection of the vapor phase cracking system, President M. J. Grogan
(G. R.) Kinney Co., Inc.
announced. "l'atents have been applied for covering a system of vapor
-Sales.
our engineers for use in conjunction with the
-July-1929.
1930
Decrease.11930-7 Mos.--1929. Decrease. phase refining developed by
cracking equipment," said Mr. Grogan. "The process perfected
276.348 $1.506.740
$1
$230.3921$10,090,078 $11,067,816 $977,038 older type
by Louisiana Refining engineers has been installed at our Shreveport re-tr. 131, p. 485, 281.
fineries, where it is in successful operation.
"Added economies resulting from this process should be reflected in the
-July Sales.
Kline Brothers Co.'
company's earning position for the balance of the year."
Decreased 1930-7 Mos.-1929.
1930-July-1929.
Decrease.
Grants Option.
$370,638
$61,4961$2,347,087 $2,363,937
$309,142
$16,850
-V.131, p.799,639.
-v. 131. p. 281.
See Freeport Texas Co. above.
Kolster Radio Corp.
-Special Master Reports No Rigging
in Sale of Stock.
See last week's "Chronicle", p. 725.-V. 131, p. 798.
-July Sales.
(S. S.) Kresge Co.
-July-1929.
1930
$10,882,426 $11,686,639
-V. 131, p. 485, 281.
Decreased 1930-7 Mos.-1929.
$804,2131$78,340,038 $79,331,098
Decrease.
$991,060
(S. H.) Kress & Co.
-July Sales.
-July-1929.
1930
$5,094,696
$5,060,990
-v. 131. p. 639, 281.
Decreasel
1930-7 Mos.-1929.
Increase.
$33,706 1$35,375,674 $33,867,345 $1,508,329
Leaders of Industry Shares.
-Pays Dividend.
-
-Earnings.
McCall Corp.
1930-6 1"fos.-1929.
Period End. June 30-- 1930-3 Mos.-1929.
Net inc. after charges &
5643.467
$684,550 $1,301,222 51,288,248
Federal taxes
Earns, per oh. on 576,958
$1.12
$1.19
$2.26
ohs, corn. stk.(no par)
$2.23
Earned surplus on June 30 1930 was $6,356,814. Current assets amounted to $5,310,827 and current liabilities $1.290,235.
statement issued by the company says; "Plans for the improvement
A
of our newest publication, "The Red Book Magazine," necessitated considerable additional expenditures and have resulted in less profit than would
have otherwise been realized. These plans are now well
and
It is our expectations that the results will shortly begin to justify these
underway
-V. 130. P. 985.
additional expenditures."
McCrory Stores
A semi-annual dividend amounting to 27 cents a share was paid on
Aug. 1, through the Bank of America of California at Los Angeles, to share1930-Jutv-1929.
July 15, it was announced by Howard Clamen, President $3,122,217 $3,299,523
holders of record
of the Gatzert Co., national distributors of the trust.
-v. 131, 13• 282.
Corp.
-July Sales.Decreased 1930-7 Mos.-1929.
$177,306 1$22,532,319 $22,325,272
Increase.
$207,047
950
FINANCIAL CHRONICLE
McGraw-Hill Publishing Co.
-Earnings.
-
rfogb 111.
Melville Shoe Corp.
-July Sales.
-
Period End. June 30- 1930-3 Mos.-1929.
1930-6 Mos.-1929.
1930
-July--1929.
Increased 1930-7 Mos.-1929.
increase:
Net profits after all
$2,296,821 $1,866,823
$429,9981118,796.304 $14,479,720 $2,316,584
charges, incl. taxes___ $567,354
$602.195 $1,102,335 $1,128,078 -V. 131, p. 799. 282.
Earns, per sh. on 600,110
shs. corn. stock
$1.00
$1.84
$1.88
$0.94
Mengel 8c Co.
-Earnings.
-V. 130, P. 3554, 1291.
Period End. June 30- 1930-3 Kos.
1930-6 '.4os.-1929.
-1929.
Net sales
McLellan Stores Co.
-J/ Sales.$2,460,245 $5,713,071 $5.526,534 $11.056,535
Increase. Cost ofsales
1930
-July-1929.
Increase.
1930-7 Mgs.-1929.
9.714,336
2,190,482 5,061,677
4,901,610
$1.905,996 $1,728.055
$177,941 $11,502,612 $10.728,172 $774,440
Operating profit
-V. 131, p. 282.
$624,923 $1,342,199
$269,763
$651,394
Depreciation
313,059
322,952
156,184
157,385
Interest charges
McQuay-Norris Mfg. Co.
-Earnings.145,128
122,968
61,583
67.949
6 Months Ended June 301930.
Balance
$884,012
Net profits after deprec., Federal taxes, &c
145 2600
19 ,
69
1300,040
$179,003
$51,995
$426,060
Shares common stock outstanding
114,227
100,000 Miscell. Items (net).
7.183
59,987
24.583
10,721
Earnings per share
$4.56
$2.63
Total
$891,195
$238,990
$76,578
$436,780
At June 30 1930, cash and securities account amounted to 3717,995. Federal profit
taxes
106.943
28.679
9,190
52,414
which was more than 23i times the total current liabilities, including the
reserve for Federal taxes. At July 31 1930 cash and securities rose to
Net profit
$784,252
$210,311
$67.388
$384.366
3815.350, with no increase in current liabilities.
In addition, the preferred stock of the McQuay-Norris Mfg. Co. of
Comparative Balance Sheet.
Ind., Inc., was reduced from $194,000 as of Dec. 31 1929, to $169,000 as
June 30'30 Dee. 31 '29
June 30'30 Dee. 31 '29
of June 30 1930.
Assets$
Company's earnings were 2.6 times the cash dividend requirements for xLand, bides., maPreferred stock_ __ 3,360,300 3,360,300
the 6 months, and were more than sufficient by a comfortable margin to
chinery, &c_ - _ 8,366,798 8,669,628 yCommon stock__ 8,000.000 8,000,000
-V. 130. p. 4430.
pay the cash dividend for the entire year.
Timberlands and
3,000,000 3,400,000
Funded debt
timber
1,130,532 1.120,599 Bds. called for pay 400,000
-Earnings.
MacMarr Stores, Inc.
Good-will
1 Dividends payable 160,000
The company reports earnings for the first six months of 1930 of $620.000 Cash
19,551
1,26
20,094
772,713
after depreciation, obsolescence and Federal taxes, equal after preferred Accts.& notes ree_ 1,013,776 1.154,744 Minority interest- 474,148
700,046
2,867
Current liabilities_
dividends to 41 cents per share on 772,554 shares of common stock out- Inventories
89,465
5,033,680 5,677,877 Reserves_ _ _
_ 80,282
standing.
Invest. in subsid
105,210
405,501
389,170 Deferred liabilities 111,682
Ross McIntyre, President, says; "The decline in earnings this year is Deferred charges
153.686
z2,299,653 2,658,359
120,284 Surplus
due to a large extent to the constantly declining commodities market, Other assets
539,219
427,905
which alone accounts for an inventory price shrinkage of approximately
1400,000. Earnings have further been curtailed by the changed buying
Total
17,906,059 18.332,921
Total
habits of the consumer. Due to business conditions, people have been
x After depreciation. y Represented by 320.000 no-Pa7 shares. 2In18,33,921
.z
es
19
7
purchasing in smaller quantities, entailing higher expenses on the same
volume of business. They have also been buying a larger percentage of cludes $1,053,439 appreciation from appraisal of properties.
Note.
-No provision was made for 1930 Federal taxes.
-V. 131. P. 799.
staple commodities sold at a lower gross profit, and this reduces our average gross profit. I believe that the commodities market is near the hotMeter Service Corp.
-Rejects Bid.
ter and that the outlook for the last half of this year Is much brighter.
The bid of the Sub Metering Association of New York for the assets of
'I do not anticipate any change in dividend policy on our common stock,
as I regard the present decline in earnings as temporary and solely due to the corporation, for which a receivership in equity was appointedaJune 28.
was rejected Aug. 4 by Federal Judge John C. Knox following hearing
uncontrollable basic conditions. I believe that these unfavorable factors a
t
w
hich note holders opposed the offer as inadequate and announced that
have now been fully discounted."
-V. 131, p. 282.
"some
asgoo or
y
. usiness men of the city," would make bids "just
b
substantialbetter
Mack Trucks, Inc.
-Earnings.
David B. Landis, representing the receiver, the Irving Trust Co. urged
Period Ended June 30- 1930-3 Mos.-1929. 1930-6 Mos.-1929.
the acceptance of the Sub Metering Association's bid. He said the total
Net profit after deprec.,
est. Fed. taxes. &c__ $1,409.924 $2,481,541 31.900.633 $3,911,128 liabilities were about $600.000, of which $300,000 represented notes; about
$225,000 obligations of the company to landlords with whom it holds
Shares corn, stock outstanding (no par)_--755,625 contracts, and $75,000 trade creditors and attorney's fees. prospective bid
763.320
763,320
755.625
Mr. Landis said there was "nothing constructive" in the
Earnings per share
$5.17 mentioned
$3.28$2.49
$1.85
by the note holders, and that every day's delay impaired the
-V.130, p. 4619,3554.
value of the company's assets. If the company were sold on the Sub
Metering Association's bid. he said,about $2,000 a week, including rent.
Manhattan Shirt Co.
-Smaller Dividend.
In the operating expenses would be saved. He said the new offers were
The directors have declared a quarterly dividend of 25 cents per share contingent on
number of circumstances. The note holders, he said,
on the common stock, par $25, payable Sept. 2 to holders of record August did not dare toamake
authority, and I don't
the bid
15. This compares with quarterly payments of 50 cents per share made know whether they can get "without some one'?
'
that authority or not.
from Sept. 1 1927 to and incl. June 1 1930.-V. 130, P. 4619.
Godfrey Cohen, representing Leonard Dreyfus, Chairman of the note
holders' committee, felt that the Sub Metering Association's bid was
Maple Leaf Milling Co., Ltd.
-New President, &c.inadequate and that the note holders had not had sufficient time to present
0. W. Band, a former director, has been elected President to succeed a reorganization
plan. If more time were allowed, he said, "some very
James Stewart, who will continue as a director. A. R. MacDonald. substantial
business men of the city who have expressed a willingness to
manager, has also resigned, but no successor has as yet been named.
come in "could present a bid "just as good or better."
Mr. Band stated that the company will continue operations as usual.
He made no explanation of the reason for the executive changes. Mr.
1930
Metropolitan Chain Stores, Inc.-Sales.Band is Vice-President of the Canada Bread Co. Ltd., and a director of
i8943$8,415.291u134199s28l2
Increase.
_juiv_i929.Dcrens.I 1930-7 Mos.-'1929.
Consolidated Bakeries and Dominion Bakeries, Lid.-V.
129, p. 294. 139.
.257,915 i1.347,38
D4ersDividend.-
Marlin-Rockwell Corp.(& Subs.).
-Earnings.
Period End. June 30- 1930-3 Mos.-1929.
1930-6 Mos.-1929.
Gross earnings
$999,296 $1,181,817 $2,013,682
$549,320
407,396
Expenses, &c
361,685
181,210
210,022
158.976
Depreciation
79,488
138,342
69,171
Balance
Other income
$298,939
50,283
$709.786
87.883
$681,790 $1,447,310
150.373
96,909
Total income
Federal taxes
$349,222
43,168
$797.669
98,381
$778,699 $1,597,683
195.669
96,423
Net profit
Common dividends
$306.054
364,145
$699,308
363,145
$682,276 $1.402,014
725,290
728.290
Balance, surplus
def.358,091
Shccom.outet's(no Par)
364,145
Earns. per sh. on com
$0.84
-V. 130, p. 4253. 3367.
$336,163 def$46,014
364,145
363.145
$1.92
$1.87
$676.724
363.145
$3.86
Marmon Motor Car Co.
-Omits Common Dividend.
The directors have voted to omit the quarterly dividend ordinarily
declared at this time on the common stock. On June 2 a distribution of
2% was made, on March 1 a dividend of 50 cents in cash and on Dec. 1
1929. a dividend of $1 in cash, which latter rate had been paid quarterly
previously.
-V. 130, p. 4619.
The directors have voted to defer the quarterly dividend of $1.75 per
share due Aug. 1 on the 7% cumul. pref. stock.
-V.131. p.486. 282.
-Rearranges Trackage.
Michigan Steel Corp.
The corporation has completed the rearrangement of the entire railroad
track layout at its plant at Ecorse, Mich.,incidental to the plant expansion
scpraolg:saimnstanollwedunder way. New sidings have been constructed and track
.
-V.131.
for handling the weighing of all incoming freight.
P.640, 486.
6 Monthsneapoli un4 3o ywell Regulator Co.
-Earnings.'Min
H0n
1929.
1930.
Ended
$1,794,485 12,042,832
Netsales
58,618
293,538
Net profit after depreciation,Federal taxes,&c_
11.54
Earns, per shr. on 189,950 shs, cap. stk.(no par)
3
The balance sheet of June 30 1930 shows cash and marketable securities
of81,283,576 and total current assets of$3,677,229 as compared with current
liabilities of $205,675.-V. 131, p. 800, 283.
-Starts Construction of
Missouri-Kansas Pipe Line Co.
First Compressor Station.
-
Construction of the first compressor station that will be used by this company to boost natural gas from the Panhanclle of Texas to Indiana on the
new 1.250-mile line, has just been started, according to an announcement.
The location is 12 miles northeast of Liberal, Kan. on the Cimmaron River.
The station will have four compressor units of 1,000 h. p. each.
Maytag Co. (Delaware),
-Earnings.
Work will begin on a second compressor station a little later, on a newly
Period End. June 301930-6 Mos.-1929. acquired tract of80 acres near Louisburg, Kan. This station, the second to
1930-3 Mos.-1929.
Net sales
$13,106,283 be built, will contain five
$5,531,555 57,266,352 $9,073,504
compressor unite of 1,000 h. p. each.
Other income (interest)
The
287.303 systemthird and probably the final compressor station for the huge pipe line
royalties, rents, &c.)_
236,903
134,331
170,265
is to be located somewhere east of the Mississippi River, it was
stated,the exact location not yet having been selected.
-V.131, P.800,640.
Total
15,665.886 $7,436,617 $9,310,407 $13,393,586
manufctrig,Les
sellMontgomery Ward & Co.
-July Sales, ctc.--ing & general expenses 4,455,640
9,602,616
5,204,540 7,562,584
Prov. for Fed, inc. taxes
442,000
1930-July-1929.
Decreased
1930-7 Mos.-1929. Increase.
188,000
134,000
260.500
112,849 $18,668,623 519,808,343 51,139,7201$148,853,7283142,615.883$6,237,843
Depreciation
119,221
56,423
59.610
Other deductions
57,676
25,487
Net profit
$991,150 $1.915,153 11,382,927 $3,236,122
Earns, per sh. on 1,617,$1.55
922shit. corn.stk
$0.44
30.96
$0.40
Surplus Account June 30 1930.
-Balance surplus, Jan. 1 1930.12.561,501
net profit for 6 months as above. $1,382,927; realized from execution
stock purchase warrants, 31,990, total surplus, $3,946,418. Deduct
1st pref. dividends, $239,535 cum. preference dividends, $428,214, common
dividends, $1,213,404, balance, surplus, $2,065,265.
Comparative Balance Sheet June 30.
1929.
1930.
1929.
•
Assets$
5
Liabilities-$
$
Perman't assets__:3,629,100 3,423,173 $t3 pref. stk. (no
Patents,
0
tradepar)
28,000,000 8.800,00
marks, goodwill_
1
1 Preference stk. (no
Cash
b320.000
899,910 1,096,645 Par)
Call loans
233,129
1.500,000 4,500,600 Cora. stk.(no par) he428135:5°7908
Marketable sec.__ 2.358,724
2,065,265 3,249,342
866,776 Surplus
Notes and accounts
860.947
Acct, payable____ 620,083
received
153.158
y823,242 1,293,801 UAccrualsriPaidwages---93,256
Inventory
44,810
2,268,196 1,666,278
60.235
Cash value ins_ _ _
827,352
76,965
68,891 Reserves
362,147
Invest. Can.sub_ 352.713
795,197
332,319 Fed. tax reserve__ 621.839
Cum. pref. stk. in
treasury
113,731
874,581 II". for "nting-- 400"0
Sundry invest'nt_ 858,700 1,123,592
Deferred assets-.
40.840
37,879
Total (each side)12.922,125 15,283.038
a Represented by 80,000 shares of no par value. b Represented by
285.500 shares of no par value. c Represented by 1,617,922 shares of
no par value. x After reserve ford epreciation of$1,095,548. y Less allowance for doubtful accounts in the amount of$48.404.-V.130,p.3367.317
8-
President George B. Everitt says:
The initial response to the recent announcement of drastic price reductions and the privilege of extended time payments' accommodations has
been very encouraging and is reflected to some extent in our July figures.
Indications are that a healthy stimulation of business may be expected.
The many communications we have received from business men, bankers,
manufacturers and our customers, along with the favorable attitude of the
press, indicate that this has been accepted as a practical prosperity move.
We were prompted to take the initial step in establishing commodity
prices consistent with current wholesale commodity price levels by the
feeling that there had been too much talk and not enough action toward
bringing about a readjustment of economit conditions.
There is an abundance of money in the country, but people have been
reluctant to buy because prices seemed too high. We fully appreciated
that there was considerable unemployment and that there will be some who
regardless of lower prices, could not take advantage of them. Hence the
extended time payment privilege for a limited period on all items in our
catalogue and at our retail stores except groceries.
We expected and received some criticism from those who felt that we
were merely inviting business from people who would take advantage of
this plan to buy luxuries. An analysis of orders received to date. however,
indicates that the people who are buying on this plan are confining their
underclothing,malg,ost .exclusively to necessity merchandise, such as shoes.
ac
We hope that the additional volume resulting from the applicationrof
this plan will contribute very substantially toward helping solve the problem of unemployment.
-V. 131. p. 486, 124.
-Extra Dividend.
Morison Electrical Supply Co., Inc.
-
The directors have declared an extra quarterly dividend of 1X / in stock
0
and the regular quarterly dividend of 25c. a share in cash on the common
stock, no-par value, payable Aug. 31 to holders of record Aug. 15. Like
951
FINANCIAL CHRONICLE
Aua. 91930.]
amounts were paid on this issue on Dec. 1 1929 and on March 1 and June 1
-V.131, p. 283.
last.
Moto Meter Gauge & Equipment Corp.(& Subs.)
Earnings for 6 Months Ending June 30 1930.
Net sales
Cost of sales
Selling expenses
General & administrative expenses
Income charges (net)
$2,174,154
1,850,889
264,407
197,871
37.560
5176.575
Comparative Balance Sheet.
Liabilities- June 30.'30. Dec. 31,'29.
Dec.31,29.
30.
June 30,:
Assets-Notes payable____ $272,265 $272,266
187,251
$692,129 2824,469 Accts. payable___
146,065
loans
457,985 Res. for Federal
a501,548
Accts. receivable
income taxes_ _ _
3,496
4,938
36,819
1,353
Accrued Int. rec
78,267
997,297 1,105,219 Accrued accounts_
126,565
Inventories
133,123 Capital stock &
92,355
Investments
20,621
surplus
20,253
c3,906,356 4,094,715
Dep. on leases, &c
Land, buildings.
mach. equip.,&eb1,844,505 1,808,182
Pats., trademarks
1
1
& copyrights...
323,334
Total(each sIde)S4,449,078 $4,676,431
299,637
Deferred charges
a After reserves for doubtful accounts and allowances of543,594. b After
reserves for depreciation of $1,240,315. c Represented by capital stock
without par value, authorized, 750,000 shares; issued and to be issued in
connection with plan and agreement dated April 15 1929, 512,500 shares
(5,801 shares in treasury carried in investments), 54.216.689, less deficit
2310.333, balance, 53,906,356.
The company has started to move its Long Island(N.Y.) plant and offices
to Toledo, 0., to consolidate them with the W. G. Nagel Electric Co.. a
subsidiary, whose factory has been enlarged. About 80 workers will be
employed in the combined plants and production will be increased ap--V. 130. p. 4254.
proximately 50% within 30 days, officials said.
Net loss for 6 months
-Earnings.
National Dairy Products Corp.
Earnings for 6 Months Ended June 30, 1930.
5181,765.179
Net sales
21,857,042
Combined profits
4,729,599
Depreciation
Interest on funded debt, diva, on pref. stock of National Dairy
4,180,231
Products Corp.& Federal income tax
512,947,211
Earnings available for common stock
$2.16
Earnings per share on 5.971,636 shares corn.stk.outstanding_ In commenting on the report, Thomas H. Mcinnerney, President, said:
"Earnings of $2.16 a share as compared with $1.85 a share for the same
period of 1929,represent an increase of 11%%.which includes consideration
given to the issuance of rights in Sept. 1929 and also the regular quarterly
stock dividends. While dollar volume of sales showed a decrease of $12,691,978, due to lower selling prices, the volume of business showed an
increase, which, however, was more than offset by reductions in commodity
prices.
"Consolidation of various units and increased operating efficiency of the
corporation's plants played an important part in the higher profits shown
for the first half
-year. There has been no reduction in the wage scale."
Insures Employees.
-
The corporation, through President Thomas R. McInnerney, announces
that it has taken out group life, accident and sickness insurance involving
560,000,000 life insurance, and more than 5500,000 weekly benefits for
sickness and non-occupational accidents for the 35,000 employees in the
150 subsidiaries throughout the United States, New York subsidiaries
of the corporation include the Sheffield Farms Co., the Breyer Ice Cream
Co., the Hydros Ice Cream Co., Breakstone Bros.. Inc., and Alex. Grossman & Co.. Inc.
-V. 131. p. 800, 640.
-To Pay 234% Quarterly
National Family Stores Inc.
Stock Dividend Instead of Cash.-
The directors on Aug. 7 announced their decision to pay a quarterly
stock dividend of 2%% on the common stock instead of a cash dividend.
The regular quarterly dividend of 50 cents a share on the pref. stock was
declared. Heretofore dividends have been paid on the common stock at the
rate of 40 cents per quarter in cash. President A. F. Lipman stated that
-Notes Offered.
-First Detroit sales for the six months ended July 31 showed a decline of 6% as compared
Motor Bankers Corp.
Co., Inc., Detroit, is offering $250,000 coll. trust gold notes with last year. Mr. Lipman, "I consider a most gratifying record con"This," said
sidering general business conditions that have prevailed during this period.
on a 534% discount basis.
Despite this reduction In sales, earnings for this period will show a slight
Dated Aug. 1 1930: due serially Dec. 1 1930 to July 13 1931. Notes increase, due to many operating economies which have been in effect since
available in denom. of 51,000, payable at the office of the Detroit & Security the beginning of the year.
Trust Co., trustee, Detroit, Mich.
"In spite of these favorable developments the board has decided to declare
Corporation was organized in 1919 for the purpose of fhtancing the sale Its common stock dividend, payable In stock rather than In cash, because
of automobiles on the deferred payment plan, and for the handling of com- for the time being an additional increase In working capital for the company
mercial paper, throughout the entire State of Michigan. Company was
desirable and has been recommended after most careful considerorganized with-a paid-in capital of $125,000, which has been increased to is most
because of the fact that the public offering of the com52,206,359 and shows surplus of 5634.048 as of June 30 1930. Company ation, particularly
issue is being withheld pending a more favorable general
uupp
diversifies its purchases of notes secured by Ford, Chevrolet, Hudson: pany's debenture
bond market. When financial conditions are more settled and the additional
Chrysler, Pontiac, Dodge, Oakland, DeSoto
Essex, Olds, Nash,
can be more easily financed. I am of the
Packard, Pierce. Studebaker and other cars, with a 33 1-3% down payment working capital requirements
opinion that the board of directors will resume payment of dividends in
and the balance in monthly payments not exceeding 12 months.
and consistent growth resulting from suc- casn. -V. 131, p. 487, 283.
Company has shown a steady
cessful operations, and has shown substantial net earnings in every year
-Sales.
National Shirt Shops, Inc.
since its organization. During its life the company has purchased notes
Increase.
Decrease. 1930-7 Mos.-1929.
-1929.
-July
1930
in excess of $85,500,000 and has shown a loss ratio of less than 1% of the
$142,807
52,217,689
542.540 I $2,360,496
$388,430
total notes purchased. Company has marketed in excess of $42,500,000 $345,890
collateral trust notes, of which there are outstanding approximately -V. 131, p. 283.
of its
32,875,000 at the present time, including this issue.
--Earnings.
National Supply Co. of Delaware.
The notes are direct obligations of corporation and are secured by 110%
1927.
1928.
1929.
of purchase money obligations, secured in turn by motor cars, on which
6 Mos. End. June 30- 1930.
$4.216,246 24,797.598 53.569.453 54,798,393
the payments have been at least 33 1-3 %. The notes are self liquidating Gross earnings
2,351,897
2,466.259
2,430.844
2,442,557
the collateral matures serially to correspond with the maturity dates of Expenses
as
the collateral trust notes.
aled
51.773.689 52.366,754 51.217.555 52,332.134
Net earnings
The net earnings of the company since its inception in April 1919 tot
364,117
415,347
721.370
321,249
51.718,862. or an average of approximately $161,495 per annum. Net Other income
earnings, after operating erpenses, insurance and all interest charges on
$2,094,938 53.088.124 51,632,902 $22.696.251
0
19 8 957.
Total income
outstanding collateral notes,for the year ending Dec.31 1929 were $3 24.
647,710
727,141
1,089,760
747,867
6 Mos. Ended June 30Other deductions
323.52.3
133,625
$3
19 11,326
272,454
20
188,006
Net profit after charges & taxes
$221 916 Federal taxes
Earns. per.on 151;723 shs. corn.stk.(no par)- $1.36
shr.
underlying cap.
$1.43 Divs, on
33,435
33.435
26,748
-V.130.P. 4431, 2596, 2404.
obligations
55,160
10,288
Transfer to reserve funds
-Decreases Capitalization.
(H. K.) Mulford Co.
The stockholders voted on Aug. 1 to reduce the capital stock of this
company from 2250,000 to 550,000. In connection with the consolidation
of the latter concern with Sharp & Dohme, Inc., last fall through an exchange of stock.
-V. 131, P. 486.
-Balance Sheet June 30.Mullins Mfg. Co.
Letabittltes1930.
1929.
1930.
Assets1929.
Preferred stock--.$3.000.000 $3,000,000
yReal eat., plants,
$4,541,516 $4,130,263 Common stock_ __ x500.000
equip., deo
500,000
602.700 Due on stock sub
503,044
Cash
scrIption
Accts.& notes see ,
24,220
735,549 Accounts payable
drc
840,683
di accrued
236,040
108,017
Reorganisation exp
496,118
Inventories
1,449.174 2,002,906 Federal tax reserve
40,195
21,750 Accr. ord.tax_
21,750
Investments
42,198
23,053
Surplus
Due from employ.,
3,488,113 3.858,490
15.285
12,688
&c
85.454
87,245
Patents & goodwill
112,129
182,228
Deferred charges
Total
Total
$7,138,328 $7,942,076
$7.138,328 17,942,076
x Represented by 100,000 no-par shares. y After depreciation.•
The usual comparative income account for the six months ended June 30
was given in V. 131, p. 800.
Munsingwear, Inc.(& Subs.) Earnings.
1929.
1928.
6 Mos. End. May 31- 1930.
1927.
5207,242
$472,360
Net inc. aft. all charges_
5272.916
$300.711
Since June 30 1929 the company has acquired through a wholly owned
subsidiary 20,000 shares of its stock. Based on the remaining stock outstanding, viz., 180.000 shares, the earnings per share for the six months
ended June 30 1930 amounted to 51.15, compared with earnings for the
six months ended June 30 1929 of $2.36 per share on 200.000 shares out
-V. 130, p. 1293. 813.
tending at that time.
(G. C.)
Murphy
$1 319,447 $1,148,439
--47, 131, p. 283, 124.
-July Sales.Co.
Increase.11930-7 Mos.-1929.
$171,008 48,420,461 $7,604,767
Muskegon Motor Specialties Co.
-Earnings.
National Bellas Hess Co., Inc.-Sa/es.Decrease. I 1930-7 Mos.-1929.
.
Decrease
5858.6521520,692.899 $ ,638,770 $7,945,871
28
National Candy Co.(& Subs.).
--Earnings.
The company for six months ended June 30 1930 reports net profit
of $481,205 after charges and taxes, equivalent after dividend requirements
on 7% 1st and 2d preferred stocks to $1.92 a share on 211,780 no-par shares
of common stock.
W.L.Price, President says:"General business Conditions and the extreme
hot weather offset some of the anticipated benefits from the consolidation
of the company's manufacturing plants. This program will be practically
completed at the end of current year and with normal business conditions
should reflect itself in improving earnings. The financial condition of
the company remains excellent and prospects for the fall business are
favorable. Gross sales of the company for the first 6 months decreased
-V.130, p.4065,1663.
1.47% under volume for first 6 months of last year."
Total(each sIde)44,325,942 41,649,376
-V. 131, p. 800, 487.
x After deducting $7,287,645 depreciation.
-July Sales.
National Tea Co.
-1929.
-July
1930
56.582.288 36,999,631
-y. 131. P. 2&3.
Decrease.
Decrease.
(l930-7 Mos.-1929.
5417,3431549,696.617 252.014,675 $2,318,058
-Dividend Reduced.
Neild Manufacturing Corp.
The directors have declared a quarterly dividend of $1 a share, payable
Aug. 15 to holders of record Aug. 7, placing the stock on a $4 annual basis.
-V. 128. p. 3526.
against $6 previously.
-July Sales.
Neisner Brothers, Inc.
-July--1929.
1930
51.245,027 51,151,967
131,P. 125.
Increase.'1930-7 Mos.-I929,
593,060158,177,279 56.890,826
Increase.
51.286.453
-July Sales.(J. J.) Newberry Co.
Increase.
5815.694
The company reports for 6 months ended June 30 1930 net profit of$201,867 after charges and taxes, equivalent, after dividend requirements on the
$2 no par class A stock, to 62c a share on 222.116 no par shares of common
-V. 131, p.283.
stock.
1930-July-1929.
52,412.454 53,271.106
-V. 131, p. 124.
$738.700 $1,725,018
51,122,030 $1,637,315
Net income
Shs. corn. stk. outstand.
265.000
300.000
300,000
300,000
(par $50)
Earns. per share after
$5.55
$1.63
$4.91
$3.38
preferred dividends
Balance Sheet June 30.
1929.
1930,
1929.
1930.
$
LiaMlittes$
It
Assets-Preferred stock... 3,085,900 3.098.600
Land, bldgc.. machinery. &a- _x9.689,843 9,644,909 Common stock_ _ _15,000.000 15,000.000
cap. obi*. 891,600 1.003.000
Cash & call loans__ 5,098.352 5,085.276 Under,payable... 4,897,354 3,073.853
Notes receivable__ 1,776.551 2,562.781 Accts.
301,524
585 8,313,328 Accr. wages, &c__ 282.516
Acetsrecelvable....10,719,
272,454
14,783.793 14,684,140 Aces. Fed. taxes__ 188,006
Inventories
240,577
199.286 Fed.tax payable__ 253,399
Treasury stock2,248,373 1,116,510 Ins, fund reserves. 1,627,008 1.447,378
Investments
18,100,158 17,211,989
43.145 Surplus
9,443
Deferred charges
52.312,406 52,166,658
--y, 131, p. 801, 283.
Increase.
Increase.I1930-7 Mos.-1929.
5145,7481514,510,793 512,878,439 $1,642,353
-President A. A.
--Rights, &c.
-Dividends
Newport Co.
Schlesinger, Aug. 8,in a letter to the stockholders, says:
quarterly dividends were
At a meeting of the board held on July 8 1930,
declared on the class A convertible stock and common stock as follows:
class A cony. stock, 75 cents per share, payable in cash on Sept. 2
On the
corn. stock. 50 cents per
1930, to holders of record Aug. 25 1930; on the
share, payable in cash on Sept. 2 1930, to holders of record Aug. 25.
directors have also authorized the offering to common stockholders
The
or record Aug. 25 of the right to subscribe on or before Sept. 22 1930, at
common stock in the ratio of one share of such
$20 per share, for additional
additional common stock for each 40 shares of common stock.
Holders of the class A cony, stock who desire to receive the above mentioned div. on the com,stock and to participate in the offering of additional
common stock should arrange, as provided in the certificate of incorp. of
the company, to convert their class A cony, stock into com. stock (at the
rate of two shares of cora, stock for each share of class A cony, stock surrendered) before the close of business on Aug. 25 1930, in order to become
holders of record of corn, stock on that date. Such conversion must be
made at the office of the Chase National Bank of the city of New York, 11
Broad St., N: Y. City. The company will not require any adjustment for
dividends on such conversion.
Warrants evidencing the right to subscribe for additional com,stock will
be mailed on or before Aug. 29 1930, to all holders of record of corn, stock
at the close of business on .Aug. 251930. No subscription for a fraction of a
952
FINANCIAL CHRONICLE
share will be accepted, but fractional warrants if surrendered on or before
Sept. 22 1930, at the corporate agency department of said agent, 11 Broad
St., N. Y. City, together with similar fractional warrants in amounts
aggregating at least one full share, will entitle the holder to subscribe for the
aggregate number of full shares of stock called for by such fractional warrants so surrendered upon the terms and conditions above referred to. The
warrants will be void and of no value after Sept. 22 1930.
Consolidated Income Account 6 Months Ended June 30.
1929.
1930.
Net sales
$5.063,101 $5,217,428
Cost ofsales,selling and general expenses
4,183.163
3.988.499
Provision for depreciation
266,084
306,541
[Void. 131.
to points beyond its rails, thus giving the advantage of long haul traffic,
from which the greatest earnings are available.
The company's contract with the Chicago & North Western By. assures
a steady source of income. The volume of business is ample and increasing.
The company has no bonded debt other than car trusts. Net operating
income for the fiscal year ended Dec. 31 1929 was substantially in excess
of the total requirements for maturities and interest on all outstanding car
trusts, and for the first 6 months of 1930 such earnings show an increase
over the corresponding period of 1929.-V. 127. p. 1262.
Oil Well Supply Co.
-United States Steel Option Expires
Aug. 25.
-
The U. S. Steel Corp. will pay $6.865,800 in cash and 64,992 shares
of its common stock for the business of the Oil Well Supply Co., according
to a letter sent to stockholders of Oil Well Supply by 13enjantin F. Harris,
President of the company. The Steel corporation has until Aug. 25 to
Total
$832,617 reach a decision on the
$779,478
purchase. Its option expires on that date.
Provision for Federal income taxes
101,000
88.641
The U. S. Steel Corp. will assume all the debts of the Oil Well Supply Co.
except $800,000 of 6% debentures
Balance for dividends and surplus
$731.617 subsidiary. Oil Well has $6,069,000of the Wilson Snyder Mfg. Corp., a
$690,837
of 7% cum. pref. stock outstanding.
Consolidated Balance Sheet, June 30 1930.
Total par value of debentures and pref. stock is equal to the amount of
cash to be paid in the transaction.
Assets
Liabilities
A special meeting of Oil Well Supply stockholders has been called for
Cash in banks and on hand_ _ $631,072 Accounts payable
$562.382
Accounts reedy.(less reserve)
963,895 Provision for income taxes
211,396 Sept. 9 to ratify the transaction and to approve a change in the name to
Inventories
4,617,498 Purchase money obligations_
435.000 the Pittsburgh United Corp. This will permit the Steel corporation to
7,584,702 Reserves for contingencies
Land. bldgs. & machinery
620,568 make use of the well-known trade name of the Oil Well Supply Co. Stock372.432 Miscellaneous reserves
Formulae and processes
112,981 holders of record Aug. 25 will be entitled to vote at the meeting. The
608,800 Capital stock
Investments
25,748,520 option provides that in the event of approval by Oil Well Supply stock256,615 Earned surplus
Deferred charges
1,422,058 holders and the Steel corporation, the sale must be consummated by
Paid-in surplus
5.921,907 Sept. 30.
Upon completion of the sale the company will have as its sole assets
Total
815,034.813
Total
$15,034,813 the shares of the common stock of the Steel corporation and tne cash
specified or its equivalent in stock. It will have no indebtedness other
a Represented by: 33.466 shares class A cony. stock. $3 div., of the par
value of $50 per share,and 507.920 shares common stock without par value. than the 6% Wilson Snyder debentures which will be redeemed shortly
after the completion of the sale.-V. 131, p. 641.
-V.131. p. 283.
Net income from operation
Miscellaneous income (net)
$768,061
11,417
$768.181
64,436
•New York, Rio & Buenos Aires Lines, Inc.- Merger
Shortly-Consolidation Likely Within Next Five Weeks on
About 5
-for-1 Share Basis.
-
Old Colony Trust Associates.
-Increases Holdings.
The stockholders of the Everett Trust Co. have been notified that an
agreement has been reached with the Old Colony Trust Associates whereby
the latter are to become owners of 35% of the capital stock of the Everett
The merger of New York, Rio & Buenos Aires Lines, Inc., and Aviation Trust Co. This arrangement contemplates an increase of the capital
Corp. of the Americas, will probably be completed within the next four or stock of the Everett Trust Co. to $750.000.
The stockholders of the Everett Trust Co. on July 31 approved the plan.
five weeks. This will be effected through exchange of shares and it is
Among
likely that the basis of exchange will be roughly five shares of N. Y.
-Rio Trust other large suburban banks who are members of the Old Colony
Associates group, are: The Harvard Trust Co. of Cambridge, the
for one share of Aviation Corp.stock.
The only thing holding back consummation of the merger appears to be Newton Trust Co. of Newton and the Union Market National Bank of
the obtaining of sanction from the Department of Justice, as this will con- Watertown. Nineteen banks in the group comprising the Associates have
solidate two air lines that are competing for trade between United States total resources of $120.000,000.
The Old Colony Trust Associates are affiliated with First National
and Latin-America.
Whether a new company will be formed to take over the business and Bank of Boston whose total resources of over $700,000,000 make it the
-V. 131. p. 125.
assets of both companies is not known, but it is probable that the board of largest banking institution in New England.
the consolidated company will be made up of men from both boards, with
Oppenheim, Collins & Co. Inc.
-Sales.the affairs of the consolidated company in the hands of Juan T. Trippe,
-Decrease1929.
1930.
President of Aviation Corp., W. P. MacCracken, Jr., Chairman of N. Y.
$4,181,792 $4,942,311 $760,519 15.38%
Rio, and E. V. Whitney, connected with Aviation Corp.'s operating 3 months ended Apr. 30
3 months ended July 31
3,595,463 4,413,742
818,279 18.53%
subsidiary.
Passengers Carried in First Six Months.
6 months ended July 31
$7,777,255 $9,356,053 31,578,798 16.87%
The company carried 5,685 passengers over its route between North -V. 131, p. 487.
America, the West Indies and South America in the first six months this
year. Of this total 551 were carried over the through route between
Outboard Motors Corp.
-Earnings.Buenos Aires and the United States.
-3Mos. Ended.- 6 Mos. End..
Increasing use of the air line in South America by business firms is seen
PeriodJune 30,'30. Mar.31,'30. June 30,'30.
in the fact that only 4% of the total carried by NYRBA were traveling Net after charges & Fed. taxes
$84,288
$57,710
$141,998
for other than business purposes.
Earns, per shr. on 160,000 shs. class B
The company now has 32 planes in operation in South America, including
stock (no
$0.19
$0.02
$0.21
ten 22
-passenger Commodore flying boats. A larger type ship of the same -V. 130, p.par) 3178.
4256.
make is now under construction, capable of carrying 33 passengers, and
one of which is now in operation on the company's line laetween Miami
Pacific Coast Co.-Earni s.
and Havana.
-V. 130, p. 4255.
Period End. June 30- 1930-3 os.-1929.
1930-6 Mos.-1929.
Gross earnings
$1,044,254 $1,136,485 $2,265,383 $2.698,915
Net profit after expenses
51,580
-Earnings.
Noblitt-Sparks Industries, Inc.
110,221
215,242
8,278
-V. 130. p. 3557, 1127.
Six Months Ended June 301930.
1929.
1928.
Net profit after charges & Fed. taxes_ $171,792
$220,600 loss$39.411
-Merger Being Negotiated.
Pacific Coast Glass Co.
Earns. per sh. on 77,267 shs. corn.stk.
$2.22
Nil
$2.85
Negotiations are in progress looking toward a merger of the Illinois
It was announced that June profit alone amounted to $49,658, or 66 cents Pacific Glass Corp. and the Pacific Coast Glass Co., two of the largest
a share on the stock outstanding. Unfilled orders now on hand are 60% manufacturers of glassware on the Pacific Coast, it was reported late last
ahead of last year.
-V. 131, p. 487.
week. A meeting of the stockholders of both companies will be held in
-Subs. Extends Service. the near future to ratify the terms. yet but it is expected that the conNorth American Aviation, Inc.
Complete details are not available
The Post Office Department has authorized Eastern Air Transport. solidation will be effected through an exchange of stock. Based on the
Inc., a subsidiary, and operator for the Government of the New York- latest statements of both companies, the new company will have total
Atlanta-Miami airmail route, to inaugurate direct airmail service to Green- assets of over
dominant factor in the glass business
ville. S. 0., beginning Aug. 20. Service to Greenville will not cause any on the Pacific$7,000,000 and will be the
Coast -V.130. p. 3179.
change in schedules at the terminals of the airmail route, and only slight
changes at some of the intermediate stops.
-Resignation.
Pacific Steamship Co.
-V.131, p.487; V. 130, p.4621
•
H. F. Alexander of Seattle, has resigned as President, effective Aug. 1.
North Star Insurance Co.
-100% Stock Dividend.
He will remain as a member of the board of directors.
-V. 130, p. 4433.
The directors of this company, which is a member of the General Alliance
Pacific Western Oil Corp.
-Appraisal,
group, has declared a 100% stock dividend, increasing its capital from
Properties owned or controlled by this corporation, exclusive of real
$400,000 to $800,000.
estate valuations, surface equipment, material, supplies, &c., have been
Nunnally Co.
-Balance Sheet June 30.Independently appraised at $62,000,000, compared with $33,000,000, the
figure carried on the company's books. The first estimate attempted since
1929.
1930,
Assets1929.
1930.
Property aceount.$1,114,653 $1,102,918 Capital stock
$3,000.000 $3,000,000 acquisition by the company of the Kettleman Hills and Elwood holdings
44.967 was made by Robert B. Moran, independent consulting petroleum engineer
49,025
Trade marks and
Accts. payable__..
10,145 and geologist, and his findings have been compiled by Blytls & Co.. Inc..
6,058
good will
1,449,973 1,449,973 Reserves
67,693 In a circular now being distributed.
Cash
93,641
66.999
59,890 Surplus
Total recoverable oil from the proven reserves of these properties is estiInvestments
198,627
193,483
mated at 86,000,000 barrels. The comp iny's properties as of June 30 last
Accts. rec. (coat's) 102.401
95,763
comprised 43,487 acres in California, of which 33,000 acres are owned in
Inventory
208,680
200,968
fee and the remaining 10.487 acres held either under lease or working agreeDet'd chga.. lease
ment. Of the total acreage. 2,000 acres are proven. The remainder inholds & organcludes
ization expenses
14,187 Total(each side)$3,148,725 $3,122,309 from several important properties that are geologically well located and
12,554
which it is expected valuable additional reserves will be developed.
x Represented by 160.000 shares of no par value.
For the first half of the current year the company earned approximately
Our usual income statement for the 12 months ended June 30 1930 was
33-i times the interest on its funded debt, against three times such interest
published in V. 131, p.801.
charges last year. This improvement in earnings was effected despite
was cut
North Western Refrigerator Line Co.
-Equip. Trusts the fact that 1930 potential production -V. nearly in half in accordance
with the general conservation program.
129, p. 979.
Sold.
-Freeman & Co. announce the sale of $660,000 equipment trust 5% gold certificates, series F, at prices to yield
from 4.75 to 5.25%, according to maturity. Issued under
the Philadelphia Plan.
Unconditionally guaranteed by endorsement both as to principa and
dividends by North Western Refrigerator Line Co. Bank of Manhattan
Trttst Co.. New York, trustee. Total issue, $660,000, payable in semiannual installments of $30.000 each from March 1 1932 to Sept. 1 1942,
both inclusive. Denom. $1,000 c*. Dated Sept. 1 1930. Dividends
payable M. & S. Both principal and dividend warrants are to be paid
without deduction of the normal Federal Income tax not to exceed 2% per
annum. Company agrees to reimburse Pa. State tax not to exceed 4 mills
Red. as a whole on any div. date at the option of company
upon 30 days' notice by payment of 101% of par plus dividends.
annually'
This issue of certificates is to be secured through deposit of title with
the trustee to the following standard railroad equipment; 290 steel underframe refrigerator cars (80.000 lbs. capacity). This equipment has a current aggregate value of in excess of $870,000, or more than 131% of the
total face amount of series "F" certificates to be issued.
Pending the transfer of title to these cars, cash to the full face amount
of the certificates will be deposited with the trustee to be withdrawn as
cars are delivered.
The company. one of the leading lease lines in the country, with the
Inclusion of the 290 cars which are to he placed under this trust, owns and
Operates a line of 2,875 modern refrigerator cars. Company owns and
operates at Baraboo, Wis., on the lines of the Chicago & North Western
By. System, a car-building and car repair shop, which is equipped to build
new cars and to handle both heavy and light car repair work.
Under its contractual relationship with the Chicago & North Western
By.. which has existed since the formation of the company, the cars ofthe
North Western ltefrigerator Lino are operated primarily in the service
of the Chicago & North Western Ry. System and are preferred in the
handling of refrigerator car loadings originating on its lines and destined
Packard Motor Car Co.(& Subs.).
-Earnings.
-
Earnings for 6 Months Ended June 30 1930.
Gross profit
Selling, general and administrative expenses
$8,014,243
1,911,157
Operating profit
Other income
$6,103,086
1,683,487
Total income
Depreciation
Federal taxes
$7,786,573
1.595,142
662.594
Net profit
$5,528,837
Earnings per sh. on 15,000,000 shs, corn, stock (no par)
$0.36
Comparative Balance Sheet.
June 30'30. Dec. 31 '29.
June 30'30. Dec.31 '29.
Assets$
$
Liabilities
Property invest., a36,984,793 37,870,254 Capital stock ___b50,000,000 50,000,000
Rights,(ranch., &c.
1
1 Accounts payable,
Mortgage & land
1,105,882 4,251,542
contr. reedy__ 2,068,437 2,526,951 Federal tax rcs've_ 2,121,353 3,236,079
Inventories
10,294,873 13,624,228 Miscellaneous liaAccts. & notes rec. 6,258,584 c1,866,140
bilities
1,293,910 1,073,683
Deferred notes &
Dividends payable 3,750,000 3,750.000
bills receivable
893,059
4,879,253 Reserves
1,769,834
Miscell. securities_ 5,643,792 6,150,648 Surplus
13,618,087 15,584,419
Govt.securities._ _ 4,000,000 7,309,671
Cash
8,090,480 4,450,240
Deferred charges
338,106
311,396
Total
73,659,066 78,788,782
73.859,066 78,788,782
Total
a After depreciation. b Represented by 15,000.000 no par shares.
c Accounts receivable only.
-Y. 131 p. 802. 641.
Atra. 9 1930.]
953
FINANCIAL CHRONICLE
estate, or mortgages or liens to refund such purchase money or improvement
mortgages, or liens, unless effective provision be made that all the bonds
then outstanding shall be secured by such mortgage or lien upon a parity
with the obligations secured by such mortgage or lien; and
(III) Neither the corporation nor any of its subsidiaries will create or
issue or assume or guarantee any bonds, notes or other evidences of indebtedness maturing more than one year after the dates of their issue,
assumption or guarantee, unless thereafter
-Earnings.
Packer Corp.
(a) The consolidated tangible assets of the corporation and Its subsid1930.
1929.
6 Mos. Ended June 30one-half times the consolidated indebtedness
$74,306
$80,646 iaries shall be at least one and
Net profit after charges but before Federal taxes-of the corporation and its subsidiaries; and
-V. 130, p. 2225.
(b) Either the consolidated earnings (after adequate depreciation) of the
-Listing.
- corporation and its subsidiaries applicable to interest for the last preceding
Pan American Petroleum & Transport Co.
corporation, or the average of such consolidated earnings
The New York Stock Exchange has authorized the listing of not to exceed fiscal year of the preceding fiscal years of the corporation, shall be at least
58,278 additional shares (par $50) class B common stock on official notice for the last three
subsidiaries.
surrender by stockholders of Lago Oil & Transport Corp. twice the consolidated interest charges of the corporation and its
of issuance upon
-Application will be made in due course to list these bonds on
Listing.
of their stock pursuant to the provisions of the agreement of merger and
consolidation, on the basis of 35 share of class B common stock of Pan the New York Stock Exchange.
American for each share of Lago Oil & Transport Corp., making the total
Consolidated Balance Sheet as at March 29 1930.
amount applied for 2,603,379 shares.
[Without giving effect to the present financing.]
On July 16 1930 an agreement of merger and consolidation between Pan
Transport Co. and Lago Oil & Transport Corp..
Asse
American Petroleum &
510,534.135
continuing Pan American Petroleum & Transport Co., was submitted to Cash (including 51.200.000 call loans)
Accounts receivable:
the boards of directors of Pan American and Lago.
1.504,250
Advances to subsidiaries (not consolidated)
The proposed merger when completed will result in the acquisition by
1,026,585
Advances to outside producers (secured by film)
Pan American of all the assets and the assumption by that company of all
the liabilities of Lago. Pan American now owns more than 97% of the
Film customers and sundries (including $260,000 from em4,623.399
outstanding stock of Lago and the majority of the directors and officers of
ployees under stock purchase plan)
Pan American are also directors and officers of Lago.
Inventory:
9,174.031
Released productions, cost less depletion
The simplification of the corporate structure through the merger of these
6,598.555
two corporations will give the consolidated corporation the advantages of
Completed productions, not yet released for exhibition
1.099,376
a more unified system of production, refining, transportation and marketProductions in process of completion
2.805,380
ing, and it is contemplated, will effect savings in taxes and accounting and
Scenarios. &c., costs applicable to future productions
1,064.714
operation expenses.
Rights to plays, &c. (at cost)
834.556
Under the agreement of merger and consolidation, holders of stock of Securities
3,150.602
Lago (other than Pan American Petroleum & Transport Co.) will be entitled Deposits to secure contracts
to receive 35 share of class B common stock of Pan American for each share Investments in subsidiary and affiliated cos.(not consolidated)- 17.215,231
175.439,472
of common stock of Lago. The merger and consolidation will not affect Fixed assets
5,896.933
the authorized capitalization of Pan American, and the corporate organiza- Deferred charges
tion and franchises of Pan American will continue.
$240,967,223
Total assets
Acquires Export Subsidiary of Tide Water Oil Co.
-See
Liabilities
-V. 131, p. 802, 641.
latter company below.
$4.131,676
Accounts payable
220.416
Owing to subsidiary companies (not consolidated)
Pantepec Oil Co. of Venezuela.-Add'I Stock Listed.
- Excise taxes, payrolls and sundries
4,142,383
There have been authorized for the Boston Stock Exchange list 75,000 Owing to outside producers and owners of royalty rights
1.058,614
additional shares (no par) capital stock, of which amount 17.250 shares Purchase money obligations maturing serially within 12 months 2,164,031
are to be added to the list Aug. 1 1930 and the remaining shares as notice Serial payments in investments due within 12 months
1.472,731
of issuance and payment in full is had.
1,691,216
1929 Federal taxes
The directors at a special meeting held June 26 1930 voted to issue and Purchase money obligations maturing serially after one year
1.178,051
additional shares of stock of the company at not less than $2 Serial payments on investments due after one year
sell 75,000
5,480.685
Per share cash, the proceeds of the sale to be used to provide for current Mtges.& bonds of subs.
(Incl.$2,891,202 payable within 12 mos.) 57,714,120
expenses and maturing obligations. Subscriptions as of Aug. 1 were 20
14.105.000
-year 68
received for 57.500 shares,of which 17,250 shares were paid in
700,000
130. Reserve for 1930 Federal taxes (estimated)
p.814.
884.226
Advance payments of film rentals, &c.(self-liquidating)
10.270,498
Appropriated surplus& reserves
Paramount Publix Corp.
-Bonds Offered.
-Kuhn, Loeb Interest of minority stockholders in capital & surplus of sub6.669.256
sidiaries (including $4,743,400 preferred stock)
& Co. and Hallgarten & Co. are offering 315,000,000 20- Common stock
:100,175.174
28.909.146
,
,
year 53i% sinking fund gold bonds at 94 A and interest, to Surplus
-Earnings.Packard Electric Co.
Sales1929
1930.
6 Mos. Ended June 30$1,302,857 $2,023,799
81,333
293,041
Net profit after charges & Federal taxes
$0.60
$2.18
Earns. per sh. on 134,370 shs. cap.stk.(no par)-V.131,p. 125.
yield over 5.97%.
Dated Aug. 1 1930; due Aug. 1 1950. Interest payable without deduction for any tax other than Federal income taxes exceeding 2% per annum.
Provision will be made to reimburse holders of any of the bonds in such
States, for Penn. 4 mills tax and Mass, income tax not exceeding 6% per
annum. Denom. $1,000 0._ Interest payable F. & A. Chase National
Bank, New York, trustee. Entire issue, but not part thereof, redeemable,
otherwise than for the sinking fund, at the option of the corporation upon
any interest date on 30 days prior notice, up to and including Feb. 1 1948
at 10235% and int. and thereafter at their par and int. plus a premium of
3.5 % for each 6 months between the redemption date and the date of
maturity.
Sinking Fund, payable June 1 in each year. beginning in 1931,sufficient
to retire on the next interest payment date, $750,000 of bonds per annum,
to be applied to the purchase of bonds if obtainable at or below 100% and
int., or, to the extent not so obtainable, by redemption by lot at such price;
the corporation to have the right to tender bonds in lieu of cash.
Data from Letter of President Adolph Zukor, Aug. 4.
Business.
-The name of the corporation was changed recently from Paramount Famous Lasky Corp. to its present title. Its principal business is
the producing, distributing and exhibiting of motion picture films and it is
also engaged in other amusement enterprises. It is one of the pioneer
companies of the motion picture industry and one of the leading corporations of its kind.
The principal officers of the corporation who have built up its business
from its inception, continue to control its affairs and are holders of large
amounts of its stock.
Purpose.-Corporation, in pursuance of its policy of gradual expansion
as reflected in its increasing earnings, has largely added to its investment
In land, buildings, leases and equipment, in subsidiary and affiliated companies, and in inventories. From Jan. 1 1929 to March 29 1930. these
investments increased by not less than $66,500,000, of which $32,000.000
was provided by issues of common stock, $14,000,000 through financing
by subsidiaries and the balance from other sources. Recently, the corporation purchased the M. E. Comerford holdings, comprising 61 theatres in
Pennsylvania, New York and Rhode Island. The present issue of bonds
is being sold to provide the necessary funds for this acquisition and to reimburse the corporation, in part, for previous capital expenditures. The
corporation has no bank debt other than 51,000.000 incurred in connection
with the above mentioned purchase which will be repaid from the proceeds
of this issue.
Earnings.
-Corporation's record of consolidated earnings since 1925,after
depreciation and interest and before Federal taxes, is as follows:
1926.
1925.
1927.
1928.
1929.
56,100,815
46,418,053
$8,662,712
59,329.592
517.537,447
Includes an aggregate of $199,725 of undistributed earnings applicable
to 65% owned companies not consolidated.
The earnings for 1929, which were the largest in the history of the corporation,showed an increase over 1928 of about 88% and reflected the benefits
of the considerable increase in the corporation's investments.
The consolidated income for the six months ended June 28 1930. after
depreciation and interest and before Federal taxes, was approximately
$9,400,000. The figures for the second quarter, included in the above
amount, are subject to final audit.
Interest on the outstanding funded debt of the corporation,including the
Present issue, will require $1,671,300 per annum, decreasing annually
through sinking fund operations by $89,250 per annum.
-The bonds will be the direct obligations of the
Provisions of Issue.
corporation and will be issued under an indenture, which, among other
things, will contain covenants by the corporation,in substance, and as shall
be more fully defined in the indenture, that so long as any of the bonds are
outstanding:
(I) Corporation will not pay any dividends,other than dividends Payable
in common stock, (1) except out of net income arising after Dec. 29 1929.
and (2) unless either the consolidated earnings (after adequate depreciation)
of the corporation and its subsidiaries (corporations controlled by 85% or
more of voting stock) applicable to interest, for the last preceding fiscal
year of the corporation, or the average of such consolidated earnings for
the last three preceding fiscal years of the corporation, shall be at least
twice the consolidated interest charges of the corporation and its subsidiaries, and (3) unless after payment of such dividends.
(a) The consolidated current and working assets of the corporation and
its subsidiaries shall be at least twice the consolidated current liabilities of
the corporation and its subsidiaries; and
(b) The consolidated tangible assets of the corporation and its subsidiaries
shall be at least one and one-half times the consolidated indebtedness of
the corporation and its subsidiaries; and
(II) Corporation will not create or permit to be created any mortgage
or other lien upon any of its properties or assets, except purchase money
mortgages or liens, or liens or mortgages on single pieces of real estate.
the proceeds of which are to be used for the improvement of such real
5240.967,223
Total
x Represented by 2,707,313 shares (no par) inel. 15,500 shares issued
March 27 1930 not entitled to dividends paid March 29 1930.-V. 131,
A• 802, 488.
-Receivership Denied.
Pathe Exchange, Inc.
In a decision filed at Trenton Aug. 1, Vice-Chancellor Malcolm
Buchanan refused to appoint a custodial receiver for the company or to
enjoin it from exercising its corporate franchise and appoint an equity
receiver for the corporation as insolvent.
"This court cannot give the complaint relief by any decree attempting
to regulate the internal affairs of a foreign corporation, and will not attempt to do so," the decision said in part.
In regard to the claim of M. Fox, who brought the action, that the
firm is insolvent and should be enjoined and a receiver appointed, Mr.
Buchanan declared that the court would have power to appoint a receiver
if the firm actually were insolvent, which he holds is not the case. He
pointed out that while it is shown that the firm has been operated at a
great loss in the past, the law requires evidence of present losses to support
a receivership. He points to Fox's argument that the loss in 1927 was
$2,000.000 in 1928; the same, in 1929 5500,000 and in the first quarter o
1930 only $66,000, as showing that business, as far as Pathe Exchange is
concerned. is improving.
Exercises Option.
The corporation has exercised It option to purchase 49% of the stock
of du Pont & Pathe Film Manufacturing Co., organized Jointly with the
E. I. du Pont de Nemours & Co., Inc., it was reported.
The option on the stock, granted by the latter, was scheduled to expire
on June 15 but was extended until this month. It is understood that the
price for the Pathe acquisition was 5500,000.-V. 131, p. 125.
Patino Mines & Enterprises Consolidated, Inc.Earnings.
-
1927
.
1928.
1929.
1930.
6 Mos. End. June 30-Income from mine opers_ $6,301,499 510,613.659 $7.997,320 $6,506,238
3.671.017
5.065,664
Production costs, &c.._ _ 5,824,215 6,892,074
$477,284 $3,721,585 52,931.656 52,835.221
Profit
128.502
258,819
370,181
175,268
Other income
Total income
Interest accrued
Bolivia income tax res
Depreciation & depletion
$652,552 $4,091.766 $3,190,475 $2,963,723
80,011 .
62.800
16,156
159,408
171,690
298,580
949,361
904.893
977,701
990,563
Net income
def$338,011 $2,799,329 52.006.624 $1,819,411
Earns, per sh. on 1,380,316 sits. of (par $20)
$1.32
capital stock
N11
$2.03
$1.A5
-V. 130, p. 3730.
-Earnings.
Pennsylvania Coal & Coke Corp. Subs.).
(&
Period End. June 30-- 1930-3 Mos.-1929.
1930-6 Mos.-1929.
Gross earnings
5935.486 $1,956,058 $2,139,068
$821.650
Oper. exp. & taxes (not
incl. Federal taxes)2.020,293
1,853,511
828,864
896.409
Balance,deficit
Miscellaneous income_ _ _
$7,213 sur$39,076 sur$102.547 sur$118.775
84.972
73,448
36.742
39,208
Gross surplus
Charges incl. depreciation and depletion._
$29.529
$78,285
$187,519
108.597
106,874
215,042
216,574
Net def. bef. Fed.tax..
-V.130, p. 3179. 814.
579.068
528,589
$27,523
$24,351
$192.223
Pennsylvania-Dixie Cement Corp.
-Earnings.
1929.
12 Mos. End. June 30- 1930.
Gross profit
52,439,080 $3,232,5071
Depreciation & depletion 1,390,263
1,362,934j
1928.
1927.
Not
Available.
Profit after depreciation & depletion--- 51,048,817 $1,869.573 $2,316,326 54,343,914
692,465
Interest
714,4311
955,393
1,249,032
Federal taxes
51,799
179,3291
Net profit
Shs. of com. stock (no
par)outstanding
Earnings per share after
preferred dividends_ --
$304.553
400,000
Nil
$975,813 51.360,933 $3,094,882
400,000
400,000
400,000
$0.06
$1.02
$5.46
954
FINANCIAL CHRONICLE
Balance Sheet June 30.
1930.
1929.
1930.
AnusLiabilities
Cash
1,899,218 1,402,878 Accounts payable_
242,956
Notes & accts. rec. 1,122,070 1,374,257 Accrued wages, inInventories
2,992,011 3,432,435
terest, taxes, dte. 350,022
Fixed assets
a24,859,991 25,735.348 Res. for Fed. taxes
95,274
Miscell. invest____ 405,763
84,100 Miscell. reserves__
111,567
Insurance fund..__
138,920
25,000 lst M.ak.fund 68.11,135,000
Deferred charges__
20,598
106,926 7% cum, pref. stk _13.588,800
Common stock of
no par value_ _b 4,000,000
Total(each side)31,438,571 32,170,944 Surplus
1,914,952
a After deducting depreciation. b Represented by 400,000
no par value.
-V. 130, p. 3730, 1476.
1929.
152,515
380,300
206,377
197,564
11,792,000
13,588,800
4,000.000
1,853,388
shares of
[Yu,. 131.
In 172 cities and towns as against 468 holders reported as of April 3 1930.
Established in 1886. the company, which is the oldest investment banking house in Western Massachusetts. has within the past year expanded its
activities to all the leading investment centers of the country. Offices,
since Dec. 11929, have been opened in Philadelphia to cover the 5 Central
Atlantic States, and in Chicago for the Central States territory. In addition, an office has been established in Cleveland and in Albany, N. Y.
Plans are now under way, according to the report, for the opening of other
offices in New York State.
With headquarters in Springfield. Mass., offices are maintained in New
York, Boston, Hartford, Springfield, Rochester and Pittsfield. In addition, the company has resident representatives in 38 cities and towns in
Maine, New Hampshire. New York, Pennsylvania, Indiana, Illinois and
Wisconsin.
-V. 131. p. 285.
Pittsburgh Steel Co.
-Earnings.
-
(J. C.) Penney Co., Inc.
-Earnings.
6 Mos. End. June 301929.
1930.
Sales
$86,457,229 883,086,234
Costs, deprec. & Fed.tax 82,804,000 79,780,086
Deprec. & amortization_
809,360
Balance
Other income
Profit of subsidiaries
$2,843,869 83,306,148
418,928
280.461
283,070
Gross profits
83.407,400 $3,725,076
Preferred dividends-- 596,865
542.751
Period End. June 30-1930-3 Mos.-1929. 1930-12 Mos.-1929.
Net profit after interest,
1927.
1928.
deproc.,taxes, &c_ _
171.753,868 $60,759,807 Earns, per shr. on 253,- $341,007 $1,422,548 81.683,149 34,535,437
69,092,440 58,517,443
500shs. corn.stock _ _ _
$15.00
$0.62
$4.89
$3.74
-V.130, p. 3180. 814.
$2,661,428 $2,242,364
Pocahontas Corp.
-Tenders.
471,096
316,994
The Union Trust Co. of Pittsburgh. trustee, until Aug. 6 was to have
received bids for the sale to it of 6% gold bonds, dated Dec. 15 1923, to
an amount sufficient to exhaust $200.901.
$2,978,421 $2,713.460
482,934
Porto Rican-American Tobacco Co.
533,877
-Initial Dividend
No Par
Value Class A Stock.
82.810,535 $3,182,324 12.444,544 $2,230.526
The directors have declared a quarterly dividend of 87.54 cents per
Comparative Balance Sheet June 30.
share on the no par value class A stock. payable Oct. 1 to holders of record
1929.
1930.
1929.
1930.
Sept. 20. This is equivalent to $1.75 per share, the rate previously paid
Assets
,
on the old $100 par class A stock, which was recently split up on a 2
s
$
-for-1
Furniture, fixtures,
6% pref. stock____19,895,500 19,692,100 basis.
land,&c
555,167
11,737,712 8,553,934 Classified common 114,500
6 Mos. End. June 301930.
1927.
1929.
1928.
Cash
5,631,780 12,329,968 Common stock__123,566,438 21.374,590 Net profit after interest,
Merchandise
57,735,050 47,447,726 Acc'ts payable__ _ 6,998,040 11.124.560
Federal taxes, &C- $383,962 4503,662
$261,037
8248,799
Stk. subscrip. held
Notes payable_ _ _11,000,000 2,150,000
a Excludes $200,000 undivided profits of Congress Cigar Co.
for employees
-V 130,
17,000
70,185 Full tax reserve__ 1,941,862 2,412,338
Acc'is receivable,
136,500 P 4622, 4433.
Mortgages payable 132,500
advances,&c
2,738,110 3,350,903 Reserve for fire
Potter Shoe Co.
-Certificates Offered.
-Land Trust Cerinv. In sub. cos_ _ _ 1,877,178
50,000
2,804,916 1,927,657
losses, tite
Impts. and lease18,184,731 16,296,377 tificates representing 900 equal shares of equitable ownership
Surplus
holds,less amen. 4,901,657 3,866,574
the fee simple title to property on the north side of Fifth
in
Tot.(each side)_84,638,487 75,669,289
St. between Vine and Race Sts. are being offered by the
x Represented by 2,466,906 shares (no par).
Fifth Third Union Co., Cincinnati, 0. Price: $1,000 for
Sales for Month and Seven Months Ended July 31.
1930-Juty-1929.
Increase. each 1-900th share plus rental.
Decreased 1930-7 Mos.-1929.
$13.602,419 814,566,472
$964,053 I $100059,648 897,642.706 32,416,942
Certificates issued by the Fifth Third Union Trust Co. of Cincinnati,
-V. 131, p. 488, 284.
trustee, holding title to the property subject to a 99 year lease, renewable
forever.
Peoples Drug Stores, Inc.
-Sales.
Certificates will be dated July 1 1930, and rental at the annual rate of
-J.) as received by the trustee. Shares
1930
-July
Increase. $55 for each share will be payable (Q.
Increase, 1 1930-7 Mos.-1929.
--1929.
31.372,170
81.309.202
862,968 189.583.549
0.423.798 81,159.751 are subject to call purchase in part through the application of the guarantee
fund upon 30 days' notice to holders. In the event of exercise by lessee of
-V. 131, p. 641, 285.
option to purchase the property, distribution of proceeds shall be made
Phillips Petroleum Co.
-Semi
ratably. Holders in either event to receive the call purchase price which is
-Annual Report.
President Frank Phillips, July 26, wrote in part:
$1,050 per share up to and incl. July 1 1940; $1,030 per share up to and
Net profit for the first six months of 1930 before reserves, amounted to in I. July 1 1950; 81,010 per share up to and incl. July 11960: and $1,000
$10,200,525, compared with $8.510,807 for the corresponding period in
ereafter, all plus accrued rental. In the opinion of Counsel, these cent1929. Net profit for the first six months of 1930, after all charges including
cates are not subject to Ohio personal property taxes.
depletion, depreciation and other amortization amounted to $4,638,399.
Description of Property.
-The land has a frontage on West Fifth St. of
which is equivalent to $1.70 per share on the average outstanding stock. approximately 50 ft. running north approximately 99 ft. to hatters Alley.
Prices of oil and all products were much lower in the first six months of 1930
-Potter Shoe Co. was established in 1866 in a small
Distort/ of Company.
than they were in the same period last year.
store on Fifth St. and was incorp. on Aug. 26 1907. Constant progress has
The increase in earnings this year over last year was due to a greater been made by the company since its establishment and Ls now regarded as
diversity of activity and to an increasing volume of business in all depart- one of the outstanding and largest exclusive retail shoe stores, operated as
ments. Production and sales of all commodities handled by company a single unit, in America.
showed in increase over last year. Company's products, Phillips '66
The company occupies the entire 6 story building at 18-24 West Fifth St.
gasolines and Phillips oils are becoming increasingly popular with the motor- and is thoroughly equipped to meet the demands of a modern retail shoe
ing public and sales are steadily gaining. Our average sales per unit is store.
greatly in excess of the average for the entire industry.
The volume of business has expanded continuously since organization
June profits were not as large as May, though volume of products sold and the earnings are more than sufficient to meet all the obligations under
was larger. This condition was occasioned by the weakening of prices of all the present lease. Substantial dividends have been paid uninterruptedly
grades of gasoline and refined products. Through the various associations since the organization of the company.
of oil producers and refiners, progress is being made in the reduction of crude
Lease.
-The property Is under lease to the Potter Shoe Co. for a period
oil production and refinery runs. However, prices of gasoline and other of 99 years next ensuing from July 1 1930, renewable forever, providing for
refined products are still approximately at their lows, but with the con- the payment, by the lessee, of an annual rental in the sum of $49.500.
tinuation ofco-operative effort there is encouragement that prices of gasoline Such rental amounts to the sum of $55 per annum in respect to each 1-900th
and other refined products will show greater strengt4 later in the year.
share of equitable ownership.
The lessee shall have the option or privilege, at all times, of purchasing
Earnings for 3 and 6 Months Ended June 30.
said property for an amount which will yield to certificate holders the call
1930-6 Mos.-1929: Purchase price of outstanding shares of equitable ownership at the time in
Period End. June 30- 1930-3 Mos.-1929.
$14.651,251 $11,226,638 $26,582,253 $19,743.079 effect.
Gross earnings
8,779,371
Expenses, taxes, &c
6,328,710 16,381,728 11.232,272
The lease also provides for payment, by the lessee, of all taxes, general
Depreciation & depletion 2,838,325
5,562,126 •
_
and special, assessments, trustee charges, and lessee must also provide for
the proper maintenance of the building and for adequate tire, tornado,
Net profit
0.033,555 44,897,928 84,638,399 48.510,807 occupancy and casualty insurance with appropriate loss clauses payable
to the trustee.
x Before depreciation and depletion.
The lessee shall furnish, at its own expense, to said trustee, during the
-Capital stock outstanding
-June 30 1930.
Capital Surplus Account.
$89,153,088, earned surplus Dec. 31 1929, $34.059,513 life of said agreement and declaration of trust, an annual audit by certified
(3,361.738 shs.)
profit for six months as above $4.638,399, total surplus $127,851.001. less public accountants satisfactory to the trustee.
Guarantee and Purchase Fund.
-Lessee is required by the lease to deposit
diva.first 6 months of 1930 $2,655,083, total $125.195,918.-V. 129, p. 490.
with the trustee as a guarantee and depreciation fund the sum of $9,000
Comparative Balance Sheet June 30.
annually, payable in equal quarterly installments, first installment to be
929.
1930.1929.
1930.
• id on Sept. 20 1930 for the quarter ending Oct. 1 1930, which sums shall
Assets-held by trustee as a reserve against depreciation of the building, now or
Plant& proply_119,931,308 106,984,627 Capital surplusa125,195.918 3,586,817 • ereafter erected on said premises, for the benefit ofsuch certificate holders,
3,303,115 Funded debt_ _ _ 35,355,00 35.547.000 and as a guarantee fund. The trustee may invest this fund in obligations
Accts. receivable 4,489,241
902,552 of the United States of America or in
Divs. payable__
Notes & accept.s
land trust certificates of this issue
payable
329.835 Notes
852,473
receivable.___
through purchase by call by lot
278,479
(current) ____
100,000 market at the same price or less. at the respective call price or in the open
Marketable secs 1,708,315 1,125,089
from other
Cash & call loans 16,220.573 5,864,528 Adv.
Earnings.
-Average annual net earnings for the past
companies
Accr. Int.receiv145,631 to the payment of ground rent before Federal income 4 years, applicable
32,730
9,311
taxea, amounts to
Capital stock &
Accts. payable__ 2,865,800 2,396,680 approximately 1,V, times the annual rental requirements under the terms
1,263.954 of the lease.
1,663,747
adv.tosub.co. 1,031,067 1,198,030 Accruals
151.235
335,124
Inventories ____:17,140,762 14,457,717 Ins. reserve
Due on stk. pur543.149
. 1,049,022
Deferred credits
Pro-phy-lac-tic Brush Co.
-Desist Order.
chase wants. 2,963,291
348,697
The company is ordered by the Federal Trade Commission to discard
Prepaid expense 1,890,876
Tot.(ea. side)166,237,217 135.142,873 methods of attempting to maintain fixed prices on their articles after they
1,500,500
x Inventories less than market value. Warehouse material, 0,922451. reach the retail trade.
crude and refined products. $14,218,311. total $17,140.762. a Authorized,
The company is directed specifically to cease procuring from its dealers
5,000,000 shares without nominal or par value. Outstanding 3,361,738 contracts or agreements that Pro-phy-lac-tic's products are to be resold by
the dealers at prices fixed by the company.
shares.
-V.131. P.488,285.
Other methods of resale price maintenance prohibited in the order are the
Pines Winterfront Co.
bringing together of dealers in a given locality to agree among themselves
-2% Stock Dividend.
and with Pro-phy-lac-tic to observe prices specified by the latter; requesting
The directors have declared the regular quarterly dividends of 25c. a
share In cash and 2% in stock, payable Sept. 1 to holders of record Aug. 15. dealers to report names of other retailers who do not maintain or are susLike amounts were paid on March 1 and on June 1 last.
-V. 131. p. 642. pected of not maintaining Pro-phy-lac-tic's resale prices, and seeking cooperation of dealers in making effective policies adopted by the respondent
Pipe Line Statistics.
-Total Oil Deliveries Cmn Bbls.).- for maintenance of prices. the direct effect of the
The Commission held that
respondent's acts was
Securities.
0.H.Pforzheimer & Co.. New York.specialists in Standard Oil
to suppress competition among dealers in the distribution and sale of
have prepared the following statistics:
"Pro-phy-lac-tic" tooth brushes; to constrain dealers to sell the product at
Period End, June 30- 1930
1930-6 Mos.-1929.
-Month-1929.
Buckeye Pipe Line Co-- x2,700,775 x2,856.729 x15,381,806 x16,321,697 prices fixed by Pro-phy-lac-tic and thus prevent them from selling the
.1,123,334 brushes at such less prices as they may desire, and to deprive purchasers
Cumberl'd Pipe Line Co.
1,011,222
218,131
202,495
Eureka Pipe Line Co___
4,388.499 of the brushes at the advantage in price which otherwise they would obtain
4,405,838
829.838
626,728
-V. 130, p. 1477.
Illinois Pipe Line Co___
5.893.469 under methods of free competition.
5.125,664
1,129,052
771,378
Indiana Pipe Line Co--- 2.848,167
2,630,483 17.181,298 14,206,303
Prudential Investors, Inc.
-Comparative Balance Sheet.
National Transit Co___ 1,027,570
6,740.624
6.480,120
1,294.532
June 3030. Dec.31'29.
New York Transit Co-1.250,170
June 3030. Dec.3129.
1.396.327
239,523
250.768
Assets
Northern Pipe Line Co_
2,477,156
2.615,991
488.259
447,275
Cash
236.352
295.845 Corn, stock (750,
Prairie Pipe Line Co__ 5,571,207
6,482.036 34.627,937 35,532.369 Coll. call loans
1.100,000 1,800,000
Southern Pipe Line Co__
000 shs. no par). 6.000,000 6,000,000
1.251.755
1.265.377
319.902
193.188
Advances
813,450 Paid in surplus__12,750.000 12,750.000
813,450
Southwest Penna. Lines
1,035,465
768.090
4.445.165
5 981.
.
538 Inv.In sub.cos_
2,515
2,515 Earned surplus_ _ 567,050
Includes Inter-company transfers.
382,017
-V. 130, P. 2984.
Inv. (at costs)
Accounts payable_
2.515
2.615
Pirnie, Simons & Co., Inc.
Domestic bonds 206,000
206.000 Res. for Fed. Inc.
-Sales Increase.
Domestic stocks14,361,589 13,257.736
President W. Bruce Pirnie in a report to the stockholders for the 7 months
taxes
22,503
27,112
Foreign stocks-- 2,499,805 2,751,054
ended June 1 1930, states that retail sales of securities by the company have
Miscellaneous _
82,583
increased more than 38% over the corresponding period a year ago. For
39,775
35,045
the 6 months period ended May 301930, the increase was in excess of 32%. Accr. Int. ready__
Tot.(each side)_19,342,068 19,161,645
The report reveals that the company now has 642 preferred stockholders
x Market value $13,877,102.
Surplus
The semi-annual report discloses a liquidating value of $21.39 per share
for the common stock, taking domestic holdings at market prices as of
June 30. and foreign holdings at market prices as of June 27.
The market value of investments was $13.877.101. according to President
John C. Maxwell. and additional assets include 41,100,000 call loans.
$236,352 cash and $813.450, advance callable on 48 hours' notice. The
report also reveals that since the end of last year the corporation acquired
14,460 shares of its own common stock.
The corporation's domestic holdings, among which public utility stocks
predominate, which are made public In full for the first time in this report,
include: 8.428 she, of Electric Bond & Share Co.; 5,08.3, American Gas &
Electric Co.; 6,069, American Power & Light Co.; 1,800. American TeleP•
& Teleg. Co.; 3,800, Con& lidated Gas Co. of N. Y.: 7.000, Electric Power
& Light Corp.; 4.500, North American Co.; 5,700, Public Service Corp. of
New Jersey; 14.600, United Corp.; 6.620, Commercial Solvents Corp.;
3.600, Corn Products Refining Co.; 4,900, General Electric Co.; 5,000,
Union Carbide & Carbon Corp., and 2.000 shs. of Gulf Oil Corp. of Penna.
The income account for the six months ended June 30 1930 was published
In V. 131, p. 488.
Radio-Keith-Orpheum Corp.(& Subs.).
-Earnings.
Profit from oper. for quar. ended June 30
Profit from other sources for quer. end. June 30
1930.
1929.
$338,943 loss$28,154
71,287
54,510
Profit, quarter ended June 30
Profit, quarter ended March 31
$410.231
2,030.903
$26,355
668.209
Profit,
LASS PrOAShan for Federal Income taxes
$2,441,133
275,000
1694,565
63.995
Net total
-V. 130, p. 3895. 3730.
12.166,133
4630.569
six months ended June 30
-Earnings.
Railway & Light Securities Co.
Period End. June 30
Interest rec. & accrued__
Cash dividends
Profit on sale of securities
after related Fed. tax_
955
FINANCIAL CHRONICLE
Aua. 9 1930.]
-6 A/65,--1929.
1930
4205,994
$201,497
233.413
145,877
609,796
$1,049.203
Gross income
43.004
Expenses
Taxes, including balance
3.794
of Federal tax
138.619
Int. & amort. charges
646,972
1930-12 5168,-1929.
1470,777
1365,534
398,923
265.246
1,354,873
859,878
$994.346 $2,224,573 $1,490.658
39.805
86.403
69,168
2,037
146.477
14,818
277.274
7,107
288.661
"Our inventories are moderately priced and, while larger than we had
hoped, are made up of stable salable Merchandise which should be disposed
of during the remainder of this year. We have reduced our production in
most factories, have cut expenses, discontinued some unprofitable subsidiaries and are doing everything to meet the present conditions, and feel
that we are in good shape to take care of business with the return of normal
buying.
"Our balance sheet shows current assets of $7.807.000 (of which $1,107.000 was in cash) to pay current liabilities amounting to $2,727,000.
leaving net working capital of approximately $5,100,000. Book value of
our common stock is $16.80 as of June 30.
"We are bending every effort to keep company in the fore-front in the
industry."
-V. 130, P. 4257, 4067.
-Comparative Bal. Sheet.
Reliance International Corp.
June 3030. Dec. 31'29.
June 3030. Dec. 3129.
Assets
59,734
8,000
Cash and call loans 107,251 1,801,616 Sundry acc'ts pay.
Preferred stock__y13,750,000 13,750,000
Due from foreign
1,414 Common stock__ _x1,870,000 1,375,000
27
banks & bank'rs
4,141,741 2.708,730
44,215 Surplus
48,560
Accrued int. recelv
Inventory (market
(each side)19,769,741 17,893.464
val.$17.162.194)19,613,903 16,046,219 Total
x Represented by 385,000 shares class A stock and 660.000 shares Mass
B stock. r 275,000 shares $3 series.
The income account for the 6 months ended June 30 1930 was Published
in V. 131, p. 642.
-Earnings.
Reo Motor Car Co.
1930-6 Mos.-1929.
Period End. June 30- 1930-3 Mos.-1929.
Sales
47,219,460 $16.361,595 $16.353,781 $29,310,983
Cost of sales, &c
1 7,203,8911 12,244,7831 16,265,6611 22,091,210
1 4.784,374
sell., gen. & admin.expel
1, 2,595,9301
Net profit
Other income
Interest received
Total income
Depreciation
Prov.for Federal taxes_
1
$15,569 $1,520.882
92,1551
142,412{
79,4481
1157,981 11,692,485
386,981
331,942
156,661
488,120 $2,435,399
168,968
304,4691
144,955
$392,589 42,749,322
833.007
741.986
229,958
Net income
loss$173,961 $1,148,843 1058649,397 $1,686,357
Earns, per sh. on 2,000000she.cap.stock (par
Nil
$0.84
Nil
40.57
$10)
Balance Sheet June 30.
1929.
1930.
1929.
1930.
$
a
LiabilitiesAssets$
$
20,000,000 20,000,000
Capital stock
Land, bidgs.. machln'y & equip_x10,814,599 10,888,459 Accounts payable_ 677,963 1,617,280
194.579
97,069
5,610,410 5,935,926 Accrued payroll
Cash
1 864,000
639,739 Federal taxes
Drafts outstand'g_ 115,873
2,556,292 3,479,378 City, State,county} 365,497
Receivables
246,457
601,399 & excise taxes
4,693,819
Gov't bonds
7,551,052 14,311,175 Contingent reserve 350,000
Inventories
800.000
400,000
141,106 Divs.declared _ _
. 207,290
Land contracts_ _
741.375
217,901 Miscellaneous - - - - 136,094
177,214
Deferred charges
17,018
58,974
117,059 Deferred credits
53,690
Inv. in other cos
9,694,642 11,851,433
Surplus
$863,786
$806,028 $1.846,078 $1,125,723
Comparative Balance Sheet.
LiabilitiesDec. 31, '29.
$
June 30,'30.
$
Preferred stock_ _ _ 1,530,200 1,530,200
$
3
AssetsBonds & notes._ 4,279,695 4,047,513 Pref. stock res. for
exchange
1,000
12,193,339 7,289,003
1.000
Stocks
Collateral Tr. bds_ 5,500,000 5,500,000
82,980
Misc.securities_ __
18,131
1,100,000 6,100,000 Accts. payable_
15,776
Callloans
71,983 Coupon int. accr_
43,217
69,452
43,333
Cash
14,775 Tax liability
178,654
184,247
Accts. receivable_
76,644 Dividends payable
79,765
Bond int. recelv__
547,685
7,500 Corn, stock res. for
8,650
Note int. recelv_ __
exchange
809
Misc. interest rec_
Contract with R.&
•
Unamort. debt dia.
31,780,239 36.332,143
31,780,239 36,332,143 Total
Total
(Me.)
Sec.Co.
383,105
1,000
373,586
1,000
& expense
1,000
1,000 Corn. stk.(no par)y7,994,682 7,994,681 -V. 131, p. 126.
Pref. stk. to be acq
14,000
Earned surplus_ _ _ 2,939,144 12,173,599
Reacquired sec.__
2,750
-Wins Suit.
Republic Steel Corp.
Suspense
Total(each side)18,206,027 17,991.522
Control of an Important new process connected with the electric welding
x Including surplus earned by predecessor company. y Represented of steel pipe has been won by this corporation in a verdict handed down in
-V. 130, P. 3559. 3181.
the U. S. District Court in Brooklyn. At the same time the Court reafby 149,919 no par shares.
firmed the validity of the revolutionary Johnston process for continuous
electric welding owned by the company.
-Earnings.
Railway and Utilities Investing Corp.
The Court decision follows the start of production recently of the first
1930.
1929.
1928.
Years Ended June 30mill
Youngstown
$290.545
$226,979
Profit on securities sold
$43.378 unit of Republic's new $8000,000 electric welding pipeInc.,atsubsidiary of
a
153,362
The case was a patent suit brought by Steel & Tube,
46.239
Interest and dividends
22,464
the Republic Steel Corp., against the S. Jackson Tube, Inc., of Brooklyn.
,,ess patents. but
$443,908
$273,218
$65,842 The case not only Involved the Johnston product and prr
Total
34,808
17.432
Expenses
13,581 also the patent on an apparatus for smoothing out the welding of tubes made
in continuous welding machines. This equipment. which was invented by
Interest (incl. amount paid on sub7.826
Harry Belmont, an employee of the Republic Steel Corp , is an essential
13,970
scription receipts
50.832
33,569
Taxes including reserves
7,186 part of the electric pipe welding process in turning out a finished product.
In the Jackson case, Federal Judge C. G. Galston held the Belmont
115.922
Preferred dividends
patent valid and infringed. The Court also held that the Johnston process
company, which con$234,518
$208,246
$ 45,075 patent was infringed by the process of the Jackson The
Balance, surplus
Johnston process
sisted in welding with the edges out of register.
Comparative Balance Sheet.
has been held valid by the same Court in two other
and patent previously
June 30'30. Dec. 31'29. cases and by the Court of Appeals in the Second Circuit in one of these
June 30'30. Dec.3129. LiabilitiesAssets
Provision for tax.- $48,486
$41,556 cases -V. 131, p. 285, 126.
Investments at
x$4,378,553 $4,100,249 Cony.6% pref.stk. 484,350
cost
484,450
-U.S. Navy Contract.
315,303 Cony.7% pref.stk.
Richfield Oil Co. of California.
204,104
Cash
series A
1,741,850 1,741,850
26,972
15,250
Dividends recelv
The company has just been awarded a contract by the U. S. Navy DeClass Acorn.stock 1,459,390 1,459,330 partment for 1,050,000 barrels of Bunker "C" fuel oil, covering Navy
Corp.7% preferred
Class 13 corn. stock 100,000
21,649
at cost
100.000 requirements at Pearl Harbor, Hawaii. The contract was awarded RichPrem,on cap. stk. 278,735
100
Prepaid expense
277,600 field at a price of 4.872 per barrel, with the Union Oil Co., bidding 4.8826,
3,667 Earned surplus_ _ _ 506,845
Interest accrued_
341,405 the Texas Co. 4.90, Associated Oil Co. 4.935, Shell Oil Co. 3.95. and the
Standard Oil Co. of California $1.15. Deliveries are to be completed by
Total
Total
$4,619,656 84,446,191
14,619.656 34,446,191 Jima 30 1931.
During the year ended June 30 1930, the Richfield company delivered
x Approximate market value, $3,912.403.
Navy at Pearl Harbor on a contract
-There are outstanding option warrants, entitling subscription to 700.000 barrels of Bunker "C" oil to the
Note.
common stock up to June 30 1934.-V. 130. awarded during 1929.
50,000 shares of class A
p. 2599. 288.
Launches Marine Station.
The Richfield Oil Corp. of New York has introduced an innovation in
-New Office Created.
Reading Iron Co.
gasoline marketing with the launching at Bayway. N. J..on Aug. Sot the
Leon E. Thomas has resigned as President. At a special meeting of the first of a fleet of floating marine service stations, which will be used to fuel
stockholders, the office of the Chairman of the board of directors was created. seaplances and watercraft in Eastern waters. Construction of additional
-V.131, p.642.
A. J. Maloney, President of the Philadelphia & Reading Coal & Iron Co., marine service stations has been started.
of which company the Reading Iron Co. is a wholly owned subsidiary, was
-Earnings.
Ritter Dental Mfg. Co.
elected Chairman of the board and will assume the executive duties of the
President of the company until a successor to Mr. Thomas is appointed.
Period End. June 30- 1930-3 Mos.-1929. 1930-6 Mos.-1929.
-1r. 127, p. 3413.
Net profit after deprec..
4322,274
1372,018
Federal taxes. &c____ $232.548
$543.644
Earns. per sh. on 160,000
-Earnings.
Real Silk Hosiery Mills, Inc.
$1.74
$1.78
$1.18
abs. corn. stk. (no par)
$2.85
1929.
1930.
Mos. Ended June 306
Net profit after charges but before Federal taxes.-- $600,619 $1,041.000 -V. 130. p. 3731.. 2407.
Farrell, President, made the following explanatory statement:
Porter M.
---Roessler & Hasslacher Chemical Co.
-Resignation.
"While our sales have shown an increase each month and our plants have
George F. Basslacher has resigned as a director and Assistant Secretary.
run to capacity both day and night during the entire period, our profits -V. 130, p. 2229.
primarily, to the reduction in selling prices in order
wore not as large, due,
to meet the market condition and to the higher price of raw silk which was
-New Directors.
Rossia International Corp.
it
used during the period for which an had been purchased.
Sixteen new directors were elected at the first meeting of this corporation
increase over last year and we are going
"Our sales so far in July show
the following men who are also
week.
list
fall season with the largest sales force in Real Silk's history. This, held this of the Included in the Co. areAmerica:
into the
of
Stephen
combined with the lower prices at which we are able to sell our product due directors AlfredRossia Insurance Sturhahn, Charles B. Baker, George
Burt,
E. James, C. F.
Wiggin, Rodney
to the current price of raw silk, gives us every reason to be optimistic for H. G.C. House, Charles H. Sargent, C. W. Higley, F. B.
Layton, Samthe six months' period ending Dec.31 1930."-V. 130. p.3731. Hitt,
the results of
uel C. Finnell and Fuller F. Barnes.
Other new directors are: W. Klein, Max. Th. ICoepcke, J. A. Millholland.
--Earnings.
Manufacturing Co. (I11.).
Reliance
B. Stycket, J. Stycket, and Oscar Thieme, resident Vice-President of the
1930-6 Mos.-1929.
Rossia in Hamburg.
Period End. June 30- 1930-3 Mos.-1929.
Re-elected directors of the Ronda International Corp. are: B. N. Oar_
Net profit after charges.
1203,187
1173,767
1466,482 vaiho. Charles W. Gross. George E. Jones, T. B. McDermott and
444,948
taxes, 5cc
W. H.
-V. 130, p. 2407.
Ford.
Earns. per share on 250,000 shs,common stock
$0.67
$0.42
$1.59
$0.04
Ross Gear & Tool Co.
-Business Statement.
(par $10)
The statemene for the six months ended June 30 affords the following;
x After inventory write off of $135,000.
During the past six months the company gained 29 new customers
In a letter to stockholders setting forth the earnings Milton F. Good- (26 domestic and 3 foreign) and lost two customers,
who have gone out of
man, Pres.. says:
business.
"In the 6 months ended June 30 1930 our volume of sales has been
The financial position of the company is the strongest In its history, the
maintained to within about 4% as compared to the same period of last year. ratio of current assets to current liabilities
in order to maintain this
being 7.01 to 1, as compared
"This period has been a very trying one, andhas been necessary
3.46 to 1 on Dec. 31 1929.
a liquid position it
volume and keep ourselves in narrow margin of profit. During thisto price with
Forty-two customers have standardized on the new Ross roller mounted
period,
with a very
our merchandise
cotton goods, we found it neces- cam and lever steering gear. This new type of steering gear, which shows
due to declines in prices of raw cotton and extent of $135,000; the profits an increase of more than 50% in steering ease, was
to
developed and announced
sary to write down our inventories thisthe
last fall.
amount.
deducting
as above stated are after
Balance
L.
956
FINANCIAL CHRONICLE
[veL. 131.
Export sales for the first half of 1930 showed an increase of 30% over
the same period last year.
Signal Oil & Gas Co.
-Earnings.
The company, through basic patents, has exclusive use of the "cam and
6 Mos. Ended June 301930.
1929.
lever" principle in the manufacture of steering gears. The majority of Not profit after depreciation & depletion.,
Federal
American manufacturers of automobiles, trucks, buses, &c., anu 17 foreign
taxes, minority interest, &C
$666.382
$623,521
manufacturers, use the Ross cam and lever steering gear as standard Shs. combined A & B stocks out,stand. (par
226,940
207,490
$25)
Earns, per share
equipment.
$3.21
$2.75
-V. 130, P. 4435, 4068.
Balance Sheet June 30 1930.
AssetsLiabilities
Simonds Saw & Steel Co.
Cash on deposit
-Acquisition.
$129,336 Accounts payable
$117,464
The purchase
U. S. Govt. securities
457,923 Accrued taxes,!mut. dr payroll
50,027 East Fitchburg, by this company of the Boston & Maine RR. car shops at
Accounts receivable (net)
Mass., was announced by President G. K. Simonds. The
229,415 Reserve-1930 income tax payproperty, consisting of 54 acres of land besides the buildings, will be utilized
Inventories
358,244
able 1931
31,758 after
Land
50,396 Capital stock
x2,611,865 homefurther building has been done and alterations made as a permanent
of the Slmond company. The old plant in
Bldgs., equip, and machinery., 1,514,174
doned, also the factories at Chicago and in other Fitchburg will be abanGood-will
country,
1
except the steel plant at Lockport, N. Y., it wassections of theCanadian
Patents
37,886
stated. The
plant at Montreal will continuo to operate separately.
Other assets
3,068
Men and machinery
will be brought to the
Deferred assets
30,669
will have a floor space new location from tho closed plants. The factory
of 4.ti acres. The cost will be about $1,500,000.
Total
$2.811,113 Total
-V. 124, p. 2764.
$2,811,113 ("Boston News Bureau.")
Represented by 150,000 (no par) shares.
-V. 131. p. 642.
Skelly Oil Co.
-Earnings.
Period End, June 30-- 1930-3 Mos.-1929.
Royal Dutch Co.
-Definitive Debentures Ready.
1930-6 Mos.-1929.
The Central Hanover Bank & Trust Co. 70 Broadway, N. Y. City, is Gross earnings
$7,586,462 $7,431,409 $14,098,258 $13,651,793
now prepared to deliver definitive 4% deberitures, series A,(with warrants) Operating expenses
6,716,821
4,869,527 3,598,383
9,016,374
in exchange for Dillon, Read & Co. interim receipts (see V. 130, p.2407).
Operating income____ $2,716,935 $3,833,026 $5.081,884 $6,934,972
V. 131, p. 488.
Interest charges
495,981
266,663
530,513
250.360
Deprec'n & depletion_ _ _ 1,713,998
Royal Typewriter Co., Inc.
1,553,938 3,267,587 3,240,055
-Earnings.
6 Months Ended June 30
Net income
1029.
1930.
$736.274 $2,028,728 $1,283,784 $3.198,936
Profit after depreciation
$991,178 Preferred dividends__ _
$924,848
84.000
84,000
Miscellaneous deduction
39,499 Common dividends
37,533
1.089,796
x
545,041
x
Interest
28.000
28,000
Balance,surplus
$652,274 $1,483,687 $1,199,784 $2,109,140
Federal taxes
124,579 Shs map.stk out.
114,860
1,089.857
(par$25)
1,099.650
1,089.857
Earns.per sh.on cap.stk. 1,099.659
$2.93
Net profit
$1.09
$0.59
$1.86
$799,100
$744,455
x Not stated.
-V.130, 1a• 4435, 3897.
Preferred dividends
131.946
131,941
Common dividends
(A. 0.) Smith Corp.
402,927
-July Shipments.
During July, the corporation shipped 429 miles of pipe, or about 65,000
Surplus
$667.154 tons. Shipments amounted
Earnings per share on 268,618 shares common $209,587
to 2,228 carloads, or an average of approxi
mately 100 cars a working day. The company goes into the new fiscal
stock (no par)
$2.48 year, beginning Aug. 1, with 7,000 carloads of pipe on order, or enough
$2.28
Consolidated Balance Sheet June 30.
at the July rate of production to keep its pipe plants working for three
months without further orders.
1930.
1929.
1930.
1929.
-V. 130. p. 2044.
Assets
Liabilities3
$
Real estate. mach'y
Standard Brands, Inc.
-Earnings.
Preferred stock__ 3,769,750 3,769.750
and equipment_ 2,481.585 2,401,658 Common stock___13.357,72 3,357,725
5
*6 Mos.End.
3 Mos. Ended.
Cash
1,421,553 1,408,813 Notes, acc'ts, comPeriodJune 30,'30. Mar.31,'30. June 30.'30.
Notes, drafts and
Gross profit after costs
missions & royal$12,290,021 $11,294,112 823,584.133
accounts reedy_ 2,747,626 2,872,850
ties payable_ _ __ 554,492
605,540 Expense
7,630,379 15,449,667
78 9,289
1
Inventories
2,071,444 1,677,161 Dividends payable 534,869
Invest. In foreign
Accrued items___
110,571
Operating proft
95.500
$4,470,732 $3,663,733 $8,134,466
subsidiaries_ _ _ _ 220,289
208,344 Accrued Federal-dr
Other income
729,396
338,759
390,637
Patents, licenses dr
246,251
State taxes
261.151
good-will
5,664.992 5,664,992 Funded debt
Total income
800,000
800.000
$4,861,369 $4,002,492 $8,863,862
Deferred charges
267,717
206,362 Contingent reserve 140,081
Charges
173,932
172.135
68,818
103,316
Federal & foreign tax
5,361,658 5,376,411
956,839
423,043
533,796
Total (each side)14,875,206 14.440,180 Surplus
Minority interest
26,970
14,405
12,565
x Represented by 268,618 no par shares.
-V. 130, p. 4623, 3559.
Net income
84,211.692 $3,496,226 $7,707,918
Preferred dividends
(Helena) Rubinstein, Inc.(& Subs.).
504.784
250,717
254,067
-Earnings.
Common dividends
4,741,323 4,737,439 9,478,762
6 Months Ended June 301929.
1930.
Net profit after all charges and taxes
$500,200
Deficit
$783,698 $1,491,930 $2,275,628
Earnings per share on 294,492 shares common $281,777
365,219
9,193
356,027
stock (no par)31.07 Profit and loss credits
Profit and loss charges
92,597
32,219
60,378
The earnings for the first half of 1930 were reduc;y an
34 inventorT
write-off of 391,671, eliminating items recently affected
Deficit
by the style element
$488,049 $1,514,956 $2,003,006
n the industry.
Shares corn, stock outstand.(no par)- 12,643298
12,632,585 12.643,298
The company's balance sheet shows current assets of
$0.26
$0.57
$0.31
with current liabilities of $216,863, a ratio of 6.5 to 1. $1,420.231 compared Earnings per share
Cash and call loans
* Including operations of German and South African subsidiaries of
amount to $941.233.
Royal Baking Powder Co. for three months ended April 30. for the Juno
The cosmetic industry, in common with many others, has felt the general
quarter; for three months ended Jan. 31, for the March quarter and six
business depression, according to Madame Helena
President
of the company. While net profits were about equal Rubinstein,the second months ended April 30,for the six months' period.-V.130, p.3561, 1817,
to those in
half of last year. they were less than for the first 6 months of 1929 partly
Standard Oil Co. of Nebraska.
-25c. Extra Dividend.
due to a large inventory write-off and to increased selling costs.
-V. 130 The directors have declared an extra dividend of 25 cents per
P• 1296.
Safeway Stores, Inc.
-July Sales.
-July
1930
-1929.
$18,193,527 $18,971,315
-V. 131. p. 285.
Decreased 1930-7 Mos.-1929.
Increase.
$777,788 I 8128830,843 $120761,550 $8.069,293
share in addition to the regular quarterly div. of 62%c. per
share, both payable Sept. 20 to holders of record Aug. 23.
Like amounts were paid in each of the seven preceding quarters. Dividends paid since 1913 follow:
-On $25 Par Stock
---On $100 Par Value Stock
Sangamo Electric Co.
-Earnings.
Per Cent.'13. '14-'20. '21. '22. '23-'24. '25. '26. '26. '27. '28. '29. y30
The company reports for the 6 months ending June 30 1930, net earnings Regular__ 20 20 yrly 10 10 10 yrly 10 - 10 10 10 10 7A
Ex.incash10
of $197,705, after taxes, reserves and depreciation. This figure
5 1
3 4 3
10 ---- 10
x50
include profit for the British and Canadian subsidiaries, which is does not Ex. in stk_ 25
approxix Paid on May 7 1926 on old $100 capital stock which was also split up
mately $100,000 for the 6 months period.
on a basis of four new $25 par shares for each $100 share owned. y Including
The current position of the company, it is stated, is excellent, with
dividends payable on Sept. 20.-V. 130, p. 3373.
current assets of $2,417,000; current liabilities of $424.000.
Earnings of the company, including those of the foreign subsidiaries.
Standard Oil Shares of America, Inc.
-Enjoined from
after taking care of the preferred dividend requirements, are approximately
$2 per share.
Further Sales
-To Get Receiver.
R. C. Lanphler. President, states that prospects for business for the next
The following is from the New York "Times" of July 29:
6 months are better than at the beginning of the year.
Company with offices at 80 Wall St., the first management trust to have
-V. 130. It•
4624, 4068.
its business methods questioned as a result of 250 questionnaires sent out
to investment trusts last May by the State Bureau of Securities, was
enjoined July 28 from further sale of securities by Supreme Court Justice
(Clarence) Saunders Stores, Inc.
-Co-Receiver.
-J. Ti. Peters has been appointed co-receiver by Judge Anders'on in Federal Strong in Brooklyn on motion of Attorney General Hamilton Ward. A
District Court at Memphis, Tenn., with Leslie M. Stratton, who was ap- receiver will be appointed.
Other defendants similarly enjoined in the same action were John Cabot
pointed July 22.-V. 131, p. 488.
McDonald & Co., Inc.; John Cabot McDonald, as president of both companies, and Harry B. Sawin, secretary of both Companies and treasurer of
Savage Arms Corp.
-Earnings.Standard Oil Shares of America. A preliminary stay against the defendants
6 Mos. Ended June 301929.
1930.
Net loss after depreciation St reserves
$52.662prof$266.337 was obtained July 2.
Earnings per share on 174,948 shares corn.stock
Nil
$1.48 byAnalysis of the information submitted to the State Bureau of Securities
the Standard 011 Shares of America revealed irregularities which Assis-V. 131, p. 642, 126.
tant Attorney General Watson Washburn believed warranted attention,
and Deputy Attorney General Henry B. Staples was assigned to the case.
Schiff Co.
-July Sales.He charged that the company had failed to
1930-Ju19-1929.
Increase.' 1930-7 Mos.-1929.
Increase. dealt in as required under the State general publish the names of securities
$722,410
$685.470
$961,521 that the company's portfolio was carried in abusiness law. Ile also charged
$36,940 I $5,417,666 $4,456,145
margin account of a
-V. 131, p. 285.
house and that the company's securities were co-mingled with brokerage
securities
carried by John Cabot McDonald & Co. Charges of bucketing were also
Shults Bread Co., New York.
-Bonds
made in that John Cabot McDonald & Co. took orders for stocks and
There have been called for payment on Sept. 1 next 100 of the 6% bonds, carried them on
margin for customers without actually buying the stocks.
dated March 1 1910. Payment will be made at the National City Bank -V.
131, p. 286.
of New York, 181 Montague St., Brooklyn, N. Y.
-V. 115. P. 1739.
Schulte
(Hugo) Stinnes Corp.
-Reduces Funded Debt.
-
-United bc. to $1 Stores, Inc.
-Sales.
This corporation and the Hugo Stinnes Industries, Inc., have effected
a
1930
-July---1929.
Increase. further substantial reduction in the past
Increase.' 1930-7 Mos.-1929.
$2,008.985 $1,438,672" $570,313 I $13810,356 $7,525,399 $6,284,957 edness, according to reports received by year in outstanding funded indebt.
Halsey, Stuart & Co., Inc., joint
The company had 100 stores In operation at the end of July 1930 com- fiscal agents with A. G.
Becker & Co. Only $7,802,000 remains of the
pared with 75 stores at the end of July 1929.-V. 131. p. 285.
original 312,500,00J 7% gold notes due in
and $10,702,000 of the
original $12,500,000 issue of 7% sinking fund 1936 debentures,
gold
Sears, Roebuck & Co.
due 1946.
-Buying Agreement-Acquisition.
Of the total of
This company announced its affiliation with the Black Co. of Fargo, the retirement of $18,504,000 of notes and debentures not outstanding,
approximately $9,000,000 is provided
N. D. in a buying agreement and
affiliation under which the latter com- 000 of the total $25,000,000 to be retired by maturity. for, leaving $9,500,pany Will retain its identity and
Reduction of underpersonnel and will expand with a fuller lying mortgages also has bettered the position of holders of both notes and
line of Sears, Roebuck merchandise.
debentures. The corporation has other assets consisting of unsold
The
and Valley City, N. D., and Aberdeen, Black Co., operating in Fargo estates,
country
S. D., handles largely women s
various office buildings. Sm., with a release value of moro than
goods.
-'V. 131. P. 802.
$8.000,000 and in addition still other properties and
on the books at approximately $31,800,000, a figure investments carried
(Frank G.) Shattuck Co.
considerably under
-Earnings.
their actual value.
-V. 129, p. 3648.
Period End. June 30Net profit after deprec., 1930-3 Mos.-1929, 1930-8 Mos.-1929.
Superior Oil Corp.
-Receiver.
Federal taxes,
John Ti. Rogers has taken charge of the corporation as receiver, according
$691.370 $1.361,978 $1,495,258
Earns. per sh. on 1,290.- $012.049
to press dispatches from Tulsa. Okla. Ho was appointed in State court
000 shs. corn. stk. (no
following petition filed by Exchange National Bank of Tulsa, in which
par)
ELM
80.47
$1.15 it was alleged the company is unable to pay debts and $500,000 note due
$1.05
p. 4624, 3732.
the bank.
AUG.9 1930.]
FINANCIAL CHRONICLE
957
Receivership proceedings were filed in the United States District Court at
(John R.) Thompson Co.
-Earnings.
Wilmington, Del., July 30, against the corporation, by William L. Moody
Period End. June 303d. of Houston. Mr. Moody alleges mismanagement, negligence and
1930-3 Mos.-1929.
1930-6 Mos.-1929.
extravagance on the part of the company in drilling for oil. Be does not Net profit after deprec.
allege insolvency and declares that although the corporation's assets exceed
& Federal taxes_ $281,311
$342,942
$583,037
$875.828
the liabilities, the corporation is unwilling to pay off $1,000,000 in debts Earns, per shr. on 300,which have fallen due. Mr. Moody alleges that unless the company pays
000shs.com.stock(par
these debts he personally will be held responsible for them,as he guaranteed
$25)
$0.93
$1.14
$1.94
$2.25
the indebtedness.
-V. 131, p. 491.
Receivers Appointed for Subsidiary Company.
-
Tide Water Oil Co.
-Sale of Export Subisidiary.Receivers have been appointed for Moody Corp., which was taken over
On May 31 1930 the Tide Water Oil Export Corp., a subsidiary, was sold
by Superior Oil Corp. in March 1929,.by Judge Allen Hannay in District
Court at Houston, Tex., on request of W. L. Moody 3d, of Galveston, and to the Pan American Petroleum & Transport Co.,it is announced.
Acquires Retail Unit.
0. R. Seagraves. Colonel Thomas H. Ball and Judge Lewis Fisher were
appointed receivers and ordered by court to "manage and control" the
The company has purchased the Dernmy Oil Co. of Scranton. Pa., which
corporation.
has more than 125 dealer outlets, six service stations and two bulk plants,
"Outstanding indebtedness"and "improvident and extravagent manage- it was announced.
-V. 131. p. 803, 644.
ment" were described in the petition as justifying the removal of the corporation from the hands of Superior Oil Corp., which owns the stock, and
Thompson Products, Inc.
-Receives Valve Orders.
placing it in the hands of receivers. The application stated that the request
The corporation announces the
for receivership of Superior Oil Corp. had been granted in courts of Dela- Whitney Aircraft Co. during the receipt of valve orders from Pratt St
past month totaling nearly 1100.000.
ware, but that it was believed this would be insufficient "to protect interests The most recent consignment
was for 8,500 valves, to be used in motors
-V. 130, p. 3898. 3562.
of the plaintiffs."
being built for the Government. Other orders have also been received from
Curtiss Aeroplane & Motor Co., Wright Aeronautical Corp., and Lycoming
Superheater Co.
-Earnings.
during July.
Six Months Ended June 30
1930.
1929.
Earnings for 3 and 8 Months Ended June 30.
Profitfrom operations
12,324,857 $2,256,825
Mos End.
.
8 Mos.End.
Int. & diva,from invest., bank balances, &c
587,614
Period
452,568
June 30.'30. Mar.31.'30. June 30.'30
Miscell.,incl. gain on sale ofinvestments
44,618
65,234 Manufacturing profit
078,816
$574,521 $1,153.337
Expenses
279.944
265.813
545.757
Total ncome
$2.957,088 $2,774,627 Interest
2,455
Depreciation
8,152
10.607
80,678
81.563 Depreciation
74.958
73,388
148,346
Federal income tax
341.831
320,978 Federal taxes
24,603
24,988
49,591
Net profit
$2.534,579
Net profit
$106.856
$202.180
Applicoble to minority interests
$399.036
$2,370869 162,275 Preferred dividends
7.267
2.498
9.765
Common dividends
157.896
earnings
315,792
157,896
Net
$2.435,677 $2,209,811
Earns, per sh.on 985,205 shs.cap,stock outstand'g
$2.51
Surplus
$2.27
$31,693
141,786
131,P.286,128.
873.479
Earns, per sh. on 263,160 shs. corn.
-Notes Sold.
Swift & Co.
80.73
$0.74
-Continental Illinois Co., stock(no par)
$1.47
Comparative Balance Sheet.
Inc., First Union Trust & Savings Bank, and Harris, Forbes
AssafJune 30'30.Dec.31'29. LtabliiffesJune 30'30.Dec. 31'29.
& Co., have sold at 100 and interest, $30,000,000 10-year :Land, binge., ma7% pref.stock__ 8389,100 $389,100
chimers.
5% gold notes. Swift & Co. 5% 10-year sinking fund gold Goodwill. &c_ -83,358,847 83,297,652 Common stock...y 2,631,600 2,631,600
patent
Notes payable_
850.000
notes, due Oct. 15 1932, which will be called for payment on
rights, &c,
835,845
834,363 Accts. payable__ _ 282.012
421,538
Oct. 15 1930 at 100% and int., will be accepted in payment Cash
138,758
35,306 Accrued accounts_ 206,182
211,396
Marketable secure
70.5.054 Capital surplus__ 633,731
633,731
for these notes on Sept. 2 1930, at 102.82 flat and thereafter Notes. acept. &
Profit & loss sum- .945.562 2,867,161
accounts reedy.. 857,694
to the call date on a 3.50% bank discount basis.
697,676
Inventories
1,575,633 1,995,425
Dated Sept 1 1930; due Sept. 1 1940. Principal and int. (M. & S.)
payable at Continental Illinois Bank & Trust Co., Chicago, trustee, or at Office & personal
corp.
157,265
Irving Trust Co., New York, without deduction for Federal Income tax Env.& accts. rec_
misc.notes
not in excess of 2% per annum. Denom. $1,000 and $500 c* Red.,
& accounts
40,338
28,742
all or part, in amounts of not less than $1,000,000 on any int. date on 0th. secure. rec._
owned
38,001
38,001
30 days' notice at following prices plus int.: On March 1 1931 at 102%
170,165
%. ARIL companies
152,175
thereafter and on or before March 1 1932 at 102%%. thereafter
72,906
62,867
Tot.(each si8e)-87,088,187 38,004.528
or before March 1 1933 at 102%;thereafter and on or before March and on Prepaid expresx,&c
1 1934
x After depreciation. y Represented by 263,160 no-par shares.
at 101% %;thereafter and on or before March 1 1935 at 101A %;
-V.131.
and on or before March 1 1936 at 101%%; thereafter and on thereafter p. 643.
or
March 1 1937 at 101%;thereafter and on or before March 1 1938 at before
100% %:
thereafter and on or before March 1 1939 at 100%%.and thereafter
Timken Detroit Axle Co.
-Earnings.
at 100%.
Six Months Ended June 30Data from Letter of Edward F. Swift, Vice-President of the Company.
1930.
1929.
Gross profit
Business.
-Company, incorporated in 1885, is one of the largest
$2,093,264 $2,290,127
panies in the world engaged in the production and sale of meats, com- Costs and expenses
1,074.237
1.082.853
their
13y-products and other foods. For the fiscal year ended Nov. 2
Operating profit
$1.019,027 11,207,274
sales were in excess of $1,000,000,000. Company owns and1929 total
operates
62.669
39 meat packing plants in the United States and Canada, 41 plants for Other income
155,455
the manufacture of other products and 80 produce plants for the manuTotalincome
11.081.696 11.362.729
facture of creamery butter and cheese and the collection of poultry and eggs. Depreciation,
&c
315,350
Company's products are distributed through more than
344.475
110.919
houses and sales agencies to practically every community in 450 branch Federal taxes
137,546
States and through more than 100 foreign sales agencies in all the United
other prinprofit
Net
$655.427
cipal markets throughout the world. National advertising of
$880.708
Swift's Earnes. per sh.00 992,096 shs.corn.stock (par $10)
products under the well-known trade names of "Premium,"
$0.54
$0.78
"Sllverleaf,"
Consolidated Balance Sheet June 30.
and "Brookfield" has built a valuable good-will for the company
and
created a large and increasing demand for its products.
1930.
1929.
1930.
1929.
Purpose of Issue.
-Proceeds used in part to retire all of the company's
Assets8
$
S
$26,500.000 outstanding 5 10
-year sinking fund gold notes, due Oct.
Land, bldgs., &c.,
7% pref. stock__ 3,549,800 3,697,000
15
1932, which will be called for payment on Oct. 15 1930 and for other
less deprecia'n__ 7,934,260 6,479,053 Common stock__ 9,920,960 9,920,960
corporate purposes.
Good-will & pats__
1
1 Accr. exps., incl.
Earnings.
-For the last five fiscal years net earnings, after depreciation Dies, jigs., fixtures
Federal Inc. tax_ 328,488
434,191
and interest on current borrowings but before interest on funded debt
and patterns_ _ _
1 Accounts payable_ 856,827 1,136,128
1
and
United States income taxes, as certified by Arthur Young & Co.,
1,575,514 1,033.554 Other
533,430
certified Cash & accts. rec. 2,773,579 3,033,839 Int, reserves____ 436,275
public accountants, were as follows:
Notes
on installment
Inventories
4,278,421 4,659,183 accounts
Net Earnings
31,785
INet
Earnings Sinking fund
144,200
178,200 &rains
Fiscal Years Ended
4,383,091 4,316,429
as Above.
Fiscal Years Endedas Above.
4% demand ctfs.
Oct. 31 1925
$21,612,840 Nov.3 1928
$20533458
on deposit and
Nov. 6 1926
22,844,342 Nov.2 1929
17,221,293
Interest thereon_ 1.503,260 2,930,420
Nov. 5 1927
17,577.950 Annual average
19,957,977 Miscellaneous__ 1,193,050 1,504.529
Annual average of net earnings is more than 7% times maximum
219.358
annual Deterred assets__ _ 104,940
Total(each side)19,507,226 20,038,138
interest charges of $2,645,800 on total funded debt to be outstanding
upon -V. 131, p.644.
completion of this financing and net earnings for the fiscal
year ended
Nov. 2 1929, are more than 6% times such charges.
Transformer Corp. of America.
Company has paid dividends on its capital stock, without
-Soon to Add New
interruption, Product.
for the past 45 years, the present rate of 8% having been
maintained
since 1916.
The corporation will soon add a new product to the present
Equity.
-The capital stock of the company, listed on
line of
Boston Stock Exchanges, based on recent quotations, has the Chicago and "Clarion" radios. Although a detailed announcement is not yet fortha total
market value of more than 1175,000.000. Company's stock indicated coming, President Ross D. Siragusa guarantees that the new product will
is held by advance production volume to approximately three times its present
more than 45,000 stockholders including more than 12.000
figure
and also prove of benefit to all franchise Clarion dealers. Formal
employees.
-Company covenants to apply
Purchase Fund.
announceannually to ment of the new project will be made lathe next two weeks.
the purchase and retirement of these notes insofar $500,000are
as they
available
Month of July1930.
in the market at not to exceed 100 and accrued int.
1929.
Increase.
Sales
Capitalization as of Aug. 2 1930 (Adjusted to Give Effect to
1210.000
170.000
This Financing).
1140.000
Sales for July this year include the company's radio parts
Authorized. Outstanding.
Fleet mtge. 5% sinking fund gold bonds
"Clarion" radio models. Last year the company was business and
$50,000.000 $22,916.000 its new
radio parts. Mr. Siragusa said the company is now making making only
10
-year 5% gold notes, to mature Sept. 1 1940
3.600 sets a
(this issue)
30,000,000 30,000.000 month and that this amount represents demand production, since the
Capital stock (par $25)
150,000,000 150,000,000 company's policy is to manufacture only enough sets to-fill orders already
received.
Balance Sheet Nov. 2 1929 (Adjusted to Give Effect
Consolidated
to this
Financing).
Assets
Cash
Accounts receivable
Inventories
Stocks and bonds
Lands, bldgs , mach'y, drc....
Deferred charges
Total (each side)
-V. 131. p. 128.
Perfects Distributing Organization.
-
A world-wide distributing organization has been perfected
Liabilities and Capital.
.
by
tion to distribute its new Clarion" radio models, President the corporaAccounts Payable
325,619,901 announced.
Notes payable
More than 1,000 dealers and 40 distributors, Ross Siragusa
30,377,000
the latter with
5% gold notes
30,000,000 combined assets of over 125.000,000, have contracted for distribution in
6% let mtge, s. t. gold
the United States. Fifteen foreign branches and outlets
have been estabonds, due July 1 1944._ 23,583,500 blished abroad, principally in Europe and South
America.
Reserves
12.889,721 distributors have been signed in Canada. Mr. Siragusa estimated Thirteen
that the
Capital stock
150,000,000 company now has 95% distribution in this country through
8349,686,821 Surplus
distributors.
77,216,699 -V.131, p.644.
$8,030,045
74,191,511
127,581,147
30,428,514
108,437,099
1,038.506
Telautograph Corp.
-Contracts Received.
-
The corporation received contracts amounting in annual rentals to
$17,021 in July, compared with 114.108 in July 1929.-V. 131, P. 643.
Texas Pacific Coal & Oil Corp.
-Earnings.
--
Period End. June 30- 1930-3 Mos.-1929. 1930-6 Mos.-1929.
$2,358.544 12.681.586 14,309.092 14.683,250
Gross
1.982.471
Expenses
2,134.962
3,474,710
3,694.328
Operating profit
Other income
$376,073
24,088
$546.624
40,044
$834.382
52,334
Gross income
Deductions
Net Inc. before deprec
& depletion
.--V. 131. P. 287-
1400.161
126.642
1586,668
45,155
$886,716 $1,053,858
239,163
84,203
$273,519
$541.513
$647,553
$988,922
64,936
3969655
Transcontinental Shares Corp.
-Offers
Shares Giving Holders Right to Request Portfolio Universal Trust
Substitutions.
A fixed investment trust, differing
from others of that
In that a provision is made for the elimination
general
or substitution of type
In the portfolio, has been organized by the
stocks
72 Wall St. The certificates are knowe as Transcontinental Shares Corp.,
Universe. Trust Shares
issued in denominations of 10 to 10.000 shares,
and are
each share
a 1-500 Participating ownership in one share of
representing
each of 30 important
trial, railroad, oil and public utility companies.
indusare Priced at the market, which is about $8.50 per Universal Trust Shares
share.
Three leading independent investment
counsel
tion or substitution of stocks. Any shareholder will pass on the eliminamay at any time
to the trustee for such elimination. His
apply
application will be submitted
the three investment counsel and approval or
to
disapproval by the majority
of this group will be final. In the event of
any change in the portfolio,
new certificates will be issued to each
holder disapprove of the change he is shareholder and should any shareentitled to retain his original
tificate and by so doing, keep the portfolio
cerintact insofar as his own pro-
FINANCIAL CHRONICLE
portionate holdings are concerned.gThis scheme of substitution has been
styled the "Brown-Carpenter Plan."
Distribution to shareholders will consist of regular cash dividends, extra
cash dividends, and the proceeds of the sale of all rights, stock dividends
and split-ups. Inasmuch as distribution may represent, in part, return
of capital, shareholders are given the opportunity, semi-annually, through
the exercise of warrants attached to the certificates, to reinvest all, or part,
of the distributions in additional shares at a discount below the then asked
price. The holder of a unit of 500 Universal Trust Shares may at any
time surrender the shares to the trustee and receive in exchange one share
each of the deposited stocks, together with the applicable reserve fund.
The holder of any lesser number ofshares may convert through the trustee
into cash on the same basis.
Paul Brown is President and H. G. Carpenter Vice-President of Transcontinental Shares Corp. Mr. Brown is President of Paul Brown & Co.
in Minneapolis. and Mr. Carpenter is President of Carpenter & Brunsdale
Co., Fargo, N. Dak. Both have been prominently identified with the
development of the fixed trust.
The portfolio consists of the following stocks:
American Can Co.
American Power & Light Co.
American Smelting .fc Refining Co.
American Tel. & Tel. Co.
The American Tobacco Co.
Consolidated Gas Co. of N. Y.
Borden Co. '
Electric Bond & Share Co.
E. I. du Pont de Nemours dr Co.
North American Co.
Eastman Kodak Co.
United Gas Improvement Co.
General Electric Co.
Atchison
International Harvester Co
Chesapeake & Ohio Ry.
National Biscuit Co.
New York Central
Otis Elevator Co.
Union Pacific RR.
Procter & Gamble Co.
Gulf Oil Corp. of Pa.
Union Carbide & Carbon Corp.
Standard Oil Co. of California
United States Steel Corp.
Standard Oil Co. of Indiana
Westinghouse Electric & Mfg. Co.
Standard Oil Co. of New Jersey
F. W. Woo/worth Co.
Allied Chemical & Dye Corp.
-A reserve fund of 50c. per share,in cash, is deposited with
Reserve Fund.
the trustee, to maintain a minimum distribution of 30c. per share semiannually. Interest on this fund is allowed by the trustee at the then
current rate for such deposits.
-The trustee sets aside daily and withholds from the
Operating Fee.
semi-annual distribution, an amount equal to 1-365 of 1% of the market
value of the shares outstanding. One-half of this fee is retained by the
depositor as a guaranty of trustee's fees, to cover expense of investment
counsel, for other costs incident to carrying on the trust, and for profit.
The other half is paid semi-annually to dealers.
Continuing Compensation.
-The seller of Universal Trust Shares is compensated with a semi-annual fee for service and advice on all shares sold
by him, so long as such shares remain outstanding.
[VOL. 131.
United Aircraft-8c Transport Corp.
-Listing.
The New York Stock Exchange has authorized the listing of 50,000
additional shares of cons. stock (no par) on official notice of issue from time
to time in exchange for shares of common stock of Varney Air Lines. Inc..
making the total amount of common stock applied for 2,310.658 shares.
The purpose of the issue of the 50,000 additional shares of common
stock is to acquire all the outstanding shares of com, stock of Varney
Air Lines, Inc., to wit, 100,000 shares, at the rate of one share of common
stock of the corporation for every two shares of the corn. stock of Varner
Air Lines. Inc., so acquired. The 50,000 additional shares, issnable in
exchange for Varney stock, are to be capitalized at the net book value of
the shares of Varney, as they will ultimately appear on the books of the
corporation. It is the policy of the corporation to capitalize all earnings of
corporations acquired as at date of acquisition. (See also V. 131, p. 645).
Obituary.
Chance M. Vought,President of the Chance Vought Corp.and a director
of the United Aircraft Co., died on July 25.
Earnings for 3 and 6 Months Ended June 30.
Period End. June 301930-3 Mos.-1929. 1930-6 Mos.-1929.
Net profit after charges,
minority interest &
Federal taxes
$1,202,140 $2,600,034 $2,102,531 $4,410,046
corn. stk. outstand.
CO
1,594.619
(no par)
2,022.139
1,594,619 2,022,139
$2.55
$0.86
$0.51
$1.52
Earnings Per share
Sub. Co. Operations.-
With a record of approximately 122.000 passengers carried a distance of
13‘ million miles without injury to a passenger, Stout Air Lines, pioneers
in passenger air transportation, on Aug. 1 reached their fourth birthday of
scheduled passenger flying, Stanley E. Knauss. General Manager, announced. The Stout Lines, a division of the United Aircraft & Transport
Corp., operate Ford tri-motor passenger planes between Detroit and Cleveland with a stop at Toledo, and between Detroit and Chicago with stops at
Battle Creek, Kalamazoo, and South Bend.
The announcementfurther states: "Stout Air Linesstarted their passenger
carrying operations four years ago with an experimental line between Detroit and Grand Rapids, Mich. A single-engined Ford all-metal plane was
operated on a daily except Sunday round-trip schedule over this 142-mile
route. After a year's operation, this Detroit-Grand Rapids route was discontinued and on Nov. 1 1927, the Detroit-Cleveland air line was started.
A year later, the Detroit-Chicago air line was begun.
Where only 284 miles were flown daily four years ago. Stout pilots now
fly more than 3,000 miles daily except Sunday making four round trips
between Detroit and Cleveland, and four between Detroit and Chicago.
Seven Ford tri-motor transport planes are used.
The first air fares on the Stout lines averaged 17% cents per mile. Refour years
ductions have been made
Transue & Williams Steel Forging Co.
-Resumes Oper. between Chicago, Detroit during the pastaverage 7Muntil now the air fares
and Cleveland
cents Per mile•
The company has resumed operations in all departments after a shutdown
Aircraft &
In July
Orders on Transport 1929, Stout Air Lines became a subsidiary of United
for two weeks and present operations are close to capacity.
Corp.
hand will keep the plant operating close to capacity throughout August.
Officers of the Stout lines include: Fred B. Rentschler, President of the
Other business is pending which, if closed, will mean steady operation for United corporation, as Chairman of the board; William B. Stout. President:
the remainder of the year.
-V.131, p. 491.
William B. Mayo, Vice-Pres.: Stanley E. Knauss, Vice-.Pres.: Treas. and
General Manager: and Donald J. Rogers, Secy. Directors of the company
-Suit. are: Mr. Rentschler, Mr. Mayo,Mr.Stout, Mr.Charles T.Bush,and Mr.
Triplex Safety Glass Co. of North America, Inc.
The company has recently been awarded a decision by the U. S. Circuit Knauss.
-V. 131, p. 129.
Court of Appeals in Philadelphia against the Duplate Corp. for infringemerit of its patent rights. It is now proceeding against the Safetee Glass
-Earnings.United Business Publishers, Inc.
Co. of Philadelphia under the same patents.
1929.
Six Mos. Ended
1930.
The Duplate Corp. is owned jointly by the Pittsburgh Plate Glass Co. Consol. net income June 30$719.672
$616,392
before interest & taxes
and the E. I. du Pont de Nemours Co., who contested the suit in the Net income available for dividends
456.817
386,089
lower court where a decision was rendered in favor of the Triplex com- Earns. ;per sh.00 150.000 she, co
$1.88
stock
$1.34
pany last year and then in the higher court where a decision again in favor
of toe Triplex company has just been awarded. The District Court. as -V.131, p. 129.
rights of
well as the Court of Appeals, upheld the validity of the patent
United Fruit Co., Boston.
-New Sub. Co. Ships.
the Triplex company and the Duplate Corp. is enjoined from further inWith the addition of six new ships, soon to be constructed for the United
fringements. A master has been appointed to decide the amount of Mall Steamship Co.. a subsidiary, the United States will have a substantial
damage due Triplex.
foundation of a powerful electric merchant fleet.
The Safetee Glass Co. of Philadelphia, of which Col. Louis J. Kolb is
These six new ships will go
1931 and 1932 between United
the owner, is manufacturing a similar product and, it is claimed. Is using States and Central American into service in will be approximately 444 feet
ports. Each
the
the Triplex process. The Triplex company is now seeking to restrain
long and will have a beam of 60 feet. Service speed will be 16 knOts, alSafetee Glass Co. from further manufacturing non-shatterable glass in though the guaranteed speed will be 173i knots. They will be used in
infringement of its patent rights. The Triplex company will also institute passenger-cargo service with a large refrigerating space for carrying bananas.
- Accommodations will be
proceedings against other companies who are infringing its patents.
provided for about 100 first-class passengers.
V. 131. p. 491.
All these new ships will be driven by the General Electric turbine-electric
system of propulsion. Three are to be built by the Newport News ShipTruscon Steel Co.
-Earns.for Quar. End. June 30.
building & Dry Dock Co., at Newport News, and the remaining three are
$8.471.164 to be built by the Bethlehem Shipbuilding Corp., at QuIneeY, Maas.
Grose income
7.840.620 V.131. p. 129.
Expenses
$630,544
-Effects
United Merchants & Manufacturers, Inc.
Operating profit
35.736
Other income
Economies.
following statement:
The corporation has issued the
$666.280
Total income
"As of Aug. 1 the wash goods lines of the York division will be taken over
65.000
Federal taxes
and sold through the Cohn-Hall-Marx Co., who will continue to manufactu te het
$601.280 ehr lithe leading lines of the York Manufacturing Co. along with their prat
Net profit
$0.82
Earnings per share on 658,154 shares common stock (par $W)._
will take over the curtain goods and cretonne
"The York-Seneca Corp.
-V.131, p.491.
departments of the Cohn-Hall-Marx Co., and will continue all its leading
lines in addition to the present lines of the Seneca textile division.
Trunz Pork Stores, Inc.
-Earnings.
"J. Grossmann & Co will become a separate corporation, but affiliated
1929.
1930.
6 Months Ended June 30with the United Merchants & Manufacturers, Inc., confining their lines,
42.579.657 $2.496.807 as before. to the better grades of wash goods only.
New sales
2,300,751
Cost of sales, delivery, sell., gen. & aelminis. exps- 2,453,704
"These changes will eliminate directly competing units of the United
4.863
Other deduction (net)
erc n.
v
hia3 t,
0s Manuf urers, Inc., and will effect economies of operation."
22,600
15,114
Provision for Federal taxes
act231.
$168.593
$110.838
Net profit to surplus
-Acquisitions.
United States Dairy Products Corp.
80.000
Dividends
The corporation has acquired the following companies: Janssen Dairy
Products Co., operating a retail milk business in Hoboken. N. J.; Janssen
$168.593
$30,838
Balance
Dairies, Inc., operating a retail milk business in Carlstadt. N. J•: Janssen
Earnings per share on 100,000 shares capital stock
N. J.; Kliger$1.69 Dairy Co., operating a wholesale milk business in Hoboken,Atlantic city.
$1.11
(no par)
man's Alderney Dairies, operating a retail milk business in
x Includes other income of $4,520.
Island,M. yowbr0030. a.y,71 erating a retail milk business in Staten
Nead.-v. lk Dpir40 o.
p
Comparative Balance Sheet June 30.
1929.
1930.
ASSett1929.
United States & British International Co., Ltd.1930.
$78,054
Cash
$221,883 $119,820 Accounts Payable- 582,559
for the Six Months Ended May 31 1930.
51.081 Income;
Accts. receivable
$168,513
30,179 Due to officers__ _ _
33,294
Interest
12,800
16,425
Notes receivable....
301.701
2.686 Empl.bonuses seer
2,150
Dividends (including no stock dividends)
2,209
a624.442
Deposits on leases_
3,500 Accr. taxes & int_
5,170
Profit on sale of securities (net)
46,735
34,569
Inventory
4,212
170,094
197,826 Fed.Income taxes_
Profit on syndicate participations
Prepaid expenses_
8,129 Deposits as secur.
13,263
510
510
Ld., bidgs., mach.,
$1,098,867
on sub-leases_ _
Gross income
500.000 Less:
1500.000
& equipm't, &e.. 781,239
764,0 ? stu a l stock
4 Call
Investment service fee $42,550; miscellaneous expenses
434,794
612.630
80,985
Good-will
1
$38.435: total
167,046
Interest on debentures and loans payable
$1,227,093 $1,126,183
Total
Total
51,227,093 $1,126,183
$850.836
-V.131.9.644.
x Represented by 100,000 no par shares.
39.114
Taxes paid and accrued
76.177
Dividends paid and accrued preferred shares
Ulen & Co.
-Earnings.
1930-6 Mos.-1929.
Period End,June 30- 1930-3 Mos.-1929.
$735,545
Balance transferred to undivided profits
Gross earnings
$639,802 $1,339,607 $1,304,501
$686,731
a As a reserve against depreciation in value of portfolio items the United
Operating expenses and
386,419 States & British International Co., Ltd., appropriated $1,708,692 out of
437.601
other charges
167,334
236,842
174,586 surplus arising from the retirement of preferred shares acquired at prices
278.127
Interest expense
90.073
142,424
73,597 below par. Losses sustained during the six months ended May 31 1930
Prov.for Fed,income tax
66.000
45.597
33.000
amounting to $550,019 were charged against this reserve.
$669.899
$557,878
Net income
Ashton Hawkins, President, says in part;
$336.797
$274,465
200.000
Divs. on 8% pref. stock
The charter provides that in the event of any distribution of assets,
100.000
30.108 subject to the rights of the holders of the preferred stock, there shall be paid
Divs.on 7M % pfd.stock
104.355
15.054
52,178
pro rata to the holders of class A common stock the entire amount paid in
$439.791 on the class A shares; thereafter there shall be paid pro rata to the holders
Net income after diva_ $222.287
$453,523
$221,743
Earns, per share on 271,of class B common stock the entire amount paid in on class B shares; the
$1.62 remaining assets shall then be distributed equally per share regardless of
522 shs. corn. (no par)
$1.67
$0.81
$0.82
-V. 130. p. 4261, 3373.
class among the holders of the class A and class B common stock..
The asset value in liquidation under the above charter provisions, of the
class A common stock at May 31 1930. was 123.33 per share as compared
Union Oil Co. of California.
-Listing.
The New York Stock Exchange has authorized the listing of 43.044 addi- with capital and surplus paid in of $21.13 per share..
The asset value in liquidation under the above charter provisions, of the
tional shares of capital stock (par $25) on official notice of issuance as a stock
dividend, making the total amount now applied for including this issue class B common stock at May 31 1930, was $5.54 per share as compared
with capital paid In of $3.33 Per share.
-V.131, p.491,287.
4,497.497 shares.
AUG. 9 1930.]
FINANCIAL CHRONICLE
The above calculations are on the basis of the value of the portfolio at
market quotations of May 31 1930 and after deducting all deferred charges.
Balance Sheet May 31.
1929.
1930.
1930.
1929.
LiabilitiesAssets8
8
Invests.(at cost) a16,184,765 15.605.187 $3 preferred stock.z1,453,000 6.000,000
Cash & call loans__ 627,491 1,798,425 Class A corn. stockx5,799,308 2,775,000
65,280
95.692 Class B corn. stocky 1,000,000 1,000,000
Securaold, not del
132,030 5% gold debs
Acor. Inc. recelv__ 105,505
6,000,000 6,000,000
"156 Sec. purch.,not ree 277,946
388,337
Sundry accts. me
1,188 Taxes
Furniture k Mos._
129,490
152,080
Int. pay.on debs
Dnamortlzed disc.
25,000
25.000
526,832
$3series pref. dive_
on deb
7,265
30,000
582,355 Inv. serv. fee &
Deferred chargessundry expenses
29.697
25,574
Surplus & undivi
ded profits
2.788,169 1,819,043
Tot.(each side) _17,509.874 18,215,035
a Market value $15,656,017. x Represented by 294,358 shares of novalue. y Represented by 300,000 shares of no-par value. z ReprePar
-V.130. p. 482.
sented by 29,060 shares of no-par value.
959
Utah-Idaho Sugar Co.
-Contracted Acreage.
Willard T. Cannon, Vice-President and General Manager,states that the
company this season has a contracted acreage of 77,770 acres of sugar beets,
compared with 77.970 acres in 1929. The South Dakota locality has planted
a smaller acreage for the company this season, but in Canada. Mr. Cannon
says, it has 14,439 acres, a gain of 4,000 acres over last year. In Utah
18,610 acres of beets are under contract to the company, compared with
17,259 last year and Idaho has 28,816 acres for the company.
Mr. Cannon states that, due to the early spring, beets got a good start
and yields this Fall promise to be heavier than last year, despite the decreased acreage.. The tonnage last year from the 77,970 acres totaled 702.000
tons of beets, or an average of nearly 10 tons to the acre.
-V.130. p. 4072.
Utilities Hydro & Rails Shares Corp.
-Earnings.
Company reports net gain from interest, dividends and realized profits
including the market value of stock dividends received for the period
from Nov. 4 1929 to July 17 1930, of $64,465 after'cleduction for Federal
taxes and expenses. Surplus gain as of July 17 last, after payment of
July 1 1930, dividend of $25.442, amounts to $22,222.-V. 131, p. 288.
Vadsco Sales Corp.-Earnings.-
-New President.
United States Financial Corp.
Period3 Mos. End.
6 Mos. End, June 30.
Donald J. llardenbrook, formerly President of the Atlantic & Pacific
June 30 '30. Mar. 31 '30.
1930.
1929.
International Corp.. which recently was merged with the United States Net loss after deprec., &c $239,288 Cr.$114,706
$124,582
$803,725
Financial Corp., has succeeded Robert S. Binkerd as President of the latter -V.131,P. 288.
company. Mr. Binkerd retired as President about three weeks ago.
-V. 130. P. 150.
Varney Air Lines, Inc.
-Exchange Offer.
See United Aircraft & Transport Corp. above.
United States Rubber Co.
-Semi
-Annual Report.
The report for the 6 months ended June 30 1930 shows a net loss of
Viking Pump Co.
-Earnings.
$2,797,403 after interest, depreciation, dividends on minority stock of
The company reports for 6 months ended June 30 1930 net profit of 16199,Dominion Rubber Co., Ltd., and foreign income taxes. This compares
With a net profit of $568.641 in the first six months of 1929.
719 after charges and Federal taxes, equivalent, after allowing for dividend
requirements on the $2.40 no par preferred stock, to $1.54 a share on
Chairman F. B. Davis Jr. says in part:
100,000 no par shares of common stock.
-V. 128. p. 3852, 3535.
During the 6 months ended June 30 1930, net sales of United States
Rubber Co., after all discounts and allowances, amounted to $75,206.983.
Vortex Cup Co.
-New President, &c.
Sales for the first six months of last year were $86,073,346. The dollar
Robert C. Fenner has been elected President to fill the vacancy created
value of sales of practically all commodities was lower, in many instances by the resignation of P. T. Potts. Mr. Potts was elected Chairman of
being affected by lower unit prices. Sales of tires and other rubber prod- the board.
ucts to automobile manufacturers, due to the curtailment of their producThe company on Aug. 1 announced that ground has been broken for a
tion, were materially lower.
fireproof
its plant at Western & Austin Ayes.,
After all charges including interest on funded indebtedness of $2,904,299 four-story which will addition to double present
Chicago,
practically
capacity. Expansion in
and provision for depreciation of plants of $3,730,793. the net decrease in facilities. officials said, is necessitated by
the steady increase in the comsurplus account amounted to $2,797,403. The provision for depreciation pany's volume of paper drinking cups.
is an increase of $563,356 over the sum provided for same period last year.
The addition to the company's plant, together with changes in the
The current financial position of the company at June 30 1930, was;
present building, will cost approximately $400,000, and the new plant is
Cash
$6.948,849 expected to be ready for occupancy on or before Nov. 30.
due June 1 1933
Proceeds of issue of 3
-year 6% notes,
The cost of the addition will be financed entirely out of earnings of
15,000.000
Accounts & notes receivable, less provision for doubtful accts
-V. 131, p. 645.
32,432.604 the company, it is announced.
Finished goods
46.735,046
Materials and supplies
Waldorf System, Inc.
-July Sales.
19.864,581
Crude rubber in transport to New York
1,811.293
-July---1929. Decreased 1930-7 Mos.-1929, Increase.
1930
$1.250,239 51.259,934
$9,6951$9,259,511
59,146,135
$113.376
Total current assets
$122,792,373 -V.131. p. 493. 288.
Bank loan of a sub company
2,000,000
Export acceptances payable
3
.000,000
Walgreen Co.
-July Sales.Accts. payable, incl. accept, payable for import, crude rubber 13.795.034
1930--July-1929.
1930-7 Mos.-1929.
Increase.
Increase.
% sec. gold notes due Aug. 1 1930
17.843,000 $4,307,276 $4.012,175
$315,1011$30,266.462 525,023,267 $5,243,195
-V. 131, 13• 804, 288.
Total current liabilities
$36.638,034
Walworth Co.(& Subs.).
-Earnings.
Net current assets
$86,154,339
Quarter Ended
6 Mos. End.
all charges and reserves, had a loss approximating
The plantations, after
June 30 '30. Mar.31 '30. June 30'30.
Period Ended$350,000. These results have not been included in the statement of the Gross profit on sales
$1,315.710 $1.607,620 $2,923.331
United States Rubber Co.
100.619
61.680
162.299
-year 6% secured notes due June 1 Other income
Through the issue of $15,000,000 of 3
1933, provision was made for the retirement of the 7M% secured notes
81.416,329 $1.669.300 $3.085.630
Total income
which matured Aug. 1 1930Administrative and selling expenses_ _
949.350
1,019.463
1.968.813
Funded indebtedness amounting to $2.983,000 was retired during the Interest
166.612
168.512
335.125
six months.
129.488
129,936
259.424
properties and three factories have been sold, Depreciation
A large number of small
foreign taxes
21,342
10.632
31.974
and arrangements have been made for the closing of five additional plants Federal and
in accordance with the plans to concentrate the manufacturing operations
8149.538
Net profit
8340.757
$490.295
of the company.
333,260
Shs. com.stock outstanding (no par)319,925
333.260
Results for First Six Months.
$0.39
Earnings per share
$1.02
$1.40
1929.
1930.
1928.
-V. 130. P. 3585.
Sales
$75.206.983 $86.073,346 $84.181,106 $88.110.626
1927'
WarnerBros. Pictures, Inc.
3.837.689
-No Action on Corn. Div.
Net inc. before int
a5,338.702 6,392 651
2.904,299(
Int. on funded debtNot
3,061.539
The directors have declared the regular quarterly dividend of 55 cents per
3,151'688
3.730.793 available
Depreciation (est.)
2,213.772
share on the preferred stock, payable Sept. 1 to holders of record Aug. 18.
No action was taken in respect to the common dividend.
8596,926
def$2,797.403
Net profit _b
$63.391 $3,240,963
From Dec. 1 1929 to and incl. June 2 1930. the company paid quarterly
Div. on let pref. stock1.302,200
2,604,400 dividends of $1 per share on the common stock.
Div. on minority stock9.359
9,359
Leases Additional Theatres.
The company is to take over and operate by lease, with an option to
Balance, surplus_ _ _def$2,797,403
$596,926d1$1.248,168
$627.204 purchase, the theatres of the Mid-West Enterprises Co., Oklahoma
Nil
Nil
Earns. per share on corn_
City.
Nil
$0.77
a Includes income from U. S. Rubber Plantations, Inc., amounting to Okla., according to an announcement. The Mid-West Enterprises Co.
operates several of the larger theatres there, including the new Mid-West,
$1,000.000. b After int., &c., charges, incl. dep. of plant.
opened on Aug. 1.
Statement of Current Assets and Current Liabilities As at June 30.
The Warner company did not lease the office building, it is announced.
The latter-named theatre and office building, recently completed, cost
Current Assets1929.
1930.
1928.
1927,
about $1.000,000.-V. 131, p. 804, 493.
Cash
36.948.849 $7,822.167 58,378.521
.Accts. receiv., less res- - 32,432.604 40,481,782 44,964,073 58,146,433
-Resignations.
Weber & Heilbroner, Inc.
Inventories
68,410,920 74.786,891 65,810,237 46.007.454
95,715,951
A reorganization of the executive staff of this corporation, affecting a
Proceeds from sale of6%
number of department heads, was announced on Aug. 1 by President G.
notes
15,000,000
Goldberg. The following men have withdrawn from the company, acTotal quick assets_8122,792,373 5123090,840 8119152,831 $149869,838 cording to the statement; William Teitelbaum, a Vice-Pres, of the firm and
head of merchandising of men's furnishings; John M. White,clothing buyer:
Current Liabilities
W. J. Williams, hat buyer, and Max L. Harwich, buyer of accessories.
Bank loans, &c
x$2,000,000 42,500.000 $17.750,000
317,550.000 These positions will not be filled by any other appointments. Mr. Goldberg
Current accts. pay., incl.
acceptances for imporwill assume direct supervision of all buying and merchandising.
-V. 128.
tation of crude rubber
p.2109.
and accrued liabilities_ 16,795,034 16,025,090 20,958,436
20,626,450
-July Sales.Western Auto Supply Co.
7tc .7 notes, due Aug. 1
17.843.000
Decrease.' 1930-7 Mos.-1929.
1950
1930-Ju1v-1929.
Decrease,
31.686,648
$231.3021$7,825,184
31.455,346
58,312,963
5487,779
836.638.034 318,525.090 $38,708.436
-V. 130, p. 4438.
Total
838,176.460
,
-V. 131. p. 645. 129.
x Bank loan of subsidiary company.
-Earnings.
Western Dairy Products Co.
Including California Dairies, Inc.]
United States Steel Corp.
-Option on Oil Well Supply
1930.
1929.
Six Months Ended June 301928.
-See Oil Well Supply Co. above,
Co. Expires Aug. 25.
- Net sales
812,011,330 510,950.119 89,417,802
V. 131, p. 803, 645.
Cost of goods sold incl. selling., del.
11.012,978
administration expenses
9,828.869 8,402.948
&
United Verde Extension Mining Co.
343,776
Depreciation
350.721
297.141
-Status, &c.
July 1 '30. Oct. 1 '29. July 1 '29. Apr.
1 '29.
Cash on hand
5832.406
8684,576
Operating income
8589.263
5770,529
8717.713
8649,301
$719.7
Investments
10.283
x5.057,148
Other income
72.903
5,032,500
4,532,500
4,282.500
x Market value, $4,338,040.
8694.859
Total
8843.432
3717,713
second quarter of this year was: April,
The output for the
200,372
153.480
4,094,740 Interest charges
124,681
lbs. copper; May, 4.013,796 lbs. copper; Juno, 3,580,722 lbs.
54.393
82,646
copper; Provision for Federal income tax
71,164
silica ore shipped, 338,865 lbs. copper.
There is nothing now of any importance in the mine at Jerome.
income
$440,094
Net
$607,306
$521,868
A flotation plant of 200 tons daily capacity has been installed
at the -v. 130, p. 2991, 2111.
smelting works, and is in operation to reduce the silica in some of
level sulphide ores, which will result in a less anklet's furnace the upper
West Virginia-Ohio River Bridge Co.
charge,.
-..-Earnings for the
V.131. p. 288.
United Wholesale Grocery Co.
-Stock FilauliCharged,
See last week's "Chronicle," p. 724.
Universal Wireless
Receivership.
-
Communications
Co., Inc.-
Samuel Howard has been appointed receiver for the company
Federal Court at Chicago. The company's main offices are in by the
Buffalo,
Isi• Y.,and its factories are in Chicago.
The company was organized about two years ago for the purpose
of
establishing a commercial network of wireless stations in more than 100
leading cities.
Year Ended June 30 1930.-
Tolls collected -----------------------------------------------$57.054
Operating expenses------------------------------------------ 8,404
Administrative expenses
15.577
Operating profit
$33 073
Interest on bank balance
.366
Total income -------------------------------------------Odd 4
deductions
Other
50,027
Net loss for year
$16,588
-V.125. p. 1338, 930.
960
FINANCIAL CHRONICLE
Wheatsworth, Inc.-Earning8.6 Mos. Ended June 30Net profit after charges & Federal taxes
Earns, per stir, on 121,000 shs. corn.stk (no par)-..
-V.130. p. 4073.
Yosemite Holding Corp.
-Acquisition.
1930.
$184,205
$1.23
1929.
$171,829
$1.10
White Motor Co.(& Subs.).
-Earnings.
6 Mos. End. June 30- 1930.
Gross sales
$21,207,952
Net profit after inventory adjust.& Fed.tax 1,048,710
800.000
Dividends
Surplus
Previous surplus
1929.
1,404.575
400.000
$248,710 $1,004,575
6,802.165
8,577,531
[VoL. 131.
1927.
1928.
$24,159,954 $26,708,300
1,161,829
400.000
870,369
1,600.000
$761,829 def$729,631
5.781,352 9,476,693
Acquisition by this corporation of Joint Investors,Inc.,a general management company, with assets over $1,750,000, was announced on Aug. 5 by
Luther D. Thomas, President of the Yosemite company. This latest
acquisition is the third major step in the latter's expansion program.
Previously the Yosemite corporation had acquired Union Investors, Inc.
and a substantial Interest in British Type Investors, Inc., both general
management investment companies.
Lee Maxwell, Robert Gair Jr., Curtis Franklin and Alexander M. White
of New York and Luther 13. Thomas and Ralph W. Simonds of Detroit
were elected directors of Joint Investors, Inc.
-V. 131, p. 804.
Zonite Products Corp.
-May Issue Stock.
The corporation probably soon will offer to stockholders a small amount
of additional common stock at around prevailing prices. The proceeds
would be used for liquidation of bank loans incurred in connection with the
larger inventory by the company's recent change in manufacturing location.
Earnings are estimated at around 65 cents a share in the first half year,
Which covers dividend requirements of 50 cents for the period. In view of
steadily improving earnings there seems little likelihood that the dividend
will be endangered. "Wall Street Journal."
-V. 130, p. 3738.
Profit & loss, surplus_ $8,826,241 $7,806,740 $6,543,181 $8,747,062
Earns. per sh.on 800,000
$1.08
$1.75
$1.45
$1.31
abs.(par $50) cap.stk.
R. W. Woodruff, President, says: "Sales during the first half exceeded
$21,000,000 and while the showing of the company is slightly less than in
1929, it is approximately 90% of that peak period. It is regarded as significant that earnings were maintained on such a normal basis in view of
CURRENT NOTICES.
general business conditions. The report is particularly gratifying when
compared to general conditions in the automotive industry.
"The volume of White sales in June ran ahead of May business, although
Jackson & Curtis7andrfeld, Grew & Co.,two long established Boston
latter is normally biggest month in the year. The average trend in the truck
industry for June showed a falling off of over 50% in volume of sales. Investment brokerage houses, have entered into an agreement to consolidate
July business showed a slight improvement over the average for the first under the name of Jackson, Curtis, Weld, Grew & Co., according to
six months.
announcement made this week. The merger will be effected before the end
"There has been no unemployment problem in the White factory. of the year, probably around Nov. 1. The new firm will be a member of
Through the readjustment of working schedules, and the rearrangement o
hours, the company has maintained its full working force in the production the New York, Boston, and Chicago Stock Exchanges and the New York
departments of the business and there have been no reductions In salaries Curb Exchange. All partners of the present firms will be partners of the
and wage rates of any of the workers. All of the expenses of bringing out consolidated firm.
the new models has been changed in current operating expenses."
The business of Jackson & Curtis was established in 1879 while Weld,
Consolidated Balance Sheet June 30.
Grew & Co. was established in 1891. The consolidated firm will maintain
1929.
1930.
1929.
1930.
its main office in Boston, in which city it will also conduct two branch
$
AssetsCapital stock
Bldgs., real estate.
40,000,000 40,000,000 offices. In New York the firm will have an office at 115 Broadway now
&c
49,442,681 89,467,248 Accts. payable-- 2,268,322 3,122,641 occupied by Jackson & Curtis and an up-town branch in the Graybar
Good-win, patents,
Accrued taxes, dce_{ 993,885 1,017,719 Bldg. In additionebranch offices will be conducted in Springfield, Mass.,
5.388,910 5,388,910 Fed. taxes reserve_
44,165 Worcester, Mass., Providence, R. I., Chicago, Lynn, Mass., and Akron,
40,495
Inv.in still. cos_ _ _ 2,865,482 2,542,628 Purch.money oblig
Inventories
Ohio.
15,328,713 14,657,401 White Motor
99,418
141,246
Realty Co
White Motor Se-Edmund Seymouri& Co. announce the establishment of a bank stock
200,254 Contingencies res. 1,233,097 1,147,753
curities Corp___ 249,942
U. S. Govt. secur_ 3,785,446 4,522,931 Surplus
8.826,241 7,806.741 department which will be under the management of W. H. Woodward,
Notes receivable_ _ 4.474,474 1,983,153
Mr. Woodward, who was formerly senior partner of Woodward, Butler &
Accts.receivable__ 4,376,687 5,362,911
Co., specialists in bank and insurance stocks, will have associated with
Cash
3,511,374 6,303,310
him 13. H. Gardener and E. M. Smith formerly partners of that firm, and
Miscell. accounts
191,721
117,203
receivable, &c
the following of that organization will also become associated with the
Stock of other cos_ 1,732,773 2,050,708
organization: Horace C. Bevan, William W. Brainard, Gilbert Brown,
118,738
Insurance fund_
Russell B. Cook, Nelson P. Ford, Wilbur E. Frerichs, Theo. P. Lauffer,
Empl.stock acct.._ 1,541,691
rentals,
Prepaid
Leonard H. Marvin, Stuart J. Marvin and Newell W. Wells.
Tot.(each side)_53,503,286 53,238,437
567,271
taxes, Int., &c
569,172
-J.Hampton Baumgartner,formerly associated with Hambleton & Co.,
-V.130, p. 4073.
a After depreciation.
bankers, has become vice-president of Brinkmann, Lewis & Co., invest-Earnings.
White Sewing Machine Corp.
ment bankers, Baltimore. Mr. Baumgartner is well known in Baltimore's
1930-6 Mos.-1929. financial and business district, having for a number of years been con-3 Mos.-1929.
Period End. June 30
1930
after int., deprec.,
Net
nected with the late S. Davies Warfield,as his assistant, when Mr. Warfield
$161,174
$241,763
Federal tax., &c
$20,595
$1,645
headed the National Association of Owners of Railroad Securities. For
-V.131. p. 288.
several years, Mr. Baumgartner was associated with the office of Geo. M.
Wickwire Spencer Steel Co.
-Foreclosure Sale.
Shriver, senior vice-president of the Baltimore and Ohio Railroad, having
Final decree offoreclosure was entered Aug.2in the United States District had charge of its publicity department.
Court for the Western District of New York which provides for the fore-The New England banking firm of F. E. Kingston & Co., with headclosure of the 1st mtge. and prior lien bonds and for the sale of all the
properties of the company both mortgaged and unmortgaged. An amended quarters at Hartford. Conn., announce the opening of a branch office at
-V. 131, p. 804.
plan of reorganization is expected to follow shortly.
306 State Tower Building, Syracuse, N. Y. under the direction of Proctor
this
J.
Winslow Lanier International Corp.
-To Change Capi- W. Hans!. Associated with Mr. Hansl in Hugh office are: EdwardM.
Y. Smith, Robert
Bullock, Ernest M. Reid, George 0. Wolfe,
tal Structure.
G. Ross.
A special meeting of the stockholders has been called for Aug. 15 to vote Gilliland, Walter M. Kirsh and Robert
upon a proposal to reduce the stated capital from$15,001.000,represented
-Aldred & Co. return to-day (Friday) to permanent quarters in the
by 10,000 no par founders shares and 150,000 no par common stock, to new Manhattan Company Building at 40 Wall St., the address which they
$11,406,700, represented by the 10.000 founders shares and 114,057 comthe old buildings on
mon shares, by retirement of 35,943 common shares purchased for that maintained for several years prior to demolition of
purpose; also to credit $8,555,275 of that amount to capital account and that site to make way for the present skyscraper.
to capital surplus. The break-up value of the
the balance, $2.851,425,
-P. Murphy & Co. announce that William King II, has become
-G. M.
common stock as of July 15 was approximately $88.38 a share.
A letter to the stockholders says: "The reasons for the proposed changes associated with them in their Philadelphia office and Tracy R. Engle and
stock pur- William P. Murray have become associated with their New York office in
in the corporation's capital structure are: To retire and cancel
chased by the corporation from time to time and thus reflect the present their bank ankinsurance stock department.
capital; to allocate the remaining stated capital represented by the common
The office of the Presidents' Conference Committee on Federal Valuashares In the proportion of 75% to capital and 25% to surplus, as authorized
by Dclaware law. This will afford a working surplus under all the varying tion of the Railroads in the United States is now located in the Broad St.
the securities market which may reasonably be anticipated as
conditions of
581), 16th St. and Pennsylvania Boulevard.
measured by the wide range of the last year's experience. More flexible Station Building (Room
operation is therefore made possible than with the entire subscribed fund Philadelphia, Pa., it is announced.
method
credited to capital with no margin for surplus. This Is the common
-Evans, Stillman & Co., members New York Stock Exchange, 14 Wall
of statement of capital and surplus liabilities followed by recent American St., New York, have prepared a brief review relating to the importance of
investment companies.
"All purchases made by the corporation of its stock have been at prices communications and the use of communication lines as the messenger
substantially below the break-up values of the shares as of date of the pur- nerves of modern civilization.
chase and have operated to increase asset value of the remaining shares.
-The Chase Securities Corp., affiliate of the Chase National Bank of
"The corporation has no debts and (as of July 15) has cash and call loans
New York announces the opening of its Pittsburgh office located in the
aggregating $914.137.
approxi- Union Trust Building. The office will be under the direction of George
'Break-up value (as of July 15) of the shares of common stock is
mately $88.38 per share, based on the last sale or bid price of market for
those securities for which current quotations are available, and cost for D. Rose.
inactive securities for which there are no open market quotations, after
Raymond J. Reinhardsen, formerly associated with Paine, Webber $
giving effect to all probable necessary write-offs. This value is in no way Co., announces the formation of R. J. Reinhardsen & Co., with offices in
affected by the proposed changes in statement of capital and surplus.'
the Lincoln Bldg., N. Y. to transact a general Investment business.
-V.130. p.819.
Smith, Burris & Co., distributor for Corporate Trust Shares, have
(F. W.) Woolworth Co.
--Sales.
opened an office in the Penobscot Building, Detroit. Murray G. Gordon,
-Jul
1930
1929. Decrease.) 1930-7 Mos.-1929. Decrease. Secretary and Treasurer of the company will be resident manager.
$20,737.421 $22,521,309 $1,783,888 I $152,057,254 $158,331,181$6,273,927
-Engel & Co., members of the New York Stock Exchange, have pre-v.131,p. 289.
pared the August issue of their bank and insurance stock review.
-Earnings.
Yale & Towne Manufacturing Co.
-Potter & Co., members of the New York Stock Exchange,5 Nassau St.,
1930-6 Mos.-1929.
Period End. June 30- 1930-3 Mos.-1929.
analysis on Corn Products Refining Co.
$467.088 $1,618,211 N. Y., have prepared an
Net earnings
$836,794
$173,540
238,739
274,962
Depreciation
138,208
121,017
-Smith, Graham & Rockwell, members of the New York Stock Ex186,409
37,564
Income tax reserve
11,192
96.568
analysis of F. W. Woolworth & Co.
880.000 change, have prepared'an
440,000
Dividends
-Atlantic Investing Corporation, 67 Wall St., New York, has prepared
$313,063 a circular on Catalln Corporation of America.
Surplus
$154,562
$24,140
$179,209
Shares of capital stock
440,000
-Robert H. Hale hagjbecome associated with W. A. Harriman & Co..
outstanding (par $25)486.656
486,656
440,000
$2.71 Inc., and will specializelin institutional accounts.
$0.32
Earns.per sh.on cap. stk.
$0.05
$1.41
-V. 130. p. 3185, 1817.
-McClure, Jones & Co., 115 Broadway, New York, have issued an
analysis of McKeesportYrin Plate Co.
-Earnings.
Youngstown Sheet & Tube Co.
-Gruntal, Lilienthal & Co., N. Y., have prepared a comprehensive
1930-6 Mos.-1929.
1930-3 Mos.-1929,
Period End. June 30Net after Fed.taxes---- $5,843,783 $9,053,795 $11,278,233 $16,304,185 analysis of BTrice Creamery Co.
1.376,912
1,055,957
Other income
526,236
694.365
-Leo M. eagle is associated with M. J. Meehan & Co., members of
Total income
$6,370,019 $9,748.160 $12,334,190 $17,681,097' the New Yorkkiiitock Exchange.
4,215,468
2,144,754 4,075,403
Depletion and deprec
2,083,696
Hoit, Rose & Troster. New York, have issued a special circular on
2,928,256
Interest, &c
1,496,349 2,931,736
1,475,978
bank and insurance stocks.
Net income
$2.810,345 $6,107,057 $5,327,051 $10,537,373
-Maxwell E. Erdofy has resigned as sales manager of Furlaud, Reuter
Sias. com. stk. outstand1.000,000 & Co., Inc., N. Y.
1,200,000
ing (no par)
1,000,000
1,200,000
Earnings per share after
Prince & Whitely, New,,,York, are distributing an analysis of Royal
$10.12
$4.09
$2.17
$5.90
preferred dividendsDutch Co.
-V.130, p.4627,4438.
FINANCIAL CHRONICLE
AM.9 1930.]
961
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES-METALS
-ETC.
-WOOL
-DRY GOODS
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter, in a department headed INDICATIONS OF
BUSINESS ACTIVITY.
Friday Night, Aug. 8 1930.
COFFEE on the spot was quiet and lower with Santos 4s
12 to 123/20.; Rio 7s, 73/20.; Victoria 7-8s, 6% to 6%c.
Santos cabled: "It is persistently rumored that the President-elect has made a big deal with London involving
renewal of contracts with Sao Paulo railroads and sale of
national railroads." Fair to good Cucuta, 133 to 1434c.;
%
prime to choice, 14% to 153c.; washed, 15 to 153c.;
Ocana, 139 to 143c.; Bucaramanga, natural, 133 to
%
143/20.; washed Honda, Tolima, Giradot and Manizales,
16 to 163c.; Medellin, 18 to 183c.; Mexican washed, 17
to 18c.; Surinam, 113' to 120.; Ankola, 23 to 29c.; Mandhelling, 25 to 35c.; genuine Java, 243/i to 25c.; Robusta washed,
123' to 13c.; natural, 9 to pMe.; Mocha, 193/i to 20c.;
Miner, 17 to 173,c.; Abyssinian, 143/i to 15c.; Guatemala,
prime, 163/i to 17c.; good, 153 to 15%c.; Bourbon,
133/i to 14c. On the 4th inst. there were not very many
cost and freight offers from Brazil, but of what there were
they were about unchanged to slightly higher. For prompt
shipment they included Santos Bourbon 2-3s at 11.95c.;
3s at 11.25 to 12.8004 3-4s, 11.45 to 11.70c.; 3-55, 10.50
to 11.150.; 4-58, 10.60; 5s at 10.30 to 10.45c.; 5-6s, 10.10c.;
6s. 9.90, and 6-7s at 9.25c.; part Bourbon, 3-5s, at 10.750.
Rain-damaged 3-4s were offered at 9.85c.; 6-7s at 9.05c.,
and 7-8s at 7.10c. Victonas for Aug.
-Sept.-Oct. shipment
were offered at 5.80c. for 7-8s.
inst. cost and freight offerings from Brazil
On the 6th
were in fair supply and in some instances weaker ranging
from unchanged to about 30 points lower. For prompt
shipment they included Santos Bourbon 2-3s at 11.45 to
12.25c.; 3s at 11 to 11.50c.; 3-4s at 10.60 to 12.35c.; 3-5s
at 10.25 to lie.; 4-5s at 10.10 to 10.55c,; 5s at 10 to 10.25c.;
5-6s at 9.25 to 9.85c.; 6s at 8.95 to 9.60c.; 6-7s at 9.00 and
7-8s at 7.50c.; rain-damaged 6s at 9.10c.; and 7-8s at 6.50
to 7.10c. Peaberry 3s were offered at 10.85e.; (via Rio)
3-4s at 10.60 to 11.600.; 4s at 10.100., and 4-5s at 10.50c.;
Rio 7s at 6.20 to 6.25c. and 7-8s at 6.00 to 6.05c. For
Aug.
-Sept. shipment Bourbon 4s were offered at 10.50c.;
-Oct. Bourbon 6s at 9.30c.; Sept.
-Sept.
Aug.
-Nov. 6s at 8.60c.;
-Dec. Rio 7s at 6.0004 Victoria 7-8s Aug.
Sept.
-Sept.-Oct.
cost and freight offerings were
at 5.75c. On the 7th inst.
unchanged to 25 points higher. For prompt shipment they
included Santos Bourbon 2-3s at 11.45 to 12.25c.; 3s at
11.500.; 3-4s at 10.50 to 12.35c.; 3-5s at 10.25 to 11.60c.;
4-5s at 10.35 to 10.6004 5s at 10.25e.; 5-6s at 9.75 to 9.85c.;
6s at 9.05 to 11c.; 6-7s at 9c.; 7-8s at 8e.; part Bourbon
3-5s at 10.75e.; Peaberry 2-3s at 12.10c.; 3-45 at 10.85 to
11.60c.; 4s at 10.85c.; 4-5s at 10.50c.; Rio 7s at 6.25e.
Bourbon Os for Sept.
-Nov. shipment were here at 8.70c.
G. Duuring & Zoon, Amsterdam cabled their monthly
statistics as follows: Arrivals of all kinds during July 768,000
of which Brazilian 422,000; deliveries all kinds during July,
792,000 of which Brazilian 404,000; stock in Europe August
1, 2,071,000; world's visible supply August 1, '5,400,000,
showing a decrease of 193,000. On the 4th inst. prices
ended 7 points lower to 5 points higher for Rio and 6 points
lower to 16 higher for Santos. The sales were 20,000 bags
)
of Santos and 11 000 Rio. . Cost and freight prices were
lower. Rio for shipment were obtainable at 6c. That made
people stare a little. .
On the 5th inst. Brazil bought Santos to some extent with
Brazilian exchange steadier. The Santos rate was higher
at 5 5-32d. a rise of 3-64d. A year ago the Santos rate was
5 31-32d. Rio exchange was unchanged. Futures on the
6th inst. were irregular, Santos falling 6 to 15 points while
Rio advanced 1 to 3 points. The sales at the Exchange were
26,000 bags of Santos and 27,000 Rio. Santos futures were
affected by the decline in spot Santos 4s to 12 to 12%c.;
Rio 7s were nic. and Victoria 7-85, 65i to 6%c. On the
/
3
7th inst. futures advanced 8 to 15 points on higher Brazilian
cables, scarcity of contracts and covering. Santos Exchange
advanced 1-64d. while Rio was unchanged. Europe bought
rather freely early in the day. Shorts covered. But at best
it was a small market. The sales of Santos were 26,000 bags
and of Rio 10,000. To-day prices closed 8 to 11 points higher
on Rio and 7 to 18 higher on Santos with sales of 14,750 Rio
and 25,000 bags of Santos Final prices show an advance
:
for the week of 12 to 19 points on Rio and 2 to 28 points on
Santos.
Rio coffee prices closed as follows:
Spot unofficial- 7 !December _ _6.00 ©nom I MaY
8eptember-6.59@nom I March
5.80@nom I July
Santos coffee prices closed as follows:
Spot unofficial.8eptember11.12@
I December_ _9.92@
March
9.240
---
I May
I July
5.72@nom
5.67@nom
9.07@9.10
8.94@8.98
COCOA closed to-day 15 to 20 points lower with sales of
54 lots; Sept. ended at 7.51c.; Dec. 7.72c. and March, at
8.02e., or 25 to 49 points lower than a week ago.
SUGAR.
-On the 4th inst. prices advanced 2 points on
covering, partly in expectation of a better business in refined
next week. Cuban interests were the largest buyers. The
sales were 35,800 tons. Refined early in the week was
4.70c., with trade slow; later it fell 20 points. Exports of
raw sugar from Cuba for the first seven months of 1930
aggregated 1,459,803 tons, of which 848,829 tons went to
the United States and the balance to Europe, Canada and
other ports. During the corresponding months of 1929
Cuba exported 3,218,394 tons, of which 2,483,174 tons went
to the United States and the balance to other ports. Japan
and China, which took 30,611 tons of Cuban sugar in the
first seven months of 1929, made no sugar purchases in
that country during the first seven months of the current
year. On the 4th inst. 6,5,000 bags of Cuba for Aug. 18
loading sold at 13c. c. & f.
Receipts at United States Atlantic ports for the week were
39,207 tons against 57,583 in the previous week and 68,961
in the same week last year; meltings 62,299 tons against
61,487 in previous week and 72,056 last year; importers'
stock 157,162 against 157,162 in previous week and 397,810
last year; refiners' stocks 155,233 against 178,325 in previous
week and 244,181 last year; total stocks 312,395 against
335,487 in porevious week and 641,991 last year. On the
6th inst. refined fell to 4.500. Raw sugar was quiet with
two cargoes of Porto Rico available it seems at 3.22c. and
others offered at 3.25c. On the 7th inst. a sale of 2,000
Philippines in port at Philadelphia was made at 3.20c. The
meeting of local bankers and the Cuban committee was in
session. A cargo of Cubes afloat sold early at 1.23c. c.&f.
A sale of 25,000 bags of Cuba for second half of August
shipment was reported at 3.220. It was stated that a committee of Cubans was to arrive in New York on the 7th inst,
to meet with the American Committee to discuss again
measures for the Defense of the Cuban sugar industry. It
is not known what plan or plena they have under consideration but the Claret Plan is believed to be one. This contemplates a tax by the Cuban Government on exports to the
United States of forty points in order to secure in this market
the major portion of the fifty points to which Cuba is entitled under the present Tariff Act. If Cuba were successful
in this, it would, it is contended, strengthen her hand
materially in any conference with competitors. Restrictive
measures of some kind some think are very likely to be
ado ted.
e total sugar melt of 15 United States refiners from
Jan. 1 to July 26 was 2,795,000 long tons, against 2,980,000
long tons in the corresponding 1929 period. Deliveries from
Jan. 1 to July 26 totaled 2,615,000 long tons against 2,750,000
long tons in the corresponding 1929 period. On the 5th
inst. futures dropped 4 to 6 points with Cuban buying withdrawn and the market left to its fate. The sales were only
35,000 tons. Sales on the basis of 3.21c. were of 4,600
tons and 5,000 bags of Porto Rico and Philippines, including
2,600 tons of Philippines. Refined was down to 4.60c.
and some predicted 4.50o. with raw sugar so weak. London fell 13,d. Futures on the 6th inst. advanced 3 to 5
points, but part of this was lost with spot sugar quiet and
Cuban interests selling futures. The trading was in only
28,150 tons, largely of September and January. Refined
was 4.50c. Futures on the 7th inst. moved up 2 to 3 points
more on the buying in of hedges and other covering. The
trading was mostly in December, March and July, though
May was more active towards the end. But even so, the
total trading was small, only 22,400 tons. Refined was
4.500., the lowest price ever touched, so far as the records go.
To-day prices ended unchanged to 2 points lower with sales
of 18,350 tons. Final prices are unchanged to 2 points
lower for the week.
Closing quotations follow:
1.28@nom I May
Spot unofficial_134 !January
1.43@nom
September_ _ _1.1510 1.16 I March
December--1.26@nom
1.36@
I July
1.51@nom
LARD on the spot was firm with Prime Western 10.85 to
10.950.; Refined Continent, 113/sc.; South America, 11 y
v...
Brazil, 12%e. Later Prime Western 11.05 to 11.15c.;
fined to Continent, 11%c.; South America, 11%c.• Brazil,
12%e. Later spot prices continued to rise; Prime '
Western,
11.35 to 11.45c.• Refined Continent, 1138c.; South America,
/
113'e.; Brazil, 123'c. Spot prices on the 7th inst. were
noticeably strong with futures the bracing factor; Prime
Western, 11.45 to 11.55c.; Refined Continent up to 1140.;
South America to 12c. and Brazil to 13c. Futures on the
2nd inst. advanced 18 to 45 points with corn higher and
hogs steady. Western hog receipts were 24,500 against
33,400 a year ago. Receipts at Chicago were 7,500.
962
. FINANCIAL CHRONICLE
Futures on the 4th inst. advancedT15 points with corn
soaring and hogs up 10 to 20 cents. The Western hog receipts were 86,100 against 113,000 for the same day last
year. Last week the exports from NewjYork were 2,915,000
lbs. of lard against 5,292,000 in the previous week. On
the 5th inst. futures advanced 10 to 15 points with grain
higher and hogs up 10 to 15 cents. The Western receipts
were 70,400 of hogs against 82,900 a year ago. Liverpool
lard was sharply higher, rising 2s. 6d. to 3s. overnight.
Exports from New York were about 550,000 lbs. to European
ports. Cash lard was higher. Prime Western 11.15 to
11.25c.; refined Continent, 11%e.; South America, 113.'c.;
Brazil, 12%c. Futures on the 6th inst. advanced 12 to 17
points net in keeping pace in a very moderate way with the
rise in corn of 7 to 8c., and only held back by lower prices
for hogs. Hog receipts ran up to 82,300 against 81,300 a
year ago. Liverpool was 3d. lower to 3d. higher. Cash
prices advanced sharply. Futures advanced 8 to 30 points
on the 7th inst. with corn still rising and nervous shorts
covering. Hogs were steady. A reaction in futures came
later as corn lost some of its rise but the net advance in lard
for all that was 8 to 17 points. To-day prices ended 10
points higher, moving to some extent with the upturn in
grain. Final prices show the rather remarkable rise for the
week of 85 to 112 points.
[VOL. 131.
year also was lower, amounting to 17.5e. per pound as
against 21.5c. per pound during the previous year. The total
importations were valued at $926,390, as against $631,.250
in 1929. On the 4th inst. prices advanced 10 to 20 points
with sales of 290 tons of old and 377 tons of new contracts.
Outside prices were firmer. New contract closed on the 4th
inst. with Sept., 10.50c.; Dec., 10.900.; March, 11.320.;
May, 11.63 to 11.68e.; Old contract, Sept., 10.30 to 10.40e.;
Oct., 10.60e.; Dec., 10.80c.; March, 11.20c.; May, 11.60e.
Outside prices: Plantation spot and August, 103j to 10%e.;
Sept., 103 to 103c.; Jan.
-March, 11 to 113(c.; spot,
first latex thick 103' to 105 c.; thin pale latex, 103 to 11c.;
%
%
5
clean thin brown No. 2, 93% to 9%e.; specky crepe, 9 to
93jc.; rolled brown crepe, 8 to 8%c.; No. 2 amber, 9% to
3
10e.; No. 3, 93 to 9%c.; No. 4, 93 to 93/2c.; Pares, upriver fine spot, 13c.; coarse, 63e. .0n the 5th inst. prices
declined 12 to 40 points with sales of 552 tons with London
down to 5d. for August a new low in the history of the
trade there. Malayan shipments in July decreased 2,000
tons to the United States but gained more than 4,000 tons
to Great Britain. The total Malayan shipments of crude
rubber to the United States during the month of July
totalled 24,470 tons, against 26,491 tons shipped in June, a
decrease of 2,021 tons. Crude shipments from Malaya to
the United Kingdom showed an increase, totalling 9,218
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. tons for July, against 4,673 tons in June. Shipments to all
.
Wed. Thurs. Fri.
Tues.
Mon.
Sat.
countries for the month amounted to 41,347 tons against
10.55
September
10.45
10.30
10.72 10.85
10.95
36,657 tons in June. Here new contract closed on the 5th
October
10.82 10.90 11.00
10.65
10.50
10.35
inst. with Sept., 10.38e.; Dec., 10.75 to 10.78c.; March,
December
10.52 10.65 10.82 10.92
10.40
10.25
PORK quiet; Mess, $30.50; family, $33.50; fat back, 11.20c.; Old contract Sept., 10.20 to 10.300.; Dec., 10.600.;
$21.50 to $25. Ribs, 14e. Beef firm; mess, $22; packet, March, 11.10c.; May, 11.40c.; Outside prices: Plantation
-March, 11
$19 to $22; family $23 to $25; extra India mess, $40 to $42; spot, August and Sept., 10% to 103c.; Jan.
No. 1 canned corned beef, $3.10; No. 2, $5.50; six pounds to 11%c.; spot first latex thick, 10% to 10%e.; thin pale
%
South America, $16.75; pickled tongues, $70 to $75. Cut latex, 103 to lle. In London Sept. 53gd.; In Singapore
meats steady; pickled hams, 10 to 20 lbs., 183/i to 193c.; August, 4%d.
On the 6th inst. prices fell 7 to 20 points to 9.90e. for
pickled bellies, 6 to 12 lbs.„ 18.32 to 20.14c.; bellies clear,
dry salted box, 18 to 20 lbs.16c.;14 to 16lbs., 163,e. Butter, August, a new low. But later it rallied and closed at 10e.
lower grades to high scoring, 313' to 383/2e. Cheese, 183v to 10.10e. Akron was dull. London was unchanged to
-Dee., 5 3-16d.
to 26c.; flats, 183 to 25c. Eggs, medium to extras, 17 to 1-16d. lower; Aug., 6d.; Sept., 5 1-16d.; Oct.
29o.; closely selected heavy, 293' to 30c.; premium marks, Singapore was off 1-16d. to 4 9-16d. for Aug. New contract
303 to 33c.; extra whites in some cases 1 to 23e. higher. Sept. closed on the 6th inst. at the Exchange at 10.30 to
10.38c.; March, 11.10 to 11.14c.; May, 11.42 to
-Linseed was in good demand and firm at 13.80. sales, 400 tons. Old contract: Sept., 10.200.; Oct., 11.44e.;
OILS.
for raw oil in carlots, cooperage basis. Northwestern ad- Dee., 10.60c.; March, 11.100.; May, 11.30 to 10.400.;
11.40c.;
vices said that the heat wave besides reducing the flax crop June, 11.50o.; sales, 545 tons. Outside
had impaired the quality to a great extent, and that the oil spot and Aug., 103( to 10%c.; Sept., 103prices: Plantation
to 103c.; Oct.
content was sharply under that of the seed of 1929. Under- Dee., 105 to 103/8e.; Jan.
%
-March, 11 to 114c.; first latex
lying conditions are more bullish. Cocoanut, Manila coast thick, 103/ to 10%c.; thin pale latex, 10% to 110. On the
/
tanks, 530.; spot, N. Y. tanks, 6%e.; China wood, N. Y. 7th inst. prices ended 7 points lower to 5 points higher.
/
drums, carlots, spot, 93'c.; tanks, 83/i to 830.; Pacific Coast Wall Street bought May. Other houses bought Sept.,
-Dec., 83..e.; Soya bean, tanks, Dee. and March. Actual rubber declined. The sales were
tanks, Aug.-Sept., Sc.; Oct.
coast, 83/2 to 9c.; domestic tank cars, f.o.b. Middle Western 150 tons of new contract and 417 of old. New Aug. ended
mills, 8 to 83c. Edible, olive, 1.65 to 2c. Lard, prime, at 10.25c.; March at 11.10 to 11.14c.; May, 11.44e.; old
133,c.; extra strained winter, N. Y., 110. Cod, New- Aug., 100.; Sept., 10.20 to 10.30e.; Dec., 10.50 to 10.60e.;
foundland, 600. Turpentime, 40% to 463'c. Rosin, $5.35 March, lie.; May, 11.300. Outside prices: Plantation
to $7.90.
spot and Aug., 10 to 1034o.; Sept., 103, to 109'c.; Oct.
COTTONSEED OIL sales to-day,including switches: Old Dec., 10% to 10%c.; spot first latex thick, 103/ to 103'803.;
thin pale latex, 10% to 10%c.; clean thin brown No. 2,
12,700 bbls.; new 7 contracts. Prices cloned as follows:
9% to 9%c.; specky crepe, 9 to 93.c.; rolled brown crepe,
New.
Old.
8 to 83c.; No. 2 amber, 9% to 10c.; No. 3 amber, 9% to
8.30 ___ November
7.70
Spot
December
8.30
7.80 8:86 93
August
%e.; No. 4, 93j to 93c. In London Aug. 5d.; Sept.,
8.55(88.58 January
7.90 8.08
September
7.90 8.20 5 1-16d. Singapore Aug. still 4 9-16d. To-day prices
8.56(88.60 February
October
8.20 8.30 closed unchanged to 10 pionts lower on both contracts with
December
8.57(88.62 March
April
8.33 8.40 sales of 39
lots of new and 151 lots of old contract. Final
-Despite the recent big increase in de- prices show a decline for the week of 30 points.
PETROLEUM.
mand large stooks have offset the gain in consumption.
HIDES.
-On the 2nd inst. prices closed unchanged to 3
Bulk gasoline prices were easier. Several refiners who were
quoting nominal prices on higher levels were said to be points lower with sales of 280,000 lbs. September closed
offering at around 83/2c. for tank cars at refineries late in at 10.65c.; December, 11.70c.; May, 130. On the 4th inst.
the week. A large quantity of gasoline was understood to prices declined 14 to 19 points with sales of 1,800,000 lbs.,
have sold at 73/c. barges, but it is doubtful if any of the closing with August,10.25c.; December, 11.56e.; May, 12.81
2
refiners would consider anything like that price. The feel- to 12.85c. Recent sales in the River Plate market were
ing is optimistic, however, and belief generally is that the 30,000 Argentine frigorifico steers at 133 to 13 3-16e.
market will gradually improve from now on. Domestic Russian, United States and German buyers were more inheating oils were quiet but steady. Bunker oil grade C was terested. United States buyers did not buy much. City
.
still $1.15 at refineries. Diesel oil was $2 same basis. packer hides were a little more active and several local
Kerosene was quiet and weaker with 41-43 gravity water packers have sold up their output. Bulls, 6% to 6%e.
white 6%c. in tank cars at refineries. Pennsylvania lubri- Common dry Cucutas, 14%c.; Orinocos, 14c.; Maracaibo
La Guayra,. Ecuador and Santa Marta, 13c.; Central Amercating oils were in fair demand.
Tables of prices usually appearing here will be found on an earlier page in ica, Savanillas and Puerto Cabello, 12c.; Packer, butt
our department of "Business Indications." in an article entitled "Petroleum brands, 133.o.; Colorados,
13e.; Chicago, light native cows,
and Its Products."
June-July, lie.; New York City califskins 5-7s, 1.50e.;
RUBBER.
-On the 2nd inst. prices fell 11 to 46 points. 7-9s, 1.90e.; 9-12s, 2.60e. On the 5th inst. prices ended
All of this year deliveries were well under 110. and some unchanged to 25 points lower with sales of 1,400,000 lbs.
spot prices fell below 100. New contract Sept. closed at And 12,000 frigorifico steers August sold at 13 3-16e. and
10.51 to 10.550.; March, 11.30 to 11.33c.; May at 11.64; 1,900 heavy native steers, July at 13%c., both showing
sales 250 tons. Old contract Sept. closed at 10.30 to 10.400.; unchanged prices. At the Exchange August closed at 10.10e.
Oct., 10.50e.; Dec. at 10.80c.; March at 11.20e. and May Sept., 10.30 to 10.456.; Dec. at
May at 12.80
at 11.40 to 11.50c.; sales 140 tons. Outside prices: Planta- 12.850. On the 6th inst. prices11.500.; unchanged to to
ended
10
tion spot and August, 103/i to 103c.; Sept., 103 to 10%c.; points lower with sales of 1,520,000 lbs.
A lot of 4,000
Oct.
-Dee., 103 to 10%c.; Jan.
-Mar., 10% to 11c.; spot July frigorifico steers sold at 1330., a decline of 1-16e.
%
first latex thick, 10% to 103/Ic.; thin pale latex, 10% to August on the 6th inst. closed at the
Exchange at 10e.;
103'c.; clean thin brown No. 2, 93 to 93/Ic.; specky crepe, Sept. at 10.30c.; December at 11.41
to 11.450;. February,
8% to 9%c.; rolled brown crepe 73/i to 83.e.; No. 2 amber, 120.; May, 12.70c.
93. to 93.c.; No. 3, 93 to 93c.; No. 4, 9 to 93o. 'Utiliza- .On the 7th inst. prices fell 19 to
.
24
tion of crude rubber in liquid form, known in the rubber ning up to 2,560,000 lbs. People arepoints with sales runbeginning to wonder
trade as liquid latex underwent considerable expansion during when the price will touch
bottom. Spot hides fell
the first half of the year by American tire manufacturers. basis of 10e. for steers. The sales included 3,000 to the
branded
Importations for the 6 months ended June 30 1930, amounted cows and steers, packer
type, July-August at 10e.; 12,000
to 5,286,276 lbs. against 2,925,173 lbs. in the same period native cows and steers, packer type July-August, 10e.; group
last year. The average value of liquid rubber imported this sale of 10,000 branded cows and steers, packer type, August,
AUG. 9 1930.]
FINANCIAL CHRONICLE-
963
10s. and sales 275 tons. To-day Aug. closed at 29.95 to
30c., Sept. 30.10e., Oct. 30.25c. and Nov. 30.40c.
LEAD was in good demand and steady at 5.35c. East St.
Louis and 5.50c. New York. In London on the 7th inst.
prices declined is. 3d. to £18 7s. 6d. for spot and £18 6s.
3d. for futures. To-day prices were 5.500. New York, and
5.35c. East St. Louis.
ZINC was quiet and rather weak at 4.40c. East St. Louis
CHARTERS included grain; 28,000 qrs. one U.S. Gulf port to Antwerp and 4.75c. New York, with Sc. additional for September
or Rotterdam, 12 or 1234c.; Bordeaux-Hamburg, 14 to 143.0.: United
Kingdom, 2s. 9d. to 3s.. Aug. 15 to 25. Sugar, large Japanese steamer, forward. Production is being out down by the closing of
Cuba to United Kingdom-Continent, 13s. 6d., Aug. 20
-Sept. 10. Tankers, the mines at Waco, Mo., where a water shortage has become
-steamer, Gulf to two ports north of Hatteras, clean, 27e., Aug. Time;
1.456 tons net, West Indies round trip, $1.05; 2,153 net tons, West Indies more acute. The shortage extends through the Picher disround trip, 90c.; 2,293 net tons, West Indies round trip, 95o.; 1,631 net trict, and it is said that more mines will have to close betons,same, $1.05; steamer 1,685 net tons, West Indies round,85o., prompt
cause of the drouth. In London on the 7th inst. prices
delivery north of Hatteras.
advanced 3s. 9d. to £16 2s. 6d. for spot and futures rose
-Hereabouts there was nothing new in 2s. 6d. to £16 12s.6d. Stocks of slab zinc in hands of AmeriTOBACCO.
conditions can producers
tobacco. It was a continuation of mid-summer
1 were 117,381 short tons against
on
of trade. None expected anything else. Prices were largely 109,578 tons July Aug. increase of 7,803 tons. Shipments
1, an
nominal as a mere routine trade proceded. The Washington in July were 32,235 tons against 36,670 in June and proweekly weather report on the 6th inst. said: "Tobacco is
against 43,473 in June.
in July was
yellowing and drying in some heavily producing sections of duction operating at 40,038 tonsJuly were 46,030 against
Retorts
the end of
interior owing to dry hot weather." Macon, Ga., wired 52,428 at
the
the end of June. The average number of retorts
the "U. S. Tobacco Journal:" "Georgia's tobacco crop,
estimated to be worth from $15,000,000 to $16,000,000 went operating in July was 44,646 against 52,440 in June and
producers at
on the auction block. The opening of the session here 52,104 in May. Unfilled orders on books of
tons at
the end of July
found warehouses in 22 south Georgia cities loaded down the end of June reached 34,135 tons against 28,979
and 30,515 at the end of May. To-day the
thousands of pounds of bright leaf tobacco, and buyers
with
by the score here from leading tobacco companies in the price declined to 4.30e. East St. Louis.
STEEL.
-Of course nobody expects any great increase in
United States and abroad. Prices at the opening ranged from
10 to 15 cents; average 12 cents. This is considerably below business at this time so nobody has been disappointed.
the 193' cents average of the first week of the season last Railroad buying may be the precursor of better times when
year. From Mazelhurst came a report of 400,000 lbs. on it starts. Some are inclined to think so. Youngstown will
the floor at market opening time, with a price ranging from continue to operate at 55 to 60% at this time. 'Pittsburgh
10 to 11 cents. Blackshear reported 250,000 lbs. at 12 cents, says the output has ceased to decrease. One wire said that
Statesboro 200.000 lbs. with no quotation. Waycross 130,000 in July steel ingots were produced at about 115,000 tons
at 1543.; Camilla 45,000 at 12c.; Nashville 350,000 at 123,c.; daily or somewhat more than 55% of full capacity. PredicThomasville 125,000 at 12o. and Tifton 275,000 lbs. at an tions are still heard of an Autumn improvement. Same
average of 13c. The average price brought by the Georgia say late September. In the last few years when there has
crop last year was 18.16 cents a pound. The crop this year been increased production after a poor July the increase
is estimated to be smaller than that of 1929, when it was has come in August. No August increase is likely this year.
90,750,000 lbs. Georgia growers say that the leaf this year There is too little prospect of an increase in trade. Autois of better grade. Havana cabled the "Journal" that the mobile business is slow. Youngstown wired later:"Definite
buying of bundled tobacco in Santa Clara continued brisk improvement in the steel industry of the Mahoning and
despite wage uncertainty. Farm-packed vegas are now Shenango valleys is seen this week by producers in several
moving at a lively pace. Sales for the week were 8,072 bales. factors which determine demands for rolled steels. AnCuban Land & Leaf Tobacco Co. plantations are finishing nouncement by the Republic Steel Corporation of the bookpacking of harvested crops. Prolonged drouth caused ing of additional large pipe orders, with other awards pendhardship in growing districts said Richmond, Va. Atlanta, ing, will mean employment of large groups of men on a
Ga., wired Aug. 5th: "Reports from two Georgia tobacco more regular basis. Resumption of work by some of the
markets to-day showed improvement of prices over the Michigan automobile plants including the Ford factories is
first week's figures. Nashville reported that 716,154 lbs. another favorable factor for the Youngstown districts mills.
were sold yesterday at an average price of $14.31 per Declaration by the Fourth Federal Reserve Bank in Clevehundred. This made total cash receipts for the day $102,507. land that stocks in manufacturers' and dealers' hands are
Warehousemen at Hahira said figures showed that the market low and that credit conditions are satisfactory, is another
made an average of the first four days last week of $12 per factor making for improved conditions." Pittsburgh's outhundred pounds and that yesterday 175,000 pounds sold put was said to be about 57%.
Chicago reported that excessive heat and the drouth in
for an average price of $15.89 on the farmers' independent
the Mississippi Valley during the past few weeks will affect
warehouse floors."
adversely sales of corn machinery and of tractors and equip..
COAL.
-The output of both hard and soft coal was in- went for Fall plowing. Buyers in general are cautious as to
creased. The Cleveland Ore & Coal Exchange reported a steel generally. Operations according to late reports were at
total of 1,316,433 tons of bituminous coal loaded into ves60%. U. S. Steel subsidiaries were reported to be
sels at that port during the week ended July 28. This 55 to at 64% or 1% better than last week. Scrap was
going
compares with 1,292,687 tons loaded in the same week of steady. But taking the steel trade as a whole, the outlook
last year. For the season to date the loadings have amounted is so uncertain that there is less disposition to talk about it.
to 18,877,107 tons as compared with 18,602,893 tons for Surveys of the steel
indicate
index of
the same period of 1929. Later prices were firm, even in steel mill activitiestrade failed tothat the'adjustedrecorded
hold the gain
has
the face of a slack demand. The • Central West still had during the last two weeks and it has dropped
back to 82.4
the best business.
from the 83.0.
COPPER remained at 110.for domestic delivery to the end
PIG IRON has been in light demand in this part of the
of October and at 11.30c. for export. Sales for both foreign country. Chicago, Boston and Philadelphia have made a
and domestic account during the first week of August were better showing than New York. Buffalo is about $16.
estimated at 21,000 tons of which about 7,000 were for export. Eastern Pennsylvania $18 and Chicago $18. There
is more
Domestic consumers appear to have plenty of copper for or less irregularity in prices
the usual competition
immediate needs and what little interest there is now in- for business in midsummer. owing toBuffalo
In the
district
volves only deliveries later on in the year. A number of three furnaces have been shut down. The output two or
fell off
large producers are said to have more than they need at 13% in July. The daily rate was 85,146 tons. The numpresent owing to the recent heavy purchasing when the metal ber of active blast furnaces was reduced by 16.
ruled between 11M and 12%c. In London spot declined
WOOL has been quiet at generally unchanged prices.
7s. 6d. on the 7th inst. at £48 3s. 9d.; futures fell 6s. 3d. to
fine delame,
£48. 35. 9d.; sales 200 tons spot and 350 futures. Electro- Ohio and Pennsylvaniablood,30 to 30 to 32c.;•% blood,300.;
blood,29
31c.;territory clean basis,
lytic spot unchanged at £51 bid and £52 offered. At the fine staple, to 31c.; IA
second London session spot advanced 5s to £48 8s. 9d.; to 73e.; fine75 to 7743.; fine medium, French combing, 68
medium clothing, 65 to 68c.; M blood staple,
futures ralled to £48 7s. 6d.; spot sales 50 tons; futures 200
to
tons. To-day old Sept.to April, 11.25c.;new August, 10.65e. 70 to 75c.; Yi blood, 6012 63c.; 34 blood staple, 53 to 58e.
Texas,clean basis,fine. months,75 to 77c.;fine 8 months,
TIN of late steady owing to a stronger London market. 68 to 70c.; fall, 67 to 70e. Pulled scoured basis, A super,
There was very little business, however. Straits sales in 65 to 70e.;; B, 53 to 57e.; C, 48 to 50c. Domestic mohair
the outside trade on the 7th inst. were probably under 25 original Texas, 39 to 400. Australian clean, 64-70s combing
tons with the price ending at 30.20c., an advance of 10 super, 58 to 700.• 64-70s clothing, 50 to 52c.; 64s combing,
points for the day. Futures were unchanged to 5 points 55 to 57c.; 60s, to 49e.; 58-60s, 46 to 47e. Boston wired
lower. Imports into the Straits during July totaled 5,526 a Government report early in the week: "Wool values are
tons against 5,590 in June and 5,803 in July last year. Im- firmer and the tone of sentiment in the market is a little more
ports from other territory were put at 2,161 tons for the cheerful owing to the development last week of a broader
month against 2,794 tons during June and 3,003 in July a interest in current offerings. The size of purchases made by
year ago. In London on the 7th inst. spot advanced £1 to the large manufacturers and the attitude of buyers toward
£136 10s. and futures rose 17s. 6d. to £138 7s. 6d.; Straits tin prevailing prices tends to confirm the recent confidence
advanced £1 to £137 15s.; sales, spot 70 tons, futures 330 members of the wool trade held in regard to wool values.
tons. At the second London session spot unchanged, while The receipts of domestic wool at Boston during the week
futures fell 2s. 6d. to £138 15s.,• sales, spot 5 tons, futures ended Aug.2 amounted to 16,084,900 lbs. as comared with
10 tons. The Eastern c. f. London quotation was £139 21,939,800 lbs. during the previous week." 'Liverpool,
10c.; native cows and steers, packer type, August, 104c.
At the Exchange closing prices on the 7th inst. were: August,
.9.80c.; Sept., 10.100.; Dec., 11.17c.; May, 12.51 to 12.55c.;
July, 12.95c. To-day prices ended unchanged to 20 points
lower with sales of 69 lots. August ended at 9.70e.; Sept.
at 9.90 to 10c.; Oct., 10.30c.; Nov., 10.70e.; Dee., 11.12c.
OCEAN FREIGHTS.
-Grain tonnage at one time was in
better demand. Later West Indies business increased.
964
[Void. 131.
FINANCIAL CHRONICLE
cabled Aug. 1: "The East India wool auction closed here today with little bidding. Despite lower levels at the opening
interest was so dull that prices were easier as the sale drew
to a close.
San Angelo, Texas, wired Aug. lst.-"West Texas sheepmen are heading a movement to restrict the production of
lamb in the United States by 25% for the coming year.
They would voluntarily reduce in the seven principal sheep
growing States 25% of their ewes. They would also sign an
agreement under which all lambs in excess of 90% of 75%
of the number of ewes in each flock would be turned over to
a fund to popularize lamb. A cattleman and sheepman of
San Angelo suggested the idea which is gaining popularity."
The amount of wool shorn in New England in 1930 was
28,000 lbs. greater than in 1929 according to a preliminary
estimate recently issued by the Department of Commerce.
Maine showed an increase of 25,000 pounds while Vermont,
Massachusetts and Rhode Island reported the same totals as
in 1929. For some time past farmers in New Hampshire
have been urged to use the waste land in that State for
wool growing. Experienced growers, however, state that
the dog laws in New England are not strict enough to permit
expansion of the wool growing industry in those parts.
Western sheep men admit that the White Mountain section
of New Hampshire is admirably adapted for wool growing and
are of the opinion that clips from that State will show a
gradual increase in the next five years.
SILK to-day closed 2 points lower to 3 points higher with
sales of 59 lots. August ended at 2.79; Sept. at 2.74 to 2.76;
October, 2.74 to 2.76; Dec., 2.75. Final points show a
decline for the week on September of 2 points.
to other destinations. In the corresponding week last year
total exports were 32,459 bales. For the season to date
aggregate exports have been 31,514 bales, against 47,669
bales in the same period of the previous season. Below
are the exports for the week.
Week Ended
Aug. 8 1930.
Great
GerExports from- Britain. France. many.
Galveston
Houston
Corpus Christi__
New Orleans_ _ _ _
Mobile
Pensacola
Charleston
Norfolk
New York
Total
Total 1929
Total 1928
---1,699
__
2:635
27
299
---____
4,959
1,429
____
-
Total.
594
941
5,012
6,388
6,947 . 2,488
4,035
11,851
2,456
5,076
9,978
7,215
Front
Total 1929.,..
Total 1928_.
Japan&
Russia. China. Other.
994
2,089
7.064
--------9,160 29,995
4.900
5,050
4,443
700
4,558 32,459
5,243 42.199
Exported to
-
Aug. 8 1930. Great
GerExportsfrom- Britain. France. many.
Total
Italy.
--------1,864 4,541
-------- 726 3.366
-------- --------4,471 9,430
_
2,173
953
---------2,099 9294
---------------878
851
400
----------------400
178
178
__
_--2,083
Aug. 1 1930 10
Galveston_
Houston
Corpus Christi
New Orleans_
Mobile
Pensacola__
Charleston_
Norfolk
New York_ _ _
Exported to-
Japan&
Italy. Russia. China. Other.
2,083
1,699
2,635
27
594
--------1,864
941
____
550
726
4,959------------4,471
1,429
2,178
953
--------2,099
8.51
1,268
352
-_ _ _
--__
5,981
6,388
6,947
7,834
15.976
3,202
5.076
12,327
8.675
Total.
4,541
3,910
9,430
9,294
878
400
178
615
2,488
____
550
9,160
31,514
4,463 4,900 9.240
7,164 17,108 10,746
5,703 47,669
8,280
73,025
NOTE.
-Exports to Canada.
-It awl never been our practice to include in the
above table reports of cotton se pments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and it is impossible to
give returns concerning the same from week to week, while reports from the ctistoms
districts on the Canadian border are always very slow in coming to hand. In view,
however, of the numerous inquiries we are receiving regarding the matter, we wil
say that for the month of June the exports to the Dominion the present season
have been 9,657 bales. In the corresponding month of the preceding season the
exports were 12,295 bales. For the eleven months ended June 30 1930 there were
188,754 bales exported, as against 252,683 bales for the eleven months of 1928-29.
COTTON
Friday Night, Aug.8 1930.
THE MOVEMENT OF THE CROP, as indicated by
our telegrams from the South to-night, is given below.
For the week ending this evening the total receipts have
reached 62,509 bales, against 34,308 bales last week and
12,297 bales the previous week, making the total receipts
In addition to above exports, our telegrams to-night also
since Aug. 1 1930 62,738 bales, against 52,522 bales for
the same period of 1929, showing an increase since Aug. 1 give us the following amounts of cotton on shipboard, not
1930 of 10,216 bales.
cleared, at the ports named:
Receipts at-
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
On Shipboard Not Cleared for
Other CoastLeaving
360
302
285
90
7
398 1,442
GerGalveston
Great
July 8 at
536
658 1,443
321
696 9,441 13,095
Houston
Britain. France. many. Foreign wise. Total. Stock.
Corpus Christi_ - 6,468 7,489 6,967 9.279 6,996 7,145 44,344
500 5.400 175,403
673
489
380
358
189
359 2,448 Galveston
900 2,000
New Orleans__ -1,000 1,000
9,369 306,820
14
___ 559 New Orleans-1
133
393
18
213 8,230
Mobile
518
408
103,603
169
169 Savannah
Pensacola
21
2
14
21
6
63,428
21
206
294 Charleston __
45
Savannah
--- 650
32
15
2
8,520
36
8
93 Mobile
-650 ---- --- Charleston
46,799
Wilmington- -- 2 Norfolk
_-__
- -_ 10
22 Other ports*
15,000 829.558
---12
500
500 2,000 12,000
Norfolk
9
9
Boston'
--------------------32
32
521 30,440 1,534,131
Total 1930
2,558 2,018 3,113 22,230
Baltimore
Total 1929_ - 3,236 2,400 6,047 14,429 2.192 28,304 489,312
Meal.thig week_
RAW 8.990 9.131 10.388 8.299 17.601 62.509
Total 1928-- 4,142 3,757 5,414 13,988 1,700 29,001 480,923
* Estimated.
The following table shows the week's total receipts, the
Speculation in cotton for future delivery advanced and
total since Aug. 1 1930 and the stocks to-night, compared
with last year:
declined earlier in the week as the weather or the technical
1929.
1930.
Receipts to
August 8.
This Since Aug This Since Aug
Week. 1 1929. Week. 1 1928.
Stock.
1930.
1929.
71,275
3,289 180,803
1,442 2,850
1,442
Galveston
3,082
1,106
71
71
Texas City
2,651 522,973 133,719
13,095 1,848
13,095
Houston
62,915
55,436
37,498
44,457 37,498
Corpus Christi _ _ _ 44,344
172
Port Arthur,&c38,338
5,193 316.189
2,448 4,975
New Orleans__ _ _ 2,448
Gulfport
11,969
9,170
1.401
949
559
Mobile
559
400
169
Pensacola
169
674
867
Jacksonville
19,204
583 103,603
443
313
Savannah
294
Brunswick
15,800
63,449
207
207
Charleston
93
93
60
Lake Charles_140
_
3,335
4,161
32
16
Wilmington_ __ _ 2
2
25,842
46,799
881
418
Norfolk
119
22
N'port News, &c.
238,480 133,990
New York
1,254
5,841
Boston
9
9
729
751
716
559
Baltimore
32
32
4,485
5,176
Philadelphia
Totals
62,509
62,738 49.834
52,522 1.564,571
517,616
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1930.
Galveston_ __ Houston......*
New Orleans_
Mobile
Savannah_
Brunswick_
Charleston_ _ _
Wilmington_ _
Norfolk
.&c.
N'port N.
All others
44,554
Total this wk..
62,509
1929.
1928.
1927.
1926.
1025.
13,401
29,535
9,029
655
4,131
22,382
30,584
14,041
333
1,935
13,199
13,078
7,537
765
5,770
1,487
87
2.217
1,634
140
677
1,442
13,095
2,448
559
294
2.850
1.848
4,975
949
443
5.778
5.858
6,712
124
639
93
2
22
207
16
418
583
44
339
3,578
118
470
38.128
997
23,105
803
454
49,834
21,074
84.022
73,869
43,254
84,461
Since Aug.1
62.738
52,522
26,376 116,000 104.971
* Beginning with the season of 1926. Houston figures include movement of
cotton previously reported by Houston as an interior town. The distinction
between port and town has been abandoned.
The exports for the week ending this evening reach a
total of 29,995 bales, of which 5,012 were to Great Briain,
6,388 to France,6,947 to Germany,2,488 to Italy, and 9,160
position dictated, but to-day broke wide open on the Government crop report of 14,362,000 bales. The decline was
some $3 to $3.50 a bale. On the 2nd inst. prices advanced
some 15 to 20 points on continued drouth and heat, but lost
most of the rise late on realizing; also there was some
hedge selling reported. Worth Street and Fall River were
dull. One crop report was 15,004,000 bales against 14,828,000 last year, 14,478,000 in 1928, and 17,977,000 in 1926.
The condition averages 66.6% against 71.1% a month ago.
The decline in conditions in July, therefore, averaged 4 %.
/
1
2
And 60.6 compared with 69.6 a year ago, 67.9 in 1928, and
67.5 as the 10
-year average. It is 3% under a year ago, 1.3
under this time in 1928, and 0.9 of 1% under the 10-year
average. Washington reports that July was the hottest
July the South ever had. It was the worst in 29 years.
August is usually cooler than July.
On the 4th inst. prices advanced 20 to 30 points on continued drouth and heat and heavy covering by Wall Street
and the West. Also wheat and corn were up 3 to 4c., and
stocks, sugar, and rubber advanced. This had a certain
effect. Moreover, the forecast did not point to any relief
from the drouth. And the belief was very general that the
Government report of Aug. 8 would be bullish. On the 5th
inst. prices fell 25 points or more, owing to reports of rains
in Texas and Oklahoma, heavy rains Just north of Oklahoma
In the corn belt, which might penetrate down into the cotton
country, and finally a weaker technical position. Heavy
covering had been done. The floating short interest was
correspondingly reduced. Liverpool's prices were nothing
stimulating. Cotton goods were still dull on both sides of
the Atlantic, to go no further, with the single exception of
France. There the mills were running at 92%, or had been.
A strike of 45,000 out of 125,000 textile hands was reported
In Roubaix, Tourcoigne, &c. Spot cotton was dull. There
AUG. 91930.]
FINANCIAL CHRONICLE
9651i
Staple Premiums
was little buying here for long account. The rainfall in 60% of average o
Differences between grades established
markets quoting
it turned out later, Arkansas had fixfor deliveries on
Texas was small, but, as
for delivery on contract Aug. 14 1930.
Aug. 141931J.
Figured from the Aug. 7 1930 average
rainfalls up to two inches, Oklahoma at 24 stations out of
quotations of the ten markets designated
some 40 reporting had up to 0.81 of an inch, and Louisiana
11-16 1-Inch &
loch.
longer.
by the Secretary of Agriculture.
1%. Memphis had less than half an inch. The drouth
.95 on Mid.
was unbroken in Texas, but this was ignored. Texas had '
White
.28
Middling Fair
.64
.80
do
.28
.64
Strict Good Middling- do
only 31% of the normal rainfall in July; Oklahoma, 29%;
.65
do
do
.28
.64
Good Middling
Tennessee, 25, and Arkansas, 26. In June and July comdo
.45
do
.28
.61
Strict Middling
Basis
do
.60
.27
Middling
bined the rainfall in Texas was only 50% of normal.
.71 off Mid.
do
.24
.51
Strlot Low Middling_
1.73
do
On the 6th lust, prices advanced 15 to 20 points on a bulldo
.22
.49
Low Middling
2.88
do
*Strict Good Ordinary- do
and covering of shorts. Rains occurred
ish weekly report
3.90
do
do
*Good Ordinary
stations, but 1.80 inch at Fort Worth, in
In Texas at 33
.65 on do
Extra White
Good Middling
do
.45
do do
Strict Middling
'Tarrant County, which raised 15,000 bales in 1928, was the
Even
do
do do
Middling
heaviest. In general, they were light. The Texas drouth,
.71 off do
Strict Low Middling-. do do
1.73
do
do do
Low Middling
in a word, was not effectually relieved. Oklahoma had but
.21 en do
.28
Spotted
.61
Good Middling
scanty rains. The Memphis "Commercial Appeal" esti.05 off do
do
.27
.80
Strict Middling
.72 off do
do
.24
Al
Middling
mated the crop at only 13,668,000 bales, the American Cot1.68
do
*Strict Low Middling- do
ton Service at 14,376,000, and the Cochran Bureau at 13,2.78 • do
do
*Low Middling
10 off do
.24
.49
Strict Good Middling___Yellow Tinged
775,000. The average of 12 reports was 14,144,000 bales
do
58
.24
do do
.49
Good Middling
against 14,626,000 a month ago and 14,828,000 the Govern1.05
do
.24
.49
Strict Middling
do do
1.68
do
*Middling
do do
ment total last year; condition, 66.5 against 71.5 at this
2.40
do
do do
*Strict Low Middlingtime in July, 69.6 the Government figure a year ago, 67.9 on
3.30
do
do do
*Low Middling
.23
.49
Light Yellow Stalned..1.33 off do
-year average. Moreover, outGood Middling
Aug. 1 1928, and 67.5 as the 10
1.88
do
do do do
*Strict Middling
side influences told. porn advanced 7 to 8c., and wheat 6c.
do
do
2.55
do do
*Middling
.23
1.58 off do
.49
Yellow Stained
Good Middling
That stirred the imagination. Stocks were dull and lower.
do
2 40
*Strict Middling
do do
But that was taken to mean that speculation was for a time
do
3.23
do do
*Middling
.24
.85 off do
.51
Gray
Good Middling
leaving stocks and going into commodities, notably grain.
1.20
do
.24
.49
Strict Middling
do
suggested that -unless the drouth in the Southwestern
It was
do
1.73
do
*Middling
1.78 off do
*Good Middling
Blue Stained
speedily relieved the outside public might
cotton country was
do
2.50
do do
*Strict Middling
well as grain, though some seemed sceptical.
try cotton as
do
3.28
*middling
do do
Meanwhile the summary of the weekly report said.
*Not deliverable on future iontraota.
"Weather conditions during the week, as affecting the
The
quotations for middling upland cotton in the
cotton crop, were largely a repetition of recent weeks, with New official
York market each day for the past week has been:
generally high temperatures, rather frequent showers in the
Sat. Mon. Tues. Wed.Thurs. Fri.
Aug. 2 to Aug. 8Eastern belt, and continued dryness in central and western Middling upland
12.85 13.10 12.85 12.95 13.15 12.55
districts, with the drouth intensified in most places. In
NEW YORK QUOTATIONS FOR 32 YEARS.
Texas there were effective showers at only about one-fifth
The quotations for middling upland at New York on
of the reporting stations. Progress of cotton continued Aug.8 for each of the past 32 years have been as follows:
fair to good in the South third, though with some shedding 1930
20.35c. 1914
1906
10.70c.
12.55c. 1922
reported, but in the northern two-thirds of the State there 1929
13.20c. 1913
12.00c. 1905
10.850.
18.350. 1921
39.50c. 1912
12.50c. 1904
1928
20.400. 1920
10.650.
has been bad deterioration, with bolls and plants small, 1927
32.15c. 1911
12.300. 1903
19.45c. 1919
12.750.
31.15c. 1910
16.05c. 1902
blooming at top, and premature opening. There have been 1926
9.00c.
18.750. 1918
27.150. 1909
12.50c. 1901
24.550. 1917
8.00c.
rains in Oklahoma, but mostly too light to be of 1925
scattered
__14.40c. 1908
1924
30.250. 1916
10.75c. 1900
8.91c.
benefit. Cotton badly deteriorated on uplands, 1923
9.45c. 1907
material
24.650. 1915
13.30c. 1899
6a9c.
with reports of wilting, shedding, and blooming at the top,
FUTURES.
-The highest, lowest and closing prices at
poor on bottoms, but in the latter New York for the past week have been as follows:
and progress was mostly
case the general condition is holding up fairly well. In
Tuesday, 1Vednesday, Thursday,
Friday,
Saturday, Monday,
Arkansas about one-fourth of the reporting stations had
Aug. 5.
Aug. 6.
Aug. 7.
Aug. 4.
Aug. 2.
Aug. 8.
beneficial rains, but elsewhere the crop deteriorated on all
uplands and on some lowlands as well, with rapid shedding August
Range__
in the hills and premature opening. Progress was fair to
12.9012.74
Closing_ 12.6212.87 --- 12.59- 12.28good on most of the lowest land. Rain is needed rather Sept.
Range-generally in other central States of the belt, with consid12.73- 12.88
13.01 13.04Closing_ 12.7612.42erable shedding reported and some top blooming. In the Oct.(old)
Range__ 12.88-12.99 12.91-13.17 12.87-13.13 12.79-13.02 13.16-13.42 12.50 13.30
Atlantic States conditions were much more favorable, and
12.87-12.88 13.02Closing_ 12.90-12.92 13.1513.18-13.20 12.56 12.58
progress of the crop wa$ mostly good."
Oct.(new)
Range__ 12.60-12.78 12.59-12.95 12.62-12.91 12.54-12.83 12.87-13.16 12.27 13.02
7th inst. prices advanced 40 points, owing largely
On the
Closing- 12.64-12.65 12.92-12.93 12.64-12.65 12.77-12.78 12.96-12.97 12.32 12.33
to continued drouth and heat in the Southwest, and un- Nov.(old)
Range _
crop reports. The Texas drouth was unfavorable Texas
12.9813.10 -13.27 -12.62Closing. 12.99 -13.23broken. Liverpool, too, was higher than due, owing to the Nev.(new)
Range__
Texas rains. Wheat advanced a couple
insufficiency of the
13.05 -12.40Closing. 12.7313.01 -12.74 -12.87of cents, but reacted. Offerings of cotton for a time were Dec.(old)
Range__ 13.03-13.17 13.06 13.35 13.10-13.34 12.95-13.22 13.33-13.56 12.68 13.40
interests and scattered shorts bought.
small. Wall Street
13.32 --- 13.1013.18 -13.37Closing. 13.0912.69-12.72
Dallas wired that general rains were necessary in Texas Dec.(new)
Range__ 12.75-12.92 12.78-13.12 12.84-13.12 12.74-13.03 13.08-13.36 12.46-13.22
really to help the crop. Texas advices said that in some
Closing_ 12.83-12.84 13.10-13.11 12.84-12.86 12.9713.14-13.15 12.49-12.51
sections of that State only one-half the crop was growing; Jan.(old)
Range__ 13.15-13.28 13.11-13.33 13.12-13.26 13.05-13.25 13.36-13.54 12.78-13.41
It was not fruiting as abundantly as it should; the plant
13.12- 13.24
13.41Closing_ 13.16-13.17 13.3312.78-12.8C
was shedding badly and leaf worms had appeared. Later Jan.(new) '31
Range__ 12.87-13.00 2.88-13.18 12.9043.18 12.82-13.09 13.20-13.43 12.58-13.2E
came a sharp setback in prices on evening up for the bureau
13.16-13.17 12.91-12.92 13.04Closing_ 12.9213.23-13.25 12.6042.61
report to-day, though the ending was at a net rise of 15 to Feb.
Range..
22 points.
13.12Closing_ 13.0113.27 -12.9913.3212.68To-day prices broke 60 to 70 points on the Government Mar.
Range.. 13.04-13.19 13.06-13.38 13.08-13.36 12.98-13.24 13.34-13.60 12.70-13.41
estimate of 14,362,000 bales, which was larger by
crop
Closing. 13.1113.3813.08-13.09 13.20-13.2 13.41-13.42 12.76-12.71
300,000 bales than many had expected. The condition was April
Range.
-year average
stated at 62.2 against 69.6 a year ago, and a 10
Closing. 13.1813.44 -- 13.1613.2713.4912.84 estimate of 14,362,000 compares with 15,543,000 May
of 67.5. The
Range _ 13.18-13.31 13.21-13.50 13.24-13.50 13.14-13.39 13.52-13.72 12.87-13.61a
14,828,000 the final of last year. The estia year ago and
Closing_ 13.2513.50 ---- 13.24-13.3513.5712.93mate of Aug. 8 1929 proved to be 715,000 bales too high. JuneRange- _
The Texas crop is put at 550,000 bales larger than the relaClosing. 13.3013.5513.2913.4313.6112.96 tively small yield of last year. The yield in the belt per July
Range....
13.5013.51 13.66-13.82 12.98-13.6.
acre is stated at 155.3 pounds against 159.3 in the report of
Closing_ 13.3513.6013.34 - 13.51
13.66
a year ago and 155 the final for last year. To some the conRange of future prices at New York for week ending
dition of 62.2%, or nearly 7%.% worse than a year ago,
made a crop estimate of 14,362,000 bales look a bit contra- Aug. 8 1930 and since trading began on each option:
dictory, but it was supposed that allowance was made for Option for
Range for Week.
Range Since Beg nning of Option.
the smallness of the weevil infestation this year. Also a
Aug. 1930_
12.75 June 18 1930 18.34 Nov.22 1929
4 to Sc. in wheat and corn from the early top Sept.1930
decline of
12.75 June 18 1930
2 1930
on a Washington statement that there was a chance of the Oct. 1930.. 12.50 Aug. 8 13.42 Aug. 7 12.47 July 31 1930 15.20 Apr. 20 1929
18.56 Nov.
New
drouth being broken early next week tended Nov. 1930 12.27 Aug. 8 13.16 Aug. 7 12.22 July 31 1930 15.87 Apr. 4 1930
great Western
12.97 June 18 1930 17.78 Dec. 16 1929
New
to depress prices for cotton. It was reasoned that if the
12.78 June 18 1930 14.90 Apr. 15 1930
13.56 Aug. 7
drouth in the grain belt were broken that in the cotton belt Dec. 1930.. 12.68 Aug. 8 13.36 Aug. 7 12.68 Aug. 8 1930 18.06 Jan. 13 1930
New
12.46 Aug. 8
12.41 July 31
Apr.
would be. .Wall Street, uptown, Europe, New Orleans and Jan. 1931__ 12.78 Aug. 8 13.54 Aug. 7 12.74 July 31 1930 16.28 Feb. 4 1930
1930 17.18
1 1930
New
12.52
the South and Southwest all sold. Spot cotton fell 60 Feb. 1931 12.58 Aug. 8 13.43 Aug. 7 16.09 July 31 1930 16.03 Apr. 4 1930
Feb.
1930 16.6.5
1930
points, but the total Southern sales were double those of Mar. 1931 12.70 Aug. 8 13.60 Aug. 7 12.70 Aug. 20 1930 16.20 Feb. 15 1930
8
Apr. 1
Apr. 1931
13.26
the same day last year. Final prices show a net decline for May 1931_ 12.87 Aug. 8 13.72 Aug. 7 12.87 June 23 1930 13.34 June 18 1930
Aug. 8 1930 t5.00 June 2 1930
the week of 29 to 35 points. Spot cotton ended at 12.55c. for June 1931uly 1931- 12.98 Aug. 8 13.82 Aug. 7 12.98 Aug. 8 1930 13.82 Aug. 7 1930
middling, a decline for the week of 25 points.
966
FINANCIAL CHRONICLE
[VoL. 131.
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks as 352,577 bales more than at the same time last year. The
well as afloat are this week's returns, and consequently receipts at all towns have been 7,463 bales less than the
all foreign figures are brought down to Thursday evening. same week last year.
But to make the total the complete figures for to-night
MARKET AND SALES AT NEW YORK.
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.
Futures
SALES.
Aug.8Stock at Liverpool
Stock at London
Stock at Manchester
Spot Market.
Closed.
1930.
bales_ 697,000
1929.
770,000
115,000
91,000
812,000
861,000
749,000 1,265,000
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
452,000
190,000
11,000 Total week_
108.000 Since Aug. 1
24.000
515,000
443,000
658,000
785,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks
1928.
1927.
690.000 1,147,000
59,000
118,000
Saturday___
Monday _ _ _
Tuesday _
Wednesday_
Thursday _
Friday
Market
Closed.
Spot. Contr'ct Total.
Steady, 5 pts. adv.. Yery steady_ - _
Steady, 25 pts. adv- Very steady-Quiet, 25 pts. decl__ Barely steady_ _
Steady, 10 pts. adv. Steady
Steady,20 pts. adv_ Steady
Quiet, 60 pts. decl_ Steady
2,887,355 1.622,823 2.049.679 3,154,075
458,000 405,000 261,000 321,000
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
20,000
56,000
70,000
127,000
295,000
557,000
Total East India, &c
Total American
2,266,000 1,970,000 1,898,000 1,446,000
2,887,355 1,622,823 2,049,679 3,154,075
Total visible supply
5,153,355 3,592.823 3,945,679 4,600.075
Middling uplands. Liverpool
7.544. 10.16d.
10.33d. 10.404.
Middling uplands, New York
12.55c.
18.104. 19.30c.
19.404.
Egypt, good Sakel, Liverpool
13.454.
17.504. 19.104. 20.904.
Peruvian, rough good, Liverpool_
14.50d. 13.00d.
11.504.
Broach, fine, Liverpool
5.10d.
8.454.
8.954.
9.354.
Thu:lovelly, good, Liverpool
6.50d.
9.604.
9.90d.
9.754.
a Houston stocks are now included in the port stocks; in previous years
they formed part of the interior stocks.
* Estimated.
100
100
100
100
100
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
1930----Aug.8Total European stocks
1,327,000 1,304,000 1,407,000 2,050,000
Since
ShippedIndian cotton afloat for Europe
Week. Aug. 1.
149,000 151,000
98,000
70,000
Via St. Louis
American cotton afloat for Europe 106.000 127,000 178,000 233,000
1,631
1,715
Via Mounds, &c
EgyptBrazil,&c.,afloatforEurope 90.000 128,000 120,000
784
904
127,000
Via Rock Island
Stock in Alexandria. Egypt
473,000 205,000 192,000 295,000
60
60
Via Louisville
Stock in Bombay, India
895,000 964,000 1,151,000 557,000
307
307
Via Virginia points
Stock in T.J. S. ports
01,564,571 0517,616 0509,924 0908,266
3.067
3.567
Via other routes, &c
Stock in U. S. interior towns_ ___ 0548,784 0196,207 0286,255 0359,809
2,202
2,202
U. S. exports to-day
3,500
Total gross overland__ -8.051 ,
8,755
Total visible supply
5,153,355 3,592.823 3,945.679 4.600.075 Deduct Shipments
Overland to N.Y., Boston, &c__ _
Of the above, totals of American and other descriptions are as follows;
41
41
Between interior towns
247
American
316
Inland. &c.,from South
2,258
Liverpool stock
2.776
239,000 365,000429,000 826,000
Manchester stock
48,000
51,000 • 40,000
98,000
Total to be deducted
Continental stock
2,546
3.133
381,000 366,000 603,000 729,000
American afloat for Europe
106,000 127,000 178,000 233,000 Leaving total net overland*
5,622
5,505
IS. S. ports stocks
01,564,571 0517,616 0509,924 0908,266
U. S. interior stocks
0548,784 0198,207 0286,255 0359,809
* Including movement by rail to Canada.
U. S. exports to-day
3,500
Total American
East Indian. Brasil, etc.
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
100
1929
Since
Week. Aug. 1.
3,331
3,752
410
470
248
3,559
3,210
248
4,716
4,519
10,758
13,696
559
329
5,523
716
449
7.404
6,411
8,569
4.347
5,127
The foregoing shows the week's net overland movement
this year has been 5,505 bales, against 4,337 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 495 bales.
1930- -1929-In Sight and Spinners'
Since
Since
Takings.
Week. Aug. 1.
Week.
Aug. 1.
Receipts at ports to Aug 8
62,509
62,738
49,834
52,522
Net overland to Aug. 8
5.505
5,622
4,347
5,127
Southern consumption to Aug. 8- 85,000
100,000 116,000
156,000
Total marketed
153,014
168,360 170,181
213,649
Interior stocks in excess
*11,470
*12,911
*1,345
*12,712
Came into sight during Week.... _141,544
168,836
Total in sight Aug 8
155,449
200,937
North.spinn's's takings to Aug.8. 9,831
9,831 16,632
20,639
• Decrease.
Movement into sight in previous years: •
WeekBales. Since Aug. 1Bales.
1928
-Aug. 12
95,50911928
140,598
-Aug. 13
1927
189,195 1927
327.453
1926
-Aug. 14
125,172 1926
191.573
Continental imports for past week have been 83,000 bales.
The above figures for 1930 show a decrease from last
week of 76,251 bales, a gain of 1,560,532 over 1929, an
increase of 1,207,676 bales over 1928, and a gain of
QUOTATIONS FOR MIDDLING COTTON AT
553,280 bales over 1927.
OTHER MARKETS.
-Below are the closing quotations
AT THE INTERIOR TOWNS the movement
-that is, for middling cotton at Southern and other principal cotton
the receipts for the week and since Aug. 1, the shipments for markets for each day of the week:
the week and the stocks to-night, and the same items for the
Closing Quotations for Middling Cotton on
corresponding periods of the previous year, is set out in
Week Ended
Aug. 8.
detail below:
Saturday. Monday. Tuesday. Waraay. Thursav. rriaay.
Movement to Aug. 8 1930.
Towns.
Ala., Skin'ham
Eufaula
Montgomery.
Selma
Ark.,BlythevIlle
Forest City
Helena
Hope
Jonesboro_
Little Rock
Newport_
Pine Bluff.-Walnut Ridge
Ga., Albany
Athens
Atlanta
Augusta
Columbus
Macon
Rome
La., Shreveport
Miss., Cliksdale
Columbus. _
Greenwood
Meridian......
Natchez
Vicksburg_ _ _
Yazoo City_
Mo., St. Louis_
N.C.,Greensbio
Oklahoma15 towns._ _ _
S.C., Greenville
Tenn.,Memphis
Texas, Abilene
Austin
Brenham
Dallas
Paris
Robstown_
San Antonio_
Texarkana
Waco
Receipts.
Ship- Stocks
ments. Aug.
Week. Season. Week.
8.
1
1
62
93
39
1,090
215
157
157
25
29
84
3030
147
7
57
22
13
57
22
13
_
12
158
49
81
147
92
123
12
200
158
803
547 1,116
80
2.
147
200
____
92
189
123
640
98
12
142
98
12
142
1.098
1,182
3
1,183
5,204
162
89
54
147
42
1,831
-
Movement to Aug. 9 1929.
Receipts.
Ship- Stocks
ments Aug.
Week. Season. Week.
9,
6,824
10
21
4,475
18,477
67
692
12,478
60
9,687
4,975
8.746
768
1,505
21
6,163
1,018
14,073
55
2,362
86$
17
10,971
---645
48,794
46,611
783
120
1,202
156
10,787
1,866
150
35,028
14,498
25
2,361
40,457
3,295
116
3,451
1
4,582
4,377
8,932 2,072
100
7,683
10
282
429
21
6 1,219
67
231 5,839
692 ---- 2,350
60
374 3,506
1,319
245 1,845
•
344
726
21
7' 3,861
206
55
131 3,384
206
860
105 1,448
_-__ 2,079
645
947 7,052
874 2.028 29,509
120 1,000 6,779
156
341
967
300 2,555
150
46 7,004
25
175 4,037
85
123 6,332
116
---671
15 1,585
1
_--289
27
656
2,491 3,331 7,868
100
300 7,996
34 2,152 28,673
53
268 3,589
39
1,183 2,141 21,248 2,088
5,096 4.56: 17,290
5,673 10,911 143,250 5,115 16,744 7,008 42,010
313
467
40
40
___
20
___
7
557
195
86
88
36 2,470
21
21
111 2,055
I 10,472
343
343
763 1,984
--__ 1,654
11
34
2.166
2,166
481 2,900 4,000
4,000 2,000 11,007
384
384
_
888 1,137
1,510
270 2,448
.._ 1,933
10
10
10
785
17
17
81 5,763
490
490
57 2,219
Total. 56 towns 11,721
12,328 23,161548,784 19.184 24,751 25,14i 196,207
*Includes the combined totals 01 15 towns In Oklahoma.
Galveston
12.40
12.70
New Orleans
12.42
12.72
Mobile
12.00
12.30
Savannah
11.99
12.27
Norfolk
12.81
13.13
Baltimore
12.95
12.90
Augusta
12.38
12.69
Memphis
11.90
12.15
Houston
12.35
12.65
Little Rock
11.65
11.92
Dallas
11.90
12.20
Fort Worth --------12.20
12.45
12.49
12.20
11.99
12.81
13.10
12.38
11.90
12.40
11.65
11.95
11.95
12.60
12.60
12.20
12.13
12.94
12.90
12.50
12.00
12.55
11.78
12.05
12.05
12.80
12.80
12.30
12.31
13.13
13.20
12.69
12.20
12.75
11.96
12.25
12.25
12.15
12.11
11.60
11.67
12.50
13.20
12.06
11.55
12.10
11.32
11.60
11.60
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. 2.
Monday.
Aug. 4.
Tuesday, Wednesday, Thursday,
Aug. 5.
Aug. 6.
Aug. 7.
Friday.
Aug. 8.
Lugust
leptember
)ctober-_ 12.64-12.65 12.92-12.94 12.69-12.70 12.72-12.80 13.0012.31-12.32
iovember
)ecember. 12.83-12.84 13.11-13.12 12.8812.98-12.99 13.1912.51-12.52
'anuary'31 12.91 BM 13.19 Bid. 12.98 Bid. 13.07 Bid. 13.26 Bid. 12.59:ebruary _
darch ___ 13.11 Bld 13.3513.2213.1213.3912.751prIl
day
13.2513.51 Bid. 13.28 Bid. 13.37 Bid. 13.68 12.91 'une
uly
kugust_ _ Tone
loot
Quiet.
Quiet.
Quiet.
Quiet.
Steady.
Quiet.
Intinon
ixt.r.A., v.,,-.. wav Bteadv.
Steady. Very at'dv Steady.
AGRICULTURAL DEPARTMENT REPORT ON COTTON ACREAGE, CONDITION AND PRODUCTION.
For details of this report see under "Business Indications"
on a preceding page.
CONSOLIDATED COTTON REPORT.
-For details of
this report see under "Business Indications" on a preceding
page.
WEATHER REPORTS BY TELEGR
-Reports to
The above total shows that the interior stocks have us by telegraph this evening denote that APH.
temperatures have
decreased during the week 11,470 bales and are to-night continued high during the week and that
there have been
967
FINANCIAL CHRONICLE
-Continues hot and dry. Cotton has deteriorated fully 25%
Bartlett.
in last 10 days. 30% of our crop is late and is heavily infested with
both boll worms and leaf worms. Now looks like smaller yield than
that of last year.
-Account continued dry weather and excessive heat, crop
Brenham.
has deteriorated 40% last 30 days, and this county will fall far short
of expected yield. Much cotton open and this county has ginned
about 250 bales. Rain would do more harm now than good.
Bryan.--Drouth unbroken whilst badly in need of rain. First bale
made in the hills last Monday and 75 bales in by Saturday, mostly
strict middling, staple 15-18. Bottoms also starting this week. Afraid
staple rather unsatisfactory account drouth.
Cameron.- Hot, dry weather still prevails. Rains would be beneficial in stop;lag premature opening. Crop deteriorated 10% past two
weeks.
Thermometer
Rain. Rainfall.
Gonzales.
-Clear and hot; scattered showers over county. Bolls
1 day 0.16 in. high 92 low 80 mean 86 opening small. Causing considerable deterioration. Much complaint
Galveston, Texas
1 day 0.04 in. high 102 low 70 mean 86
Abilene
mean
1 day 0.52 in. high 100 low 72 mean 86 of root rot. Receipts, 450 bales.
Brenham
85
high 94 low 76
dry
--Still dry and hot. Cotton going backward. Should get
Lockhart.
Brownsville
high 92 low 78 mean 85 good movement next week.
dry
Corpus Christi
low 70
Dallas
1 day 0.02 in. high 100 low 70 mean 85
-Extreme hot and dry weather prevails. One-half inch
San Marcos.
mean 89
high 108
dry
Henrietta
Will have
1 day 0.16 in. high 100 low 64 mean 82 rain Friday did no material good. Some premature opening.
Kerrville
1 day 0.18 in. high 102 low 66 mean 84 goad movement last of week.
Lampasas
low 72 mean 88
2 days 2.08 in. high 104
Luling
-Old cotton has small weed but opening fast. Young cotton
Teague.
1 day 0.44 in. high 98 low 68 mean 83 fruiting irregularly, and bolls are small. Boll worms and army worms
Nacogdoches
high 100 low 70 mean 85
dry
Palestine
high 102 low 68 mean 85 doing great damage. Very dry and hot, general rain needed. Cotton
dry
Paris
mean
1 day 0.40 in. high 100 low 74 mean 87 crop looks 15% short of last season.
San Antonio
85
0.68 in. high 100 low 70
1 day
Taylor
-Cotton deteriorating account dry, hot weather. ConTemple.
1 day 0.01 in. high 104 low 68 mean 86
Weatherford
premature opening.
1 day 0.55 in. high 107 low 69 mean 88 siderable leaf worm showing in young cotton. Some
Ardmore, Okla
high 109 low 68 mean 89 If dont' get rain soon crop will be short and staple very poor.
dry
Altus
2 days 0.69 in. high 107 low 67 mean 87
Muskogee
-Cotton standing dry weather, but need rain. Leaf
Waxahachie.
2 days 0.08 in. high 106 low 70 mean 88
Oklahoma City
poisoning.
high 106 low 60 mean 83 worms are working some. Few boll worms. Farmers are
dry
Brinkley, Ark
1 day 0.03 in. high 104 low 70 mean 87 Will have first bale last of week.
Eldorado
1 day 0.08 in. high 102 low 70 mean 86
Rock
Little
SOUTH TEXAS.
hfgh 102 low 70 mean 86
dry
Pine Bluff
high 100 low 70 mean 85
dry
Alexandria. La
-Unusual heat of the past ten days has been very detriSeguin.
1 day 0.66 in. high 99 low 68 mean 84
Amite
away.
mean 86 mental to cotton crop in this section. Large patches wilting
dry
New Orleans
high 100 low 72 mean 86 Muclitedding and premature opening. Deterioration 15% in past 10
dry
Shreveport
high 107 low 62 mean 85 days. Three-inch rain only means of stopping deterioration.
dry
Columbus, Miss
high 105 low 60 mean 83
dry
Greenwood
high 99 low 72 mean 86
EAST TEXAS.
dry
Vicksburg
1 day 0.24 in. high 94 low 74 mean 84
Mobile, Ala
-Bottom-land cotton is holding up fairly well. Upland is
Center.
high 104 low 63 mean 84
dry
Decatur
1 day 0.01 in. high 99 low 73 mean 86 practically ruined except in spots. No insects.
Montgomery
high 98 low 70 mean 84
dry
Selma
-Cotton in this section suffering from heat and drouth.
Longview.
4 days 1.15 in. high 95 low 70 mean 83 Crop will be very short if rain does not come within next few days. Bolls
Gainesville, Fla
.43 in. high 97 low 69 mean 83
1 day
Madison
high 102 low 65 mean 84 opening prematurely and young cotton blooming before plant has enough
dry
Athens, Ga
1 day 0.30 in. high 95 low 68 mean 82 size to carry ordinary crop.
Augusta
0.29 in. high 103 low 68 mean 86
1 day
Columbus
-Continued hot, dry weather has been unfavorable but
Palestine.
3 days 0.58 in. high 94 low 72 mean 83
Charleston, S. C
disappeared. No insect damage.
1 day 0.14 in. high 98 low 60 mean 79 crop still progressing. Weevil have
Greenwood
2 days 0.15 in. high 96 low 62 mean 79 Deterioration normal. Picking starting this week. Looks like normal
Columbia
3 days 1.38 in. high 97 low 67 mean 82 crop here with chance of larger crop if rains come in time. Cloudy
Conway
2 days 0.13 in. high 100 low 66 mean 82 here to-day.
Charlotte, N.0
2 days 0.14 in. high 93 low 68 mean 81
New Bern
OKLAHOMA.
1 day 0.28 in. high 99 low 61 mean 80
Weldon
high 100 low 66 mean 86
dry
Memphis, Tenn
-Hazy to cloudy, temperature 104. Rain badly needed, but
Ada.
have also received by tele- doing remarkably well considering the weather.
The following statement we
graph, showing the height of rivers at the points named at
-Still hot and dry. Cotton holding up remarkably well,
Chickasha.
8 a. m. of the dates given:
but will crack soon if do not get rain.
Aug. 8 1930. Aug. 9 1929.
-Still dry and hot; no relief in sight.
Durant.
Feet.
Feet.
-Cloudy, thundering and a sprinkling rain. Seventy-three
Hugo.
1.3
Above zero of gauge3.4
New Orleans
the crop
2.6
Above zero of gaugedays of drouth and high temperature is playing havoc with undersize
13.0
Memphis
Above zero of gauge6.6
8.7
Nashville
generally. Cotton is rapidly opening, premature on small
Above zero of gauge6.9
6.6
Shreveport
plants, indicating marked reduction in yield and poor staple.
Above zero of gauge6.6
18.2
Vicksburg
-Last week hot and dry. Hot winds and high temperature
Idabel.
this morning and about
did the crops a great deal of damage. Cloudy get more. Atmosphere
Dallas Cotton Exchange Weekly Crop Report.
one-fourth inch rain had fallen; looks like will
The Dallas Cotton Exchange each week publishes a very some cooler.
-Conditions changed but little past week. Plant blooming
elaborate and comprehensive report covering cotton crop
Mangum.
Rain
conditions in the different sections of Texas and also in in top, wilting baldy middle of day.dry. urgently needed at once.
Wynnwood.-Hot and continued
Oklahoma and Arkansas. We reprint this week's report,
only light scattered showers in some sections. There have
been complaints of deterioration and shedding due to lack
of rain. Plants and bolls are small.
Tezas.-Progress of cotton continued fair to good in the
southern third of this State, though some shedding has been
reported. In the northern two-thirds of the State there has
been deterioration, with bolls and plants small.
-Hot, dry weather has prevailed in the
Mobile, Ala.
interior. Cotton is progressing nicely and opening freely.
Picking is becoming general.
-Cotton is deteriorating owing to
Memphis, Tenn.
excessive heat and lack of moisture.
which is dated Aug. 4, in full below:
TEXAS.
WEST TEXAS.
-It is unbelievable, but about 50% of cotton is standing up
Abilene.
well and is heavily fruited. The other 50% has quit growing and is
blooming in top. With general rain within 10 ten days we have chance
for a good crop.
Brownwood.-Scattered local showers not enough to do any good.
Condition serious.
Lamesa.-N0 rain since June 12. Cotton beginning to deteriorate
rapidly.
-Past week very hot and dry. Cotton deteriorating almost
Lubbock.
all over the plains. Crop will bg,very short unless it rains soon.
-No relief from drouth yet. It is doubtful if rain would
Paducah.
revive 50% of the plants. Condition is hard to estimate but am going
to guess It will be 20% of normal with 10% abandoned since July 1,
on account of sand storms.
-Continued drouth has almost put crops beyond redempPlainview.
tion. Our crop will be short regardless of what happens.
-Hot, dry weather continues. We estimate deterioration
Snyder.
past two weeks to have been 200,000 bales in west Texas, further think
deterioration will be 100,000 bales per week until it rains.
-Continued dry weather and hot winds make present
Sweetwater.
conditions poor. Rain badly needed.
-Cotton in critical condition due to dry weather. General
Turkey.
rain is needed.
NORTH TEXAS.
-Crop suffering serious and permanent injury from drouth
Gainesville.
and heat.
Greenville.-Situation critical. Widespread deterioration and premature opening. Crop looks short.
-Extreme high temperatures and dry weather causing
McKinney.
cotton to throw off. Plant is blooming on top. Need good general
rain. Movement will be on about the 15th or 20th.
Rope Cily.-About two-thirds of cotton holding up nicely in spite of
drouth. Balance needing good rain within next 10 days. Some few
complaints of boll worms and leaf worms. Expect movement to start
last week of August.
-No rain yet and no clouds in sight. Crop holding up
Wills Point.
surprisingly, but rain sorely needed. Leaf worms become more general.
Some poisoning being done.
CENTRAL TEXAS.
-Average crop made, but rain would help considerably filling
Austin.
out bolls and making more.
ARKANSAS.
-Another week without rain. Temperature mostly 105
Ashdown.
Crops have failed
to 112. Hot winds first four days, also yesterday.
badly. Army worms have made their appearance. Shower this
morning.
Helena.-Drouth continues. Cotton deteriorating very much. Shedprematurely.
ding squares and small bolls. Bolls half-grown are opening
No rain in sight.
All cotton stopped
-Excessive heat and drouth continues.
Magnolia.
growing. Bolls opening prematurely. Leaf worms have appeared.
Infestation seems general. Some farmers poisoning, others indifferent
but it is feared
as crop is so poor. A general rain would be beneficial,
would intensify ravages of worms.
southwest Arkansas damaged 25% from
Pinebluff.-Cotton crop of
month ago. Bolls only a third grown are drying up and opening. It
drouth continues a fortnight longer, large percentage of crop will open.
First bale here came yesterday-two weeks early. Temperatures 100
to 110. No rain since May 18. Army worms reported along river.
-Past week makes the tenth consecutive week of dry
Texarkana.
weather. Temperatures 100 to 110. The damages are irreparable.
Small bolls cracking open. First bale broke all records due to
premature opening.
RECEIPTS FROM THE PLANTATIONS.
) Receipts at Ports.
(
Week
Endo
19-30. 1929. 1930.
am.
25-May
9__
16..
23-30_.
June
Stouts at Interior Towns.
1930.
1929.
RecetptsfromPlantations.
1928.__. 1929. 1930.
50.239 56.917 92.378
50.024 51.241109.891
40.161 40.133110,012
74.760 27.000 84,323
64,642 31,129 59,759
30,228 80.429 54,183
940,9951
893.425
848,575
809449
778,7881
980.2791 695.322
564.8461
512.690
481,152
446,703
418.598
691,2241
649.239
620,320
587,760
558,935
37.809
38.902
28.447
30,851
740.002
714,1560
687,981
665.467
523.06 4,368
693.69 6.277
463.2404
,
9 63
437.961 102145
36,994
27,419
19,932
18,771
I
38,730 28,393
49,834 21,074
642.704
619,981
599.179
579,77
42,838
13._ 31.419
20.- 36,511
27__ 32.659
July
19,256
11._ 10.899
18._ 13.098
25__ 12,297
Aug
1-- 34.30
62,50
24,868
17,318
18,466
13.090
10.769
80,368
18,203
15,609
381.2081
352.656
824,57
303.805
276,723
252,555
234,392
224.790
560.251 197,552
548,784 196,207
737.026 6.39 25.368
7851
10,7401
1,591
24,91
30,716
5.367 2,319
407,726
886.332
358,443
328.470
802,330
286,255
......
1,200
Nil I
linNil
6.007
14,79 11,492
51,039 48,4891
.--.
59.006
64.089
2 177
7..9,9
55,354
25.309
2 535
9.'983
6,672
6,759
6.025
Nil
---2.253
4,499
968
FINANCIAL CHRONICLE
[VoL. 131.
The above statement shows: (1) That the total receipts
This Since
from the plantations since Aug. 1 1930 are 51,039 bales;
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
in 1929 were 49,120 bales, and in 1928 were 4,999
To Liverpool
bales. (2) That, although the receipts at the outports the
1,000 1,000 1,000 1,000 1,750 1,750
To Manchester, &c
3,000
past week were 62,509 bales, the actual movement from
To Continent and India_ 4,000 3,000 3,000 3.000 2,500 2,500
4.000 11,000 11,000 5,750 7,750
To America
plantations was 51,039 bales, stocks at interior towns
------- 2,000 2.000 2,250 3,250
having decreased 11,470 bales during the week. Last year
Total exports
8.000 8.000 17.000 17.000 12.250 15.250
receipts from the plantations for the week were 48,489
Note.
-A cantar is 99 lbs.
This statement shows thatEgypt an bales weigh about 750 lbs.
bales and for 1928 they were 4,999 bales.
the receipts for the week ending Aug.6 were
1,000 cantars and the foreign shipments 8.000
bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
SHIPPING NEWS.
The following brief but comprehensive statement indicates
-As shown on a previous page, the
at a glance the world's supply of cotton for the week and exports of cotton from the United States the past
week have
since Aug. 1 for the last two seasons from all sources from reached 29,995 bales. The
shipments in detail, as made
which statistics are obtainable; also the takings or amounts up from mail
and telegraphic reports, are as follows:
gone out of sight for the like period.
Bales.
GALVESTON-To Oslo-July 31-Tortugas,
100
100
To Bremen-Aug. 6-Axenfels, 2083
2,083
To Gothenburg-July 31-Tortugas, 200
200
To Copenhagen-July 31-Tortugas,50---Aug. 1-Frode,
Week.
Season.
Week.
100
150
Season.
To Barcelona-July 31-Tortugas, 439
439
To Rotterdam-Aug.1-Frode,50
'Visible supply Aug. 1
5,229.606
3,651,078
50
To Genoa-Aug.1-Monstella,594
Visible supply Aug.8
5.302,014
594
3,735,957
To Oporto
American in sight to Aug.8
-Aug.4-Prusa,925
141,544
155,449 168,836
925
200.937 NEW ORLEANS
Bombay receipts to Aug.7
-To Bilboa-July 31-Prusa, 180
10.000
10,000
19,000
180
23,000
To Gothenburg-Aug.6
Other India shipments to Aug.7
-Toledo,50
4,000
4.000
30,000
30,000
50
To Liverpool
Alexandria receipts to Aug.6
-July 31
-Duquesne, 746---Aug. 2
200
-Nubian,
200
Othersupply to Aug. 6._*b
1,207
8,000
8.000
14,000
1,953
14,000
To Barcelona
-Aug.6
-Cody,600
600
To Havre
Total supply
-July 31-Kentucky,377-..Aug.2--Gand,700- -- 1,077
5,393,350 5,479,663 3,882,914 4,003,894
To Bremen-July 31
Deduct
-West Gambo,1,061--_Aug. 2
-Minden,
Visible supply Aug.8
805
5,153,355 5,153,355 3,592,823 3,592.823
1,866
To Hamburg-July 31
-West Gambo,100--_Aug.2
-Minden,
Total takings to Aug. 8_a
212
239.995
326,308 290.091
312
411.071
Of which American
To Rotterdam-July 31
170,795
-West Gambo, 1,237---Aug. 5257.108 239,091
342,071
Of which other
Maasdam,31__......
69.200
69,200
51,000i
1,269
69.000
To Genoa-July 31
-Ada Zo, 725---Aug. 1-West Cresy, 228
•Embraces receipts in Europe from Brazil, Smyrna,
953
To Manchester
West Indies, Stc.
-Aug.2
-Nubian,682
a This total embraces since Aug. 1 the total estimated
682
To Bordeaux-Aug.2
-Niagara,52
Southern mills, 100,000 bales in 1930 and 156.000 bales consumption by
52
To Dunkirk-Aug.2-Gand, 200in 1929
-takings
-Toledo, 100--_
_Aug. 6
not being available
300
-and the aggregate amounts
HOUSTON-To Liverpool
-July 31-Edgehill
foreign spinners. 226.308 bales in 1930 and 255,071taken by Northern and
1,069
To Manchester-July 31-Edgehi
bales
630
157,108 bales and 186,071 bales American. b Estimatedin 1929, of which
To Barcelona-Aug.2-Sahale, ll,630
.
726
To Genoa-Aug.2-Monstella,726
941
941
NEW YORK
INDIA COTTON MOVEMENT FROM ALL PORTS.
-To Liverpool
-Aug. 1-Cedric. 352
352
To Hamburg
-Aug. 6
-Deutschland, 163
The receipts of India cotton at Bombay and the shipments
163
To Bremen-Aug.6-Yarch, 100
100
from all India ports for the week and for the season from CORPUS CHRISTI-To Havre-Aug. 2
-Youngstown, 4,9544,954
To Dunkirk-Aug. 2
Aug. 1, as cabled, for three years, have been as follows:
-Youngstown, 5
5
To Ghent
-Aug. 2
-Youngstown, 361
361
To Antwerp
-Aug. 2
-Youngstown, 160
160
To Rotterdam-Aug. 2
-Youngstown,
1930.
1929.
100
1928.
To Barcelona-Aug.5-Aldecoa,3,850 100
Aug. 7.
3,850
MOBILE
-To Liverpool
Receipts at
-July 26
Since
-West Madaket,27
Since
27
Since
To Bremen-July 26
Week. I Aug. 1. Week.lAug. 1. Week.' Aug. 1. .
-West Hike, 351
351
To Hamburg
-July 26
-West Hike,500
500
Bombay
CHARLESTON
-To Bremen-Aug. 4
10.000
10.000 19.000
-Tulsa, 178
23,000 10,000
178
14,000 PENSACOLA-To
Bremen-Aug. 1-Yselhaven. 400
400
NORFOLK
-To Liverpool
-Aug. 7-Nitonian, 299
299
For the Week.
Since Aug. 1.
To Bremen-Aug.- -Hannover,
7
Exports
994
994
from
Great Conti- Japan&
Great
Conti- Japan &
Total
Britain. neat. China. Total. BrUain.
29,995
neat.
China.
Total.
Bombay
COTTON FREIGHTS.
-Current rates for cotton from
1930
25,000 22,000 47,000
25,000 22,000 47,000
1929
2;666 25,000 29,000 58,000 2:666 27,000 34,000 63,000 New York, as furnished by Lambert & Burrowes, Inc., are
1928
1,000 8,000 18,000 27,000
1.000
12,000 35,000 48,000 as follows, quotations being in cents per pound:
Other India1930
High
Stand4,0
High
StandHigh
Stand4.000
4,000
4.000
Denally.
1929.
red.
1:666 29.00
shanghaiDszugfd
Density.
ant.
e;
30,000
1;13643 29,000
30,000 Liverpool .4.5e. .800.
1928
Stockholm Mc. .750.
10,00
Open
10,000
11,000
11,000 Manchester .45e. .600.
Trleste
.80e. .6543.
.570.
Bombay
Antwerp
Total all
Ago. .60o.
Flume
.503. .115c.
Bremen
.450. .600.
Havre
1930
L1:4140n
29,000 22,000 51,000
.450. .80c.
Monte= .450
29,000 22,000 51.000 Rotterdam .31c. .460.
.
4,5c. 00e.
1929
Oporto
3,065 54,000 29,000 86,000 3:666 50,000 34,000 93,000 Oates
Pkaeus
.150e. .750.
.754. .900.
1928
1,000 18.000 18.000 37,000
Barcelona .30c. .450.
sawlike,
.754,. .90o.
1,000
23.000
35,000 59,000 Oslo
500 110c.
Japaa
open open
Venice
.85e.
Cotton Takings.
Week and Season.
1930.
1929.
According to the foregoing, Bombay appears to show a
-By cable from Liverpool we have the foldecrease compared with last year in the week's receipts of • LIVERPOOL.
9,000 bales. Exports from all India ports record a decrease lowing statement of the week's sales, stocks, &c.,at that port:
of 35,000 bales during the week, and since Aug. 1 show a
July 18. July 25. Aug. 1. Aug. 8.
Sales of the week
15.000
17.000
16.000
19.000
decrease of 42,000 bales.
Of which American
5,000
6,000
7,000
7,000
Sales for export
1,000
1,000
1,000
1,000
MANCHESTER MARKET.
-Our report received by Forwarded
29.000
24,000
32,000
31,000
Total stocks
cable to-night from Manchester states that the market in
697,000 684,000 706,000 697,000
Of
225,000 245,000 245,000 239,000
both yarns and cloths is steady. Merchants are not willing Totalwhich American
imports
20,000
14,000
29,000
25,000
Of which American
to pay present prices. We give prices to-day below and
4,000
4,000
8,000
10.000
89.000
86,000
92,000
leave those of previous weeks of this and last year for com- Amount afloat
85,000
Of which American
19,000
14,000
15,000
10,000
parison:
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
1930.
1929.
spot cotton have been as follows:
834 Lbs.
323 Cop
Twist.
Shirt- Cotton
ins, Common 3fWdJh
to Finis:
Uprels.
32s Cop
Twist.
8, Lbs. Shirt- Cogon
ing:, Common middrg
Hurd.
to Finest.
Apr.-
d. U. s. U.
s. d.
d.
d.
U. s. U.
11%012% 10 1 010 5
8.61 15;40104 13 2
12 013 10 1 010 5
8.74 15 016 13 0
May
12 0,13 10 1 010 5
8.65 143i015U 12 7
11%012% 10 0 010 4
8.63 141.4015M 12 7
11M01274 10 0 010 4
8.54 14144315¼ 12 7
28.
11h012% 97 ©10 3
8.67 141
/
40151 12 7
/
4
11h012i 97 010 3
8.58 1434015% 12 7
June
6.
11M 012U 97 010 3
8.34 1434431534 12 7
11A0)12.;i 96 010 2
7.98 14%0151 12 7
/
4
11 ©12
95 ©10 1
7.81 14ii©15% 12 7
11 012
95 010 1
7.74 14344315% 12 7
julY1114 0)12
95 0)10 1
/
4015M 12 6
7.63 141
11 012
95 010 1
7 73 141401534 12 6
11 012
05 0.10 1
7 68 1434131534 12 7
10%011 yi 05 010 1
7 47 145(81)15% 12 7
Ang.0 5 010 1
7.22 1454431554 12 7
10%0)11% 95 @101
7.54 1434131534 12 7
s. d.
U.
10.69
013 4
10.23
©13 2
013 1
013 1
013 1
013 1
013 1
10.02
10.08
10.26
10.11
10.20
Sales
013
013
013
©13
1
1
1
1
10.2
10.33
10.23
10.35
©13 0
013 0
013 1
©13 I
10.28
10.21
10.54
10.58
013 1
013 1
10.65
10.16
ALEXANDRIA RECEIPTS AND SHIPMENTS -We
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
Alexandria, Egypt,
Aug. 6.
Receipts (contars)This week
Since Aug. 1
1930.
1,000
1.000
1929.
____
Spot.
Saturday.
•
Tuesday, Wednesday. Thursday.
Monday.
Market, {
12:15
r. M.
1928.
1,500
1.500
Quiet.
Mid.Upi'ds
7.44d.
HOLIDAY.
Futurea.{
Market
opened
HOLIDAY.
3,000
Good
demand,
7.29d.
A fair
business
doing.
7.505.
4,000
Friday.
A fair
business
doing.
7.5 6.
4
4,000
Steady,
Quiet,
Quiet, but
Quiet.
13 to 16 pts 6 to 11 pts. st'dy 10 to 1 to 6 phi.
advance.
decline. 12 pin. adv. decline.
Market, I
Quiet,
Steady,
Steady,
412 14 pin3 Steady,
to
to 7 pis. 17 10 22 pin 29 to 32 pts
• P. M. 1
advance,
decline,
advance.
decline.
Prices of futures at Liverpool for each day are given below:
Aug. 2
to
Aug. 8.
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
12.1512.3 12.15 4.0012.15 4.0012.15 4.0012.15 4.0012.15
4.00
D. m.p. m p. m.p. m.p. m p. m.p.m.p. m p. m.p. m.p.
m p. m.
New Contract. d,
d.
August
September....
October
November
December
January (1931) HOLIFebruary
DAY
March
April
MaY
June
July
August
d.
d.
BOLT
DAY
d.
6.99
8.87
6.
8.88
6.93
6.961
6.981
7.041
7.06
7.101
7.12
.isI
7.1
6.
6.98
8.87
6.88
6.87
6.92
6.97
7.03
7.05
7.10
7.12
7.15
7.17
d.
8.84
8.73
8.76
6.7,
6.80
8.83
6.86
6.92
6.93
6.98
7.00
7.04
7.06
d.
8.92
6.80
6.83
8.82
6.87
6.90
6.92
8.98
7.00
7.05
7.07
7.11
7.1
d.
7.05
6.94
6.96
6.96
7.01
7.04
7.06
7.11
7.13
7.17
7.19
7.23
7.2.
d.
7.13
7.02
7.04
7.04
7.08
7.11
7.13
7.18
7.20
7.24
7.28
7.29
7.31
d.
d.
7.09 8.84
8.98 8.73
7.01 8.75
7.01 6.74
7.0 6.77
7.081 6.80
7.10 6.82
7.151 6.87
7.171 6.89
7.22 8.93
7.241 6.91
7.27 8.98
7.29 8.99
FINANCIAL CHRONICLE
BREADSTUFFS
Friday Night, Aug. 8 1930.
Flour was in fair demand for both domestic and foreign
account, and prices were generally steady. The advance in
the price of durum wheat brought about a sharp upturn
to Semolina flour to the basis of 3%c. a pound. There
was reported to have been purchases made with the result
that practically all the leading manufacturers of macaroni
In the Metropolitan area are now covered for three to four
months' requirements. Later, prices advanced with those
for wheat.
Wheat advanced by leaps and bounds on drouth, bad crop
reports, and excited buying, ignoring larger Russian offerings, as Liverpool did, for that matter, and also slackened
export buying as prices soared over the exporters' limits.
1
2
On the 2nd inst. prices declined / to %c. net at Chicago,
and % to 1%c. at Chicago. The Northwest sold rather
heavily, believed to be for hedge account. Excellent
weather prevailed for harvesting. With a holiday in English markets, export business fell off. Feeding on the farms
Is expected to be very large, possibly 75,000,000 to 100,000,000
bushels. Should feeding consumption really reach such an
Incredible total it would naturally be a big help. On the 4th
Inst. prices advanced 3% to 4c., with Winnipeg fully as
strong; also other markets. There was a fair export demand. Unfavorable crop news came from Canada, namely
rust news from Manitoba and adverse crop developments in
Saskatchewan. In France the crop was said to have been
hurt by rains. The yield there was estimated at 183,000,000
bushels, much of which, it is asserted, to be unfit for milling
purposes. Recently the crop of France was estimated at
as high as 330,000,000 bushels. The strength of corn also
helped wheat. The United States visible supply increased
15,498,000 bushels against 17,510,000 in the same week last
year; total, 155,192,000 bushels against 137,730,000 a
year ago.
Washington wired: "The Grain Stabilization Corp. has
developed a plan whereby aid may be rendered to farmers
who have suffered from drouth. The Federal Farm Board
announced the plan provides that if existing feed distribution agencies or other business men and farmers in any
stricken community will form a responsible corporation
which will guarantee payment of notes to be given by
individual farmers the Grain Stabilization Corp. can sell
feed grains of any kind in car lots at market prices on easy
payments of one to two years. Federal Farm Board can,
in this way, help every community that is willing to help
Itself, it was said. The Grain Corp. has plenty of grain
and can buy more to replace that sold for feed. The Board
believes that plan is practicable and workable. It is believed
this action will relieve suffering and disperse a large part of
the grain surplus."
On the 5th inst. prices advanced 3 to 3 c., following
/
1
2
corn more than anything else. Corn was unmistakably
the leader. Moreover, the outlook seems to point to large
feeding of wheat to livestock. That means a new outlet
that may offset the largeness of the crop and act as a
corrective of unduly low prices. Both wheat and corn at
the close held most of a pronounced rise in prices. On the
6th inst. prices advanced 6c., partly owing to the great rise
in corn, which was in the spotlight. But the news about
wheat itself was also very inspiriting. Feeding is to be
unusually large. That seems to be agreed; possibly 100,000,000 bushels against 30,000,000 to 40,000,000 in ordinary
years. Liverpool was very strong, closing 3
/ to 3%d.
1
2
higher. Bad weather prevailed in France. Russia offered
wheat, to be sure, to both the United Kingdom and the Continent, and was said to have for export of all grain 130,000,000 to 180,000,000 bushels. But American markets
turned a deaf ear to that kind of thing. Times had changed.
America was getting into a stride of its own. The Canadian
Government report was bullish. Black rust was reported
in Saskatchewan. A leading elevator concern in Canada
reduced its estimate of the three Northwestern Provinces
to 365,000,000 bushels. Export business was only moderate,
but crop news and rising corn dominated. Liverpool had to
fall into line. Russia was ignored. Mills bought freely.
In addition to 100,000,000 bushels required as a substitute
feed for the loss of corn, European requirements are estimated at 162,000,000 bushels over and above those of
last year.
969
On the 7th inst. prices advanced 2% to 314c. on active
/
buying, bad crop reports from the Northwest and Canada,
and a rise in Liverpool of 3d. despite reports of rather large
sales of offerings of Russian wheat in that market. Winnipeg was strong. Seaboard advices stated that export demand was lacking on account of the sharp advance in the
last few days. But France was having too much rain.
Crop damage reports on wheat in the Canadian Northwest
are becoming more insistent stating that rust, as well as
heat and drouth, have proved more damaging than expected
with a large section in the main part of Saskatchewan promising only about the return of seed. Spring wheat arrivals,
It was added, were not up to expectations, and a good percentage of it is of light weight, showing the effects of hot
and dry weather. Good wheat was in brisk demand from
mills, but lower qualities were dull. Winter wheat market
receipts were very moderate, with a good demand and
premiums firm.
To-day prices ended / lower to / higher, after drop1c.
2
1c.
2
ping 4c. from the top, owing to a dispatch from Washington
stating that the great drouth may be broken next week.
A sharp break in corn also had some effect on wheat. The
"Free Press" crop report to-morrow morning is expected to
be bullish. The country showed a little more disposition
to sell. Threshing returns from the American Northwest
are irregular. World's shipments this week point to about
13,000,030 bushels. Final prices show a rise for the week
of 10 to 11c.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 hard
99% 1044 1043 1043(
933l 97
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September
85
88% 91% 96% 96
9611
December
90% 945i 97% 102% 102 102
March
95
98% 102 107% 106 106
May
102 105
110 1O9J 110
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Frt.
October
91
94g 971 102% 1024 103
December
92% 96
99 104% 104
104
97% 101
May
105 110% 110 in
Indian corn advanced excitedly, partly owing to hot, dry
weather and unfavorable crop reports, but also partly because of the big rise in wheat. There are hopes of an ending
of the drouth early next week. On the 2nd inst. prices
A
ended 34 to 3 o. higher with the belt more or less hot and
dry and the weekly forecast promising no general rains.
to 1%c. higher but realizing
Prices at one time were
towards the close caused a reaction. Oklahoma wheat is
said to be 70 cents and corn 90 cents, which induces feeding
of wheat and saving of corn. Chicago advices pointed out
that the condition in the corn States has fallen 7 to 16 points.
In the South losses are said to be as high as 30, suggesting
a small crop in the South and less than the average crop in
the corn States. Taking the country as a whole, the loss
in the last month was 11.7% as estimated by Murray, with
indications that unless the general drouth is broken within
the next few weeks further reductions are likely and a crop
of 2,450,000,000 to 2,500,000,000 bushels will be the yield.
The decrease in the crop is estimated at anywhere from
200,000 to 600,000 bushels. Nor is the trade unmindful of
the fact that stocks are small. Within a week the visible
supply has fallen to 3,365,000 bushels against 10,403,000
last year. Speculative trading in corn, although largely
local, has materially increased. The sales of futures on the
Chicago Board of Trade last week reached 169,440,000
bushels against 146,970,000 in the previous week and 130,000,000 in the same week last year. The open interest at
the close of last week was 44,247,000 bushels, against 43,579,000 a year before. Chicago thinks corn trading will
be active this fall.
On the 4th inst. prices advanced 23 to nic. net on hot
dry damaging weather. It was 113 degrees in Kansas. In
Indiana arid Ohio the loss was severe. In Nebraska, South
Dakota and Iowa crop news was also bad. An estimate of
crop loss as high as 75% was made for parts of Missouri.
Falls City, Neb., wired that the present heat wave was the
worst ever known. Big rains came the next day. The
United States visible supply increased 291,000 bushels to
3,656,000 bushels against 8,902,000 a year ago. On the
5th inst. prices advanced 234 to Oic. owing to heat, drouth
bad crop reports and smallness of offenngs. President
Hoover was moving for relief to the vast West. Nebraska
reported rains of 7 to 9 inches, but mischief had been done.
A bid reduction in the crop is reported. Some reports declared that many late, as well as early fields of corn were
past help, and also asserted that "firing" of the corn crop
has extended to river bottom lands. It was estimated that
owing to drouth and excessive heat the hay crop has been
reduced 10,700,000 tons, equal to the feed value of 145,000,000 bushels of corn. Secretary Hyde's statement that the
corn crop damage to date aggregates 500,000,000 bushels
was supplemented by an explanation that the Department of
Agriculture had expected 200,000,000 bushels loss, but that
the intense heat of the last week had caused the increase.
Meanwhile he indicated that the losses in corn might offset
the heavy carryover of wheat through the use of wheat as
feed for livestock.
B. W. Snow said: "Nature appears to be settling the
farm relief problem where the Federal Government with
500 million dollars at its command has been unable to
accomplish that result. The tremendous loss of the corn
970
[VOL. 131.
FINANCIAL CHRONICLE
crop during July, a loss which is still continuing, is likely
to prove a blessing in disguise. It now looks as if the losses
in corn will accomplish the needed readjustment between
supply and demand of all products, and incidentally emphasize the fact that acreage is not the only factor to be reckoned
with in determining volume of crdp production. The loss
of a huge proportion of our corn crop growth has created a
heavy demand for the surplus of small grains which has been
a weight upon the market. Corn is the foundation of
feeding operations for the production of meats and largely
for the making of dairy products. The prospective shortage
in corn and the shift in price relationship have already
turned manufacturers of food products and feeders as well
as the use of corn substitutes."
On the 6th inst. prices advanced 7 to 8e. crossing $1 a
bushel for September and March on hot dry weather, and
an immense accession of speculation from the outside public.
In other words greater activity on the bull side combined
with bullish crop news, a bullish weekly report and hurried
covering of shorts all went to make up a memorable day.
The grain ticker fell behind in the trading somewhat as the
stock ticker did in the big days of stock speculation. Chicago
reported that at times offerings almost disappeared. That
naturally made the scramble to cover all the more determined. Very little rain occurred in any section overnight,
and while the forecast was for some scattered showers no
real relief was promised. Temperatures were somewhat
cooler. The country sold cash corn freely on the advance
but offerings were quickly snapped up by consumers whose
stocks are light. General rains would help but hopes of a
good crop are being abandoned by many. The Kansas
weekly crop report said: "Corn generally reported to have
shown a further deterioration except in some of extreme
western counties combination of high temperatures, hot
winds and lack of sufficient soil moisture over eastern twothirds of Kansas resulted in further burning of tassels and
leaves. Only small proportion of corn in that section is
reported in condition to make a satisfactory crop. Even
should early and soaking rains occur,counties along Nebraska
line are in better shape than those further south as there
is considerable amount of late corn in former section that is
still in shape to make a good growth."
liCon the 7th inst. prices advanced 13c. to 2c. on very
active buying with no general relief to the drouth. The
temperatures were cooler but the rains what there were of
them were not considered sufficient. Country offerings increased very noticeably and 400,000 bushels of cash corn
were bought in two days at Chicago. The Kansas and
Oklahoma State reports were bullish. Pretty good rains
were reported in parts of Nebraska, Kansas and Iowa and
later on prices reacted some 3 to 3%c. from the morning's
top. Yet early corn in Nebraska, Kansas and Iowa is declared to have been to badly damaged to recover, but the
late sown would be benefitted by rains and lower temperatures. Reports that Argentine corn was offering to New
England points at 970. duty paid attracted attention; also
larger country offerings, especially from Illinois. Chicago
wired: "While the upturn in December corn of 33%c. a
bushel in less than 30 days was sensational, it was not the
largest on record, as in July and August in 1924, the price
went up 40c. a bushel. The record was eclipsed in 1918
/
when the price jumped 535 c. a bushel in November and
December. The gain this year has been more than 50%
within less than 30 days and it probably establishes a record.
Argentine corn was being offered in somewhat larger volume
and at the close on the 7th inst. it could have been bought
at 97%c. c.i.f. New York, duty paid or 23c. a bushel less
than No. 2 yellow could be laid down from Chicago.
To-day prices ended 1% to 2c. lower. At one time they
broke 5 cents on the possible breaking of the drouth early
next week. But they closed at a rally from the low of the
morning of 1 to 3 cents. The excited nature of the trading
may be gathered from the fact that prices had a range of
5 to 8 cents. Buying was active and general. The country
was a free seller of old corn. There was some hedge selling.
But the buying was a powerful force. Final prices show a
rise:for the week of 103/i to 11 cents.
pa. DAILY CLOSING PRICES OF CORN IN NEW YORK.
selling and in natural sympathy with the reaction in other
grain. Final prices show a rise for the week of 4Mc.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
52
52
4734 4934 5034 53
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Tues. Wed. Thurs. Fri.
Sat. Mon.
September
3674
December
46§ 451 45
4074
March
43
45
46% 49% 487 48
May
497
50
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Wed. Thurs. Fri.
Sat. Mon. Tues.
October
4134
4834 45% 4634
December
44% 45
41
43% 41 47
4
May
44% 46% 477
5034 4734 4834
iq
Rye rose sharply under the stimulus of advancing prices
for wheat. On the 2d inst. prices fell % to lc. with wheat
lower. On the 4th inst. prices advanced 43.' to 53'ic. in
answer to the leap in other grain. On the 5th inst. prices
advanced 1% to 2%c. in response to the rise in wheat and
more active covering by nervous shorts. On the 6th inst.
prices shot upward 6 to 6%c. under the pulling power of
wheat and other grain. Added to this was active buying
for both sides of the account. On the 7th inst. prices fell
1 to 2c. net following wheat downward as the inevitable
realizing sales came after the recent swift rise. To-day
prices ended % to 20. net higher after a big swing in the
fluctuations, in obedience to the movements of prices for
wheat. Rye has been a mere echo of wheat all the week.
Final prices show a rise since last Friday of 83 to 93/2 cents.
-DAILY CLOSING PRICES OF RYE FUTURES
Sat. Mon. Tues,
65
5934 6154
6034 65
67
6534 7034 7134
September
December
March
IN CHICAGO.
Wed. Thurs. Fri.
67
6634 6431
7334 7154 7034
78
757
7434
Closing quotations were as follows:
GRAIN.
Wheat, New YorkOats, New York
No.2red,f.o.b., new
1.0954
No.2 white
52
No.2 hard winter,f.o.b.,..,. 104%
No.3 white
49
Corn,New YorkRye, New York
No.2 yellow, all rail
117%
No.2 f.o.le
7434
No.3 yellow all rail
116% Barley
No. 2 c.i.f. New York
75
Chicago, cash
58069
FLOUR.
Spring pat, high probein.$5.70 ©$6.10 Rye flour, Patents.....$4.70455 20
Spring patents
5.354 5.70 Seminole, No. 2 Pound 33-4 @ 3%c
aears,first spring
nom.
Oats goods
2.504 2 55
Soft winter straights- 4.35% 4.85 Corn flour
2.904 2.95
Hard winter straights-- 4.85% 5.20 Barley goods
Hard winter patents--- 5.20% 5.50
Coarse
3.25
Hard winter clears
Fancy pearl, Nos. 1,
4.35% 4.85
Fancy Minn. patents
6.80 7.30
2. 3 and 4
6.150 6.50
City mills
7.75% 7.95
For other tables usually given here, see page 895.
WEATHER REPORT FOR THE WEEK ENDED
AUG. 6.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the influence of the weather for the week ended Aug. 6,follows:
Another extremely hot, dry week was experienced in nearly all sections
east of the Rocky Mountains: the latter part was especially warm from
the Mississippi Valley westward, with three days of high temperatures,
some sections having the highest of the long heated spell. Much of Missouri, Arkansas, Oklahoma, Kansas, Iowa, and Nebraska reported maximum temperatures of 104 deg. to 110 dog. while 100 deg., or higher, occurred in the middle Atlantic area and other extensive sections in the interior of the country.
The table on page 3 shows that the temperature for the week averaged
much higher than normal nearly everywhere east of the Rocky Mountains. Moderate summer warmth prevailed in the Southeast, along the
Gulf coast, and in much of the northeastern area, but elsewhere the weekly
means were mostly from 4 deg. to 9 deg. above normal. This makes the
seventh consecutive warm week.
The table shows also that precipitation was again extremely scanty,
with no relief in the principal drought areas of the country. Some small sections, notably northern Iowa, the eastern parts of South Dakota and
Nebraska, western Arkansas, parts of Oklahoma, and some central Gulf
districts received beneficial local showers, and moderate to fairly heavy
rains again occurred in most sections of the Southeast from North Carolina
to Southern Alabama. Elsewhere oast of the Rockies there was little or
no rain, with large areas reporting no measurable amount for the week.
Showers continued in the Rocky Mountain sections, with good amounts
in most places.
Weather conditions during the week ending Tuesday morning not only
intensified the severe drought that has prevailed for a long time over the
central and eastern portions of the United States, but some sections not
heretofore seriously affected are becoming alarmingly dry. A few local
areas were benefited by showers during the week, principally in the north.
central portion of the country and in some central Dui! districts, and
beneficial rains continued in the Rocky Mountain area and South Atlantic States from North Carolina southward, but otherwise there was little
or no relief, and high temperatures aggravated the extremely unfavorable
conditions.
Streams have become extremely low practically everywhere, and the
scarcity of water for livestock, and in some sections for domestic use, is a
Sat. Mon. Tees.
117% serious problem, especially in Kentucky and some other parts of the interior
No. 2 yellow
105% 108% 113% 120% 119%
valleys, with local reports of stock dying and sacrifice selling continuing.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO. Pastures have dried up generally, except in local areas, and considerable
Sat. Mon. Tues. Wed. Thurs. Fri. feeding of stock on dry feed is reported from some sections. Apples have
PRIM
9934 9731 boon seriously harmed in central Appalachian Mountain districts, and all
89% 9334 101
September
87
9434 fruit crops are now needing rain badly in New York, while tobacco Is
December
8434 8734 8934 9734 96
March
8734 9134 9274 INA 98% 973, yellowing and drying in seine heavy-producing sections of the interior.
While the drought is now general practically everywhere east of the
May
Rocky Mountains, except parts of the Southeast and locally elsewhere,
.
P615"711171e; and all growing vegetation is seriously affected, the most outstanding dam-1
OXTS-rollowed other grains u
age has occurred to the corn
excitement. On the. 2d inst, prices ended %c. lower to abundant moisture, but muchcrop. Pastures would quickly revive with
are beyond recovery,
% higher in a small market. On the 4th inst. there was even with generous rains soon. corn and late truck
.e.
is now threshed,
SMALL GRAINS.
much activity and prices advanced 2 to 23'c. net. Covering with results better -The bulk of the winter wheat cropwheat harvesting
than
was rapid. The rise in corn was a big incentive to buy oats. and threshing progressedexpected In some areas. Spring and this work is
under very favorable conditions
The feeding demand this year is likely to be exceptionally now well along, with early prospects better than anticipated in some localweather,
late crop shows much shrunken grain due to the
large. The United States visible supply increased 1,542,000 ities but thein Minnesota and North Dakota. Oat harvestdry also well
is
particularly
bushels. It is now 8,467,000 bushels against 7,641,000 a along, but lats flax has deteriorated seriously. Rice improved under
to good
timely rains
year ago. On the 5th inst. prices advanced 13/ in sym- in other Gulfin Louisiana, while progress and condition are fairTexas.
districts, except for some damage by salt water in
CORN.
pathy with the rise in other grain and also because of a large
-The corn crop suffered further and marked deterioration,
with the damage
into all States which
demand from the shorts. On the 6th inst. prices advanced amount of grain. extendingthe crop is deterioratinggrow an appreciable
at an alarming rate
In Ohio
4 to 43ic. to keep in some sort of line with other grain, and much is beyond recovery, with the general condition decidedly poor.
but the drought
the
In Indiana recent local
notably corn, with its 8
covering and is further intensified inrains have helped corn incorn north,damaged, many
-cent upshoot. Heavy
badly
the southern half, with
other buying marked the transactions. On the 7th inst. fields dryin_g up, tassels burned, and improvement possible only on late
bottoms. ln Illinois damage is increasimglY great from north to south,
prices declined 1 to 1%c. with grain in a day of realizing. and is
in the southern half of the State, while the early
To-day prices closed % to 32 . lower with some hedge crop is extremely heavynorthern and western Kentucky.
0
entirely gone in
2c.
G. i
1930.]
FINANCIAL CHRONICLE
In Missouri only late corn in a few sections, principally on river bottoms,
Would make a fair crop with rain soon: the main crop is already lost, especially on uplands. In the Plains States there was some local relief.
out, in general, the high temperatures and continued drought caused
further deterioration, in many places serious. Iowa experienced an extreme heat wave, with all ]previous high temperature records broken in
some places, following the driest July in 36 years, and with corn in its
most critical stage; the earliest is in roasting ears, but there are but few
kernels showing on the cob, and the bulk of the crop is in tassel, with
half the tassels killed and many stalks not shooting. Conditions were
more favorable in some other local areas, especially in Wisconsin, but
practically all sections, including the Middle Atlantic States and New
York,are damagingly dry.
COTTON.—Weather conditions during the week, as affecting the cotton
crop, were largely a repetition of recent weeks, with generally high temperatures, rather frequent showers in the eastern belt, and continued
dryness in central and western districts, with the drought intensified in
most places.
In Texas there were effective showers at only about one-fifth of the reporting stations. Progress of cotton continued fair to good in the south
third, though with some shedding reported, but in the northern two-thirds
of the State there has been bad deterioration, with bolls and plants small,
blooming at top, and premature opening. There have been scattered
rains in Oklahoma, but mostly too light to be of material benefit; cotton
badly deteriorated on uplands, with reports of wilting,shedding,and blooming at the top, and progress was mostly poor on bottoms, but in the latter
case the general condition is holding up fairly well. In Arkansas about
one-fourth of the reporting stations had beneficial rains, but elsewhere
the crop deteriorated on all uplands, and on some lowlands as well, with
rapid shedding in the hills and premature opening; progress was fair to
good on most of the lower land.
Rain is needed rather generally in other central States of the belt, with
considerable shedding reported and some top blooming. In the Atlantic
States conditions were much more favorable and progress of the crop was
mostly good. The first bale was reported from South Carolina on the 4th,
a week earlier than normal.
971
little indication/of the extent of development of trade in the
immediate futkre, there is nothing in the statistical evidence
obtainable td warrant expectation of a nearby important
upturn in retail turnover. However, the general opinion in
the trade seems to be that August will show a material
increase over July, with retail activity being quickly reflected in primary quarters as a result of the meager stocks
being carried for the public at the present time. On the
other hand, the widespread drouth is a source of some disquietude. While it is not known at this time just how
badly farmers have suffered, it is reported that damage
to what is called their "cash crops" such as milk, poultry,
eggs, fruits, &c., has been severe, and a considerable reduction in purchasing power is feared. The usual, temporary,
week-by-week fluctuations were manifested in the various
primary divisions, with no new factor of great significance
in evidence. Gray goods manifested the usual easy spells
during the week, responding, however, to a spurt of activity
late in the week, with a noticeably firmer tone. Sales of
rayons in moderate volume are estimated to be barely
covering present restricted production. Encouragement is
derived from the fact that buyers are falling in with the
The Weather Bureau furnishes the following resume of policy of scientifically identifying the quality of merchanthe conditions in the different States:
dise before purchase—a system which has been urged by
Virginia—Richmond: Local showers first of week brought temporary
relief; clear skies and high temperatures following caused all crops to reputable producers for some time as a protective measure.
deteriorate, though cotton and tobacco not so badly affected, and with
DOMESTIC COTTON GOODS.—Rumors of damage to
rain soon will make fair crops. Ground too dry for plowing preparations.
Corn cut for silage where most affected by drought. Apple crop seriously the cotton crop by the current drouth, the extent of which
damaged;fruit wilting in some localities.
is very uncertain, has been effecting modification of the
North Carolina.—Raleigh: Moderate temperatures; rainfall ample in
east, but light, scattered, and insufficient in west. Drought becoming bearish views taken of the probable trend of prices in the
severe in portions of northwest. Progress of cotton mostly very good; raw market. Many factors who were reported to be entergood color and fruiting well. Advance of corn, tobacco, peanuts, sweet
potatoes, and other crops good to excellent in east and fair to good in taining 10c. cotton as quite possible in the course of a month
central, but fair to poor in west. Corn suffering on uplands of northwest, or two, are admitting that no good purpose is served by
though bottoms holding fairly well.
South Carolina.—Columbia: Copious rains early in week in north, with such unfavorable anticipations when August, which is
lesser amounts elsewhere, very beneficial, but too late for much early corn traditionally a month in which premature estimations of
and truck in Piedmont. Sweet potato transplanting completed. Tobacco
curing and fall potato planting continue. Cotton progress and condition the crop are likely to be subjected to revision, has still
generally good and squaring, blooming, and setting bolls satisfactorily. several weeks to run.
More importance is accordingly
except some local shedding account previous dryness. First bale ginned
attached to the September Government report than to that
at Ehrhardt, seven days earlier than normal.
Georgia—Atlanta: Some northwestern counties continue to suffer from of to-day, which is considered to cover the condition of the
drought and others in south from too much rain, while over most of State crop only to a time when the present drastic hot spell was
weather favored normal progress or crops. Progress and condition of cotton very good; crop fruiting well and opening rapidly in southern half; just beginning to be serious. Some criticism is heard of
picking progressing and numerous hales marketed; moderate shedding the concerted attempts made during the first half of the
in southeast. Progress of late corn fair; pulling fodder general.
Florida.—Jacksonville: Progress and condition of cotton fairly good to current year to relieve conditions by means of co-operative
very good; rain beneficial on uplands of west, but too much on some low- production policies. It is maintained that the specific
lands; picking irregular. Showers and moderate rains in all divisions
improved cane, peanuts, seed beds, late corn, cowpeas, sweet potatoes, object of general curtailment of production which was to
and strawberry plants; more needed on uplands. Citrus good; more eliminate superfluous stocks has failed in effect, since the
rain need on uplands.
production and stocks-on-hand to sales Published
Alabama.—Montgomery: Averaged hot first part; scattered showers. ratios of
Sweet potatoes, truck, vegetables, pastures, minor crops, and late-planted from time to time continue in an unbalanced state. A more
corn improved where moisture sufficient; otherwise progress poor and con- reasonable assertion is that curtailment of production limdition mostly poor to fair; rain needed quite generally. Progress of cotton
ranged from poor to excellent, but mostly from poor to fair; much shedding ited the extent of injury proceeding from a drastic fallingand some blooming at top reported, while plants small; opening in south off in consumption, where it could not, in the nature of
Where picking progressing locally and first bales reaching local markets.
Mississippz.—Vicksburg: Occasional showers, mostly in east and south, things, be sufficiently intense to completely offset such an
with temperatures high throughout. Progress of early-planted cotton
condition. Close competition, which is one of
fairly good on bottom lands and in moist localities, but Only fair elsewhere, abnormal
with late deteriorating or only poor advance; numerous reports of late the outstanding characteristics of the cotton goods trade,
blooming at top 6 to 10 inches high and premature opening and shedding;
seen in the tendency of the stronger individual
early picking begun in extreme south. Progress of late corn poor, while is continually
producers to run at full capacity, and in many cases overearly deteriorated.
Louisiana.—New Orleans: Heat continued in north; numerous showers
establish a low cost-of-production basis
on several days in south and more scattered on last day in north very bene- time, in the effort to
ficial, but general, heavy rains badly needed. Cotton deteriorated on at which they have an advantage over less efficiently operuplands where wilting, shedding and prematurely opening, with condition ated mills. Efforts to bring about a general
co-operative
of late approaching very poor, but progress poor to fair elsewhere; opening
rapidly in south and central and good progress in picking. Cane and rice attitude in the trade are greatly hampered by this inherent
improved with timely rains. Much corn and other crops beyond recovery condition. At the same time, there is much to be said for
In north.
Texas.—Houston: Warm, with effective rains at about one-fifth of re- the contention that the competitive system should prove
porting stations. Progress of pastures, late corn, feed, and minor crops
mostly poor, except where local moisture; condition poor to fair, except successful in the long run in the restoration of natural
fairly good in southern third. Progress and condition of citrus and rice conditions. Print cloths, 27-inch 64x60's construction are
good, except some damage to latter by salt water. Progress and condition of cotton fairly good in southern third, although some shedding; condi- quoted at 4%c., and 28-inch 64x60's at 4%c. Gray goods
tion rather poor and crop badly deteriorated in most of northern two- 39-inch 438x72's construction are quoted at 6c., and 39-inch
thirds where plants small and blooming at top and bolls also small and
80x80's at 7%c.
opening prematurely; picking and ginning made rapid progress.
Oklahoma—Oklahoma City: Mostly clear and intensely hot;
WOOLEN GOODS.—Business in woolens and worsteds is
showers at beginning and close, but moisture generally too light scattered
to materially benefit crops. Acute drought continues and all crops and vegeta- somewhat spotty. While considerable business was
done
tion suffered severely. Progress of cotton poor on bottoms where holding
up fairly well, but badly deteriorated on uplands where wilting, shedding, in the women's wear field, particularly in coatings and dress
and top blooming; condition ranges from poor to fairly good. Corn gen- goods, the call for fancy worsteds for the fall season
showed
erally deteriorated; burned and mostly failure on uplands and drying out
on bottoms' condition ranges from total failure to fairly good for some some slackening. That the naming of new prices on tropicals
bottom-land crops. Progress and condition of grain sorghums, broomcorn, and staples had something to do with this was conceded
in
peanuts, sweet potatoes and pastures poor.
Arkansas.—Little Rock: Enough local showers at one-fourth of stations some quarters, since the pressure for concessions on the part
to benefit cotton locally, but remainder of time crop badly deteriorated of buyers on undelivered merchandise entailed
some unseton all uplands and some portions of lowlands due to continued hot, dry
weather of past 8 to 10 weeks; progress still fair to good on most portions of tlement, with some sellers strongly resisting this demand.
lowlands; blooming very little in hills, but blooming and putting on bolls However, there were reports in some quarters
that mills
rapidly on most portions of lowlands; shedding rapidly in hills and somewhat on lowlands, while opening prematurely in some localities. Other allowed such concessions in order to entice business, although
crops badly damaged or ruined in most portions.
Tennessee.—Nashyille: Hot and generally dry. Showers over small profit margin was practically eliminated in such instances.
areas in several central counties beneficial, but no widespread relief from With the new spring season for general suitings in the
drought. Corn on uplands ruined, while progress and condition on low- offing, less activity has come to light
than was previously
lands poor, except in spots where condition very good. Cotton in east at
standstill and in west condition mostly fair, but shedding rapidly account expected, particularly on the better grades of men's wear
Tobacco good in sections, but large areas ruined.
dryness.
Kentucky.—Louisville: No rain and temperatures normal to high. All fabrics. Some worsted dress goods producers are said to
effects of drought becoming worse. Stock water shortage in districts have done a satisfactory business lately, while others report
remote from rivers in northeast so serious that stock are reported dying, less favorably.
with sacrifice selling. No hope for early corn in north and west and damage
.
nCreasing in southeast; cutting and feeding half dried stalks and some
FOREIGN DRY GOODS.--1Continued re-ordering of
filling silos; late tasseling and damaging rapidly; some hope for late in southeast, but much will never tassel without rain. Early tobacco yellowing household linens for August retail sales was a
bright spot
and drying and forced cutting extending southward; late tobacco merely in markets for
linens. The outlook for linen suitings is
standing.
considered more favorable than for several years
past.
New constructions being shown are reported to be
meeting
with favor, and the apparel fabrics which will be
THE DRY GOODS TRADE
worn at
winter resorts in the coming season are expected to
New York, Friday Night, Aug. 8 1930.
be
bought in good quantities. Burlaps were extremely
quiet
With early reports from retail channels, influenced by during the week, with
changes in prices negligible. Light
weather conditions in some sections of the country, giving weights ere quoted at 4.60c.. and
heavies at 6.10c.
972
FINANCIAL CHRONICLE
tate awl 1it4 gevartutent
NEWS ITEMS
Maine.
-Bill to Consolidate Public Laws Adopted by Special
Legislative Session. A special session of the Legislature convened on Aug. 5 and adjourned on Aug. 6 after having enacted, among others, a measure which will revise and consolidated the State's public laws. This brief session was
reported on in the "United States Daily" of Aug.7 as follows:
[vou
But it is not likely that "annexation" would be a popular cry, although
more than 51% of New Jerseyites now live as near to New York's City
Hall as do the Staten Islanders at Tottenville, Dr. Laidlaw said.
How Areas Compare.
The following, according to the Committee, is the distribution of the
Population of "circled New York" from 1910 to 1930, malting 1925, when
New Jersey abolished its State census:
1930.
1920.
1915.
1910.
Bergen County
338,421
162,371
194,982
124,581
Passiac County
289,786
208,370
226,669
249,742
Hudson County
705,327
537,231
571,371
629,154
Union County
256,943
167,233
138,158
118,181
Middlesex County
81,652
46,855
59,901
66,177
Essex County
832.307
512,888
566,324
652,089
2,504,438
280,011
114,240
1,959,377
193,342
47.909
1,724,794
171,124
41,633
1,546,084
148,978
29,738
394,251
Greater New York__ - 6,959,195
Circled New York-total 9.857.882
241,251
5,620,048
7.820.676
212,757
5,047,221
6,984,772
178,712
4,766,883
6.491.659
"Meeting in specialsession Aug. 5, the Maine Legislature accepted the
report of the special recess committee on revision of statutes and enacted a
bill to revise and consolidate the public laws of the State.
"The Legislature also enacted an amendment to the charter of Dexter P.
Cooper, Inc., a corporation formed to generate electricity from tides of the
Bay of Fundy,repealing a provision for allocation of a portion of the power
generated to Canada. The Cooper project originally called for a power
plant partly in United States and partly in Canada. The plan has been
modified so that the plant will lie wholly within Maine.
"The Legislature adjourned Aug. 6, the Governor having signed four
public acts, seven private and special acts and three resolves."
Westchester County
Nassau County
NOTICE
owed $16.543,500. At the close of business on May 31 1930, the bonded
debt was $14.573,000.
"The report, prepared by Comptroller A. B. Steuart,further showed that
for 1928, Tampa property owners paid their taxes to the amount of 87%
of the total tax levy, a percentage far higher than in most other Florida
cities. Indications are that this year's tax payments will drop to around
75% of the total levy.
he levy for 1927, according to the report, totaled $2,721,065. while the
levy adopted by the board for the coming year was $2,071,000, a reduction
of approximately $650,000. The audit on which the report was based
was made by J. A. Hansbrough."
Tampa, Fla.
-City's Bonded Debt Reduced $853,000 in
Year.
-In view of the wide-spread interest in the many
defaults on municipal obligations now current in Florida we
Miami, Fla.
-City Asks Holders of Maturing Bonds to are glad to mention a case of the opposite kind as follows
Take Refunding Bonds in Exchange.
,
-This city has sent a from a Tampa dispatch to the Florida "Times Union" of
notice to holders of its 43% improvement bonds, due on July 31: of
The city
Tampa has slashed a total of slightly more than $853,000
Aug. 1 1930 saying it finds itself unable to meet the maturing from its bonded indebtedness in the fiscal year just closed, according to
'
principal and asking bondholders to take refunding bonds in reports made to Mayor D. B. McKay and submitted by him to the board
showed
exchange. The following is a copy of the official statement of Aldermen. The reportreduced that during the last two years the bonded
debt of Tampa has been
$1.970,500.
issued to bondholders:
"At the close of the fiscal year of 1927, the figures showed, the city
TO
MIAMI, FLA., BONDHOLDERS WITH BONDS
MATURING AUG. 1 1930.
On Aug.1 1930 the City of Miami, Fla., has $180,000 4 '
improvement
bonds maturing. The first issue of Miami bonds was sold in the year
1906, and since that date all maturities, both prin. and int. have been met
on due date. It now finds itself, however, with insufficient
funds on hand to meet the prin. due Aug. 1, although the int. coupons will
be paid in full. As you are aware, all cities in Florida have suffered tremendously from the conditions following the collapse of the real estate
boom, havoc wrought by the Mediterranean fruit fly, tropical storms and,
finally, bank failures. To meet these conditions Miami has cut its operating
budget to the extent of 53% in the last three years and arranged its affairs
on a basis of the most rigid economy.
Miami will never repudiate a dollar of its indebtedness but will pay in
full as soon as conditions permit. It finds that it is necessary, however,
to ask the bondholders of the maturing bonds to extend the time of payment
of prin. and for this purpose is authorizing the issuance of refunding bonds
bearing the same rate of int. as the maturing bonds and maturing in annual
Installments as required by the refunding law, beginning in 1933 and
ending 1955 The refunding bonds have been executed and deposited
with the Chemical Bank & Trust Co., N. Y. City, where maturing bonds
are payable. The holders of maturing bonds are requested to send their
bonds to that bank for exchange for refunding bonds, at no expense to the
holder, and promptly upon their receipt refunding bonds will be delivered
In exchange.
We sincerely hope that this plan will meet with your approval and you
will co-operate immediately by forwarding your maturing bonds to the
above bank for exchange.
CITY OF MIAMI, FLA.,
(Signed) 0. H. REEDER, Mayor.
.
L. J. GRIFFIN, Director of Finance.
July 31 1930.
Note.
-The refunding bonds mature annually, Aug. 1, $7.000 1933 to
1936 and $8,000 1937 to 1955, all incl. As fast as the $180,000 bonds
which mature Aug. 1 are presented at the Chemical Bank & Trust Co.
for exchange, the refunding bonds will be delivered in the following order:
One refunding bond of each maturity beginning in 1933 and ending in
1955 for the first 23 bonds and in like manner for each succeeding 23
bonds, until 161 refunding bonds have been delivered; for the remaining
19 refunding bonds to be delivered, one bond of each maturity beginning
In 1937 and ending in 1955.
P
Tax Rate Fixed for Next Year.
-The following from Miami
appeared in the "Wall Street Journal" of Aug. 1:
The bills for Miami property owners for the fiscal year will be substantially the same as last year. the City Commission has decided.
"Rates show a general increase of approximately 80%. but this is offset
by the roll upon which the taxes will be levied,a reduction from $275,000,000
to $167,519,892. Amount needed for the 1930-31 budget is $3,432,383.
"Total average tax for taxpayers of Miami this year, including city,
county and State taxes, will be approximately four mills less than last year,
the estimates indicate. The millage for the three sources last year was 64."
New York, N. Y.
-Population of Metropolitan Area Now
9,857,882.
-On Aug. 3 the Cities Census Committee, Inc.,
announced that a computation made by Dr. Walter Laidlaw, executive secretary of the committee, had established
the population figure of the area including the greater city
with portions of New Jersey, Long Island and Westchester,
which are adjacent to the metropolis, as now being 9,857,882,
an increase of 2,037,206 persons in the past decade. The
New York "Times" of Aug. 4 carried the following on
the subject:
During the last decade the population of "circled New York" increased
by 2.037,206 persons and is now more than 2,000,000 larger than Greater
London, which, according to the latest figures, had 7,864.130 residents,
against a 1930 total for "circled New York" of 9.857,882, the Cities Census
Committee, Inc. announced yesterday. The statement was based on a
computation made by Dr. Walter Laidlaw, Executive Secretary of the
Committee, before he sailed for Europe last week.
Dr. Laidlaw explained that for purposes of comparison he has taken as
"circled New York an area of 552,259 acres, including some New Jersey
territory, part of Long Island beyond the city's limits and part of Westchester, in addition to the official area of the greater city. The land
area of the Metropolitan Police District is 443,424 acres.
Tabulations Since 1900.
"Since the first of the century, when I reached the conclusion that
New York was destined soon to succeed London in population, I have
,
been accustomed to tabulate the population of what I call 'circled New
York' at every census period, Dr. Laidlaw reported. "This area includes
a circle centred at the City Hall of New York, with a radius of about 20
miles, reaching Tottenville, S. I., including part of six New Jersey counties
and art of Westchester and Nassau Counties of New York State.
There can never be a 'Greater New York' legally parallel to 'Greater
London, for the reason that the Hudson River separates the two legal
-New Jersey and New York, 'Circled New York,' however,
entities
permits a population comparison with Greater London, and I announce
that 'circled New York' increased to the extent of 2,037.206 persons from
1920 to 1930 and is now over 2,000,000 larger than Greater London."
Dr. Laidlaw announced that while he was in London this summer he
Intended to find out the population within a radius of 20 miles from Charing
Cross to compare with the population within less than 20 miles from
New York City Hall, for the reason "that the Metropolitan Police District
of London is not a complete circle, and it seems only fair to London to
-mile
get the full population of a circle comparable with the less than 20
radius of 'circled New York.'
"While the latest figures for Greater London show 7.864,130, we have
nearly 10,000,000 people within 20 miles of our City Hall. Sixty-two per
cent. of New Jersey's whole increase of population from 1920 to 1930 live
within 19 miles of Mayor Walker's chair. From 1910 to 1920 over 66.6%
Of New Jersey's increase was in that same area," he declared
BOND PROPOSALS AND NEGOTIATIONS.
-Sealed
ABILENE, Dickinson County, Kan.
-BOND OFFERING.
bids will be received by M.E. Calkins, City Clerk, until 8 p. m.on Aug. 12
for the purchase of two issues of 41,f% bonds aggregating $158,000 as
follows:
$76.000 paving bonds. Due in from 1 to 10 years.
80,000 sewer bonds. Due in from 1 to 20 years.
Dated Aug. 1 1930. A certified check for 2% must accompany the bid.
AITKIN COUNTY (P.O. Aitkin), Minn.
-Sealed
-BONDS OFFERED.
bids were received until 10 a. m. on Aug. 5 by H. C. Beecher, County
Auditor, for the purchase of an $80,000 issue of not to exceed 6% semiannual refunding bonds. Dated Aug. 1 1930. Due in from 3 to 20 years.
ALLEGHENY COUNTY (P.O. Pittsburgh), Pa.
-BOND OFFERING.
-In connection with the report in our issue of July 19-V. 131, P. 507
relative to the approval by the Board of County Commissioners of the sale
of various issues of public impt. bonds aggregating $7,520,000, we now
learn that Robert G. Woodside, County Comptroller, has issued a call for
sealed bids for the purchase of the bonds, to be opened at 11 a.m.(daylight
saving time) on Aug.26. The bonds to be sold follow:
$5,100,000 series 19-D road bonds.
1,820,000 series 34-B-4 road bonds.
500,000 series 34-A-5 road bonds.
100,000 series 37 road bonds.
All of the above bonds are to be dated Aug. 1 1930. Denom. $1,000.
Due serially in 30 years. Int. is payable semi-annually. A certified check
for $150,400 must accompany each proposal. Bids to be upon forms to be
obtained from the Comptroller.
-Sealed bids
-BOND OFFERING.
ALPINE, Brewster County, Tex.
will be received by the City Clerk, according to report, until Aug. 15 for
% refunding bonds. Due from
the purchase of an issue of $121,000
1933 to 1968 inclusive.
-Sealed
-BOND OFFERING.
ANNISTON, Calhoun County, Ala.
bids will be received until 7:30 p. m. on Aug. 14 by Sidney J. Reaves.
Mayor, for the purchase of a $15.000 issue of 534% improvement bonds.
Denom. $500. Dated Aug. 1 1930. Due $1,500 from Aug. 1 1931 to
1940, incl. Prin. and int. (F. & A.) payable at the Chase National Bank
in N. Y. City. Legality approved by Storey, Thorndike, Palmer & Dodge
of Boston. A $300 certified check, payable to the city, must accompany
the bid. (This report supplements that given in V. 131, p. 817.)
ANTHONY(P.O. Americus), Sumter County,Ga.-BONDS VOTED.
-At a special election held recently the voters approved unanimously
the Issuance of $15,000 in school district bonds.
ARLINGTON, Middlesex County, Mass.
-TEMPORARY LOAN.
The Menotomy Trust Co. of Arlington on Aug. 4 purchased a $200,000
temporary loan at a 2.325% discount. The loan is dated Aug. 7 1930 and
matures as follows: 8150.000 on Dec. 12 1930 and $50,000 on Aug. 6 1931.
Bids submitted were as follows:
BidderDiscount.
Menotomy Trust Co.(purchaser)
2.325
Bank of Commerce & Trust Co
2.415%
Faxon,Gade Sc Co
2.45
Salomon Bros. & Hutzler
2.56
F. S. Moseley & Co
2.57%
BAYONNE, Hudson County, N. J.
-William
-BOND OFFERING.
P. Lee, City Clerk, will receive sealed bids until 11 a. m. (daylight saving
time) on Aug. 19 for the purchase of the following issues of coupo=
registered bonds, aggregating $1,325,000:
.
$1.047,000 4Y, 43jor 43(7„ second series school bonds. Dated Aug. 1
1930. Due on Aug. 1 as follows: $25,000 from 1932 to 1946.
incl.; $30,000 from 1947 to 1951. incl.; $35,000 from 1952 to
1965, incl., and $32.000 in 1966. No more bonds are to be
awarded than will produce a premium of $1,000 over $1,047,000.
Interest is payable in Feb. and Aug.
278,000 not to exceed 5% interest tax title bonds. Dated Sept. 1 1930.
Due on Sept. 1 1931. Rate of interest is to be expressed in
multiples of 1-100th of 1% and must be the same for all of the
bonds. Interest is payable in March and Sept.
The above issues of bonds are in $1,000 denom. Principal and semi-ann.
int, payable in gold at the Hudson County National Bank, Bayonne, or.
at the Chase National Bank, New York. A certified check for 2% of the
amount of each issue bid for, payable to the order of the city, must accompany each proposal. The approving opinion of Hawkins, Delafield
& Longfellow of New York will be furnished to the purchaser.
BEAUMONT, Jefferson County, Texas.
-BOND ,SALE.
-It is reported that nine issues of 4M % bonds, aggregating $1,051,000, were jointly
awarded on July 30 to Geo. L. Simpson & Co., Inc., of Dallas and Eldredge
& Co. of New York at a price of 94.50. The issues are divided as follows:
$350,000 street openings and widening; $180,000 dock and wharf improvement: $98,000 airport: $98,000 fire department; $73,000 waterworks improvement; $40,000 public buildings; $24,000 parks; $42,000 sewers. and
$146,000 warrant refunding bonds. (These are the bonds that werelunsuccessfully offered on July 22-V. 131, P. 818.)
it
BEAUMONT, Jefferson County, Tex.
.-The
-BONDS REGISTERED
State Comptroller on Aug. I registered an issue of $150,000 4 % serial
refunding bonds.
BENSON, Swift County, Minn.
-PRICE PAID.
-The $28,556.35
issue of refunding bonds that was purchased by Geo. B. Keenan & Co. of
FINANCIAL CHRONICLE
973
-was awarded at par. Due in from Clerk, for the purchase of a 5300,000 issue of 434% highway bonds. De-V. 131, p. 305
Minneapolis, as 53s
nom. $1,000. Dated May 1 1930. Due on May 1 as follows: $30,000,
2 to 12 years.
1935; $15,000, 1936; $85,000. 1937; 3100,000, 1938, and $70,000 in 1939.
-ADDITIONAL IN- Prin. and int. (M. & N.) payable in lawful money at the office of the
BENTON COUNTY (P. 0. Vinton), Iowa.
was County Treasurer. A certified check for 5% must accompany the bid.
FORMATION.
-The $220,000 issue of 43l% refunding bonds that
-was (These bonds were voted at an election held on June 10.)
-V. 131, p. 818
purchased by the White-Phillips Co. of Davenport
awarded for a premium of $2,001, equal to 100.90, a basis of about 4.37%.
-TAX RATE INCREASED.
CAMBRIDGE, Middlesex County, Mass.
Due as follows: .$7,000 in 1932; $9,000. 1933; $11.000. 1934; $12,000.
1935; 324,000. 1937: $26,000, 1938; $33.000, 1939; $28,000, 1940; $50,000, The city tax rate for 1930 was announced on Aug. 7 as $35.70 for each
$1,000 of valuation, an increase of $3 per $1,000 valuation over the figure
1942.
1941. and $20,000 in
for 1929, according to a recent issue of the Boston "Transcript" which con- tinued as follows:
BILLINGS COUNTY (P. 0. Medora), N. Dak.-BOND OFFERING.
Sealed bids will be received by W. F. King, County Auditor, until 2 p.m.
"There is a reduction in assessed personal valuation and an increase
on Aug. 12. for the purchase of a $12,000 issue of road and bridge bonds. in real estate values. Personal property is figured at $17.240,600 as against
Int. rate is not to exceed 6% payable semi-annually. Denom. $500. $17,599.200 last year, real estate valuation totals $173.512,700. as against
Dated Sept. 1 1930. Due on Sept. 1 1950. A certified check for 2% 3170,867,100 last year.
must accompany the bid.
"The loss in personal property is accounted for in part by the dismantling
BLAINE COUNTY SCHOOL DISTRICT NO. 43 (P. 0. Turner), of machinery in the Boston Elevated Railway power house. Real estate
-The $23,000 issue of school building bonds offered taken from the tax list and placed on the list of exempted property amounted
-BOND SALE.
Mont.
for sale on July 21-V. 131, p. 147-was_purchased by the State Board of to $1.139,400, representing transfers to Harvard College and Boston
Land Commissioners, as 5s at par. Dated Aug. 1 1930. Due in 20 University.
"Appropriations amounted to $8.697,850, of which $6,809,892 has to be
Tears and optional after 5 years. Interest payable on Feb. and Aug. 1.
raised by taxation."
BLUE EARTH COUNTY (P. 0. Mankato), Minn.
-BOND OFFERMass.
-BONDS OFFERED.
CAMBRIDGE,
-Sealed bids will be received until 11 a. m. on Aug. 18 by C. L. Henry F. Lehan, Middlesex County, sealed bids until 12 m.on Aug.8
ING.
Treasurer, received
Kennedy, County Auditor, for the purchase of an issue of $100,000 drain- for the purchaseCity$150,000 4%, coupon permanent pavement bonds.
of
age funding bonds. The rate of interest is to be named by the bidders. Dated Aug. 1 1930. Denom. $1,000. Due $15.000 on Aug. 1 from 1931
Denom. $1,000. Dated Aug. 1 1930. Due on Nov. 1 as follows: $10,000,
semi-ann. int. payable at the National Shawmut
1931 and 1932; $12.000, 1933, and 1934; 518.000. 1935 and 1936, and to 1940 incl. Prin. and
under the supervision of the
Bank, Boston. The bonds
$20.000 in 1937. Prin. and int. payable at a place designated by the pur- aforementioned bank; their will be prepared approved by Ropes, Gray,
legality will be
chaser. The approving opinion of Junell, Oakley, Driscoll & Fletcher of Boyden & Perkins of Boston, whose opinion will be furnished to the purMinneapolis will be furnished. A $2,000 certified check, payable to the
chaser.
County Treasurer, must accompany the bid.
Financial Statement April 1 1930.
BLUEFIELD, Tazewell County, Va.-BOND ELECTION.
-On Assessed valuation
$188,456,300.00
Aug. 12 the qualified electors will vote on a proposed bond issue of $40,000 Funded city debt
3,941,950.00
to be used for improvements to the town's water plant.
2,862,326.45
Sinking fund for funded city debt
BOISE, Ada County, Ida.
-NOTE SALE.
-An issue of $120,000 tax
$1.079,623.55
Net funded city debt
anticipation notes is reported to have recently been purchased by the First
7,390,850.00
Serial city debt
Security Bank of Boise.
BOLIVAR COUNTY (P. 0. Rosedale), Miss.
$8,470,473.55
-The
-BOND SALE.
Net city debt
$100,000 issue of general refunding bonds offered for sale on Aug.4-V.131, Funded water debt
397,500.00
-was purchased by Saunders & Thomas of Memphis.
p. 663
404,317.61
Sinking fund for funded water debt
BOONE COUNTY (P.O. Lebanon),Ind.
-BOND SALE.
follow-The
$6,817.61
(Excess)
Net funded water debt
ing issues of 4% coupon bonds aggregating $17,200 offered on Aug. 1490,500.00
-were awarded to the City Securities Corp. of Indianapolis Serial water debt
V. 131, p. 663
at par plus a premium of $404, equal to 102.34, a basis of about 4.02% •
$483,682.39
Net water debt
$16.000 R. E. Bennett et al., Center Township highway impt. bonds.
Population 1920 census, 109,456; 1925 census, 120,054.
Due one bond on each Jan. and July 15 from July 15 1931 to Jan
-The White-Phillip_
-BOND SALE.
CARY, McHenry County, 111.
1941.
1,200 Glen La Follette et al., Jefferson Township highway impt. bonds. Co., Inc., of Davenport, during July purchased an issue of $6,500 5%70
Due one bond on each Jan. and July 15 from July 15 1931 to Jan. coupon funding bonds at a price of par. Dated July 1 1930. Denom.
$500. Due on July 1 as follows: $500 in 1936, and $1,000 from 1937 to
15 1941.
Each issue is dated July 8 1930. The following is a list of the bids 1942 incl. Interest is payable semi-annually.
received:
CHATHAM TOWNSHIP SCHOOL DISTRICT (P.O. Little Marsh),
Bidder
Premium. Tioga County, Pa.
-Owen Hornsby, Secy. of Board
-BOND OFFERING.
City Securities Corp. (Purchaser)
$404.00 of School Directors, will receive sealed bids until 12 in. on Aug. 22 for the
Fletcher Savings & Trust Co., Indianapolis
260.75 purchase of $24,000 434% coupon school bonds. Dated Sept. 1 1930.
Union Trust Co., Indianapolis
304.00 Denom.$1,000. Due on Sept. 1 as follows: $1,000 from 1940 to 1955 incl.,
Fletcher American Co., Indianapolis
311.70 and $2,000 from 1956 to 1959 incl. Interest is payable in March and Sept.
Campbell & Co., Indianapolis
305.75 Sale of the bonds is subject to the approval of the Department of Internal
Merchants National Bank, Muncie
303.03 Affairs.
First & Tri-State National Bank & Trust Co., Fort Wayne
252.00
First State Bank
CATAHOULA PARISH CONSOLIDATED SCHOOL DISTRICT
268.80
-BOND OFFERING.
-Sealed bids
BRAZORIA COUNTY SPECIAL ROAD DISTRICT NO. 29 (P. 0. NO. 2 (P. 0. Jonesville), La. 2, by H. W. Wright, Secy, of the will be
Pariah
on Sept.
Angleton), Tex.
-BONDS VOTED.
-At the special election held on received until 11 a. m.purchase of a $75,000 issue of school bonds. Int.
Board, for the
19-V. 130, p. 4641-the voters approved the issuance of $1,300,030 School not to exceed 6%,payable semi-annually. Denom.$1,000. Dated
July
rate is
in road bonds by a count reported to have been 528 "for" to 62 "against.'
Aug. 1 1930. Due from 1931 to 1950. The approving opinion of B. A.
BREVORT TOWNSHIP SCHOOL DISTRICT (P. 0. Allenville), Campbell of New Orleans, will be furnished. A $2,000 certified check,
Mackinac County, Mich.
-BONDS OFFERED.
-John C. Erskine. SecY• payable to E. W. Dayton, President of the Parish School Board, must
of the Board of Education, received sealed bids until Aug.5 for the purchase accompany the bid.
-of 515,0006% school bonds. Dated Sept. 1 1930. Denom. $1,000. Hue
-BOND OFFERING.
-Sealed
CHERRYVILLE,Gaston County, N. C.
on July 1 as follows: $1,000 in 1931; $2,000 in 1932: $1.000 in 1933; $2,000
until noon on Aug. 18 by T. J. Mosteller, Town Clerk,
in 1934; $1,000 in 1935; $2,000 in 1936; $1,000 in 1937; $2000 in 1938; bids will be received $22,000 issue of coupon or registered refunding bonds.
for the purchase of a
in 1939, and $2,000 in 1940. Interest is payable semi-annually.
$1.000
Int. rate is not to exceed 6%. payable in Feb. and Aug. Rate is to be in
BRIARCLIFF MANOR, Westchester County, N. Y.
-BOND OFFER- multiples of 5.1 of 1% and must be the same for all of the bonds. Denom.
-Alfred H. Pearson, Village Clerk, will receive sealed bids until $1,000. Dated Aug. 1 1930. Due 52.000 from Aug. 1 1942 to 1952 incl.
/NO.
p.m. (daylight saving time) on Aug. 13 for the purchase of $9,500 not Payable in New York in gold. The approving opinion of Reed, Hoyt &
to exceed 6% int. coup, or reg. fire apparatus purchase bonds. Dated Washburn of New York will be furnished. A certified check for 2% of the
July 1 1930. One bond for 5500, all others for $1,000. Due on July 1 par value of the bonds bid for, payable to the Town,is required.
as follows: 31,000 from 1931 to 1939 incl., and $500 in 1940. Rate of int.
-BOND OFFERING.
CHESTER COUNTY (P. 0. Henderson), Tenn.
to be expressed in a multiple of 1-10th or H or 1%. Prin. and semi-ann.
$10,000 issue of 45.1% coupon semi-ann. road bonds will be offered for
int. (J. & J.) payable at the Guaranty Trust .o., Fifth Ave. Branch, -A at public auction by R. B. Wood, County Clerk, at 2 p. m.on Aug. 20.
A certified check for $200 Payable to the order of the Village sale
N. Y. City.
Denom.$1,000. Dated June 1 1928. Due $1,000from June 1 1931 to 1933
must accompany each proposal. The approving opinion of Clay, Dillon & and 1936 to 1942,all incl. Legality approved by B.H.Charles of St. Louis.
Vandewater of New York will be furnished to the purchaser.
A $500 certified check must accompany the bid.
BRIGHTON COMMON SCHOOL DISTRICT NO. 4 (P. 0. Roch-BOND
CHESTER SCHOOL DISTRICT, Delaware County, Pa.
-BOND OFFERING.
), Monroe County, N. Y.
-Bernice W.Martin, SALE.
-The $250,000 4% coupon school bonds offered on Aug.4-V.131,
District Clerk will receive sealed bids until 2 p. M.(Daylight saving time)
Freeman & Co.of Philadelphia, at 100.15.
-were awarded to M. M.
p. 819
on Aug. 12, at the Union Trust Co., Rochester, for the purchase of $65,000
dated Aug. 1 1930 and mature
not to exceed 6% interest coupon or registered school bonds. Dated July 1 a basis of about 3.99%. The bonds are1955 and 1960. The Delaware
in 1940, 1945,
1930. Denom. $1.000. Due on Jan. 1 as follows: $2,000 from 1932 to $50.000 on Aug. 1 of Chester, the 1950,other bidder, offered par and aconly
County Trust Co.
1941 incl.; $3,000 from 1942 to 1946 incl.; $4.000 from 1947 to 1953 incl..
and $2,000 in 1954. Rate of interest to be expressed in a multiple of H or crued interest for the issue.
-PRE
-ELECTION
1-10 of 1%. Prin. and semi-ann. int.(J.& J.) payable in gold at the Union
CHEYENNE WELLS, Cheyenne County, Colo.
Trust Co., Rochester. A certified check for $1,200, payable to Irving SALE.
-An $85,000 issue of 5% school refunding bonds has been purchased
Ramsey, District Treasurer, must accompany each proposal. The approv- by Joseph D. Grigsby & Co. of Pueblo, prior to an election to be held soon.
ing opinion of Clay, Dillon & Vandewater of New York, will be
-BOND OFFERING.
-George K.
CHICAGO, Cook County, 111.
th purchaser.
e
furnishedto
Schmidt, City Comptroller, will receive sealed bids until 11 a. in. on
BRISTOL, Bristol County, R. I.
-TAX RATE INCREASED.
-The Aug. 15 for the purchase of $7,000,000 4% coupon (registerable as to
1930 tax rate for the town was fixed on Aug. 1 at $2.48 for each $100 of principal) general corporate gold bonds. Dated Aug. 1 1930. Denom.
valuation, an increase of 2 cents a hundred over the rate for 1929, and the $1,000. Due as follows: $2,000,000 on July 1 1932: $2,500,000 on Jan. 1
highest in the history of the town. The total value of real estate and 1933, and $2,500.000 on Jan. 1 1934. Principal and semi-annual interest
tangible personal property assessed this year is $14.751.500.
are payable at the office of the City Treasurer, or at the fiscal agent of
Chicago in New York City. The offering notice states that
BRISTOL, Sullivan County, Tenn.
-BOND OFFERING.
-Sealed the City of
bids will be received until 8.15 p. m. on Aug. 12 by W. K. Carson, City the bonds are offered for delivery, when, as and if issued, subject to the
Treasurer, for the purchase of two issues of bonds aggregating $36,000, approval of counsel, and are issued under authority of Chapter 24 of the
Revised Statutes of the State of Illinois and HOMM Bill No. 10, enacted
divided as follows:
56th General Assernaly of the
$24,000
street impt. bonds. Due $3,000 from July 1 1932 to 1939 incl. at the first special session of the ordinance passed by the City State of
Council
Illinois; and in accordance with
12,000 5 0 general impt. bonds. Due on July 1 as follows: $1,000 in
July 16 1930. Bids without conditions or qualification will be received
1 31, 1933, 1935, 1937. 1939 and 1941 to 1947 incl.
issue, and each bid should be
or any part of
Denom. 51,000. Dated July 1 1930. Prin. and int. (J. & J.) payable for the whole certified check thea Chicago bank, drawn to theaccompanied
on
order of the
at the National City Bank in New York, or at the First National Bank in by money or
City Comptroller for 2% of the par value of the bonds bid for.
Bristol. A $500 certified check must accompany the bid.
CHICAGO, Cook County, 111.-$4,000,000 TAX WARRANTS SOLD.
BRODHEAD GRADED COMMON SCHOOL DISTRICT (P.O. Brod- -In order that 15,000 city employees. including firemen and policemen,
head), Rockcastle County Ky.-BOND SALE.
-A $13,500 issue of will receive payment for their services during the month of July, City Comp5% school bonds has recentij been purchased by the Hanchett Bond Co. troller George K. Schmidt on July 31 negotiated the sale of $4,000.000 tax
H
of Chicago. Denom.$500. Dated June 1 1930. Due on June 1 as follows: warrants to
group composed of the First National Bank, Continental
31,000, 1935 to 1946 and $1,500 in 1947. Prin. and int. (J. & D.) payable Illinois Co., a
Trust & Savings Bank, Central Trust Co., Foremanat the Fifth-Third Union Trust Co. in Cincinnati. Legality approved bY State Corp.,Harris
and the National Bank of the Republic, also the Guardian
Squires, Sanders & Dempsey of Cleveland.
Trust Co. of Detroit, according to a recent issue of the Chicago "Journal
BURLEIGH COUNTY (P. 0. Bismarck), N. Dak.-BOND SALE.- of Commerce."
The two issues of bonds aggregating $250,000 that were approved by the
-SYNDICATE OFFERS TO TAKE UP
CHICAGO, Cook County, Ill.
voters on March 18(V. 130, p.2268) have since been purchased by the State. 330.000,000 WARRANT NOTES.
-A syndicate composed of the
The issues are divided as follows: 5210,000 court house and $40,000 Jail National Bank of Chicago, Continental Minces Co., Inc., Foreman First
-State
bonds.
Corp., Harris, Forbes & Co., Central Trust Co.of Illinois, and the Northern
CADDO COUNTY UNION GRADED SCHOOL DISTRICT NO. 64 Trust Co., all of Chicago, offers to purchase at a price of par a total of
(P. 0. Cyril), Okla.
$30,000,000 of outstanding tax anticipation warrant notes, comprising
-BONDS OFFERED.
-Sealed bids
received
2 p. m. on Aug. 5 by A. P. Black, District Clerk, for were purchase until $16.000,000 6% educational fund notes, due May 15 to Aug. 15 1930,
the
of a
314,000 issue of school bonds. Denom. $500. Due $2,000 from 1933 to $10,000.000 574% corporate fund notes, due May 15 to July 1 1930 and
$4,000,000 6% corporate fund notes, due July 15 1930. The 6% notes are
1939 incl.
11929. The 534% notes
CALDWELL IRRIGATION DISTRICT (P. 0. Caldwell), Canyon dated April$750,000. Feb. 1 1929; are dated in the order of their maturity
$4,250,000, Feb. 13 1929. $5,000,000,
-BOND DETAILS.
County Idaho.
-We are now informed that the as follows:
Feb. 21 1929. In reference to the offer of the bankers to purchase the
issue of coupon refunding bonds that was awarded as 6s at par foregoing notes. the advertisement says:
317,800 t
-v. 131, P. 818
-was purchased by the College of Idaho of Caldwell.
"Holders of City of Chicago
Denonas. $100 and $500. Dated July 1 1929. Due in 20 years. Interest and maturities indicated above,tax anticipation warrant notes with datings
are herewith advised that, effective at once.
payable on January and July 1.
any of the undersigned will purchase such of these warrant notes as
be
1 CALUMET COUNTY (P. 0. Chilton), Wis.-BOND OFFERING.- presented to them at par and accrued interest. These warrant notes are
may
-Sealed bids will be received until 10 a. in. on Aug. 19 by J. Brocker, County Issued in anticipation of, and are payable from, taxes levied for the year
974
FINANCIAL CHRONICLE
1929, which taxes, in accordance with legislation recently enacted by a
special session of the State legislature, do not become delinquent until
Apr. 1 1931. Attention is directed to the fact that with the exception of
$4,000,000 educational fund 6% notes due Aug. 15 1930, all of these warrant notes have passed their indicated maturity dates and this offer to
purchase such notes therefore presents to the holders who may so desire an
_PPortunity of receiving the principal and interest thereon at 'this time.
lhis offer to purchase is subject to withdrawal at any time by any or all of
the undersigned without notice."
CHICOPEE, Hampden County, Mass.
-BOND SALE.
-The award
of the following issues of 4% coupon bonds aggregating $345,000 for which
sealed bids were opened on July 31-V. 131, p. 819
-was made on Aug. 5
to Estabrook & Co., of Boston, at a price of 101.451. a basis of about
3.76%:
$225,000 filtering plant and water main bonds. Due on July 1 as follows:
$12,000 from 1931 to 1940 incl. and $10,500 from 1941 to 1950 incl.
120,000 permanent pavement bonds. Due $40,000 on July 1 from 1931
to 1933 incl.
Each issue is dated July 1 1930. The following is a list of the bids
submitted:
BidderRate Bid.
Estabrook & Co.(purchasers)
101.451
Curtis & Sanger
101.31
F.S. Moseley & Co
101.257
Stone & Webster and Blodget,Inc
101.235
R. L. Day & Co
101.159
Harris,Forbes & Co
100.91
Salomon Bros.& Hutzler (for $120,000 pavement issue)
100.78
CLIFTON HEIGHTS SCHOOL DISTRICT, Delaware County, Pa.
-OFFERING DATE IS CLIANGED.-In connection with the notice in
our issue of July 26-V. 131, p. 664
-pertaining to a scheduled sale on
Aug. 11 of $125,000 43e% coupon school bonds, we now learn the date of
the proposed sale has been changed to Aug. 25 and the rate of interest
on the issue has been reduced to 4) %. Sealed bids will be received until
,
4
8.30 p.m.(daylight saving time) on Aug. 25 by Enoch H.Eastburns, Secretary of Board of School Directors. With the exception of the changes
already noted, all of the other details regarding the issue remain as published
previously.
COCHISE COUNTY (P. 0. Bisbee), Ariz.
-BOND OFFERING.
Sealed bids will be received math 10 a. m. on Aug. 15, by the Clerk of the
Board of Supervisors, for the purchase of a $300,000 issue of court house
and jail bonds. Int. rate is not to exceed 5%,payable semi-annually.
COOK COUNTY(P.O.Chicago), III.
-BOND SALE.
-The $2,500,000
% series Y corporate bonds offered on Aug. 4-V. 131, 1)• 664 were
awarded to a syndicate composed of the Chatham Phenix Corp. M. M.
Freeman & Co., Inc., Eldredge & Co., and Otis & Co., all of New York,
at a price of 101.339, a basis of about 3.89%. The bonds are dated Aug.1
1930 and mature on Feb. 1 as follows: $1,000,000 in 1932, and $750,000 in
1933 and 1934. The successful oidders are reoffering the bonds for public
investment at prices to yield as follows: the bonds due in 1932 are 'Priced to
yield 3.25%; those due in 1933 are priced to yield 3.75%, and the bonds
maturing in 1934 are priced to yield 4.00%. The securities are stated to be
legal investment for savings banks and trust funds in New York, Illinois
and other States.
[vol. 131.
DAWSON COUNTY SCHOOL DISTRICT Nb. 1 (P. 0. Glendive),
Mont.
-BOND OFFERING.
-Sealed bids will be received until 7.30 p. m.
on Aug.19 by John L. Jones, District Clerk, for the purchase of a $32.000
issue of school bonds. Int,rate is not to exceed 6%.Payable semi-annually.
A certified check for $1,000, payable to the Clerk, must accompany the bid.
DECATUR COUNTY (P. 0. Greensburg), Ind.
-BOND SALE.
The two issues of 4)4% coupon bonds aggregating $15.800 offered on
July 26-V. 131. p. 509
-were awarded as follows:
$10,600 Henry Rimstidt et al., Marion Township highway impt. bonds
sold to J. F. Wild Ric Co. of Indianapolis at par plus a premium of
$216, equal to 102.03, a basis of about 4.085%. Due $530 on
July 15 1931: $530 on Jan. and July 15 from 1932 to 1940 incl.
and $530 on Jan. 15 1941.
5,200 Ora B. Pike et al., Jackson Township highway impt. bonds sold
to the Union Trust Co. of Greensburg at par plus a premium of
$104.50, equal to 102, a basis of about 4.031%. Due $260 on
July 15 1931- $260 on
and July 15 from 1932 to 1940 incl.
and. $260 on Jan. 15 1941.
'
Jan.
Each issue is dated July 15 1930. In the following list of the bids submitted for the bonds we indicate the issues bid for as follows: $10,600, A;
$5,200, B.
BidderA.
B.
Thomas D. Sheerin & Co., Indianapolis
$185.00
Fletcher Savings & Trust Co., Indianapolis
196.00
$87.70
Inland Investment Corp., Indianapolis
74.00
175.00
City Securities Corp., Indianapolis
75.50
181.00
J. F. Wild & Co., Indianapolis
101.00
First & Tri-State Natl Bank & Trust Co., Fort Wayne _ 216.00
77.00
202.00
C. J. Erdmann, Greensburg
91.50
177.85
Union Trust Co., Greensburg
104.50
212.50
DE KALB COUNTY (P. 0. Auburn), Ind.
-BOND SALE.
-The
$9,500 4;e% coupon George Scattergood et al., Richland and Grant Townships highway impt. bonds offered on July 31-V. 131. p. 509
-were
awarded to the Farmers Loan & Trust Co.. Auburn, at par plus a premium
of $85.50, equal to 100.90, a basis of about 4.31%.The award consisted of
$5,800 Richland Township bonds, denoms. $290 and $3,700 Grant Township bonds. denoms. $185. The issues mature semi-annually from July
15 1931 to Jan. 151941.
DENVER (City and County), Colo.
-OFFERING DETAILS.
-In
connection with the offering schedule for Aug. 19 of the $13,540,000 issue
of 4j.4% municipal water refunding, series 1927 bonds
-V. 131, p. 819
we are now in receipt of the following additional information: The bonds
mature as follows:
1931. -$157,000 1941-- -$240,000 1950----$349,000 1959----$508.000
250,000 1951- --- 364,000 1960-1932- 165,000 1942_ 529,000
1933-- 172,000 1943- - -- 176,000 1952_ ___ 379,000 1961--- 552.000
1934- 179,000 1944-- - 272,000 1953 _ _ _ 396,000 1962-- 552.000
284,000 1954_ --- 412,000 1963- -_- 600,000
1935.-- 187.000 19451936195,000 1946- --- 296,000 1955_ -_- 430,000 1964- - _ 625,000
1937--- 203,000 1947-- -- 308,000 1956- 448,000 1965-- - 652,000
1938- - - 212.000 1948--- 321,000 1957-- -- 467,000 1966-- 680,000
1939- - 221,000 1949.-- -335,000 1958- --- 487,000 1967.... 684,000.
1940-- - 230,000
Interest payable on June and Doc. 1.
An irrepealable ordinance has been passed by the City Council, approved.
by the Mayor, levying a direct annual tax on all property in the City and
County of Denver to provide for the payment of prin. and int, of these
bonds.
-City and County of Denver.
Financial Statement
Assessed valuation for purpose oftaxation,1929
$458,290,360.00
Floating debt
None
*Bonded debt:
(June 11930) Water bonds
$21,189,600.00
(June 1 1930)Sink.fund (1918)- _326,095.24
(June 1 1930) Sink.fund (1923)- 88,673.80
114.769.04
21,074,830.96
Court House bonds
$500,000.00
Sinking fund
215,000.00
285,000.00
COOS COUNTY (P.O. Coquille), Ore.
-BOND SALE.
-The $300,000
issue of coupon bridge bonds offered for sale on July 29-V. 131, p. 306
was purchased by a group composed of Smith, Camp & Co.. Peirce, Fair &
Co., Geo. H. Burr, Conrad & Broom. Inc., and the United Oregon Corp..
all of Portland. as 4s,at a price of 100.527, a basis of about 4.68%. Due
$330,000 from Aug. 1 1936 to 1945 incl.
(This report supplements that given in V. 131, p.819.)
The other bidders and their bids were as follows:
3 CrRate. Price Bid.
Blyth & Co
433e %
100.33
First Seattle Dexter Horton Securities Co
%
100.17
Bank of Southwestern Oregon and associates
5
101.25
Morris Mather & Co.and associates
5
100.90
COOS COUNTY SCHOOL DISTRICT NO.8(P.O. Coquille), Ore.
BOND OFFERING.
-Sealed bids will be received until 5 p. m. on Aug. 12
by H. S. Norton, District Clerk, for the purchase of a $54,000 issue of
school bonds. Int. rate is not to ezce
5%, payaole semi-annually.
Total
- _ _____________________________________ 321,359,830.96.
Dated Sept. 1 1930. Due on Sept. 1 as follows: $7,500, 1935 and 1936: Less waterbonds
-21,074,830.96.
$8,000, 1937; $8,500, 1938: $9,000, 1939: $9,500, 1940, and $4,000 in 1941.
Prin. and int, payable at the office of the County Treasurer. The legal
Net bonded debt
$285,000.00
approval will be by Teal, Winfree, McCulloch & Shuler of Portland. A
* School bonds and bonds issued for local improvement districts not
certified check for $1,000 must accompany the bid.
included.
-BOND OFFERING.
CORDELL, Washita County, Okla.
-Sealed bids
Population: 1930 United States census, 287,644.
will be received by Pearl Peters, City Clerk, until 7.30 p. m. on Aug. 11,
Although the above
direct obligation of the City and County
for the purchase of a $39.000 issue of sewer bonds. Int. rate is not to of Denver, the Board bonds are aCommissioners has assumed payment of
of
exceed 6%, payable semi-annually. Due serially in 25 years. (These both prin. and int. TheWateron Municipal Water Bonds, series 1918
int.
bonds were voted at an election held on July 25.)
(refunded by this issue of 1927) has been promptly paid from the earnings
COSTA MESA UNION ELEMENTARY SCHOOL DISTRICT (P. 0. of the Water Board.
Under the Charter of the City and County of Denver the Board of Water
-BOND OFFERING.
Santa Ana), Orange County, Calif.
-Sealed bids
will be received by J. M. Backs, County Clerk, until 11 a. m. on Aug. 19, Commissioners is granted all the powers of the City and County under the
for the purchase of a $10,000 issue of 5% school bonds. Denom. $1,000. Charter and under the constitutional amendment creating Denver a home
Dated Sept. 1 1930. Due $5,000 from 1931 to 1940 incl. Prin. and semi- rule city, in all matters pertaining or incidental to the water works system
ann. in payable at the office of the County Treasurer. Legal approval and plant. The Board has full authority to fix rates. The Board's
by Gibson, Dunn & Crutcher of Los Angeles. A certified check for 3% gross revenue in 1929 was $2,911,330.31 from which was paid interest
$960.604.08, maintenance and operation $696,886.08. leaving balance of
payable to the County Treasurer, must accompany the bid.
$1.253,840.15 available for payment of bonds as the same mature and for
The following statement accompanies the offering notice:
replacements, betterments and extensions.
The total valuation of taxable non-operative property within Costa Mesa
The average yearly increase ofrevenuesfrom the plant during the past six
Union Elementary School District in said County was $2,563,320 and that years has
amounted to approximately
%•
the total amount of the outstanding bonded indebtedness of said School
District is $77,000.
DENVER, Denver City, Colo.
-IMPROVEMENT DISTRICT CRE-On July 29 the order was duly signed by Mayor B. F. Stapleton
COUNCIL BLUFFS INDEPENDENT SCHOOL DISTRICT (P. 0. ATED.
-BOND SALE.
-The after having been passed by the Council of the City and County, creating
Council Bluffs), Pottawattarnie County, Iowa.
$185,000 issue of school refunding bonds offered for sale on Aug.5-V. 131, Street Improvement District No. 152 and authorizing the issuance of'
-was jointly purchased by the White-Phillips Co. of Davenport bonds for certain improvements in the district to the aggregate amount of
P. 819
and the Council Bluffs Savings Bank, as 4 Us, for a premium of $901, $115,007.
equal to 100.487. a basis of about 4.20%. Dated Oct. 1 1930. Due from
DES MOINES INDEPENDENT SCHOOL DISTRICT (P. 0. Des.
Oct. 1 1936 to 1950 incl.
Moines), Polk County, Iowa.
-BOND OFFERING.
-Bids will be re,
ceived until 11 a. m. on Aug. 11, by George L. Garton, Secretary of the
The other bidders and their bids were as follows:
Premium. Board of Directors, for the purchase of a $263,000 issue of 434% refunding
Name of Bidder$900.00 bonds. Denom. $1,000. Dated Sept. 1 1930. Due on Sept. 1, as follows:
Wachob, Bender & Co. of Omaha
875.00 $55,000, 1934; $37,000, 1935: 559,000, 1936: $50,000, 1937, and $62,000
Geo. M. Bechtel & Co. of Davenport
in 1938. Prin. and semi-annual int. payable at the office of the District
-BOND SALE. Treasurer. Sealed bids
CROTON-ON-HUDSON, Westchester County, N. Y.
will be received up to the hour of calling for open
,
-The following issues of 4;e% registered bonds aggregating $83,000 bids. Said bonds cannot be sold for less than par and accrued interest.
Gibbons & The purchaser will be
-were awarded to George B.
-V. 131, p. 509
offered on Aug. o
required to print and furnish bonds at his own expense
Co.,Inc. of New York, at 100.749, a basis of about 4.38%:
and also pay for opinion of attorney. A $5,000 certified check, payable
$20,000 water system bonds. Due $1,000 on July 1 from 1934 to 1953 incl. to Herbert L. Horton, Treasurer, must accompany the bid.
17,000 Maple St. paving bonds. Due $1,000 on July 1 from 1931 to 1947
DEVILS LAKE, Ramsey County, N. Dak.-BOND SALE.
-The
Inclusive.
$15,000 issue of coupon
15,000 sewer extension bonds. Due $1,000 on July 1, from 1931 to 1945 July 29-V. 131, p. 820 fire protection equipment bonds offered for sale on
-was purchased by the Drake-Jones Co. of Minneinclusive.
apolis, as 4e4s for a
12.000 fire equipment bonds. Due $1,000 on July 1 from 1931 to 1942 incl. 4.69%. Dated Julypremium of $75.00, equal to 100.50, a basis of about
1 1930.
7,000 water extension bonds. Due $1,000 on July 1 from 1935 to 1941 (both for 5s) were as follows: Due on July 1 1940. The other bidders.
First National Bank of Devils Lake and the
inclusive.
Ramsey County National Bank of Devils Lake.
6,000 highway bonds. Due $1,000 on July 1 from 1931 to 1936 inclusive.
DIMMITT, Castro County, Tex.
6,000 South Highland Ave. paving bonds. Due $1.000 on July 1 from
-A 564,000 •
-BONDS REGISTERED.
issue of 6% serial refunding bonds, series of 1930 was registered by the
1931 to 1936 inclusive.
State Comptroller on Aug. 2.
All of the above bonds are dated July 1 1930.
DONORA, Washington County, Pa.
The following is a list of the bids submitted for the issues:
-The Union
-BOND SALE.
Premium. Trust Co., of Pittsburgh, on July 21 purchased an issue of $100,000
Bidder%
$622.25 coupon school bonds at par plus a premium of $790, equal to 100.79, a
George B. Gibbons & Co.,Inc. (purchasers)
Barr Bros. & Co., Inc
231.57 basis of about 4.185%. The bonds are dated July 1 1930. Denom.$1,000.
Parson,Son & Co
234.97 Due $20,000 on July 1 from 1945 to 1949, incl. Interest is payable in
Par. Jan. and July.
First National Bank (Croton)
Rutter & Co
280.00
DOUGLAS COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
CUSTER COUNTY (P. O. Arapaho) Okla.
-We are 38 (P. 0. Castle Rock) Colo.
-BOND SALE.
-PRE
-ELECTION SALE.
-A $25,000 issue
informed that a $900,000 issue of road bonds was purchased on Aug. 1 by of 4g% school bonds has been jointly purchased by O'Donnell
-Owen Ss
a group composed of the American First Trust Co.,and C. Edgar Honnold, Co., and the U. S. National Co., both of Denver, subject to a pending
election, at a price of 99.173, a basis of about 4.35%. Due $2,500 from 1936
both of Oklahoma City, and the First Trust Co. of Tulsa.
DARLINGTON COUNTY (P. 0. Darlington), S. C.
-MATURITY. to 1945,incl. Sullivan & Co.of Denver,offered a price of 99.17 for the bonds.
DURHAM, Durham County, N. C.
-The $100,000 issue of 5% notes that was purchased by the Peoples State
--The three issues.
-BOND SALE.
Bank of South Carolina, of Darlington, at 100.528-V. 131, p. 819
-is due of bonds aggregating $700,000 offered for sale on Aug. 9-V. 131. p. 664
wore purchased by Darby & Co. of New York as Ois, for a premium of.
$10,000 from Aug. 1 1931 to 1940 incl., giving a basis of about 4.89%.
FINANCIAL CHRONICLE
975
-John J.
-LOAN OFFERING.
FALL RIVER, Bristol County, Mass.
$3,979.90, equal to 100.56, a basis of about 4.44%. The issues are divided Quirk, City Treasurer, will receive sealed bids until 12 in. (daylight saving.
as follows:
time) on Aug. 11 for the purchase of a $350,000 temporary loan at discount.
1932 to 1949,
$400,000 street impt. bonds. Due from Jan. 1to 1968 incl. incl.
The loan is dated Aug. 12 1930. Denoms. $50.000, $25,000, $10,000 and
200,000 water bonds. Due from Jan. 1 1933
1933 $5.000. Due on Nov. 20 1930 at the First National Bank. of Boston.
100,000 street widening and extension bonds. Due from Jan. 1
The notes will be certified as to genuineness and validity by The First
to 1980 incl.
National Bank of Boston, under advice of Ropes, Gray, Boyden & Perkins
The following is an official list of the bidders and their bids:
and all legal papers incident to this issue will cie filed with said bank,.
Amount. where
Int. Rate.
Bidderthey may be inspected at any time.
$703,979.90
4 %
*Darby & Co
-BOND OFFERING.
700,705.80
43 %
FARMINGTON, Oakland County, Mich.
Caldwell& Co
Nathan H. Power, City Treasurer, will receive sealed bids until 7.30 P. m.
Continental-Illinois Co., Merchantile-Commerce
4I4712,950.00 on Aug.11 for the purchase of$52,000 not to exceed 5% interestsewer bonds.
Co., Winston-Salem B.& M.Co
712,830.60 Dated Aug. 1 1930. Denom. $1.000. Due on Aug. 1 as follows: $2,000
4
Guaranty Co
702,030.00 from 1931 to 1941 incl.; $3,000 from 1942 to 1946 incl., and $5.000 from
-4
Northern
Co.,Inc.,The Northn Tr.Co%
M.M.Freeman &
715,400.00 1947 to 1949 incl. Prin. and semi-ann. int. payable at the office of the
Halsey,Stuart & Co.,Inc., First Natl. Bank,N.Y.4%%
City Treasurer. Printing of the bonds to be paid for by purchaser. A
Bankers Co. of N. Y., National City Co. of New
700,973.00 certified check for 1% of the par value of the bonds bid for must accompany
43 %
of Durham
York, First National Bank
each proposal. Legality approved by Miller, Canfield. Paddock & Stone
Seasongood & Mayer, Providence Savings B. & T.
of Detroit.
Co. Title Guarantee Sec. Corp., Hanchett Bond4
Financial Statement.
701,566.00
,
Co.,' White-Philips & Co
$2.623,604.00.
704,830.00 Assessed valuation
o
Stranahan, Harris & Oatis, Inc., Eldredge & Co-- A
48,500.00
713,300.00 Outstanding indebtedness
4(%
Marr
Otis & Co., Durfey &
14,486.50
Cash on hand July 1 1930
* Successful bid.
Population 1,238.
-BOND SALE.
-The $175,000 saniECORSE, Wayne County, Mich.
FAYETTE COUNTY ROAD DISTRICT NO. 2 (P. 0. La Grange),
tary sewer system extension 'bonds offered on July 29-V. 131. P. 664
-The $110.000 issue of road bonds.
-ADDITIONAL DETAILS.
were awarded as 6s to Spitzer, Rorick & Co. of Toledo, the only bidders. Tex. was purchased by lo al investors
-bears interest at
-V. 131, p. 510
bonds are dated Aug. 1 1930 and mature $7,000 annually from 1933 thatand
The
5%
was awarded at par.
to 1957 incl.
--BOND OFFERING.
FLORAL PARK, Nassau County, N. Y.
-ADDITIONAL INFORMAEKALAICA, Carter County, Mont.
receive sealed bids until 8 p. m.(daylight
-The $10,000 issue of lighting plant and distribution system oonds John Blome. Village Clerk, will purchase of $35,000 not to exceed 5% int.
TION.
- saving time) on Aug. 19 for the
purchased at par by the State Land Board-V. 131. p. 4462
that was
Denoms. $1,000 and $500. Due
bears int. at 5I•i %. Denom. $415.32. Dated July 1 1930. Due on fire house bonds. Dated Sept. 1 1930. to 1940 inclusive, and $2.000 from
on Sept. 1 as follows: $1,500 from 1931
July 1 1950. Optional after 5 years. Int. payable Jan. and July.
1941 to 1950 inelusive. Interest is payable in March and September. A
-NOTICE TO HOLDERS OF
ELDORADO Saline County, 111.
2% of the bonds bid for, payable to the order of the
-The following notice appeared in the August certified check formust accompany each proposal. The approving opinion
WATER CERTIFICATES.
Village Treasurer,
Commerce":
1 issue of the Chicago "Journal ofWater Certificates of City of Eldorado, ofThomson, Wood & Hoffman,of New York, will nefurnished to purehaser.
To holders of Original or Refunding
-BOND •
FORT LEE SCHOOL DISTRICT, Bergen County, N. J.
Illinois:
-The $125.000 school bonds offered on Aug. 4-V. 131, p. 510
Pursuant to foreclosure decree of United States District Court for Eastern SALE.
of Fort
Illinois, the undersigned L. Albert Karel, Trustee for holders of were awarded as 54, at a price of par, to the First National Bank follows:
District of
1930 and mature on July 1 as
Water Certificates of City of Eldorado, Saline County, Illinois, hereby Lee. The bonds are dated July 1 $7,000 from 1936 to 1950 incl.
notifies the holders of each and every original and refunding water certifi- $5,000 from 1932 to 1935 incl., and
-The $50,000cate of said city to mail same at once,registered mail,to the undersigned to
FORT WAYNE, Allen County, Ind.-130ND SALE.
be exchanged for stock of the Eldorado Water Company, a public utility 5% coupon "Paul Baer Field" aviation bonds offered on August 1-V.
corporation, which undersigned trustee, pursuant to said decree of court, 131, p. 666
-were awarded to the First & 'Fri-State National Bank & Trust
of the State of Illinois, to-take
has caused to be organized under the laws
Co. Fort Wayne, at par plus a premium of $1,823, equal to 103.64. a basis.
over and operate the water works system which was the security back of of about 4.16%. The bonds are dated Sept. 1 1929 and mature $5,000 on
said certificates. Stock is issued under said decree to each certificate Dec. 1 from 1930 to 1939, incl. Bids for the issue were as follows:
Premium.
holder in proportion to the accumulated unpaid principal and interest
Bidder•
thereon. Be sure that all coupons unpaid are attached to the certificates First & Tri-State National Bank & Trust Co.(Purchaser)
to
steps
a
sent in. Please act at once. thereby assisting in theon the necessarythe Old National Bank, Fort Wayne
stock of
23
587
11, 5
$1: 628:
be taken before a dividend can be declared and paid
Seipp, Princell & Co., Chicago
new corporation.
-BOND OFFERING.
COUNTY (P. 0. Covington), Ind.
L. ALBERT KAREL
FOUNTAIN
Dated July 31 1930.
State Bank of Kewaunee. -Fred C. Latourette, County Treasurer, will receive sealed bids until.
Kewaunee, Wis.
10 a.in. on August 25,for the purchase of$70,0004 % Charles T.Jacobson
Trustee for Certificate Holders. et al., Logan Twp.road improvement bonds. Dated July 261930. Denom.
and July 15 from 1932.
- $500. Due $3,500 on July 15 1931; $3,500 on Jan. is payable on Jan. and
-BOND OFFERING.
ELKHART COUNTY (P. 0. Goshen), Ind.
to 1940, incl., and $3,500 on Jan. 15 1941. Interest
Menlo E. Croon, County .Auditor, will receive sealed bids until 10 a. in. July 15. A certified check for 5% of the total amount of bonds offered
time) on Aug.20 for the purchase of $24,000 4 % bridge
(Central standard
accompany each proposal.
construction bonds. Dated Aug. 15 1930. Denom. $1,200. Due $1,200 must
-BOND OFFERING.
FRANKLIN COUNTY (P.O. Columbus), Ohio.
on May and Nov. 15 from 1931 to 1940 incl. Interest is payable on May
-Fred L. Donnelly, Clerk of the Board of County Commissioners min reand Nov. 15.
a. m.
-The four issues of 4)2% ceive sealed bids until 10 issues (Eastern standard time) on Aug. 23 for the
-BOND SALE.
ERIE, Erie County, Pa.
of 5% bonds aggregating 8418,909:
purchase of the following
coupon (registerable as to principal) bonds offered on Aug.1-V.131. p.665 $363,416 sewer and water mains improvement bonds. One bond for 8416.
-were awarded to a syndicate composed of the Chemical National Co.,
all others for $1,000. Due semi-annually as follows: $16,416 on
Inc. of.New York, E. 11. Rollins & Sons, Edward Lowber Stockes & Co..
April land $17,000 on Oct. 1 1932;$16,000 on April land $17,000 •
and Townsend Whelen & Co., the latter three all of Philadelphia. The
on Oct. 1 from 1933 to 1942 incl.
successful bidders submitted two offers for the bonds as follows:: a price of
55,493 sewer and water mains impt. bonds. One bond for $403, all
102.33 for the $1,000.000 water issue, an interest cost basis of about 3.96570,
others for 51,000. Due semi-annually . as follows: $3,40 on
three issues aggregating 8505,000,
and a price of 101.958 for the remainingof about
April 1 and $4,000 on Oct. 1 1932; $3,000 on April and Oct. 1
4.085%. The offering
which figures an interest cost basis
from 1933 to 1940 incl.
consisted of:
Each issue is dated Oct. 11930. Int, payable in April and Oct. Bids
works bonds (1930 series B). Due on Aug. 1 as follows:
$1.000,000 water
to oear interest at a rate other than 5% will also be considered,
$20,000 from 1932 to 1939 incl.; $30.000 from 1940 to 1946 incl.; for the bonds
provided, however, that where a fractional rate is bid, such fraction shall.
$10,000 from 1947 to 1953 incl., and $50,000 from 1954 to 1960 be
3. of 1% or a multiple thereof. Prin. and semi-ann. int. are payable at
incl.
A certified check for 1% of the amount
1930. Due on Aug. 1 as the office of the County Treasurer. ofthe Board of County Commissioners,
265,000 Park purchase and impt. bonds ofincl.;
to the order
$10,000 from 1940 to of bonds bid for, payable
follows: $5,000 from 1932 to 1939
must accompany each proposal.
1957 incl., and $15,000 from 1958 to 1960 incl.
-BOND SALE.
-The $133.000
FULTON, Oswego County, N. Y.
150,000 incinerator and equip. bonds. Due on Aug. 1 as follows:
$5,000 from 1932 to 1941 incl., and $10,000 from 1942 to 1951 coupon or registered water main extension bonds offered on August 1-V.
-were awarded as 4Yis to George B. Gibbons & Co., New
incl.
131, p. 666
90,000 fire department bonds. Due $5,000 on Aug. 1 from 1933 to York, at par plus a premium of $422.15, equal to 100.31, a basis of about
1950 incl.
4.21%. The bonds are dated August 1 1930 and mature $7,000 on August
All of the above bonds are dated Aug 1 1930 and are being offered by 1 from 1931 to 1949, incl. Bids for the issue were as follows:
Int. Rate. Amount Bid.
successful group for public subscription priced to yield as
Biddermembers of the
1,
43 7
$133.422.15
follows: 1932 maturity, 3.50%; 1933 maturity, 3.75%, and the bonds due George B. Gibbons & Co.(Purchaser)
411
from 1934 to 1960 incl. are priced to yield 4%. All of the bonds are stated Manufacturers & Traders rust Co., Buffalo.. ',192..52
133 5 67
41i
to be legal investment for savings banks and trust funds in Pennsylvania, Rutter & Co
4X,
133,190.19.
New York. New Jersey, Massachusetts and Connecticut and to be direct Harris, Forbes & Co
135.080.12
4%
obligations of the City, payable from unlimited ad valorem taxes Roosevelt & Son
general
134,763.58.
to be levied against all taxable propetty therein. Legality to be approved Marine Trust Co. (Buffalo)
134,654.52
0
by Pepper, Bodine, Stokes & Schoch of Philadelphia. A detailed state- Phelps, Fenn & Co
/0
134,503.00.ment of the financial condition of the City appeared in our issue of Aug. 2. A. C. Allyn & Co
43470
134,449.70.
The following is a list of the bids submitted only for the three small issues Dewey, Bacon & Co
$505,000:
totaling
The successful bidders are re-offering the bonds for public investment
Amount of
100.73 for the 1931 maturity, yielding 3.50%, to
Rate Bid.
Premium. at prices ranging from due
Bidderin 1949, yielding 4.10%. The securities are.
101.97 for the bonds
National City Co., New York; Harris, Forbes &
stated to be legal investment for savings banks and trust tunes in New
York
101.425
$7,196.25
Co.; Bankers Co. of New
detailed statement of the financial condition cf the City
6,130.70 York State. A
Union Trust Co. of Pittsburgh
appeared In our issue of July 26.
E. H. Rollins & Sons; Chemical National Co.,
Inc.; Townsend, Whelen & Co.; Edward LowFUNKSTOWN, Washington County, Md.-BOND SALE -The
101.95826
•
9,889.21 Nicodemus National Bank, of Hagerstown, on Aug. 5 was a arded an
ber Stokes & Co
5,673.17 issue of $15,000 434% coupon water system bonds at a price of par. The
Mellon National Bank,Pittsburgh
Erie Trust Co., Erie; Guarantee Co.of New York;
bonds are dated Sept. 1 1930. Denom. $1,000. Due as follows: $5,000
Graham, Parsons & Co.; Philadelphia Naand $10,000 in 1940. Principal and semi-annual interest payable
In
7,450.27 in 1935,
101.4753
tional Co
Hagerstown.
5,120.14
101.389
Freeman & Co.,Phlladelphia
M. M.
Financial Statement (As Reported).
6,004.45 Assessed valuation, realty only
First National Bank of Erie
$335,000.
5,120.65 Actual value, estimated
101.399
Second National Bank of Erie
500,000
None
The following is an official list of the bids submitted for the $1,000,000 Bonded debt (excluding present issue)
.70
Tax rate per $100
water works issue:
Amount of Population. 1920, 619. Present population (estimated), 700.
Premium.
•
Bid
-The follow- .
-LIST OF BIDDERS.
GADSDEN,Etowah County, Ala.
National City Co., New York; Harris, Forbes &
$120.000
$14,250 Ing is an official list of the other bids received for thethe Well coupon street
101.425
Co.; Bankers Company of New York
Roth & Irvin
15,100 and sidewalk kept. bonds that were purchased by
Union Trust Co. of Pittsburgh
16,590 Co. of Cincinnati, as 55, at 97.77, a basis of about 5.48%-'l. 131, v. 820:
Second National Bank, Erie
101.659
Rate. Price Bid.
BidderErie Trust Co., Erie; Guaranty Company of New
5%
97.11
Ward,Sterne & Co.of Birmingham
York; Graham, Parsons & Co.; Philadelphia
%
98
99.11
18,473 Ward,Sterne & Co.of Birmingham
101.8473
National Co
%
Ward,Sterile & Co.of Birmingham
16,890
101.689
Security-Peoples Trust Co., Erie
5
96.00
Magnus & Co. of Cincinnati
E. H. Rollins & Sons, Chemical National Co.,
5 %
Caldwell & Co.of Birmingham
Inc., Townsend, Whelen & Co., Edward
5%%
General Securities Corp.of Birmingham
23,374
*102.3374
Lowber Stokes & Co
534 70
10 2
9
0
998 82
11,890 General Securities Corp.ofBirmingham
First National Bank,Erie
6%
101.15
Marx & Co.of Birmingham
* Accepted bid
GERMANTOWN SCHOOL DISTRICT(P.O. Germantown) Bracken
ERIN AND LAKE FRACTIONAL SCHOOL DISTRICT NO. 8
-The $14,000 issue of school
SP. 0. Mount Clemens, R. F. D. No. 7, Box 94), Macomb County, County, Ky.-ADDITIONAL DETAILS.
-was awarded as
Mich.
-BOND OFFERING.
-Harry E. Schaeffer, Secretary of the Board building bonds that was reported sold-V. 131, p. 666
Education, will receive sealed bids until 8 p. m.(Eastern standard time) 5s. at Par, to Mr. Edwin Byer, of Germantown. Deumn. $1,000.
of
on Aug. 14 for the purchase of $75,000 not to exceed 6% int. school bonds.
COUNTY (P. 0. Trenton), Tenn.-7lIATURITY.-The
GIBSON
Dated Aug. 15 1930. Due annually as follows: $2,650 from 1933 to 1944
of coupon highway bonds that was purchased by Caldwell.
incl. and $2.700 from 1945 to 1960 incl. Int. is payable semi-annually. $500,000 Issue
Nashville, as 434s, at par-V. 131, P. 820
-is due 820,000 from
A certified check for $500 must accompany each Proposal. Legality is to & Co., of
be approved by Miller, Canfield, Paddock & Stone of Detroit. Sale of
,
bonds shall be public.
31
lyLEN V tL 1955 inc
juG I19 1L oE WATEi2 DISTRICT NO.2 (P. 0. Glenville), Schenec-BOND SALE.
N. Y.
-The $32.000 coupon or registered.
ESSEX CONSOLIDATED SCHOOL DISTRICT (P. 0. Essex), tady County,
Aug. 5-V. 131, p. 820
-were awarded as 434s:
-A $16,500 issue of school bonds water bonds offered onTraders
Stoddard County, Mo.-BOND SALE.
Trust Co.of Buffalo,at par plus a premium.
to the Manefacturers &
have been purchased by Whitaker & Co. of St. DMus,
Is reported to
4
976
FINANCIAL CHRONICLE
[vol.. 131.
of$150.37, equal to 100.469. a basis of about 4.449'. The
bonds are dated
JEFFERSON COUNTY (P. 0. Steuben), Ohio.
Aug. 1 1930 and mature $2,000 on Aug. 1 from 1932 to 1947 incl.
-BOND OFFERING.
-Eleanor E. Floyd, Clerk of the Board of County Commissioners, will
receive sealed bids until 12 m. on Aug. 26 for the purchase
GRANGEVILLE, Idaho County., Ida.
-BOND SALE.
-The 333,000 5%
Issue ofcoupon street impt. bonds offered for sale on July 21-V.131,
improvement bonds. Dated Sept. 1 1930. One bond of $169,508.09
for 31,508.09,
p.510
-was purchased by Roy Green of Grangeville as 534s at par. Denom. all others for $1,000. Due on Sept. 1 as follows:
$8,000 from
$1,000. Dated July 1 1930. Due in from 2 to 20 years on the amortization 1941 inclusive: 39.000 from 1942 to 1949 inclusive, and $9,508.09 1931 to
Principal and semi-annual interest (March and Sept.) payablein 1950.
Plan. Int. payable on Jan. and July 1.
at the
office of the County Treasurer. Bids for the
bonds to bear interest at a
GRAY COUNTY (P. 0. Lefors) Tex.
-BONDS DEFEATED.
-We are rate other than
Informed that at a special election held recently the voters defeated a a fractional rate5% will also be considered, provided, however, that where
is bid such fraction shall
proposal to issue $3,500,000 in road bonds.
A certified cneck for $1,000, payable to be)( of 1% or a multiple thereof.
the order
Commissioners, must accompany each proposal. of the Beard of County
GUILFORD COUNTY (P. 0. Greensboro), N. C.
-BOND SALE.
The three issues of bonds aggregating $470,000 offered for sale on Aug.
JEFFERSON COUNTY CONSOLIDATED SCHOOL DISTRICT
4-V. 131, p. 666
-were purchased by Braun, Bosworth & Co. of Toledo, as NO. 1 (P. 0. Golden), Colo.
-BONDS VOTED.
-The 555,000 issue of
43s. at a price of 100.42, a basis of about 4.43%. The issues are divided
% refunding bonds that was previously purchased by Bosworth,Chanute
as follows:
Loughridge & Co. of Denver-V. 131, p. 821-was approved by the voters
$335.000 road and bridge bonds. Due from Feb. 1 1932 to 1942 incl.
at a recent election. Dated Sept. 1
1930. Due in 1941 and optional
35,000 school building bonds. Due from Feb. 1 1932 to 1945
after 1931.
100,000 refunding bonds. Due from Fee. 1 1933 to 1950 Ind. incl.
JEFFERSON TOWNSHIP SCHOOL DISTRICT (P. 0. Rice. LandHAMILTON TOWNSHIP (P. 0. May's Landing), Atlantic County, ing), Greene County,
Pa.
-BOND SALE.
N. J.
-BOND SALE
.-The $15,000 coupon or registered general improve- or registered school bonds offered on Aug. -The $62,000 4.?.i% coupon
2(V. 131, P. 667) were awarded
ment bonds offered on July 30-V. 131. p. 510
-were awarded as 5;.is, at a to M.M.Freeman &
price of par, to the Atlantic County Trust Co., of Atlantic City. The bonds equal to 101.039, a Co. of Philadelphia at par plus a premium of $644.18.
are dated July 1 1929 and mature on July 1 as follows: $1,000 in 1937, and 1930 and mature on baais of about 4.32%. The bonds are dated June 15
June 15 as follows: $5,000 from 1932 to 1939,inclusive.
$7,000 in 1938 and 1939.
and $22.000 in 1940.
HARNETT COUNTY (P. 0. Lillington), N. C.
-NOTE SALE.
The following is allst of the bids submitted for
-A
the issue:
$35.000 Issue of 4X% school notes is reported to have recently been purBidder
Premium.
chased by Bray Bros. & Co., of Greensboro, for a premium
M.M.Freeman
Fr
$644.18
equal to 100.05. a basis of about 4.15%. Due in six months. of $17.50, Prescott Lyon && Co.(purchasers)
Co.,Pittsburgh
462.40
A.B.Leach & Co.,Philadelphia
HARTFORD, Ohio County, Ky.-BONDS OFFERED.
-Sealed bids
were received by the Clerk of the Board of Education, until 2 p. m.on Aug.8
JUNCTION CITY,Geary County, Kan.
for the purchase of a $5,500 issue of school building bonds.
-BOND SALE.
-The$34,9360
50
50
Issue of 434% coupon semi-ann. impt. bonds offered
for sale on July 28HATTIESBURG, Forrest County, Miss.
V. 131, p. 667
-BOND SALE.
-was jointly purchased by the First National Bank and the
-The
000 issue of water bonds offered for sale on Aug. 5-V. 131, p. 821$300.- Central National Bank, both of Junction
-was
City, for a premium of $354.
purchased by Assel, Goetz & Moerlein, Inc. of Cincinnati.
equal to 101.01. a basis of about 4.29%. Due from
July 1 1931 to 1940 incl.
The other bids were as follows:
HENRY COUNTY (P. 0. New Castle), Ind.
-BOND SALE.
Bidder
$45,000 43•6 % highway impt. bonds offered on Aug. 5-V. 131, p.-The Prescott,
Premium.
511
Wright,Snider Co.of Kansas City
were awarded to the First de Tri-State National Bank & Trust Co. of Fort
$178.64
Wayne, at par plus a premium of $810, equal to 101.80, a basis of about Guarantee Title & Trust Co.of Wichita
110.12
4.11%. The bonds are dated July 15 1930 and mature $4,500 on July 15 D.E. Dunne & Co. of Wichita
105.00
Stern Bros. & Co.of Kansas City
1931: $44,500 on Jan. and July 15 from 1932 to 1940 incl., and 44,500 on
Branch-Middlekauff Co. of Wichita
Jan. 151941.
5 4
42 °
7..3
0
Fidelity National Corp. of Kansas City
The following is an official list of the bids submitted for the issue:
Commerce Trust Co.of Kansas City
40 9
40.'00
Bidder5
Premium. City Bank & Trust Co.of Kansas City
First & Tri-State Nat. Bank & Trust Co.,Fort Wayne (purchaser)--3810.00
26.00
KARNES COUNTY (P. 0. Karnes City), Tex.
Citizens State Bank, New Castle
-BONDS REGIS711.00 TERED.
-On
Farmers & First National Bank, New Castle
571.50 road districts July 31 the State Comptroller registered the two issue of 5%
City Securities Corp., Indianapolis
aggregating $107,000, that were reported on in V. 131,
613.00 p. 667. Due bonds
Inland Investment Co., Indianapolis
in from 1 to 30 Years•
729.00
Fletcher American Co., Incllanapolls
KEYPORT, Monmouth County, N. J.
728.65
-BOND SALE.
-The 3175.000
coupon or registered water improvement bonds offered on Aug. 4-V.
HINDS COUNTY(P.O. Raymond),Miss.
131.
-BOND SALE.
-The $100.-were awarded as 4I4s to M. M.Freeman & Co.. of Philadelphia,
000issue of court house and jail. series 13 bonds offered for sale on Aug.4- p. 667
at par plus a premium of $633.33, equal to 100.36, a basis of about 4.729'.
V.131, p.511-was purchased by Otis & Co.of Toledo,as 4s,
for a pre- The bonds are dated Aug. 1 1930 and mature on Aug. 1 as
mium of 31,230, equal to 101.23, a basis of about 4.62%. Dated July
follows: $4,000
1 from 1931 to 1940, incl., and $5,000 from 1941 to 1967. incl.
1919. Due from July 1 1930 to 1954 incl.
KNOX COUNTY (P. 0. Benjamin), Tex.
-BONDS REGISTERED.
HOLLY, Prowers County, Colo.
-BOND OFFERING.
-Sealed bids The State Comptroller registered a $28,000 issue of5% Consolidated
will be received until 7:30 p. m. on Aug. 18, by H. P. Pettee,
School
Clerk,
for the purchase of a $15,000 issue of 69' semi-annual CurbTownGutter District No. 27 bonds on July 28. Due serially.
and
Improve. Dist. No. 1 bonds. Denom. $11100 and $500. Due in 25 years.
LAKE ANDES, Charles Mix County, S. Dak.-BOND OFFERING.
Sealed bids will be received by J. F. Nichols, City Auditor, until 2 p. m.
HOT SPRINGS COUNTY HIGH SCHOOL DISTRICT
on
NO. 17 Aug. 23 for the Purchase of an $11,000 issue of improvement
(P. 0.
.Thermopolis) Wyo.-BOND OFFERING.
bonds.
-Sealed bids will be
received by Edith H. Wright, District Secretary, until 8 p.m. on
LAMB COUNTY CONSOLIDATED SCHOOL DISTRICT (P. 0.
Aug. 16,
for the purchase of an dssue of $110,000
% school building bonds. A Olton), Tex.
-BOND SALE.
-A $75,000 issue of school building bonds
$5,000 certified check must accompany the bid.
has recently been purchased at par by the State Department of Education.
,
(This report supersedes that given in V. 131, p. 511).
LANE COUNTY UNION HIGH SCHOOL DISTRICT NO. 9 (P. 0.
HOUSTON COUNTY (P.O. Crockett), Tex.
-BONDS REGISTERED. Lowell),
-WARRANT OFFERING.
-Sealed bids will be received
-A $15,000 issue of6% Levee Improvement District No. 1,series 0 bonds by R. A. Ore.
Wilson, District Clerk, until 2 p. in. on Aug. 12, for the purchase
was registered on July 31 by the State Comptroller. Due serially.
of a $35,500 issue of 69' semi-annual school warrants. Due on
Jan. 1.
HUNTINGTON COUNTY (P. 0. Huntington), Ind.
-BOND OF- as follows; $5,500 in 1933, and $6,000, 1934 to 1938, incl.
FERING.
-Paul G. Weber, County Treasurer, will receive sealed bids
LA VEGA SCHOOL DISTRICT (P. 0. Waco), McLennan County,
until 10 a. m. on Aug. 23 for the purchase of 810,000 5% C. G. Hartley
-BONDS REGISTERED.
et al. Jackson Twp. highway improvement bonds. Dated Aug. 15 1930. Tex.
-The $15,000 issue of 5% serial school
Denom. $500. Due $500 on July 15 1931, $500 on Jan. and July 15 1932 building bonds that was purchased recently
-V.131,P.822
-was registered
on July 31 by the State Comptroller.
to 1940 incl. and $500 on Jan. 15 1941.
LINDENWOLD,Camden County, N. J.
INDIANAPOLIS,Marion County,Ind.
-BOND OFFERING.-George
-TEMPORARYFINANCING W. Car,
Borough Clerk, will receive sealed bids until 8 p. m. (daylight
-The $750,000 temporary loan offered on July 28-V. 131, p. 667
-was
awarded to bear
% interest to a group of Indianapolis banks, as follows: saving time) on Aug. 19 for the purchase of the following issues of 5, 334
Fletcher American National Bank, Merchants National Bank, Indiana or 534% coupon or registered bonds aggregating $70,000:
National Bank, Union Trust Co., Indiana Trust Co., and the Fletcher $50.000 tax revenue bonds. Due on Dec. 31 as follows: $9,000 in 1931;
$13,000 in 1932 and $28,000 in 1933.
Savings & Trust Co. The loan is due on Nov. 29 1930.
13,000 tax title lien bonds. Due Aug. 1 1935.
TEMPORARY LOAN.
-The Fletcher Savings & Trust Co., of Indiana7,000 read imp funding bonds. Due $1,000 on Aug. 1 from 1932 to
j9 8 ncit.
3
polis, on July 23 was awarded a $175,000 temporary loan to bear interest
at 44%, at par plus a premium of $1. The loan Is due on Nov. 29 1930.
All of the above bonds are dated Aug. 1 1930. Denom. 31,000.
Prin.
INDIANAPOLIS Marion County, Ind.
-BOND OFFERING.- and semi-ann. int. (F.
William L. Elder, City Controller, will receive sealed bids until 11 a. m. on No more bonds are to & A.) payable at the Berlin National Bank, Berlin.
be awarded than will produce a premium of $1,000
Aug. 19 for the purchase of $65,000 4% city hospital bonds of 1930, issue over the amount of each issue.
A certified check for 2% of the amount of
No. 1. Dated Sept. 1 1930. Denom. $1,000. Due on July 1 as follows: bonds bid for, payable
$3.000 from 1932 to 1946, incl., and $4,000 from 1947 to 1951, incl. Prin. pr u be l. nishedpto thtopureorder of the Borough, must accompany each
wiopo as fur The a provin the niaser. Caldwell & Raymond,
eg opi hon of
of New York.
and semi-annual int. (J. & J.) payable at the office of the City Controller.
,
A certified check for 2)49' of the par value of the bonds bid for, payable
to the order of the City Treasurer, must acocmpany each proposal. The
,
LIVINGSTON, Overton County, Tenn.
-BONDS VOTED.
-At a
offering notice states that the bonds shall constitute an obligation of the special election held recently, the voters approved the
issuance of 360.000in
bondsfor the town water works by
City.
what was reported to be a large majority.
INTERIOR TOWNSHIP SCHOOL DISTRICT P. 0. Trout Creek),
LIVINGSTON TOWNSHIP (P. 0. Livingston), Essex County,
Ontonagon County, Mich.
-BOND OFFERING.
-0.H.Losey, Secretary N. J.
-BOND OFFERING.
-Charles S. Zahn, Township Clerk, will receive
of the Sehool District, will receive sealed bids until 730 p. m. on Aug. 15 sealed bids until 8 p.
m.
for the purchase of $45,000 5% school building construction bonds. Dated of the following issues (daylight saving time) on Aug. 18 for the purchase
of coupon or registered bonds aggregating $301,000:
Aug. 15 1930. Denom. $500. Due $3,000 on Feb. 15 from 1932 to 1946, $255,000 416,434 or15%
water bonds. Due on
incl. Interest is payable semi-annually on Feb. and Aug. 15. Bonds are
from 1932 to 1951, incl.* $7,000 from July 1 as follows: $6,000
1952 to 1960 incl. and
now printed.
$9,000 from 1961 to
.
24,000 434. 434, 5. 5X or 1968 incl.
IRVING INDEPENDENT SCHOOL DISTRICT (P. 0. Irving),
534% assessment bonds. Due $44.000 on
July 1 from 1931 to 1936 incl.
Dallas County, Tex.
-BOND SALE.
-The $40,000 issue of school build22.000 45524X1953r . fire house bonds.
1 3 t0 .5 o iM
,
ing bonds that was voted on May 24-V. 130, P. 3923
,
-was purchased
Due $1,000 on July 1 from
by the State Board of Education.
All of the above bonds are
dated July 1 1930. Denom. $1,000. No
JACKSON,Madison County,Tenn.
-BONDS OFFERED TO pr,BLIG. more bonds are to be awarded than will
produce a premium of $1,000 over
-The two issues of coupon bonds aggregating $176,000, that were pur- the amount of each
issue. Prin. and semi-ann. Int. (J. & J.) payable at
chased by Little, Wooten & Co.of Jackson-V.131, p. 511-are now being the office of the
Township Treasurer. A separate certified check for
offered for general investment by the Harris Trust & Savings Bank of 2% ofthe amount of each
Chicago, at prices to yield as follows: 8140.000434% refunding bonds, due must accompany each issue bid for, payable to the order of the Township.
proposal. The opinion of Hawkins, Delatield
from Aug. 1 1935 to 1945, incl., yield from 4.40 to 4.60%, according to Longfellow of New York will
be furnished to the purchaser.
maturity, and the $36,000 5% street general improvement bonds maturing
from July 1 1931 to 1940, incl., are priced to yield from 4.00 to 4.60%.
LOSANGELES MUNICIPAL IMPROVEMENT DISTRICT
NO. 73
depending upon maturity.
(P. 0. Los Angeles), Calif.
-BOND
-The $150,000 issue of park
impt. bonds that was unsuccessfull SALE.
Financial Statement (As Officially Reported).
y offered for
.p. 1010
-has since been purchased by the District sale on Jan. 14-V. 130.
Real value of taxable property, estimated
Bond Co. of Los Angeles,
$28,000,000 as 6s. Dated Dec. 1
1929. Due $5,000 from Dec. 1 1935 to 1964 incl.
Assessed valuation for taxation
14.385.574 Prin. and int. (J. St D. 1)
payable at the office of the City Treasurer, or at
Total debt (this issue included)
2,223,973 the Bank of America National
Less water debt
$276,500
approved by O'Melveny, FullerAssociation in New York. Legality to be
& Myers of Los Angeles.
Net debt
1,947.473
Population, 1930 census, 22,118; 1920 census, 18,860.
MADISON PARISH (P.O. Tallulah), La.
-REOFFERING
JACKSON COUNTY SCHOOL DISTRICT NO. 94 (P. 0. Ashland), -The $350,000 issue of 5% public road, highway and bridgeOF BONDS.
-BOND SALE.
Ore.
-The $20,000 issue of coupon school bonds offered for was purchased by the Hibernia Securities Co. of New Orleansbonds that
at
sale on July 14-V. 131, p. 308
-was purchased by the State of Oregon, as a basis of about 4.99% (V. 131, p. 668), is now being offered for100.05,
Ois, at par. Dated July 11930. Due from July 1 1931 to 1937. The subscription priced to yield 4.90% on all maturities. Due from public
Aug. 1
1931 to 1969,incl. Prin. and int.
other bids (all for es) were as follows:
(F. & A. 1) payable at the National City
of
BidderPrice Bid. Bankof New York. Legality to be approved by Thomson, Wood & Hoffman
New York. These bonds are reported
Carl E. Nelson of Salem
100.62
to be direct obligations of
United Oregon Corp. of Portland
100.53 the Parish and payable as such.
Financial Statement (As Officially Reported Dec.
Geo. H.Burr, Conrad & Broom of Portland
100.37 Assessed
31 1929)•
valuation for taxation, 1929
JACKSONVILLE SPECIAL TAX SCHOOL DISTRICT NO. I (P. 0. Total bonded
311,531.040.00
debt (including this issue)
$865000.00
Jacksonville), Duval County, Fla.
,
-BOND SALE.
-A $44,000 Issue of Less sinking fund on hand
38,667.62
5% school bonds was purchased on Aug. 4 by the Duval County Board of
Public Instruction, at a discount of $1,412, equal to 96.79, a basis of about
Net bonded debt
826,332.38
5.25%. Due from 1948 to 1954, incl.
Population: 1920 Census, 10,826; 1930 Census, 14,826.
FINANCIAL CHRONICLE
-E, Rose,
-BIDS REJECTED.
MADISON, Lake County, Ohio.
Village Clerk, reports that all of the bids received for the purchase of
the $4,100 6% fire apparatus purchase bonds offered for sale on July 15-were rejected. The bonds are dated July 1 1930 and
V. 130, P. 4645
mature onjOct. 1 as follows: $600 in 1931 and $500 from 1932 to 1938 incl.
par MAHONING COUNTY (P. 0. Youngstown), Ohio.
-BOND OFFER-F.E. Lancaster, Clerk of the Board of County Commissioners, will
ING.
receive sealed bids until 11 a.m. (Eastern standard time) on Aug. 25 for
the purchase of the following Issues of 5% bonds aggregating $197,727:
$106,382 road 'rapt. bonds. Dated Oct. 1 1929. One bond for $382,
all others for $1,000. Due on Oct. 1 as follows: $10,382 in 1931;
$11,000 in 1932: $10,000 in 1933; $11,000 in 1934 and 1935:
$10,000 in 1936; $11.000 in 1937 and 1938; $10,000 in 1939 and
$11,000 in 1940.
30.200 road improvement bonds. Dated April 1 1930. One bond for
$200, all others for $1,000. Due on Oct. 1 as follows: $3,200 in
1930,$3,000 from 1931 to 1939 incl. Dated Oct. 1 1929.
22.420 road impt. bonds. One bond for $420, all others for $1.000.
Due on Oct. 1 as follows: $2,420 in 1930: $2,000 from 1931 to
1933 incl.: $3,000 in 1934: $2,000 from 1935 to 1937 incl.; $3,000
in 1938 and $2,000 in 1939. Dated Feb. 1 1930.
.22,000 road impt. bonds. Denom. $1,000. Due on Oct. 1 as follows:
$2.000 from 1931 to 1934 incl.; $3.000 in 1935; $2,000 from 1936
to 1939 incl. and 33,000 in 1940.
9,900 road impt. bonds. Dated Oct. 1 1929. One bond for $900, all
all others for $1,000. Due on Oct. 1 as follows: $1,900 in 1931
and $2,000 from 1932 to 1935 incl.
6,825 road impt. bonds. Dated Oct. 1 1929. One bond for $825, all
others for $1,000. Due on Oct. 1 as follows: $1,825 in 1931:
$1,000 in 1932; $2,000 in 1933 and $1,000 in 1934 and 1935.
Int. on all of the above bonds is payable semi-annually in April and Oct.
Bids for the bonds to bear int. at a rate other than 5% will also be considered, provided, however, that where a fractional rate is bid such fraction
shall be yi of 1% or a multiple thereof. A certified check for $500, for
each issue, payable to Warren A. Steele, County Treasurer, must accompany each proposal.
MAMARONECK, Westchester County, N. Y.
-LIST OF' BIDS.
The following is an official list of the bids received on July 30 for the purchase of the two issues of coupon or registered bonds aggregating $5340,000
awarded as 4s to Phelps, Fenn & Co., New York, at 100,451, a basis of
about 4.19%-V. 131, p. 822.
Int. Rate.
BidderRate Bid.
)
4 . %100,451
Phelps, Fenn & Co. (purchasers)
4X
Kissel, Kinnicutt & Co., New York
100.199
4 %
Marine Trust Co., Buffalo
101.149
4 %
Batchelder & Co., New York
4
'George B. Gibbons & Co., New York
100.14100,117
Rapp & Lockwood, New York
4I4
101.519
4
Dewey, Bacon & Co., New York
101.61
4
Lehman Bros., New York
101.51
4
E. J. Coulon & Co., New York
101.56
4X%
Rutter & Co., New York
100.044
York
4X 7
M. M. Freeman & Co., Inc., New
100.148
Eldredge & Co., New York
43(%100.10
4X
& Son, New York
Roosevelt
101,619
MANOR TOWNSHIP SCHOOL DISTRICT (P. 0. Ford City),
-BOND OFFERING.
-S. A. Fitzgerald, SecreArmstrong County, Pa.
tary of Board of School Directors, will receive sealed bids until 1:30 P.m.
(Eastern standard time) on Aug. 8, at the Peoples Bank, Ford City, for
the purchase of $60,000 4 X % school bonds. Denom. $1,000. D ue
$2,000 on Aug. 1 from 1931 to 1960 incl. Int. Is payable in Feb. and Aug.
A certified check for $5,000, payable to the order of the District Treasurer,
must accompany each proposal. Sale of the bonds has been approved
by the Department of Internal Affairs. These are the bonds mentioned
In our issue of July 26-V. 131, p. 668.
MARICOPA COUNTY SCHOOL DISTRICT NO.69(P.O.Phoenix),
-The $9,500 issue of school bonds that was unsuc-BOND SALE.
Ariz.
-has since been purchased
cessfully offered on Dec. 27-V. 130. p. 169
by the lianchett Bond Co. of Phoenix as 6s. Due from Dec. 1 1930
to 1939 inclusive.
MARION COUNTY (P. 0. Indianapolis), Ind.
-BOND SALE.
The two issues of 43j% bonds aggregating $256.000 offered on Aug. 4-were awarded as follows:
V. 131, p. 310
$230,000 county's portion flood prevention bonds sold to the Indiana
Trust Co.. and the Merchants National Bank, both of Indianapolis, jointly, at par plus a premium of $3,650, equal to 101.58,
a basis of about 4.05%. Due on July 1 as follows: $12,000 from
1931 to 1948 incl. and $14,000 in 1949.
-26,000 tuberculosis hospital sewage disposal plant bonds sold to the
Peoples State Bank of Indianapolis, at par plus a premium of
$260, equal to 101, a basis of about 4.03%. Due $2.600 on July 1
from 1931 to 1940 incl.
Each issue Is dated July 1 1930
The following is a list of the bids submitted for the $230,000 L sue:
s
premium.
Bidder
Indiana Trust Co. and Merchants Nati Bank,jointly (purchasers)43.650.00
Northern Trust Co., Chicago, and City Securities Corp., Indianapolis, jointly--- - --------------------------------- 2.568,00
Fletcher American do.,Indianapolis
2,532.65
Union Trust Co. and Fletcher Savings & Trust Co., both of
Indianapolis, jointly
2,663.00
MINOT SCHOOL DISTRICT (P. 0. Minot), Ward County, N. Dak.
-The sale of the $96,000 issue of 5% semi-BOND SALE POSTPONED.
ann. school bonds that was previously scheduled for Aug. 18-V. 131, D.822
-has been postponed until Aug. 20, at 1 P. m.
MARION SCHOOL DJSTRICT NO. 52, Williamson County, Ill.
-Sealed bids addressed to the Secretary of the Board
BOND OFFERING.
'of Education will be received until 8 p. m.on Aug. 11 for the purchase of
$120,000 5% school bonds. Dated Sept. 1 1930. Denom. 31.000. Due
48.000 on Sept. 1 from 1936 to 1950 incl. Int. Is payable semi-annually.
MAX, McLean County, N. Dak.-BOND OFFERING.
-Sealed
will be received until 2 p. m. on Aug. 11, by the Village Clerk, for bids
the
vurchase of a $3,000 issue of 6% coupon city hall bonds. Denote:. $100.
Dated Oct. 1 1930. Due in 10 years. Prin. and int. (J. & J.) payable
Sn Max. A certified check for $150 must accompany the bid.
MERCHANTVILLE, Camden County, N. J.
-BOND SALE.
-The
First National Bank & Trust Co. of Merchantville, on July 28 purchased
.an issue of $9,000 43j% coupon concrete street improvement bonds at a
of par. Dated July 1 1930. Denom.$1,000. Due Snduly. July 1
I
o
gni 1932 to 1940. inclusive. Interest is payable in Jan. and July.
-BOND SALE.
MINEOLA Nassau County, N. Y.
-The 340,000
•coupon or registered public impt.'bonds offered on Aug.1-V.131, p.512were awarded as 4Xs to the Nassau County Trust Co of Mineola, at
par plus a premium of $90, equal to 100.22, a basis of about 4.21%. The
'bonds are dated Aug. 1 1930 and mature on Aug. 1 as follows: $4,000 from
1931 to 1933 Ind.;$3,000 In 1934: 52,000 from 1935 to 1946 incl. and $13)n
r
(O
in 1947. Bids for the issue were as follows:
BidderInt. Rate
Premium.
Nassau County Trust Co.(purchaser)
$90.00
George B. Gibbons & Co
4
43:4001
'
.
4.
69.88
Batchelder & Co
126.00
Rutter & Co
4.50%
44 0
83. 0
.
4
4.500
Phelps, Fenn & Co
'Sherwood & Merrifield, Inc
4.50%
31.60
Roosevelt & Son
4.60%
115.20
Manufacturers & Traders Trust Co
4.60
111.56
A. C. Allyn & Co
4.70%
150.40
'Central National Bank
5.00%
739.20
MISSISSIPPI, State of (P. 0. Jackson).
-BONDS NOT sou.
The $850,500 issue of not to exceed 5X% coupon semi-ann. State bonds
offered for sale on Aug. 1-V. 131. p. 310
-was not sold as all the bids
received were rejected. Dated Aug. 1 1930. Due in 20 years.
It was reported that $500.000 of these bonds would be offered at private
sale on Aug. 8. We have not been informed as to their disposition.
MISSOURI, State of (P. 0. Jefferson City).
-BOND OFFERING.
Sealed bids will be received untll 2 P. m.(Central standard time) on Sept. 4
by Larry Brunk, State Treasurer, for tho purchase of a 35.000.000 issue of
4% road bonds, series M. Denote. $1,000. Dated Sept. 1 1930. Due
977
$1,000,000 from Sept. 1 1943 to 1947. incl. Prin, and int. (M. & S. 1)
payable at the Chase National Bank in New York City. Coupon bonds,
fully registerable and exchangeable for fully registered bonds in denom. of
$5,000. $10,000. $50,000 and 3100,000, and then exchangeable again for
coupon bonds on the payment of $1.00 per thousand. The legal opinion
of the State's Attorney-General and that of Benj. II. Charles of St. Louis
will be furnished to purchaser. No bid at leas than 95 and accrued interest
will be considered. Delivery of the bonds will be made on or before Sept. 10
1930 at St. Louis, Kansas City, Chicago or New York City, at the option
of the purchaser or purchasers, provided notice shall have been given the
State Treasurer on or before Sept. 5 1930, stating at which of the said
places delivery will be desired and the aggregate of bonds and the numbers
thereof which will be required at each of said places; otherwise, delivery
will be made at the office of the State Treasurer in Jefferson City. Mo.
Payment of the purchase price of said bonds will be required to be made in
Federal Reserve funds. Each bid must be submitted on a form furnished
by the State Treasurer and be accompanied by a certified check on or
by a cashier's or treasurer's check of some solvent bank or trust company
for 1% of the amount of bonds bid for, payable to Hon. Larry Brunk,
State Treasurer of the State of Missouri.
OFFICIAL FINANCIAL STATEMENT-AUG. 1 1930.
Soldier Bonus Bonds.
Outstanding.
Amount.
IssueDate Issued. Int. Rate.
$15,000,000.00 $10,500,000.00
Mar. 1 1922 5%
issue
First
2,829,000.00
3,600,000.00
June 1 1924 4X%
Second issue
Road Bonds
-First Issue-Total Authorized $60,000,000.
Sept.1 1922 4X% $5,000,000.00
Series "A"
5,000,000.00
Series "B"
Dec. 1 1922 44%
33,000.000.00
5,000.000.00
Series "C"
Nov. 1 1923 45%
4,000,000.00
4,000,000.00
Series "D"
Sept. 1 1924 4%
6,000,000.00
6,000,000.00
Series "E"
Nov. 1 1924 4S
7.500.000.00
7,500.000.00
Series "F"
July10 1925 4 4%
7,500,000.00
7,500,000.00
Series "G"
Sept. 1 1925 4X %
„ •
7,500.000.00
"II"
Series .. e
May 1 1926 4 X
7,500,000.00
7,500,000.00
Series
Sept. 1 1926 434 0
5,000,000.00
5,000,000.00
June 1 1927 434%
Series "J"
Road Bonds
-Second Issue-Total Authorized $75,000,000.
$7,500,000.00 $7,500,000.00
Series "K"
Oct. 1 1929 434
10o00m0.00 10,000,000.00
April 1 1930 434%
Series "L"
$96,100,000.00
Total bonds issued
17.271,000.00
Total bonds retired
378.829,000.00
Total bonds outstanding Aug. 1 1930
2,296.055.17
Sinking funds-State road interest and sinking fund
1,015,071.92
Soldier bonus interest and sinking fund
Certificates of indebtedness 5
3,159,000.00
1902-1922 ctfs.,school funds,20 to 50 yrs., at 5 and 611,239,839.42
1891-1922 ctf.,Seminary fund,20 to 50 yrs.,at 5 and 6%
* Certificates of indebtedness are provided for by the Legislative Acts
and held in trust by the State Board of Education, whereby the State agrees
to pay 5 and 6% interest semi-annually into the State School and Seminary
funds out of the State Interest Fund. These certificates are not negotiable or transferable.
Total taxable valuation of the State. 34,933,074.349. Population:
1920. 3.404.055; 1930 (estimated), 3.900,000.
-John H.
-BOND OFFERING.
MONROE, Monroe County, Mich.
Eber, City Clerk, will receive sealed bids until 7:30 p.m.(Eastern standard
time) on Aug. 11 for the purchase of 345,500 534% special assessment
on
paving, sewer and water main bonds. Dated March 1 1930. Due
March 1 as follows: $7,600 in 1931; 37,700 in 1932: $7,800 in 1933; $6,150
in 1934; $3,350 in 1935; 33,150 in 1936; 33,250 in 1937; $3,150 in 1938;
$3,350 in 1939. Interest is payable semi-annually. Bidder must agree to
furnish printed bonds ready for execution, also to pay for the opinion of
accombond attorneys. A certified check for 2% of the amount bid must n. R22.
pany each proposal. These are the bonds mentioned in-V. 131.
(P. 0. Salinas),
MONTEREY UNION HIGH SCHOOL DISTRICT
-The $225,000 issue of 5%
-BOND SALE.
Monterey County, Calif.
-was
semi-ann. school bonds offered for sale on Aug. 4-V. 131. p. 822
Purchased by the American Securities Co. of San Francisco,for a premium
a basis of about 4.18%. Dated Aug. 4 1930.
of $9,078, equaleto 104.03.
Due from 1931 to 1940 incl.
MORGAN TOWNSHIP (P. 0. Waynesburg), Greene County,Pa.
-The 350.000 4X% coupon or registered funding bonds
BOND SALE.
awarded to M. M. Freeman &
-were
offered on Aug. 6-V. 131. p. 669
Co. of Philadelphia, af„102.53, a basis of about 4.23%. The bonds are
from 1931 to
dated Sept. I 1930 and*mature on Sept. 1 as follows: 31.500to 1943•inci.•
1933 incl.; $2,000 from 1934 to 1937 incl.; $2,500 from 1938 The following
194410 1947 incl.;33.500from 1948 to 1950 incl.
33.000 from
bids were submitted for the issue:
Rate Bid.
Bidder
102.53
M. M. Freeman & Co. (purchasers)
101.80
A. B. Leach & Co., Philadelphia
101.63
Prescott Lyon & Co., Pittsburgh
101.99
E. H. Rollins & Sins: Philadelphia
-The
-BOND SALE.
MOUNT OLIVER, Allegheny Count3r, Pa.
6 (V• 131. p. 31c)
$35,000 434% cmpon borough b mds offered on Aug.par plus a premiu:a
wereawarded to the Union Trust Co. of Pittsburgh at
are dated
of 3409.85, equal to 101.17,sa, basis of about 4.155%. The bonds
July 1 1930 aud mature on July 1 as follows: $5,000 in 1940, 1945, 1960
and 1965 and $10,000 in 1950.
-BOND SALE.
-The
MUNNSVILLE, Madison County, N. Y.
Aug. 1-V. 131,
$12,000 coupon or mastered street impt..bends offered on York,at 100.67,
53,5s to A. C. Allyn'& C of New
-were awarded as
p. 669
and mature
a basis of about 5.39%. The binds are dated July 1 1930
$1.000 annually from 1932 to 1943 incl.
-BOND OFFERING.
NacogdochesCounty,Tex.
NACOGDOCHES,
Secretary,
by R. C.
Sealed bids will be received until Aug. 22semi7ann,Monk. City bonds.
street impt.
the,purchasq,of a $50,000 Issue of 5%
for
(The above bonds were registered by the Sate Comptroller on July 31.)
ROAD DISTRICT
NAVARRO COUNTY CONSOLIDATED -The $931,000 issue NO. 1
of 5
-BONDS NOT SOLD.
(P. 0. Corsicana), Tex.
-was not sold, reports Clay
road binds offered on July 28-V. 131. p. 669 from Apr. 1 1943 to 1967.
Dated July 1 1927. Due
Nash,County Judge.
-The
-BOND SALE.
NEW MEXICO, State of (P. 0. Santa Fe). Aug.6(V. 131, p.
31.000,000 issue of highway bonds offered for sale onC. W. 51cNear & 311)
Co.,
jointly by John Nuveen & Co. and
was purchased
equal to 100.17, a basis o
both of Chicago. as 5s for a premium of $1,700,
4.97%. Dated July 1 1930. Due 3250,000 from July 1 1935 to
about
1938. Inclusive.
-TAX RATE DECREASED.
NEWPORT, Newport County, R. I.
1930 at $24
the city tax rate
The board of tax assessors on Aug. 1 fixed exactly $1,,belowc.f figure for
the
valuation, a decrease of
for each 31,000 of
valuation for the
1929. which was $25 per 31,000 valuation.., The total tax
the total for
current year is $81,669,000, an increase of $1,341,500 over
last year.
-BOND SALE.
Erie County, N. Y.
NEWSTEAD (P. 0. Akron),
bonds offered on Aug. 4The $64,000 coupon or registered highway Marine Trust Co. of Buffalo
as 434s to the
V. 131,v. 822-were awarded
The bonds are dated May 1 1930 and
at 100.19. a basis of about 4.47%. from 1931 to 1942 incl. and $4,000 in
mature on May 1 as follows: $5.000
1943.
-BOND SALE.
-The
NEWTON COUNTY (P. 0. Kentland), Ind.
moo 5% Willard Sprowl et al., Jefferson Township highway improve-were awarded to the
meat bonds offered on August 2-V. 131, p. 669
First & Tri-State National Bank & Trust Co., Fort Wayne, at par plus a
premium of $226. equal to 102.52, a basis of about 4.49%. The bonds
are dated July 15 1930 and mature $447.50 on July 15 1931; $447.50 on
Jan. and July 15 from 1932 to 1940, incl. and $447.50 on Jan. 15 1941.
Bids for the issue were as follows:
-Premium.
Bidder
$226.00
First & Tri-State National Bank & Trust Co. (Purchaser) '
159.70
Fletcher American Co., Indianapolis
137.70
Fletcher Savings & Trust Co., Indianapolis
Indianapolis
110.00
City Securities Corp.,
-The
-TEMPORARY LOAN.
NEWTON, Middlesex County, Mass.
Shawmut Corp. of Boston recently purchased a $150,000 temporary loan
978
FINANCIAL CHRONICLE
_
[VoL. 131.
at 2.14% discount. The loan is payable on Oct. 29 1930. Bids submitted
PERRIS UNION HIGH SCHOOL DISTRICT (P. 0. 1Riverside),
were as follows:
Riverside County, Calif.
-BOND SALE.
-The $50.000 issue of 5X%
BidderDiscount. semi-ann. school bonds offered for sale on Aug. 4-V. 131, P. 823 was
Shawmut Corp.(purchaser)
2.14% purchased by it, H. Moulton & Co. of Los Angeles, for a premium of
Salomon Bros.& Hutzler
$2,055, equal to 104.11, a basis of alaout 4.68%. Dated Aug. 1 1930.
2.16%
R.L.Day & Co
2.18% Due from 1931 to 1940 incl.
First National Old Colony Corp
2.21%
PIERRE, Hughes County, S. Dak.-BOND SALE.
-The $125,000
Boston Safe Deposit & Trust Co. (plus $2.25)
2.25% Issue of 5% semi-annual water power
plant bonds offered for sale on Aug.
Merchants National Bank
2.29% 1-V. 131, p. 670
-was purchased by the White-Phillips Co., of DavenFaxon, Gade 86 Co. (plus $2.50)
2.34% port. Dated Aug. 1 1930.
S. N. Bond & Co
2.60% 1 1933. No other bids were Due on Aug. 1 1940 and optional after Aug.
received.
NEW WILMINGTON SCHOOL DISTRICT, Lawrence County, Pa.
PITT COUNTY (P.0.
-NOTE SALE.
-A $250,000
-BOND SALE.
-Prescott, Lyon & Co.of Pittsburgh, on Aug. 1 purchased issue of tax anticipation Greenville), N. C.
notes was purchased on July 28 by an undisclosed
an issue of $11,000
% school bonds at par plus a premium of $237.60, investor, at
equal to 102.16, a basis of about 4.75%. The bonds mature on Oct. 1 as confirmation3.75%, plus a premium of $10.00. (This sale is subject to
of attorneys in view of litigation now pending.)
follows: $3,000 from 1932 to 1934 incl., and $2,000 in 1935.
PLEASANT RIDGE TOWNSHIP(P.O.Fairbury),Livingston County,
NORTH HIGHWAY DISTRICT (P. 0. Craigmont), Lewis County, 111.
-BOND SALE.
Ida.
-BOND SALE.
-The $50,000 issue of coupon or registered highway July purchased an -The White-Phillips Co. Inc. of Davenport, during
bonds offered for sale on July 28-V. 131, p. 513
-was rerchasuci by The balm matures issue of $44,000 4X % cotton bon at a price of par.
Max .1. Kuney & Co., as 6s at par. Dated June 1 1930. Due in from 2 to $4.000 in 1936 andon Oct. 15 as follows: $1, 00 in 1934; $3,000 in 1935:
1937; $5,000 from 1938 to 1941, incl., and $6,000 in
15 years. There were no other bids received.
1942 and 1943.
OAKLAND COUNTY (P. 0. Pontiac), Mich.
POINT PLEASANT, Ocean County, N. J.
-BOND OFFERING.
-BOND OFFERING.
Sealed bids addressed to the Board of County Road Commissioners will be Joseph F. Sherman, Borough Clerk, will
received until 2 p. m. (Eastern standard time) on Aug. 8 for the purchase (daylight saving time) on Aug. 28 for thereceive sealed bids until 8 P. m
purchase of $25,000 6% coupon
of $86,000 special assessment road districts Nos. 152, 153 and 157 bonds. or registered refunding bonds. Dated Aug. 15 1930. Denom. $1,000.
Denom. $1,000. Rate of int, to be suggested in proposal. Bonds are to Due $1,000 on Aug. 15 from 1931 to 1955 incl. Prin. and semi-ann. int.
mature serially in from 2 to 10 years. Prin. and semi-ann. int.(M. & N.) (F. & A.) payable at the Ocean County National Bank, Point Pleasant
payable at the Central Hanover Bank & Trust Co., New York. A. certified Beach. No more bonds are to be awarded than will produce a premium
check for $5,000, payable to the order of the Board of County Road Com- of $1,000 over $25,000. A certified check for 2% of the amount of bonds
missioners, must accompany each proposal. The Commissioners will fur- bid for, payable to the order of the Borough Treasurer,
must accompany
nish the necessary blank bonds and pay for the opinion of the legality of the each proposal.
proceedings, said approval to be made by Miller, Canfield,Paddock & Stone
POLK COUNTY SCHOOL DISTRICT NO. 230 (P. 0. Erskine),
of Detroit.
Minn.
-BOND SALE.
-An issue of $11,500
school auditorium and
OGDEN, Weber County, Utah.
-BOND SALE.
-An issue of gymnasium bonds has been purchased by the 434% of Minnesota.
State
$150,000 6% special impt. bonds is reported to have recently been pur,
PONTIAC, Oakland County, Mich.
chased by three Salt Lake City bond houses. Due $10,000 in 1936 and
-ADDITIONAL INFORMATION.
-In connection with the notice in
$20.000 1937 to 1943 incl.
Aug. 2-V. 131.
p. 823-relative to the rejection of all of the our issue of
for the
OMAHA, Douglas County, Neb.-BOND OFFERING.
-Scaled bids purchase of the $210,000 not to exceed 6%bids received on July 29
interest city hall construction
will be received until 3 p. m.on Aug. 11 by John Hopkins, Superintendent of bonds offered for sale, we learn that
the
Department of Accounts and Finance, for the purchase of a $300,000 the fact that the city will be unable to proposals were rejected because of
the
proceed with the construction of the
issue of 434% coupon aviation bonds. Denom. $1.000. Dated Sept. 1 proposed building until next spring and
needed
the funds
1930. Due on Sept. 1 1940. Principal and semi-annual interest payable to that time. The following is a list of the bidswill not beto have prior
been
reported
at the office of the County Treasurer in Omaha. The approving opinion submitted:
of Thomson, Wood & Hoffman of New York will be furnished. Bids must
Bidder
/M. Rate. Rate Bid.
be submitted fbr all of the bonds and split bids are acceptable. A $2,000 Braun, Bosworth & Co.(high bidders)
0.
434%
certified check, payable to the City, must accompany the bid.
Guardian Detroit Co
100.14
4h
(This report supersedes the one given in V. 131, P. 823. The sale of the Stranahan, Harris & Oatis, Inc
$200,000 sewer bonds originally scheduled for the same time has been Continental Illinois Co
1109..0181
451
postponed.)
Halsey, Stuart & Co
43i
1 07
(1106
4
ORANGE SCHOOL DISTRICT (P. 0.Santa Ana), Orange County, First Detroit Co
H.M.Byllesby
101.26
Calif.
-BOND SALE.
-The $75,000 issue of 5% coupon school bonds Fidelity Trust & Co.,and A.C. Allyn & Co.,jointly -4X
Co..$105,000 as 434s and $105,000 as 434s---100.17
offered for sale on Aug. 5-V. 131, p. 823
-was awarded to Weeden & Co.
of San Francisco for a premium of $3,882, equal to 105.17, a basis of about
PORTAGE COUNTY (P. 0. Ravenna), Ohio.
-BOND OFFERING.
4.20%. Dated Aug. 1 1930. Due $5,000 from Aug. 1 1931 to 1945 incl. -R. I. Linton, Clerk of the Board of County Commissioners, will receive
sealed bids until 12 m.(eastern standard time) on Aug. 26 for the purchase
Int. payable on Jan. and July 1.
of $41,381.51 6% bonds, divided as follows;
OWEN COUNTY (P. 0. Spencer), Ind.
-BOND SALE.
-The $6,000 $29,182.00 intet-county highway improvement bonds. One bond for $182.
434 4 J. F. Montgomery et al.,highway inapt. bonds offered on Aug. 2all others for $1,000. Due on Oct. 1 as follows; $2,182 in 1931,
V. 131. p.669
-were awarded to the Fletcher American Co. of Indianapolis,
and $3,000 from 1932 to 1940, incl.
at par plus a premium of $103.80, equal to 101.73, a basis of about 4.15%.
12,199.51 county road improvement bonds. One bond for $699.51, all
The bonds are dated July 15 1930 and mature $320 on May and Nov. 15
•
others for $500. Due on Oct. 1 as follows; $2,199.51 in 1931,
from 1931 to 1940 incl. Bids for the issue were as follows;
and $2,500 from 1932 to 1935, incl.
Each issue is dated June 1 1930. Interest is payable semi-annually in
BidderPremium.
April and October. Bids for the bonds to bear interest at a rate other than
Fletcher American Co.(purchaser)
$103.80
Fort Wayne Bank
77.00 6% will also be considered, provided, however, that where a fractional rate
Fletcher Savings & Trust Co.,Indianapolis
96.00 is bid such fraction shall be 34 of 1% or a multiple thereof. Bids must be
made separately or
none. A certified check for 3% of the amount
PADEN CITY, Wetzel County, W. Va.-BOND ELECTION.
-An of bonds bid for, for all orto the order of the County Treasurer, must
payable
ordinance has recently been approved, calling an election for Aug. 11, in accompany
up to the
order to have the voters pass upon the proposed issuance of $36,000 in these bondseach proposal. The proceedings leadingof Squire, issuance of
have been taken under
Sanders &
sanitary sewer bonds. Int. rate is not to exceed 5%,payablesemi-annually. Dempsey Attorneys, Cleveland. whosethe direction
approving opinion may be obtained
Denom. $500. Due from Sept. 1 1931 to 1963, incl.
by the purchaser at his own expense. Only bids so conditioned or wholly
PAINTED POST, Steuben County, N. Y.
-II. 0. unconditioned will be considered, and the Board of County Commissioners
-BOND SALE.
Anderson, Village Clerk, informs us that an issue of $50,000 5% coupon reserve the right to reject any or all bids.
improvement bonds was sold on April 7 to the First National Bank &
PORTSMOUTH,Scioto County,Ohio.
-LIST OF BIDS.
-The followTrust Co. of Corning at a price of 103.18. a basis of about 4.57%. The ing is an official llst of the bids received on July 30,for the purchase of the
bonds are dated April 15 1930. Denom. $1,000. Due on April 15 as $44,140.69 property owners' portion street and alley improvement bonds
follows: $3.000 from 1932 to 1947, inclusive, and $2,000 in 1948. Interest awarded as Ois to W. L. Slayton & Co., of Toledo, for a premium of
is payable on April and Oct. 15.
$212, equal to 100.48, a basis of about 4.414,-V. 131, p. 824. Bids iume
premwer
received. for the bonds to bear 43i% interest.
-Sealed
PAINTSV1LLE, Johnson County, Ky.-BONDS OFFERED.
Bidderbids were received until 10 a. m. on Aug. 7, by the Secretary of the Board BancOhlo Securities Co., Columbus
of Trustees, for the purchase of a $6,000 issue of road improvement bonds. The Davies-Bertram Co., Cincinnati
$ 8 ..00
15 4
0
8
PARIS TOWNSHIP SCHOOL DISTRICT NO. 11 (P. 0. Grand Seasongood & Mayer, Cincinnati
Well, Roth & Irving
13 .
3 00
3
2
Rapids), Kent County, Mich.
-BOND OFFERING -Homer F. Long, The Title Guarantee Co., Cincinnati
Securities Corp., Cincinnati
.21629
227
10 i
:
Director of the School District, will receive sealed bids until 7.30 P•m•
(Eastern standard time) on Aug. 11 for the purchase of$75,000 4349'2 school Ryan, Sutherland &Co., Toledo
building site and construction bonds. Dated Sept. 1 1930. Denom• Spitzer, Rorick & Co., Toledo
$1,000. Due on Sept. 1 as follows: $2,000 from 1933 to 1935 incl.; $3,000 W. L. Slayton & Co., Inc., Toledo
from 1936 to 1938 incl.' $4,000 from 1939 to 1942 incl.; $5,000 from 1943 Braun, Bosworth & Co., Toledo
183.00
to 1946 incl. and $6,000 from 1947 to 1950 incl. Prin. and semi-ann. int. Otis & Co., Cleveland
124.00
202.00
Payable at Grand Rapids. A certified check for 3% of the par value of The Mitchell Herrick & Co.. Cleveland
•Successful bidder. First Detroit Co., Detroit, Michigan (bid returned
the bonds bid for, payable to the order of the District Treasurer, must
accompany each proposal. Successful bidder to pay for printing of the unopened; arrived too late for consideration).
bonds and legal opinion. The assessed valuation of the District for 1930
PREBLE COUNTY(P.O.
-BOND SALE.
-The $13,200
Is 51,364.400. Total bonded indebtedness, including this issue, will be bridge bonds offered on Aug. Eaton), Ohio. -were awarded
2-V. 131, p. 514
as 434s to
$81,000. Estimated population, 500.
W. L. Slayton & Co. of Toledo, at par plus a premium of $62, equal to
100.46,
PARKSIDE, Pa.
-BOND SALE.
% coupon improve- mature a basis of about 4.63%. The bonds are dated Aug. 1 1930 and
-The $60,000
$825 on March and Sept. 1 from 1931 to 1938 incl. The following
ment bonds offered on May 7-V. 130. p. 2834
-were awarded to the Delaaware County National Bank, of Chester. according to report. The bonds is an official list of the bids submitted for the issue:
BidderInt. Rate. Premium,
are dated May 1 1930 and mature $15,000 on May 1 in 1935. 1940. 1945
BancOhlo Securities Co., Columbus
and 1950.
434%
$26.00
Seasongood & Mayer,Cincinnati
5%
80.00
PARMA, Cuyahoga County,Ohio.
-The two issues of McDonald-Callahan & Co., Cleveland
-BOND SALE.
4 %
340
5..000
coupon bonds aggregating $59,984.20 offered on April 21-V. 130, P• Taylor Wilson & Co., Inc., Cincinnati
5%
2629, 2834
-were awarded as 55 to the Well, Roth & Irving Co., of Cin- W.L. layton & Co., Toledo
62.00
4%
cinnati, as follows:
The Provident Savings Bank & Trust Co., Cincinnati_ -4X
$42.252.20 special assessment street inapt. bonds sold at par plus a premium The Preble County National Bank,Eaton
5
425..00
39
6
of $36, equal to 100.08, a basis of about 4.975%• Dated The Eaton National Bank, Eaton
380.00
June 1 1930. The bonds mature on Oct. 1 as follows: $4,252.20 Ryan,Sutherland 8; Co., Toledo
51.50
434%
in 1931; UM*from 1932 to 1938 incl. and $5,000 in 1939 and
PULASKI COUNTY (P. 0. Winamac), Ind.
-BOND SALE.
-The
1940.
17,732.00 special assessment street inapt, bonds sold at par plus a Premium three issues of 434% bonds aggregating $36,200 offered on July 31-V.
w8 4
51 -were awarded to the City Securities Corp., of Indianapolis,
:
of $18. equal to 100.10, a basis of about 4.98%. Dated May 1
s 1 lo
3 f pi.
1930. Due on Oct. 1 as follows: $1,732 in 1931; $1,000 in 1932
$13.500 Monroe Twp. road construction bonds sold at par plus a premium
and $2,000 from 1933 to 1940 incl.
of $235, equal to 101.74, a basis of about 4.14%. Due $675 on
The following is a list of the other bids submitted for the issues, all of
July 15 1931: $675 on Jan. and July 15 from 1932 to 1940. incl.,
which were for the bonds as &Xs;
and $675 on Jan. 15 1941.
Premium
11,700 Frank M. Connor et al., Monroe Twp. road construction bonds
$17,732
Bidder$42,252.20
sold at par plus a premium of $205,equal to 101.75,a basis of about
Otis & Co.. Cleveland
$58.00
$201.00
4.14%. Due $585 on July 15 1931; $585 on Jan. and July 15 from
BancOhio Securities Corp. Columbus
*5240.00
1932 to 1940. incl., and $585 on Jan. 15 1941.
Davies-Bertram Co., Cincinnati
34.00
84.00
11,000 Edward Mayhugh et al., Salem Twp.road construction bonds sold
Mitchell, Herrick & Co., Cleveland (bids received
at par plus a remulm of $205, equal to 101.86, a basis of about
too late for consideration)
49.00
116.000
•Premium offered for two issues combined.
4.11%. Due 550 on July 15 1931: 5550 on Jan. and July 15 from
1932 to 1940, ncl., and $550 on Jan. 15 1941.
PATERSON, Passaic County, N. J.
-S. N. Bond &
-NOTE SALE.
All of the above bonds are dated July 15 1930. The following is a comCo., of New York, are reported to have purchased on July 21 an issue of plete list of
the bids received:
$415,000 notes to bear interest at 2.80%, at par plus a premium of $30.
-Premiums
The notes are dated Aug. 1 1930 and mature on Dec. 22 1930.
Bidder$11,000
$13,500
$11,700
PENN TOWNSHW SCHOOL DISTRICT (P. O. Bernville), Berke
County, Pa.
-BOND OFFERING.-Frank P. Gruber, Secretary of Board Merchants National Bank, Muncie
$189.89
$206.00
$188.88
of School Directors, will receive sealed bids until 1 p. us. (standard time) First & Tri-State National Bank & Trust
Co.. Fort Wayne
on Sept. 6 for the purchase of $42,000 4 % coupon school bonds. Dated
$182.00
175.00
202.00
Sept. 1 1930. Denom. $1,000. Due $2,000 on Sept. 1 from 1931 to 1951 Campbell & Co
189.80
163.85
161.00
inclusive. Interest is payable semi-annually. A. certified check for Inland Investment Co
185.90
228.15
197.75
2% of the par value of the bonds bid for, payable to the order of the District *City Securities Corp
205.00
235.00
205.00
Treasurer, must accompany each proposal. The bonds are issued subject Fletcher American Co
191.15
233.70
197.65
to the favorable opinion of Townsend, Elliott & Munson of Philadelphia Fletcher Savings & Trust Co
182.00
213.50
192.50
•Awarded three issues.
as to their legality.
4
AUG. 9 1930.]
FINANCIAL CHRONICLE
PRESIDIO COUNTY (P. 0. Marfa), Tex.
-BONDS REGISTERED:
The $150,000 issue of 5%% semi-ann. special road bonds that was sold in
-was registered by the State Comptroller on July 31.
• June
-V. 130, p. 4647
Due in 30 years.
RAMAPO SCHOOL DISTRICT NO. 7 (P. 0. Spring Valley), Rock-The $155,000 4%% coupon or
land County, N. Y.
-BOND SALE.
registered school bonds offered on Aug. 6-V. 131, p. 670
-were awarded
to Roosevelt & Son of New York, at 101.489. a basis of about 4.36%. The
bonds are dated July 1 1930 and mature on July 1 as follows: $5,000 from
1931 to 1940 incl.; $6,000 from 1941 to 1957 incl., and $3,000 in 1958. Bids
for the issue were as follows:
Bidder
Rate Bid.
Roosevelt & Son (purchasers)
101.489
First National Bank,Spring Valley
100.837
Phelps, Fenn & Co., New York
100.782
Manufacturers & Traders Trust Co., Buffalo
100.663
Co., New York
Dewey, Bacon &
100.43
REDONDO BEACH, Los Angeles County, Calif.
-BONDS DE-At the special election held on July 29-V. 131, p. 152
FEATED.
-the
voters defeated the proposed issuance of $30,000 in bonds for pier Construction purposes. The measure lacked the required two-thirds majority by
59 votes, the count being 1,177 "for" and 676 "against."
REIDSVILLE, Rockingham County, N. C.
-BOND OFFERING.
Sealed bids will be received until 2;30 p.m. on Aug. 21, by Mrs. Lola Y.
Irvin, City Clerk,for the purchase of a $65,000 issue of coupon or registered
refunding bonds. Interest rate is not to exceed 67., stated in a multiple of
X of 1% and must be the same for all of the bonds. Denom. $1,000.
Dated Sept. 1 1930. Due on Sept. 1 as follows; 32,000, 1931 to 1955, and
$3,000, 1956 to 1960, all incl. Prin. and int. (M. & S.) payable in New
York in gold. The approving opinion of Reed, Hoyt & Washburn of New
York, will be furnished. A certified check for 2% par of the bonds bid for,
Payable to the city, is required.
RENO, Washoe County, Nev.-BOND SALE.
-A $485,000 issue of
3% sewer bonds has recently been purchased by the United Nevada National Bank of Reno for a premium of $1,364, equal to 100.281, a basis of
about 4.97%. Denom. $1,000. Due from 1935 to 1955, incl. The other
bids were as follows:
BidderRate Bid. Premium.
Bosworth, Chanute, Loughridge & Co., et al
47,984
5
Loren C. Gibbs & Co. of Salt Lake City (split bid)
( )
Par
United Nevada National Bank
5
1,364
First National Bank of Reno
5
Par
Anglo-London-Paris Co. of San Francisco
Par
a High bid rejected by City Council without explanation.
b4%,4%,
4%%,4Y1%.5% and 6%.
RIPLEY COUNTY (P. 0. Versailles), Ind.
-BOND SALE.
-The
Batesville State Bank of Batesville on July 7 was awarded two issues of
4)4% coupon road impt. bonds aggregating $14,500, comprising an $8,000
-and a $6,500 issue, at par plus a premium of $284.
Issue
-V. 130, p. 4647
equal to 101.95, a basis of about 4.11%. The bonds are dated July 7 1930
and mature semi-annually from July 15 1931 to Jan. 15 1941,
RIPLEY COUNTY (P. 0. Versailles), Ind.
-BOND SALE.
-The
$21,360 43% Chris W. Voss et al., Franklin Township road construction
-were awarded to the Batesville
bonds offered on Aug. 4--V. 131, p. 670
State Bank of Batesville. at par plus a premium of 3368, equal to 101.72,
a basis of about 4.14%. The bonds are dated Aug. 4 1930 and mature
$1,068 on May and Nov. 15 from 1931 to 1940 incl. The following is a
list of the bids submitted for the issue:
Bidder
Premium.
Batesville State Bank (purchaser)
$368.00
City Securities Corp., Indianapolis
231.00
Fletcher Savings & 'Trust Co., Indianapolis
345.00
Inland Investment Co., Indianapolis
288.75
Fletcher American Co., Indianapolis
•
First & Tri-State National Bank & Trust Co.. Fort Wayne
353.00
COUNTY (P. 0. Springfield), Tenn.
ROBERTSON
-BOND
-The two issues of bonds and warrants aggregating
WARRANT SALE.
$50,000, that were offered at public auction on Jan. 18-V. 130, p. 325
are reported to have been purchased by J. C. Bradford & Co. of Nashville.
The issues are divided as follows:
bonds. Due in 20 years.
$25,000 road
25,000 school warrants. Due $1,000 annually to maturity.
ROCHESTER, Monroe County, N. Y.
-NOTE SALE.
-The
Issues of notes aggregating $160,000 offered on Aug. 6-V. 131,following
p. 824
were awarded to Barr Bros. & Co., Inc., New York, to bear interestat
a premium of $19:
0.41%,at par plus
$200,000 school construction notes. Dated Aug. 11 1930. Due March
11 1931.
100,000 bridge design and construction notes. Dated Aug. 11 1930.
Due March 11 1931.
50,000 municipal land purchase notes. Dated Aug. 11 1930. Due
March 11 1931.
10,000 municipal aviation field notes. Dated Aug. 11 Dm Due
March 11 1931.
All of the above notes will be drawn with interest and will be deliverable
and payable at the Central Hanover Bank & Trust Co., New York. Bids
for the issues were as follows:
BidderInt. Rate, Premium.
Barr Bros. & Co.,Inc.(purchaser)
2 41
$19
Lincoln-Alliance Bank & Trust Co., Rochester
2.46
Salomon Bros. & Hutzler, New York
2.49
12
First National Old Colony Corp., New York
2.52
Par.
Guaranty Co.of New York
2 71.
5
S. N. Bond & Co., New York
2.80%
Par.
Robert Winthrop & Co., New York
3.00%
Par.
ROCKY RIVER, Cuyahoga County, Ohio.
-BOND OFFERING.
Frank Mitchell, Village Clerk will receive sealed bids until 12 tn.
standard time) on Aug. 18 for the purchase of $8,436.77 6% (Eastern
owners' portion impt. bonds. Dated Aug. 1 1930. Due on property
Oct. 1 as
follows: $3,3,436.77 in 1931, and $5,000 in 1932. Prin. and
(A. & O.) payable at the First National Bank, Rocky River.semi-ann. int.
Bids
bonds to bear int, at a rate other than 67 will also be considered, for the
0
however, that where a fractional rate is bid,such fraction shall beprovided,
or a multiple thereof. A certified check for 5% of the amount of X of 1%
bonds
for, payable to the order of the Village Treasurer, must accompany bid
each
proposal.
SALEM,Essex County, Mass.
-LOAN OFFERING.
-Charles G.Coker,
City Treasurer will receive sealed bids until 11 a. m.(Daylight saving time)
on Aug. 11 for the purchase at discount of a $200,000
temporary loan.
Dated Aug. 11 1930. Denoms. $25,000. $10,000 and $5,000.
Due on
Dec. 18 1930. The Old Colony Trust Co. will guarantee the
signatures
and will certify that the notes are issued by virtue and in pursuance
of an
order of the City Council, the validity of which order has been
approved
by Storey, Thorndike, Palmer & Dodge of Boston.
SAN ANTONIO, Bazar County, Tex.
-CERTIFICATE SALE.
-A
$45,000 issue of street improvement certificates is reported to have
recently
been purchased by Herbert C. Heller & Co., Inc., of Chicago
at a price of
98.00.
SANDUSKY, Erie County, Ohio.
-BOND SALE.
or registered motor fire
-The
coupon
engine equipment bonds offered on $16,500
Aug.4V.IN1,p.670-were awarded as 4%s to Ryan,Sutherland & Co. of Toledo,
at par plus a premium of $48,equal to 100.29,a basis of about
4.43%. The
bonds are dated July 1 1930 and mature on Jan. 1 as follows:
$2,500 in
1932, and $2,000 from 1933 to 1939 incl. Bids for the issue
were as follows:
Biddern .Rate. Premium,
Ryan. Sutherland & Co.(purchasers)
4%%
$48.00
Provident Savings & Trust Co., Cincinnati
4%%
24.75
Banc Ohio Securities Corp.,Columbus
4
20.80
Seasongood & Mayer,Cincinnati
17.00
pitzer, Rorick & Co., Toledo
17.00
itchell, Herrick & Co.,Cleveland
12.20
W. L. Slayton & Co., Toledo
12.00
Davies-Bertram Co., Cincinnati
5.00
Hanchett Bond Co.,Chicago
313.50
Well, Roth & Irving Co., Cincinnati
11.00
Citizens Banking Co., Sandusky
140.00
979
SANDUSKY, Erie County, Ohio.
-BOND OFFERING.
-C. F. Braining, City Treasurer, will receive sealed bids until 12 m. on Aug. 25 for the
purchase of $37,300 special assessment street impt. bonds. Dated July 1
1930. One bond for $300, all others for $1,000. Due on Jan. 1 as follows:
$4,300 in 1932; $4,000 from 1933 to 1938 incl., and $3,000 from 1939 to
1941 incl. Prin, and semi-ann. hit. (J. & J.) payable at the office of the
City Treasurer. Bids for the bonds to bear int. at a rate other than 5%
will also be considered, provided, however, that where a fractional rate is
bid,such fraction shall be X of 1% or a multiple thereof. A certified check
for 31,000, payable to the order a the City, must accompany each proposal.
-BOND ELECTION.SAN FRANCISCO (City and County), Calif.
An official election notice was published in the San Francisco "Chronicle"
of Aug. 1 calling for a special election to be held on Aug. 26 in order to have
the voters pass upon a proposed bond issue of $3,525,000 for the acquisition
of an electric transmission line and another issue of $1,045,000 for the construction of a hydro-electric plant.
(The notice of an election on Aug. 26 for the voting of $63,545,000 in
bonds for the Hetch Hetchy water system was given in v. 131, p. 152.)
SANTA CLAFtA COUNTY SCHOOL DISTRICTS (P. 0. San Jose),
Calif.
-BOND SALE.
-The two issues of 5% school bonds aggregating
-were purchased by
$620,000, offered for sale on Aug. 4-V. 131, P. 824
the First Detroit Co., of San Francisco, as follows:
$480.000 San Jose High School District bonds, for a premium of $30.020.02. equal to 106.25, a basis of about 4.25%. Due $24,000
from 1931 to 1950 inclusive..
140,000 San Jose School District bonds, for a premium of $8,771.06,
equal to 106.26, a basis of about 4.25%. Due $7,000 from 1931
to 1950, inclusive.
-TEMPORARY LOAN.
-The MerSAUGUS, Essex County, Mass.
chants National Bank of Boston, during August purchased a $50,000 temporary loan at 2.43% discount. The loan is duo on May 20_1931. Bids
submitted were asfollows:
Discount.
Bidder
Merchants National Bank (purchaser)
2.43%
Grafton Co
2.467
2 47.
First National Old Colony Corp
Atlantic Corp
2.62%
BONDS RE
-OFFERED.-The successful bidder is now offering the above
bonds for public subscription at prices to yield 4.10% on all maturities.
SCHUYLKILL HAVEN SCHOOL DISTRICT, Schuylkill County,
Pa.
-BOND SALE.
-The $40,500 43. % coupon school bonds offered on
-were awarded to the Schuylkill Haven Trust Co.,
Aug. 4-V. 131, p. 824
which took $22,500 bonds at a price of 101, and $18,000 bonds at a price
of par. The bonds are dated Aug. 1 1930 and mature on Aug. 1 as follows:
$22,500 in 1935; $4,000 in 1936; $9,000 in 1938, and $5,000 in 1940.
-BOND SALE.
SCRANTON, Greene County, Iowa.
-A $26,000
Issue of water works bonds is reported to have been purchased by the Iowa
State Bank of Jefferson.
-BOND OFFERING.
SHAKER HEIGHTS,Cuyahoga County, Ohio.
-E.P. Rudolph, Village Clerk, will receive sealed bids until 12 in. (eastern
standard time) on Aug. 28,for the purchase of the following Issues of 43 %
bonds, aggregating $92,260;
$48,760 special assessment boulevard paving bonds. One bond for $760,
all others for $1,000. Due on Oct. 1 as follows; $44,760 in 1931;
$4,000 in 1932, and $5,000 from 1933 to 1940, incl.
43,500 special assessment improvement bonds. One bond for $500, all
others for $1,000. Due on Oct. 1 as follows; $4.500 in 1932;
$5,000 in 1933 and 1934; $4,000 in 1935; $5,000 from 1936 to 1940,
inclusive.
Each issue is dated Sept. 1 1930. Principal and semi-annual interest
(April and October) payable at the office of the Village Treasurer. Bids
for the bonds to bear interest at a rate other than 43 % will also be considered, provided, however, that whore a fractional rate is bid such fraction
shall be X of 1% or a multiple thereof. A certified check for 5% of the
amount of bonds bid for, payable to the order of the Village Treasurer,
must accompany each proposal.
SOUTH NORFOLK (P. 0. Norfolk), Norfolk County, Va.-PRICE
PAID.
-The $15,000 issue of 5% semi-annual school bonds that was
-V. 131, p. 824
purchased by Frederick E. Nolting & Co., of Richmond
was awarded at par. Due on Feb. 1 1960.
-BOND OFFERING.
NYACK, Rockland County, N. Y.
SOUTH
John JADobbin, Village Clerk, will receive sealed bids until 8 p. m. (daylight saving time) on Aug. 18 for the purchase of $13,000 not to exceed 6%
int, coupon or registered street bonds. Dated Sept. 1 1930. Denom.
$1,000. Due on Sept. 1 as follows: $2,000 from 1931 to 1933 incl., and
51,000 from 1934 to 1940 incl. Rate of int. to be expressed in a multiple
of g of 1%. A certified check for $260 must accompany each proposal.
The approving opinion of Reed, Hoyt & Washburn of New York, will be
furnished to the purchaser.
SOUTH WILLIAMSPORT (P.0. Williamsport), Lycoming County,
-The Bank of South WiMamsport recently purchased
-BOND SALE.
Pa.
% sewer bonds at a price of 104.516. Interest is
an issue of $65,000
payable semi-annually.
-TAX RATE INCREASED.
SPENCER, Worcester County, Mass.
The 1930 tax rate was announced on July 31 as $34.40 for each $1,000 of
valuation, an increase of $1.40 over the 1929 figure, which was $33 per
$1,000 of valuation, according to the Boston "Transcript."
-BOND
SPICE VALLEY TOWNSHIP, Lawrence County Ind.
-E.F. Chapnian, trustee, wi I receive sealed 'bids until 1 p.m.
OFFERING.
on Aug. 20 for the purchase of $21.000 4%% school building addition and
impt. bonds. Dated Aug. 15 1930. Denom. $1,000. Due $1,000 on
Jan. and July 1 from 1932 to 1941 incl. and $1.000 on Jan. 1 1942. Prin.
and semi-ann. hit. (J & J.) payable at the Bank of Williams, in Williams.
SPRINGVILLE SCHOOL DISTRICT (P. 0. Ventura), Ventura
-Sealed bids will be received until
-BOND OFFERING.
County, Calif.
11 a. m. on Aug. 19, by L. E. Hallowell, County Clerk, for the purchase
issue of 5% school bonds. Denom. $1,000. Dated Sept. 1
of an $8,000
1930. Due $1,000 from Sept. 1 1931 to 1938 incl. Prin. and semi-ann.
int, payable at the office of the County Treasurer. A certified check for
2% of the bid, payable to the County Clerk, is required.
The following statement is furnished with the offering notice:
Springville School district of Ventura County was established May 2
1887, and the boundaries thereof have not been changed since it was established. These bonds were authorized by an election held within the
district. July 5 1930, at which 14 votes were for and no votes against the
issue and sale. The present estimated population of the district for 1930 is
500,and the area of the district is approximately 8,318 acres. The assessed
valuation of taxable property for the fiscal year 1929-30 is $942,970. The
total bonded indebtedness including this issue is $8,000.
STAMFORD, Fairfield County, Conn.
-TEMPORARY LOAN.
Leroy I. Holly, City Treasurer, on Aug. 6 awarded a $100,000 temporary
loan to the First Stamford National Bank, at 2.10% discount. The loan
Is dated Aug. 8 1930. Denoms. $25,000, $10,000 and $5,000. Payable
on Oct. 10 1930. Legality approved by Storey, Thorndike, Palmer &
Dodge of Boston. Bids for the loan were as follows:
BidderDiscount.
First Stamford National Bank (purchaser)
2.10%
Peoples Nationala
2.17%
Old Colony Corp.,Boston
First National
'
2 265%
2.29%
Day Trust Co., Boston
-BOND OFFERING.
SUMMIT COUNTY (P. 0. Akron), Ohio.
-Clerk of the Board of County Commissioners, will receive
J. P. Riddle,
sealed bids until 1 p.m. (eastern standard time) on Aug. 22, for the purchase of $129,000 5% road construction bonds. Dated Aug. 1 1930.
Denom. $1,000. Due on Oct. 1 as follows: $12.000 in 1931; $13,000 from
1932 to 1940, had. Principal and semi-annual interest (April and October)
payable at the office of the County Treasurer. Bids for the bonds to bear
Interest at a rate other than 5% will also be considered, provided, however,
that where a fractional rate is bid such fraction shall be X, of 1% or a
multiple thereof. A certified check for 5% of the amount of bonds bid for,
payable to the order of the Board of County Commissioners, must accoml.
SUNBURYrsk
Paay ea Pro Northumberland County, Pa.
-BOND SALE.
-The
First National Bank of Sunbury, during July is reported to have purchased
an issue of $20,000 43. % street improvement bonds. Dated July 1 1930.
years; optional after 10 years.
Denom. $50(). Due in 30
980
FINANCIAL CHRONICLE
SUPERIOR, Douglas County, Wis.-BOND OFFERING.
-Sealed
WELD COUNTY SCHOOL DISTRICT NO. 4 (P. 0. Windsor),
bids will be received until noon on Aug. 15 by R. E. McKeague, City Colo.
-BONDS VOTED.
-The $187,000 4 % refunding bonds that were
Clerk, for the purchase of a $19,000 issue of 4%% coupon semi-annual purchased by a group
headed by the United States National Co. of Denver
bridge bonds. Denom. $1.000. Dated July 1 19301. Due on July 1 as V. 131, p. 314
-were approved by the voters at a recent election.
follows: $4,000 in 1947, and $5,000, 1948 to 1950. A certified check for
WESSINGTON SPRINGS, Jerauld County, S. Dak.-BOND SALE.
2% of the bonds must accompany the bid.
-The $12,000 issue of semi-annual sewage disposal bonds offered for slae
SYRACUSE GARDENS WATER DISTRICT, Salina (P. 0. Liver- nn eu n
DuJ il y 10 (ean.31. P. 517) was purchased by local investors as 5s at par.
31- yV. 1
.
pool), Onondaga County, N.Y.
-BOND OFFERING.
-Grant H.Stevens,
Town Clerk, will receive sealed bids until 7.30 p.m. (Eastern standard
WEST ALLIS, Milwaukee County, Wis.-BOND SALE.
time) on Aug. 19 for the purchase of 524,000 not to exceed 6% int. coupon
-We are
or registered water extension bonds. Dated Aug. 1 1930. Denom. Informed that a $50,000 issue of 6% coupon street impt. bonds has been
$1.000. Due $2,000 from 1935 to 1946 incl. Rate of int. to be expressed purchased by the Hanchett Bond Co. of Chicago. Denoms. $1,000 and
In a multiple of ;.‘ of 1%. These bonds are said to be general obligations of $100. Dated July 1 1930. Due $5,000 from July 1 1931 to 1940 incl.
the Town, payable in the first instance from a tax levied only upon the Prin. and int. (J. & J. 1) payable at the City Treasury. Legality approved
property in the District and not from a general town tax, which, however, by Lines, Spooner & Quarles of Milwaukee.
may be levied if there is a shortage in the primary fund. Prin. and semi
WEST CHICAGO PARK DISTRICT (P.O. Chicago), Cook County,
man. int. (F. & A.) are payable at the Syracuse Trust Co., Syracuse, or at 111.
-BOND OFFERING.
Commisthe Guaranty Trust Co., New York. A certified check for 2% of the sioners W. R. James, -Sealed bids addressed to the Park (daylight
President, will be received untll 11 a. in.
amount of bonds bid for, payable to the order of the Town,must accompany saving
'
on Aug. 14 for the purchase of $2,000.000 boulevard and
each proposal. The approving opinion of Hawkins, Delafield & Long- park purposes bends,
authorized at the special session of the General
fellow of New York will be furnished to the purchaser.
Assembly. Dated Sept. 1 1930. Denom. 31.000. Due within 10 years.
TEXAS, State of (P. 0. Austin).
-BONDS REGISTERED.
-The fol- Bids are asked on various int. rates. Int. is payable semi-annually. No
lowing minor issues of bonds were registered by the State Comptroller during proposal will be considered for less than par and all offers must be accompanied by a certified check for 2% of the total bid, payable to the West
the week ending Aug. 2:
Chicago l'ark Commissioners. Legal opinion will be by Chapman & Cutler
$2,000 5% Cass County Cons. S. D. No. 35 bonds. Due serially.
of Chicago. The bonds are said to be exemptfrom taxes in Illinois. Securi1,5005% Collingsworth & Donley Line County Cons. S. D. No. 41 ties to be paid
for and delivered at the office of the Park Commissioners.
serial bonds
Refugio County road series A-1 bonds. Due serially.
5,000 5A
WESTFIELD, Hampden County, Mass.
-The fol-BOND SALE.
lowing issues of 4% coupon bonds aggregating $140.000 offered on Aug. 1
1,000 5
0 Refugie County road series A-2 bonds. Due serially.
-V. 131,...p. 672-were awarded to the First National Old Colony Corp.,
1.0205% Rusk County Cons. S. D. No. 53 bonds. Due serially.
of Boston, at a price of 100.93, a basis of about 3.76
3.0005 Hill County Cons. S. D. No. ii bonds. Due serially.
7.6005 Rusk County Cons. S. D. No. 41 bonds. Due serially.
$50,000 Trade School bonds. Due $5,000 on July 1 from 1931 to 1940 incl.
Denton County Cons. S. D. No. 9 bonds. Due serially.
50,000 laghwaclusive
35 inS construction bonds. Due $10,000 on July 1 from 1931 to
,
4,000 5% Denton County Cons. S. D. No. 34 bonds. Due serially.
8,000 5% Howard County Cons. S. D. No. 16 bonds. Due serially.
20.000 sewer construction bonds. Due $2,000 on July 1 from 1931 to 1940
inclusive.
TEXAS, State of (P. 0. Austin).
-The
-TAX RATE INCREASE.
20,000 high school furnishings bonds. Due $4,000 on July 1 from 1931 to
following Is taken from a special Austin dispatch to the Dallas "News"
.1935 Inclusive.
el July 31:
All of the above bonds are dated July 1 1930. Bids submitted were as
The property tax for 1931 will be 69c. per $100 valuation, lc. more than
that of the present year, with the State receiving the maximum rate of follows:
BidderRate Bid.
35c., the Confederate pension fund the maximum constitutional tax of First National
100.93
7c. and the ad valorem tax for the general revenue fund set at 27c., the Harris, ForbesOld Colony Corp. (purchaser)
& Co
100.81
Automatic Tax Board decided Wednesday.
Estabrook & Co
100.806
The present tax rate of 68c. per $100 valuation allowed the school fund a
100.70
tax of 31c., the ad valorem tax was 30c., and the pension fund 7c. The Stone & Webster and Blodget, Inc
Curtis & Sanger
100.64
consitutional maximum tax for school and general revenue purposes is R. L. Day &
Co
100.559
35c. for each.
WEST SALEM, Wayne County, Ohio.
-The $7,500
-BOND SALE.
With calculations based on a net assessed taxable valuation of the State
-were
Of $3.893,848,076, it is estimated the 1931 tax rate of 69c. will produce for 5% coupon water works bonds offered on July 21-V. 131, P. 314
the school fund a net revenue of $11,985,396, for the general revenue awarded at a price of par to the Ohio State Teachers' Retirement System,of
Columbus. The bonds are dated July 1 1930 and mature $500 on October 1
118.900.000 and for the pension fund $2,180,554. These figures are with from
nid19r- 1945 incl. Bids for the issue were as follows:
de 1 to
3
phe 20% allowable for collection and delinquent costs deducted. Based
Premium.
on these figures, the 69c. tax will produce a net revenue of $23,065,950.apOhio State Teachers' Retirement System (purchasers nt
Par
l 5
)
proximately $5,760,000 less than the total assessed taxes. This amount,
6
20% of the total taxes, is deductable under the provisions of the Consti- Spitzer, Rorick & Co.. Toledo
Banc Ohio Securities Corp., Columbus
64
tution to defray the cost of collections and delinquent taxes.
-The $43175
$ ,000
0 :2
WESTVILLE, Adair County, Okla.
-BOND SALE.
-BOND SALB.-A $60,000 Issue of 6% semi-annual sewer system bonds offered for sale on July 15TILLAMOOK, Tillamook County, Ore.
Issue of 5% paving refunding bonds has recently been purchased by the V. 131, p. 314
-was jointly purchased by the First National Bank, and the
'Commerce Mortgage Securities Co. of Portland, at a price of 97, a basis Peoples National Bank, both
of Westville, at par. Due in 25 Years.
of about 5.45%. Denom. $500. Dated Aug. 1 1930. Due as follows:
WEST
-BOND OFFERING.
-$3.000, 1931 to 1933: $3,500, 1934 to 1936: $4,000, 1937 to 1939: 84,500, -sealed VIRGINIA,State of (P. 0. Charleston).
bids will be received until 1 p. in. on Aug. 12 by Wm. G. Conley,
1940 to 1942 and $5,000. 1943 to 1945, all incl. Prin. and hit. (F. & A.) Governor,
for the purchase of a $5,000,000 issue of 4;4% coupon or regispayable in Tillamook. Legality of bonds approved by Teal, Winfree. tered
road bonds. Coupon bonds in $1,000 denominations, convertible
'McCulloch & Shuler of Portland.
into fully registered bonds in denominations of $1,000 and $5,000. Dated
TIOGA COUNTY (P. 0. Owego), N. Y.
- Aug.1 1930. Due on Aug. 1, as follows:11100.000, 1931 and 1932:$125.000.
-BOND OFFERING.
Cornelius 0. Seabring, County Treasurer, will receive sealed bids until 1933 to 1935; $150,000, 1936 to 1938: $175,000, 1939 to 1942: $200,000,
3 p. In. (daylight saving time) on Aug. 15 for the purchase of $100.000 not $300,000, 1953 and 1954 and $325.000 in 1955. Prin. and int. (F. & A.)
to exceed 5% interest coupon or registered land purchase bonds. Dated payable in gold at the office of the State Treasurer, or at the Chase National
Aug. 11930. Denom. $1,000. Due $10,000 on Aug. 1 from 1931 to 1940 Bank in New York City. The purchasers will be furnished the approving
Awl. Principal and semi-annual interest (Feb. and Aug.) payable at the opinion of Caldwell & Raymond, of New York City, but will be required
First National Bank,in Owego. Rate of interest to be expressed in a multi- to pay the fee for approving the bonds. The bonds will bear the interest
ple of Y' of 1%. A certified check for 2% of the par value of the bonds bid at 4%% or in any lesser rate which is a multiple of h of 1%, which may be
t
;for, payable to the order of the County Treasurer, must accompany each named, the rate to be named by the bidder, a part of the issue may boar
Proposal. The approving opinion of Caldwell & Raymond, New.'York, one rate, and a part a different rate. Not more than two rates will be considered in any one bid. The bonds cannot be sold at less than par and acwill be furnished to the purchaser.
crued Interest. A certified check for 2% ofthe bonds bid for, payable to the
-The State. is required.
-BOND SALE.
TRUMBULL COUNTY (P. 0. Warren), Ohio.
jollowing Issues of coupon bonds, aggregating 178,000 offered on Aug. 6Official Financial Statement.
V. 131. p. 671-were awarded as 4As to the Provident Savings Bank & 1929 assessed valuation
$2,033,992,789
-Trust Co. of Cincinnati, at par plus a premium of $400, equal to 100.51, Bonded indebtedness
a basis of about 4.39%;
1. 1919 Virginia debt bonds (original issue $13,500,000)_ _
5 448
7390 79
:2 :m
April and 2. State road bonds-including this offer
444,000 road improvement bonds. Due as follows: $3.000 on
Total bonded indebtedness-including this offer
Oct. 1 In 1931 and 1932: $2,000 on April and Oct. 1 from 1933 to
- _ - - $78,738.700
1. $675,000 required to be retired annually, beginning in1919.
1940, incl.
34.000 road improvement bonds. Due as follows: $2,000 on April and 2. Issued pursuant to the Good Roads Amendments to the Constitution and
Oct. 1 from 1931 to 1937. Incl., and $1,000 on April and Oct. 1
serially,last maturity Aug. 1 1955.
The Constitution of West Virginia provides that the aggregate amount of
from 1938 to 1940, incl.
Each issue is dated Aug. 1 1930. David H. Thomas, Clerk of the Board bonds outstanding for roads shall at no time exceed 1385.000,000.
of County Commissioners, makes no reference as to the disposition of the
The Constitution of West Virginia does not authorize the issuing of general
$37.000 road improvement issue also scheduled to have been sold on Aug. 6. obligation bonds for any other purpose.
Population (1920 census) 1,463,701. (1930 census) 1,728,510.
Delaware
UPPER DARBY TOWNSHIP (P. 0. Upper Darby),
WHITE COUNTY (P. 0. Monticello) Ind.
-BOND SALE.
-The
County, Pa.
-BOND SALE.
-The Lansdowne'Bank & Trust Co.. Lansdowne, recently purchased an issue of $500,000 4 % bonds at a price of $17,600 434% Ferry Burget et al., Jackson Township highway improve-were awarded to Breed,
102.279. The bonds mature serially on Aug. 1 from 1940 to 1960 hid. ment bonds offered on Aug. 1-V. 131, 13. 672
Harris, Forbes & Co. of Philadelphia, second high bidders, offered 102.179 Elliott & Harrison, of Indianapolis, at par plus a premium of $370.50,
for the issue, while the National City Co., also of Philadelphia, followed equal to 102.10, a basis of about 4.07%. The bonds are dated July 15 1930
and mature $880 on July 15 1931; $EM on Jan. and July 15 from 1932 to
with an offer of 101.609.
1940 incl., and $880 on Jan. 15 1941.
-A $350,000
-BOND SALE.
UTAH, State of (P. 0. Salt Lake City).
BOND SALE
have recently the following -Claude Scott, County Auditor, informs us that on Aug. 1
Issue of 4.30% State Building refunding bonds is reported to
Issues of 6% bonds aggregating $16,644.71 were awarded at a
been purchased by the Central Trust Co. of Salt Lake City.
price of par to the State Bank of Monticello:
$9,015.76 ditch construction bonds. One bond for $915.76, all others for
-BOND OFFER
VANDERBURGH CC/LINTY (P. 0. Evansville) Ind.
$900. Due on Dec. 1 as follows: $915.76 In 1931, and $900 from
ING.Sain B. Bell, County Auditor, will receive sealed bids until 10 a.m.
1932 to 1940 inclusive.
on Sept. 10 for the purchase of $185,000 4 % Pigeon Creek bridge bonds.
7,628.95 ditch construction bonds. One bond for $608.95. all others for
Dated Sept. 10 1930. Denom. $500. Due 85,000 on July 1 1931: $5,000 on
Jan. and July 1 from 1932 to 1947 inclusive; $5,000 on Jan. 1 1948 and
$ 82 to lmo nndec 1 .s follows: $608.95 in 1931, and $780 from
1930 D ue i D usi ea
7 .
.v
$15,000 on July 11948. Principal and semi-annual interest (Jan. and July)
h sue Is dated Aug. 1 1930. The following is an official
eLs
payable at the West Side Bank Evansville. A certified check for 3% of
of the
the par value of' the bonds bid 'for, payable to the order of the Board of bids submitted for the $17,600 455% issue;
Premium.
BidderCounty Commissionera, must accompany each proposal. The County will
Indianapolis, Breed, Elliott & Harrison (purchasers)
furnish the opinion of Matson, Ross. McCord & Clifford, of
Edwyn E. Watts
and Lorin Kiely and Arthur C. Stone, of Evansville.
Merchants National
$332066720.:00M
-The First Na- Inland Investment Bank, Muncie
WALTON, Delaware County, N. Y.
-BOND SALE.
303.75
issue of $6,000 Campbell & Co., Corp., Indianapolis
tional Bank & Trust Co., of Walton, recently purchased an
313.00
Indianapolis
4.90% fire truck purchase bonds at a iprice of par. Dated Oct. 1 1930. Union Trust Co.,
314.00
Indianapolis
Denom. $500. Due $1,000 on Oct. 1 from 1931 to 1936 incl. Prin. and Fletcher Savings & Trust Co., Indianapolis
383 50
2 n:00
send-ann. int. (A. & 0.) payable at the First National Bank & Trust Co., City Securities Corp.,
Indianapolis
Walton.
Fletcher American Co., Indianapolis
318.70
- First & Tri-State National Bank & Trust Co., Fort Wayne
271.00
-BOND SALE.
WASHINGTONVILLE, Orange County, N. Y.
The $11,000 North St. coupon or registered improvement bonds offered on
WILLACY COUNTY WATER CONTROL DISTRICT NO. 1 (P. 0.
Aug. 4-V. 131. p. 672
-were awarded a..9 530 to A. C. Allyn & Co, of Raymondville), Tex.
-An issue of $1,875,000
New York, at 100.38, a basis of about 5.42%. The bonds are dated July 1 6% serial water bonds-BONDS REGISTERED. Comptroller on July 29.
was registered by the State
1930 and mature SLOOP on July 1 from 1931 to 1941 inclusive.
-BOND OFFERING.
WILMINGTON, New Hanover County, N. C.
-TEMPORARY LOAN.- Sealed bids will be received until 10 a.m. on Aug. 18, by B. H. Dewey.
WATERTOWN, Middlesex County, Mass.
-The Shavrmut Corp. at Boston on Aug. 6 was awarded a $200,000 tem- City Clerk,for the purchase of an issue of $125,000 coupon refunding bends.
porary loan at 2.34% discount. The loan is payable as follows: $100,000 Int. rate is not to exceed 6%, payable semi-annually. Denom. $1,000.
On Jan. 21 1931 and $100,000 on March 16 1931. Bids for the notes were Dated July 1 1930. Due 35,000 from July 1 1933 to 1957 incl. Prin. and
„as follows:
int, payable at the National City Bank in New York. The approving opinion
Discount. of Caldwell & Raymond, of New York, will be furnished. A certified
BidderShawmut Corp. (purchaser)
check for 2% ofthe bonds bid for, payable to the City,is required.
Salomoh Bros. & Hutzler, plus S3
(Vidal Financial Statement.
23 5
________________ _2..37%
Assessed valuation 192
$44:605:294:00
Faxon, Gado & Co___ _ _
_
2.33
-Union Market National _____-lanuar-y-mat7uriii
Real value, estimated
00
For March maturity
2.44%
Total bonded debt,including bonds now offered
3.347,700.00
52,832.49
WATERVILLE CONSOLIDATED SCHOOL DISTRICT (P. 0. Sinkin fund, not for water or electric light bonds
2,334,448.83
Waterville), Allamakee County, lowa.-BOND SALE.
-The $75,000 Net debt under Municipal Finance Act
Population: 1930 (city and immediate suburbs), 45,000.
issue of 5% semi-annual school bonds offered for sale on Aug. 6 (V. 131.
-BOND SALE.-Harrie Y.
WINCHESTER, Middlesex County, Mass.
P• 825) was purchased by Glaspell, Veith & Duncan of Davenport for a
,premlum of $163. equal to 100.217, a basis of about 4.98%. Dated Nov. 1 Nutter, Town Treasurer, on Aug. 6 awarded an issue of $165,000 4%
coupon library building bonds to Stone & Webster and Blodget, Inc. of
”30. Due from Nov. 1 1931to 1950, inclusive.
.
;Rate.
,,
981
FINANCIAL CHRONICLE
Boston, at 102.04, a basis of about 3.755%. The bonds are dated Aug. 1
1930. Denom. 31.000. Due on Aug. 1 as follows: $13,000 in 1931 and
$8,000 from 1932 to 1950 incl. Bids for the issue were as follows:
BidderRate Bid.
Stone & Webster and Blodget,Inc.(purchasers)
102.04
First National Old Colony Corp
102.03
Curtis & Sanger
101.98
Atlantic Corp
101.865
R.L.Day & Co
101.799
Moseley & Co
F.S.
101.75
Harris, Forbes & Co
101.66
Estabrook & Co
101.601
The bonds are now being offered for public investment by Curtis & Sanger of Boston. The securities are priced from 101.22 for the 1931 maturity,
yielding 2.75%. to 104.21 for the 1950 bonds, yielding 3.70%.
WOOD COUNTY(P.O.Bowling Green) Ohio.
-BOND OFFERING.
0. 0. Cummings, County Auditor, will receive sealed bids until 1 p.m.
(Eastern Standard time) on Aug. 20 for the purchase of the following issues
of 5% bonds aggregating $124,000;
$45,000 road improvement bonds. Denom.$1,000. Due $4,000 on March 1
and $5,000 on Sept. 1 from 1931 to 1935 incl.
17,000 road improvement bonds. Denom. $1,000. Due semi-annually
as follows; $1,000 on March 1 and $2,000 on Sept. 1 from 1931 to
1933 incl.; $2,000 on March and Sept. 1 in 1934 and 1935.
15,000 road improvement bonds. Denom.$1,000. Due $1,000 on March 1
and $2,000 on Sept. 1 from 1931 to 1935 incl.
13,000 road improvement bonds. Denom. $1,000. Due semi-annually as
follows; $1,008 on March and Sept. 1 in 1931 and 1932; $1,000 on
March 1 and $2.000 on Sept. 1 from 1933 to 1935 inclusive.
13,000 road improvement bonds. Denom. $1,000. Due semi-annually as
follows; $1,000 on March and Sept. 1 in 1931 and 1932; $1,000 on
March 1 and $2,000 on Sept. 1 from 1933 to 1935 inclusive.
13.000 road improvement bonds. Denom. $1,000. Due semi-annually as
follows; $1,000 on March and Sept. 1 in 1931 and 1932; $1,000 on
March 1 and $2,000 on Sept. 1 from 1933 to 1935 inclusive.
8,000 road improvement bonds. Denom. $800. Due $800 on March and
Sept. 1 from 1931 to 1935 inclusive.
All of the above bonds are dated Aug. 1 1930. Principal and semi-annual
interest (March and Sept.) payable at the office of the County Treasurer.
Conditional bids other than fractional interest rate, provided under section
2293-28 will not be accepted. A certified check for $1,000, covering each
Issue, must accompany each proposal. The successful bidder will be furnished a full and complete transcript evidencing the legality of the bonds
as full and direct obligations of the County.
CANADA, its Provinces and Municipalities.
-Sealed bids addressed
BRAMPTONVILLE, Que.-BOND OFFERING.
to J. A. Ouellet, Secretary-Treasurer, will be received until 12 m. on Aug.
15 for the purchase of $40,000 5% bonds. Dated May 1 1930. Denoms.
to suit purchaser. Due serially in 30 years. Payable at Sherbrooke and
Bromptonville.
-The following is a complete
-LIST OF BIDS.
LETHBRIDGE, Alta.
list of the bids received on July 19 for the purchase of the $37,526 5 %
bonds awarded to A. E. Ames & Co.,of Toronto. at 102.11, a basis of about
5.33%. A partial list appeared in our issue of Aug. 2-V. 131, p. 826.
Rate Bid.
Bidder102.11
A. E. Ames & Co
101.28
G. P. Tull & Ardern Co
101.27
Bank of Montreal
101.17
Carlle & McCarthy
101.07
J. L. Graham & Co
100.487
Royal Financial Corp
100.26
Canadian Bank of Commerce
100.000
Wood. Gundy & Co
99.02
C. H. Burgess & Co
-The following is a list of the bids
MIMIC°, Ont.-LIST OF BIDS.
received for the purchase of the $65.000 5% bonds sold to C. H. Burgess
& Co., of Toronto, at 96.50,a basis of about 5.32%-V. 131.p.826.
Rate Bid.
Bidder
C. H. Burgess & Co. (purchases)
95.80
Bank of Montreal, Montreal
92.50
R. A. Daly & Co
MONCTON, N. B.
-BOND SALE.
-The Eastern Securities Co., and
J. M. Robinson & Sons, both of St. John, jointly, recently purchased
an issue of $90,000 5% Moncton Hospital Board bonds at a price of 99.11,
a basis of about 5.08%. The bonds mature in 20 years. Bids received were
as follows:
Rate Bid.
BidderEastern Securities Co.& J. M. Robinson & Sons jointly (purchasers) 99.I1
99.04
T. M.Bell & Co
98.67
Central Trust Co.of Canada
•
MONTREAL (Harbor Commissioners of), Que.-LIST OF BIDS.
The following is a list of the bids received for the purchase of the $500.000
5% harbor bonds awarded to a group headed by the Guaranty Co. of New
at 103.17 (Canadian funds), a basis of about 4.81%-V. 131. p. 672:
WORCESTER TOWNSHIP SCHOOL DISTRICT (P. 0. Worcester), York,
Rate Bid.
Bidder-BOND SALE.
Montgomery County, Pa.
-The $50,000 4%% coupon Guaranty Company of New York (for syndicate)
103.17
-were awarded to Edward Mcl.ped, Weir & Co., and Bell, Gouinlock & Co.,jointly
school bonds offered on July 28-V. 131, P. 314
102.84
Lowber Stokes & Co. of Philadelphia, at a price of 104.35, a basis of about National City Co., New York
102.64
4.15%. The bonds are dated July 1 1930 and mature on July 1 as follows;
-BOND OFFERING.
-M. Wadden, Town
$15.000 in 1940 and 1950, and $20,000 in 1960.
NEW GLASGOW, N. S.
Clerk and Treasurer, will receive sealed bids until 5 p. m. on Aug. 12 for
YORKVILLE, Jefferson County, Ohio.
-BOND SALE.
-The $32,400 the purchase of $60,000 5% bonds. Dated Aug. 15 1930. Denoms. $500.
coupon special assessment bonds offered on Aug. 4-V. 131. p. 825
-were
30 years. Payable at New Glasgow.
awarded to Spitzer, Rorick & Co. of Toledo. as 5lis, at par plus a premium Due in
of $205. equal to 100.63. a basis of about 5.36%. The bonds are dated
SCARBOROUGH TOWNSHIP (P. 0. Birch Cliff), Ont.-BOND
1930 and mature semi-annually as follows: $1,500 on April and Oct. 1 SALE.
Sept. 1
-The following issues of 5% coupon bonds, aggregating $651,199,
In 1931 and 1932; $2,100 on April 1 and $1,500 on Oct. 1 1933; 51,500 offered on July 31 (V. 131, p. 826). were awarded to Bell, Gouinlock &
on April and Oct. 1 1934; 81,500 on April 1 and $2,100 on Oct. 1 1935; Co. of Toronto at a price of 98.32, a basis of about 5.19%;
$1,500 on April and Oct. 1 in 1936 and 1937; $2,100 on April 1 and $1.500
Annual
on Oct. 1 1938; $1.500 on April and Oct. 1 1939; $1,500 on April 1 and
Installment
$2,100 on Oct. 11940.
Maturities.
Purpose of Issue. Prin. & Int.
Amount.
$10.170.58 30 years, 1930 to 1959 incl.
$156,346.78 Sewers
YOUNGSTOWN, Mahoning County, Ohio.
-BOND SALE.
-The
4,293.40 30 years, 1930 to 1959 incl.
66,000.00 Water works
follewhite issues of bonds aggregating $287.000 offered on July 30___v 131,
55,000.00 Collegiate Inst. eaten- 3,577.83 30 years, 1930 to 1959 incl.
-were awarded as 4 Ms to the Continental Illinois Co., of Chicago,
P. 314
2,006.07 20 years, 1930 to 1949 incl.
25,000.00 Bridges
at a price of 100.45, a basis of about 4.15%;
8,024.26 20 years, 1930 to 1949 incl.
100,000.00 Hydro
$170,000 city's portion street improvement bonds. Due $17.000 on Oct. 1
1,559.01 20 years, 1930 to 1949 incl.
Water mains
19,428.70
from 1931 to 1940 inclusive.
8,497.65 15 years. 1930 to 1944 incl.
88,202.77 Pavements
and fire signal system bonds. Due $7,200 on Oct. 1 from
72,000 police
15,056.07 14 years, 1930 to 1943 incl.
141,220.81 Pavements
1931 to 1940 incl.
All of the above bonds are payable as to both principal and annual interest
25,000 fire station bonds. Due 55.000 on Oct. 1 from 1931 to 1935 incl.
the
10,000 bridge replacement and repair bonds, Due $2,000 on Oct. 1 (Dec. 15) at the Canadian Bank of Commerce, Toronto. Bids for
issues were as follows:
from 1931 to 1935 inclusive.
Rate Bid.
10,000 sewer and drain bonds. Due $2,000 on Oct. 1 from 1931 to 1935
Bidder
98.32
inclusive.
Bell, Gouinlock & Co. (purchasers)
98.11
All of the above bonds are dated March 1 1930.
McLeod, Young, Weir & Co
96.514
J. L. Graham & Co
.BONDS OFFERED.
97.42
YREKA, Siskiyou County, Calif
Burgess & Co
-Sealed
were received until 8 p.m. on Aug.7 by the City Clerk,for the purchase bids C. H.
97.38
of a Fry, Mills. Spence & Co
$25,000 issue of fire station and equipment bonds.
97.55
Wood, Gundy & Co
FINANCIAL
FINANCIAL
LIQUIDATION
Directory Of Stock
and Bond Houses
CHARLES A. LOCKE. Attorney at Law.
1406-09 Berger Bldg. Pittsburgh, Pa.
The Pennsylvania National Bank of Pittsburgh,
located at Pittsburgh. in the State of Pennsylvania, is closing its affairs. All note holders and
other creditors of the association are therefere
hereby notified to present the notes and other
claims for payment.
JOSEPH A. KELLY,
President.
July 2nd, 1930.
Chartered 1836
Institutions Desiring
Philadelphia Conraections
are invited to avail themselves
of the Banking, Trust, Real
Estate and other facilities of
this Company, which is now
serving many clients in other
cities.
The continued steady growth
of this Company, without consolidation since its establishment under perpetual charter
in -1836, is evidence of the
-atisfactory service rendered.
GIRARD
TRUST COMPANY
Broad & Chestnut Sts., Philadelphia
"Security Dealers of North America"
Published semi-annually
A 1040 Page Book containing over
11,000 listings arranged alphabetically
and geographically with full details
as: Street Address.
Officers or Partners.
Department Heads.
Branches maintained with
street address and name of
resident managers.
Character of business and
class of securities handled.
Stock Exchange memberships
held,
Correspondents.
Private wire connections.
Local & Long Distance Telephone Numbers.
Price $6
HERBERT D. SEIBERT & CO.
Incorporated
Publishers
128 Pront St., near Wall New York City
Telephone--John 4857
NOTICE
The New First National Bank of Howard.
located at Howard. In the State of South Dakota,
Is closing its affairs. All note holders and other
creditors of the association are therefore hereby
notified to present the note& and other claims
for payment.
0. I. DANFORTH. Cashier.
Dated May 12th, 1930.
FINANCIAL
ALABAMA
B.W. Strassburger
SOUTHERN INVESTMENT SECURITIES
Montgomery, Ala.
Cotton Facts
Carry your message to
these readers at a moderate
cost through our advertising
columns.
982
FINANCIAL CHRONICLE
[Vol.. 131.
jfinatniat
fforeign
O TTOMAN
CHARTERED 1853
BANK
CAPITAL.. . . .
£10 000 000
PAID-UP CAPITAL . . £5 000 000
, ,
RESERVE . . .. . £1:250,000
NEAR EAST: Constantinople, Egypt, Palestine, Cyprus, Persia, Syria, Salonika,
Smyrna, Tunis, Mesopotamia (in all
about 80 Branches).
LONDON: 26 Throgmorton Street, E. C. 2
PARIS: 7 Rue Meyerbeer.
MANCHESTER: 56-60 Cross Street.
MARSEILLES: 41.43 Rue Grignan.
United States Trust Company of New York
45-47 WALL STREET
July 1, 1930
Capital, .
.
$2,000,000.00
Surplus and Undivided Profits, . $27,000,665.02
This Company acts as Executor, Administrator, Trustee, Guardian, Committee, Court Depositary and in all other recognized trust capacities.
EDWARD W.SHELDON, Chairman of the Board
WILLIAM M.KINGSLEY, President
CARL 0. SAYWARD, Asst. Vice-President
STUART L. HOLLISTER, Asst. Comptroller
WILLIAMSON PELL, let Vice-President
FREDERIC W. ROBBERT, V.-Pres. & Comp. LLOYD A. WAUGH, Asst. Comptroller
HENRY
WILFRED J. WORCESTER, V.-Pres. & Secy. ELBERT L. SMITHERS, Asst. Secretary
B. KNOWLES, Asst. Secretary
17-10MAS H. WILSON, Vice-President
.
ALBERT G. ATWELL, Asst. Secretary
ALTON S. KEELER, Vice-President
HENRY E. SCHAPER, Asst. Secretary
ROBERT S. OSBORNE, Asst. Vice-President HARRY M. MANSELL, Asst. Secretary
WILLIAM C. LEE, Asst. Vice-President
GEORGE F. LEE, Asst. Secretary
HENRY B. HENZE, Asst. Vice-President
GEORGE MERRITT, Asst. Secretary
Banque Nationale de Credit
Capital
Surplus
Deposits
frs.
318,750,000
frs.
200,000,000
frs. 5,129,431,000
Head Office
PARIS
723 Branches in France
TRUSTEES
FRANK LYMAN
JOHN J. PHELPS
LEWIS CASS LEDYARD
EDWARD W.SHELDON
ARTHUR CURTISS JAMES
WILLIAM M. KINGSLEY
CORNELIUS N. BLISS
WILLIAM VINCENT ASTOR
JOHN SLOANE
FRANK L.POLK
THATCHER M.BROWN
WILLIAMSON PELL
LEWIS CASS LEDYARD, JR
GEORGE F. BAKER,JR.
WILSON M.POWELL
gortign
Australia and New Zealand
NATIONAL BANK OF INDIA, LIMITED
Bankers to the Government in Kenya Colony
and Uganda
Head Office: 26, Bishopsgate, London, E.C.
Branches in India, Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
Subscribed Capital
£4,000,000
Paid-up Capital
£2,000,000
Reserve Fund
£3,000,000
The Bank conducts every description of banking
and exchange business.
Trusteeships and Executorships also
undertaken.
NATIONAL BANK OF NEW ZEALAND, Ltd.
Head Office: 8 Moorgate. London, E.C. 2, Eng.
Authorized and Subscribed
Capital
£6,000,000
Paid-up Capital
£2,000,000
Reserve Funds and
Undivided Profits
2,174,171
£4,174,171
The Bank receives Deposits at rates which
may be ascertained on application and condescription of Banking business
ducts every
connected with New Zealand.
Arthur Willis, Manager.
Hong Kong & Shanghai
BANKING CORPORATION
Incorporated in the Colony of Hongkong. The
ability of members is limited to the extent and
n manner prescribed by Ordinance No.6 of 1929
of the Colony.
Authorised Capital(Hongkong Currency)J1550.000,000
Paid Up Capital (Hongkong Curreney)-11$20,000.000
Reserve Fund in Sterling
£6,500.000
Reserve Fund In Silver (Hongkong Currency)
H89,500.000
Reserve Liability of Proprietors (Hongkong Currency)
H$20.000.000
C. DE C. HUGHES, Agent
72 WALL STREET, NEW YORK
THE
LINCOLN MENNY OPPENHEIMER
English, Scottish and Australian Bank, Ltd.
Head Office,5 Gracechurch St., London,E.0
and 457 Branches & Agencies in Australia.'
Subscribed Capital
£5,000,000
Paid-up Capital
£3,000,000
Further Liability of Proprietors
£2.000,000
Reserve Fund
£3,080,000
Remittanees made by Telegraphic Transfer.
Bills Negotiated or forwarded for Collection.
Banking and Exchange business of every description transacted with Australia.
E. M. JANION, Manager.
Cable Address "Openhym"
Execute orders for purchase
and sale of Stocks and Bonds
Foreign Exchange
Letters of Credit
NATIONALBANK
of EGYPT
Head Office
Cairo
FULLY PAID CAPITAL - £3,000,000
RESERVE FUND - - - £2,950,000
Branches in all the
principal Towns in
535 BRANCHES and AGENCIES in the
Australian States, New Zealand, Fiji, Papua
(Mandated Territory of New Guinea), and London. The Bank transacts every description of
Australasian Banking Business. Wool and other
Produce Credits arranged.
London Offlee
Head Office,
29 THREADNEEDLE
George Street,
STREET, E. C. 2.
SYDNEY.
Agents: Standard Bank of South Africa, Ltd.
New York
The National City Bank of New York
Head Office: 55 WALL ST.. NEW YORK.11.9.A.
Capital. Surplus and Un$242,400,000
divided Profits
1,471,500,000
Deposits, March 3
2,000,000,000
Resources Over
BRANCHES
PORTO RICO
CUBA
LONDON
ARGENTINA DOMINICAN REPUBLIC OF
PANAMA
REPUBLIC
BELGIUM
STRAITS
INDIA
BRAZIL
SETTLEMENTS
ITALY
CHILE
URUGUAY
JAPAN
CHINA
VENEZUELA
MEXICO
COLOMBIA
PHILIPPINE ISLANDS
PERU
The Intonational Banking Corporation
Head Office
-55 Wall St., New York. U.S. A.
BRANCHES
MADRID
LONDON
BARCELONA
SAN FRANCISCO
And Representatives in Chinese Branches
EGYPT and the SUDAN
Royal Bank of Scotland
jirtancial
Incorporated by Royal Charter 1727
$ 12,500,000
Capital (fully paid)
$ 14,551,600
Reserve Fund
$231,175,645
Deposits
(95 to £1)
Head Office
For Listing on All Stock Exchanges
(25=11)
$37,500,000
29,500,000
'7.500,000
8104,500,000
Aggregate Assets 30th Sept.,1928_2444,612,225
A. C. DAVIDSON, General Manager.
LONDON AGENCY
6 and 7, King William Street, E. C. 4
SECURITIES ENGRAVED
Capital Authorized
£3,000,000
Capital Paid Up
£1,050,000
Reserve Fund & Undivided Profits_ £1,646,506
Branches in India,Burmah , Ceylon. Straits settlements, Federated Malay States, Siam, China and
Mauritius and Dutch East Indies. New York
Correspondents, Bank of Montreal, 64 Wall St.
(ESTABLISHED 1817)
Paid-up Capital
Reserve Fund
Reserve Liability of Proprietors
Frankfort o. M., Germany
The Mercantile Bank of India, Ltd.
15 Gracechurch St., London, E.C. 3
BANK OF
NEW SOUTH WALES
Bankers
COMMERCIAL BANK OF SCOTLAND, Ltd.
Established 1810.
£7,500,000
Subscribed Capital
2,250,000
Paid-up Capital
Reserve Fund
2,800,000
Deposits(31st Oct.1929)
35,228,897
Head Office: 14 George Street, Edinburgh
Alex. Robb. Gen. Mgr.; Magnus Irvine, Secretary
London City Office, 62 Lombard St.. E. C. 3
Kingsway Branch, Imperial House,leingsway
X, W. C. 2
Glasgow, Chic 1Office, 113 Buchanan Stree
Princes St. Office, 118 Princes St. Edinburgh
337 Branches & Sub-Offices througtiout Scotland
Executry and Trust business undertaken.
--New York Agents:
Irving Trust Company
GENERAL BANKING BUSINESS
COLUMBIAN BANKsoo COMPANY
NOTE
C. ASHLAND DLVD.
152 WALL STREET
NEW YORK
CHICAGO
DRANCSCILS IN PRINCIPAL CITIES
00ttivr...0"—as""ftz...242Ca4.0 1
Over
200 Years of Commercial Banking
Terms for the opening of Accounts furnished
Application
CHIEF FOREIGN DEPARTMENT
3 Bishopsgate, London, England
.
on
HEAD OFFICE - EDINBURGH
General Manager. Sir A. K. Wright, E.B.E.D.L.
Total number of offices, 240.
@FedFRASER